Evergrande Real Estate Group Fuzhou Co., Ltd. agreed to acquire 49% stake in Zhongfu Straits (Pingtan) Real Estate Co., Ltd. from Zhongfu Straits (Pingtan) Development Company Limited (SZSE:000592) for CNY 4.9 million on November 15, 2018. Evergrande Real Estate Group Fuzhou Co., Ltd. intends to sign an agreement to acquire 49% stake in Zhongfu Straits (Pingtan) Real Estate Co., Ltd. from Zhongfu Straits (Pingtan) Development Company Limited. Under the terms of transaction, CNY 4.9 million will be made in one installment within five days since completion of due diligence procedure. In a related transaction, Evergrande Real Estate Group Fuzhou Co., Ltd. will acquire 49% stake in Fujian Zhongfu Straits Building Materials City Co., Ltd. from Zhongfu Straits (Pingtan) Development Company Limited for approximately CNY 180 million. For the year ended December 31, 2017, Zhongfu Straits (Pingtan) Real Estate Co., Ltd. had total assets of CNY 194.9 million, net assets of CNY 9.6 million, operating loss of CNY 0.39 million and net loss of CNY 0.39 million. The transaction has been approved by the Board of Zhongfu Straits (Pingtan) Development Company Limited. Evergrande Real Estate Group Fuzhou Co., Ltd. cancelled the acquisition of 49% stake in Zhongfu Straits (Pingtan) Real Estate Co., Ltd. from Zhongfu Straits (Pingtan) Development Company Limited (SZSE:000592) on November 15, 2019.