An unknown buyer signed an agreement to acquire Sun Century Property Group Company Limited from Suncity Group Holdings Limited (SEHK:1383) for approximately CNY 160 million on February 21, 2021. Sun Century Property Group Company reported revenue of CNY 37.7 million, profit after tax of CNY 363.4 million and net liabilities of approximately CNY 839.4 million for the year ending, December 31, 2020. Transaction is subject to completion of the due diligence review to the satisfaction of the purchaser, purchaser having obtained all necessary consents and approvals in relation to the sale and purchase agreement and the transactions contemplated thereunder, approval by the shareholders of Suncity Group Holdings, structure and the form and substance of the relevant agreements of the debt restructuring and the form and substance of the deed of indemnity, the shenzhen sky alliance loan agreements and the property mortgage having been agreed upon by the company and the purchaser. As of May 18, 2021, the transaction has been approved by Suncity shareholders with 100% votes in favour of the transaction. Completion will take place within five business days after all the conditions precedent under the sale and purchase agreement having been fulfilled or waived. As of May 31, 2021, the conditions precedent to the sale and purchase agreement have not been fulfilled and the purchaser entered into an extension letter on 31 May 2021, pursuant to which the company and the purchaser agreed to extend the long stop date to a date on or before June 30, 2021. Merdeka Corporate Finance Limited acted as financial advisor to Suncity.