Shares of Yuexiu Property Company Limited (HKG:0123) surged 5.88% on Monday, following the property developer's agreements to surrender several land parcels in Guangzhou to government authorities for a total consideration of 7 billion yuan.
In a filing, Yuexiu Property disclosed that its subsidiary Guangzhou Yuexiu Huacheng Real Estate Development had agreed to return three land parcels in Guangzhou to the Guangzhou City Land Development Centre. The move came after the Guangzhou Municipal Planning and Natural Resources Bureau issued notices for the resumption of these land sites.
Additionally, two other units of Yuexiu Property entered into an agreement earlier this month to let go of the land use rights for the Jinan University North-side land parcel No. 2 to the Guangzhou City Panyu District Land Development Centre and Guangzhou City Land Development Centre.
Yuexiu Property also stated that the dispatch of circulars providing details on these resumption and repossession agreements has been delayed as the company needs more time to finalize certain information to be included.
The stock closed the day at HKD 4.64, up 4.98% from the previous close. Analysts view the land deals as a positive development for the company, allowing it to monetize some assets and potentially strengthen its financial position.
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