China Resources Land Holdings Co., Ltd. entered into an agreement to acquire unknown majority stake in Huayucheng (Shenzhen) Property Management Co., Ltd., Huayuhan (Wuhan) Real Estate Development Co., Ltd., Huayujiang (Wuhan) Real Estate Development Co., Ltd. and Huayuyuan (Nanjing) Real Estate Development Co., Ltd. for CNY 12.4 billion on December 28, 2022. China Resources Land will acquire 100% equity in Huayuhan (Wuhan) Real Estate Development Co., Ltd., 60% equity in Huayuyuan (Nanjing) Real Estate Development Co., Ltd. 100% equity of Huayucheng (Shenzhen) Property Management Co., Ltd., and Huayujiang (Wuhan) Real Estate Development Co., Ltd. 100% equity. The Consideration is expected to be funded by the internal resources of the Group and bank financing. The transaction is subject to approval from governing bodies and regulatory authorities. As on January 13, 2023, The transaction has been approved by the shareholders of China Fortune Land Development. As of September 30, 2022 the target companies recorded net book value of CNY 848.94 million, total assets of 31.90 billion. As of December 29, 2022, This transaction has been reviewed and approved by China Fortune Land Development Co., Ltd. board of directors, and needs to be submitted to the company's first extraordinary general meeting of shareholders in 2023 for approval. China Fortune Land Development have signed the "China Fortune Land Development South Headquarters Asset Package Overall Transfer Agreement" and related agreements with China Resources Land, and have completed the industrial and commercial registration procedures for the change of target equity holders and other delivery matters. As confirmed by both parties, the prerequisites for this transaction have been fulfilled. At present, all parties are still communicating and negotiating on the height limit of the Nanjing Dajiaochang project in the target project, and have not yet obtained the adjustment document approved by both parties