Poly Real Estate Group Co., Ltd (SHSE:600048) entered into a conditional sale and purchase agreement to acquire a 50% stake in Poly (Hong Kong) Holdings Limited from China Poly Group Corporation for CNY 2.4 billion on November 30, 2017. Under the terms, 50% of outstanding shareholder loan (and accrued interest) due from Poly (Hong Kong) Holdings Limited to China Poly Group Corporation will also be assigned to Poly Real Estate Group Co., Ltd. Poly Real Estate Group Co., Ltd intends to use cash to purchase the said 50% stake. On completion of the proposed transaction, Poly Real Estate Group Co., Ltd and China Poly Group Corporation will hold 50% of the issued share capital of Poly (Hong Kong) Holdings Limited, respectively. On November 30, 2017, the transaction was approved by the Board of Directors of Poly Real Estate Group Co., Ltd. in the 15th session of 5th meeting. Jessica Li and Alex Tao of Allen & Overy LLP acted as the legal advisors to Poly Real Estate Group Co.,Ltd on the transaction. Poly Real Estate Group Co., Ltd (SHSE:600048) completed the acquisition of 50% stake in Poly (Hong Kong) Holdings Limited from China Poly Group Corporation on June 20, 2018.