Greentown China subsidiary inks ¥50m project management deal

Greentown Real Estate Construction Management, a non-wholly owned subsidiary of Greentown China Holdings Limited, entered an agreement on October 20, 2025. It will provide project management services for a residential development in Hangzhou, China. The services will be rendered to Hangzhou Zhongyi Jiangchen Real Estate, which is 50% owned by CCCC Urban Investment Development, an indirect non-wholly owned subsidiary of CCCG, a substantial shareholder of Greentown China.

The total consideration for these services is ¥50,020,000, with an expectation that the final consideration will not exceed ¥81,590,000. This amount was determined through arm's length negotiations, considering factors such as required resources, market conditions, and comparable market rates. The consideration comprises a basic personnel fee of approximately ¥15,000,000 and an entrusted management service fee of approximately ¥19,580,000, along with additional performance bonuses and marketing fees.

The transaction is classified as a connected transaction under Chapter 14A of the Listing Rules. While it exceeds the 0.1% threshold for applicable percentage ratios, it remains below 5%, thus being subject to reporting and announcement requirements but exempt from circular and independent shareholders' approval.