Greentown Management Holdings Company Limited (SEHK:9979) entered into a agreement to acquire 60% of shares in Zhejiang Shangli Construction Management Company for CNY 400 million on January 11, 2022. The current stake will be acquired from 40% equity interest held by Xu and 20% equity interest held by Jiang. Zhejiang Shangli Construction Management Company Limited is spun off from Bluetown Holdings on 25 December 2021.

An adjusted incremental consideration determined according to the service fee receivable from the new project management projects of the Zhejiang Shangli Construction Management Company Limited during a 3-year period following completion of the Acquisition. The maximum amount of the adjusted incremental consideration is CNY 200 million.