Kinetic Development Group Limited has signed a sixth supplemental agreement and a share transfer agreement to acquire 100 % of Taiyuan Seedland Taijing Real Estate Development Co., Ltd. for RMB384.00 million. The price matches an independent valuation of RMB384.50 million and will be settled by offsetting the RMB253.73 million already paid for properties whose title transfers remain incomplete. After the set-off, a closing balance of RMB130.27 million will be due to the seller only after equity registration is finished.
The target company is developing the Haitang Huazhu residential project in Taiyuan. The site covers 174,828.17 sq m, with eight buildings under construction and full completion scheduled for 2031. Unaudited net assets stood at RMB325.84 million as at 31 December 2025.
To secure release of a pledge and court freeze over the equity, Kinetic Development has already paid RMB50.00 million to JIC Trust as an intention fee and plans a further RMB50.00 million payment after shareholder approval. A new settlement agreement will make the Group an obligor for the remaining RMB764.41 million project loan, repayable in instalments through June 2030.
Separately, Kinetic Development will acquire two completed units (total 719.43 sq m) on the 31st floor of FanYue·WanGuoFu in Beijing’s Dongzhimen area for RMB86.33 million, equal to an independent valuation. After deducting taxes of RMB15.94 million and a debt of RMB13.50 million to be settled on the vendor’s behalf, the net price of RMB56.89 million will be used to offset RMB54.05 million of 2024 service receivables; the RMB2.84 million surplus will be applied against 2025 receivables.
Any remaining balance owed to the vendor group will be further netted against RMB36.00 million of 2025 service fees under a 2026 debt-settlement contract, leaving a final cash payment of RMB97.10 million to be paid in three tranches by end-December 2026.
An extraordinary general meeting will be held on 20 May 2026 in Hong Kong to seek independent shareholder approval for the acquisitions, supplemental agreements and related offset arrangements.
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