CHINASOUTHCITY's subsidiary sells two Harbin assets, cashing out a total of 217 million RMB

CHINASOUTHCITY (01668.HK) in liquidation announced that its wholly-owned subsidiary Harbin CHINASOUTHCITY has sold two assets located in Harbin for consideration of RMB 72 million and RMB 145 million, respectively. The company stated that the proceeds will be used to repay the financing costs and advances incurred by Harbin CHINASOUTHCITY in developing these assets, and the remaining funds will be used for general operating purposes of the group's domestic subsidiaries. Upon completion, the group is expected to record a disposal loss of approximately RMB 662 million