Photo/VCG

Overseas Chinese City （OCT） has sold its 51% stake in the first Bulgari apartment project in China.

On the evening of April 3, Overseas Chinese City (Asia) holdings (03366.HK) announced that OCT Shanghai Land has been informed by CBEX on 3 April 2023, that Shanghai Shengfenlai Enterprise Consultation Partnership (Limited Partnership (the purchaser) is the successful bidder of the Proposed Disposal following the close of the Publication Period.

It is expected that OCT Shanghai Land and the Purchaser will enter into the Transaction Agreement on 6 April 2023 for the transfer of the Sale Interests (being 51% equity interests in Shouchi Enterprise) at the Final Consideration of RMB612,000,000 upon the terms of the Transaction Agreement. The sale is expected to be completed in the second quarter of 2023.

It is worth mentioning that the properties held by Shanghai Shouchi include the Bulgari apartment in Shanghai, which is also the first Bulgari apartment in China.

The project can be traced back to July 2016, when Overseas Chinese City and Bulgari cooperated to establish the first Bulgari apartment in China in the Suzhou River Bay project within the Inner Ring Road of Jing'an District. This is also the fourth Bulgari apartment in the world after Milan, Bali, and London. The Bulgari apartment is located between the 4th and 32nd floors of the entire building, with a total of 27 floors and 243 apartments.

After the sale is completed, Overseas Chinese City (Asia) Holdings will continue to hold the remaining 49% equity of Shanghai Shouchi through OCT Shanghai Land, and will still enjoy the relevant income brought by Shanghai Shouchi and its properties in the future.