China Jinmao (00817) subsidiary plans to invest 1.687 billion yuan to acquire 49% equity of Xi'an Changmao.

CHINA JINMAO (00817) announced on March 4th, 2025 that Xi'an Shunmao (an indirectly wholly-owned subsidiary of the company) has signed a equity transfer agreement with Jiaxing Tangmao and Xi'an Changmao. According to the agreement, Xi'an Shunmao agrees to acquire and Jiaxing Tangmao agrees to sell 49% of the equity interest in Xi'an Changmao, with a total consideration of approximately RMB 1.687 billion. The announcement stated that Jiaxing Tangmao intends to sell its equity interest in Xi'an Changmao for its own reasons. Prior to this transaction, Xi'an Changmao was an indirectly non-wholly owned subsidiary of the company, with daily operations and project development led by the group. Through this transaction, Xi'an Changmao will become an indirectly wholly-owned subsidiary of the company, ensuring the successful completion of the project and all related matters. The project is located in the Weiyang District of Xi'an City, Shaanxi Province, China. The project covers an area of approximately 66,700 square meters and has been developed into a residential project for sale, with a total construction area of approximately 167,000 square meters. It is expected to be completed in January 2026.