On July 12th, Gelonghui announced monthly updates in accordance with Article 3.7 of the acquisition rules, stating that discussions between the company and the consortium are ongoing with uncertain results, the same as the June announcement. The announcement stated that as of the announcement date, the company had not yet made a decision on whether to continue with the indicative acquisition proposal, and had not reached a final agreement with any party on the implementation of the indicative acquisition proposal. Recently, there have been market rumors that the consortium plans to invite Middle Eastern funds to participate in the privatization of ESR. This July update announcement did not indicate any progress, casting doubt on the rumors. On May 13th, ESR announced that the company had received a non-binding conditional acquisition proposal from an investor consortium consisting of Starwood Capital, Sixth Street Partners and SSW Partners on April 25th regarding the possible privatization of the company. According to the announcement, the consideration of the indicative proposal is still in the preliminary stage and its final conversion into a formal offer is still uncertain. Industry insiders said that the transaction is large in scale and complex in structure. If it can be completed smoothly, the entire process may take a year or even longer.