Times Neighborhood will increase its stake in Chengdu Holytech from 49% to 80%. The existing net profit guarantee for Holytech remains in place. The deal will lift the company’s GFA under management to at least 90m sq m. Holytech’s financials will also be consolidated into the company. Times Neighborhood currently has no further budget for MA in FY21F. Reiterate Add with an unchanged TP of HK$9.8.