SUXIN SERVICES (02152.HK): Disposal of Jinlin Apartment in Suzhou via Public Tender for RMB 231 Million

NewTimeSpace · 2026/08/12 07:40 · By Xuran Lin

NewTimeSpace News: On 11 August 2026, SUXIN SERVICES (02152.HK) published a circular; on 21 July, Jinshi, its wholly-owned subsidiary, entered into agreements with the buyer, Youchao Housing Rental (Suzhou) Co., Ltd., indirectly wholly-owned by China Resources Land Limited, for the disposal of Jinlin Apartment in Suzhou through a public tender at a final consideration of RMB 231 million. The Property covers a site area of 54,811.6 square metres, a gross floor area of 78,058.72 square metres and 1,598 rooms, with the occupancy rate having fallen from approximately 60% in 2022 to approximately 5% in May 2026. The company expects to recognise a loss of approximately RMB 2.3 million and estimated net proceeds of approximately RMB 228.5 million. The transaction constitutes a major transaction and has been approved by the controlling shareholders in writing in lieu of a general meeting.

NewTimeSpace News: On 11 August 2026, Suxin Joyful Life Services Co., Ltd. (stock code: 02152) published a circular in respect of a major transaction involving the disposal of the Property by Jinshi, its wholly-owned subsidiary, through a public tender. On 21 July 2026, Jinshi entered into the asset transfer agreement and the supplemental agreement with the buyer, Youchao Housing Rental (Suzhou) Co., Ltd., which is indirectly wholly-owned by China Resources Land Limited (stock code: 01109), a company listed on the Main Board of the Stock Exchange, for the disposal of Jinlin Apartment located at No. 365 Heshan Road, Suzhou, at a final consideration of RMB 231 million.

According to the circular, the land use right of the Property was obtained through allocation, designated for industrial use, expiring on 30 December 2056, with a site area of 54,811.6 square metres and a total gross floor area of 78,058.72 square metres, comprising 11 buildings, of which ten dormitory/apartment blocks provide a total of 1,598 rooms. The independent valuer Jones Lang LaSalle Corporate Appraisal and Advisory Limited valued the Property at approximately RMB 229,300,000 on 30 June 2026 on a market value basis. In respect of the Property's leasing performance, the average occupancy rate declined from approximately 60% in 2022 to approximately 7% at the end of 2025 and further to approximately 5% in May 2026; the Property was completed in 2005, has aged and requires maintenance.

In terms of the financial impact of the disposal, the company expects to recognise a loss of approximately RMB 2.3 million, primarily attributable to VAT and related surcharges of approximately RMB 2.5 million; the estimated net proceeds of the disposal (after payment of relevant taxes) amount to approximately RMB 228.5 million, which are intended to be applied to market expansion of the principal business (approximately 25%), construction of the headquarters building (approximately 17.5%), enhancement of urban service operation capabilities (approximately 17.5%) and working capital (approximately 40%). As one or more of the applicable percentage ratios exceed 25% but are all below 75%, the disposal constitutes a major transaction of the company; the controlling shareholders, Su Gaoxin Company and Su Gaoxin Urban Construction, have approved the disposal by way of written shareholders' approval under Rule 14.44 of the Listing Rules in lieu of a general meeting of the company.

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SUXIN SERVICES 02152.HK Asset Disposal