TIMES NEIGHBOR (09928) has announced that on April 29, 2026, Times Dingfeng, a wholly-owned subsidiary of Times China, entered into a debt offset agreement with a related company of TIMES NEIGHBOR. Under this agreement, Times Dingfeng has agreed to transfer the target properties to Times Property Management (Guangzhou), a wholly-owned subsidiary of TIMES NEIGHBOR, for a total consideration of RMB 6.29515 million. This consideration will be settled by offsetting outstanding accounts receivable and other methods.

Given the liquidity issues faced by Times China, the company believes it is unlikely that the Times China Group will be able to repay all outstanding receivables to the group in cash in the short term. Initiating further litigation or arbitration against the Times China Group could lead to legal costs for both parties but may not effectively result in the recovery of these funds for the group.

The Board of Directors believes the transaction under the debt offset arrangement is in the company's interest, as the total consideration is supported by the total market value of the target properties assessed by an independent qualified valuer. The board considers that the group has prudently selected the target properties, strictly following criteria such as location, property rights, ownership status, and marketability, and has conducted due diligence to ensure the properties have clear title and good market potential. The construction project where the related parking spaces are located has been completed and delivered to owners.

The company intends to sell the target properties or otherwise lease them out to generate rental income. TIMES NEIGHBOR will comply with the relevant Listing Rules concerning the disposal of the target properties as circumstances require.