STAR GROUP ASIA (01560.HK): Subsidiary Enters Deed of Settlement with Shanghai Commercial Bank, Voluntarily Surrenders Hung Fong Property in Yuen Long for Partial Loan Repayment
NewTimeSpace News: STAR GROUP ASIA (01560.HK) issued an announcement on 17 July. Its subsidiary entered into a deed of settlement with Shanghai Commercial Bank, agreeing to voluntarily hand over the Hung Fong property in Yuen Long (including 19 parking spaces, 8 office units and the entire ground-floor shop premises) to partially settle outstanding loans. The Company stated this is an amicable commercial arrangement without loan default, which will optimise its liability structure.
NewTimeSpace News: On 17 July 2026, STAR GROUP ASIA (01560.HK) released a voluntary announcement. The Company and its subsidiary Lv You Investment Limited executed a deed of settlement with Shanghai Commercial Bank on 26 June 2026.
Pursuant to the deed, all parties agreed to voluntarily surrender certain properties held by SMI with a first legal charge registered in favour of the bank, located at Hung Fong, 22 Wang Yip South Street, Yuen Long. The property comprises 19 parking spaces, 8 office units and the entire ground-floor retail premises, to partially settle the outstanding loan facilities.
The Company clarified that the deed of settlement represents an amicable commercial arrangement between the Group and the bank. No loan default has occurred, and no statutory demand for repayment has been received. This arrangement will optimise the Group’s balance sheet, restructure its debt profile and cut interest expenses, thereby improving the Group’s operating results. The property surrender is revenue-based, constituting routine loan repayment in the ordinary course of business and does not amount to a discloseable transaction.
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