Yunnan Kangqi Enterprise Management Co., Ltd. agreed to acquire 11 subsidiaries from Yunnan Metropolitan Real Estate Development Co.Ltd (SHSE:600239) for approximately CNY 220 million on June 10, 2021. Yunnan Kangqi Enterprise Management Co., Ltd. will acquire 100% stake in Yunnan Metropolitan Land Co., Ltd., 100% stake in Yunnan Ansheng Chuangxiang Enterprise Management Co., Ltd., 99.3% stake in Yunnan Ansheng Chuangxiang Tourism Industry Investment Partnership Enterprise (Limited Partnership), 100% stake each in Chengdu Minsheng Xishen Investment Co., Ltd., Yunnan Metropolitan Haidong Investment Development Co., Ltd. and Chengdu Dingyun Real Estate Development Co., Ltd., 75% stake each in Hainan Tianli Holiday Hotel Co., Ltd. and Hainan Tianli Hotel Co., Ltd., 35% stake in Yunnan Jinlanmei International Travel Investment Development Co., Ltd., 39% stake in Yunnan Hot Springs Valley Health Resort Operations Development (Group) Co., Ltd. and 30% stake in Yunnan Metropolitan Zhonghe Decoration Co., Ltd. As of December 31, 2020, the subsidiaries together reported approximately CNY 16 billion in total assets, approximately negative CNY 2 billion in net assets, approximately CNY 400 million in total revenues and approximately CNY 1 billion in net losses. Transaction is subject to the Shareholders’ Approval. Transaction was approved in the meeting of the Yunnan Metropolitan Real Estate Development's Directorate on June 10, 2021. As on June 28, 2021, the transaction was approved by the shareholders of Yunnan Metropolitan Real Estate Development Co.Ltd at the 4th special shareholders’ meeting for 2021.