Ascott Residence Trust

ASCOTT Residence Trust (Ascott Reit) has entered into two conditional sale-and-purchase agreements through its two wholly owned subsidiaries - Biyun Investments (Hong Kong) and Gaoxin Investments (Hong Kong) - to divest two serviced residence properties in China for 980 million yuan (S$199 million) to an unrelated third party.

The agreed aggregate value of the two properties - Citadines Biyun Shanghai and Citadines Gaoxin Xi'an - was adjusted for bank loans and entrustment loans owed by the properties' holding companies, as well as their net current asset value at the completion date of the sale.