Grand Field Group Holdings' (HKG:0115) subsidiary Xuzhou Guojin Property Development agreed to sell multiple units in Guojin Era in Xuzhou City on an as-is basis to Zong Heng for 25.7 million yuan, a Tuesday Hong Kong bourse filing said.
The target units have a total gross floor area of 5,167.93 square meters and will be sold in two batches. The consideration for the first batch is set at 13.0 million, while the consideration of the second batch is set at 12.6 million yuan and is payable within three years.
The units from batch 2 will be leased to the purchaser by the seller at a monthly rent of 15 yuan per square meter for a term of three years or until the completion of the disposal of the second batch of units.
The company plans to use the net proceeds of HK$23.8 million for repayment of the group's borrowings and its general working capital.
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