mollysbloom| Jiachuang Real Estate (02421.HK) sells equity in a wholly-owned subsidiary: Focus on the development of Jiahui Haoting Phases 4 and 5

Newsletter summary

Jiachuang Real Estate (02421Mollysbloom.HK) sign an agreement with Ka Xun Tong (Hong Kong) Real EstateMollysbloomTo sell the shares of the wholly-owned subsidiary of the target company The target company is responsible for Jiahui Haoting Phase 3 development, this sale can optimize the enterprise structure and concentrate resources on Phase 4 and Phase 5 development.

Text of news flash

On May 14, 02421.HK revealed that its wholly-owned subsidiary Jiachuang property Development Co., Ltd. and Jiaxuntong (Hong Kong) Real Estate Co., Ltd. reached a sale agreement to sell the entire stake in Dongguan Jiaxuntong computer products Co., Ltd. The equity transaction will be subject to the terms and conditions set out in the contract. Dongguan Jiaxuntong computer products Co., Ltd. is a limited liability company registered in China. It was previously a wholly owned subsidiary of Jiaxuntong Real Estate, which is wholly owned by he. Jiaxuntong Real Estate transferred a 100% stake in Dongguan Jiaxuntong computer products Co., Ltd. to Jiachuang Development in March last year, which became an indirect wholly-owned subsidiary of Jiachuang Group. Up to now, all the units of Jiahui Haoting Phase 3 project, which is responsible for by the target company, have been sold out. The sale will help Jiachuang property to streamline its corporate structure and reduce management costs. At the same time, through the reallocation of resources, Jiachuang Real Estate will focus more on the development of Phase 4 and Phase 5 of Jiahui Haoting, as well as the Foshan project in Hecheng District, Gaoming District, Foshan City.