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Overseas Chinese Town (Asia) subsidiary intends to sell about 50.5% equity interest in Overseas Chinese Town (Shanghai) with a proposed price of 2.055 billion yuan.
On July 29, 2024, Overseas Chinese Town (Asia) (03366) announced that the seller, Haoko Investments Limited (an indirect wholly-owned subsidiary of the company), has entered into a conditional equity transfer agreement with the buyer, Shanghai Tianxiang Overseas Chinese Town Investment Co., Ltd., for the sale of all its equity interests in Huaguang Shanghai Property Development Co., Ltd. (which holds approximately 50.5% of the equity interests in Huaguang Shanghai Property Development Co., Ltd.), for a price of RMB 2.055 billion in cash. The announcement stated that if the sale is completed, it can bring the group more than RMB 2 billion in cash. The proceeds can significantly reduce the group's debt and interest expenses and improve the overall debt-to-asset ratio.
Shenzhen Overseas Chinese TownLtd (SZSE:000069) Adds CN¥723m to Market Cap in the Past 7 Days, Though Investors From Five Years Ago Are Still Down 70%
Shenzhen OCT's H1 Contracted Sales Plunge 57%
Express News | Shenzhen Overseas Chinese Town June Contract Sales at 2.1 Bln Yuan
From January to June, the cumulative contract sales amount for China Overseas Land & Investment Limited (000069.SZ) was 9.76 billion yuan, a decrease of 57% year-on-year.
On July 16th, Geelong announced that in June 2024, the company achieved a contracted sales area of 0.12 million square meters and a contracted sales amount of 2.05 billion yuan. From January to June 2024, the company's cumulative contracted sales area was 0.583 million square meters, a decrease of 46%; the contracted sales amount was 9.76 billion yuan, a decrease of 57%.
Shenzhen Overseas Chinese Town: 2024 Interim Performance Forecast
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