Discloseable and Connected Transaction This Circular

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult a licensed securities dealer, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD., you should at once hand this circular and the form of proxy and the reply slip to the purchaser or transferee or to the bank or licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular.

中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2039)

DISCLOSEABLE AND CONNECTED TRANSACTION

Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders

A letter from the Board is set out on pages 6 to 21 of this circular. A letter from the Independent Board Committee including its advice to the independent Shareholders is set out on pages 22 to 23 of this circular. A letter from Innovax Capital Limited, the Independent Financial Adviser, including its advice to the Independent Board Committee and the independent Shareholders in respect of the Capital Increase Agreement and the transactions contemplated thereunder is set out on pages 24 to 49 of this circular. Extracts of audited reports of CIMC Skyspace Real Estate are set out on pages 50 to 64. Property Valuation Report is set out on pages 65 to 202. Extracts of the Valuation Report are set out on pages 203 to 219 of this circular.

A notice convening the EGM to be held at 2:40 p.m. on Friday, 9 October 2020 at CIMC R&D Centre, 2 Gangwan Avenue, Shekou, Nanshan District, Shenzhen, Guangdong dated 16 September 2020 has been sent together with the proxy form. Whether or not you are able to attend the EGM, you are requested to complete the form of proxy in accordance with the instructions printed thereon and return it to the office as soon as possible and in any event not less than 24 hours before the time appointed for the holding of the EGM (or any adjournment thereof). Completion and return of the form of proxy will not preclude you from attending and voting in person at the EGM (or any adjournment thereof) should you so wish.

16 September 2020 CONTENTS

Definitions ...... 1

Letter from the Board ...... 6

Letter from the Independent Board Committee ...... 22

Letter from Innovax Capital Limited ...... 24

Appendix I – Audited Report of CIMC Skyspace Real Estate ...... 50

Appendix II – Property Valuation Report ...... 65

Appendix III – Valuation Report ...... 203

Appendix IV – General Information...... 220

–i– DEFINITIONS

Unless the context otherwise requires, the following expressions in this circular shall have the following meanings:

“A Shares” domestic share(s) in the registered share capital of the Company with a nominal value of RMB1.00 each, which are listed on the Shenzhen Stock Exchange and traded in RMB

“Additional Capital” the additional capital Country Garden pays to CIMC Skyspace Real Estate pursuant to the Capital Increase Agreement, for the purpose of the transaction, by the registered capital, the capital reserve and other ways, including the Additional Capital for Existing Projects and the Additional Capital for Qianhai Projects

“Additional Capital for Existing the additional capital calculated by (the Equity Value Projects” of Existing Projects × 25% + the Additional Capital for Existing Projects)/(the Equity Value of Existing Projects + the Additional Capital for Existing Projects) = 30%, i.e. the Additional Capital for Existing Projects = the Equity Value of Existing Projects/14

“Additional Capital for Qianhai the additional capital based on the Equity Value of Projects” Qianhai Projects and calculated by the formula: the Equity Value of Qianhai Projects ÷ 70% × 30%

“associates” has the meaning ascribed thereto under the Hong Kong Listing Rules

“Auditor” Pan-China Certified Public Accountants LLP* (天健會計師事務所（特殊普通合夥）)

“Board” the board of Directors of the Company

“Capital Increase Agreement” the capital increase agreement signed by CIMC Skyspace Real Estate, CIMC Shenfa, Country Garden, Oriental Tianyu and Chang’an Trust on 6 August 2020

“Chang’an Trust” Chang’an International Trust Co., Ltd., a joint stock company incorporated under the PRC law, in which certain directors/supervisors/senior management of CIMC Skyspace Real Estate hold approximately 45% equity interests

–1– DEFINITIONS

“CIMC Shenfa” CIMC Shenfa Development Co., Ltd., a wholly-owned subsidiary of the Company

“CIMC Skyspace Real Estate” Shenzhen CIMC Industry & City Development Group Co., Ltd., (formerly known as Shenzhen CIMC Skyspace Real Estate Development Co., Ltd.), a non-wholly owned subsidiary of the Company as at the Latest Practicable Date

“Company” China International Marine Containers (Group) Co., Ltd. (中國國際海運集裝箱（集團）股份有限公司), a joint stock company with limited liability established under the laws of the PRC in January 1980, the H Shares of which are listed on the Hong Kong Stock Exchange and the A shares of which are listed on the Shenzhen Stock Exchange

“Completion Date of Industrial and the date on which CIMC Skyspace Real Estate Commercial Registration of collected its new business license upon the Capital Increase” completion of all registration and filing procedures for industrial and commercial changes in relation to the capital increase made by Qujiang Cultural Industry Investment to CIMC Skyspace Real Estate

“connected person(s)” has the meaning ascribed thereto under the Hong Kong Listing Rules

“controlling Shareholder(s)” has the meaning ascribed thereto under the Hong Kong Listing Rules

“Country Garden Real Estate Country Garden Real Estate Group Co., Ltd., an Group” or “Country Garden” indirect wholly-owned subsidiary of Country Garden Holdings Company Limited (Stock Code: 02007.HK) listed on the Hong Kong Stock Exchange

“Director(s)” the director(s) of the Company

“Equity Value of the value of all shareholders’ equity of CIMC Existing Projects” Skyspace Real Estate corresponding to the Existing Projects as determined in the Valuation Report

–2– DEFINITIONS

“Equity Value of time factors including the delay of completing the Qianhai Projects” land preparation of Qianhai Projects and the delay of introducing CIMC Skyspace Real Estate into Qianhai Projects lead to valuation gains between the valuation of Qianhai Projects determined in the Valuation Report and the land grant price determined by the government. The Equity Value of Qianhai Projects represents the value of all shareholders’ equity of CIMC Skyspace Real Estate corresponding to Qianhai Projects as determined in the Valuation Report, which comprises two elements, the equity value of completed parts and the equity value of uncompleted parts

“Existing Projects” property projects held and operated or projects being developed in the name of CIMC Skyspace Real Estate and companies held by itself as at the reference date of valuation, which, for the purpose of the Capital Increase Agreement, exclude Qianhai Projects

“Extraordinary General Meeting” the extraordinary general meeting of the Company to or “EGM” be convened at 2:40 p.m. on Friday, 9 October 2020 at CIMC R&D Centre, 2 Gangwan Avenue, Shekou, Nanshan District, Shenzhen, Guangdong, the PRC to consider and if thought fit approve, among other things, the Capital Increase Agreement and the transaction contemplated thereunder

“Group” the Company and its subsidiaries

“H Share(s)” the overseas-listed foreign share(s) in the registered share capital of the Company with a nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded in Hong Kong dollars

“HK$” Hong Kong dollar(s), the lawful currency of Hong Kong

“Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China

“Hong Kong Listing Rules” the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange

“Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited

–3– DEFINITIONS

“Independent Board Committee” the independent committee of the Board, comprising Mr. HE Jiale, Mr. PAN Zhengqi and Ms. LUI FUNG Mei Yee, Mabel, all of whom are independent non-executive Directors, formed to advise the independent Shareholders in respect of the Capital Increase Agreement and the transactions contemplated thereunder

“Independent Financial Adviser” Innovax Capital Limited, the independent financial adviser appointed to advise the Independent Board Committee and the independent Shareholders in respect of the Capital Increase Agreement and the transactions contemplated thereunder

“Latest Practicable Date” 10 September 2020

“Oriental Tianyu” Shenzhen Oriental Tianyu Investment Development Co., Ltd., a limited company incorporated under the PRC law, in which the general manager of CIMC Skyspace Real Estate currently holds 95% equity interests

“PRC” the People’s Republic of China

“Property Valuation Report” the Property Valuation Report issued by the Property Valuer, being Hong Kong Appraisal Advisory Limited, engaged by CIMC Skyspace Real Estate after conducting the valuation on the market value of the properties of CIMC Skyspace Real Estate as at 30 June 2020 (including Qianhai Projects), which was set out in Appendix II herein below

“Property Valuer” Hong Kong Appraisal Advisory Limited

“Qianhai Projects” nine land parcels in Unit 09 of Qianhai Free Trade Zone, No. T102-0289, No. T102-0290, No. T102-0342, No. T102-0330, No. T102-0331, No. T102-0332, No. T102-0333, No. T102-0334, No. T102-0335

“Qujiang Cultural Capital Injection” the capital increase agreement signed by CIMC Shenfa, Country Garden, Oriental Tianyu, Chang’an Trust, Qujiang Cultural Industry Investment and CIMC Skyspace Real Estate in relation to CIMC Skyspace Real Estate on 18 August 2020

–4– DEFINITIONS

“Qujiang Cultural Industry Xi’an Qujiang Cultural Industry Investment (Group) Investment” Co., Ltd. (西安曲江文化產業投資（集團）有限公司), a limited liability company incorporated under the PRC law

“RMB” Renminbi, the lawful currency of the PRC

“SFO” Securities and Futures Ordinance of Hong Kong (Chapter 571 of the Laws of Hong Kong

“Share(s)” the share(s) of the Company, including A Share(s) and H Share(s)

“Shareholder(s)” the holder(s) of the Share(s) of the Company

“Shenzhen Listing Rules” the Rules Governing the Listing of Securities on Shenzhen Stock Exchange

“substantial Shareholder(s)” has the meaning ascribed thereto under the Hong Kong Listing Rules

“Supervisor(s)” the supervisor(s) of the Company, who under the PRC law perform a supervisory function in relation to the Board, the executives and other officers of the Company

“Valuation Report” the Valuation Report issued by the Valuer, being China United Assets Appraisal Group Co., Ltd., engaged by CIMC Skyspace Real Estate after evaluating the market value of the total shareholders’ equity of CIMC Skyspace Real Estate as at 31 December 2019 and the market value of Qianhai Projects, extract of which was set out in Appendix III herein below

“Valuer” China United Assets Appraisal Group Co., Ltd.

“%” per cent

* for identification purposes only

–5– LETTER FROM THE BOARD

Board of Directors: Legal address, registered address Executive Director: and address of head office: Mr. MAI Boliang 8th Floor, (Chairman) CIMC R&D Centre, 2 Gangwan Avenue, Non-executive Directors: Shekou, Nanshan District, Mr. LIU Chong (Vice Chairman) Shenzhen, Mr. HU Xianfu Guangdong, the PRC Mr. MING Dong

Independent non-executive Directors: Mr. HE Jiale Mr. PAN Zhengqi Ms. LUI FUNG Mei Yee, Mabel

16 September 2020

To the Shareholders

Dear Sir or Madam,

DISCLOSEABLE AND CONNECTED TRANSACTION

INTRODUCTION

On 6 August 2020, the Board announced that Country Garden will pay the Additional Capital of RMB1,606,124,427 to CIMC Skyspace Real Estate, an indirect non-wholly owned subsidiary of the Company, and the corresponding Additional Capital to the equity value of uncompleted parts of Qianhai Projects (if any) will be increased to a maximum of RMB39,012,616. Upon the completion of the transaction, the equity interests in CIMC Skyspace Real Estate held by Country Garden will increase from 25% to 30%. Following the completion of the transaction, the equity interests of the Company in CIMC Skyspace Real Estate will be reduced from 61.5% to 57.4%, and CIMC Skyspace Real Estate remains an indirect non-wholly owned subsidiary of the Company.

–6– LETTER FROM THE BOARD

An Independent Board Committee, comprising Mr. HE Jiale, Mr. PAN Zhengqi and Ms. LUI FUNG Mei Yee, Mabel, all of whom are independent non-executive Directors, has been formed to advise the independent Shareholders as to the Capital Increase Agreement and the transactions contemplated thereunder. The letter from the Independent Board Committee setting out its advice and recommendations to the independent Shareholders on the Capital Increase Agreement and the transactions contemplated thereunder is set on pages 22 to 23 of this circular.

Innovax Capital Limited has been appointed as the Independent Financial Adviser to advise the Independent Board Committee and the independent Shareholders in respect of the Capital Increase Agreement and the transactions contemplated thereunder. The letter from the Independent Financial Adviser to the Independent Board Committee and the independent Shareholders on the Capital Increase Agreement and the transactions contemplated thereunder is set out on pages 24 to 49 of this circular.

The purpose of this circular is to provide Shareholders in relation to, among other things, (1) further details of the Capital Increase Agreement and the transactions contemplated thereunder; (2) a letter from the Independent Board Committee to the independent Shareholders, setting out its recommendations in connection with the Capital Increase Agreement and the transactions contemplated thereunder; (3) a letter from the Independent Financial Adviser containing its advice to the Independent Board Committee and the independent Shareholders in connection with the Capital Increase Agreement and the transactions contemplated thereunder; (4) the extracts of the audited reports of the CIMC Skyspace Real Estate; (5) the Property Valuation Report; and (6) the extracts of the Valuation Report.

BACKGROUND

According to the Capital Increase Agreement dated 6 August 2020, Country Garden will pay the Additional Capital of RMB1,606,124,427 to CIMC Skyspace Real Estate, an indirect non-wholly owned subsidiary of the Company, and the corresponding Additional Capital to the equity value of uncompleted parts of Qianhai Projects (if any) will be increased to a maximum of RMB39,012,616. Upon the completion of the transaction, the equity interests in CIMC Skyspace Real Estate held by Country Garden will increase from 25% to 30%.

–7– LETTER FROM THE BOARD

CAPITAL INCREASE AGREEMENT

Principal terms of the Capital Increase Agreement are set out below:

Date : 6 August 2020 (after trading hours)

Parties : CIMC Skyspace Real Estate, an indirect non-wholly owned subsidiary of the Company;

CIMC Shenfa, a wholly-owned subsidiary of the Company;

Oriental Tianyu;

Chang’an Trust; and

Country Garden.

INCREASE CAPITAL INJECTION TO CIMC SKYSPACE REAL ESTATE

As at the Latest Practicable Date and before the completion, CIMC Skyspace Real Estate is an indirect non-wholly owned subsidiary of the Company, and CIMC Shenfa and Country Garden hold 61.5% and 25% of its equity interest, respectively.

The Additional Capital made by Country Garden is determined by parties of the Capital Increase Agreement after arm’s length negotiation, on normal commercial terms and according to their respective shareholdings in CIMC Skyspace Real Estate.

The Company holds the equity interest of CIMC Skyspace Real Estate indirectly through CIMC Shenfa, a wholly-owned subsidiary. Following the completion of capital increase, the Company’s shareholding in CIMC Skyspace Real Estate will decrease to 57.4%, and the equity interest in CIMC Skyspace Real Estate held by Country Garden will increase to 30%.

ADDITIONAL CAPITAL

The total of Additional Capital Country Garden will pay to CIMC Skyspace Real Estate in respect of the Capital Increase Agreement is tentatively determined as RMB1,606,124,427, subject to the Additional Capital to be calculated according to the adjustment mechanism for the equity values of project, including the Additional Capital for Existing Projects and the Additional Capital for Qianhai Projects.

The Additional Capital for Existing Projects is RMB347,346,543, with RMB24,250,863.43 injected into the registered capital and the remaining RMB323,095,679.57 injected into the capital reserve of CIMC Skyspace Real Estate. Following the completion of capital increase, the registered capital of CIMC Skyspace Real Estate will be RMB363,762,951.43.

–8– LETTER FROM THE BOARD

Taking into account the fact that (i) Country Garden had not previously contributed towards Qianhai Project when it first became the shareholder of CIMC Skyspace Real Estate because of the uncertainties of the prospects of the Qianhai Projects, and the other shareholders (other than Country Garden) fulfilled their obligations, and (ii) Country Garden is aware of the fact that it would need to pay the equity values of the Qianhai Projects at a later stage when it first became the shareholder of CIMC Skyspace Real Estate, the tentative Additional Capital for Qianhai Projects (the “Tentative Additional Capital”) is RMB1,258,777,884 subject to an increase as agreed in the adjustment mechanism in the Capital Increase Agreement if there is an increase in the planning quota of the gross floor area of the uncompleted parts of Qianhai Projects, and, based on the Equity Value of Qianhai Projects, is divided into the additional capital for completed parts of Qianhai Projects of RMB287,582,911 (the “Additional Capital for Completed Parts of Qianhai Projects”) and the tentative additional capital for uncompleted parts of Qianhai Projects of RMB971,194,973 that will be fully injected into the capital reserve of CIMC Skyspace Real Estate (the “Additional Capital for Uncompleted Parts of Qianhai Projects”).

Adjustment Mechanism of the Additional Capital for Uncompleted Parts of Qianhai Projects

If there is an increase in the planning quota of the gross floor area of uncompleted parts of Qianhai Projects, the equity value of uncompleted parts and the Tentative Additional Capital of Qianhai Projects will be increased according to the adjustment mechanism in the Capital Increase Agreement. If the floor area planning quota for uncompleted parts of Qianhai Projects is not increased, the equity value of uncompleted parts and the Tentative Additional Capital of Qianhai Projects should not be increased.

The maximum of the increase in the Tentative Additional Capital = Increase in the equity values(Note 1)/70% × 30% and the maximum of the Tentative Additional Capital will be RMB39,012,616.

Note 1: Increase in the equity values = (Estimated unit price of the gross floor area of Qianhai Projects × increase in the gross floor area – corresponding all land price attributable to such part of gross floor area) × 75% (being the equity interests owned by CIMC Skyspace Real Estate in Qianhai Projects), among which, the increase in gross floor area shall be no more than 12,000 square meters.

–9– LETTER FROM THE BOARD

With inquiries from investors, supplemental information was made as follows. The breakdown of the Equity Value and the corresponding Additional Capital of the projects is as follows:

Corresponding Additional Projects (Note 3) Equity Value Capital (RMB) (RMB)

Existing Projects 4,862,851,604 347,346,543 Qianhai Projects(Note 2) 2,937,148,396 1,258,777,884

Total 7,800,000,000 1,606,124,427

Note 2: For the avoidance of doubt, Qianhai Projects do not include the Additional Capital for Uncompleted Parts of Qianhai Projects pursuant to the adjustment mechanism. For details of the adjustment mechanism, please refer to paragraphs hereinabove under the headline “Adjustment Mechanism of the Additional Capital for Uncompleted Parts of Qianhai Projects”.

Note 3: The market value of the 100% shareholders' equity of CIMC Skyspace Real Estate is approximately RMB5,370 million (including the completed Qianhai Projects, being approximately RMB507 million), hence, the equity value of the Existing Projects is approximately RMB4,863 million. The equity value of the Qianhai Projects (being approximately RMB2,937 million) include (i) the equity value of uncompleted Qianhai Project, being approximately RMB2,430 million; and (ii) the completed Qianhai Projects, being approximately RMB507 million aforesaid.

Payment of Additional Capital

Within five working days after the date when the Capital Increase Agreement becomes effective, Country Garden pays the Additional Capital for Existing Projects and the Additional Capital for Completed Parts of Qianhai Projects to CIMC Skyspace Real Estate, totaling RMB634,929,454.

Within five working days after the completion of the uncompleted parts of Qianhai Projects, Country Garden pays the Additional Capital for Uncompleted Parts of Qianhai Projects to CIMC Skyspace Real Estate. If uncompleted parts of Qianhai Projects are completed in phases, Country Garden pays the additional capital for the corresponding parts by installments in accordance with the actual progress of projects. If the floor area planning quota for uncompleted parts of Qianhai Projects is increased, Country Garden pays based on the increased Equity Value of Qianhai Projects and the Additional Capital for Qianhai Projects.

–10– LETTER FROM THE BOARD

Basis for the Determination of Additional Capital

The Additional Capital is determined by the parties on normal commercial terms and after arm’s length negotiation, and with reference to the Valuation Report issued by the independent Valuer engaged by the Group, which evaluates CIMC Skyspace Real Estate using the asset-based approach and the market approach. In determining the Additional Capital, the Company mainly considered other key factors, including the successful strategic business relationship established with Country Garden in the past; the obvious synergy effects arising from Country Garden’s expertise in property development and CIMC Skyspace Real Estate’s expertise in investments in industrial parks, scenic spots and community projects; the enhancement of CIMC Skyspace Real Estate’s financial position; and the transaction is in line with CIMC Skyspace Real Estate's overall business plan.

Conditions Precedent and Completion

The completion of capital increase is subject to the fulfillment of all of the following conditions:

(a) legal representatives or authorised representatives of parties of the Capital Increase Agreement sign and seal the Capital Increase Agreement;

(b) all parties approve the Capital Increase Agreement in accordance with their respective approval requirements;

(c) the Company has complied with the reporting and announcement requirements under the Hong Kong Listing Rules and obtained the approval of independent Shareholders of the Company for the Capital Increase Agreement and the transactions contemplated thereunder.

After the Capital Increase Agreement becomes effective, all parties shall complete the procedures for registering relevant changes with industry and commerce authorities in respect of the capital increase, and CIMC Skyspace Real Estate shall obtain the new business license.

COMPOSITION OF THE BOARD OF DIRECTORS AND THE MANAGEMENT OF CIMC SKYSPACE REAL ESTATE FOLLOWING THE COMPLETION OF CAPITAL INCREASE

Following the completion of the Capital Increase Agreement, members of the board of directors and the management of CIMC Skyspace Real Estate remain unchanged. The special resolutions of the board of directors of CIMC Skyspace Real Estate are subject to the approval from more than three fourths (3/4) (excluding the underlying number) of directors, while other resolutions are subject to the approval from more than a half (1/2) (excluding the underlying number) of directors.

–11– LETTER FROM THE BOARD

COMPOSITION OF THE BOARD OF DIRECTORS AND THE MANAGEMENT OF CIMC SKYSPACE REAL ESTATE FOLLOWING THE COMPLETION OF CAPITAL INCREASE AND THE QUJIANG CULTURAL CAPITAL INJECTION

After the Completion Date of Industrial and Commercial Registration of Capital Increase, CIMC Skyspace Real Estate shall establish a new general meeting, which will be composed of all shareholders and will be the highest authority of CIMC Skyspace Real Estate. Important resolutions at a general meeting shall be passed by the affirmative vote of shareholders representing more than three-quarters (excluding) voting rights, and general resolutions shall be passed by the affirmative vote of shareholders representing more than one-half (excluding) voting rights.

Upon the Completion Date of Industrial and Commercial Registration of Capital Increase, CIMC Skyspace Real Estate will re-organise its board of directors to have nine members, of whom four, two, two and one will be nominated by CIMC Shenfa, Country Garden, Qujiang Cultural Industry Investment and Oriental Tianyu, respectively, subject to appointment at the general meeting. In principle, the chairman of the board of directors shall be acted by a director nominated by CIMC Shenfa. The board of directors shall have two vice-chairmen, one will be acted by the director nominated by Country Garden and the other will be acted by the director nominated by Qujiang Cultural Industry Investment. Important resolutions of the board of directors shall be passed by the affirmative vote of more than three-quarters (excluding) of directors, and general resolutions shall be passed by the affirmative vote of more than one-half (excluding) of directors.

After the completion of the capital increase by Qujiang Cultural Industry Investment (assuming that the Capital Increase by Country Garden has been completed), CIMC Skyspace Real Estate will establish a board of supervisors which will be composed of five supervisors, of whom one, one, one, one and one will be nominated by CIMC Shenfa, Country Garden, Qujiang Cultural Industry Investment, Oriental Tianyu and Chang’an Trust, respectively. The chairman of the board of supervisors will be acted by the supervisor nominated by CIMC Shenfa.

Upon completion of the capital increase by Qujiang Cultural Industry Investment (assuming that the Capital Increase by Country Garden has been completed), CIMC Skyspace Real Estate will establish positions of general manager, vice general manger, chief financial officer and deputy chief financial officer. The general manager will be appointed by the board of directors and will act as the legal representative of CIMC Skyspace Real Estate. The chief financial officer and the deputy chief financial officer to be recommended by the shareholders will be nominated by the general manager and appointed by the board of directors. The vice general manger will be nominated by the general manager and appointed by the board of directors.

–12– LETTER FROM THE BOARD

AUTHORIZATIONS

The Board would like to seek the independent Shareholders’ approval at the EGM to consider and approve the Resolution Regarding the Capital Injection by Country Garden. Details are as the followings:

(1) the equity interests held by Country Garden Real Estate Group Co., Ltd. in Shenzhen CIMC Industry & City Development Group Co., Ltd., a holding subsidiary of CIMC Shenfa Development Co., Ltd., a wholly-owned subsidiary of the Company to increase from 25% to 30%. To approve the plan on capital increase and approve the signing of the Capital Increase Agreement which will come into effect upon the consideration and approval of the Company in accordance with the approval requirements of listed companies;

(2) the registered capital of Shenzhen CIMC Industry & City Development Group Co., Ltd. to increase from RMB339,512,088 to RMB363,762,951.43. Upon the completion of capital increase, it will be held by CIMC Shenfa Development Co., Ltd., Country Garden Real Estate Group Co., Ltd., Shenzhen Oriental Tianyu Investment Development Co., Ltd. and Chang’an International Trust Co., Ltd. as to 57.4%, 30%, 7% and 5.6%, respectively.

REASONS FOR AND BENEFITS OF ENTERING INTO THE CAPITAL INCREASE AGREEMENT

Country Garden Real Estate Group is one of the largest residential property developers that capitalizes on urbanization in the PRC and is principally engaged in the businesses of property development, construction and installation, interior decoration, property investment, and the development and management of hotels. Country Garden has the intention to continuously promote the business development of CIMC Skyspace Real Estate through the transaction and supplement the capital of CIMC Skyspace Real Estate. The transaction is in line with the Group’s overall development plan and operation requirement, and is conducive to reducing the gearing ratio of the Group. In addition, it also aligns with the actual operation and development requirement of the principal operations of CIMC Skyspace Real Estate. The Additional Capital made by Country Garden in the transaction will be used to supplement the registered capital and the capital reserve of CIMC Skyspace Real Estate, which will supplement the development funds for Existing Projects of CIMC Skyspace Real Estate and promote the future development and has a positive impact on the development and operation of projects.

Based on the reasons above, the Directors (including the independent non-executive Directors) are of the view that the Capital Increase Agreement is entered into by CIMC Skyspace Real Estate on normal commercial terms and arm’s length basis, its terms are fair and reasonable and are in the interests of the Company and Shareholders as a whole.

–13– LETTER FROM THE BOARD

Additional Capital Injection into CIMC Skyspace Real Estate by Qujiang Cultural Industry Investment

Reference is made to the subsequent announcement of the Company dated 18 August 2020 in relation to the capital increase agreement signed by CIMC Skyspace Real Estate and Qujiang Cultural Industry Investment (“Qujiang Cultural Capital Injection”), pursuant to which Qujiang Cultural Industry Investment will hold 20% equity interest in CIMC Skyspace Real Estate as a strategic investor.

As at the Latest Practicable Date, CIMC Skyspace Real Estate is an indirect non-wholly owned subsidiary of the Company, and is held as to 61.5%, 25%, 7.5% and 6% by CIMC Shenfa, Country Garden, Oriental Tianyu and Chang’an Trust, respectively.

Upon the completion of the capital increase by Qujiang Cultural Industry Investment (assuming that the Capital Increase by Country Garden has been completed), CIMC Skyspace Real Estate will be held as to 45.92%, 24%, 20%, 5.6% and 4.48% by CIMC Shenfa, Country Garden, Qujiang Cultural Industry Investment, Oriental Tianyu and Chang’an Trust, respectively. In view of the equity interest indirectly held by the Company in CIMC Skyspace Real Estate through CIMC Shenfa, a wholly-owned subsidiary of the Company, the equity interest held by the Company in CIMC Skyspace Real Estate will be further decreased to 45.92% upon the completion of the capital increase by Qujiang Cultural Industry Investment (assuming that the Capital Increase by Country Garden has been completed). Upon the completion of the capital increase by Country Garden and Qujiang Cultural Industry Investment respectively, the scope of the Company’s consolidated statements will be changed. CIMC Skyspace Real Estate will no longer be an indirect non-wholly owned subsidiary of the Company, instead, it will become an associate of the Company.

INFORMATION OF CIMC SKYSPACE REAL ESTATE

Company Name: Shenzhen CIMC Industry & City Development Group Co., Ltd., (formerly known as Shenzhen CIMC Skyspace Real Estate Development Co., Ltd.)

Company Type: Company with limited liability

Date of Establishment: 24 November 1998

Legal Representative: YU Zhenfei

Unified Social Credit Code: 914403007084645051

Registered Address: 21F China Merchants Plaza, 1166 Wanghai Road, Shekou, Nanshan District, Shenzhen, Guangdong Province, China

–14– LETTER FROM THE BOARD

Registered Capital: RMB339,512,088

Principal Operations: Engaging in the investments in urban areas, industrial parks, scenic spots and construction of community projects (subject to separate application for above specific items); construction and operation of supporting facilities in urban areas, industrial parks, scenic spots and communities (excluding restricted items); industrial investment (subject to separate application for specific items); property management; hotel management; business management; corporate management consulting (excluding restricted items for all the above businesses) and other businesses.

Shareholding Structure: As at the Latest Practicable Date, CIMC Shenfa, Country Garden, Oriental Tianyu and Chang’an Trust hold 61.5%, 25%, 7.5% and 6% equity interests in CIMC Skyspace Real Estate, respectively, and CIMC Skyspace Real Estate is an indirect non-wholly owned subsidiary of the Company.

The table below sets out the audited financial information of CIMC Skyspace Real Estate for the six months ended 30 June 2020 and the audited financial information for the two financial years ended 31 December 2018 and 2019 which are prepared in accordance with China Accounting Standards for Business Enterprises:

Unit: RMB’000

January to 2018 2019 June 2020 (Audited) (Audited) (Audited)

Revenue 2,885,916 1,435,996 1,262,134 Net profit before tax 688,715 945,128 236,674 Net profit after tax 477,993 702,488 136,298 Net profit attributable to the parent company 332,405 613,841 2,369

31 December 31 December 30 June 2018 2019 2020 (Audited) (Audited) (Audited)

Total assets 20,106,049 28,052,766 30,095,138 Net assets attributable to the parent company 2,504,386 3,225,811 2,980,622 Total liabilities 14,137,002 20,238,041 22,474,057

–15– LETTER FROM THE BOARD

Following the completion of capital increase, the equity interests of the Company in CIMC Skyspace Real Estate through CIMC Shenfa will be 57.4%, and CIMC Skyspace Real Estate remains a non-wholly owned subsidiary of the Company. The capital increase will neither cause the loss of controlling interest in CIMC Skyspace Real Estate nor substantially affect the financial condition and operation result of the Group, without prejudice to the interests of the Company and all its Shareholders, especially small and medium shareholders. The Additional Capital made by Country Garden in the transaction will be used to supplement the registered capital and the capital reserve of CIMC Skyspace Real Estate, which will supplement the development funds for Existing Projects of CIMC Skyspace Real Estate and promote the future development, exerting a positive impact on the development and operation of projects.

INFORMATION ON THE COMPANY

The Company is a joint stock company established in the PRC with limited liability, the H Shares and A Shares of which are listed on the main board of the Hong Kong Stock Exchange and the Shenzhen Stock Exchange, respectively. The Group is principally engaged in the container manufacturing business, road transportation vehicles business, energy, chemical and liquid food equipment business, offshore engineering business, logistics service business, airport facilities equipment business etc..

INFORMATION OF OTHER PARTIES OF THE CAPITAL INCREASE AGREEMENT

1. CIMC Shenfa

Company Name: CIMC Shenfa Development Co., Ltd.

Company Type: Company with limited liability

Date of Establishment: 5 January 2000

Legal Representative: MAI Boliang

Unified Social Credit Code: 91310107631672997W

Registered Address: Room 1705, No. 18, Shunyi Road, Putuo District, Shanghai

Registered Capital: RMB204,122,966

–16– LETTER FROM THE BOARD

Principal Operations: Engaging in the investment, construction and operation of infrastructure; real estate development and operation; industrial investment; domestic trade (excluding those specially regulated); manufacturing (limited to branches) and sale of containers and airport ground support equipment and other related businesses; and consulting services. (for businesses that are subject to approval in accordance with the laws, they may only be commenced after obtaining approval from the relevant authorities).

Shareholding Structure: As at the Latest Practicable Date, the Company and its wholly-owned subsidiary Shenzhen Southern CIMC Containers Manufacture Co., Ltd. hold 98.53% and 1.47% equity interests in CIMC Shenfa, respectively, and CIMC Shenfa is a wholly-owned subsidiary of the Company.

2. Oriental Tianyu

Company Name: Shenzhen Oriental Tianyu Investment Development Co., Ltd.

Company Type: Company with limited liability

Date of Establishment: 24 January 2000

Legal Representative: YU Zhenfei

Unified Social Credit Code: 91440300715267147L

Registered Address: 19WS, Tower 1, Luban Building, Hongli West Road, Futian District, Shenzhen

Registered Capital: RMB33,680,000

Principal Operations: Its general operating items are: investment and establishment of industries (details to be reported separately); domestic trade (excluding franchised, state controlled and monopolized merchandises); information consultant (excluding talent agency services and other restricted items); and leasing of self-owned houses (excluding restricted items).

–17– LETTER FROM THE BOARD

3. Chang’an Trust

Company Name: Chang’an International Trust Co., Ltd.

Company Type: Other joint stock company (unlisted)

Date of Establishment: 28 December 1999

Legal Representative: GAO Chengcheng

Unified Social Credit Code: 916101312206074534

Registered Address: Floor 23 and 24, Hi-Tech International Business Center, No. 33 Keji Road, Hi-Tech District, Xi’an

Registered Capital: RMB3,330,000,000

Principal Operations: The scope of the company’s business is as follows: acting as trustee of funds; acting as trustee of chattels; acting as trustee of real estates; acting as trustee of securities; acting as trustee of other properties or titles; conducting investment fund businesses as promoter of investment funds or fund management company; conducting restructuring of assets, merger and acquisition and project financing for companies, corporate wealth management and financial advising etc; acting as trustee to conduct securities underwriting businesses approved by the relevant departments of the State Council under mandate; handling coordination, consulting and credit search etc; providing custodian and safety box services; deploying proprietary assets through interbank lending, interbank borrowing, loan, leasing and investment; providing guarantee for third parties with proprietary assets; conducting interbank lending and borrowing; other businesses approved by laws and regulations or the China Banking Regulatory Commission.

–18– LETTER FROM THE BOARD

4. Country Garden Real Estate Group

Country Garden Real Estate Group is a company established in the PRC with limited liability and an indirect wholly-owned subsidiary of Country Garden Holdings Company Limited (Stock Code: 02007.HK) listed on the Hong Kong Stock Exchange. It is also the substantial shareholder holding 25% equity interest in CIMC Skyspace Real Estate, a subsidiary of the Company. Therefore, Country Garden Real Estate Group is a connected person of the Company. Country Garden Real Estate Group is principally engaged in property development, construction and installation, decoration, property investment, and hotel development and management under a centralized and standardized operating model.

KEY FINANCIAL INFORMATION OF COUNTRY GARDEN

Unit: RMB0’000

January to June 2019 2019 (Unaudited) (Audited)

Operating revenue 14,038,246 37,753,996 Profit before tax 2,403,861 7,175,675 Net profit attributable to the parent company 1,229,391 3,757,173

30 June 31 December 2019 2019 (Unaudited) (Audited)

Total assets 139,836,146 154,357,061 Net assets attributable to the parent company 8,583,524 11,141,187 Total liabilities 127,420,461 138,395,871

Based on the Company’s reasonable enquiry, Country Garden is not a party subject to liabilities for dishonesty.

–19– LETTER FROM THE BOARD

IMPLICATIONS OF THE HONG KONG LISTING RULES

Country Garden currently holds 25% equity interest in CIMC Skyspace Real Estate and is a connected person as defined in Rule 14A.07(1) of the Listing Rules. According to Rule 14.29 of the Hong Kong Listing Rules, the capital increase of CIMC Skyspace Real Estate leads to the decrease of percentage of equity interest held by the Company in such indirect non-wholly owned subsidiary, and the transaction will constitute a deemed disposal of the Company. As such, by virtue of Rule 14A.24 and Rule 14A.25 of the Hong Kong Listing Rules, CIMC Skyspace Real Estate’s entering into the Capital Increase Agreement constitutes a connected transaction of the Company, and the connected transactions contemplated thereunder shall be subject to, among others, the reporting and announcement requirements under Chapter 14A of the Listing Rules and shall be subject to the independent Shareholders’ approval requirement. The Company will convene the general meeting in due course.

As one or more applicable percentage ratios (as defined in the Hong Kong Listing Rules) of the transactions contemplated under the Capital Increase Agreement are more than 5% but lower than 25%, the signing of the Capital Increase Agreement constitutes a discloseable transaction of the Company under Chapter 14 of the Hong Kong Listing Rules and is subject to the reporting and announcement requirements under Chapter 14 of the Hong Kong Listing Rules.

EXTRAORDINARY GENERAL MEETING

A notice convening the Extraordinary General Meeting to be held on Friday, 9 October 2020 for the purpose of considering, and if thought fit, the passing of the ordinary resolution in relation to the Capital Increase Agreement and the transactions contemplated thereunder. Any Shareholder with a material interest in the transaction will not vote.

A form of proxy for use at the Extraordinary General Meeting has been sent together with a notice convening the Extraordinary General Meeting on Wednesday, 16 September 2020. Whether or not the Shareholders intend to be present at the Extraordinary General Meeting, they are requested to complete the form of proxy and return it to the office of the branch registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong in accordance with the instructions printed thereon not less than 24 hours before the time fixed for holding of the Extraordinary General Meeting or any adjourned meeting (as the case may be). Completion and delivery of the form of proxy will not prevent the Shareholders from attending and voting in person at the Extraordinary General Meeting or adjourned meeting (as the case may be) if they so wish.

In accordance with the requirements of the Hong Kong Listing Rules, the resolution to be put forward at the Extraordinary General Meeting will be voted on by the independent Shareholders by way of poll.

–20– LETTER FROM THE BOARD

RECOMMENDATION

The Independent Board Committee (comprising all the independent non-executive Directors) has been formed in accordance with Chapter 14A of the Hong Kong Listing Rules to advise the Independent Shareholders on the Capital Increase Agreement and the transactions contemplated thereunder.

In addition, the Company has appointed Innovax Capital Limited as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders in this regard.

Having considered the advice from the Independent Financial Adviser in relation to the Capital Increase Agreement and the transactions contemplated thereunder, which is set out on pages 24 to 49 of this circular, the Independent Board Committee is of the opinion that the Capital Increase Agreement and the transactions contemplated thereunder are on normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole. Accordingly, the Independent Board Committee recommends the independent Shareholders to vote in favor of the ordinary resolution to be proposed at the Extraordinary General Meeting.

Having considered the reasons set out herein, the Directors are of the opinion that the Capital Increase Agreement and the transactions contemplated thereunder are on normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole. Accordingly, the Board recommends the independent Shareholders to vote in favor of the ordinary resolution to be proposed at the Extraordinary General Meeting.

ADDITIONAL INFORMATION

Your attention is drawn to the additional information included in the appendices to this circular.

By order of the Board China International Marine Containers (Group) Co., Ltd. YU Yuqun Company Secretary

–21– LETTER FROM THE INDEPENDENT BOARD COMMITTEE

The following is the text of the letter from the Independent Board Committee setting out its recommendation to the independent Shareholders in connection with the Capital Increase Agreement and the transactions contemplated thereunder for inclusion in this circular.

16 September 2020 To the independent Shareholders

Dear Sir or Madam,

DISCLOSEABLE AND CONNECTED TRANSACTION

We refer to the circular of the Company dated 16 September 2020, of which this letter forms a part. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in this circular.

We have been appointed to form the Independent Board Committee to consider and advise the independent Shareholders as to our opinion on, whether the Capital Increase Agreement and the transactions contemplated thereunder are in the interests of the Company and the Shareholders as a whole and are on normal commercial terms and are fair and reasonable.

In addition, Innovax Capital Limited has been appointed as the Independent Financial Adviser to advise the Independent Board Committee and the independent Shareholders in this regard. We wish to draw your attention to (i) the letter from the Independent Financial Adviser as set out on pages 24 to 49 of this circular; (ii) the “Letter from the Board” on pages 6 to 21 of this circular; and (iii) the additional information set out in the appendices to this circular.

Having taken into account, among other things, the information set out in the letter from the Board, and the principal factors, reasons and recommendations set out in the letter from the Independent Financial Adviser in this circular, we are of the opinion that the Capital Increase Agreement and the transactions contemplated thereunder are in the interests of the Company and the Shareholders as a whole and are on normal commercial terms and are fair and reasonable.

–22– LETTER FROM THE INDEPENDENT BOARD COMMITTEE

Accordingly, we recommend the independent Shareholders to vote in favor of the ordinary resolution to be proposed at the EGM so as to approve the Capital Increase Agreement and the transactions contemplated thereunder.

Yours faithfully, For and on behalf of The Independent Board Committee China International Marine Containers (Group) Co., Ltd.

Mr. HE Jiale Mr. PAN Zhengqi Ms. LUI FUNG Mei Yee, Mabel Independent non-executive Independent non-executive Independent non-executive Director Director Director

–23– LETTER FROM INNOVAX CAPITAL LIMITED

16 September 2020

To the Independent Board Committee and the independent Shareholders

Dear Sirs,

DISCLOSEABLE AND CONNECTED TRANSACTION IN RELATION TO THE DEEMED DISPOSAL OF INTEREST IN CIMC SKYSPACE REAL ESTATE

INTRODUCTION

We refer to our engagement as the Independent Financial Adviser to the Independent Board Committee and the independent Shareholders in relation to the Capital Increase Agreement dated 6 August 2020, details of which are set out in the letter from the Board (the “Letter from the Board”) contained in the circular (the “Circular”) dated 16 September 2020 issued by the Company, of which this letter forms part. Capitalised terms used in this letter shall have the same meanings as defined in the Circular unless the context otherwise requires.

In respect of the transaction, reference is made to the announcement of the Company dated 6 August 2020 in relation to the Capital Increase Agreement entered into among (i) CIMC Skyspace Real Estate, an indirect non-wholly-owned subsidiary of the Company; (ii) the shareholders of CIMC Skyspace Real Estate, namely CIMC Shenfa, Oriental Tianyu, Chang’an Trust and Country Garden. According to the Capital Increase Agreement dated 6 August 2020, Country Garden will pay the Additional Capital of RMB1,606,124,427 to CIMC Skyspace Real Estate and the part of Additional Capital attributable to the equity value of uncompleted parts of Qianhai Projects will be increased, if any, to a maximum of RMB39,012,616. Upon the completion of the transaction, the equity interests in CIMC Skyspace Real Estate held by Country Garden will increase from 25% to 30% and the equity interests in CIMC Skyspace Real Estate held by the Company will be diluted from 61.5% to 57.4%.

In addition, pursuant to the announcement of the Company dated 18 August 2020, CIMC Skyspace Real Estate further entered into another capital increase agreement with Qujiang Cultural Industry Investment on 18 August 2020. Pursuant to such agreement, Qujiang Cultural Industry Investment will hold 20% equity interest in CIMC Skyspace Real Estate as a strategic investor. Upon the completion of the capital increase by Qujiang Cultural Industry Investment and the assumption that the Capital Increase by Country Garden has been completed, CIMC Skyspace Real Estate will be held as to 45.92%, 24%,

–24– LETTER FROM INNOVAX CAPITAL LIMITED

20%, 5.6% and 4.48% by CIMC Shenfa, Country Garden, Qujiang Cultural Industry Investment, Oriental Tianyu and Chang’an Trust, respectively. Upon the completion of the capital increase by Country Garden and Qujiang Cultural Industry Investment respectively, the scope of the Company’s consolidated statements will be changed. CIMC Skyspace Real Estate will no longer be an indirect non-wholly owned subsidiary of the Company, instead, it will become an associate of the Company.

As stated in the Letter from the Board, the Board would like to seek the independent Shareholders’ approval at the EGM to consider and approve the resolution regarding the Capital Injection by the Country Garden. Details are as the followings:

1. the equity interests held by Country Garden in CIMC Skyspace Real Estate, a holding subsidiary of CIMC Shenfa, a wholly-owned subsidiary of the Company to increase from 25% to 30%. To approve the plan on capital increase and approve the signing of the Capital Increase Agreement which will come into effect upon the consideration and approval of the Company in accordance with the approval requirements of listed companies; and

2. the registered capital of CIMC Skyspace Real Estate to increase from RMB339,512,088 RMB363,762,951.43. Upon the completion of capital increase, it will be held by CIMC Shenfa, Country Garden, Oriental Tianyu and Chang’an Trust as to 57.4%, 30%, 7% and 5.6%, respectively.

As stated in the Letter from the Board, Country Garden currently holds 25% equity interest in CIMC Skyspace Real Estate and is a connected person as defined in Rule 14A.07(1) of the Hong Kong Listing Rules. According to Rule 14.29 of the Hong Kong Listing Rules, the capital increase of CIMC Skyspace Real Estate leads to the decrease of percentage of equity interest held by the Company in such indirect non-wholly owned subsidiary, and the transaction will constitute a deemed disposal of the Company. As such, by virtue of Rule 14A.24 and Rule 14A.25 of the Hong Kong Listing Rules, CIMC Skyspace Real Estate’s entering into the Capital Increase Agreement constitutes a connected transaction of the Company, and the connected transactions contemplated thereunder shall be subject to, among others, the reporting and announcement requirements under Chapter 14A of the Hong Kong Listing Rules and shall be subject to the independent Shareholders’ approval requirement.

As one or more applicable percentage ratios (as defined in the Hong Kong Listing Rules) of the transactions contemplated under the Capital Increase Agreement are more than 5% but lower than 25%, the signing of Capital Increase Agreement constitutes a discloseable transaction of the Company under Chapter 14 of the Hong Kong Listing Rules and is subject to the reporting and announcement requirements under Chapter 14 of the Hong Kong Listing Rules.

–25– LETTER FROM INNOVAX CAPITAL LIMITED

The Independent Board Committee, comprising all of the three independent non-executive Directors, namely Mr. HE Jiale, Mr. PAN Zhengqi and Ms. LUI FUNG Mei Yee, Mabel, has been formed in accordance with Chapter 14A of the Hong Kong Listing Rules to advise the independent Shareholders on, whether the Capital Increase Agreement and the transactions contemplated thereunder are in the interests of the Company and Shareholders as a whole and are on normal commercial terms and are fair and reasonable, and to recommend whether or not the independent Shareholders should vote in favor of the ordinary resolutions to be proposed at the EGM so as to approve the Capital Increase Agreement and the transactions contemplated thereunder.

The EGM will be convened on Friday, 9 October 2020.

We, Innovax Capital Limited, have been appointed as the Independent Financial Adviser to advise the Independent Board Committee and the independent Shareholders on the Capital Increase Agreement and the transactions contemplated thereunder. As at the Latest Practicable Date, we are not connected with the Directors, chief executive and substantial Shareholders of the Company, Country Garden, CIMC Shenfa, Oriental Tianyu, Chang’an Trust or any of their respective subsidiaries or associates and are therefore considered suitable to give independent advice to the Independent Board Committee and the independent Shareholders. During the last two years, we were engaged as an independent financial adviser to the Company in respect of (i) the possible Capital Increase (details can be referred to in the announcement of the Company dated 27 September 2018 and the circular of the Company dated 22 October 2018); and (ii) the framework agreements on the borrowings of surplus funds and the transactions contemplated thereunder and the proposed annual caps and the new framework agreement and the transactions contemplated thereunder and the new annual caps (details can be referred to in the announcement of the Company dated 30 October 2019 and the circular of the Company dated 25 November 2019). Under these engagements, we were required to express our opinion on and to give recommendations to the Independent Board Committee and the independent Shareholders in respect of the relevant transactions. During the last two years, we were also engaged as an independent financial adviser to CIMC Vehicles (Group) Co., Ltd. (stock code: 1839), of which the Company is the controlling shareholder, in respect of the deposit service framework agreement and the transactions contemplated thereunder and the proposed annual cap (details can be referred to in the announcement of CIMC Vehicles (Group) Co., Ltd. dated 25 March 2020 and the circular of CIMC Vehicles (Group) Co., Ltd. dated 28 April 2020.) Under this engagement, we were required to express our opinion on and to give recommendations to the independent board committee and the independent shareholders of CIMC Vehicles (Group) Co., Ltd. in respect of the relevant transactions. Apart from normal professional fees payable to us by the Company or CIMC Vehicles (Group) Co., Ltd. in connection with these appointments, no arrangement exists whereby we have received or will receive any fees or benefits from the Company or the Directors, chief executive and substantial Shareholders of the Company, CIMC Skyspace Real Estate, Country Garden, CIMC Shenfa, Oriental Tianyu, Chang’an Trust or any of their respective subsidiaries or associates or any other parties that could reasonably be regarded as relevant to our independence. Accordingly, we consider that we are independent pursuant to Rule 13.84 of the Hong Kong Listing Rules.

–26– LETTER FROM INNOVAX CAPITAL LIMITED

BASIS OF OUR OPINION

In formulating our opinion, we have relied on the accuracy of the information and representations contained in the Circular and have assumed that all information and representations made or referred to in the Circular were true, accurate and complete in all material respects at the time they were made and continue to be true, accurate and complete in all material respects at the date of the Circular. We have also relied on our discussion with the management of the Company (the “Management”) and its representatives regarding the Group, the annual reports of the Company for the years ended 31 December 2018 and 2019, respectively (the “2018 Annual Report” and the “2019 Annual Report”, respectively), the transaction, including the information and representations contained in the Circular. We have also assumed that all statements of belief, opinion and intention made by the Management and its representatives respectively in the Circular were reasonably made after due enquiry.

We consider that we have reviewed sufficient information to reach an informed view, to justify our reliance on the accuracy of the information contained in the Circular and to provide a reasonable basis for our advice. We have no reason to suspect that any material facts have been omitted or withheld from the information contained or opinions expressed in the Circular nor to doubt the truth, accuracy and completeness of the information and representations provided to us by the Management and its representatives. We have not, however, conducted an independent in-depth investigation into the business and affairs of the Group, Country Garden, CIMC Shenfa, Oriental Tianyu, Chang’an Trust or their respective associates, nor have we carried out any independent verification of the information supplied.

PRINCIPAL FACTORS AND REASONS CONSIDERED

In arriving at our opinion and recommendations in respect of the Capital Increase Agreement and the transactions contemplated thereunder, we have taken the following principal factors and reasons into consideration:

A. Background information of the Group, CIMC Skyspace Real Estate and the other shareholders of CIMC Skyspace Real Estate

1. Background information of the Group

The Group is principally engaged in the manufacture of containers, road transportation vehicles, energy, chemical, liquid food equipment, offshore engineering equipment, airport facilities equipment as well as the provision of relevant services, including the design and manufacture of international standard dry containers, reefer containers, special-purpose containers, tank containers, wooden container floorboards, road tank trucks, natural gas processing equipment and static tanks, road transportation vehicles, heavy trucks, jack-up drilling platforms, semi-submersible drilling platforms, special vessels, passenger boarding bridges and bridge-mounted equipment, airport ground support equipment, fire safety and rescue vehicles and the design, manufacture and services of automated logistics system and intelligent parking system. In addition, the Group is also engaged in logistics services business, industrial city development,

–27– LETTER FROM INNOVAX CAPITAL LIMITED finance and asset management and other businesses. The Group has formed an industry cluster focusing on key equipment and solutions provided for the logistics and energy industries through business expansion and technology development. The Group’s industrial city development business is mainly conducted through its non-wholly owned subsidiary CIMC Skyspace Real Estate and its subsidiaries, which includes the development of complexes in industrial cities, development and operation of industrial parks, etc. The Company holds 61.5% of the issued share capital of CIMC Skyspace Real Estate as of the Latest Practicable Date.

The following table summarises the financial information of the Group for the two years ended 31 December 2019, extracted from the 2019 Annual Report issued by the Group.

For the year ended/ as at 31 December 2019 2018 Change RMB million RMB million %

Revenue 85,815.3 93,497.6 (8.2) – Containers manufacturing 19,716.7 31,164.4 (36.7) – Real estate 1,432.6 2,888.3 (50.4) – Others 64,666.0 59,444.9 8.8 Profit for the year 2,510.1 4,068.5 (38.3) Cash at bank and on hand 9,714.8 9,729.2 (0.1) Net assets 55,038.0 52,403.0 5.0

According to the 2019 Annual Report, the Group’s revenue decreased from RMB93,497.6 million in 2018 to RMB85,815.3 million in 2019, representing a decrease of 8.2%. The Group’s profit for the year also recorded a drop from RMB4,068.5 million to RMB2,510.1 million, representing a decrease of 38.3%. Such decreases were primarily attributable to the Group’s containers manufacturing business segment which recorded a decrease in revenue of 36.7% in 2019, mainly as a result of the decrease in customers’ orders following the decline in overall industry demand. The revenue from the Group’s real estate business also dropped from RMB2,888.3 million in 2018 to RMB1,432.6 million in 2019, representing a year-on-year decrease of 50.4%. And the net profit from the Group’s real estate business increased from RMB564 million in 2018 to RMB806 million in 2019, representing a year-on-year increase of 43.0%, which was mainly due to the government grants obtained and income from disposal of the interests in a subsidiary.

–28– LETTER FROM INNOVAX CAPITAL LIMITED

2. Background information of CIMC Skyspace Real Estate

CIMC Skyspace Real Estate is a limited company established in the PRC on 24 November 1998 with registered capital of RMB339,512,088, and is an indirect non-wholly-owned subsidiary of Company. As at the Latest Practicable Date, CIMC Shenfa, Country Garden, Oriental Tianyu and Chang’an Trust hold 61.5%, 25%, 7.5% and 6.0% equity interests in CIMC Skyspace Real Estate, respectively. CIMC Skyspace Real Estate is mainly engaged in the investments in urban areas, industrial parks, scenic spots and construction of community projects (subject to separate application for above specific items); construction and operation of supporting facilities in urban areas, industrial parks, scenic spot and communities (excluding restricted items); industrial investment (subject to separate application for specific items); property management; hotel management; business management; cooperate management consulting (excluding restricted items for all the above businesses) and other businesses.

As of the Latest Practicable Date, CIMC Skyspace Real Estate held the Existing Project and Qianhai Projects.

Existing Projects primarily comprise of properties under development, properties held for future development and completed properties with site area of 1,017,062.08 square meters, 592,003.95 square meters and 295,484.89 square meters, respectively. These properties are or expected to be developed into residential buildings, commercial buildings and industrial buildings and are located in various cities across the PRC including Shenzhen, Shanghai, Qingdao, Dongguan, Jiangmen, Foshan, Yangzhou, Qujing, etc.

Qianhai Projects comprise of nine parcels of land with site area of 102,596.13 square meters. These projects are further categorised into completed parts and uncompleted parts. These land parcels are expected to be developed primarily into commercial buildings and are located in Qianhai district of Shenzhen.

–29– LETTER FROM INNOVAX CAPITAL LIMITED

The table below sets out the audited financial information of CIMC Skyspace Real Estate for the six months ended 30 June 2020 and the two financial years ended 31 December 2018 and 2019 which are prepared in accordance with China Accounting Standards for Business Enterprises (“CASBE”):

Six months Year ended Year ended ended 30 June 31 December 31 December 2020 2019 2018 RMB million RMB million RMB million

Revenue 1,262.1 1,436.0 2,885.9 Net profit before tax 236.7 945.1 688.7 Net profit after tax 136.3 702.5 478.0 Net profit attributable to the parent company 2.4 613.8 332.4

As at As at As at 30 June 31 December 31 December 2020 2019 2018 RMB million RMB million RMB million

Total assets 30,095.1 28,052.8 20,106.0 Net assets attributable to the parent company 2,980.6 3,225.8 2,504.4 Total liabilities 22,474.1 20,238.0 14,137.0

3. Background information of Country Garden

Country Garden Real Estate Group is a company established in the PRC with limited liability and an indirect wholly-owned subsidiary of Country Garden Holdings Company Limited (Stock Code: 02007.HK) listed on Hong Kong Stock Exchange. It is principally engaged in property development, construction and installation, decoration, property investment, and hotel development and management under a centralised and standardised operating model. It also holds 25% equity interest in CIMC Skyspace Real Estate, being a substantial shareholder as at the Latest Practicable Date.

–30– LETTER FROM INNOVAX CAPITAL LIMITED

The table below sets out the unaudited financial information of Country Garden for the six months ended 30 June 2019 and the audited financial information for the year ended 31 December 2019 as extracted from the Letter from the Board:

Six months Year ended ended 31 December 30 June 2019 2019 RMB million RMB million (unaudited)

Operating revenue 140,382.5 377,540.0 Profit before tax 24,038.6 71,756.8 Net profit attributable to the parent company 12,293.9 37,571.7

As at As at 31 December 30 June 2019 2019 RMB million RMB million (unaudited)

Total assets 1,398,361.4 1,543,570.6 Net assets attributable to the parent company 85,835.2 111,411.8 Total liabilities 1,274,204.6 1,383,958.7

As extracted from the 2019 annual report of Country Garden Holdings Company Limited (together with its subsidiaries, the “Country Garden Group”), the parent company of Country Garden, it recorded revenue of RMB485.9 million and profit of RMB61,202 million for the year ended 31 December 2019, representing an increase of 28.2% and 26.1% in revenue and profit, respectively, as compared to the previous year. As of 31 December 2019, the Country Garden Group operated 2,536 projects under different development stages. 2,512 of these projects were located in Mainland China and 24 were outside Mainland China.

4. Background information of other shareholders of CIMC Skyspace Real Estate

As extracted from the Letter form the Board:

(i) CIMC Shenfa

Company Name: CIMC Shenfa Development Co., Ltd.

Company Type: Company with limited liability

Date of Establishment: 5 January 2000

Legal Representative: MAI Boliang

–31– LETTER FROM INNOVAX CAPITAL LIMITED

Unified Social Credit Code: 91310107631672997W

Registered Address: Room 1705, No. 18, Shunyi Road, Putuo District, Shanghai

Registered Capital: RMB204,122,966

Principal Operations: Engaging in the investment, construction and operation of infrastructure; real estate development and operation; industrial investment; domestic trade (excluding those specially regulated); manufacturing (limited to branches) and sale of containers and airport ground support equipment and other related businesses; and consulting services (for businesses that are subject to approval in accordance with the laws, they may only be commenced after obtaining approval from the relevant authorities).

(ii) Oriental Tianyu

Company Name: Shenzhen Oriental Tianyu Investment Development Co., Ltd.

Company Type: Company with limited liability

Date of Establishment: 24 January 2000

Legal Representative: YU Zhenfei

Unified Social Credit Code: 91440300715267147L

–32– LETTER FROM INNOVAX CAPITAL LIMITED

Registered Address: 19WS, Tower 1, Luban Building, Hongli West Road, Futian District, Shenzhen

Registered Capital: RMB33,680,000

(iii) Chang’an Trust

Company Name: Chang’an International Trust Co., Ltd.

Company Type: Other joint stock company (unlisted)

Date of Establishment: 28 December 1999

Legal Representative: GAO Chengcheng

Unified Social Credit Code: 916101312206074534

Registered Address: Floor 23 and 24, Hi-Tech International Business Center, No. 33 Keji Road, Hi-Tech District, Xi’an

Registered Capital: RMB3,330,000,000

–33– LETTER FROM INNOVAX CAPITAL LIMITED

Principal Operations: The scope of the company’s business is as follows: acting as trustee of funds; acting as trustee of chattels; acting as trustee of real estate; acting as trustee of securities; acting as trustee of other properties or titles; conducting investment fund businesses as promoter of investment funds or fund management company; conducting restructuring of assets, merger and acquisition and project financing for companies, corporate wealth management and financial advising etc; acting as trustee to conduct securities underwriting businesses approved by the relevant departments of the State Council under mandate; handling coordination, consulting and credit search etc; providing custodian and safety box services; deploying proprietary assets through interbank lending, interbank borrowing, loan, leasing and investment; providing guarantee for third parties with proprietary assets; conducting interbank lending and borrowing; other businesses approved by laws and regulations or the China Banking Regulatory Commission.

–34– LETTER FROM INNOVAX CAPITAL LIMITED

B. The Capital Increase Agreement and the transactions contemplated thereunder

1. Reasons for and benefits of entering into the Capital Increase Agreement

As extracted from the Letter from the Board, Country Garden Real Estate Group is one of the largest residential property developers that capitalises on urbanisation in the PRC and is principally engaged in the businesses of property development, construction and installation, interior decoration, property investment, and the development and management of hotels. Country Garden has the intention to continuously promote the business development of CIMC Skyspace Real Estate through the transaction and supplement the capital of CIMC Skyspace Real Estate. The transaction is in line with the Group’s overall development plan and operation requirement, and is conducive to reducing the gearing ratio of the Group. In addition, it also aligns with the actual operation and development requirement of the principal operations of CIMC Skyspace Real Estate. The Additional Capital made by Country Garden in the transaction will be used to supplement the registered capital and the capital reserve of CIMC Skyspace Real Estate, which will supplement the development funds for Existing Projects of CIMC Skyspace Real Estate and promote the future development and has a positive impact on the development and operation of projects.

As advised by the Management, the Directors believe that entering into the Capital Increase Agreement and the Capital Increase would further strengthen the existing strong synergy and strategic business relationship between the Company and Country Garden, by leveraging Country Garden’s expertise in property development. In addition, the Capital Increase would enhance the CIMC Skyspace Real Estate’s capital and financial positions for its operation and in particular, property development.

2. Principal terms of the Capital Increase Agreement

As extracted from the Letter from the Board, the principal terms of the Capital Increase Agreement are as follows:

(1) Date

6 August 2020 (after trading hours)

(2) Parties

CIMC Skyspace Real Estate;

CIMC Shenfa;

Oriental Tianyu;

Chang’an Trust; and

Country Garden.

–35– LETTER FROM INNOVAX CAPITAL LIMITED

(3) Subject Matter

Country Garden has agreed to pay the Additional Capital of RMB1,606.1 million to CIMC Skyspace Real Estate (subject to adjustment mechanism of the Additional Capital for Uncompleted Parts of Qianhai Projects), of which RMB24.3 million will be injected into the registered capital and the remaining will be injected into the capital reserve of CIMC Skyspace Real Estate.

Upon completion of the Capital Increase, the equity interests of CIMC Skyspace Real Estate held by the Group through its wholly-owned subsidiary, CIMC Shenfa, will be diluted from approximately 61.5% to approximately 57.4%, and the equity interest in CIMC Skyspace Real Estate held by Country Garden will increase to 30%. Further, the registered capital of CIMC Skyspace Real Estate would be increased from approximately RMB339.5 million to approximately RMB363.8 million.

(4) Additional Capital

Pursuant to the Capital Increase Agreement, the total Additional Capital shall be RMB1,606,124,427, subject to the Additional Capital to be calculated according to the adjustment mechanism for the equity values of the uncompleted parts of Qianhai Projects. As advised by the Management, such Additional Capital shall be settled monetarily. The Additional Capital, which comprised of Additional Capital for Existing Projects and Additional Capital for Qianhai Projects, was based on the value of CIMC’s Skyspace Real Estate’s equity interest in Existing Projects and Qianhai Projects, with reference to, among others, the appraised value of the Existing Projects and Qianhai Projects pursuant to the Valuation Report.

(i) Additional Capital for Existing Projects

Existing Projects refer to the property projects that were held, operated or being developed by CIMC Skyspace Real Estate and companies held by itself as at the reference date of the Valuation Report (the “Appraisal Benchmark Date”), excluding the Qianhai Projects. The Additional Capital for Existing Projects is RMB347,346,543, which is based on the value of CIMC’s Skyspace Real Estate’s equity interest in Existing Project with reference to the appraisal value of the Existing Projects from the Valuation Report, with RMB24,250,863.43 to be injected into the registered capital and the remaining RMB323,095,679.57 to be injected into the capital reserve of CIMC Skyspace Real Estate.

–36– LETTER FROM INNOVAX CAPITAL LIMITED

(ii) Additional Capital for Qianhai Projects

Qianhai Projects refer to the nine land parcels in Unit 09 of Qianhai Free Trade Zone. Qianhai Projects are further categorised into completed parts and uncompleted parts. As at the Latest Practicable Date, the relevant completion procedures for the uncompleted parts of Qianhai Projects had been completed.

Taking into account the fact that (i) Country Garden had not previously contributed towards Qianhai Project when it first became the shareholder of CIMC Skyspace Real Estate because of the uncertainties of the prospects of the Qianhai Projects, and the other shareholders (other than Country Garden) fulfilled their obligations, and (ii) Country Garden is aware of the fact that it would need to pay the equity values of the Qianhai Projects at a later stage when it first became the shareholder of CIMC Skyspace Real Estate, the Tentative Additional Capital for Qianhai Projects is RMB1,258,777,884 subject to an increase as agreed in the adjustment mechanism for the equity values of the uncompleted parts of Qianhai Projects according to the Capital Increase Agreement if there is an increase in the planning quota of the gross floor area of the uncompleted parts of Qianhai Projects. Such amount is based on the values and potential values of CIMC Skyspace Real Estate’s equity interest in Qianhai Projects, determined with reference to the appraisal value of Qianhai Projects pursuant to the Valuation Report. Based on the appraisal value of Qianhai Projects, the Tentative Additional Capital for Qianhai Projects can be further divided into the Additional Capital for Completed Parts of Qianhai Projects of RMB287,582,911 and the Additional Capital for Uncompleted Parts of Qianhai Projects of RMB971,194,973.

The breakdown of the Equity Value and the corresponding Additional Capital of the projects is as follows:

Corresponding Additional Projects(Note 2) Equity Value Capital (RMB) (RMB)

Existing Projects 4,862,851,604 347,346,543 Qianhai Projects(Note 1) 2,937,148,396 1,258,777,884

Total 7,800,000,000 1,606,124,427

Note 1: For the avoidance of doubt, Qianhai Projects do not include the Additional Capital for Uncompleted Parts of Qianhai Projects pursuant to the adjustment mechanism.

–37– LETTER FROM INNOVAX CAPITAL LIMITED

Note 2: The market value of the 100% shareholders’ equity of CIMC Skyspace Real Estate is approximately RMB5,370 million (including the completed Qianhai Projects, being approximately RMB507 million), hence, the equity value of the Existing Projects is approximately RMB4,863 million. The equity value of the Qianhai Projects (being approximately RMB2,937 million) include (i) the equity value of uncompleted Qianhai Project, being approximately RMB2,430 million; and (ii) the completed Qianhai Projects, being approximately RMB507 million aforesaid.

We have cross-checked the above Equity Value against the appraised value of Qianhai Projects and Existing Projects pursuant to the Valuation Report with no material difference noted.

(iii) Adjustment mechanism of the Additional Capital for Uncompleted Parts of Qianhai Projects

If there is an increase in the planning quota of the gross floor area of uncompleted parts of Qianhai Projects, the equity value of uncompleted parts of Qianhai Projects and the Tentative Additional Capital for Uncompleted Parts of Qianhai Projects will be increased according to the adjustment mechanism in accordance with the Capital Increase Agreement. If the floor area planning quota for uncompleted parts of Qianhai Projects is not increased, the equity value of uncompleted parts of Qianhai Projects and the tentative Additional Capital for Uncompleted Parts of Qianhai Projects should not be adjusted.

Increase in the equity values of the uncompleted parts of Qianhai Projects = (Estimated unit price of the gross floor area of Qianhai Projects determined with reference to the Valuation Report x increase in the gross floor area – corresponding all land price attributable to such part of gross floor area) x 75%, among which, the increase in gross floor area shall be no more than 12,000 square meters.

–38– LETTER FROM INNOVAX CAPITAL LIMITED

The maximum amount of the increase in the Tentative Additional Capital = Increase in the equity values/70% x 30%, where increase in the equity values = (Estimated unit price of the gross floor area of Qianhai Projects x increase in the gross floor area – corresponding all land price attributable to such part of gross floor area) x 75% (being the equity interests owned by CIMC Skyspace Real Estate in Qianhai Projects), among which, the increase in gross floor area shall be no more than 12,000 square meters. Therefore, the maximum amount of the Tentative Additional Capital will be RMB39,012,616.

(5) Payment of Additional Capital

Within five workdays after the date when the Capital Increase Agreement becomes effective, Country Garden shall pay the Additional Capital for Existing Projects and the Additional Capital for Completed Parts of Qianhai Projects to CIMC Skyspace Real Estate, totaling RMB634,929,454.

Within five workdays after the completion of uncompleted parts of Qianhai Projects, Country Garden shall pay the Additional Capital for Uncompleted Parts of Qianhai Projects to CIMC Skyspace Real Estate. If uncompleted parts of Qianhai Projects are completed in phases, Country Garden shall pay the additional capital for the corresponding parts by installments in accordance with the actual progress of projects. If the floor area planning quota for uncompleted parts of Qianhai Projects is increased, Country Garden pays based on the increased Equity Value of Qianhai Projects and the Additional Capital for Qianhai Projects.

–39– LETTER FROM INNOVAX CAPITAL LIMITED

(6) Basis for the determination of Additional Capital

The Additional Capital is determined by the parties on normal commercial terms and after the arm’s length negotiation, and with reference to the Valuation Report issued by the independent valuer engaged by the Group, which evaluates CIMC Skyspace Real Estate using the asset-based approach and the market approach. In determining the Additional Capital, the Company also considered some other key factors, including the successful strategic business relationship established with Country Garden in the past; the synergy effects arising from Country Garden’s expertise in property development and CIMC Skyspace Real Estate’s expertise in investments in industrial parks, scenic spots and community projects ; the enhancement of CIMC Skyspace Real Estate’s financial position; and the transaction is in line with CIMC Skyspace Real Estate's overall business plan.

(7) Conditions precedent and completion

The completion of capital increase is subject to the fulfillment of all of the following conditions:

(i) legal representatives or authorised representatives of parties of the Capital Increase Agreement sign and seal the Capital Increase Agreement;

(ii) all parties approve the Capital Increase Agreement in accordance with their respective approval requirements;

(iii) the Company has complied with the reporting and announcement requirements under the Hong Kong Listing Rules and obtained the approval of independent Shareholders of the Company for the Capital Increase Agreement and the transactions contemplated thereunder.

–40– LETTER FROM INNOVAX CAPITAL LIMITED

C. Evaluation of the Additional Capital

1. The calculations of Additional Capital pursuant to the Capital Increase Agreement

As discussed in the Letter from the Board and pursuant to the Capital Increase Agreement, the Additional Capital for the Capital Increase was determined after arm’s length negotiations among the parties of the Capital Increase Agreement with reference to, among other things, the Valuation Report issued by the independent valuer engaged by the Group. The Additional Capital for the Capital Increase comprises of two parts, namely Additional Capital for Existing Projects and Tentative Additional Capital for Qianhai Projects.

The Additional Capital for Existing Projects is RMB347,346,543. As a result of the Capital Increase, the equity interest in the Existing Projects held by Country Garden would increase from 25% to 30%, therefore, the consideration for the respective increase in equity interest should be computed based on the equation below:

The Equity Value of Existing Projects x 25% + consideration for increase in equity interest = 30%, The Equity Value of Existing Projects + consideration for increase in equity interest

where 25% represents the equity interest in the Existing Projects held by Country Garden through CIMC Skyspace Real Estate before the Capital Increase and 30% represents that immediately after the completion of the transaction. Pursuant to this equation, the consideration for increase in equity interest equals the Equity Value of Existing Projects divided by 14. Pursuant to the Valuation Report and the breakdown of appraised values of projects, the Additional Capital for Existing Projects computed based on the above equation is comparable to the Additional Capital for Existing Projects.

The Tentative Additional Capital for Qianhai Projects is RMB1,258,777,884 (assuming the adjustment mechanism for uncompleted parts of Qianhai Projects is not triggered), comprising (i) the Additional Capital for Completed Parts of Qianhai Projects of RMB287,582,911; and (ii) the Additional Capital for Uncompleted Parts of Qianhai Projects of RMB971,194,973.

As advised by the Management, the delay of completing the land preparation of Qianhai Projects and the delay of introducing CIMC Skyspace Real Estate into Qianhai Projects lead to valuation gains between the valuation of Qianhai Projects determined in the Valuation Report and the land grant price determined by the government. As such, Country Garden has agreed to pay the Additional Capital for Qianhai Projects, which was determined based on the values and potential values of CIMC Skyspace Real Estate’s equity interest in Qianhai Projects, with reference to the Equity Value of

–41– LETTER FROM INNOVAX CAPITAL LIMITED

Qianhai Projects pursuant to the Valuation Report. Pursuant to the Capital Increase Agreement, the Additional Capital for Qianhai Project is computed based on the formula below:

The Additional Capital for Qianhai Projects = The Equity Value of Qianhai Projects/70% x 30%, where:

– 70% represents the percentage of equity interest in CIMC Skyspace Real Estate held by the shareholders of CIMC Skyspace Real Estate other than Country Garden following the completion of the Capital Increase; and

– 30% represents the percentage of equity interest in CIMC Skyspace Real Estate held by Country Garden following the completion of the Capital Increase.

Pursuant to the Valuation Report and the breakdown of appraised values of projects, the Additional Capital for Qianhai Projects computed based on the above equation is comparable to the Additional Capital for Qianhai Projects.

2. The valuation of the equity values of Existing Projects and Qianhai Projects (the “Equity Valuation”)

We have reviewed the Valuation Report and discussed with the Valuer, China United Assets Appraisal Group Co., Ltd., regarding the Equity Valuation with details set out below.

(1) Scope of work and qualification of the Valuer

We have reviewed the terms of engagement of the Valuer and discussed with them regarding their scope of work on the Equity Valuation and we were not aware of any limitations on the scope of work which might adversely affect the degree of assurance given by the Valuation Report.

We have discussed with the Valuer regarding its qualification for the Equity Valuation. In compliance with the requirements of Rule 13.80 of the Hong Kong Listing Rules, we have also reviewed and enquired the qualification and experience of Valuer and the valuers who are in charge of the Equity Valuation. As per our discussion with the Valuer, we understand that the Valuer is an independent form of qualified PRC valuer designated by the relevant governmental authorities to conduct asset and equity valuation, and is authorised by the Ministry of Finance of the PRC and Chines Securities Regulatory Commission to provide valuation services in the PRC. We also noticed that Mr. Yu Yanfei, the leading person in charge of the Equity Valuation, has over 20 years of experience in conducting valuation. As such, we are of the view that the Valuer possesses sufficient experience in performing the Equity Valuation.

–42– LETTER FROM INNOVAX CAPITAL LIMITED

(2) Valuation approach

Based on our review on the Valuation Report and our discussions with the Valuer, the Valuer has considered the asset-based approach, market approach and income approach in respect of the Equity Valuation. Regarding the income approach, since there are fluctuations in the historical income and profit of CIMC Skyspace Real Estate and the projections of its income and profit are uncertain in respect of the future development of certain CIMC Skyspace Real Estate’s properties, income approach has not been adopted for the Equity Valuation. Market approach has been adopted because there are other companies which are considered to be comparable to CIMC Skyspace Real Estate. For asset-based approach, it is adopted as the primary valuation approach of the Equity Valuation given the fact that (1) CIMC Skyspace Real Estate is primarily engaged in, among others, real estate development and management, the asset-based approach is an ideal equity valuation approach to reflect its equity value; (2) it is less affected by the fluctuations in the stock market as compared to the market approach; and (3) less assumptions are needed for asset-based approach in respect of the Equity Valuation and hence, the valuation result is more objective.

Upon our enquiry, we are given to understand that, in performing the asset-based approach valuation and depending on the nature and types of the relevant properties, the Valuer has adopted the residual method, the income capitalisation method and the cost approach for the valuation of underlying properties of the Existing Projects and Qianhai Projects, which are common valuation approaches for properties. Further, we understand that the Valuer had performed site inspection work on the properties under Existing Projects and Qianhai Projects during April to June 2020 to research information relevant to the Equity Valuation. Based on the aforesaid, we have not identified any major findings which caused us to doubt the fairness and reasonableness in arriving at their valuation.

3. Reassessed additional capital

In respect of the properties under the Equity Valuation performed by the Valuer, which includes the properties under the Existing Projects and the Qianhai Projects (the “Project Properties”) CIMC Skyspace Real Estate further engaged an independent valuer, Hong Kong Appraisal Advisory Limited to conduct valuation of the Project Properties with reference date of valuation on 30 June 2020 (the “Valuation Benchmark Date”) and issue the Property Valuation Report in addition to the Valuation Report which has been set out in Appendix II of this circular. We performed a reassessment on the valuation of the equity interests in Existing Projects and Qianhai Projects with reference to the valuation of the Project Properties as set out in the Property Valuation Report for the fairness and reasonableness of the Additional Capital. We derived the reassessed value (the “Reassessed Values”) of equity interests in the Existing Projects and Qianhai Projects by adjusting the net assets value of CIMC Skyspace Real Estate and the other Qianhai Projects as at 30 June 2020, with (1) the appreciation in the values of the Project Properties as at 30 June 2020, being the upward adjustment from the net book values of the Project Properties on the accounts to

–43– LETTER FROM INNOVAX CAPITAL LIMITED their market values based on the Property Valuation report; and (2) the deferred tax liabilities arising from such unrealised valuation gain since, as advised by the Property Valuer, the market values of the Project Properties did not take into consideration the potential tax impact resulting from the unrealised valuation gain. Based on the Reassessed Value, we calculated the reassessed additional capital (the “Reassessed Additional Capital”) using the relevant equations as set out in the Capital Increase Agreement. The table below sets forth the detailed calculation of our reassessment.

RMB million

The net assets value of CIMC Skyspace Real Estate attributable to its shareholders as at 30 June 2020 pursuant to the audited report of CIMC Skyspace Real Estate (Note 1) 2,980.6

Appreciation in the value of properties under the Existing Properties as at 30 June 2020 pursuant to the Property Valuation Report (Note 2) 9,068.4

Less: Deferred tax liabilities (Note 3) (2,267.1)

Reassessed Value of the Existing Projects 9,781.9

Reassessed Additional Capital of the Existing Projects (Note 4) 698.7

75% x the net assets value of the other Qianhai Projects as at 30 June 2020 pursuant to the unaudited management accounts of the relevant project companies (Note 5) 51.1

Appreciation in the values of properties under the Qianhai Projects as at 30 June 2020 pursuant to the Property Valuation Report (Note 2) 3,057.3

Less: Deferred tax liabilities (Note 3) (764.3)

Reassessed Value of the Qianhai Projects 2,344.1

Reassessed Additional Capital of the Qianhai Projects (Note 4) 1,004.6

Total Reassessed Additional Capital (Note 4) 1,703.3

The Additional Capital 1,606.1

Discount of the Additional Capital to the Reassessed Additional Capital 6.1%

–44– LETTER FROM INNOVAX CAPITAL LIMITED

Notes:

(1) Included the Existing Projects and one of the Qianhai Projects.

(2) Based on the Property Valuation Report, the estimated value of the Existing Projects and Qianhai Projects were approximately RMB18,938.4 million and RMB13,092.5 million, respectively, as at 30 June 2020. As compared with the values of these properties on the accounts of their respective holding companies as at 30 June 2020 of approximately RMB9,870.1 million and RMB10,035.1 million, respectively, the unrealised valuation gain of the properties under the Existing Projects and Qianhai Projects was approximately RMB9,068.4 million and RMB3,057, respectively.

(3) The deferred tax liabilities are calculated based on 25% of the unrealised valuation gain of the Existing Projects and Qianhai Projects, respectively.

(4) The Reassessed Additional Capital was calculated pursuant to the relevant equations stipulated in the Capital Increase Agreement.

(5) Excluded the Qianhai Projects that already included in the net assets value of CIMC Skyspace Real Estate as at 30 June 2020; 75% represents the equity interests held or to be held by CIMC Skyspace Real Estate in the companies holding the Qianhai Projects pursuant to the relevant equity transfer agreements.

The Additional Capital was determined with reference to the Valuation Report which is in line with common transaction practise in the PRC. The Reassessed Additional Capital amounts to approximately RMB1,703.3 million. The Additional Capital of approximately RMB1,606 million represents a discount of approximately 6.1% to the aforesaid Reassessed Additional Capital. Having considered (1) the benefits of entering into the Capital Increase Agreement, including the increase in development funds for CIMC Skyspace Real Estate and the strengthening of the synergy and strategic business relationship between the Company and Country Garden; and (2) the Additional Capital is at a discount of 6.1% to the Reassessed Additional Capital which is not significant, we are of the view that the Additional Capital is fair and reasonable.

4. The valuation of Project Properties

We have reviewed the Property Valuation Report as set out in the Appendix II to this circular. We have discussed with the Property Valuer, Hong Kong Appraisal Advisory Limited, regarding the valuation of the Project Properties with details set out below.

(1) Scope of work and qualification of the Property Valuer

We have reviewed the terms of engagement of the Property Valuer and discussed with them regarding their scope of work on the valuation of Project Properties which include all properties under the Existing Projects and Qianhai Projects and we were not aware of any limitations on the scope of work which might adversely affect the degree of assurance given by the Property Valuation Report.

–45– LETTER FROM INNOVAX CAPITAL LIMITED

We have discussed with the Property Valuer regarding its qualification for the valuation. In compliance with the requirements of Rule 13.80 of the Hong Kong Listing Rules, we have also reviewed and enquired the qualification and experience of the valuers of the Property Valuer who are in charge of the asset valuation. As per our discussion with the Property Valuer, we noticed that Mr. Simon C.H. Liu, the leading person in charge of the valuation of the Project Properties, is a member of the Royal Institution of Chartered Surveyors in United Kingdom and a member of the Hong Kong Institute of Surveyors in Hong Kong SAR who has over 40 years of experiences in undertaking valuations of properties in Hong Kong SAR, the PRC and the Asia Pacific Region. As such, we are of the view that the Property Valuer possesses sufficient experience in performing the valuation.

(2) Valuation approach

Based on our review on the Property Valuation Report and our discussions with the Property Valuer, the Property Valuer has adopted the direct comparison approach and the investment approach when valuing the Projects Properties. As advised by the Property Valuer, the information of comparable sales transactions are readily available for certain of the Project Properties, including undeveloped land, strata residential units, industrial units, ancillary commercial podium units and car parking spaces and therefore, they were suitable to be valued by using direct comparison approach, subject to adjustments between the subject properties and the comparable properties. For certain Project Properties which are income properties which have existing tenancies and rental comparables are more readily available, investment approach on the basis of capitalisation of rental income derived from the existing tenancies with due allowance for reversionary potential by reference to comparable market transactions is the most suitable valuation approach.

In respect of the investment approach, as advised by the Property Valuer and pursuant to the Property Valuation Report, the capitalisation rates adopted are based on analyses of yields of properties of similar use type after due adjustments. Such capitalisation rates are estimated with reference to the yields generally expected by the market for comparable properties of similar use type, which implicitly reflects the type and quality of the properties, the expectation of the potential future rental growth, the capital appreciation and relevant risk factors.

–46– LETTER FROM INNOVAX CAPITAL LIMITED

We note that for certain of the Project Properties which were under or for future development and valued by the market approach or income approach, it was assumed that the relevant properties will be developed and completed in accordance with the latest development scheme of CIMC Skyspace Real Estate. The Property Valuer has assumed that all consents, approvals and licenses from the relevant government authorities for the development scheme have been obtained without onerous conditions or delays; the design and construction of the development are in compliance with the local planning regulations and have been approved by the relevant authorities. They have also taken into account the incurred construction costs and the costs that will be incurred to complete the development to reflect the quality of the completed development.

Upon our enquiry, we were given to understand that the Property Valuer had relied on the site inspection work on the Project Properties performed by the Valuer during April to June 2020 to research information relevant to the valuation. We have reviewed and discussed with the Property Valuer for the workings on valuation, including the samples selected as comparable transactions for market approach, supporting documents for determining the capitalisation rates and the adjustments made.

Based on the aforesaid and our review of the bases and assumptions adopted by the Property Valuer, we have not identified any major findings which caused us to doubt the fairness and reasonableness in arriving at their valuation.

D. Financial effects of the proposed capital increase on the Group

As at the Latest Practicable Date and upon the completion of this transaction, CIMC Skyspace Real Estate was and would remain to be a non-wholly owned subsidiary of the Company; whereas we note that upon the completion of the Qujiang Cultural Capital Injection (assuming that the capital Increase by Country Garden has been completed), the equity interest in CIMC Skyspace Real Estate indirectly held by the Company will be further decreased to 45.92% and therefore, CIMC Skyspace Real Estate will no longer be an indirect non-wholly owned subsidiary of the Company, and its financial results will no longer be consolidated to the Company’s consolidated financial statements. Nonetheless, the analyses below represent the financial effect on the Group solely as a result of the proposed capital increase by Country Garden and did not take into consideration the financial impact on the Group of such de-consolidation.

–47– LETTER FROM INNOVAX CAPITAL LIMITED

(1) Gearing

As at 31 December 2019, the Group’s gearing ratio, being total liabilities of approximately RMB117,069.5 million divided by total assets of approximately RMB172,107.5 million, was approximately 68%. It is expected that the Group’s gearing ratio will be reduced upon completion of the transaction.

(2) Earnings

The net profit of the CIMC Skyspace Real Estate for the year ended 31 December 2019 was approximately RMB702.5 million. Upon the completion of the transaction, CIMC Skyspace Real Estate will remain to be an indirect non-wholly owned subsidiary of the Company, and the financial results of CIMC Skyspace Real Estate will continue to be consolidated into the financial statements of the Group, but the profit or loss of CIMC Skyspace Real Estate attributable to the owners of the Company may decrease, as the equity interests in CIMC Skyspace Real Estate held by the Company will be diluted from 61.5% to 57.4% following the completion of the transaction.

(3) NAV

As at 31 December 2019, the NAV of the Company attributable to the owners of the Company was approximately RMB39,254 million, and the NAV of the CIMC Skyspace Real Estate attributable to the shareholders of CIMC Skyspace Real Estate was approximately RMB3,226 million. Upon completion of the transaction, CIMC Skyspace Real Estate will continue to be a subsidiary of the Company and the assets and liabilities of the CIMC Skyspace Real Estate will continue to be consolidated into the consolidated statement of financial position of the Company. As a result of the transaction, which will increase the current assets of CIMC Skyspace Real Estate, the NAV of the Group will increase.

(4) Liquidity

As at 31 December 2019, the Group had cash and bank balances of approximately RMB9,715 million and net current assets of approximately RMB19,472 million. As at the same date, CIMC Skyspace Real Estate had cash balance of approximately RMB961.1 million and the net current asset position of approximately RMB10,230.8 million. As a result of the transaction, the Directors expect both the cash and the net current asset positions of the Group and CIMC Skyspace Real Estate to improve upon completion due to the cash inflow from the payment of Additional Capital from Country Garden.

–48– LETTER FROM INNOVAX CAPITAL LIMITED

OPINION AND RECOMMENDATION

Having considered the above principal factors, we are of the opinion that although the Capital Increase Agreement and the transaction contemplated thereunder are not in the ordinary and usual course of business of the Group, they in the interests of the Company and Shareholders as a whole and are on normal commercial terms and are fair and reasonable so far as the Independent Shareholders are concerned; Accordingly, we recommend the Independent Board Committee to advise the independent Shareholders, and we advise the independent Shareholders, to vote in favor of the ordinary resolutions to be proposed at the EGM for approving the Capital Increase Agreement.

Yours faithfully, For and on behalf of Innovax Capital Limited

Richard, Chu Sai Tak Managing Director

Note: Mr. Richard Chu is a licensed person under the SFO to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities under the SFO and regarded as a responsible officer of Innovax Capital Limited. Mr. Richard Chu has over 15 years of experience in corporate finance industry.

–49– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

Auditor’s Report

PCCPAAR [2020] No. 7-767

To the Shareholders of Shenzhen CIMC Industry & City Development Group Co., Ltd.,

I. AUDIT OPINION

We have audited the accompanying financial statements of Shenzhen CIMC Industry & City Development Group Co., Ltd. (the “Company”), which comprise the consolidated and parent company balance sheets as at December 31, 2019 and June 30, 2020, the consolidated and parent company income statements, the consolidated and parent company cash flow statements, and the consolidated and parent company statements of changes in equity for the year and the six months then ended, as well as notes to financial statements.

In our opinion, the attached financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2019 and June 30, 2020, and of its financial performance and its cash flows for the year and the six months then ended in accordance with China Accounting Standards for Business Enterprises.

II. BASIS FOR AUDIT OPINION

We conducted our audit in accordance with China Standards on Auditing. Our responsibilities under those standards are further described in the Certified Public Accountant’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the China Code of Ethics for Certified Public Accountants, and we have fulfilled other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

III. RESPONSIBILITIES OF THE MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS

The Company’s management (the “Management”) is responsible for preparing and presenting fairly the financial statements in accordance with China Accounting Standards for Business Enterprises, as well as designing, implementing and maintaining internal control relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

–50– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

In preparing the financial statements, the Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative buttodoso.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

IV. CERTIFIED PUBLIC ACCOUNTANT’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with China Standards on Auditing will always detect a material misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We exercise professional judgment and maintain professional skepticism throughout the audit performed in accordance with China Standards on Auditing. We also:

(I) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(II) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

(III) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

–51– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

(IV) Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

(V) Evaluate the overall presentation, structure and content of the financial statements, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain sole responsibility for our audit opinion.

We communicate with those charged with governance regarding the planned audit scope, time schedule and significant audit findings, including any deficiencies in internal control of concern that we identify during our audit.

Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant

Hangzhou • China Chinese Certified Public Accountant

Date of Report: August 6, 2020

The auditor’s report and the accompanying financial statements are English translations of the Chinese auditor’s report and statutory financial statements prepared under accounting principles and practices generally accepted in the People’s Republic of China. These financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform to the Chinese version, the Chinese version prevails.

–52– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

CONSOLIDATED BALANCE SHEET 30 June 2020 Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB Assets 30 June 2020 31 December 2019 Liabilities & Equity 30 June 2020 31 December 2019

Current assets: Current liabilities: Cash and bank balances 1,614,021,495.25 961,104,678.67 Short-term borrowings 200,290,538.64 Settlement funds Central bank loans Loans to other banks Loans from other banks Held-for-trading financial assets Held-for-trading financial liabilities Derivative financial assets Derivative financial liabilities Notes receivable Notes payable 1,065,493.08 1,065,493.08 Accounts receivable 146,717,633.46 195,918,264.18 Accounts payable 568,638,648.17 693,411,506.74 Receivables financing Advances received 3,410,956.28 9,306,785.58 Advances paid 45,415,901.96 25,726,424.68 Contract liabilities 3,307,075,244.79 2,735,855,216.59 Premiums receivable Financial liabilities under repo Reinsurance accounts receivable Absorbing deposit and interbank Reinsurance reserve receivable deposit Other receivables 6,836,523,770.82 5,527,627,773.26 Deposit for agency security Financial assets under reverse repo transaction Inventories 11,176,619,035.96 15,283,929,675.65 Deposit for agency security Contract assets underwriting Assets classified as held for sale Employee benefits payable 38,842,971.32 52,965,373.65 Non-current assets due within Taxes and rates payable 669,162,826.86 568,197,078.75 one year Other payables 7,011,263,096.51 7,180,168,455.02 Other current assets 344,571,762.73 358,464,492.83 Handling fee and commission Total current assets 20,163,869,600.18 22,352,771,309.27 payable Non-current assets: Reinsurance accounts payable Loans and advances paid Liabilities classified as held for sale Debt investments Non-current liabilities due within Other debt investments one year 1,170,339,325.19 548,578,937.28 Long-term receivables Other current liabilities 344,544,699.08 332,431,983.52 Long-term equity investments 3,422,374,519.85 3,401,487,162.55 Total current liabilities 13,314,633,799.92 12,121,980,830.21 Other equity instrument investments 5,000,000.00 5,000,000.00 Non-current liabilities: Other non-current financial assets Insurance policy reserve Investment property 5,367,397,453.72 1,113,621,234.90 Long-term borrowings 6,415,167,740.29 6,197,847,543.81 Fixed assets 252,469,766.33 259,270,560.77 Bonds payable Construction in progress 175,848,606.98 88,964,529.30 Including: Preferred shares Productive biological assets Perpetual bonds Oil & gas assets Lease liabilities 160,656,829.16 285,734,995.48 Right-of-use assets 172,925,563.30 291,833,944.02 Long-term payables Intangible assets 287,820,796.46 293,087,008.16 Long-term employee benefits Development expenditures payable Goodwill 4,174,581.94 4,174,581.94 Provisions Long-term prepayments 37,514,861.78 45,906,023.95 Deferred income 1,350,000.00 250,000.00 Deferred tax assets 205,742,657.83 196,599,032.24 Deferred tax liabilities 512,250,495.31 500,922,415.61 Other non-current assets 51,000.00 Other non-current liabilities 2,069,997,822.93 1,131,304,755.75 Total non-current assets 9,931,268,808.19 5,699,995,077.83 Total non-current liabilities 9,159,422,887.69 8,116,059,710.65 Total liabilities 22,474,056,687.61 20,238,040,540.86 Total assets 30,095,138,408.37 28,052,766,387.10 Equity: Paid-in capital 339,512,088.00 339,512,088.00 Other equity instruments Including: Preferred shares Perpetual bonds Capital reserve 1,182,308,597.52 1,184,330,424.44 Less: Treasury shares Other comprehensive income 327,983,505.45 327,983,505.45 Special reserve Surplus reserve 116,723,027.83 116,723,027.83 General risk reserve Undistributed profit 1,014,094,825.43 1,257,261,998.43 Total equity attributable to the parent company 2,980,622,044.23 3,225,811,044.15 Non-controlling interest 4,640,459,676.53 4,588,914,802.09 Total equity 7,621,081,720.76 7,814,725,846.24

Total liabilities & equity 30,095,138,408.37 28,052,766,387.10

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–53– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

BALANCE SHEET 30 June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

Assets 30 June 2020 31 December 2019 Liabilities & Equity 30 June 2020 31 December 2019

Current assets: Current liabilities: Cash and bank balances 125,419,268.23 95,496,580.51 Short-term borrowings 200,290,538.64 Held-for-trading financial assets Held-for-trading financial liabilities Derivative financial assets Derivative financial liabilities Notes receivable Notes payable Accounts receivable Accounts payable Receivables financing Advances received Advances paid 1,711,214.53 1,109,063.14 Contract liabilities Other receivables 9,537,848,676.57 9,778,341,632.15 Employee benefits payable 11,936,517.33 15,461,887.66 Inventories Taxes and rates payable 2,893,289.35 30,693,311.17 Contract assets Other payables 5,978,633,883.15 6,677,232,949.83 Assets classified as held for sale Liabilities classified as held Non-current assets due within for sale one year Non-current liabilities due within Other current assets one year 151,211,094.64 125,000,000.00 Total current assets 9,664,979,159.33 9,874,947,275.80 Other current liabilities Non-current assets: Total current liabilities 6,344,965,323.11 6,848,388,148.66 Debt investments Non-current liabilities: Other debt investments Long-term borrowings 3,782,472,056.49 4,120,000,000.00 Long-term receivables Bonds payable Long-term equity investments 3,109,178,428.47 3,208,945,128.47 Including: Preferred shares Other equity instrument Perpetual bonds investments 5,000,000.00 5,000,000.00 Lease liabilities 3,630,473.14 9,140,733.63 Other non-current financial assets Long-term payables Investment property Long-term employee benefits Fixed assets 2,348,686.91 2,456,982.64 payable Construction in progress Provisions Productive biological assets Deferred income Oil & gas assets Deferred tax liabilities Right-of-use assets 8,419,181.88 8,728,564.10 Other non-current liabilities 901,852,777.78 Intangible assets 61,218.40 14,008.66 Total non-current liabilities 4,687,955,307.41 4,129,140,733.63 Development expenditures Total liabilities 11,032,920,630.52 10,977,528,882.29 Goodwill Equity: Long-term prepayments Paid-in capital 339,512,088.00 339,512,088.00 Deferred tax assets Other equity instruments Other non-current assets Including: Preferred shares Total non-current assets 3,125,007,515.66 3,225,144,683.87 Perpetual bonds Capital reserve 1,132,022,134.82 1,132,022,134.82 Total assets 12,789,986,674.99 13,100,091,959.67 Less: Treasury shares Other comprehensive income Special reserve Surplus reserve 116,723,027.83 116,723,027.83 Undistributed profit 168,808,793.82 534,305,826.73 Total equity 1,757,066,044.47 2,122,563,077.38

Total liabilities & equity 12,789,986,674.99 13,100,091,959.67

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–54– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

CONSOLIDATED INCOME STATEMENT January to June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

January– Items June 2020 Year 2019

I. Total operating revenue 1,262,133,700.91 1,435,996,100.21 Including: Operating revenue 1,262,133,700.91 1,435,996,100.21 Interest income Premium earned Revenue from handling charges and commission II. Total operating cost 1,082,568,685.42 1,163,392,513.40 Including: Operating cost 784,587,877.66 645,567,355.51 Interest expenses Handling charges and commission expenditures Surrender value Net payment of insurance claims Net provision of insurance policy reserve Premium bonus expenditures Reinsurance expenses Taxes and surcharges 147,539,877.30 243,382,561.54 Selling expenses 87,514,667.43 157,681,712.64 Administrative expenses 99,437,150.35 200,632,772.60 R&D expenses Financial expenses -36,510,887.32 -83,871,888.89 Including: Interest expenses 12,118,337.59 21,357,317.68 Interest income 48,029,224.95 110,776,812.67 Add: Other income 1,616,919.02 300,658,481.60 Investment income (or less: losses) 54,918,515.92 334,406,330.18 Including: Investment income from associates and joint ventures 24,087,357.29 55,513,362.55 Gains from derecognition of financial assets at amortized cost Gains on foreign exchange (or less: losses) Gains on net exposure to hedging risk (or less: losses) Gains on changes in fair value (or less: losses) 40,941,049.80 Credit impairment loss (or less: losses) 1,456.20 Assets impairment loss (or less: losses) Gains on asset disposal (or less: losses) 551,591.76 1,581,408.62 III. Operating profit (or less: losses) 236,652,042.19 950,192,313.21 Add: Non-operating revenue 1,597,583.76 2,175,361.86 Less: Non-operating expenditures 1,575,176.47 7,239,854.19 IV. Profit before tax (or less: total loss) 236,674,449.48 945,127,820.88 Less: Income tax 100,376,293.31 242,639,564.40

–55– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

January– Items June 2020 Year 2019

V. Net profit (or less: net loss) 136,298,156.17 702,488,256.48 (I) Categorized by the continuity of operations: 1. Net profit from continuing operations (or less: net loss) 136,298,156.17 702,488,256.48 2. Net profit from discontinued operations (or less: net loss) (II) Categorized by the portion of equity ownership 1. Net profit attributable to owners of parent company (or less: net loss) 2,369,397.89 613,841,427.22 2. Net profit attributable to non-controlling shareholders (or less: net loss) 133,928,758.28 88,646,829.26 VI. Other comprehensive income after tax 252,037,167.38 Items attributable to the owners of the parent company 229,477,392.76 (I) Not to be reclassified subsequently to profit or loss 1.Changes in remeasurement on the net defined benefit plan 2. Items under equity method that will not be reclassified to profit or loss 3. Changes in fair value of other equity instrument investments 4. Changes in fair value of own credit risk 5. Others (II) To be reclassified subsequently to profit or loss 229,477,392.76 1. Items under equity method that may be reclassified to profit or loss 2. Changes in fair value of other debt investments 3. Profit or loss from reclassification of financial assets into other comprehensive income 4. Provision for credit impairment of other debt investments 5.Cash flow hedging reserve (profit or loss on cash flow hedging) 6. Translation reserve 7. Others 229,477,392.76 Items attributable to non-controlling shareholders 22,559,774.62 VII. Total comprehensive income 136,298,156.17 954,525,423.86 Items attributable to the owners of the parent company 2,369,397.89 843,318,819.98 Items attributable to non-controlling shareholders 133,928,758.28 111,206,603.88 VIII. Earnings per share (EPS): (I) Basic EPS (yuan per share) (II) Diluted EPS (yuan per share)

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–56– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

INCOME STATEMENT January to June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

January– Items June 2020 Year 2019

I. Operating revenue 53,097.34 1,473,432.61 Less: Operating cost Taxes and surcharges 194,728.38 768,803.26 Selling expenses Administrative expenses 36,664,525.67 95,544,391.91 R&D expenses Financial expenses 83,517,310.86 5,698,382.61 Including: Interest expenses 209,639,345.45 444,857,198.98 Interest income 142,508,830.30 439,703,771.01 Add: Other income 186,340.00 300,000,000.00 Investment income (or less: losses) -267,182.35 115,851,129.72 Including: Investment income from associates and joint ventures Gains from derecognition of financial assets at amortized cost Gains on net exposure to hedging risk (or less: losses) Gains on changes in fair value (or less: losses) Credit impairment loss (or less: losses) Assets impairment loss (or less: losses) Gains on asset disposal (or less: losses) 430,360.30 II. Operating profit (or less: losses) -119,973,949.62 315,312,984.55 Add: Non-operating revenue 13,500.11 11.10 Less: Non-operating expenditures 50.00 III. Profit before tax (or less: total loss) -119,960,449.51 315,312,945.65 Less: Income tax 12.51 51,703,212.90 IV. Net profit (or less: net loss) -119,960,462.02 263,609,732.75 (I) Net profit from continuing operations (or less: net loss) -119,960,462.02 263,609,732.75 (II) Net profit from discontinued operations (or less: net loss) V. Other comprehensive income after tax (I) Not to be reclassified subsequently to profit or loss 1.Changes in remeasurement on the net defined benefit plan 2. Items under equity method that will not be reclassified to profit or loss 3. Changes in fair value of other equity instrument investments 4. Changes in fair value of own credit risk 5. Others

–57– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

January– Items June 2020 Year 2019

(II) To be reclassified subsequently to profit or loss 1. Items under equity method that may be reclassified to profit or loss 2. Changes in fair value of other debt investments 3. Profit or loss from reclassification of financial assets into other comprehensive income 4. Provision for credit impairment of other debt investments 5. Cash flow hedging reserve (profit or loss on cash flow hedging) 6. Translation reserve 7. Others VI. Total comprehensive income -119,960,462.02 263,609,732.75 VII. Earnings per share (EPS): (I) Basic EPS (yuan per share) (II) Diluted EPS (yuan per share)

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–58– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

CONSOLIDATED CASH FLOW STATEMENT January to June 2020 Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB January– Items June 2020 Year 2019

I. Cash flows from operating activities: Cash receipts from sale of goods or rendering of services 1,987,130,397.06 2,559,849,315.69 Net increase of client deposit and interbank deposit Net increase of central bank loans Net increase of loans from other financial institutions Cash receipts from original insurance contract premium Net cash receipts from reinsurance Net increase of policy-holder deposit and investment Cash receipts from interest, handling charges and commission Net increase of loans from others Net increase of repurchase Net cash receipts from agency security transaction Receipts of tax refund 25,969,148.43 49,100.56 Other cash receipts related to operating activities 1,396,602,167.62 1,310,930,730.18 Subtotal of cash inflows from operating activities 3,409,701,713.11 3,870,829,146.43 Cash payments for goods purchased and services received 938,974,663.30 6,676,718,184.81 Net increase of loans and advances to clients Net increase of central bank deposit and interbank deposit Cash payments for insurance indemnities of original insurance contracts Net increase of loans to others Cash payments for interest, handling charges and commission Cash payments for policy bonus Cash paid to and on behalf of employees 112,756,292.45 221,037,617.48 Cash payments for taxes and rates 213,638,199.25 768,730,032.28 Other cash payments related to operating activities 396,454,042.38 1,080,398,470.78 Subtotal of cash outflows from operating activities 1,661,823,197.38 8,746,884,305.35 Net cash flows from operating activities 1,747,878,515.73 -4,876,055,158.92 II. Cash flows from investing activities: Cash receipts from withdrawal of investments Cash receipts from investment income Net cash receipts from the disposal of fixed assets, intangible assets and other long-term assets 155,000.00 2,242,488.93 Net cash receipts from the disposal of subsidiaries & other business units 95,617,452.96 Other cash receipts related to investing activities 6,190,475.02 3,678,164,459.81 Subtotal of cash inflows from investing activities 6,345,475.02 3,776,024,401.70

–59– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

January– Items June 2020 Year 2019

Cash payments for the acquisition of fixed assets, intangible assets and other long-term assets 73,080,501.05 30,115,939.14 Cash payments for investments 1,137,446,990.00 Net increase of pledged borrowings Net cash payments for the acquisition of subsidiaries & other business units 92,397,043.50 Other cash payments related to investing activities 880,267,268.32 4,576,580,420.45 Subtotal of cash outflows from investing activities 953,347,769.37 5,836,540,393.09 Net cash flows from investing activities -947,002,294.35 -2,060,515,991.39 III. Cash flows from financing activities: Cash receipts from absorbing investments 53,861,559.15 762,868,590.74 Including: Cash received by subsidiaries from non-controlling shareholders as investments 53,861,559.15 762,868,590.74 Cash receipts from borrowings 3,203,282,262.62 7,499,522,593.97 Other cash receipts related to financing activities 178,256,938.34 10,786,445,101.55 Subtotal of cash inflows from financing activities 3,435,400,760.11 19,048,836,286.26 Cash payments for the repayment of borrowings 1,169,368,626.07 1,882,927,609.87 Cash payments for distribution of dividends or profits and for interest expenses 502,725,029.75 465,991,088.43 Including: Cash paid by subsidiaries to non-controlling shareholders as dividend or profit 34,916,950.16 Other cash payments related to financing activities 2,360,634,537.47 13,562,551,261.75 Subtotal of cash outflows from financing activities 4,032,728,193.29 15,911,469,960.05 Net cash flows from financing activities -597,327,433.18 3,137,366,326.21 IV. Effect of foreign exchange rate changes on cash & cash equivalents -426.86 3,409.85 V. Net increase in cash and cash equivalents 203,548,361.34 -3,799,201,414.25 Add: Opening balance of cash and cash equivalents 580,298,543.36 4,379,499,957.61 VI. Closing balance of cash and cash equivalents 783,846,904.70 580,298,543.36

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–60– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

CASH FLOW STATEMENT January to June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

January– Items June 2020 Year 2019

I. Cash flows from operating activities: Cash receipts from sale of goods and rendering of services 60,000.00 1,664,978.85 Receipts of tax refund Other cash receipts related to operating activities 1,167,830,438.47 362,579,864.73 Subtotal of cash inflows from operating activities 1,167,890,438.47 364,244,843.58 Cash payments for goods purchased and services received Cash paid to and on behalf of employees 29,204,709.15 50,823,925.82 Cash payments for taxes and rates 30,439,736.43 28,157,859.77 Other cash payments related to operating activities 1,055,925,949.41 113,172,846.66 Subtotal of cash outflows from operating activities 1,115,570,394.99 192,154,632.25 Net cash flows from operating activities 52,320,043.48 172,090,211.33 II. Cash flows from investing activities: Cash receipts from withdrawal of investments 77,718,700.00 37,251,000.00 Cash receipts from investment income 122,519,842.87 Net cash receipts from the disposal of fixed assets, intangible assets and other long-term assets Net cash receipts from the disposal of subsidiaries & other business units Other cash receipts related to investing activities 2,003,045,553.71 15,014,762,711.97 Subtotal of cash inflows from investing activities 2,080,764,253.71 15,174,533,554.84 Cash payments for the acquisition of fixed assets, intangible assets and other long-term assets 290,532.76 527,221.16 Cash payments for investments 10,713,300.00 1,138,409,422.05 Net cash payments for the acquisition of subsidiaries & other business units Other cash payments related to investing activities 1,347,589,542.83 15,742,800,177.40 Subtotal of cash outflows from investing activities 1,358,593,375.59 16,881,736,820.61 Net cash flows from investing activities 722,170,878.12 -1,707,203,265.77

–61– APPENDIX I AUDITED REPORT OF CIMC SKYSPACE REAL ESTATE

January– Items June 2020 Year 2019

III. Cash flows from financing activities: Cash receipts from absorbing investments Cash receipts from borrowings 1,394,600,000.00 4,120,000,000.00 Other cash receipts related to financing activities 1,082,355,759.99 8,509,436,957.29 Subtotal of cash inflows from financing activities 2,476,955,759.99 12,629,436,957.29 Cash payments for the repayment of borrowings 610,865,704.87 1,527,000,000.00 Cash payments for distribution of dividends or profits and for interest expenses 382,964,081.65 323,918,732.30 Other cash payments related to financing activities 2,227,693,780.49 9,895,376,801.98 Subtotal of cash outflows from financing activities 3,221,523,567.01 11,746,295,534.28 Net cash flows from financing activities -744,567,807.02 883,141,423.01 IV. Effect of foreign exchange rate changes on cash and cash equivalents -426.86 V. Net increase in cash and cash equivalents 29,922,687.72 -651,971,631.43 Add: Opening balance of cash and cash equivalents 95,496,580.51 747,468,211.94 VI. Closing balance of cash and cash equivalents 125,419,268.23 95,496,580.51

Legal representative: Person in charge of accounting affairs: Head of the accounting department:

–62– CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ESTATE REAL SKYSPACE CIMC OF REPORT AUDITED I APPENDIX January to June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

January – June 2020 Year 2019 Equity attributable to parent company Equity attributable to parent company Other equity instruments Less: Other Other equity instruments Less: Other General Paid up Preferred Perpetual Capital Treasury comprehensive Special Surplus General Undistributed Non-controlling Total Paid-in Preferred Perpetual Capital Treasury comprehensive Special Surplus risk Undistributed Non-controlling Total Item capital shares bonds Others reserve shares income reserve reserve risk reserve profit interest equity capital shares bonds Others reserve shares income reserve reserve reserve profit interest equity

I. Balance at the end of prior year 339,512,088.00 1,184,330,424.44 327,983,505.45 116,723,027.83 1,257,261,998.43 4,588,914,802.09 7,814,725,846.24 339,512,088.00 1,162,657,918.61 98,506,112.69 90,362,054.55 813,347,834.39 3,464,661,077.65 5,969,047,085.89 Add: Cumulative changes of accounting policies Error correction of prior period Business combination under common control -155,002.44 -51,667.48 -206,669.92 Others II. Balance at the beginning of current year 339,512,088.00 1,184,330,424.44 327,983,505.45 116,723,027.83 1,257,261,998.43 4,588,914,802.09 7,814,725,846.24 339,512,088.00 1,162,657,918.61 98,506,112.69 90,362,054.55 813,192,831.95 3,464,609,410.17 5,968,840,415.97 III. Current period increase (or less: decrease) -2,021,826.92 -243,167,173.00 51,544,874.44 -193,644,125.48 21,672,505.83 229,477,392.76 26,360,973.28 444,069,166.48 1,124,305,391.92 1,845,885,430.27 (I) Total comprehensive income 2,369,397.89 133,928,758.28 136,298,156.17 229,477,392.76 613,841,427.22 111,206,603.88 954,525,423.86 (II) Capital contributed or withdrawn by owners -2,021,826.92 -82,383,883.84 -84,405,710.76 21,672,505.83 1,017,060,860.00 1,038,733,365.83 1. Ordinary shares contributed by owners 53,861,559.15 53,861,559.15 1,015,614,177.25 1,015,614,177.25 2. Capital contributed by holders of other equity instruments 3. Amount of share-based payment included in equity 4. Others -2,021,826.92 -136,245,442.99 -138,267,269.91 21,672,505.83 1,446,682.75 23,119,188.58 (III) Profit distribution -245,536,570.89 -245,536,570.89 26,360,973.28 -169,772,260.74 -3,962,071.96 -147,373,359.42 1. Appropriation of surplus reserve 26,360,973.28 -26,360,973.28 2. Appropriation of general risk reserve 3. Appropriation of profit to owners -245,536,570.89 -245,536,570.89 -143,411,287.46 -3,962,071.96 -147,373,359.42 4. Others (IV) Internal carry-over within equity 1. Transfer of capital reserve to capital 2. Transfer of surplus reserve to capital

3. Surplus reserve to cover losses –63– 4. Changes in defined benefit plan carried over to retained earnings

5. Other comprehensive income carried over to retained earnings 6. Others (V) Special reserve 1. Appropriation of current period 2. Application of current period (VI) Others IV. Balance at the end of current period 339,512,088.00 1,182,308,597.52 327,983,505.45 116,723,027.83 1,014,094,825.43 4,640,459,676.53 7,621,081,720.76 339,512,088.00 1,184,330,424.44 327,983,505.45 116,723,027.83 1,257,261,998.43 4,588,914,802.09 7,814,725,846.24

Legal representative: Person in charge of accounting affairs: Head of the accounting department: STATEMENT OF CHANGES IN OWNER’ EQUITY ESTATE REAL SKYSPACE CIMC OF REPORT AUDITED I APPENDIX January to June 2020

Prepared by: Shenzhen CIMC Industry & City Development Group Co., Ltd. Currency: RMB

January – June 2020 Year 2019 Other equity instruments Less: Other Other equity instruments Less: Other Paid up Preferred Perpetual Capital Treasury comprehensive Special Surplus Undistributed Paid up Preferred Perpetual Capital Treasury comprehensive Special Surplus Undistributed Total Item capital shares bonds Others reserve shares income reserve reserve profit Total equity capital shares bonds Others reserve shares income reserve reserve profit equity

I. Balance at the end of prior year 339,512,088.00 1,132,022,134.82 116,723,027.83 534,305,826.73 2,122,563,077.38 339,512,088.00 1,132,022,134.82 90,362,054.55 440,468,354.72 2,002,364,632.09 Add: Cumulative changes of accounting policies Error correction of prior period Others II. Balance at the beginning of current year 339,512,088.00 1,132,022,134.82 116,723,027.83 534,305,826.73 2,122,563,077.38 339,512,088.00 1,132,022,134.82 90,362,054.55 440,468,354.72 2,002,364,632.09 III. Current period increase (or less: decrease) -365,497,032.91 -365,497,032.91 26,360,973.28 93,837,472.01 120,198,445.29 (I) Total comprehensive income -119,960,462.02 -119,960,462.02 263,609,732.75 263,609,732.75 (II) Capital contributed or withdrawn by owners 1. Ordinary shares contributed by owners 2. Capital contributed by holders of other equity instruments 3. Amount of share-based payment included in equity 4. Others (III) Profit distribution -245,536,570.89 -245,536,570.89 26,360,973.28 -169,772,260.74 -143,411,287.46 1. Appropriation of surplus reserve 26,360,973.28 -26,360,973.28 2. Appropriation of profit to owners - -245,536,570.89 -245,536,570.89 -143,411,287.46 -143,411,287.46 3. Others (IV) Internal carry-over within equity 1.Transfer of capital reserve to capital 2.Transfer of surplus reserve to capital 3.Surplus reserve to cover losses

4. Changes in defined benefit plan carried over –64– to retained earnings 5. Other comprehensive income carried over to retained earnings 6. Others (V) Special reserve 1. Appropriation of current period 2. Application of current period (VI) Others IV. Balance at the end of current period 339,512,088.00 1,132,022,134.82 116,723,027.83 168,808,793.82 1,757,066,044.47 339,512,088.00 1,132,022,134.82 116,723,027.83 534,305,826.73 2,122,563,077.38

Legal representative: Person in charge of accounting affairs: Head of the accounting department: APPENDIX II PROPERTY VALUATION REPORT

The following is a text of the letter, summary of valuations and valuation certificates prepared for the purpose of incorporation in this circular issued by Hong Kong Appraisal Advisory Limited, an independent property valuer, in connection with the valuations as at 30 June 2020 of the property interests held by the Group.

Unit 1301–1303, 13/F, Hang Seng North Point Building, 339 King’s Road, North Point, Hong Kong

23 August 2020

The Directors China International Marine Containers (Group) Co., Ltd. CIMC R&D Center, No. 2 Gangwan Avenue, Shekou Nanshan District, Shenzhen Guangdong, PRC

Dear Sir/Madams,

Re: Valuation of properties located in the People’s Republic of China (“the Properties”)

In accordance with the instructions of China International Marine Containers (Group) Co., Ltd. (refer to the “Group”), we have conducted valuation of certain interests in the properties held by Shenzhen CIMC Industry & City Development Group Co., Ltd. (refer to “CIMC Skyspace Real Estate”or“the Company”), a non-wholly owned subsidiary of the Group as of 30 June 2020 (refer to “the Valuation Date”). As of the Valuation date, CIMC Skyspace Real Estate holds the Existing Projects and the Qianhai Project situated in the People’s Republic of China (the “PRC”) (refer to “the Properties”), which we have classified them into six Groups in this report. We confirm that we have carried out inspections of the Properties, made relevant enquiries and obtained such further information as we consider necessary for providing you with our opinion of the market values of the Properties as at 30 June 2020 for the purpose of incorporation in the circular.

This letter which forms part of our valuation report explains the basis and methodology of valuation, clarifying assumptions, source of Information and limiting conditions of this valuation.

BASIS OF VALUATION

Our valuation of each of the properties represents its market value which in accordance with The HKIS Valuation Standards 2017 Edition published by the Hong Kong Institute of Surveyors and 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”.

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VALUATION STANDARDS AND ASSUMPTIONS

In valuing the properties, we have complied with the requirements set out in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities published by The Stock Exchange of the Hong Kong Limited and The HKIS Valuation Standards 2017 Edition published by the Hong Kong Institute of Surveyors.

Our valuation of each property excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of special value.

In the course of our valuation of the properties, we have relied on the information and advice given by the Company’s legal advisers, Commerce & Finance Law Offices, regarding the titles to the properties and the interests of the Company’s properties in the PRC. Unless otherwise stated in the respective legal opinion, in valuing the properties, we have assumed that the Company has an enforceable title to each of the properties and has free and uninterrupted rights to use, occupy or assign the properties for the whole of the respective unexpired land use term as granted.

In respect of the properties situated in the PRC, the status of titles and grant of major certificates, approvals and licenses, in accordance with the information provided by the Company are set out in the notes of the respective valuation certificate.

No allowance has been made in our valuations for any charges, mortgages or amounts owing on the properties nor any expenses 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 any onerous nature which could affect their values.

VALUATION METHODOLOGY

The properties in Groups I comprises properties held under development in the PRC. As at the Valuation Date, State-owned Land Use Right Certificate, State-owned Land Use Right Grant Contract, Planning Permit for Construction Land Use, Planning Permit for Construction Works, Permits for Commencement of Construction Works or such equivalent permits have been obtained. Some properties have also obtained Commodity Housing Pre-sale Permit.

The properties in Group II comprises properties held for future development in the PRC. As at the Valuation Date, State-owned Land Use Right Certificate, State-owned Land Use Right Grant Contract, Planning Permit for Construction Land Use or such equivalent certificates or contracts have been obtained. Some properties have obtained Planning Permit for Construction Works.

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The properties in Group III comprises completed properties held by the Company for sale in the PRC. As at the Valuation Date, State-owned Land Use Right Certificate, State-owned Land Use Right Grant Contract, Planning Permit for Construction Land Use, Planning Permit for Construction Works, Permits for Commencement of Construction Works or such equivalent permits have been obtained. Some properties have obtained Commodity Housing Pre-sale Permit. In valuing the properties in Groups III, we have used the Direct Comparison Approach assuming sale of each of these properties in its existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject properties and the comparable properties. Given that the properties are mostly strata residential units, industrial units, ancillary commercial podium units and car parking spaces, comparable sales transactions are frequent and information about such sales is readily available. We have therefore used the Direct Comparison Approach which is in line with the market practice. In the cases where there are existing tenancies, the Investment Approach is used to reflect such factor.

The properties in Group IV comprises completed properties held by the Company for investment in the PRC. As at the Valuation Date, Housing Ownership Certificate, Real Estate Certificate or such equivalent certificates have been obtained. In valuing the properties in Groups IV, we have used the Investment Approach on the basis of capitalization of rental income derived from the existing tenancies with due allowance for reversionary potential of each of the properties or by reference to comparable market transactions. Transactions involving large scale properties of the same nature and tenancy structure in the same districts are not frequent. On the other hand, as most properties generate rental income from leasing arrangements and such rental comparables are more readily available, we consider the Investment Approach, which is also commonly used in valuing properties for investment purpose, to be the best approach to value these properties.

The properties in Group V comprises properties contracted to acquire in the PRC. As at the Valuation Date, State-owned Land Use Right Certificate, Planning Permit for Construction Land Use have been obtained. In valuing the properties in Group V, we have used the Direct Comparison Approach assuming sale of each of these properties in its existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject properties and the comparable properties.

For Group VI, since these properties are not owned by the Company but only leased from the respective property owners, the Company has no legal title ownership on the properties so there are no commercial values assigned to these properties under Group VI.

In respect of the properties in Group I which are properties held by the Company under development in the PRC, we have valued them on the basis that each of these properties will be developed and completed in accordance with the latest development scheme of the Client. We have assumed that all consents, approvals and licenses from the relevant government authorities for the development scheme have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the development are in compliance with the local planning regulations and have been approved by the relevant

–67– APPENDIX II PROPERTY VALUATION REPORT authorities. In arriving at our opinion of value, we have adopted the Direct Comparison Approach or the Investment Approach to assess the development value as if completed and have also taken into account the incurred construction costs and the costs that will be incurred to complete the development to reflect the quality of the completed development. The “development value as if completed” represents our opinion of the aggregate selling prices of the development assuming that it was completed as at the Valuation Date. For similar reasons to those explained above for Group I, the Direct Comparison Approach is used in the valuation of properties. In the cases where the properties are intended to be leased and where rental comparables are available, the Investment Approach is used. Both the Direct Comparison Approach and the Investment Approach are commonly used in conducting valuations of properties under development.

In valuing the properties in Group II which are properties held by the Company for future development in the PRC, we have mainly used the Direct Comparison Approach assuming sale of each of these properties in its existing state by making reference to comparable land sales transactions as available in the relevant market and have taken into account reasonably incurred land improvement costs, if any. This method is the most appropriate method for valuing land properties.

In undertaking our valuations for the properties, we have mainly made reference to sales or lettings within the subject properties as well as other relevant comparable sales or rental evidences of properties of similar use type subject to appropriate adjustments including but not limited to location, accessibility, age, quality, maintenance standards, size, time, configuration and other relevant factors.

The capitalization rates adopted in our valuations are based on our analyses of the yields of properties of similar use type after due adjustments. Such capitalization rates are estimated with reference to the yields generally expected by the market for comparable properties of similar use type, which implicitly reflect the type and quality of the properties, the expectation of the potential future rental growth, capital appreciation and relevant risk factors. The capitalization rates adopted are reasonable and in line with the market norm having regard to the analyzed yields of transactions of the relevant use type.

SOURCE OF INFORMATION

We have been provided by the Company with extracts of documents in relation to the titles to the properties in the PRC. However, we have not inspected the original documents to ascertain any amendments which may not appear on the copies handed to us.

In the course of our valuation of the properties, we have relied on the information and advice given by the Company and the Company’s legal advisers, Commerce & Finance Law Offices, regarding the title to the properties and the interests of the Company’s properties in the PRC.

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In respect of all properties, we have accepted advice given by the Company on such matters as planning approvals or statutory notices, easements, tenure, identification of land and buildings, completion date of buildings, number of car parking spaces, particulars of occupancy, pre-sale details, rental incomes and revenue, joint venture agreements, development or redevelopment schemes, development time schedules, construction costs, site and floor areas, interest attributable to the Company and all other relevant matters.

Dimensions, measurements and areas included in the valuation certificates are based on the information provided to us and are therefore only approximations. We have no reason to doubt the truth and accuracy of the information provided to us by the Company which is material to the valuations. We were also advised by the Company that no material facts have been omitted from the information provided.

We would point out that the copies of documents of the properties in the PRC provided to us are mainly compiled in Chinese characters and the translation into English represents our understanding of the contents. We would therefore advise you to make reference to the original Chinese editions of the documents and consult your legal adviser regarding the legality and interpretation of these documents.

PRC LEGAL OPINION

The Company’s legal advisers, Commerce & Finance Law Offices, have summarized their opinion below regarding the title to the properties and the interests of the Company’s properties in the PRC:

As stated by the Company, as of June 30, 2020, the Company and its related subsidiaries have interests in various properties in China more particularly mentioned under Group I to VI in this Valuation Certificate.

(1) In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Company’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8are completed projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

(2) As stated by the Company, properties listed in GroupI–1to16,Group II–1to3 are under construction. According to the Company’s statement and the proper verification by the legal advisers, the Company has obtained the land title certificates and related construction application procedures, and there are no significant approval procedures that have not been obtained.

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(3) For the property listed in Group II – 4, Yangzhou Jichuang Industrial Park Development Co., Ltd (揚州集創產業園發展有限公司, refer to “Yangzhou Jichuang”) and State Land Resources Bureau of Yangzhou Jiangdu District signed the Contract for the Grant of the Right to Use State-owned Construction Land on 7 May, 2019, which was granted to the southern side parcels of Jiandu Road and the southern side of The River Road (No. 2019G01, land area of 97,260 sq.m.). According to the Company’s confirmation, Yangzhou Jichuang is currently processing the title certificate for the land.

(4) As stated by the Company, items listed in Group IV – 6, 9 to 12 are properties purchased by the relevant subsidiaries of the Company. These properties have obtained the title certificates, and the Company can independently possess and use these properties in accordance with the uses indicated in the corresponding title certificates for the period of use specified in such title certificates.

Except the Real Estate Ownership Certificates already obtained for properties in Group IV – 9, Dongguan CIMC Jingying Apartment Management Co., Ltd (東莞中集菁英公寓管理有限公司, refer to “Dongguan CIMC Jingying”) and Dongguan CIMC Innovation Industrial Park Development Co., Ltd (東莞中集創新產業園發展有限公司, refer to “Dongguan CIMC Innovation Industrial Park”) signed 29 Commodity Housing Pre-sale Contracts on 23 February 2017.

Under these 29 Pre-sale Contracts, Dongguan CIMC Innovation Industrial Park purchased a total of 29 shops at CIMC Zhihui Park, No. 8 Qingtian Road, Songshan Lake High-Tech Industrial Development Zone, and Dongguan City (Pre-sale Contract No. 201601364). As stated by the Company, real estate ownership certificates of above mentioned properties are currently being processed.

(5) Regarding the property listed in Group VI – 1, 深圳市望月樓酒店管理有限公司 (refer to “Shenzhen Wangyuelou”) and China Merchants Commercial Property Investment (Shenzhen) Co., Ltd. (深圳招商商置投資有限公司, refer to “China Merchants Commercial Property Investment (Shenzhen)”) signed the “House Rental Contract” and “Supplementary Agreement on the Rental Contract” on 11 January 2014, Shenzhen Wangyuelou leased from China Merchants Commercial Property Investment (Shenzhen) the property at Shop 102, 202, Building 3, Sea World Plaza, Sea World aft Plaza, No. 1128 Wanghai road, Nanshan District, Shenzhen (Ref Nos. 44030500606140000003, 44030500060061400000004). Leased gross floor area is 274.17 sq.m., lease term is from 1 January 2014 to 1 January 2023.

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(6) For the property listed in Group VI – 2, Shenzhen CIMC Development Group Ltd. (深圳市中集產城發展集團有限公司, refer to “Shenzhen CIMC Development Group”) and FunDe Sino Life Insurance Co., Ltd. (富德生命人壽保險股份有限公司, refer to “FunDe Sino Life Insurance”) signed the “Property Whole Lease Contract” on 20 March, whereby Shenzhen CIMC Development Group leased from FunDe Sino Life Insurance the property situated at Building No.1, south district, Life Financial City, intersection of songxin New Town Avenue and West Sixth Road, Dongguan City. The leased property has a Gross Floor Area of 477,312.59 sq.m. (except for the area of 3,266.13 sq.m. self-used by FunDe Sino Life Insurance) for a lease term of 20 years commencing from 1 July 2020. Shenzhen CIMC Development Group has issued a “Notice Letter” to FunDe Sino Life Insurance, entrusting the leased property to its subsidiary Dongguan CIMC Yunchuang Industrial Park Investment and Management Co., Ltd (東莞市中集雲創業產業園投資管理有限公司, refer to “Dongguan CIMC Yunchuang”) for operational management, and to assume the “Property Whole Lease Contract” to pay rent, responsible for housing maintenance responsibilities and other obligations, and enjoy the right to rent, sublet the leased property and other rights. FunDe Sino Life Insurance issued a “Letter of Confirmation” on 3 April agreeing to such entrusted arrangement.

(7) For the property listed in Group VI – 3, Shenzhen CIMC Development Group and Shenzhen Chitong Steel Structure Co., Ltd (深圳馳通鋼結構有限公司, refer to “Shenzhen Chitong”) signed the “House Rental Contract” on 18 October 2018, whereby Shenzhen CIMC Development Group leased from Shenzhen Chitong the property situated at Chitong industrial park, Shishan industrial zone, zhoushi road, Shiyan town, Baoan District, Shenzhen: Building A (Area of 9,513.33 sq.m.), Building B (Area of 8,986.20 sq.m.), Building C (Area of 9,806.32 sq.m.), Building D (Area of 7,695.75 sq.m.), Dormitory building A (Area of 5,061.05 sq.m.), Dormitory building B (Area of 2,315.87 sq.m.), Dormitory building C (Area of 5,182.85 sq.m.), Apartment building (Area of 2,479.64 sq.m.), Multiple use building (Area of 4,894.51 sq.m.), Electric transformer and distribution building (Area of 354.19 sq.m.), Pump House (Area of 53.3 sq.m.), Garbage room (Area of 36.67 sq.m.). The lease period is from the date of signing the Contract to 31 December 2028. Shenzhen CIMC Development Group, Shenzhen Chitong and 深圳集創產業園運營管理有限公司 (refer to “Shenzhen Jichuang”) signed a House Rental Contract Rights Transfer Agreement on 18 April 2019, whereby all parties contracted that Shenzhen Jichuang has replaced Shenzhen CIMC Development Group as the legal entity in the House Rental Contract and that all rights and obligations under the Contract has been transferred to Shenzhen Jichuang.

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(8) For the property listed in Group VI – 4, Item 54 of Schedule I, Yangzhou CIMC Hongyu Real Estate Co., Ltd (揚州中集宏宇置業有限公司, refer to “Yangzhou CIMC Hongyu”) and Yangzhou CIMC Wenchang Commercial Center Management Ltd. (揚州中集文昌商業中心管理有限公司, refer to “Yangzhou CIMC Wenchang”) signed the “Commissioned Lease Management Contract” on 27 December 2017, whereby Yangzhou CIMC Hongyu commissioned Yangzhou CIMC Wenchang to execute the exclusive leasing management of the property situated at Yangzhou CIMC Wenchang commercial center at the intersection of Wenchang middle road and University North Road, Yangzhou (Gross Floor Area 22,653.09 sq.m.).

(9) According to the information and explanations provided by the Company, in addition to above described properties, the Company intends to incorporate the below properties into the Company’s Consolidated Statements, as listed in Group V:

a) Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd (前海集雲實業發展（深圳）有限公司, refer to “Qianhai Jiyun”) and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (深圳市前海深港現代服務業合作區管理局, refer to “the Authority of Qianhai”) signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (Shen Qian Hai Di (2019) 0001) on 27 December 2019, whereby it purchased the land use right of Lot T102-0290 with a land area of 18,058.26 sq.m.. The land has obtained the proof of land use right ownership (Guangdong (2019) Shenzhen Real Estate Property Rights No. 0116291).

b) Qianhai Jiyun and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0016號) on 27 December 2019, whereby it purchased the land use right of Lot T102-0342 with a land area of 25,160.58 sq.m.. The land use right certificate is currently being processed.

c) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd (前海精集（深圳）實業發展有限公司, refer to “Qianhai Jingji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0017號)on27 December 2019, whereby it purchased the land use right of Lot T102-0330 with a land area of 4,727.42 sq.m.. The land use right certificate is currently being processed.

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d) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd (前海精集（深圳）實業發展有限公司, refer to “Qianhai Jingji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0018號)on27 December 2019, whereby it purchased the land use right of Lot T102-0331 with a land area of 4,400.00 sq.m.. The land use right certificate is currently being processed.

e) Qianhai Yingji (Shenzhen) Industrial Development Co., Ltd (前海英集（深圳）實業發展有限公司, refer to “Qianhai Yingji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0019號)on27 December 2019, whereby it purchased the land use right of Lot T102-0332 with a land area of 16,835.61 sq.m.. The land use right certificate is currently being processed.

f) Qianhai Chuangji (Shenzhen) Industrial Development Co., Ltd (前海創集（深圳）實業發展有限公司, refer to “Qianhai Chuangji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0020號) on 27 December 2019, whereby it purchased the land use right of Lot T102-0333 with a land area of 5,056.88 sq.m.. The land use right certificate is currently being processed.

g) Qianhai Shengji (Shenzhen) Industrial Development Co., Ltd (前海盛集（深圳）實業發展有限公司, refer to “Qianhai Shengji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (深前海地合字(2019)0021號) on 27 December 2019, whereby it purchased the land use right of Lot T102-0334 with a land area of 4,419.24 sq.m.. The land use right certificate is currently being processed.

h) Qianhai Shiji (Shenzhen) Industrial Development Co., Ltd (前海世集（深圳）實業發展有限公司, refer to “Qianhai Shiji”) and the Authority of Qianhai signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract”(深前海地合字(2019)0022號) on 27 December 2019, whereby it purchased the land use right of Lot T102-0335 with a land area of 4,326.99 sq.m.. The land use right certificate is currently being processed.

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TITLE INVESTIGATION

We have been provided with extracts of documents relating to the titles of the properties in the PRC, but no searches have been made in respect of the properties. We are unable to ascertain the title of the properties in the PRC and we have therefore relied on the advice given by the Company or the Company’s legal advisers regarding the interests of the Company’s properties in the PRC.

SITE INSPECTION

A team of our colleagues, Mr. Liu Yuanchun, Mr. Zhong Yuqiu, Mr. Wang Youlin, Mr. Jiang Huaiming and Ms. Xiong Wei with professional qualification of China Asset Appraiser (qualified for property & land, business valuation in terms of the PRC Assets Appraisal Law, Article 2), has been assigned to inspect the properties. We inspected the exterior and, wherever possible, the interior of the properties between March to June in 2020. However, we have not carried out any investigations on site to determine the suitability of the soil conditions and the services etc. for any future development. Our valuations are prepared on the assumption that these aspects are satisfactory and that no extraordinary costs or delays will be incurred according to the Company’s plan during the construction period. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defects. We are, however, not able to report that the properties are free of rot, infestation or any other structural defects. No tests were carried out to any of the services. Unless otherwise stated, we have not been able to carry out on-site measurements to verify the site and floor areas of the properties and we have assumed that the areas shown in the PRC Legal Opinion and on the documents handed to us are correct.

LIMITED CONDITIONS

We have relied to a considerable extent on information provided by the Company and have accepted advice given to us on such matters, in particular, but not limited to, the tenure, statutory notices, easements, and particulars of occupancy, floor areas and all other relevant matters in the identification of the Properties.

We have had no reason to doubt the truth and accuracy of the information provided to us. We have also been advised by the Company that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view, and we have no reason to suspect that any material information has been withheld.

No allowance has been made in our valuations for any charges, mortgages or amounts owing on any property or for any expenses 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.

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Liability in connection with this valuation report is limited to the client to whom this report is addressed and for the purpose for which it is carried out only. We will accept no liability to any other parties or any other purposes.

CURRENCY

Unless otherwise stated, all sums stated in our valuations are in Renminbi (“RMB”), the official currency of the PRC, with the exchange rate of RMB/HKD of 1.097 as of 30 June 2020.

We enclose herewith a summary of valuations and valuation certificates for your attention.

Yours sincerely For and on behalf of Hong Kong Appraisal Advisory Limited

Simon C.H. Liu MBA, MRICS, MHKIS, RPS(GP), CIREA Registered Professional Surveyor

Mr. Liu is a Member of The Royal Institution of Chartered Surveyors in United Kingdom and a Member of The Hong Kong Institute of Surveyors in Hong Kong SAR with 40 years of post-qualification experience in valuation of properties in Hong Kong SAR, the People’s Republic of China and the Asia Pacific Region. He is also on the Hong Kong Stock Exchange panel list of approved valuers for undertaking valuations for incorporation of reference in listing particulars and circulars and valuations in connection with takeovers and mergers.

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SUMMARY OF VALUATIONS

GroupI–Property interests held under development in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1. CIMC Gemdale Meilan City, 75% held by the Company 7,533,519,000 A Residential/Commercial/Industrial Real Estate Project under development by Shanghai Zhifei Real Estate Co., Ltd. with location of Lane 19, Nian Xi Road, Luo Dian Town, Bao Shan District, Shanghai, the PRC

2. CIMC Central Park, 100% held by the Company 216,507,000 A Residential Real Estate Project under development by Shanghai CIMC Jingying Real Estate Co., Ltd with location of Luo Zhi Road, Bao Shan District, Shanghai, the PRC

3. CIMC Country Garden Huyuetianjing, 40.5% held by the 104,162,000 Company A Commercial Real Estate Project under development by Qingdao CIMC Innovation Industrial Park Development Co., Ltd with location of 69 Xiang Jiang Road, East of Ke Ji Avenue, Jiao Zhou City Industrial New District, the PRC

4. CIMC Zhiyuan, 95% held by the Company 669,697,000 A Commercial/Residential Real Estate Project under development by Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd with location of Junction of Guang Ming Avenue & Long Da Freeway, Guang Ming New Zone, Shenzhen, the PRC

5. Qianhai CIMC International Business Center, 75% held by the 2,797,059,000 Company A Commercial Real Estate Project under development by Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd with location of Nanshan Jie Dao, Nanshan District, Shenzhen, the PRC

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Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

6–8. CIMC ZhiGu, 77.5% held by the Company 869,736,000 A Commercial Real Estate Project under development by Dongguan CIMC Innovation Industrial Park Development Co., Ltd with location of No.1 Nanshan Road, Song Shan Lake High Tech Development Zone, Dongguan City, the PRC

9. CIMC ZhiHuiyuan, 77.5% held by the Company 286,114,000 A Residential/Commercial Real Estate Project under development by Dongguan CIMC Innovation Industrial Park Development Co., Ltd with location of Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, the PRC

10. CIMC Zhiku, 70% held by the Company 21,415,000 A R&D Center Project under development by CIMC modular architectural design and Development Co., Ltd with location of Mei Jiang Village, Hui Cheng Jie Dao, Xin Hui District, Jiangmen City, the PRC

11–12. CIMC intelligent manufacturing center, 49% held by the 234,231,000 Company An Industrial Real Estate Project under development by Foshan Shunde Hongju Technology Industry Development Co., Ltd with location of No.15 Shun Ye West Road, Xin Tan Town, Shunde District, Foshan City, the PRC

13. Tianyu apartment, 22.95% held by the Company 149,972,000 A Commercial Real Estate Project under development by Shenzhen Leyi Real Estate Co., Ltd with location of Junction of Qin Hai Road & Gang Wan Avenue, Zhaoshang Jie Dao, Nanshan District, Shenzhen, the PRC

14. CIMC Bay Plaza, 22.95% held by the Company 585,711,000 A Commercial Real Estate Project under development by Shenzhen Shangqi Real Estate Co., Ltd with location of east of Taizi Wan Avenue, north Gang Wan Avenue, Nanshan District, Shenzhen, the PRC

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Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

15. CIMC international city, 71.5% held by the Company 6,143,000 An Residential/Car Parking Real Estate Project under development by Yangjiang CIMC Real Estate Development Co., Ltd with location West of Xi Ping North Road, Jiang Cheng District, Yangjiang City, Guangdong Province, the PRC

16. CIMC Country Garden Shengshichengbang, 71.5% held by the 758,721,000 Company A Residential/Commercial Real Estate Project under development by Yangjiang CIMC Real Estate Development Co., Ltd with location of West of Xi Ping North Road, Jiang Cheng District, Yangjiang City, the PRC

Sub-total of Group I: 14,232,987,000

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Group II – Property interests held for future development in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1. CIMC Country Garden Shengshichengbang, 71.5% held by the 530,749,000 Company A piece of Land to be developed by Yangjiang CIMC Real Estate Development Co., Ltd with location of West of Xi Ping North Road, Yang Jiang City, the PRC

2. Country Garden Jianningfu, 49% held by the Company 591,976,000 A piece of Land to be developed by Qujing zhongbirui Real Estate Development Co., Ltd with location of Qilin North Road, Qujing City, the PRC

3. CIMC Jiangshanfu Jiangdu, 60% held by the Company 624,518,000 A piece of Land to be developed by Yangzhou Jizhi Real Estate Co., Ltd with location of south of Yi He Road, west of Long Chuan South Road, Xian Nu Town, Jiang Du District, Yangzhou City, the PRC

4. CIMC Financial City, 100% held by the Company 597,376,000 A piece of Land to be developed by Yangzhou Jichuang Industrial Park Development Co., Ltd with location of South of Bin He Road and west of Jian Du Road, Jiang Du District, Yangzhou City, the PRC

Sub-total of Group II: 2,344,619,000

–79– APPENDIX II PROPERTY VALUATION REPORT

Group III – Completed property interests held for sale in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1. CIMC international city, 71.5% held by the Company 107,830,000 Completed Residential/Commercial Real Estate Project developed by Yangjiang CIMC Real Estate Development Co., Ltd with location of west of Xi Ping North Road, Jiang Cheng District, Yangjiang City, Guangdong Province, the PRC

2. CIMC Country Garden Huyuetianjing, 40.5% held by the 311,000 Company Completed Residential Real Estate Project developed by Qingdao CIMC Innovation Industrial Park Development Co., Ltd with location of No. 69 Xiang Jiang Road, Jiao Zhou City, Qingdao City, Shandong Province, the PRC

3–4. CIMC ZhiHuiyuan, 77.5% held by the Company 318,702,000 Completed Residential Real Estate Project developed by Dongguan CIMC Innovation Industrial Park Development Co., Ltd with location of Qing Tian Road, Jin Duo Gang, Song Shan Lake, Dongguan City, the PRC

5–6. CIMC ZhiKu, 70% held by the Company 63,097,000 Completed Residential Real Estate Project developed by CIMC modular architectural design and Development Co., Ltd with location of Mei Jiang Village, Hui Cheng Jie Dao, Xin Hui District, Jiangmen City, the PRC

7–8–9. CIMC ZhiGu, 77.5% held by the Company 1,010,857,000 Completed Office/Commercial Real Estate Project developed by Dongguan CIMC Innovation Industrial Park Development Co., Ltd with location of No.1 Nanshan Road, Song Shan Lake High Tech Development Zone, Dongguan City, the PRC

10. CIMC Talent Apartment, 100% held by the Company 16,243,000 Completed Residential Real Estate Project developed by Shenzhen CIMC Junyu Real Estate Co., Ltd with location of Shi Gu Road, Nanshan District, Shenzhen, the PRC

–80– APPENDIX II PROPERTY VALUATION REPORT

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

11–12. Taiziwan Seaside building, 36.75% held by the Company 1,722,731,000 An Office/Service Apartment Real Estate Project developed by Shenzhen Taiziwan Shangrong Real Estate Co., Ltd and Shenzhen Taiziwan Shangtai Real Estate Co., Ltd with location of Taiziwan Area beside Shekou Port Avenue, Nanshan District, Shenzhen, the PRC

Sub-total of Group III: 3,239,771,000

–81– APPENDIX II PROPERTY VALUATION REPORT

Group IV – Completed property interests held for investment in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1–2–3. CIMC Wenchang commercial center, 100% held by the 486,154,000 Company Completed Hotel/Commercial Project invested by Yangzhou CIMC Hongyu Real Estate Co., Ltd with location of No. 618 Wen Chang Middle Road, Yangzhou City, the PRC

4–5. Grand Skylight Hotel, 100% held by the Company 204,694,000 Completed Hotel/Commercial Project invested by Yangzhou CIMC Hongyu Real Estate Co., Ltd with location of No. 368 Yangzijiang North Road, Han Jiang District, Yangzhou City, Jiangsu Province, the PRC

6. Zijin Club, 77.5% held by the Company 25,396,000 Completed Commercial Real Estate Project invested by Yangzhou CIMC Huayu Hotel Investment Co., Ltd with location of No. 308 Yangzijiang North Road, Han Jiang District, Yangzhou City, Jiangsu Province, the PRC

7. Grand Skylight Hotel (Kindergarten), 100% held by the 12,735,000 Company Completed Hotel/Commercial Project invested by Yangzhou CIMC Huayu Hotel Investment Co., Ltd with location of No. 308 Yangzijiang North Road, Han Jiang District, Yangzhou City, Jiangsu Province, the PRC

8. CIMC ZhiGu, 77.5% held by the Company 749,295,000 Completed Office/Commercial Real Estate Project invested by Dongguan CIMC Innovation Industrial Park Development Co., Ltd with location of No.1 Nanshan Road, Song Shan Lake Hi Tech Development Zone, Dongguan City, the PRC

9–10. CIMC ZhiHuiyuan, 100% held by the Company 432,811,000 Completed Residential Real Estate Project invested by Dongguan CIMC Jingying Apartment Management Co., Ltd with location of Qing Tian Road, Jin Duo Gang, Song Shan Lake, Dongguan City, the PRC

–82– APPENDIX II PROPERTY VALUATION REPORT

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

11. Units 202, 203, 205-6 of Block 4 in Jipin Garden, 100% held 4,157,000 by the Company Completed Commercial Real Estate Project invested by Zhenjiang CIMC Property Service Co., Ltd with location of No. 89 Wei Yang Road, Han Jiang District, Yangzhou City, Jiangsu Province, the PRC

12. Yingcuiyuan, Zhongtian International Garden, 100% held by 2,895,000 the Company Completed Residential/Car Parking Project invested by Zhenjiang CIMC Property Service Co., Ltd with location of No. 72 Yuan Shi Road, Peng Jiang District, Jiangmen City, Guangdong Province, the PRC

Sub-total of Group IV: 1,918,137,000

–83– APPENDIX II PROPERTY VALUATION REPORT

Group V – Property interests contracted to acquire in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1–2. Qianhai CIMC International Business Center, 75% held by the 3,550,767,000 Company A Commercial Real Estate Project under development and acquired by Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd with location of Nanshan Jie Dao, Nanshan District, Shenzhen, the PRC

3. Jinji39934, 75% held by the Company 852,510,000 A piece of Land acquired by Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd with location of the south east of the junction of Lin Hai Avenue & Qian Wan No.2 Road, Nanshan District, Shenzhen, the PRC

4. Jinji39935, 75% held by the Company 654,908,000 A piece of Land acquired by Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd with location of the south east of the junction of No.6 Ke Xin Street & Qian Wan No.2 Road, Nanshan District, Shenzhen, the PRC

5. Yingji2009/5/3-5/4, 75% held by the Company 2,896,586,000 A piece of Land acquired by Qianhai Yingji (Shenzhen) Industrial Development Co., Ltd with location of the south west of the junction of Ting Hai Avenue & Qian Wan No.2 Road, Nanshan District, Shenzhen, the PRC

6. Chuangji39939, 75% held by the Company 723,240,000 A piece of Land acquired by Qianhai Chuangji (Shenzhen) Industrial Development Co., Ltd with location of the south east of the junction of Gong Zheng West 2 Road & Lin Hai Avenue, Nanshan District, Shenzhen, the PRC

7. Shengji39940, 75% held by the Company 962,483,000 A piece of Land acquired by Qianhai Shengji (Shenzhen) Industrial Development Co., Ltd, with location of along Qian Wan Road, 05 Jie Fang, Qian Hai Qian Wan Development Zone 9, Nanshan District, Shenzhen, the PRC

–84– APPENDIX II PROPERTY VALUATION REPORT

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

8. Shiji39941, 75% held by the Company 654,930,000 A piece of Land acquired by Qianhai Shiji (Shenzhen) Industrial Development Co., Ltd with location of along Qian Wan Road, 05 Jie Fang, Qian Hai Qian Wan Development Zone 9, Nanshan District, Shenzhen, Guangdong Province, the PRC

Sub-total of Group V: 10,295,424,000

–85– APPENDIX II PROPERTY VALUATION REPORT

Group VI – Leased properties in the PRC

Market value in existing state attributable to the Company as Property at 30 June 2020 (RMB)

1. Shenzhen Wangyuelou Restaurant, leased from China No commercial Merchants Commercial Property Investment (Shenzhen) Co. value Ltd. with location of Shop units 102, 202, Block 3, Sea World, Chuang Wei Plaza, No. 1128 Wanghai road, Nanshan District, Shenzhen, the PRC

2. Building No.1, south district, Life Financial City Occupied by No commercial Dongguan CIMC Yunchuang Industrial Park Investment and value Management Co., Ltd and leased from FunDe Sino Life Insurance Co., Ltd. with location of intersection of songxin New Town Avenue and West Sixth Road, Dongguan City, the PRC

3. CIMC Chuanggu Industrial Park, leased from Shenzhen No commercial Chitong Steel Structure Co., Ltd with location of Chitong value industrial park, Shishan industrial zone, zhoushi road, Shiyan town, Baoan District, Shenzhen, the PRC

4. Yangzhou CIMC Wenchang Commercial Center, leased from No commercial Yangzhou CIMC Hongyu Real Estate Co., Ltd with location of value the intersection of Wenchang middle road and University North Road, Yangzhou City, the PRC

Sub-total of Group VI: No commercial value

Grand Total: 32,030,938,000

–86– APPENDIX II PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

GroupI–Property interests held under development in the PRC

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-1 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Gemdale The property was developed by Property under RMB10,044,692,000 75% Meilan City Shanghai Zhifei Real Estate Co., Ltd. development in CIMC Gemdale Meilan City, a RMB7,533,519,000 Lane 19, Nian Xi total of four phases, all of which Road, Luo Dian Town, were residential and were not yet Bao Shan District, completed as at date of valuation. Shanghai The property is located in Lane 19, Nianxi road, Luodian Town, Baoshan District, Shanghai, East to Demoiselle Bay Road, south to Meiai Road, west to Luodian Road, and north to Nianxi Road. The property is located in a comprehensive commercial and residential development area.

The location is well served by public transports which are readily available within 10 minutes’ walking distance.

As per Real Estate Ownership Certificate, the site area is 145,762.90 sq.m.

Land use term for Commercial is 40 years from 10.1.2019 to 9.1.2059; and for Residential is 70 years from 10.1.2019 to 9.1.2089.

Notes:

(1) The estimated completion date of the property is 31 July 2020 for phase 1, 30 January 2021 for phase 2, 9 June 2022 for phase 3, 23 October 2022 for phase 4. The estimated total construction cost was approximately RMB8,112,359,000. The expended construction cost as at 30 June 2020 was approximately RMB4,506,304,000.The estimated market value after completion was approximately RMB10,602,122,000.

(2) Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026176 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 16,928.8 sq.m. of Granted nature for Commercial Residential use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Residential is 70 years from 10 January 2019 to 9 January 2089.

–87– APPENDIX II PROPERTY VALUATION REPORT

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026169 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 11,581.9 sq.m. of Granted nature for Commercial Residential use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Residential is 70 years from 10 January 2019 to 9 January 2089.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026736 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 21,412.5 sq.m. of Granted nature for Commercial Residential use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Residential is 70 years from 10 January 2019 to 9 January 2089.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026737 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 21,418 sq.m. of Granted nature for Commercial Residential use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Residential is 70 years from 10 January 2019 to 9 January 2089.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026185 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 17,083 sq.m. of Granted nature for Commercial Office use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Office is 50 years from 10 January 2019 to 9 January 2069.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026734 dated 18 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 19,544.6 sq.m. of Granted nature for Commercial Office use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Office is 50 years from 10 January 2019 to 9 January 2069.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026179 dated 17 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 18,942.5 sq.m. of Granted nature for Commercial Office use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Office is 50 years from 10 January 2019 to 9 January 2069.

Pursuant to State-owned Land Use Right Certificate Hu (2019) Bao Zi Real Estate 026735 dated 18 June 2019, ownership of the land is held under the name of Shanghai Zhifei Real Estate Co., Ltd. The site has an area of 18,851.6 sq.m. of Granted nature for Commercial Office use. Land use term for Commercial is 40 years from 10 January 2019 to 9 January 2059 and for Office is 50 years from 10 January 2019 to 9 January 2069.

–88– APPENDIX II PROPERTY VALUATION REPORT

(3) Pursuant to State-owned Land Use Right Grant Contract dated 1 February 2019, a total of 8 pieces of land with a total site are of 145,762.9 sq.m. has been contracted to be granted to Shanghai Zhifei Real Estate Co., Ltd for Commercial Residential and Commercial Office use for various land use terms summarized as below. The land grant premium is in the amount of RMB4,101,550,000.

Lot Ref. No. Site Area Use Lease Term (sq.m.)

0208-02 21,412.5 Commercial Residential Commercial – 40 years Residential – 70 years 0209-01 16,928.8 Commercial Residential Commercial – 40 years Residential – 70 years 0210-01 11,581.9 Commercial Residential Commercial – 40 years Residential – 70 years 0213-01 21,418.0 Commercial Residential Commercial – 40 years Residential – 70 years 0214-01 17,083.0 Commercial Office Commercial – 40 years Office – 50 years 0215-01 18,942.5 Commercial Office Commercial – 40 years Office – 50 years 0219-02 19,544.6 Commercial Office Commercial – 40 years Office – 50 years 0220-02 18,851.6 Commercial Office Commercial – 40 years Office – 50 years

Total: 145,762.9

(4) Pursuant to Planning Permit for Construction Land Use Hu Bao Di (2019) EA31011320195679 dated 19 April 2019, the development project with a site area of 145,762.9 sq.m. granted to Shanghai Zhifei Real Estate Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Hu Bao Jian (2019) FA31011320197629 dated 19 September 2019, the construction works of the comprehensive development project for Land Lots Ref 0209-01 & 0210-01 with a total gross floor area of 71,344.37 sq.m. (below ground gross floor area is zero) and Plot Ratio counted gross floor area of 69,476.35 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Hu Bao Jian (2019) FA31011320197477 dated 19 August 2019, the construction works of the comprehensive development project for Land Lots Ref 0209-01 & 0210-01 below ground construction with a total gross floor area of 21,435.02 sq.m. (below ground gross floor area is 21,435.02 sq.m.) and Plot Ratio counted gross floor area is zero are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Hu Bao Jian (2019) FA310113201908040 dated 19 August 2019, the construction works of the comprehensive development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 1902BS0156D02 dated 20 September 2019, the construction works of the proposed development project for Land Lots Ref 0209-01 & 0210-01 with a total gross floor area of 71,344.37 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 1902BS0156D01 dated 21 August 2019, the construction works of the proposed development project for Land Lots Ref 0209-01 & 0210-01 for below ground construction with a total gross floor area of 21,435.02 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 1902BS0156D03 dated 20 September 2019, the construction works of the proposed development project are in compliance with the requirements for works commencement and have been approved.

–89– APPENDIX II PROPERTY VALUATION REPORT

(7) Pursuant to Guangdong Foshan Shunde Commodity Housing Pre-sale Permit Bao Shan Fang Guan (2020) Yu Zi 0000029 dated 1 April 2020 issued to Shanghai Zhifei Real Estate Co., Ltd, permission was granted to pre-sell units of 1 to 18 floors of CIMC Gemdale Meilan City Jin Di Ming Ting which situated in Lane 19, Nian Xi Road, Bao Shan District, Shanghai, with a total gross floor area of 34,158.37 sq.m..

Pursuant to Guangdong Foshan Shunde Commodity Housing Pre-sale Permit Bao Shan Fang Guan(2020)Yu Zi 0000028 dated 1 April 2020 issued to Shanghai Zhifei Real Estate Co., Ltd, permission was granted to pre-sell units of 1 to 18 floors of CIMC Gemdale Meilan City Jin Di Ming Ting which situated in Lane 19, Nian Xi Road, Bao Shan District, Shanghai, with a total gross floor area of 16,286.40 sq.m..

(8) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

As stated by the Client, properties listed in GroupI–1to16,Group II–1to3areunder construction. According to the Client’s statement and the proper verification by the legal advisers, the Client has obtained the land title certificates and related construction application procedures, and there are no significant approval procedures that have not been obtained.

(9) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

State-owned Land Use Right Certificate Yes State-owned Land Use Right Grant Contract Yes Planning Permit for Construction Land Use Yes Planning Permit for Construction Works Yes Permit for Commencement of Construction Works Yes Commodity Housing Pre-sale Permit Yes

–90– APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Central Park The property is situated at Luo Zhi Property under RMB216,507,000 100% Road, Bao Shan District, CIMC development Luo Zhi Road, Central Park, and mainly for use as RMB216,507,000 BaoShan District, residential purposes within a well Shanghai established mixed commercial and residential development. As at date of valuation, the property is still in the process of development.

The location is well served by public transports which are readily available within 10 minutes’ walking distance.

As per Real Estate Ownership Certificate, the site area is 25,007.7 sq.m.

The land use right is granted for residential purposes with a term of 70 years.

Notes:

(1) The estimated completion date of the property is 28 February 2021. The estimated total construction cost was approximately RMB949,023,000. The expended construction cost as at 30 June 2020 was approximately RMB604,583,000.The estimated market value after completion was approximately RMB1,303,665,000.

(2) Pursuant to State-owned Land Use Right Certificate Hu (2018) Bao Zi Real Estate 035855 dated 20 July 2018, ownership of the land is held under the name of Shanghai CIMC Jingying Real Estate Co., Ltd. The site has an area of 25,007.7 sq.m. of Granted nature for Rental Housing use. Land use term is for 70 years from 16 March 2018 to 15 March 2088.

(3) Pursuant to State-owned Land Use Right Grant Contract No.112018004912 dated 13 March 2018, the land with a site are of 25,007.7 sq.m. has been contracted to be granted to Shanghai CIMC Jingying Real Estate Co., Ltd for Rental Housing use for a land use term of 70 years. The land grant premium is in the amount of RMB285,150,000.

(4) Pursuant to Planning Permit for Construction Land Use No. Hu Bao Di (2018) EA31011320185959 dated 2 August 2018, the development project with a site area of 25,007.7 sq.m. granted to Shanghai CIMC Jingying Real Estate Co., Ltd. is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Hu Bao Jian (2018) FA31011320187902 dated 3 December 2018, the construction works of the comprehensive development project for Land Lot Ref 0218-02 with a total gross floor area of 99,212.51 sq.m. (above ground 67,167.33 sq.m. and below ground gross floor area is 32,045.18 sq.m.) and Plot Ratio counted gross floor area of 62,519.25 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 1801BS0017D02 dated 6 December 2018, the construction works of the proposed development project for Land Lot Ref 0218-02 with a total gross floor area of 99,212.51 sq.m. are in compliance with the requirements for works commencement and have been approved.

–91– APPENDIX II PROPERTY VALUATION REPORT

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Pursuant to Mortgage Agreement No.31010520190000000, the real estate right is subject to a mortgage to Agricultural Bank of China Limited Shanghai Baoshan sub branch with a guarantee amount of RMB1,150,000,000 from January 17, 2019 to January 15, 2049.

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

–92– APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Country Garden The property is situated at Country Property is under RMB257,190,000 40.5% “Huyuetianjing” Garden “Huyuetianjing” in Jiao Zhou development City comprising apartments, RMB104,162,000 69 Xiang Jiang Road, commercial units, and offices. Phase East of Ke Ji Avenue, 1 for residential uses was completed Jiao Zhou City, on 15.5.2020 while Phase 2 for Qingdao, Shandong commercial units and offices are still Province in the process of development.

The property is situated at 69 Xiang Jiang Road, Jiao Zhou City in Qingdao which is a well established commercial and residential area.

It is well served by public transports which are readily available within 5 minutes’ walk.

As per Real Estate Ownership Certificate, the site area is 73,021.6 sq.m.

The land use right is granted for town residential development for 70 years from 4.6.2014 to 3.6.2084; and commercial purposes from 4.6.2014 to 3.6.2054.

Notes:

(1) The estimated completion date of the property is 15 June 2021. The estimated total construction cost was approximately RMB283,211,000. The expended construction cost as at 30 June 2020 was approximately RMB146,624,000.The estimated market value after completion was approximately RMB312,965,000.

(2) Pursuant to State-owned Land Use Right Certificate Qing Fang Di Quan Zi Di 2014103719 dated 2 September 2014, ownership of the land is held under the name of Qingdao CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 18,649.9 sq.m. of Granted nature for Commercial Service, Residential use. Land use term for Commercial land use expires on 3 June 2054 and for Township Residential land use expires on 3 June 2084.

(3) Pursuant to State-owned Land Use Right Grant Contract No. Jiao Zhou-01-2014-0077 dated 4 June 2014, the land with a site are of 18,650 sq.m. has been contracted to be granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd for Commercial Service and Township Residential land use. Land use term is 40 years for Commercial Service use and 70 years for Township Residential use. The land grant premium is in the amount of RMB32,730,750.

Pursuant to State-owned Land Use Right Grant Contract No. Jiao Zhou-01-2014-0076 dated 4 June 2014, the land with a site are of 54,372 sq.m. has been contracted to be granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd for Commercial Service and Township Residential land use. Land use term is 40 years for Commercial Service use and 70 years for Township Residential use. The land grant premium is in the amount of RMB62,391,870.

–93– APPENDIX II PROPERTY VALUATION REPORT

(4) Pursuant to Planning Permit for Construction Land Use Di Zi Di 37JG2014-1-043 dated 22 September 2014, the development project with a site area of 18,650 sq.m. for Commercial and Living land use granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

Pursuant to Planning Permit for Construction Land Use Di Zi Di 37JCK2018-1-003 dated 9 April 2018, the development project with a site area of 54,372 sq.m. for Living land use granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Di Zi Di 37JCK2018-1-003 dated 25 April 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 370281201805090101 dated 9 May 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 370281201808100301 dated 10 August 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project are in compliance with the requirements for works commencement and have been approved.

(7) Pursuant to Qing Dao Shi Commodity Housing Pre-sale Permit Qing Fang Zhu Zi (Jiao Zhou) Di 2020055 dated 5 June 2020 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd,, permission was granted to pre-sell “中集冷鏈研究院項目小區” in 69 Xiang Jiang Road, Jiao Zhou City, Qingdao, Shandong Province, with a total gross floor area of 25,245.02 sq.m..

Pursuant to Qing Dao Shi Commodity Housing Pre-sale Permit Qing Fang Zhu Zi (Jiao Zhou) Di 2018048 dated 23 July 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd,, permission was granted to pre-sell “中集冷鏈研究院項目小區” in 69 Xiang Jiang Road, Jiao Zhou City, Qingdao, Shandong Province, with a total gross floor area of 68,414.70 sq.m..

Pursuant to Qing Dao Shi Commodity Housing Pre-sale Permit Qing Fang Zhu Zi (Jiao Zhou) Di 2018080 dated 26 October 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd,, permission was granted to pre-sell “中集冷鏈研究院項目小區” in 69 Xiang Jiang Road, Jiao Zhou City, Qingdao, Shandong Province, with a total gross floor area of 56,584.84 sq.m..

(8) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(9) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

–94– APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value attributable to in existing state the Company Particulars of as at as at I-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Zhiyuan The property comprises some Property is under RMB704,944,000 95% constructions works in progress in development Junction of Guang the proposed development. RMB669,697,000 Ming Avenue & Long Da Freeway, Guang It has a site area of 27,753.33 square Ming New Zone, metres. Shenzhen It is planned for development into apartments, restaurants, retail shops, offices and ground floor carparks.

The total gross floor area is as below:

Use Area (Sq.m.)

Apartment 21,000 Restaurants 2,000 Retail shops 6,000 Offices 100,766 Carparks 40,721

Total: 170,487

The project is scheduled for completion on 30.6.2021.

The land use right is for a term of 30 years expiring on 15.7.2048.

Notes:

(1) The estimated completion date of the property is 17 September 2020. The estimated total construction cost was approximately RMB262,196,000. The expended construction cost as at 30 June 2020 was approximately RMB463,859,000. The estimated market value after completion was approximately RMB1,516,778,000.

(2) Pursuant to State-owned Land Use Right Certificate Yue (2018) Shenzhen Real Estate 0192436 dated 30 October 2018, title ownership of the property is held under the name of Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd. The site has an area of 27,757.33 sq.m. of Granted nature for Emerging Industry land use. Land use term is for 30 years from 16 July 2018 to 15 July 2048.

(3) Pursuant to Shenzhen City Land Use Right Grant Contract Shen Di He Zi (2018) 7010 dated 16 July 2018, the land with a site are of 27,753.33 sq.m. has been contracted to be granted to Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd for Emerging Industry land use. Main building structure will be for the purpose of Research & Development use. The site has an area of 27,757.33 sq.m. of Granted nature for Emerging Industry land use. Land use term is for 30 years. The land grant premium is in the amount of RMB274,000,000.

–95– APPENDIX II PROPERTY VALUATION REPORT

(4) Pursuant to Planning Permit for Construction Land Use GM-2018-0016 dated 9 August 2018, the development project with a site area of 27,753.33 sq.m. for Emerging Industry land use granted to Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Shen Gui Tu Jian Xu Zi GM-2019-0003 dated 24 January 2019 issued to Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works JZ2017013601 dated 20 February 2019 issued to Shenzhen CIMC low orbit satellite Internet Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 185,786.24 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Pursuant to Mortgage Agreement No. 81010420190000037, the land use right is subject to a mortgage to Shenzhen East Sub-Branch of Agricultural Bank of China Co., Ltd., with a guarantee amount of RMB360,000,000 for 15 years.

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

–96– APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value attributable to in existing state the Company Particulars of as at as at I-5 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Qianhai CIMC The property includes a parcel of land Project is under RMB3,729,412,000 75% International together with some constructions in construction Business Center progress. RMB2,797,059,000

Nanshan Jie Dao, The site area is 19,611.15 sq.m. Nanshan District, Shenzhen The property is planned for development into GF commercial units, commercial units, offices, GF carparks with area particulars as below:

Use Area (sq.m.)

Office 104,770.00 Property management 255.00 room Commercial 9,292.00 The first and last stops of the bus 3,000.00

Total: 117,317.00

GF Carparks 706 (Nos.)

The project is scheduled for completion on 30.4.2023.

The land use right is granted for 40 years expiring on 31.12.2054.

Notes:

(1) The estimated completion date of the property is 30 June 2023. The estimated total construction cost was approximately RMB4,420,889,000. The expended construction cost as at 30 June 2020 was approximately RMB2,875,401,000. The estimated market value after completion was approximately RMB8,320,239,000.

(2) Pursuant to State-owned Land Use Right Certificate Yue (2019) Shenzhen Real Estate 0116299 dated 27 June 2019, ownership of the land is held under the name of Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd. The site has an area of 19,611.15 sq.m. of Granted nature for Commercial use. Land use term for Commercial is 40 years from 1 January 2015 to 31 December 2054.

(3) Pursuant to State-owned Land Use Right Grant Contract Shen Qian Hai Di He Zi (2018) 0010 dated 27 February 2019, the land with a site are of 18,175.3 sq.m. has been contracted to be granted to Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd for Commercial land use. Main building structure will be for the purpose of Office & Commercial use. The land grant premium is in the amount of RMB2,640,606,800.

–97– APPENDIX II PROPERTY VALUATION REPORT

(4) Pursuant to Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2018-0011 dated 27 August 2018, the development project with a site area of 19611.15 sq.m. granted to Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Shen Qian Hai Jian Xu Zi QH-2020-0002 dated 2 March 2020 issued to Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works Shen Qian Hai Shi Xu Zi QH-2020-0008 dated 26 February 2020 issued to Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd, the construction works of the proposed development project with a total gross floor area of 26,992.16 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works Shen Qian Hai Shi Xu Zi QH-2020-0020 dated 9 April 2020 issued to Qianhai Jicheng Industrial Development (Shenzhen) Co., Ltd, the construction works of the proposed development project with a total gross floor area of 149,351.44 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Pursuant to Mortgage Agreement No. YT410174201907010001, the land use right is subject to a mortgage to Shenzhen East Sub-Branch of Agricultural Bank of China Co., Ltd. with a guarantee amount of RMB1,197,000,000 for 5 years.

Pursuant to Mortgage Agreement No. YT410174201907010001, the land use right is subject to a mortgage to Qianhai Shekou Sub-Branch of Bank of China Limited with a guarantee amount of RMB400,000,000 for 5 years.

Pursuant to Mortgage Agreement No. Shenzhen Bank Fixed Loan (2019) 000033, the land use right is subject to a mortgage to Shenzhen Sub-Branch of China Guangfa Bank Co., Ltd. with a guarantee amount of RMB1,500,000,000 for 3 years.

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

–98– APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value attributable to in existing state the Company Particulars of as at as at I-6 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu The property is situated within the Property is under RMB1,122,240,000 77.5% scenic area of Song Shan Lake, development and No.1 Nanshan Road, within the national high technology nearing (Combined value RMB869,736,000 Song Shan Lake High development area. completion for Group Tech Development I-6,7&8) (Combined value Zone, Dongguan City, Approximately 30 minutes’ drive for Group Guangdong Province away from Shenzhen Baoan Airport, I-6,7&8) 60 minutes’ drive away from Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, and well accessible from various districts.

Zhi Gu Phase 6 is mainly planned for development into production and office properties for scientific research use with a total gross floor area of 33,469.27 sq.m, for a lease term expiring on 22.2.2065.

The project is scheduled for completion by 12.2020.

Notes:

(1) The estimated completion date of the property is 30 June 2020. The estimated total construction cost was approximately RMB157,277,000. The expended construction cost as at 30 June 2020 was approximately RMB60,355,000. The estimated market value after completion was approximately RMB455,369,000.

(2) Pursuant to State-owned Land Use Right Certificate Dong Fu Guo Yong (2015) 86 dated 8 September 2015, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 38,019.13 sq.m. of Granted nature for Research & Development land use. Land use term expires on 22 February 2065.

(3) Pursuant to State-owned Land Use Right Grant Contract He (2015) 007 dated 25 May 2015, the land with a site are of 38,019.13 sq.m. has been contracted to be granted to China International Marine Containers (Group) Co., Ltd. (“中國國際海運集裝箱（集團）股份有限公司”) for Science & Education land use. Main building structure will be for the purpose of Research & Development use with a total gross floor area of 24,332.24 sq.m.. The land grant premium is in the amount of RMB19,010,000.

(4) Pursuant to Planning Permit for Construction Land Use Di Zi Di 2017-85-1005 dated 13 July 2017, the development project of CIMC Zhi Gu Phase 6 with a site area of 17,614.76 sq.m. for C65 Research & Development Design land use granted to Dongguan CIMC Innovation Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1001 dated 11 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 6, Office Building 28 with a total gross floor area of 26,024.31 sq.m. are in compliance with the construction works requirements and have been approved.

–99– APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1002 dated 11 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 6, Office Building 29 with a total gross floor area of 28,126.25 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1003 dated 11 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 6, Office Building 30 with a total gross floor area of 24,906.7 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 441900201802021201 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 6, Office Building 28 with a total gross floor area of 20,624.31 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021301 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 6, Office Building 29 with a total gross floor area of 28,126.65 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021401 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 6, Office Building 30 with a total gross floor area of 24,906.7 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Pursuant to Mortgage Agreement No. Dong Yin (3900) 2018 Gu Dai Zi No. 016983, the property under construction is subject to a mortgage to songshanhu technology sub branch of Bank of Dongguan Co., Ltd with a guarantee amount of RMB431,449,300 from September 6, 2019 to August 30, 2021.

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 100 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value attributable to in existing state the Company Particulars of as at as at I-7 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu Phase 7 of CIMC Zhi Gu is situated Property is under RMB1,122,240,000 77.5% within the scenic area of Song Shan development and CIMC Zhi Gu Phase 7, Lake, within the national high nearing (Combined value RMB869,736,000 No.1 Nanshan Road, technology development area, completion for Group Song Shan Lake High approximately 30 minutes” drive I-6,7&8) (Combined value Tech Development away from Shenzhen Baoan Airport, for Group Zone, Dongguan City, 60 minutes’ drive away from I-6,7&8) Guangdong Province Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, and well accessible from various districts.

Zhi Gu Phase 7 is mainly planned for development into production and office properties for the use of scientific research with a total gross floor area of 24,232.04 sq.m., for a lease term expiring on 22.2.2065.

The project is scheduled for completion by 12.2020.

Notes:

(1) The estimated completion date of the property is 30 June 2020. The estimated total construction cost was approximately RMB78,517,000. The expended construction cost as at 30 June 2020 was approximately RMB35,575,000. The estimated market value after completion was approximately RMB242,621,000.

(4) Pursuant to Planning Permit for Construction Land Use Di Zi Di 2017-85-1006 dated 17 July 2017, the development project of CIMC Zhi Gu Phase 7 with a site area of 38,019.13 sq.m. for C65 Research & Development Design land use granted to Dongguan CIMC Innovation Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1014 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 7 Office Building 30, 31 with a total gross floor area of 7,106.61 sq.m. are in compliance with the construction works requirements and have been approved.

– 101 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1015 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 7 Office Building 32 with a total gross floor area of 2,457.1 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1016 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 7 Office Building 33 with a total gross floor area of 3,807.26 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1017 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 7 Office Building 34, 35, 36 with a total gross floor area of 11,421.79 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1018 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 7 Basement 37 with a total gross floor area of 20,615.2 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 441900201802021501 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 7 Office Building 30, 31 with a total gross floor area of 7,106.62 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021601 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 7 Office Building 32 with a total gross floor area of 2,457.1 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021701 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 7 Office Building 33 with a total gross floor area of 3,807.26 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021801 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 7 Office Building 34, 35, 36 with a total gross floor area of 11,421.78 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201802021901 (Songshan Lake) dated 2 February 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 7 Basement 37 with a total gross floor area of 20,615.2 sq.m. are in compliance with the requirements for works commencement and have been approved.

– 102 – APPENDIX II PROPERTY VALUATION REPORT

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 103 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-8 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu Phase 8 of CIMC Zhi Gu is situated Property is under RMB1,122,240,000 77.5% within the scenic area of Song Shan development and CIMC Zhi Gu Phase 8, Lake, within the national high nearing (Combined value RMB869,736,000 No.1 Nanshan Road, technology development area, completion for Group Song Shan Lake High approximately 30 minutes” drive I-6,7&8) (Combined value Tech Development away from Shenzhen Baoan Airport, for Group Zone, Dongguan City, 60 minutes’ drive away from I-6,7&8) Guangdong Province Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, and well accessible from various districts.

Phase 8 is mainly planned for development into production and office properties for the use of scientific research with a total gross floor area of 52,627.73 sq. m for a term expiring on 22.2.2065.

The project is scheduled for completion by 06.2021.

Notes:

(1) The estimated completion date of the property is 30 June 2020. The estimated total construction cost was approximately RMB249,333,000. The expended construction cost as at 30 June 2020 was approximately RMB182,833,000. The estimated market value after completion was approximately RMB811,519,000.

(2) Pursuant to State-owned Land Use Right Certificate Dong Fu Guo Yong (2015) 81 dated 7 September 2015, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 65,668.64 sq.m. of Granted nature for Research & Development land use. Land use term expires on 22 February 2065.

(3) Pursuant to State-owned Land Use Right Grant Contract He (2015) 006 dated 30 January 2015, the land with a site are of 65,668.64 sq.m. has been contracted to be granted to China International Marine Containers (Group) Co., Ltd. (“中國國際海運集裝箱（集團）股份有限公司”) for Science & Education land use. Main building structure will be for the purpose of Research & Development use with a total gross floor area of 52,534.91 sq.m.. The land grant premium is in the amount of RMB32, 840,000.

Pursuant to a Supplemental Agreement to the above State-owned Land Use Right Grant Contract dated 24 May 2015, 中國國際海運集裝箱（集團）股份有限公司 shall assign the entire interest to Dongguan CIMC Innovation Industrial Park Development Co., Ltd.

(4) Pursuant to Planning Permit for Construction Land Use Di Zi Di 2017-85-1007 dated 7 August 2017, the development project of CIMC Zhi Gu Phase 8 with a site area of 65,668.64 sq.m. for C65 Research & Development Design land use granted to Dongguan CIMC Innovation Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1004 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 37 with a total gross floor area of 11,771.47 sq.m. are in compliance with the construction works requirements and have been approved.

– 104 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1005 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 38, 40 with a total gross floor area of 7,144.2 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1006 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 39, 41, 43, 48 with a total gross floor area of 15,229.05 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1007 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 42 with a total gross floor area of 5,444.96 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1008 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 44, 46 with a total gross floor area of 6,234.56 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1009 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Office building 45, 47 with a total gross floor area of 7,614.53 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-85-1010 dated 3 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Zhi Gu Phase 8 Basement 49 with a total gross floor area of 45,343.22 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 441900201801310701 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 37 with a total gross floor area of 11,771.47 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201801310601 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 38, 40 with a total gross floor area of 7,114.2 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201801310501 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 39, 41, 43, 48 with a total gross floor area of 15,229.04 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201801310801 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 42 with a total gross floor area of 5,444.96 sq.m. are in compliance with the requirements for works commencement and have been approved.

– 105 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Permit for Commencement of Construction Works 441900201801310401 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 44, 46 with a total gross floor area of 6,234.56 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201801310901 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Office building 45, 47 with a total gross floor area of 7,614.52 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201801311001 (Songshan Lake) dated 31 January 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project CIMC Zhi Gu Phase 8 Basement 49 with a total gross floor area of 45,343.22 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 106 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-9 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiHuiyuan Property is situated at Qing Tian Property is under RMB369,180,000 77.5% Road, Song Shan Lake Jin Duo Gang, development and Qing Tian Road, Song Dongguan City nearing RMB286,114,000 Shan Lake Jin Duo completion Gang, Dongguan City ZhiHuiYuan Phase 3 which situated close to CIMC Zhi Gu Industrial Park and within the scenic area of Song Shan Lake, located within the national high technology development area, approximately 30 minutes” drive away from Shenzhen Baoan Airport, 60 minutes’ drive away from Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, well accessible from various districts.

It is mainly planned for development into talent apartment and commercial services with the land use right for commercial purpose expiring on 14.9.2054 and for residential purpose expiring on 14.9.2084.

The project is scheduled for completion by 12.2020 and the total GFA is 51,392.33 sq.m.

Notes:

(1) The estimated completion date of the property is 30 September 2020. The estimated total construction cost was approximately RMB320,065,000. The expended construction cost as at 30 June 2020 was approximately RMB149,579,000. The estimated market value after completion was approximately RMB528,253,000.

(2) Pursuant to State-owned Land Use Right Certificate Dong Fu Guo Yong (2014) 208 dated 22 October 2014, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 66,649.05 sq.m. of Granted nature for Ordinary Commodity Housing, Commercial Service land use. Land use term for Ordinary Commodity Housing and Commercial Service expires on 14 September 2084 and 14 September 2054 respectively.

(3) Pursuant to State-owned Land Use Right Grant Contract He (2014) 076 dated 20 August 2014, the land with a site are of 66,649.05 sq.m. has been contracted to be granted to Dongguan CIMC Innovation Industrial Park Development Co., Ltd. for Ordinary Commodity Housing, Commercial Service land use. Main building structure will be for the purpose of residential use. The land grant premium is in the amount of RMB262,470,000.

(4) Pursuant to Planning Permit for Construction Land Use Di Zi Di 2015-85-1001 dated 30 March 2015 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the development project of CIMC ZhiHuiyuan with a site area of 66,649.05 sq.m. for R2 Residential land use (二類居住用地) is in compliance with the urban planning requirements and have been approved.

– 107 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1081 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1074 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1075 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1076 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1077 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1078 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1079 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi-2018-85-1080 dated 25 July 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 441900201809270801 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 13,968.55 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270101 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 15,161.14 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270201 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 10,801.77 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270301 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 6,375.95 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270401 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 6,188.72 sq.m. are in compliance with the requirements for works commencement and have been approved.

– 108 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Permit for Commencement of Construction Works 441900201809270501 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 10801.78 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270601 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 2,063.97 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441900201809270701 (Songshan Lake) dated 27 September 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the proposed development project with a total gross floor area of 75.00 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) Pursuant to Guangdong Dongguan Commodity Housing Pre-sale Permit Dongguan Shang Fang Yu Zheng Zi Di 201900595 dated 4 December 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, permission was granted to pre-sell No.8 building of CIMC ZhiHuiYuan Phase 3 which situated in Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, with a total gross floor area of 14,275.50 sq.m..

Pursuant to Guangdong Dongguan Commodity Housing Pre-sale Permit Dongguan Shang Fang Yu Zheng Zi Di 201900596 dated 4 December 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, permission was granted to pre-sell No.9 building of CIMC ZhiHuiYuan Phase 3 which situated in Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, with a total gross floor area of 10,382.24 sq.m..

Pursuant to Guangdong Dongguan Commodity Housing Pre-sale Permit Dongguan Shang Fang Yu Zheng Zi Di 201900597 dated 4 December 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, permission was granted to pre-sell No.10 building of CIMC ZhiHuiYuan Phase 3 which situated in Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, with a total gross floor area of 6,093.73 sq.m..

Pursuant to Guangdong Dongguan Commodity Housing Pre-sale Permit Dongguan Shang Fang Yu Zheng Zi Di 201900598 dated 4 December 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, permission was granted to pre-sell No.11 building of CIMC ZhiHuiYuan Phase 3 which situated in Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, with a total gross floor area of 5,960.37 sq.m..

Pursuant to Guangdong Dongguan Commodity Housing Pre-sale Permit Dongguan Shang Fang Yu Zheng Zi Di 201900599 dated 4 December 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, permission was granted to pre-sell No.12 building of ZhiHuiYuan Phase 3 which situated in Qing Tian Road, Song Shan Lake Jin Duo Gang, Dongguan City, with a total gross floor area of 10,382.24 sq.m..

(8) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

As stated by the Company, properties listed in GroupI–1to16,Group II–1to3areunder construction. According to the Client’s statement and the proper verification by the legal advisers, the Company has obtained the land title certificates and related construction application procedures, and there are no significant approval procedures that have not been obtained.

– 109 – APPENDIX II PROPERTY VALUATION REPORT

(9) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 110 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-10 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Zhiku Phase 1 of CIMC Zhiku was Property under RMB30,592,000 70% completed in 2016, Phase 2 of CIMC development Mei Jiang Village, Hui Zhiku was completed in 2019, and RMB21,415,000 Cheng Jie Dao, Xin Phase 3 of CIMC Zhiku is still in the Hui District, Jiangmen process of development. City, Guangdong Province The development is situated in Mei Jiang Village, Hui Cheng Jie Dao, Xin Hui District, and Jiangmen City. The property is within the well established location in a mixed commercial and residential area.

The location is well served by public transports which are readily available within 5 minutes’ walking distance.

As per the Land Use Right Certificate, the land right is granted for a site area of 33,353 sq.m. for scientific research purposes for a term of 50 years expiring on 13.9.2063.

Notes:

(1) The estimated completion date of the property is 1 May 2021. The estimated total construction cost was approximately RMB157,754,000. The expended construction cost as at 30 June 2020 was approximately RMB15,077,000. The estimated market value after completion was approximately RMB213,035,000.

(2) Pursuant to State-owned Land Use Right Certificate Xin Guo Yong (2013) 04002 dated 18 October 2013, title ownership of the property is held under the name of CIMC modular architectural design and Development Co., Ltd. The site has an area of 33,353.0 sq.m. of Granted nature for Science Education land use. Land use term expires on 13 September 2063.

(3) Pursuant to State-owned Land Use Right Grant Contract 440705-2013-000081 dated 14 August 2013, the land with a site are of 33,353.0 sq.m. has been contracted to be granted to CIMC modular architectural design and Development Co., Ltd for Science Education land use. Main building structure will be for the purpose of Research & Development and Office use. The land grant premium is in the amount of RMB15, 008,850.

(4) Pursuant to Planning Permit for Construction Land Use 440705201531001 dated 15 January 2015, the development project with a site area of 33,353.0 sq.m. for Research & Development land use granted to CIMC modular architectural design and Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

– 111 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to the Planning Permit for Construction Works 440705201531050 dated 13 May 2015 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project with a gross floor area of 12,232.28 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 2017-4-0338 dated 19 July 2017 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project with a gross floor area of 30,446.03 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-4-0292 dated 23 August 2018 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project CIMC modular building Research Institute Phase 3 Block #5 with a gross floor area of 3,177.89 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-4-0293 dated 23 August 2018 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project CIMC modular building Research Institute Phase 3 Block #6 with a gross floor area of 3,899.09 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-4-0294 dated 23 August 2018 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project CIMC modular building Research Institute Phase 3 Block #7 with a gross floor area of 38,675.74 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 2018-4-0295 dated 23 August 2018 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the development project CIMC modular building Research Institute Phase 3 Below Ground with a gross floor area of 12,630.35 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 440721201506300101 dated 30 June 2015 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the proposed development project CIMC modular building Research Institute Phase 1 Block #1, 2, 3 with a total gross floor area of 12,232.28 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 440705201711100101 dated 10 November 2017 issued to CIMC modular architectural design and Development Co., Ltd., the construction works of the proposed development project Jiangmen CIMC modular building Research Institute Phase 2 Office Block #4 with a total gross floor area of 30,446.23 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 440705201903130101 dated 13 March 2019 issued to CIMC modular architectural design and Development Co., Ltd, the construction works of the proposed development project Jiangmen CIMC modular building Research Institute Phase 3 Office Block #5, #6, #7 and Below Ground with a total gross floor area of 58,383.04 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

– 112 – APPENDIX II PROPERTY VALUATION REPORT

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 113 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-11 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC intelligent Property is situated at Shunde High Property is under RMB478,022,000 49% manufacturing center Tech Zone, Xin Tan Town, Shunde development District, Foshan City which is still (Combined value RMB234,231,000 No.15 Shun Ye West under development. of Group I-11 & Road, Xin Tan Town, I-12) (Combined value Shunde District, It is within a well established of Group I-11 & Foshan City, location where the public transports I-12) Guangdong Province are readily available and within a 5 minutes’ walk away.

As per Guangdong Real Estate Ownership Certificate, the site area is 186429.28 sq.m.

The land use right is granted for industrial purposes for a term of 50 years from 9.5.2019 to 8.5.2069.

Notes:

(1) The estimated completion date of the property is 30 April 2022. The estimated total construction cost was approximately RMB1,319,177,000 (combined value with Group I-12). The expended construction cost as at 30 June 2020 was approximately RMB386,193,000 (combined value with Group I-12). The estimated market value after completion was approximately RMB2,096,018,000 (combined value with Group I-12).

(2) Pursuant to State-owned Land Use Right Certificate Yue (2019) Foshun Real Estate 0061529 dated 26 August 2019, title ownership of the property is held under the name of Foshan Shunde Hongju Technology Industry Development Co., Ltd. The site has an area of 186,429.28 sq.m. of Granted nature for Industrial land use. Land use term is for 50 years from 9 May 2019 to 8 May 2069.

(3) Pursuant to Foshan State-owned Land Use Right Grant Contract 440606-2019-005007 dated 9 April 2019, the land with a site are of 186,429.280 sq.m. has been contracted to be granted to Foshan Shunde Hongju Technology Industry Development Co., Ltd for Industrial land use. Main building structure will be for the purpose of Category 1 Industrial Land Use (M1). The land grant premium is in the amount of RMB212, 150,000.

(4) Pursuant to Planning Permit for Construction Land Use 440606201900036 dated 29 April 2019, the development project with a site area of 186,429.28 sq.m. for Category 1 Industrial (M1) land use granted to Foshan Shunde Hongju Technology Industry Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(5) Pursuant to the Planning Permit for Construction Works 440606201909033 dated 20 September 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd, the construction works of the development project with a gross floor area of 9,934.04 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 440606201909035 dated 20 September 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd the construction works of the development project with a gross floor area of 126,115.94 sq.m. are in compliance with the construction works requirements and have been approved.

– 114 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to the Planning Permit for Construction Works 440606201909037 dated 20 September 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd the construction works of the development project with a gross floor area of 116,125.28 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 440606201912160101 dated 16 December 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd, the construction works of the development project with a gross floor area of 9,934.04 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Permit for Commencement of Construction Works 440606201910310301 dated 31 October 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd, the construction works of the development project with a gross floor area of 126,115.94 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Permit for Commencement of Construction Works 440606201911120201 dated 12 November 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd, the construction works of the development project with a gross floor area of 116,125.28 sq.m. are in compliance with the construction works requirements and have been approved.

(7) Pursuant to Guangdong Foshan Shunde Commodity Housing Pre-sale Permit Shun Yu Xu Zi Di 2020006003 dated 24 April 2020 issued to Foshan Shunde Hongju Technology Industry Development Co., Ltd permission was granted to pre-sell 4 floors above ground of Building 2, 3, 5, 6 in CIMC intelligent manufacturing center which situated in No. 15 shunye West Road, Xingtan town with a total gross floor area of 34,780,69 sq.m. and consists of 36 units.

Pursuant to Guangdong Foshan Shunde Commodity Housing Pre-sale Permit Shun Yu Xu Zi Di 2020012403 dated 24 June 2020 issued to Foshan Shunde Hongju Technology Industry Development Co., Ltd, permission was granted to pre-sell 8 floors above ground of Building 7, 8, 9 in CIMC intelligent manufacturing center which situated in No. 15 shunye West Road, Xingtan town with a total gross floor area of 103,903.39 sq.m. and consists of 115 units.

(8) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(9) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 115 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-12 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC intelligent CIMC intelligent manufacturing Property is under RMB478,022,000 49% manufacturing center center is situated at which is still development under development. (Combined value RMB234,231,000 No.15 Shun Ye West of Group I-11 & Road, Xin Tan Town, It is within a well established I-12) (Combined value Shunde District, location where the public transports of Group I-11 & Foshan City, are readily available and within a 5 I-12) Guangdong Province minutes’ walk away.

As per Guangdong Real Estate Ownership Certificate, the site area is 186,429.28 sq.m.

The land use right is granted for industrial with a term of 50 years from 9.5.2019 to 8.5.2069.

Notes:

(1) The estimated completion date of the property is 30 April 2022. The estimated total construction cost was approximately RMB1,319,177,000 (combined value with Group I-11). The expended construction cost as at 30 June 2020 was approximately RMB386,193,000 (combined value with Group I-11). The estimated market value after completion was approximately RMB2,096,018,000 (combined value with Group I-11).

(5) Pursuant to the Planning Permit for Construction Works 440606201909033 dated 20 September 2019 to Foshan Shunde Hongju Technology Industry Development Co., Ltd the construction works of the development project with a gross floor area of 9,934.04 sq.m. are in compliance with the construction works requirements and have been approved.

– 116 – APPENDIX II PROPERTY VALUATION REPORT

(7) Pursuant to Guangdong Foshan Shunde Commodity Housing Pre-sale Permit Shun Yu Xu Zi Di 2020006003 dated 24 April 2020 issued to Foshan Shunde Hongju Technology Industry Development Co., Ltd, permission was granted to pre-sell 4 floors above ground of Building 2, 3, 5, 6 in CIMC intelligent manufacturing center which situated in No. 15 shunye West Road, Xingtan town with a total gross floor area of 34,780,69 sq.m. and consists of 36 units.

(8) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(9) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 117 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-13 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Tianyu Apartment Tianyu Apartment is situated at Property is under RMB653,474,000 22.95% Junction of Qin Hai Road & Gang development Junction of Qin Hai Wan Avenue, Zhao Shang Jie Dao, RMB149,972,000 Road & Gang Wan Nanshan District, Shenzhen, within Avenue, Zhao Shang the commercial core district of Jie Dao, Nanshan Shenzhen, next to waterfront and in District, Shenzhen the vicinity of Shenzhen Metro Line 2. The location is close to the Hong Kong border.

Approximately 25 km away from Shenzhen Baoan Airport, 3 km away from Shekou Ferry Terminal, in the surrounding of Nanshan Park and landscaped area of Shenzhen Bay Park.

The land use right is granted for commercial purposes for a site area of 5,089.98 sq. m, planning for a total Gross Floor Area of 23,000 sq.m. for use as office apartments.

The project is still in the process of development, scheduled for completion by 9.2021.

Land use right is granted for 40 years expiring on 11.12.2056.

Notes:

(1) The estimated completion date of the property is 30 June 2020. The estimated total construction cost was approximately RMB365,341,000. The expended construction cost as at 30 June 2020 was approximately RMB67,058,000. The estimated market value after completion was approximately RMB2,110,092,000.

(2) Pursuant to State-owned Land Use Right Certificate (2017) Shenzhen Real Estate 0197341 dated 28 December 2017, ownership of the land is held under the name of Shenzhen Leyi Real Estate Co., Ltd. The site has an area of 5,089.98 sq.m. of Granted nature for Commercial use. Land use term for Commercial is 40 years from 12 December 2016 to 11 December 2056.

(3) Pursuant to State-owned Land Use Right Grant Contract Shen Di He Zi (2011) 8040 dated 26 December 2011, the land with a site are of 697,639.70 sq.m. has been contracted to be granted to China Merchants Shekou Industrial Zone Holdings Co., Ltd. (“招商局蛇口工業區有限公司”) for Commercial land use. Main building structure will be for the purpose of Commercial use. The land grant premium is in the amount of RMB6,439,000,000.

(4) Pursuant to Planning Permit for Construction Land Use Shen Gui Tu Xu NS-2016-0030 4 August 2016, the development project with a site area of 5,089.99 sq.m. granted to Shenzhen Leyi Real Estate Co., Ltd. is in compliance with the urban planning requirements and have been approved.

– 118 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to the Planning Permit for Construction Works Shen Gui Hua Zi Yuan Jian Xu Zi NS-2019-0060 dated 10 October 2019 issued to Shenzhen Leyi Real Estate Co., Ltd, the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works Shen Qian Hai Shi Xu 2018-440305-70-03-71840001 dated 17 April 2019 issued to Shenzhen Leyi Real Estate Co., Ltd, the construction works of the proposed development project with a total gross floor area of 5,089.99 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 119 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-14 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Bay Plaza CIMC Bay Plaza is situated at East of Property is under RMB2,552,119,000 22.95% Taizi Wan Avenue, north of Gang development East of Taizi Wan Wan Avenue, Nanshan District, RMB585,711,000 Avenue, north of Gang Shenzhen, within the commercial Wan Avenue, Nanshan core district of Shenzhen, next to District, Shenzhen waterfront, close to Hong Kong, in the vicinity of Shenzhen Metro Line 2.

Approximately 25 km away from Shenzhen Baoan Airport, 3 km away from Shekou Ferry Terminal, in the surrounding of Nanshan Park and landscaped area of Shenzhen Bay Park.

The land use right is granted for commercial purposes for a site area of 10,807.26 sq. m, planning for a total Gross Floor Area of 105,390.86 sq.m. for use as office.

It is still in the process of development scheduled for completion by 3.2022. Land use right is granted for 40 years expiring on 25.12.2056.

Notes:

(1) The estimated completion date of the property is 30 April 2023. The estimated total construction cost was approximately RMB1,282,798,000. The expended construction cost as at 30 June 2020 was approximately RMB263,376,000. The estimated market value after completion was approximately RMB4,023,301,000.

(2) Pursuant to State-owned Land Use Right Certificate Yue(2018)Shenzhen Real Estate 0060142 dated 4 May 2018, title ownership of the property is held under the name of Shenzhen Shangqi Real Estate Co., Ltd. The site has an area of 10,807.26 sq.m. of Granted nature for Commercial land use. Land use term is for 40 years from 26 December 2016 to 25 December 2056.

(3) Pursuant to Shenzhen City State-owned Land Use Right Grant Contract Shen Di He Zi (2011) 8040 dated 26 November 2011, the land with a site are of 697,639.7 sq.m. has been contracted to be granted to China Merchants Shekou Industrial Zone Holdings Co., Ltd. (“招商局蛇口工業區有限公司”)for integrated commercial services facilities, warehousing, port terminals and residential purposes. The land grant premium is in the amount of RMB6,439,000,000.

(4) Pursuant to Shenzhen City Planning Permit for Construction Land Use Shen Gui Tu Xu NS-2016-0031 dated 4 August 2016, the development project Taizi Bay DY-03-02 with a site area of 10,807.25 sq.m. for Commercial land use granted to Shenzhen Shangqi Real Estate Co., Ltd is in compliance with the urban planning requirements and have been approved.

– 120 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to the Shenzhen City Planning Permit for Construction Works Shen Gui Hua Zi Yuan Jian Xu Zi NS-2019-0070 dated 13 December 2019 to Shenzhen Shangqi Real Estate Co., Ltd, the construction works of the development project CIMC Bay Plaza with a gross floor area of 132,884.22 sq.m. are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 2018-440305-70-03-71839902 dated 17 December 2019 to Shenzhen Shangqi Real Estate Co., Ltd, the construction works of the development project CIMC Bay Plaza being the foundation works are in compliance with the construction works requirements and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(8) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 121 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-15 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC International CIMC International City is situated Property is just RMB8,591,000 71.5% City at Xi Ping North Road which is an recently arterial road conveniently connected completed RMB6,143,000 West side of Xi Ping to the scenic area of Fa Wang Shan North Road, Jiang Park. The development comprises Cheng District, Yang apartments, commercial units and Jiang City, Guangdong school, built along the river. The land Province use right is granted for commercial purposes from 05.12.2007 to 4.12.2047, and residential purposes from 5.12.2007 to 04.12.2077.

Shangdong Phase 6 was completed in 6.2020 with a total Gross Floor Area of 19,511.32 sq.m.

As of June 30, 2020, there are 822.29 sq.m. of residential area and 131 underground parking spaces remaining unsold in Phase 6.

Notes:

(1) The estimated completion date of the property is 10 August 2020. The estimated total construction cost was approximately RMB4,197,000. The estimated market value after completion was approximately RMB12,788,000.

(2) Pursuant to State-owned Land Use Right Certificate Yue (2017) Yang Jiang Real Estate 0041171 dated 11 December 2017, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 134,576.9 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, Township Residential and Public Utilities land use. Land use term for commercial is 40 years from 5 December 2007 to 4 December 2047 and for residential is 70 years from 5 December 2007 to 4 December 2077.

(3) Pursuant to Planning Permit for Construction Land Use 441700201800006 dated 5 January 2018, the development project with a site area of 161,499.45 sq.m. for Commercial Residential mixed land use R2/C2 granted to Yangjiang CIMC Real Estate Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

(4) Pursuant to the Yang Jiang City Planning Permit for Construction Works 441700201800298 dated 26 December 2018 to Yangjiang CIMC Real Estate Development Co., Ltd, the construction works of the development project (Phase 6 – Shangdong New City) with a gross floor area of 15,448.72 sq.m. (Block 152) and 4,754.85 sq.m. (Block 153) are in compliance with the construction works requirements and have been approved.

(5) Pursuant to the Permit for Commencement of Construction Works 441702201902250101 dated 21 February 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project with a total gross floor area of 24,572.68 sq.m. are in compliance with the construction works requirements and have been approved.

– 122 – APPENDIX II PROPERTY VALUATION REPORT

(6) Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019027 dated 4 March 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shang Dong Xin Cheng Block 152 & 153 with a total gross floor area of 18,926.51 sq.m. and 155 units for Residential.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

(8) According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 123 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at I-16 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Country Garden CIMC Country Garden Property is under RMB1,061,148,000 71.5% Shengshicheng Bang Shengshicheng Bang is situated at development West side of Xi Ping North Road, RMB758,721,000 West side of Xi Ping Jiang Cheng District, Yang Jiang North Road, Jiang City,. Xi Ping North Road is an Cheng District, Yang arterial road conveniently connected Jiang City, Guangdong to the scenic area of Fa Wang Shan Province Park.

The development comprises apartments, commercial units and school, built along the river.

The land use right is granted for commercial purposes from 04.12.2007 to 3.12.2047, and for residential purposes from 4.12.2007 to 03.12.2077.

The project with a total Gross Floor Area of 335,929.08 sq.m. is still in the process of development and scheduled for completion by 8.2021

Notes:

(1) The estimated completion date of the property is 31 December 2023. The estimated total construction cost was approximately RMB1,242,648,000. The expended construction cost as at 30 June 2020 was approximately RMB823,809,000. The estimated market value after completion was approximately RMB1,768,960,000.

(2) Pursuant to State-owned Land Use Right Certificate Yue (2017) Yang Jiang Real Estate 0036481 dated 7 November 2017, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 160,111.47 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, Township Residential and Public Utilities land use. Land use term for commercial is 40 years from 5 December 2007 to 4 December 2047 and for residential is 70 years from 5 December 2007 to 4 December 2077.

(3) Pursuant to Shenzhen City Land Use Right Grant Contract, GF-2000-26001 dated 5 December 2007, the land with a site are of 765,305.00 sq.m. has been contracted to be granted to Yangjiang Shangdong Furi Real Estate Development Co., Ltd (“陽江市上東富日房地產開發有限公司”) for Residential, Public Utilities (Commercial Financial Industry). The land grant premium is in the amount of RMB242, 820,000.

Pursuant to Shenzhen City Land Use Right Grant Contract, 441702-2010-0012 dated 19 April 2010, the land with a site are of 86,775.00 sq.m. has been contracted to be granted to Yangjiang Shangdong Furi Real Estate Development Co., Ltd (“陽江市上東富日房地產開發有限公司”) for Residential. The land grant premium is in the amount of RMB52, 065,000.

(4) Pursuant to Planning Permit for Construction Land Use 441700201800016 dated 7 February 2018, the development project with a site area of 174,848.0 sq.m. for Residential, Public Utilities (Commercial Financial Industry) land use is granted to Yangjiang CIMC Real Estate Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

– 124 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to the Planning Permit for Construction Works Jian Zi Di 441700201800236 dated 20 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 441700201800237 dated 20 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 441700201800242 dated 28 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 441700201800182 dated 9 August 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works Jian Zi Di 441700201800235 dated 20 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the development project are in compliance with the construction works requirements and have been approved.

(6) Pursuant to the Permit for Commencement of Construction Works 441702201904170101 dated 11 April 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the proposed development project with a total gross floor area of 106,005.91 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441702201904170201 dated 11 April 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the proposed development project with a total gross floor area of 102,835.71 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 44170220180260101 dated 26 October 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the proposed development project with a total gross floor area of 60,135.09 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441702201809070101 dated 7 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the proposed development project with a total gross floor area of 11,600.84 sq.m. are in compliance with the requirements for works commencement and have been approved.

Pursuant to the Permit for Commencement of Construction Works 441702201811060101 dated 6 November 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd., the construction works of the proposed development project with a total gross floor area of 115,935.37sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2018068 dated 26 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Block 183 with a total gross floor area of 9,225.26 sq.m. and 32 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2018074 dated 30 September 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Blocks 188,189,190,191,201,206,208,215,216,218,219,220 with a total gross floor area of 7,183.88 sq.m. and 24 units for Residential.

– 125 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2018085 dated 29 October 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Blocks 185-187,192,193,207,209-213,217,228-233,235-237 with a total gross floor area of 10,715.16 sq.m. and 42 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2018089 dated 16 November 2018 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Blocks 155,156,157 with a total gross floor area of 11,605.17 sq.m.; being 10,007.53 sq.m. and 46 units for Residential, and 1,597.64 sq.m. and 16 units for Commercial.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019032 dated 15 March 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Blocks 158,160 with a total gross floor area of 26,351.03 sq.m. and 214 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019038 dated 29 March 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Block 159 with a total gross floor area of 12,214.31 sq.m. and 93 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019017 dated 25 January 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Block 161 with a total gross floor area of 12,742.92 sq.m. and 108 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019041 dated 4 April 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Blocks 162,163 with a total gross floor area of 22,484.66 sq.m. and 171 units for Residential.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2019045 dated 26 April 2019 issued to Yangjiang CIMC Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Block 165 with a total gross floor area of 10,268.18 sq.m. and 78 units for Residential.

(8) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

(9) According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 126 – APPENDIX II PROPERTY VALUATION REPORT

Group II – Properties held for future development

Market Value in Market Value existing state attributable to Particulars of as at the Company as II-1 Property Description of Tenure Occupancy 30 June 2020 at 30 June 2020

CIMC Country Garden CIMC Country Garden Construction RMB742,306,000 71.5% Shengshichengbang Shengshichengbang project is located works have not Phase 8,9,10 on the main road of Xiping North yet commenced RMB530,749,000 Road, with convenient transportation, West of Xi Ping North close to Fawang Mountain Park with Road, Yang Jiang City, beautiful scenery. It integrates Guangdong Province residential, commercial, and elementary school facilities and is built along the river.

Lease term for Commercial use is from December 04, 2007 to December 04, 2047, and residential use is from December 04, 2007 to December 04, 2077.

The project has a total planned land area of 156,564.95 sq.m. and a total building area of 576,167.81 sq.m. with an average plot ratio of 3.68.

The project has not yet officially started construction.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Yue (2018) Yang Jiang Real Estate 0005951 dated 6 March 2018, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 118,886.11 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, and Township Residential land use. Land use term for commercial is 40 years from 5 December 2007 to 4 December 2047 and for residential is 70 years from 5 December 2007 to 4 December 2077.

Pursuant to State-owned Land Use Right Certificate Yue (2018) Yang Jiang Real Estate 0007618 dated 27 March 2018, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 2,823.76 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, and Township Residential land use. Land use term is 40 years from 19 April 2010 to 19 April 2050.

Pursuant to State-owned Land Use Right Certificate Yue (2018) Yang Jiang Real Estate 0007177 dated 26 March 2018, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 16,368.35 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, and Township Residential land use. Land use term is 40 years from 19 April 2010 to 19 April 2050.

Pursuant to State-owned Land Use Right Certificate Yue (2018) Yang Jiang Real Estate 0007619 dated 27 March 2018, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 9439.74 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, and Township Residential land use. Land use term is 40 years from 19 April 2010 to 19 April 2050.

– 127 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to Planning Permit for Construction Land Use 441700201800061 dated 9 May 2018, the development project with a site area of 134,838.0 sq.m. for Residential, Public Utilities (Commercial Financial Industry) land use is granted to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

Pursuant to Planning Permit for Construction Land Use 441700201800063 dated 9 May 2018, the development project with a site area of 16,785.0 sq.m. for Hospitality, Residential and Commercial Mixed (R2/C2) Land Use is granted to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

Pursuant to State-owned Land Use Right Certificate Yue(2018)Yang Jiang Real Estate 0007620 dated 27 March 2018, title ownership of the property is held under the name of Yangjiang CIMC Real Estate Development Co., Ltd. The site has an area of 34,966.8 sq.m. of Granted nature for Wholesale & Retail, Lodging & Catering, Commercial Financial, Other Commercial & Service, Township Residential and Public Utilities land. Land use term for commercial is 40 years from 5 December 2007 to 4 December 2047 and for residential is 70 years from 5 December 2007 to 4 December 2077.

We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Permit for Planning Commencement Permit for of State-owned Planning Permit for Construction Construction Pre-sale Address Phase land use rights certificate Construction Land Use Works Works Permit

West of Xi Ping Phase 8 Yue (2018) Yang Jiang real Land No. 441700201800061 /// North Road, estate 0005951, 0007618, and 441700201800063 Yang Jiang City, 0007177 Guangdong Province Phase 9 Yue (2018) Yang Jiang real estate 0007620

Phase 10 Yue (2018) Yang Jiang real estate 0007619

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

State-owned Land Use Right Certificate Yes State-owned Land Use Right Grant Contract Yes Planning Permit for Construction Land Use Yes Planning Permit for Construction Works No Permit for Commencement of Construction Works No Commodity Housing Pre-sale Permit No

– 128 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at II-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Country Garden Country Garden Jianningfu is Construction RMB1,208,114,000 49% Jianningfu Phase 1 situated at Qilin North Road, Qu Jing works have not City, within the commercial core area yet commenced. RMB591,976,000 Qilin North Road, of Qu Jing City. Qu Jing City The property was granted by Yunnan High Court in 8.2018 for a land size of 187,913 sq.m. for commercial and residential purposes. The site is within the commercial core area of Qu Jing City, surrounded by three arterial roads, well accessible from various districts. According to the submitted development planning scheme, the total Gross Floor Area is 986,798.49 sq.m. Since the planning application is still in progress, construction works have not yet commenced. The scheme which is a project planned for completion by 4.2025 comprises assembly of apartments, houses, commercial units and offices.

The land use right for residential is granted for 70 years from 31.12.2009 to 30.12.2079; and for commercial services for a term of 40 years from 31.12.2009 to 30.12.2049.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007445 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 51,114.8 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007446 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 40,154.3 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007449 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 3,847.9 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

– 129 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007451 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 3,260.6 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007453 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 41,273.3 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007455 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 14,842.6 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007456 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 21,730.5 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

Pursuant to State-owned Land Use Right Certificate (2019) Qujing Real Estate 0007457 dated 27 March 2019, title ownership of the property is held under the name of Qujing zhongbirui Real Estate Development Co., Ltd. The site has an area of 11,689.0 sq.m. of Granted nature for Other Commercial Service/Township Residential land use. Land use term is 40 years from 31 December 2009 to 30 December 2049 for Other Commercial Service, and 70 years from 31 December 2009 to 30 December 2079 for Township Residential.

(2) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

Qilin North Road, 1 Yun(2019) At application stage / / Qu Jing City Qujing Real Estate 0007445, 0007446, 0007449, 0007451, 0007453, 0007455, 0007456, 0007457

– 130 – APPENDIX II PROPERTY VALUATION REPORT

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

State-owned Land Use Right Certificate Yes State-owned Land Use Right Grant Contract Yes Planning Permit for Construction Land Use No Planning Permit for Construction Works No Permit for Commencement of Construction Works No Commodity Housing Pre-sale Permit No

– 131 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at II-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Jiangshanfu The property is a piece of Construction RMB1,040,863,000 60% Jiangdu G07 Phase 3 development land situated at South of works have not Yi He Road, west of Long Chuan yet commenced RMB624,518,000 South of Yi He Road, South Road, Xian Nu Town, Jiang Du west of Long Chuan District, Yangzhou City within the South Road, Xian Nu well established commercial and Town, Jiang Du residential area. District, Yangzhou City It occupies a superior convenient location well served by public transports which are readily available within 10 minutes’ driving distance. Schools are close by.

As per Jiangsu Province Real Estate Ownership Certificate, the site area is 150,266 sq.m. and the Gross Floor Area is 379,733.106 sq.m.

The land use right for residential purposes is granted for a term of 70 years from 25.10.2019 to 24.10.2089 and for commercial uses for a term of 40 years from 25.10.2019 to 24.10.2059.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Su (2020) Jiangdu District Real Estate 0020780 dated 1 June 2020, title ownership of the property is held under the name of Yangzhou Jizhi Real Estate Co., Ltd. The site has an area of 24,605.0 sq.m. of Granted nature for Commercial/Residential land use. Land use term is 40 years from 25 October 2019 to 24 October 2059 for Commercial, and 70 years from 25 October 2019 to 24 October 2089 for Residential.

(2) Pursuant to State-owned Land Use Right Certificate Su (2020) Jiangdu District Real Estate 0020778 dated 1 June 2020, title ownership of the property is held under the name of Yangzhou Jizhi Real Estate Co., Ltd. The site has an area of 38,314.0 sq.m. of Granted nature for Commercial/Residential land use. Land use term is 40 years from 25 October 2019 to 24 October 2059 for Commercial, and 70 years from 25 October 2019 to 24 October 2089 for Residential.

(3) Pursuant to State-owned Land Use Right Certificate Su (2020) Jiangdu District Real Estate 0020841 dated 2 June 2020, title ownership of the property is held under the name of Yangzhou Jizhi Real Estate Co., Ltd. The site has an area of 87,347.0 sq.m. of Granted nature for Commercial/Residential land use. Land use term is 40 years from 25 October 2019 to 24 October 2059 for Commercial, and 70 years from 25 October 2019 to 24 October 2089 for Residential.

(4) Pursuant to State-owned Land Use Right Grant Contract 3210122020J0022 dated 27 August 2019, the land with a site are of 150,266.0 sq.m. has been contracted to be granted to Yangzhou Jizhi Real Estate Co., Ltd for Commercial/Residential land use. The land grant premium is in the amount of RMB632,000,000.

(5) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

– 132 – APPENDIX II PROPERTY VALUATION REPORT

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

West of Longchuan Phase 3 Su (2020) Jiangdu District Land No. /// South Road and Real Estate 0020780, 3210122020J0022 South of Yihe 0020778, 0020841 Road, Xian Nu Town, Jiangdu District, Yangzhou City

(6) According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 133 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at II-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Financial City The property is a piece of Construction RMB597,376,000 100% Phase 3 development land situated at South of works have not Bin He Road and west of Jian Du yet commenced RMB597,376,000 South of Bin He Road Road, Jiang Du District, Yangzhou and west of Jian Du City within the well established Road, Jiang Du commercial and residential area. District, Yangzhou City It occupies a superior convenient location well served by public transports which are readily available within 10 minutes’ drive away. Schools are close by.

As per Jiangsu Province Real Estate Ownership Certificate, the site area is 97,620 sq.m. and the Gross Floor Area is 262,602 sq.m.

The Land Use Rights Certificate is currently not available.

Notes:

(1) Yangzhou Jichuang Industrial Park Development Co., Ltd is in the process of applying for the State-owner Land Use Right Certificate.

(2) Pursuant to State-owned Land Use Right Grant Contract 3210882019CR0023 dated 7 May 2019, the land with a site are of 97,260.0 sq.m. has been contracted to be granted to Yangzhou Jichuang Industrial Park Development Co., Ltd for Commercial/Residential land use. The land grant premium is in the amount of RMB516,000,000.

(3) Pursuant to Shenzhen City Planning Permit for Construction Land Use 3210122020J0023 dated 1 June 2020, the development project Jiang-Guang Innovative Technology Financial Centre Project with a site area of 97,260.0 sq.m. for Commercial land use granted to Yangzhou Jichuang Industrial Park Development Co., Ltd is in compliance with the urban planning requirements and have been approved.

– 134 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

For the property listed in Group II – 4, Yangzhou Jichuang Industrial Park Development Co., Ltd and Yangzhou Jiangdu Bureau of Land and Resources Development signed the Contract for the Grant of the Right to Use State-owned Construction Land on 7 May, 2019, which was granted to the southern side parcels of Jiandu Road and the southern side of The River Road (No. 2019G01, land area of 97,260 sq.m.). According to the Client’s confirmation, Yangzhou Jichuang Industrial Park Development Co., Ltd is currently processing the title certificate for the land.

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

West of Jiandu Phase 3 At Application Stage Land No. /// Road, South of 3210122020J0023 Binhe Road

(5) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

State-owned Land Use Right Certificate No State-owned Land Use Right Grant Contract Yes Planning Permit for Construction Land Use Yes Planning Permit for Construction Works No Permit for Commencement of Construction Works No Commodity Housing Pre-sale Permit No

– 135 – APPENDIX II PROPERTY VALUATION REPORT

Group III – Completed properties held for sale

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-1 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC international The property is situated at Xi Ping The sold portion RMB150,812,000 71.5% city Phase 1-4 North Road which is an arterial road is held by various conveniently connected to the scenic owners while the RMB107,830,000 West of Xi Ping North area of Fa Wang Shan Park, and unsold portion is Road, Jiang Cheng comprises apartments, commercial occupied by District, Yang Jiang units, schools and communal Yangjiang CIMC City, Guangdong facilities, built along the river. Real Estate Province Development The land use right is granted for Co., Ltd. commercial uses with a term from 04.12.2007 to 03.12.2047, and for residential use from 04.12.2007 to 03.12.2077.

Yangjiang CIMC Real Estate Development Co., Ltd has completed the development in five phases with unsold units including 28 G/F car parks for Phase 1, 80 G/F car parks for Phase 2, 35 G/F car parks for Phase 3, a house of 284.06 sq.m. five commercial units with a total Gross Floor Area of 1,059.71 sq.m. For Phase 4, and apartments with Gross Floor Area of 4,047.99 sq.m. commercial units of 6,881.41 sq.m. and 585 G/F car parks for Phase 5.

Phase 5 was completed in 2.2017.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate (2012) 11-1025 dated 5 November 2012, title ownership of the property is held under the name of Yangjiang CIMC Rich Day Real Estate Development Co., Ltd. The site has an area of 136,284.7 sq.m. of Granted nature for Residential, Public Utilities (Commercial Financial Industry) land use. Land use term is for 40 years to expire on 5 December 2047 for Commercial, and 70 years to expire on 5 December 2077 for Residential.

Pursuant to State-owned Land Use Right Certificate (2012) 11-1020 dated 9 November 2012, title ownership of the property is held under the name of Yangjiang CIMC Rich Day Real Estate Development Co., Ltd. The site has an area of 8,790.19 sq.m. of Granted nature for Living, Public Utilities (Commercial Financial Industry) land use. Land use term is for 40 years to expire on 5 December 2047 for Commercial, and 70 years to expire on 5 December 2077 for Residential.

Pursuant to State-owned Land Use Right Certificate (2012) 11-1023 dated 9 November 2012, title ownership of the property is held under the name of Yangjiang CIMC Rich Day Real Estate Development Co., Ltd. The site has an area of 8,240.94 sq.m. of Granted nature for Commercial Residential mixed land use. Land use term expires on 19 April 2050 for Commercial, and 19 April 2080 for Residential.

– 136 – APPENDIX II PROPERTY VALUATION REPORT

Pursuant to State-owned Land Use Right Certificate (2012) 11-1024 dated 9 November 2012, title ownership of the property is held under the name of Yangjiang CIMC Rich Day Real Estate Development Co., Ltd. The site has an area of 23,736.98 sq.m. of Granted nature for Commercial Residential mixed land use. Land use term expires on 19 April 2050 for Commercial, and 19 April 2080 for Residential.

(2) Pursuant to the Planning Permit for Construction Works 441700201100158 dated 25 March 2011 issued to Yangjiang Shangdong Furi Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 1 Block 1-8 Commercial& Residential Buildings, Clubhouses, and Underground Carpark with a gross floor area of 63,091.32 sq.m. above ground and 14,845.65 sq.m. below ground are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201100160 dated 25 March 2011 issued to Yangjiang Shangdong Furi Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 1 Residential Blocks with a gross floor area of 32,383.50 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300107 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Residential Block 47 Unit1&2with a gross floor area of 22,092.62 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300115 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Residential Block 48 Unit1&2with a gross floor area of 22,036.18 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300114 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Residential Block 49 Unit 1 with a gross floor area of 7,711.27 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300113 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Residential & Commercial Mixed Block 49 Unit 2 with a gross floor area of 7,877.02 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300111 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Residential & Commercial Mixed Block 49 Unit 3 with a gross floor area of 8,874.46 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300117 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Underground Carpark with a gross floor area of 9,788.4 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 441700201300118 dated 31 January 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, the construction works of the development project Shangdong New City Phase 2 Underground Carpark with a gross floor area of 5,320.9 sq.m. are in compliance with the construction works requirements and have been approved.

– 137 – APPENDIX II PROPERTY VALUATION REPORT

(3) Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2012055 dated 12 December 2012 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 3 with a total gross floor area of 16,949.49 sq.m. and consists of 159 units for Residential, and 5,986.06 sq.m. and consists of 31 units for Commercial.

Pursuant to Yang Jiang City Pre-sale Commodity Housing Pre-sale Permit 2013030 dated 5 August 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 4 Residential Block 65-68, 74-80, 82-83, 85-86,92-96 with a total gross floor area of 12,860.01 sq.m. and consists of 43 units.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2013040 dated 13 September 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 4 Residential Blocks 69-73, 81, 84 with a total gross floor area of 5,071.54 sq.m. and consists of 20 units.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2013062 dated 31 December 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 4 Residential Blocks 87, 88, 89, 90, 91 with a total gross floor area of 3,558.79 sq.m. and consists of 14 units.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2013050 dated 20 November 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 4 Residential Blocks 97, 98, 102 with a total gross floor area of 25,701.16 sq.m.; being 24,328.7 sq.m. and 210 units for Residential, and 1,372.46 sq.m. and 6 units for Commercial.

Pursuant to Guangdong Province Yang Jiang City Commodity Housing Pre-sale Permit 2013051 dated 20 November 2013 issued to Yangjiang CIMC Rich Day Real Estate Development Co., Ltd, permission was granted to pre-sell Shangdong New City Phase 4 Residential Blocks 99, 100, 101 with a total gross floor area of 25,422.78 sq.m.; being 23,956.4 sq.m. and 210 units for Residential, and 1,466.38 sq.m. and 8 units for Commercial.

With respect to the legal opinion, since Phase 3 and 4 have been completed and ready for sale, only their pre-sale permits will be stated here. Other permits regarding the construction and planning process will not be shown here. Also, pre-sale permits are not available for Phase 1 and 2. Only the permits regarding the planning of construction works are provided. Other working permits will not be stated here.

– 138 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Company’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

West of Xi Ping 1 State-owned (2012) 11-1025 Completed: Housing Construction Project and Municipal Infrastructure North Road, (1,2&4areat Project Completion Record Form (File No.(2011)016) Jiang Cheng 2 application stage) District, Yang / Jiang City /

Completed: Housing Construction Project and Municipal Infrastructure Project Completion Record Form (File No. (2013) 021), (File No (2013) 007), (File No (2013) 008), (File No (2013) 020)

3 state-owned (2012) 11-1020 Completed: Housing Construction Project and Municipal Infrastructure Project Completion Record Form (File No (2014) 009)

4 State-owned (2012) 11-1023 Completed: Housing construction project and municipal infrastructure (Phase 4 villa); project completion record form (File No (2015) 029)

State-owned (2012) 11-1024 (Phase 4 High-levels);

State-owned (2012) 11-1025 (1,2&4)

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 139 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Country Garden The property named Jiao Zhou City The project is RMB768,000 40.5% Huyuetianjing Country Garden “Hu Yue Tian Jing” entirely occupied Phase 1,2&3 comprises apartments, commercial by Qingdao RMB311,000 units and offices. Phase 1 included CIMC Innovation No. 69 Xiang Jiang apartments completed on 15.5.2020, Industrial Park Road, Jiao Zhou City, and Phase 2 included commercial Development Qingdao City, units and offices is still in the process Co., Ltd. Shandong Province of development as at the date of valuation.

The property is situated at No. 69 Xiang Jiang Road, Jiao Zhou City, Qingdao City, within a well-established commercial and residential area. The location is well served by public transports which are readily available within 10 minutes’ walk.

As per Shandong Province Qingdao City Jiao Zhou City Land Use Right Certificate, the site area is 73,021.6 sq.m.

The land use right is granted for town apartment development with a term of 70 years from 4.6.2014 to 3.6.2084, and for commercial uses with a term of 40 years from 4.6.2014 to 3.6.2054.

Notes:

(1) Pursuant to Land Use Right Certificate (Qing Fang Di Quan Shi) 2014103717 dated 2 September 2014, title ownership of the property is held under the name of Qingdao CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 54,371.7 sq.m. of Granted nature for Commercial Service, Residential land use. Land use term expires on 3 June 2054 for Commercial, and on 3 June 2084 for Township Residential.

Pursuant to Land Use Right Certificate (Qing Fang Di Quan Shi) 2014103719 dated 2 September 2014, title ownership of the property is held under the name of Qingdao CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 18,649.9 sq.m. of Granted nature for Commercial Service, Residential land use. Land use term expires on 3 June 2054 for Commercial, and on 3 June 2084 for Township Residential.

(2) Pursuant to the Planning Permit for Construction Land Use 37JCK 2018-1-003 (0037527) dated 9 April 2018, the development project CIMC Country Garden Huyuetianjing with a site area of 54,372 sq.m. for Residential Land Use is granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, and is in compliance with the urban planning requirements and have been approved.

Pursuant to the Planning Permit for Construction Land Use 37JG2014-1-043 dated 22 September 2014, the development project CIMC Country Garden Huyuetianjing with a site area of 18,650 sq.m. for Residential and Commercial Land Use is granted to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, and is in compliance with the urban planning requirements and have been approved.

– 140 – APPENDIX II PROPERTY VALUATION REPORT

(3) Pursuant to the Planning Permit for Construction Works 37JCK2018-1-003 (00188163) dated 25 April 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Country Garden Huyuetianjing Phase 2 Residential Blocks concerning Block 4, 5, 8, 9, 10, 13, 14, 15 & Underground Carpark are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 37JCK2018-1-003 (00188164) dated 25 April 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Country Garden Huyuetianjing Phase 1 Commercial Buildings & Underground Carpark are in compliance with the construction works requirements and have been approved.

Pursuant to the Planning Permit for Construction Works 37JCK2018-1-003 (00188165) dated 25 April 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Country Garden Huyuetianjing Phase 3 Residential Blocks concerning Block 6, 7, 11, 16, 17, 18 & Underground Carpark are in compliance with the construction works requirements and have been approved.

(4) Pursuant to the Permit for Commencement of Construction Works 370281201808100301 dated 10 August 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Country Garden Huyuetianjing Phase 1 Commercial Buildings & Underground Carpark and Phase 3 Residential Blocks concerning Block 6, 7, 11, 16, 17, 18 & Underground Carpark with a total gross floor area of 91,925.06 sq.m. are in compliance with the construction works requirements and have been approved.

Pursuant to the Permit for Commencement of Construction Works 370281201805090101 dated 9 May 2018 issued to Qingdao CIMC Innovation Industrial Park Development Co., Ltd, the construction works of the development project CIMC Country Garden Huyuetianjing Phase 2 Residential Blocks concerning Block 4, 5, 8, 9, 10, 13, 14, 15 & Underground Carpark with a total gross floor area of 100,176.96 sq.m. are in compliance with the construction works requirements and have been approved.

We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

State-owned land use Planning Permit for Planning Permit rights Construction Land for Construction Permit for Commencement of Address Phase certificate Use Works Construction Works Pre-sale Permit

No. 69 Xiang Jiang Phase1&2 Qing Fang Di Land No. Land No. 370281201808100301, / Road, Jiao Zhou (2 pieces Quan Shi 37JCK2018-1-003 37JCK2018-1-003 370281201805090101 City, Qingdao of land) 2014103717 (0037527) (00188163, City, Shandong 00188164, Province 00188165)

Phase 3 Qing Fang Di Land No. (1 piece of Quan Shi 37JG2014-1-043 land) 2014103719

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 141 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiHuiyuan ZhiHuiyuan being close to CIMC The project is RMB411,229,000 77.5% Phase 1 Zhigu, is situated within the scenic entirely occupied area of Song Shan Lake, within the by Dongguan (Combined value RMB318,702,000 Qing Tian Road, Jin national high technology CIMC Innovation of Group III-3 & Duo Gang, Song Shan development area, approximately 30 Industrial Park III-4) (Combined value Lake, Dongguan City, minutes” drive away from Shenzhen Development of Group III-3 & Guangdong Province Baoan Airport, 60 minutes’ drive Co., Ltd. III-4) away from Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, well accessible from various districts. It is mainly for development of talent apartments and commercial services with a land use term expiring on 14.9.2054, and residential use with a land use term expiring on 14.9.2084.

Phase 1 of ZhiHuiyuan was completed in 12.2016 with a total Gross Floor Area of 46,261.54 sq.m.

Notes:

(1) Pursuant to State-owned (Dongguan Government) Land Use Right Certificate (2014) 208 dated 22 October 2014, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 66,649.05 sq.m. of Granted nature for Ordinary Commodity Housing, Commercial Service land use. Land use term expires on 14 September 2084 for Ordinary Commodity Housing, and on 14 September 2054 for Commercial Service.

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230013 (Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Underground Unit 1 with a total gross floor area of 1,538.90 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(3) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230007 (Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Residential Block Unit 1 with a total gross floor area of 11,536.88 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(4) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230008 (Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Residential Block Unit 2 with a total gross floor area of 11,963.65 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(5) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230009(Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Residential Block Unit 3 and Commercial Buildings with a total gross floor area of 12,739.65 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

– 142 – APPENDIX II PROPERTY VALUATION REPORT

(6) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230010(Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan an project Phase 1 Residential Block Unit 4 and Commercial Buildings with a total gross floor area of 9,600.77 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(7) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230011(Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Commercial Buildings Unit 15 with a total gross floor area of 1,637.37 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(8) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201612230012(Song Shan Lake) dated 23 December 2016 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 1 Commercial Buildings Unit 16 with a total gross floor area of 446.45 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(9) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(10) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Permit for Planning Commencement Permit for of State-owned Land Use Planning Permit for Construction Construction Pre-sale Address Phase Rights Certificate Construction Land Use Works Works Permit

Qing Tian Road, Phase 1 State-owned (Dongguan Completed: Jian Bei Zheng Zi 441900201612230013 (Song Shan Lake), Jin Duo Gang, Government) (2014) 208 Jian Bei Zheng Zi 441900201612230007 (Song Shan Lake), Song Shan Lake, Jian Bei Zheng Zi 441900201612230008 (Song Shan Lake), Dongguan City, Jian Bei Zheng Zi 441900201612230009 (Song Shan Lake), Guangdong Jian Bei Zheng Zi 441900201612230010 (Song Shan Lake), Province Jian Bei Zheng Zi 441900201612230011 (Song Shan Lake), Jian Bei Zheng Zi 441900201612230012 (Song Shan Lake)

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 143 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiHuiyuan ZhiHuiyuan being close to CIMC The project is RMB411,229,000 77.5% Phase 2 ZhiGu, is situated within the scenic entirely occupied area of Song Shan Lake, within the by Dongguan (Combined value RMB318,702,000 Qing Tian Road, Jin national high technology CIMC Innovation of Group III-3 & Duo Gang, Song Shan development area, approximately 30 Industrial Park III-4) (Combined value Lake, Dongguan City, minutes” drive away from Shenzhen Development of Group III-3 & Guangdong Province Baoan Airport, 60 minutes’ drive Co., Ltd. III-4) away from Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, and well accessible from various districts.

It is mainly for development of talent apartments and commercial services with a land use term expiring on 14.9.2054, and residential use with a land use term expiring on 14.9.2084.

It was completed in 5.2018 with a total Gross Floor Area of 44717.95 sq.m.

Notes:

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 41900201805250019 (Song Shan Lake) dated 25 May 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 2 Underground Unit 2 with a total gross floor area of 14,551.06 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(3) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 41900201805250010 (Song Shan Lake) dated 25 May 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 2 Residential Block Unit 5 with a total gross floor area of 10,771.37 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(4) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 41900201805250011 (Song Shan Lake) dated 25 May 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 2 Residential Block Unit 6 with a total gross floor area of 14,650.78 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

– 144 – APPENDIX II PROPERTY VALUATION REPORT

(5) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 41900201805250012 (Song Shan Lake) dated 25 May 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 2 Residential Block Unit 7 with a total gross floor area of 10,771.07 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(6) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 41900201805250013 (Song Shan Lake) dated 25 May 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd, the ZhiHuiyuan project Phase 2 Residential Block Unit 13 with a total gross floor area of 11,126.00 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(7) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(8) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

Qing Tian Road, Phase 2 State-owned (Dongguan Completed: Jian Bei Zheng Zi 41900201805250019 (Song Shan Lake), Jin Duo Gang, Government) (2014) 208 Jian Bei Zheng Zi 441900201805250010 (Song Shan Lake), Song Shan Lake, Jian Bei Zheng Zi 441900201805250011 (Song Shan Lake), Dongguan City, Jian Bei Zheng Zi 441900201805250012 (Song Shan Lake), Guangdong Jian Bei Zheng Zi 441900201805250013 (Song Shan Lake) Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 145 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-5 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiKu Phase 1 of CIMC ZhiKu was The sold portion RMB90,139,000 70% Phase 1 completed in 2016, Phase 2 of CIMC is held by various ZhiKu was completed in 2019, and owners while the (Combined value RMB63,097,000 Mei Jiang Village, Hui Phase 3 of CIMC ZhiKu is still in the unsold portion is for Group III-5 & Cheng Jie Dao, Xin process of development. The occupied by III-6) (Combined value Hui District, Jiangmen development is situated in Mei Jiang CIMC modular for Group III-5 & City, Guangdong Village, Hui Cheng Jie Dao, Xin Hui architectural III-6) Province District, Jiangmen City. The property design and is within the well established location Development in a mixed commercial and Co., Ltd. residential area.

The location is well served by public transports which are readily available within 5 minutes’ walking distance away.

As per the land use right certificate, the land right is granted for a site area of 33,353 sq.m. for scientific research purposes for a term of 50 years expiring on 13.9.2063.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate (2013) 04002 dated 18 October 2013, title ownership of the property is held under the name of CIMC modular architectural design and Development Co., Ltd. The site has an area of 33,353 sq.m. of Granted nature for Scientific Research and Education land use. Land use term expires on 13 September 2063.

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form (GD413) dated 8 July 2016 issued to CIMC modular architectural design and Development Co., Ltd, the ZhiKu project Phase 1 with a total gross floor area of 12,280.65 sq.m. has been completed and approved by Jiangmen (XinHui District) Housing and Development Authority.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 146 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Permit for Planning Commencement Permit for of State-owned Land Use Planning Permit for Construction Construction Pre-sale Address Phase Rights Certificate Construction Land Use Works Works Permit

Mei Jiang Village, 1 Xin Guo Yong (2013) 04002 Completed: Housing Construction Project and Municipal Infrastructure Hui Cheng Jie Project Completion Record Form (GD413) Dao, Xin Hui District, Jiangmen City, Guangdong Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 147 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-6 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiKu Phase 1 of CIMC ZhiKu was The sold portion RMB90,139,000 70% Phase 2 completed in 2016, Phase 2 of CIMC is held by various ZhiKu was completed in 2019, and owners while the (Combined value RMB63,097,000 Mei Jiang Village, Hui Phase 3 of CIMC ZhiKu is still in the unsold portion is for Group III-5 & Cheng Jie Dao, Xin process of development. The occupied by III-6) (Combined value Hui District, Jiangmen development is situated in Mei Jiang CIMC modular for Group III-5 & City, Guangdong Village, Hui Cheng Jie Dao, Xin Hui architectural III-6) Province District, Jiangmen City, The property design and is within the well established location Development in a mixed commercial and Co., Ltd. residential area.

It occupies a superior convenient location well served by public transports which are readily available within 5 minutes’ walking distance.

The land use right is granted for a site area of 33,353 sq.m. with a term expiring on 13.9.2063.

Notes:

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form (GD-E1-916) dated 29 May 2019 issued to CIMC modular architectural design and Development Co., Ltd, the ZhiKu project Phase 2 with a total gross floor area of 30,426.47 sq.m. has been completed and approved by Jiangmen (XinHui District) Housing and Development Authority.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 148 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

Mei Jiang Village, 2 Xin Guo Yong (2013) 04002 Completed: Housing construction project and municipal infrastructure Hui Cheng Jie project completion record form (GD-E1-916) Dao, Xin Hui District, Jiangmen City, Guangdong Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 149 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-7 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu CIMC ZhiGu is situated within the The project is RMB1,304,331,000 77.5% Phase 1 scenic area of Song Shan Lake, entirely occupied Block 6, Units ACD within the national high technology by Dongguan (Combined value RMB1,010,857,000 development area, approximately 30 CIMC Innovation for Group III-7, No.1 Nanshan Road, minutes’ drive away from Shenzhen Industrial Park III-8 & III-9) (Combined value Song Shan Lake High Baoan Airport, 60 minutes’ drive Development for Group III-7, Tech Development away from Guangzhou Bai Yun Co., Ltd. III-8 & III-9) Zone, Dongguan City, Airport, 90 minutes’ drive away from Guangdong Province HK International Airport, well accessible from various districts.

Phase 1 of CIMC ZhiGu is mainly for development of offices and scientific research with a land use term expiring on 1.8.2063, and the development was completed in 12.2015 with a total Gross Floor Area of 67,358.71 sq.m.

Notes:

(1) Pursuant to State-owned (Dongguan Government) Land Use Right Certificate (2014) 145 dated 13 June 2014, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 64,557.0 sq.m. of Granted nature for Scientific Research Design land use. Land use term expires on 1 August 2063.

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201512230012 (Song Shan Lake) dated 23 December 2015 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd., the ZhiGu Project Phase 1 Commercial Buildings Block 6 with a total gross floor area of 3,592.10 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 150 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Permit for Planning Commencement Permit for of State-owned Land Use Planning Permit for Construction Construction Pre-sale Address Phase Rights Certificate Construction Land Use Works Works Permit

No.1 Nanshan Unit A, State-owned (Dongguan Completed: Jian Bei Zheng Zi 441900201512230012 (Song Shan Lake) Road, Song Shan C&D, Government) (2014) 145 Lake High Tech Block 6, Development Zhigu Zone, Dongguan Phase 1 City, Guangdong Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 151 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-8 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu CIMC ZhiGu is situated within the The project is RMB1,304,331,000 77.5% Phase 3 scenic area of Song Shan Lake, entirely occupied Block 21 and car within the national high technology by Dongguan (Combined value RMB1,010,857,000 parking space development area, approximately 30 CIMC Innovation for Group III-7, minutes’ drive away from Shenzhen Industrial Park III-8 & III-9) (Combined value No.1 Nanshan Road, Baoan Airport, 60 minutes’ drive Development for Group III-7, Song Shan Lake High away from Guangzhou Bai Yun Co., Ltd. III-8 & III-9) Tech Development Airport, 90 minutes’ drive away from Zone, Dongguan City, HK International Airport, well Guangdong Province accessible from various districts.

Phase 3 of CIMC ZhiGu is mainly for development of offices and scientific research with a land use term expiring on 22.2.2065, and the development was completed in 12.2018 with a total Gross Floor Area of 46,100.39 sq.m.

Notes:

(1) Pursuant to State-owned (Dongguan Government) Land Use Right Certificate (2014) 87 dated 8 September 2015, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 16,533.31 sq.m. of Granted nature for Scientific Research land use. Land use term expires on 22 February 2065.

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201812280077 (Song Shan Lake) dated 28 December 2018 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd., the ZhiGu Project Phase 3 Commercial Buildings Block 21 and Parking Spaces with a total gross floor area of 8,467.83 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 152 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Permit for Planning Commencement Permit for of State-owned Land Use Planning Permit for Construction Construction Pre-sale Address Phase Rights Certificate Construction Land Use Works Works Permit

No.1 Nanshan Block 21 & State-owned (Dongguan Completed: Jian Bei Zheng Zi 441900201812280077 (Song Shan Lake) Road, Song Shan Parking Government) (2015) 87 Lake High Tech Space, Development Zhigu Zone, Dongguan Phase 3 City, Guangdong Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 153 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-9 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu Phase 4 CIMC ZhiGu is situated within the The project is RMB1,304,331,000 77.5% Block 25 scenic area of Song Shan Lake within entirely occupied the national high technology by Dongguan (Combined value RMB1,010,857,000 No.1 Nanshan Road, development area, approximately 30 CIMC Innovation for Group III-7, Song Shan Lake High minutes’ drive away from Shenzhen Industrial Park III-8 & III-9) (Combined value Tech Development Baoan Airport, 60 minutes’ drive Development for Group III-7, Zone, Dongguan City, away from Guangzhou Bai Yun Co., Ltd. III-8 & III-9) Guangdong Province Airport, 90 minutes’ drive away from HK International Airport, well accessible from various districts.

Phase 2 of CIMC ZhiHuiyuan is mainly for development of talent apartments and commercial services with a land use term expiring on 14.9.2054, and residential uses with a term expiring on 14.9.2084.

The development was completed in 5.2018 with a total Gross Floor Area of 68,638.01 sq.m.

Notes:

(1) Pursuant to State-owned (Dongguan Government) Land Use Right Certificate (2014) 85 dated 7 September 2015, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 21,988.14 sq.m. of Granted nature for Scientific Research land use. Land use term expires on 22 February 2065.

(2) Pursuant to Housing Construction Project and Municipal Infrastructure Project Completion Record Form Jian Bei Zheng Zi 441900201907180003 (Song Shan Lake) dated 18 July 2019 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd., the ZhiGu Project Phase 4 Residential and Commercial Buildings Block 25 with a total gross floor area of 13,318.12 sq.m. has been completed and approved by Dongguan Housing and Development Authority.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 154 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Permit for Planning Commencement Permit for of State-owned Land Use Planning Permit for Construction Construction Pre-sale Address Phase Rights Certificate Construction Land Use Works Works Permit

No.1 Nanshan Block 25, State-owned (Dongguan Completed: Jian Bei Zheng Zi 441900201907180003(Song Shan Lake) Road, Song Shan Zhigu Government)(2015)85 Lake High Tech Phase 4 Development Zone, Dongguan City, Guangdong Province

According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 155 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-10 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Talent The property was developed by The sold portion RMB16,243,000 100% Apartment Shenzhen CIMC Junyu Real Estate is held by various Co., Ltd as Qing Ying Jia Yuan Xili owners while the RMB16,243,000 Shi Gu Road, Nanshan Talent An Ju Project. unsold portion is District, Shenzhen occupied by It is situated at Shi Gu Road, Shenzhen CIMC Nanshan District, Shenzhen well Junyu Real Estate accessible from various districts and Co., Ltd. served by public transports. It occupies a superior convenient location, approximately 600 metres away from Shenzhen Metro Line 5. Qing Ying Hui Kindergarten is next by. The development was completed in 9.2014. The site area is 12,801.29 sq.m.

The development has a sold portion including 14 apartments which have not been handed over. The total area of this portion is 1,155.88 sq.m.

Notes:

(1) Pursuant to the Completion Acceptance Report for Construction Projects (GD411) dated 30 September 2014, the project site with a total gross floor area of 84,583.15 sq.m. is held under the name of Shenzhen CIMC Junyu Real Estate Co., Ltd. The project has been completed and approved by Shenzhen (Nanshan District) Urban Development Authority.

(2) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

For the property listed in Group III – 10, the Xili Talent An Ju Project Outsource Agreement was signed in 2011 between China International Marine Containers (Group) Co., Ltd., Nanshan District People’s government, and Shenzhen Xinwei Industrial Co., Ltd.

– 156 – APPENDIX II PROPERTY VALUATION REPORT

China International Marine Containers (Group) Co., Ltd. issued a “certificate of authorization” to Nanshan District Housing and Development Bureau on 22 July 2014, entrusting Shenzhen CIMC Junyu Real Estate Co., Ltd as its representative on its management, rights and obligations for the street front commercial shop premises with an area of 6,500 sq.m. (to include the leasing and operation of residential and kindergarten premises). As per above mentioned project, Shenzhen Zhongji Junyu Real Estate Co., Ltd has obtained the Completion Acceptance Report for Construction Projects on 30 September 2014.

Permit for Planning Commencement Permit for of State-owned land use Planning Permit for Construction Construction Pre-sale Address Phase rights certificate Construction Land Use Works Works Permit

Shi Gu Road, / Obtained the Completion Acceptance Report for Construction Projects Nanshan District, Shenzhen

(4) According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 157 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at III-11 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Taiziwan Seaside Taiziwan Seaside Building is situated The sold portion RMB4,687,703,000 36.75% Building at Taizi Wan Area beside Shekou Port is held by various Avenue, Nanshan District, Shenzhen. owners while the (Combined value RMB1,722,731,000 Taiziwan Area beside unsold portion is for Group Shekou Port Avenue, It is situated within the commercial occupied by III-11&12) (Combined value Nanshan District, core district of Shenzhen, next to Shenzhen for Group Shenzhen waterfront, close to Hong Kong Taiziwan III-11&12) Special Administrative Region, in the Shangrong Real vicinity of Shenzhen Metro Line 2, Estate Co., Ltd. approximately 25 km away from Shenzhen Baoan Airport, 3 km away from Shekou Ferry Terminal, in the surrounding of Nanshan Park and landscaped area of Shenzhen Bay Park.

The land use right is granted for commercial purposes for a site area of 12,409.34 sq.m., planning for a total Gross Floor Area of 59,225.592 sq.m. for use as office and business apartment. It was completed in 12.2019.

Land use right is granted for 40 years from 9.8.2016 to 8.8.2056.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Yue (2017) Shenzhen Real Estate 0161945 dated 13 October 2017, title ownership of the property is held under the name of Shenzhen Taiziwan Shangrong Real Estate Co., Ltd. The site has an area of 12,409.34 sq.m. of Granted nature for Commercial land use. Land use term is for 40 years from 9 August 2016 to 8 August 2056.

(2) Pursuant to Shenzhen City State-owned Land Use Right Grant Contract(2011)8040 dated 26 November 2011, the land with a site are of 697,639.7 sq.m. has been contracted to be granted to China Merchants Shekou Industrial Zone Holdings Co., Ltd for the integrated use for commercial facilities, warehouses, freight terminals and residential buildings. The land grant premium is in the amount of RMB6,439,000,000.

(3) Pursuant to the Completion Acceptance Report for Construction Projects(NS-2019-0054)dated 19 November 2019, the project Taiziwan Seaside Building with a total gross floor area of 86,381.02 sq.m. is held under the name of Shenzhen Taiziwan Shangrong Real Estate Co., Ltd. The project has been completed and approved by Shenzhen Urban Planning and Natural Resources Bureau.

(4) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 158 – APPENDIX II PROPERTY VALUATION REPORT

(5) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

(6) According to the information provided to us, the status of title and grant of major approvals and licences are as follows:

– 159 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to Particulars of existing state as the Company as III-12 Property Description of Tenure Occupancy at 30 June 2020 at 30 June 2020

Taiziwan Bay & Sea Taiziwan Bay & Sea Building is The sold portion RMB4,687,703,000 36.75% Building situated at Taizi Wan Area beside is held by various Shekou Port Avenue, Nanshan owners while the (Combined value RMB1,722,731,000 Taiziwan Area beside District, Shenzhen, within the unsold portion is for Group Shekou Port Avenue, commercial core district of occupied by III-11&12) (Combined value Nanshan District, Shenzhen, next to waterfront, close to Shenzhen for Group Shenzhen Hong Kong Special Administrative Taiziwan III-11&12) Region, in the vicinity of Shenzhen Shangtai Real Metro Line 2, approximately 25 km Estate Co., Ltd. away from Shenzhen Baoan Airport, 3 km away from Shekou Ferry Terminal, in the surrounding of Nanshan Park and landscaped area of Shenzhen Bay Park.

The land use right is granted for commercial purposes for a site area of 11,609.15, planning for a total Gross Floor Area of 62,146.97 sq.m. for use as office and business industrial. It was completed in 3.2020.

Land use right is granted for 40 years from expiring on 8.8.2056.

Notes:

(1) Pursuant to Shenzhen City State-owned Land Use Right Grant Contract (2011) 8040 dated 26 November 2011, the land with a site are of 697,639.7 sq.m. has been contracted to be granted to China Merchants Shekou Industrial Zone Holdings Co., Ltd for the integrated use for commercial facilities, warehouses, freight terminals and residential buildings. The land grant premium is in the amount of RMB6, 439,000,000.

(2) Pursuant to the Shenzhen Real Estate Pre-sale Permit (2019) Nanshan 004 dated 18 April 2019 issued to Shenzhen Taiziwan Shangtai Real Estate Co., Ltd, permission was granted to pre-sell the project Taiziwan Bay & Sea Building with a total gross floor area of 62,146.97 sq.m.; being 29,794.69 sq.m. and 92 units for Commercial Apartments, 2,946.74 sq.m. and 22 units for Commercial, and 29,405.54 sq.m. and 108 units for Office.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Client’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

– 160 – APPENDIX II PROPERTY VALUATION REPORT

(5) According to the information provided to us, the status of title and grant of major approvals and licenses are as follows:

– 161 – APPENDIX II PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

Group IV Completed properties held for investment

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-1 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Wenchang The property comprises hotel and The property has RMB486,154,000 100% Commercial Center investment properties completed in been leased to 2019. multiple tenants (Combined value RMB486,154,000 No. 618 Wen Chang including G/F for IV-1, IV-2 & Middle Road, It is situated at the east of University No. 1 IV-3) (Combined value Yangzhou City North Road, north of Wen Chang Commercial for IV-1, IV-2 & Middle Road, Yangzhou City within Building North IV-3) the well established commercial and Arc, residential area. Wen Chang Middle 1 to 5 levels, Road is one of the arterial roads No. 3 within the well developed 1 to 3 levels and commercial and residential district 276 numbers of where the shopping centres attract carparks. mass shoppers’ flow.

It occupies a superior convenient location well served by public transports which are readily available within 10 minutes’ walk.

As per Jiangsu Province Land Use Rights Certificate, the site area is 24,128 sq.m.

The land use right is granted for a term of 40 years from 23.4.2014 to 23.4.2054.

– 162 – APPENDIX II PROPERTY VALUATION REPORT

Notes:

(1) The property is tenanted occupied for a term of 9 years from 22/12/2019 to 21/12/2028 at a monthly rent of RMB348,733 exclusive of management fees. The property is fully leased out.

(2) Pursuant to State-owned Land Use Right Certificate Real Estate Certificate Su (2016) Yang Zhou real estate 0125720 dated 26 September 2016, title ownership of the property is held under the name of Yangzhou CIMC Hongyu Real Estate Co., Ltd. The site has an area of 24,128.0 sq.m. of Granted nature for Commercial Service Financial land use Commercial and financial land. Land use term is 40 years from 23 April 2014 to 23 April 2054.

(3) Pursuant to a Commissioned Lease Management Contract dated 27 December 2017 signed between Yangzhou CIMC Hongyu Real Estate Co., Ltd (Party A) and Yangzhou CIMC Wenchang Commercial Center Management Ltd. (Party B), the Property Yangzhou CIMC Wenchang Commercial Center comprising Above Ground Commercial Block 1 North Arc 1/F – 5/F, Block 3 1/F – 3/F, and 276 car parking spaces with a total Gross Floor Area of 22,653.09 sq.m. is leased by Party A to Party B for a period from 22 December 2018 to 21 December 2028 at a total rent of RMB78,850,000 payable annually.

(4) Pursuant to Record form of construction project completion acceptance (3210011603140101-JX-001)dated 26 November 2018 issued to Yangzhou CIMC Hongyu Real Estate Co., Ltd, the project with a total gross floor area of 58,127.42 sq.m. above ground and 30,291.41 sq.m. underground has been completed and approved by Yangzhou Housing and Development Authority.

(5) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(6) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Pursuant to Mortgage Agreement No. 520810050D20200212, the real estate right is subject to a mortgage to Bank of China Limited Jiangdu sub branch with a guarantee amount of RMB300,000,000 for 144 months.

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project location Stage Certificate Planning Permit Permit Permit Permit

No. 618, Wenchang Building 1 Su (2016) Yang Zhou real Completed: Record form of construction project completion Middle Road, estate 0125720 acceptance(3210011603140101-JX-001) Hanjiang District, Yangzhou City

– 163 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Wenchang The property comprises hotel and The property has RMB486,154,000 100% Commercial Center investment properties completed in been leased to 2019. multiple tenants (Combined value RMB486,154,000 No. 618 Wen Chang including G/F for IV-1, IV-2 & Middle Road, It is situated at the east of University No. 1 IV-3) (Combined value Yangzhou City North Road, north of Wen Chang Commercial for IV-1, IV-2 & Middle Road, Yangzhou City within Building North IV-3) the well established commercial and Arc, 1 to 5 levels, residential area. Wen Chang Middle No. 3 Road is one of the arterial roads 1 to 3 levels and within the well developed 276 numbers of commercial and residential district carparks. where the shopping centres attract mass shoppers’ flow.

It occupies a superior convenient location well served by public transports which are readily available within 10 minutes’ walk.

As per Jiangsu Province Land Use Rights Certificate, the site area is 24,128 sq.m.

The land use right is granted for a term of 40 years from 23.4.2014 to 23.4.2054.

Notes:

(1) The property is tenanted occupied for a term of 9 years from 22/12/2019 to 21/12/2028 at a monthly rent of RMB348,733 exclusive of management fees. The property is fully leased out.

(2) Pursuant to State-owned Land Use Right Certificate Yang Xing Guo Yong (2013) Di 87940 Hao dated 14 May 2013, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 1161.25 sq.m. for Commercial land use. Land use term is for 29 years from 14 May 2013 to 1 May 2042.

(3) Pursuant to Yangzhou Housing Ownership Certificate 2013017593 dated 1 April 2013, the project site with a total gross floor area of 1,614.64 sq.m. has been granted for commercial land use to Yangzhou CIMC Huayu Hotel Investment Co., Ltd.

(4) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

(5) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

– 164 – APPENDIX II PROPERTY VALUATION REPORT

30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Construction Real project estate Project Land use planning Construction sales Project location staging Land certificate planning permit permit permit license

No. 308, Yangzi / Yang Xing Guo Yong (2013) Yangzhou Housing Ownership Certificate Wei Zi Di 2013017593 River North Di 87940 Hao Road

– 165 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Wenchang The property comprises hotel and The property has RMB486,154,000 100% commercial center investment properties completed in been leased to 2019. multiple tenants (Combined value RMB486,154,000 No. 618 Wen Chang including G/F for IV-1, IV-2 & Middle Road, It is situated at the east of University No. 1 Commercial IV-3) (Combined value Yangzhou City North Road, north of Wen Chang Building North for IV-1, IV-2 & Middle Road, Yangzhou City within Arc, 1 to 5 levels, IV-3) the well established commercial and No. 3 residential area. Wen Chang Middle 1 to 3 levels and Road is one of the arterial roads 276 numbers of within the well developed carparks. commercial and residential district where the shopping centres attract mass shoppers’ flow.

It occupies a superior convenient location well served by public transports which are readily available within 10 minutes’ walk.

As per Jiangsu Province Land Use Rights Certificate, the site area is 24,128 sq.m.

The land use right is granted for a term of 40 years from 23.4.2014 to 23.4.2054.

Notes:

(1) The property is tenanted occupied for a term of 9 years from 22/12/2019 to 21/12/2028 at a monthly rent of RMB348,733 exclusive of management fees. The property is fully leased out.

(2) Pursuant to State-owned Land Use Right Certificate Yang Xing Guo Yong (2013) Di 2013036 Hao dated 27 February 2013, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 8,616.2 sq.m. of commercial land use. Land use term is for 29 years from 27 February 2013 to 16 September 2042.

(3) Pursuant to Yangzhou Housing Ownership Certificate 2016045174 dated 24 May 2016, the project site with a total gross floor area of 20,929.97 sq.m. has been granted for Hotel and associated Commercial land use to Yangzhou CIMC Huayu Hotel Investment Co., Ltd.

(4) Pursuant to Yangzhou Housing Ownership Certificate 2016045175 dated 24 May 2016, the project site with a total gross floor area of 782.05 sq.m. has been granted for Hotel and associated Commercial land use to Yangzhou CIMC Huayu Hotel Investment Co., Ltd.

(5) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 166 – APPENDIX II PROPERTY VALUATION REPORT

(6) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real project estate Project Land use planning Construction sales Project location staging Land certificate planning permit permit permit license

No. 368, Yangzi / Yang Xing Guo Yong (2013) Yangzhou Housing Ownership Certificate Wei Zi Di 2016045174, River North Di 2013036 Hao 2016045175 Road

– 167 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Grand Skylight Hotel The property was completed in 2013, The property is RMB204,694,000 100% it is situated at No.368 Yangzijiang occupied for own No.368 North Road, Han Jiang District, use. (Combined value RMB204,694,000 Yangzijiang North Yangzhou City. for IV-4 & IV-5) Road, Han Jiang (Combined value District, Yangzhou It occupies a superior convenient for IV-4 & IV-5) City, Jiangsu Province location well served by public transports which are readily available with 5 minutes’ walking distance. Schools are close by.

As per Jiangsu Province Land Use Rights Certificate, the Gross Floor Area of the hotel portion is 21,712.02 sq.m., and the Gross Floor Area of Purple Gold Club is 3,390.64 sq.m., and the Gross Floor Area of kindergarten is 3,451.21 sq.m.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Yang Xing Guo Yong (2013) Di 87940 Hao dated 14 May 2013, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 1161.25 sq.m. for commercial land use. Land use term is for 29 years from 14 May 2013 to 1 May 2042.

(2) Pursuant to Yangzhou Housing Ownership Certificate 2013017593 dated 1 April 2013, the project site with a total gross floor area of 1,614.64 sq.m. has been granted for commercial land use to Yangzhou CIMC Huayu Hotel Investment Co., Ltd.

(3) Since the final project output has already been approved by the authority, the prerequisites (all types of working permit) will not be stated here.

– 168 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land use Planning Construction Pre-sales Project location staging Land Use Right Certificate Planning Permit Permit permit Permit

Room 101, / Yang Xing Guo Yong (2013) Yangzhou Housing Ownership Certificate Wei Zi Di 2013017593 building 34, No. Di 87940 Hao 308, Yangzi River North Road (Oriental Lily Garden)

– 169 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-5 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Grand Skylight Hotel The property was completed in The property is RMB204,694,000 100% Main Block 2016, it is situated at No.368 occupied for own Yangzijiang North Road, Han Jiang use. (Combined value RMB204,694,000 No.368 District, Yangzhou City. for IV-4 & IV-5) Yangzijiang North (Combined value Road, Han Jiang Zijin Club is located at No.10 Wen for IV-4 & IV-5) District, Yangzhou Chang West Road. The locations City, Jiangsu Province are within well established commercial and residential area.

It occupies a superior convenient location well served by public transports which are readily available with 5 minutes’ walking distance. Schools are close by.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Yang Guo Yong (2011) Di 0601 Hao dated 24 October 2011, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 5638.1 sq.m. for Scientific Research land use. Land use term is for 48 years from 24 October 2011 to 20 October 2059.

(2) Pursuant to Housing Ownership Certificate Su (2017) Yang Zhou Shi Real Estate Di 0148321 dated 26 December 2017, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 3390.64 sq.m. of Commercial and financial land. Land use term is for 33 years from 26 December 2017 to 13 February 2050.

– 170 – APPENDIX II PROPERTY VALUATION REPORT

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Planning Construction Pre-sales Project location staging Land Use Right Certificate Planning Permit Permit Permit Permit

No. 10 Wenchang / Yang Guo Yong (2011) Di Housing Ownership Certificate: Su (2017) Yang Zhou Shi Real Estate Di West Road (Zijin 0601 Hao 0148321 Wenchang Park) underground garage supporting business room

– 171 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-6 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Zijin Club Zijin Club was completed in 2017, it The property has RMB25,396,000 100% No.308 is located at No.10 Wen Chang West been leased out. Road. The locations are within well RMB25,396,000 Yangzijiang North established commercial and Road, Han Jiang residential area. District, Yangzhou City, Jiangsu Province It occupies a superior convenient location well served by public transports which are readily available with 5 minutes’ walking distance. Schools are close by.

Notes:

(1) The property is tenanted occupied for a term of 1 year from 1/1/2020 to 31/12/2020 at a monthly rent of RMB116,667 exclusive of management fees. The property is fully leased out.

(2) Pursuant to State-owned Land Use Right Certificate Yang Guo Yong (2011) Di 0601 Hao dated 24 October 2011, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 5638.1 sq.m. for Scientific Research land use. Land use term is for 48 years from 24 October 2011 to 20 October 2059.

(3) Pursuant to Yangzhou Housing Ownership Certificate Wei Zi Di 2011004936 dated 16 December 2010, ownership of the land is held under the name of Yangzhou CIMC Huayu Hotel Investment Co., Ltd. The site has an area of 3451.21 sq.m. kindergarten land. Land use term is for 69 years from 16 December 2010 to 18 December 2079.

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

(5) As stated by the Company, items listed in Group IV – 6, 9 to 12 are properties purchased by the relevant subsidiaries of the Company. These properties have obtained the title certificates, and the Company can independently possess and use these properties in accordance with the uses indicated in the corresponding title certificates for the period of use specified in such title certificates.

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project location Stage Certificate Planning Permit Permit Permit Permit

No. 308, Yangzi / Yang Guo Yong (2011) Di Yangzhou Housing Ownership Certificate Wei Zi Di 2011004936 River North 0601 Hao Road

– 172 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-7 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Grand Skylight Hotel The property was completed in 2010, The property has RMB12,735,000 100% Kindergarten Building it is situated at been leased out. No.368 Yangzijiang North Road, Han RMB12,735,000 No.308 Yangzijiang Jiang District, Yangzhou City. North Road, Han Jiang District, Yangzhou The locations are within well City, Jiangsu established commercial and residential area.

It occupies a superior convenient location well served by public transports which are readily available with 5 minutes’ walking distance. Schools are close by.

Notes:

(1) The property is tenanted occupied for a term of 10 years and 3 months from 1/6/2011 to 31/8/2021 at a monthly rent of RMB25,450 exclusive of management fees. The property is fully leased out.

– 173 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project location Stage Certificate Planning Permit Permit Permit Permit

No. 308, Yangzi / Yang Guo Yong (2011) Yangzhou Housing Ownership Certificate Wei Zi Di 2011004936 River North Di 0601 Hao Road

– 174 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-8 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiGu CIMC Zhi Gu phase 1 was completed Portion of the RMB966,832,000 77.5% in 2015, CIMC Zhi Gu phase 4 was property has been No.1 Nanshan Road, completed in 2019. CIMC Zhi Gu leased out. RMB749,295,000 Song Shan Lake Hi phase 5&6 are expected to be Tech Development completed in 2020. Unleased portion Zone, Dongguan City, of the property is Guangdong Province The property is situated within the occupied for own scenic area of Song Shan Lake, use. within the national high technology development area, approximately 30 minutes” drive away from Shenzhen Baoan Airport, 60 minutes’ drive away from Guangzhou Bai Yun Airport, 90 minutes’ drive away from HK International Airport, well accessible from various districts.

It is mainly for development of commercial and offices and the land use is for scientific research.

Phase 1 of Zhi Gu having a total Gross Floor Area of 67,358.71 sq.m. was completed in 12.2015 for use as offices with a land use term expiring on 1.8.2063.

Phase 4 of Zhi Gu having a total Gross Floor Area of 101,088.791 sq.m. was completed in 1.2015 for use as offices with a land use term expiring on 22.2.2065.

Phase 5 of Zhi Gu having a total Gross Floor Area of 33,216 sq.m. was completed in 6.2020 for use as offices with a land use term expiring on 22.2.2065.

Phase 6 of Zhi Gu having a total Gross Floor Area of 33,469.27 sq.m. is estimated to be completed in 12.2020 for use as offices with a land use term expiring on 22.2.2065.

– 175 – APPENDIX II PROPERTY VALUATION REPORT

Notes:

(1) Zhi Gu Phase 1 Block 2, Zhi Gu Phase 5 26#1/F (101-104), Zhi Gu Phase 5 26#2/F (203), Zhi Gu Phase 6 29#1/F (101-111), Zhi Gu Phase 6 29#5/F-11/F and Zhi Gu Phase 1, 6#B are occupied for own use.

Zhi Gu Phase 1, 9# is tenanted under several tenancies at a total monthly rent of RMB373,799 exclusive of management fees. The amount of vacant space is around 14,003 sq. m., representing 69%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 1, 9# 4/F 403 2018/10/22 – 2023/10/21 15,930 Zhi Gu Phase 1, 9# 4/F 401-1 2019/02/16 – 2020/08/15 23,640 Zhi Gu Phase 1, 9# 5/F & 110 2017/05/01 – 2022/04/30 202,461 Zhi Gu Phase 1, 9# 4/F 416 & 417 2017/08/16 – 2020/08/15 49,517 Zhi Gu Phase 1, 9# 1/F 101 2018/01/01 – 2020/12/31 12,709 Zhi Gu Phase 1, 9# 4/F 415 2018/05/01 – 2022/04/30 42,778 Zhi Gu Phase 1, 9# 4/F 412 2018/09/01 – 2022/04/30 1,160 Zhi Gu Phase 1, 9# 1/F 104 2018/11/15 – 2023/11/14 15,049 Zhi Gu Phase 1, 9# 4/F 405 2019/09/01 – 2020/08/31 1,964 Zhi Gu Phase 1, 9# 1/F 105 2018/05/01 – 2022/04/30 3,628 Zhi Gu Phase 1, 9# 4/F 402 2018/03/16 – 2022/08/15 4,963

Total 373,799

Zhi Gu Phase 1, 1#201-305, 401-405 is tenanted under several tenancies at a total monthly rent of RMB75,058 exclusive of management fees. The amount of vacant space is around 3,110 sq. m., representing 65%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 1, 1# A 2/F 204-2 2018/03/20 – 2021/03/19 2,917 Zhi Gu Phase 1, 1# B 4/F 406 2017/08/01 – 2020/07/31 4,874 Zhi Gu Phase 1, 1# B 4/F 402-2 2018/06/01 – 2021/05/31 4,862 Zhi Gu Phase 1, 1# B 4/F 405 2019/08/01 – 2022/01/31 11,998 Zhi Gu Phase 1, 1# B 3/F 304 2019/06/01 – 2022/05/31 12,451 Zhi Gu Phase 1, 1# B 3/F 306 2019/06/01 – 2022/08/31 4,619 Zhi Gu Phase 1, 1# B 3/F 303 2018/02/01 – 2021/01/31 7,965 Zhi Gu Phase 1, 1# B 3/F 302-1 2019/03/01 – 2022/02/28 4,721 Zhi Gu Phase 1, 1# A 2/F 205-206 2020/01/01 – 2022/12/31 16,712 Zhi Gu Phase 1, 1# B 4/F 402-1 2020/06/01 – 2023/05/31 3,939

Total 75,058

– 176 – APPENDIX II PROPERTY VALUATION REPORT

Zhi Gu Phase 1, 1#1F is tenanted under several tenancies at a total monthly rent of RMB45,240 exclusive of management fees. The amount of vacant space is around 0 sq. m., representing 0%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 1, 1# B 1/F 103 & 104 2016/03/28 – 2020/12/31 9,812 Zhi Gu Phase 1, 1# B 1/F 101 2016/06/01 – 2020/12/31 4,923 Zhi Gu Phase 1, 1# A 1/F 102 & 103 2017/01/01 – 2021/12/31 8,200 Zhi Gu Phase 1, 1# B 1/F 102 2016/07/01 – 2020/12/31 9,086 Zhi Gu Phase 1, 1# B 1/F 105 2017/04/18 – 2022/04/17 10,345 Zhi Gu Phase 1, 1# A 1/F 101 2017/03/01 – 2022/02/28 2,874

Total 45,240

Zhi Gu Phase 4, 23#2-5F is tenanted under several tenancies at a total monthly rent of RMB90,366 exclusive of management fees. The amount of vacant space is around 5,085 sq. m., representing 69%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 4, 23# 4/F 401 2019/08/01 – 2024/07/31 17,921 Zhi Gu Phase 4, 23# 4/F 404 2019/08/01 – 2024/07/31 22,432 Zhi Gu Phase 4, 23# 4/F 402 2019/10/01 – 2024/09/30 16,812 Zhi Gu Phase 4, 23# 2/F 201 2019/11/01 – 2024/10/31 15,702 Zhi Gu Phase 4, 23# 4/F 403-1 2019/11/01 – 2024/10/31 7,339 Zhi Gu Phase 4, 23# 4/F 403-2 2019/11/01 – 2024/10/31 10,160

Total 90,366

Zhi Gu Phase 4, 23#1F is tenanted under several tenancies at a total monthly rent of RMB80,119 exclusive of management fees. The amount of vacant space is around 241 sq. m., representing 16%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 4, 23# 1/F 101 2019/05/13 – 2024/05/12 8,642 Zhi Gu Phase 4, 23# 1/F 108-109 2019/05/06 – 2024/05/05 20,949 Zhi Gu Phase 4, 23# 1/F 106-107 2019/07/01 – 2024/06/30 25,610 Zhi Gu Phase 4, 23# 1/F 104 2019/05/01 – 2024/04/30 7,684 Zhi Gu Phase 4, 23# 1/F 103 2019/05/01 – 2024/04/30 5,633 Zhi Gu Phase 4, 23# 1/F 102 2019/05/07 – 2025/05/06 11,601

Total 80,119

– 177 – APPENDIX II PROPERTY VALUATION REPORT

Zhi Gu Phase 4, 24#2-4F is tenanted under several tenancies at a total monthly rent of RMB97,063 exclusive of management fees. The amount of vacant space is around 5,237 sq. m., representing 58%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 4, 24# 4/F 403 2019/08/01 – 2024/07/31 11,802 Zhi Gu Phase 4, 24# 4/F 402 2019/08/01 – 2024/07/31 8,501 Zhi Gu Phase 4, 24# 2/F 201-207 2019/06/11 – 2025/06/10 63,806 Zhi Gu Phase 4, 24# 4/F 401 2019/11/01 – 2024/10/31 12,954

Total 97,063

Zhi Gu Phase 4, 24#1F-2F(201/203/204) is tenanted under several tenancies at a total monthly rent of RMB84,784 exclusive of management fees. The amount of vacant space is around 116 sq. m., representing 8%. The details of tenancies are shown here below:

Monthly Rent Property Tenancy Term Before Tax (RMB)

Zhi Gu Phase 4, 24# 1/F 101-104 2019/05/01 – 2024/04/30 41,058 Zhi Gu Phase 4, 24# 1/F 105 2019/05/01 – 2024/04/30 20,336 Zhi Gu Phase 4, 24# 1/F 106 2019/09/01 – 2025/06/10 4,365 Zhi Gu Phase 4, 24# 1/F 107-108 2019/05/01 – 2024/04/30 19,025

Total 84,784

(2) Pursuant to State-owned Land Use Right Certificate for the use of state-owned land Dong Fu Guo Yong(2014)Di Te 145 Hao dated 13 June 2014, title ownership of the property is held under the name of Dongguan CIMC Innovation Industrial Park Development Co., Ltd. The site has an area of 64,557.0 sq.m. of Granted nature for Scientific Research Design land. Land use term is 49 years and expires on 1 August 2063.

(3) Pursuant to Record form of construction project completion acceptance (441900201512230005)dated 20 November 2015 issued to Dongguan CIMC Innovation Industrial Park Development Co., Ltd the project with a construction area of 4780.25 sq.m. has been completed and approved by Dongguan Housing and Urban Rural Development Authority.

– 178 – APPENDIX II PROPERTY VALUATION REPORT

(4) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

In accordance with the provisions of the Urban Real Estate Administration Law of the People’s Republic of China and other relevant laws and regulations, within the period of the rights stipulated in the relevant title certificate, the rights holder lawfully owns the land use rights of the land. According to the Company’s description, properties in Group III – 1, 3 to 12, Group IV–1to5,7–8arecompleted projects. As of June 30, 2020, the Company has acquired the right to use the land for the above-mentioned projects, and is the rightful owner of the land use rights in such items, and may independently occupy and use the above-mentioned land in accordance with the purposes indicated in the indicated in the above-mentioned title certificates for the period of use indicated in the corresponding title certificates of the completed projects.

Construction Real project estate Project Land use planning Construction sales Project location staging Land certificate planning permit permit permit license

Songshan Lake, Building 2, Dong Fu Guo Yong(2014)Di Completed: Record form of construction project completion acceptance Dongguan City phase I, Te 145 Hao 441900201512230005 Zhigu

– 179 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-9 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiHuiyuan Phase 1 of ZhiHuiyu was completed The property has RMB432,811,000 100% Phase 1 in 2016, it situated at Qing Tian been leased out. Road, Jin Duo Gang, Song Shan (Combined value RMB432,811,000 Qing Tian Road, Jin Lake, Dongguan City. ZhiHuiyuan, for IV-9 & IV-10) Duo Gang, Song Shan being close to CIMC Zhi Gu, is (Combined value Lake, Dongguan City, situated within the scenic area of for IV-9 & IV-10) Guangdong Province Song Shan Lake, within the national high technology development area.

The land use right is granted for commercial services with a term expiring on 14.9.2054, and for residential expiring on 14.9.2084.

The development is now completed. Dongguan CIMC Jingying Apartment Management Co., Ltd is now holding 219 units, with a total Gross Floor Area of 10,634.93 sq.m. of which real estate certificates for 190 units are available, and real estate certificates for the remaining 29 units are not yet available.

Notes:

(1) CIMC ZhiHuiyuan Phase 1 (Residential use) is tenanted occupied for a term of 3 years from September 23, 2019 to September 22, 2022 at monthly rent of RMB417,966 exclusive of management fees. The property is fully leased out.

CIMC ZhiHuiyuan Phase 1 (Commercial use) is tenanted occupied for a term of 3 years from September 23, 2019 to September 22, 2022 at a monthly rent of RMB94,593 exclusive of management fees. The property is fully leased out.

(2) Real estate certificate:

Yue (2018) Dong Guan Real Estate 0170355, 0166054, 0166053, 0170867, 0170861, 0170860, 0170859, 0172073, 0172074, 0172069, 0172067, 0172072, 0172077, 0172943, 0172944, 0172945, 0172941, 0172946, 0170158, 0166048, 0166049, 0170858, 0170866

Yue (2018) Dong Guan Real Estate 0179544, 0179540, 0179888, 0179541, 0179542, 01794887, 0179886, 0179884, 0179882, 0184683, 0184682, 0184691, 0184687, 0184686, 0195230, 0195231, 0178665, 0178653, 0178654, 0178657, 0178660, 0178661, 0178652

Yue (2018) Dong Guan Real Estate 0204230, 0204742, 0206698, 0206700, 0206699, 0206689, 0206690, 0206691, 0206692, 0206693, 0206697, 0206694, 0206695, 0207867, 0207866, 0207914, 0207865, 0207868, 0208493, 0208492, 0208221, 0207864, 0208491

– 180 – APPENDIX II PROPERTY VALUATION REPORT

Yue (2018) Dong Guan Real Estate 0213556, 0213559, 0215662, 0215774, 0215625, 0215724, 0215790, 0215537, 0215522, 0215509, 0215796, 0215793, 0215555, 0214852, 0214853, 0214855, 0215804, 0215805, 0215807, 0215810, 0215808, 0215768, 0215809

Yue (2018) Dong Guan Real Estate 0251830, 0251833, 0251710, 0251712, 0252145, 0254014, 0254015, 0254016, 0254011, 0255657, 0254012, 0254009 0254010, 0255658, 0254812, 0255654, 0255655, 0254813, 0255659, 0254811, 0255656, 0255003, 0255002

Yue (2018) Dong Guan Real Estate 0272057, 0263987, 0264227, 0264229, 0263988, 0264422, 0263990, 026442, 0264652, 0264651, 0267308, 0267307, 0267313, 0267305, 0269737, 0268292, 0269738, 0270799, 0271354, 0271282, 0271996, 0271995, 0272059, 0274955, 0274956, 0275692, 0272114, 0272566, 0272564, 0275690, 0272381, 0272379, 0275022, 0272108, 0272109, 0272110, 0272113, 0272054, 0272047, 0272055, 0272056, 0271836, 0272049, 0272050, 0272112, 0271837

Yue (2018) Dong Guan Real Estate 0284360, 0282030, 0282235, 0284355, 0283190, 0283189, 0283188, 0284952, 0284387, 0284946, 0284950, 0284951, 0284378, 0284947, 0284945, 0289295, 0289307, 0289286, 0289287, 0289289, 0289288, 0289290, 0289291, 0295416, 0295414, 0295408, 0295405, 0295401, 0295406

– 181 – APPENDIX II PROPERTY VALUATION REPORT

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

As stated by the Company, items listed in Group IV – 6, 9 to 12 are properties purchased by the relevant subsidiaries of the Company. These properties have obtained the title certificates, and the Company can independently possess and use these properties in accordance with the uses indicated in the corresponding title certificates for the period of use specified in such title certificates.

Construction Real Project Estate Project Land Use Right Land Use Planning Construction Pre-sales Project location Stage Certificate Planning Permit Permit Permit Permit

Songshan Lake, Zhongji Real estate certificate: Dongguan City Zhihui Yue (2018) Dong Guan Real Estate 0170355, 0166054, 0166053, 0170867, 0170861, 0170860, Garden 0170859, 0172073, 0172074, 0172069, 0172067, 0172072, 0172077, 0172943, 0172944, 0172945, Phase 1 0172941, 0172946, 0170158, 0166048, 0166049, 0170858, 0170866

Yue (2018) Dong Guan Real Estate 0179544, 0179540, 0179888, 0179541, 0179542, 0179887, 0179886, 0179884, 0179882, 0184683, 0184682, 0184691, 0184687, 0184686, 0195230, 0195231, 0178665, 0178653, 0178654, 0178657, 0178660, 0178661, 0178652

Yue (2018) Dong Guan Real Estate 0272057, 0263987, 0264227, 0264229, 0263988, 0264422, 0263990, 0264423, 0264652, 0264651, 0267308, 0267307, 0267313, 0267305, 0269737, 0268292, 0269738, 0270799, 0271354, 0271282, 0271996, 0271995, 0272059, 0274955, 0274956, 0275692, 0272114, 0272566, 0272564, 0275690, 0272381, 0272379, 0275022, 0272108, 0272109, 0272110, 0272113, 0272054, 0272047, 0272055, 0272056, 0271836, 0272049, 0272050, 0272112, 0271837

– 182 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-10 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC ZhiHuiyuan Phase 1 of ZhiHuiyuan is completed The property has RMB432,811,000 100% Phase 1 in 2016, it situated at Qing Tian been leased out. Road, Jin Duo Gang, Song Shan (Combined value RMB432,811,000 Qing Tian Road, Jin Lake, Dongguan City. ZhiHuiyuan, for IV-9 & IV-10) Duo Gang, Song Shan being close to CIMC ZhiGu, is (Combined value Lake, Dongguan City, situated within the scenic area of for IV-9 & IV-10) Guangdong Province Song Shan Lake, within the national high technology development area.

Shenzhen Chenyu Investment Development Co., Ltd is holding the development for use as talent apartments with a total Gross Floor Area of 16,288.95 sq.m.

The land use right is granted for the use of talent apartment with a term expiring on 14.9.2084 and for commercial with a term expiring on 14.9.2054.

Notes:

(1) The property is tenanted occupied for a term of 3 years from September 23, 2019 to September 22, 2022 at a monthly rent of RMB732,762 exclusive of management fees. The property is fully leased out.

(2) Real estate certificate Certificate:

Yue (2018) Dong Guan Real Estate 0221436, 0219080, 0219076, 0221439, 0219078, 0225014, 0221441, 0221979, 0225230, 0221438, 0225666, 0221653, 0226590, 0221997, 0221652, 0221976, 0221975, 0221435, 0222325, 0221430, 0218622, 0218623, 0219074

Yue (2018) Dong Guang Real Estate 0225013, 0225012, 0222328, 0225629, 0225641, 0222322, 0225663, 0225634, 0225636, 0244661, 0244713, 0226585, 0225665, 0226588, 0226586, 0225640, 0227219, 0225631, 0226592, 0225630, 0229536, 0225638, 0229533

Yue (2018) Dong Guan Real Estate 0246381, 0243602, 0241362, 0233399, 0233405, 0233398, 0233396, 0233400, 0233403, 0233394, 0233395, 0241394, 0241393, 0235867, 0235868, 0235215, 0233404, 0233397, 0229934, 0229940, 0229933, 0235871, 0235869

Yue (2018) Dong Guan Real Estate 0241361, 0244659, 0241367, 0243603, 0243601, 0243600, 0243597, 0247139, 0244657, 0244660, 0244714, 0243391, 0243393, 0243397, 0237403, 0239077, 0239076, 0239079, 0243306, 0241391, 0241385, 0241388, 0241390

Yue (2019) Dong Guan Real Estate 0154450, 0154602, 0168539, 0158178, 0168556, 0160837, 0168530, 0168491, 0158413, 0168522, 0160723, 0168440, 0160829, 0168458, 0158152, 0158161, 0168478, 0177532, 0158144, 0158038, 0168424, 0168509, 0158187, 0160714, 0160836, 0168499

– 183 – APPENDIX II PROPERTY VALUATION REPORT

Yue (2019) Dong Guan Real Estate 0199287, 0199528, 0199526, 0173438, 0199829, 0173369, 0173424, 0181101, 0173440, 0177369, 0178232, 0199301, 0177923, 0176374, 0179301, 0184497, 0199823, 0178216, 0173460, 0177380, 0201682, 0201847, 0178241, 0173497,0201854, 0173492, 0201858, 0177541, 0201872, 0178148, 0181124, 0201720, 0181133, 0173477, 0178154, 0181142, 0201727, 0183813, 0201732, 0173454, 0183782, 0201743

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real project estate Project Land use planning Construction sales Project location staging Land certificate planning permit permit permit license

Songshan Lake, CIMC Real estate certificate: Dongguan City Zhihui Yue (2018) Dong Guan Real Estate 0221436, 0219080, 0219076, 0221439, 0219078, 0225014, Garden 0221441, 0221979, 0225230, 0221438, 0225666, 0221653, 0226590, 0221997, 0221652, 0221976, Phase 1 0221975, 0221435, 0222325, 0221430, 0218622, 0218623, 0219074

Yue (2019) Dong Guan Real Estate 0199287, 0199528, 0199526, 0173438, 0199829, 0173369, 0173424, 0181101, 0173440, 0177369, 0178232, 0199301, 0177923, 0176374, 0179301, 0184497, 0199823, 0178216, 0173460, 0177380, 0201682, 0201847, 0178241, 0173497, 0201854, 0173492, 0201858, 0177541, 0201872, 0178148, 0181124, 0201720, 0181133, 0173477, 0178154, 0181142, 0201727, 0183813, 0201732, 0173454, 0183782, 0201743

– 184 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-11 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Units 202, 203, 205-6 The property comprises 4 blocks The property has RMB4,157,000 100% of Block 4 in Jipin designated as 202, 203, 205 and 206 been leased out. Garden was completed in 2008. RMB4,157,000

No. 89 Wei Yang Road, It is situated at No. 89 Wei Yang Han Jiang District, Road, Han Jiang District, Yangzhou Yangzhou City, Jiangsu City, within the well-established Province comprehensive residential area.

It occupies a superior convenient location well served by public transports which are readily available within a 5 minutes’ walking distance.

As per Jiangsu Province Real Estate Ownership Certificate, the property has a total Gross Floor Area of 472.42 sq.m., with particulars as below:

202 116.85 sq.m. 203 132.73 sq.m. 205 107.55 sq.m. 206 115.29 sq.m.

The land use right is granted for 40 years expiring on 3.7.2048.

Notes:

(1) The property is tenanted occupied for a term of 5 years from August 1, 2020 to July 31, 2025 at a monthly rent of RMB13,333 exclusive of management fees. The property is fully leased out.

(2) State-owned Land Use Right Certificate: Su (2018) Yang Zhou shi Real estate 0004422, Su (2018) Yang Zhou shi Real estate 0004430, Su (2018) Yang Zhou shi Real estate 0004431, Su (2018) Yang Zhou shi Real estate 0004416.

– 185 – APPENDIX II PROPERTY VALUATION REPORT

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction project Land use planning Construction Project location Project staging Land certificate planning permit permit permit

CIMC Jipin Garden, No. 89 Block 4 Real estate certificate: Wei Yang Road, Han Jiang Su (2018) Yang Zhou shi Real estate 0004422 District, Yangzhou City, Su (2018) Yang Zhou shi Real estate 0004430 Jiangsu Province Su (2018) Yang Zhou shi Real estate 0004431 Su (2018) Yang Zhou shi Real estate 0004416

– 186 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at IV-12 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Yingcuiyuan, Yingcuiyuan, Zhongtian International The property is RMB2,895,000 100% Zhongtian International Garden was completed in 2014. occupied for own Garden use. RMB2,895,000 It situated at No.72 Yuan Shi Road, No.72 Yuan Shi Road, Peng Jiang District, Jiangmen City Peng Jiang District, within well-established commercial Jiangmen City, and residential area. It occupies a Guangdong Province superior convenient location well served by public transports which are readily available within 5 minutes’ walking distance.

As per Guangzhou Real Estate Ownership Certificate, the subject property includes Unit 304 of Block 10, Ying Cui Yuan which has a Gross Floor Area of 165.49 sq.m. together with six carparks of No.1 Lang Qing Yuan which are designated as DX043/DX074/DX097/ DX098/DX103/DX124 totaling a Gross Floor Area of 191.84 sq.m.

The land use right is granted for 70 years expiring on 17.2.2073.

Notes:

(1) Real Estate Certificate of the unit is Jiang men Zi Di 0114112812. The ownership of the property is held under the name of Shenzhen CIMC Property Service Co. The site has a gross floor area of 165.49 sq.m. for residential use.

Real Estate Certificates of six carparks are Jiang men Zi Di 0114112819, Jiang men Zi Di 0114112707, Jiang men Zi Di 0114112808, Jiang men Zi Di 0114112816, Jiang men Zi Di 0114112814, Jiang men Zi Di 0114112712, totaling a gross floor area of 191.84 sq.m.. The ownership of the property is held under the name of Shenzhen CIMC Property Service Co.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

– 187 – APPENDIX II PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

Group V – Properties contracted to acquire in the PRC

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-1 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Qianhai CIMC The property comprises a land parcel The property is RMB4,734,356,000 75% International Business together with some constructions currently under Center works in progress, which are named construction. (Combined value RMB3,550,767,000 Ji Yun Phase 1 as Phase 1 of Qianhai CIMC for Group V-1 & International Business Center. V-2) (Combined value Nanshan Jie Dao, for Group V-1 & Nanshan District, The property comprises G/F V-2) Shenzhen commercial unites, other commercial unites, offices, business apartments and G/F carparks with a total planned land area of 18,058.26 sq.m. and a total building area of 52,683.00 sq.m.. In addition, there are also 9,991 sq.m. of underground commercials and 350 underground carparks.

According to the information of the Company, the project is scheduled for completion on 30.3.2023.

The land use right of the property is granted for 40 years expiring on 31.12.2054.

Notes:

(1) Pursuant to State-owned Land Use Right Certificate Real estate ownership certificate Yue (2019) Shen Zhen real estate property right No. 0116291 February 2019, title ownership of the property is held under the name of Qianhai Jiyun Industrial Development Co., Ltd. The site has an area of 18,058.26 sq.m. of Granted nature for Commercial land use. Land use term is for 40 years from 1 January 2015 to 31 December 2054.

(2) Planning Permit for Construction Land Use Shen Qian Hai Jian Xu Zi QH-2018-0012.

(3) Planning Permit for Construction Works Shen Qian Hai Jian Xu Zi QH-2019-0034, Shen Qian Hai Jian Xu Zi QH-2020-0001.

(4) Permit for Commencement of Construction Works Shen Qian Hai Jian Xu Zi QH-2020-0007, Shen Qian Hai Jian Xu Zi QH-2020-0019.

(5) Pursuant to the Planning Permit for Construction Works Construction project planning permit Shen Qian Hai Jian Xu Zi QH-2020-0002 dated 2 March 2020, the construction works of the comprehensive development project for Qianhai Zhongji International Business Center (phase I) with a total gross floor area of 104,020.12 sq.m. (Plot Ratio counted) and 45,331.32 sq.m. (non-Plot Ratio counted) are in compliance with the construction works requirements and have been approved.

– 188 – APPENDIX II PROPERTY VALUATION REPORT

(6) Pursuant to the Permit for Commencement of Construction Works Construction project planning permit Shen Qian Hai Jian Xu Zi QH-2020-0002 dated 9 April 2020, the construction works of the proposed development project for Phase I main project of Qianhai Zhongji International Business Center with a total gross floor area of 149,351.44 sq.m. are in compliance with the requirements for works commencement and have been approved.

(7) We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the following information:

Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” (Shen Qian Hai Di(2019)0001) on 27 December 2019, whereby it purchased the land use right of Lot T102-0290 with a land area of 18,058.26 sq.m.. The land has obtained the proof of land use right ownership (Guangdong (2019) Shenzhen Real Estate Property Rights No. 0116291).

(a) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0016) on 27 February, 2019, whereby it purchased the land use right of Lot T102-0342 with a land area of 25,160.58 sq.m.. The land use right certificate is currently being processed;

(b) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0017) on 27 December 2019, whereby it purchased the land use right of Lot T102-0330 with a land area of 4,727.42 sq.m.. The land use right certificate is currently being processed;

(c) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0018) on 27 December 2019, whereby it purchased the land use right of Lot T102-0331 with a land area of 4,400.00 sq.m.. The land use right certificate is currently being processed;

(d) Qianhai Yingji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0019) on 27 December 2019, whereby it purchased the land use right of Lot T102-0332 with a land area of 16,835.61 sq.m.. The land use right certificate is currently being processed;

(e) Qianhai chuangji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0020) on 27 December 2019, whereby it purchased the land use right of Lot T102-0333 with a land area of 5,056.88 sq.m.. The land use right certificate is currently being processed;

– 189 – APPENDIX II PROPERTY VALUATION REPORT

(f) Qianhai shengji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0021) on 27 December 2019, whereby it purchased the land use right of Lot T102-0334 with a land area of 4,419.24 sq.m.. The land use right certificate is currently being processed;

(g) Qianhai shiji (Shenzhen) Industrial Development Co., Ltd and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the “Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Land Use Rights Transfer Contract” Land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi(2019)0022) on 27 December 2019, whereby it purchased the land use right of Lot T102-0335 with a land area of 4,326.99 sq.m.. The land use right certificate is currently being processed.

According to the information and instructions provided by the Company, in addition to the items listed in the above list, the items to be included in the group’s consolidated statements are as follows:

(a) Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone (Shen Qian Hai Di He Zi (2019) No. 0001) on 27 February, 2019, and transferred the land use right of plot t102-0290, with a land area of 18,058.26 square meters, and the land ownership certificate has been obtained (Yue (2019) Shenzhen immovable property right No. 0116291);

(b) Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone (Shen Qian Hai Di He Zi (2019) No. 0016) on December 27, 2019, and transferred the land use right of plot t102-0342, with a land area of 25 square meters, The land is 160.58 square meters, and the ownership certificate of the land is being processed;

(c) Qianhai Jingji (Shenzhen) Industrial Development Co., Ltd. and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau of Shenzhen Qianhai Shenzhen-Hong Kong modern service industry cooperation zone signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0017) on December 27, 2019, and transferred plot t102-0330 with a land area of 4 square meters, The land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0018) was signed on December 27, 2019 to transfer the land use right of plot t102-0331 with a land area of 4400 square meters, and the ownership certificate of such land is currently being processed;

(d) Qianhai Yingji (Shenzhen) Industrial Development Co., Ltd. and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau of Shenzhen Qianhai Shenzhen-Hong Kong modern service industry cooperation zone signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0019) on December 27, 2019, and transferred the land use right of plot t102-0332 with a land area of 16,835.61 square meters, and the ownership certificate of the land is being processed;

– 190 – APPENDIX II PROPERTY VALUATION REPORT

(e) Qianhai chuangji (Shenzhen) Industrial Development Co., Ltd. and Shenzhen Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0020) on December 27, 2019, and transferred the land use right of plot t102-0333 with a land area of it is 5,056.88 square meters, and the ownership certificate of the land is being processed;

(f) Qianhai Shengji (Shenzhen) Industrial Development Co., Ltd. and Shenzhen Hong Kong Modern Service Industry Cooperation Zone Administration Bureau of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0021) on December 27, 2019, and transferred the land use right of plot t102-0334 with a land area of The land is 4419.24 square meters, and the ownership certificate is being processed;

(g) Qianhai Shiji (Shenzhen) Industrial Development Co., Ltd. and Shenzhen Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone Administration Bureau signed the land use right transfer contract of Shenzhen Qianhai Shenzhen Hong Kong modern service industry cooperation zone (Shen Qian Hai Di He Zi (2019) No. 0022) on December 27, 2019, and transferred the land use right of plot t102-0335 with a land area of 4,326.99 square meters, and the ownership certificate of the land is being processed.

Construction Real Project Estate Project Project Land Use Rights Land Use Planning Construction Pre-sales location staging Certificate Planning Permit Permit Permit Permit

Nanshan Jiyun Yue (2019) Shenzhen real Shen Qian Hai Jian Xu Zi Shen Qian Hai Shen Qian Hai / street, phase I estate no.0116291 QH-2018-0012 Jian Xu Zi Jian Xu Zi Nanshan QH-2019-0034, QH-2020-0007, District Shen Qian Shen Qian Hai Jian Hai Jian Xu Zi Xu Zi QH-2020-0001 QH-2020-0019

– 191 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Qianhai CIMC The property comprises a land parcel The property is RMB4,734,356,000 75% International Business together with some construction currently under Center works in progress, which is named as construction (Combined value RMB3,550,767,000 Phase 2 of Qianhai CIMC for Group V-1 & Nanshan Jie Dao, International Business Center Ji Yun. V-2) (Combined value Nanshan District, for Group V-1 & Shenzhen The property comprises G/F V-2) commercial units, other commercial units, offices, business apartments, and G/F carparks with a total planned land area of 25,160.58 sq.m. and a total building area of 110,000.00 sq.m., including 11,000 sq.m. of underground commercials and 708 underground carparks.

According to the information of the Company, the project is scheduled for completion on 31.8.2023.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0025

(2) State-owned Land Use Right Certificate Yue (2019) Shenzhen Real Estate no.0116291

(3) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Right Land Use Planning Construction Pre-sales Project location Stage Certificate Planning Permit Permit Permit Permit

Nanshan street, Phase 2 Yue (2019) Shenzhen real Shen Qian Hai Xu // / Nanshan District estate no.0116291 QH-2019-0025

– 192 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Jingji 39934 The property is a piece of land The property is RMB1,136,680,000 75% parcel. currently a piece South east of the of land, no RMB852,510,000 junction of Lin Hai The property is situated at South east construction Avenue & Qian Wan of the junction of Lin Hai Avenue & works started. No.2 Road, Nanshan Qian Wan No.2 Road, Nanshan District, Shenzhen District, Shenzhen which is an arterial road of Nanshan, well accessible by various districts, and well served by public transports.

It occupies a superior convenient location, approximately 500 metres away from Shenzhen Metro Line 2.

The site area is 4,727.41 sq.m..

The land use right is granted for 40 years expiring on 31.10.2054

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0030

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project Location Stage Certificate Planning Permit Permit Permit Permit

Subsequent Land Phase 1 In process Shen Qian Hai Xu // / Plot 05 QH-2019-0030

– 193 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Jingji 39935 The property is situated at South east The property is RMB873,210,000 75% of the junction of No.6 Ke Xin Street currently a piece South east of the & Qian Wan No.2 Road, Nanshan of land, no RMB654,908,000 junction of No.6 Ke District, Shenzhen, well accessible construction Xin Street & Qian Wan from various districts and well served works started. No.2 Road, Nanshan by public transports. District, Shenzhen It occupies a superior convenient location, approximately 400 metres away from Shenzhen Metro Line 5 Qian Wan Station.

The site area is 4,400 sq.m..

The land use right is granted for 40 years expiring on 31.12.2054.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0031.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Project Real Estate Land Use Rights Planning Construction Pre-sales Project Location Project Stage Certificate Land Use Planning Permit Permit Permit Permit

Subsequent Land Plot 05 Phase 1 In process Shen Qian Hai Xu /// QH-2019-0031

– 194 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-5 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Yingji 2009/5/3-5/4 The property is situated at South west The property is RMB3,862,115,000 75% of the junction of Ting Hai Avenue & currently a piece South west of the Qian Wan No.2 Road, Nanshan of land, no RMB2,896,586,000 junction of Ting Hai District, Shenzhen which is an construction Avenue & Qian Wan arterial road of Nanshan, well works started. No.2 Road, Nanshan accessible from various districts, and District, Shenzhen well served by public transports. It occupies a superior convenient location, approximately 400 metres away from Shenzhen Metro Line 5 Qian Wan Station.

The property has a site area of 16,835.61 sq.m..

The land use right of the property is granted for 40 years expiring on 31.12.2054.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0034.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project Location Stage Certificate Planning Permit Permit Permit Permit

Subsequent Land Phase 1 In process Shen Qian Hai Xu // / Plot 05 QH-2019-0034

– 195 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-6 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Chuangji 39939 The property is a piece of land The property is RMB964,320,000 75% parcel. currently a piece South east of the of land, no RMB723,240,000 junction of Gong The property is situated at South east construction Zheng West 2 Road & of the junction of Gong Zheng West 2 works started. Lin Hai Avenue, Road & Lin Hai Avenue, Nanshan Nanshan District, District, Shenzhen which is an Shenzhen arterial road, well accessible from various districts and well served by public transports.

It occupies a superior convenient location, approximately 600 metres away from Shenzhen Metro Line 5 Qian Wan Station.

The site area of the property is 5,056.88 sq.m.

The land use right of the property is granted for 40 years expiring on 31.12.2054.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0032.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Project Real Estate Land Use Rights Planning Construction Pre-sales Project Location Project Stage Certificate Land Use Planning Permit Permit Permit Permit

Subsequent Land Plot 05 Phase 1 In process Shen Qian Hai Xu /// QH-2019-0032

– 196 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-7 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Shengji 39940 The property is situated Along Qian The property is RMB1,283,310,000 75% Wan Road, 05 Jie Fang, Qian Hai currently a piece Along Qian Wan Road, Qian Wan Development Zone 9, of land, no RMB962,483,000 05 Jie Fang, Qian Hai Nanshan District, Shenzhen which is construction Qian Wan Development an arterial road, well accessible from works started Zone 9, Nanshan various districts and well served by District, Shenzhen public transports.

It occupies a superior convenient location, approximately 400 metres away from Shenzhen Metro Line 5 Qianwan Park Station.

The site area of the property is 4,419.24 sq.m..

The land use right is granted for a term of 40 years expiring on 31.12.2054.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0035.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project Location Stage Certificate Planning Permit Permit Permit Permit

Subsequent Land Phase 1 In process Shen Qian Hai Xu // / Plot 05 QH-2019-0035

– 197 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at V-8 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Shiji 39941 The property is situated Along The property is RMB873,240,000 75% Qian Wan Road, 05 Jie Fang, Qian currently a piece Along Qian Wan Hai Qian Wan Development Zone of land, no RMB654,930,000 Road, 05 Jie Fang, 9, Nanshan District, Shenzhen construction Qian Hai Qian Wan which is abutting street. It is well works started. Development Zone 9, accessible from various districts Nanshan District, and well served by public Shenzhen transports. It occupies a superior convenient location, approximately 400 metres away from Shenzhen Metro Line 5.

The site area of the property is 4,326.99 sq.m.. The land use right of the property is granted for 40 years expiring on 31.12.2054.

Notes:

(1) Planning Permit for Construction Land Use Shen Qian Hai Xu QH-2019-0033.

(2) We have been provided with a legal opinion on the property prepared by the Company’s PRC legal advisor, which contains, inter alia, the following information:

Construction Real Project Estate Project Land Use Rights Land Use Planning Construction Pre-sales Project Location Stage Certificate Planning Permit Permit Permit Permit

Subsequent Land Phase 1 In process Shen Qian Hai Xu // / Plot 05 QH-2019-0033

– 198 – APPENDIX II PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

Group VI – Leased properties in the PRC

Market Value Market Value in attributable to existing state the Company Particulars of as at as at VI-1 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Shenzhen Wangyuelou The property is situated at No. 1128 The property is No commercial No commercial Restaurant Wang Hai Road, Sea World, Chuan currently Value Value Wei Plaza, Block 3, Shop Units 102, occupied by No. 1128 Wanghai 202, Nanshan District, Shenzhen Shenzhen Road, Sea World, which is well accessible from various Wangyuelou Chuan Wei Plaza, districts, and well served by public Hotel Block 3, Shop Units transports. Management Ltd. 102, 202, Nanshan District, Shenzhen It occupies a superior convenient location at Sea World where the pedestrian flows are massive and the entertainment facilities are ample.

The site area of the property is 274.17 square meters.

The land use right is granted for a term of 7 years expiring on 13.1.2021.

Notes:

According to the Company, this is a leased property without any ownership of the titles. We have not been provided any ownership certificates such as Stated-owned land use right certificate. Therefore, there is no commercial value concluded for this property.

We have been provided with a legal opinion on the property prepared by the Client’s PRC legal advisor, which contains, inter alia, the information as described in the PRC Legal Opinion section point (5).

– 199 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at VI-2 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Building No.1, south The property is situated at Life The property is No commercial No commercial district, Life Financial Financial City, Jin Duo Gang Area, currently value value City Song Shan Lake New Zone, occupied by Dongguan City, Guangdong Province Dongguan Intersection of songxin which is accessible from various zhongjiyun New Town Avenue and districts and well served by public Venture West Sixth Road, transports. Industrial Park Dongguan City, the Investment PRC It occupies a superior location, near Management Co., to sceneries of Song Shan, Dongguan Ltd. City, in a beautiful setting. Clustering of industries readily assemble.

The leased area is 462,558.19 square meters.

The property is leased for a term of 20 years expiring on 30.6.2040.

Notes:

– 200 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at VI-3 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

CIMC Chuanggu The property is leased from The property has No commercial No commercial Industrial Park Shenzhen Chitong Steel Structure been partly sublet value value Co., Ltd and situated at Shi Yan Jie to several Chitong industrial Dao next to Zhou Shi Road, Shi subtenants. The park, Shi Tou Shan Tou Shan Industrial Zone, Chi remaining portion industrial zone, Tong Industrial Park, Bao’an is occupied and zhoushi road, Shiyan District, Shenzhen which is leased by town, Baoan District, accessible from various districts Shenzhen Shenzhen, the PRC and well served by public Jichuang. transports.

It occupies a superior location near to Shi Yan Reservoir where the clustering of industries are readily high.

The leased area of the property is 56,446.08 square meters.

The property is leased for a term of 12 years expiring on 31.12.2030.

Notes:

– 201 – APPENDIX II PROPERTY VALUATION REPORT

Market Value Market Value in attributable to existing state the Company Particulars of as at as at VI-4 Property Description of Tenure Occupancy 30 June 2020 30 June 2020

Youngzhou CIMC The property has been leased from The property is No commercial No commercial Wenchang Commercial 22.12.2018 from CIMC Junyu Real currently value value Center Estate Co., Ltd for a term expiring on serviced as a 21.12.2028 for the use of commercial business center Intersection of and hotel purposes. and managed by Wenchang middle road Youngzhou and University North The property is situated at East of CIMC Wenchang Road, Yangzhou City, University North Road, north of Wen Business Center the PRC Chang Middle Road, Yangzhou City, Management Ltd. within a well-established commercial and residential area. Wen Chang Middle Road is an arterial road where the shopping malls attract mass shoppers’ flow.

It occupies a superior convenient location well served by public transports which are available within 10 minutes’ walk.

As per the lease agreement, the property has a gross floor area of 22,653.09 square meters.

Notes:

– 202 – APPENDIX III VALUATION REPORT

The 100% Shareholders’ Equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. Related to the Proposed Capital Increase of Shenzhen CIMC Industry & City Development Group Co., Ltd. by Introducing Investors

Asset Valuation Report

Zhong Lian Ping Bao Zi [2020] No. 1791

Summary

China United Assets Appraisal Group Co., Ltd. is commissioned by Shenzhen CIMC Industry & City Development Group Co., Ltd. to assess the market value of the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. as at the valuation benchmark date, for the purpose of the economic activity of proposed capital increase of Shenzhen CIMC Industry & City Development Group Co., Ltd. by introducing investors.

The valuation target is the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. as at the valuation benchmark date. The scope of the valuation covers all assets and liabilities declared by Shenzhen CIMC Industry & City Development Group Co., Ltd. as at the valuation benchmark date, including current assets, financial assets available for sale, long-term equity investments, fixed assets, right-of-use assets, intangible assets, current liabilities and non-current liabilities.

The valuation benchmark date is 31 December 2019.

The type of value under the valuation is market value.

On the premise of sustainability and open market and with reference to the actual conditions of the target, the valuation takes into consideration various affecting factors, adopts the asset-based approach and the market approach to comprehensively assess Shenzhen CIMC Industry & City Development Group Co., Ltd., and then compares the results of these two approaches. Considering the applicability of the approach and the satisfaction of the valuation purpose, the valuation adopts the result derived by using the asset-based approach as the final valuation conclusion.

Based on the judgment of equity holders and the management about future development trends and the implementation of operation plans, the market value of the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. as at the valuation benchmark date, being 31 December 2019, is RMB5,369,962.8 thousand.

The valuation has not considered the premium or the discount arising from the entitlement of control or the lack of control.

– 203 – APPENDIX III VALUATION REPORT

In using the conclusion of the valuation, users of the report should note the following matters and the special matters and subsequent significant events set out in the report when using the report.

Pursuant to the CIMC Qianhai Project Cooperation Framework Agreement and the relevant supplemental agreements, Shenzhen CIMC Industry & City Development Group Co., Ltd. has invested in the following assets in subsequent periods.

(1) 75% equity interest of Qianhai CIMC International Business Center Phase I (the land parcel 02-09 [T102-0290] of Qianhai Jiyun) and Phase II (the land parcel 01-10 [T102-0342] of Qianhai Jiyun) currently developed by Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd. and located among Qianwan First Road, Tinghai Avenue and Menghai Avenue, Qianhai, Nanshan District, Shenzhen

(2) 75% equity interest of Wujiefang (six land plots), the subsequent land parcel, to be developed and located at west of the intersection of Qianwan Second Road and Tinghai Avenue, Qianhai, Nanshan District, Shenzhen

Shenzhen CIMC Industry & City Development Group Co., Ltd. proposes to acquire the 75% equity interest of Qianhai Jingji (Shenzhen) Property Development Co., Ltd., Qianhai Yingji (Shenzhen) Property Development Co., Ltd., Qianhai Chuangji (Shenzhen) Property Development Co., Ltd., Qianhai Shengji (Shenzhen) Property Development Co., Ltd. and Qianhai Shiji (Shenzhen) Property Development Co., Ltd., respectively through its wholly-owned subsidiaries, Shenzhen Qiancheng Xinda Investment Development Co., Ltd. (深圳前城信達投資發展有限公司), Shenzhen Qiancheng Tongsheng Investment Development Co., Ltd. (深圳前城同盛投資發展有限公司), Shenzhen Qiancheng Zhichuang Investment Development Co., Ltd. (深圳前城智創投資發展有限公司), Shenzhen Qiancheng Xiefa Investment Development Co., Ltd. (深圳前城協發投資發展有限公司) and Shenzhen Qiancheng Lexiang Investment Development Co., Ltd. (深圳前城樂享投資發展有限公司), thereby enjoying the 75% interest of the target companies. Based on analysis and estimate, the value of 100% equity interest of Wujiefang (six land plots), the subsequent land parcel in Qianhai to be

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invested in, is RMB2,313,518.1 thousand; therefore, the value of 75% equity interest held by Shenzhen CIMC Industry & City Development Group Co., Ltd. is RMB1,735,138.6 thousand.

The value of the 100% shareholders’ equity under the valuation does not include the said assets which are invested in subsequently. Users of the valuation report should note that the disclosure is based on the estimated results of the invested assets and interests.

According to relevant regulations on the asset valuation management, the asset valuation report has a validity of one year from the valuation benchmark date, being 31 December 2019, to 30 December 2020. The valuation will be conducted again if it is over one year.

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Asset Valuation Report

Zhong Lian Ping Bao Zi [2020] No. 1791

Shenzhen CIMC Industry & City Development Group Co., Ltd.

Accepting the engagement of the Company, China United Assets Appraisal Group Co., Ltd. adopts the asset-based approach and the market approach and follows the necessary valuation procedures to assess the market value of 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. related to the proposed capital increase by introducing investors as at 31 December 2019, in accordance with laws, administrative regulations and asset valuation standards and with adherence to the principles of independence, objectivity and impartiality. The valuation of assets is reported as follows:

I. THE ENTRUSTING PARTY, EQUITY HOLDERS AND OTHER USERS OF THE VALUATION REPORT

The entrusting party and the entity of the valuation is Shenzhen CIMC Industry & City Development Group Co., Ltd..

II. VALUATION PURPOSE

Shenzhen CIMC Industry & City Development Group Co., Ltd. proposes to introduce investors for capital increase, and the asset valuation is conducted for this purpose, thus providing value reference to the relevant economic activity of Shenzhen CIMC Industry & City Development Group Co., Ltd..

III. VALUATION TARGET AND SCOPE

The valuation target is the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd.. The valuation scope covers all assets and relevant liabilities of Shenzhen CIMC Industry & City Development Group Co., Ltd., with the book value of total assets being RMB13,100,092,000, liabilities being RMB10,977,528,900 and net asset being RMB2,122,563,100. Specifically, current assets amount to RMB9,874,947,300, and non-current assets reach RMB3,225,144,700, including: financial assets available for sale of RMB5,000,000, long-term equity investments of RMB3,208,945,100, fixed assets of RMB2,457,000, right-of-use assets of RMB8,728,600, intangible assets of RMB14,000, current liabilities of RMB6,848,388,200 and non-current liabilities of RMB4,129,140,700.

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The said book value of assets and liabilities are extracted from the Auditor’s Report with the unqualified opinion (Tian Jian Yue Shen [2020] No. 511) issued by Pan-China Certified Public Accountants LLP. The valuation is conducted on the basis that the company has been audited.

The entrusting party and the entity of the valuation confirm that the valuation scope is consistent with the valuation purpose, and the valuation target and scope is consistent with the valuation target and scope involving the economic activity.

IV. TYPE AND DEFINITION OF VALUE

Based on the valuation purpose, the type of value under the valuation is determined as market value.

Market value represents the estimated amount for which the valuation target should exchange on the valuation benchmark date between a willing buyer and a willing seller in an arm’s-length transaction wherein the parties had each acted knowledgeably, prudently and without compulsion.

V. VALUATION BENCHMARK DATE

The valuation benchmark date is 31 December 2019.

The entrusting party determines the valuation benchmark date on the basis of the special valuation purpose and after comprehensively considering a number of factors, including the facilitation to the realization of valuation purpose and the provision of relevant materials by the entrusting party and the entity of the valuation, and the validity of the Valuation Report.

VI. VALUATION BASIS

The asset valuation mainly follows such valuation basis as the basis of economic activity, basis of laws and regulations, basis of valuation standards, basis of asset ownership, and the basis of pricing in value estimation and the main reference materials.

VII. VALUATION APPROACH

(I) Selection of Valuation Approach

According to the provisions of asset valuation standards, value appraisal of enterprises can adopt three approaches, namely income approach, market approach and asset-based approach. The income approach is the quantification and present value of expected profitability of the enterprise’s overall assets, emphasizing its overall expected profitability. The market approach evaluates the prevailing fair market value of the subject of valuation based on the references in the actual market. It has the characteristics of valuation data directly sourced from the market with convincing

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valuation results. The asset-based approach refers to the methodology of determining the value of the subject of valuation based on a reasonable appraisal of the value of various assets and liabilities of the enterprise.

The market approach is divided into listed company comparison approach and transaction case comparison approach. The listed company comparison approach refers to a specific method of obtaining and analyzing the operating and financial data of comparable listed companies, calculating the appropriate value ratio, and determining the value of the subject of valuation based on comparison and analysis with the evaluated. The share price, operation and financial data of listed companies are public and easily accessible. However, there are many listed companies in China similar to CIMC Skyspace Real Estate, so that sufficient comparable cases can be found to allow adoption of the listed company comparison approach. The transaction case comparison method refers to a specific method of obtaining and analyzing the transaction, acquisition and merger case data of comparable companies, calculating the appropriate value ratio, and determining the value of the subject of valuation based on comparison and analysis with the evaluated. Due to the imperfection of equity trading markets beside the securities market in the PRC, there are fewer open comparable transaction cases, transaction information is non-transparent, and information on announcements of transaction cases is incomplete and difficult to access. Therefore, the transaction case comparison approach was not selected for the valuation, which adopts the listed company comparison approach under the market approach.

After years of operation, income and profit of the evaluated have not maintained stable yet and still fluctuated significantly in recent years. In addition, as the plans and specific economic indicators for property development projects involved by certain long-term investees have not been finalized, with specific sales schedule and additional investment in projects undetermined, making the company’s forecast on future earnings uncertain, the valuation has not selected the income-based approach. Therefore, the income-based approach was not selected for the valuation.

The purpose of the valuation is to introduce strategic investors to increase capital. The evaluated is mainly engaged in real estate development, and development, operation and management of industrial park. The asset-based approach reflects the value of enterprise from the perspective of its purchase and construction, and provides a basis for the operation, management and assessment of the enterprise after its conduct of economic behaviors. Therefore, the asset-based approach was selected for the valuation.

In view of the above, the asset-based approach and the market approach are determined to be adopted for the valuation.

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VIII. VALUATION ASSUMPTIONS

In the valuation, the valuers have followed the assumptions set out below:

(I) General Assumptions

1. Transactional assumption

Under the transactional assumption, it is assumed that all assets to be valued are in the process of being transacted, and the valuers carry out valuation based on the transactional conditions of the assets to be valued in a simulated market. Transactional assumption is the most fundamental precedent assumption under which the asset valuation can proceed.

2. Open market assumption

Under the open market assumption, it is assumed that both parties of the assets being transacted, or proposed to be transacted in the market, have equal status with ample opportunities and time in obtaining sufficient market information, such that rational judgment can be made in respect of the functions, usage and transactional prices of the assets. Open market assumption is based on assets available to be publicly traded in the market.

3. Assumption of continuous use of assets

The assumption of continuous use of assets means that during the valuation, it is assumed that the valuated assets will be used continuously according to their current usage and the method, scale, frequency and environment of use. In the case of altered usage, the valuation method, parameters and references should be determined accordingly.

(II) Special Assumptions

1. There would be no significant change in the political, economic and social conditions of the countries and regions where the evaluated is located after the valuation benchmark date;

2. There would be no significant change, other than those as known to the public, in the macroeconomic, industrial and regional development policies of the countries and regions where the evaluated is located after the valuation benchmark date;

3. There would be no significant change, other than those as known to the public, in the basis and rates of taxation and policy levies in relation to the evaluated after the valuation benchmark date;

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4. The management of the evaluated would be responsible, stable, and competent after the valuation benchmark date;

5. The evaluated would comply with relevant laws and regulations, and there would be no material non-compliance that might affect its development and realization of revenue;

6. No force majeure would have a material adverse effect on the evaluated after the valuation benchmark date;

7. The accounting policies adopted by the evaluated after the valuation benchmark date would be consistent with those used in the preparation of the valuation report in all material aspects;

8. The team of core management and technical personnel of the evaluated would be stable during the forecast period, and there would be no significant personnel change affecting its business development;

9. There would be no significant change in the business scope and business model of the evaluated after the valuation benchmark date, other than those as disclosed in the valuation report, on the basis of the existing management method and level;

10. In the future operating period, the construction and development progress, the property sales/rent ratio and the total investment budget of various property development projects and industrial park development projects in plot 04-07 [T102-0289] of Shenzhen Qianhai Jicheng, Shenzhen Prince Bay and Dongguan CIMC Intelligence Valley within the scope of valuation, would be carried out in line with the business plan of the enterprise;

11. The valuation only covers the items as shown in the valuation application form provided by the client and the evaluated, and excludes contingent assets and contingent liabilities that might exist other than those as contained in the list provided by the client and the evaluated.

IX. VALUATION CONCLUSION

Based on the judgment of equity holders and the management about future development trends and the implementation of operation plans and according to the relevant laws and regulations and asset valuation principles, the valuation adopts the asset-based approach and the market approach and follows the necessary valuation procedures to assess the market value of 100% shareholders’ equity of CIMC Skyspace Real Estate as at the valuation benchmark date, being 31 December 2019.

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(I) Valuation Conclusion Under the Asset-based Approach

The book value of total assets is RMB13,100,092,000, and the assessed value is RMB16,347,491,700, which indicates an appreciation of RMB3,247,399,700 or 24.79%.

The book value of liabilities is RMB10,977,528,900, and the assessed value is RMB10,977,528,900, which indicates no appreciation or impairment.

The book value of net asset is RMB2,122,563,100, and the assessed value is RMB5,369,962,800, which indicates an appreciation of RMB3,247,399,700 or 152.99%.

Details of the valuation results are set out in the table below.

Summary of Asset Valuation Results

Target: Shenzhen CIMC Industry & City Development Group Co., Ltd.

Valuation benchmark date: 31 December 2019 Currency: RMB’0,000

Appreciation Appreciation or rate Item Book value Assessed value impairment % B C D=C-B E=D/B×100%

1 Current assets 987,494.73 984,812.65 -2,682.08 -0.27 2 Non-current assets 322,514.47 649,936.52 327,422.05 101.52 3 Including: Financial assets available for sale 500.00 500.00 – – 4 Long-term equity investments 320,894.51 648,271.10 327,376.59 102.02 5 Fixed assets 245.70 287.29 41.59 16.93 6 Right-of-use assets 872.86 872.86 – – 7 Intangible assets 1.40 5.27 3.87 276.43 8 Including: Land use rights –––– 9 Deferred tax assets –––– 10 Other non-current assets –––– 11 Total assets 1,310,009.20 1,634,749.17 324,739.97 24.79 12 Current liabilities 684,838.82 684,838.82 – – 13 Non-current liabilities 412,914.07 412,914.07 – – 14 Total liabilities 1,097,752.89 1,097,752.89 – – 15 Net asset (owner’s equity) 212,256.31 536,996.28 324,739.97 152.99

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(II) Valuation Conclusion Under the Market Approach

The valuation adopts the market approach to assess the value of 100% shareholders’ equity by performing valuation procedures including thorough review and verification, on-site inspection, market survey and inquiry. The book value of net asset recorded in the financial statements of CIMC Skyspace Real Estate is RMB2,122,563,100, and the assessed value of 100% shareholders’ equity is RMB5,253,162,100, which indicates an appreciation of RMB3,130,599,000 or 147.49%.

(III) Analysis of Difference Between the Valuation Results and Selection of the Final Result

1. Analysis of Difference Between the Valuation Results

In the valuation, the value of 100% shareholders’ equity derived by using the market approach is RMB5,253,162,100, which is RMB116,800,700 or 2.18% lower than the value of 100% shareholders’ equity under the asset-based approach RMB5,369,962,800. The main reasons for the difference between these two approaches include:

(1) The asset-based approach takes the replacement cost of assets as the standard of valuation, and reflects the necessary social labor consumed by asset investments (acquisition and construction cost). The price level of the company’s assets at the valuation benchmark date is affected by the current market supply and demand, which can lead to the difference;

(2) The market approach determines the value of an enterprise based on business operation, overall market performance and future forecast. The market approach reflects the external market price of an enterprise at a certain point of time, the result of which may fluctuate violently due to the influence of a number of factors such as the environment of market investment, the degree of speculations, and the confidence of investors.

In summary, the above factors lead to the difference between these two approaches.

2. Selection of the Final Result

Different valuation methods adopted in the valuation of an enterprise are based on different value measurement perspectives and reflect different value drivers.

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Shenzhen CIMC Industry & City Development Group Co., Ltd. belongs to the real estate industry. The market approach determines the value indirectly by referring to the share prices of other listed companies in the industry, and the valuation result is affected greatly by the volatility of stock market. Compared with the market approach, the asset-based approach is more prudent and reflects the market value of the company’s net asset objectively from the perspective of asset construction. Selecting the valuation result derived by using the asset-based approach can lay a solid foundation for the company’s future operation.

The asset-based approach adopts the static price as at the valuation benchmark date to determine the assessed value of assets developed for sale and investment projects with exit plans, requires fewer assumptions, is subject to fewer uncontrollable factors, and therefore is faced with fewer uncertainties in the future and has better testability. Considering that the purpose of the valuation is to introduce strategic investors for capital increase, adopting the asset-based approach is more prudent and favorable to the company’s management requirements after the realization of such economic activity.

Based on the above analysis, the result derived by using the asset-based approach is selected as the conclusion of the valuation. As a result, the assessed value of the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. is RMB5,369,962,800.

The valuation has not considered the premium or the discount arising from the entitlement of control or the lack of control.

(IV) Difference in Comparing the Valuation Conclusion with the Book Value and the Reasons

The difference between the valuation conclusion as at the valuation benchmark date, being 31 December 2019, for assessing the 100% shareholders’ equity of Shenzhen CIMC Industry & City Development Group Co., Ltd. by adopting the asset-based approach and the book value is set out below:

The book value of net asset is RMB2,122,563,100, and the assessed value is RMB5,369,962,800, which indicates an appreciation of RMB3,247,399,700 or 152.99%. To be specific:

1. Long-term equity investments record an appreciation of RMB3,273,765,900 or 102.02%, the main reasons of which include:

(1) The value of some investees as at the valuation benchmark date represents a significant appreciation from the value at the time of investment;

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(2) Property development projects held by Dongguan CIMC Innovation Industrial Park Development Co., Ltd., Shenzhen Qianhai Zhongbi Industry & City Development Co., Ltd. (深圳前海中碧產城發展有限公司), Qingdao CIMC Innovation Industrial Park Development Co., Ltd., CIMC Modular Building Design & Development Co. Ltd., Yangjiang CIMC Real Estate Co., Ltd. and Foshan Shunde Hongju Technology Industry Development Co., Ltd. (佛山順德宏鉅科技產業發展有限公司) record significant appreciation.

2. The value of fixed assets represents an appreciation of RMB415,900 or 16.93%, which is attributable to the appreciation of equipment assets by RMB415,900 or 16.93%. The main reason is that the economic useful life of the equipment is longer than the accounting depreciation period.

X. NOTES TO SPECIAL MATTERS

1. Pursuant to the CIMC Qianhai Project Cooperation Framework Agreement and the relevant supplemental agreements, Shenzhen CIMC Industry & City Development Group Co., Ltd. has invested in the following assets in subsequent periods.

Shenzhen CIMC Industry & City Development Group Co., Ltd. proposes to acquire the 75% equity interest of Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd. through the wholly-owned subsidiary, Shenzhen Qianhai Zhongbi Industry & City Development Co., Ltd. (深圳前海中碧產城發展有限公司), thereby enjoying the 75% interest of the target company. As at the valuation benchmark date, Qianhai Jiyun Industrial Development (Shenzhen) Co., Ltd. has recognized the book value of Qianhai CIMC International Business Center Phase I (the land parcel 02-09 [T102-0290] of Qianhai Jiyun) in the development cost as RMB1,412,029,500 (the land grant contract has been signed; the land price has been paid; Shenzhen Qianhai Zhongbi Industry & City Development Co., Ltd. has provided borrowings of RMB1,255,004,203.07; Shenzhen CIMC Industry & City Development Group Co., Ltd. has provided borrowings of RMB165,769,713.58). Based on analysis and estimate, the value of 100% equity interest of Qianhai CIMC International Business Center Phase I is RMB218,669,900; therefore, the value of 75% equity interest held by Shenzhen CIMC Industry & City Development Group Co., Ltd. is RMB164,002,400. The book value of Qianhai CIMC International Business Center Phase II (the land parcel 01-10 [T102-0342] of Qianhai Jiyun) is RMB2,150,906,900 (the land grant contract has been signed; the land price has not been paid; Shenzhen CIMC Industry & City Development Group Co., Ltd. has not provided any borrowing within

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the scope of shareholding structure). Based on analysis and estimate, the value of 100% equity interest of Qianhai CIMC International Business Center Phase II is RMB708,133,100; therefore, the value of 75% equity interest is RMB531,099,800. The project planning is set out below:

Project Planning Indicators of Qianhai CIMC International Business Center and the Estimated Results

Qianhai CIMC International Item Unit Business Center Jiyun Jiyun Development Phase Phase I Phase II

Land area m² 18,058.26 25,160.58 Total gross floor area m² 103,364.24 154,952.00 Ground gross floor area m² 55,924.81 102,772.00 Underground gross floor area m² 47,439.43 51,960.00 Including: Underground commercial space m² 13,669.84 11,000.00 Parking and air defense area m² 33,769.59 40,960.00 Number of parking spaces 350.00 708.00 Plot ratio-based gross floor area m² 52,683.00 95,000.00 Including: Apartment m² 21,380.00 – Office building m² 8,795.00 76,130.00 Commercial center m² 19,208.00 16,000.00 Public ancillary facilities m² 3,300.00 2,000.00 Saleable area m² 33,528.17 82,875.00 Including: Apartment m² 21,380.00 – Office building m² 8,795.00 76,130.00 Commercial center m² 3,353.17 6,745.00 Self-owned portion m² 29,524.67 20,700.00 Including: Commercial center – ground m² 15,854.83 9,700.00 Commercial center – underground m² 13,669.84 11,000.00 Land price RMB’0,000 123,087.28 213,402.41 Land acquisition date 2015/1/1 2015/1/1 Commencement date 2020/1/1 2020/1/1 Completion date 2022/12/31 2023/3/31 Delivery date 2022/12/31 2023/3/31 Total land price RMB’0,000 163,069.94 285,904.00 Off-balance sheet liabilities RMB’0,000 141,202.95 215,090.69 Value of the 100% equity RMB’0,000 21,866.99 70,813.31

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Shenzhen CIMC Industry & City Development Group Co., Ltd. proposes to acquire the 75% equity interest of Qianhai Jingji (Shenzhen) Property Development Co., Ltd., Qianhai Yingji (Shenzhen) Property Development Co., Ltd., Qianhai Chuangji (Shenzhen) Property Development Co., Ltd., Qianhai Shengji (Shenzhen) Property Development Co., Ltd. and Qianhai Shiji (Shenzhen) Property Development Co., Ltd., respectively through its wholly-owned subsidiaries, Shenzhen Qiancheng Xinda Investment Development Co., Ltd. (深圳前城信達投資發展有限公司), Shenzhen Qiancheng Tongsheng Investment Development Co., Ltd. (深圳前城同盛投資發展有限公司), Shenzhen Qiancheng Zhichuang Investment Development Co., Ltd. (深圳前城智創投資發展有限公司), Shenzhen Qiancheng Xiefa Investment Development Co., Ltd. (深圳前城協發投資發展有限公司) and Shenzhen Qiancheng Lexiang Investment Development Co., Ltd. (深圳前城樂享投資發展有限公司), thereby enjoying the 75% interest of the target companies. As at the valuation benchmark date, the land grant contracts regarding the relevant land parcels have been signed; the land price has not been paid; Shenzhen CIMC Industry & City Development Group Co., Ltd. has not provided any borrowing within the scope of shareholding structure. Based on analysis and estimate, the value of 100% equity interest of Wujiefang (six land plots), the subsequent land parcel in Qianhai to be

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invested in, is RMB2,313,518,100; therefore, the value of 75% equity interest held by Shenzhen CIMC Industry & City Development Group Co., Ltd. is RMB1,735,138,600. The project planning is set out below:

Project Planning Indicators of the Qianhai Subsequent Land Parcel of Wujiefang and the Estimated Results

Item Unit The Subsequent Land Parcel of Wujiefang Jingji Yingji Chuangji Shengji Shiji Development Phase Phase I Phase I Phase I Phase I Phase I

Land area m² 9,127.42 16,835.61 5,056.88 4,419.24 4,326.99 Total gross floor area m² 75,700.00 132,700.00 38,400.00 48,500.00 33,400.00 Ground gross floor area m² 70,000.00 124,500.00 35,000.00 45,000.00 30,000.00 Underground gross floor area m² 5,700.00 8,200.00 3,400.00 3,500.00 3,400.00 Including: Underground commercial space m² 5,700.00 8,200.00 3,400.00 3,500.00 3,400.00 Parking and air defense area m² Unplanned Number of parking spaces Plot ratio-based gross floor area m² 70,000.00 124,500.00 35,000.00 45,000.00 30,000.00 Including: Apartment m² 16,900.00 –––– Office building m² 46,900.00 107,270.00 30,900.00 40,900.00 25,900.00 Commercial center m² 6,000.00 13,000.00 4,000.00 4,000.00 4,000.00 Public ancillary facilities m² – 4,230.00 – – – Saleable area m² 70,000.00 120,270.00 35,000.00 45,000.00 30,000.00 Including: Apartment m² 16,900.00 –––– Office building m² 46,900.00 107,270.00 30,900.00 40,900.00 25,900.00 Commercial center m² 6,000.00 13,000.00 4,000.00 4,000.00 4,000.00 Self-owned portion m² 5,700.00 8,200.00 3,400.00 3,500.00 3,400.00 Including: Commercial center – ground m² ––––– Commercial center – underground m² 5,700.00 8,200.00 3,400.00 3,500.00 3,400.00 Land price RMB’0,000 160,803.61 262,269.71 79,148.24 97,724.90 67,404.62 Land acquisition date 2015/1/1 2015/1/1 2015/1/1 2015/1/1 2015/1/1 Commencement date 2021/7/1 2022/7/1 2023/7/1 2023/7/1 2024/7/1 Completion date 2024/3/31 2024/3/31 2026/3/31 2026/3/31 2027/3/31 Delivery date 2024/6/30 2025/6/30 2026/6/30 2026/6/30 2027/6/30 Total land price RMB’0,000 898,702.89 Off-balance sheet liabilities RMB’0,000 667,351.08 Value of the 100% equity RMB’0,000 231,351.81

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Note: Wujiefang (six land plots), the subsequent land parcel in Qianhai, includes the land parcels T102-0330 and T102-0331 held by Qianhai Jingji (Shenzhen) Property Development Co., Ltd., the land parcel T102-0332 held by Qianhai Yingji (Shenzhen) Property Development Co., Ltd., the land parcel T102-0333 held by Qianhai Chuangji (Shenzhen) Property Development Co., Ltd., the land parcel T102-0334 held by Qianhai Shengji (Shenzhen) Property Development Co., Ltd. and the land parcel T102-0335 held by Qianhai Shiji (Shenzhen) Property Development Co., Ltd..

2. At the end of 2019, some hospitals in Wuhan, Hubei Province reported pneumonia cases of unknown cause linked to Huanan Seafood Market. Since then, the epidemic spread gradually. To control the epidemic and turn the situation to a positive one, Wuhan launched the lockdown measures on 23 January 2020, and other provinces, autonomous regions and municipalities initiated the first-level emergency response since then. During the period, people’s going out and travelling decreased significantly, and the business and production was affected as markets were closed and the work and production was suspended. From mid-February, all industries began to resume production according to local work resumption schedules, and the country gradually returned to normal. As at the date of the Valuation Report, some properties held under the long-term investments recorded declining rental and occupancy rate in the period due to the epidemic, but will gradually return to normal levels in the future. As a result, the valuation has taken into account the said factors to a certain extent, and users of the Valuation Report should pay attention to this.

XI. RESTRICTIONS ON USING THE VALUATION REPORT

(I) Scope of Use

1. The Valuation Report can only be used by users of the Valuation Report specified herein. The use right of the Valuation Report shall be vested in the entrusting party, and the valuation institution may not distribute or disclose the report without the prior approval of the entrusting party;

2. The Valuation Report can only be used for the valuation purpose and use as stated herein;

3. The validity of the valuation conclusion: According to the laws and regulations related to asset valuation, the asset valuation report involving valuation of business for legal compliance shall only be used after the entrusting party has performed the supervision and management procedures regarding asset valuation in accordance with laws and regulations. The valuation result has a validity of one year, being effective from 31 December 2019 to 30 December 2020. The valuation will be conducted again if it is over one year.

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(II) The valuation institution and the asset valuer shall not be held responsible if the entrusting party or any other user of the asset valuation report fails to use the asset valuation report in accordance with the provisions of laws and administrative regulations, and within the scope as specified in the asset valuation report;

(III) The asset valuation report may not be used by institutions or individuals other than the entrusting party, other users of the asset valuation report as agreed in the asset valuation engagement agreement and the users of the asset valuation report as prescribed by laws and administrative regulations;

(IV) The users of the asset valuation report should correctly understand and use the valuation conclusion, and the valuation conclusion does not represent the realizable price of the valuation target and should not be regarded as the guarantee of the realizable price of the valuation target.

XII. THE DATE OF VALUATION REPORT

The Valuation Report is dated 18 August 2020.

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1. RESPONSIBILITY STATEMENT

This circular, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Hong Kong Listing Rules for the purpose of giving information with regard to the Company. The Directors having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this circular is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this circular misleading.

2. SHARE CAPITAL

As at the Latest Practicable Date, the total number of issued shares of the Company was 3,589,612,142, comprising 1,529,720,212 A Shares listed on the Shenzhen Stock Exchange and 2,059,891,930 H Shares listed on the Hong Kong Stock Exchange.

3. DISCLOSURE OF INTERESTS OF DIRECTORS, SUPERVISORS AND CHIEF EXECUTIVES

As at the Latest Practicable Date, apart from Mr. Mai Boliang who hold interest in the Company as disclosed below, none of the Directors, Supervisors or chief executives of the Company had any interest or short position in the Shares, underlying shares and debentures of the Company or any of its associated corporation(s) (within the meaning of Part XV of the SFO), which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have under such provisions of the SFO), or was a director or employee of a company which had an interest or short position in the Shares and underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or which were required, pursuant to Section 352 of the SFO, to be entered in the register of members of the Company, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Companies, to be notified to the Company and the Hong Kong Stock Exchange. For this purpose, the relevant provisions of the SFO will be interpreted as if applied to the Supervisors.

(1) Interest in the Shares:

Percentage Percentage of such of such Shares in Shares in the issued the total Number Shares of issued of Shares the same Shares Name Nature of interest Class of Shares held class (%) (%)

Mr. Mai Boliang Beneficial interest A Shares 593,643 0.04% 0.02%

– 220 – APPENDIX IV GENERAL INFORMATION

(2) Interest in the underlying shares of the Company:

Save as disclosed below, as at the Latest Practicable Date, none of any Director, Supervisor and chief executive of the Company held interest in the underlying shares of the Company.

Number of exercisable Class of interest of share options Exercise Exercisable Name the underlying shares (options) price period

Mr. Mai Granted share options 3,420,000 RMB7.94 2015.6.2 – Boliang of A Shares of the per share 2020.9.27 Company

(3) Interests in the shares of associated corporations of the Company:

Number of Shares Name Associated corporation Nature of interest held

Mr. Mai Boliang CIMC Enric Holdings Beneficial interest 7,260,000 Limited

– 221 – APPENDIX IV GENERAL INFORMATION

4. SUBSTANTIAL SHAREHOLDERS

So far as the Directors are aware, as at the Latest Practicable Date, the persons other than a Director, Supervisor or senior management of the Company who had interests or short positions in the Shares or underlying Shares which are discloseable under Divisions 2 and 3 of Part XV of the SFO are as follows:

Percentage of such Percentage shares in of such the same shares in class of the the total Name of Nature of Number of issued issued Shareholder Shares Shares Capacity shares (%) shares (%)

China Merchants H Shares 880,429,220 (L) Interest of 42.74% 24.53% Group (Note 1) corporation controlled by the substantial Shareholder

China COSCO A Shares 518,606,212 (L) Interest of 33.90% 14.45% Shipping corporation Corporation controlled by the Limited (“COSCO substantial Shipping”) Shareholder (Note 2) H Shares 295,010,617 (L) Interest of 14.32% 8.22% corporation controlled by the substantial Shareholder

Hony Group H Shares 424,078,915 (L) Interest of 20.59% 11.81% Management corporation Limited (Note 3) controlled by the substantial Shareholder

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Percentage of such Percentage shares in of such the same shares in class of the the total Name of Nature of Number of issued issued Shareholder Shares Shares Capacity shares (%) shares (%)

Broad Ride Limited H Shares 258,244,615 (L) Beneficial holder 12.54% 7.19% (Note 3) H Shares 165,834,300 (L) Person having 8.05% 4.62% security interest in shares

CITIC-Prudential A Shares 19,733,298 (L) Beneficial holder 1.29% 0.55% Life Insurance Company Limited H Shares 179,870,480 (L) Beneficial holder 8.73% 5.01%

Promotor Holdings H Shares 165,834,300 (L) Beneficial holder 8.05% 4.62% Limited

(L) Long Position

Note 1: China Merchants Group Limited, through its subsidiaries (including China Merchants Industry Holdings Co., Ltd., Soares Limited and China Merchants (CIMC) Investment Limited, etc.), holds an interest in the H shares of the Company, and all the 880,429,220 H shares (long position) are held in the capacity as interest of corporation controlled by the substantial Shareholder.

Note 2: COSCO Shipping, through its subsidiaries (including China Shipping Group Company Limited, COSCO SHIPPING Development Co., Ltd. (“COSCO SHIPPING Development”), Long Honour Investments Limited and COSCO Container Industries Limited, etc.), holds an interest in the A Shares and H Shares of the Company, and 518,606,212 A Shares and 295,010,617 H Shares (long position) are held in the capacity as interest of corporation controlled by the substantial Shareholder.

Note 3: Hony Group Management Limited, through its certain subsidiaries (including Broad Ride Limited) holds an interest in the H shares of the Company, and 258,244,615 H shares (long position) are held in the capacity as interest of corporation controlled by the substantial Shareholder and 165,834,300 H Shares are held in the capacity as person having security interest in shares.

As at the Latest Practicable Date, Mr. LIU Chong served as the director and general manager of COSCO SHIPPING Development. Mr. HU Xianfu served as the general manager of China Merchants Industry Holdings Co., Ltd.. Mr. MING Dong served as the deputy general manager and member of CPC committee of COSCO SHIPPING Development. Mr. LOU Dongyang served as the chief financial officer of China Merchants Industry Holdings Co., Ltd. and Mr. LIN Feng served as the chief accountant of COSCO SHIPPING Development. Save as disclosed above, none of the Directors or Supervisors had served as the directors or employees of China Merchants Group Limited, COSCO SHIPPING Development or their respective associates.

– 223 – APPENDIX IV GENERAL INFORMATION

As at the Latest Practicable Date, so far as the Directors are aware, save as disclosed above, no person (other than a Director, Supervisor or senior management of the Company) had an interest or short position in the Shares of the Company according to the register of interests in shares and short positions kept by the Company pursuant to Section 336 of the SFO.

5. INTEREST OF DIRECTORS AND SUPERVISORS IN COMPETING BUSINESS

Mr. HU Xianfu, the non-executive Director, served as the general manager of China Merchants Industry Holdings Co., Ltd.. Mr. LOU Dongyang, a supervisor, served as the chief financial officer of China Merchants Industry Holdings Co., Ltd.. China Merchants Industry Holdings and its controlling shareholder China Merchants Group are the largest Shareholder of the Company. The offshore engineering business of China Merchants Group competes with that of the Group.

Mr. LIU Chong, the non-executive Director, served as the managing director of COSCO SHIPPING Development. Mr. MING Dong, the non-executive Director, served as the deputy general manager and member of CPC committee of COSCO SHIPPING Development. Mr. LIN Feng, a Supervisor, served as the chief accountant of COSCO SHIPPING Development and its controlling shareholder COSCO Shipping is the second largest Shareholder of the Company. Their container manufacturing, logistics service and financial leasing business compete with those of the Group.

6. DIRECTORS AND SUPERVISORS’ INTEREST IN ASSET

As at the Latest Practicable Date, none of the Directors and Supervisors had: (i) any direct or indirect interests in any asset which had been, since 31 December 2019, being the date to which the latest published audited accounts of the Company were made up, acquired or disposed of by or leased to any member of the Group, or were proposed to be acquired or disposed of by or leased to any member of the Group; and (ii) any material interests in any contract or arrangement subsisting as at the Latest Practicable Date which had a significant impact on the business of the Group.

– 224 – APPENDIX IV GENERAL INFORMATION

7. SERVICE CONTRACTS OF DIRECTORS AND SUPERVISORS

Each of the Directors has entered into a service contract with the Company, among which, Mr. MAI Boliang has entered into a service contract on 5 December 2012, Mr. PAN Zhengqi has entered into a service contract on 31 May 2016, Mr. HU Xianfu has entered into a service contract on 26 September 2017, Mr. LIU Chong, Mr. HE Jiale, Mr. Ming Dong and Ms. LUI FUNG Mei Yee, Mabel have entered into service contracts on 3 June 2019. The principal particulars of these service contracts are (a) effective from their appointment as a Director of the Company to the expiration of the term of the ninth session of the Board and can be renewed for a term of three years upon expiry; and (b) subject to termination in accordance with their respective terms. The service contracts may be renewed in accordance with the Articles of Association and the applicable laws, rules and regulations.

Each of the Supervisors, Mr. LIN Feng and Mr. LOU Dongyang have entered into service contracts with the Company on 3 June 2019, and Mr. XIONG Bo has entered into a service contract with the Company on 4 December 2013, in respect of, among others, compliance with relevant laws and regulations, the Articles of Association and arbitration provisions. The principal particulars of these service contracts are (a) effective from the appointment of Mr. LIN Feng and Mr. LOU Dongyang as a Supervisor of the Company to the expiration of the term of the 2021 annual general meeting which will be held in 2022 and effective from the appointment of Mr. XIONG Bo as a Supervisor of the Company to the expiration of the term of the 2022 annual general meeting which will be held in 2023 and can be renewed for a term of three years upon expiry; and (b) subject to termination in accordance with their respective terms. The service contracts may be renewed in accordance with the Articles of Association and the applicable laws, rules and regulations.

Save as disclosed above, none of the Directors or Supervisors entered, or proposed to enter into any service contract with any member of the Group (other than contracts expiring or determinable by the employer within one year without payment of compensation (other than statutory compensation)).

8. MATERIAL ADVERSE CHANGE

As at the Latest Practicable Date, the Directors and Supervisors were not aware of any material adverse change in the financial or trading positions of the Group since 31 December 2019, being the date to which the latest published audited consolidated financial statements of the Group were made up.

– 225 – APPENDIX IV GENERAL INFORMATION

9. EXPERT’S QUALIFICATIONS AND CONSENTS

The followings are the qualifications of the experts who have given opinions or advice which are contained in this circular:

Name Qualification

Innovax Capital Limited a licensed corporation under the SFO to conduct type 1 (dealing in securities) and type 6 (advising on corporate finance) regulated activities

China United Assets Appraisal Independent qualified valuer in the PRC Group Company Limited* engaged in valuation, licensed under Ministry of (中聯資產評估集團有限公司) Finance and China Securities Regulatory Commission to carry out valuation businesses related to securities and futures

Hong Kong Appraisal Advisory Independent and Professional Property Limited Surveyors and Valuers

Pan-China Certified Public Certified Public Accountant, the PRC Accountants LLP* (天健會計師事務所（特殊普通合夥）)

Each of Innovax Capital Limited, China United Assets Appraisal Group Company Limited, Hong Kong Appraisal Advisory Limited and Pan-China Certified Public Accountants LLP has given and has not withdrawn its written consent to the issue of this circular with the inclusion herein of its respective letter or references to its name in the form and context in which they respectively appear.

As at the Latest Practicable Date, each of Innovax Capital Limited, China United Assets Appraisal Group Company Limited, Hong Kong Appraisal Advisory Limited and Pan-China Certified Public Accountants LLP did not have any shareholding in any member of the Group or the right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for securities in any member of the Group.

As at the Latest Practicable Date, each of Innovax Capital Limited, China United Assets Appraisal Group Company Limited, Hong Kong Appraisal Advisory Limited and Pan-China Certified Public Accountants LLP had no direct or indirect interests in any assets which had been acquired or disposed of by or leased to any member of the Group since 31 December 2019 (the date to which the latest published audited combined financial statements of the Company were made up) or proposed to be acquired, disposed of or leased to.

– 226 – APPENDIX IV GENERAL INFORMATION

10. GENERAL

a. The secretary to the Board is Mr. YU Yuqun.

b. The legal address, registered address and address of head office of the Company is at 8th Floor, CIMC R&D Centre, 2 Gangwan Avenue, Shekou, Nanshan District, Shenzhen, Guangdong 518067, the PRC.

c. The address of the H Share Registrar is at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong.

d. In the event of inconsistency, the Chinese language text of this circular shall prevail over the English language text.

11. DOCUMENTS FOR INSPECTION

Copies of the following documents will be available for inspection during normal business hours on any weekday (except public holidays) in Hong Kong at the office of Paul Hastings at 21–22 Floor, Bank of China Tower, 1 Garden Road, Hong Kong, from the date of this circular up to and including Friday, 9 October 2020, being the date of the Extraordinary General Meeting:

(a) this circular;

(b) the Articles of Association of the Company;

(d) the audited report of CIMC Skyspace Real Estate;

(e) the Valuation Report;

(f) the letter of recommendation from the Independent Board Committee of the Company to the independent Shareholders as set out in this circular;

(g) the letter issued by Innovax Capital Limited as set out in this circular;

(h) the written consent letters from Innovax Capital Limited, China United Assets Appraisal Group Company Limited, Hong Kong Appraisal Advisory Limited and Pan-China Certified Public Accountants LLP; and

(i) the service contracts of all the incumbent Directors and Supervisors of the Company.

– 227 –