Coastal Homes (01124) issued an announcement. On March 27, 2024, the seller Fengying Global Investment Co., Ltd. (a wholly-owned subsidiary of the company) signed a share transfer agreement with the buyer Liang Xiaodong. The seller has agreed to sell shares conditionally, and the buyer has agreed to buy and sell shares at a total cost of HK$10,000 in accordance with the terms of the share transfer agreement (equivalent to the total number of issued shares of the company sold).
According to reports, the selling company Qifeng Development Co., Ltd. was an indirect wholly-owned subsidiary of the company on the date of this announcement and immediately before completion. The selling company is mainly engaged in investment holding, and its subsidiaries are mainly engaged in property development and investment holding. The selling company currently holds 100% interest in the Anshan Coastal Xintiandi Project; and the Beijing Bay Project (through a joint venture where the selling company indirectly owns 40% interest).
Upon completion, the Group expects to obtain unaudited proceeds from the sale of approximately HK$19.411 million. The unaudited earnings were estimated based on a cost of HK$10,000 less the sale of the company's net unaudited liabilities (after deducting the value of unaudited non-controlling interests) of approximately HK$20.41 million (derived from the sale company's net unaudited liabilities of approximately HK$109 million after deducting the value of unaudited non-controlling interests of approximately HK$88,372 million) and estimated transaction costs. The actual gain/loss of the sale is or is different from the above and will be determined based on the final financial position of the selling company at the date of completion.