BLUE RIVER HLDG (00498) subsidiary intends to sell Hong Kong property for HK$50 million.

BLUE RIVER HLDG (00498) announced that on November 15, 2024 (after trading hours), the seller (Golden Lake Properties Limited, an indirect wholly-owned subsidiary of the company), the buyer (L Ye Jingyi), and the agent entered into a provisional sale and purchase agreement. According to this agreement, the seller conditionally agrees to sell and the buyer conditionally agrees to purchase the property at a price of HK$50 million. The property includes the entire 9th floor of East Point Centre, 24 Lai Cheung Street, Chai Wan, Hong Kong, as well as three parking spaces on the 2nd floor (numbered 222, 223, and 224). The total area of the property is approximately 7,758 square feet, with a usable area of approximately 6,056 square feet (excluding the area of the parking spaces). Taking into account the current property market conditions, the increasingly fierce competition in the Hong Kong property market, and the uncertain outlook, as well as to maintain the group's financial and liquidity position, the board of directors believes that the sale represents a good opportunity for the group to realize the value of the property at a reasonable price. Additionally, the proceeds from the sale will strengthen the group's financial position and increase its general operating funds.