Tianjin State-Owned Capital Investment Operation Co., Ltd. agreed to acquire 44.81% stake in Tianjin Geely Building Co., Ltd. from Tianjin Real Estate Group Co., Ltd. for approximately CNY 540 million on June 14, 2022. As of July 13, 2022, Tianfang Group will pay the transaction price within 60 working days after the agreement becomes effective. On March 31, 2022, the total assets of Geely Building were CNY 114.3894 million and CNY 83.2277 million in total owner's equity, CNY 8.0624 million in Revenues and CNY -2.2666 million in net loss.

Transaction is approved by Tianjin Real Estate Development board and shareholders approval is pending. This equity transfer has been approved by the competent state-owned assets supervision agency in accordance with relevant laws and regulations. On July 11, 2022, the 25th session of the company's 10th directorate approved the proposal on adjustment in the transfer of equity in holding subsidiary.

On July 29, 2022, Tianjin Real Estate Group shareholders approved the deal. The transaction still needs to be approved by Tianjin State-owned Assets Management Agency. As on September 30, 2022, Tianjin State-Owned Capital Investment Operation Co., Ltd. received 50% of the consideration amount.