Yunnan Chengtou Kangyuan Investment Co., Ltd. and Yunnan Baifeng Enterprise Management (Group) Co., Ltd entered into an agreement to acquire 14 Subsidiaries of Yunnan Metropolitan Real Estate Development and Tianjin Yinrun Investment from Yunnan Metropolitan Real Estate Development and Tianjin Yinrun Investment Co., Ltd. for CNY 1,870.6 million on December 9, 2022. Yunnan Metropolitan Real Estate Development is disposing 100% equity of Kunming Chenghai Real Estate Development, 100% equity of Xian Dongzhi Real Estate, 75% equity of Hainan Tianlianhua Investment, 75% equity of Hainan Tianli Investment Development, 74% equity of Kunming Yuncheng Zunlong Real Estate Development, 70% equity of Taizhou Yintai Commercial, 70% equity of Hangzhou Xixi Yinsheng Land, 67% equity of Hangzhou Xiaoshan Yincheng Real Estate, 51% equity of Yunnan Dongfang Baifeng Investment, 51% equity of Shaanxi Xixian New Area Qinhan New City Qinying Industrial, 51% equity of Shaanxi Xixian New Area Qinhan New City Qinying Industrial, 51% equity of Xi'an Hairong Qingdong Village Real Estate Development, 51% equity of Yunshang Development (Zibo) and Tianjin Yinrun Investment Co., Ltd. is disposing 70% equity of Ningbo Fenghua Yintai Property Co. Ltd. Yunnan Baifeng acquire 51% equity of Dongfang Baifeng at CNY 250 million.

As of January 17, 2023, The shareholders of Yunnan Metropolitan RealEstate Development has approve the deal on December 26, 2022. Yunnan Metropolitan RealEstate Development has recovered the equity and creditor's rights of ten transaction target companies including Kunming Chenghai, totaling about CNY 4.181 billion, and completed the equity delivery with Yunnan Chengtou Kangyuan Investment and Yunnan Baifeng Enterprise Management (Group) recovered the equity of Dongfang Baifeng CNY 250 million. The four companies Kunming Chenghai, Xi'an Dongzhi, Yuncheng Zunlong and Yunshang Development have completed the industrial and commercial change registration procedures.

As of February 17, 2023, Hangzhou Xiaoshan Yincheng Real Estate Co., Ltd. and Yunnan Dongfang Baifeng Investment Co., Ltd. have completed the changes of business registrations of their respective share transfers. As of April 15, 2023, Yunnan Metropolitan RealEstate Development Co.Ltd recovered all the equity and creditor's rights of 11 target companies including Kunming Chenghai Real Estate Development, totaling about CNY 4.446 billion, and recovered CNY 250 million for the equity of Yunnan Dongfang Baifeng Investment, and completed the equity delivery with the final asset transferee. As of October 18, 2023, Yunnan Chengtou Kangyuan Investment Co., Ltd. and Yunnan Baifeng Enterprise Management (Group) Co., Ltd completed the acquisition of Shaanxi Xixian New Area Qinhan New City Qinying Industrial, Xi?an Hairong Qingdong Village Real Estate Development, Xi?an International Port Area Hairong Industrial Co., Ltd., and Hainan Tianlianhua Investment Co., Ltd. from Yunnan Metropolitan Real Estate Development and Tianjin Yinrun Investment Co., Ltd.