TALENT PPT GP (00760) announced that on September 15, 2025, the sellers (Guangzhou Guoyou and Yangzhou Shiyou, indirect wholly-owned subsidiaries of the company) entered into a repurchase agreement with the buyer (Yangzhou Guangling District People's Government), pursuant to which the buyer agreed to acquire and the sellers agreed to surrender and sell land use rights for a consideration of RMB 81.60 million.
The target plot is located south of Kaifa East Road, west of Luli Road, north of Heng 2nd Road, and east of Xincun Road in Guangling District, Yangzhou City, Jiangsu Province, China.
The land use rights for the entire plot (including Area A and the target plot) were acquired in January 2017 through public bidding from Yangzhou Land Resources Bureau, a government agency under Yangzhou Municipal Government. The group prioritized developing Area A and began selling commercial and office units constructed thereon in 2019, while the target plot remained idle awaiting further development.
However, given the continued downturn in China's real estate market in recent years, coupled with poor sales performance in Area A during and after the pandemic period, the group did not commence development of the target plot as originally planned. The plot has remained idle and generated no income, thus producing no returns since the acquisition of land use rights.
To optimize the group's resource allocation, after considering the target plot's location, permitted uses, potential development prospects, and current market conditions, the group sought methods to realize the value of the land use rights at a reasonable price. After lengthy negotiations, the contracting parties agreed to the repurchase arrangement, whereby the land use rights would be sold back to the local government (the buyer, being a government agency under Yangzhou Municipal Government), with proceeds specifically earmarked for completing the remaining construction work in Area A.
As of June 30, 2025, Area A has been developed into twelve commercial and office buildings, of which seven buildings have been completed and are available for sale. The incomplete work on the remaining five buildings mainly includes exterior wall installation and decoration of certain common areas.
Considering the above factors and the terms of the repurchase agreement, the board of directors believes that through this disposal, the group can realize the value of idle assets without making further capital commitments to the target plot, thereby enhancing liquidity and concentrating resources on completing Area A development. Furthermore, given that the group has no plans to develop the target plot, the disposal will not have a material impact on the group's business operations.