Zoy Home Furnishing (603709.SH) plans to transfer land lease rights and terminate investment in the Vietnam (Phase II) production base project.

Zoy Home Furnishing (603709.SH) announced that due to the fact that the Nanxinyuan Industrial Park does not yet have the necessary conditions to sign a formal land lease contract and deliver the land, and the timing of the signing of the land lease contract and the delivery of the land cannot be determined, the company's overall external investment progress has been hindered. At the same time, considering the current complex and changing external environment, many potential changes make further investment highly uncertain and risky. The company and its subsidiaries intend to transfer the land leasing rights of 96,900 square meters located in the New Xinyuan Industrial Expansion Zone (Phase II) in Xinyuan City, Phuyen Province, Vietnam, to Chen Yongxing, and terminate the investment in the Vietnam (Phase II) production base project. As of now, the company has only paid a land reservation deposit of 1.3853 million US dollars to NAM TAN UYEN JOINT STOCK CORPORATION (referred to as "Nanxinyuan Industrial Park"), and has borne the related expenses of 0.95 million US dollars, but has not yet paid the land lease price. After the transfer of the land leasing rights, the above-mentioned land reservation deposit will be paid by Chen Yongxing to the company's subsidiary Zhongyuan Vietnam Investment (Hong Kong) Limited within 30 days after signing the land lease intention contract with Nanxinyuan Industrial Park.