The board of directors of the Zhejiang New Century Hotel Management Co., Ltd. announced that, on 19 April 2019, the Company entered into a strategic cooperation framework agreement (the Strategic Cooperation Agreement) with Greentown Ideal Town Construction Group Co., Ltd. (Greentown Ideal Town), pursuant to which, the Company and Greentown Ideal Town will actively promote, deepen and expand the strategic cooperative relationship with respective professional advantages and brand advantages, and deeply cooperate in different areas including but not limited to hotel operation and management. The term is ten years effective from the date of signing the agreement. The Board is of the view that, the contract parties would leverage on their respective advantages, resources and expertise to build a stable and mutually-beneficial strategic cooperation relationship. The entry into the Strategic Cooperation Agreement is in line with the development strategies of the Company as a whole, which will enable the Company to seize any potential business and investment opportunities, and is in the interests of the Company and its shareholders as a whole.