Sinopec Dingyue Decides to Dispose of Jinghua Plaza Land with 728% Floor Area Ratio
Sinopec and Dingyue Development announced that the construction and sales schedule of the Jinghua Plaza development project has been continuously delayed due to external uncertainties, leading to increased capital costs and pressure on loan repayments. After careful evaluation of the current economic environment and financial cost-effectiveness, both companies' boards decided to dispose of the Jinghua Plaza land based on a 728% floor area ratio. This disposal is considered a responsible strategic choice to replenish operating funds and repay bank loans, subject to shareholder approval and external procedures.
📋 Article Processing Timeline
- 📰 Published: April 8, 2026 at 19:19
- 🔍 Collected: April 8, 2026 at 20:00 (41 min after Published)
- 🤖 AI Analyzed: April 15, 2026 at 17:12 (165h 11m after Collected)
Sinopec today suspended its stock trading and held a major information press conference in the evening. Chen Ying-chun and Dingyue Development General Manager Chen Wen-ke pointed out that due to various external uncertainties and procedural influences, the construction and sales schedule of the Jinghua Plaza development project has been continuously delayed. The project's benefits no longer meet original expectations, increasing the company's capital costs and creating pressure on syndicated loan repayment schedules.
After careful evaluation of the current economic environment, financial cost-effectiveness, and the overall operating capital needs of the parent and subsidiary companies, the boards of Sinopec and Dingyue Development decided to dispose of the Jinghua Plaza land based on a 728% floor area ratio. They authorized the company's chairman or his authorized representative to actively communicate and coordinate with relevant external units.
Chen Ying-chun explained that the 728% floor area ratio is calculated based on the 560% floor area ratio originally obtained by Dingyue when acquiring the land, plus a 30% transfer of floor area. The controversial 20% floor area incentive is currently put aside.
Chen Ying-chun emphasized that today the board first approved authorizing the chairman to initiate the disposal of the Jinghua Plaza land. This case must then be approved by the shareholders' meetings of both companies and undergo relevant external procedures, such as lifting the current seizure status. Further discussions on transaction methods, prices, and targets will only proceed if communication is smooth and approved by all relevant units.
He stressed that there are currently no specific buyers, and all procedures will be strictly executed according to law under the framework of shareholder authorization. Relevant progress will also be disclosed in a timely manner as required.
Chen Ying-chun stated that given the many uncertainties in the external environment, disposing of the Jinghua Plaza land is currently the most responsible strategic choice for the company and its shareholders, based on considerations of risk control, operational, and financial resilience. The funds obtained can be used to replenish the company's operating capital and repay financial institution loans. (Editor: Chang Liang-chih) 1150408
After careful evaluation of the current economic environment, financial cost-effectiveness, and the overall operating capital needs of the parent and subsidiary companies, the boards of Sinopec and Dingyue Development decided to dispose of the Jinghua Plaza land based on a 728% floor area ratio. They authorized the company's chairman or his authorized representative to actively communicate and coordinate with relevant external units.
Chen Ying-chun explained that the 728% floor area ratio is calculated based on the 560% floor area ratio originally obtained by Dingyue when acquiring the land, plus a 30% transfer of floor area. The controversial 20% floor area incentive is currently put aside.
Chen Ying-chun emphasized that today the board first approved authorizing the chairman to initiate the disposal of the Jinghua Plaza land. This case must then be approved by the shareholders' meetings of both companies and undergo relevant external procedures, such as lifting the current seizure status. Further discussions on transaction methods, prices, and targets will only proceed if communication is smooth and approved by all relevant units.
He stressed that there are currently no specific buyers, and all procedures will be strictly executed according to law under the framework of shareholder authorization. Relevant progress will also be disclosed in a timely manner as required.
Chen Ying-chun stated that given the many uncertainties in the external environment, disposing of the Jinghua Plaza land is currently the most responsible strategic choice for the company and its shareholders, based on considerations of risk control, operational, and financial resilience. The funds obtained can be used to replenish the company's operating capital and repay financial institution loans. (Editor: Chang Liang-chih) 1150408
FAQ
Why are Sinopec and Dingyue Development disposing of the Jinghua Plaza land?
The construction and sales schedule of the Jinghua Plaza development project has been continuously delayed, leading to increased capital costs and pressure on loan repayments, making the project's benefits no longer meet original expectations.
How was the decision to dispose of the land made?
The boards of Sinopec and Dingyue Development made the decision after careful evaluation of the current economic environment, financial cost-effectiveness, and the overall operating capital needs of the parent and subsidiary companies, based on a 728% floor area ratio.