Shanghai Zendai Property Ltd. (HK:0755) has released an update.
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Shanghai Zendai Property Ltd. has announced a non-binding memorandum of understanding for the sale of entire equity interests in some of its subsidiaries, which hold significant property assets and debt. The deal, aimed at improving the company’s financial position amid China’s challenging real estate market and regulatory environment, will see the purchaser potentially taking over projects like Shanghai Zendai Thumb Plaza, with Zendai providing post-sale services. The company is actively seeking to negotiate a formal agreement, as their financial health has been under pressure, highlighted by consecutive disclaimer opinions on their financial statements since 2020.
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