Pioneer Global Group Limited (SEHK:224), Prestige Goal Limited, Center Link Limited, PIA 2015 Investments (Singapore) Pte. Ltd., PREP Alliance Limited and CFIC-2014 NV Family Investments, LLC entered into a sale and purchase agreement to acquire 78.7% stake in Shanghai Ciros Real Estate Co., Ltd from Goodwin Gaw, Kenneth Gaw, Christina Gaw and others for HKD 1.2 billion on October 7, 2015. The purchasers shall deposit HKD 155 million within 10 business days of agreement while remaining shall be paid upon closing. Pioneer Global commitment for acquisition is HKD 60.1 million which will be funded through internal resources. Shanghai Ciros Real Estate had net profit after tax of CNY 34.8 million (HKD 43.87 million). The closing will be subject to the satisfaction of the completion of the restructuring refinancing and pre-closing distribution processes. The transaction is expected to close on or before 90 days of agreement. Pioneer Global Group Limited completed the acquisition of 4% stake in Shanghai Ciros Real Estate Co., Ltd effective May 26, 2016. The currency conversion has been done through www.oanda.com as on December 31, 2014. Pioneer Global Group Limited (SEHK:224), Prestige Goal Limited, Center Link Limited, PIA 2015 Investments (Singapore) Pte. Ltd., PREP Alliance Limited and CFIC-2014 NV Family Investments, LLC completed the acquisition of 78.7% stake in Shanghai Ciros Real Estate Co., Ltd from Goodwin Gaw, Kenneth Gaw, Christina Gaw and others on November 26, 2016.