Sinochem Jinmao Property Management (Beijing) Co., Ltd won the bid and entered into an agreement to acquire Beijing Capital Property Services Limited from Beijing Capital Land Ltd. for CNY 450 million on June 17, 2022. Part of the consideration for the Acquisition in the amount of CNY 315 million will be paid in cash by using such part of the net proceeds from the Global Offering that was allocated for the acquisition of property management company, and the remaining part will be paid by the Group with its own funds. Audited total assets and audited net assets as at December 31, 2021 were approximately CNY 206.81 million and CNY 119.31 million, respectively.