Xiangtan Xindu Real Estate Development Co., Ltd agreed to acquire Hunan Harakosan Urban Development Co., Ltd. form Harakosan Co., Ltd. (TSE:8894) for CNY 10 million (approximately ¥170 million) on December 12, 2013. Xiangtan Xindu will acquire 44 million shares of Hunan Harakosan Urban Development. Hunan Harakosan Urban reported negative net assets of ¥126.35 million, total assets of ¥7.55 billion, sales of ¥44.37 million, operating loss of ¥201.61 million and net loss of ¥291.8 million for period ended December 2012. The transaction was resolved by the Board of Directors of Harakosan Co., Ltd. on December 12, 2013. The contract conclusion is expected to take place on December 17, 2013 and transaction is expected to be completed on January 10, 2014. The currency conversion was made through www.oanda.com as on December 12, 2013.

Xiangtan Xindu Real Estate Development Co., Ltd completed the acquisition of Hunan Harakosan Urban Development Co., Ltd. form Harakosan Co., Ltd. (TSE:8894) on January 24, 2014.