Xingsheng Creation (00896) announced that the entire building, known as the "Meihua Factory Building", was being sold to No. 19, San Zhu Street, Kowloon and No. 1 Qi Bao Street, Kowloon, for a total fee of $ 1,253 million.
The real estate is an industrial property held by the Group with a view to the sale of real estate under development.
The company said the Acquisition is expected to generate a revenue of approximately 331 million RMB. The plan is to use approximately 44% of the net proceeds from the Bank Loans Refund Decision, and the balance is used for various construction and construction companies and property investment companies. Working capital for operations, as well as opportunities for future investments.
Currently, the group has not identified new investment opportunities.