Shangshi City Development (00563) subsidiary plans to sell 100% of Shanghai Chengkai Jingxiang Real Estate's shares for 742 million yuan

According to Zhitong Finance App, Shangshi City Development (00563) announced that on October 28, 2026, the seller (Shangshi Chengkai (Shanghai) Housing Leasing Co., Ltd., an indirect non-wholly-owned subsidiary of the company) plans to sell 100% of the shares in the target company (Shanghai Chengkai Jingxiang Real Estate Co., Ltd.) to the buyer (Shanghai Ruiyu Si Housing Rental Co., Ltd.) at a cost of RMB 742 million.

After completion, the Group will no longer own any interest in the target company, and the target company's financial performance, assets and liabilities will no longer be incorporated into the Group's comprehensive financial statements. The target company develops, owns and operates Chengqian Jihui Community. The project is an affordable rental housing project located in the Shanghai South Railway Station area in Xuhui District, Shanghai. The total construction area of the project is about 58,476.32 square meters, including affordable rental housing, supporting commercial housing, parking spaces and other supporting housing.

On October 28, 2026, Qianji Shanghai (an indirect wholly-owned subsidiary of the company) signed an entrustment management agreement with the target company. According to this, the target company agreed to entrust Qianji Shanghai to provide operation and management services for the rental housing units and related operating service areas of the project for a period of one year from the date of the entrustment management agreement. The total commission service fee is RMB 10.8 million, which already includes the project management fee and operating cost of the commissioned property.