Wuhan Credit Investment Group Co., Ltd. singed a share transfer agreement to acquire Dalian Shengfa Property Co., Ltd and Shenyang Frasers Real Estate Development Co. Ltd. and Handan Faxing Real Estate Development Co., Ltd. from Dalian Friendship (Group) Co., Ltd. (SZSE:000679) for approximately CNY 1.5 billion on May 29, 2020. As part of the acquisition, Dalian Friendship (Group) Co., Ltd will pay CNY 487.3 million, CNY 1.1 billion, and CNY 321.16 million for the debt of Dalian Shengfa Property Co., Ltd and Shenyang Frasers Real Estate Development Co. Ltd. and Handan Faxing Real Estate Development Co., Ltd, respectively. As of December 31, 2019, Dalian Shengfa Property Co., Ltd, Shenyang Frasers Real Estate Development Co. Ltd. and Handan Faxing Real Estate Development Co., Ltd. has a combined total assets of CNY 3.32 billion, combined revenue of CNY 76.96 million, combined net loss of CNY 0.3 billion a combined Operating loss of CNY 301.97 million, and a combined negative net assets of CNY 0.4 billion. The transaction has obtained Wuhan Credit Investment Group Co., Ltd.’s internal decision-making institutions approval and the approval of the 2nd meeting of Dalian Friendship’s 9th directorate. The acquisition is still subject to the filing of the target assets’ assessment reports and Dalian Friendship’s shareholders approval. Hu Shiyang and Chen Zesen of Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as financial advisors, Zhong Siyu and Li Wenqing of Yuan Wen Law Firm acted as legal advisors and Cai Yu and Wang Yunfei of Wuyige Certified Public Accountants LLP acted as accountants to Dalian Friendship (Group) Co., Ltd.