Zhejiang New Century Hotel Management Co.,Ltd. (SEHK:1158) entered into an Asset Purchase agreement to acquire assets of Hilton Hangzhou Xiaoshan from Mogen Real Estate Company for approximately CNY 140 million on January 21, 2020. Under the terms of the transaction asstes to be transferred are Hotel decoration, equipment, furniture and other operating assets owned by Mogen Real Estate 50% of the consideration, shall be paid on the next working day after Zhejiang New Century Hotel Management Co., Ltd. has accepted and signed the agreement; 50% of the consideration, shall be paid within 2 working days after handling the change of lease subject . In a related transaction, Zhejiang New Century Hotel Management Co., Ltd. entered into an agreement on change of lease subject with Hangzhou Xiaoshan Beigan Rongxing Joint Stock Economic Association and Hangzhou Mogen Real Estate Co., Ltd. in respect of the sublease of the Hilton Hangzhou Xiaoshan property "Zhongying Business Center" commencing from 20 January 2020 to 20 March 2038. Zhejiang New Century Hotel Management Co.,Ltd. (SEHK:1158) cancelled the acquisition of assets of Hilton Hangzhou Xiaoshan from Mogen Real Estate Company on January 21, 2021.