YUEXIU PROPERTY sells residential land in Hangzhou, realizing over 1 billion RMB at 73.74%
YUEXIU PROPERTY (00123.HK) announced a related transaction, with its subsidiary Hangzhou YueLong selling a total of 73.74% equity in the project company - Hangzhou YueYun, along with shareholder loans, to Hangzhou Binjiang (002244.SZ), Kunhe Construction, and Zhejiang Yingguan for a total consideration of approximately RMB 1.022 billion. The proceeds of approximately RMB 1.018 billion will be used for the operation of the project company and to supplement the group's working capital.
Upon completion, Hangzhou YueLong will hold 26.26% equity in Hangzhou YueYun, which holds residential land located in Gongshu District, Hangzhou City, with a total land area of 34,165 square meters
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