EXCELLENCE CM exchanged accounts receivable of 363 million RMB for 19 mainland property assets

EXCELLENCE CM (06989.HK) announced that its wholly-owned subsidiary, EXCELLENCE Property, entered into a settlement agreement yesterday (24th) with controlling shareholder Li Hua and Chairman Li Xiaoping, who hold shares in EXCELLENCE Real Estate. EXCELLENCE Property will acquire 19 mainland property assets held by EXCELLENCE Real Estate for a consideration of no more than RMB 363 million, which will be settled based on the equivalent amount of trade receivables and other receivables due from EXCELLENCE Group as of July 31 this year.

The offsetting assets include 18 properties held for sale, covering office buildings, residential units, retail units, parking spaces, and usage rights, distributed across 10 cities including Dongguan, Chengdu, Qingdao, and Wuhan, as well as another under-construction apartment project located in Changsha, Hunan