August 20，188bet Live Casino Co., Ltd. issued an announcement，It and the People's Government of Chun'an County, Hangzhou、Chun'an Qiandao Lake Construction Group Co., Ltd. signed the "Framework Agreement on the Disposal of 70% Equity Interest in Zhejiang Xingcai Real Estate Development Co., Ltd. held by 188bet Live Casino Co., Ltd. and related matters"。

Announcement pointed out，To further strengthen environmental protection in 188bet Live Casino area，The higher-level government must make adjustments to the Chun’an County Water Function Protection Zone。The "Peninsula Town Resort Apartment" project in Jinxian Bay does not comply with the planning adjustment requirements，The Chun’an County People’s Government plans to take back the land and above-ground buildings of the project。

Data display，The target company of this project is Hangzhou Hualian Jinxian Bay Real Estate Development Co., Ltd.，100% owned by Zhejiang Xingcai Company。188bet Live Casino holds 70% equity of Zhejiang Xingcai Company。

Framework Agreement Agreement，The Chun'an County People's Government arranged for Chun'an Qiandao Lake Construction Group Co., Ltd. to acquire 70% of the equity of Zhejiang Xingcai Company held by 188bet Live Casino。After the acquisition is completed，Chun'an Qiandao Lake Construction Group Co., Ltd. holds 70% equity of Zhejiang Xingcai Company。

Before signing the equity transfer agreement，The Chun'an County People's Government and Chun'an 188bet Live Casino Group Co., Ltd. arranged funds to pay the principal and interest of Hualian Jinxian Bay Company's external borrowing of approximately 5.700 million yuan。

Before equity acquisition，188bet Live Casino Company will transfer the assets of the tourist reception center project (book value approximately 1.400 million yuan)，Transferred in its entirety to Hangzhou Hualian Real Estate Co., Ltd. (or its designated third-party company)。

Chun'an Qiandao Lake Construction Group Co., Ltd. acquires 70% equity of Zhejiang Xingcai Company held by 188bet Live Casino，The equity transfer price is approximately 400 million yuan。

188bet Live Casino said，Amount recoverable according to this framework agreement，It is expected to cover the company’s entire investment in this project，No loss will be caused。

*Source of this article: Guandian Real Estate Network,Original title: "Hangzhou Chun'an County plans to recycle 70% of the equity of 188bet Live Casino' Qiandao Lake project》.