FAR INTL's subsidiary and Hangzhou Xingyi Real Estate have signed six pre-sale contracts respectively
FAR INTL signed six pre-sale contracts with Hangzhou Xingyi Real Estate to acquire properties located in Hangzhou, with a total price of 52.3233 million yuan. The property is the New Mingyue Ming Building No. 2, which is under construction, consisting of 6 floors, primarily for commercial and office use. The pre-sale permit was obtained in March 2025, and upon completion, it will be used as the group's office, which is expected to effectively reduce future rental expenses
According to the announcement from FAR INTL (02516), in June 2025, the buyer Hangzhou Far International Logistics Co., Ltd. (an indirect wholly-owned subsidiary of the company) and the seller Hangzhou Xingyi Real Estate Co., Ltd. entered into six pre-sale contracts (supplemented by supplementary agreements) to acquire properties located in Hangzhou, China, with a total consideration of RMB 52.3233 million.
The property is located in Building 2 of Xinming Yueming, which is currently under construction on a piece of land in Gongshu District, Hangzhou, China. The building has a total of 6 floors, including 5 above ground and 1 underground, and can be used for commercial and office purposes. The building obtained a pre-sale permit issued by the Hangzhou Housing Security and Real Estate Administration Bureau in March 2025. The subject matter of the pre-sale contracts includes units 1, 2, 201, 301, 401, 501 of Building 2, as well as parking spaces 01 to 03 and 05 to 08 of Building 2.
Upon completion of the pre-sale contracts, the property will be used as the group's future office. Currently, the company's headquarters is located at Room 201, Hangzhou Cross-Border E-Commerce Industrial Park, No. 22 Changcheng Street, Gongshu District, Hangzhou, Zhejiang Province, China, which is a leased property. Given that the current prices in the Chinese real estate market are relatively low, the company believes this is a good opportunity for the group to acquire its own property for office use, which can effectively reduce the group's future monthly rental expenses and cash outflows in the long term
