AF Global Limited said its wholly owned unit L.C. Logistics Pte. Ltd. signed a compulsory liquidation resolution on Jan, 17 2026 to dispose of its 55 % stake in Xuzhou Yinjian LumChang Real Estate Development for RMB142 million (about 26.24 million Singapore dollars).

The deal comprises a cash payment of RMB44.99 million (about 8.31 million Singapore dollars) from the joint-venture partner and the assignment to AF Global of a RMB97.01 million debt, which will be settled through the transfer of 239 office units and 64 car-park lots in Xuzhou’s Gulou Square.

AF Global may book an additional write-down of up to 2.99 million Singapore dollars on those assets, bringing their carrying value to 50 % of fair value. Estimated costs tied to the disposal are 6.55 million Singapore dollars.

The consideration equals 22.8 % of the company’s market capitalisation, classifying the sale as a major transaction under SGX rules. The company plans to seek a waiver from holding an extraordinary general meeting; if the waiver is not granted, shareholders will vote on the deal.

Net proceeds are expected to be about 19.45 million Singapore dollars before any optional write-down and about 16.70 million Singapore dollars if the write-down is taken. The cash component faces repatriation approval in China, the company said.

Completion is subject to final transaction agreements and the ongoing court-supervised liquidation process. AF Global’s two largest shareholders, who hold roughly 72.6 % of voting rights, intend to support the disposal if a vote is required, the company added.