Hejing Tai Fu Group (01813) issued an announcementplaytoearnnftgamesOn May 13, 2024, the transferor (an indirect wholly-owned subsidiary of the company) plans to sell the target company (Hangzhou Xilan Hotel Management Co., Ltd.) to the transferee (Science City (Guangzhou) Development Group Co., Ltd.)playtoearnnftgameswith a total transaction consideration of RMB 2playtoearnnftgames.300 million yuan.
In the current challenging Chinese real estate market, the sale will help the Group exit the target company and allow the Group to concentrate its resources and manpower on its core projects in major Chinese cities. Paying the transaction consideration with the Group's finance lease obligations will also reduce the Group's overall outstanding debt balance. Since the entire amount of the transaction consideration will be entrusted to the transferee to pay Science City Leasing to settle the Group's finance lease obligations, the Group will not receive cash.
