Shanghai Agriculture, Industry and Commerce Huadu Industry (Group) Co., Ltd. and Bright Real Estate Group Co., Limited (SHSE:600708) signed an agreement to acquire Ningbo Jiajia Real Estate Co., Ltd. from Ningbo Hongde Real Estate Development Co., Ltd. and Sun Jiajian for approximately CNY 340 million on December 26, 2019. Bright Real Estate Group Co., Limited will acquire 80% equity of Ningbo Jiajia Real Estate Co., Ltd. from Ningbo Hongde Real Estate Development Co., Ltd. and as equity consideration will issue CNY 77.1 million and assume corresponding debts of CNY 193.3 million while Shanghai Agriculture, Industry and Commerce Huadu Industry (Group) Co., Ltd. will acquire 20% from Sun Jiajian and will issue CNY 19.3 million as equity consideration and assume debts of CNY 48.3 million. Within 10 working days from the effective date of this agreement, Bright Real Estate Group Co., Limited and Shanghai Agriculture, Industry and Commerce Huadu Industry (Group) Co., Ltd. shall pay CNY 77.1 million and CNY 19.3 million in equity transfers. As of April 30, 2019, Ningbo Jiajia Real Estate Co., Ltd. reported total assets of CNY 262.3 million and net assets of CNY 20.7 million. The transaction is approved by the Board of Directors of Bright Real Estate Group Co., Limited on December 26, 2019 and also requires approval from shareholders. Shanghai Agriculture, Industry and Commerce Huadu Industry (Group) Co., Ltd. and Bright Real Estate Group Co., Limited (SHSE:600708) canceled the acquisition of Ningbo Jiajia Real Estate Co., Ltd. from Ningbo Hongde Real Estate Development Co., Ltd. and Sun Jiajian on December 26, 2020.