Beijing Baiyu Investment Co., Ltd signed an equity transfer agreement to acquire Beijing Tianyuan Real Estate Development Co., Ltd. from Vanfund Urban Investment and Development Co., Ltd. (SZSE:000638) for CNY 90 million on June 30, 2023. The consideration will be paid in cash. Within 90 days after this agreement comes into effect, Beijing Baiyu Investment Co.

shall pay 50% of the transaction consideration, which is CNY 45 million as the down payment. The remaining 50% of the transaction consideration will be paid within 90 days after Vanfund Urban Investment and Development Co transfers the Beijing Tianyuan Real Estate Development Co equity to Beijing Baiyu Investment Co. and completes the industrial and commercial change registration (delivery date).

As of March 31, 2023, Beijing Tianyuan Real Estate Development Co. reported total assets of CNY 208 million, net assets of CNY 72.9 million, net loss of CNY 0.01 million and operating income of CNY 0.2 million. The transaction was unanimously approved by the Board of Directors of Vanfund Urban Investment and Development Co., Ltd. on June 30, 2023.

As of September 26, 2023, the parties has signed supplementary agreement on September 26, 2023. Beijing Baiyu Investment Co., Ltd. paid CNY 32 million to Vanfund Urban Investment and Development Co., Ltd. The remaining transaction price will be paid before March 31, 2024. The transaction does not need to be submitted to the shareholders' meeting for review.

As of October 31, 2023, Beijing Baiyu Investment Co., Ltd. acquired 60% stake in Beijing Tianyuan Real Estate Development Co., Ltd. and paid CNY 54 million to Vanfund Urban Investment and Development Co., Ltd.