Shanghai Chenming Industry Co., Ltd. signed equity transfer agreement to acquire 25% stake in Shanghai Hongtai Real Estate Co. Ltd. from Shanghai New Huangpu Real Estate Co., Ltd. (SHSE:600638) for approximately CNY 960 million on November 28, 2017. Shanghai New Huangpu Real Estate Co., Ltd. intends to sell a 25% stake in Shanghai Hongtai Rea l Estate Co. Ltd. and debt owned for CNY 48.16 million. During the time Shanghai Hongtai Real Estate Co. Ltd were listed on the Shanghai United Assets and Equity Exchange, the auction for said assets was won by Shanghai Xinming Properties Co., Ltd. The first installment will be for CNY 287.25 million to be paid within 5 days since the signing of the relevant contract. The extant CNY 670.25 million will be paid prior to October 23, 2018. As of December 20, 2018, the transaction was approved by board of Shandong Chenming Paper Holdings Limited, parent of Shanghai Chenming on December 20, 2018. Shanghai Chenming Industry Co., Ltd. cancelled the acquisition of 25% stake in Shanghai Hongtai Real Estate Co. Ltd. from Shanghai New Huangpu Real Estate Co., Ltd. (SHSE:600638) on November 28, 2018.