HKR International (00480): HKR plans to sell the entire issued share capital of Yueshan Limited for HK$452 million

Zhitong Finance App News, Hong Kong Development International (00480) issued an announcement. On December 29, 2025, the seller Hong Kong Development Co., Ltd. (a subsidiary of the Company that indirectly holds 50% of the shares), Buyer A (SPES HOLDINGS LTD) and the buyer's guarantor entered into a sales agreement A. According to the agreement, the seller agreed to sell and transfer the entire issued share capital (i.e. sales share A) of target company A Yueshan Co., Ltd. and target company A to settle the loan owed to the seller (i.e. sales loan A) on the completion date. It also undertakes sale of share A and sale loan A, at a total cost of HK$452 million (subject to adjustment in accordance with the terms and conditions of the sale agreement A).

On the same day, the seller, buyer B (STAYBOND TRADING LIMITED) and the buyer's guarantor entered into a sales agreement B. According to the agreement, the seller agreed to sell and transfer the entire issued share capital of target company B Jiate Property Limited (i.e. sales share B) and target company B's loan to buyer B on the completion date. Buyer B also agreed to purchase and undertake sale of shares B and sales loan B at a total cost of HK$536 million (subject to the terms and conditions of the sale agreement B).

After completion, the Company will no longer hold any interest in such target companies, and such target companies will no longer be subsidiaries of the Company. Therefore, the financial results of these target companies will not be incorporated into the Company's consolidated financial statements after completion.

These properties were built by the Group in 2018 and are held by the Group as investment properties. The directors believe that these sales provide a good opportunity for the company to realize investment and obtain a return on capital.