China Jinmao sells Sanya Tourism for RMB2.26 bn

China Jinmao Holdings Group announced that its wholly-owned subsidiary, Shanghai Jinmao, entered into an Equity Transfer Agreement on December 23, 2025, to dispose of its 100% equity interest in Sanya Tourism. Sanya Luanmao will acquire the interest for a total transfer consideration of RMB2,264.6 million. This consideration was determined based on Sanya Tourism's appraised net assets of approximately RMB2,136.40 million as of March 31, 2025. Sanya Luanmao, which is 100% held by CITIC Securities Company Limited, is acting as the manager of a real estate asset-backed securities scheme.

Sanya Tourism, established in 2004, solely owns The Ritz-Carlton Sanya Yalong Bay, a five-star hotel. Upon completion, Sanya Tourism will cease to be a subsidiary of China Jinmao. As of March 31, 2025, Sanya Tourism's audited total assets and net assets were approximately RMB1,112.87 million and RMB691.29 million, respectively.

The transaction constitutes a discloseable transaction for China Jinmao, requiring reporting and announcement under Chapter 14 of the Listing Rules. The company noted that asset securitization of the hotel assets would maximize their valuation and liquidity.