On October 9, Jinyu Group announced that Chongqing Jinyu Dacheng New Metropolis Co., Ltd., a wholly-owned subsidiary of the company, and Chongqing Nanan District Land Reserve and Land Acquisition Affairs Center will sign the Agreement on Land Use Right Recovery of Jinyu New Metropolis 3, 4 and 9 Plots to collect and store three plots located in Nanan District of Chongqing. The subject of this
transaction is the construction land use right of 3, 4 and 9 plots of Tea Garden in Nan'an District held by Chongqing New City Company. The land use is commercial and commercial construction land. The total area of the land purchased and stored is about 140,000 square meters, and the proposed purchase and storage price is 1.948 billion yuan. The purpose of the transaction is to revitalize the stock assets and improve the efficiency of asset use.

The announcement said that the central area of the tea garden and the core area in front of Chongqing East Railway Station planned commercial and commercial buildings with a scale of more than 4 million square meters, and the market supply exceeded demand. According to the current situation of the real estate market and the demand of the regional real estate market, the remaining undeveloped commercial and commercial plots of the company are no longer suitable for further development and investment according to their original purposes.
In accordance with the spirit of the Central Conference on Urban Work and Economic Work, with the theme of promoting high-quality urban development, the company intends to implement the acquisition and storage work to strengthen the connotative development of "controlling increment, destocking and optimizing supply", optimize the allocation of existing land resources and asset structure of the company, revitalize the stock of land resources of the company, and further reduce the pressure of market de-industrialization. This purchase and storage is in line with the company's long-term development goals, is conducive to safeguarding the interests of the company and all shareholders, and there is no violation of relevant laws and regulations.
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