Hunan Jinzhong Real Estate Investment Group Co., Ltd. signed an equity transfer agreement to acquire Hunan Tongcheng Investment Co., Ltd. from Changsha Tongcheng Holdings Co.,Ltd (SZSE:000419) for approximately CNY 170 million on June 29, 2020. Within five working days after the equity transfer contract became effective, Hunan Jinzhong Real Estate shall pay CNY 10 million to Changsha Tongcheng Holdings, within five working days after the Hunan Tongcheng Investment’s project planning report was reviewed and approved by the relevant department, Hunan Jinzhong Real Estate shall pay CNY 56.5 million to Changsha Tongcheng Holdings. After all the equity of Hunan Tongcheng Investment was transferred to Hunan Jinzhong Real Estate, it shall pay the remaining CNY 101.3850 million to Changsha Tongcheng Holdings within 365 days. As of December 31, 2019, Hunan Tongcheng Investment had total assets of CNY 100 million and net assets of CNY 100 million. The deal has been approved by the 1st meeting of the 7th Directorate of Changsha Tongcheng Holdings on June 29, 2020.