Shimao Property Exits Xiamen Project for RMB596M

Shimao Property Holdings (HK:0813) has released an update.

Shimao Property Holdings has announced the sale of its entire equity interest in a property development company for RMB596.34 million, marking its exit from the mixed-use project in Xiamen’s Jimei District. The deal, which involves repayment of debts amounting to RMB373.72 million, falls below the 5% threshold for notifiable transactions according to Listing Rules. The valuation was based on an asset-based method due to suspended construction and market uncertainties.

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