Hui Wing Mau signed an agreement to acquire Shimao Aoya Holding Pty Ltd from Shanghai Shimao Co., Ltd. (SHSE:600823) for approximately AUD 100 million on March 15, 2021. As per terms, entire capital will be acquired for AUD 4.6 million and Hui Wing Mau agreed to assist Shimao Aoya Holding to repay the Debt of AUD 99.2 million by cash. 10% of the consideration is payable within 10 business days of the receipt of the payment notification issued by Shanghai Shimao when the internal procedures with respect to the Disposal have been complied with by Shanghai Shimao and the balance when the necessary PRC and Australian approval procedures are completed. Post completion, Shanghai Shimao Co will exit from Shimao Aoya Holding. For the year ended December 31, 2020, Shimao Aoya Holding Pty Ltd reported net assets of CNY 21.9 million (AUD 4.3 million) and net loss of CNY 32.3 million (AUD 6.4 million). The deal is subject to necessary PRC regulatory requirements and lodging an application under Foreign Acquisitions and Takeovers Act 1975. The proceeds from the Disposal are currently intended to be used by Shanghai Shimao as general working capital.