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Poly Property shareholder restructures

Poly Property Group Co. Ltd.'s controlling shareholder, China Poly Group Corp., entered into a conditional sale and purchase agreement with Poly Real Estate Group Co. Ltd. and Poly (Hong Kong) Holdings Ltd. for a proposed change in shareholdings in Poly (Hong Kong).

Under the deal, China Poly Group and Poly Real Estate will respectively own a 50% stake in Poly (Hong Kong). Poly Real Estate will also assume half of the outstanding shareholder loan that Poly (Hong Kong) owes to China Poly Group.

In addition, Poly Real Estate will head new development projects in China, excluding projects in Hong Kong and Macau. An annual cash distribution that will be made by Poly Property and Poly (Hong Kong) is also included in the deal.

As of Nov. 30, Poly Property is 40.39% owned by Poly (Hong Kong), while China Poly Group holds 6.93% via Poly Southern Group Ltd. China Poly Group wholly owns Poly (Hong Kong) and also has a 40.87% stake in Poly Real Estate.