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Shanghai Zendai Restructures Assets and Proposes New Name
Shanghai Zendai (00755.HK) plans to rename as 'Grandway Guorui De Group'.
On July 26, Gelunhui reported that Shanghai Zendai (00755.HK) announced that the board of directors recommends (i) changing the company's official registered English name from "Shanghai Zendai Property Limited" to "DevGreat Group Limited"; and (ii) adopting the Chinese name "大方广瑞德集团有限公司" as the company's second name. After the recommended change of company name takes effect, the company will no longer use "上海证大房地产有限公司" as the only identification of the company name.
Shanghai Zendai (00755.HK) intends to sell all the equity of Auto Win, Giant Hope, Best East and Ample Century.
On July 26th, Gelunhui reported that Shanghai Zendai (00755.HK) had signed an agreement with the buyer, Shengruixiang (Hong Kong) Limited and the target companies (Auto Win, Giant Hope, Best East, and Ample Century) on July 26th, 2024. According to this agreement, (i) the company has agreed to sell all the equity of the target companies, and the buyer has agreed to purchase them; and (ii) the company has also agreed to transfer the debt to the buyer. The total price is about HKD 11 million, to be paid in cash upon completion.
Express News | Shanghai Zendai Property - to Sell Entire Stake in Auto Win, Giant Hope, Best East and Ample Century for RMB10 Mln
Shanghai Zendai Property Considers Asset Sale, Service Agreement
It is recommended to sell all the equity of several subsidiary companies of Shanghai Zendai (00755.HK).
On June 7th, Gelunhui announced that Shanghai Zendai (00755.HK) signed a non-binding memorandum of understanding with a potential buyer in June 2024 to propose the sale of all equity of some affiliated companies of the company to the buyer. The target companies for sale will hold the group's real estate assets in Zendai Thumb Plaza project, Qingdao Zendai Thumb Plaza project, as well as several other projects, and will take on most of the group's interest-bearing loans. According to the memorandum of understanding, after the proposed sale is completed, the buyer will appoint the company to provide consulting, operation and renovation services for the Shanghai Zendai Thumb Plaza project.
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