Due to the strategic requirements of The sale of 33 million yuan Yuegang Holdings out of jiangxi Nanchang joint venture

2022-06-05 0 By

On February 16, Yuewan Holdings Co., Ltd. announced that the company signed a share transfer agreement with the buyer Hand Holdings Co., Ltd. as the seller on that day.According to the share transfer agreement, Yuegang Bay Holdings agreed to sell and the buyer agreed to buy 70 percent of the target company, Jingye Co LTD, for a price of 33 million yuan.It is understood that the target company is a limited company incorporated under the laws of the British Virgin Islands, mainly engaged in investment holdings.As of the date of this announcement, the target company is wholly owned by Yuegang Holdings.The target company wholly owns Hong Kong Yuegang Group, which owns 51% of jiangxi Yide.Jiangxi Yide is mainly engaged in real estate development.As of the date of announcement, Jiangxi Yide has not acquired any land.Regarding the reasons for the sale, The Company said that under the guidance of the national strategy to develop the Guangdong-Hong Kong-Macao Greater Bay Area, the group will upgrade its development strategy in the second half of 2020 to focus on the development of residential projects in the Area.Therefore, the Group will start to strategically exit projects outside the Guangdong-Hong Kong-Macao Greater Bay Area in 2021.As the Nanchang project is not part of the Guangdong-Hong Kong-Macao Greater Bay Area, the sale is in line with the group’s strategy.The Board of Directors of Guangdong Harbor Holdings believes that the sale will help the Group to quickly recover cash flow, optimize the debt ratio, and concentrate resources on developing projects in the Greater Bay Area to enhance its competitiveness in the Chinese real estate market.Upon completion of the sale, Yuegang Holding will hold 30% of the equity of the target company, the target company will no longer be a subsidiary of the Company and the financial performance of the target group will no longer be incorporated into the group’s comprehensive financial statements.Upon completion, the proceeds from the sale, which will be recognized in the statement of comprehensive Income, are estimated to be about HK $245,000 and the net proceeds from the sale will be about HK $33 million for general working capital.News: Green west safety transport village mission Hills this batch of 420 sets of housing intention registration list publicity news: White Birch Linxi publicity 31#, 32# building intention registration personnel verification through the list of news: Green West safety transport village mission Hills this batch of 420 houses will be in February 19 for the lottery