RENZE HARVEST Subsidiary to Dispose of Hong Kong Property for HK$38.206 Million

Stock News04-29

RENZE HARVEST (01282) announced that on April 29, 2026, the seller, Ultra Glory Investments Limited, an indirect wholly-owned subsidiary of the company, entered into an agreement with the buyer, Gourmet Dining Group Limited. Under the agreement, the seller agreed to sell, and the buyer agreed to purchase, a property for a total consideration of HK$38.206 million. The property is located at Unit 1908, 19/F, Tower Two, Lippo Centre, 89 Queensway, Hong Kong, and is intended for commercial use.

The company believes that the downturn in the Hong Kong property market, particularly in the commercial and industrial sectors, is unlikely to recover in the short term. Given the current market conditions, the company views the disposal as an opportunity to realize part of its assets and improve its liquidity position. The terms of the sale were reached following fair negotiations and an extensive search for interested buyers willing to offer a reasonably acceptable price.

The net proceeds from the disposal are intended to be used to repay the group's existing debts, thereby reducing its financial costs and improving its overall financial condition. This move is considered to be in the best interests of the company and its shareholders.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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