Gree Real Estate to exit property, focus on duty-free business

Gree Real Estate announced its intention to sell 100% of its equity in Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. The cash transaction is expected to be a major asset restructuring and a connected transaction. This aligns with the company's prior commitment to divest real estate assets and concentrate on its duty-free and big consumption business.

The transaction is in the planning stage, with the specific scope of assets and valuation still under negotiation. The final price will be based on an asset appraisal approved by state-owned asset supervision departments. Zhuhai Toujie Holdings Co., Ltd. is a wholly-owned subsidiary of Zhuhai Toufa Holdings Co., Ltd., ultimately controlled by the Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission.

This divestiture aims to accelerate Gree Real Estate's full departure from the real estate sector, allowing it to further focus on duty-free and big consumption industries. The company anticipates that the transaction will reduce its asset-liability ratio, optimize its asset structure, and enhance operating efficiency. Investors are advised that the transaction is subject to multiple approvals and carries inherent uncertainties.