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May 24, 2024

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Country Garden Guangzhou Baitan 64th Floor Commercial Project Introduction to the Background Cooperator of the Central Enterprise

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On March 24th, Country Garden (HK02007, the stock price of HK $ 0.510, and a market value of HK $ 14.274 billion) announced tha

On March 24th, Country Garden (HK02007, the stock price of HK $ 0.510, and a market value of HK $ 14.274 billion) announced that the company’s indirect non -all -funded subsidiary company Guangzhou Xingcheng Si and Guangdong Zhongwei and the project company Guangzhou Jinsi Real Estate Development Co., Ltd., Guangzhou Xingcheng Si and Guangdong are agreed to build and develop the building for sale through the project company through the project company.

According to the announcement, the project company obtained the land use right of Guangzhou property in 2017 and obtained the land use rights in 2018 through the public market.This property is located in the core area of the Baiyangtan Business District, Liwan District, Guangzhou, with an area of 13,968 square meters. The land is specified as commercial and enterprise purposes.The building is currently planned to build the building (a 64 -story high -rise commercial building with a 64 -story height and 5 floors).

“Daily Economic News” reporter found that the shareholders of Guangzhou Xingcheng Si were composed of Country Garden and two non -related parties, holding 51%, 30%and 19%respectively.Guangdong Zhongwei is a company engaged in supply chain business, technology promotion and application services. The final controlling shareholders are Zhong’an Tianzhang (Beijing) Industrial Holding Co., Ltd. (hereinafter referred to as Zhong’an Tianzhang) and China Steel Group Co., Ltd.(Hereinafter referred to as Sinosteel Group), the shareholding ratio is 60%and 40%, respectively.

Public information shows that Guangdong Province Tianxuan Investment Control Group Co., Ltd. (one of Zhong’an Tianzhang Co., Ltd.) is a subsidiary of Sinosteel Group, a central enterprise.The national strategic service real economy is committed to creating the industry chain of recycling resources.

According to the valuation report of March 21, 2024, the date of valuation report issued by Tongde Real Estate Land assets assets and planning and mapping Co., Ltd., on February 29, 2024, the market value of the land use right of the property was 3.122 billion yuan.

As of the announcement date, the project has obtained the certificates and approval required by the construction and development of the building. However, the project construction project has been suspended. Only the underground continuous walls and three internal support have been basically completed. The excavation project is ongoing.

The announcement stated that the project was hindered by various complex factors.For example, the assets of one of the intermediate shareholders of the project company (the same affiliated company of Country Garden) are currently limited by the frozen order issued by the Guangdong Provincial Higher People’s Court.It does not hinder the establishment of a cooperation agreement and the transactions intended this time.

In addition, the property itself has been mortgaged to several mortgagers as the guarantee of the amount of mid -term notes issued by Country Garden Real Estate Group Co., Ltd. (Country Garden’s homicide) in 2023 in 2023.From April 12, 2023 to June 30, 2027.

“In view of complex factors and the project will require a lot of funds (currently it is estimated that the project will be completed by 2.8 billion yuan), it is difficult for the Group to restore the construction or sell the property. The introduction of Guangdong is a partner to jointly develop Guangzhou properties.Realizing the difficulties faced by the property provide a timely and urgent need for solutions. “

According to the cooperation agreement, Guangzhou Xing Chengsi is deemed to have provided 3.1 billion yuan of funds to the project company, and Guangdong Zhongzhong provided a total of about 2.8 billion yuan in exchange for the project in exchange for (including) the following equity and matters:

(1) Obtain 1%equity of the project company within 60 days from the parties date (that is, the first proposed sales items);

(2) Guangdong provides 10.3808 million yuan to the project company as the first loan to receive 94%of the equity of the project company (that is, the second proposed sales item);

(3) Enjoy the right to calculate according to the right ratio (to facilitate the explanation, according to the estimated amount of 2.8 billion yuan in Guangdong’s estimation and the amount of promise of 3.1 billion yuan in the promise of GuangzhouIt is estimated that it will enjoy 47.457%and 52.543%of the funds of the building and related sales of the building;

(4) The voting right of a project company with a proportion of the project company with the right ratio of Guangdong (after the cap, after the project is completed, and the third proposed sales matters will be increased to 51%, 95%and 100%, respectively);

(5) When the right to enjoy the enjoyment of Guangzhou Xingshi has basically realized the realization of the project company (that is, the third proposal to sell).

Country Garden stated that if the cooperation agreement is implemented smoothly, it is expected that the company will recover the cost of the group’s investment in Guangzhou property and project companies, but it will not record income or losses.The price collected by the first recommendation of the sale will be invested in the project company as a development fund by Guangzhou Xing Chengsi.Since the second proposal sale and the third -time proposal, the price charged by the sale (will be paid by Guangdong in the final cost payment date) will be used by the group as the capital of the group’s project inside.

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