Xingsheng Holdings (00896) issued an announcement that on 14 September 2023, the seller Xifeng, an indirect wholly-owned subsidiary of the Company, entered into a preliminary sale and purchase agreement with Shihui Tak, the purchaser. Subject to the terms of the preliminary sale and purchase agreement, the seller agreed to sell and the buyer agreed to purchase the property for a consideration of HK $68 million.
The property includes shops on the ground floor, first floor and second floor of the building; two loading and unloading spaces on the ground floor of the building; and two billboards on the third floor of the building. The property is a commercial property with a total saleable area of about 4029 square feet and is held as an investment property of the Group.
The directors conduct strategic reviews of the Group's assets from time to time to maximize shareholder returns. The directors consider that the sale is an opportunity for the company to release the value of the property under the current market environment.