Shanghai Zendai Restructures Assets and Proposes New Name

Shanghai Zendai Property Ltd. (HK:0755) has released an update.

Shanghai Zendai Property Ltd. has conditionally agreed to a significant disposal of its non-performing assets and associated debts, with an expected improvement in liquidity and financial standing post-completion. The company plans to sell its entire equity interests in specific targets and assign the related debts for RMB 10 million, which will result in the reduction of the group’s consolidated liabilities. Additionally, a proposed company name change to ‘DevGreat Group Limited’ is on the table, subject to shareholder and regulatory approval.

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