China Resources Land pares stake in CR Mixc Lifestyle for HK$2.06 bn

China Resources Land (CR Land) has agreed to sell 49,500,000 shares in its subsidiary, CR Mixc Lifestyle Services, representing about 2.17% of CR Mixc Lifestyle's total issued shares. The placing price is HK$41.70 per share, which is a 9.58% discount to the last trading day's closing price.

The estimated net proceeds from this disposal are approximately HK$2,061,270,400, intended for land reserve acquisition, development costs, and general working capital.

Following the sale, CR Land's interest in CR Mixc Lifestyle will decrease from around 72.29% to about 70.12%. Despite this reduction, CR Mixc Lifestyle will remain a subsidiary of CR Land, and its financial results will continue to be consolidated into the Group's financial statements.

The company believes this disposal will diversify CR Mixc Lifestyle's shareholder structure, attract institutional investors, improve liquidity, and enhance stock value, ultimately benefiting CR Land and its shareholders.