Shui On Land said the consideration for an equity transfer under its cooperation agreement will be based on the audited net asset value of the project company on the completion date, with an initial amount of about RMB5.99 billion. The agreed total asset value of the project assets was set at RMB6 billion, referenced to an independent valuation of about RMB6.35 billion as of 31 December 2025. The final equity transfer consideration will be capped at RMB5.99 billion and will be financed through a joint venture loan and partner capital commitments. The joint venture will allocate a reserve fund from the equity transfer consideration, with the reserve fund amount representing less than 10% of the consideration. Distributable cash will be paid first to the senior tranche limited partner until a profit threshold is met, with the remaining balance distributed pro rata to subordinated tranche limited partners and general partners.

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