Yang Longfei completed the acquisition of LT International Investment Holdings Limited from LT Commercial Real Estate Limited.

Yang Longfei entered into an agreement to acquire LT International Investment Holdings Limited from LT Commercial Real Estate Limited (SEHK:112) for approximately HKD 250 million on October 23, 2018. Under the terms of transaction, LT International will receive HKD 7.8 million after signing agreement and as to remaining HKD 239.6 million will be satisfied by the way of issue of promissory note upon completion. An Independent Board Committee comprising all the independent non-executive Directors, namely Lo Wai Hung and Shek Pui Michelle, has established to consider, and to advise the Independent Shareholders regarding the disposal. Following completion, LT International will be wholly and beneficially owned by Yang. The transaction is subject to customary closing conditions, including Independent Shareholders at the EGM approving the agreement, Reorganization having been completed, all guarantees granted by the LT Commercial Real Estate for the purpose of supporting the financial arrangement of the Disposal Group having been released and all necessary approvals and consents with respect to disposal having been obtained. As of January 30, 2019 LT Commercial Real Estate Limited received approval from Independent Shareholders and Shareholders respectively. The net proceeds of the disposal are intended to be applied as the Group’s general working capital. Alliance Capital Partners Limited acted as independent financial advisor to LT Commercial Real Estate Limited. Yang Longfei completed the acquisition of LT International Investment Holdings Limited from LT Commercial Real Estate Limited (SEHK:112) on February 4, 2019.