On June 17th, Gelunhui announced that Zhuhai Runliang Real Estate Co., Ltd. (referred to as "Zhuhai Runliang") was established on January 12th, 2018 with a registered capital of 520 million yuan. Zhuhai Runliang is a project company jointly established by the company's wholly-owned subsidiary Guangzhou Shoukai Zhitaizhiye Co., Ltd. and Zhuhai Xiliang Real Estate Co., Ltd., with both parties holding a 50% stake. Zhuhai Runliang is included in the company's consolidated financial statements. Zhuhai Runliang is responsible for developing the Tianju Phase I and Tianju Phase III projects in Zhuhai. In view of the fact that the above projects have now been delivered with only a small amount of unsold housing and parking spaces remaining, and Zhuhai Runliang has no follow-up development projects, the board of directors agrees that Guangzhou Shoukai Zhitaizhiye Co., Ltd. will transfer 50% of the equity of Zhuhai Runliang through public listing on the Beijing Property Rights Exchange, with a listing price not lower than the asset appraisal result approved or filed by the Beijing State-owned Assets Supervision and Administration Commission or its authorized agency.