Hangzhou Binjiang Real Estate Group Co.,Ltd (SZSE:002244) signed an equity cooperation framework agreement to acquire 10% stake in Shanghai Xiangfu Real Estate Development Co., Ltd. from Shanghai Zhongchong Security Engineering Co., Ltd. for approximately CNY 800 million on December 31, 2016. Shanghai Xiangfu Real Estate Development Co., Ltd. had total assets of CNY 1.27 billion and net assets of CNY 903.4 million as on June 30, 2016. The transaction has been approved by the General Manager of Hangzhou Binjiang Real Estate Group Co.,Ltd