Yunnan Metropolitan Construction Investment Group Co.,Ltd entered into an agreement to acquire stake in 18 Subsidiaries of Yunnan Metropolitan Real Estate Development Co.Ltd (SHSE:600239) on January 21, 2020. Yunnan Metropolitan Real Estate Development Co.Ltd will sell Tianjin Yinrun Investment Co., Ltd.’s 100% stake, Cangnan Yintai Property Co., Ltd.’s 70% stake, Hiwell Real Estate Co., Ltd.’s 70% stake, Pingyang Yintai Property Co., Ltd.’s 70% stake, Hangzhou Intime Shopping Mall Co., Ltd.’s 70% stake, Ningbo Fenghua Yintai Property Co., Ltd.’s 19% stake, Chengdu Yincheng Property Co., Ltd.’s 19% stake, Ningbo Economic Technology Development Zone Taiyue Property Co., Ltd.’s 19% stake, Ningbo Yintai Property Co., Ltd.’s 70% stake, Heilongjiang Yintai Land Co., Ltd.’s 70% stake, Mingshang Yintai City (Zibo) Business Development Co., Ltd.’s 70% stake, Harbin Yinqi Real Estate Development Co., Ltd.’s 70% stake, Taizhou Yintai Commercial Co., Ltd.’s 70% stake, Taizhou Yintai Property Co., Ltd.’s 70% stake, Hangzhou Xixi Yinsheng Land Co., Ltd.’s 70% stake, Yuntai Business Management (Tianjin) Co., Ltd.’s 43% stake, Hangzhou Yinyun Business Management Co., Ltd.’s 70% stake and Beijing Fangkai Creative Harbor Investment Co., Ltd.’s 90% stake. The transaction need to be approved the official plan by the Directorate, shareholders’ meeting of the company. The transaction still needs the approval by State-owned Assets Supervision and Administration Department. On April 29, 2020, the independent Directors approved the sale of the subsidiaries. The Board of Directors have completed the compliance and legal procedures. On December 14, 2020, the transaction was approved by the board of directors of Yunnan Metropolitan Real Estate Development on the tenth extraordinary general meeting of shareholders in 2020. Yunnan Metropolitan Real Estate Development Co.Ltd intends to use the price recovered from this transaction to repay debts and replenish working capital. CITIC Securities Company Limited acted as financial advisor to Yunnan Metropolitan Real Estate Development Co.Ltd. Yunnan Metropolitan Construction Investment Group Co.,Ltd cancelled the acquisition of stake in 18 Subsidiaries of Yunnan Metropolitan Real Estate Development Co.Ltd (SHSE:600239) on November 25, 2020. The parties to the transaction agreed to terminate the "share Transfer Agreement", and all parties no longer enjoy rights and assume obligations under the "share Transfer Agreement."