CHINA JINMAO (00817) announced that on September 16, 2025, Beijing Yicheng, an indirect wholly-owned subsidiary of the company, entered into a capital increase agreement for Beijing Chaoxin with Poly Real Estate and Beijing Chaoxin. Under this agreement, Beijing Yicheng and Poly Real Estate will make capital contributions to Beijing Chaoxin at the same price basis. Beijing Yicheng will contribute 350 million yuan to Beijing Chaoxin, while Poly Real Estate will contribute 2.15 billion yuan. Upon completion of the first capital increase, Beijing Yicheng and Poly Real Estate will hold 30% and 70% equity stakes in Beijing Chaoxin, respectively.

Additionally, Beijing Yicheng entered into a capital increase agreement for Beijing Manmao with Poly Real Estate and Beijing Manmao. Under this agreement, Beijing Yicheng and Poly Real Estate will make capital contributions to Beijing Manmao at the same price basis. Beijing Yicheng will contribute 2.15 billion yuan to Beijing Manmao, while Poly Real Estate will contribute 350 million yuan. Upon completion of the second capital increase, Beijing Yicheng and Poly Real Estate will hold 70% and 30% equity stakes in Beijing Manmao, respectively.

On February 11, 2025, Beijing Yicheng and Poly Real Estate formed a consortium with a 50:50 ratio and acquired land use rights for both Beijing Chaoxin and Beijing Manmao target plots through a public bidding process for a total price of 8.7295 billion yuan. The Beijing Chaoxin target plot was acquired for 4.3095 billion yuan, while the Beijing Manmao target plot was acquired for 4.42 billion yuan. The consortium established Beijing Chaoxin as a project company to develop the Beijing Chaoxin target plot and Beijing Manmao as a project company to develop the Beijing Manmao target plot.

Both target plots are located in Sanjianfang Township, Chaoyang District, Beijing, designated for residential use. The total land area is approximately 68,996 square meters, with a planned floor area ratio construction area of approximately 172,936 square meters. The Beijing Chaoxin target plot covers approximately 32,154 square meters with a planned floor area ratio construction area of approximately 80,830 square meters. It will be developed into a saleable residential project with supporting kindergarten facilities, scheduled for completion in January 2027. The Beijing Manmao target plot covers approximately 36,842 square meters with a planned floor area ratio construction area of approximately 92,106 square meters. It will be developed into a saleable residential project, scheduled for completion in December 2026.

The announcement stated that the Beijing Manmao target plot will feature the company's Jinmao "Man" series products, while the Beijing Chaoxin target plot will feature Poly Real Estate's Poly "Tianzi" series products. Upon completion of the transaction, both the company and Poly Real Estate can increase their equity stakes in their respective operated projects, which will facilitate the smooth progress of their respective project development work.