POWERLONG Real Estate sells Hangzhou project to realize 1 billion RMB

POWERLONG (01238.HK) announced the sale of 100% equity in the commercial complex project - Hangzhou Huazhan located in Hangzhou, Zhejiang Province, to an independent third party, Lianshang No. 1, for an initial consideration of 1 billion RMB. The estimated loss from the sale is approximately 52 million RMB. The net proceeds amount to 997 million RMB, of which about 45% will be used for property development to ensure timely delivery; the remainder will be allocated for general operating funds, tax expenses, and restructuring expenses