Songdu Services (09608) announced that the group agreed to provide property management services to Songdu Joint Stock Group and increase the number of non-owners...
Zhitong Finance App News, Songdu Service (09608) announced that the group agreed to provide property management services, value-added services for non-owners, value-added community services and other services to Songdu Group. As of the date of the acquisition of the property and debt settlement framework agreement, the Group's unaudited receivables relating to the provision of services to Songdu Joint Stock Group under such property management agreements and such service agreements have matured and remain unsettled on 31 December 2023, totaling approximately RMB 144.8 million. On March 26, 2024, the company and Songdu Group signed a framework agreement for the acquisition of property and debt settlement. According to the business acquisition and debt settlement framework agreement, the company conditionally agreed to acquire liquidated properties from Songdu Joint Stock Group at a total cost of RMB 100 million, and the receivables will be offset on an equal basis.
According to reports, the settlement property is located in Kaiyuan Street, Tonglu County, Hangzhou, Zhejiang Province, China, with a total of 96 parking spaces, a storage room with a construction area of about 1,849.00 square meters and a total of 12 shops with a construction area of about 5,631.17 square meters in Kaiyuan Street, Tonglu County, Hangzhou, Zhejiang Province, China. The period of use at target stores is from March 11, 2013 to March 10, 2050.
The announcement stated that the acquisition of the property and the debt settlement framework agreement will enable the Group to immediately recover some of its receivables. After completing the property acquisition and debt settlement framework agreement, the Group will gradually sell liquidated properties to third party buyers in the market to obtain cash. The Group intends to sell liquidated properties to owners, tenants of properties managed by the Group or by seeking suitable third parties on the open market.