Summary by Moomoo AI
On 14 March 2024, Shimao Group announced that its two subsidiaries have signed an agreement with buyer Shenzhen Pingshancheng Investment Co., Ltd., to sell 60% of the equity and related debt of a residential and commercial integrated development project in Pingshan District, Shenzhen, for a total cost of approximately RMB2.457 billion. The project was suspended from the end of 2021 due to poor market conditions and funding issues and is expected to experience asset depreciation of approximately RMB 7.157 million. Upon completion of the sale, Shimao Group will no longer hold any interest in the project company and will use the proceeds to further the reconstruction of other projects. The transaction is subject to approval by the National Assets Supervision Authority of Ping Shan and complies with the declaration and announcement requirements of Chapter 14 of the Listing Rules.