Zhuhai Duty Free completes strategic asset sale of Gree Real Estate

Zhuhai Duty Free Group Company Limited has successfully completed a major asset sale and related-party transaction, involving the transfer of 100% equity in Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. The transaction, valued at 5,517,536,500 yuan, was executed via cash payment, with Zhuhai Huafa Group Co., Ltd. providing a joint liability guarantee for the payment obligations.

The asset transfer officially occurred on December 22, 2025, when Zhuhai Duty Free Group and Toujie Holdings signed the asset handover agreement. This move follows prior approval by the Zhuhai State-owned Assets Supervision and Administration Commission and the company's shareholders. The first installment of 1,655,260,950 yuan has been paid by Toujie Holdings to Zhuhai Duty Free Group.

Following the transaction, Zhuhai Duty Free Group and Gree Real Estate's non-operational receivables and payables between each other have been fully settled. The remaining debt and equity obligations of Gree Real Estate after the transfer are to be handled by Toujie Holdings. The involved parties will proceed with the necessary industrial and commercial registration changes for Gree Real Estate's equity transfer.