China Fortune Land Development updates on asset sale and shareholder reduction

China Fortune Land Development (CFLD) announced progress on its major asset sale and related-party transaction, which is integral to its debt restructuring plan. The company established a self-benefiting property rights trust plan, including 1 million yuan in equity and 25.584 billion yuan in creditor's rights. These trust beneficiary units are intended to repay up to 24.01 billion yuan in "debt-for-equity swap" financial debts. As of the announcement date, 22.348 billion yuan in trust debt-for-equity transactions have been completed, with 1.653 billion yuan remaining in progress.

All assets were transferred to the trust by November 20, 2023. The transaction's counterparty consists of financial creditors who approved the debt restructuring plan via bondholder meetings and court rulings. Shanghai Stock Exchange inquiries and subsequent revisions to the asset sale pre-plan were addressed by February and March 2024, culminating in shareholder approval on March 29, 2024.

Concurrently, CFLD's major shareholder, Ping An Life Insurance Co. of China, Ltd. and its concerted party, Ping An Asset Management Co., Ltd., completed a portion of their previously disclosed share reduction plan. Between October 20 and October 21, 2025, they collectively reduced their holdings by 7,815,487 shares, representing 0.20% of the company's total share capital, via centralized bidding. Following this reduction, Ping An Life holds 977,914,066 shares, or 24.99% of CFLD, with Ping An Asset Management no longer holding shares.