An independent third party individual agreed to acquire 30% stake in Dali Gangxing Property Company Limited from Prosperity International Holdings (H.K.) Limited (SEHK:803) for CNY 45.3 million on October 30, 2019. On October 31, 2019, independent third party signed an agreement to acquire 30% stake in Dali Gangxing Property Company Limited from Prosperity International Holdings (H.K.) Limited. The consideration is subject to and upon the terms of agreement. Under the agreement, independent third party shall set off CNY 35.3 million debt against consideration and remaining CNY 10 million payable within 90 days upon signing of the agreement. Upon completion, Dali Gangxing Property Company Limited will cease to be a joint venture company. As of September 30, 2019, Dali Gangxing Property Company Limited has reported net assets of CNY 117.3 million. The Board of Directors of Prosperity International Holdings (H.K.) Limited has approved the transaction on October 30, 2019. Completion will take place after completion of the registration with the relevant People's Republic of China Government Authority of the change of ownership of the stake. The net proceeds from the transaction will be approximately CNY 10 million which will be used for working capital purpose of the Group. An independent third party individual completed the acquisition of the 30% stake in Dali Gangxing Property Company Limited from Prosperity International Holdings (H.K.) Limited (SEHK:803) on October 31, 2019.