China Wuyi Co.,Ltd. (SZSE:000797) agreed to acquire an additional 30% stake in Fujian Jian'ou Wuyi Real Estate Development Co., Ltd. from Fujian Jian'ou Jiari Real Estate Co., Ltd. for CNY 68 million on January 15, 2014. The Directorate of China Wuyi approved the transaction. China Wuyi Co.,Ltd. signed a definitive agreement to acquire an additional 30% stake in Fujian Jian'ou Wuyi Real Estate Development Co., Ltd. from Fujian Jian'ou Jiari Real Estate Co., Ltd. on January 16, 2014. On the next day after the agreement effective date, China Wuyi shall pay seller the initial equity transfer payment of CNY 5 million. On the day or on the second day that Fujian Jian'ou receives CNY 50 million land payment invoice owed by Fujian Jian'ou Jiari Real, and industry and commerce administrative authorities have handled equity transfer procedures, China Wuyi shall pay the second equity transfer payment of CNY 15 million. Within 2 working days after the completion of the equity transfer industry and commerce modification procedures, China Wuyi shall pay seller the remaining equity transfer payment of CNY 48 million.

Fujian Jian'ou Wuyi Real Estate had total assets of CNY 287.49 million and net assets of CNY 141.97 million as of September 30, 2013. In the nine month period ended September 30, 2013, Fujian Jian'ou Wuyi Real Estate reported revenues of CNY 58.34 million, operating profit of CNY 16.1 million and net profit of CNY 12.2 million.