China Jinmao (00817) intends to invest approximately 37.9348 million yuan to acquire a 10.43% equity and debt in Jinan Lumaoffiliates.

CHINA JINMAO (00817) announced that on December 27, 2024, Shandong Jiexing, an indirectly wholly-owned subsidiary of the company Jinmao Beifang, signed an equity and debt acquisition agreement with Shenzhen Shengqiu. Shandong Jiexing and Jinmao Beifang agreed to respectively acquire all the equity and targeted debts held by Shenzhen Shengqiu in Jinan Lumao, with a total consideration of approximately RMB 100 million. Specifically, Shandong Jiexing agreed to acquire 17.07% of the equity and a debt of RMB 84,148,175.88 held by Shenzhen Shengqiu in Jinan Lumao, for a consideration of approximately RMB 62.07 million, while Jinmao Beifang agreed to acquire 10.43% of the equity and a debt of RMB 51,421,625.77 held by Shenzhen Shengqiu in Jinan Lumao, for a consideration of approximately RMB 37.93 million. It is reported that Jinan Lumao is mainly responsible for the development of the land. The land is located east of Gangxi Road and south of East Jinshi Road in Licheng District, Jinan City, China. It covers an area of 231,144 square meters with a total construction area of 483,204 square meters, for the development of residential properties. Construction was completed and delivered in October 2024, now in the final stages. As of the date of this announcement, Shandong Jiexing, Jinmao Beifang, and Shenzhen Shengqiu held 45%, 27.5%, and 27.5% respectively in Jinan Lumao. After the acquisition, Shandong Jiexing and Jinmao Beifang will hold 62.07% and 37.93% respectively in Jinan Lumao, which remains a non-wholly-owned subsidiary of Shandong Jiexing.