In a recent corporate announcement, CHINA JINMAO (00817) disclosed that its wholly-owned indirect subsidiary, Beijing Yicheng, has entered into an equity transfer agreement with Jiaxing Congmao.

The agreement stipulates that Beijing Yicheng will acquire from Jiaxing Congmao a 51% equity stake in Tianjin Timao, along with associated creditor rights and interest amounting to approximately RMB 522 million.

The total consideration for this transaction is set at around RMB 884 million.

Tianjin Timao was established on June 1, 2023, and currently has a registered capital of RMB 30 million, with its shares held 49% by Tianjin Donghui and 51% by Jiaxing Congmao.

Upon completion of this deal, Tianjin Timao will transition into an indirectly wholly-owned subsidiary of CHINA JINMAO.

The primary business of Tianjin Timao is the development of a specific project located in the Hexi District of Tianjin, China.

This project occupies a land area of roughly 108,200 square meters and is being developed into a residential property for sale, complete with community support facilities.

The total gross floor area for the project is approximately 226,500 square meters, with an expected completion date set for September 2027.

Jiaxing Congmao has decided to divest its stake in Tianjin Timao due to its own internal reasons.

Prior to this transaction, Tianjin Timao was an indirect associate company of the Group, with its day-to-day management and the project's development already being led by CHINA JINMAO's group.

This acquisition will solidify Tianjin Timao's status as an indirect wholly-owned subsidiary, ensuring the smooth progression of all subsequent development phases for the project.