(3) On 30 November 2014, Victory entered into an agreement with Madex Limited ('Madex'), an independent party, to sell an office to Madex at a cash consideration of HK$300,000,000 and an issue of 70,000,000 consideration shares at HK$1.80 per share. The net book value of the office per Victory's latest audited accounts was HK$400,000,000. According to a valuation report issued on 31 October 2014, the value of the office was HK$450,000,000. The office generated an annual income of HK$50,000,000