Stakes in Eight Real Estate Companies agreed to acquire Tianjin Guangyu Development Co., Ltd. (SZSE:000537) in a reverse merger transaction on November 12, 2013. Tianjin Guangyu Development will issue 1.8 billion shares to Shandong Luneng Group and a Beijing-based advertising company, in exchange for 34.5% stake in Chongqing Luneng Development (Group) Co., Ltd, 65% stake in Yibin Luneng Development (Group) Co., Ltd, 100% stake in Sanya Bay Newtown Investment Co., Ltd, Hainan Yingda Real Estate Development Co., Ltd and Shandong Luneng Genfu Exploli Co., Ltd, 80.71% stake in Beijing Shunyi Xincheng Construction and Development Co., Ltd, 70% stake in Beijing Dingrong Maohua Real Estate Development Co., Ltd as well as 30% stake in Chongqing Luneng Yingda Property Co., Ltd. Tianjin Guangyu will also issue up to 577 million shares to raise up to CNY 4.2 billion for real estate development and business operation. The transaction was approved by Board of Directors of Tianjin Guangyu Development on March 28, 2014. The shareholders of Tianjin Guangyu Development approved the transaction on May 27, 2014. On March 19, 2015, the Merger, Acquisition and Reorganization Examination Committee for Listed Companies of China Securities Regulatory Commission decided not to approve the application of the assets acquisition through issuance of shares and raising of matching funds of Tianjin Guangyu Development.

Stakes in Eight Real Estate Companies cancelled the acquisition of Tianjin Guangyu Development Co., Ltd. (SZSE:000537) in a reverse merger transaction on April 28, 2015.