Sino-Ocean Service Holding Limited announced a discloseable and connected transaction to acquire 191 underground parking spaces in Beijing for RMB31.33 million. The assets—comprising 156 spaces in the Ocean Office Park (Chaoyang District) and 35 spaces in the Ocean Crown residential project—will be purchased by its wholly owned subsidiary, Ocean Homeplus Property Service, from Beijing Yuanxin Asset Management, a wholly owned unit of parent company Sino-Ocean Group.

The consideration equals the refundable deposits of RMB31.33 million owed by Beijing Yuanxin to Ocean Homeplus under a 2022 framework agreement. Payment will be effected entirely through a set-off of this receivable; no cash outflow is required.

An independent PRC valuer appraised the parking spaces at RMB31.35 million as of 28 February 2026, marginally above the agreed consideration. Of the 191 spaces, 139 are currently leased to Beijing Longzeyuan Real Estate, generating annual rent of about RMB1.10 million; eight spaces have no commercial value due to physical constraints.

The asset transfer aims to mitigate credit-risk exposure after Sino-Ocean Connected Persons failed to refund deposits following expiry of the 2022 Framework Agreement. As of 31 March 2026, outstanding refundable deposits with Sino-Ocean Connected Persons totalled RMB417.42 million, alongside trade receivables of RMB633.44 million.

Completion is subject to independent shareholders’ approval at an extraordinary general meeting scheduled for 21 May 2026 and other conditions, including transfer registration of property rights. Upon completion, the mortgage over all parking spaces in favour of Ocean Homeplus will be discharged.