Beijing Properties (Holdings) Limited (SEHK:925) entered into a framework agreement to acquire Tianjin Sipu Laichen Technology Limited from Qi Wenyuan for approximately CNY 250 million on April 7, 2017. Under the terms of the agreement, the consideration shall be equal to the valuation of the net asset value of Tianjin Sipu Laichen Technology Limited as at December 31, 2016, and the consideration shall not exceed CNY 245 million. The consideration of 68% shall be settled in cash payment and approximately 32% stake of consideration shall be settled by issue and allotment of Beijing Properties (Holdings) Limited shares. The consideration shall be settled in four stages. In the first stage, upon fulfilment or waiver of following conditions, Tongliao Huaming has received two-month rental and management service deposits from the prospective tenants of the properties to be constructed on the parcel of land owned by Tonglia Huaming and Beijing Properties has completed due diligence. In second stage, upon fulfilment of the following conditions before June 1, 2018, Beijing Properties shall issue and allot such number of consideration shares to Qi Wenyuan with value equal to 22% of the consideration after obtaining the approval of the listing of the consideration shares by the stock exchange, the consideration payment has been paid to Qi Wenyuan, the completion has been performed, the assets and business of the Tianjin Sipu Laichen Technology's group is under the control of Beijing Properties, Qi Wenyuan has procured Tongliao Huaming to obtain approval and licence in respect of the Construction Land Use Planning Permit . In the third stage, upon fulfilment of the following conditions before January 1, 2019, Beijing Properties shall issue and allot such number of consideration shares to Qi Wenyuan with value equal to 5% of the consideration or settle by cash payment, the settlement of the consideration payment and the issue of the part of consideration shares at the second stage of payment to Qi Wenyuan and Qi Wenyuan has procured Tongliao Dahua to obtain the approval and licence in respect of the Construction Land Use Planning Permit. In the fourth stage, upon fulfilment of the following conditions before June 1, 2019, Beijing Properties shall issue and allot such number of consideration shares to Qi Wenyuan with value equal to 5% of the consideration or settle by cash payment, the settlement of the consideration payment and the issue of the part of consideration shares at the second and third stages of payment to Qi Wenyuan and Qi Wenyuan has procured Tongliao Huaming and Tongliao Dahua to obtain ownership certificates from the relevant authority in China. As of September 26, 2018, all the consideration has been paid by Beijing Properties (Holdings) Limited. Tianjin Sipu Laichen Technology Limited., reported net loss of CNY 1.54 million for the year ended December 31, 2016. As of September 26, 2018, all the deal conditions have been fulfilled. Beijing Properties (Holdings) Limited (SEHK:925) completed the acquisition of Tianjin Sipu Laichen Technology Limited from Qi Wenyuan on September 26, 2018.