Hong Long Holdings : SUPPLEMENTAL AGREEMENT IN RELATION TO MAJOR TRANSACTION DISPOSAL OF 100% EQUITY INTEREST IN LUXEGOOD

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HONG LONG HOLDINGS LIMITED
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1383) SUPPLEMENTAL AGREEMENT IN RELATION TO MAJOR TRANSACTION  DISPOSAL OF 100% EQUITY INTEREST  IN LUXEGOOD DEVELOPMENT LIMITED AND  FURTHER DELAY IN DESPATCH OF CIRCULARSReference is made to the announcement of Hong Long Holdings Limited (the "Company") dated

1 August 2011, 22 August 2011, 23 September 2011, 26 October 2011 and 25 November 2011 (the "Luxegood Announcements") in relation to the Luxegood Disposal and the announcement of the Company dated 7 December 2011 in relation to the Change of Company Name (the "Change of Company Name Announcement"). Capitalised terms used herein shall have the same meanings as those defined in the Luxegood Announcements and the Change of Company Name Announcement unless the context requires otherwise.

SUPPLEMENTAL AGREEMENTThe Board is pleased to announce that on 30 December 2011 (after trading hours), the Company (as vendor) and Ning Jiang (as purchaser) entered into a supplemental agreement in relation to the Luxegood Disposal (the "Supplemental Agreement") to amend the certain terms of the Luxegood Agreement.

Pursuant to the Supplemental Agreement, the Luxegood Consideration is adjusted from HK$323.17 million to HK$294.84 million, representing a downward adjustment of HK$28.33 million (the "Adjustment"). The Adjustment reflects the expectation on the decrease in property price in the PRC from the date of the Luxegood Agreement to the date of Luxegood Completion.

In addition, the Company (as vendor) and Ning Jiang (as purchaser) have agreed to extend the Long Stop

Date from 31 December 2011 to 30 June 2012.

Save for the aforesaid change, all other principal terms of the Luxegood Agreement remain unchanged.

FURTHER DELAY IN DESPATCH OF CIRCULARSAs stated in the Luxegood Announcements, a circular (the "Luxegood Circular") containing, among other things, further details of the Luxegood Disposal and a notice convening the EGM will be despatched to the Shareholders on or before 30 December 2011. As additional time is required for the Company to prepare and finalise the Luxegood Circular, the date of despatch of the Luxegood Circular will be postponed to on or before 31 January 2012.

As stated in the Change of Company Name Announcement, a circular (the "Change of Company Name Circular") containing, among other things, further details of the Change of Company Name and a notice convening the EGM will be despatched to the Shareholders on or before 30 December 2011. As additional time is required for the Company to prepare and finalise the Change of Company Name Circular, the date of despatch of the Change of Company Name Circular will be postponed to on or before 31 January 2012.

By order of the Board

Hong Long Holdings Limited
Chau Cheok Wa
ChairmanHong Kong, 30 December 2011

As at the date of this announcement, the executive Directors are Mr. CHAU Cheok Wa, Mr. ZENG Yunshu, Mr. LEE Chi Shing Caesar, Ms. YEUNG So Mui, Ms. CHAN Wai Leng, Ms. CHAU Sui Heng, Ms. CHENG Mei Ching, Ms. YEUNG So Lai and Mr. LEUNG Ming Ho Vincent; and the independent non-executive Directors are Dr. LI Jun, Mr. CHEUNG Ngai Lam and Mr. CHEUNG Kwok Yu.