SINO-OCEAN GP (03377): Intends to sell 23% equity of Beijing Shengyong Real Estate Investment for 322 million yuan.

SINO-OCEAN GP (03377) announced on April 11, 2025, that the seller (a wholly-owned subsidiary of the company, Beijing Yingang Real Estate Development Co., Ltd.) intends to sell 23% equity of the target company (Beijing Shengyong Real Estate Investment Co., Ltd.) to the buyer (Rizhao Iron and Steel Holdings Group Co., Ltd.) for a price of RMB 322 million. The target company is mainly engaged in property development. As of the announcement date, the target company is a joint venture company with the seller and buyer holding 35% and 65% equity, respectively. The project company (Beijing Yuanxiang Real Estate Co., Ltd.) is a wholly-owned subsidiary of the target company. It is primarily engaged in real estate development and property management. The project company is the owner of the development project named Far Ocean International Center Phase II (consisting of two international Grade A office buildings and a shopping center located in Chaoyang District, Beijing, China). The sale allows the group to realize the appreciation income from the early investment in the target group by selling mature project equity, while also being able to pay off the debt of the project company, alleviate the group's debt pressure, and maintain the group's basic operating funds.