Joy City Real Estate (00207) announced that on September 27, 2023, Hengda Development Co., Ltd., an indirect wholly-owned subsidiary of the company, plans to sell all shares of Shanghai Pengli Real Estate Development Co., Ltd. to Shanghai Yongpeng Industrial Co., Ltd. at a cost of approximately RMB 4.142 billion. The Group is expected to achieve net revenue of approximately RMB 280 million from the sale.
As of the date of this announcement, the target company only owns and operates such properties. These properties include buildings 5, 6 and 7 of the luxury residential project Sea View 1. It is managed as Huishengge International Apartment and is located in the core area of Lujiazui, Pudong New Area, Shanghai, China. The total saleable floor area is about 49,212 square meters. These properties were developed by target companies and completed between 2008 and 2009. Buildings 5 and 6 commenced operation at the end of 2008, and Building 7 commenced operation in mid-2010.