OCT Huadong Investment Co., Ltd. agreed to acquire Taizhou Overseas Chinese Town Co., Ltd. from Shenzhen OCT East Co., Ltd and Shenzhen Overseas Chinese Town Co., Ltd. (SZSE:000069) for CNY 1.1 billion on April 11, 2017. As per terms, Shenzhen OCT East Co., Ltd and Shenzhen Overseas Chinese Town Co., Ltd. will sell 50% stake each in cash. At the same time, OCT Huadong Investment Co., Ltd. will take over the entrusted loans of CNY 1.08 billion of Shenzhen Overseas Chinese Town Co., Ltd. For the year ended December 31, 2016, Taizhou Overseas Chinese Town Co., Ltd. reported total assets of CNY 1.5 billion, revenues of CNY 59.9 million, operating loss of CNY 200.3 million, net loss of CNY 200.02 million and negative net assets of CNY 32.4 million. The deal is subject to approval from shareholders of Shenzhen Overseas Chinese Town Co., Ltd. The Board of Directors of Shenzhen Overseas Chinese Town Co., Ltd. approved the deal.