SUCCESSFUL BID FOR COMMERCIAL AND RESIDENTIAL DEVELOPMENT SITE AT BUKIT BATOK WEST AVENUE IN SINGAPORE AT A CONSIDERATION OF APPROXIMATELY HK$1.74 BILLION

   The  board  (the  ‘‘Board’’)  of  directors  (the  ‘‘Directors’’)  of  the  Company  is  pleased  to announce that its subsidiaries in Singapore, Qingjian Realty (BBR) Pte. Ltd and Qingjian Realty (BBC) Pte. Ltd (together, ‘‘Qingjian Realty’’) have successfully tendered for a commercial  and  residential  development  site  at  Bukit  Batok  West  Avenue  6  (‘‘Bukit Batok’’)  in Singapore (the ‘‘Project’’)  at total consideration of S$301.16 million (equivalent to approximately HK$1.74 billion).

   The project sits on a Land Parcel of 14,696.7 square metres. The total maximum gross floor area (GFA) of the site is 44,091 square metres including approximately 6,000 square metres of commercial area and approximately 38,091 square metres of residential area. The Project is the first mixed development project to be undertaken by the Group in Singapore.

   In view of the location and the designated use of the Land Parcel, the Directors consider Qingjian Realty’s  submission is in line with the business development strategy and planning of the Company. Given the Project’s  close proximity to the Jurong district in Singapore and the  success of  recent mixed development launches in  Singapore, the  Directors are of  the view that these positive indicators will contribute to the future success of the development of the Group.