Summary by Moomoo AI
On 29 April 2024, China Transport Construction Co., Ltd. (abbreviated as PRC) announced on 29 April 2024 that it has reduced capital expenditure of CNY 7.5 billion yuan to HUACAO Huazhuang Real Estate (Suzhou) Co., Ltd., in proportions such as China Transport Construction Co., Ltd. The reduction is aimed at relieving capital pressure on shareholders and avoiding capital overflows, reducing the registered capital of Huacong's real estate from $8 billion to $5 million. The transaction is a related transaction involving an amount of approximately $3 million, but does not constitute a major asset restructuring and does not require submission to the General Meeting. In the past 12 months, China's cumulative related transactions with the same related party amounted to $43.99 billion. This amortization transaction has been approved by the Independent Board of Directors and the Audit and Internal Control Committee and has passed Board review. Interchange Properties is a subsidiary of and effectively controlled by China Transport Construction Group Co., Ltd.