On June 6th, Greelong published an announcement that the company recently received two Hong Kong construction engineering contracts, namely: (i) the Architectural Services Department granted a main contract ("Special School Contract") to the company's indirect wholly-owned subsidiary on April 3, 2024, for the construction of a special school with 12 classrooms on Oi Kwan Road, Wan Chai, which is a concrete modular synthesis ("modular synthesis") project; and (ii) the Hong Kong Housing Authority granted another foundation contract ("public housing contract"), collectively referred to as "the contract", to another indirect wholly-owned subsidiary of the company for the development of public housing on Lai Chi Kok Road, Sham Shui Po on June 4, 2024.
If all the construction projects mentioned in these two contracts are completed, the total value of the two contracts is expected to be approximately HKD 508 million (including contingent liabilities). The Special School Contract is expected to be completed by the end of January 2027, while the public housing contract is expected to be completed by the end of July 2025. The actual contract amount the Group obtains from these contracts may not be equal to the contract amounts due to contingent liabilities.
