Shanghai Tunnel Engineering Co., Ltd. (SHSE:600820) agreed to acquire Shanghai Urban Construction Binjiang Real Estate Co., Ltd. from Shanghai Urban Construction (Group) Corporation for approximately CNY 560 million on August 26, 2020. The consideration will be paid within 3 working days after the transfer. Shanghai Urban Construction Binjiang Real Estate Co., Ltd. reported total assets of CNY 965.3 million, net assets of CNY 392.2 million, revenue of CNY 56.6 million and net loss of CNY 12.64 million as of December 31, 2019. The transaction is subject to approval of Shanghai Tunnel Engineering Co., Ltd.'s shareholders. The transaction has been approved by the Board of Shanghai Tunnel Engineering Co., Ltd. As on September 29, 2020, the transaction has been approved by shareholders of Shanghai Tunnel Engineering.