III-1. [Date] Dear Sirs, INSTRUCTIONS

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by the Group as at 28 February 2021.

The Directors

Shiliu Investment Group Limited Building 1, Anar Center,

No. 88 Liuxiang Road, Fengtai District, Beijing,

The People’s Republic of China [Date]

Savills Valuation and Professional Services Limited

Room 1208, 1111 King’s Road, Taikoo Shing Hong Kong

T: (852) 2801 6100 F: (852) 2530 0756

EA Licence: C-023750 savills.com

Dear Sirs,

INSTRUCTIONS

In accordance with your instructions to us to value the properties (the ‘‘properties’’) situated in the People’s Republic of China (the ‘‘PRC’’) in which Shiliu Investment Group Limited ( 石榴投資集團有限公司) (the ‘‘Company’’) and its subsidiaries (hereinafter together referred to as the ‘‘Group’’) have interests, we confirm that we have carried out inspections, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of market values of the properties as at 28 February 2021 (the ‘‘valuation date’’) for incorporation in a [REDACTED] Document.

IDENTIFICATION AND STATUS OF THE VALUER

The subject valuation exercise is handled by Mr. Anthony C.K. Lau, who is a Director of

Savills Valuation and Professional Services Limited (‘‘SVPSL’’) and a corporate member of HKIS

with over 28 years’ experience in valuation of properties in the PRC and has sufficient knowledge of

the relevant market, the skills and understanding to handle the subject valuation exercise

competently.

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BASIS OF VALUATION AND METHODOLOGY

Our valuation has been undertaken in accordance with the HKIS Valuation Standards 2020 of The Hong Kong Institute of Surveyors (‘‘HKIS’’), which incorporates the International Valuation Standards (‘‘IVS’’), and (where applicable) the relevant HKIS or jurisdictional supplement. We have also complied with the requirements set out in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by the Stock Exchange of Hong Kong Limited.

Our valuation of the properties in Category A represents our opinion of the properties in Group I to V on market value basis. Market value is defined as intended to mean ‘‘the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion’’.

Moreover, market value is understood as the value of an asset or liability estimated without regard to costs of sale and purchase (or transaction) and without offset for any associated taxes or potential taxes.

In valuing the properties in Group I and Group III, which are held by the Group for owner-operation and for sale in the PRC, we have adopted the direct comparison method by making reference to sales of comparable properties as available in the market.

In valuing the properties in Group II, which are held by the Group for investment in the PRC, we have adopted the income capitalization method by capitalizing the rental incomes as shown on the schedules handed to us with due allowance for reversionary income potential of the properties.

In valuing the properties in Group IV, which are held by the Group under development in the PRC, we have valued these properties on the basis that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. In arriving at our opinion of values, we have adopted the direct comparison method by making reference to sales of comparable properties as available in the market and also taken into account the costs that will be expended to complete the developments to reflect the quality of the completed development. The ‘‘capital value as if completed’’ represents our opinion of the aggregate selling prices of the property assuming that it would be completed as at the valuation date.

In valuing the properties in Group V, which are held by the Group for future development in the PRC, we have adopted the direct comparison method by making reference to comparable land transactions as available in the market.

In valuing the property in Group VI, which is contracted to be acquired by the Group for future development in the PRC, we have assigned no commercial value to this property because the Group has not obtained any title document.

In assessing the properties in Category B, we have attributed no commercial values to the properties on market value basis as transferability of these properties are restricted. However, for the Group’s management reference purpose, we have reported the investment values of these properties in the valuation report under Group VII.

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by an entity from holding the asset and, therefore, does not involve a presumed exchange. It must be emphasized that the investment value is not market value.

In valuing the properties in Group VII, which are held by the Group for investment in the PRC, we have valued these properties on the basis that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. In arriving at our opinion of values, we have adopted the income capitalization method to assess the investment value as if completed and also taken into account the costs that will be expended to complete the developments to reflect the quality of the completed development.

TITLE INVESTIGATION

We have been provided with copies of the title documents relating to the properties. However, we have not searched the original documents to verify ownership or to ascertain the existence of any amendments which may not appear on the copies provided to us. In the course of our valuation, we have relied to a considerable extent on the information given by the Group and the legal opinion issued by the Group’s legal adviser, Commerce & Finance Law Offices (北京通商律師事務所) (‘‘PRC Legal Adviser’’), regarding the titles to the properties.

SOURCE OF INFORMATION

We have relied to a considerable extent on information and advice from the Group on such matters as planning approvals, statutory notices, easements, tenure, particulars of occupancy, development proposals, total and outstanding construction costs, estimated completion dates, transaction records, sales and purchases agreements, site and floor areas and all other relevant matters. Dimensions, measurements and areas included in the valuation report are based on the information contained in the documents provided to us and are therefore only approximations. No on-site measurements have been taken. We have no reason to doubt the truth and accuracy of the information provided to us by the Group, which is material to our valuation. We are also advised by the Group that no material facts have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view.

VALUATION ASSUMPTIONS

In valuing the properties in the PRC, unless otherwise stated, we have assumed that

transferable land use rights of the properties for their respective specific terms at nominal annual

land use fees have been granted and that any land grant premium payable have already been fully

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SITE INSPECTION

We have inspected the exterior and where possible, the interior of the properties. During the course of our inspections, we did not note any serious defects. However, no structural survey has been made and we are therefore unable to report that the properties are free from rot, infestation or any other structural defect. No test has been carried out to any of the services. We have also not carried out investigations on site to determine the suitability of the ground conditions and the services for any future development. Our valuation is prepared on the assumption that these aspects are satisfactory and no extraordinary expenses or delay will be incurred during the development period. The site inspections of the properties were carried out during the period between 5 January 2021 to 26 February 2021 by Mr. James Woo and other assistants of our Beijing office. Mr. James Woo is a Fellow of the Royal Institution of Chartered Surveyors with over 25 years’ experience in valuation of properties in the PRC.

MARKET CONDITIONS UNDER COVID-19

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organization as a ‘Global Pandemic’ on the 11 March 2020, has impacted many aspects of daily life and the global economy — with some real estate markets experiencing significantly lower levels of transactional activity and liquidity. It is expected that property values will be very sensitive to the development of the pandemic and its impact on the economy. The extents of impact on different sectors of the market are different and the time for marketing and negotiating sale of a property will be longer than usual time.

Our valuations of the properties are valid only as at the valuation date. However, there will be less certainty as to how long a valuation may sustain and property prices may fluctuate rapidly and materially over a short period of time. Any changes in market conditions and impacts on property values after the valuation date cannot be considered. If any party intends to refer to our valuation when entering any transaction, he must beware of the high market volatility during this period and that property values may or may not have changed since the valuation date. Given the unknown future impact that COVID-19 might have on the real estate market and the difficulty in differentiating between short term impacts and long-term structural changes, we recommend that you keep the valuations contained within this report under frequent review.

CURRENCY

Unless otherwise stated, all money amounts stated are in Renminbi (‘‘RMB’’).

We enclose herewith our summary of values and valuation report.

Yours faithfully, For and on behalf of

Savills Valuation and Professional Services Limited Anthony C.K. Lau

MRICS MHKIS RPS(GP) Director

Note: Mr. Anthony C.K. Lau is a professional surveyor who has over 28 years’ experience in valuation of properties in the PRC.

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No. Property

Market value in existing state as at 28 February 2021

Interest attributable to the Group

Market value attributable to the Group as at 28 February 2021

Group I — Property held by the Group for owner occupation in the PRC

1. Portion of Innovation Mix Shanghai (長寧國際發展廣場),

No. 1398 Kaixuan Road, Changning District, Shanghai, PRC

RMB70,000,000 100% RMB70,000,000

Group I sub-total RMB70,000,000 RMB70,000,000

Group II — Properties held by the Group for investment in the PRC

2. Anar Center (石榴中心),

No. 88 Huaixiang Street, Fengtai District, Beijing, PRC

RMB4,175,000,000 100% RMB4,175,000,000

3. Portion of Jingjing Innovation Center (菁菁創智中心),

Longsheng Street No. 6 Yard, Daxing District,

Beijing, PRC

RMB1,572,000,000 100% RMB1,572,000,000

4. New Airport Center (新空港中心),

Hongxu East Road No. 2 Yard, Xi Hong Men Town,

Daxing District, Beijing, PRC

RMB1,581,000,000 90% RMB1,422,900,000

5. Building No. 26 of Lily Bay Garden (百合灣嘉園),

No. 70 Tonghu Street, Tongzhou District,

RMB83,600,000 100% RMB83,600,000

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No. Property

6. Portion of Innovation Mix Shanghai (長寧國際發展廣場),

No. 1398 Kaixuan Road, Changning District, Shanghai, PRC

RMB10,672,000,000 100% RMB10,672,000,000

Group II sub-total RMB18,083,600,000 RMB17,925,500,000

Group III — Properties held by the Group for sale in the PRC

7. Unsold portion of Full Moon (荷塘嘉苑),

Changgou Town, Fangshan District, Beijing,

PRC

RMB51,000,000 100% RMB51,000,000

8. Unsold portion of Chengda Center (成大中心),

No.2 Liangshi Street, Tongzhou District, Beijing,

PRC

RMB6,332,000,000 100% RMB6,332,000,000

9. Unsold portion of Clearwater Bay (清水灣嘉園),

Longwang West Lane, Tongzhou District, Beijing,

PRC

RMB115,000,000 100% RMB115,000,000

10. Unsold portion of Lily Bay Garden (百合灣嘉園),

No. 70 Tonghu Street, Tongzhou District, Beijing,

PRC

RMB122,000,000 100% RMB122,000,000

11. Unsold portion of Jiayue Center (嘉悅中心),

Xihongmen Town, Daxing District, Beijing, PRC

RMB70,000,000 100% RMB70,000,000

12. Unsold portion of Ten Miles Spring Breeze Garden (十里春風嘉園), Yongledian Town, Tongzhou District, Beijing,

PRC

RMB8,081,000,000 100% RMB8,081,000,000

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No. Property 28 February 2021 to the Group 28 February 2021

13. Unsold portion of Paradise Bay (海棠灣嘉園),

Qunfangyi Yuan, Tongzhou District, Beijing,

PRC

RMB29,000,000 100% RMB29,000,000

14. Unsold portion of Magnolia Bay (玉蘭灣嘉園),

Cuijing North Lane, Tongzhou District, Beijing,

PRC

RMB158,000,000 100% RMB158,000,000

15. Unsold portion of Loung Fun (郎峰嘉園),

Yangzhuang North Lane, Tongzhou District, Beijing,

PRC

RMB3,300,000 100% RMB3,300,000

16. Unsold portion of Canal One (運河壹號),

Courtyard 9 Yunheyuan Road, Tongzhou District,

Beijing, PRC

RMB106,000,000 100% RMB106,000,000

17. Unsold portion of Baoding Magnolia Bay (玉蘭灣（保定）),

West of Yang Guang North Street, Jingxiu District,

Baoding, Hebei Province, PRC

RMB278,000,000 100% RMB278,000,000

18. Unsold portion of

Tianyuan Tangshan Residence (天元唐山住宅),

Xiangzhi Jiayuan, Lubei District, Tangshan, Hebei Province,

RMB800,000 100% RMB800,000

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No. Property

20. Unsold portion of Phases 1, 2, 3 and 4 of Changqiao City

(長橋郡),

South of Chengbei Avenue, Xianghe County,

Langfang, Hebei Province, PRC

RMB424,000,000 85% RMB360,400,000

21. Unsold portion of Jingxi Lion City (獅子城（京西）),

East of Runhe Street, South of Zhongyi Road, Zhuozhou,

Baoding, Hebei Province, PRC

RMB74,000,000 100% RMB74,000,000

22. Unsold portion of Taoli Garden (桃李苑),

South of Yaju Road, East of Jingwu Road, Chengdong New District, Dongtai,

Yancheng, Jiangsu Province, PRC

RMB32,000,000 100% RMB32,000,000

23. Unsold portion of Golden Magnolia Bay (金玉蘭灣),

No. 1188 Renrui Road,

Nanxun Economic Development Zone, Huzhou,

Zhejiang Province, PRC

RMB1,448,000,000 100% RMB1,448,000,000

24. Unsold portion of Jiaxing Linglong Bay (嘉興玲瓏灣),

Intersection between Tanxiang Street and Xingxing Road,

Nanhu District, Jiaxing,

RMB7,600,000 100% RMB7,600,000

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25. Unsold portion of Phase 1 of Anar Jiangnan Mansion (石榴江南府),

East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province, PRC

RMB18,000,000 100% RMB18,000,000

26. Unsold portion of Haitang Bay Garden (海棠灣花園),

No. 1355 Zhongshan Road North, Songling Town,

Wujiang District, Suzhou, Jiangsu Province, PRC

RMB1,300,000 94.89% RMB1,233,570

27. Unsold portion of Yanlan Courtyard (鹽瀾院)

West of Baoxing Road, South of Dongjin Road, Yandu District, Yancheng, Jiangsu Province, PRC

RMB74,000,000 100% RMB74,000,000

28. Unsold portion of Phases 1, 2 and 3 of Yangzhou Slender West Lake Courtyard, (揚州瘦西湖榴園),

West of Yangzijiang Road North, East of Weiyang Road,

South of Yangliuqing Road, Hanjiang District,

Yangzhou, Jiangsu Province, PRC

RMB357,000,000 100% RMB357,000,000

29. Unsold portion of Ten Miles Mountains (十里瀾山),

Northwest of the intersection between Yueyang Road and Yinbo Road,

RMB104,000,000 100% RMB104,000,000

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No. Property

30. Unsold portion of Lychee Bay Garden (荔枝灣花園),

East of Boya Road North, West of Qinzheng Road, Hengqin New District, Zhuhai,

Guangdong Province, PRC

RMB773,000,000 100% RMB773,000,000

31. Unsold portion of Qingdao Haitang Bay (青島海棠灣),

No. 1699 Haiwang Road, Huangdao District, Qingdao,

Shandong Province, PRC

RMB49,000,000 100% RMB49,000,000

32. Unsold portion of Ten Miles Spring Breeze (十里春風),

Northeast of the intersection between Fengou Road and Liwan Road,

Damuwan, Xiangshan District, Ningbo,

RMB56,000,000 100% RMB56,000,000

33. Unsold portion of Phase 1 of Anar Mengcheng Beijing Courtyard

(石榴‧蒙城‧北京院子), North to Sanyi Road, East to Lingshan Road, South to Sanyou Road, West to Jingshiqi Road Mengcheng County, Bozhou,

Anhui Province, PRC

RMB57,000,000 100% RMB57,000,000

34. Unsold portion of Nanchong Zichen Mansion (南充紫宸府),

59 of Section 2 of Yinghua South Road, Shunqing District,

Nanchong, Sichuan Province, PRC

RMB32,000,000 100% RMB32,000,000

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35. Unsold portion of Anar School Mansion (石榴學府小區),

South of Guanzhong Avenue, North of Yugang Road, Chengbei New District, Yingshang County, Fuyang,

Anhui Province, PRC

RMB40,000,000 100% RMB40,000,000

36. Unsold portion of Zijin Courtyard (紫金院子),

South of Wangqiao Road, East of Fansheng Road, Chahe New District, Laian County, Chuzhou, Anhui Province, PRC

RMB565,000,000 100% RMB565,000,000

Group III sub-total RMB20,185,000,000 RMB20,121,333,570

Group IV — Properties held by the Group under development in the PRC

37. Portion of Full Moon (荷塘嘉苑),

Changgou Town, Fangshan District, Beijing,

PRC

RMB161,000,000 100% RMB161,000,000

38. Portion of Dinghu (鼎湖項目),

West of Longkou Reservoir, Yongding Town,

Mentougou District, Beijing,

PRC

RMB176,000,000 100% RMB176,000,000

39. Portion of Shangyuan Chengda Center (上元成大中心)

Huangcun Town, Daxing District,

RMB1,010,000,000 70% RMB707,000,000

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No. Property

41. Zhengyuan Building (正元大廈),

South of Baliqiao Market, Tonghui North Road, Tongzhou District, Beijing,

PRC

RMB662,000,000 100% RMB662,000,000

42. Phases 1 to 4 of Tianjin Binhai Bay (濱海灣（天津）),

West of Jiancai Road, South of Jiefang Road, Binhai New District, Tianjin,

PRC

RMB1,512,000,000 50% RMB756,000,000

43. Jade Mountain (翡翠山),

South of North Third Ring, West of Lingyu Street, Jingxiu District, Baoding, Hebei Province, PRC

RMB891,000,000 100% RMB891,000,000

44. Zhongye Tianyuan Building (中冶天元大廈),

No. 72 Beixinxi Road, Lubei District, Tangshan, Hebei Province, PRC

RMB147,000,000 100% RMB147,000,000

45. Cangzhou Magnolia Bay (滄州玉蘭灣),

East of Yongan Avenue, North of Yinghai Road, Yunhe District, Cangzhou, Hebei Province, PRC

RMB746,000,000 100% RMB746,000,000

46. Xushui Magnolia Bay (玉蘭灣（徐水）), North of Hualong Road, West of Xiahexi Village, Xushui District, Baoding, Hebei Province, PRC

RMB319,000,000 51% RMB162,690,000

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47. Haitang Garden Mansion (海棠園樾府),

West of Changqing Road, South of Ruifeng Road, Anci District,

RMB434,000,000 100% RMB434,000,000

48. Clove Garden (丁香園),

North of Nanlong Road, East of Changqing Road, West of Yinghe South Road, Anci District,

RMB933,000,000 100% RMB933,000,000

49. Portion of Yanjiao Magnolia Bay (玉蘭灣（燕郊）),

South of Jingha Road, Liqizhuang Town, Sanhe,

RMB1,280,000,000 100% RMB1,280,000,000

50. Portion of Phase 4 of Changqiao City (長橋郡),

South of Chengbei Avenue, Xianghe County,

RMB230,000,000 85% RMB195,500,000

51. Wutong Courtyard (梧桐院子),

Yangguanying Village, Tanli Town,

Wen’an County, Langfang, Hebei Province,

RMB205,000,000 100% RMB205,000,000

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No. Property

53. Lily Bay (百合灣), Yangguanying Village, Tanli Town,

Wen’an County, Langfang, Hebei Province, PRC

RMB251,000,000 100% RMB251,000,000

54. Wentan Courtyard (文譚院子),

RMB247,000,000 100% RMB247,000,000

55. Hongshu Bay (紅樹灣),

RMB250,000,000 100% RMB250,000,000

56. Haitang Courtyard (海棠院子),

RMB183,000,000 100% RMB183,000,000

57. Hongshu Bay (South) (紅樹灣（南區）), Yangguanying Village, Tanli Town,

RMB93,000,000 100% RMB93,000,000

58. Anar Magnolia Mansion (石榴玉蘭華府),

West of No.237 Provincial Road, North of Xiangyu Avenue, Huai’an District, Huai’an, Jiangsu Province, PRC

RMB1,100,000,000 100% RMB1,100,000,000

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59. Phase 1 of Anar Huaishang Courtyard (石榴淮上合院),

South of Yinghua Road, West of Hefei Road, Huaiyin District, Huai’an, Jiangsu Province, PRC

RMB960,000,000 100% RMB960,000,000

60. Phase 2 of Anar Huaishang Courtyard (石榴淮上合院),

South of Yinghua Road, West of Hefei Road, Huaiyin District, Huai’an, Jiangsu Province, PRC

RMB174,000,000 100% RMB174,000,000

61. Spring River Garden (海納春江),

South of the Youth Road, West of Shilun Road, Chongchuan District, Nantong,

Jiangsu Province, PRC

RMB2,094,000,000 50% RMB1,047,000,000

62. Phases 2 and 3 of Anar Jiangnan Mansion (石榴江南府),

East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province, PRC

RMB393,000,000 100% RMB393,000,000

63. Phase 4 of Anar Jiangnan Mansion (石榴江南府),

East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province,

RMB206,000,000 100% RMB206,000,000

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No. Property

65. Jiannan Courtyard (江南院子), Jinfeng Town, Changjia Village, Zhangjiagang, Jiangsu Province, PRC

RMB2,141,000,000 100% RMB2,141,000,000

66. Phases 1, 2 and 3 of Anar Canal Mansion (石榴運河首府),

South of Liaohe Road, East of Huangshi Road, North of Chaoyang Street, Pizhou,

RMB790,000,000 100% RMB790,000,000

67. Phase 4 of Anar Canal Mansion (石榴運河首府),

South of Liaohe Road, East of Huangshi Road, North of Chaoyang Street, Pizhou,

RMB240,000,000 100% RMB240,000,000

68. Phases 4 and 5 of Yangzhou Slender West Lake Courtyard

(揚州瘦西湖榴園),

West of Yangzijiang Road North, East of Weiyang Road,

South of Yangliuqing Road, Hanjiang District,

Yangzhou, Jiangsu Province, PRC

RMB386,000,000 100% RMB386,000,000

69. Anji Anar Magnolia Bay (安吉石榴玉蘭灣),

No. 3333 Yangguang Avenue East, Anji County,

Huzhou,

RMB510,000,000 100% RMB510,000,000

70. Cultural Courtyard (太湖院子),

No. 699 Waizhuang Road, Wuxing District,

Huzhou,

RMB759,000,000 100% RMB759,000,000

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71. Jiaxing Clearwater Bay (嘉興清水灣),

East of Provincial Road No. 7 and South of Taipinggang,

Wangjiangjing Town, Xiuzhou District, Jiaxing,

RMB222,000,000 100% RMB222,000,000

72. Magnolia Garden (玉蘭錦園),

No. 28 Guangchang Road, Aojiang Town, Pingyang County, Wenzhou,

RMB660,000,000 100% RMB660,000,000

73. Chunxi Yunlu (春棲雲廬),

East of Zhizhong Road and North of Mingong Road,

Ruixiang New District, Rui’an,

RMB672,000,000 51% RMB342,720,000

74. Jinlu Spring River (春江錦廬),

South of Fengxiu Road and West of Yuanhe Road,

Tangxia Town, Rui’an,

RMB569,000,000 100% RMB569,000,000

75. Yuelan Bay (悅蘭灣),

Intersection between Jiahe Road and Wuxing Zhong Road,

Shangyu District, Shaoxing, Zhejiang Province,

RMB900,000,000 100% RMB900,000,000

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No. Property

77. Portion of Lychee Bay Garden (荔枝灣花園),

East of Boya Road North, West of Qinzheng Road, Hengqin New District, Zhuhai,

Guangdong Province, PRC

RMB193,000,000 100% RMB193,000,000

78. Jianghuai Mansion (江淮府),

South of Eighth Road Freight Yard, West of Hushan East Road, Bengshan District, Bengbu,

Anhui Province, PRC

RMB979,000,000 100% RMB979,000,000

79. Spring Dawn at Lake Mountain (湖山春曉),

East of Longhu West Road, South of Longwan Road, Economic and Technological Development District, Bengbu,

Anhui Province, PRC

RMB926,000,000 100% RMB926,000,000

80. Zhongdu Courtyard (中都院子),

Northwest of the intersection of Zhongdu Avenue and Zuiweng Road,

Nanqiao District, Anhui Province, PRC

RMB985,000,000 100% RMB985,000,000

81. Spring Dawn in the Woods (林語春曉),

North of Runhe Road, West of Funan Road, Chengnan New District, Yingzhou,

Fuyang, Anhui Province, PRC

RMB727,000,000 51% RMB370,770,000

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82. Guangde Anar Magnolia Bay (廣德石榴玉蘭灣),

Intersection of Taiji Avenue and Tianshou Road, Taozhou Town, Guangde County, Anhui Province, PRC

RMB699,000,000 100% RMB699,000,000

83. Guangde Anar Clearwater Bay (廣德石榴清水灣),

Intersection of Taiji Avenue and Zhang’an Road,

Taozhou Town, Guangde County, Anhui Province, PRC

RMB599,000,000 100% RMB599,000,000

84. Phase 2 of Anar Mengcheng Beijing Courtyard (石榴‧蒙城‧北京院子),

North to Sanyi Road, Wangqiao Road, South to Sanyou Road, West to Jingshiqi Road, Mengcheng County, Bozhou,

Anhui Province, PRC

RMB369,000,000 100% RMB369,000,000

85. Portion of Anar School Mansion (石榴學府小區),

South of Guanzhong Avenue, North of Yugang Road, Chengbei New District, Yingshang County, Fuyang,

Anhui Province, PRC

RMB233,000,000 100% RMB233,000,000

86. Magnolia Bay Garden (玉蘭灣曦園),

East of Bohai 2nd Road and North of Huanghe 1st Road,

RMB195,000,000 100% RMB195,000,000

(20)

No. Property

87. Binzhou Magnolia Bay (濱州玉蘭灣),

South of Huanghe 2nd Road and East of Bohai 2nd Road,

Bincheng District, Binzhou,

RMB688,000,000 100% RMB688,000,000

88. Bright Moon on Spring River (春江明月),

South of Changxing Road and West of Jiangjun Avenue,

Economic and Technological Development District,

Dezhou,

RMB833,000,000 100% RMB833,000,000

89. Nanchong Zichen Mansion (南充紫宸府)

No.59 Yinghua South Road, Shun Qing District, Nanchong City, Sichuan Province, PRC

RMB654,000,000 100% RMB654,000,000

Group IV sub-total RMB31,765,000,000 RMB28,782,680,000

Group V — Properties held by the Group for future development in the PRC

90. Sunhe Project (孫河項目)

Xidian Village, Sunhe Town, Chaoyang District, Beijing,

PRC

RMB4,103,000,000 100% RMB4,103,000,000

91. Wen’an Magnolia Bay (玉蘭灣（文安）), Yangguanying Village, Tanli Town,

RMB84,000,000 100% RMB84,000,000

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(21)

92. Wen’an Clearwater Bay (文安清水灣),

RMB179,000,000 100% RMB179,000,000

93. Wen’an Summer Plaza (夏日廣場（文安）), Yangguanying Village, Tanli Town,

RMB27,000,000 100% RMB27,000,000

94. Sanhe Liqizhuang Project (三河市李旗莊鎮項目), South of Jingha Road, Liqizhuang Town, Sanhe,

RMB9,000,000 100% RMB9,000,000

95. Portion of Gu’an Magnolia Bay (固安玉蘭灣項目),

South of Chaoyang Avenue, West of Yuquan Road, Gu’an County, Langfang, Hebei Province, PRC

RMB153,000,000 100% RMB153,000,000

96. Portion of Dinghu (鼎湖項目),

West of Longkou Reservoir, Yongding Town,

Mentougou District, Beijing,

PRC

RMB672,000,000 100% RMB672,000,000

(22)

No. Property

Group VI — Property contracted to be acquired by the Group for future development in the PRC

97. Portion of Gu’an Magnolia Bay (固安玉蘭灣項目),

South of Chaoyang Avenue, West of Yuquan Road, Gu’an County, Langfang, Hebei Province, PRC

No commercial value 100% No commercial value

Group VI sub-total No commercial value No commercial value

Category A — Grand total: RMB75,330,600,000 RMB72,126,513,570

Category B — Investment Value (Non Market Value Basis)

No. Property

Investment value in existing state as at 28 February 2021

Investment value attributable to the Group as at 28 February 2021

Group VII — Properties held by the Group for investment in the PRC

98. Huaxin Youth (華新青春坊),

West of Xinfeng Middle Road, North of Xiangyuan River, Huaxin Town,

Qingpu District, Shanghai, PRC

RMB452,000,000 100% RMB452,000,000

99. Portion of Shangyuan Chengda Center (上元成大中心)

Huangcun Town, Daxing District, Beijing, PRC

RMB819,000,000 70% RMB573,300,000

Group VII sub-total RMB1,271,000,000 RMB1,025,300,000

Category B — Grand total: RMB1,271,000,000 RMB1,025,300,000

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Group I — Property held by the Group for owner occupation in the PRC

No. Property Description and tenure

Particulars of occupancy

Market value in existing state as at [28 February 2021]

1. Portion of Innovation Mix Shanghai

(長寧國際發展廣場),

No. 1398 Kaixuan Road,

Changning District, Shanghai,

PRC

Innovation Mix Shanghai (the

‘‘Development’’) is a large-scale commercial complex erected on two parcels of land with a total site area of approximately 40,355.00 sq.m. located at No. 1398 Kaixuan Road in Changning District of Shanghai.

The Development comprises 4 Grade-A office towers and 8 commercial buildings erected over a 3-storey podium including a lower ground shopping arcade and 2-storey basement car park.

Developments in the vicinity are dominated by various residential and commercial buildings. It takes about a 15-minute drive from the property to the city centre of Changning.

According to the information provided by the Group, the property comprises Level 22 of Tower 4 of the Development with a total gross floor area of approximately 1,020.35 sq.m.

As advised by the Group, the property was completed in 2020.

The land use rights of the property have been granted for three concurrent terms expiring on 1 August 2053 for commercial use, 1 August 2063 for office use and 1 August 2063 for recreation, entertainment &

sports use respectively.

As at the valuation date, the property was owner-occupied.

RMB70,000,000 (Renminbi Seventy Million)

(100% interest attributable to the Group:

RMB70,000,000 (Renminbi Seventy Million))

(24)

Notes:

1. Pursuant to two State-owned Land Use Rights Certificates — Hu Fang Di Chang Zi (2014) No. 005026 and Hu Fang Di Chang Zi (2016) No. 002320 dated 25 April 2014 and 4 February 2016, the land use rights of two parcels of land with a total site area of approximately 40,355.20 sq.m. have been granted to Shanghai Heshi Investment Development Co., Ltd. (上海褐石投資發展有限公司) (‘‘Shanghai Heshi’’), a 100%-owned subsidiary of the Company, for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

2. Pursuant to the Realty Title Certificate — Hu (2020) Chang Zi Bu Dong Chan Quan Di No. 013671 dated 26 November 2020, the building ownership with a gross floor area of approximately 121,589.66 sq.m. together with the corresponding land use rights have been granted to Shanghai Heshi for three concurrent terms expiring on 1 August 2053 for commercial use, 1 August 2063 for office use and 1 August 2063 for recreation, entertainment & sports use respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the building ownership of the property is subject to a mortgage; and

ii. Shanghai Heshi has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Shanghai Heshi has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB73,000 and RMB80,000 per sq.m. for office units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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existing state as at [28 February 2021]

2. Anar Center (石榴中心), No. 88 Huaixiang Street,

Fengtai District, Beijing, PRC

Anar Center is a large-scale commercial development, which comprises 22 single block commercial buildings and 2 Grade-A office towers on a 3-storey commercial and car park podium, erected on a parcel of land with a total site area of approximately 28,639.65 sq.m.

The property is situated at No. 88 Huaixiang Street in Fengtai District. Developments in the vicinity are dominated by office, commercial and residential buildings. It takes about a 30-minute drive from the property to the city centre of Beijing.

According to the information provided by the Group, the property comprises various commercial units, office units and car parking spaces with a total gross floor area of approximately 103,448.87 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Approximate Gross Floor Area (sq.m.)

Commercial 35,190.62

Office 45,479.79

Car parking space 14,756.97

Civil defense 8,021.49

Total: 103,448.87

The land use rights of the property have been granted for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite and

As at the valuation date, portion of the property with a total gross floor area of approximately 76,614.15 sq.m. was subject to various tenancies with the latest one expiring on July 2032 at a total monthly rental of approximately RMB12,200,000 (exclusive of VAT).

The remaining portion of the property was vacant.

RMB4,175,000,000 (Renminbi Four Billion One Hundred and Seventy Five Million)

RMB4,175,000,000 (Renminbi Four Billion One Hundred and Seventy Five Million))

(26)

Notes:

1. Pursuant to the Realty Title Certificate — Jing Feng Guo Yong (2013 Chu) Di No. 00211 dated 19 November 2013, the land use rights of a parcel of land with a site area of approximately 28,639.65 sq.m. have been granted to Beijing Anar Real Estate Development Co., Ltd. (北京石榴房地產開發有限公司) (‘‘Beijing Anar’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite, below-ground composite and below-ground carpark uses respectively.

2. Pursuant to 25 Realty Title Certificates — Jing (2016) Feng Tai Qu Bu Dong Chan Quan Di Nos. 0032385, 0032398, 0033141, 0033142, 0033144 to 0033146, 0033633, 0033634, 0033637 to 0033639 and 0033801 to 0033812, Jing (2017) Feng Tai Qu Bu Dong Chan Quan Di No. 0043013 and Jing (2018) Feng Tai Qu Bu Dong Chan Quan Di No. 0027382 dated 6 May 2016 and 5 May 2018, the building ownership with a gross floor area of approximately 103,448.87 sq.m.

together with the corresponding land use rights have been granted to Beijing Anar for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite, below-ground composite and below-ground carpark uses respectively.

ii. Beijing Anar has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Beijing Anar has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB390 and RMB440 per sq.m. per month for office, RMB630 to RMB800 per sq.m. per month for commercial units (Level 1) and RMB900 to RMB1,200 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 3.7% to 5.5% for office units and between 4.0% to 5.1% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

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3. Portion of Jingjing Innovation Center (菁菁創智中心), Longsheng Street No. 6 Yard, Daxing District, Beijing, PRC

Jingjing Innovation Center

(the ‘‘Development’’) is a large-scale commercial development erected on a parcel of land with a site area of approximately 23,247.07 sq.m.

The Development is situated at Longsheng Street No. 6 Yard in Daxing District.

Developments in the vicinity are dominated by office and commercial buildings. It takes about a 30-minute drive from the property to the Beijing Daxing International Airport.

According to the information provided by the Group, the property comprises various commercial units, office units, storeroom, car parking spaces and ancillary facilities of the Development with a total gross floor area of approximately 85,553.64 sq.m.

Details of the uses and approximate gross floor areas of the property are as follows:

Use

Office 49,320.17

Commercial 930.85

Storeroom 21,293.83

Ancillary facilities 469.04

Total: 85,553.64

The land use rights of the property have been granted for terms expiring on 29 July 2055 for commercial and below-ground commercial and 29 July 2065 for office, below-ground storeroom and below-ground carpark space uses respectively.

As at the valuation date, portion of the property with a total gross floor area of approximately 1,146.81 sq.m. was subject to various tenancies with the latest one expiring on July 2023 at a total monthly rental of approximately RMB34,000 (exclusive of VAT).

RMB1,572,000,000 (Renminbi One Billion Five Hundred and Seventy Two Million)

RMB1,572,000,000 (Renminbi One Billion Five Hundred and Seventy Two Million))

(28)

Notes:

1. Pursuant to the Realty Title Certificate — Ji (2018) Da Bu Dong Chan Quan Di No. 0000133 dated 23 May 2018, the land use rights of a parcel of land with a site area of approximately 23,247.07 sq.m. have been granted to Beijing Hexing Donghua Investment development Co., Ltd. (北京和興東華投資發展有限公司) (‘‘Beijing Hexing Donghua’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 29 July 2055 for commercial and 29 July 2065 for office, below-ground storeroom and below-ground carpark uses respectively.

2. Pursuant to 8 Realty Title Certificates — Jing (2018) Da Bu Dong Chan Quan Di Nos. 0019372 to 0019374, 0019376 to 0019379 and 0039965 dated between 19 March 2018 and 6 July 2018, the building ownership with a gross floor area of approximately 103,448.87 sq.m. together with the corresponding land use rights are vested in Beijing Hexing Donghua for terms expiring on 29 July 2055 for commercial and below-ground commercial and 29 July 2065 for office, below-ground storeroom and below-ground carpark uses respectively.

i. Beijing Hexing Donghua has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property; and

ii. according to the confirmation from Beijing Hexing Donghua, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB140 and RMB170 per sq.m. per month for office units, RMB180 to RMB240 per sq.m. per month for commercial units (Level 1), RMB60 to RMB100 per sq.m. per month for storerooms and RMB900 to RMB1,200 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-28 –

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4. New Airport Center (新空港中心), Hongxu East Road No. 2 Yard, Xi Hong Men Town, Daxing District, Beijing, PRC

New Airport Center is a large-scale commercial development erected on a parcel of land with a site area of approximately 26,700.00 sq.m.

The property is situated at Hongxu East Road No. 2 Yard in Daxing District.

Developments in the vicinity are dominated by office and commercial buildings. It takes about a 40-minute drive from the property to the city centre of Beijing.

According to the information provided by the Group, the property comprises various commercial units, office units, storeroom units and car parking spaces with a total gross floor area of approximately 70,778.40 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Office 54,199.93

Commercial 1,568.95

Storeroom 5,671.24

Total: 70,778.40

The land use rights of the property have been granted for a term expiring on 24 March 2056 for office, class-E storeroom and commercial uses.

As at the valuation date, the property was vacant.

RMB1,581,000,000 (Renminbi One Billion Five Hundred and Eighty One Million)

RMB1,422,900,000 (Renminbi One Billion Four Hundred Twenty Two Million and Nine Hundred Thousand))

(30)

Notes:

1. Pursuant to the Realty Title Certificate — Jing (2016) Da Xing Qu Bu Dong Chan Quan Di No. 0000109 dated 29 June 2016, the land use rights of a parcel of land with a site area of approximately 26,700.00 sq.m. have been granted to Beijing Hengxing Boda Real Estate Development Co., Ltd. (北京恒興博達房地產開發有限公司) (‘‘Beijing Hengxing Boda’’), a 90%-owned subsidiary of the Company for a term expiring on 24 March 2056 for greenbelt development use (綠隔產業用地).

2. Pursuant to 7 Real Estate Title Certificates — Jing (2020) Da Bu Dong Chan Quan Di Nos. 00239990 00239998, 00239991, 00239993, 00239994 and 00239997 and Jing (2021) Da Bu Dong Chan Quan Di No. 0003568 dated between 27 September 2020 and 5 February 2021, the building ownership with a gross floor area of approximately 70,778.40 sq.m. together with the corresponding land use rights are vested in Beijing Hengxing Boda for a term expiring on 24 March 2056 for office, class-E storeroom and commercial uses.

ii. Beijing Hengxing Boda has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Beijing Hengxing Boda has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

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5. Building No. 26 of Lily Bay Garden (百合灣嘉園), No. 70 Tonghu Street, Tongzhou District, Beijing,

PRC

Lily Bay Garden (the ‘‘Development’’) is a large-scale residential and commercial development erected on two parcels of land with a total site area of approximately 60,394.00 sq.m.

The Development is situated at No. 70 Tonghu Street in Tongzhou District.

Developments in the vicinity are dominated by residential and commercial buildings. It takes about a 45-minute drive from the property to the city centre of Beijing.

According to the information provided by the Group, the property comprises a 9-storey apartment with ancillary facilities of the Development with a total gross floor area of approximately 4,857.37 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Apartment 4,762.77

Ancillary facilities 94.60

Total: 4,857.37

The land use rights of the property have been granted for two concurrent terms expiring on 31 August 2059 and 31 August 2079 for composite and residential uses respectively.

As at the valuation date, the property is subject to a tenancy agreement with the latest one due to expiring on 30 April 2027 at a monthly rent of

approximately RMB223,000 (exclusive of VAT).

RMB83,600,000 (Renminbi Eighty Three Million and Six Hundred Thousand)

RMB83,600,000 (Renminbi Eighty Three Million and Six Hundred Thousand))

(32)

Notes:

1. Pursuant to two State-owned Land Use Rights Certificates — Jing Tong Guo Yong (2010 Chu) Di Nos. 075 and 076 both dated 13 October 2010, the land use rights of two parcels of land with a total site area of approximately 60,394.00 sq.m. have been granted to Beijing McKinley Real Estate Development Co., Ltd. (北京麥金利房地產開發有限公司) (‘‘Beijing McKinley’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 31 August 2059 and 31 August 2079 for composite and residential uses respectively.

2. Pursuant to the Realty Title Certificate — Jing (2016) Tong Zhou Qu Bu Dong Chan Quan Di No. 0031982 dated 23 June 2016, the building ownership with a gross floor area of approximately 4,857.37 sq.m. together with the corresponding land use rights are vested in Beijing McKinley for a term expiring on 31 August 2059 for supporting use.

i. Beijing McKinley has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property (excluding the portions which have been sold out); and

ii. according to the confirmation from Beijing McKinley, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB70 and RMB90 per sq.m. per month for apartment. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 1.7% to 3.5% for apartment units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

– III-32 –

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6. Portion of Innovation Mix Shanghai

(長寧國際發展廣場),

No. 1398 Kaixuan Road,

Changning District, Shanghai

PRC

Innovation Mix Shanghai (the

‘‘Development’’) is a large-scale commercial complex erected on two parcels of land with a total site area of approximately 40,355.00 sq.m. located at No. 1398 Kaixuan Road in Changning District of Shanghai.

The Development comprises 4 Grade-A office towers and 8 commercial buildings erected over a 3-storey podium including a lower ground shopping arcade and 2-storey basement car park.

Developments in the vicinity are dominated by various residential and commercial buildings. It takes about a 15-minute drive from the property to the city centre of Changning.

According to the information provided by the Group, the property comprises various commercial units, office units, car parking spaces and ancillary facilities of the Development with a total gross floor area of approximately 237,394.89 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Office 131,989.35

Total: 237,394.89

The land use rights of the property have been granted for terms expiring on 1 August 2053 and 15 December 2055 for commercial

As at the valuation date, portion of the property with a total gross floor area of approximately 1,020.00 sq.m. was subject to various tenancies with the latest one expiring on December 2023 at a total monthly rental of approximately RMB262,000 (exclusive of VAT).

RMB10,672,000,000 (Renminbi Ten Billion Six Hundred and Seventy Two Million)

RMB10,672,000,000 (Renminbi Ten Billion Six Hundred and Seventy Two Million))

(34)

Notes:

1. Pursuant to two State-owned Land Use Rights Certificates — Hu Fang Di Chang Zi (2014) No. 005026 and Hu Fang Di Chang Zi (2016) No. 002320 dated 25 April 2014 and 4 February 2016, the land use rights of two parcels of land with a total site area of approximately 40,355.20 sq.m. have been granted to Shanghai Heshi Investment Development Co., Ltd. (上海褐石投資發展有限公司) (‘‘Shanghai Heshi’’), a 100%-owned subsidiary of the Company, for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

2. Pursuant to three Realty Title Certificates — Hu (2020) Chang Zi Bu Dong Chan Quan Di Nos. 013646, 013663 and 013671 all dated 26 November 2020, the building ownership with a total gross floor area of approximately 238,415.24 sq.m. together with the corresponding land use rights are vested in Shanghai Heshi for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

ii. Shanghai Heshi has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Shanghai Heshi has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

– III-34 –

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existing state as at [28 February 2021]

7. Unsold portion of Full Moon (荷塘嘉苑), Changgou Town, Fangshan District, Beijing,

PRC

Full Moon (the ‘‘Development’’) is a large-scale commercial and residential development erected on a parcel of land with a site area of approximately 72,560.31 sq.m.

The Development is situated at the Changgou Town in Fangshan District in Beijing. Developments in the vicinity are dominated by various residential buildings.

It takes about 80-minute drive from the property to city center of Beijing.

According to the information provided by the Group, the property comprises various residential units and car parking spaces of the Development with a total gross floor area of approximately 2,487.81 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Residential 2,216.82

Car parking space 270.99

Total: 2,487.81

As advised by the Group, the property was completed by phases between 2016 and 2017.

The land use rights of the property have been granted for three concurrent terms expiring on 28 November 2051, 28 November 2061 and 28 November 2081 for commercial, carpark and residential uses respectively.

RMB51,000,000 (Renminbi Fifty One Million)

RMB51,000,000 (Renminbi Fifty One Million))

(36)

Notes:

1. Pursuant to three Realty Title Certificates — Jing Fang Guo Yong (2014 Chu) Nos. 00074, 00075 and 00076, dated 12 June 2014, the land use rights of three parcels of land with a total site area of approximately 72,560.31 sq.m. have been granted to Beijing Chuangzhan Real Estate Development Co., Ltd. (北京創展房地產開發有限公司) (‘‘Beijing Chuangzhan’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 28 November 2051, 28 November 2061 and 28 November 2081 for commercial, carpark and residential uses respectively.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110111201400038 dated 4 July 2014, Beijing Chuangzhan was permitted to use a parcel of land with a site area of approximately 72,560.51 sq.m. for development.

3. Pursuant to four Construction Works Planning Permits — Jian Zi Di Nos. 110111201400108, 110111201400109, 110111201400110 and 110111201600094 dated between 15 July 2014 and 28 December 2016, the total approved construction scale was approximately 95,607.908 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — [2014] Shi Jian Zi No.0468, 0470, 0469 and [2017] Shi Jian Zi No. 0109 dated between 5 August 2014 and 16 February 2017, the construction works of various buildings with a total construction scale of approximately 95,607.91 sq.m. were approved for commencement.

5. Pursuant to three Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2015) Nos. 40, 45 and 90 dated between 14 May 2015 and 8 July 2015, various buildings with a total gross floor area of 63,505.43 sq.m. were permitted for pre-sale.

6. Pursuant to three Completion Certificates — 0721 Fang Jun 2016 (Jian) No. 0074, 0720 Fang Jun 2016 (Jian) No. 0073 and 0754 Fang Jun 2017 (Jian) No. 0082 dated between 5 September 2016 and 2 November 2017, the construction works of various buildings with a total gross floor area of 70,293.43 sq.m. have been examined.

7. As advised by the Group, portion of the property with a total gross floor area of 1,377.12 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB26,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

– III-36 –

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income from or by other income means to dispose of the property;

ii. according to the confirmation from Beijing Chuangzhan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Beijing Chuangzhan is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

iv. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Beijing Chuangzhan to obtain relevant building ownership certificates after Beijing Chuangzhan submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB22,000 and RMB30,000 per sq.m. for residential units and RMB120,000 to RMB300,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

(38)

Market value in existing state as at [28 February 2021]

8. Unsold portion of Chengda Center (成大中心),

No.2 Liangshi Street, Tongzhou

District, Beijing, PRC

Chengda Center (the ‘‘Development’’) is a composite development with office, residential units, commercial units and car parking facilities provided erected on a parcel of land with a site area of approximately 17,064.00 sq.m.

The Development is situated at No.2 Liangshi Street in Tongzhou District of Beijing. Developments in the vicinity are dominated by various commercial buildings and residential developments. It takes about a 45-minute drive from the property to the city center of Beijing.

According to the information provided by the Group, the property comprises various commercial units, office units, apartment units and car parking spaces, of the Development with a total gross floor area of approximately 153,962.19 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Use

Office 92,899.53

Apartment 33,610.29

Total: 153,962.19

The land use rights of the property have been granted for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (including apartment) and carpark use respectively.

RMB6,332,000,000 (Renminbi Six Billion Three Hundred and Thirty Two Million)

RMB6,332,000,000 (Renminbi Six Billion Three Hundred and Thirty Two Million))

– III-38 –

(39)

the land use rights of a parcel of land with a site area of approximately 17,064.00 sq.m. have been granted to Beijing Furun Wanjia Real Estate Development Co., Ltd. (北京富潤萬嘉房地產開發有限公司) (‘‘Beijing Furun Wanjia’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (include apartment) and carpark uses respectively.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110112201500006 dated 19 January 2015, Beijing Furun Wanjia was permitted to use a parcel of land with a site area of approximately 17,064.236 sq.m. for development.

3. Pursuant to three Construction Works Planning Permits — Jian Zi Di Nos. 110112201600181, 110112201600167 and 110112201600068 dated between 9 May 2016 and 23 November 2016, the total approved construction scale was approximately 171,988.74 sq.m.

4. Pursuant to 6 Construction Works Commencement Permits — Nos. 110112201701190101, 110112201701190201, 110112201701190301, 110112201701190401, 110112201612060101 and 110112201607180101 dated between 18 July 2016 and 19 January 2017, the construction works of various buildings with a total construction scale of approximately 171,988.74 sq.m. were approved for commencement.

5. Pursuant to two Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2018) No. 50 and Jing Fang Shou Zheng Zi (2020) No. 16 dated 10 June 2018 and 17 February 2020, various buildings with a total gross floor area of 151,904.20 sq.m. were permitted for pre-sale.

6. Pursuant to 7 Realty Title Certificates — Jing (2020) Tong Bu Dong Chan Quan Nos. 0035101, 0035103, 0035104, 0035102, 0035099 and 0002330 and Jing (2021) Tong Bu Dong Chan Quan No. 0035101 dated between 12 December 2020 and 15 January 2021, the building ownership of various buildings with a total gross floor area of approximately 153,962.18 sq.m. together with the corresponding land use rights are vested in Beijing Furun Wanjia for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (include apartment) and carpark use respectively.

7. As advised by the Group, the property with a total gross floor area of 153,962.19 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB6,332,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.