CIFI Holdings (Group) Co. Ltd. has provided further details on its previously announced disposal of a 50% equity interest in a target company related to the Luoyang Project. The Luoyang Project includes two phases of residential communities, with phase one comprising seven blocks and a total gross floor area of approximately 107,229 square meters. Construction of phase one has been completed, and about 68% of the salable area has been sold since pre-sales began in December 2021. The consideration for the transaction includes a cash payment of RMB96,877,418.71 and a set-off of RMB8,061,148.15 in debt owed by the seller to the buyer. The company cited the buyer's willingness to settle in cash, acceptance of the debt set-off, and the savings from not having to contribute additional capital for phase two development as key factors in the decision.

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