KWG Group Holdings Limited (KWG Group) has completed the sale of its entire 50% shareholding in Precious Wave Investments Limited to Winner Galaxy Limited, a Sun Hung Kai Properties (China) unit.

The consideration comprises an upfront RMB160.00 million and a contingent payment of up to RMB128.00 million, equal to 33.33% of any corporate-income-tax refund later received by the underlying project company.

Precious Wave owns 66.66% of Guangzhou Fujing Real Estate Development, which holds the International Grand City (IGC) shopping mall, Conrad Guangzhou hotel and related parking facilities in the city’s Pearl River New Town.

Based on Precious Wave’s unaudited net asset value of RMB27.00 million at end-2025, KWG Group expects to book a disposal gain of about RMB146.50 million. The cash proceeds will be used for general corporate purposes and the group’s ongoing debt restructuring.

All conditions were met and completion took place on 26 May 2026; the onshore transfer of a 33.34% stake in Guangzhou Fujing from Guangzhou R&F to Sun Hung Kai Properties (China) closed simultaneously.

The transaction is classified as a major transaction under Hong Kong Listing Rule Chapter 14. Written approval has been obtained from shareholders holding 58.38% of issued shares, led by chairman Kong Jianmin and his brothers, in lieu of a general meeting.

Post-closing, KWG Group no longer has any interest in the Guangzhou joint venture.