Shun Fung Holdings (pte) Ltd. and Perennial Real Estate Holdings Limited entered into sale and purchase agreement to acquire 38.7% stake in Perennial Tongzhou Holdings Pte. Ltd. for approximately CNY 980 millions on December 22, 2020. As per the consideration terms, CNY 910 million shall be payable on the completion date and CNY 65.1 million shall be payable on December 22, 2023. As per the agreement Shun Fung Holdings (pte) Ltd. will acquire 12.9% stake and Perennial Real Estate Holdings Limited will acquire additional stake of 25.8% in Perennial Tongzhou Holdings Pte. Ltd. Under the terms, 0.6 million and 0.3 million shares of Perennial Tongzhou Holdings Pte. Ltd. are acquired by Shun Fung Holdings (pte) Ltd. and Perennial Real Estate Holdings Limited for approximately CNY 650 million and approximately CNY 330 million. As on December 31, 2020, Net loss after tax of Perennial Tongzhou Holdings Pte. Ltd. is 0.01 million. The transaction is subject to approval of offer by target shareholders. The transaction is expected to complete till December 28, 2020. The Transaction is expected to allow the Group to realize the accumulated capital appreciation.