鉴于持续发展该项目将需作进一步投资，惟公司目前流动资金问题以致无法进一步投资以支持该项目持续发展。出售事项可望激活该项目、促使恢复有关工作及建设以配合政府"保交楼、稳民生"政策。On December 23, FANTASIA (01777.HK) announced that on December 23, 2024, the seller, Nanjing Huachuang Industrial Investment Co., Ltd. (a wholly-owned subsidiary of the company), reached an agreement with the buyers (Yangzhou Yihua Real Estate Co., Ltd. and Yangzhou Huajian Real Estate Co., Ltd.), the project company Yangzhou Yinyi Real Estate Co., Ltd., and joint venture partners, whereby the seller and the joint venture partners agreed to sell their respective interests in the project company to the buyers.
The seller holds a 40% equity stake in the project company. The project company is a property development company that holds the project, which is a residential development project located in Guangling District, Yangzhou City, Jiangsu Province. After the sale is completed, the group will no longer hold any interests in the project company.
The main business of the project company is to develop a residential project ("the project") located in Guangling District, Yangzhou City, Jiangsu Province. The project covers an area of approximately 77,399 square meters, with a planned construction area of about 142,010 square meters. As of the date of the agreement, 285 units of the project have already been pre-sold. Most of the original buildings on the land have been demolished and cleared, except for some ponds and a few residential units retained on the site. Development work on the project has been suspended due to liquidity issues faced by the group and joint venture partners. The project has been included in the "ensure delivery of buildings and stabilize people's livelihoods" policy list issued by the Chinese government to address the downturn in the Chinese property market.
Given that further investment is required to continue developing the project, the company's current liquidity issues hinder further investment to support the ongoing development of the project. The sale is expected to activate the project and facilitate the resumption of relevant work and construction in line with the government's "ensure delivery of buildings and stabilize people's livelihoods" policy.
