KIN PANG HLDGS (01722) announced that its wholly-owned subsidiary, Kin Pang Construction Engineering Limited, has received a letter of intent dated December 8, 2025, from a resort and casino operator. The owner expressed its intention to award construction contracts to a joint venture formed by Kin Pang Construction and a Macau-based construction company (the joint venture partner, an independent third party unrelated to the company and its associates). The contracts pertain to the construction of an activity center and a theater in Macau, initiating the respective projects.

On October 8, 2025, Kin Pang Construction and the joint venture partner entered into a joint venture agreement, under which they will establish two joint ventures, with the partner holding 60% and Kin Pang Construction holding 40% equity in each.

Based on correspondence among Kin Pang Construction, the joint venture partner, and the owner, both the activity center and theater projects are expected to commence in Q1 2026. Upon completion of all activity center works (including certain provisional contract amounts that may not materialize), the total contract value is estimated at approximately HKD 1.784 billion, with expected completion around Q3 2027. Similarly, the theater project's total contract value is estimated at HKD 875 million, with anticipated completion by Q4 2027.