Hui Xian Real Estate Investment Trust (SEHK:87001), managed by Hui Xian Asset Management Limited entered into a sale and purchase agreement to acquire Harbour Plaza Chongqing Co. Ltd from Highsmith Limited for approximately CNY 260 million on January 9, 2017. Under the terms, Hui Xian Real Estate Investment Trust will acquire all the issued shares of Harbour Plaza Chongqing Co. Ltd and the sale loan. The total consideration is subject to an overall cap of CNY 300 million out of which, CNY 4.43 million will paid as the consideration for the shares and CNY 251.89 million for the sale loan. At completion, Hui Xian Real Estate Investment Trust will pay the initial consideration comprising share consideration and an initial loan consideration (CNY 251.89 million). After completion, either of the buyer or seller will be required to pay the other party the difference between the amount of initial loan consideration and a certified sum, which will be determined later. The consideration will be financed as to approximately 80% by new bank borrowings and approximately 20% by existing cash. Under the agreement, Highsmith Limited shall procure that all labor contracts and employment relationships between Harbour Plaza Chongqing Co. Ltd and its employees shall have been properly and effectively terminated on or before completion. In a related transaction, Hui Xian Real Estate Investment Trust (SEHK:87001) entered into a sale and purchase agreement to acquire Chengdu Changtian Co., Ltd. from Yick Ho Limited for approximately CNY 280 million on January 9, 2017. As at August 31, 2016, Harbour Plaza Chongqing Co. Ltd had net assets of CNY 27.23 million. The transaction is subject to obtaining the relevant confirmation or waivers from the Securities and Futures Commission and third party approvals and is expected to complete on February 28, 2017. Guantao Law Firm acted as a legal advisor and Citigroup Global Markets Asia Limited acted as a financial advisor to Hui Xian Asset Management Limited, the manager of Hui Xian Real Estate Investment Trust. Hui Xian Real Estate Investment Trust (SEHK:87001), managed by Hui Xian Asset Management Limited completed the acquisition of Chongqing Hotel from Highsmith Limited on February 28, 2017. All the conditions precedent were fulfilled. Hui Xian Real Estate Investment Trust (SEHK:87001), managed by Hui Xian Asset Management Limited completed the acquisition of Harbour Plaza Chongqing Co. Ltd from Highsmith Limited on March 8, 2017. Hui Xian Real Estate Investment acquired Chengdu Hotel as part of the transaction on March 8, 2017.