Guangzhou R&F Properties Co., Ltd. (SEHK:2777) entered into an agreement to acquire S&T Group Holdings Limited from Wang Chun Fang for approximately CNY 520 million on January 4, 2017. The consideration is expected to be received one month following satisfactory completion of R&F's due diligence. In related transactions, Wang Chun Fang entered into a memorandum of understanding to acquire additional 20% stake in S&T Group Holdings Limited from Lead Winner Limited for CNY 63.6 million on January 4, 2017 and in another related transaction, Lead Winner exercised its put option to sell 10% stake in S&T Group Holdings Limited to Wang Chun Fang for CNY 50 million on January 4, 2017. The transaction is subject to consummation of due diligence investigation.