Shouhong Wenchuang Commercial Management (Beijing) Co., Ltd. and Shen Haiyan agreed to acquire Handan Faxing Real Estate Development Co., Ltd. from Dalian Friendship (Group) Co., Ltd. (SZSE:000679) for CNY 620 million on November 29, 2018. As per the terms, total transactional price will be CNY 13.8 million and Shouhong Wenchuang Commercial Management (Beijing) Co., Ltd. will pay CNY 606.2 million in debts of Handan Faxing Real Estate. Shouhong Wenchuang Commercial Management will pay CNY 619.3 million to Dalian Friendship (Group) Co., Ltd. (SZSE:000679) which comprise 13.1 million corresponding to compensation for the transfer of equity and CNY 606.2 million to be used clearing up debt of Handan Faxing within 60 days since the signing of the relevant agreement and Shen Haiyan will pay CNY 0.69 million within 30 days after an initial period of 60 days since the signing of the agreement. Shouhong Wenchuang Commercial Management (Beijing) Co., Ltd. and Shen Haiyan will acquire 95% and 5% stake respectively. As of December 31, 2017, Handan Faxing reported total asset of CNY 646 million, net assets of CNY 45 million, operating revenue of CNY 213.8 million and net profit of CNY 35 million. The transaction has been approved in November 29, 2018 by the 16th meeting of the 8th directorate of Dalian Friendship.