Gelonghui March 28th 丨Yutian China (00313.HK) announced that on March 28, 2023, the investment advisors of Yutian Happy City (Beijing), a wholly-owned subsidiary of the company, will acquire the total equity costs of Ningxia Guanling Property Service Co., Ltd. and Wuhan Yuejing Property Management Co., Ltd. at RMB 1.59 million and RMB 1.75 million respectively.

According to reports,Ningxia Guanling Property Service Co., LtdIt is mainly engaged in providing property management services. Its main business is providing property management services for residential projects in Yinchuan City, Ningxia Hui Autonomous Region, China.Wuhan Yuejing Property Management Co., LtdIt is mainly engaged in providing property management services and maintenance services, including property renovation, repair and maintenance, parking, security, cleaning, interior management, landscaping and fire safety maintenance. The target company's main business is to provide property management services for residential projects in Wuhan, China.

The company believes that the acquisition of these two target companies will help bring more stable income to the Group in the future. Furthermore, Target Company 1's main business is to provide property management services for a residential project in Yinchuan City, and the property project is adjacent to the Group's property project in Yinchuan City. The company believes that improving resource management for nearby projects will generate possible synergistic benefits such as cost savings. Target Company 2's main business is to provide property management services for residential projects in Wuhan, China. As the capital and transportation hub of Hubei Province in China, the company is optimistic about its future development and believes that the acquisition of Target Company 2 will help the Group enter the property management business in Wuhan and plan to further develop the business in nearby regions.