[ET Net News Agency, 16 February 2021] Chuang's China Investments Limited (00298) said
its subsidiary Chuang's China Realty Limited has agreed to sell the entire issued share
capital of Double Wealthy and the sale loan at a consideration of not more than RMB1.56
billion.
Also, its subsidiary Guangzhou Heng Yang Investment Services Limited has agreed to sell
the entire issued share capital of Kai Xiang at a consideration of not more than
approximately RMB10.5 million.
The Panyu ProjectCo, a wholly-owned subsidiary of Double Wealthy, is the owner of the
land use rights of the project in Panyu District at Guangzhou, the PRC. The project is an
integrated residential and commercial property development.
Kai Xiang is principally engaged in property management and investment and its assets
comprise the Crystal Clubhouse. The Crystal Clubhouse is located within Phase 1 of the
project having a GFA of approximately 809 sq.m. (RC)