Richard Kwok entered into an agreement to acquire a 85.7% stake in Beijing Chang-de Architectural & Decoration Co., Ltd. from Smart City Development Holdings Limited (SEHK:8268) for HKD 2 million on August 10, 2021. As part of the transaction, Richard Kwok will acquire 85.7% stake and sale loan of HKD 22.1 million. As of March 31, 2021, Beijing Chang-de reported revenue of approximately HKD 130 million, loss after tax of HKD 3.5 million, Total assets of HKD 64.8 million and Net liabilities of HKD 36.6 million.