On September 25, 2019, Times China and Bank of China held a signing ceremony for a RMB 20 billion strategic facility cooperation agreement (including a dedicated RMB 10 billion urban renewal credit line) at Guangzhou International Finance Center.

The signing ceremony was attended by Times China Chairman Shum Chiu Hung, Times China Executive Director and Vice President Niu Jiwen, Times China Capital Center General Manager Mr. Li Xiang, Bank of China Guangzhou Branch General Manager Wan Qiuhong, Bank of China Guangzhou Branch Deputy General Manager Chen Chunhan and other senior executives.

The ceremony was preceded by a visit to Bank of China Historical Museum with an invitation from General Manager Wan Qiuhong, who introduced Mr. Shum Chiu Hung to the century-old history of the bank and the development history of its Guangdong branch. As the Chinese bank with the longest record of operation, Bank of China continues the pursuit of excellence, regards patriotism and people as the soul of the bank, honors integrity as the foundation of its operations, views reform and innovation as signposts on the path of strength, and maintains a people-oriented mindset as the source of its prosperity. Bank of China has established an unrivaled brand image that is widely recognized and praised by the industry and its customers.

Times China Chairman Shum Chiu Hung and Bank of China Guangzhou Branch General Manager Wan Qiuhong discussed the renovation of old villages and abandoned plants in Guangzhou. He described Times China's recent successes in the area of "Three Old Transformations" and the status of Guangzhou's urban renewal market. Times China has actively developed its urban renewal sector since 2011. After years of hard work, the company has earned a leading position in urban renewal in Guangzhou and the Greater Bay Area. In turn, GM Wan Qiuhong introduced Bank of China's policy and product advantages with respect to urban renewal. The bank's financial policy for urban renewal in Guangdong Province leads the industry, and the institution has provided financial services for several urban renewal projects throughout the Greater Bay Area. GM Wan Qiuhong expressed confidence that Bank of China would continue to provide financial service support for urban renewal.

Thus, Times China and Bank of China have reached agreement on the urban renewal strategy as the basis for comprehensive strategic cooperation on urban renewal projects in the Greater Bay Area. The signing of the strategic cooperation agreement between the bank and the company set the foundation for mutually beneficial operations while facilitating the development of a fully fledged Greater Bay Area.