China Evergrande Group, a property services company, agreed to acquire Ningbo Yatai Hotel Property Services, a real estate company, for $233m. The completion of the tender offer, if announced, would be subject to customary conditions. After the conditions precedent have been fulfilled and the first completion payment has been paid, the vendors will transfer 80% of the equity interests in Ningbo Yatai to China Evergrande, and the remaining 20% equity interests will be held by Mr. Zhang Bo, which will be transferred to the Purchaser two years after the completion date.