Zhongyu Land (01224) acquires the interests of the target joint venture

Zhitong Finance App News, Zhongyu Land (01224) announced that on July 17, 2026, Crystal Concept (a wholly-owned subsidiary of the Company) (as the buyer) signed a sales agreement with Roman Eagles (as the seller). According to the sale agreement, (i) Crystal Concept has conditionally agreed to the acquisition, and Roman Eagles has conditionally agreed to sell shares (the target joint venture's 50 issued shares, accounting for 25% of the target joint venture's total issued shares, held by Roman Eagles on the date of the sale agreement and at the time of transaction. ); and (ii) Crystal Concept has conditionally agreed to accept it, and Roman Eagles has conditionally agreed to transfer the sales loan. The deal will be subject to prerequisites being met or waived.

The Target Joint Venture is an investment holding company and is a limited liability company incorporated in the British Virgin Islands. It holds the entire issued share capital of the owner of the property (a limited liability company incorporated in Hong Kong, who is also the registered owner of the property). This property is Yuen Long Town Lot No. 362.

As of the date of this announcement, the property is an industrial building used for rent. Plans are under way to demolish the existing buildings in accordance with relevant land lease documents and regulations to advance the redevelopment of the project. The proposed redevelopment includes two residential towers with several parking spaces and retail shops, with a total construction area of approximately 484,900 square feet.

According to the sale agreement, Crystal Concept and Roman Eagles will sign a shareholder agreement with Upland Eagle and Target Joint Venture at the time of transaction to regulate their respective rights and obligations with respect to the target joint venture group, the project, and the business operation and management of the target joint venture group, project, and its capital requirements, development and utilization.

The Group is mainly engaged in property development and investment. The acquisition provided the Group with a strategic opportunity to participate in high-quality residential redevelopment projects. By signing sales agreements and shareholder agreements, the Group can make full use of the expertise and financial resources of other joint venture partners to maximize the commercial value of the project. The directors believe that the project will enhance the Group's property development portfolio and generate significant returns when selling developed residential units.