China City Infrastructure Group Limited (SEHK:2349) entered into the conditional sale and purchase agreement to acquire Properties in Shenzhen from Yang Zhixiong for HKD 800 million on January 3, 2019. The consideration will be satisfied by the issue the convertible bonds in the principal amount of HKD 431.5 million and the issue of the promissory note in the principal amount of HKD 363.5 million to Yang Zhixiong. The transaction is subject to satisfaction of due diligence by China City Infrastructure Group Limited and Yang Zhixiong and regulatory approval. If the conditions are not fulfilled on or before December 31, 2019, the sale and purchase agreement shall cease and terminate.