Xianshi (00244) announced that after the trading session on the Stock Exchange on April 12, 2024, the seller (Weijing Limited, an indirect wholly-owned subsidiary of the company), the buyer (Honest Standard Limited) and the agent (Zheng Zhong Property Consultants Limited) entered into an interim agreement. The seller agreed to sell and the buyer agreed to buy the property at a cost of HK$210 million. Completion will be implemented on or before July 22, 2024.
According to the provisional agreement, the seller may choose to sell and lease back the property to the buyer for a period of six months from the day after completion, for a monthly rent of HK$400,000 (including all rates, ground rent and management fees), but may terminate the sale and leaseback early in accordance with the terms and conditions of the lease agreement between the seller and the buyer after completion.
According to reports, the property to be sold includes units A to H on the 12th floor of Junsheng Centre, 23 Minlok Street, Kowloon, Hong Kong, China; parking space L8 on the 1st floor; and parking space L26 on the 2nd floor. The total floor area of the property is approximately 40,280 square feet. The property is currently used by the Group as its own warehouse and parking lot.