According to the Zhitong Finance App, Ruian Real Estate (00272) announced that on March 25, 2024, Shanghai Panlong (a non-wholly-owned subsidiary of the company) signed a sale agreement with Shanghai Qingpu Xujing. Shanghai Panlong agreed to sell, while Shanghai Qingpu Xujing agreed to buy and sell assets at a consideration of approximately RMB 105 million.
Following the sale, Shanghai Panlong (a non-wholly-owned subsidiary of the company) signed a lease agreement with Shanghai Qingpu Xujing on March 25, 2024, and Shanghai Qingpu Xujing agreed to lease the property to Shanghai Panlong for a period of 14 years from the date of delivery. The total rent payable by Shanghai Panlong to Xujing in Qingpu, Shanghai under the lease agreement is approximately 77 million yuan.
According to reports, the assets sold include the land use rights for the plot and the property. The plot is located at 1151 Longlian Road, Xujing Town, Qingpu District, Shanghai, China (Lot number: A02-01). The property is a hotel built on this plot with a total construction area of approximately 4816.45 square meters.