Poly Developments to hold extraordinary shareholder meeting in March

Poly Developments and Holdings Group (SSE: 600048) has announced it will hold its first extraordinary general meeting of shareholders for 2025 in March. The meeting will address the election of a new company director, Mr. Tong Yunxiang, following the retirement of Mr. Chen Yuwen. Shareholders will also vote on a proposal to register and issue 5 billion yuan in super-short-term financing bonds, intended to bolster the company's short-term capital reserves. In a separate announcement, the company reported January-February 2025 contracted sales of 1.55 million square meters, a 27.19% year-over-year decrease. Contracted sales value amounted to 34.01 billion yuan, down 5.39% from the previous year. The company also noted the acquisition of six new real estate projects located in Beijing, Foshan, Tianjin, Xi'an, and Kunming. These acquisitions have added over 219,000 square meters of land to the company's portfolio. The shareholder vote is scheduled to take place on March 13th, 2025.