Cheung Chung Kiu entered into an agreement to acquire 50% stake in Instant Glory International Limited for HKD 2.66 billion from Guangzhou R&F Properties Co., Ltd. (SEHK:2777) on April 28, 2022. As part of the agreement, the purchaser shall assume the sale loan in the amount of HKD 1.65 billion. Net asset value of Instant Glory as at March 31, 2022 was approximately HKD 5.69 billion. Completion is conditional upon the following conditions (“Condition(s)”) being satisfied (or waived by the Purchaser pursuant to the Agreement), on or before the Longstop Date: (a) the Purchaser having completed its due diligence investigation, including but not limited to legal, financial, business and tax of each member of the Target Group and the Property (including on-site physical inspection) to its sole reasonable satisfaction; (b) all necessary approvals and consents from any third party(ies) having been obtained by the Vendor and/or the Target Company for the transactions contemplated under the Agreement, including without limitation, (i) any lender's consent as may be required if there is any amount outstanding under any existing facility(ies) granted to the Vendor, the Target Company or its subsidiaries, and (ii) consent of other shareholder(s) of the Target Company; (c) the passing of the resolutions of the board of directors and (where required) sole shareholder of the Vendor for approving the Agreement and the transactions contemplated thereunder; (d) all the requirements under the Listing Rules required to be complied with by the Vendor and/or any of its holding companies in respect of the Agreement and the transactions contemplated thereunder having been duly complied with; and (e) all the warranties given by the Vendor under the Agreement being true, accurate and correct and not misleading in all respects. The proceeds from the Disposal will first be applied to repay existing loans owing by the Vendor. The Board intends to apply any remaining net proceeds from the Disposal to repay the Group's other indebtedness and as general working capital of the Group. Christopher Cheng and Constance Choy of Sidley Austin LLP acted as legal advisors to Guangzhou R&F Properties Co., Ltd.