Golden Resources Development International Limited (SEHK:677) entered into a provisional agreement to acquire property at the 4th Floor of V. Heun Building No. 138 Queen's Road, Hong Kong from Lai Kee Properties Company Limited for HKD 61.5 million in cash on January 18, 2016. As a part of consideration, Golden Resources Development has paid an initial deposit of HKD 3 million upon signing of the provisional agreement, a further deposit of HKD 3.2 million will be paid upon signing of the formal agreement on or before January 28, 2016 and the remaining balance of the consideration in the sum of HKD 55.4 million will be paid on completion.

The deal is to be financed by the internal resources of Golden Resources Development International Limited. The deal is conditional upon Lai Kee Properties Company Limited having shown a good title to the property and all the normal convincing procedures being finalized. The deal is expected to close on or before April 29, 2016.