fruitroulette| China Olympic Park plans to sell part of its interest in Canada's M2M project for approximately C$68 million

China Olympic Park (03883) announcedfruitrouletteOn May 13, 2024, following the signing of a letter of intent, Aoyuan Property Holdings (Canada) Ltd., a wholly-owned subsidiary of the company, entered into an agreement with Winnet Capital Ltd. to sell 70 Class B shares and 68 million TS1 shares to Winnet Capital Ltd., equivalent to the entire issued shares of each share class of the target company, Ontario Aoyuan Property Limited. The total cost is approximately C$68 million.

It is reported that the target company is mainly engaged in investment holding, and its main assets are M2M projects. As at the date of this announcement, it is a wholly-owned subsidiary of the Company. The M2M project is located in Toronto, Ontario. The project is developed in three phases. The first phase of the M2M project and the second phase of the M2M project each include two multi-storey towers and a shared multi-storey platform (including retail and commercial space, and the second phase of the M2M project also includes community entertainment facilities). The third phase of the M2M project has been approved to build a multi-storey mixed-use building.