On 8 November 2017, The Place Holdings Limited’s wholly-owned subsidiary, The Place Yuntai Investment Pte. Ltd ("The Place Yuntai") entered into a subscription agreement with Jingneng Tianjie Yuntaishan Investment Co., Ltd. (“JTYI”) to subscribe for equity interest amounting to 80% of the enlarged registered capital of Tianjie Yuntai Wanrun (Xiuwu) Property Development Co., Ltd. (“Target Company”) for a subscription amount of US$20,530,000. The Place Yuntai also have first right of refusal to invest into two other wholly-owned subsidiaries of JTYI, Yuntai Tianjie Shimao (Xiuwu) Property Development Co., Ltd. and Tianjie Yuntai (Xiuwu) Zhiye Co., Ltd (together with the Target Company, “JTYI Group Company”).
The Target Company owns approximately 270,500 square meters of commercial land in the South East of Mount Yuntai, whereas two other wholly-owned subsidiaries of JTYI together own approximately 2.4 million square meters, of commercial and residential land in the South East of Mount Yuntai. The JTYI Group Company will develop the land owned by it with the aim of collectively developing an integrated tourism township comprising commercial malls, hotels, entertainment and recreational facilities, resorts (including resorts for the elderly) and corporate clubhouses.