Onewo and Vanke Enter into Debt Settlement Agreement with Total Consideration of Approximately RMB 662 Million

According to a Hong Kong Stock Exchange announcement on Monday evening, Onewo entered into a series of debt settlement agreements with various sellers and debtors ultimately controlled by or associated with controlling shareholder Vanke. The sellers and debtors agreed to settle certain payables by transferring properties or parking spaces to certain subsidiaries of Onewo. The total consideration of these debt settlement agreements is approximately RMB 662 million. Of the acquisition consideration, approximately RMB 659 million is used to settle payables owed by the sellers and debtors to certain subsidiaries of the Group. The remainder is to be offset against amounts prepayable by the sellers and/or debtors to the Group's business; and the Group will pay approximately RMB 2.25 million in cash. Onewo stated that the above transactions help reduce credit risk exposure to related parties and help maintain the liquidity of the Group's assets.