On December 2, Gelonghui reported that rykadan capital (02288.HK) announced that on December 3, 2024, the sellers (all indirect wholly-owned subsidiaries of the company) entered into temporary agreements with the buyers regarding the sale of Property A and Property B, with a total price of 0.1635 billion Hong Kong dollars.

The properties to be sold include the 27th floor of rykadan capital building and parking spaces P11, P12, P13, and P14 on the 1st floor of rykadan capital building. Property B refers to the 28th floor of rykadan capital building and parking spaces P7, P8, P9, and P10 on the 1st floor.

Several parts of these properties have been used as the company's headquarters and main operating location in Hong Kong. However, certain parts have not been fully occupied and utilized, and the group has incurred related costs in maintaining and managing these unused portions. Additionally, the directors believe that the price under the temporary agreements represents a discount of approximately 3.35% (for Property A) or approximately 4.15% (for Property B) compared to the preliminary valuation of these properties as of September 30, 2024, which reasonably reflects the market's assessment of the value of these properties under the current property market conditions and atmosphere. In light of this, the directors believe that this sale presents a good opportunity for the group to realize its investment in these properties and allows the group to streamline its asset portfolio for more efficient resource allocation while seizing other investment opportunities that could yield better returns for the group. The company will seek and relocate to other suitable locations as its headquarters and main operating location.