CIFI Holdings (Group) Co. Ltd. (SEHK:884) entered into an Cooperation Agreement to acquire 50% stake in Beijing Wukesong Cultural & Sports Center Co., Ltd. from Tianjin Zhuoxin Consultancy Service Co., Ltd and Li Jian for CNY 2.6 billion on February 5, 2021. The CIFI Board is announced that on February 24, 2021 the Further Agreement has been entered into among the parties to specify, among other things, the terms of the consideration amount. The consideration payable by CIFI in cash under the Transactions will be CNY 2.6 billion and CIFI (PRC) will also assume all liabilities and obligations under the Assigned Debt in the amount of CNY 754 million and the Assigned Debt will then be owed by CIFI (PRC) to the Wukesong Cultural & Sports Center.The parties to the Cooperation Agreement have agreed that an escrow account will be established in the name of Minhang Real Estate within three business days after the signing of the Cooperation Agreement and CNY 200 million was deposited by CIFI and same shall be fully refunded once entire consideration is paid. The consideration payable by the Group will be financed by internal resources of the Group.Post completion, Minhang Real Estate and CIFI Holdings (Group) Co. Ltd. will form a 50:50 Joint Venture in Beijing Wukesong Cultural & Sports Center.Upon Completion, the board of directors of the Target Company will comprise four directors and each of CIFI (PRC) and Minhang Real Estate will appoint two directors. For year ended December 31, 2020, Beijing Wukesong Cultural & Sports had total assets and Net assets as CNY 5.7 billion and CNY 2.2 billion respectively and the total revenue and net profit as 440 million and 27.4 million.