Glory Sun Land Group Limited (HK:0299) has released an update.
Glory Sun Land Group Limited has concluded a major financial maneuver, involving the sale of a 51% stake in a PRC company for RMB1.175 billion, with plans to sell an additional 42.33% stake by June 2024, after downsizing the deal from the original 49% due to project delays. The revised deal also reduces the consideration from RMB1.129 billion to approximately RMB975.69 million. These strategic disposals have led to the company ceasing to consolidate the financial results of the disposed company into its financial statements.
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