abugarcia6600c3| China Olympic Park (03883.HK) plans to sell Canada's M2M project

Gelong Hui, May 13, China Olympic Garden (03883)Abugarcia6600c3(HK) notice that on May 13, 2024, following the signing of the letter of intent, the seller Aoyuan Property Holdings (Canada) Ltd (a wholly owned subsidiary of the company) and the buyer Winnet Capital Ltd. The agreement is entered into, under which the seller conditionally agrees to sell and the buyer conditionally agrees to purchase each class of shares in the target company Ontario Aoyuan Property LimitedAbugarcia6600c3All issued shares with a total consideration of C $68 million.

The target company is a limited company registered under the laws of Ontario, Canada, which is mainly engaged in investment holding and its main assets are M2M projects. As at the date of this announcement, it is a wholly owned subsidiary of the company. The M2M project is located in Toronto, Ontario. The project is divided into three phases. Phase I of the M2M project and phase II of the M2M project each include two multi-storey towers and a shared multi-storey platform (including retail and commercial space, and phase II of the M2M project also includes community entertainment facilities). Phase III of the M2M project has been approved to build a multi-storey mixed-use building.

It is in the group's interest to reduce the investment commitment required for real estate development in Ontario, Canada. The sale will quickly relieve the Group's continued financial pressure from Phase I to completion of the M2M project and provide liquidity for the broader financial needs of the Group. After the sale, the buyer will be responsible for taking over the first phase of the M2M project, which is in the final development stage, managing the transaction of the pre-sale unit, sales surplus inventory, management defects and warranty after occupation.