On August 29th, 20021year, the Company, Xuntongda, Wanfang Group, Peter and Yao Jixian signed the Creditor's Rights and Debts Settlement Agreement, which stipulated that by July 30th, 20021year, Yao Jixian would enjoy a total of RMB 40,068,643.59.
At the same time, the company signed a debt offset agreement with Wanfangyuan and its wholly-owned subsidiary Beijing Tianyuan Real Estate Development Co., Ltd. (hereinafter referred to as "Tianyuan Real Estate"). If the company actually fulfills its repayment obligation to Yao Jixian, the corresponding repayment amount will continue to offset the company's debt to Wanfangyuan.