Xianneng Group announced the news Wednesday (May 21) that Real Estate, 115 Geylang Road, was acquired by Xianneng Group in 2021 and converted into a hotel and is currently in a leased state. According to a report by Knight Frank, the transaction price is consistent with the valuation.

Xianneng Group said the sale strengthened the group's cash flow and provided additional working capital.

This real estate is held by Coliwoo Group, a wholly-owned subsidiary of Xianneng Group. The transaction is expected to be completed on July 31 this year by selling all the equity of the subsidiary.

LHN Limited sold real estate at 115 Geylang Road to CWL Properties for RMB 25.8 million. The transaction is expected to bring about a net income of approximately RMB 10.7 million to the group.