An undisclosed investment firm entered into a sale and purchase agreement to acquire Parcel of land and premises (with facilities) at Xin Le Road South, Dianshanhu from South China Holdings Company Limited (SEHK:413) for CNY 61.5 million on June 30, 2023. Under the terms, an amount of CNY 12.3 million shall be paid within five (5) business days from the date of the agreement, CNY 24.6 million shall be paid to a joint account in the names of the buyer and South China Holdings within five (5) business days from the date on which the joint account is opened, CNY 24.6 million shall be paid to the joint account on the date upon the availability of all information as required by the relevant industrial and commercial administration authority in the PRC and shall be paid within ten (10) business days upon completion. South China Holdings intends to use the net proceeds from the disposal as general working capital.