On August 30, 2024, Yuexiu Real Estate announced that Guangzhou Land Development Center will reclaim the Guanglong land and sign a land reclamation agreement with Yuexiu Huacheng and Guangzhou City Building. Under the agreement, Yuexiu Huacheng will return the Guanglong Land with compensation of RMB 7 billion, and the compensation will be paid in the form of promissory notes. This move aims to improve public service facilities in Guangzhou Baiyun District.Since land reclamation matters fall within the scope of recovery by the Government in the public interest, the amount of compensation will be subject to final assessment in accordance with the provisions of Article 32 of the Implementing Opinion, and it is expected that it will not exceed 10% of the amount prior to...Show More

On August 30, 2024, Yuexiu Real Estate announced that Guangzhou Land Development Center will reclaim the Guanglong land and sign a land reclamation agreement with Yuexiu Huacheng and Guangzhou City Building. Under the agreement, Yuexiu Huacheng will return the Guanglong Land with compensation of RMB 7 billion, and the compensation will be paid in the form of promissory notes. This move aims to improve public service facilities in Guangzhou Baiyun District.Since land reclamation matters fall within the scope of recovery by the Government in the public interest, the amount of compensation will be subject to final assessment in accordance with the provisions of Article 32 of the Implementing Opinion, and it is expected that it will not exceed 10% of the amount prior to the review. Yuexiu Properties has received the written approval of the shareholders and there is no need to hold a general meeting. The Board considers that the agreement helps to optimize the use of resources in the overall interests of the company and its shareholders.Yuexiu Property Program will use the proceeds for future land acquisitions in Guangzhou. The Board expects that the land reclamation will not have a significant impact on the Group's profits, assets or liabilities. THE COMPANY WILL CONTINUE TO LOOK FOR COMMERCIALLY VIABLE OPPORTUNITIES TO MEET THE BILL TO PAY FOR THE PURCHASE PRICE OF THE NEW LAND.