China Merchants Land Limited (HK:0978) has released an update.
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China Merchants Land Limited has announced a novation agreement involving its subsidiary Chongqing Merchants, transferring project consulting rights and obligations from Chongqing Yi Gang to Chongqing Garden City. This move, which is part of a continuing connected transaction under Hong Kong’s Listing Rules, does not involve any consideration but requires Chongqing Merchants to pay the outstanding consulting fees to Chongqing Garden City. The transaction is subject to reporting and annual review requirements but is exempt from shareholder approval.
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