Shenglong Splendecor International Limited (Shenglong Splendecor) disclosed that its indirect wholly owned unit, Hangzhou Shenglong Tourism Development Co., Ltd., secured the land-use rights to a 23,278 sq.m. (approximately 34.92 mu) recreational and commercial site in Lin’an District, Hangzhou, via public tender on 20 April 2026.

The winning bid was priced at RMB55.92 million (approximately HK$61.51 million), equal to the tender’s official reserve price. Payment will be settled in two tranches: RMB27.96 million by 6 June 2026 and the remaining RMB27.96 million by 6 May 2027. A deposit of RMB11.19 million paid on 2 February 2026 will be applied against the first instalment. Funding will come entirely from internal resources.

The State-owned Construction Land Use Right Grant Contract, signed on 6 May 2026, grants a 40-year term for commercial and recreational use with a plot-ratio range of 1.3–1.5. Shenglong Splendecor plans to develop a hotel and large-scale stadium on the site, positioning the project as a recreation and holiday centre to tap into Lin’an’s growing tourism and leisure market.

Under Hong Kong’s GEM Listing Rules, the acquisition qualifies as a major transaction, with applicable percentage ratios exceeding 25% but below 100%. Controlling shareholders Bright Commerce Investment Limited and Mr. Sheng Yingming, collectively holding 60.82% of issued shares, have provided written approval, obviating the need for a general meeting.

A shareholder circular containing further details is scheduled for dispatch on or before 27 May 2026.