On November 20, 2025, Nanjing Zhaoping Zhisheng Commercial Management Co., Ltd. (Nanjing Zhaoping, an indirect non-wholly owned subsidiary of CHI MER LAND (00978)) entered into an equity transfer agreement with CITIC Securities. Under the agreement, CITIC Securities (acting as the plan manager of the asset-backed securitization scheme on behalf of the holders of asset-backed securities) agreed to transfer 100% equity in the project company, Nanjing CMQS Real Estate Co., Ltd., to Nanjing Zhaoping for RMB259 million as an in-kind distribution under the asset-backed securitization scheme.

The project company, established on August 4, 2024, in China, is primarily engaged in the construction and development of real estate projects on a designated land parcel. The land is located at Plots 1 and 2, west of Jingwu Road Phase II, Maigaoqiao Subdistrict, Qixia District, Nanjing, Jiangsu Province, covering a total area of 66,000 square meters. The land is designated for residential use with a 70-year term and commercial use with a 40-year term.

As of the announcement date, the project company is wholly owned by CITIC Securities (acting as the plan manager of the asset-backed securitization scheme on behalf of the holders of asset-backed securities). The acquisition by the group is primarily due to the maturity of the asset-backed securitization scheme and the decision by CITIC Securities (as the plan manager) to proceed with the final in-kind distribution, with Nanjing Zhaoping (as an asset-backed securities holder) agreeing to the arrangement.

The group is considering adjusting the usage of the commercial complex in line with local government plans for community development, aiming to create a high-quality commercial environment that aligns with the consumption patterns of the local community.