TST PROPERTIES (00247) establishes a joint venture and wins a bid for the acquisition and development of land in Hong Kong for HKD 1.03 billion.

TST PROPERTIES (00247) announced that the boards of directors of Tsim Sha Tsui Properties and SINO LAND happily declared that the bid submitted by JVC1 at a land price of HK$1.03 billion on July 3, 2026, was successfully accepted by the Hong Kong Special Administrative Region Government on August 24, 2026. JVCs are special project companies established by China Overseas, CHI MER LAND, CHINA RES LAND (overseas), China Travel Investment, JD.com, and SINO LAND with shareholding ratios of 17%, 17%, 17%, 15%, 17%, and 17%, respectively, with the purpose of submitting that bid. Upon winning the bid, they will acquire and develop the land in accordance with the details and sale conditions specified in the bid. The capital contributions of the joint venture partners to the JVCs were determined after fair negotiations among the partners, referencing (among other factors) the land price, development costs of such land, and each partner's equity interest in the JVCs. The land price was fixed by the partners after considering various factors, including the development prospects and potential of such land, as well as the overall outlook of the Hong Kong property market. The total capital commitment from the partners is expected to be approximately HK$16.8 billion. SINO LAND expects to contribute around HK$2.856 billion, corresponding to its 17% equity in the JVCs. The land includes three residential/commercial sites located at HSK 18, HSK 20, and HSK 21, along with an E&TP site at HSK 19. The total land area of these sites is approximately 36,200 square meters, while the total gross floor area allowed for construction is about 220,000 square meters. It is anticipated that upon completing the development of HSK 18, HSK 20, and HSK 21, a total of approximately 156,072 square meters of residential gross floor area will be provided, together with about 13,006 square meters of commercial gross floor area. Additionally, the E&TP site at HSK 19 is intended to have a suggested total gross floor area of no less than 30,600 square meters, planned for modern logistics and technology office/lab usage, and is expected to develop into a world-class smart modern logistics center, with a company under JD Group as its main tenant. One of the main business areas of the Group is property development and investment. Establishing the JVCs to acquire and develop these lands aligns with the Group's core business strategy and continues its major business activities with other business partners. The land will be developed into a comprehensive project that includes residential, non-residential, and E&TP components. This development project is expected to enhance the Group's property portfolio.