Xiaoyu Yingtong To Buy Residential Property For HK$20 Million

Xiaoyu Yingtong (00139) said it will acquire a residential property from borrower Yijin Enterprise for HK$20 million, with the consideration to be offset on a dollar-for-dollar basis against outstanding amounts owed by Yijin Enterprise, according to ETNet. After the offset, the borrower will still owe the group's wholly owned subsidiary Yifeng Finance about HK$13.9 million. The property is a residential unit in Yoho Town with an estimated market value of about HK$20.5 million. The company plans to use it as staff accommodation after completion and hold it as a long-term investment.