Zhitong Finance App News, ST Shimao (600823.SH) announced that Suzhou Shimao Investment and Development Co., Ltd. (“Suzhou Shimao Investment”), a wholly-owned subsidiary of the company, plans to transfer 60% of its shares in Shenzhen Pingshan District City Investment Hongyuan Investment Co., Ltd. (“CITI Hongyuan Investment”) to Shenzhen Pingshan City Investment Co., Ltd. (“Pingshan City Investment”). The share transfer consideration is RMB 30 million. The Company's wholly-owned subsidiary, Nanchang Yueying Enterprise Management Co., Ltd. (“Nanchang Yueying”), plans to transfer its debt of RMB 586 million to Pingshan City Investment. The consideration for the transfer of the debt is RMB 216 million.
After the transaction is completed, Suzhou Shimao Investment will no longer hold shares in CITIC Hongyuan Investment. According to reports, Suzhou Shimao Investment and partner Pingshan City Investment have jointly developed the Pingshan Shimao Plaza project. The project was developed in two phases. The first phase of the project has been completed. Currently, it has entered the sales stage, and the second phase of the project is still under construction. After the transfer was completed, the partner Pingshan City Investment continued to develop and operate the Pingshan Shimao Plaza project.