China Jinmao (00817) announced that on December 30, 2023, the final sale price of Huaxia Jinmao Commercial REIT has been determined to be RMB 2.67 (final sale price) per fund share. Based on the final sale price, the total proceeds from the public sale were approximately RMB 1,068 billion.
The company (via Shanghai Xing Xiumao) will subscribe for the number of relevant fund shares at the final sale price (which will account for 34% of the issued fund shares at the time the proposed listing is completed). After the proposed spin-off is completed, the company will beneficially own 34% of the equity interest in the public fund.
After the proposed spin-off is completed, the project company will no longer be a subsidiary of the company, and the project company's accounts will no longer be incorporated into the company's accounts. The company is expected to record sales revenue of approximately RMB 9.3 million from the proposed spin-off.