Overseas Chinese Town (Asia) (03366) announced that Shanghai Land, an indirect non-wholly owned subsidiary of the Group, plans to sell sales assets on the Beijing property Exchange through public listing, with an upset price of not less than RMB 2.43 billion. Therefore, the Board intends to seek shareholders to grant the proposed authority to the Directors in advance at the EGM to enter into and complete the proposed disposal.
It is reported that the sales assets include the following parts of the Suhewan project in Shanghai, China, including the main body of the hotel property and other buildings, hotel facilities and supporting rooms on the 1st to 2nd floors of the T1 building, and 88 underground parking spaces. As of the date of this announcement and prior to the proposed sale, OCW Shanghai Land is the sole holder of the real estate rights in the sale assets.