THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

The following is the text of a letter and summary disclosure of values, prepared for the purpose of incorporation in this document received from Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an independent valuer, in connection with its valuation as at 31 July 2020 of the selected property interests held by the Group, the Joint Ventures and Associate.

Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company License No.: C-030171

仲量聯行企業評估及咨詢有限公司 香港英皇道979號太古坊一座7樓 電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼：C-030171

[REDACTED]

The Board of Directors Radiance Holdings (Group) Company Limited Unit 6701-02, 67/F The Center 99 Queen’s Road Central Central Hong Kong

Dear Sirs,

In accordance with your instructions to value the selected property interests held by Radiance Holdings (Group) Company Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”), and 5 properties held by Company’s Joint Ventures and Associate in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the market values of the property interests as at 31 July 2020 (the “valuation date”).

For the purpose of this report, we classified these properties as the property interests relating to “property activities” which mean holding (directly or indirectly) and/or development of properties for letting or retention as investments, or the purchase or development of properties for subsequent sale, or for subsequent letting or retention as investments.

Furthermore, we have adopted the below guidance on what constitutes a property interest:

(a) one or more units in the same building or complex;

(b) one or more properties located at the same address or lot number;

(c) one or more properties comprising an integrated facility;

(d) one or more properties, structures or facilities comprising a property development project (even if there are different phases);

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(e) one or more properties held for investment within one complex;

(f) one or more properties, structures or facilities located contiguously to each other or located on adjoining lots and used for the same or similar operational/business purposes; or

(g) a project or phases of development presented to the public as one whole project or forming a single operating entity.

Our valuation is carried out on a market value basis. Market value is defined as “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”.

We have valued the property interests in Group I which are held for sale by the Group and Joint Ventures, the car parking spaces of property nos. 32, 34, 38 and property no. 33 in Group II and property interests in Group V which are held for future development by the Group by the comparison approach assuming sale of the property interests in their existing state with the benefit of immediate vacant possession and by making reference to comparable sales transactions as available in the market. This approach rests on the wide acceptance of the market transactions as the best indicator and presupposes that evidence of relevant transactions in the market place can be extrapolated to similar properties, subject to allowances for variable factors.

For the purpose of our valuation, real estate developments for sale are those the Construction Work Completion and Inspection Certificates/Tables or Building Ownership Certificates/Real Estate Title Certificates thereof are issued by the relevant local authorities or are in the process of application, this also includes those property interests which have been contracted to be sold, but the formal assignment procedures of which have not yet been completed; and real estate developments for future development are those the Construction Work Commencement Permits are not issued while the State-owned Land Use Rights Certificates/Real Estate Title Certificates (for land) have been obtained.

We have valued the property interests in Group II (except for the car parking spaces of property nos. 32, 34, 38 and property no. 33) which are held for investment by the Group and Group III which are held and occupied by the Group by the income approach by taking into account the net rental income of the properties derived from the existing leases and/or achievable in the existing market with due allowance for the reversionary income potential of the leases, which have been then capitalized to determine the market value at an appropriate capitalization rate. Where appropriate, reference has also been made to the comparable sales transactions as available in the relevant market.

In valuing property interests in Group IV which are held under development by the Group, Joint Ventures and Associate, we have assumed that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. In arriving at our opinion of values, we have adopted the comparison approach by making reference to comparable sales evidence as available in the relevant market and have also taken into account the accrued construction cost and professional fees relevant to the stage of construction as at the valuation date and the remainder of the cost and fees expected to be incurred for completing the development. We have relied on the accrued construction cost and professional fees information provided by the Group according to the different stages of construction of the properties as at the valuation date, and we did not find any material inconsistency from those of other similar developments.

– III-2 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

For the purpose of our valuation, properties under development are those for which the Construction Works Commencement Permit(s) has (have) been issued while the Construction Work Completion and Inspection Certificate(s)/Table(s) of the building(s) have not been issued.

For the property interests in Group VI which are contracted to be acquired by the Group, the Group has entered into agreements with the relevant government authorities. Since the Group has not yet obtained the State- owned Land Use Rights Certificates/Real Estate Title Certificates and/or the payment of the land premium has not yet been fully settled as at the valuation date, we have attributed no commercial value to the property interests.

Our valuation has been made on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests.

No allowance has been made in our report for any charge, mortgage or amount owing on any of the property interest valued nor for any expense or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their values.

In valuing the property interest, we have complied with all requirements contained in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by the Stock Exchange of Hong Kong Limited; the RICS Valuation — Global Standards published by the Royal Institution of Chartered Surveyors; the HKIS Valuation Standards published by the Hong Kong Institute of Surveyors, and the International Valuation Standards issued by the International Valuation Standards Council.

We have relied to a very considerable extent on the information given by the Group, Joint Ventures and Associate and have accepted advice given to us on such matters as tenure, planning approvals, statutory notices, easements, particulars of occupancy, lettings, and all other relevant matters.

We have been shown copies of title documents including State-owned Land Use Rights Certificates, Building Ownership Certificates, Real Estate Title Certificates and other official plans relating to the property interests and have made relevant enquiries. Where possible, we have examined the original documents to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the advice given by the Company’s PRC Legal Advisor — Jingtian & Gongcheng, concerning the validity of the property interests in the PRC.

We have had no reason to doubt the truth and accuracy of the information provided to us. We have also sought confirmation from the Group, Joint Ventures and Associate that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to arrive an informed view, and we have no reason to suspect that any material information has been withheld.

We have not carried out detailed measurements to verify the correctness of the areas in respect of the properties but have assumed that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been taken.

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We have inspected the exterior and, where possible, the interior of the properties. However, we have not carried out investigation to determine the suitability of the ground conditions and services for any development thereon. Our valuation has been prepared on the assumption that these aspects are satisfactory. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defect. We are not, however, able to report whether the properties are free of rot, infestation or any other structural defect. No tests were carried out on any of the services.

Inspection of the properties was carried out in the period between November 2019 and January 2020, and in September 2020 by about 12 technical staffs including Ms. Echo Li, Ms. Gloria Wang, Mr. Elvin Zhang, Ms. Queenie Lu, Ms. Joey Fei and Ms. Silvia Ma, etc. They have more than 2 years’ experience in the valuation of properties in the PRC. Among them, Ms. Echo Li is a member of RICS and a China Certified Real Estate Appraiser, Ms. Gloria Wang is a China Certified Real Estate Appraiser and Ms. Queenie Lu is a China Land Valuer and China Certified Real Estate Appraiser.

The properties in our valuation comprise 117 projects of the Group of which the total book value was more than 90% of the total book value of the Group as at the valuation date. The properties also comprise 5 selected properties (included in 3 projects) from the Company’s Joint Ventures and Associates. The total 120 projects are located in 5 economic regions of the PRC and their values as at the valuation date are summarized as follows:

Market value for reference (for Market value in Market value properties without existing state as attributable to the proper title at the valuation Group as at the certificates)* as at Number of date valuation date the valuation date Projects Economic Region (RMB) (RMB) (RMB)

24 Yangtze River Delta Economic Region 26,111,300,000 21,211,500,000 6,578,700,000 (長江三角洲經濟區)

31 Bohai Economic Rim 28,572,400,000 26,759,900,000 712,100,000 (環渤海經濟區)

21 Southern China Economic Region 24,727,200,000 18,806,200,000 2,691,100,000 (華南經濟區)

29 Southwestern China Economic Region 41,602,300,000 31,442,400,000 1,689,600,000 (西南經濟區)

15 Northwestern China Economic Region 29,781,500,000 28,590,200,000 1,778,400,000 (西北經濟區) 120 150,794,700,000 126,810,200,000 13,449,900,000

* We have attributed no commercial value to the land parcels contracted to be acquired by the Group, a building and the car parking spaces which have no proper title certificates. However, we have provided our opinion of market values for reference by assuming their title certificates have been obtained and they can be freely transferred by the Group. As advised by the Group, they are in the process of applying for title certificates of these land parcels and there is no legal impediment for them in obtaining the relevant title certificates.

In accordance with the requirements in rule 5.02B of Chapter 5 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited, as the value of each property as at the valuation

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We are instructed to provide our opinion of value as per the valuation date only. It is based on economic, market and other conditions as they exist on, and information made available to us as of, the valuation date and we assume no obligation to update or otherwise revise these materials for events in the time since then. In particular, the outbreak of the Novel Coronavirus (COVID-19) since declared Global Pandemic on 11 March 2020 has caused much disruption to economic activities around the world. As of the report date, China’s economy is experiencing gradual recovery and it is anticipated that disruption to business activities will steadily reduce. We also note that market activity and market sentiment in these particular market sectors remains stable. However, we remain cautious due to uncertainty for the pace of global economic recovery in the midst of the outbreak which may have future impact on the real estate market. Therefore, we recommend that you keep the valuation of the properties under frequent review.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB).

Our summary disclosure of values is attached below for your attention.

Yours faithfully, For and on behalf of Jones Lang LaSalle Corporate Appraisal and Advisory Limited Eddie T. W. Yiu MRICS MHKIS RPS (GP) Senior Director

Note: Eddie T.W. Yiu is a Chartered Surveyor who has 26 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

– III-5 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION SUMMARY DISCLOSURE OF PROPERTY VALUATION Abbreviation: GFA: Gross Floor Area R: Residential C: Commercial O: Office H: Hotel S: Storage CPS: Car Parking Space ‘‘—’’: Not Applicable or Not Available Group I — Properties held forGroup sale II by — the Properties Group held and for JointGroup investment Ventures III by in — the the Properties Group PRC held in and theGroup occupied PRC IV by — the Properties Group held in under theGroup development PRC V by — the Properties Group, held Joint for VenturesGroup future and VI development Associate — by in Properties the the contracted Group PRC to in be the acquired PRC by the Group in*: the In PRC this Summary Disclosure of Property Valuation, the values have been rounded to hundred thousand.

– III-6 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION Market as at the reference Value for (for properties without proper valuation date* title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date GFA Total Saleable Pre-Sold Date June 2019 14,555.95 205,400,000 96% 197,200,000 — May 2020 630.26 12,500,000 33% 4,100,000 88,600,000 April 2017 — 47,500,000 96% 45,600,000 36,100,000 April 2020 209.62 29,500,000 96% 28,300,000 18,600,000 March 2020 3,742.13 388,600,000 96% 373,100,000 3,600,000 Completion August 2019 8,209.48 606,300,000 96% 582,000,000 78,300,000 Land Use Rights Expiry Date 2057 for commercial use, 18 November 2087 for residential use commercial use for residential use 2049 for commercial use residential use for residential use CPS Saleable Number of GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Jiangsu R, C, CPS 44,993.96 33,088.35 251 18 November Shanghai C 15,862.22 3,841.13 — 17 December Jiangsu C 14,354.75Shanghai 14,555.95 R, CPS 21,883.17 — 14 July 2054 7,269.37 for 203 27 January 2086 Tianjin R, C 9,097.15 2,340.43 — 13 April 2079 for Province/ Municipality Use Total GFA Hebei R, S 13,084.76 1,801.44 — 13 August 2087 portion of Project Suzhou Sea Breeze Garden portion of Project Shanghai Jingang Commercial Plaza portion of Project Suzhou Qianwan Commercial Center portion of Project Shanghai Jinhui Tiancui Garden portion of Project Tianjin Hu’an Garden portion of Project Shijiazhuang New Block (Pinyuan) 1 The unsold 4 The unsold 2 The unsold 3 The unsold 5 The unsold 6 The unsold Group I — Properties held for sale by the Group and Joint Ventures in the PRC Property No. Name of Property

– III-7 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION Market as at the reference Value for (for properties without proper valuation date* title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date GFA Total 913.64 7,700,000 96% 7,400,000 37,900,000 Saleable Pre-Sold Date 2019 May 2020 — 500,000 96% 500,000 — May 2020 96,139.52 3,968,100,000 58% 2,285,600,000 — September April 2019 — 119,500,000 96% 114,700,000 215,800,000 March 2020 1,070.70 10,000,000 96% 9,600,000 20,700,000 Completion Land Use Rights Expiry Date for residential use 2052 for commercial use, 10 November 2082 for residential use 16 May 2051 for commercial use, 8 May 2081 and 16 May 2081 for residential use commercial use, 22 July 2070 for residential and public service facilities uses, 18 September 2082 for residential use residential use CPS Saleable Number of GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Jiangsu S 254.80 254.80 — 8 November 2081 Jiangsu C 15,024.88Jiangsu 1,070.70 C, S — 10 November 22,025.72 1,348.91 — 8 May 2051 and Fujian R, C, CPS 297,833.03 113,796.15 5,270 22 July 2040 for Jiangsu CPS 73,921.26 3,602.50 841 26 March 2084 for Province/ Municipality Use Total GFA portion of Project Yancheng Jinhui City Block D portion of Project Huai’an Jinhui Swan Bay portion of Project Huai’an Jinhui Four Seasons Community portion Phases I, II, III & V of Project Fuzhou Huai’an portion of Project Lianyungang Jinhui Four Seasons 7 The unsold 8 The unsold 9 The unsold 10 The unsold 11 The unsold Property No. Name of Property

– III-8 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION Market as at the reference Value for (for properties without proper valuation date* title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date GFA Total 6,246.35 838,200,000 96% 804,700,000 — Saleable Pre-Sold 26,469.84 708,700,000 96% 680,400,000 — Date 2019 2019 July 2020 64,712.33 846,500,000 96% 812,600,000 8,800,000 June 2019 32,872.06 619,500,000June 2020 96% 48,517.07 594,700,000 429,200,000 48% — 206,000,000 40,000,000 May 2020 235.52 267,200,000 96% 256,500,000 — November November April 2018 — 60,000,000 96% 57,600,000 — Completion Land Use Rights Expiry Date commercial use, 16 April 2087 for residential use for commercial use, 26 October 2087 for residential use for commercial use, 15 January 2087 for residential use commercial use, 30 June 2067 for residential use commercial use, 24 April 2051 for residential use commercial use, 24 April 2051 for residential use commercial use, 24 April 2051 for residential use CPS Saleable Number of GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Guangdong R, C, CPS 44,604.61 30,580.43 437 16 April 2057 for Chongqing R, C, CPS 110,132.06 36,325.92 2,150Chongqing 30 June 2057 for R, C, CPS 119,954.57 23,717.84 3,041 24 April 2041 for Guangdong R 68,621.92 56,112.76Guangdong R, C, CPS 87,700.57 65,325.67 — 26 October 2057 567 15 January 2057 Chongqing R, C, CPS 34,582.82 10,169.44Chongqing R, C, 659 CPS 24 April 2041 for 5,841.90 2,572.21 84 24 April 2041 for Province/ Municipality Use Total GFA portion of Project Foshan New Block Avenue portion of Project Chongqing Zhongyang King’s Garden portion of Project Foshan New Block Academy portion of Project Huizhou Dongdi Huayuan portion of Project Chongqing Yujiang House portion of Project Chongqing Boshe portion of Project Chongqing Jinhui City Phase IV 12 The unsold 15 The unsold 13 The unsold 14 The unsold 16 The unsold 17 The unsold 18 The unsold Property No. Name of Property

– III-9 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION Market as at the reference Value for (for properties without proper valuation date* title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date GFA Total 511.70 62,500,000 22% 13,800,000 — 6,745.76 1,028,100,000 96% 987,000,000 — Saleable Pre-Sold 96,201.88 1,049,600,000 96% 1,007,600,000 — Date 2019 2019 2019 July 2018 441.79 16,300,000 96% 15,600,000 6,400,000 May 2020 2,158.99 62,000,000 96% 59,500,000 — May 2020 10,850.63 205,300,000 96% 197,100,000 — December December December Completion Land Use Rights Expiry Date residential use commercial use, 17 March 2075 for residential use and 31 October 2088 for residential use residential use commercial use, 2 March 2084 for residential use for commercial use, 28 August 2081 for residential use CPS Saleable Number of GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Hubei R, C 102,998.21 102,998.21 — 18 March 2088 for Hunan RHunan 4,625.07 1,630.38 R — 17 March 2045 for 5,643.28 5,643.28 — 3 January 2087 Anhui R 22,946.89 — 912 13 April 2087 for Province/ Municipality Use Total GFA Shaanxi C, CPS 34,879.66 1,611.02Shaanxi 1,189 2 R, March C, 2054 CPS for 109,849.15 12,772.96 3,263 28 August 2051 portion of Project Wuhan New Block Lakeside portion of Phase I of Project Changsha Hongtao Jade Bay portion of Project Changsha Jinhui Weichu Garden portion of Project Hefei Xizi Garden portion of Project Xi’an Jinhui World City Upper East Side portion of Project Xi’an Jinhui World City 19 The unsold 20 The unsold 21 The unsold 22 The unsold 23 The unsold 24 The unsold Property No. Name of Property

– III-10 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION Market as at the reference Value for (for properties without proper valuation date* title certificates) date* as at the valuation Attributable to the Group Market Value to rd parties at a total consideration of Interest erefore, we have attributed no commercial , lease and dispose of the land use rights of the Group ion date would be RMB631,200,000. Attributable uation. In arriving at our opinion on the market owing: in existing state as at the Market Value valuation date 32.78 197,700,000 47% 92,900,000 — GFA Total Saleable Pre-Sold Date 2019 May 2020 127,772.69 1,607,400,000 47% 755,500,000 — November April 2020 4,916.53 316,600,000 96% 303,900,000 76,400,000 Completion Land Use Rights Expiry Date for commercial use commercial use, 30 June 2067 for residential use for commercial use, 17 March 2067 for residential use CPS Saleable Number of GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Shaanxi O, C 39,596.24 14,697.79 — 27 August 2053 Province/ Municipality Use Total GFA Chongqing R, C, CPS 225,944.31 127,654.80 3,096Chongqing 30 June 2057 for C, CPS 55,539.49 1,052.32 1,629 17 March 2057 the properties subject to compliance with the terms of the relevant mortgage contracts (if any); portion of Project Xi’an Jinhui Global Plaza portion of Project Chongqing Jinke Jinhui Meiyuan portion of Project Chongqing Jinke Jinhui Bocui Mountain values of the properties, we have taken into account the contracted prices of such portions. a. the Group is legally and validly in possession of the land use rights with respect to the properties. The Group has the rights to occupy, use, transfer RMB7,442,469,833. Such portions of the properties have not been legally and virtually transferred and therefore we have included the units in our val value to these car parking spaces. However, for reference purpose, we are of the opinion that the market value of such car parking spaces as at the valuat 25 The unsold 26 The unsold 27 The unsold Property No. Name of Property 2. For portions of car parking spaces of property nos. 1, 3 to 6, 8 to 10, 13, 14, 20 and 25 of which the proper title certificates could not been obtained, th Notes: 1. As advised by the Group, portions of the properties with a total gross floor area of approximately 554,157.22 sq.m. have3. been pre-sold to various thi Property nos. 26 and 27 are4. held by the Company’s Joint Ventures. We have been provided with a legal opinion regarding the property interests by the Company’s PRC Legal Advisor, which contains, inter alia, the foll

– III-11 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION relevant Real Estate Title Certificates. tracts (if any). The Group has the rights to legally use, transfer, lease and mortgage such properties subject to compliance with the terms of the relevant mortgage con b. the Group has obtained necessaryc. requisite construction work approvals in respect of the actual the development Group progress; has thed. rights to legally pre-sell the properties according to the obtained the Pre-sale Group Permits; has and legally obtained the building ownership rights of property nos. 3, 4, 18 and portions of property nos. 2, 11, 16 and 17 in accordance with

– III-12 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* Value Market as at the valuation Attributable to the Group to Interest the Group Attributable the date Value Market valuation state as at in existing 420,300,000 96% 403,500,000 — 149,800,000 96% 143,800,000 — 366,600,000 96% 351,900,000 13,900,000 245,300,000 96%706,700,000 96% 235,500,000 678,400,000 — — 477,400,000 96%174,700,000 96% 458,300,000 5,900,000 167,700,000 1,700,000 1,143,600,000 96% 1,097,900,000 — 4,888,100,000 96% 4,692,600,000 — Date 2016 2020 2015 2017 2016 1999 2018 2015 2019 April April March March Actual / August January January Estimated May 2018 992,000,000 96% 952,300,000 — May 2023 648,400,000 96% 622,500,000 — June 2019 170,200,000 96% 163,400,000 25,700,000 December Completion mercial commercial use commercial use commercial use and finance, wholesale and retail, accommodation and catering and other commercial uses use, 18 May 2061 for office and car parking space uses commercial use and retail uses use, 24 April 2051 for residential use use and financial uses Land Use Rights Expiry Date educational and scientific uses of CPS Number with the expiry dates between 30 September 2020 and 1 October 2038, and the total monthly rent as at the valuation GFA CPS) Total Saleable Leasable/ (excluding GFA Total (sq.m.) (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Jiangsu 5,194.67 C 36,464.14 16,870.21 532 14 July 2054 for commercial Shaanxi 15,907.92 O, C, CPS 48,685.33 31,993.81 329 27 October 2047 for business Province/ Municipality Site Area Use Project Suzhou Qianwan Commercial Center (International Plaza) date is approximately RMB35,400,000, exclusive of management fees, water and electricity charges. 37 4th -26th floors of Block B of Project Xi’an Jinhui Global Plaza Shaanxi — O, C 27,905.15 27,905.15 — 27 August 2053 for 38 Various office/retail units and 329 car parking spaces of Xi’an Jinhui Building 36 A shopping mall of Project Xi’an Jinhui Global Plaza Shaanxi — C, CPS 124,336.36 56,972.60 1,684 27 August 2053 for 35 A commercial building of Project Xi’an Jinhui World City Shaanxi — C, CPS 15,074.00 11,222.50 42 31 August 2051 for 30 Various office/retail units and various car parking spaces of Beijing Radiance Plaza Beijing — O, C, CPS 102,974.99 84,943.87 640 18 May 2051 for com 34 Chongqing Jinhui Plaza (excluding 25th to 26th floors of no. 1 Building) Chongqing — O, C, CPS 120,845.79 82,247.26 789 24 April 2041 for business 29 Building no. 7 of Project Shanghai Jingang Commercial Plaza Shanghai — C, CPS 30,621.70 25,509.80 170 17 December 2049 for 31 4th to 18th floors of Fuzhou Jinhui Mansion Fujian 1,141.04 C 16,759.80 18,641.19 — None December 28 Various commercial units of Building nos. 1, 3, 4 and 532 car parking spaces of 3233 Portions of Chongqing Jinhui City Phase IV (Bronze Road) Portions of Project Chongqing Jinhui City Phase V Chongqing 22,662.00 C, CPS 72,854.25 51,434.14 Chongqing 535 24 April 2041 for wholesale — O 69,529.51 69,529.51 — 24 April 2041 for commercial Group II — Properties held for investment by the Group in the PRC Property No. Name of Property 39 Xi’an Chuangzhi BuildingNotes: 1. As advised by the Group, portions of the properties with a total leasable area of approximately 279,052.79 sq.m. have been leased to various tenants Shaanxi 6,035.40 O, C, CPS 20,496.73 16,895.72 55 27 October 2057 for

– III-13 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION ights to occupy, use, transfer, lease and dispose of the land use rights of the properties; and es subject to compliance with the terms of the relevant mortgage contracts (if any); operty subject to compliance with the terms of the relevant mortgage contracts (if any). Title Certificates. The Group has the rights to legally use, transfer, lease and mortgage such properties; hem in obtaining the relevant title certificates. owing: d no commercial value to these car parking spaces. However, for reference purpose, we are of the opinion that the a. the Group has legally obtained the building ownership rights of the propertiesb. (excluding property no. 36) in for accordance property with no. relevant 36, Real the Estate Group has obtained necessary requisite construction workc. approvals in respect of the current for development property progress; nos. 31, 34 and 36, the Group has the rightsd. to legally occupy, use, transfer, for lease property and nos. dispose 35, of 37 the and mortgaged 38, portions the of Group the is properti legally ande. validly in possession of the land for use property rights no. with 33, respect the to Group the has properties. the The rights Group to has legally the occupy, r use, transfer, lease and dispose of the mortgaged portions of land use rights of the pr market value of such car parking spaces as at the valuation date would be RMB47,200,000. 2. For portions of car parking spaces of property nos. 28, 29, 38 and 39 of which the proper title certificates could not been obtained, we have attribute 4. As advised by the Group, they are in the process of applying for Real Estate Title Certificates of property no. 36 and there is no legal impediment for t 3. We have been provided with a legal opinion regarding the property interests by the Company’s PRC Legal Advisor, which contains, inter alia, the foll

– III-14 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION date* at the without valuation proper title for reference Market Value certificates) as (for properties date* as at the valuation the Group Market Value Attributable to Interest the Group Attributable to rights to occupy, use, transfer, lease and dispose of ted no commercial value to this property. However, for — 96% — 21,600,000 ing property no. 41). The Group has the rights to legally owing: in existing 204,500,000 96% 196,300,000 — state as at the Market Value valuation date 2013 2016 Date December September March 2015 27,300,000 96% 26,200,000 — Completion January 2015 19,500,000 96% 18,700,000 — February 2017 42,200,000 96% 40,500,000 — commercial use finance, wholesale and retail, accommodation and catering and other commercial uses use use, 18 May 2061 forand office car parking space uses commercial use Land Use Rights Expiry Date (sq.m.) (RMB) (%) (RMB) (RMB) Shaanxi O 2,596.24 27 August 2053 for Jiangsu C 3,755.39 2 March 2051 for commercial Chongqing O 2,954.99 24 April 2041 for business and Beijing OJiangsu C 3,236.49 18 May 2051 for commercial 3,017.77 15 September 2051 for Province/ Municipality Use Total GFA use, transfer, lease and mortgage such properties subject to compliance with the terms of the relevant mortgage contracts (if any); and the land use rights of the properties subject to compliance with the terms of the relevant mortgage contracts (if any). Xi’an Jinhui Global Plaza Chongqing Jinhui Plaza Plaza City Phase II Jinhui Four Seasons a. the Group has legally obtained the building ownership rights of the properties in accordance with relevant Real Estate Title Certificates (exclud b. for property nos. 41, 42, and 44, the Group is legally and validly in possession of the land use rights with respect to the properties. The Group has the reference purpose, we are of the opinion that the market value of such property as at the valuation date would be RMB21,600,000. Notes: 1. For property no. 41, we have not been provided with any Building Ownership Certificate or Real Estate Title Certificate. Therefore, we have attribu 2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC Legal Advisor, which contains, inter alia, the foll 44 Various office units of Phase I of Project 43 25th to 26th floors of Building no. 1 of 42 A commercial center of Project Lianyungang Group III — Properties held and occupied by the Group in the PRC Property No. Name of Property 40 Various office41 units of Beijing Radiance Building No. 47 of Project Huai’an Jinhui

– III-15 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date Estimated/ May 2020 32,538.04 1,284,100,000 916,600,000 1,691,600,000 1,080,400,000 96% 1,037,200,000 — April 2020 2,427.40 1,388,800,000 840,200,000 1,658,700,000 989,300,000 96% 949,700,000 — April 2020 21,890.68 913,300,000 819,500,000 997,500,000 874,600,000 96% 839,600,000 — Actual Pre-Sale Commencement November 2018 139,859.08 3,340,200,000 3,132,900,000 3,794,900,000 3,438,600,000 96% 3,301,100,000 — Date 2024 2022 2020 2020 Estimated Completion Date July 2020 May 2022 October 2020 — 1,562,700,000 1,010,200,000 1,982,900,000 1,116,400,000 96% 1,071,700,000 — July 2020 April 2022 October 2020 — 781,600,000 491,800,000 951,500,000 541,700,000 96% 520,000,000 — May 2018 November April 2019 June 2021 July 2019 69,019.20 1,706,300,000 1,472,000,000 2,063,000,000 1,826,000,000 67% 1,227,100,000 — March 2020 June 2022 June 2020 15,448.74 1,751,700,000 1,163,900,000 2,257,300,000 1,328,800,000 96% 1,275,600,000 — Construction August 2018 October January 2020 February October 2019 June 2022 December 2019 138,920.01 1,869,800,000 1,274,700,000 2,483,600,000 1,548,000,000 96% 1,486,100,000 — Commencement December 2019 January 2089 for residential use 2089 for residential use Land Use Rights Expiry Date for residential use 2089 for residential use 2090 for residential use for residential use for residential use for public service facilities use, 20 May 2088 for residential use for commercial use, 2 July 2088 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 52 Project Suzhou New Block Four Seasons Garden53 Project Suzhou Runyuan Mansion Yayuan Jiangsu 54,035.70 R 111,942.42 79,139.74 Jiangsu 803 17 November 43,611.00 R 103,604.91 69,137.29 875 31 March 51 Project Jurong Jinhui Four Seasons Guanlan Jiangsu 37,422.00 R, C, H 149,637.83 117,044.13 936 1 May 2087 48 Project Shaoxing New Block Guanlan Garden49 Project Shaoxing Mirror Lake50 Zhejiang 70,150.00 R, Project C, Shaoxing CPS Peninsula Elite’s 206,910.25 Mansion 144,844.08 1,299 18 September Zhejiang Zhejiang 48,883.00 R, C, 57,811.80 CPS R, 154,387.72 CPS 109,452.26 1,155 123,163.83 3 February 78,160.47 607 18 May 2090 47 Project Ningbo Shanghe Cloud Atrium Zhejiang 26,477.00 R 71,471.76 51,466.05 499 12 May 2090 46 Project Hangzhou Ziya Elite’s Mansion Zhejiang 11,349.00 R 48,995.48 21,890.68 344 20 May 2058 Group IV — Properties held under development by the Group, Joint Ventures and Associate in the PRC Property No. Name of Property 45 Project Hangzhou Jiushang Elite’s Mansion Zhejiang 64,505.40 R 206,377.37 139,981.90 1,593 2 July 2058

– III-16 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold 90,945.96 2,134,600,000 1,299,400,000 2,793,500,000 1,524,300,000 96% 1,463,300,000 — 22,910.40 1,156,800,000 718,200,000 1,209,100,000 805,500,000 96% 773,300,000 — — — 2,558,600,000 2,289,300,000 3,245,000,000 2,836,600,000 96% 2,723,100,000 — Date 2019 2019 Estimated/ June 2019 57,993.00 1,626,000,000 1,064,100,000 2,080,500,000 1,258,300,000 96% 1,208,000,000 — September September March 2021 — 846,700,000 425,600,000 1,050,800,000 465,900,000March 2021 96% — 447,300,000 781,300,000 — 442,000,000 853,900,000 475,800,000 96% 456,800,000 — October 2020 — 1,455,200,000 561,300,000 1,867,800,000 686,300,000 96% 658,800,000October 2018 — 106,967.68 988,700,000 822,500,000 1,301,700,000 1,024,700,000 32% 327,900,000 — Actual Pre-Sale Commencement Date 2022 2022 2022 2023 2023 2021 2022 2020 Estimated November Completion Date 2019 July 2018 December May 2019 May 2024 July 2019 8,657.65 1,613,100,000 1,136,300,000 1,886,500,000 1,227,100,000 96% 1,178,000,000 — June 2020 November September April 2019 August March 2020 October Construction August 2019 January August 2018 March October 2019 October Commencement Land Use Rights Expiry Date for commercial use, 8 July 2089 for residential use 2059 for commercial use, 12 November 2089 for residential use for residential use 2088 for residential use 2089 for residential use for warehouse use for commercial use, 30 May 2089 for residential use 2059 for commercial use, 6 August 2089 for residential use 2089 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 62 Project Tianjin Yunhui Garden Tianjin 36,585.90 R, C 91,459.72 66,544.38 712 8 July 2059 Property No. Name of Property 54 Project Suzhou New Block Jiang Lai Jiangsu 85,305.40 R, C, CPS 214,215.97 150,393.16 1,542 12 November 55 Project Yangzhou New Block Avenue56 Project Yangzhou Eden Garden57 Project Jiangsu Zhenjiang New Block Xinyuan 128,052.00 R, C, CPS 326,811.04 234,836.27 2,299 2 April 2089 Jiangsu59 52,581.00 R, Jiangsu Project C, Beijing CPS Chaoyang 130,370.64 Port No.1 Block 90,784.32 76,715.00 R,60 913 CPS 12 February 226,857.00 174,576.87 Project 1,287 Tianjin Xueshi Garden 3 March Beijing61 73,891.29 O, S Project Tianjin Yunqi Garden 174,907.00 98,140.00 1,020 17 May 2050 Tianjin 80,124.40 R, C 198,621.76 144,118.97 1,544 30 May 2059 Tianjin 40,441.80 R, C 98,572.21 70,023.52 845 6 August 58 Project Zhenjiang Yundu Shangyuan Jiangsu 50,041.00 R, CPS 162,947.25 124,248.16 995 8 August

– III-17 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date Estimated/ June 2020 5,312.54 757,800,000 387,800,000 1,174,100,000 485,400,000 96% 466,000,000 — May 2019 40,671.76 967,800,000 877,900,000 1,029,500,000 945,700,000 96% 907,900,000 — May 2020 19,248.60 1,035,900,000 563,900,000 1,509,600,000 768,900,000 96% 738,100,000 — May 2020 12,903.28 490,100,000 143,200,000 755,800,000 246,200,000 77% 189,100,000 — March 2019 45,802.00 1,086,700,000 773,300,000 1,433,600,000 911,600,000 96% 875,100,000 — August 2020 — 2,418,600,000 1,305,200,000 3,037,800,000 1,625,400,000 96% 1,560,400,000 — Actual Pre-Sale Commencement December 2018 24,540.08 1,425,100,000 896,000,000 1,474,800,000 1,081,700,000 53% 571,100,000 — Date 2022 2020 2021 2022 2021 2022 2023 Estimated December Completion Date 2018 July 2019 April 2022 November 2019 20,520.59 801,100,000 555,500,000 869,100,000 600,100,000 96% 576,100,000 — May 2020 October September April 2018 May 2021 June 2018 141,237.85 1,031,600,000 765,300,000 1,423,700,000 1,072,900,000 96% 1,030,000,000 — March 2020 November Construction January 2019 November Commencement December 2019 December November 2019 October November 2018 September Land Use Rights Expiry Date 2087 for residential use 2089 for residential use for residential use 2088 for residential use 2059 for commercial use, 7 October 2089 for residential use for commercial use, 27 June 2089 for residential use 2059 for commercial use, 9 January 2089 for residential use for commercial use, 8 July 2089 for residential use 2079 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 67 Project Shijiazhuang Jinhui Elite’s Mansion Hebei 65,052.38 R 109,478.39 83,713.46 586 7 August 66 Project Shijiazhuang New Block Star Hebei 39,388.95 R, C 103,534.41 83,397.64 845 20 November 68 Project Shijiazhuang New Block Shangfu West Hebei 52,543.23 R, C 135,081.47 106,900.47 921 8 July 2089 69 Project Shijiazhuang Kaiyuan House Hebei 54,618.95 R 101,301.80 82,828.05 443 15 August 70 Portions of Project Shijiazhuang New Block Yayuan Hebei — R, C 78,511.67 58,946.23 596 7 October 71 Portions of Project Langfang New Block Riverside Garden Hebei — R, C 281,813.27 196,612.45 3,445 27 June 2059 65 Project Tianjin Yuncui Garden Tianjin 25,235.60 R, C 66,670.60 49,607.71 411 9 January Property No. Name of Property 63 Project Tianjin Yunque Garden Tianjin 42,078.40 R, C 95,407.78 69,194.54 744 8 July 2059 64 Portions of Project Tianjin Hu’an Garden Tianjin — R 187,837.18 142,162.63 971 13 April

– III-18 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development — 218,500,000 60,900,000 276,600,000 69,100,000 58% 39,800,000 — GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold 31,773.60 488,500,000 295,500,000 540,400,000 308,700,000 96% 296,400,000 — Date 2020 2019 Estimated/ June 2018 134,711.84 1,660,600,000 1,638,000,000 2,518,800,000 2,444,900,000 96% 2,347,100,000 — September September August 2019 302,600.64 1,492,600,000 749,100,000 1,953,400,000 923,500,000 97% 899,800,000 — August 2018 16,003.55 144,800,000 130,000,000 156,100,000 142,300,000 96% 136,600,000 — October 2018 147,471.50 624,000,000 447,400,000 862,300,000 660,200,000 96% 633,800,000 — October 2020 — 232,200,000 78,900,000 233,500,000 79,600,000 96% 76,400,000 — Actual Pre-Sale Commencement December 2017 9,713.16 116,800,000 112,800,000 134,900,000 131,200,000 96% 126,000,000 — Date 2022 2020 2020 2024 2020 2020 2022 2022 Estimated Completion Date July 2020 October June 2019 November June 2020 November May 2018 October Construction August 2017 November August 2018 November August 2019 March January 2018 April 2021 January 2018 187,041.54 914,600,000 767,000,000 1,178,900,000 1,055,700,000 96% 1,013,500,000 — Commencement November 2017 September Land Use Rights Expiry Date 2087 for residential use 2052 for commercial use, 10 November 2082 for residential use 2081 for residential use 2081 for residential use for commercial use, 8 April 2090 for residential use for residential use, 8 May 2051 for commercial use 2060 for commercial use, 24 February 2090 for residential use for commercial use, 14 June 2087 for residential use for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 77 Project Huai’an Jinhui City Phase III78 Portions of Project Huai’an Jinhui Swan Bay Jiangsu 108,819.00 R, C Jiangsu 352,858.13 263,753.08 2,186 31 October — R, S 59,514.69 16,003.55 1,486 10 November 76 Portions of Project Huai’an Jinhui City Phase II Jiangsu — R 172,283.86 147,467.66 705 15 September 73 Portions of Project Yancheng Jinhui City Block D Jiangsu — R 41,801.00 9,713.16 1,065 8 November 80 Portions of Project Huai’an New Block Garden Jiangsu — R, C 45,290.76 30,224.73 482 8 April 2060 79 Portions of Project Huai’an Jinhui Four Seasons Community Jiangsu — R, C 245,310.29 189,410.66 1,739 8 May 2081 75 Portions of Project Huai’an Jinhui City Square Jiangsu — R, CPS 50,145.36 36,438.15 403 24 February Property No. Name of Property 72 Project Shenyang Jiangshan Elite’s Mansion Liaoning 127,324.51 R, C 248,740.93 188,076.74 1,465 14 June 2057 74 Project Yancheng Jinhui New Block Garden Jiangsu 31,180.00 R, C 91,843.26 67,547.12 651 19 May 2089

– III-19 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date Estimated/ June 2020 28,628.68 1,446,300,000 788,800,000 1,975,700,000 963,300,000 96% 924,800,000 — June 2019 81,225.56 968,400,000 690,000,000 1,160,700,000 796,500,000 96% 764,600,000 — August 2020 — 2,630,400,000 2,011,100,000 3,755,500,000 2,470,500,000 96% 2,371,700,000 — Actual Pre-Sale Commencement December 2018 52,447.03 553,300,000 462,900,000 570,500,000 518,100,000 96% 497,400,000 — December 2019 119,488.62 962,300,000 587,900,000 1,114,000,000 691,500,000 96% 663,800,000 — Date 2023 2021 2021 2021 2022 Estimated Completion Date July 2020 April 2023 October 2020 — 817,500,000 123,200,000 926,800,000 135,800,000 96% 130,400,000 — July 2019 January April 2020 March April 2019 August Construction August 2019 May 2021 November 2019 34,177.14 599,600,000 521,500,000 806,400,000 659,400,000 96% 633,000,000 — January 2020 November Commencement November 2018 September November 2018 May 2021 January 2019 177,512.85 1,256,000,000 1,127,600,000 1,906,700,000 1,648,400,000 37% 616,500,000 — Land Use Rights Expiry Date 2089 for residential use 2058 for commercial use, 8 August 2068 for educational and scientific uses, 8 August 2088 for residential use 2088 for residential use for residential use for commercial use, 13 July 2090 for residential use for commercial use, 2 July 2089 for residential use for commercial use, 25 May 2089 for residential use 2058 for commercial use, 15 October 2088 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 83 Project Xuzhou Xinbu Lanting84 Project Xuzhou New Block Riverside Jiangsu 55,982.00 R, C Jiangsu 174,621.48 50,212.16 126,056.79 R, C 1,197 30 December 102,493.15 77,300.95 624 8 August Property No. Name of Property 81 Project Lianyungang Jinhui Four Seasons Guanlan Jiangsu 49,756.20 R, CPS 140,306.33 99,205.87 1,154 19 December 82 Portions of Project Lianyungang Yunting Riverside Jiangsu — R, CPS 94,345.68 45,845.68 824 18 June 2090 86 Project Fuzhou Jinhui Lanlinxuan Fujian 63,518.00 R, C, CPS 234,215.57 169,540.17 1,655 13 July 2060 85 Project Fuzhou Jinhui New Block Garden Fujian 19,890.60 R, C, CPS 71,505.44 50,906.65 530 2 July 2059 87 Project Fuqing New Block Avenue Fujian 43,071.00 R, C, CPS 187,158.78 138,923.76 1,230 25 May 2059 88 Project Fuqing Jiangshan Elite’s Mansion Fujian 49,504.00 R, C, CPS 202,623.39 154,311.31 1,299 15 October

– III-20 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development — 328,900,000 151,400,000 508,400,000 175,100,000 49% 85,800,000 — GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date 2020 Estimated/ June 2018 141,114.61 1,032,700,000 957,300,000 1,363,100,000 1,271,800,000 35% 439,500,000 — September April 2019 162,151.15 995,600,000 895,000,000 1,400,500,000 1,222,100,000 96% 1,173,200,000 — Actual Pre-Sale Commencement December 2019 53,710.23 2,267,700,000 617,400,000 2,708,500,000 1,919,900,000 82% 1,566,600,000 — Date 2021 2020 2022 2022 Estimated Completion Date July 2020 September April 2020 April 2022 June 2020 97,958.72 813,600,000 330,500,000 1,185,000,000 403,100,000 49% 197,400,000 — April 2018 June 2021 April 2020 2,878.63 1,237,000,000 1,005,200,000 1,444,300,000 1,173,100,000 96% 1,126,200,000 — March 2018 December Construction Commencement December 2018 November December 2017 April 2021 August 2019 22,635.67 925,500,000 804,800,000 1,046,000,000 936,700,000 96% 899,200,000 — November 2019 February Land Use Rights Expiry Date 2058 for commercial use, 27 October 2088 for residential use 2058 for commercial use, 26 April 2088 for residential use 2060 for commercial use, 18 March 2090 for residential use 2090 for residential use 2058 for commercial and residential uses 2057 for commercial use, 16 April 2087 for residential use 2057 for commercial use, 16 June 2087 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA Property No. Name of Property 89 Project Fuqing Guanlan Elite’s Mansion Fujian 49,440.00 R, C, CPS 192,905.78 144,971.59 1,228 27 October 90 Project Fuqing New Block Academy Fujian 53,168.00 R, C, CPS 175,279.76 129,802.39 1,156 26 April 91 Project Fuqing New Block Garden92 Project Fuqing East Elite’s Mansion93 Fujian Portions of Project 45,138.00 Quanzhou Shishi R, Jinhui C, City CPS 173,964.56 136,453.61 1,100 18 March Fujian Fujian 16,330.00 R, CPS 54,305.00 39,619.50 — R, 337 C, CPS 531,340.23 22 June 286,422.85 2,758 13 February 94 Portions of Project Foshan New Block Avenue Guangdong — R, C, CPS 68,150.90 47,437.02 422 16 April 95 Project Foshan Lingnan Elite’s Mansion Guangdong 17,164.72 R, C 98,943.41 58,889.92 872 16 June

– III-21 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date Estimated/ June 2020 197.00 1,756,800,000 953,500,000 2,782,800,000 1,585,100,000 58% 913,000,000 — June 2018 133,589.12 2,741,500,000 2,268,400,000 3,478,200,000 3,058,800,000 96% 2,936,400,000 — March 2020 13,738.91 916,100,000 637,200,000 1,128,400,000 720,200,000 49% 352,600,000 — January 2019 114,833.70 1,598,600,000 979,300,000 3,049,500,000 2,283,500,000 96% 2,192,200,000 — Actual Pre-Sale Commencement November 2019 41,892.53 1,026,700,000 738,300,000 1,422,400,000 961,400,000 96% 922,900,000 — November 2017 78,814.02 623,800,000 579,900,000 1,213,500,000 1,210,600,000 96% 1,162,200,000 — Date 2022 2021 2021 2022 2020 2020 Estimated Completion Date May 2019 November May 2020 December June 2018 October March 2020 July 2022 October 2020 — 292,400,000 195,500,000 373,200,000 220,700,000 96% 211,900,000 — Construction January 2020 November January 2019 November Commencement November 2016 September Land Use Rights Expiry Date 2058 and 28 May 2060 for commercial use, 31 May 2088 and 28 May 2090 for residential use 2059 for commercial use, 21 October 2089 for residential use 2069 for residential use 2060 for commercial use, 2 January 2070 for residential use 2057 for commercial use, 30 June 2067 for residential use 2041 for commercial use, 24 April 2051 for residential use 2041 for commercial use, 24 April 2051 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA Property No. Name of Property 96 Project Huizhou Jinhui Elegant Pavilion Guangdong 49,915.00 R, C, CPS 161,060.00 116,748.32 1,164 31 May 97 Project Huizhou New Block Mansion Guangdong 12,415.40 R, C 41,812.00 28,981.00 298 21 October 98 Project Chongqing Tianchen Elite’s Mansion Chongqing 52,683.00 R, C, CPS 108,998.71 78,050.94 844 20 October 99 Portions of Project Chongqing Jiangshan Elite’s Mansion Chongqing — R, C, CPS 176,743.78 123,607.18 1,316 2 January 100 Portions of Project Chongqing Zhongyang King’s Garden Chongqing — R, C, CPS 327,540.26 238,753.88 2,366 30 June 101 Portions of Project Chongqing Yujiang House102 Chongqing Project Chongqing Changjiang King’s Garden — R, C 78,844.00 78,814.02 Chongqing — 59,031.00 24 R, April C, CPS 231,473.18 155,029.75 1,544 24 April

– III-22 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) date* as at the valuation Attributable to the Group Market Value to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold Date Estimated/ July 2020 814.41 2,231,800,000 1,189,100,000 2,868,100,000 1,399,400,000 96% 1,343,400,000 — June 2018 54,067.08 905,200,000 820,500,000 1,006,400,000 832,200,000 96% 798,900,000 — January 2019 91,528.56 1,375,900,000 819,000,000 1,762,400,000 1,054,300,000 48% 506,100,000 — February 2019 56,712.08 967,700,000 437,800,000 968,300,000 471,500,000 96% 452,600,000 — Actual Pre-Sale Commencement Date 2022 2020 2022 2022 Estimated Completion Date June 2019 May 2022 August 2019 73,156.91 751,900,000 562,800,000 891,900,000May 2020 720,200,000 July 2022 96% May 2020 61,986.90 691,400,000May 2020 1,155,600,000 November — 483,500,000 1,250,800,000 541,900,000 96% 520,200,000 — June 2018 September April 2019 April 2022 June 2019 114,019.53 3,333,400,000 3,186,400,000 3,967,900,000 3,790,100,000 38% 1,455,400,000 — March 2019 May 2022 April 2019 64,809.30 1,131,300,000 786,600,000 1,410,500,000 898,800,000 96% 862,800,000 — Construction January 2019 January Commencement November 2018 November 2058 for commercial use, 14 September 2088 for residential use 2045 for commercial use, 17 March 2075 for residential use 2089 for residential use 2090 for residential use Land Use Rights Expiry Date 2088 for residential use 2058 for commercial use, 3 December 2088 for residential use 2058 for commercial use, 31 December 2068 for residential use 2053 for commercial use, 22 September 2083 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 107 Project Jingzhou Chuyue Elite’s Mansion108 Hubei Phase II of Project Changsha Hongtao Jade Bay 51,187.20 R, C 230,207.14 169,622.32 1,661109 14 Hunan September Portions of Project Changsha Xingyu Academy110 — R, C Project Changsha Xingyue Yundi 123,931.58 97,806.21 Hunan 412 17 March — R 229,161.90 140,385.31 Hunan 2,716 17 October 115,142.49 R, C 359,708.00 278,624.00 2,327 18 February 106 Portions of Project Wuhan New Block Lakeside Hubei — R, C 135,543.10 73,621.40 2,099 18 March 105 Portions of Project Wuhan Jiangyue Elite’s Mansion Hubei 64,761.45 R, C 324,119.33 234,400.97 2,930 3 December Property No. Name of Property 103 Portions of Project Liangping Hushan Elite’s Mansion Chongqing — R, C, CPS 341,255.92 243,162.66 2,830 31 December 104 Portions of Project Wuhan Jinhui City Hubei — R, C 200,852.10 150,762.85 588 22 September

– III-23 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) at the the Group as Market Value Attributable to valuation date* to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold 28,436.68 763,300,000 730,000,000 782,800,000 744,300,000 96% 714,500,000 — Date 2018 Estimated/ May 2020 18,295.04 1,401,300,000 1,017,400,000 1,893,100,000 1,308,000,000 96% 1,255,700,000 — June 2018 130,278.65 1,485,600,000 1,318,100,000 1,550,200,000 1,319,700,000 96% 1,266,900,000 — May 2018 149,335.76 1,484,900,000 1,168,900,000 2,277,200,000 1,749,900,000 96% 1,679,900,000 — September August 2017 2,211.23 34,560,000 34,060,000 142,300,000 55,000,000 22% 12,100,000 — October 2013 183,276.55 4,068,900,000 1,828,900,000 5,423,000,000 2,591,700,000 96% 2,488,000,000 — Actual Pre-Sale Commencement December 2018 162,288.28 2,140,500,000 1,864,300,000 2,752,000,000 2,250,900,000 67% 1,512,600,000 — November 2019 44,495.30 748,400,000 565,400,000 860,200,000 620,700,000 96% 595,900,000 — Date 2028 2021 2020 2021 2023 2020 2021 2022 Estimated November Completion Date 2019 July 2017 December May 2011 October June 2018 June 2021 August 2018 82,414.16 845,300,000 627,800,000 847,000,000 697,100,000 96% 669,200,000 — September April 2018 March April 2018 November April 2018 December Construction January 2019 May 2021 April 2019 40,058.04 723,800,000 472,200,000 1,013,500,000 615,300,000 96% 590,700,000 — January 2020 February Commencement December 2018 November Land Use Rights Expiry Date for commercial use, 25 July 2087 for residential use 2088 for residential use 2088 for residential use for residential use 2046 for commercial use, 29 December 2076 for residential use 2087 for residential use for residential use 2087 for residential use 2087 and 31 October 2088 for residential use 2058 for commercial use, 27 April 2088 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 120 Project Xi’an Gaoxin Elite’s Mansion Shaanxi 37,326.22 R, C, CPS 195,120.00 144,122.30 787 25 July 2057 119 Project Xi’an Academy Mansion Shaanxi 46,649.00 R, C 116,238.87 81,493.17 993 12 August 113 Project Hefei New Block Academy Anhui 100,288.92 R,116 C, CPS 271,047.00 218,777.84 Project Hefei Xin’an 1,785 Yayuan 30 August 118 Portions of Project Xi’an Jinghe Town Anhui 64,532.00 R, C, S, CPS 177,111.00 133,209.00 881 16 July 2089 Shaanxi — R, C 826,558.66 652,038.00 4,792 29 December 114 Project Hefei Cloudworld Garden115 Project Hefei Xin’an Garden Anhui117 16,261.73 R, CPS Portions of Project Hefei Xizi Garden 49,985.44 Anhui 38,235.02 323 7 October 34,505.00 R, C, CPS 91,410.00 65,769.78 609 Anhui 16 July 2089 — CPS 33,302.18 — 476 13 April Property No. Name of Property 111 Portions of Project Changsha Jinhui Weichu Garden Hunan — R, C 207,080.18 149,722.73 1,331 3 January 112 Project Meishan Renshou Jinhui New Block Garden Sichuan 41,112.33 R, C, CPS 121,757.93 89,874.60 895 27 April

– III-24 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) at the the Group as Market Value Attributable to valuation date* to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold 531,466.67 7,641,400,000 5,482,600,000 9,851,900,000 6,277,800,000 96% 6,026,700,000 — Date 2017 Estimated/ September August 2019 42,543.03 1,431,900,000 836,900,000 1,761,700,000 976,100,000 96% 937,100,000 — Actual Pre-Sale Commencement December 2018 145,830.87 2,622,700,000 1,450,000,000 3,704,100,000 2,081,800,000 96% 1,998,500,000 — November 2017 64,896.83 433,100,000 415,600,000 579,100,000 612,000,000November 96% 2019 157,307.00 4,525,500,000 587,500,000 2,297,400,000 5,898,200,000 2,934,100,000 — 96% 2,816,700,000 — Date 2023 2023 2021 2020 2022 Estimated December Completion Date 2017 July 2020 May 2023 August 2020 — 2,189,900,000 912,000,000 2,869,000,000 1,114,200,000 96% 1,069,600,000 — June 2019 February May 2017 October September Construction August 2017 March August 2019 November Commencement December 2018 May 2024 March 2019 52,336.49 3,367,700,000 2,643,800,000 3,725,700,000 2,645,700,000 96% 2,539,900,000 — 2051 for commercial use, 31 August 2081 for residential use 2088 for residential use 2089 for residential use Land Use Rights Expiry Date 2058 for commercial and hotel uses, 29 November 2088 for residential use 2051 and 31 August 2051 for commercial use, 28 August 2081 for residential use for commercial use, 7 July 2089 for residential use 2056 for commercial use, 25 October 2086 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA 125 Portions of Project Xi’an Jinhui World City Block I/J Shaanxi — R, C, CPS 312,710.86 217,679.41 2,418 31 August 126 Project Zhengzhou Binhe Elite’s Mansion127 Project Zhengzhou New Block Garden Henan 88,578.26 R, C Henan 292,027.98 215,084.56 2,014 11 August 48,549.10 R 167,248.51 123,892.54 1,124 13 April 123 Project Xi’an Jinhui East King’s Garden124 Shaanxi Portions 127,014.99 of Project R, Xi’an C, Jinhui H, World CPS City 471,917.61 341,993.39 3,365 29 November Shaanxi — R, C, CPS 729,843.49 549,112.61 5,767 28 August Property No. Name of Property 121 Project Xi’an Jinhui Chang’an Elite’s Mansion Shaanxi 53,859.36 R, C, CPS 219,831.09 168,532.63 1,190 7 July 2059 122 Portions of Project Xi’an Jinhui New Block Garden Shaanxi — R, C, CPS 81,728.77 52,926.65 667 25 October

– III-25 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION (for date* Market without as at the reference valuation Value for properties proper title certificates) at the the Group as Market Value Attributable to valuation date* to Interest the Group Attributable in existing state as at the Market Value valuation date Gross Value Development up to the Development Cost incurred valuation date Cost Total Estimated Development GFA Total (sq.m.) (RMB) (RMB) (RMB) (RMB) (%) (RMB) (RMB) Saleable Pre-Sold , lease and dispose of the land use rights of the properties subject to compliance with the terms of the Date hird parties at a total consideration of RMB68,821,051,399. Such portions of the properties have not been owing: Estimated/ erties, we have taken into account the contracted prices of such portions. June 2019 102,105.95 727,600,000 655,900,000 756,900,000 740,100,000 47% 347,800,000 — Actual Pre-Sale Commencement December 2020 — 5,270,900,000 5,006,600,000 6,141,400,000 5,683,600,000 49% 2,782,700,000December 2018 95,369.68 — 387,000,000 216,400,000 1,080,000,000 769,000,000 47% 361,400,000 — Date 2021 2020 2021 Estimated Completion Date April 2018 October Construction August 2018 January Commencement November 2018 January Land Use Rights Expiry Date 2058 for public service facilities use, 29 January 2088 for residential use 2057 for commercial use, 30 June 2067 for residential use 2057 for commercial use, 17 March 2067 for residential use of CPS Planned Number GFA CPS) Total Saleable Leasable/ (excluding (sq.m.) (sq.m.) (sq.m.) Province/ Municipality Site Area Use Total GFA relevant mortgage contracts (if any); a. the Group is legally and validly in possession of the land use rights withb. respect to the properties. the The Group Group has has obtained the necessary requisite rights construction to work occupy, approvals in use, respect transfer ofc. the current development progress; and the Group has the rights to legally pre-sell the properties according to the obtained Pre-sale Permits. legally and virtually transferred and therefore we have included the units in our valuation. In arriving at our opinion on the market values of the prop 129 Portions of Project Chongqing Jinke Jinhui Meiyuan Chongqing130 Portions of Project Chongqing Jinke — Jinhui R, Bocui C Mountain 98,291.91 Chongqing 95,369.68 — 30 June — R, C, CPS 105,651.90 66,993.94 698 17 March Property No. Name of Property 128 Project Hangzhou Zizhangtai Apartment Zhejiang 68,263.00 R, C 299,144.97 141,204.68 2,161 29 January Notes: 1. As advised by the Group, portions of the properties with a total gross floor area of approximately 5,754,165.52 sq.m. have been pre-sold to various t 2.3. Property no. 128 is held by the Company’s Associate and property nos. 129 and 130 are held We by have the been Company’s provided Joint with Ventures. a legal opinion regarding the property interests by the Company’s PRC Legal Advisor, which contains, inter alia, the foll

– III-26 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION reference Market Value for (for properties without proper title certificates) as at the valuation date* Market Value valuation date* Group as at the Attributable to the Interest the Group Attributable to (RMB) (%) (RMB) (RMB) in existing state as at the Market Value valuation date Date Estimated/ Actual Pre-Sale Commencement Date Estimated Completion — — — 46,500,000 96% 44,600,000 — — — — 1,997,600,000 58% 1,150,600,000 — Date Estimated March 2021 April 2024 September 2021 843,600,000 96% 809,900,000 — August 2020 November 2022 October 2020 139,500,000 77% 107,100,000 — August 2020 April 2023 March 2021 444,700,000 96% 426,900,000 — Construction December 2020 February 2023 August 2021 200,000,000 96% 192,000,000 — September 2020 September 2022 April 2023 36,100,000 96% 34,700,000 — September 2020 July 2022 December 2020 595,300,000 96% 571,500,000 — September 2020 November 2024 September 2020 279,000,000 58% 160,700,000 — September 2020 August 2023 October 2020 132,100,000 96% 126,800,000 — September 2020 April 2023 November 2020 191,800,000 96% 184,100,000 — Commencement commercial use use Land Use Rights Expiry Date commercial use, 7 October 2089 for residential use use commercial use, 27 June 2089 for residential use residential use commercial use, 24 February 2090 for residential use commercial use, 16 May 2081 for residential use use, 8 April 2090 for residential use use commercial use, 22 July 2070 for residential and public service facilities uses GFA Total Planned (sq.m.) (sq.m.) Jiangsu 35,504.40 C 74,114.67 12 November 2059 for Hebei 35,285.54 R, C 88,455.62 8 July 2089 for residential Jiangsu 41,940.85 R 98,488.00 20 July 2090 for residential Province/ Municipality Site Area Use Hebei — R, C 78,358.11 7 October 2059 for Jiangsu — R, C 101,389.60 8 November 2081 for Hebei — R, C 173,905.47 27 June 2059 for Jiangsu — R, C, O 311,227.17 24 February 2060 for Jiangsu — R, C 66,977.11 8 April 2060 for commercial Jiangsu — C 26,531.00 16 May 2051 for Jiangsu — R 72,806.50 18 June 2090 for residential Fujian — R, CPS 81,216.70 22 July 2040 for Block No.17 Riverside Yunjing Garden Block Shangfu East Langfang New Block Riverside Garden Shijiazhuang New Block Yayuan Yancheng Jinhui City Block D Huai’an Jinhui City Square Huai’an Jinhui Four Seasons Community Huai’an New Block Garden Lianyungang Yunting Riverside of Project Fuzhou Huai’an 131 Project Suzhou Taicang 132 Project Zhangjiagang 133 Project Shijiazhuang New 134 Reserved land of Project 135 Reserved land of Project 136 Reserved land of Project 137 Reserved land of Project 138 Reserved land of Project 139 Reserved land of Project 140 Reserved land of Project 141 Reserved land of Phase III Group V — Properties held for future development by the Group in the PRC Property No. Name of Property

– III-27 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION reference Market Value for (for properties without proper title certificates) as at the valuation date* Market Value valuation date* Group as at the Attributable to the Interest the Group Attributable to (RMB) (%) (RMB) (RMB) in existing state as at the Market Value valuation date Date Estimated/ Actual Pre-Sale Commencement Date Estimated Completion — — — 435,800,000 96% 418,400,000 — Date Estimated March 2021 May 2025 June 2021 966,500,000 82% 788,700,000 — Construction October 2021 June 2024 January 2022 355,900,000 48% 170,800,000 — October 2020 December 2023 November 2020 1,716,200,000 38% 659,000,000 — December 2020 May 2023 March 2021 36,500,000 96% 35,000,000 — December 2020 January 2025 June 2021 3,730,200,000 62% 2,327,600,000 — November 2020 November 2023 May 2021 695,000,000 96% 667,200,000 — November 2020 June 2024 March 2021 1,205,800,000 96% 1,157,600,000 — September 2020 June 2023 June 2021 226,700,000 58% 130,600,000 — September 2020 August 2022 June 2021 109,500,000 96% 105,100,000 — Commencement commercial and residential uses use, 20 July 2090 for residential use Land Use Rights Expiry Date commercial use, 2 January 2070 for residential use 2060 for commercial use, 1 March 2090 and 19 April 2090 for residential use commercial use, 30 June 2067 for residential use commercial use, 24 April 2051 for residential use commercial use, 31 December 2068 for residential use commercial use, 22 September 2083 for residential use use, 2 July 2089 for residential use commercial use, 3 December 2068 for educational use, 3 December 2088 for residential use GFA Total Planned (sq.m.) (sq.m.) Fujian — R, C, CPS 447,289.86 13 February 2058 for Guangdong 67,841.00 R, C 325,596.00 1 March 2060 and 19 April Guangdong 44,206.74 R, C 162,759.77 20 July 2060 for residential Province/ Municipality Site Area Use Chongqing — R, C, CPS 128,785.31 2 January 2060 for Chongqing — R 14,316.92 30 June 2057 for Chongqing — R 1,705.44 24 April 2041 for Chongqing — R, C, CPS 164,237.63 31 December 2058 for Hubei 63,518.99 R, C 326,677.10 3 December 2058 for Hubei — R, C 493,265.11 22 September 2053 for Hubei 151,926.17 R, C 959,544.73 2 July 2059 for commercial Quanzhou Shishi Jinhui City Garden Phase II Chongqing Jiangshan Elite’s Mansion Chongqing Zhongyang King’s Garden Liangping Hushan Elite’s Mansion Chongqing Jinhui City Phase V Wuhan Jinhui City Elite’s Mansion Wuhan Jiangyue Elite’s Mansion 142 Reserved land of Project 143 Project Foshan Yunjing 144 Project Huizhou Gaoling 145 Reserved land of Project 146 Reserved land of Project 147 Reserved land of Project 148 Reserved land of Project 150 Reserved land of Project 149 Reserved land of Project 151 Project Wuhan Jiangshan Property No. Name of Property

– III-28 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION reference Market Value for (for properties without proper title certificates) as at the valuation date* Market Value valuation date* Group as at the Attributable to the Interest the Group Attributable to (RMB) (%) (RMB) (RMB) in existing state as at the Market Value valuation date Date Estimated/ Actual Pre-Sale Commencement n possession of the land use rights with respect to the properties. The Group has the rights to legally Date . Estimated Completion Date Estimated Construction October 2021 October 2028 December 2021 3,355,400,000 96% 3,221,200,000 — December 2021 December 2028 August 2022 1,021,100,000 96% 980,300,000 — November 2020 November 2023 January 2021 524,500,000 96% 503,500,000 — Commencement residential use commercial use, 29 December 2076 for residential use Land Use Rights Expiry Date commercial use, 31 August 2081 for residential use GFA Total Planned (sq.m.) (sq.m.) Hunan — R, C 178,345.88 17 October 2089 for Shaanxi — C, O 485,219.39 31 August 2051 for Shaanxi — R, C 1,730,718.34 29 December 2046 for Province/ Municipality Site Area Use occupy, use, transfer, lease and dispose of the land of the properties subject to compliance with the terms of the relevant mortgage contracts (if any) Xi’an Jinghe Town Changsha Xingyu Academy Xi’an Jinhui World City Block I/J 152 Reserved land of Project 153 Reserved land of Project 154 Reserved land of Project Property No. Name of Property Note: 1. We have been provided with a legal opinion regarding the property interests by the Company’s PRC Legal Advisor that the Group is legally and validly i

– III-29 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION date* reference Market Value for as at the valuation (for properties without proper title certificates) date* at the valuation the Group as Market Value Attributable to Interest the Group Attributable to se, transfer, lease and dispose of the land use rights of the ificate, the land use rights of a parcel of land with a site area of d there is no legal impediment and onerous cost in obtaining the title in existing fore, we have attributed no commercial value to the properties in this owing: state as at the Market Value valuation date Date Estimated/ April 2021 — 96% — 1,694,400,000 March 2021 — 67% — 1,025,900,000 August 2021 — 96% — 1,616,400,000 Actual Pre-Sale February 2021 — 96% — 308,900,000 Commencement December 2020 — 96% — 652,400,000 Date 2024 2022 2023 2022 2023 Estimated Completion Date Estimated Construction Commencement GFA Total Planned (sq.m.) (sq.m.) (RMB) (%) (RMB) (RMB) Zhejiang 122,292.00 R 204,399.60 September 2020 May 2022 October 2020 — 58% — 1,103,500,000 Zhejiang 63,209.90 R 178,234.49 October 2020 May 2023 January 2021 — 96% — 1,525,600,000 Jiangsu 128,379.40 R 327,900.72 September 2020 May 2023 December 2022 — 96% — 3,792,000,000 Jiangsu 56,711.70 R, C 149,619.40 November 2020 August Fujian 65,225.00 R, C 240,352.50 November 2020 December Province/ Municipality Site Area Use Chongqing 25,896.00Chongqing R, C, CPS 44,496.00 75,166.00 R October 2020 March 128,026.00 October 2020 May 2022 January 2021 — 96% — 1,030,800,000 Shaanxi 189,256.48 R, C 812,326.38 January 2021 December property no. 156. a. theb. State-owned Construction Land Use Rights Grant Contracts with respect to the the properties Group (excluding is property legally no. and 156) are validly legal in and possession valid; of and the land use rights with respect to the property no. 156. The Group has the rights to legally occupy, u certificates. Group. For reference purpose, we have assessed them assuming their title certificates have been obtained and can be freely transferred by the Group an approximately 63,209.9 sq.m. have been granted to the Group for a term expiring on 3 September 2090 for residential use. Waterflow Elite’s Mansion Garden Dongjun King’s Garden Elite’s Mansion Caiyun Lake Avenue Group VI — Properties contracted to be acquired by the Group in the PRC Property No.155 Name of Property Project Ningbo Jiangyue 156 Project Shaoxing Jingyue 157 Project Wuxi Xidong King’s 158 Project Huai’an New Block 159 Project Fuqing Zhongyang 160 Project161 Foshan Yunzhu Garden Guangdong Project162 Chongqing Jinhui 66,438.78 R, C Project Chongqing Jinhui 231,176.96 April 2021 November 163 Project Xi’an New Block 2. Subsequent to the valuation date, the Group has obtained a Real Estate Title Certificate for property no. 156. Pursuant to the Real Estate Title Cert Notes: 1. As at the valuation date, the properties had not been assigned to the Group and thus the titles of the properties had not been vested in the Group. There 3. We have been provided with a legal opinion regarding the property interests by the Company’s PRC Legal Advisor, which contains, inter alia, the foll

– III-30 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

SUMMARY OF PROJECTS

Abbreviation:

MCP-AV: Market Comparable Price (Accommodation Value) (RMB/sq.m.) for bare lands of the projects MCP-R: Market Comparable Price (RMB/sq.m.) for residential MCP-C: Market Comparable Price (RMB/sq.m.) for commercial MCP-O: Market Comparable Price (RMB/sq.m.) for office MCP-CPS: Market Comparable Price (RMB/space) for car parking space Rent-C: Market Monthly Rent (RMB/sq.m.) for commercial Rent-O: Market Monthly Rent (RMB/sq.m.) for office Rent-CPS: Market Monthly Rent (RMB/space) for car parking space CR: Capitalization Rate

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

1 Project The project is located in Zhejiang 45 3,438,600,000 3,301,100,000 — MCP-AV: 15,800-16,900 Hangzhou Yuhang District of MCP-R: 23,500-26,000 Jiushang Elite’s Hangzhou City. The locality Mansion is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

2 Project The project is located in Zhejiang 46 874,600,000 839,600,000 — MCP-AV: 18,300-18,900 Hangzhou Ziya Xihu District of Hangzhou MCP-R: 22,000-29,500 Elite’s Mansion City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

3 Project Ningbo The project is located at the Zhejiang 47 541,700,000 520,000,000 — MCP-AV: 9,500-10,500 Shanghe Cloud southern side of Baisha MCP-R: 16,000-19,000 Atrium Street, Cixi City. The MCP-C: 22,000-27,000 locality is well served by MCP-CPS: 10,500-13,000 public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

4 Project Ningbo The project is located on the Zhejiang 155 — — 1,103,500,000 MCP-AV: 7,200-7,800 Jiangyue Hushan Street, Cixi City. Waterflow The locality is well served by public transportation and there are also some public facilities nearby. The property was a parcel of land contracted to be acquired as at the valuation date.

– III-31 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

5 Project Shaoxing The project is located at the Zhejiang 48 1,548,000,000 1,486,100,000 — MCP-AV: 7,500-8,100 New Block eastern side of Yuedong MCP-R: 14,000-19,000 Guanlan Garden Road, the western side of MCP-C: 23,000-27,000 Taoyang River, Yuecheng MCP-CPS: 130,000-155,000 District, Shaoxing City, with excellent natural and landscape resources. It is a middle-class residential project which was under construction as at the valuation date.

6 Project Shaoxing The project is located at the Zhejiang 49 1,328,800,000 1,275,600,000 — MCP-AV: 10,100-11,700 Mirror Lake northern side of Lingzhi MCP-R: 18,000-21,000 Road, Yuecheng District. MCP-CPS: 180,000-200,000 The locality is a newly developed area where public facilities are being improved. The property was under development as at the valuation date.

7 Project Shaoxing The project is located in Zhejiang 50 1,116,400,000 1,071,700,000 — MCP-AV: 13,500-14,000 Peninsula Elite’s Hongqi County, Keyan MCP-R: 24,000-26,500 Mansion Street, Keqiao District, MCP-CPS: 165,000-195,000 Shaoxing City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

8 Project Shaoxing The project is located in Zhejiang 156 — — 1,525,600,000 MCP-AV: 12,000-13,500 Jingyue Elite’s Hongqi County, Keyan Mansion Street, Keqiao District, Shaoxing City. The locality is well served by public transportation and there are also some public facilities nearby. The property is a parcel of land contracted to be acquired as at the valuation date.

9 Project Jurong The project is located at the Jiangsu 51 989,300,000 949,700,000 — MCP-AV: 6,300-6,900 Jinhui Four southeastern side of MCP-R: 14,000-17,000 Seasons Guanlan intersection of Xianlin East MCP-C: 17,000-20,500 Road and Huangshu Road, Jurong City. The property was under construction as at the valuation date. It is planned to be developed into a complex development complex with residential, commercial and hotel buildings.

– III-32 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

10 Project Suzhou The project is located at the Jiangsu 1 388,600,000 373,100,000 3,600,000 MCP-R: 10,000-12,000 Sea Breeze junction of Wei 7th Road MCP-C: 11,000-14,800 Garden and Yuanlin Road, Taicang MCP-CPS: 44,000-55,000 City, Jiangsu Province. The transportation network and public facilities nearby are under further improvement. It is a residential and commercial project. The property was held for sale as at the valuation date.

11 Project Suzhou The project is located at the Jiangsu 52 1,080,400,000 1,037,200,000 — MCP-AV: 9,900-11,500 New Block Four southern side of Huaxu MCP-R: 18,000-22,000 Seasons Garden Road and the eastern side of Xitang Road, Huqiu District, Suzhou City. It is a residential project developed by 2 phases. The property was under construction as at the valuation date.

12 Project Suzhou The project is located at Jiangsu 2 & 28 375,600,000 360,600,000 25,700,000 MCP-C: 13,500-21,500 Qianwan No. 9 Sangyuan Road, Commercial Huqiu District, Suzhou City. Center The transportation network and public facilities nearby are under further improvement. It is a commercial project with car parking spaces completed in June 2019. As at the valuation date, portions of the project were rented to various tenants whilst the remaining portion of the project was held for sale.

13 Project Suzhou The project is located at the Jiangsu 53 1,826,000,000 1,227,100,000 — MCP-AV: 18,000-22,900 Runyuan northern side of West 8 MCP-R: 29,000-33,700 Mansion Yayuan Road and eastern side of Yuanhe River. The transportation network and public facilities nearby are under further improvement. It is a residential project which was under construction as at the valuation date.

14 Project Suzhou The project is located in Jiangsu 54 686,300,000 658,800,000 — MCP-AV-R: 3,700-4,100 New Block Jiang Guokai District of Taicang MCP-AV-C: 600-700 Lai City. The locality is well MCP-R: 13,000-15,000 served by public MCP-C: 20,000-23,000 transportation and there are MCP-CPS: 90,000-120,000 also some public facilities nearby. It is a residential and commercial project which was under construction as at the valuation date.

– III-33 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

15 Project Suzhou The project is located in Jiangsu 131 36,100,000 34,700,000 — MCP-AV-C: 600-700 Taicang Block Guokai District of Taicang No.17 City. The locality is well served by public transportation and there are also some public facilities nearby. It comprises a parcel of land with a site area of approximately 35,504.40 sq.m., which will be developed into a commercial complex.

16 Project The project is located at the Jiangsu 132 595,300,000 571,500,000 — MCP-AV: 9,000-10,500 Zhangjiagang eastern side of Jiangcheng Riverside Road, Economic and Yunjing Garden Development Zone of Zhangjiagang City. It comprises a parcel of land with a site area of approximately 41,940.85 sq.m., which will be developed into a residential project.

17 Project Wuxi The project is located at the Jiangsu 157 — — 3,792,000,000 MCP-AV: 15,000-17,500 Xidong King’s northern side of Xishan Garden Avenue and the eastern side of Hexiang Road, Xidong Xincheng Business Zone, Wuxi City. The transportation network and public facilities nearby are under further improvement. The property is a parcel of land contracted to be acquired as at the valuation date.

18 Project The project is located at the Jiangsu 55 1,524,300,000 1,463,300,000 — MCP-AV: 4,900-5,500 Yangzhou New southern side of Changjiang MCP-R: 11,500-13,500 Block Avenue East Road and the eastern MCP-C: 15,000-20,000 side of Xindu South Road, MCP-CPS: 50,000-85,000 Jiangdu District, Yangzhou City. The transportation network and public facilities nearby are under further improvement. It is a residential project which was under construction as at the valuation date.

19 Project The project is located at the Jiangsu 56 1,024,700,000 327,900,000 — MCP-AV: 5,000-5,800 Yangzhou Eden junction of Wenchang Road MCP-R: 11,000-16,000 Garden and Renmin Road, MCP-C: 12,000-21,000 Yangzhou City. The MCP-CPS：75,000-105,000 transportation network and public facilities nearby are under further improvement. It is a residential project which was under construction as at the valuation date.

– III-34 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

20 Project The project is located at the Jiangsu 57 1,227,100,000 1,178,000,000 — MCP-AV: 5,000-5,600 Zhenjiang New southern side of Sipingshan MCP-R: 9,000-12,000 Block Xinyuan Road and the western side of MCP-CPS: 40,000-54,000 Zhihui Avenue, Jingkou District, Zhenjiang City. The transportation network and public facilities nearby are under further improvement. It is a residential project which was under construction as at the valuation date.

21 Project The project is located at the Jiangsu 58 805,500,000 773,300,000 — MCP-AV: 4,700-5,500 Zhenjiang southern side of Wei 4th MCP-R: 8,500-11,700 Yundu Road and the eastern side of MCP-CPS: 40,000-54,000 Shangyuan Jing 7th Road, Jingkou District, Zhenjiang City. The transportation network and public facilities nearby are under further improvement. It is a residential project which was under construction as at the valuation date.

22 Project Shanghai The project is located at the Shanghai 3 606,300,000 582,000,000 78,300,000 MCP-R: 65,000-75,000 Jinhui Tiancui eastern side of Hongcui MCP-CPS: 400,000- Garden Road, Minhang District. It is 505,000 a residential project completed in 2019. As at the valuation date, portions of the project were held for sale, whilst the remaining portions of the project have been sold out.

23 Project Shanghai The project is located at the Shanghai 4 & 29 414,100,000 397,500,000 50,000,000 MCP-C: 22,000-26,000 Jingang western side of Huanhu Rent-C: 30-60 Commercial West 3rd Road, Pudong CR: 5% Plaza New Area, Shanghai. It is a commercial development completed in 2014. As at the valuation date, portions of the project were held for sale, whilst the remaining portion of the project was held for investment.

24 Project Beijing The project is located at Jia Beijing 59 2,836,600,000 2,723,100,000 — MCP-AV: 5,500-6,300 Chaoyang Port No.1 East Fourth Ring Rent-O: 160-185 No.1 Block Road, Chaoyang District, CR: 5% Beijing. It is a high-class storage project which was under construction as at the valuation date.

– III-35 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

25 Beijing Radiance Beijing Radiance Plaza is Beijing 30 & 40 5,092,600,000 4,888,900,000 — Rent-O: 280-300 Plaza located in Chaoyang Rent-C: 365-456 District, Beijing. It is a Rent-CPS: 1,000-1,300 38-storey (plus 4 storey CR-O: 4.75% basement) office building CR-C: 5.25% completed in 2016 and CR-CPS: 3% comprises various retail and office units and car parking spaces. As at the valuation date, the property was held for investment by the Group.

26 Project Tianjin The project is located at the Tianjin 60 1,258,300,000 1,208,000,000 — MCP-AV: 6,200-6,900 Xueshi Garden junction of Yuhua Street and MCP-R: 10,000-16,000 Guangyang Road in Baodi MCP-C: 15,000-22,000 District, Tianjin City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

27 Project Tianjin The project is located at the Tianjin 61 465,900,000 447,300,000 — MCP-AV: 6,000-6,500 Yunqi Garden southern side of Guangyang MCP-R: 10,000-16,000 Road and the western side of MCP-C: 16,000-20,000 Shuangzhan Road, Baodi District, Tianjin City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

28 Project Tianjin The project is located at the Tianjin 62 475,800,000 456,800,000 — MCP-AV: 6,300-7,300 Yunhui Garden junction of Xincang Road MCP-R: 10,000-15,000 and Jiahe Road in Baodi MCP-C: 17,000-22,000 District, Tianjin City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

29 Project Tianjin The project is located at the Tianjin 63 600,100,000 576,100,000 — MCP-AV: 5,900-6,800 Yunque Garden junction of Wangyue Road MCP-R: 10,000-14,000 and Yingxun Street in Baodi MCP-C: 17,000-22,000 District, Tianjin City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

– III-36 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

30 Project Tianjin The project is located in Tianjin 5 & 64 1,102,400,000 1,058,300,000 18,600,000 MCP-AV: 2,700-3,300 Hu’an Garden Binhai New Area of Tianjin. MCP-R: 9,000-11,000 The project is close to MCP-C: 13,000-18,000 Dongli Lake Scenic Area and Bolong Lake Park with excellent landscaped environment. It is a residential project developed by 4 phases. As at the valuation date, Phase I and Phase II were completed and held for sale whilst Phase III and Phase IV were under construction.

31 Project Tianjin The project is located at the Tianjin 65 945,700,000 907,900,000 — MCP-AV: 13,000-14,000 Yuncui Garden junction of Hongyuan Road MCP-R: 18,000-24,500 and Cuitao Road in Beichen MCP-C: 29,000-32,000 District, Tianjin City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

32 Project The project is located at the Hebei 66 485,400,000 466,000,000 — MCP-AV: 5,000-5,600 Shijiazhuang intersection of Chenguang MCP-R: 11,000-15,000 New Block Star Road and Chengdong Street, MCP-C: 16,000-18,000 Shijiazhuang City. It is a middle-class residential project which was under construction as at the valuation date.

33 Project The project is located at the Hebei 67 1,081,700,000 571,100,000 — MCP-AV: 8,000-9,000 Shijiazhuang western side of Linji Street MCP-R: 16,000-18,000 Jinhui Elite’s and the northern side of MCP-CPS: 280,000-330,000 Mansion Dongguan Road, Shijiazhuang City. It is a top-class villa project which was under construction as at the valuation date.

34 Project The project is located at the Hebei 6 12,500,000 4,100,000 88,600,000 MCP-R: 12,500-14,500 Shijiazhuang eastern side of Xincheng New Block Avenue, the western side of (Pinyuan) Baipu Street, the northern side of Huayang Road and the southern side of Tianning Road, Zhengding New District, Shijiazhuang City. It is a middle-class residential development which was held for sale as at the valuation date.

– III-37 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

35 Project The project is located at the Hebei 68 768,900,000 738,100,000 — MCP-AV: 5,600-6,800 Shijiazhuang southern side of Jinyuan MCP-R: 12,000-15,000 New Block Road and the western side of MCP-C: 16,000-18,000 Shangfu West No.107 National Highway, Zhengding New District, Shijiazhuang City. It is a residential project which was under construction as at the valuation date.

36 Project The project is located at the Hebei 133 444,700,000 426,900,000 — MCP-AV: 5,600-6,800 Shijiazhuang southern side of Jinyuan New Block Road and the western side of Shangfu East No.107 National Highway, Zhengding New District, Shijiazhuang City. It was a parcel of bare land as at the valuation date and will be developed into a residential project.

37 Project The project is located at the Hebei 69 911,600,000 875,100,000 — MCP-AV: 8,000-9,200 Shijiazhuang northern side of Hengshan MCP-R: 14,500-18,500 Kaiyuan House Road and the eastern side of Wangquan Street, Zhengding New District, Shijiazhuang City. It is a residential project which was under construction as at the valuation date.

38 Project The project is located in Hebei 70 & 134 385,700,000 296,200,000 — MCP-AV: 2,500-3,200 Shijiazhuang Shangzhuang Town, Luquan MCP-R: 12,000-14,500 New Block District, Shijiazhuang City. MCP-C: 16,000-18,000 Yayuan As at the valuation date, portions of the property were under construction whilst the remaining portion was bare land held for future development.

39 Project Langfang The project is located at the Hebei 71 & 135 2,469,000,000 2,370,300,000 — MCP-AV: 6,500-7,100 New Block southern side of Nanlong MCP-R: 12,000-14,000 Riverside Street and the eastern side of MCP-C: 15,000-17,200 Garden Yongxing Road, Langfang City. It is a middle-class residential project developed by 2 phases. As at the valuation date, Phase I of the project was under construction, and Phase II of the project was a parcel of bare land held for future development.

– III-38 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

40 Project The project is located at Liaoning 72 2,444,900,000 2,347,100,000 — MCP-AV: 4,300-5,000 Shenyang No.80 Xinyunhe Road in MCP-R: 10,600-14,400 Jiangshan Elite’s Hunnan District, Shenyang MCP-C: 18,400-23,200 Mansion City. It is a composite project comprising villas, high-rise residence, retail buildings and car parking spaces, which was under construction as at the valuation date.

41 Project The project is located in Jiangsu 7 & 73 & 331,700,000 318,500,000 — MCP-AV: 2,600-3,200 Yancheng Jinhui Yancheng City. It is a high- 136 MCP-R: 9,500-12,000 City Block D rise residential project with commercial units developed in 2 phases. As at the valuation date, portions of the project were completed and held for sale, and portions of the project were under construction whilst the remaining portion was bare land held for future development.

42 Project The project is located at the Jiangsu 74 308,700,000 296,400,000 — MCP-AV: 2,400-2,900 Yancheng Jinhui eastern side of Huarui Road, MCP-R: 7,000-8,000 New Block Yandu District, Yancheng MCP-C: 12,000-14,500 Garden City. It is a high-rise residential project with commercial units. The project was under construction as at the valuation date.

43 Project Huai’an The project is located at Jiangsu 75 & 137 348,100,000 200,500,000 — MCP-AV: 1,100-1,400 Jinhui City Xiangjiang Road of Huai’an MCP-R: 7,000-8,500 Square City. The locality is well MAP-CPS: 55,000-70,000 served by public transportation and there are also some public facilities nearby. As at the valuation date, portions of the project were under construction and the remaining portion was bare land held for future development.

44 Project Huai’an The project is located at the Jiangsu 41 & 76 660,200,000 633,800,000 21,600,000 MCP-AV: 1,100-1,400 Jinhui City southern side of Hepan Road MCP-R: 5,500-6,500 Phase II and the eastern side of Guolin Street, Qinghe New District, Huai’an City. It is a middle-class residential development with 6 high- rise buildings. As at the valuation date, Building No. 47 was completed and occupied by the Group whilst the remaining portion of the project was under construction.

– III-39 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

45 Project Huai’an The project is located at Jiangsu 77 923,500,000 899,800,000 — MCP-AV: 1,500-1,800 Jinhui City No.11 Hepan Road, MCP-R: 6,000-12,000 Phase III Qingjiangpu District. It is a MCP-C: 11,000-14,000 composite project MCP-CPS: 50,000-60,000 comprising villa, high-rise buildings and commercial units. The project was under construction as at the valuation date.

46 Project Huai’an The project is located at the Jiangsu 8 & 78 152,300,000 146,200,000 20,700,000 MCP-AV:1,500-1,900 Jinhui Swan Bay eastern side of Chengde MCP-R: 6,000-7,500 North Road and the southern MCP-C: 9,000-13,000 side of Changjiang East Road, Huai’an City. It is a composite project comprising villa, high-rise buildings and commercial units. Phase I of the project was completed and held for sale and Phase II of the project was under construction as at the valuation date.

47 Project Huai’an The project is located at the Jiangsu 9 & 79 & 1,109,900,000 1,065,500,000 37,900,000 MCP-AV: 2,900-3,400 Jinhui Four western side of Yuxiu Road 138 MCP-R: 6,000-7,000 Seasons and the northern side of MCP-C: 11,000-13,000 Community Mingyuan Road, Huai’an City. It is a middle-class residential project. As at the valuation date, a portion of the project was completed and held for sale, another portion was under construction, whilst the remaining portion was a parcel of bare land held for future development.

48 Project Huai’an The project is located at the Jiangsu 80 & 139 211,700,000 203,200,000 — MCP-AV: 2,100-2,400 New Block eastern side of Xingshang MCP-R: 7,500-9,000 Garden Road and the southern side MCP-R: 17,000-19,000 of Jiujiang Road, Huaiyin District, Huai’an City. Transportation network and public facilities in the locality are under further improvement. As at the valuation date, portions of the property were under construction whilst the remaining portion was bare land held for future development.

– III-40 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

49 Project Huai’an The project is located at the Jiangsu 158 — — 308,900,000 MCP-AV: 2,500-2,900 New Block northern side of Xuyang Dongjun Road and eastern side of Yongxian Road, Huai’an City. The locality is served by good transportation network and adequate public facilities. The project was a parcel of land contracted to be acquired as at the valuation date.

50 Project The project is located at the Jiangsu 81 796,500,000 764,600,000 — MCP-AV: 4,800-5,100 Lianyungang eastern side of Xueyuan MCP-R: 10,000-14,000 Jinhui Four Road and the northern side MCP-C: 11,000-13,000 Seasons Guanlan of Pingzhu Road, Haizhou MCP-CPS: 80,000-120,000 District, Lianyungang City. It is a mid-end residential project which was under construction as at the valuation date.

51 Project The project is located at the Jiangsu 10 & 42 139,000,000 133,400,000 215,800,000 MCP-C: 11,000-13,000 Lianyungang eastern side of Xueyuan MCP-CPS: 80,000-100,000 Jinhui Four Road and the northern side Seasons of Pingzhu Road, Haizhou District, Lianyungang City. As at the valuation date, portions of the property were completed and held for sale whilst the remaining portion was occupied by the Group.

52 Project The project is located at the Jiangsu 82 & 140 327,600,000 314,500,000 — MCP-AV: 2,300-2,700 Lianyungang eastern side of Huanhu MCP-R: 19,000-21,000 Yunting Road, Economic and MCP-CPS: 100,000-120,000 Riverside Technology Development Area, Lianyungang City. As at the valuation date, portions of the property were under construction whilst the remaining portion was bare land held for future development.

53 Project Xuzhou The project is located at the Jiangsu 83 963,300,000 924,800,000 — MCP-AV: 6,400-6,700 Xinbu Lanting northern side of 3rd Ring MCP-R: 15,000-18,000 East Road and the southern MCP-C: 19,000-21,000 side of Baiyun East Road, MCP-CPS: 75,000-90,000 Economic and Technology Development Area, Xuzhou City. It is planned to be developed into a mid-to-high end residential project with commercial units and car parking spaces. The property was under construction as at the valuation date.

– III-41 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

54 Project Xuzhou The project is located at Jiangsu 84 518,100,000 497,400,000 — MCP-AV: 2,400-2,800 New Block No.10 Yongchang Road, MCP-R: 6,500-9,500 Riverside Suihe Street, Suining MCP-C: 13,000-15,000 County, Xuzhou City. It is a middle-class residential project comprising villa units, high-rise buildings and commercial units. The project was under construction as at the valuation date.

55 Project Fuzhou The project is located at Fujian 85 659,400,000 633,000,000 — MCP-AV: 7,100-7,600 Jinhui New No.29 Jingxi East Avenue, MCP-R: 15,000-18,000 Block Garden Jingxi Town, Minhou MCP-C: 4,000-6,000 County, Fuzhou City. The MCP-CPS: 120,000-140,000 locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

56 Project Fuzhou The project is located in Fujian 86 2,470,500,000 2,371,700,000 — MCP-AV: 11,000-13,400 Jinhui Cangshan District of Fuzhou MCP-R: 26,000-30,000 Lanlinxuan City. The locality is well MCP-C: 25,000-31,000 served by public MCP-CPS: 210,000-230,000 transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

57 Project Fuzhou The project is located in Fujian 11 & 141 5,965,700,000 3,436,200,000 — MCP-AV: 10,500-12,000 Huai’an Cangshan District of Fuzhou MCP-R: 21,000-45,000 City. It comprises 4 parcels MCP-C: 19,000-22,000 of land with a total site area MCP-CPS: 240,000-280,000 of approximately 1,042,136 sq.m. and it will be developed into a large composite development in 4 phases with townhouses, high-rise residential buildings, retail facilities and car parking spaces. As at the valuation date, portions of the project were completed and held for sale whilst the remaining portion was a vacant land parcel for future development.

58 Fuzhou Jinhui Fuzhou Jinhui Mansion is Fujian 31 245,300,000 235,500,000 — MCP-C: 16,000-20,000 Mansion located in Jin’an District of CR-C: 5.5% Fuzhou City. It comprises the 4th floor to the 18th floor and it was completed in 1999. As at the valuation date, the property was held for investment by the Group.

– III-42 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

59 Project Fuqing The project is located in Fujian 87 691,500,000 663,800,000 — MCP-AV: 3,100-3,800 New Block Longshan Area, Fuqing MCP-R: 10,000-12,500 Avenue City. The locality is well MCP-C: 12,000-14,000 served by public MCP-CPS: 110,000-140,000 transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

60 Project Fuqing The project is located at the Fujian 88 1,648,400,000 616,500,000 — MCP-AV: 4,900-5,300 Jiangshan Elite’s northern side of Qingsheng MCP-R: 13,000-16,000 Mansion Avenue and the western side MCP-C: 22,000-28,000 of Fuhe Road, Fuqing City. MCP-CPS: 180,000-220,000 The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

61 Project Fuqing The project is located at the Fujian 89 1,222,100,000 1,173,200,000 — MCP-AV: 3,200-3,600 Guanlan Elite’s northern side of Dongda MCP-R: 12,000-14,000 Mansion Road and the western side of MCP-CPS: 150,000-165,000 Futong Road, Fuqing City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

62 Project Fuqing The project is located at the Fujian 90 1,271,800,000 439,500,000 — MCP-AV: 4,000-4,800 New Block western side of Rongkuan MCP-R: 11,000-13,500 Academy Road and the northern side MCP-C: 16,000-21,000 of Yongchang Road, Fuqing MCP-CPS: 120,000-150,000 City. The locality is well served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

63 Project Fuqing The project is located at Fujian 91 403,100,000 197,400,000 — MCP-AV: 2,100-2,500 New Block Longshan Street, Fuqing MCP-R: 13,000-16,500 Garden City. The locality is a newly MCP-C: 20,000-21,000 developed area where public MCP-CPS: 140,000-160,000 facilities are under further improvement. The property was under construction as at the valuation date.

– III-43 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

64 Project Fuqing The project is located at Fujian 92 175,100,000 85,800,000 — MCP-AV: 3,500-3,800 East Elite’s Chuangye Avenue, Fuqing MCP-R: 13,000-14,500 Mansion City. The locality is well MCP-CPS: 120,000-140,000 served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

65 Project Fuqing The project is located at Fujian 159 — — 1,025,900,000 MCP-AV: 4,500-5,800 Zhongyang Shizhu Street, Fuqing King’s Garden City.The project was a parcel of land contracted to be acquired as at the valuation date.

66 Project The project is located at the Fujian 93 & 142 2,886,400,000 2,355,300,000 — MCP-AV: 3,300-3,800 Quanzhou Shishi north-eastern side of MCP-R: 7,900-8,500 Jinhui City Jinsheng Road, Shishi City. MCP-C: 10,000-14,000 It will be developed into a MCP-CPS: 110,000-130,000 residential project with residential buildings, commercial units, car parking spaces and ancillary facilities. As at the valuation date, portions of the project were under construction, whilst the remaining portion was a vacant land parcel held for future development.

67 Project Foshan The project is located at Guangdong 12 & 94 1,556,200,000 1,493,900,000 — MCP-AV: 11,000-12,400 New Block Shuikou Village Committee, MCP-R: 18,000-23,000 Avenue Beijiao Town, Shunde MCP-C: 30,000-35,000 District, Foshan City, MCP-CPS: 160,000- Guangdong Province. The 180,000 locality of the property is a well-developed residential and commercial area served by adequate public facilities and good transportation network. It is a residential & commercial project developed by 3 phases. As at the valuation date, portions of Phases I and II were sold while the remaining portion was held for sale, and Phase III was under construction.

– III-44 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB) 68 Project Foshan The project is located in Guangdong 95 1,173,100,000 1,126,200,000 — MCP-AV: 13,500-14,900 Lingnan Elite’s Yunjin East Area of Daliang MCP-R: 20,000-24,000 Mansion Street, Shunde District, MCP-C: 29,000-35,000 Foshan City. The locality is a well-developed residential and commercial area served by adequate public facilities and good transportation network. It is a residential and commercial project which was under construction as at the valuation date.

69 Project Foshan The project is located at the Guangdong 13 429,200,000 206,000,000 40,000,000 MCP-R: 7,500-8,700 New Block southern side of Fuwan Academy School and the northern side of Mingfu Road, Foshan City. The locality is a well- developed residential and commercial area served by adequate public facilities and good transportation network. The property was completed in 2020 and held for sale as at the valuation date.

70 Project Foshan The project is located at the Guangdong 143 1,205,800,000 1,157,600,000 — MCP-AV: 8,600-9,900 Yunjing Garden eastern side of Zidong Road and the northern side of Huyong Car Parking Lot, Chancheng District, Foshan City. It comprises a parcel of land with a site area of approximately 44,206.74 sq.m., which will be developed into a residential development.

71 Project Foshan The project is located at the Guangdong 160 — — 1,616,400,000 MCP-AV: 8,000-8,900 Yunzhu Garden western side of Huyong Avenue in Chancheng District, Foshan City. The transportation network and public facilities in the locality are under further improvement. The project was a parcel of land contracted to be acquired as at the valuation date.

– III-45 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB) 72 Project Huizhou The project is located at Guangdong 14 846,500,000 812,600,000 8,800,000 MCP-R: 10,000-14,000 Dongdi Huayuan Baiyun First Road, Huizhou MCP-C: 15,000-17,000 City. The locality is a MCP-CPS: 90,000-110,000 newly-developed residential area served with some public facilities. It is a residential and commercial development completed in July 2020, which was held for sale as at the valuation date.

73 Project Huizhou The project is located at the Guangdong 96 961,400,000 922,900,000 — MCP-AV: 3,000-3,600 Jinhui Elegant eastern side of Yingbin MCP-R: 11,000-13,000 Pavilion Road, Huizhou City. The MCP-C: 15,000-17,000 locality is a newly- MCP-CPS: 90,000-105,000 developed residential area served with some public facilities. The project is planned to be developed into a residential and commercial development which was under construction as at the valuation date.

74 Project Huizhou The project is located in Guangdong 97 220,700,000 211,900,000 — MCP-AV: 3,300-3,700 New Block Gaoling Village, Huiyang MCP-R: 11,00-13,000 Mansion District. The locality is a MCP-C: 15,000-17,000 newly-developed residential MCP-CPS: 90,000-105,000 area served with some public facilities. The property was under construction as at the valuation date.

75 Project Huizhou The project is located in Guangdong 144 695,000,000 667,200,000 — MCP-AV: 3,000-3,600 Gaoling Phase II Xihu Village, Huizhou City. The property is planned to be developed into a residential development. As at the valuation date, the property comprises 4 parcels of land held for future development.

76 Project The project is located in Chongqing 98 720,200,000 352,600,000 — MCP-AV: 7,100-7,400 Chongqing Shapingba District of MCP-R: 13,000-15,000 Tianchen Elite’s Chongqing. The locality is MCP-C: 19,000-21,000 Mansion well served by public MCP-CPS: 90,000-105,000 transportation and there are also some public facilities nearby. The property was under construction as at the valuation date.

– III-46 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

77 Project The project is located in Chongqing 99 & 145 1,811,800,000 1,043,600,000 — MCP-AV: 10,900-12,300 Chongqing Jiangbei District of MCP-R: 19,000-23,000 Jiangshan Elite’s Chongqing. The locality is MCP-C: 21,000-23,000 Mansion well served by public MCP-CPS: 150,000-170,000 transportation and there are also some public facilities nearby. As at the valuation date, portions of the property were under construction whilst the remaining portion was bare land for future development.

78 Project The project is located at the Chongqing 15 & 100 3,877,000,000 3,721,900,000 — MCP-AV: 7,200-7,700 Chongqing southern side of Central & 146 MCP-R: 11,000-14,000 Zhongyang Park, Yubei District, MCP-C: 15,000-18,000 King’s Garden Chongqing. The locality is a MCP-CPS: 120,000-140,000 newly developed area where public facilities such as municipal facilities were still under development. It is planned to be developed into a high-end residential project. As at the valuation date, portions of the property were held for sale, portions of the property were under construction and the remaining portion was bare land for future development.

79 Project The project is located at Chongqing 16 & 101 2,048,800,000 1,966,900,000 — MCP-AV-R: 7,500-7,900 Chongqing No. 659 Lanhu Road, MCP-AV-C: 5,500-5,900 Yujiang House Nan’an District. It is a MCP-R: 13,000-16,500 residential project. As at the MCP-C: 22,000-25,000 valuation date, portions of MCP-CPS:140,000-180,000 the project were completed and held for sale whilst the remaining portion was under construction.

80 Project The project is located at the Chongqing 17 267,200,000 256,500,000 — MCP-R: 16,000-20,000 Chongqing northern side of MCP-C: 22,000-25,000 Boshe Tongyuandao Street, Nan’an MCP-CPS:140,000-180,000 District. It is a top-class villa project. As at the valuation date, the property was completed and held for sale.

81 Project The project is located at the Chongqing 102 2,283,500,000 2,192,200,000 — MCP-AV: 5,100-5,800 Chongqing eastern side of Nanbin Road, MCP-R: 18,000-21,000 Changjiang Nan’an District. The locality MCP-C: 14,000-16,000 King’s Garden is well served by public MCP-CPS:120,000-140,000 transportation and there are also some public facilities nearby. The property was under construction as at the valuation date.

– III-47 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

82 Project The project is located at the Chongqing 18 & 32 766,700,000 736,000,000 — MCP-R: 18,000-23,000 Chongqing northern side of MCP-C: 19,000-22,000 Jinhui City Tongyuandaozheng Road, MCP-CPS:140,000-180,000 Phase IV Nan’an District. It is a Rent-C: 110-118 composite project with villa CR: 6% units, residential units and commercial street completed in 2016. As at the valuation date, a portion of the property was held for investment by the Group whilst the remaining portion was completed and held for sale.

83 Project The project is located at the Chongqing 33 & 147 684,900,000 657,500,000 — MCP-AV: 8,300-8,900 Chongqing eastern side of Nantong Jinhui City Road, Nan’an District. It is Phase V proposed to be developed into a composite project with residential, office and commercial units as well as car parking spaces. As at the valuation date, a portion of the project was held for investment by the Group whilst the remaining portion was bare land held for future development.

84 Chongqing The project is located at Chongqing 34 & 43 1,170,900,000 1,124,100,000 — MCP-CPS:150,000-190,000 Jinhui Plaza No. 13 Fenglin Road, Rent-C: 185-555 Nan’an District, Chongqing. Rent-O: 59-66 It comprises 5 buildings CR-C: 6% with office, retail, car CR-O: 5.25% parking spaces and ancillary components and was completed in 2015. As at the valuation date, portions of the property were rented to various tenants for commercial and office purposes, whilst the remaining portion (25th and 26th floors) of Building No. 1 was occupied by the Group.

– III-48 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

85 Project The project is located at the Chongqing 103 & 148 1,410,200,000 676,900,000 — MCP-AV: 2,100-2,500 Liangping northern side of Chongqing MCP-R: 6,000-7,500 Hushan Elite’s Liangping Shuangguihu MCP-C: 14,000-16,000 Mansion National Wetland Park, the MCP-CPS: 70,000-80,000 central area of Liangping District. The locality is a newly developed area where public facilities are still under development. It is a mid-to-high end residential project developed by two phases. As at the valuation date, a portion of Phase I was under construction whilst the remaining portion of Phase I and Phase II were bare land.

86 Project The project is located in Chongqing 161 — — 652,400,000 MCP-AV: 11,100-13,500 Chongqing Jiulongpo District, Jinhui Elite’s Chongqing. The locality is a Mansion residential and commercial area served with public facilities. The property was a parcel of land contracted to be acquired as at the valuation date.

87 Project The project is located in Chongqing 162 — — 1,030,800,000 MCP-AV: 11,000-12,500 Chongqing Jiulongpo District, Jinhui Caiyun Chongqing. The locality is a Lake residential and commercial area served with public facilities. The property was a parcel of land contracted to be acquired as at the valuation date.

88 Project Wuhan The project is located at the Hubei 104 & 149 907,300,000 871,000,000 — MCP-AV: 1,000-1,200 Jinhui City northern side of Fengxi MCP-R: 6,200-6,900 Road and the southern side MCP-C: 8,000-12,000 of Fengming Road, Xiaogan City. The public facilities are being developed in this area. It is proposed to be developed into a residential project in four phases. As at the valuation date, Phases I, II and III were under construction, whilst Phase IV was a parcel of land.

– III-49 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

89 Project Wuhan The project is located at the Hubei 105 & 150 5,506,300,000 2,114,400,000 — MCP-AV: 6,700-7,300 Jiangyue Elite’s northern side of Tuanjie MCP-R: 14,000-17,000 Mansion Avenue and the eastern side MCP-C: 31,000-33,000 of Linkonggang Avenue, Dongxihu District, Wuhan City. The locality is served with adequate public facilities. It is a mid-end residential project developed by 2 phases. As at the valuation date, phase I was under construction and phase II was a parcel of land.

90 Project Wuhan The project is located at the Hubei 151 3,730,200,000 2,327,600,000 — MCP-AV: 5,500-6,100 Jiangshan Elite’s eastern side of Linkonggang Mansion Avenue and the northern side of Jinshan Avenue, Dongxihu District. The locality is served by convenient public transportation and there are some public facilities nearby. As at the valuation date, the project was a parcel of land held for future development.

91 Project Wuhan The project is located at Hubei 19 & 106 1,881,800,000 1,806,500,000 — MCP-AV: 5,500-6,000 New Block No.72 Qianjin Avenue, MCP-R: 10,000-12,000 Lakeside Hengdian Street, Huangpi MCP-C: 19,000-23,000 District. The project is close to Hou Lake and enjoys excellent natural landscape and lake view. As at the valuation date, portions of the property were completed and held for sale whilst the remaining portions were under construction.

92 Project Jingzhou The project is located in Hubei 107 898,800,000 862,800,000 — MCP-AV: 2,900-3,300 Chuyue Elite’s Shashi District, Jingzhou MCP-R: 7,800-8,500 Mansion City. The locality is well MCP-C: 13,000-15,500 served by public transportation and there are also some public facilities nearby. It is a residential project which was under construction as at the valuation date.

– III-50 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

93 Project The project is located in Hunan 20 & 108 736,500,000 707,000,000 6,400,000 MCP-AV: 2,000-2,500 Changsha Kaifu District of Changsha MCP-R: 8,000-10,000 Hongtao Jade City. The locality is well MCP-C: 25,000-30,000 Bay served by public transportation and there are also some public facilities nearby. It is a residential project developed in 2 phases. As at the valuation date, Phase I was completed and held for sale whilst Phase II was under construction.

94 Project The project is located in Hunan 109 & 152 1,066,400,000 1,023,700,000 — MCP-AV: 2,600-2,900 Changsha Wangcheng District, MCP-R: 7,000-9,000 Xingyu Changsha City. The locality Academy is well served by public transportation and there are also some public facilities nearby. It is proposed to be developed into a residential complex. As at the valuation date, a portion of the project was under construction whilst the remaining portion was bare land held for future development.

95 Project The project is located in Hunan 110 1,399,400,000 1,343,400,000 — MCP-AV: 4,100-4,500 Changsha Changsha County, Changsha MCP-R: 9,000-12,000 Xingyue Yundi City. The locality is well MCP-C: 24,000-27,000 served by public transportation and there are also some public facilities nearby. It is proposed to be developed into a residential project which was under construction as at the valuation date.

96 Project The project is located in Hunan 21 & 111 1,381,700,000 1,326,400,000 — MCP-AV: 3,000-3,400 Changsha Jinhui Yuelu District, Changsha MCP-R: 10,000-14,000 Weichu Garden City. The locality is well MCP-C: 23,000-28,000 served by public transportation and there are also some public facilities nearby. As at the valuation date, a portion of the property was completed and held for sale whilst the remaining portion was under construction.

– III-51 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

97 Project Meishan The project is located at the Sichuan 112 697,100,000 669,200,000 — MCP-AV: 4,700-5,000 Renshou Jinhui northeastern side of Wetland MCP-R: 8,700-9,500 New Block Park in the northeastern area MCP-C: 23,000-25,000 Garden of Renshou County, MCP-CPS: 70,000-90,000 Meishan City. The locality is a newly developed area where public facilities are under further improvement. It is proposed to be developed into a high-end residential project and was under construction as at the valuation date.

98 Project Hefei The project is located at the Anhui 113 2,250,900,000 1,512,600,000 — MCP-AV: 7,000-7,900 New Block intersection of Ruisi Road MCP-R: 12,000-15,000 Academy and Miaodaoshan Road, MCP-C: 20,000-24,000 Shangpai Town, Feixi MCP-CPS: 55,000-69,000 County, Hefei City. It is proposed to be developed into a mid-end residential project and was under construction as at the valuation date.

99 Project Hefei The project is located at the Anhui 114 744,300,000 714,500,000 — MCP-AV: 15,000-17,700 Cloudworld intersection of Qianyuan MCP-R: 20,000-25,000 Garden Road and Daqiang Road, MCP-CPS: 95,000-110,000 Baohe District, Hefei City. The project enjoys excellent lake views and is proposed to be developed into a mid-end residential development. As at the valuation date, the property was under construction.

100 Project Hefei The project is located at the Anhui 115 620,700,000 595,900,000 — MCP-AV: 7,600-8,000 Xin’an Garden intersection of New Anjiang MCP-R: 10,000-15,000 Road and Banta Road, MCP-C: 25,000-32,000 Cuozhen Town, Feidong MCP-CPS: 80,000-95,000 County, Hefei City. The project is proposed to be developed into a residential development and was under construction as at the valuation date.

101 Project Hefei The project is located at the Anhui 116 1,308,000,000 1,255,700,000 — MCP-AV: 7,900-8,100 Xin’an Yayuan intersection of Dazhong MCP-R: 15,000-17,000 Road and Changlin Road, MCP-C: 24,000-28,000 Cuozhen Town Feidong MCP-CPS: 90,000-95,000 County, Hefei City. The project is proposed to be developed into a residential development and was under construction as at the valuation date.

– III-52 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

102 Project Hefei The project is located at the Anhui 22 & 117 117,500,000 25,900,000 — MCP-CPS: 65,000-90,000 Xizi Garden intersection of Wangjiang West Road and Jimingshan Road, Hi-Tech Industrial Development Zone, Hefei City. The project is proposed to be developed into a high- rise residential development. As at the valuation date, a portion of the property was completed and held for sale whilst the remaining portion was under construction.

103 Project Xi’an The project is located at the Shaanxi 118 & 153 5,947,100,000 5,709,200,000 — MCP-AV: 1,900-2,400 Jinghe Town southern side of Jinghe New MCP-R: 7,500-12,000 City of Xi Xian New MCP-C: 9,000-11,000 District. It is close to Jinghe Ecological Park and enjoys excellent natural landscape. It is proposed to be developed into a residential project with high-end villas. As at the valuation date, a portion of the property was under construction whilst the remaining portion was bare land held for future development.

104 Project Xi’an The project is located at the Shaanxi 119 615,300,000 590,700,000 — MCP-AV: 3,500-3,900 Academy eastern side of Jinghe MCP-R: 8,500-10,000 Mansion Overpass and the southern MCP-C: 12,000-13,300 side of Hanyang Avenue West Section, Jinghe New City of Xi Xian New District. It is close to Chongwen Pagoda Scenic Spot with good tourist resources. As at the valuation date, the property was under construction.

105 Project Xi’an The project is located at the Shaanxi 163 — — 1,694,400,000 MCP-AV: 2,200-2,500 New Block eastern side of Luyuan Avenue Avenue, Gaoling District. The locality is a newly developed area where public facilities are under further improvement. The property was a parcel of land contracted to be acquired as at the valuation date.

– III-53 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

106 Project Xi’an The project is located at Shaanxi 23 205,300,000 197,100,000 — MCP-C: 23,800-28,500 Jinhui World No. 1026 Gongtian Third MCP-CPS: 124,000-154,000 City Upper East Road, the central area of Side Qujiang New District. It is close to Dayan Pagoda and Tang Paradise scenic area and enjoys excellent natural landscape. As at the valuation date, the property was completed and held for sale.

107 Project Xi’an The project is located at the Shaanxi 120 1,749,900,000 1,679,900,000 — MCP-AV-R: 3,100-3,900 Gaoxin Elite’s western side of Zhangba MCP-AV-C: 2,100-2,800 Mansion North Road and the northern MCP-R: 14,000-18,500 side of Keji Road, the border MCP-C: 15,000-18,000 of Lianhua District and MCP-CPS: 190,000-220,000 Xi’an Hi-tech Industrial Development Zone. It is proposed to be developed into a mid-end residential project which was under construction as at the valuation date.

108 Project Xi’an The project is located at the Shaanxi 121 1,114,200,000 1,069,600,000 — MCP-AV: 5,500-6,100 Jinhui Chang’an southern side of Jingning MCP-R: 15,000-18,500 Elite’s Mansion Road and the northern side MCP-C: 25,000-36,000 of Jiancai Street, Chang’an MCP-CPS: 130,000-160,000 District, Xi’an City. The locality is a newly developed area where public facilities are under further improvement. The property was under construction as at the valuation date.

109 Project Xi’an The project is located at the Shaanxi 122 612,000,000 587,500,000 — MCP-AV: 3,100-3,900 Jinhui New western side of Hancheng MCP-R: 8,600-9,800 Block Garden South Road, Xi’an City. The MCP-C: 14,200-17,500 locality is well served by MCP-CPS: 130,000-155,000 public transportation and there are also some public facilities nearby. The property was under construction as at the valuation date.

– III-54 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

110 Project Xi’an The project is located at the Shaanxi 123 2,934,100,000 2,816,700,000 — MCP-AV-R: 4,200-4,600 Jinhui East northern side of Kuangshan MCP-AV-C: 1,900-2,300 King’s Garden Road, the eastern side of MCP-R: 15,000-20,800 Beichen East Road and the MCP-C: 19,000-23,000 western side of MCP-CPS: 120,000-150,000 Guangyuntan West Road, central area of Chanba Ecological District, Xi’an City. The locality is well served with public facilities. The property was under construction as at the valuation date.

111 Project Xi’an The project is located at the Shaanxi 24 & 35 & 7,455,700,000 7,157,500,000 — MCP-AV-R: 6,300-6,700 Jinhui World southern side of South 3rd 124 MCP-AV-C: 3,000-3,500 City Ring Road and the western MCP-R: 13,900-19,500 side of Furong West Road, MCP-A: 16,200-16,700 central area of Qujiang New MCP-C: 39,300-42,400 District. It is about 3 MCP-CPS: 139,000-200,000 kilometers away from Dayan Rent-C: 165-240 Pagoda and Tang Paradise Rent-CPS: 450-550 scenic area and enjoys CR-C: 5.5% convenient transportation CR-CPS: 3% network. It is a high-end residential project developed by 5 blocks. As at the valuation date, a portion of the property was completed and held for sale, another portion was held for investment by the Group whilst the remaining portion was under construction.

112 Project Xi’an The project is located at the Shaanxi 125 & 154 3,102,900,000 2,978,800,000 — MCP-AV-R: 6,600-7,300 Jinhui World southern side of South 3rd MCP-AV-C: 2,800 -3,300 City Block I/J Ring Road and the western MCP-R: 14,500-17,000 side of Furong West Road, MCP-C: 38,500-42,000 central area of Qujiang New MCP-CPS: 157,000-195,000 District. It is about 3 kilometers away from Dayan Pagoda and Tang Paradise scenic area and enjoys convenient transportation network. It is a composite project developed by 2 blocks. As at the valuation date, Block I was under construction whilst Block J was bare land.

– III-55 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

113 Project Xi’an The project is located at the Shaanxi 25 & 36 & 1,771,100,000 1,700,200,000 76,400,000 MCP-C: 33,000-42,500 Jinhui Global southern side of South 3rd 37 & 44 MCP-O: 16,000-18,000 Plaza Ring Road and the western Rent-C: 185-230 side of Furong West Road, Rent-CPS: 400-600 central area of Qujiang New CR-C: 5.5% District. It is about 3 CR-O: 5.5% kilometers away from Dayan CR-CPS: 3% Pagoda and Tang Paradise scenic area and enjoys convenient transportation network. It is a composite project developed by 2 phases. As at the valuation date, a portion of the property was completed and held for sale, a portion was held for investment by the Group and the remaining portion was occupied by the Group.

114 Xi’an Jinhui Project Xi’an Radiance Shaanxi 38 477,400,000 458,300,000 5,900,000 Rent-O: 80 - 90 Building Building (International Rent-C: 98 - 175 (International Plaza) is located at No. 22 of MCP-CPS: 150,000 -180,000 Plaza) Tangyan Road North CR-O: 5.25% Section, Lianhu District. It is CR-C: 5.50% a 19-storey (plus a 2-storey basement) composite building completed in 2015, which comprises various retail and office units and car parking spaces. As at the valuation date, the property was held for investment by the Group.

115 Xi’an Chuangzhi Chuangzhi building is Shaanxi 39 174,700,000 167,700,000 1,700,000 Rent-O: 55-65 Building located in Lianhu District, Rent-CPS: 400-600 Xi’an City. It is a 20-storey CR-O: 5.25% (plus 2 storey basement) CR-CPS: 3.5% office building completed in 2019, which comprises various retail and office units and car parking spaces. As at the valuation date, the property was held for investment by the Group.

116 Project The project is located at the Henan 126 2,645,700,000 2,539,900,000 — MCP-AV: 8,900-9,300 Zhengzhou southern side of 13 Jingnan MCP-R: 16,000-21,000 Binhe Elite’s Avenue, the northern side of MCP-C: 22,000-26,000 Mansion 14 Jingnan Avenue, the eastern side of 16 Jingkai Avenue, and the western of 17 Jingkai Avenue, Jingkai District. It is a middle to high-end residential project which was under construction as at the valuation date.

– III-56 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

Market Value for reference (for properties Market Value Market Value without proper Ref. to in existing Attributable as title certificates) Project Brief Description Province/ Property state as at at valuation as at the No. Project Name of the Project Municipality No. valuation date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

117 Project The project is located at the Henan 127 976,100,000 937,100,000 — MCP-AV: 5,300-5,900 Zhengzhou New southern side of Lianhua MCP-R: 13,000-16,000 Block Garden Street and the western side of Chuanyang Road, Hi- Tech Industrial Development Zone, Zhengzhou City. It will be developed as mid-end residential community. As at the valuation date, the project was under construction.

118 Project The project is located at the Zhejiang 128 5,683,600,000 2,782,700,000 — MCP-AV: 20,200-21,300 Hangzhou western side of Zhuangdun MCP-R: 25,000-28,600 Zizhangtai Road and the northern side MCP-C: 35,000-43,000 Apartment of Youcheqiao Road, the eastern side of Lianchi Road and the southern side of Dunyu Road, Xihu District, Hangzhou City. It is a residential project which was under construction as at the valuation date.

119 Project The project is located at the Chongqing 26 & 129 2,376,400,000 1,116,900,000 — MCP-AV: 5,300-5,800 Chongqing Jinke northern side of Tongkang MCP-R: 10,000-14,000 Jinhui Meiyuan Road, Beibei District. It is a MCP-C: 12,000-16,000 residential project with MCP-CPS: 70,000-82,000 villas, residential buildings, commercial units and car parking spaces. A portion of the project was completed in December 2019 and held for sale whilst the remaining portion was under construction as at the valuation date.

120 Project The project is located at the Chongqing 27 & 130 937,800,000 440,700,000 — MCP-AV: 5,100-5,500 Chongqing Jinke southern side of Tongkang MCP-R: 11,000-14,000 Jinhui Bocui Road, Beibei District. It is a MCP-C: 19,000-23,000 Mountain residential project with MCP-CPS: 80,000-120,000 villas, residential buildings, commercial units and car parking spaces. A portion of the project was completed in 2019 and held for sale whilst the remaining portion was under construction as at the valuation date.

– III-57 –