The "Hong Kong Building" LVGEM CHINA's Baishizhou urban redevelopment project has been completed, and the Kwun Tong NEO building has been appointed as the administrator

LVGEM CHINA (00095.HK) announced that the main construction work of the key urban renewal project, the first phase of the Shihejie Baishizhou urban reconstruction project in Nanshan District, Shenzhen, has been completed, and the relevant government acceptance procedures have been completed, receiving a certificate of acceptance from the government agency. The group has officially launched the delivery process for the LVGEM Baishizhou Jingting residential units, and it is expected that the project will further enhance the group's property portfolio in the Greater Bay Area and South China market, bringing positive impacts on future business development and financial performance.

LVGEM CHINA also revealed that as part of the disposal of non-core assets, it is actively promoting the sale of NEO Building at 123 Hoi Bun Road, Kwun Tong. Currently, it is in ongoing discussions with the mortgage agent and syndicate lenders regarding a loan financing provided to several borrowers, including Olinda, aiming to establish a suitable structure for managing and potentially monetizing the property.

To facilitate the proposed sale of the property and maximize the property value for lenders and the company, the mortgage agent Bank of China (Hong Kong) appointed PwC's Zhuang Rijie and Su Wenjun on February 2 as joint and individual receivers and managers for several assets, including the property. The board believes that this appointment is an important step in promoting the company's debt reduction and improving its capital structure, and it is expected to accelerate the process of restructuring offshore debt