Group 1 - Company Fantasia Holdings (01777.HK) announced the conditional sale of Tian Ge to Shenzhen Tuomei Lianhua Trading Co., Ltd. for a total consideration of RMB 30 million [1] - Tian Ge holds approximately 60.67% equity in Shenzhen Anbo Electronics Co., Ltd., a property development company [1] - The project, located in Longgang District, Shenzhen, covers an area of approximately 39,816.75 square meters with a leasable area of about 65,653.72 square meters, intended for mixed commercial and business complex development [1] Group 2 - Company Shenzhen Fantasia Industrial Operation Co., Ltd. agreed to sell Huohuo to Shenzhen Lianxiang Commercial Management Co., Ltd. for RMB 1 million [2] - Huohuo operates in industrial park management, property leasing, and property management, and is a wholly-owned subsidiary of the company [2] - Company Shenzhen Yuehua Innovation Technology Industrial Park Co., Ltd. entered into a debt transfer agreement with Shenzhen Longlian Investment Consulting Co., Ltd. for a debt transfer consideration of RMB 48 million [2] Group 3 - The sales transactions are expected to enhance the company's cash flow and increase operational funds, thereby improving financial liquidity [2]

Core Viewpoint - Hong Kong Industrial International (00480) announced the sale of its subsidiary Dreamy Investments Limited's entire issued share capital and sales loan of Pei Yi Limited to Huazhan Investment Limited for a total consideration of HKD 180 million, subject to adjustments [1] Group 1 - The target company is the sole legal and beneficial owner of the property, which includes an 8-story public parking lot at Tuen Mun Central Square, located at 22 Hoi Wing Road, Tuen Mun, along with an office at the payment station and container parking spaces [1] - The property is currently leased to a parking operator, generating rental income, and will be delivered to the buyer in its current state, subject to existing lease agreements upon completion [1] - The board believes that the sale provides a valuable opportunity for the group to convert long-held assets into cash, enhancing the group's cash flow amid liquidity pressures in the property market and a downturn in large transactions [1]

Core Viewpoint - The excitement in the market surrounding Evergrande Property is due to the potential sale of shares held by its controlling shareholder, China Evergrande, and the liquidator of CEG Holdings, which has attracted interest from potential buyers [6]. Group 1: Market Reaction - On September 12, Evergrande Property resumed trading with a high opening, rising over 38%, and later adjusted to a price of 1.18 HKD, reflecting an increase of approximately 28.26%, with a total market capitalization of about 12.757 billion HKD [3]. Group 2: Share Sale Announcement - Evergrande Property announced on September 11 that it received a letter from the liquidator indicating efforts to sell shares held by China Evergrande and CEG Holdings, which collectively own 51.016% of Evergrande Property [6]. - The liquidator has signed confidentiality agreements with interested parties and received non-binding indicative offers from some of them as of September 9, although negotiations have not yet commenced [6]. - The liquidator plans to invite selected interested parties to submit final proposals around November 2025 [6]. Group 3: Historical Context - Evergrande Property was put up for sale back in 2021, with a potential buyer being Agile Group, but that transaction ultimately fell through [7]. Group 4: Financial Performance - As of June 30, Evergrande Property reported revenue of approximately 6.647 billion CNY, a year-on-year increase of about 6.9%, and a profit attributable to shareholders of approximately 472 million CNY [9]. - The company experienced a decrease in cash reserves of about 400 million CNY compared to the end of 2024 [9]. - The chairman noted that the company faces multiple pressures, including liquidity issues and the impact of related parties, amid a challenging macroeconomic environment [9]. Group 5: Accounts Receivable and Risks - Evergrande Property's accounts receivable remain high, with trade receivables valued at approximately 5.883 billion CNY and a cumulative provision for bad debts exceeding 3 billion CNY, resulting in a high impairment rate of 51.7% [9]. - The conversion process for approximately 1.5 billion square meters of contracted projects from related parties is currently stalled, significantly affecting the company's brand trust and bargaining power [9].