Asia Innovation Technology Limited entered into an agreement to acquire Asia Properties Inc. (OTCPK:ASPZ) in a reverse merger transaction on January 3, 2015. Pursuant to the terms of the agreement, Asia Properties has agreed to issue 950 million restricted common shares to the shareholders of Asia Innovation Technology, reflecting the value of the rights, titles and interests in the business assets and all attendant or related assets of Asia Innovation Technology. All the consideration shares shall be held in escrow and shall be deemed to be in the full control of Asia Properties Inc. until the closing of the transaction.

As per the filing dated March 13, 2015, the share certificates representing the shares issued in the names of the Asia Innovation Technology shareholders remain in escrow and in the control of Asia Properties. The transaction is expected to close on January 6, 2015. As announced on August 17, 2015, the deal has not closed due to the delay in receiving the final required third-party valuation and the audited financial statements of Asia Innovation Technology.

As of November 9, 2015, the transaction was not completed and the consideration shares are held in escrow.