Liao Chang entered into an agreement to acquire Green Village Limited from Tian An China Investments Co. Ltd. (SEHK: 28) for CNY 450 million on March 23, 2011. Under the terms of the agreement, Chang will acquire one share representing the entire issued capital of Green Village and its loan of approximately HKD 131.91 million (CNY 110.79 million). As reported, the first payment of CNY 20 million shall be paid on the date of the agreement; the second payment of CNY 180 will be paid on or before the date falling 3 months from the date of the agreement and the balance payment of CNY 250 million will be paid on or before the date falling 18 months from the date of the agreement. Pursuant to the agreement, Chang has agreed to pay interest accrued on the second payment and the balance payment from the date of the agreement up to the respective dates of actual payment of the second payment and the balance payment at the rate of 12% per annum. The relevant interest is payable by Chang to Tian An China on the same date on which the second payment and the balance payment is paid respectively. The agreement will be terminated if Chang fails to pay either the first payment and/or the second payment on the relevant due dates or the balance payment within 30 days following the balance payment date. The Directors of Tian An China consider the consideration to be fair and reasonable. Upon completion of the transaction, Tian An China will continue to hold 50% stake in Tenure Development Limited through its wholly-owned subsidiary. The transaction will complete on the day of the full payment of the consideration on or before October 22, 2012 or such other date as may be agreed in writing. The proceeds generated from the disposal will be applied as general working capital of Tian An China. The conversions were made through www.oanda.com on March 23, 2011. Liao Chang cancelled the acquisition of Green Village Limited from Tian An China Investments Co. Ltd. (SEHK:28) on May 19, 2016.