DreamEast Group to Reclaim Ownership of Shopping Mall Holding Company Following Court Order

MT Newswires Live

Sep 25

DreamEast Group (HKG:0593) said it would reclaim ownership of its SkyOcean Real Estate (Qian'an) unit after a court in China ruled that its transfer was invalid, according to a Hong Kong bourse filing Wednesday.

Shares of the property developer remain suspended from trading.

According to DreamEast, the indirect unit was transferred without authorization to Beijing SkyOcean International, an entity owned by its former controlling shareholder Zhou Zheng and his younger sister Zhou Jin, using a void company seal.

SkyOcean Real Estate (Qian'an)'s main asset is a shopping mall in China's Qian'an city with a fair value of around HK$950 million as of Dec. 31, 2022, DreamEast said.

The firm plans to re-recognize its investment in the unit which had been deconsolidated from its books with a carrying value of around HK$876 million.

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