KINETIC DEV spent over 470 million RMB to acquire the Taiyuan residential project and the Dongzhimen property in Beijing

KINETIC DEV (01277.HK) announced that its wholly-owned subsidiary KINETIC Shanxi entered into a share transfer agreement with the seller on December 4th to acquire 100% equity of Taiyuan Shidi Hejing Real Estate Development Co., Ltd. for a total consideration of RMB 384 million, partially offset by previously paid amounts for certain properties that the company had earlier terminated the acquisition of. Taiyuan Shidi is primarily engaged in real estate development and is currently developing the Haitang Huazhuo project located in Taiyuan City, which includes a total of 34 residential buildings, 8 of which are under construction. The project is expected to be completed by 2031.

On the same day, KINETIC DEV's wholly-owned subsidiary KINETIC Qinhuangdao entered into a debt repayment agreement with a related party, agreeing to acquire the Dongzhimen property located in Dongcheng District, Beijing, for a total consideration of RMB 86.33 million. After deducting the relevant taxes and debts borne by the buyer, the net payable amount is RMB 56.89 million, which will be used to offset outstanding receivables of RMB 54.0548 million, and the remaining difference will be used to offset future service fees