Greentown China Holdings Limited (Stock Code: 03900) disclosed that on October 20, 2025, its non-wholly owned subsidiary, Greentown Real Estate Construction Management, entered into an agreement with Hangzhou Zhongyi Jiangchen Real Estate and other parties. Under the agreement’s terms, Greentown Real Estate Construction Management will provide project management services for a residential construction project in Qiantang District, Hangzhou, with a gross construction area of approximately 90,711 square meters.

According to the announcement, the total consideration for these services is initially set at RMB50,020,000, with the possibility of reaching up to RMB81,590,000. Payment terms include a basic personnel fee, an entrusted management service fee, and a performance-based marketing fee. The primary responsibilities cover preparatory management, planning and design management, cost control, procurement, engineering, sales management, as well as project completion and delivery oversight.

As China Communications Construction Group (CCCG) holds approximately 28.88% of Greentown China’s issued share capital, it is defined as a substantial shareholder under the Listing Rules. Consequently, the transaction constitutes a connected transaction because Hangzhou Zhongyi Jiangchen Real Estate is associated with CCCG. Since the relevant percentage ratios exceed 0.1% but remain below 5%, the deal is subject to reporting and announcement requirements while exempt from circular and independent shareholders’ approval.

Greentown China’s board stated that open tender procedures determined the contract award and that the deal aligns with market practice. The agreement is expected to enable Greentown Real Estate Construction Management to leverage its expertise to generate income without significant capital input. The board further affirmed that the transaction terms are fair, reasonable, and in the interests of shareholders as a whole.