Gelonghui, May 3, 丨 Yu Shenfeng Holdings (02132.HK) announced that on May 3, 2024, the buyer established a sales agreement with the seller Quyu Limited (an indirect wholly-owned subsidiary of the company). Based on this, the buyer agreed to buy at a cost and the seller agreed to sell the property at a cost of HK$6.11 million in cash. Costs will be settled in cash and are expected to be funded from within the Group's resources. The cost is in line with the estimated market value of the property assessed by an independent property valuer.” “Property” means a property in Unit 07, 19th Floor, One Midtown, 11 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
The Board believes that the acquisition will ensure the Group's use of the property while improving the Group's operating cash flow in the long term by saving rent expenses. By acquiring the property, the Group can also enjoy potential capital appreciation in the future and mitigate the risk of future rent increases in the Group.