Palm Corporation acquires 48 properties to offset debts, involving nearly 18 million yuan.
On August 8, 2025, Palm Ecological Town Development Co., Ltd. held a board meeting to review and approve the proposal for acquiring 48 properties from Palm Culture Real Estate Co., Ltd. in Gui'an New District to offset debts. The properties are located in the Yunman Lake Manor Bay community in Gui'an New District, Guizhou, with a total floor area of 3678.18 square meters and a valuation of 18.26 million yuan. The parties agreed to use 17.9577 million yuan to offset the debts.
The debt-for-equity swap was not as successful as expected due to a lawsuit from a downstream supplier. Gui'an Palm is a related party of the company and has been listed as a dishonest debtor due to a contractual dispute. This transaction is not considered a major asset restructuring and is expected to have no significant impact on the company's finances, but there are risks associated with the transfer and delivery of the properties.
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