The Board announced that on 4 January 2022, Brilliant Prestige Limited, a wholly-owned subsidiary of Kerry Properties Limited successfully won the tender for the acquisition of the land use rights of the Land offered for sale by Shanghai Huangpu District Planning and Natural Resources Bureau, at a Consideration of RMB 13,329,070,000 (approximately HKD 16,261,465,400) for mixed-use development. The Letter of Intent has also been signed on 4 January 2022, and pursuant to the Letter of Intent, the Land Use Rights Grant Contracts will be entered into in due course. (1) Shanghai Huangpu District Planning and Natural Resources Bureau, as the vendor; and (2) BPL, as the purchaser.

To the best of the knowledge, information and belief of the Directors having made all reasonable enquiries, Shanghai Huangpu District Planning and Natural Resources Bureau and its ultimate beneficial owner(s) are independent third parties of the Company and its connected persons. The Land consists of four plots of land for Plots 064-01, 065-01, 066-01, 067-01, Unit C010102, Guangchang Community, Huangpu District, Shanghai, the PRC (C010102 064-01065-01066-01067-01), located east to Shengze Road, south to Renmin Road, west to Zhejiang Nan Road, north to Ninghai Dong Road with a total site area of 38,102.7 sq.m. with term of use of 70 years for residential use, 50 years for office use and 40 years for commercial use.