On January 10, 2018, Landsea Green Properties Co., Ltd. entered into a strategic cooperation agreement with Ping An Real Estate Company Ltd. The parties shall stretch superior resources to strategically cooperate in the industry of long term rental apartments and to jointly seek potential development opportunities. The parties planned to jointly invest in long term rental apartments projects in top tier cities, Beijing, Shanghai, Guangzhou and Shenzhen, and key second tier cities including Nanjing, Hangzhou and Wuhan in the coming three years, with the target fund asset management scale of approximately RMB 10 billion. The parties also agreed to entrust such projects with the group's long term rental apartments operation brand for the operation management and design and transforming. The cooperation fund shall quit by way of REITs (real estate investment trusts) after the steady operation of each project.