A unit of Excellence Commercial Property & Facilities Management Group (HKG:6989) has entered into a settlement agreement with Excellence Real Estate Group involving the sale and purchase of certain equity stake in two firms, a Thursday bourse filing said.
Under the contract, unit Shenzhen Excellent Property Management will sell Shenzhen Zhuotou Micro-Lending to Excellence Real Estate Group for 337.8 million yuan.
Shenzhen Excellent Property Management will also acquire a 50% stake in Shenzhen Excellence Real Estate Investment, as well as certain assets, from Excellence Real Estate Group for a total of 251.5 million yuan.
The assets comprise a 100-metertall main tower, 50-meter-tall twin towers, and a sunken garden plaza in Shanghai owned by Shanghai Tianzhusheng Technology, a unit of Shenzhen Excellence Real Estate Investment.
Excellence Commercial Property & Facilities Management will use proceeds from the disposal, which are is access of the settlement amount for the acquisition, for general working capital.
Excellence Real Estate Group is 95% owned by Li Wa, a controlling shareholder of Excellence Commercial Property & Facilities Management.
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