Nanjing Chixia Development (600533.SH) plans to transfer its 10% equity stake in Nanjing Xingcheng for RMB 34.5 million.

Nanjing Chixia Development (600533.SH) announced that Nanjing Xingcheng Real Estate Development Co., Ltd. (referred to as "Nanjing Xingcheng") has a registered capital of 600 million yuan, with Nanjing Bincheng Rectification Development Co., Ltd. (referred to as "Nanjing Bincheng") and the company contributing 540 million yuan and 60 million yuan respectively, holding 90% and 10% of the shares. The company intends to transfer 10% of its shares in Nanjing Xingcheng to Nanjing Bincheng. The consideration for the 10% equity stake in Nanjing Xingcheng is 34.5033 million yuan. The announcement stated that on September 25, 2023, the company jointly established Nanjing Xingcheng with Nanjing Bincheng with a total investment of 60 million yuan, using its own funds of 60 million yuan, to develop and construct the Nanjing NO.2023G43 plot. As of now, the project has not yet started. The transfer of the equity stake in the joint venture company is beneficial for further optimizing the company's resource allocation and improving the efficiency of fund utilization.