---
title: "E-HOUSE ENT's subsidiary plans to sell Bay Residence for 384 million yuan"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/255173486.md"
description: "E-HOUSE ENT announced that its wholly-owned subsidiary Shanghai Bay Residence will sell the Bay Residence property located in Shanghai for RMB 384 million. The net proceeds from the sale will be RMB 365 million, which will be used to repay upcoming loans. Although the sale will result in a loss, the company believes that this move is in the best interest of itself and its shareholders to meet imminent debt obligations"
datetime: "2025-08-29T10:12:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/255173486.md)
  - [en](https://longbridge.com/en/news/255173486.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/255173486.md)
---

# E-HOUSE ENT's subsidiary plans to sell Bay Residence for 384 million yuan

According to the announcement from E-HOUSE ENT (02048), on December 12, 2024, the company's indirect wholly-owned subsidiary Shanghai Bay Residence entered into an agreement with Shanghai Urban Construction Investment, under which Shanghai Bay Residence agreed to sell the Bay Residence property to Shanghai Urban Construction Investment for a total consideration of RMB 384 million.

The Bay Residence property is an office building located at No. 50, Lane 1688, Guoquan North Road, Yangpu District, Shanghai, China, covering an area of approximately 216,400 square meters, with a total floor area of approximately 28,700 square meters.

The net proceeds from the sale amount to a total of RMB 365 million, of which RMB 261 million will be used to repay the first loan (including interest), RMB 28.3093 million will be used to repay the second loan (including interest), and the remaining RMB 75.9228 million will be used to repay other bank loans and payables of the company.

In light of the company's ongoing financial difficulties, particularly the urgent need to repay the first and second loans (due in December 2024), and if the company fails to repay the aforementioned loans, it will violate the alternative scenarios of the loans. The company believes that although the sale will result in a loss, it will be in the best interest of the company and its shareholders under these circumstances, as it will provide the necessary funds to meet its imminent debt obligations. Furthermore, the proceeds from the sale will enable the company to repay the principal of RMB 79.5 million and interest of RMB 7 million on another bank loan in the first half of 2025

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