Raffles Education Unit Oriental University to Sell Langfang Office Building in China for 11 Million Yuan

MT Newswires

2024/12/05

Raffles Education (SGX:NR7) subsidiary Oriental University City Holdings (H.K.) (HKG:8067) plans to sell the No. 1 Office Building in Langfang Development Zone in Hebei, China, for 11 million yuan, according to a Wednesday filing on the Singapore Exchange.

The building, comprising 3,605.87 square meters of floor space and land use rights valid until 2053, generated a rental income of 715,000 yuan in FY24 but incurred a net loss of 82,000 yuan.

Proceeds will be used for loan repayment and working capital.

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