Appendix Iii Property Valuation Report

THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

The following is the text of a letter, summary of values and valuation report prepared for the purpose of incorporation in this document received from Savills Valuation and Professional Services Limited, an independent valuer, in connection with their opinion of values of the property interests held by the Group as at 28 February 2021.

The Directors Shiliu Investment Group Limited Building 1, Anar Center, No. 88 Liuxiang Road, Fengtai District, Beijing,

The People’s Republic of China Savills Valuation and Professional Services Limited

[Date] Room 1208, 1111 King’s Road, Taikoo Shing Hong Kong

T: (852) 2801 6100 F: (852) 2530 0756

EA Licence: C-023750 savills.com

Dear Sirs,

INSTRUCTIONS

In accordance with your instructions to us to value the properties (the ‘‘properties’’) situated in the People’s Republic of China (the ‘‘PRC’’) in which Shiliu Investment Group Limited (石榴投資集團有限公司) (the ‘‘Company’’) and its subsidiaries (hereinaftertogetherreferredtoasthe‘‘Group’’) have interests, we confirm that we have carried out inspections, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of market values of the properties as at 28 February 2021 (the ‘‘valuation date’’) for incorporation in a [REDACTED] Document.

IDENTIFICATION AND STATUS OF THE VALUER

The subject valuation exercise is handled by Mr. Anthony C.K. Lau, who is a Director of Savills Valuation and Professional Services Limited (‘‘SVPSL’’) and a corporate member of HKIS with over 28 years’ experience in valuation of properties in the PRC and has sufficient knowledge of the relevant market, the skills and understanding to handle the subject valuation exercise competently.

Prior to your instructions for us to provide this valuation services in respect of the properties, SVPSL and Mr. Anthony C.K. Lau had not been involved in valuation of the properties in the last 12 months.

We are independent of the Group. We are not aware of any instance which would give rise to potential conflict of interest from SVPSL or Mr. Anthony C.K. Lau in the subject exercise. We confirm SVPSL and Mr. Anthony C.K. Lau are in the position to provide objective and unbiased valuation for the properties.

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APPENDIX III PROPERTY VALUATION REPORT

BASIS OF VALUATION AND METHODOLOGY

Our valuation has been undertaken in accordance with the HKIS Valuation Standards 2020 of The Hong Kong Institute of Surveyors (‘‘HKIS’’), which incorporates the International Valuation Standards (‘‘IVS’’), and (where applicable) the relevant HKIS or jurisdictional supplement. We have also complied with the requirements set out in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by the Stock Exchange of Hong Kong Limited.

Our valuation of the properties in Category A represents our opinion of the properties in Group I to V on market value basis. Market value is defined as intended to mean ‘‘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’’.

Moreover, market value is understood as the value of an asset or liability estimated without regard to costs of sale and purchase (or transaction)andwithoutoffsetforanyassociatedtaxesor potential taxes.

In valuing the properties in Group I and Group III, which are held by the Group for owner-operation and for sale in the PRC, we have adopted the direct comparison method by making reference to sales of comparable properties as available in the market.

In valuing the properties in Group II, which are held by the Group for investment in the PRC, we have adopted the income capitalization method by capitalizing the rental incomes as shown on the schedules handed to us with due allowance for reversionary income potential of the properties.

In valuing the properties in Group IV, which are held by the Group under development in the PRC, we have valued these properties on the basis that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. In arriving at our opinion of values, we have adopted the direct comparison method by making reference to sales of comparable properties as available in the market and also taken into account the costs that will be expended to complete the developments to reflect the quality of the completed development. The ‘‘capital value as if completed’’ represents our opinion of the aggregate selling prices of the property assuming that it would be completed as at the valuation date.

In valuing the properties in Group V, which are held by the Group for future development in the PRC, we have adopted the direct comparison method by making reference to comparable land transactions as available in the market.

In valuing the property in Group VI, which is contracted to be acquired by the Group for future development in the PRC, we have assigned no commercial value to this property because the Group has not obtained any title document.

In assessing the properties in Category B, we have attributed no commercial values to the properties on market value basis as transferability of these properties are restricted. However, for the Group’s management reference purpose, we have reported the investment values of these properties in the valuation report under Group VII.

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

APPENDIX III PROPERTY VALUATION REPORT

According to the IVS, which the HKIS Valuation Standards 2020 follows, investment value is defined as ‘‘the value of an asset to a particular owner for individual investment or operation objectives.’’ Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not involve a presumed exchange. It must be emphasized that the investment value is not market value.

In valuing the properties in Group VII, which are held by the Group for investment in the PRC, we have valued these properties on the basis that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. In arriving at our opinion of values, we have adopted the income capitalization method to assess the investment value as if completed and also taken into account the costs that will be expended to complete the developments to reflect the quality of the completed development.

TITLE INVESTIGATION

We have been provided with copies of the title documents relating to the properties. However, we have not searched the original documents to verify ownership or to ascertain the existence of any amendments which may not appear on the copies provided to us. In the course of our valuation, we have relied to a considerable extent on the information given by the Group and the legal opinion issued by the Group’s legal adviser, Commerce & Finance Law Offices (北京通商律師事務所)(‘‘PRC Legal Adviser’’), regarding the titles to the properties.

SOURCE OF INFORMATION

We have relied to a considerable extent on information and advice from the Group on such matters as planning approvals, statutory notices, easements, tenure, particulars of occupancy, development proposals, total and outstanding construction costs, estimated completion dates, transaction records, sales and purchases agreements, site and floor areas and all other relevant matters. Dimensions, measurements and areas included in the valuation report are based on the information contained in the documents provided to us and are therefore only approximations. No on-site measurements have been taken. We have no reason to doubt the truth and accuracy of the information provided to us by the Group, which is material to our valuation. We are also advised by the Group that no material facts have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view.

VALUATION ASSUMPTIONS

In valuing the properties in the PRC, unless otherwise stated, we have assumed that transferable land use rights of the properties for their respective specific terms at nominal annual land use fees have been granted and that any land grant premium payable have already been fully paid. Unless otherwise stated, we have also assumed that the Group has good legal titles to the properties and has free and uninterrupted rights to occupy, use, transfer, lease or assign the properties for the whole of the respective unexpired terms as granted.

No allowance has been made in our valuation for any charges, mortgages or amounts owing on any property nor 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.

–III-3– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

SITE INSPECTION

We have inspected the exterior and where possible, the interior of the properties. During the course of our inspections, we did not note any serious defects. However, no structural survey has been made and we are therefore unable to report that the properties are free from rot, infestation or any other structural defect. No test has been carried out to any of the services. We have also not carried out investigations on site to determine the suitability of the ground conditions and the services for any future development. Our valuation is prepared on the assumption that these aspects are satisfactory and no extraordinary expenses or delay will be incurred during the development period. The site inspections of the properties were carried out during the period between 5 January 2021 to 26 February 2021 by Mr. James Woo and other assistants of our Beijing office. Mr. James Woo is a Fellow of the Royal Institution of Chartered Surveyors with over 25 years’ experience in valuation of properties in the PRC.

MARKET CONDITIONS UNDER COVID-19

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organization as a ‘Global Pandemic’ on the 11 March 2020, has impacted many aspects of daily life and the global economy — with some real estate markets experiencing significantly lower levels of transactional activity and liquidity. It is expected that property values will be very sensitive to the development of the pandemic and its impact on the economy. The extents of impact on different sectors of the market are different and the time for marketing and negotiating sale of a property will be longer than usual time.

Our valuations of the properties are valid only as at the valuation date. However, there will be lesscertaintyastohowlongavaluationmaysustain and property prices may fluctuate rapidly and materially over a short period of time. Any changes in market conditions and impacts on property values after the valuation date cannot be considered. If any party intends to refer to our valuation when entering any transaction, he must beware of the high market volatility during this period and that property values may or may not have changed since the valuation date. Given the unknown future impact that COVID-19 might have on therealestatemarketandthedifficultyin differentiating between short term impacts and long-term structural changes, we recommend that you keep the valuations contained within this report under frequent review.

CURRENCY

Unless otherwise stated, all money amounts stated are in Renminbi (‘‘RMB’’).

We enclose herewith our summary of values and valuation report.

Yours faithfully, For and on behalf of Savills Valuation and Professional Services Limited Anthony C.K. Lau MRICS MHKIS RPS(GP) Director

Note: Mr. Anthony C.K. Lau is a professional surveyor who has over 28 years’ experience in valuation of properties in the PRC.

–III-4– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

SUMMARY OF VALUES

Category A — Market Value Basis

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

Group I — Property held by the Group for owner occupation in the PRC

1. Portion of Innovation Mix Shanghai RMB70,000,000 100% RMB70,000,000 (長寧國際發展廣場), No. 1398 Kaixuan Road, Changning District, Shanghai, PRC

Group I sub-total RMB70,000,000 RMB70,000,000

Group II — Properties held by the Group for investment in the PRC

2. Anar Center RMB4,175,000,000 100% RMB4,175,000,000 (石榴中心), No. 88 Huaixiang Street, Fengtai District, Beijing, PRC

3. Portion of Jingjing Innovation Center RMB1,572,000,000 100% RMB1,572,000,000 (菁菁創智中心), Longsheng Street No. 6 Yard, Daxing District, Beijing, PRC

4. New Airport Center RMB1,581,000,000 90% RMB1,422,900,000 (新空港中心), Hongxu East Road No. 2 Yard, Xi Hong Men Town, Daxing District, Beijing, PRC

5. Building No. 26 of Lily Bay Garden RMB83,600,000 100% RMB83,600,000 (百合灣嘉園), No. 70 Tonghu Street, Tongzhou District, Beijing, PRC

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APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

6. Portion of Innovation Mix Shanghai RMB10,672,000,000 100% RMB10,672,000,000 (長寧國際發展廣場), No. 1398 Kaixuan Road, Changning District, Shanghai, PRC

Group II sub-total RMB18,083,600,000 RMB17,925,500,000

Group III — Properties held by the Group for sale in the PRC

7. Unsold portion of Full Moon RMB51,000,000 100% RMB51,000,000 (荷塘嘉苑), Changgou Town, Fangshan District, Beijing, PRC

8. Unsold portion of Chengda Center RMB6,332,000,000 100% RMB6,332,000,000 (成大中心), No.2 Liangshi Street, Tongzhou District, Beijing, PRC

9. Unsold portion of Clearwater Bay RMB115,000,000 100% RMB115,000,000 (清水灣嘉園), Longwang West Lane, Tongzhou District, Beijing, PRC

10. Unsold portion of Lily Bay Garden RMB122,000,000 100% RMB122,000,000 (百合灣嘉園), No. 70 Tonghu Street, Tongzhou District, Beijing, PRC

11. Unsold portion of Jiayue Center RMB70,000,000 100% RMB70,000,000 (嘉悅中心), Xihongmen Town, Daxing District, Beijing, PRC

12. Unsold portion of Ten Miles RMB8,081,000,000 100% RMB8,081,000,000 Spring Breeze Garden (十里春風嘉園), Yongledian Town, Tongzhou District, Beijing, PRC

–III-6– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

13. Unsold portion of Paradise Bay RMB29,000,000 100% RMB29,000,000 (海棠灣嘉園), Qunfangyi Yuan, Tongzhou District, Beijing, PRC

14. Unsold portion of Magnolia Bay RMB158,000,000 100% RMB158,000,000 (玉蘭灣嘉園), Cuijing North Lane, Tongzhou District, Beijing, PRC

15. Unsold portion of Loung Fun RMB3,300,000 100% RMB3,300,000 (郎峰嘉園), Yangzhuang North Lane, Tongzhou District, Beijing, PRC

16. Unsold portion of Canal One RMB106,000,000 100% RMB106,000,000 (運河壹號), Courtyard 9 Yunheyuan Road, Tongzhou District, Beijing, PRC

17. Unsold portion of Baoding Magnolia Bay RMB278,000,000 100% RMB278,000,000 (玉蘭灣（保定）), West of Yang Guang North Street, Jingxiu District, Baoding, Hebei Province, PRC

18. Unsold portion of RMB800,000 100% RMB800,000 Tianyuan Tangshan Residence (天元唐山住宅), Xiangzhi Jiayuan, Lubei District, Tangshan, Hebei Province, PRC

19. Unsold portion of South Lion City RMB727,000,000 100% RMB727,000,000 (獅子城（京南）), West of Yinhe South Road, North of Ruifeng Road, Anci District, Langfang, Hebei Province, PRC

–III-7– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

20. Unsold portion of Phases 1, 2, 3 and 4 of RMB424,000,000 85% RMB360,400,000 Changqiao City (長橋郡), South of Chengbei Avenue, Xianghe County, Langfang, Hebei Province, PRC

21. Unsold portion of Jingxi Lion City RMB74,000,000 100% RMB74,000,000 (獅子城（京西）), East of Runhe Street, South of Zhongyi Road, Zhuozhou, Baoding, Hebei Province, PRC

22. Unsold portion of Taoli Garden RMB32,000,000 100% RMB32,000,000 (桃李苑), South of Yaju Road, East of Jingwu Road, Chengdong New District, Dongtai, Yancheng, Jiangsu Province, PRC

23. Unsold portion of Golden Magnolia Bay RMB1,448,000,000 100% RMB1,448,000,000 (金玉蘭灣), No. 1188 Renrui Road, Nanxun Economic Development Zone, Huzhou, Zhejiang Province, PRC

24. Unsold portion of Jiaxing Linglong Bay RMB7,600,000 100% RMB7,600,000 (嘉興玲瓏灣), Intersection between Tanxiang Street and Xingxing Road, Nanhu District, Jiaxing, Zhejiang Province, PRC

–III-8– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

25. Unsold portion of Phase 1 of RMB18,000,000 100% RMB18,000,000 Anar Jiangnan Mansion (石榴江南府), East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province, PRC

26. Unsold portion of Haitang Bay Garden RMB1,300,000 94.89% RMB1,233,570 (海棠灣花園), No. 1355 Zhongshan Road North, Songling Town, Wujiang District, Suzhou, Jiangsu Province, PRC

27. Unsold portion of Yanlan Courtyard RMB74,000,000 100% RMB74,000,000 (鹽瀾院) West of Baoxing Road, South of Dongjin Road, Yandu District, Yancheng, Jiangsu Province, PRC

28. Unsold portion of Phases 1, 2 and 3 of RMB357,000,000 100% RMB357,000,000 Yangzhou Slender West Lake Courtyard, (揚州瘦西湖榴園), West of Yangzijiang Road North, East of Weiyang Road, South of Yangliuqing Road, Hanjiang District, Yangzhou, Jiangsu Province, PRC

29. Unsold portion of Ten Miles Mountains RMB104,000,000 100% RMB104,000,000 (十里瀾山), Northwest of the intersection between Yueyang Road and Yinbo Road, Damuwan, Xiangshan County, Ningbo, Zhejiang Province, PRC

–III-9– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

30. Unsold portion of RMB773,000,000 100% RMB773,000,000 Lychee Bay Garden (荔枝灣花園), East of Boya Road North, West of Qinzheng Road, Hengqin New District, Zhuhai, Guangdong Province, PRC

31. Unsold portion of Qingdao Haitang Bay RMB49,000,000 100% RMB49,000,000 (青島海棠灣), No. 1699 Haiwang Road, Huangdao District, Qingdao, Shandong Province, PRC

32. Unsold portion of Ten Miles Spring Breeze RMB56,000,000 100% RMB56,000,000 (十里春風), Northeast of the intersection between Fengou Road and Liwan Road, Damuwan, Xiangshan District, Ningbo, Zhejiang Province, PRC

33. Unsold portion of Phase 1 of Anar Mengcheng RMB57,000,000 100% RMB57,000,000 Beijing Courtyard (石榴‧蒙城‧北京院子), North to Sanyi Road, East to Lingshan Road, South to Sanyou Road, West to Jingshiqi Road Mengcheng County, Bozhou, Anhui Province, PRC

34. Unsold portion of Nanchong Zichen Mansion RMB32,000,000 100% RMB32,000,000 (南充紫宸府), 59 of Section 2 of Yinghua South Road, Shunqing District, Nanchong, Sichuan Province, PRC

–III-10– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

35. Unsold portion of Anar School Mansion RMB40,000,000 100% RMB40,000,000 (石榴學府小區), South of Guanzhong Avenue, North of Yugang Road, Chengbei New District, Yingshang County, Fuyang, Anhui Province, PRC

36. Unsold portion of Zijin Courtyard RMB565,000,000 100% RMB565,000,000 (紫金院子), South of Wangqiao Road, East of Fansheng Road, Chahe New District, Laian County, Chuzhou, Anhui Province, PRC

Group III sub-total RMB20,185,000,000 RMB20,121,333,570

Group IV — Properties held by the Group under development in the PRC

37. Portion of Full Moon RMB161,000,000 100% RMB161,000,000 (荷塘嘉苑), Changgou Town, Fangshan District, Beijing, PRC

38. Portion of Dinghu RMB176,000,000 100% RMB176,000,000 (鼎湖項目), West of Longkou Reservoir, Yongding Town, Mentougou District, Beijing, PRC

39. Portion of Shangyuan Chengda Center RMB1,010,000,000 70% RMB707,000,000 (上元成大中心) Huangcun Town, Daxing District, Beijing, PRC

40. Portion of Ten Miles Spring Breeze Garden RMB95,000,000 100% RMB95,000,000 (十里春風嘉園), Yongledian Town, Tongzhou District, Tongzhou, Beijing, PRC

–III-11– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

41. Zhengyuan Building RMB662,000,000 100% RMB662,000,000 (正元大廈), South of Baliqiao Market, Tonghui North Road, Tongzhou District, Beijing, PRC

42. Phases 1 to 4 of Tianjin Binhai Bay RMB1,512,000,000 50% RMB756,000,000 (濱海灣（天津）), West of Jiancai Road, South of Jiefang Road, Binhai New District, Tianjin, PRC

43. Jade Mountain RMB891,000,000 100% RMB891,000,000 (翡翠山), South of North Third Ring, West of Lingyu Street, Jingxiu District, Baoding, Hebei Province, PRC

44. Zhongye Tianyuan Building RMB147,000,000 100% RMB147,000,000 (中冶天元大廈), No. 72 Beixinxi Road, Lubei District, Tangshan, Hebei Province, PRC

45. Cangzhou Magnolia Bay RMB746,000,000 100% RMB746,000,000 (滄州玉蘭灣), East of Yongan Avenue, North of Yinghai Road, Yunhe District, Cangzhou, Hebei Province, PRC

46. Xushui Magnolia Bay RMB319,000,000 51% RMB162,690,000 (玉蘭灣（徐水）), North of Hualong Road, West of Xiahexi Village, Xushui District, Baoding, Hebei Province, PRC

–III-12– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

47. Haitang Garden Mansion RMB434,000,000 100% RMB434,000,000 (海棠園樾府), West of Changqing Road, South of Ruifeng Road, Anci District, Langfang, Hebei Province, PRC

48. Clove Garden RMB933,000,000 100% RMB933,000,000 (丁香園), North of Nanlong Road, East of Changqing Road, West of Yinghe South Road, Anci District, Langfang, Hebei Province, PRC

49. Portion of Yanjiao Magnolia Bay RMB1,280,000,000 100% RMB1,280,000,000 (玉蘭灣（燕郊）), South of Jingha Road, Liqizhuang Town, Sanhe, Langfang, Hebei Province, PRC

50. Portion of Phase 4 of Changqiao City RMB230,000,000 85% RMB195,500,000 (長橋郡), South of Chengbei Avenue, Xianghe County, Langfang, Hebei Province, PRC

51. Wutong Courtyard RMB205,000,000 100% RMB205,000,000 (梧桐院子), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

52. Wutong Courtyard North RMB85,000,000 100% RMB85,000,000 (梧桐院子北區), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

–III-13– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

53. Lily Bay (百合灣), RMB251,000,000 100% RMB251,000,000 Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

54. Wentan Courtyard RMB247,000,000 100% RMB247,000,000 (文譚院子), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

55. Hongshu Bay RMB250,000,000 100% RMB250,000,000 (紅樹灣), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

56. Haitang Courtyard RMB183,000,000 100% RMB183,000,000 (海棠院子), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

57. Hongshu Bay (South) RMB93,000,000 100% RMB93,000,000 (紅樹灣（南區）), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

58. Anar Magnolia Mansion RMB1,100,000,000 100% RMB1,100,000,000 (石榴玉蘭華府), West of No.237 Provincial Road, North of Xiangyu Avenue, Huai’an District, Huai’an, Jiangsu Province, PRC

–III-14– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

59. Phase 1 of Anar Huaishang Courtyard RMB960,000,000 100% RMB960,000,000 (石榴淮上合院), South of Yinghua Road, West of Hefei Road, Huaiyin District, Huai’an, Jiangsu Province, PRC

60. Phase 2 of Anar Huaishang Courtyard RMB174,000,000 100% RMB174,000,000 (石榴淮上合院), South of Yinghua Road, West of Hefei Road, Huaiyin District, Huai’an, Jiangsu Province, PRC

61. Spring River Garden RMB2,094,000,000 50% RMB1,047,000,000 (海納春江), South of the Youth Road, West of Shilun Road, Chongchuan District, Nantong, Jiangsu Province, PRC

62. Phases 2 and 3 of Anar Jiangnan Mansion RMB393,000,000 100% RMB393,000,000 (石榴江南府), East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province, PRC

63. Phase 4 of Anar Jiangnan Mansion RMB206,000,000 100% RMB206,000,000 (石榴江南府), East of Yanghe Road, North of Huaihai Road, Siyang County, Suqian, Jiangsu Province, PRC

64. Family Courtyard RMB570,000,000 100% RMB570,000,000 (世家院子), East of Xinggang Road, Jingang Town, Zhangjiagang, Jiangsu Province, PRC

–III-15– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

65. Jiannan Courtyard RMB2,141,000,000 100% RMB2,141,000,000 (江南院子), Jinfeng Town, Changjia Village, Zhangjiagang, Jiangsu Province, PRC

66. Phases 1, 2 and 3 of Anar Canal Mansion RMB790,000,000 100% RMB790,000,000 (石榴運河首府), South of Liaohe Road, East of Huangshi Road, North of Chaoyang Street, Pizhou, Jiangsu Province, PRC

67. Phase 4 of Anar Canal Mansion RMB240,000,000 100% RMB240,000,000 (石榴運河首府), South of Liaohe Road, East of Huangshi Road, North of Chaoyang Street, Pizhou, Jiangsu Province, PRC

68. Phases 4 and 5 of Yangzhou Slender West RMB386,000,000 100% RMB386,000,000 Lake Courtyard (揚州瘦西湖榴園), West of Yangzijiang Road North, East of Weiyang Road, South of Yangliuqing Road, Hanjiang District, Yangzhou, Jiangsu Province, PRC

69. Anji Anar Magnolia Bay RMB510,000,000 100% RMB510,000,000 (安吉石榴玉蘭灣), No. 3333 Yangguang Avenue East, Anji County, Huzhou, Zhejiang Province, PRC

70. Cultural Courtyard RMB759,000,000 100% RMB759,000,000 (太湖院子), No. 699 Waizhuang Road, Wuxing District, Huzhou, Zhejiang Province, PRC

–III-16– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

71. Jiaxing Clearwater Bay RMB222,000,000 100% RMB222,000,000 (嘉興清水灣), East of Provincial Road No. 7 and South of Taipinggang, Wangjiangjing Town, Xiuzhou District, Jiaxing, Zhejiang Province, PRC

72. Magnolia Garden RMB660,000,000 100% RMB660,000,000 (玉蘭錦園), No. 28 Guangchang Road, Aojiang Town, Pingyang County, Wenzhou, Zhejiang Province, PRC

73. Chunxi Yunlu RMB672,000,000 51% RMB342,720,000 (春棲雲廬), East of Zhizhong Road and North of Mingong Road, Ruixiang New District, Rui’an, Zhejiang Province, PRC

74. Jinlu Spring River RMB569,000,000 100% RMB569,000,000 (春江錦廬), South of Fengxiu Road and West of Yuanhe Road, Tangxia Town, Rui’an, Zhejiang Province, PRC

75. Yuelan Bay RMB900,000,000 100% RMB900,000,000 (悅蘭灣), Intersection between Jiahe Road and Wuxing Zhong Road, Shangyu District, Shaoxing, Zhejiang Province, PRC

76. Spring River Lakeshore Garden RMB429,000,000 100% RMB429,000,000 (春江湖畔花園), No. 59 Chaohui Chong Road, Qingcheng District, Qingyuan, Guangdong Province, PRC

–III-17– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

77. Portion of Lychee Bay Garden RMB193,000,000 100% RMB193,000,000 (荔枝灣花園), East of Boya Road North, West of Qinzheng Road, Hengqin New District, Zhuhai, Guangdong Province, PRC

78. Jianghuai Mansion RMB979,000,000 100% RMB979,000,000 (江淮府), South of Eighth Road Freight Yard, West of Hushan East Road, Bengshan District, Bengbu, Anhui Province, PRC

79. Spring Dawn at Lake Mountain RMB926,000,000 100% RMB926,000,000 (湖山春曉), East of Longhu West Road, South of Longwan Road, Economic and Technological Development District, Bengbu, Anhui Province, PRC

80. Zhongdu Courtyard RMB985,000,000 100% RMB985,000,000 (中都院子), Northwest of the intersection of Zhongdu Avenue and Zuiweng Road, Nanqiao District, Anhui Province, PRC

81. Spring Dawn in the Woods RMB727,000,000 51% RMB370,770,000 (林語春曉), North of Runhe Road, West of Funan Road, Chengnan New District, Yingzhou, Fuyang, Anhui Province, PRC

–III-18– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

82. Guangde Anar Magnolia Bay RMB699,000,000 100% RMB699,000,000 (廣德石榴玉蘭灣), Intersection of Taiji Avenue and Tianshou Road, Taozhou Town, Guangde County, Anhui Province, PRC

83. Guangde Anar Clearwater Bay RMB599,000,000 100% RMB599,000,000 (廣德石榴清水灣), Intersection of Taiji Avenue and Zhang’an Road, Taozhou Town, Guangde County, Anhui Province, PRC

84. Phase 2 of Anar Mengcheng Beijing Courtyard RMB369,000,000 100% RMB369,000,000 (石榴‧蒙城‧北京院子), North to Sanyi Road, Wangqiao Road, South to Sanyou Road, West to Jingshiqi Road, Mengcheng County, Bozhou, Anhui Province, PRC

85. Portion of Anar School Mansion RMB233,000,000 100% RMB233,000,000 (石榴學府小區), South of Guanzhong Avenue, North of Yugang Road, Chengbei New District, Yingshang County, Fuyang, Anhui Province, PRC

86. Magnolia Bay Garden RMB195,000,000 100% RMB195,000,000 (玉蘭灣曦園), East of Bohai 2nd Road and North of Huanghe 1st Road, Bincheng District, Binzhou, Shandong Province, PRC

–III-19– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

87. Binzhou Magnolia Bay RMB688,000,000 100% RMB688,000,000 (濱州玉蘭灣), South of Huanghe 2nd Road and East of Bohai 2nd Road, Bincheng District, Binzhou, Shandong Province, PRC

88. BrightMoononSpringRiver RMB833,000,000 100% RMB833,000,000 (春江明月), South of Changxing Road and West of Jiangjun Avenue, Economic and Technological Development District, Dezhou, Shandong Province, PRC

89. Nanchong Zichen Mansion RMB654,000,000 100% RMB654,000,000 (南充紫宸府) No.59 Yinghua South Road, Shun Qing District, Nanchong City, Sichuan Province, PRC

Group IV sub-total RMB31,765,000,000 RMB28,782,680,000

Group V — Properties held by the Group for future development in the PRC

90. Sunhe Project RMB4,103,000,000 100% RMB4,103,000,000 (孫河項目) Xidian Village, Sunhe Town, Chaoyang District, Beijing, PRC

91. Wen’an Magnolia Bay RMB84,000,000 100% RMB84,000,000 (玉蘭灣（文安）), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

–III-20– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

92. Wen’an Clearwater Bay RMB179,000,000 100% RMB179,000,000 (文安清水灣), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

93. Wen’an Summer Plaza RMB27,000,000 100% RMB27,000,000 (夏日廣場（文安）), Yangguanying Village, Tanli Town, Wen’an County, Langfang, Hebei Province, PRC

94. Sanhe Liqizhuang Project RMB9,000,000 100% RMB9,000,000 (三河市李旗莊鎮項目), South of Jingha Road, Liqizhuang Town, Sanhe, Langfang, Hebei Province, PRC

95. Portion of Gu’an Magnolia Bay RMB153,000,000 100% RMB153,000,000 (固安玉蘭灣項目), South of Chaoyang Avenue, West of Yuquan Road, Gu’an County, Langfang, Hebei Province, PRC

96. Portion of Dinghu RMB672,000,000 100% RMB672,000,000 (鼎湖項目), West of Longkou Reservoir, Yongding Town, Mentougou District, Beijing, PRC

Group V sub-total RMB5,227,000,000 RMB5,227,000,000

–III-21– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value Market value in attributable to the existing state as at Interest attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

Group VI — Property contracted to be acquired by the Group for future development in the PRC

97. Portion of Gu’an Magnolia Bay No commercial value 100% No commercial value (固安玉蘭灣項目), South of Chaoyang Avenue, West of Yuquan Road, Gu’an County, Langfang, Hebei Province, PRC

Group VI sub-total No commercial value No commercial value

Category A — Grand total: RMB75,330,600,000 RMB72,126,513,570

Category B — Investment Value (Non Market Value Basis)

Investment value Investment value in Interest attributable to the existing state as at attributable Group as at No. Property 28 February 2021 to the Group 28 February 2021

Group VII — Properties held by the Group for investment in the PRC

98. Huaxin Youth RMB452,000,000 100% RMB452,000,000 (華新青春坊), West of Xinfeng Middle Road, North of Xiangyuan River, Huaxin Town, Qingpu District, Shanghai, PRC

99. Portion of Shangyuan Chengda Center RMB819,000,000 70% RMB573,300,000 (上元成大中心) Huangcun Town, Daxing District, Beijing, PRC

Group VII sub-total RMB1,271,000,000 RMB1,025,300,000

Category B — Grand total: RMB1,271,000,000 RMB1,025,300,000

–III-22– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

VALUATION REPORT

Category A — Market Value Basis

Group I — Property held by the Group for owner occupation in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

1. Portion of Innovation Innovation Mix Shanghai (the As at the valuation RMB70,000,000 Mix Shanghai ‘‘Development’’) is a large-scale commercial date, the property (Renminbi (長寧國際發展廣場), complex erected on two parcels of land with was owner-occupied. Seventy Million) No. 1398 Kaixuan a total site area of approximately 40,355.00 Road, sq.m. located at No. 1398 Kaixuan Road in (100% interest Changning District, Changning District of Shanghai. attributable to Shanghai, the Group: PRC The Development comprises 4 Grade-A RMB70,000,000 office towers and 8 commercial buildings (Renminbi erected over a 3-storey podium including a Seventy Million)) lower ground shopping arcade and 2-storey basement car park.

Developments in the vicinity are dominated by various residential and commercial buildings. It takes about a 15-minute drive from the property to the city centre of Changning.

According to the informationprovidedby the Group, the property comprises Level 22 of Tower 4 of the Development with a total gross floor area of approximately 1,020.35 sq.m.

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for three concurrent terms expiring on 1 August 2053 for commercial use, 1 August 2063 for office use and 1 August 2063 for recreation, entertainment & sports use respectively.

–III-23– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to two State-owned Land Use Rights Certificates — Hu Fang Di Chang Zi (2014) No. 005026 and Hu Fang Di Chang Zi (2016) No. 002320 dated 25 April 2014 and 4 February 2016, the land use rights of two parcels of land with a total site area of approximately 40,355.20 sq.m. have been granted to Shanghai Heshi Investment Development Co., Ltd. (上海褐石投資發展有限公司) (‘‘Shanghai Heshi’’), a 100%-owned subsidiary of the Company, for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

2. Pursuant to the Realty Title Certificate — Hu (2020) Chang Zi Bu Dong Chan Quan Di No. 013671 dated 26 November 2020, the building ownership with a gross floor area of approximately 121,589.66 sq.m. together with the corresponding land use rights have been granted to Shanghai Heshi for three concurrent terms expiring on 1 August 2053 for commercial use, 1 August 2063 for office use and 1 August 2063 for recreation, entertainment & sports use respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the building ownership of the property is subject to a mortgage; and

ii. Shanghai Heshi has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Shanghai Heshi has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB73,000 and RMB80,000 per sq.m. for office units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-24– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Group II — Properties held by the Group for investment in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

2. Anar Center Anar Center is a large-scale commercial As at the valuation RMB4,175,000,000 (石榴中心), development, which comprises 22 single date, portion of the (Renminbi Four No. 88 Huaixiang block commercial buildings and 2 Grade-A property with a total Billion One Hundred Street, office towers on a 3-storey commercial and gross floor area of and Seventy Five Fengtai District, car park podium, erected on a parcel of land approximately Million) Beijing, with a total site area of approximately 76,614.15 sq.m. was PRC 28,639.65 sq.m. subject to various (100% interest tenancies with the attributable to The property is situated at No. 88 Huaixiang latest one expiring on the Group: Street in Fengtai District. Developments in July 2032 at a total RMB4,175,000,000 the vicinity are dominated by office, monthly rental of (Renminbi Four commercial and residential buildings. It approximately Billion One Hundred takes about a 30-minute drive from the RMB12,200,000 and Seventy Five property to the city centre of Beijing. (exclusive of VAT). Million))

According to the informationprovidedby The remaining the Group, the property comprises various portion of the commercial units, office units and car property was vacant. parking spaces with a total gross floor area of approximately 103,448.87 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 35,190.62 Office 45,479.79 Car parking space 14,756.97 Civil defense 8,021.49

Total: 103,448.87

As advised by the Group, the property was completedin2018.

The land use rights of the property have been granted for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite and below-ground composite and below-ground carpark uses respectively.

–III-25– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the Realty Title Certificate — Jing Feng Guo Yong (2013 Chu) Di No. 00211 dated 19 November 2013, the land use rights of a parcel of land with a site area of approximately 28,639.65 sq.m. have been granted to Beijing Anar Real Estate Development Co., Ltd. (北京石榴房地產開發有限公司) (‘‘Beijing Anar’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite, below-ground composite and below-ground carpark uses respectively.

2. Pursuant to 25 Realty Title Certificates — Jing (2016) Feng Tai Qu Bu Dong Chan Quan Di Nos. 0032385, 0032398, 0033141, 0033142, 0033144 to 0033146, 0033633, 0033634, 0033637 to 0033639 and 0033801 to 0033812, Jing (2017) Feng Tai Qu Bu Dong Chan Quan Di No. 0043013 and Jing (2018) Feng Tai Qu Bu Dong Chan Quan Di No. 0027382 dated 6 May 2016 and 5 May 2018, the building ownership with a gross floor area of approximately 103,448.87 sq.m. together with the corresponding land use rights have been granted to Beijing Anar for three concurrent terms expiring on 30 August 2044 for commercial and below-ground commercial and 30 August 2054 for composite, below-ground composite and below-ground carpark uses respectively.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the building ownership of the property is subject to a mortgage; and

ii. Beijing Anar has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Beijing Anar has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB390 and RMB440 per sq.m. per month for office, RMB630 to RMB800 per sq.m. per month for commercial units (Level 1) and RMB900 to RMB1,200 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 3.7% to 5.5% for office units and between 4.0% to 5.1% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

–III-26– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

3. Portion of Jingjing Jingjing Innovation Center As at the valuation RMB1,572,000,000 Innovation Center (the ‘‘Development’’) is a large-scale date, portion of the (Renminbi One Billion (菁菁創智中心), commercial development erected on a parcel property with a total Five Hundred and Longsheng Street oflandwithasiteareaofapproximately gross floor area of Seventy Two Million) No. 6 Yard, 23,247.07 sq.m. approximately Daxing District, 1,146.81 sq.m. was (100% interest Beijing, The Development is situated at Longsheng subject to various attributable to PRC Street No. 6 Yard in Daxing District. tenancies with the the Group: Developments in the vicinity are dominated latest one expiring on RMB1,572,000,000 by office and commercial buildings. It takes July 2023 at a total (Renminbi One Billion about a 30-minute drive from the property monthly rental of Five Hundred and to the Beijing Daxing International Airport. approximately Seventy Two Million)) RMB34,000 According to the informationprovidedby (exclusive of VAT). the Group, the property comprises various commercial units, office units, storeroom, The remaining car parking spaces and ancillary facilities of portion of the the Development with a total gross floor property was vacant. area of approximately 85,553.64 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 49,320.17 Commercial 930.85 Storeroom 21,293.83 Car parking space 13,539.75 Ancillary facilities 469.04

Total: 85,553.64

As advised by the Group, the property was completedin2017.

The land use rights of the property have been granted for terms expiring on 29 July 2055 for commercial and below-ground commercial and 29 July 2065 for office, below-ground storeroom and below-ground carpark space uses respectively.

–III-27– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the Realty Title Certificate — Ji (2018) Da Bu Dong Chan Quan Di No. 0000133 dated 23 May 2018, the land use rights of a parcel of land with a site area of approximately 23,247.07 sq.m. have been granted to Beijing Hexing Donghua Investment development Co., Ltd. (北京和興東華投資發展有限公司) (‘‘Beijing Hexing Donghua’’), a 100%-owned subsidiary of the Company, for two concurrenttermsexpiringon29July2055forcommercialand29 July 2065 for office, below-ground storeroom and below-ground carpark uses respectively.

2. Pursuant to 8 Realty Title Certificates — Jing (2018) Da Bu Dong Chan Quan Di Nos. 0019372 to 0019374, 0019376 to 0019379 and 0039965 dated between 19 March 2018 and 6 July 2018, the building ownership with a gross floor area of approximately 103,448.87 sq.m. together with the corresponding land use rights are vested in Beijing Hexing Donghua for terms expiring on 29 July 2055 for commercial and below-ground commercial and 29 July 2065 for office, below-ground storeroom and below-ground carpark uses respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Hexing Donghua has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property; and

ii. according to the confirmation from Beijing Hexing Donghua, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB140 and RMB170 per sq.m. per month for office units, RMB180 to RMB240 per sq.m. per month for commercial units (Level 1), RMB60 to RMB100 per sq.m. per month for storerooms and RMB900 to RMB1,200 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 3.6% to 5.6% for office units and between 4.0% to 5.8% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

–III-28– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

4. New Airport Center New Airport Center is a large-scale As at the valuation RMB1,581,000,000 (新空港中心), commercial development erected on a parcel date, the property (Renminbi One Billion Hongxu East Road oflandwithasiteareaofapproximately was vacant. Five Hundred and No. 2 Yard, 26,700.00 sq.m. Eighty One Million) Xi Hong Men Town, Daxing District, The property is situated at Hongxu East (90% interest Beijing, Road No. 2 Yard in Daxing District. attributable to PRC Developments in the vicinity are dominated the Group: by office and commercial buildings. It takes RMB1,422,900,000 about a 40-minute drive from the property (Renminbi One Billion to the city centre of Beijing. Four Hundred Twenty Two Million and Nine According to the informationprovidedby Hundred Thousand)) the Group, the property comprises various commercial units, office units, storeroom units and car parking spaces with a total gross floor area of approximately 70,778.40 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 54,199.93 Commercial 1,568.95 Car parking space 9,338.28 Storeroom 5,671.24

Total: 70,778.40

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for a term expiring on 24 March 2056 for office, class-E storeroom and commercial uses.

–III-29– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the Realty Title Certificate — Jing (2016) Da Xing Qu Bu Dong Chan Quan Di No. 0000109 dated 29 June 2016, the land use rights of a parcel of land with a site area of approximately 26,700.00 sq.m. have been granted to Beijing Hengxing Boda Real Estate Development Co., Ltd. (北京恒興博達房地產開發有限公司) (‘‘Beijing Hengxing Boda’’), a 90%-owned subsidiary of the Company for a term expiring on 24 March 2056 for greenbelt development use (綠隔產業用地).

2. Pursuant to 7 Real Estate Title Certificates — Jing (2020) Da Bu Dong Chan Quan Di Nos. 00239990 00239998, 00239991, 00239993, 00239994 and 00239997 and Jing (2021) Da Bu Dong Chan Quan Di No. 0003568 dated between 27 September 2020 and 5 February 2021, the building ownership with a gross floor area of approximately 70,778.40 sq.m. together with the corresponding land use rights are vested in Beijing Hengxing Boda for a term expiring on 24 March 2056 for office, class-E storeroom and commercial uses.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the building ownership of the property is subject to a mortgage; and

ii. Beijing Hengxing Boda has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property. In respect of the mortgaged portion of the property, Beijing Hengxing Boda has the rights to occupy or use such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB190 and RMB240 per sq.m. per month for office, RMB180 to RMB240 per sq.m. per month for commercial units (Level 1) and RMB900 to RMB1,200 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 4.2% to 4.8% for office units and between 4.0% to 6.0% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

5. Building No. 26 of Lily Bay Garden (the ‘‘Development’’) is a As at the valuation RMB83,600,000 Lily Bay Garden large-scale residential and commercial date, the property is (Renminbi Eighty (百合灣嘉園), development erected on two parcels of land subject to a tenancy Three Million and Six No. 70 Tonghu Street, with a total site area of approximately agreement with the Hundred Thousand) Tongzhou District, 60,394.00 sq.m. latest one due to Beijing, expiring on 30 April (100% interest PRC The Development is situated at No. 70 2027 at a monthly attributable to Tonghu Street in Tongzhou District. rent of the Group: Developments in the vicinity are dominated approximately RMB83,600,000 by residential and commercial buildings. It RMB223,000 (Renminbi Eighty takes about a 45-minute drive from the (exclusive of VAT). Three Million and Six property to the city centre of Beijing. Hundred Thousand))

According to the informationprovidedby the Group, the property comprises a 9-storey apartment with ancillary facilities of the Development with a total gross floor area of approximately 4,857.37 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Apartment 4,762.77 Ancillary facilities 94.60

Total: 4,857.37

As advised by the Group, the property was completedin2015.

The land use rights of the property have been granted for two concurrent terms expiring on 31 August 2059 and 31 August 2079 for composite and residential uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to two State-owned Land Use Rights Certificates — Jing Tong Guo Yong (2010 Chu) Di Nos. 075 and 076 both dated 13 October 2010, the land use rights of two parcels of land with a total site area of approximately 60,394.00 sq.m. have been granted to Beijing McKinley Real Estate Development Co., Ltd. (北京麥金利房地產開發有限公司) (‘‘Beijing McKinley’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 31 August 2059 and 31 August 2079 for composite and residential uses respectively.

2. Pursuant to the Realty Title Certificate — Jing (2016) Tong Zhou Qu Bu Dong Chan Quan Di No. 0031982 dated 23 June 2016, the building ownership with a gross floor area of approximately 4,857.37 sq.m. together with the corresponding land use rights are vested in Beijing McKinley for a term expiring on 31 August 2059 for supporting use.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing McKinley has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property (excluding the portions which have been sold out); and

ii. according to the confirmation from Beijing McKinley, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB70 and RMB90 per sq.m. per month for apartment. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 1.7% to 3.5% for apartment units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

6. Portion of Innovation Innovation Mix Shanghai (the As at the valuation RMB10,672,000,000 Mix Shanghai ‘‘Development’’) is a large-scale commercial date, portion of the (Renminbi Ten Billion (長寧國際發展廣場), complex erected on two parcels of land with property with a total Six Hundred and No. 1398 Kaixuan a total site area of approximately 40,355.00 gross floor area of Seventy Two Million) Road, sq.m. located at No. 1398 Kaixuan Road in approximately Changning District, Changning District of Shanghai. 1,020.00 sq.m. was (100% interest Shanghai subject to various attributable to PRC The Development comprises 4 Grade-A tenancies with the the Group: office towers and 8 commercial buildings latest one expiring on RMB10,672,000,000 erected over a 3-storey podium including a December 2023 at a (Renminbi Ten Billion lower ground shopping arcade and 2-storey total monthly rental Six Hundred and basement car park. of approximately Seventy Two Million)) RMB262,000 Developments in the vicinity are dominated (exclusive of VAT). by various residential and commercial buildings. It takes about a 15-minute drive The remaining from the property to the city centre of portion of the Changning. property was vacant.

According to the informationprovidedby the Group, the property comprises various commercial units, office units, car parking spaces and ancillary facilities of the Development with a total gross floor area of approximately 237,394.89 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 131,989.35 Commercial 43,406.06 Car parking space 61,999.48

Total: 237,394.89

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

2. Pursuant to three Realty Title Certificates — Hu (2020) Chang Zi Bu Dong Chan Quan Di Nos. 013646, 013663 and 013671 all dated 26 November 2020, the building ownership with a total gross floor area of approximately 238,415.24 sq.m. together with the corresponding land use rights are vested in Shanghai Heshi for terms expiring on 1 August 2053 and 15 December 2055 for commercial use, 1 August 2063 and 15 December 2065 for office use and 1 August 2063 and 15 December 2065 for recreation, entertainment & sports use respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the building ownership of the property is subject to a mortgage; and

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB290 and RMB350 per sq.m. per month for office, RMB270 to RMB380 per sq.m. per month for commercial units (Level 1) and RMB900 to RMB1,400 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

5. Based on our market research, the market yield of comparable are in a range between 3.2% to 4.0% for office units and between 4.4% to 5.8% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Group III — Properties held by the Group for sale in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

7. Unsold portion of Full Moon (the ‘‘Development’’) is a As at the valuation RMB51,000,000 Full Moon large-scale commercial and residential date, the property (Renminbi Fifty One (荷塘嘉苑), development erected on a parcel of land with was vacant. Million) Changgou Town, a site area of approximately 72,560.31 sq.m. Fangshan District, (100% interest Beijing, The Development is situated at the attributable to PRC Changgou Town in Fangshan District in the Group: Beijing. Developments in the vicinity are RMB51,000,000 dominated by various residential buildings. (Renminbi Fifty One It takes about 80-minute drive from the Million)) property to city center of Beijing.

According to the informationprovidedby the Group, the property comprises various residential units and car parking spaces of the Development with a total gross floor area of approximately 2,487.81 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 2,216.82 Car parking space 270.99

Total: 2,487.81

As advised by the Group, the property was completed by phases between 2016 and 2017.

The land use rights of the property have been granted for three concurrent terms expiring on 28 November 2051, 28 November 2061 and 28 November 2081 for commercial, carpark and residential uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to three Realty Title Certificates — Jing Fang Guo Yong (2014 Chu) Nos. 00074, 00075 and 00076, dated 12 June 2014, the land use rights of three parcels of land with a total site area of approximately 72,560.31 sq.m. have been granted to Beijing Chuangzhan Real Estate Development Co., Ltd. (北京創展房地產開發有限公司) (‘‘Beijing Chuangzhan’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 28 November 2051, 28 November 2061 and 28 November 2081 for commercial, carpark and residential uses respectively.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110111201400038 dated 4 July 2014, Beijing Chuangzhan was permitted to use a parcel of land with a site area of approximately 72,560.51 sq.m. for development.

3. Pursuant to four Construction Works Planning Permits — Jian Zi Di Nos. 110111201400108, 110111201400109, 110111201400110 and 110111201600094 dated between 15 July 2014 and 28 December 2016, the total approved construction scale was approximately 95,607.908 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — [2014] Shi Jian Zi No.0468, 0470, 0469 and [2017] Shi Jian Zi No. 0109 dated between 5 August 2014 and 16 February 2017, the construction works of various buildings with a total construction scale of approximately 95,607.91 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to three Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2015) Nos. 40, 45 and 90 dated between 14 May 2015 and 8 July 2015, various buildings with a total gross floor area of 63,505.43 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to three Completion Certificates — 0721 Fang Jun 2016 (Jian) No. 0074, 0720 Fang Jun 2016 (Jian) No. 0073 and 0754 Fang Jun 2017 (Jian) No. 0082 dated between 5 September 2016 and 2 November 2017, the construction works of various buildings with a total gross floor area of 70,293.43 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, portion of the property with a total gross floor area of 1,377.12 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB26,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

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

APPENDIX III PROPERTY VALUATION REPORT

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Chuangzhan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other income means to dispose of the property;

ii. according to the confirmation from Beijing Chuangzhan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Beijing Chuangzhan is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

iv. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Beijing Chuangzhan to obtain relevant building ownership certificates after Beijing Chuangzhan submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB22,000 and RMB30,000 per sq.m. for residential units and RMB120,000 to RMB300,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

8. Unsold portion of Chengda Center (the ‘‘Development’’) is a As at the valuation RMB6,332,000,000 Chengda Center composite development with office, date, the property (Renminbi Six Billion (成大中心), residential units, commercial units and car was vacant. Three Hundred and No.2 Liangshi Street, parking facilities provided erected on a Thirty Two Million) Tongzhou parcel of land with a site area of District, approximately 17,064.00 sq.m. (100% interest Beijing, attributable to PRC The Development is situated at No.2 the Group: Liangshi Street in Tongzhou District of RMB6,332,000,000 Beijing. Developments in the vicinity are (Renminbi Six Billion dominated by various commercial buildings Three Hundred and and residential developments. It takes about Thirty Two Million)) a 45-minute drive from the property to the city center of Beijing.

According to the informationprovidedby the Group, the property comprises various commercial units, office units, apartment units and car parking spaces, of the Development with a total gross floor area of approximately 153,962.19 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 92,899.53 Apartment 33,610.29 Commercial 14,076.14 Car parking space 13,376.23

Total: 153,962.19

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (including apartment) and carpark use respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the Realty Title Certificate — Jing (2017) Tong Bu Dong Chan Quan No. 0000006 dated 28 February 2017, the land use rights of a parcel of land with a site area of approximately 17,064.00 sq.m. have been granted to Beijing Furun Wanjia Real Estate Development Co., Ltd. (北京富潤萬嘉房地產開發有限公司) (‘‘Beijing Furun Wanjia’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (include apartment) and carpark uses respectively.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110112201500006 dated 19 January 2015, Beijing Furun Wanjia was permitted to use a parcel of land with a site area of approximately 17,064.236 sq.m. for development.

3. Pursuant to three Construction Works Planning Permits — Jian Zi Di Nos. 110112201600181, 110112201600167 and 110112201600068 dated between 9 May 2016 and 23 November 2016, the total approved construction scale was approximately 171,988.74 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 6 Construction Works Commencement Permits — Nos. 110112201701190101, 110112201701190201, 110112201701190301, 110112201701190401, 110112201612060101 and 110112201607180101 dated between 18 July 2016 and 19 January 2017, the construction works of various buildings with a total construction scale of approximately 171,988.74 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to two Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2018) No. 50 and Jing Fang Shou Zheng Zi (2020) No. 16 dated 10 June 2018 and 17 February 2020, various buildings with a total gross floor area of 151,904.20 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 7 Realty Title Certificates — Jing (2020) Tong Bu Dong Chan Quan Nos. 0035101, 0035103, 0035104, 0035102, 0035099 and 0002330 and Jing (2021) Tong Bu Dong Chan Quan No. 0035101 dated between 12 December 2020 and 15 January 2021, the building ownership of various buildings with a total gross floor area of approximately 153,962.18 sq.m. together with the corresponding land use rights are vested in Beijing Furun Wanjia for two concurrent terms expiring on 11 May 2054 for commercial use and 11 May 2064 for office (include apartment) and carpark use respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, the property with a total gross floor area of 153,962.19 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB6,332,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Furun Wanjia has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Furun Wanjia, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

9. Unsold portion of Clearwater Bay (the ‘‘Development’’) is a As at the valuation RMB115,000,000 Clearwater Bay large-scale residential and commercial date, the property (Renminbi One (清水灣嘉園), development erected on three parcels of land was vacant. Hundred and Fifteen Longwang West Lane, with a total site area of approximately Million) Tongzhou District, 76,563.335 sq.m. Beijing, (100% interest PRC The Development is situated at Wangjiayang attributable to village in Tongzhou District of Beijing. the Group: Developments in the vicinity are mainly RMB115,000,000 dominated by various residential (Renminbi One development. It takes about a 50-minute Hundred and Fifteen drive from the property to the city center of Million)) Beijing.

According to the informationprovidedby the Group, the property comprises various residential units, car parking spaces and storerooms of the Development with a total gross floor area of approximately 5,372.28 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 1,453.04 Affordable housing 1,650.89 Commercial 1,102.20 Car parking space 887.72 Storeroom 278.43

Total: 5,372.28

As advised by the Group, the property was completed by phases between 2012 and 2018.

The land use rights of the property have been granted for three concurrent terms expiring on 29 June 2074 for residential use, 29 June 2054 for storeroom and carpark uses and 29 June 2044 for commercial service use respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to three State-owned Land Use Rights Certificates — Jing Tong Guo Yong (2004 Chu) Di No. 086, Jing Tong Guo Yong (2013 Chu) Di Nos. 00020 and 00133 dated between 30 September 2004 and 22 August 2013, the land use rights of three parcels of land with a total site area of approximately 76,563.335 sq.m. have been granted to Beijing Gucheng Real Estate Development Co., Ltd. (北京古城房地產開發有限公司) (‘‘Beijing Gucheng’’), a 100%-owned subsidiary of the Company, for terms expiring on 29 June 2074 for residential use, 29 June 2054 for storeroom and carpark uses and 29 June 2054 for commercial service use respectively.

2. Pursuant to 12 Building Ownership Certificates — X Jing Fang Quan Zheng Tong Zi Nos. 1539253, 1214998, 1214997, 1215172, 1510760, 1510754, 0004650, 1427544, 1427545, 1427546, 1427548 and 1215674 dated between 1 August 2012 and 19 February 2019, the building ownership with a total gross floor area of approximately 66,386.46 sq.m. is vested in Beijing Gucheng.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificates.

3. Pursuant to various Completion Certificates — 0298 Tong Jun 2012 (Jian) 0022, 0299 Tong Jun 2012 (Jian) 0023, 0300 Tong Jun 2012 (Jian) 0024, 0302 Tong Jun 2012 (Jian) 0025, 0480 Tong Jun 2013 (Jian) 0051, 0481 Tong Jun 2013 (Jian) 0052, 1004 Tong Jun 2014 (Jian) 0080, 1030 Tong Jun 2016 (Jian) 0118, 0543 Tong Jun 2018 (Jian) 0046 dated between 15 May 2012 and 30 September 2018, the construction works of various buildings with a total gross floor area of 204,721.64 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

4. As advised by the Group, portion of the property with total gross floor area of 422.56 sq.m has been pre-sold/subscribed at a total consideration of approximately RMB22,100,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

5. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Gucheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Gucheng, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

6. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB48,000 and RMB63,000 per sq.m. for residential units, RMB27,000 to 28,000 per sq.m. for commercial units (Level 1), RMB200,000 to RMB250,000 per car parking space and RMB9,000 to 18,000 for storeroom units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

10. Unsold portion of Lily Lily Bay Garden (the ‘‘Development’’) is a As at the valuation RMB122,000,000 Bay Garden large-scale residential and commercial date, the property (Renminbi One (百合灣嘉園), development erected on two parcels of land was vacant. Hundred and Twenty No. 70 Tonghu Street, with a total site area of approximately Two Million) Tongzhou District, 60,394.00 sq.m. Beijing, (100% interest PRC The Development is situated at No. 70 attributable to Tonghu Street in Tongzhou District of the Group: Beijing. Developments in the vicinity are RMB122,000,000 dominated by various residential and (Renminbi One commercial buildings. It takes about a Hundred and Twenty 45-minute drive from the property to the city Two Million)) center of Beijing.

According to the informationprovidedby the Group, the property comprises various residential, office units, car parking spaces of the Development with a total gross floor area of approximately 7,406.37 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 1,026.03 Office 2,222.69 Car parking space 402.77 Civil defense 3,754.88

Total: 7,406.37

As advised by the Group, the property was completedin2015.

The land use rights of the property have been granted for two concurrent terms expiring on 31 August 2059 and 31 August 2079 for composite and residential uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

2. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 110112200900055 and 110112201000027 dated 13 October 2009 and 7 June 2010, respectively Beijing McKinley was permitted to use two parcels of land with a total site area of approximately 90,357.47 sq.m. for development.

3. Pursuant to 9 Construction Works Planning Permits — Jian Zi Di Nos. 110112201000204, 110112201000205, 110112201000206, 110112201000207, 110112201000208, 110112201000209, 110112201000210, 110112201000284 and 110112201000285 dated between 2 April 2010 and 21 May 2010, the total approved construction scale was approximately 135,357.50 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 12 Construction Works Commencement Permits — [2010] Shi Jian Zi Nos. 1649 to 1655 and 1960 to 1062 [2012] Shi Jian Zi Nos. 0641 and 0764 dated between 2 November 2010 and 9 July 2012, the construction works of various buildings with a total construction scale of approximately 168,952.00 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 8 Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2011) Nos. 40, 129, 147, 196 and 278 and Jing Fang Shou Zheng Zi (2012) Nos. 18, 54 and 208 dated between 24 April 2011 and 21 September 2012, various buildings with a total gross floor area of 114,316.68 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 10 Completion Certificates — 0952 Tong Jun 2013 (Jian) No. 0100, 0382 Tong Jun 2013 (Jian) No. 0037, 0383 Tong Jun 2013 (Jian) No. 0038, 0471 Tong Jun 2013 (Jian) No. 0049, 0955 Tong Jun 2013 (Jian) No. 0101, 0956 Tong Jun 2013 (Jian) No. 0102, 0957 Tong Jun 2013 (Jian) No. 0103, 0958 Tong Jun 2013 (Jian) No. 0104, 0959 Tong Jun 2013 (Jian) No. 0105 and 0212 Tong Jun 2015 (Jian) No. 0030 dated between 22 May 2013 and 24 March 2015, the construction works of various buildings with a total gross floor area of 165,058.00 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. Pursuant to 23 Building Ownership Certificates — X Jing Fang Guan Zheng Tong Zi Nos. 1414541 to 1414544, 1418939, 1418941, 1418942, 1419277 to 1419280, 1419483 to 1419486, 1419488 to 1419492, 1536623, 1536624 and 1536626 dated between 8 July 2014 and 28 September 2015, the building ownership with a total gross floor area of 131,299.37 sq.m. together with the corresponding land use rights are vested in Beijing Maijinli.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

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

APPENDIX III PROPERTY VALUATION REPORT

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing McKinley has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing McKinley, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB29,000 and RMB33,000 per sq.m. for office units, RMB48,000 and RMB63,000 per sq.m for residential units and RMB150,000 and RMB184,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

11. Unsold portion of Jiayue Center (the ‘‘Development’’) is a As at the valuation RMB70,000,000 Jiayue Center large-scale commercial development erected date, the property (Renminbi Seventy (嘉悅中心), on a parcel of land with a total site area of was vacant. Million) Xihongmen Town, approximately 42,829.77 sq.m. Daxing District, (100% interest Beijing, The Development is situated at Xihongmen attributable to PRC Town in Daxing District of Beijing. the Group: Developments in the vicinity are dominated RMB70,000,000 by various commercial & office buildings. It (Renminbi Seventy takes about a 35-minute drive from the Million)) property to the city center of Beijing.

According to the informationprovidedby the Group, the property comprises various commercial units and office units of the Development with a total gross floor area of approximately 2,186.53 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 177.88 Office 2,008.65

Total: 2,186.53

As advised by the Group, the property was completed by 2014.

The land use rights of the property have been granted for two concurrent terms expiring on 21 September 2049 for commercial service use and 21 September 2059 for office and carpark uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate — Jing Xing Guo Yong (2015 Chu) No. 00120 dated 19 October 2015, the land use rights of a parcel of land with a total site area of approximately 42,829.77 sq.m. have been granted to Beijing Shengxi Real Estate Co., Ltd. (北京盛璽置業有限公司) (‘‘Beijing Shengxi’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 21 September 2049 for commercial service use and 21 September 2059 for office and carpark uses respectively.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110115201000039 dated 6 September 2010, Beijing Shengxi was permitted to use a parcel of land with a site area of approximately 42,829.77 sq.m. for development.

3. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 110115201100333 dated 22 November 2011, the total approved construction scale was approximately 186,899.00 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

4. Pursuant to 9 Construction Works Commencement Permits — (2012) Shi Jian Zi Nos. 0272 to 0274, 0311 to 0313, 0317 and 0319 dated between 20 March 2012 and 27 March 2012, the construction works of various buildings with a total construction scale of approximately 186,899.00 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 6 Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng Zi (2012) Nos. 134, 207 and 284 and Jing Fang Shou Zheng Zi (2013) Nos. 80, 103 and 117 dated between 13 July 2012 and 17 May 2014, various buildings with a total gross floor area of 142,474.39 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 9 Completion Certificates — 0054 Da Jun 2014 (Jian) No. 0005, 0055 Da Jun 2014 (Jian) No. 0006, 0056 Da Jun 2014 (Jian) No. 0007, 0057 Da Jun 2014 (Jian) No. 0008, 0058 Da Jun 2014 (Jian) No. 0009, 0059 Da Jun 2014 (Jian) No. 0010, 0060 Da Jun 2014 (Jian) No. 0011, 0061 Da Jun 2014 (Jian) No. 0012 and 0062 Da Jun 2014 (Jian) No. 0013 all dated 15 January 2014, the construction works of various buildings with a total gross floor area of 186,899.00 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

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

APPENDIX III PROPERTY VALUATION REPORT

7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Shengxi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property;

ii. according to the confirmation from Beijing Shengxi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Beijing Shengxi has obtained requisite construction permits in accordance with the actual development progress;

iv. Beijing Shengxi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Beijing Shengxi to obtain relevant building ownership certificates after Beijing Shengxi submission for the application of the title documents is accepted by the competent government authorities.

8. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB38,000 and RMB50,000 per sq.m for commercial units (Level 1) and RMB25,000 and RMB40,000 per sq.m for office units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

12. Unsold portion of Ten Miles Spring Breeze Garden (the As at the valuation RMB8,081,000,000 Ten Miles Spring ‘‘Development’’) is a large-scale residential date, the property (Renminbi Eight Breeze Garden development with commercial and car was vacant. Billion and Eighty One (十里春風嘉園), parking facilities provided erected on four Million) Yongledian Town, parcelsoflandwithatotalsiteareaof Tongzhou District, approximately 166,344.30 sq.m. (100% interest Beijing, attributable to PRC The Development is located at Yongledian the Group: Town in Tongzhou District of Beijing. RMB8,081,000,000 Developments in the vicinity are mainly (Renminbi Eight dominated by various residential buildings. Billion and Eighty One It takes about a 60-minute drive from the Million)) property to the city centre of Beijing.

According to the informationprovidedby the Group, the property comprises various residential units, commercial units, car parking spaces and storerooms of the Development with a total gross floor area of approximately 438,127.14 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 301,483.17 Affordable housing 61,915.74 Commercial 2,659.20 Car parking space 49,686.56 Storeroom 22,382.47

Total: 438,127.14

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for four concurrent terms expiring on 8 August 2063 for residential use, 8 August 2033 for commercial use, 8 August 2043 for office, storeroom and carpark uses and 20 September 2067 for office (public affairs) and carpark uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Tu Zi (1993) Di No. 0058 and Jing Di Chu (He) Zi (2017) Di No. 0175 dated 6 August 1993 and 21 September 2017 and its supplementary agreements dated between 27 March 2017 and 21 September 2017 and 24 May 2018, the land use rights of a parcel of land with a total site area of approximately 166,344.44 sq.m. have been granted to Beijing Yongle Garden Development Co., Ltd. (北京永樂花園發展有限公司) (‘‘Beijing Yongle’’), a 100%-owned subsidiary of the Company, for terms of 70 years for residential use, 40 years for commercial use and 50 years for office and carpark uses, at a total land grant fee of RMB657,648,520.

2. Pursuant to four Realty Title Certificates — Jing (2017) Tong Bu Dong Chan Quan Di Nos. 0000019, 0000020 and 0000064 and Jing (2018) Tong Bu Dong Chan Quan Di No. 0000057 dated between 8 May 2017 and 20 July 2018, the land use rights of four parcels of land with a total site area of approximately 166,344.24 sq.m. have been granted to Beijing Yongle Garden Development Co., Ltd. (北京永樂花園發展有限公司) (‘‘Beijing Yongle’’), a 100%-owned subsidiary of the Company, for four concurrent terms expiring on 8 August 2063 for residential use, 8 August 2033 for commercial use, 8 August 2043 for office, storeroom and carpark uses and 20 September 2067 for office (public affairs) and carpark uses respectively.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 110112201700007 and 110112201600031 dated 2 December 2016 and 31 March 2017, Beijing Yongle was permitted to use a parcel of land with a site area of approximately 166,344.435 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

4. Pursuant to 7 Construction Works Planning Permits — Jian Zi Di Nos. 110112201700047 to 110112201700050, 110112201700066, 110112201700124 and 110112201700125 dated between 22 May 2017 and 27 November 2017 the total approved construction scale was approximately 539,596.50 sq.m.

5. Pursuant to 14 Construction Works Commencement Permits — Nos. 110112201707060101, 110112201707140101, 110112201707140201, 10112201711100101, 10112201711100201–10112201711100501, 110112201712220201, 110112201802110101, 110112201802110201, 110112201802110301, 110112201802110401 and 110112201804100101 dated between 10 July 2017 and 10 April 2018, the construction works of various buildings with a total construction scale of approximately 539,596.50 sq.m. were approved for commencement.

6. Pursuant to three Pre-sale Permits for Commodity Housing — Jing Fang Shou Zheng (2017) No. 139 and Jing Fang Shou Zheng (2018) Nos. 15 and 23 and Jing Fang Shou Zheng (2020) No.1 dated between 29 October 2017 and 31 March 2018, various buildings with a total gross floor area of 366,547.89 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. Pursuant to 14 Completion Certificates — 0607 Tong Jun 2020 (Jian) 0094, 0608 Tong Jun 2020 (Jian) 0095, 0609 Tong Jun 2020 (Jian) 0096, 0610 Tong Jun 2020 (Jian) 0097, 0611 Tong Jun 2020 (Jian) 0098, 0612 Tong Jun 2020 (Jian) 0099, 0613 Tong Jun 2020 (Jian) 0100, 0614 Tong Jun 2020 (Jian) 0101, 0615 Tong Jun 2020 (Jian) 0102, 0616 Tong Jun 2020 (Jian) 0103, 0617 Tong Jun 2020 (Jian) 0104, 0618 Tong Jun 2020 (Jian) 0105, 0619 Tong Jun 2020 (Jian) 0106 and 0620 Tong Jun 2020 (Jian) 0107 all dated 23 December 2020, the construction works of various buildings with a total gross floor area of 515,319.28 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the property with a total gross floor area of 160,694.39 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB3,718,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

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

APPENDIX III PROPERTY VALUATION REPORT

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Beijing Yongle has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use right of the property. Beijing Yongle has the right to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Beijing Yongle has obtained requisite construction permits in accordance with the actual development progress;

iv. Beijing Yongle is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Beijing Yongle to obtain relevant building ownership certificates after Beijing Yongle submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB20,000 and RMB33,000 per sq.m. for residential units, RMB7,700 and RMB7,900 for affordable housing units. RMB18,000 and 25,000 for commercial units (Level 1), RMB120,000 and 200,000 per car parking space and RMB9,000 and 18,000 for storeroom units. Due adjustmentstotheunitratesofthesecomparableshavebeenmadeto reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

13. Unsold portion of Paradise Bay (the ‘‘Development’’) is a As at the valuation RMB29,000,000 Paradise Bay large-scale residential and commercial date, the property (Renminbi Twenty (海棠灣嘉園), development erected on one parcel of land was vacant. Nine Million) Qunfangyi Yuan, with a total site area of approximately Tongzhou District, 71,297.44 sq.m. (100% interest Beijing, attributable to PRC The Development is situated at Qunfangyi the Group: Yuan in Tongzhou District of Beijing. RMB29,000,000 Developments in the vicinity are dominated (Renminbi Twenty by various residential and commercial Nine Million)) buildings. It takes about a 50-minute drive from the property to the city centre of Beijing.

According to the informationprovidedby the Group, the property comprises various residential units, commercial units and car parking spaces of the Development with a total gross floor area of approximately 1,492.08 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 1,288.77 Commercial 67.96 Car parking space 135.35

Total: 1,492.08

As advised by the Group, the property was completedin2013.

The land use rights of the property have been granted for three concurrent terms expiring on 10 September 2073 for residential use, 10 September 2043 for commercial service use and 10 September 2053 for below-ground carpark use respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate — Jing Tong Guo Yong (2018 Chu) Di No. 021 dated 18 April 2018, the land use rights of a parcel of land with a total site area of approximately 71,294.44 sq.m have been granted to Beijing Yatong Real Estate Development Co., Ltd. (北京亞通房地產開發有限公司) (‘‘Beijing Yatong’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 10 September 2073 for residential use, 10 September 2043 for commercial service use and 10 September 2053 for below-ground carpark use respectively.

2. Pursuant to 9 Building Ownership Certificates — X Jing Fang Quan Zheng Tong Zi Nos. 1219688, 1219689, 1306922, 1306925, 1306926, 1307160, 1400365, 1411328, 1414991 dated between 29 September 2012 and 11 July 2014, the building ownership with a total gross floor area of 77,638.60 sq.m. is vested in Beijing Yatong.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificates.

3. As advised by the Group, portion of the property with a total gross floor area of 1,288.77 sq.m has been pre-sold/subscribed at a total consideration of approximately RMB26,300,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

4. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Yatong has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Yatong, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

5. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB19,000 and RMB23,000 per sq.m. for residential units, RMB27,000 and RMB28,000 per sq.m. for commercial units (Level 1) and RMB200,000 to RMB230,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

14. Unsold portion of Magnolia Bay (the’’Development’’) is a As at the valuation RMB158,000,000 Magnolia Bay large-scale residential and commercial date, the property (Renminbi One (玉蘭灣嘉園), development erected on a parcel of land with was vacant. Hundred and Fifty Cuijing North Lane, a site area of approximately 92,584.00 sq.m. Eight Million) Tongzhou District, Beijing, The Development is situated at Cuijing (100% interest PRC North Lane in Tongzhou District of Beijing. attributable to Developments in the vicinity are dominated the Group: by various residential and commercial RMB158,000,000 buildings. It takes about a 40-minute drive (Renminbi One from the property to the city centre of Hundred and Fifty Beijing. Eight Million))

According to the informationprovidedby the Group, the property comprises various residential units and car parking spaces of the Development with a total gross floor area of approximately 3,888.60 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 2,855.00 Car parking space 1,033.60

Total: 3,888.60

As advised by the Group, the property was completedin2018.

The land use rights of the property have been granted for three concurrent terms expiring on 25 August 2079 for residential use and 25 August 2049 for commercial service use and 25 August 2059 for office and carpark use respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate—JingTongGuoYong(2012Chu)DiNo.00182dated28 December 2012, the land use rights of a parcel of land with a total site area of approximately 92,584.00 sq.m. have been granted to Beijing Qilian Real Estate Development Co., Ltd. (北京祈連房地產開發有限公司) (‘‘Beijing Qilian’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 25 August 2079 for residential use and 25 August 2049 for commercial service use and 25 August 2059 for official and car park uses respectively.

2. Pursuant to 6 Realty Title Certificates — Jing (2016) Tong Zhou Qu Bu Dong Chan Quan Di Nos. 0046662, 0041064, 0046677, 0041061 and 0041066 and (2017) Tong Zhou Qu Bu Dong Chan Quan Di 0023012 dated between 30 August 2016 and 6 April 2017, the building ownership with a gross floor area of approximately 138,549.09 sq.m. together with the corresponding land use rights are vested in Beijing Qilian.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Qilian has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Qilian, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to the Development and various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB54,000 and RMB61,000 per sq.m for residential units and RMB200,000 and RMB230,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

15. Unsold portion of Loung Fun (the ‘‘Development’’) is a As at the valuation RMB3,300,000 Loung Fun large-scale residential and commercial date, the property (Renminbi Three (郎峰嘉園), development erected on a parcel of land with was vacant. Million and Three Yangzhuang a total site area of approximately 11,216.149 Hundred Thousand) North Lane, sq.m. Tongzhou District, (100% interest Beijing, The Development is situated at Yangzhuang attributable to PRC North Lane in Tongzhou District of Beijing. the Group: Developments in the vicinity are dominated RMB3,300,000 by various residential and commercial (Renminbi Three buildings. It takes about a 40-minute drive Million and Three from the property to the city centre of Hundred Thousand)) Beijing.

According to the informationprovidedby the Group, the property comprises a residential unit of the Development with a gross floor area of approximately 53.99 sq.m..

As advised by the Group, the property was completedin2012.

The land use rights of the property have been granted for three concurrent terms expiring on 31 August 2079 for residential use, 31 August 2049 for commercial use and 31 August 2059 for office (management office) and carpark uses respectively.

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

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate — Jing Tong Guo Yong (2010 Chu) Di No. 054 dated 2 September 2010, the land use rights of a parcel of land with a site area of approximately 11,216.149 sq.m have been granted to Beijing Qilian Real Estate Development Co., Ltd. (北京祈連房地產開發有限公司) (‘‘Beijing Qilian’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 31 August 2079 for residential use, 31 August 2049 for commercial use and 31 August 2059 for office (management office) and carpark uses respectively.

2. Pursuant to the Building Ownership Certificate — Jing Fang Quan Zheng Tong Zi Di No.1407403 dated 15 April 2014, the building ownership with a gross floor area of approximately 9,605.99 sq.m is vested to Beijing Qilian.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificate.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Qilian has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Qilian, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB54,000 and RMB61,000 per sq.m for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumption.

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

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

16. Unsold portion of Canal One (the ‘‘Development’’) is an office As at the valuation RMB106,000,000 Canal One and commercial development erected on a date, the property (Renminbi One (運河壹號), parcel of land with a site area of was vacant. Hundred and Six Courtyard 9 approximately 11,942.76 sq.m. Million) Yunheyuan Road, Tongzhou District, The Development is situated in Courtyard 9 (100% interest Beijing, Yunheyuan Road in Tongzhou District of attributable to PRC Beijing. Developments in the vicinity are the Group: dominated by various residential and RMB106,000,000 commercial buildings. It takes about a (Renminbi One 50-minute drive from the property to the city Hundred and Six center of Beijing. Million))

According to the informationprovidedby the Group, the property comprises various commercial and office units of the Development with a total gross floor area of approximately 5,088.87 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 4,243.62 Office 845.25

Total: 5,088.87

As advised by the Group, the property was completedin2018.

The land use rights of the property have been granted for two concurrent terms expiring on 24 February 2061 for official use and24February2051forcommercial service use respectively.

–III-57– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate—JingTongGuoYong(2013Chu)DiNo.00208dated11 November 2013, the land use rights of a parcel of land with a site area of approximately 11,942.76 sq.m have been granted to Beijing Danxia Real Estate Development Co., Ltd. (北京丹霞房地產開發有限公司) (‘‘Beijing Danxia’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 24 February 2061 for office use and 24 February 2051 for commercial service use respectively.

2. Pursuant to four Realty Title Certificates — Jing (2018) Tong Bu Dong Chan Quan Di Nos. 019845, 0017181, 0017178 and 0016636 dated between 8 March 2018 and 29 March 2018, the building ownership with a total gross floor area of approximately 44,434.90 sq.m. together with the corresponding land use rights are vested in Beijing Danxia for terms expiring on 24 February 2061 for official use and 24 February 2051 for commercial and carpark uses.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificates.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Danxia has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Beijing Danxia, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB27,000 and RMB28,000 per sq.m for commercial units (Level 1) and RMB29,000 and RMB33,000 for office units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-58– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

17. Unsold portion of Baoding Magnolia Bay (‘‘the Development’’) As at the valuation RMB278,000,000 Baoding is a large-scale residential development date, the property (Renminbi Magnolia Bay erected on a parcel of land with a site area of was vacant. Two Hundred and (玉蘭灣（保定）), approximately 60,769.00 sq.m. Seventy Eight Million) West of Yang Guang North Street, The Development is situated at the west of (100% interest Jingxiu District, Yang Guang North Street in Jingxiu District attributable to Baoding, of Baoding. Developments in the vicinity are the Group: Hebei Province, dominated by various residential and RMB278,000,000 PRC commercial buildings. It takes about a (Renminbi 25-minute drive from the property to the city Two Hundred and center of Baoding. Seventy Eight Million)) According to the informationprovidedby the Group, the property comprises various residential units of the Development with a total gross floor area of approximately 21,919.58 sq.m.

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for a term expiring on 17 August 2086 for residential use.

–III-59– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 1306002016019 dated 16 August 2016, the land use rights of a parcel of land with a site area of approximately 60,769.00 sq.m. have been granted to Baoding Qiangwei Real Estate Development Co., Ltd. (保定薔薇房地產開發有限公司) (‘‘Baoding Qiangwei’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB1,004,000,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Ji (2017) Bao Ding Shi Bu Dong Chan Quan Di No. 0000222 dated 5 January 2017, the land use rights of a parcel of land with a site area of approximately 60,769.00 sq.m. have been granted to Baoding Qiangwei for a term expiring on 17 August 2086 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 130601201700008 dated 6 June 2017, Baoding Qiangwei was permitted to use a parcel of land with a site area of approximately 60,769.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 130601201700015 dated 24 August 2017, the total approved construction scale of various buildings was approximately 239,899.00 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to two Construction Works Commencement Permits — Nos. 130605201709130101 and 130605201709130201 both dated 13 September 2017, the construction works of various buildings with a total construction scale of approximately 239,767.07 sq.m were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to three Pre-sale Permits for Commodity Housing — Bao Fang Yu Shou Zheng (2018) Di Nos. 004 and 012 and Bao Fang Yu Shou Zheng (2017) Di No. 055 dated between 15 November 2017 and 13 March 2018, various buildings with a total gross floor area of 177,465.68 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to 16 Completion Certificates — Gao Xing Shen Jun Bei [2020] Nos. 057 to 072 all dated 30 October 2020, the construction works of various buildings have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. Pursuant to the Realty Title Certificate — Ji (2020) Bao Ding Shi Bu Dong Chan Quan Di No. 0037110 dated 17 December 2017, the building ownership of various buildings with a gross floor area of approximately 177,662.90 sq.m. together with the corresponding land use rights are vested in Baoding Qiangwei for a term expiring on 17 August 2086 for residential use.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

9. As advised by the Group, portion of the property with a total gross floor area of 19,810.34 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB250,000,000 as at the valuation. We have taken into account the aforesaid amount in our valuation.

–III-60– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Baoding Qiangwei has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Baoding Qiangwei, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Baoding Qiangwei has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Baoding Qiangwei is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing;

v. Baoding Qiangwei has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property;

vi. according to the confirmation from Baoding Qiangwei, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

vii. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Baoding Qiangwei to obtain relevant building ownership certificates after Baoding Qiangwei submission for the application of the title documents is accepted by the competent government authorities.

11. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB10,900 and RMB27,200 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-61– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

18. Unsold portion of Tianyuan Tangshan Residence (the As at the valuation RMB800,000 Tianyuan Tangshan ‘‘Development’’) is a large-scale residential date, the property (Renminbi Residence development erected on a parcel of land with was vacant. Eight Hundred (天元唐山住宅), a site area of approximately 11,214.84 sq.m. Thousand) Xiangzhi Jiayuan, Lubei District, The Development is located at the south of (100% interest Tangshan, Beixinxi Road in Lubei District of attributable to Hebei Province, Tangshan. Developments in the vicinity are the Group: PRC dominated by various residential buildings. RMB800,000 It takes about a 5-minute drive from the (Renminbi property to the city centre of Tangshan. Eight Hundred Thousand)) According to the informationprovidedby the Group, the property comprises various storerooms of the Development with a total gross floor area of approximately 376.56 sq.m.

As advised by the Group, the property was completed in between 2011 and 2014.

The land use rights of the Development have been granted for a term expiring on 8 February 2079 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate — Ji Tang Guo Yong (2019) Di No. 0008874 dated 29 May 2019, the land use rights of a parcel of land with a site area of approximately 11,214.84 sq.m have been granted to Beijing Fengyuan Real Estate Development Co., Ltd. (北京豐元房地產開發有限公司) (‘‘Fengyuan Real Estate’’), a 100%-owned subsidiary of the Company, for a term expiring on 8 February 2079 for residential use.

2. Pursuant to the Realty Title Certificate — Ji (2020) Tang Shan Shi Bu Dong Chan Quan Di No. 0048874 dated 24 September 2020, the building ownership with a total gross floor area of approximately 45,596.43 sq.m. have been granted to Fengyuan Real Estate for residential and storage uses.

As advised by the Group, the property only comprises portion of the gross floor area as stated in the above-mentioned certificate.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Fengyuan Real Estate has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property (excluding the portions which have been sold out); and

ii. according to the confirmation from Fengyuan Real Estate, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

4. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB2,100 and RMB2,600 per sq.m for storerooms. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

–III-62– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

19. Unsold portion of South Lion City (the ‘‘Development’’) is a As at the valuation RMB727,000,000 South Lion City large-scale residential and commercial date, the property (Renminbi (獅子城（京南）), development erected on four parcels of land was vacant. Seven Hundred and West of Yinhe with a total site area of approximately Twenty Seven Million) South Road, 205,120.81 sq.m. North of (100% interest Ruifeng Road, The Development is situated at the west of attributable to Anci District, Yinhe South Road and north of Ruifeng the Group: Langfang, Road in Anci District of Langfang. RMB727,000,000 Hebei Province, Developments in the vicinity are dominated (Renminbi PRC by various residential and commercial Seven Hundred and buildings. It takes about a 20-minute drive Twenty Seven from the property to the city center of Million)) Langfang.

According to the informationprovidedby the Group, the property comprises various residential, commercial and apartment units of the Development with a total gross floor area of approximately 50,847.41 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 5,345.68 Commercial 42,925.95 Apartment 2,575.78

Total: 50,847.41

As advised by the Group, the property was completed by phases between 2012 and 2018.

The land use rights of the property have been granted for four concurrent terms expiring on 5 March 2053 for business financial use, 28 October 2082 for residential use, 11 July 2083 for residential use and 20 July 2084 residential use respectively.

–III-63– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to four State-owned Land Use Rights Certificates — Lang Guo Yong (2012) Di No.02561, Lang Guo Yong (2013) Di Nos. 01029 and 02771 and Lang Guo Yong (2015) Di No. 00497 dated between 17 October 2012 and 4 April 2015, the land use rights of four parcels of land with a total site area of approximately 205,120.81 sq.m have been granted to Langfang Zhongtou Zhidi Real Estate Development Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtou’’), a 100%-owned subsidiary of the Company, for four concurrent terms expiring on 5 March 2053 for business financial use, 28 October 2082 for residential use, 11 July 2083 for residential use and 20 July 2084 residential use respectively.

2. Pursuant to four Construction Land Planning Permits — Di Zi Di Nos. 131000201200030, 131000201300014, 131000201400011 and 131000201500002 dated between 7 November 2012 and 31 March 2015, Langfang Zhongtou was permittedtousefourparcelsoflandwithatotalsitearea of approximately 205,120.81 sq.m. for development.

3. Pursuant to 6 Construction Works Planning Permits — Jian Zi Di Nos. 131000201200064, 131000201300026, 131000201300055, 131000201300031, 131000201400036 and 131000201500025 dated between 14 December 2012 and 12 August 2015, the total approved construction scale of various buildings was approximately 815,587.12 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 9 Construction Works Commencement Permits — Nos. 131000S130500101, 131000S130650201, 131000S130650101, 131000S130010101, 131000S140120101, 131000S140040101, 131000S140060101, 131000201604270101 and 131000202005120101 dated between 17 January 2013 and 27 April 2016, the construction works of various buildings with a total construction scale of approximately 758,402.30 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 10 Pre-sale Permits for Commodity Housing — Lang Fang Shou Zheng Di Nos. 20130046, 20130080, 20140046, 20150067, 20160052 and 2017008, Lang Fang Yu Shou Zheng Di Nos. 20130004, 20140067, 20140073 and 20170028 dated between 18 January 2013 and 19 June 2017, various buildings with a total gross floor area of 564,738.00 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 6 Completion certificates dated between 19 December 2014 and 13 December 2018, the construction of various buildings have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

–III-64– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

7. Pursuant to 35 Building Ownership Certificates — Lang Fang Shi Fang Quan Zheng Lang Zi Nos. 201625873, 201624997, 201624978, 201624974, 2016225865, 201624990, 0048662–0049022, 0049084–0049323, 0049612–0049632, 0049612–004963, 0049612–0049632, 0049067, 0049327–0049329, 0049332–0049608, 0049024–0049064, 0037641–0038367, 201516847, 201516848, 201516847, 201516848, 201516843, 201516850, 201516849, 201516845, 201516840, 0071484–0071620, 0070587–0070716, 0070720–0070943, 0070945–0071083, 0071084–0071336, 0003551–0003556, 0070413–0070568, 0070249–0070412, 0069967–0069979 and 0003559–0003828 dated between 19 November 2015 and 25 January 2019, the building ownership with a gross floor area of approximately 550,376.552 sq.m. together with the corresponding land use rights are vested in Langfang Zhongtou for two concurrent terms expiring on 5 March 2053 for commercial use and 28 October 2082 for residential use respectively.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the property with a total gross floor area of 6,502.22 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB75,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Langfang Zhongtou has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Langfang Zhongtou, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Langfang Zhongtou has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Langfang Zhongtou is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing;

v. Langfang Zhongtou has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property; and

vi. according to the confirmation from Langfang Zhongtou, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB10,300 and RMB13,400 per sq.m. for residential units, between RMB18,300 and RMB27,900 for commercial units (Level 1), between RMB7,000 and RMB10,100 for apartment units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-65– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

20. Unsold portion of Changqiao City (the ‘‘Development’’) is a As at the valuation RMB424,000,000 Phases 1, 2, 3 and 4 of large-scale residential development erected date, the property (Renminbi Changqiao City on three parcels of land with a total site area was vacant. Four Hundred and (長橋郡), of approximately 119,802.57 sq.m. Twenty Four Million) South of Chengbei Avenue, The Development is situated at the south of (85% interest Xianghe County, Chengbei Street in Xianghe County of attributable to Langfang, Langfang. Developments in the vicinity are the Group: Hebei Province, dominated by various residential buildings. RMB360,400,000 PRC It takes about a 35-minute drive from the (Renminbi property to the city centre of Xianghe. Three Hundred Sixty Million and Four According to the informationprovidedby Hundred Thousand)) the Group, the property comprises various residential units of the Development with a total gross floor area of approximately 37,607.28 sq.m.

As advised by the Group, the property was completedbyphasesinbetween2015and 2019.

The land use rights of the property have been granted for a term expiring on 2 September 2083 for residential use.

Notes:

1. Pursuant to three State-owned Land Use Rights Certificates -Xiang (2014) Di Nos. 00219, 00220 and 00221 all dated 22 August 2014, the land use rights of three parcels of land with a total site area of approximately 119,802.57 sq.m have been granted to Xianghe Zhongan Real Estate Development Co., Ltd. (香河中安房地產開發有限公司) (‘‘Xianghe Zhongan’’), a 85%-owned subsidiary of the Company, for a term expiring on 2 September 2083 for residential use.

2. Pursuant to three Construction Land Planning Permits — Di Zi Di Nos. 131024201400048, 131024201400049 and 131024201400050 dated between 13 June 2014 and 19 June 2014, Xianghe Zhongan was permitted to use three parcels of land with a total site area of approximately 119,802.57 sq.m. for development.

3. Pursuant to five Construction Works Planning Permits — Jian Zi Di Nos. 131082201500039, 131082201500046, 131082201500047, 131082201500048 and 131082201600001 dated between 20 July 2015 and 7 January 2016, the total approved construction scale of various buildings was approximately 373,759.69 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 9 Construction Works Commencement Permits — Nos. 131024201509250101, 131024201512170101, 131024201604260101, 131024201604260201, 13102420160301, 131024201604291201, 131024201604291301, 131024201604291401 and 131024201604291501 dated between 25 September 2015 and 29 April 2016, the construction works of various buildings with a total construction scale of approximately 347,540.21 sq.m were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

–III-66– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

5. Pursuant to 13 Pre-sale Permits for Commodity Housing — Lang Fang Yu Shou Zheng Di Nos. 1701, 1731, 1732, 1733, 1734, 1735, 1736, 1900, 1903, 1904, 1909, 1926 and 1927 dated between 9 January 2017 and 29 September 2019, various buildings with a total gross floor area of 239,085.82 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to five Completion Certificates — XHJB Nos. 2018–022, 2019–009, 2019–020, 2019–043 and 2019–044 dated between 2 November 2018 and 30 December 2019, the construction works of various buildings of the Development have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. As advised by the Group, portion of the property with a total gross floor area of 25,851.97 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB303,300,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Xianghe Zhongan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Xianghe Zhongan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Xianghe Zhongan has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Xianghe Zhongan is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Xianghe Zhongan to obtain relevant building ownership certificates after Xianghe Zhongan submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,400 and RMB12,600 per sq.m. for residential units, Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-67– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

21. Unsold portion of Jingxi Lion City (‘‘the Development’’) is a As at the valuation RMB74,000,000 Jingxi Lion City large-scale residential and commercial date, the property (Renminbi (獅子城（京西）), development erected on four parcels of land was vacant. Seventy Four Million) East of Runhe Street, with a total site area of approximately South of Zhongyi 186,443.62 sq.m. (100% interest Road attributable to Zhuozhou, The Development is situated at the east of the Group: Baoding, Runhe street and south of Zhongyi Road in RMB74,000,000 Hebei Province, Zhuozhou of Baoding. Developments in the (Renminbi PRC vicinity are dominated by various residential Seventy Four Million)) and commercial buildings. It takes about a 90-minute drive from the property to the city center of Baoding.

According to the informationprovidedby the Group, the property comprises various residential and commercial units of the Development with a total gross floor area of approximately 3,420.22 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 1,671.73 Commercial 1,748.49

Total: 3,420.22

As advised by the Group, the property was completed by phases between 2013 and 2017.

The land use rights of the property have been granted for a term expiring on 18 July 2083 for residential use.

Notes:

1. Pursuant to four State-owned Land Use Rights Certificates — from Zhuo Guo Yong (2013 Pai) Di Nos. 035 and 036 and Zhuo Guo Yong (2014 Pai) Di Nos. 001 and 002 dated between 8 October 2013 and 7 January 2014, the land use rights of four parcels of land with a total site area of approximately 186,443.62 sq.m have been granted to Zhuozhou Jingxutong Real Estate Development Co., Ltd. (涿州京旭通房地產開發有限公司) (‘‘Zhuozhou Jingxutong’’), a 100%-owned subsidiary of the Company, for a term expiring on 18 July 2083 for residential uses.

2. Pursuant to four Construction Land Planning Permits — Nos. 130681ZS20130004 to 130681ZS20130007 dated between 6 September 2013 and 29 October 2013, Zhuozhen Jingxutong was permitted to use four parcels of land with a total site area of approximately 186,443.62 sq.m for development.

3. Pursuant to 7 Construction Works Planning Permits — Jian Zi Di Nos. 130681ZS20130003 to 130681ZS0005, 130681ZS20140001, 130681ZS20140005, 130681ZS20140007 and 130681ZS20140008 dated between 12 October 2013 and 13 February 2014, the total approved construction scale of various buildings was approximately 538,746.15 sq.m.

–III-68– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 11 Construction Works Commencement Permits — Zhuo Xin Jian Zi Di Nos. 20130006, 130687X140010001 to 130687X140040001, 136087X140070001 to 136087X140120001 dated between 11 November 2013 and 22 April 2014, the construction works of various buildings with a total construction scale of approximately 517,877.45 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 18 Pre-sale Permits for Commodity Housing — Zhuo Xin Fang Yu Shou Zheng (2013) Di No. 002, Zhuo Xin Fang Yu Shou Zheng Di (2014) Nos. 004, 008, 009, 011, 012, 014, 015 and 017 to 020, Zhuo Xin Fang Yu Shou Zheng Di (2015) Nos. 001, 002, 004, 005, 006 and 013 dated between 23 December 2013 and 13 November 2015, various buildings with a total gross floor area of 331,088.98 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 9 Completion Certificates dated between 30 August 2016 and 29 December 2017, the construction of various buildings have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, portion of the property with a total gross floor area of 3,483.42 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB43,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Zhuozhou Jingxutong has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Zhuozhou Jingxutong, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Zhuozhou Jingxutong has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Zhuozhou Jingxutong is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Zhuozhou Jingxutong to obtain relevant building ownership certificates after Zhuozhou Jingxutong submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,300 and RMB19,400 per sq.m. for residential units and between RMB22,100 and 34,400 for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-69– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

22. Unsold portion of Taoli Garden (the ‘‘Development’’) is a As at the valuation RMB32,000,000 Taoli Garden large-scale residential and commercial date, the property (Renminbi (桃李苑), development erected on a parcel of land with was vacant. Thirty Two Million) South of Yaju Road, a site area of approximately 66,673.00 sq.m. East of Jingwu Road, (100% interest Chengdong New The Development is situated at the south of attributable to District, Yaju Road and east of Jingwu Road in the Group: Dongtai, Chengdong New District of Dongtai Shi in RMB32,000,000 Yancheng, Yancheng City. Developments in the vicinity (Renminbi Jiangsu Province, are dominated by various residential and Thirty Two Million)) PRC commercial buildings. It takes about a 60-minute drive from the property to the city center of Yancheng.

According to the informationprovidedby the Group, the property comprises various residential units and car parking spaces of the Development with a total gross floor area of approximately 6,811.78 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 5,293.74 Car parking space 1,518.04

Total: 6,811.78

As advised by the Group, the property was completed by phases between 2018 and 2020.

The land use rights of the property have been granted for two concurrent terms expiring on 3 July 2088 for residential use and 3 July 2058 for commercial use respectively.

–III-70– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3209812018CR0028 dated 3 April 2018, the land use rights of a parcel of land with a site area of approximately 66,673.00 sq.m. have been granted to Dongtai Yandong Real Estate Development Co., Ltd. (東台鹽東房地產開發有限公司) (‘‘Dongtai Yandong’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years for residential use and 40 years for commercial use respectively, at a land grant fee of RMB120,678,130.

2. Pursuant to the State-owned Land Use Rights Certificate — Su (2018) Dong Tai Shi Bu Dong Chan Quan No. 1413079 dated 16 July 2018, the land use rights of a parcel of land with a site area of approximately 66,673.00 sq.m. have been granted to Dongtai Yandong for two concurrent terms expiring on 3 July 2088 for residential use and 3 July 2058 for commercial service use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320981201800018 dated 6 July 2018, Dongtai Yandong was permitted to use a parcel of land with a site area of approximately 66,673.00 sq.m. for development.

4. Pursuant to 22 Construction Works Planning Permits — Jian Zi Di Nos. 320981201801234 to 320981201801249, 320981201801348, 320981201801350 to 320981201801353 and 320981201801355 dated between 11 August 2018 and 20 September 2018, the total approved construction scale of various buildings was approximately 145,782.76 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to the Construction Works Commencement Permit — No. 320981201809280401 dated on 28 September 2018, the construction works of various buildings with a total construction scale of approximately 145,782.76 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to 15 Pre-sale Permits for Commodity Housing — Dong Zhu Jian Yu Zi (2018) Di Nos. 073 to 076, 100, 102, 119 and 120 and Dong Zhu Jian Yu Zi (2019) Di Nos. 007, 039, 040, 007, 084, 085 and 134 dated between 9 October 2018 and 10 September 2019, various buildings with a total gross floor area of 143,403.35 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to three Completion Certificates — Nos. 320811806040103-JX 001 to 320811806040103-JX 003 dated between 19 August 2020 to 27 November 2020, the construction works of various buildings with a total gross floor area of 144,869.40 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the property with a total gross floor area of 2,254.86 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB13,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-71– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Dongtai Yandong has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Dongtai Yandong, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Dongtai Yandong has obtained requisite construction permits in accordance with the actual development progress of the property;

iv. Dongtai Yandong is entitled to pre-sell such portions of the property as stated in the Pre-sale permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Dongtai Yandong to obtain relevant building ownership certificates after Dongtai Yandong submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,000 and RMB5,500 per sq.m. for residential units, RMB27,500 and RMB33,100 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-72– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

23. Unsold portion of Golden Magnolia Bay (the ‘‘Development’’) As at the valuation RMB1,448,000,000 Golden Magnolia Bay is a large-scale residential and commercial date, the property (Renminbi (金玉蘭灣), development erected on a parcel of land with was vacant. One Thousand No.1188RenruiRoad, a site area of approximately 105,693.00 Four Hundred and Nanxun Economic sq.m. Forty Eight Million) Development Zone, Huzhou, The Development is situated at the north of (100% interest Zhejiang Province, Renrui Road in Nanxun Economic attributable to PRC Development Zone of Huzhou. the Group: Developments in the vicinity are dominated RMB1,448,000,000 by various residential and commercial (Renminbi buildings. It takes about a 50-minute drive One Thousand from the property to the city center of Four Hundred Huzhou. and Forty Eight Million)) According to the informationprovidedby the Group, the property comprises various residential and commercial units, car parking spaces, storerooms and civil defense of the Development with a total gross floor area of approximately 186,566.50 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 131,454.61 Commercial 1,714.97 Car parking space 22,692.97 Storeroom 18,976.12 Civil defense 11,727.83

Total: 186,566.50

As advised by the Group, the property was completedin2021.

The land use rights of the property have been granted for three concurrent terms expiring on 26 February 2058 for commercial use, 26 February 2068 for sanitation use and 26 February 2088 for residential use respectively.

–III-73– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3305032017A21080 dated 8 November 2017 and its supplementary contract dated 27 December 2017, the land use rights of a parcel of land with a site area of approximately 105,693.00 sq.m. have been granted to Huzhou Ruihu Real Estate Development Co., Ltd. (湖州瑞湖房地產開發有限公司) (‘‘Huzhou Ruihu’’), a 100%-owned subsidiary of the Company, for three concurrent terms of 40 years for commercial use, 50 years for sanitation use and 70 years for residential use respectively, at a land grant fee of RMB603,000,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Hu Zhou Shi (Nan Xun) Bu Dong Chan Quan Di No. 0019752 dated 9 March 2018, the land use rights of a parcel of land with a site area of approximately 105,693.00 sq.m. have been granted to Huzhou Ruihu for three concurrent terms expiring on 26 February 2058 for commercial use, 26 February 2068 for sanitation use and 26 February 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330503201800003 dated 29 January 2018, Huzhou Ruihu was permitted to use a parcel of land with a site area of approximately 105,693.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330503201800032 dated 5 June 2018, the total approved construction scale of various buildings was approximately 299,392.46 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to two Construction Works Commencement Permits — Nos. 33503201806150201 and 33503201806220201 dated 15 June 2018 and 22 June 2018, the construction works of various buildings with a total construction scale of approximately 299,392.46 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to four Pre-sale Permits for Commodity Housing — Xun Shou Xu Zi (2018) Di Nos. 00174, 00311, 00405 and 00423 dated between 28 June 2018 and 27 August 2019, various buildings with a total gross floor area of approximately 238,382.00 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to two Completion Certificates — Nos. 313100920210104101-115 and 313100920210104116-134 both dated 4 January 2021, the construction works of various buildings have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the property with a total gross floor area of 132,844.29 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,106,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-74– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Huzhou Ruihu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Huzhou Ruihu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Huzhou Ruihu has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Huzhou Ruihu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Huzhou Ruihu to obtain relevant building ownership certificates after Huzhou Ruihu submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,800 and RMB11,300 per sq.m. for residential units, RMB18,300 and RMB18,500 per sq.m. for commercial units(Level1),RMB3,000persq.m.forstoreroomsand RMB47,000 and RMB70,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-75– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

24. Unsold portion of Jiaxing Linglong Bay (the ‘‘Development’’) As at the valuation RMB7,600,000 Jiaxing Linglong Bay is a large-scale residential development date, the property (Renminbi (嘉興玲瓏灣), erected on a parcel of land with a site area of was vacant. SevenMillionand Intersection between approximately 13,750.00 sq.m. Six Hundred Tanxiang Street and Thousand) Xingxing Road, The Development is situated at the north of Nanhu District, the intersection between Tanxiang Street (100% interest Jiaxing, and Xingxing Road in Nanhu District of attributable to Zhejiang Province, Jiaxing. Developments in the vicinity are the Group: PRC dominated by various residential and RMB7,600,000 commercial buildings. It takes about a (Renminbi 30-minute drive from the property to the city SevenMillionand center of Jiaxing. Six Hundred Thousand)) According to the informationprovidedby the Group, the property comprises various residential units, storerooms and civil defense of the Development with a total gross floor area of approximately 2,285.11 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 948.58 Storeroom 680.07 Civil defense 656.46

Total: 2,285.11

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for a term expiring on 7 February 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3304022018A21003 dated 10 January 2018 and its supplementary contract dated 31 January 2018, the land use rights of a parcel of land with a site area of approximately 13,750.00 sq.m. have been granted to Jiaxing Tanghai Real Estate Development Co., Ltd. (嘉興棠海房地產開發有限公司)(‘‘TanghaiRealEstate’’),a100%-ownedsubsidiaryofthe Company, for a term of 70 years for residential use, at a land grant fee of RMB110,000,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Jia Nan Bu Dong Chan Quan Di No. 0008769 dated 1 March 2018, the land use rights of a parcel of land with a site area of approximately 13,750.00 sq.m. have been granted to Tanghai Real Estate for a term expiring on 7 February 2088 for residential use.

–III-76– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330402201800020 dated 14 February 2018, Tanghai Real Estate was permitted to use a parcel of land with a site area of approximately 13,750.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330402201800071 dated 3 July 2018, the total approved construction scale of various buildings was approximately 30,516.01 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to the Construction Works Commencement Permit — No. 330402201807300101 dated 30 July 2018, the construction works of various buildings with a total construction scale of approximately 30,516.01 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to the Pre-sale Permit for Commodity Housing — Shou Xu Zi (2018) No. 00377 dated 28 September 2018, various buildings with a total gross floor area of 21,567.02 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. Pursuant to the Completion Certificate — No. 31400020201223134 dated 23 December 2020, the construction works of various buildings with a total gross floor area of 30,491.48 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

8. As advised by the Group, portion of the property with a total gross floor area of 672.15 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB5,400,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Tanghai Real Estate has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Tanghai Real Estate, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Tanghai Real Estate has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Tanghai Real Estate is entitled to pre-sell such portions of the property as stated in the Pre-sale Permit for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Tanghai Real Estate to obtain relevant building ownership certificates after Tanghai Real Estate submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,000 and RMB9,100 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-77– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

25. Unsold portion of Anar Jiangnan Mansion (the As at the valuation RMB18,000,000 Phase 1 of Anar ‘‘Development’’) is a large-scale residential date, the property (Renminbi Jiangnan Mansion andcommercialdevelopmenterectedontwo was vacant. Eighteen Million) (石榴江南府), parcelsoflandwithatotalsiteareaof East of Yanghe Road, approximately 85,865.00 sq.m. (100% interest North of Huaihai attributable to Road, The Development is situated at the east of the Group: Siyang County, Yanghe Road and north of Huaihai Road in RMB18,000,000 Suqian, Siyang County of Suqian. Developments in (Renminbi Jiangsu Province, the vicinity are dominated by various Eighteen Million)) PRC residential and commercial buildings. It takes about a 10-minute drive from the property to the city center of Siyang.

According to the informationprovidedby the Group, the property comprises various residential units of Phase 1 of the Development with a total gross floor area of approximately 2,692.54 sq.m.

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for a term expiring on 12 June 2088 for residential use.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 3213232018CR0041 and 3213232020CR0001 dated 16 April 2018 and 20 January 2020, the land use rights of two parcels of land with a total site area of approximately 85,865.00 sq.m. have been granted toSiyangAoshiRealEstateDevelopmentCo.,Ltd.(泗陽縣澳石房地產開發有限公司) (‘‘Siyang Aoshi’’), a 100%-owned subsidiary of the Company, for terms of 70 years for residential use and 40 years for commercial use respectively, at a total land grant fee of RMB424,705,680.

2. Pursuant to two State-owned Land Use Rights Certificates — Su (2018) Si Yang Xian Bu Dong Chan Quan Di Nos. 0023468 and 0004277 dated 4 June 2018 and 10 March 2020, the land use rights of two parcels of land with a total site area of approximately 85,865.00 sq.m. have been granted to Siyang Aoshi, for terms expiring on 12 June 2088 and 8 March 2090 for residential use and on 8 March 2060 for commercial use respectively.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 32132320180028 and 32132320200008 dated 13 June 2018 and 11 March 2020, Siyang Aoshi was permitted to use two parcels of land with a total site area of approximately 85,865.00 sq.m. for development.

4. Pursuant to 21 Construction Works Planning Permits — Jian Zi Di Nos. 321323201200060-1, 321323201200060-3 to 321323201200060-17, 32132320180059-1 to 32132320180059-3, 321323202000013 and 32132320200015 dated between 29 June 2018 and 8 April 2020, the total approved construction scale of various buildings was approximately 243,185.76 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

–III-78– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

5. Pursuant to five Construction Works Commencement Permits — Nos. 321323201807300101, 321323202004240101, 321323201808270201, 321323201808130101 and 321323201808060101 dated between 30 July 2018 and 24 April 2020, the construction works of various buildings with a total construction scale of approximately 225,332.88 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 11 Pre-sale Permits for Commodity Housing — Si Fang Yu Zhun (2018) No. 047, Si Fang Yu Zhun (2019) Nos. 019, 030, 040, 051, 065 and 082 and Si Fang Xiao Zheng (2020) Nos. 025, 035, 043 and 064 dated between 27 September 2018 and 7 September 2020, various buildings with a total gross floor area of 191,925.77 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to 6 Completion Certificates — Nos. 3213230201800490138, 3213230201800610185, 3213230201800490143 to 3213230201800490146 all dated 29 December 2020, the construction works of various buildings with a total gross floor area of 67,124.80 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the property with a total gross floor area of 1,953.74 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB13,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Siyang Aoshi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Siyang Aoshi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Siyang Aoshi has obtained requisite construction permits in accordance with the actual development progress of the property;

iv. Siyang Aoshi is entitled to pre-sell such portions of the property as stated in the Pre-sale permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Siyang Aoshi to obtain relevant building ownership certificates after Siyang Aoshi submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,700 and RMB8,000 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-79– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

26. Unsold portion of Haitang Bay Garden (the ‘‘Development’’) is As at the valuation RMB1,300,000 Haitang Bay Garden a large-scale residential and commercial date, the property (RMB (海棠灣花園), development erected on a parcel of land with was vacant. One Million and Three No. 1355 Zhongshan a site area of approximately 14,366.40 sq.m. Hundred Thousand) Road North, Songling Town, The Development is situated at the West of (94.89% interest Wujiang District, Zhongshan Road North in Suzhou. attributable to Suzhou, Developments in the vicinity are dominated the Group: Jiangsu Province, by various residential and commercial RMB1,233,570 PRC buildings. It takes about a 42-minute drive (Renminbi from the property to the city center of One Million Suzhou. Two Hundred Thirty Three Thousand Five According to the informationprovidedby Hundred and Seventy)) the Group, the property comprises a residential unit of the Development with a gross floor area of approximately 69.12 sq.m.

As advised by the Group, the property was completedin2019.

The land use rights of the property have been granted for a term expiring on 22 April 2086 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3205842016CR0043 dated 23 April 2016, the land use rights of a parcel of land with a site area of approximately 14,366.40 sq.m. have been granted to Beijing Dongdu Meiya Investment Co., Ltd. (北京東都美亞投資有限公司) (‘‘Beijing Dongdu’’), for a term of 70 years for residential use, at a land grant fee of RMB290,201,280.

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 10 May 2016, the ownership of the land use rights of a parcel of land with a site area of approximately 14,366.40 sq.m. have been transferred from Beijing Dongdu to Suzhou Baihewan Real Estate Development Co., Ltd. (蘇州百合灣房地產開發有限公司) (‘‘Suzhou Baihewan’’), a 94.89%-owned subsidiary of the Company.

3. Pursuant to the State-owned Land Use Rights Certificate — Su (2016) Wu Jiang Qu Bu Dong Chan Quan Di No. 9011536 dated 22 September 2016, the land use rights of a parcel of land with a site area of approximately 14,366.40 sq.m. have been granted to Suzhou Baihewan for a term expiring on 22 April 2086 for residential use.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320584201603032 dated 11 July 2016, Suzhou Baihewan was permitted to use a parcel of land with a site area of approximately 14,366.74 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 320584201603085 dated 4 November 2016, the total approved construction scale of various buildings was approximately 48,182.00 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to the Construction Works Commencement Permit — No. FJ20160642 320584201612020501 dated 2 December 2016, the construction works of various buildings with a total construction scale of approximately 48,182.22 sq.m. were approved for commencement.

–III-80– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. Pursuant to the Pre-sale Permit for Commodity Housing — Su Fang Yu Wu Jiang (2017) No. 184, various buildings with a total gross floor area of 35,602.15 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

8. Pursuant to the Completion Certificate — No. 3205841607200105-JX-001 dated 9 September 2019, the construction works of various buildings with a total gross floor area of 47,629.35 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

9. Pursuant to four Realty Registration Memorandums — Bu Dong Chan Shou Ci Deng Ji Xin Xi Biao Nos. (2019) 09047961, 09048052 and 09048054 and 09048317 all dated 22 November 2019, the building ownership with a total gross floor area of approximately 6,255.22 sq.m. together with the corresponding land use rights have are vested in Suzhou Baihewan for a term expiring on 22 April 2086 for residential use.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Suzhou Baihewan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Suzhou Baihewan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Suzhou Baihewan has obtained requisite construction permits in accordance with the actual development progress;

iv. SuzhouBaihewanisentitledtopre-sellsuchportions of the property as stated in the Pre-sale permit for Commodity Housing;

v. Suzhou Baihewan has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property;

vi. according to the confirmation from Suzhou Baihewan, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

vii. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Suzhou Baihewan to obtain relevant building ownership certificates after Suzhou Baihewan submission for the application of the title documents is accepted by the competent government authorities.

11. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB18,200 and RMB19,700 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-81– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

27. Unsold portion of Yanlan Courtyard (the ‘‘Development’’) is a As at the valuation RMB74,000,000 Yanlan Courtyard large-scale residential development erected date, the property (Renminbi (鹽瀾院) on a parcel of land with a site area of was vacant. Seventy Four Million) West of Baoxing Road, approximately 49,221.00 sq.m. South of Dongjin (100% interest Road, The Development is situated at the West of attributable to Yandu District, Baoxing Road and south of Dongjin Road the Group: Yancheng, in Yandu District of Jiangsu. Developments RMB74,000,000 Jiangsu Province, in the vicinity are dominated by various (Renminbi PRC residential buildings. It takes about a Seventy Four Million)) 12-minute drive from the property to the city center of Yancheng.

According to the informationprovidedby the Group, the property comprises various residential units, commercial units and car parking spaces of the Development with a total gross floor area of approximately 21,780.51 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 3,469.03 Commercial 606.62 Car parking space 17,704.86

Total: 21,780.51

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for two concurrent terms expiring on 12 June 2088 for residential use and 12 June 2058 for commercial use respectively.

–III-82– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3208012018CR0177 dated 8 May 2018, the land use rights of a parcel of land with a site area of approximately 49,221.00 sq.m. have been granted to Beijing Mckinley Real Estate Development Co. Ltd. (北京麥金利房地產開發有限公司) (‘‘Beijing Mckinley’’), for terms of 70 years for residential use and 40 years for commercial use respectively, at a land grant fee of RMB367,826,000.

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 30 May 2018, the ownership of the land use rights of a parcel of land with a site area of approximately 49,221.00 sq.m. have been transferred from Beijing Mckinley to Yancheng Zexing Real Estate Development Co. Ltd. (鹽城澤興房地產開發有限公司) (‘‘Yancheng Zexing’’), a 100%-owned subsidiary of the Company.

3. Pursuant to the State-owned Land Use Rights Certificates — Su (2018) Yan Cheng Shi Bu Dong Chan Quan Di No. 0044885 dated 15 June 2018, the land use rights of a parcel of land with a site area of approximately 49,221.00 sq.m. have been granted to Yancheng Zexing, for two concurrent terms expiring on 12 June 2088 for residential use and 12 June 2058 for commercial use respectively.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320901201842028 dated 12 June 2018, Yancheng Zexing was permitted to use a parcel of land with a site area of approximately 49,221.00 sq.m. for development.

5. Pursuant to 28 Construction Works Planning Permits — Jian Zi Di Nos. 320901201843471, 320901201843497 to 320901201843503, 320901201843547 to 320901201843549, 320901201843507, 320901201843551 to 320901201843553, 32090121843496, 320901201943118, 320901201943105 and 320901201943106 dated between 23 August 2018 and 22 April 2019, the total approved construction scale of various buildings was approximately 118,590.66 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to four Construction Works Commencement Permits — Nos. 32003201809070101, 320903201809130101, 320903201811140101 and 320903201906210201 dated between 7 September 2018 and 21 June 2019, the construction works of various buildings with a total construction scale of approximately 118,590.66 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to 8 Pre-sale Permits for Commodity Housing — Yan Shi Fang Yu Zi (2018) Di Nos. 200 and 227 and Yan Shi Fang Yu Zi (2019) Di Nos. 149, 170, 186, 38, 78 and 7 dated between 28 September 2018 and 16 September 2019, various buildings with a total gross floor area of 103,892.32 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

8. Pursuant to 6 Completion Certificates — Nos. 3209031806210101-JX-001 to 005 and 3209031806210101-JX-007 dated between 28 October 2020 and 5 February 2021, the construction works of various buildings with a total gross floor area of 93,275.50 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

9. As advised by the Group, portion of the property with a total gross floor area of 19,731.30 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB63,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-83– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Yancheng Zexing has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Yancheng Zexing, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Yancheng Zexing has obtained requisite construction permits in accordance with the actual development progress; and

iv. Yancheng Zexing is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,500 and RMB9,200 per sq.m. for residential units, RMB14,000 and RMB17,100 per sq.m. for commercial units (Level 1) and RMB60,000 and RMB87,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-84– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

28. Unsold portion of Yangzhou Slender West Lake Courtyard As at the valuation RMB357,000,000 Phases 1, 2 and 3 of (the ‘‘Development’’) is a large-scale date, the property (Renminbi Yangzhou Slender residential and commercial development was vacant. Three Hundred and West Lake Courtyard, erected on five parcels of land with a total Fifty Seven Million) (揚州瘦西湖榴園), site area of approximately 117,073.00 sq.m. West of Yangzijiang (100% interest Road North, The Development is situated at the west of attributable to East of Weiyang Road, Yangzijiang Road North, east of Weiyang the Group: South of Yanglinqing road, south of Yanglinqing road in Hanjiang RMB357,000,000 Road, District of Yangzhou. Developments in the (Renminbi Hanjiang District, vicinity are dominated by various residential Three Hundred and Yangzhou, and commercial buildings. It takes about a Fifty Seven Million)) Jiangsu Province, 13-minute drive from the property to the city PRC center of Yangzhou.

According to the informationprovidedby the Group, the property comprises various residential units, commercial units, storerooms and car parking spaces of Phases 1, 2 and 3 of the Development with a total gross floor area of approximately 39,889.03 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 3,826.32 Commercial 4,823.65 Storeroom 1,561.52 Car parking space 29,677.54

Total: 39,889.03

As advised by the Group, the property was completed by phases between 2019 and 2020.

The land use rights of the property have been granted for two concurrent terms expiring on 14 February 2057 for business financial use and 14 February 2087 for residential use respectively.

–III-85– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 3210012016CR0028 and 3210012016CR0029 dated 14 November 2016 and 15 November 2016, the land use rights of two parcels of land with a total site area of approximately 117,073.00 sq.m. have been granted to Yangzhou Beihu Real Estate Development Co., Ltd. (揚州北湖房地產開發有限公司) (‘‘Yangzhou Beihu’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years for residential use and 40 years for business financial use respectively, at a total land grant fee of RMB1,173,412,590.

2. Pursuant to five State-owned Land Use Rights Certificates — Su (2017) Yang Zhou Shi Bu Dong Chan Quan Di Nos. 0025780, 0025781, 0025786, 0025791 and 0025794 all dated 22 March 2017, the land use rights of five parcels of land with a total site area of approximately 117,073.00 sq.m. have been granted to Yangzhou Beihu, for two concurrent terms expiring on 14 February 2057 for business financial use and 14 February 2087 for residential use respectively.

3. PursuanttotwoConstructionLandPlanningPermits — Yang Gui Di Zi Di Nos. 3210002017H0031 and 3210002017H0032 both dated 5 September 2017, Yangzhou Beihu was permitted to use two parcels of land with a total site area of approximately 117,073.00 sq.m. for development.

4. Pursuant to 72 Construction Works Planning Permits — Jian Zi Di Nos. 3210002017H0367 to 3210002017H0372, 3210002017H0541 to 3210002017H0542, 3210002017H0617 to 3210002017H0621, 3210002017H0623 to 3210002017H0661, 3210002018H0131 to 3210002018H0133, 3210002019H0151, 3210002019H0364 to 3210002019H0378 and 3210002019H0622 dated between 15 September 2017 to 20 September 2019, the total approved construction scale of various buildings was approximately 271,204.88 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 9 Construction Works Commencement Permits — Nos. 321003201801150301, 321003201804080201, 321003201710260101, 321003201804080101, 321003201801190101, 321003201801150201, 321003201911180301, 321003201910080201, 321003201912160101 dated between 26 October 2017 and 16 December 2019, the construction works of various buildings with a total construction scale of approximately 271,204.88 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 26 Pre-sale Permits for Commodity Housing — (Yang) Fang Xiao Zheng Di Nos. 2018245, 2018436, 2018437, 2018501, 2018569, 2019022, 2019023, 2019048, 2019049, 2019066, 2019082, 2019095, 2019096, 2019126, 20198249 to 20198253, 20198255 to 20198257, 20200015, 20200018, 20200122 and 20200123 dated between 3 May 2018 and 13 August 2020, various buildings with a total gross floor area of 187,180.87 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to four Completion Certificates — Nos. 3210031708140101-JX-001 and 3210031708140102-JX-001 to 3210031708140102-JX-003 dated between 23 December 2019 and 17 December 2020, the construction works of various buildings with a total gross floor area of 228,555.03 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

8. As advised by the Group, portion of the car parking spaces of the property with a total gross floor area of 21,471.93 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB170,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-86– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to mortgages;

ii. Yangzhou Beihu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgage portions of the land use rights of the property, Yangzhou Beihu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgages have been discharged;

iii. Yangzhou Beihu has obtained requisite construction permits in accordance with the actual development progress;

iv. Yangzhou Beihu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Yangzhou Beihu to obtain relevant building ownership certificates after Yangzhou Beihu submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB23,300 and RMB26,200 per sq.m. for commercial units (Level 1), RMB24,900 and RMB38,500 per sq.m. for residential uses, RMB3,500 and RMB10,000 per sq.m for storerooms and RMB175,000 and RMB196,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-87– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

29. Unsold portion of Ten Ten Miles Mountains (the ‘‘Development’’) As at the valuation RMB104,000,000 Miles Mountains is a large-scale residential and commercial date, the property (Renminbi (十里瀾山), development erected on three parcels of land was vacant. One Hundred and Northwestofthe with a total site area of approximately Four Million) intersection between 133,333.33 sq.m. Yueyang Road and (100% interest Yinbo Road, The Development is situated at the attributable to Damuwan, northwest of the intersection between the Group: Xiangshan County, Yueyang Road and Yinbo Road in RMB104,000,000 Ningbo, Xiangshan County of Ningbo. It takes about (Renminbi Zhejiang Province, a 30-minute drive from the property to the One Hundred and PRC city center of Ningbo. Four Million)

According to the informationprovidedby the Group, the property comprises various residential and commercial units and car parking spaces of the Development with a total gross floor area of approximately 10,872.48 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 8,566.26 Commercial 2,201.22 Car parking spaces 105.00

Total: 10,872.48

As advised by the Group, the property was completedin2019.

The land use rights of the property have been granted for two concurrent terms expiring on 10 July 2053 for commercial use and10July2083forresidentialuse respectively.

Notes:

1. Pursuant to three State-owned Land Use Rights Certificates — Xiang Guo Yong (2014) Di Nos. 04359 to 04361 all dated 8 August 2014, the land use rights of three parcels of land with a total site area of approximately 133,333.33 sq.m. have been granted to Zhejiang Shanyuhai Real Estate Development Co., Ltd. (浙江山語海房地產開發有限公司) (‘‘Zhejiang Shanyuhai’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 10 July 2053 for commercial use and 10 July 2083 for residential use respectively.

2. Pursuant to three Construction Land Planning Permits — (2014) Zhe Gui Di Zi Di Nos. 0240028 to 0240030 dated between 7 May 2014 and 8 May 2014, Zhejiang Shanyuhai was permitted to use three parcels of land with a total site area of approximately 133,333.00 sq.m. for development.

–III-88– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to three Construction Works Planning Permits — (2015) Zhe Gui Jian Zi No. 240018 and (2017) Zhe Gui Jian Zi Nos. 240018 and 240054 dated between 13 February 2015 and 25 July 2017, the total approved construction scale of various buildings was approximately 194,674.05 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — Nos. 330225201503260101, 330225201504300101, 330225201704210201 and 330225201710300101 dated between 26 March 2015 and 30 October 2017, the construction works of various buildings with a total construction scale of approximately 194,630.15 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 9 Pre-sale Permits for Commodity Housing — Fang Yu Xu Zi (2018) Di Nos. 004, 004-2 to 004-4, 006, 006-2, 006-3, 008 and 008-2 dated between 11 September 2015 and 4 September 2018, various buildings with a total gross floor area of 170,992.18 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to three Completion Certificates — Nos. 2017042, 2019055 and 2020002 dated between 20 November 2017 and 8 January 2020, the construction works of various buildings with a total gross floor area of 112,462.53 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, portion of the property with a total gross floor area of 745.70 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB7,800,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Zhejiang Shanyuhai has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Zhejiang Shanyuhai, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Zhejiang Shanyuhai has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Zhejiang Shanyuhai is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Zhejiang Shanyuhai to obtain relevant building ownership certificates after Zhejiang Shanyuhai submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,500 and RMB12,400 per sq.m. for residential units, RMB12,300 and RMB14,900 per sq.m. for commercial units (Level 1) and RMB27,500 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-89– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

30. Unsold portion Lychee Lychee Bay Garden (the ‘‘Development’’) is As at the valuation RMB773,000,000 Bay Garden a large-scale residential development erected date, the property (Renminbi (荔枝灣花園), on a parcel of land with a site area of was vacant. Seven Hundred and East of Boya Road approximately 114,951.89 sq.m. Seventy Three Million) North, West of Qinzheng The Development is located at the east of (100% interest Road, Boya North Road, west of Qinzheng Road, attributable to Hengqin New District, southofHaojiangRoadandnorthof the Group: Zhuhai, Hongkong-Macau Road in Hengqin New RMB773,000,000 Guangdong Province, District of Zhuhai. Developments in the (Renminbi PRC vicinity are dominated by various residential Seven Hundred and buildings. It takes about a 30-minute drive Seventy Three from the property to the city center of Million)) Zhuhai.

According to the informationprovidedby the Group, the property comprises various residential units and car parking spaces of the Development with a total gross floor area of approximately 20,199.85 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 18,265.98 Car parking space 1,933.87

Total: 20,199.85

As advised by the Group, the property was completedin2018.

The land use rights of the property have beengrantedforatermexpiringon26May 2064 for primary-school and child-care uses and 26 May 2084 for residential use respectively.

–III-90– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to 6 State-owned Land Use Rights Certificates — Yue Fang Di Quan Zheng Zhu Zi Nos. 0100277490, 0100277497, 0100277492, 0100277488, 0100277494 and 0100277493 all dated 26 May 2015, the land use rights of a parcel of land with a site area of approximately 114,951.89 sq.m. have been granted to Zhuhai Lizhiwan Investment Development Co., Ltd. (珠海荔枝灣投資發展有限公司) (‘‘Zhuhai Lizhiwan’’), a 100%-owned subsidiary of the Company, for terms expiring on 26 May 2064 for primary-school and child-care uses and 26 May 2084 for residential use respectively.

2. Pursuant to the Construction Land Planning Permit — Zhu Heng Xin Gui Tu (Di Gui) (2014) No. 2 dated 14 January 2014, Zhuhai Lizhiwan was permitted to use a parcel of land with a site area of approximately 114,951.89 sq.m. for development.

3. Pursuant to 13 Construction Works Planning Permits — Zhu Heng Xin Gui Tu (Jian) (2015) Nos. 014, 013, 026, 025, 028, 027, 008, 010, 006, 007 and 009 dated between 15 February 2015 and 17 April 2015, and Zhu Heng Xin Gui Tu (Jian) (2017) Nos. 008 and 009 dated 28 March 2017, the total approved construction scale of various buildings was approximately 331,349.61 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — Nos. 44045201506030101, 440405201504300201, 440405201503230101 and 440405201710190199 dated between 23 March 2015 and 19 October 2017, the construction works of various buildings with a total construction scale of approximately 330,016.22 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to 8 Pre-sale Permits for Commodity Housing — Nos. HQS2015002-6, HQS2015002-7, HQS2015002-5, HQS2015002-2, HQS2015002-3, HQS2015002-4, HQS2015002-1 and HQS2015002 dated between 19 June 2015 and 9 May 2017, various buildings with a total gross floor area of 235,299.13 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 6 Completion Certificates — (2017) Heng Bei (006-F), 4404051710110101JX001, (2017) Heng Bei (011-F), 4404051809200101JX001, 4404051809140101JX001 and 4404052009290101JX001 dated between 14 March 2017 and 9 September 2020, the construction works of various buildings with a total gross floor area of 275,827.67 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

6. Pursuant to 6 Realty Title Certificates — Zhu Fang Di Shu Zi Nos. 201800115, 201800111, 201700078, 201700043, 201700134 and 201700135 dated between 9 May 2017 and 18 December 2018, the building ownership with a gross floor area of approximately 21,289.84 sq.m. together with the corresponding land use rights are vested in Zhuhai Lizhiwan for a term expiring on 26 May 2084 for residential use.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, portion of the property with a total gross floor area of 3,328.94 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB133,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-91– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Zhuhai Lizhiwan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Zhuhai Lizhiwan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Zhuhai Lizhiwan has obtained requisite construction permits in accordance with the actual development progress;

iv. Zhuhai Lizhiwan is entitled to pre-sell such portions of the property as stated in the Pre-sale permits for Commodity Housing;

v. Zhuhai Lizhiwan has legally obtained the building ownership of the property and is entitled to occupy, use, earn income from or by other means to dispose of the property;

vi. according to the confirmation from Zhuhai Lizhiwan, the building ownership of the property is not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

vii. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Zhuhai Lizhiwan to obtain relevant building ownership certificates after Zhuhai Lizhiwan submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB34,000 and RMB41,000 per sq.m for residential units and RMB224,000 and RMB275,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-92– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

31. Unsold portion of Qingdao Haitang Bay (the ‘‘Development’’) As at the valuation RMB49,000,000 Qingdao Haitang Bay is a large-scale residential and commercial date, the property (Renminbi (青島海棠灣), development erected on five parcels of land was vacant. Forty Nine Million) No. 1699 Haiwang with a total site area of approximately Road, 281,873.00 sq.m. (100% interest Huangdao District, attributable to Qingdao, The Development is situated at the north of the Group: Shandong Province, Haiwang Road and east of Dazhushan RMB49,000,000 PRC Zhong Road in Huangdao District of (Renminbi Qingdao. Developments in the vicinity are Forty Nine Million)) dominated by various residential and commercial buildings. It takes about a 60-minute drive from the property to the city center of Qingdao.

According to the informationprovidedby the Group, the property comprises various residential and commercial units of the Development with a total gross floor area of approximately 3,718.21 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 2,663.19 Residential 1,055.02

Total: 3,718.21

As advised by the Group, the property was completedin2019.

The land use rights of the property have been granted for three concurrent terms expiring on 10 July 2053 for commercial use and10July2083and8August2083for residential use respectively.

–III-93– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to five State-owned Land Use Rights Certificates — Nan Guo Yong (2013) Nos. G110401 to G110405 all dated 4 November 2013, the land use rights of five parcels of land with a total site area of approximately 281,873.00 sq.m. have been granted to Qingdao Lion City Real Estate Development Co., Ltd. (青島獅子城房地產開發有限公司) (‘‘Qingdao Lion City’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 10 July 2053 for commercial use and 10 July 2083 and 8 August 2083 for residential use respectively.

2. Pursuant to five Construction Land Planning Permits — Di Zi Di Nos. 0223201401014, 0223201401015, 0223201401016, 0223201401017 and 0223201401018 all dated 4 November 2013, Qingdao Lion City was permitted to use five parcels of land with a total site area of approximately 281,873.00 sq.m. for development.

3. Pursuant to 6 Construction Works Planning Permits — Jian Zi Nos. 37 0205201517058, 37 0223201401026, 37 0223201401029, 37 0223201401080, 37 0223201401081 and 37 0223201401083 dated between 22 May 2014 and 19 November 2015, the total approved construction scale of various buildings was approximately 553,453.68 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to 7 Construction Works Commencement Permits — Nos. 370211201604260301, 370211201604260401, 370284201410140501, 370284201410140801, 370284201506230101, 370284201507080101 and 370284201507080201 dated between 24 June 2014 and 26 April 2016, the construction works of various buildings with a total construction scale of approximately 401,398.76 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 7 Pre-sale Permits for Commodity Housing — Qing Fang Zhu Zi (Jiao Nan 14) No. 029, Qing Fang Zhu Zi (Qing Huang 16) No. 016, Qing Fang Zhu Zi (Qing Huang 16) No. 046, Qing Fang Zhu Zi (Qing Huang 16) No. 168, QingFangZhuZi(QingHuang18)No.019,QingFangZhuZi (Qing Huang 18) No. 039 and Qing Fang Zhu Zi (Qing Huang 18) No. 112 dated between 28 August 2014 and 15 November 2016, various buildings with a total gross floor area of 296,280.09 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to five Completion Certificates — (2017) Heng Bei (006-F), (2017) Heng Bei (011-F), 4404051710110101JX001, 4404051809140101JX001 and 4404051809200101JX001 dated between 14 March 2017 and 18 September 2018, the construction works of various buildings with a total gross floor area of 240,198.03 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

7. As advised by the Group, portion of the property with a total gross floor area of 848.14 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB16,500,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

–III-94– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Qingdao Lion City has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Qingdao Lion City, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Qingdao Lion City has obtained requisite construction permits in accordance with the actual development progress;

iv. Qingdao Lion City is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Qingdao Lion City to obtain relevant building ownership certificates after Qingdao Lion City submission for the application of the title documents is accepted by the competent government authorities.

9. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,100 and RMB20,300 per sq.m for residential units and RMB10,700 and RMB15,000 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-95– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

32. Unsold portion of Ten Ten Miles Spring Breeze (the As at the valuation RMB56,000,000 Miles Spring Breeze ‘‘Development’’) is a large-scale residential date, the property (Renminbi (十里春風), and commercial development erected on a was vacant. Fifty Six Million) Northeastofthe parcel of land with a site area of intersection between approximately 50,829.94 sq.m. (100% interest Fengou Road and attributable to Liwan Road, The Development is situated at the northeast the Group: Damuwan, of the intersection between Fengou Road RMB56,000,000 Xiangshan District, and Liwan Road in Xiangshan County of (Renminbi Ningbo, Ningbo. Developments in the vicinity are Fifty Six Million)) Zhejiang Province, dominated by various residential and PRC commercial buildings. It takes about a 30-minute drive from the property to the city center of Ningbo.

According to the informationprovidedby the Group, the property comprises various residential and commercial units and car parking spaces of the Development with a total gross floor area of approximately 9,077.89 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 5,028.05 Commercial 942.18 Car parking spaces 3,107.66

Total: 9,077.89

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for two concurrent terms expiring on 5 August 2058 for commercial use and 5 August 2088 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3302252018A21066 dated 6 August 2018, the land use rights of a parcel of land with a site area of approximately 50,830.00 sq.m. have been granted to Zhejiang Haizhiwan Real Estate Development Co., Ltd. (浙江海知灣房地產開發有限公司) (‘‘Zhejiang Haizhiwan’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB193,700,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Xiang Shan Xian Bu Dong Chan Quan Di No. 0019456 dated 5 September 2018, the land use rights of a parcel of land with a site area of approximately 50,829.94 sq.m. have been granted to Zhejiang Haizhiwan for two concurrent terms expiring on 5 August 2058 for commercial use and 5 August 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — (2018) Zhe Gui Di Zi Di No. 0240049 dated 9 August 2018, Zhejiang Haizhiwan was permitted to use a parcel of land with a site area of approximately 50,830.32 sq.m. for development.

–III-96– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — (2018) Zhe Gui Jian ZI Di No. 0240074 dated 17 September 2018, the total approved construction scale of various buildings was approximately 130,249.62 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to the Construction Works Commencement Permit — No. 330225201809260101 dated 26 September 2018, the construction works of various buildings with a total construction scale of approximately 130,249.62 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to three Pre-sale Permits for Commodity Housing — Fang Yu Xu Zi (2019) Di Nos. 003, 003-02 and 003-03 dated between 8 March 2019 and 19 July 2019, various buildings with a total gross floor area of 107,354.59 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to the Completion Certificate — No. 2020096 dated 31 December 2020, the construction works of various buildings with a total gross floor area of 129,591.04 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

8. As advised by the Group, portion of the property with a total gross floor area of 7,130.17 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB44,200,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Zhejiang Haizhiwan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Zhejiang Haizhiwan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Zhejiang Haizhiwan has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Zhejiang Haizhiwan is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Zhejiang Haizhiwan to obtain relevant building ownership certificates after Zhejiang Haizhiwan submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,000 and RMB8,500 per sq.m. for residential units, RMB10,100 and RMB14,900 per sq.m. for commercial units (Level 1) and RMB27,500 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-97– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

33. Unsold portion of Anar Mengcheng Beijing Courtyard (the As at the valuation RMB57,000,000 Phase 1 of Anar ‘‘Development’’) is a large-scale residential date, the property (Renminbi Fifty Seven Mengcheng Beijing development erected on a parcel of land with was vacant. Million) Courtyard a site area of approximately 72,353.38 sq.m. (石榴‧蒙城‧ (100% interest 北京院子), The Development is situated at the north of attributable to North to Sanyi Road, SanyiRoadandsouthofSanyouRoadin the Group: East to Meng Cheng County. Developments in the RMB57,000,000 Lingshan Road, vicinity are dominated by various residential (Renminbi Fifty Seven South to buildings. It takes about a 10-minute drive Million)) Sanyou Road, from the property to city center of West to Jingshiqi Road Mengcheng. Mengcheng County, Bozhou, According to the informationprovidedby Anhui Province, the Group, the property comprises various PRC residential units of the Development with a total gross floor area of approximately 7,459.87 sq.m.

As advised by the Group, the property was completedin2020.

The land use rights of the Development have been granted for two concurrent terms expiring on 23 May 2058 and 23 May 2088 for commercial and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — 341622 Chu Rang [2018] 07 dated 24 May 2018, the land use rights of a parcel of land with a site area of approximately 72,353.38 sq.m. have been granted to Mengcheng Daduhui Real Estate Development Co., Ltd. (蒙城縣大都會房地產開發有限公司) (‘‘Mengcheng Daduhui’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and Wholesale & retail uses respectively, at a land grant fee of RMB416,500,000.

2. Pursuant to the Realty Title Certificate — Wan (2018) Meng Cheng Xian Bu Dong Chan Quan Di No. 0007236 dated 28 August 2018, the land use rights of a parcel of land with a site area of approximately 72,353.38 sq.m. have been granted to Mengcheng Daduhui for two concurrent terms expiring on 23 May 2058 and 23 May 2088 for commercial and residential uses respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341622201800040 dated 20 July 2018, Mengcheng Daduhuiwaspermittedtouseaparceloflandwithasitearea of approximately 72,353.38 sq.m. for development.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 341622201800049 and 341622201800053 both dated 10 August 2018, the total approved construction scale of various buildings was approximately 186,829.88 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to two Construction Works Commencement Permits — Nos. 3416221808010106-SX-001 and 3416221808010106-SX-002 dated between 6 September 2018 and 12 August 2019, the construction works of various buildings with a total construction scale of approximately 186,829.88 sq.m. were approved for commencement.

–III-98– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 14 Pre-sale Permits for Commodity Housing — No. 201800169 to 201800174, 201800180, 201900003, 201900004, 201900090, 201900091, 201900097, 201900215 and 202000067 dated between 29 September 2018 and 24 May 2020, various buildings with a total gross floor area of 64,257.41 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to the Completion Certificate dated 27 November 2020, the construction works of various buildings with a total gross floor area of 84,941.44 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

8. As advised by the Group, portion of the property with a total gross floor area of 2,023.80 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB14,100,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Mengcheng Daduhui has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Mengcheng Daduhui, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Mengcheng Daduhui has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Mengcheng Daduhui is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Mengcheng Daduhui to obtain relevant building ownership certificates after Mengcheng Daduhui submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,300 and RMB9,600 per sq.m for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

–III-99– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

34. Unsold portion of Nanchong Zichen Mansion (the As at the valuation RMB32,000,000 Nanchong Zichen ‘‘Development’’) is a large-scale residential date, the property (Renminbi Thirty Two Mansion development erected on two parcels of land was vacant. Million) (南充紫宸府), with a total site area of approximately 59 of Section 2 of 45,177.00 sq.m. (100% interest Yinghua South Road, attributable to Shunqing District, The Development is situated at 59 of Section the Group: Nanchong, 2 of Yinghua South Road, in Shunqing RMB32,000,000 Sichuan Province, District in Nanchong. Developments in the (Renminbi Thirty Two PRC vicinity are dominated by various residential Million)) buildings. It takes about 15-minute drive from the property to city center of Nanchong.

According to the informationprovidedby the Group, the property comprises various residential units of the Development with a total gross floor area of approximately 2,458.94 sq.m.

As advised by the Group, the property was completedin2020.

The land use rights of the property have been granted for a term expiring on 14 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 511300-2018-025 dated 10 July 2018 and its supplementary agreement dated 24 July 2018, the land use rights of a parcel of land with a site area of approximately 45,177.00 sq.m. have been granted to Nanchong Rongdu Real Estate Development Co., Ltd. (南充蓉都房地產開發有限公司) (‘‘Nanchong Rongdu’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB565,841,925.

2. Pursuant to two Realty Title Certificates — Chuan (2019) Nan Chong Shi Bu Dong Chan Quan Nos. 0008360 and 0008361 both dated 18 January 2019, the land use rights of two parcels of land with a total site area of approximately 45,177.00 sq.m. have been granted to Nanchong Rongdu Real Estate Development Co., Ltd. (南充蓉都房地產開發有限公司) (‘‘Nanchong Rongdu’’), a 100%-owned subsidiary of the Company, for a term expiring on 14 January 2089 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di Nan Gui Di (2018) Shun Zi No. 020 dated 2 August 2018, Nanchong Rongdu was permitted to use a parcel of land with a site area of approximately 45,177.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di Gui Gong (2019) Shun Zi No. 003 dated 16 January 2019, the total approved construction scale of various buildings was approximately 142,715.00 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. Pursuant to two Construction Works Commencement Permits — Nos. 511300201901240101 and 511300201904300201 dated 24 January 2019 and 30 April 2019, the construction works of various buildings with a total construction scale of approximately 142,715.00 sq.m. were approved for commencement.

– III-100 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 17 Pre-sale Permits for Commodity Housing — (Nan Shun) Fang Yu Shou Nos. 201901213 to 201901216, 201901226, 201901261, 201901263, 201901273 to 201901275, 201901340 to 201901342, 201901360, 202001439, 202001440, 202001471 dated between 29 January 2019 and 19 May 2020, various buildings with a total gross floor area of 74,255.08 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to the Completion Certificate — Nan Shi Jian She Bei [2020] 082 dated 27 November 2020, the construction works of various buildings with a total gross floor area of 14,297.26 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificate.

8. As advised by the Group, portion of the property with a total gross floor area of 1,588.87 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB20,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Nanchong Rongdu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Nanchong Rongdu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Nanchong Rongdu has obtained requisite construction permits in accordance with the actual development progress;

iv. Nanchong Rongdu is entitled to pre-sell such portions of the property in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Nanchong Rongdu to obtain relevant building ownership certificates after Nanchong Rongdu submission for the application of the title documents is accepted by the competent government authorities.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB14,200 and RMB14,700 per sq.m for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-101 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

35. Unsold portion of Anar School Mansion (the ‘‘Development’’) As at the valuation RMB40,000,000 Anar School Mansion is a large-scale residential and commercial date, the property (Renminbi Forty (石榴學府小區), development erected on a parcel of land with was vacant. Million) South of a site area of approximately 51,741.70 sq.m. Guanzhong Avenue, (100% interest North of The Development is situated at the south of attributable to Yugang Road, Guanzhong Avenue and north of Yugang the Group: Chengbei Road in the Chengbei New district of RMB40,000,000 New District, Yingshang County of Fuyang. (Renminbi Forty Yingshang County, Developments in the vicinity are dominated Million)) Fuyang, by various residential and commercial Anhui Province, buildings. It takes about a 5-minute drive PRC from the property to the county center of Yingshang.

According to the informationprovidedby the Group, the property comprises various residential and commercial units of the Development with a total gross floor area of approximately 4,546.89 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 2,756.52 Commercial 1,790.37

Total: 4,546.89

As advised by the Group, the property was completed by 2020.

The land use rights of the property have been granted for two concurrent terms expiring on 2 May 2058 and 2 May 2088 for other commercial service and residential uses respectively.

– III-102 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — 342126 (Chu Rang) 20180020 dated 2 May 2018, the land use rights of a parcel of land with a site area of approximately 51,741.70 sq.m. have been granted to Langfang Zhongtouzhidi Real Estate Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtouzhidi’’), for two concurrent terms of 70 years and 40 years for residential and commercial service uses respectively, at a land grant fee of RMB420,660,292.

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 8 May 2018, the ownership of the land use rights of a parcel of land with a site area of approximately 51,741.70 sq.m. have been transferred from Langfang Zhongtouzhidi to Yingshang Xinlucheng Real Estate Development Co., Ltd. (潁上新廬城房地產開發有限公司) (‘‘Yingshang Xinlucheng’’), a 100%-owned subsidiary of the Company.

3. Pursuant to the Realty Title Certificate — Wan (2018) Ying Shang Xian Bu Dong Chan Quan Di No. 007863 dated 11 July 2018, the land use rights of a parcel of land with a site area of approximately 51,741.70 sq.m. have been granted to Yingshang Xinlucheng for two concurrent terms expiring on 2 May 2058 and 2 May 2088 for other commercial service and residential uses respectively.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341226201800028 dated 26 June 2018, Yingshang Xinlucheng was permitted to use a parcel of land with a site area of approximately 51,741.70 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 341226201800031 dated 19 July 2018, the total approved construction scale of various buildings was approximately 194,118.83 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to the Construction Works Commencement Permit — No. 3412261807050102-SX-001 dated 6 August 2018, the construction works of various buildings with a total construction scale of approximately 194,118.83 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. Pursuant to 6 Pre-sale Permits for Commodity Housing — (Ying) Fang Yu Shou Nos. 2018126, 2018134, 2018141, 2018145, 2018150 and 2018151 dated between 30 September 2018 and 15 November 2018, various buildings with a total gross floor area of 85,022.43 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

8. Pursuant to 6 Completion Certificates — Nos. 3412261807050102-JX-001 to 3412261807050102-JX-006 all dated 21 December 2020, the construction works of various buildings with a total gross floor area of 87,892.01 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

– III-103 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

9. As advised by the Group, portion of the property with a total gross floor area of 2,732.27 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB23,200,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Yingshang Xinlucheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Yingshang Xinlucheng, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Yingshang Xinlucheng has obtained requisite construction permits in accordance with the actual development process of the property;

iv. Yingshang Xinlucheng is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Yingshang Xinlucheng to obtain relevant building ownership certificates after Yingshang Xinlucheng submission for the application of the title documents is accepted by the competent government authorities.

11. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,000 and RMB6,600 per sq.m for residential units and RMB12,500 and RMB18,400 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-104 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

36. Unsold portion of Zijin Courtyard (the ‘‘Development’’) is a As at the valuation RMB565,000,000 Zijin Courtyard large-scale residential development erected date, the property (Renminbi Five (紫金院子), on a parcel of land with a site area of was vacant. Hundred and Sixty South of Wangqiao approximately 36,067.20 sq.m. Five Million) Road, East of Fansheng The Development is situated at the south of (100% interest Road, Wangqiao Road and east of Fansheng Road attributable to Chahe New District, in Chahe New District of Laian County. the Group: Laian County, Developments in the vicinity are dominated RMB565,000,000 Chuzhou, by various residential and commercial (Renminbi Five Anhui Province, buildings. It takes about a 60-minute drive Hundred and Sixty PRC from the property to the city centre of Five Million)) Chuzhou.

According to the informationprovidedby the Group, the property comprises various residential units, commercial units, car parking space, civil defense and ancillary facilities with a total gross floor area of approximately 77,221.96 sq.m. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 55,773.62 Commercial 2,226.59 Car parking space 15,737.27 Civil defense 3,168.12 Ancillary facilities 316.36

Total: 77,221.96

As advised by the Group, the property was completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 19 June 2058 and 9 June 2088 for commercial and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — 341122 Chu Rang 2018 Nian No. 022 dated 2 May 2018, the land use rights of a parcel of land with a site area of approximately 36,067.20 sq.m. have been granted to Langfang Zhongtouzhidi Real Estate Co., Ltd. (廊坊中投置地房地產開發有限公司) (‘‘Langfang Zhongtouzhidi’’), for two concurrent terms of 70 years and 40 years for residential and commercial uses respectively, at a land grant fee of RMB347,500,000.

– III-105 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 16 May 2018, the ownership of the land use rights of a parcel of land with a site area of approximately 36,067.20 sq.m. have been transferred from Langfang Zhongtouzhidi to Laian Ningrun Real Estate Development Co., Ltd. (來安縣寧潤房地產開發有限公司) (‘‘Laian Ningrun’’), a 100%-owned subsidiary of the Company.

3. Pursuant to the Realty Title Certificate — Wan (2018) Lai An Xian Bu Dong Chan Quan Di No. 0003832 dated 12 July 2018, the land use rights of a parcel of land with a site area of approximately 36,067.20 sq.m. have been granted to Laian Ningrun for two concurrent terms expiring on 19 June 2058 and 9 June 2088 for commercial and residential uses respectively.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341122201800058 dated 1 June 2018, Laian Ningrun was permitted to use a parcel of land with a site area of approximately 36,067.20 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — 2018066 dated 2 August 2018, the total approved construction scale of various buildings was approximately 81,099.95 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

6. Pursuant to the Construction Works Commencement Permit — 3411221807240107-SX-001 dated 8 August 2018, the construction works of various buildings with a total construction scale of approximately 81,099.95 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. Pursuant to 11 Pre-sale Permits for Commodity Housing — (2018) Fang Yu Shou Zheng Di Nos. 124 to 127 and (2019) Fang Yu Shou Zheng Di Nos. 013, 014, 026, 030, 031, 077 and 079 dated between 4 January 2018 and 6 September 2019, various buildings with a total gross floor area of 48,326.58 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. Pursuant to 17 Completion Certificates — Chu Jian Bei (2021) Nian Nos. 19-1 to 19-17 all dated 5 February 2021, the construction works of various buildings with a total gross floor area of 80,932.66 sq.m. have been examined.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned certificates.

9. As advised by the Group, portion of the property with a total gross floor area of 47,253.07 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB238,600,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

– III-106 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Laian Ningrun has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Laian Ningrun has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Laian Ningrun has obtained requisite construction permits in accordance with the actual development process of the property;

iv. LaianNingrunisentitledtopre-sellsuchportionsofthepropertyasstatedinthePre-salePermitsfor Commodity Housing; and

v. on the premise that the construction is completed in accordance with the applicable laws, regulations and construction documents and all construction work completion inspection acceptance certificate are obtained according to the relevant laws and regulations, there is no substantial legal obstacle for Laian Ningrun to obtain relevant building ownership certificates after Laian Ningrun submission for the application of the title documents is accepted by the competent government authorities.

11. In undertaking our valuation of the property, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,600 and RMB13,900 per sq.m. for residential units and RMB10,600 and RMB14,200 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-107 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Group IV — Properties held by the Group under development in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

37. Portion of Full Moon Full Moon (the ‘‘Development’’) is a As at the valuation RMB161,000,000 (荷塘嘉苑), large-scale commercial and residential date, the property (Renminbi One Changgou Town, development erected on a parcel of land with was under Hundred and Sixty Fangshan District, a site area of approximately 72,560.31 sq.m. construction. One Million) Beijing, PRC The Development is situated at the (100% interest Changgou Town of Fangshan District in attributable to Beijing. Developments in the vicinity are the Group: dominated by various residential buildings. RMB161,000,000 It takes about 80-minute drive from the (Renminbi One property to the city center of Beijing. Hundred and Sixty One Million)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 24,253.96 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 9,228.12 Commercial 9,328.20 Car parking spaces 3,228.60 Ancillary facilities 2,469.04

Total: 24,253.96

As advised by the Group, the property is scheduled for completion in 2021.

– III-108 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to three Realty Title Certificates — Jing Fang Guo Yong (2014 Chu) Nos. 00074, 00075 and 00076 all dated 12 June 2014, the land use rights of three parcels of land with a total site area of approximately 72,560.31 sq.m. have been granted to Beijing Chuangzhan Real Estate Development Co., Ltd. (北京創展房地產開發有限公司) (‘‘Beijing Chuangzhan’’), a 100%-owned subsidiary of the Company, for three concurrent terms expiring on 28 November 2051, 28 November 2061 and 28 November 2081 for commercial, carpark and residential uses respectively.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — [2014] Shi Jian Zi Nos. 0468, 0470, 0469 and [2017] Shi Jian Zi No. 0109 dated between 5 August 2014 and 16 February 2017, the construction works of various buildings with a total construction scale of approximately 95,607.91 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB49,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB98,700,000. We have taken into account the aforesaid amounts in our valuation.

6. The capital value of the property as if completed as at the valuation date is estimated to be RMB297,800,000.

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APPENDIX III PROPERTY VALUATION REPORT

7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Chuangzhan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use right of the property;

ii. According to the confirmation from Beijing Chuangzhan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Beijing Chuangzhan has obtained requisite construction permits in accordance with the actual development progress of the property; and

8. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB28,000 and RMB35,000 per sq.m. for commercial units (Level 1), RMB13,000 and RMB15,000 per sq.m. for office units and RMB120,000 and RMB300,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-110 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

38. Portion of Dinghu Dinghu (the ‘‘Development’’) is a large-scale As at the valuation RMB176,000,000 (鼎湖項目), office and commercial development being date, the property (Renminbi One West of developed on three parcels of land with a was under Hundred and Seventy Longkou Reservoir, total site area of approximately 161,292.60 construction. Six Million) Yongding Town, sq.m. Mentougou District, (100% interest Beijing, The Development is located at in Yongding attributable to PRC town Mentougou District of Beijing. the Group: Developments in the vicinity are dominated RMB176,000,000 by vacant lands. It takes about a 10-minute (Renminbi One drive from the property to the city centre of Hundred and Seventy Mentougou. Six Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 37,542.68 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows: Approximate Gross Floor Use Area (sq.m.)

Office 24,012.00 Car parking space 4,338.40 Ancillary facilities 9,192.28

Total: 37,542.68

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of property have been granted for a term expiring on 8 April 2050 for commerce and finance use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Jing Di Chu (He) Zi (2010) No. 0085 dated 9 April 2010 and its supplementary contract dated between 9 April 2010 and 30 July 2014, the land use rights of a parcel of land with a total site area of approximately 161,292.60 sq.m. have been granted to Beijing Dinghu Real Estate Development Co., Ltd. (北京鼎湖房地產開發有限公司) (‘‘Beijing Dinghu’’), a 100%-owned subsidiary of the Company, for a term of 40 years for commerce and finance use, at a total land grant fee of RMB280,064,674.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to two State-owned Land Use Rights Certificates — Jing Men Guo Yong (2013 Chu) Nos. 00040 and 00041 all dated 27 April 2013, the land use rights of three parcels of land with a total site area of approximately 33,156.30 sq.m. have been granted to Beijing Dinghu for a term expiring on 8 April 2050 for commerce and finance use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110109201300002 2013 Gui (Men) Di Zi 0002 dated 14 January 2013, Beijing Dinghu was permitted to use a parcel of land with a site area of approximately 161,292.60 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

4. Pursuant to four Construction Works Planning Permits — Jian Zi Di 110109201500001 2015 Gui (Men) Jian Zi 0001, Jian Zi Di 110109201500030 2015 Gui (Men) Jian Zi 0024, Jian Zi Di 110109201700069 2017 Gui (Men) Jian Zi 0024 and Jian Zi Di 110109201800017 2018 Gui (Men) Jian Zi 0003 dated between 29 May 2015 and 26 October 2016, the total approved construction scale of various buildings was approximately 72,950.60 sq.m.

As advised by the Group, the property only comprise portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to three Construction Works Commencement Permits — 2014 Shi Jian Zi Di No. 0637, 11010020150804051 2015 Shi Jian Zi Di No. 0371 and 110100201604250501 2016 Shi Jian Zi Di No. 0258 dated between 11 October 2014 and 25 April 2016 the construction works of various buildings with a total construction scale of approximately 88,860.56 sq.m. were approved for commencement.

As advised by the Group, the property only comprise portion of the buildings as stated in the above-mentioned permits.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB104,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB130,000,000. We have taken into account the aforesaid amounts in our valuation.

7. The capital value of the property as if completed as at the valuation date is estimated to be RMB405,000,000.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Beijing Dinghu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Beijing Dinghu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged; and

iii. Beijing Dinghu has obtained requisite construction permits in accordance with the actual development progress of the property.

9. In undertaking our valuation of the property as if completed, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB23,800 and RMB25,300 per sq.m. for office units, and RMB175,000 to RMB300,000 for per parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-112 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Investment value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

39. Portion of Shangyuan Chengda Center As at the valuation RMB1,010,000,000 Shangyuan (the ‘‘Development’’) is a large-scale date, the under (Renminbi Chengda Center commercial development being developed on construction. One Billion and (上元成大中心) a parcel of land with a site area of Ten Million) Huangcun Town, approximately 18,303.332 sq.m. Daxing District, (70% interest Beijing, The Development is situated at Huangcun attributable to PRC Town of Daxing District. Developments in the Group: the vicinity are dominated by various office RMB707,000,000 and commercial buildings. It takes about a (Renminbi 40-minute drive from the property to the city Seven Hundred and center of Beijing. Seven Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 45,514.38 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 3,274.90 Office 26,941.73 Car parking space 8,010.20 Civil defense 3,177.00 Ancillary facilities 4,110.55

Total: 45,514.38

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 21 May 2057 and 21 May 2067 for commercial and office uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Jing Di Chu (He) Zi (2017) No. 0086 dated 22 May 2017 and its supplementary contracts dated between 22 May 2017 and 23 November 2017, the land use rights of a parcel of land with a site area of approximately 18,303.332 sq.m. have been granted to Beijing Yatong Real Estate Development Co., Ltd. (北京亞通房地產開發有限責任公司) (‘‘Beijing Yatong’’) for two concurrent terms of 40 years for commercial use and 50 years for office and car parking space uses respectively, at a land grant fee of RMB1,304,764,270.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 27 June 2017, the ownership of the land use rights of a parcel of land with a site area of approximately 18,303.332 sq.m. have been transferred from Beijing Yatong to Beijing Yixing Real Estate Co., Ltd. (北京益興房地產有限公司) (‘‘Beijing Yixing’’), a 70%-owned subsidiary of the Company.

3. Pursuant to the Realty Title Certificate — Jing (2017) Da Bu Dong Chan Quan Di No. 0000086 dated 4 August 2017, the land use rights of a parcel of land with a site area of approximately 18,303.332 sq.m. have been granted to Beijing Yixing for two concurrent terms expiring on 21 May 2057 and 21 May 2067 for commercial and office uses respectively.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110115201700032 dated 15 August 2017, Beijing Yixing was permitted to use a parcel of land with a site area of approximately 18,303.332 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

5. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 110115201700130 and 110115201800020 dated between 16 November 2017 and 29 January 2018, the total approved construction scale of various buildings was approximately 83,349.58 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to the Construction Works Commencement Permit — No. 110115201810110101 dated 11 October 2018, the construction works of various buildings with a total construction scale of approximately 83,349.58 sq.m were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB8,900,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB144,900,000. We have taken into account the aforesaid amounts in our valuation.

8. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,337,000,000.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Beijing Yixing has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Beijing Yixing has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged; and

iii. Beijing Yixing has obtained requisite construction permits in accordance with the actual development process of the property.

10. In undertaking our valuation of the property as if completed, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB42,500 and RMB43,900 per sq.m. for office units, RMB48,300 and RMB53,200 per sq.m. for commercial units (Level 1) and RMB229,000 and RMB275,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-114 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

40. Portion of Ten Miles Ten Miles Spring Breeze Garden As at the valuation RMB95,000,000 Spring Breeze Garden (the ‘‘Development’’) is a large-scale date, the property (Renminbi Ninety Five (十里春風嘉園), commercial and residential development was under Million) Yongledian Town, being developed on a parcel of land with a construction. Tongzhou District, site area of approximately 166,344.30 sq.m. (100% interest Tongzhou, attributable to Beijing, The Development is located at Yongledian the Group: PRC Town in Tongzhou District of Beijing. RMB95,000,000 Developments in the vicinity are mainly (Renminbi Ninety Five dominated by various residential buildings. Million)) It takes about a 60-minute drive from the property to the city center of Beijing.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 4,196.78 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 3,148.98 Commercial 1,047.80

Total: 4,196.78

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for three concurrent terms expiring on 8 August 2063, 8 August 2033 and 8 August 2043 for residential, commercial, office and car parking space uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Tu Zi (1993) Di No. 0058 dated 6 August 1993 and its supplementary agreement dated 27 March 2017, the land use rights of a parcel of land with a site area of approximately 136,822.24 sq.m. have been granted to Beijing Yongle Garden Development Co., Ltd. (北京永樂花園發展有限公司) (‘‘Beijing Yongle’’), a 100%-owned subsidiary of the Company, for terms of 70 years for residential use, 40 years for commercial use and 50 years for office and car parking space use, at a land grant fee of RMB654,167,867.

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APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

As advised by the Group, the property only comprises portion of the land parcel stated in the above-mentioned permits.

4. Pursuant to 6 Construction Works Planning Permits — Jian Zi Di No. 110112201700047 to 110112201700050, 110112201700066 and 110112201700125 dated between 22 May 2017 and 27 November 2017, the total approved construction scale of various buildings was approximately 436,188.20 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to 13 Construction Works Commencement Permits — Nos. 110112201707060101, 110112201707140101, 110112201707140201, 10112201711100101, 10112201711100201–10112201711100501, 110112201712220201, 110112201802110101, 110112201802110201, 110112201802110301 and 110112201802110401 dated between 10 July 2017 and 11 February 2018, the construction works of various buildings with a total construction scale of approximately 436,188.20 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB20,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB3,000,000. We have taken into account the aforesaid amounts in our valuation.

7. The capital value of the property as if completed as at the valuation date is estimated to be RMB108,500,000.

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APPENDIX III PROPERTY VALUATION REPORT

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Beijing Yongle has legally obtained the land use rights of the property and is entitled to occupy, use or earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use right of the property, Yongle Garden has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Beijing Yongle has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Beijing Yongle is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

9. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB24,000 and RMB33,000 per sq.m. for residential units and RMB18,000 and RMB25,000 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-117 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

41. Zhengyuan Building Zhengyuan Building is an office and As at the valuation RMB662,000,000 (正元大廈), commercial development being developed on date, the property (Renminbi Six South of Baliqiao a parcel of land with a site area of was under Hundred and Sixty Market, approximately 5,814.81 sq.m. construction. Two Million) Tonghui North Road, Tongzhou The property is located at west side of (100% interest District, Tonghui North Road and next to Baliqiao attributable to Beijing, Market in Tongzhou District of Beijing. the Group: PRC Developments in the vicinity are dominated RMB662,000,000 by wholesale markets, commercial buildings (Renminbi Six and low to middle rise residential buildings. Hundred and Sixty It takes about a 45-minute drive from the Two Million)) property to the city center of Beijing.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 35,771.99 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Office 23,232.18 Commercial 3,509.12 Car Parking Space 5,508.18 Storeroom 145.28 Civil Defense 2,598.68 Ancillary facilities 778.55

Total: 35,771.99

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 14 January 2049 for office, storeroom and carpark uses and 14 January 2039 for commercial use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Jing Fang Di Chu (He) Zi (99) Di No. 020 dated 15 January 1999 and its supplementary agreement dated 18 December 2017, the land use rights of a parcel of land with a site area of approximately 5,814.81 sq.m. have been granted to Zhengyuan Real Estate Co., Ltd. (正元置業有限公司) (‘‘Zhengyuan Real Estate’’), a 100%-owned subsidiary of the Company, for a term of 50 years for office, storeroom and carpark uses and 40 years for commercial use respectively, at a land grant fee of RMB30,876,587.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Jing (2018) Bu Dong Chan Quan No. 0000054 dated 6 July 2018, the land use rights of a parcel of land with a site area of approximately 5,814.81 sq.m. have been granted to Zhengyuan Real Estate for two concurrent terms expiring on 14 January 2049 for office, storeroom and carpark uses and 14 January 2039 for commercial use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 110112201400039 dated 19 June 2014, Zhengyuan Real Estate was permitted to use a parcel of land with a site area of approximately 5,814.81 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 110112201700133 dated 29 December 2017, the total approved construction scale was approximately 36,190.86 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 110112201802260201 dated 26 February 2018, the construction works of various buildings with a total construction scale of approximately 36,190.86 sq.m. were approved for commencement.

6. Pursuant to the Pre-sale Permit for Commodity Housing — Jing Fang Shou Zheng Zi (2018) No. 83 dated 4 August 2018, various buildings with a total gross floor area of 26,741.30 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permit only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB105,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB91,000,000. We have taken into account the aforesaid amounts in our valuation.

8. The capital value of the property as if completed as at the valuation date is estimated to be RMB824,600,000.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Zhengyuan Real Estate has legally obtained the land use rights of the property and is entitled to occupy, use or earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use right of the property, Zhengyuan Real Estate has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Zhengyuan Real Estate has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Zhengyuan Real Estate is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

10. In undertaking our valuation of the property as if completed, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB29,000 and RMB36,000 per sq.m. for office units, RMB31,000 and RMB35,000 per sq.m. for commercial units (Level 1) and RMB160,000 and RMB230,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-119 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

42. Phases 1 to 4 of Tianjin Binhai Bay (the ‘‘Development’’) is a As at the valuation RMB1,512,000,000 Tianjin Binhai Bay large-scale residential and commercial date, the property (Renminbi (濱海灣（天津）), development being developed on two parcels was under One Billion Five West of Jiancai Road, of land with a total site area of construction. Hundred and South of Jiefang Road, approximately 46,027.60 sq.m. Twelve Million) Binhai New District, Tianjin, The Development is situated at the west of (50% interest PRC Jiancai Road and south of Jiefang Road in attributable to Binhai New District of Tianjin. the Group: Developments in the vicinity are dominated RMB756,000,000 by various residential buildings. It takes (Renminbi about a 10-minute drive from the property Seven Hundred and to Binhai New District People’s Fifty Six million)) Government.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 182,215.38 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 124,205.79 Commercial 4,520.63 Car parking space 41,832.33 Civil defense 7,511.13 Ancillary facilities 4,145.50

Total: 182,215.38

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of the property have been granted for two concurrent terms expiring on 14 June 2090 for residential use and a term expiring on 14 June 2060 for commercial service use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. TJ11482020001 and TJ11482020002 both dated 14 May 2020, the land use rights of two parcels of land with a total site area of approximately 46,030.30 sq.m. have been granted to Tianjin Liangrong Real Estate Development Co., Ltd. (天津梁榮房地產開發有限公司) (‘‘Tianjin Liangrong’’), a 50%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and commercial service uses respectively, at a total land grant fee of RMB1,352,800,000.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to two Realty Title Certificates — Jin (2020) Bin Hai Xin Qu Zhong Xin Shang Wu Qu Bu Dong Chan Quan Di Nos.1003194 and 1003195 both dated 19 June 2020, the land use rights of two parcels of land with a total site area of approximately 46,027.60 sq.m. have been granted to Tianjin Liangrong for two concurrent terms expiring on 14 June 2060 and 14 June 2090 for commercial service and residential uses respectively.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di 2020 Kai Fa Di Zheng Shen Zi Nos. 0010 and 0011, Tianjin Liangrong was permitted to use two parcels of land with a total site area of approximately 46,030.30 sq.m. for development.

4. Pursuant to four Construction Works Planning Permits — Jian Zi Di 2020 Kai Fa Jian Zheng Shen Zi Nos. 0061 Bian Geng 01 and 02 and Nos. 0062 Bian Geng 01 and 02 dated between 13 November 2020 and 16 November 2020, the total approved construction scale was approximately 129,120.68 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 1203162020080615121 and 1203162020080707121 dated 6 August 2020 and 7 August 2020, the construction works of various buildings with a total construction scale of approximately 178,464.14 sq.m (including underground area) were approved for commencement.

6. Pursuant to three Pre-sale Permits for Commodity Housing — Jin Guo Tu Fang Shou Xu Zi (2020) Di Nos. 1238-001, 1239-001 and 1240-001 all dated 28 September 2020, various buildings with a total gross floor area of 29,056.60 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB64,200,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB689,700,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 6,296.29 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB117,500,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB2,723,700,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Tianjin Liangrong has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Tianjin Liangrong has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Tianjin Liangrong has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Tianjin Liangrong is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB18,400 and RMB23,900 per sq.m. for residential units, RMB24,600 and RMB27,500 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-121 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

43. Jade Mountain Jade Mountain (the ‘‘Development’’) is a As at the valuation RMB891,000,000 (翡翠山), large-scale residential and commercial date, the property (Renminbi South of North Third development being developed on a parcel of was under Eight Hundred and Ring, land with a site area of approximately construction. Ninety One Million) West of Lingyu Street, 34,190.00 sq.m. Jingxiu District, (100% interest Baoding, The Development is located at the south of attributable to Hebei Province, North Third Ring and west of Lingyu Street the Group: PRC in Jingxiu District of Baoding. RMB891,000,000 Developments in the vicinity are dominated (Renminbi by various residential buildings. It takes Eight Hundred and about a 60-minute drive from the property Ninety One Million)) to the city center of Baoding.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 201,920.00 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 2,085.66 Apartment 142,221.61 Car parking space 46,908.19 Civil defense 6,591.81 Ancillary facilities 4,112.73

Total: 201,920.00

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 10 February 2058 for other commercial service use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 1306002018001 dated 10 January 2018, the land use rights of a parcel of land with a site area of approximately 34,190.00 sq.m. have been granted to Baoding High-tech District Sunlight Water Park (保定高新區陽光水上樂園)(‘‘BaodingSunlightWaterPark’’)foratermof40yearsfor commercial use, at a land grant fee of RMB179,230,000.

2. Pursuant to the State-owned Land Use Rights Transfer Contract — 09-2N-2018-041 and its supplementary agreements dated between 15 March 2017 and 29 March 2018, the land use rights of a parcel of land with a site area of approximately 34,190.00 sq.m. have been transferred from Baoding Sunlight Water Park to Baoding Litchi Real Estate DevelopmentCo.,Ltd.(保定荔枝房地產開發有限公司) (‘‘Baoding Litchi’’), a 100%-owned subsidiary of the Company, at a consideration of RMB391,050,000.

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APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the State-owned Land Use Rights Certificate — Ji (2018) Bao Ding Shi Bu Dong Chan Quan Di No. 0009686 dated 26 March 2018, the land use rights of a parcel of land with a site area of approximately 34,190.00 sq.m. have been granted to Baoding Litchi for a term expiring on 10 February 2058 for other commercial service use.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 130601201800007 dated 3 April 2018, Baoding Litchi was permitted to use a parcel of land with a site area of approximately 34,190.00 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 13061201800012 dated 21 May 2018, the total approved construction scale was approximately 201,920.00 sq.m.

6. Pursuant to three Construction Works Commencement Permit — Nos. 130605201806040101, 130605201806040201 and 130605201806040301 all dated 4 June 2018, the construction works of various buildings with a total construction scale of approximately 201,530.89 sq.m. were approved for commencement.

7. Pursuant to three Pre-sale Permits for Commodity Housing — Bao Shen Yu Shou Zheng (2018) Di Nos. 009 and 035 and Bao Shen Yu Shou Zheng (2019) Di No. 041 dated between 28 June 2018 and 29 July 2019, various buildings with a total gross floor area of 144,307.27 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB558,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB306,000,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 90,798.73 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB514,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,308,000,000.

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Baoding Litchi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Baoding Litchi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Baoding Litchi has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Baoding Litchi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,100 and RMB11,700 per sq.m. for apartment units and RMB15,500 and RMB17,600 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-123 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

44. Zhongye Tianyuan Zhongye Tianyuan Building is a large-scale As at the valuation RMB147,000,000 Building commercial development being developed on date, the property (Renminbi (中冶天元大廈), a parcel of land with a site area of was under One Hundred and No. 72 Beixinxi Road, approximately 7,114.97 sq.m. construction. Forty Seven Million) Lubei District, Tangshan, The property is located at the south of (100% interest Hebei Province, Beixinxi Road in Lubei District of attributable to PRC Tangshan. Developments in the vicinity are the Group: dominated by various residential buildings. RMB147,000,000 It takes about a 5-minute drive from the (Renminbi property to the city center of Tangshan. One Hundred and Forty Seven Million)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 44,129.19 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 6,084.69 Apartment 27,100.34 Storeroom 1,996.82 Car parking space 2,444.63 Civil defense 6,502.71

Total: 44,129.19

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 8 February 2049 for commercial use.

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APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Certificate — Ji Tang Guo Yong (2011) Di No.6095 dated 30 May 2011, the land use rights of a parcel of land with a site area of approximately 7,114.97 sq.m. have been granted to Beijing Fengyuan Real Estate Development Co. Ltd. (北京豐元房地產開發有限公司) (‘‘Beijing Fengyuan’’), a 100%-owned subsidiary of the Company, for a term expiring on 8 February 2049 for commercial use.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 130301201205078 dated 16 January 2013, Beijing Fengyuan was permitted to use a parcel of land with a site area of approximately 7,114.91 sq.m. for development.

3. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 130201201500142 dated 13 November 2015, the total approved construction scale of various buildings was approximately 44,129.19 sq.m.

4. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB98,100,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB76,800,000. We have taken into account the aforesaid amounts in our valuation.

5. The capital value of the property as if completed as at the valuation date is estimated to be RMB273,000,000.

6. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Beijing Fengyuan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Beijing Fengyuan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

iii. Beijing Fengyuan has obtained requisite construction permits in accordance with the actual development process of the property.

7. In undertaking our valuation of the property as if completed, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,000 and RMB7,500 per sq.m. for apartment units, RMB16,100 and RMB16,900 per sq.m. for commercial units (Level 1) and RMB59,600 and RMB73,400 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-125 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

45. Cangzhou Cangzhou Magnolia Bay As at the valuation RMB746,000,000 Magnolia Bay (the ‘‘Development’’) is a large-scale date, the property (Renminbi (滄州玉蘭灣), residential and commercial development was under Seven Hundred and East of Yongan being developed on a parcel of land with a construction. Forty Six Million) Avenue, site area of approximately 40,796.00 sq.m. North of Yinghai (100% interest Road, The Development is located at the east of attributable to Yunhe District, Yongan Avenue and north of Yinghai Road the Group: Cangzhou, in Yunhe District of Cangzhou. RMB746,000,000 Hebei Province, Developments in the vicinity are dominated (Renminbi PRC by various residential buildings. It takes Seven Hundred and about a 35-minute drive from the property Forty Six Million)) to the city center of Cangzhou.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 120,995.18 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 79,324.32 Commercial 3,110.11 Storeroom 8,219.83 Car parking space 24,495.63 Civil defense 2,746.01 Ancillary facilities 3,099.28

Total: 120,995.18

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of property have been granted for two concurrent terms expiring on 12 July 2058 for commercial service use and12July2088forresidentialuse respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. C13090020180006 dated 1 June 2018 and its supplementary contract dated 28 June 2018, the land use rights of a parcel of land with a site area of approximately 40,796.00 sq.m. have been granted to Cangzhou Shousheng Real Estate Development Co., Ltd. (滄州首盛房地產開發有限公司) (‘‘Cangzhou Shousheng’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB534,000,000.

– III-126 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Ji (2018) Cang Zhou Shi Bu Dong Chan Quan Di No. 0029036 dated 30 August 2018, the land use rights of a parcel of land with a site area of approximately 40,796.00 sq.m. have been granted to Cangzhou Shousheng for two concurrent terms expiring on 12 July 2058 for commercial service use and 12 July 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 130903201800012 dated 13 August 2018, Cangzhou Shousheng was permitted to use a parcel of land with a site area of approximately 61.19 mu (approximately 40,796.33 sq.m.) for development.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di No. 130903201800060 and 130903201800067 dated 25 September 2018 and 3 December 2018, the total approved construction scale was approximately 121,340.90 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 130901201811300101 and 13090120182250101 dated 30 November 2018 and 25 December 2018, the construction works of various buildings with a total construction scale of approximately 120,307.76 sq.m. were approved for commencement.

6. Pursuant to 10 Pre-sale Permits for Commodity Housing — (Cang) Fang Yu Shou Zheng 2019 Di Nos. 007, 022, 024, 056, 071, 083, 094, 133, (Cang) Fang Yu Shou Zheng 2020 Di No. 002 dated between 15 May 2019 and 28 June 2020, various buildings with a total gross floor area of 82,434.43 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB177,400,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB127,100,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 105,031.62 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB859,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB962,300,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Cangzhou Shousheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Cangzhou Shousheng has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Cangzhou Shousheng has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Cangzhou Shousheng is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,000 and RMB11,100 per sq.m. for residential units, RMB10,100 and RMB14,000 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-127 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

46. Xushui Magnolia Bay Xushui Magnolia Bay (the ‘‘Development’’) As at the valuation RMB319,000,000 (玉蘭灣（徐水）), is a large-scale residential and commercial date, the property (Renminbi North of Hualong development being developed on three was under Three Hundred and Road, parcelsoflandwithatotalsiteareaof construction. Nineteen Million) West of Xiahexi approximately 22,578.72 sq.m. Village, (51% interest Xushui District, The Development is located at the north of attributable to Baoding, Hualong Road North and west of Xiahexi the Group: Hebei Province, Village in Xushui District of Baoding. RMB162,690,000 PRC Developments in the vicinity are dominated (Renminbi by various residential buildings. It takes One Hundred Sixty about a 30-minute drive from the property Two Million Six to the city center of Baoding. Hundred and Ninety Thousand)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 56,833.04 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 31,516.28 Commercial 2,486.40 Apartment 18,024.82 Storeroom 3,654.83 Ancillary facilities 1,150.71

Total: 56,833.04

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of property have been granted for two concurrent terms expiring on 3 June 2058 for commercial service use and 3 June 2088 for residential use respectively.

Notes:

1. Pursuant to three State-owned Land Use Rights Grant Contracts — Xu Chu 2018 Nos. 42 to 44 all dated 28 May 2018, the land use rights of three parcels of land with a total site area of approximately 22,578.72 sq.m. have been granted to Hebei Changfeng Jingong Real Estate Development Co., Ltd. (河北長峰金工房地產開發有限公司)(‘‘Hebei Changfeng’’), a 51%-owned subsidiary of the Company, for two concurrent terms of 40 years for commercial use and 70 years for residential use respectively, at a total land grant fee of RMB120,390,000.

– III-128 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to three State-owned Land Use Rights Certificates — Ji (2018) Bao Ding Shi Xu Shui Qu Bu Dong Chan Quan Di Nos. 0000963, 0000964 and 0000979 dated between 14 June 2018 and 15 June 2018, the land use rights of three parcels of land with a total site area of approximately 22,578.72 sq.m. have been granted to Hebei Changfeng for two concurrent terms expiring on 3 June 2058 for commercial service use and 3 June 2088 for residential use respectively.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 130625201800028 and 130625201800030 all dated 2 August 2018, Hebei Changfeng was permitted to use three parcels of land with a total site area of approximately 22,578.71 sq.m. for development.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di No. 130625201800019 and 130625201800020 both dated 14 August 2018, the total approved construction scale was approximately 56,833.04 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 130609201808300201 dated 30 August 2018, the construction works of various buildings with a total construction scale of approximately 56,833.04 sq.m were approved for commencement.

6. Pursuant to the Pre-sale Permit for Commodity Housing — Xu (Zhu Jian) Fang Yu Shou Zheng (2018) Di No. 015 dated 13 September 2018, various buildings with a total gross floor area of 52,027.50 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permit only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB164,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB29,900,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 40,239.44 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB284,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB375,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Hebei Changfeng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Hebei Changfeng, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Hebei Changfeng has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Hebei Changfeng is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,200 and RMB7,600 per sq.m. for residential units, RMB7,200 and RMB7,900 per sq.m. for apartment units, RMB12,000 and RMB18,300 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-129 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

47. Haitang Garden Haitang Garden Mansion As at the valuation RMB434,000,000 Mansion (the ‘‘Development’’) is a large-scale date, the property (Renminbi (海棠園樾府), residential and commercial development was under Four Hundred and West of Changqing being developed on two parcels of land with construction. Thirty Four Million) Road, a total site area of approximately South of Ruifeng 74,879.18 sq.m. (100% interest Road, attributable to Anci District, The Development is located at west of the Group: Langfang, Changqing Road and south of Ruifeng RMB434,000,000 Hebei Province, Road in Anci District of Langfang. (Renminbi PRC Developments in the vicinity are dominated Four Hundred and by various residential buildings. It takes Thirty Four Million)) about a 30-minute drive from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 85,848.62 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 76,249.90 Commercial 3,270.56 Storeroom 5,494.37 Ancillary facilities 833.79

Total: 85,848.62

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of property have been granted for two concurrent terms expiring on 3 January 2060 for commercial use and 3 January 2090 for residential use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. C131000120120037 and C131000120190055 dated 28 August 2012 and 3 January 2020, the land use rights of two parcels of lands with a total site area of approximately 74,879.18 sq.m. have been granted to Langfang Zhongtou Zhidi Real Estate Development Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtou’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 40 years for commercial use and 70 years for residential use, at a total land grant fee of RMB356,700,000.

– III-130 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to two State-owned Land Use Rights Certificates — Lang Guo Yong (2012) Di No. 02561 and Ji (2020) Lang Fang Shi Bu Dong Chan Quan Di No. 006059 dated 17 October 2012 and 19 February 2020, the land use rights of two parcels of land with a total site area of approximately 74,879.18 sq.m. have been granted to Langfang Zhongtou for two concurrent terms expiring on 3 January 2060 for commercial use and 3 January 2090 for residential use respectively.

As advised by the Group, the property only comprise portion of the land parcel as stated in the above-mentioned Certificate.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 131000201200030 and 131000202000003 dated 7 November 2012 and 17 March 2020, Langfang Zhongtou was permitted to use two parcels of land with a site area of approximately 74,879.18 sq.m. for development.

As advised by the Group, the property only comprise portion of the land parcel as stated in the above-mentioned permits.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 131000201200064 and 131000202000016 dated 14 December 2012 and 30 April 2020, the total approved construction scale was approximately 239,850.76 sq.m.

As advised by the Group, the property only comprise portion of the land parcel as stated in the above-mentioned permits.

5. Pursuant to two Construction Works Commencement Permits — Nos. 131000202005120101 and 131000202006120101 dated 12 May 2020 and 12 June 2020 the construction works of various buildings with a total construction scale of approximately 85,849.11 sq.m. were approved for commencement.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB8,400,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB251,000,000. We have taken into account the aforesaid amounts in our valuation.

7. The capital value of the property as if completed as at the valuation date is estimated to be RMB974,000,000.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Langfang Zhongtou has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Langfang Zhongtou, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Langfang Zhongtou has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Langfang Zhongtou is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

9. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB10,600 and RMB12,300 per sq.m. for residential units, RMB18,300 and RMB25,700 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-131 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

48. Clove Garden CloveGarden(the‘‘Development’’)isa As at the valuation RMB933,000,000 (丁香園), large-scale residential and commercial date, the property (Renminbi North of Nanlong development being developed on a parcel of was under Nine Hundred and Road, land with a site area of approximately construction. Thirty Three Million) East of Changqing 53,455.02 sq.m. Road, (100% interest West of Yinghe South The Development is situated at the north of attributable to Road, Nanlong Road, east of Changqing Road and the Group: Anci District, west of Yinghe South Road in Anci District RMB933,000,000 Langfang, of Langfang. Developments in the vicinity (Renminbi Hebei Province, are dominated by various residential and Nine Hundred and PRC commercial buildings. It takes about a Thirty Three Million)) 25-minute drive from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 206,388.68 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 87,089.23 Commercial 4,699.67 Apartment 59,725.17 Storeroom 9,760.75 Car parking space 29,248.94 Civil defense 5,432.06 Ancillary facilities 10,432.86

Total: 206,388.68

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 2 February 2058 for commercial use and 2 February 2088 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — C131000320180002 dated 03 January 2018, the land use rights of a parcel of land with a site area of approximately 53,455.02 sq.m. have been granted to Langfang Zhongtou Zhidi Real Estate Development Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtou’’), a 100%-owned subsidiary of the Company, for terms of 40 years for commercial use and 70 years for residential use respectively, at a land grant fee of RMB349,200,000.

– III-132 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Ji (2018) Lang Fang Shi Bu Dong Chan Quan Di No. 0007740 dated 7 March 2018, the land use rights of a parcel of land with a site area of approximately 53,455.02 sq.m. have been granted to Langfang Zhongtou for two concurrent terms expiring on 2 February 2058 for commercial use and 2 February 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131000201900002 dated 24 January 2019, Langfang Zhongtou was permitted to use a parcel of land with a site area of approximately 53,455.02 sq.m. for development.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 131000201900013 and 131000201900049 dated 14 June 2019 and 29 November 2019, the total approved construction scale was approximately 206,648.90 sq.m.

5. Pursuant to two Construction Works Commencement Permits — No. 131000201907150101 and 131000202004080101 dated 15 July 2019 and 8 April 2020, the construction works of various buildings with a total construction scale of approximately 201,216.84 sq.m were approved for commencement.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

6. Pursuant to 7 Pre-sale Permits for Commodity Housing — (Lang) Fang Yu Shou Zheng Di Nos. 20190079, 20190086, 20190087, 20200012, 20200014, 2020000027, 20200064 and 20200065 dated between 6 December 2019 and 27 September 2020, various buildings with a total gross floor area of 88,037.47 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB207,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB430,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 110,226.53 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,089,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,678,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Langfang Zhongtou has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Langfang Zhongtou, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Langfang Zhongtou has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Langfang Zhongtou is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,700 and RMB13,400 per sq.m. for residential units, RMB7,000 to RMB10,100 per sq.m. for apartments, and RMB18,300 and RMB25,700 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-133 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

49. Portion of Yanjiao Yanjiao Magnolia Bay (the ‘‘Development’’) As at the valuation RMB1,280,000,000 Magnolia Bay is a large-scale residential development date, the property (Renminbi (玉蘭灣（燕郊）), being developed on two parcels of land with was under One Billion Two South of Jingha Road, a total site area of approximately 106,591.80 construction. Hundred and Liqizhuang Town, sq.m. Eighty Million) Sanhe, Langfang, The Development is located at the south of (100% interest Hebei Province, Jingha Road in Liqizhuang Town of Sanhe attributable to PRC in Langfang. Developments in the vicinity the Group: are dominated by various residential RMB1,280,000,000 buildings. It takes about a 20-minute drive (Renminbi from the property to the city center of One Billion Two Langfang. Hundred and Eighty Million)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 228,326.83 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 154,732.78 Storeroom 22,245.87 Car parking space 30,429.53 Civil defense 14,670.75 Ancillary facilities 6,247.90

Total: 228,326.83

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of the property have been granted for a term expiring on 24 February 2090 for residential use.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. XY13102220190009 and XY13102220190010 both dated 27 August 2019, the land use rights of two parcels of land with a total site area of approximately 106,591.80 sq.m. have been granted to Sanhe Dongze Real Estate Development Co., Ltd. (三河東澤房地產開發有限公司) (‘‘Sanhe Dongze’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a total land grant fee of RMB427,577,000.

2. Pursuant to two Realty Title Certificates — Ji (2020) San He Shi Bu Dong Chan Quan Di Nos. 0004036 and 0004037 both dated 6 March 2020, the land use rights of two parcels of land with a total site area of approximately 106,591.80 sq.m.havebeengrantedtoSanheDongzeforatermexpiringon24February2090forresidentialuse.

– III-134 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 131082201900008 and 131082201900009 dated 5 December 2019 and 6 December 2019, Sanhe Dongze was permitted to use two parcels of land with a total site area of approximately 106,591.80 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi No. 131082202000003 dated 11 March 2020, the total approved construction scale was approximately 227,977.70 sq.m.

5. Pursuant to two Construction Works Commencement Permits — No. 1310822020060101 and 1310822020060201 both dated 6 June 2020, the construction works of various buildings with a total construction scale of approximately 227,977.70 sq.m. were approved for commencement.

6. Pursuant to three Pre-sale Permits for Commodity Housing — San Shen Pi Fang Pre-sale Di Nos. 2020008, 2020033 and 2020036 dated between 15 May 2020 and 25 November 2020, various buildings with a total gross floor area of 26,938.35 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB124,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB569,800,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 8,783.90 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB121,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB2,260,300,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Sanhe Dongze has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Sanhe Dongze has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Sanhe Dongze has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Sanhe Dongze is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB14,500 and RMB14,700 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-135 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

50. Portion of Phase 4 of Changqiao City (the ‘‘Development’’) is a As at the valuation RMB230,000,000 Changqiao City large-scale residential development erected date, the property (Renminbi (長橋郡), on three parcels of land with a total site area was under Two Hundred and South of Chengbei of approximately 119,802.57 sq.m. construction. Thirty Million) Avenue, Xianghe County, The Development is situated at the south of (85% interest Langfang, Chengbei Street in Xianghe County of attributable to Hebei Province, Langfang. Developments in the vicinity are the Group: PRC dominated by various residential buildings. RMB195,500,000 It takes about a 35-minute drive from the (Renminbi property to the city center of Xianghe. One Hundred Ninety Five Million and Five According to the informationprovidedby Hundred Thousand)) the Group, the property will have a total gross floor area of approximately 95,768.78 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 32,494.69 Affordable housing 6,139.57 Storeroom 2,675.95 Car parking space 45,000.51 Civil defense 4,290.82 Kindergarten 3,502.29 Ancillary facilities 1,664.95

Total: 95,768.78

As advised by the Group, the property is scheduled for completion by phases in 2021 and 2022 respectively.

The land use rights of the property have been granted for a term expiring on 2 September 2083 for residential use.

Notes:

1. Pursuant to three State-owned Land Use Rights Certificates — Xiang Guo Yong (2014) Di Nos. 00219, 0020 and 0021 all dated 22 August 2014, the land use rights of a parcel of land with a site area of approximately 119,802.57 sq.m. have been granted to Xianghe Zhongan Real Estate Development Co., Ltd. (香河中安房地產開發有限公司) (‘‘Xianghe Zhongan’’), a 85%-owned subsidiary of the Company, for a term expiring on 2 September 2083 for residential use.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

– III-136 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 131024201400049 and 131024201400050 dated 19 June 2014, Xianghe Zhongan was permitted to use two parcels of land with a total site area of approximately 79,027.47 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned permits.

3. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 131024201500048 dated 1 September 2015, the total approved construction scale of various buildings was approximately 96,524.89 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

4. Pursuant to five Construction Works Commencement Permits — Nos. 131024201604260301, 131024201604291201, 131024201604291301, 131024201604291401 and 131024201604291501 dated between 29 April 2016 and 26 April 2020, the construction works of various buildings with a total construction scale of approximately 98,224.96 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB174,600,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB63,000,000. We have taken into account the aforesaid amounts in our valuation.

6. The capital value of the property as if completed as at the valuation date is estimated to be RMB334,700,000.

7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Xianghe Zhongan has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Xianghe Zhongan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

iii. Xianghe Zhongan has obtained requisite construction permits in accordance with the actual development process of the property.

8. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,400 and RMB11,300 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-137 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

51. Wutong Courtyard Wutong Courtyard (the ‘‘Development’’) is a As at the valuation RMB205,000,000 (梧桐院子), large-scale residential development being date, the property (Renminbi Yangguanying Village, developed on a parcel of land with a site area was under Two Hundred and Tanli Town, of approximately 27,259.57 sq.m. construction Five Million) Wen’an County, Langfang, The Development is located at (100% interest Hebei Province, Yangguanying Village of Tanli Town in attributable to PRC Wen’an County of Langfang. Developments the Group: in the vicinity are dominated by various RMB205,000,000 residential buildings. It takes about a (Renminbi 90-minute drive from the property to the city Two Hundred and center of Langfang. Five Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 61,015.79 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 49,071.59 Storeroom 4,123.41 Car parking Space 7,722.00 Ancillary facilities 98.79

Total: 61,015.79

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 04 December 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-21-17 dated 5 December 2018, the land use rights of a parcel of land with a site area of approximately 27,259.57 sq.m. have been granted to Wen’an County Zhongtou Yiwen Real Estate Development Co., Ltd. (文安縣中投益文房地產開發有限公司) (‘‘Wen’an Zhongtou Yiwen’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB49,400,000.

2. Pursuant to the Realty Title Certificate — Ji (2019) Wen An Xian Bu Dong Chan Quan Di No. 0000407 dated 25 January 2019, the land use rights of a parcel of land with a site area of approximately 27,259.57 sq.m. have been granted to Wen’an Zhongtou Yiwen for a term expiring on 4 December 2088 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131026201900005 dated 21 January 2019, Wen’an Zhongtou Yiwen was permitted to use a parcel of land with a site area of approximately 27,259.57 sq.m. for development.

– III-138 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 131026201900008 dated 27 February 2019, the total approved construction scale was approximately 61,084.21 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 131026201903280201 dated 28 March 2019, the construction works of various buildings with a total construction scale of approximately 61,084.21 sq.m. were approved for commencement.

6. Pursuant to five Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2019-001, 2019-003, 2019-004, 2019-010 and 2019-011 dated between 17 April 2019 and 25 October 2019, various buildings with a total gross floor area of 43,897.25 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB93,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB97,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 29,852.42 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB159,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB348,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Wen’an Zhongtou Yiwen has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Wen’an Zhongtou Yiwen, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Wen’an Zhongtou Yiwen has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Zhongtou Yiwen is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB11,900 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-139 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

52. Wutong Courtyard Wutong Courtyard North As at the valuation RMB85,000,000 North (the ‘‘Development’’) is a large-scale date, the property (Renminbi (梧桐院子北區), residential development being developed on was under Eighty Five Million) Yangguanying Village, a parcel of land with a site area of construction. Tanli Town, approximately 33,990.82 sq.m. (100% interest Wen’an County, attributable to Langfang, The Development is located at the Group: Hebei Province, Yangguanying Village of Tanli Town in RMB85,000,000 PRC Wen’an County of Langfang. Developments (Renminbi in the vicinity are dominated by various Eighty Five Million)) residential buildings. It takes about a 90-minute drive from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 102,553.79 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 81,532.70 Storeroom 7,403.45 Car parking Space 13,574.00 Ancillary facilities 43.64

Total: 102,553.79

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of the property have been granted for a term expiring on 1 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-45-41 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 33,990.82 sq.m. have been granted to Wen’an Zhongtou Yiwen Real Estate Development Co., Ltd. (文安縣中投益文房地產開發有限公司) (‘‘Wen’an Zhongtou Yiwen’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB61,340,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Wen An Xian Bu Dong Chan Quan Di No. 0000671 dated 10 January 2020, the land use rights of a parcel of land with a site area of approximately 33,990.82 sq.m. have been granted to Wen’an Zhongtou Yiwen for a term expiring on 1 January 2089 for residential use.

– III-140 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131026202000005 dated 22 May 2020, Wen’an Zhongtou Yiwen was permitted to use a parcel of land with a site area of approximately 33,990.82 sq.m. for development.

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 131026202000024 and 131026202000025 both dated 2 June 2020, the total approved construction scale was approximately 102,844.69 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 131026202007200101 and 131026202007200201 both dated 20 July 2020, the construction works of various buildings with a total construction scale of approximately 102,844.69 sq.m. were approved for commencement.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB12,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB273,000,000. We have taken into account the aforesaid amounts in our valuation.

7. The capital value of the property as if completed as at the valuation date is estimated to be RMB495,000,000.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Wen’an Zhongtou Yiwen has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Wen’an Zhongtou Yiwen has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged; and

iii. Wen’an Zhongtou Yiwen has obtained requisite construction permits in accordance with the actual development process of the property.

9. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB11,900 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-141 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

53. Lily Bay (百合灣), Lily Bay (the ‘‘Development’’) is a As at the valuation RMB251,000,000 Yangguanying Village, large-scale residential development being date, the property (Renminbi Tanli Town, developed on a parcel of land with a site area was under Two Hundred and Wen’an County, of approximately 33,560.50 sq.m. construction. Fifty One Million) Langfang, Hebei Province, The Development is located at (100% interest PRC Yangguanying Village of Tanli Town in attributable to Wen’an County of Langfang. Developments the Group: in the vicinity are dominated by various RMB251,000,000 residential buildings. It takes about a (Renminbi 90-minute drive from the property to the city Two Hundred and center of Langfang. Fifty One Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 103,797.88 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 79,688.14 Storeroom 4,623.73 Car parking space 18,634.04 Ancillary facilities 851.97

Total: 103,797.88

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 25 December 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-40-36 dated 26 December 2018, the land use rights of a parcel of land with a site area of approximately 33,560.50 sq.m. have been granted to Wen’an Hengyang Real Estate Development Co., Ltd. (文安縣恒陽房地產開發有限公司) (‘‘Wen’an Hengyang’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB60,570,000.

2. Pursuant to the Realty Title Certificate — Ji (2019) Wen An Xian Bu Dong Chan Quan Di No. 0002243 dated 12 April 2019, the land use rights of a parcel of land with a site area of approximately 33,560.50 sq.m. have been granted to Wen’an Hengyang for a term expiring on 25 December 2088 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131026201900011 dated 9 April 2019, Wen’an Hengyang was permitted to use a parcel of land with a site area of approximately 33,560.50 sq.m. for development.

– III-142 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 131026201900016 and 131026201900017 both dated 6 June 2019, the total approved construction scale was approximately 103,923.98 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 131026201907020101 and 131026201907020201 both dated 2 July 2019, the construction works of various buildings with a total construction scale of approximately 103,923.98 sq.m. were approved for commencement.

6. Pursuant to 6 Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2019-005, 2019-006, 2019-007, 2019-009, 2020-011 and 2020-012 dated between 18 July 2019 and 14 August 2020, various buildings with a total gross floor area of 79,688.14 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB136,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB143,300,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 79,066.38 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB354,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB465,900,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Wen’an Hengyang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Wen’an Hengyang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Wen’an Hengyang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Hengyang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB6,000 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-143 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

54. Wentan Courtyard Wentan Courtyard (the ‘‘Development’’) is a As at the valuation RMB247,000,000 (文譚院子), large-scale residential development being date, the property (Renminbi Yangguanying Village, developed on a parcel of land with a site area was under Two Hundred and Tanli Town, of approximately 31,191.95 sq.m. construction. Forty Seven Million) Wen’an County, Langfang, The Development is located at (100% interest Hebei Province, Yangguanying Village of Tanli Town in attributable to PRC Wen’an County of Langfang. Developments the Group: in the vicinity are dominated by various RMB247,000,000 residential buildings. It takes about a (Renminbi 90-minute drive from the property to the city Two Hundred and center of Langfang. Forty Seven Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 91,906.68 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 74,481.21 Storeroom 7,327.98 Car parking space 9,852.42 Ancillary facilities 245.07

Total: 91,906.68

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 1 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-38-34 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 31191.95 sq.m. have been granted to Wen’an Hengyang Real Estate Development Co., Ltd. (文安縣恒陽房地產開發有限公司) (‘‘Wen’an Hengyang’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB56,300,000.

2. Pursuant to the Realty Title Certificate — Ji (2019) Wen An Xian Bu Dong Chan Quan Di No. 0003821 dated 21 August 2019, the land use rights of a parcel of land with a site area of approximately 31,191.95 sq.m. have been granted to Wen’an Hengyang for a term expiring on 1 January 2089 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131026201900026 dated 19 August 2019, Wen’an Hengyang was permitted to use a parcel of land with a site area of approximately 31,191.95 sq.m. for development.

– III-144 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 131026201900029 dated 30 August 2019, the total approved construction scale was approximately 92,268.33 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 131026201909270201 dated 27 September 2019, the construction works of various buildings with a total construction scale of approximately 92,268.33 sq.m. were approved for commencement.

6. Pursuant to four Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2020-002, 2020-006, 2020-010 and 2020-015 dated between 22 January 2020 and 27 September 2020, various buildings with a total gross floor area of 69,010.95 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB121,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB143,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 23,227.66 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB90,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB487,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Wen’an Hengyang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Wen’an Hengyang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Wen’an Hengyang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Hengyang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB11,900 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-145 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

55. Hongshu Bay Hongshu Bay (the ‘‘Development’’) is a As at the valuation RMB250,000,000 (紅樹灣), large-scale residential development being date, the property (Renminbi Yangguanying Village, developed on a parcel of land with a site area was under Two Hundred and Tanli Town, of approximately 35,986.38 sq.m. construction. Fifty Million) Wen’an County, Langfang, The Development is located at (100% interest Hebei Province, Yangguanying Village of Tanli Town in attributable to PRC Wen’an County of Langfang. Developments the Group: in the vicinity are dominated by various RMB250,000,000 residential buildings. It takes about a (Renminbi 90-minute drive from the property to the city Two Hundred and center of Langfang. Fifty Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 104,409.65 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 81,792.02 Storeroom 4,630.20 Car parking space 13,455.62 Ancillary facilities 4,531.81

Total: 104,409.65

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 1 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-36-32 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 35,986.38 sq.m. have been granted to Wen’an Wangjin Real Estate Development Co., Ltd. (文安縣望津房地產開發有限公司) (‘‘Wen’an Wangjin’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB65,040,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Wen An Xian Bu Dong Chan Quan Di No. 0000665 dated 10 January 2020, the land use rights of a parcel of land with a site area of approximately 35,986.38 sq.m. have been granted to Wen’an Wangjin for a term expiring on 1 January 2089 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No.131026201900031 dated 30 October 2019, Wen’an Wangjin was permitted to use a parcel of land with a site area of approximately 35,986.38 sq.m. for development.

– III-146 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos.131026202000005 and 131026202000006 both dated 20 January 2020, the total approved construction scale was approximately 106,492.70 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 131026202003060101 and 131026202003060201 both dated 6 March 2020, the construction works of various buildings with a total construction scale of approximately 106,492.70 sq.m. were approved for commencement.

6. Pursuant to four Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2020-005, 2020-008, 2020-007 and 2020-004 dated between 17 April 2020 and 18 May 2020, various buildings with a total gross floor area of 81,792.02 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB141,900,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB154,700,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 60,871.61 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB278,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB477,600,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Wen’an Wangjin has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Wen’an Wangjin has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Wen’an Wangjin has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Wangjin is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB6,100 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-147 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

56. Haitang Courtyard Haitang Courtyard (the ‘‘Development’’) is a As at the valuation RMB183,000,000 (海棠院子), large-scale residential development being date, the property (Renminbi Yangguanying Village, developed on a parcel of land with a site area was under One Hundred and Tanli Town, of approximately 35,604.38 sq.m. construction. Eighty Three Million) Wen’an County, Langfang, The Development is located at (100% interest Hebei Province, Yangguanying Village of Tanli Town in attributable to PRC Wen’an County of Langfang. Developments the Group: in the vicinity are dominated by various RMB183,000,000 residential buildings. It takes about a (Renminbi 90-minute drive from the property to the city One Hundred and center of Langfang. Eighty Three Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 107,737.37 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 85,374.49 Storeroom 8,039.62 Car parking space 14,258.05 Ancillary 65.21

Total: 107,737.37

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 1 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-43-39 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 35,604.38 sq.m. have been granted to Wen’an Wangjin Real Estate Development Co., Ltd. (文安縣望津房地產開發有限公司) (‘‘Wen’an Wangjin’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB64,250,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Wen An Xian Bu Dong Chan Quan Di No. 0000670 dated 10 January 2020, the land use rights of a parcel of land with a site area of approximately 35,604.38sq.m. have been granted to Wen’an Wangjin for a term expiring on 1 January 2089 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No.131026202000004 dated 22 May 2020, Wen’an Wangjin was permitted to use a parcel of land with a site area of approximately 35,604.38 sq.m. for development.

– III-148 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to two Construction Works Planning Permits — Jian Zi Di Nos. 131026202000027 and 131026202000028 both dated 2 June 2020, the total approved construction scale was approximately 108,426.01 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 131026202006240201 and 131026202006240301 both dated 24 June 2020, the construction works of various buildings with a total construction scale of approximately 108,426.01 sq.m. were approved for commencement.

6. Pursuant to two Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2020-014 and 2020-016 dated 19 September 2020 and 30 September 2020, various buildings with a total gross floor area of 78,426.43 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB55,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB250,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 42,884.12 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB178,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB541,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

iii. Wen’an Wangjin has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Wangjin is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB11,900 per sq.m. for residential. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-149 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

57. Hongshu Bay (South) Hongshu Bay South (the ‘‘Development’’) As at the valuation RMB93,000,000 (紅樹灣(南區)), is a large-scale residential development date, the property (Renminbi Yangguanying Village, being developed on a parcel of land with a was under Ninety Three Million) Tanli Town, site area of approximately 26,867.47 sq.m. construction. Wen’an County, (100% interest Langfang, The Development is located at attributable to Hebei Province, Yangguanying Village of Tanli Town in the Group: PRC Wen’an County of Langfang. Developments RMB93,000,000 in the vicinity are dominated by various (Renminbi residential buildings. It takes about a Ninety Three Million)) 90-minute drive from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 79,112.61 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 63,300.72 Storeroom 4,428.75 Car parking space 10,207.48 Ancillary 1,175.66

Total: 79,112.61

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 1 January 2089 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-37-33 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 26,867.47 sq.m. have been granted to Wen’an Wangjin Real Estate Development Co., Ltd. (文安縣望津房地產開發有限公司) (‘‘Wen’an Wangjin’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB48,510,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Wen An Xian Bu Dong Chan Quan Di No. 0000666 dated 10 January 2020, the land use rights of a parcel of land with a site area of approximately 26,867.47 sq.m. have been granted to Wen’an Wangjin for a term expiring on 1 January 2089 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131026202000003 dated 22 May 2020, Wen’an Wangjin was permitted to use a parcel of land with a site area of approximately 26,867.47 sq.m. for development.

– III-150 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 131026202000026 dated 2 June 2020, the total approved construction scale was approximately 80,630.71 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 131026202006240401 dated 24 June 2020, the construction works of various buildings with a total construction scale of approximately 80,630.71 sq.m. were approved for commencement.

6. Pursuant to two Pre-sale Permits for Commodity Housing — (Wen Zhen) Fang Yu Shou Zheng Di Nos. 2020-018 and 2020-0189 dated 30 October 2020 and 30 November 2020, various buildings with a total gross floor area of 63,300.72 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB25,300,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB203,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 12,576.73 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB22,500,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB371,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

iii. Wen’an Wangjin has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Wen’an Wangjin is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made references to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,500 and RMB6,000 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-151 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

58. Anar Magnolia Anar Magnolia Mansion As at the valuation RMB1,100,000,000 Mansion (the ‘‘Development’’) is a large-scale date, the property (Renminbi (石榴玉蘭華府), residential and commercial development was under One Billion and One West of No.237 being developed on a parcel of land with a construction. Hundred Million) Provincial Road, site area of approximately 66,538.00 sq.m. North of Xiangyu (100% interest Avenue, The Development is located at the west of attributable to Huai’an District, No.237 Provincial Road and the north of the Group: Huai’an, Xiangyu Avenue in Huai’an District of RMB1,100,000,000 Jiangsu Province, Huai’an. Developments in the vicinity are (Renminbi PRC dominated by various residential buildings. One Billion and One It takes about a 17-minute drive from the Hundred Million)) property to Huai’an Municipal People’s Government.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 253,969.40 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 191,588.97 Commercial 3655.20 Storeroom 705.03 Car parking space 45,092.83 Civil defense 7,454.76 Ancillary facilities 5,472,61

Total: 253,969.40

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for terms expiring on 3 November 2088 for residential use and 3 November 2058 for commercial use respectively.

– III-152 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3208012018CR0160 dated 5 July 2018 and its supplementary contract dated 30 August 2018, the land use rights of a parcel of land with a site area of approximately 66,538.00 sq.m. have been granted to Langfang Zhongtouzhidi Real Estate Development Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtouzhidi’’), for a term of 70 years for residential use and 40 years for commercial use, at a land grant fee of RMB465,000,000.

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 30 August 2018, the ownership of the land use rights of a parcel of land with a site area of approximately 66,538.00 sq.m. have been transferred from Langfang Zhongtouzhidi to Jiangsu Huachu Real Estate Co., Ltd. (江蘇華楚置業有限公司) (‘‘Jiangsu Huachu’’), a 100%-owned subsidiary of the Company.

3. Pursuant to the State-owned Land Use Rights Certificate — Su (2018) Huai An Qu Bu Dong Chan Quan Di No. 0021651 dated 26 October 2018, the land use rights of a parcel of land with a site area of approximately 66,538.00 sq.m. have been granted to Jiangsu Huachu for terms expiring on 3 November 2088 for residential use and 3 November 2058 for commercial use respectively.

4. Pursuant to the Construction Land Planning Permit — Huai An Qu (18) Zi Di No. 048 dated 23 October 2018, Jiangsu Huachu was permitted to use a parcel of land with a site area of approximately 66,538.00 sq.m. for development.

5. Pursuant to 31 Construction Works Planning Permits — Jian Zi Di Nos. 320801201950001 to 320801201950014 and 320801201850348 to 320801201850364 dated between 9 November 2018 and 3 January 2019, the total approved construction scale was approximately 254,841.40 sq.m.

6. Pursuant to four Construction Works Commencement Permits — Nos. 320803201901070101, 320803201904300101, 320032019010120101 and 320803201904190101 dated between 2 January 2019 and 30 April 2019, the construction works of the property with a total construction scale of approximately 253,969.40 sq.m. were approved for commencement.

7. Pursuant to 30 Pre-sale Permits for Commodity Housing — (Chu Zhou) Fang Yu Shou Zheng Di (2019) Nos. 143 to 146, 155, 156, (Chu Zhou) Fang Yu Shou Zheng Di Nos. 2019072, 2019081 to 2019086, 2019118 to 2019120, 2020001, 2020002, 2020020, 2020030 to 2020033, 2020063 to 2020066 and 2020073 to 2020075 dated between 9 April 2019 and 10 November 2020, various buildings with a total gross floor area of approximately 195,949.20 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB520,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB129,300,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 173,787.40 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,217,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,338,100,000.

– III-153 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Jiangsu Huachu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Jiangsu Huachu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Jiangsu Huachu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Jiangsu Huachu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,800 and RMB8,400 per sq.m. for residential units, RMB16,700 and RMB18,200 per sq.m. for commercial units (Level 1), RMB2,900 and RMB3,500 per sq.m. for storeroom. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-154 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

59. Phase 1 of Anar Anar Huaishang Courtyard (the As at the valuation RMB960,000,000 Huaishang Courtyard ‘‘Development’’) is a large-scale residential date, the property (Renminbi Nine (石榴淮上合院), and commercial development being was under Hundred and Sixty South of developed on a parcel of land with a site area construction. Million) Yinghua Road, of approximately 69,138.90 sq.m. West of Hefei Road, (100% interest Huaiyin District, The Development is located at south of attributable to Huai’an, Yinghua Road and west of Hefei Road in the Group: Jiangsu Province, Huaiyin District of Huai’an. Developments RMB960,000,000 PRC in the vicinity are dominated by various (Renminbi Nine residential buildings. It takes about a Hundred and Sixty 13-minute drive from the property to Million)) Huaiyin County People’s Government.

According to the informationprovidedby the Group, the property comprises Phase 1 of the Development and will have a total gross floor area of approximately 155,282.40 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 114,646.56 Car parking space 25,424.18 Civil defense 10,990.48 Ancillary facilities 4,221.18

Total: 155,282.40

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 27 August 2088 for residential use and 27 August 2058 for commercial use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3208012018CR0177 dated 8 July 2018, the land use rights of a parcel of land with a site area of approximately 69,138.90 sq.m. have been granted to Langfang Zhongtouzhidi Real Estate Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtouzhidi’’), for two concurrent terms of 70 years for residential use and 40 years for commercial use, at a land grant fee of RMB624,200,000.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

– III-155 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 28 August 2018, the ownership of the land use rights of a parcel of land with a site area of approximately 66,538.00 sq.m. have been transferred from Langfang Zhongtouzhidi to Jiangsu Zechu Real Estate Co., Ltd. (江蘇澤楚置業有限公司) (‘‘Jiangsu Zechu’’), a 100%-owned subsidiary of the Company.

3. Pursuant to the State-owned Land Use Rights Certificate — Su (2019) Huai Yin Qu Bu Dong Chan Quan Di No.0006910 dated 23 April 2019, the land use rights of a parcel of land with a site area of approximately 69,138.90 sq.m. have been granted to Jiangsu Zechu for two concurrent terms expiring on 27 August 2088 for residential use and 27 August 2058 for commercial use.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320801201840024 dated 10 August 2018, Jiangsu Zechuwaspermittedtouseaparceloflandwithasitearea of approximately 69,138.90 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

5. Pursuant to 22 Construction Works Planning Permits — Jian Zi Di Nos. 320801201940097, 320801201940099, 320801201940100, 320801201940102, 320801201940098, 320801201940101, 320801201940103, 320801201940051, 320801201940052, 320801201940053, 320801201940054, 320801201940055, 320801201940056, 320801201940057, 320801201940058, 320801201940059, 320801201940060, 320801201940061, 320801201840274, 320801201840275, 320801201840276, 320801201840277 dated between 16 November 2018 and 22 May 2019, the total approved construction scale of various buildings was approximately 181,405.14 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to four Construction Works Commencement Permits — Nos. 320804201811300101, 320804201903050201, 320804201907160101 and 320804201907230101 dated between 30 November 2018 and 25 July 2019, the construction works of various buildings with a total construction scale of approximately 181,405.14 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to 18 Pre-sale Permits for Commodity Housing — (Huai Yin) Fang Yu Shou Zheng Di Nos. 2019057, 2019058, 2019067, 2019068, 2019059, 2019069, 2019086, 2019085, 2019076, 2020008, 2019082, 2021015, 20200052, 2019081, 2020009, 20200051, 20200050 and 2021014 dated between 4 June 2019 and 3 February 2021, various buildings with a total gross floor area of 133,280.18 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB308,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB167,000,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 129,905.55 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,122,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,223,000,000.

– III-156 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Jiangsu Zechu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Jiangsu Zechu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Jiangsu Zechu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Jiangsu Zechu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if competed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,400 and RMB16,300 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-157 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

60. Phase 2 of Anar Anar Huaishang Courtyard (the As at the valuation RMB174,000,000 Huaishang Courtyard ‘‘Development’’) is a large-scale residential date, the property (Renminbi (石榴淮上合院), and commercial development being was under One Hundred and South of Yinghua developed on a parcel of land with a site area construction. Seventy Four Million) Road, of approximately 69,138.90 sq.m. West of Hefei Road, (100% interest Huaiyin District, The Development is located at south of attributable to Huai’an, Yinghua Road and west of Hefei Road in the Group: Jiangsu Province, Huaiyin District of Huai’an. Developments RMB174,000,000 PRC in the vicinity are dominated by various (Renminbi One residential buildings. It takes about a Hundred and Seventy 13-minute drive from the property to Four Million)) Huaiyin County People’s Government.

According to the informationprovidedby the Group, the property comprises Phase 2 of the Development and will have a total gross floor area of approximately 26,261.80 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 16,322.88 Commercial 3,504.62 Car parking space 4,486.62 Civil defense 1,947.68

Total: 26,261.80

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 27 August 2088 for residential use and 27 August 2058 for commercial use respectively.

Notes:

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

– III-158 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the State-owned Land Use Rights Certificate — Su (2019) Huai Yin Qu Bu Dong Chan Quan Di No. 0006910 dated 23 April 2019, the land use rights of a parcel of land with a site area of approximately 69,138.90 sq.m. have been granted to Jiangsu Zechu for two concurrent terms expiring on 27 August 2088 for residential use and 27 August 2058 for commercial use respectively.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB54,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB30,000,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 14,421.60 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB99,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB240,000,000.

– III-159 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Jiangsu Zechu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Jiangsu Zechu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Jiangsu Zechu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Jiangsu Zechu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if competed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,400 and RMB16,300 per sq.m. for residential units and RMB13,800 and RMB16,900 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-160 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

61. Spring River Garden Spring River Garden (the ‘‘Development’’) As at the valuation RMB2,094,000,000 (海納春江), is a large-scale residential development date, the property (Renminbi South of the Youth being developed on a parcel of land with a was under TwoBillionand Road, site area of approximately 62,887.25 sq.m. construction. Ninety Four Million) West of Shilun Road, Chongchuan District, The Development is located at the southside (50% interest Nantong, of the Youth Road, westside of Shilun Road attributable to Jiangsu Province, in Chongchuan District. Developments in the Group: PRC the vicinity are dominated by various RMB1,047,000,000 residential buildings. It takes about a (Renminbi 10-minute drive from the property to the city One Billion and Forty center of Nantong. Seven Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 184,884.38 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 130,485.51 Storeroom 1,586.25 Car parking space 37,557.24 Civil defense 12,948.00 Ancillary facilities 2,307.38

Total: 184,884.38

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 4 June 2090 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3206012020CR0022 dated 11 May 2020 and its supplementary contract dated 28 May 2020, the land use rights of a parcel of land with a site area of approximately 62,887.25 sq.m. have been granted to Langfang Zhongtouzhidi Real Estate Real Estate Co., Ltd. (廊坊市中投置地房地產開發有限公司) (‘‘Langfang Zhongtouzhidi’’), for a term of 70 years for residential use, at a land grant fee of RMB1,874,000,000.

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 28 May 2020, the ownership of the land use rights of a parcel of land with a site area of approximately 62,887.25 sq.m. have been transferred from Langfang Zhongtouzhidi to Nantong Jianghe Real Estate Co., Ltd. (南通江河置業有限公司) (‘‘Nantong Jianghe’’), a 50%-owned subsidiary of the Company.

– III-161 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the Realty Title Certificate — Su (2020) Nan Tong Shi Bu Dong Chan Quan Di No. 0062307 dated 11 June 2020, the land use rights of a parcel of land with a site area of approximately 62,887.25 sq.m. have been granted to Nantong Jianghe for a term expiring on 4 June 2090 for residential use.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320600202010027 dated 18 June 2020, Nantong Jianghe was permitted to use a parcel of land with a site area of approximately 62,887.00 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 3206002020 10133 dated 13 August 2020, the total approved construction scale was approximately 185,867.00 sq.m.

6. Pursuant to four Construction Works Commencement Permits — Nos. 320602202008280301, 320602202008280501, 320602202008280401 and 320602202008310101 dated between 28 August 2020 and 31 August 2020, the construction works of various buildings with a total construction scale of approximately 185,867.29 sq.m. were approved for commencement.

7. Pursuant to three Pre-sale Permits for Commodity Housing — Tong Fang Yu Shou Zheng 2020 Nos. 052 and 066, and Tong Fang Yu Shou Zheng 2021 005 dated between 17 November 2020 and 25 January 2021, various buildings with a total gross floor area of 117,392.15 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB125,600,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB657,000,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 99,804.11 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB2,346,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB3,295,200,000.

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Nantong Jianghe has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property. In respect of the mortgaged portion of the land use rights of the property, Nantong Jianghe has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Nantong Jianghe has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Nantong Jianghe is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB22,100 and RMB24,800 per sq.m. for residential units, RMB6,800 to RMB6,900 per sq.m. for storerooms RMB137,600 and RMB183,500 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-162 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

62. Phases 2 and 3 of Anar Anar Jiangnan Mansion (the As at the valuation RMB393,000,000 Jiangnan Mansion ‘‘Development’’) is a large-scale residential date, the property (Renminbi Three (石榴江南府), andcommercialdevelopmenterectedontwo was under Hundred and Ninety East of Yanghe Road, parcelsoflandwithatotalsiteareaof construction. Three Million) North of Huaihai approximately 85,865.00 sq.m. Road, (100% interest Siyang County, The Development is situated at the east of attributable to Suqian, Yanghe Road and north of Huaihai Road in the Group: Jiangsu Province, Siyang County of Suqian. Developments in RMB393,000,000 PRC the vicinity are dominated by various (Renminbi Three residential and commercial buildings. It Hundred and Ninety takes about a 10-minute drive from the Three Million)) property to the city center of Siyang.

According to the informationprovidedby the Group, the property comprises Phases 2 and 3 of the Development and will have a total gross floor area of approximately 133,748.28 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 83,346.99 Storeroom 799.00 Car parking space 37,305.33 Civil defense 10,138.53 Ancillary facilities 2,158.43

Total: 133,748.28

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 8 March 2090 for residential use and a term expiring on 8 March 2060 for commercial use respectively.

Notes:

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

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APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 32132320180028, 32132320200008 dated between13 June 2018 and 11 March 2020, Siyang Aoshi was permitted to use two parcels of land with a total site area of approximately 85,865.00 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permits.

5. Pursuant to five Construction Works Commencement Permits — Nos. 321323201807300101, 321323202004240101, 321323201808270201, 321323201808130101 and 321323201808060101 dated 30 July 2018 and 24 April 2020, the construction works of various buildings with a total construction scale of approximately 225,332.88 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB164,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB139,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 117,671.04 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB559,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB567,000,000.

– III-164 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Siyang Aoshi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Siyang Aoshi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Siyang Aoshi has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Siyang Aoshi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,700 and RMB8,000 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-165 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

63. Phase 4 of Anar Anar Jiangnan Mansion (the As at the valuation RMB206,000,000 Jiangnan Mansion ‘‘Development’’) is a large-scale residential date, the property (Renminbi Two (石榴江南府), andcommercialdevelopmenterectedontwo was under Hundred and Six East of Yanghe Road, parcelsoflandwithatotalsiteareaof construction. Million) North of Huaihai approximately 85,865.00 sq.m. Road, (100% interest Siyang County, The Development is situated at the east of attributable to Suqian, Yanghe Road and north of Huaihai Road in the Group: Jiangsu Province, Siyang County of Suqian. Developments in RMB206,000,000 PRC the vicinity are dominated by various (Renminbi Two residential and commercial buildings. It Hundred and Six takes about a 10-minute drive from the Million)) property to the city center of Siyang.

According to the informationprovidedby the Group, the property comprises Phase 4 of the Development and will have a total gross floor area of approximately 41,843.26 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 39,656.01 Commercial 1,918.02 Ancillary facilities 269.23

Total: 41,843.26

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 8 March 2090 for residential use and 8 March 2060 for commercial use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 3213232018CR0041 and 3213232020CR0001 dated 16 April 2018 and 20 January 2020, the land use rights of two parcels of land with a total site area of approximately 85,865.00 sq.m. have been granted toSiyangAoshiRealEstateDevelopmentCo.,Ltd.(泗陽縣澳石房地產開發有限公司) (‘‘Siyang Aoshi’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years for residential use and 40 years for commercial use, at a total land grant fee of RMB424,705,680.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned contracts.

– III-166 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to two State-owned Land Use Rights Certificates — Su (2018) Si Yang Xian Bu Dong Chan Quan Di Nos. 0023468 and 0004277 dated 4 June 2018 and 10 March 2020, the land use rights of two parcels of land with a total site area of approximately 85,865.00 sq.m. have been granted to Siyang Aoshi, for two concurrent terms expiring on 12 June 2088 and 8 March 2090 for residential use and on 8 March 2060 for commercial use respectively.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

3. Pursuant to two Construction Land Planning Permits — Di Zi Di Nos. 32132320180028 and 32132320200008 dated between13 June 2018 and 11 March 2020, Siyang Aoshi was permitted to use two parcels of land with a total site area of approximately 85,865.00 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

5. Pursuant to five Construction Works Commencement Permits — Nos. 321323201807300101, 321323202004240101, 321323201808270201, 321323201808130101 and 321323201808060101 dated 30 July 2018 and 24 April 2020, the construction works of various buildings with a total construction scale of approximately 225,332.88 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB66,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB60,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 39,274.54 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB286,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB307,000,000.

– III-167 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

ii. according to the confirmation from Siyang Aoshi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Siyang Aoshi has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Siyang Aoshi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,700 and RMB8,000 per sq.m. for residential units and RMB10,000 and RMB12,000 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-168 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

64. Family Courtyard Family Courtyard (the ‘‘Development’’) As at the valuation RMB570,000,000 (世家院子), is a residential development being developed date, the property (Renminbi Five East of Xinggang on a parcel of land with a site area of was under Hundred and Seventy Road, approximately 39,474.03 sq.m. construction. Million) Jingang Town, Zhangjiagang, The Development is located at east of (100% interest Jiangsu Province, Xinggang Road, Jingang Town in attributable to PRC Zhangjiagang. Developments in the vicinity the Group: are dominated by various residential RMB570,000,000 buildings. It takes about a 27-minute drive (Renminbi Five from the property to Zhangjiagang Hundred and Seventy Municipal Government. Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 77,393.39 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 62,026.94 Car parking space 3,726.96 Civil defense 4,409.13 Ancillary facilities 7,230.36

Total: 77,393.39

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 7 June 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3205822018CR0034 dated 3 May 2018, the land use rights of a parcel of land with a site area of approximately 39,474.03 sq.m. have been granted to Suzhou Minghu Real Estate Development Co. Ltd. (蘇州明湖房地產開發有限公司) (‘‘Suzhou Minghu’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB289,350,000.

2. Pursuant to the Realty Title Certificate — Su (2018) Zhang Jia Gang Shi Bu Dong Chan Quan Di No. 0050137 dated 20 June 2018, the land use rights of a parcel of land with a site area of approximately 39,474.03 sq.m. have been granted to Suzhou Minghu for a term expiring on 7 June 2088 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 320582201831027 dated 22 June 2018, Suzhou Minghuwaspermittedtouseaparceloflandwithasitearea of approximately 39,474.03 sq.m. for development.

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APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 320582201831070 dated 26 July 2018, the total approved construction scale was approximately 77,400.68 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 320592201808200101 dated 20 August 2018, the construction works of various buildings with a total construction scale of approximately 77,400.68 sq.m. were approved for commencement.

6. Pursuant to the Pre-sale Permits for Commodity Housing—(2018)ZhangFangYuShouZhengDiNo.085dated29 September 2018, various buildings with a total gross floor area of 54,137.26 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permit only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB165,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB75,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 17,065.58 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB179,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB705,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Suzhou Minghu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights and building ownership of the property. In respect of the mortgaged portion of the land use rights of the property, Suzhou Minghu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

iii. Suzhou Minghu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Suzhou Minghu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,000 and RMB12,400 per sq.m. for residential units and RMB65,000 and RMB73,400 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-170 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

65. Jiannan Courtyard Jiannan Courtyard (the ‘‘Development’’) As at the valuation RMB2,141,000,000 (江南院子), is a large-scale residential and commercial date, the property (Renminbi Jinfeng Town, development being developed on two parcels was under Two Billion One Changjia Village, of land with a total site area of construction. Hundred and Forty Zhangjiagang, approximately 116,925.36 sq.m. One Million) Jiangsu Province, PRC The Development is located at Jinfeng Town (100% interest Changjia Village territory in Zhangjiagang attributable to City of Suzhou. Developments in the vicinity the Group: are dominated by various residential RMB2,141,000,000 buildings. It takes about a 16-minute drive (Renminbi from the property to Zhangjiagang Two Billion One Municipal Government. Hundred and Forty One Million)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 278,862.00 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 204,693.56 Commercial 1,966.61 Car parking space 44,424.44 Civil defense 17,253.80 Ancillary facilities 10,523.59

Total: 278,862.00

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 22 April 2088 for residential use and 22 April 2058 for commercial use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 3205822018CR0009 and 3205282018CR0010 dated 11 February 2018 and its supplementary contract dated 5 March 2018, the land use rights of a parcel of land with a site area of approximately 116,925.36 sq.m. have been granted to Suzhou Xinhe Real Estate Development Co., Ltd. (蘇州新赫房地產開發有限公司) (‘‘Suzhou Xinhe’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB1,151,980,000.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Su (2018) Zhang Jia Gang Shi Bu Dong Chan Quan Di No. 0036365 dated 27 April 2018, the land use rights of a parcel of land with a site area of approximately 116,925.36 sq.m. have been granted to Suzhou Xinhe for two concurrent terms expiring on 22 April 2088 for residential use and 22 April 2058 for commercial use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 32058220182101 dated 27 March 2018, Suzhou Xinhe was permitted to use a parcel of land with a site area of approximately 116,925.36 sq.m. for development.

4. Pursuant to 6 Construction Works Planning Permits — Jian Zi Di Nos. 320582201831041, 320582201831042, 320582201831043, 320582201831050, 320582201831051 and 320582201831052 dated between 15 May 2018 and 30 May 2018, the total approved construction scale was approximately 279,729.43 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 320582180061100011A and 320582180061100011B both dated 11 June 2018, the construction works of various buildings with a total construction scale of approximately 278,862.00 sq.m. were approved for commencement.

6. Pursuant to three Pre-sale Permits for Commodity Housing — (2018) Zhang Fang Yu Shou Zheng Di Nos. 069, 045 and 089 dated between 7 September 2018 and 19 October 2018, various buildings with a total gross floor area of 170,270.12 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB636,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB197,900,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 133,642.05 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,511,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB2,591,900,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Suzhou Xinhe has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Suzhou Xinhe, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Suzhou Xinhe has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Suzhou Xinhe is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,100 and RMB12,600 per sq.m. for residential units, RMB19,900 and RMB26,200 per sq.m. for commercial units (Level 1) and RMB73,400 and RMB85,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-172 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

66. Phases 1, 2 and 3 of Anar Canal Mansion (the ‘‘Development’’) is As at the valuation RMB790,000,000 Anar Canal Mansion a large-scale residential development being date, the property (Renminbi Seven (石榴運河首府), developed on three parcels of land with a was under Hundred and Ninety South of Liaohe Road, total site area of approximately 121,354.80 construction. Million) East of Huangshi sq.m. Road, (100% interest North of Chaoyang The Development is located at south of attributable to Street, Liaohe Road, east of Huangshi Road, north the Group: Pizhou, of Chaoyang Street in Pizhou City of RMB790,000,000 Jiangsu Province, Xuzhou. Developments in the vicinity are (Renminbi Seven PRC dominated by various residential and Hundred and Ninety commercial buildings. It takes about a Million)) 17-minute drive from the property to the city center of Pizhou.

According to the informationprovidedby the Group, the property comprises Phases 1, 2 and 3 of the Development and will have a total gross floor area of approximately 244,721.73 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 189,054.43 Commercial 2,089.67 Car parking space 30,041.25 Civil defense 9,722.80 Ancillary facilities 13,813.58

Total: 244,721.73

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 6 July 2058 for commercial use and 6 July 2088 for residential use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 3203822018CR0033 and 3203822018CR0034 dated 14 May 2018 and 15 May 2018, the land use rights of two parcels of land with a total site area of approximately 119,883.50 sq.m. have been granted to Xuzhou Zhenshi Real Estate Development Co., Ltd. (徐州臻石房地產開發有限公司) (‘‘Xuzhou Zhenshi’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years for residential use and 40 years for commercial uses, at a land grant fee of RMB496,917,000.

– III-173 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the supplementary agreement of the State-owned Land Use Rights Grant Contract dated 7 September 2018, the land use rights of a parcel of land with a site area of approximately 1,471.30 sq.m. have been granted to Xuzhou Zhenshi, for a term of 70 years for residential, at a land grant fee of RMB5,975,200.

3. Pursuant to three State-owned Land Use Rights Certificates — Su (2018) Pi Zhou Shi Bu Dong Chan Quan Di Nos. 0018368, 0022081 and 0020756 dated between 21 July 2018 and 27 September 2018, the land use rights of three parcels of land with a total site area of approximately 121,354.80 sq.m. have been granted to Xuzhou Zhenshi for two concurrent terms expiring on 6 July 2058 for commercial use and 6 July 2088 for residential use respectively.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

4. Pursuant to three Construction Land Planning Permits — Di Zi Di Nos. 320382201802036, 320382201802043 and 320382201802074 dated between 13 July 2018 and 18 September 2018, Xuzhou Zhenshi was permitted to use three parcels of land with a total site area of approximately 121,333.33 sq.m. for development.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permits.

5. Pursuant to 6 Construction Works Planning Permits — Nos. 320382201902007, 320382201802095, 320382201802106, 320382201802089, 320382201902006 and 320382201802088 dated between 10 August 2018 and 25 January 2019, the total approved construction scale of various buildings was approximately 348,351.38 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 9 Construction Works Commencement Permits — Nos. 320382201809280101, 320382201904280201, 320382201904280301, 320382201904280101, 320382202004170101, 320382201808310201, 320382201808310101, 320382201808280201 and 320382201808280101 dated between 28 August 2018 and 28 April 2019, the construction works of various buildings with a total construction scale of approximately 337,044.78 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. Pursuant to 29 Pre-sale Permits for Commodity Housing — Pi Fang Shou Xu Zi (2018) Di Nos. 26, 27, 80, 87, 92, Pi Fang Shou Xu Zi (2018) Di Nos. 98, 99, 100, 26, 27, 3, 68, 6, 70, 73, 78, 79, 98, 99, Pi Fang Shou Xu Zi (2020) Di Nos 04, 106, 116, 117, 78, 79, 80, 8, 96 and 97 dated between 13 October 2018 and 20 November 2020, various buildings with a total gross floor area of 257,775.63 sq.m. were permitted for pre-sale.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB339,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB309,000,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 208,631.96 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,126,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,188,000,000.

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APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Xuzhou Zhenshi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Xuzhou Zhenshi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Xuzhou Zhenshi has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Xuzhou Zhenshi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,300 and RMB6,400 for residential units and RMB22,500 and RMB23,900 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-175 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

67. Phase 4 of Anar Canal Anar Canal Mansion (the ‘‘Development’’) is As at the valuation RMB240,000,000 Mansion a large-scale residential development being date, the property (Renminbi (石榴運河首府), developed on three parcels of land with a was under Two Hundred and South of Liaohe Road, total site area of approximately 121,354.80 construction. Forty Million) East of Huangshi sq.m. Road, (100% interest North of Chaoyang The Development is located at south of attributable to Street, Liaohe Road, east of Huangshi Road, north the Group: Pizhou, of Chaoyang Street in Pizhou City of RMB240,000,000 Jiangsu Province, Xuzhou. Developments in the vicinity are (Renminbi PRC dominated by various residential and Two Hundred and commercial buildings. It takes about a Forty Million)) 17-minute drive from the property to the city center of Pizhou.

According to the informationprovidedby the Group, the property comprises Phase 4 of the Development and will have a total gross floor area of approximately 103,246.86 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 79,334.05 Car parking space 9,947.46 Civil defense 4,607.80 Ancillary facilities 9,357.55

Total: 103,246.86

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 6 July 2058 for commercial use and 6 July 2088 for residential use respectively.

Notes:

– III-176 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB59,900,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB199,100,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 63,613.27 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB380,200,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB506,700,000.

– III-177 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Xuzhou Zhenshi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Xuzhou Zhenshi, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Xuzhou Zhenshi has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Xuzhou Zhenshi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,600 and RMB6,800 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-178 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

68. Phases 4 and 5 of Yangzhou Slender West Lake Courtyard As at the valuation RMB386,000,000 Yangzhou Slender (the ‘‘Development’’) is a large-scale date, the property (Renminbi West Lake Courtyard residential and commercial development was under Three Hundred and (揚州瘦西湖榴園), being erected on five parcels of land with a construction. Eighty Six Million) West of Yangzijiang total site area of approximately 117,073.00 Road North, sq.m. (100% interest East of Weiyang Road, attributable to South of Yanglinqing The Development is located at the west of the Group: Road, Yangzijiang Road North, east of Weiyang RMB386,000,000 Hanjiang District, Road, south of Yanglinqing road in (Renminbi Yangzhou, Hanjiang District of Yangzhou. Three Hundred and Jiangsu Province, Developments in the vicinity are dominated Eighty Six Million)) PRC by various residential and commercial buildings. It takes about a 13-minute drive from the property to the city center of Yangzhou.

According to the informationprovidedby the Group, the property comprises Phases 4 and 5 of the Development and will have a total gross floor area of approximately 68,814.59 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 19,078.34 Storeroom 3,949.42 Car parking space 42,558.62 Ancillary facilities 3,228.21

Total: 68,814.59

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 14 February 2057 for business financial use.

Notes:

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned contracts.

– III-179 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB102,900,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB72,600,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 2,321.80 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB34,800,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB577,700,000.

– III-180 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Yangzhou Beihu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights and building ownership of the property;

iii. in respect of the mortgaged portion of the land use rights of the property, Yangzhou Beihu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iv. Yangzhou Beihu has obtained requisite construction permits in accordance with the actual development progress of the property; and

v. Yangzhou Beihu is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB23,300 and RMB26,200 per sq.m. for commercial units (Level 1), RMB3,500 and RMB4,500 per sq.m. for storerooms and RMB176,000 and RMB196,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-181 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

69. Anji Anar Magnolia Anji Anar Magnolia Bay As at the valuation RMB510,000,000 Bay (the ‘‘Development’’) is a large-scale date, the property (Renminbi (安吉石榴玉蘭灣), residential and commercial development was under Five Hundred and No. 3333 Yangguang being developed on a parcel of land with a construction. Ten Million) Avenue East, site area of approximately 42,875.00 sq.m. Anji County, (100% interest Huzhou, The Development is situated at the east of attributable to Zhejiang Province, Yangguang Avenue in Anji County of the Group: PRC Huzhou. Developments in the vicinity are RMB510,000,000 dominated by various residential buildings. (Renminbi It takes about a 5-minute drive from the Five Hundred and property to the city center of Anji. Ten Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 94,476.36 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 65,470.08 Commercial 1,497.79 Storeroom 948.33 Car parking space 14,990.54 Civil defense 5,794.28 Ancillary facilities 5,775.34

Total: 94,476.36

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 16 October 2058 for commercial use and on 16 October 2088 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3305232018A21114, the land use rights of a parcel of land with a site area of approximately 42,875.00 sq.m. have been granted to Anji Xinghang Real Estate Development Co.Ltd.(安吉星杭房地產開發有限公司) (‘‘Anji Xinghang’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 50 years for commercial use and 70 years of residential use respectively, at a land grant fee of RMB171,100,000.

– III-182 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) An Ji Xian Bu Dong Chan Quan Di No. 0022855 dated 27 December 2018, the land use rights of a parcel of land with a site area of approximately 42,875.00 sq.m. have been granted to Anji Xinghang for two concurrent terms expiring on 16 October 2058 for commercial use and on 16 October 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330523201813046 dated 15 October 2018, Anji Xinghang was permitted to use a parcel of land with a site area of approximately 42,875.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330523201813070 dated 23 October 2018, the total approved construction scale of various buildings was approximately 94,745.17 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 330523201811120101 dated 12 November 2018, the construction works of various buildings with a total construction scale of approximately 94,745.17 sq.m. were approved for commencement.

6. Pursuant to four Pre-sale Permits for Commodity Housing — (An) Shou Xu Zi (2019) Di Nos. 00001, 00191, 00224 and 00487 dated between 11 January 2019 and 4 September 2020, various buildings with a total gross floor area of 66,967.87 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB217,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB51,400,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 81,209.13 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB568,800,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB602,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Anji Xinghang has legally obtained the land use rights of the property and isentitledtooccupy,use,earnincome from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Anji Xinghang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Anji Xinghang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Anji Xinghang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,000 and RMB9,100 per sq.m. for residential units, RMB9,400 and RMB15,900 per sq.m. for commercial units (Level 1) and RMB3,200 per sq.m. for storerooms. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-183 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

70. Cultural Courtyard Cultural Courtyard (the ‘‘Development’’) As at the valuation RMB759,000,000 (太湖院子), is a large-scale residential development date, the property (Renminbi No. 699 Waizhuang being developed on a parcel of land with a was under Seven Hundred and Road, site area of approximately 38,201.00 sq.m. construction. Fifty Nine Million) Wuxing District, Huzhou, The Development is located at the east of (100% interest Zhejiang Province, Waizhuang Road in Wuxing District of attributable to PRC Huzhou. Developments in the vicinity are the Group: dominated by various residential buildings. RMB759,000,000 It takes about a 15-minute drive from the (Renminbi property to the city center of Huzhou. Seven Hundred and Fifty Nine Million)) According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 101,351.10 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 67,232.76 Storeroom 2,996.66 Car parking space 15,131.83 Civil defense 7,373.49 Ancillary facilities 8.616.36

Total: 101,351.10

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 23 July 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3305042018A21020 dated 1 December 2017, the land use rights of a parcel of land with a site area of approximately 38,201.00 sq.m. have been granted to Huzhou Ruichen Real Estate Development Co. Ltd. (湖州瑞辰房地產開發有限公司) (‘‘Huzhou Ruichen’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB477,000,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Hu Zhou Shi Bu Dong Chan Quan Di No. 0055083 dated 30 July 2018, the land use rights of a parcel of land with a site area of approximately 38,201.00 sq.m. have been granted to Huzhou Ruichen for a term expiring on 23 July 2088 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330504201800034 dated 2 July 2018, Huzhou Ruichenwaspermittedtouseaparceloflandwithasitearea of approximately 38,201.00 sq.m. for development.

– III-184 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330504201800052 dated 6 August 2018, the total approved construction scale of various buildings was approximately 101,351.10 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 330502201808290101 dated 29 August 2018, the construction works of various buildings with a total construction scale of approximately 101,351.10 sq.m. were approved for commencement.

6. Pursuant to three Pre-sale Permits for Commodity Housing — (Hu) Shou Xu Zi (2018) Di Nos. 00164, 00340 and 00420 dated between 19 October 2018 and 5 September 2019, various buildings with a total gross floor area of 76,654.00 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB171,100,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB82,900,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 73,843.23 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB785,800,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB927,800,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Huzhou Ruichen has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Huzhou Ruichen, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Huzhou Ruichen has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Huzhou Ruichen is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB11,000 and RMB14,700 per sq.m. for residential units, RMB128,000 and RMB152,000 per car parking space and RMB3,700 per sq.m. for storerooms. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-185 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

71. Jiaxing Clearwater Bay Jiaxing Clearwater Bay (the ‘‘Development’’) As at the valuation RMB222,000,000 (嘉興清水灣), is a large-scale residential development date, the property (Renminbi East of Provincial being developed on a parcel of land with a was under Two Hundred and Road No. 7 and South site area of approximately 18,157.00 sq.m. construction. Twenty Two Million) of Taipinggang, Wangjiangjing Town, The Development is located at the east of (100% interest Xiuzhou District, Provincial Road No. 7 and south of attributable to Jiaxing, Taipinggang in Wangjiangjing Town in the Group: Zhejiang Province, Xiuzhou District of Jiaxing. Developments RMB222,000,000 PRC in the vicinity are dominated by various (Renminbi commercial and residential buildings. It Two Hundred and takes about a 45-minute drive from the Twenty Two Million)) property to the city center of Jiaxing.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 45,640.14 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 31,991.81 Storeroom 1,828.42 Car parking space 7,988.43 Civil defense 2,140.11 Ancillary facilities 1,691.37

Total: 45,640.14

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 8 February 2058 for commercial use and 8 February 2088 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3304112018A21003 dated 10 January 2018 and its supplementary contract dated 29 January 2018, the land use rights of a parcel of land with a site area of approximately 18,157.00 sq.m. have been granted to Jiaxing Xiangzhanghai Real Estate Development Co., Ltd. (嘉興香樟海房地產開發有限公司) (‘‘Jiaxing Xiangzhanghai’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 40 years for commercial use and 70 years for residential use respectively, at a land grant fee of RMB127,643,710.

– III-186 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Jia Xiu Bu Dong Chan Quan Di No. 0004694 dated 26 February 2018, the land use rights of a parcel of land with a site area of approximately 18,157.00 sq.m. have been granted to Jiaxing Xiangzhanghai for two concurrent terms expiring on 8 February 2058 for commercial use and 8 February 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330411201800018 dated 23 February 2018, Jiaxing Xiangzhanghai was permitted to use a parcel of land with a site area of approximately 18,157.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330411201800079 dated 22 August 2018, the total approved construction scale of various buildings was approximately 45,640.00 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 330411201808300301 dated 30 August 2018, the construction works of various buildings with a total construction scale of approximately 45,640.14 sq.m. were approved for commencement.

6. Pursuant to two Pre-sale Permits for Commodity Housing — Jia Xiu Zhou Shou Xu Zi (2019) Di No. 00618 and Jia Xiu Zhou Shou Xu Zi (2020) Di No. 00261 dated 24 December 2019 and 26 August 2020, various buildings with a total gross floor area of 33,820.23 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB69,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB53,600,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 32,448.04 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB229,800,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB300,400,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Jiaxing Xiangzhanghai has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Jiaxing Xiangzhanghai, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Jiaxing Xiangzhanghai has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Jiaxing Xiangzhanghai is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,300 and RMB10,100 per sq.m. for residential units and RMB2,800 per sq.m. for storerooms. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-187 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

72. Magnolia Garden Magnolia Garden (the ‘‘Development’’) is a As at the valuation RMB660,000,000 (玉蘭錦園), large-scale residential and commercial date, the property (Renminbi No. 28 Guangchang development being developed on a parcel of was under Six Hundred and Road, land with a site area of approximately construction. Sixty Million) Aojiang Town, 34,272.00 sq.m. Pingyang County, (100% interest Wenzhou, The Development is located at the east of attributable to Zhejiang Province, Guangchang Road in Aojiang Town in the Group: PRC Pingyang District of Wenzhou. RMB660,000,000 Developments in the vicinity are dominated (Renminbi by various residential buildings. It takes Six Hundred and about a 15-minute drive from the property Sixty Million)) to the city center of Pingyang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 111,879.03 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 82,381.25 Commercial 1,909.93 Car parking space 16,489.32 Civil defense 6,019.91 Ancillary facilities 5,078.62

Total: 111,879.03

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 21 August 2058 for commercial use and 21 August 2088 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3303262018A21012 dated 4 July 2018, the land use rights of a parcel of land with a site area of approximately 34,272.00 sq.m. have been granted to Pingyang Runhang Development Co., Ltd. (平陽潤杭開發有限公司) (‘‘Pingyang Runhang’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 40 years for commercial use and 70 years for residential use respectively, at a land grant fee of RMB316,280,000.

– III-188 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Ping Yang Xian Bu Dong Chan Quan Di No. 0022688 dated 23 August 2018, the land use rights of a parcel of land with a site area of approximately 34,272.00 sq.m. have been granted to Pingyang Runhang for two concurrent terms expiring on 21 August 2058 for commercial use and 21 August 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330326201802019 dated 27 August 2018, Pingyang Runhang was permitted to use a parcel of land with a site area of approximately 34,272.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330326201802016 dated 17 September 2018, the total approved construction scale of various buildings was approximately 111,879.00 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 33032620180080101 dated 8 October 2018, the construction works of various buildings with a total construction scale of approximately 111,879.00 sq.m. were approved for commencement.

6. Pursuant to five Pre-sale Permits for Commodity Housing — Ping Shou Xu Zi (2019) Di Nos. 026, 034, 040, 049 and 063 dated between 18 December 2018 and 27 September 2019, various buildings of the Development with a total gross floor area of 84,291.18 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB265,400,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB14,400,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 103,773.00 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB708,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB725,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Pingyang Runhang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Pingyang Runhang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Pingyang Runhang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Pingyang Runhang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,400 and RMB9,300 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-189 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

73. Chunxi Yunlu Chunxi Yunlu (the ‘‘Development’’) As at the valuation RMB672,000,000 (春棲雲廬), is a large-scale residential and commercial date, the property (Renminbi East of Zhizhong Road development being developed on a parcel of was under Six Hundred and and North of Mingong land with a site area of approximately construction. Seventy Two Million) Road, 14,907.00 sq.m. Ruixiang New District, (51% interest Rui’an, The Development is located at the east of attributable to Zhejiang Province, Zhizhong Road and north of Mingong Road the Group: PRC in Ruixiang New District of Rui’an. RMB342,720,000 Developments in the vicinity are dominated (Renminbi by various commercial and residential Three Hundred Forty buildings. It takes about a 10-minute drive Two Million from the property to the city center of Seven Hundred and Rui’an. Twenty Thousand))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 51,765.28 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 34,030.39 Commercial 523.27 Car parking space 10,507.38 Civil defense 2,214.36 Ancillary facilities 4,489.88

Total: 51,765.28

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 21 June 2060 for commercial use and 21 June 2090 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3303812020A21031 and its supplementary agreement dated 22 June 2020, the land use rights of a parcel of land with a site area of approximately 14,907.00 sq.m. have been granted to Ruian Jiangtong Real Estate Co., Ltd. (瑞安江桐置業有限公司) (‘‘Ruian Jiangtong’’), a 51%-owned subsidiary of the Company, for two concurrent terms of 40 years and 70 years for commercial and residential uses respectively, at a land grant fee of RMB580,607,800.

– III-190 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2020) Rui An Shi Bu Dong Chan Quan Di No. 0045346 dated 27 September 2020, the land use rights of a parcel of land with a site area of approximately 14,907.00 sq.m. have been granted to Ruian Jiangtong for two concurrent terms expiring on 21 June 2060 for commercial use and 21 June 2090 for residential use respectively.

3. Pursuant to the Construction Land Approval Letter — Rui Zi Gui Rang (2020) No. 52 dated 17 June 2020, Ruian Jiangtong was permitted to use a parcel of land with a site area of approximately 14,907.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330381202000107 dated 17 August 2020, the total approved construction scale of various buildings was approximately 52,048.00 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 30381202008180301 dated 18 August 2020, the construction works of various buildings with a total construction scale of approximately 52,048.00 sq.m. were approved for commencement.

6. Pursuant to the Pre-sale Permit for Commodity Housing — Rui An Shi Shou Xu Zi (2021) Di No. 001 dated 4 January 2021, various buildings with a total gross floor area of 34,553.66 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permit only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB71,800,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB51,800,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 6,790.86 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB133,600,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB882,200,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Ruian Jiangtong has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Ruian Jiangtong, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Ruian Jiangtong has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Ruian Jiangtong is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB24,600 and RMB27,700 per sq.m. for residential units and RMB10,000 and RMB10,500 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-191 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

74. Jinlu Spring River Jinlu Spring River (the ‘‘Development’’) As at the valuation RMB569,000,000 (春江錦廬), is a large-scale residential development date, the property (Renminbi South of Fengxiu being developed on a parcel of land with a was under Five Hundred and Road and West of site area of approximately 21,510.80 sq.m. construction. Sixty Nine Hundred Yuanhe Road, Thousand) Tangxia Town, The Development is located at the south of Rui’an, Fengxiu Road and west of Yuanhe Road in (100% interest Zhejiang Province, Tangxia Town of Rui’an. Developments in attributable to PRC the vicinity are dominated by various the Group: commercial and residential buildings. It RMB569,000,000 takes about a 20-minute drive from the (Renminbi property to the city centre of Rui’an. Five Hundred and Sixty Nine Hundred According to the informationprovidedby Thousand)) the Group, the property will have a total gross floor area of approximately 65,023.71 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 45,631.62 Car parking space 10,264.43 Civil defense 4,974.30 Policy-related housing 3,000.60 Ancillary facilities 1,152.76

Total: 65,023.71

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 12 July 2090 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3303812020A21006 dated 13 April 2020 and its supplementary contract dated 13 April 2020, the land use rights of a parcel of land with a site area of approximately 21,510.80 sq.m. have been granted to Ruian Linxi Real Estate Co., Ltd. (瑞安林溪置業有限公司) (‘‘Ruian Linxi’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB427,243,600.

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2020) Rui An Shi Bu Dong Chan Quan Di No. 0033452 dated 20 July 2020, the land use rights of a parcel of land with a site area of approximately 21,510.80 sq.m. have been granted to Ruian Linxi for a term expiring on 12 July 2090 for residential use.

3. Pursuant to the Construction Land Approval Letter — Rui Zi Gui Rang No. [2020] 27 dated 23 April 2020, Ruian Linxi was permitted to use a parcel of land with a site area of approximately 21,510.80 sq.m. for development.

– III-192 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330281202000064 dated 9 May 2020, the total approved construction scale of various buildings was approximately 49,474.84 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 330381202006050501 dated 11 May 2020, the construction works of various buildings with a total construction scale of approximately 49,474.84 sq.m. were approved for commencement.

6. Pursuant to the Pre-sale Permit for Commodity Housing — Rui An Shi Shou Xu Zi (2020) Di No. 026 dated 2 September 2020, various buildings with a total gross floor area of 45,631.62 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permit only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB99,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB68,500,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 13,222.65 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB158,400,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB764,000,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Ruian Linxi has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Ruian Linxi has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Ruian Linxi has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Ruian Linxi is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB16,500 and RMB17,500 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-193 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

75. Yuelan Bay Yuelan Bay (the ‘‘Development’’) As at the valuation RMB900,000,000 (悅蘭灣), is a large-scale residential and commercial date, the property (Renminbi Intersection between development being developed on a parcel of was under Nine Hundred Million) Jiahe Road and land with a site area of approximately construction. Wuxing Zhong Road, 44,411.10 sq.m. (100% interest Shangyu District, attributable to Shaoxing, The Development is located at the the Group: Zhejiang Province, intersection between Jiahe Road and RMB900,000,000 PRC Wuxing Middle Road in Shangyu District of (Renminbi Shaoxing. Developments in the vicinity are Nine Hundred dominated by various residential buildings. Million)) It takes about a 60-minute drive from the property to the city center of Shaoxing.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 101,078.90 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 75,326.22 Commercial 660.65 Civil defense 21,159.80 Ancillary facilities 3,932.23

Total: 101,078.90

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 18 July 2058 for commercial use and18July2088forresidentialuse respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Yu Tu Jing Rang He (2018) No. 06 dated 2 May 2018 and its supplementary contract dated 8 May 2018, the land use rights of a parcel of land with a site area of approximately 44,411.10 sq.m. have been granted to Shaoxing Shangyu Guantang Real Estate Development Co., Ltd. (紹興上虞觀塘房地產開發有限公司) (‘‘Shaoxing Shangyu Guantang’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 40 years for wholesale & retail and accommodation & catering uses and 70 years for residential use respectively, at a land grant fee of RMB531,600,867.

– III-194 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Zhe (2018) Shao Xing Shi Shang Yu Qu Bu Dong Chan Quan Di No. 0034391 dated 25 July 2018, the land use rights of a parcel of land with a site area of approximately 44,411.10 sq.m. have been granted to Shaoxing Shangyu Guantang for two concurrent terms expiring on 18 July 2058 for commercial use and 18 July 2088 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 330682201800021 dated 17 May 2018, Shaoxing Shangyu Guantang was permitted to use a parcel of land with a site area of approximately 44,411.10 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 330682201800052 dated 17 September 2018, the total approved construction scale of various buildings was approximately 101,078.90 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 330682201809280101 dated 28 September 2018, the construction works of various buildings with a total construction scale of approximately 101,078.90 sq.m. were approved for commencement.

6. Pursuant to four Pre-sale Permits for Commodity Housing — Shao Shi Shou Xu Zi (2018) Di Nos. 00335, 00365, 00425 and 00491 dated between 31 October 2018 and 3 September 2020, various buildings with a total gross floor area of 75,986.87 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB204,800,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB149,400,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 96,173.11 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,117,700,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,133,200,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Shaoxing Shangyu Guantang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Shaoxing Shangyu Guantang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Shaoxing Shangyu Guantang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Shaoxing Shangyu Guantang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB13,400 and RMB15,200 per sq.m. for residential units and RMB20,000 and RMB29,200 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-195 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

76. Spring River Spring River Lakeshore Garden As at the valuation RMB429,000,000 Lakeshore Garden (the ‘‘Development’’) is a large-scale date, the property (Renminbi (春江湖畔花園), residential and commercial development was under Four Hundred and No. 59 Chaohui Chong being developed on a parcel of land with a development. Twenty Nine Million) Road, site area of approximately 49,913.50 sq.m. Qingcheng District, (100% interest Qingyuan, The Development is located at the east of attributable to Guangdong Province, Chaohui Chong Road in Qingcheng District the Group: PRC of Qingyuan. Developments in the vicinity RMB429,000,000 are dominated by various residential and (Renminbi commercial. It takes about a 30-minute drive Four Hundred and from the property to the city center of Twenty Nine Million)) Qingyuan.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 141,230.03 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 90,811.65 Commercial 4,359.09 Car parking space 27,338.83 Civil defense 4,864.80 Ancillary facilities 13,855.66

Total: 141,230.03

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for three concurrent terms expiring on 7 July 2060 for commercial use, 7 July 2070 for public use and 7 July 2080 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 441801-2020-000001(A) dated 30 April 2020, the land use rights of a parcel of land with a site area of approximately 49,913.50 sq.m. have been granted to Qingyuan Hengze Real Estate Development Co., Ltd. (清遠市恒澤房地產開發有限公司) (‘‘Qingyuan Hengze’’), a 100%-owned subsidiary of the Company, for three concurrent terms of 40 years for commercial use, 50 years for public use and 70 years for residential use respectively, at a land grant fee of RMB28,656,000.

– III-196 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Yue (2020) Qing Yuan Shi Bu Dong Chan Quan Di No. 0039399 dated 10 July 2020, the land use rights of a parcel of land with a site area of approximately 49,913.50 sq.m. have been granted to Qingyuan Hengze for three concurrent terms expiring on 7 July 2060 for commercial use, 7 July 2070 for public use and 7 July 2080 for residential uses respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di Yong Di Xu Ke No. A20200019 dated 2 June 2020, Qingyuan Hengze was permitted to use a parcel of land with a site area of approximately 49,913.50 sq.m. for development.

4. Pursuant to 12 Construction Works Planning Permits — Jian Zi Di Gong Cheng Xu Ke Nos. A20200277, A20200278, A20200279, A20200280, A20200281, A20200357, A20200358, A20200359, A20200360, A20200361, A20200390 and A20200391 dated between 9 July 2020 and 14 August 2020, the total approved construction scale of various buildings was approximately 141,242.55 sq.m.

5. Pursuant to 12 Construction Works Commencement Permits — Nos. 441802202007290101, 441802202008030101, 441802202008030201, 441802202008030301, 441802202008030401, 441802202009050601, 441802202009050701, 441802202009050801, 441802202009050901, 441802202009051001, 441802202009051101 and 441802202009051201 dated between 29 July 2020 and 5 September 2020, the construction works of various buildings with a total construction scale of approximately 141,242.55 sq.m. were approved for commencement.

6. Pursuant to two Pre-sale Permits for Commodity Housing — Qing Jian Yu Shou Xu Zi Nos. 2020176 and 2020244 dated 30 October 2020 and 2 December 2020 respectively, various buildings with a total gross floor area of 20,382.30 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB82,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB336,300,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 6,434.58 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB54,000,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB924,100,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Qingyuan Hengze has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Qingyuan Hengze, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Qingyuan Hengze has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Qingyuan Hengze is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB8,900 and RMB9,200 per sq.m. for residential units, RMB12,200 and RMB17,800 per sq.m. for commercial units (Level 1) and RMB73,400 and RMB78,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-197 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

77. Portion of Lychee Bay Garden (the ‘‘Development’’) is As at the valuation RMB193,000,000 Lychee Bay Garden a large-scale residential development erected date, the property (Renminbi One (荔枝灣花園), on a parcel of land with a site area of was under Hundred and Ninety East of Boya Road approximately 114,951.89 sq.m. construction. Three Million) North, West of Qinzheng The Development is located at east of Boya (100% interest Road, North Road, west of Qinzheng Road, south attributable to Hengqin New District, of Haojiang Road and north of the Group: Zhuhai, Hongkong-Macau Road in Hengqin New RMB193,000,000 Guangdong Province, District of Zhuhai. Developments in the (Renminbi One PRC vicinity are dominated by various residential Hundred and Ninety buildings. It takes about a 30-minute drive Three Million)) from the property to the city center of Zhuhai.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 55,174.82 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Car parking space 24,924.80 Civil defense 12,160.67 Kindergarten 4,861.55 Primary-school 13,227.80

Total: 55,174.82

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for terms expiring on 26 May 2064 for primary-school and child-care uses and 26 May 2084 for residential use respectively.

Notes:

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificates.

– III-198 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

3. Pursuant to 13 Construction Works Planning Permits — Zhu Heng Xin Gui Tu (Jian) (2015) Nos. 014, 013, 026, 025, 028, 027, 008 010, 006, 007 and 009 and Zhu Heng Xin Gui Tu (Jian) (2017) Nos. 008 and 009 dated between 15 February 2015 and 28 March 2017, the total approved construction scale of various buildings was approximately 331,349.61 sq.m.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

4. Pursuant to four Construction Works Commencement Permits — Nos. 44045201506030101, 440405201504300210, 440405201503230101 and 440405201710190199 dated between 23 March 2015 and 19 October 2017, the construction works of various buildings with a total construction scale of approximately 370,383.75 sq.m. were approved for commencement.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

5. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB41,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB23,000,000. We have taken into account the aforesaid amounts in our valuation.

6. The capital value of the property as if completed as at the valuation date is estimated to be RMB237,000,000.

7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Zhuhai Lizhiwan has legally obtained the land use rights of the property and is entitled to occupy, use or by other means to dispose of the land use rights and building ownership of the property;

ii. according to the confirmation from Zhuhai Lizhiwan, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

iii. Zhuhai Lizhiwan has obtained requisite construction permits in accordance with the actual development progress of the property.

8. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB224,000 and RMB275,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

– III-199 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

78. Jianghuai Mansion Jianghuai Mansion (the ‘‘Development’’) As at the valuation RMB979,000,000 (江淮府), is a large-scale residential development date, the property (Renminbi South of Eighth Road being developed on a parcel of land with a was under Nine Hundred and Freight Yard, site area of approximately 80,697.57 sq.m. construction. Seventy Nine Million) West of Hushan East Road, The Development is situated at the south of (100% interest Bengshan District, Eighth Road Freight Yard and west of attributable to Bengbu, Hushan East Road in Bengshan District of the Group: Anhui Province, Bengbu. Developments in the vicinity are RMB979,000,000 PRC dominated by various residential buildings. (Renminbi It takes about a 20-minute drive from the Nine Hundred and property to the city center of Bengbu. Seventy Nine Million))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 174,487.13 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 128,706.18 Car parking space 31,735.89 Civil defense 10,463.65 Ancillary facilities 3,581.41

Total: 174,487.13

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 15 July 2058 and15 July 2088 for commercial service and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3403002018024 dated 16 July 2018, the land use rights of a parcel of land with a site area of approximately 80,697.57 sq.m. have been granted to Bengbu Hangdu Real Estate Development Co., Ltd. (蚌埠杭都房地產開發有限公司) (‘‘Bengbu Hangdu’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and commercial uses respectively, at a land grant fee of RMB584,000,000.

2. Pursuant to the Realty Title Certificate — Wan (2018) Beng Bu Shi Bu Dong Chan Quan Di No. 0044642 dated 14 August 2018, the land use rights of a parcel of land with a site area of approximately 80,697.57 sq.m. have been granted to Bengbu Hangdu for two concurrent terms expiring on 15 July 2058 and15 July 2088 for commercial service and residential uses respectively.

– III-200 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 340303201800077 dated 27 July 2018, Bengbu Hangdu was permitted to use a parcel of land with a site area of approximately 80,697.57 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 340303201800163 dated 28 September 2018, the total approved construction scale was approximately 171,267.78 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 3403031809180101-SX-001 dated 11 October 2018, the construction works of various buildings with a total construction scale of approximately 167,694.95 sq.m. were approved for commencement.

6. Pursuant to 24 Pre-sale Permits for Commodity Housing — (Shangpin) Fang Yu Shou Zheng Di Nos. 001 to 005, 137, 156, 157, 182 to 185, 250, 251, 276, 277, 278, 355, 356, 357, 387 and 413 of (2019) and (Shangpin) Fang Yu Shou Zheng Di Nos. 119 and 136 of (2020) dated between 3 January 2019 and 6 May 2020, various buildings with a total gross floor area of 119,577.74 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB368,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB71,400,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 149,017.26 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,010,300,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,145,500,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Bengbu Hangdu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Bengbu Hangdu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Bengbu Hangdu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. BengbuHangduisentitledtopre-sellsuchportions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,100 and RMB17,400 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-201 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

79. Spring Dawn at Lake Spring Dawn at Lake Mountain As at the valuation RMB926,000,000 Mountain (the ‘‘Development’’) is a large-scale date, the property (Renminbi (湖山春曉), residential development being developed on was under Nine Hundred and East of Longhu a parcel of land with a site area of construction. Twenty Six Million) West Road, approximately 75,961.27 sq.m. South of (100% interest Longwan Road, The Development is situated at the east of attributable to Economic and Longhu West Road and south of Longwan the Group: Technological Road in Economic and Technological RMB926,000,000 Development District, Development District of Bengbu. (Renminbi Bengbu, Developments in the vicinity are dominated Nine Hundred and Anhui Province, by various residential buildings. It takes Twenty Six Million)) PRC about a 20-minute drive from the property to the city center of Bengbu.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 211,801.18 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 156,039.30 Car parking space 43,359.87 Civil defense 10,404.82 Ancillary facilities 1,997.19

Total: 211,801.18

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of the property have been granted for a term expiring on 21 January 2090 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 3403002019071 dated 22 January 2020, the land use rights of a parcel of land with a site area of approximately 75,961.27 sq.m. have been granted to Bengbu Xihu Real Estate Co., Ltd. (蚌埠溪湖置業有限公司) (‘‘Bengbu Xihu’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB703,510,000.

2. Pursuant to three Realty Title Certificates — Wan (2020) Beng Bu Shi Bu Dong Chan Quan Di Nos. 0013732, 0013750 and 0013800 all dated 22 April 2020, the land use rights of three parcels of land with a total site area of approximately 75,961.27 sq.m. have been granted to Bengbu Xihu for a term expiring on 21 January 2090 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 340300202000009 dated 9 March 2020, Bengbu Xihu was permitted to use a parcel of land with a site area of approximately 75,961.27 sq.m. for development.

– III-202 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to 15 Construction Works Planning Permits — Jian Zi Di Nos. 340302202000036 to 340302202000038, 340302202000040, 340302202000041, 340302202000055, 340302202000056, 340302202000063 to 340302202000066, 340302202000112 to 340302202000114 and 340302202000120 dated between 9 April 2020 and 5 August 2020, the total approved construction scale was approximately 207,089.77 sq.m.

5. Pursuant to 6 Construction Works Commencement Permits — Nos. 3403002004150001-SX-002, 3403002004290001-SX-019, 3403002005220001-SX-009, 3403002005260001-SX-015, 3403002007200001-SX-001 and 3403002008050001-SX-009 dated between 15 April 2020 and 6 August 2020, the construction works of various buildings with a total construction scale of approximately 205,987.16 sq.m. were approved for commencement.

6. Pursuant to 6 Pre-sale Permits for Commodity Housing — (Shangpin) Fang Yu Shou Zheng Di Nos. 120 to 125 of (2020) all dated 24 April 2020, various buildings with a total gross floor area of 35,080.95 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB143,500,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB371,900,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 50,589.00 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB363,100,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,633,600,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Bengbu Xihu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Bengbu Xihu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Bengbu Xihu has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. BengbuXihuisentitledtopre-sellsuchportionsofthe property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,500 and RMB13,500 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-203 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

80. Zhongdu Courtyard Zhondu Courtyard (the ‘‘Development’’) As at the valuation RMB985,000,000 (中都院子), is a large-scale residential development date, the property (Renminbi Nine Northwestofthe being developed on a parcel of land with a was under Hundred and Eighty intersection of site area of approximately 59,207.00 sq.m. construction. Five Million) Zhongdu Avenue and Zuiweng Road, The Development is situated at the (100% interest Nanqiao District, northwest of the intersection of Zhongdu attributable to Anhui Province, Avenue and Zuiweng Road in Nanqiao the Group: PRC District of Anhui. Developments in the RMB985,000,000 vicinity are dominated by various residential (Renminbi Nine and commercial buildings. It takes about a Hundred and Eighty 10-minute drive from the property to the city Five Million)) center of Chuzhou.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 158,009.25 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 112,536.19 Commercial 6,349.67 Car parking space 28,049.11 Civil defense 8,724.87 Ancillary facilities 2,349.41

Total: 158,009.25

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 16 July 2058 and 16 July 2088 for wholesale & retail and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — 341100 Chu Rang (2018) No. 043 dated 18 April 2018, the land use rights of a parcel of land with a site area of approximately 59,207.00 sq.m. have been granted to Chuzhou Xinzijin Real Estate Development Co., Ltd. (滁州新紫金房地產開發有限公司) (‘‘Chuzhou Xinzijin’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and commercial service uses respectively, at a land grant fee of RMB556,000,000.

– III-204 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Wan (2018) Chu Zhou Shi Bu Dong Chan Quan Di No. 1009158 dated 23 July 2018, the land use rights of a parcel of land with a site area of approximately 59,207.00 sq.m. have been granted to Chuzhou Xinzijin for two concurrent terms expiring on 16 July 2058 and 16 July 2088 for wholesale & retail and residential uses respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341100201800039 dated 10 May 2018, Chuzhou Xinzijin was permitted to use a parcel of land with a site area of approximately 59,207.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — No. 20180070 dated 10 August 2018, the total approved construction scale of various buildings was approximately 158,308.02 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 3411031807190105-SX-001 and 3411031807190105-SX-002 dated 17 August 2018 and 22 August 2018, the construction works of various buildings with a total construction scale of approximately 158,308.02 sq.m. were approved for commencement.

6. Pursuant to 17 Pre-sale Permits for Commodity Housing — (2018) Fang Yu Shou Zheng Di Nos. 342 to 348, 398 and 399, (2019) Fang Yu Shou Zheng Di Nos. 037, 038, 039, 218, 219, 276 and 365 and (2020) Fang Yu Shou Zheng Di No. 016 dated between 7 November 2018 and 17 January 2020, various buildings with a total gross floor area of 115,347.66 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB306,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB94,100,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 129,292.83 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB1,008,600,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,155,900,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Chuzhou Xinzijin has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Chuzhou Xinzijin has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Chuzhou Xinzijin has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Chuzhou Xinzijin is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB9,300 and RMB19,100 per sq.m. for residential units and RMB21,100 and RMB27,100 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-205 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy [28 February 2021]

81. Spring Dawn in the Spring Dawn in the Woods As at the valuation RMB727,000,000 Woods (the ‘‘Development’’) is a large-scale date, the property (Renminbi (林語春曉), residential development being developed on was under Seven Hundred and North of Runhe Road, a parcel of land with a site area of construction. Twenty Seven Million) West of Funan Road, approximately 50,875.00 sq.m. Chengnan New (51% interest District, The Development is situated at the north of attributable to Yingzhou, Runhe Road and west of Funan Road in the Group: Fuyang, Chengnan New District of Yingzhou. RMB370,770,000 Anhui Province, Developments in the vicinity are dominated (Renminbi PRC by various residential and commercial Three Hundred buildings. It takes about a 20-minute drive Seventy Million from the property to the city center of Seven Hundred and Yingzhou. Seventy Thousand))

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 142,859.19 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 102,971.86 Affordable housing 3,402.13 Commercial 2,000.75 Storeroom 3,314.86 Car parking space 29,384.30 Ancillary facilities 1,785.29

Total: 142,859.19

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 7July 2060 and 7 July 2090 for other commercial service and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — 341201 Chu Rang [2020] — No. 28 dated 8 July 2020, the land use rights of a parcel of land with a site area of approximately 50,875.00 sq.m. have been granted to Beijing Chuangzhan Real Estate Development Co., Ltd. (北京創展房地產開發有限公司) (‘‘Beijing Chuangzhan’’), for two concurrent terms of 70 years and 40 years for residential and commercial uses respectively, at a land grant fee of RMB530,375,350.

– III-206 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the supplementary agreement of State-owned Land Use Rights Grant Contract dated 13 July 2020, the ownership of the land use rights of a parcel of land with a site area of approximately 50,875.00 sq.m. have been transferred from Beijing Chuangzhan to Fuyang Jiangying Real Estate Co., Ltd. (阜陽嘉潁置業有限公司) (‘‘Fuyang Jiaying’’), a 51%-owned subsidiary of the Company.

3. Pursuant to the Realty Title Certificate — Wan (2020) Fu Yang Shi Bu Dong Chan Quan Di No. 0447177 dated 24 September 2020, the land use rights of a parcel of land with a site area of approximately 50,875.00 sq.m. have been granted to Fuyang Jiangying for two concurrent terms expiring on 7July 2060 and 7 July 2090 for other commercial service and residential uses respectively.

4. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341200202000048 dated 7 August 2020, Fuyang Jiaying was permitted to use a parcel of land with a site area of approximately 50,875.00 sq.m. for development.

5. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 341200202000119 dated 9 September 2020, the total approved construction scale was approximately 139,616.54 sq.m.

6. Pursuant to two Construction Works Commencement Permits — Nos. 3412002009040501-SX-001 and 3412002009040501-SX-002 Bu dated 15 September 2020 and 8 April 2021, the construction works of various buildings with a total construction scale of approximately 139,536.46 sq.m. were approved for commencement.

7. Pursuant to five Pre-sale Permits for Commodity Housing — (Fu) Fang Yu Shou Zheng Di Nos. 202000512 to 202000515 and 202000636 dated between 30 September 2020 and 18 December 2020, various buildings with a total gross floor area of 34,645.00 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB301,400,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB53,600,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 31,981.63 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB252,500,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB951,100,000.

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Fuyang Jiaying has legally obtained the land use rights of the property and is entitled tooccupy,use,earnincome from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Fuyang Jiaying has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Fuyang Jiaying has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Fuyang Jiaying is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

17. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,700 and RMB18,100 per sq.m. for residential units and RMB10,600 and RMB13,200 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-207 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

82. Guangde Anar Guangde Anar Magnolia As at the valuation RMB699,000,000 Magnolia Bay (the ‘‘Development’’) Bay is a large-scale date, the property (Renminbi Six (廣德石榴玉蘭灣), residential development being developed on was under Hundred and Ninety Intersection of Taiji a parcel of land with a site area of construction. Nine Million) Avenue and approximately 45,281.00 sq.m. Tianshou Road, (100% interest Taozhou Town, The Development is situated at intersection attributable to Guangde County, of Taiji Avenue and Tianshou Road in the Group: Anhui Province, Taozhou Town of Guangde County. RMB699,000,000 PRC Developments in the vicinity are dominated (Renminbi Six by various residential and commercial Hundred and Ninety buildings. It takes about a 5-minute drive Nine Million)) from the property to the city center of Guangde.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 110,969.58 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 80,149.42 Commercial 9,093.38 Storeroom 1,058.15 Car parking space 5,619.66 Civil defense 13,609.19 Ancillary facilities 1,439.78

Total: 110,969.58

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 4 September 2058 and 4 September 2088 for commercial and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-114 dated 4 June 2018, the land use rights of a parcel of land with a site area of approximately 45,281.00 sq.m. have been granted to Guangde Hangcheng Real Estate Development Co., Ltd. (廣德杭城房地產開發有限公司) (‘‘Guangde Hangcheng’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and commercial uses respectively, at a land grant fee of RMB388,502,400.

– III-208 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Wan (2018) Guang De Xian Bu Dong Chan Quan Di No. D004498 dated 27 August 2018, the land use rights of a parcel of land with a site area of approximately 45,281.00 sq.m. have been granted to Guangde Hangcheng for two concurrent terms expiring on 4 September 2058 and 4 September 2088 for commercial and residential uses respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341822180600098 dated 29 June 2018, Guangde Hangcheng was permitted to use a parcel of land with a site area of approximately 45,281.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 3418221808000109 dated 13 August 2018, the total approved construction scale was approximately 114,749.57 sq.m.

5. Pursuant to two Construction Works Commencement Permits — Nos. 3418222002200001-SX-001 and 3418222003180002-SX-001 dated 20 February 2020 and 18 March 2020, the construction works of various buildings with a total construction scale of approximately 114,749.56 sq.m. were approved for commencement.

6. Pursuant to 7 Pre-sale Permits for Commodity Housing — Guang Shou Xu Zi (2018) Di Nos. 0040, 0046, 0047, 0049, 0050, 0053 and 0054 dated between 25 September 2018 and 18 December 2018, various buildings with a total gross floor area of 82,467.08 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB238,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB44,500,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 89,673.60 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB703,700,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB794,300,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Guangde Hangcheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Guangde Hangcheng, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Guangde Hangcheng has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Guangde Hangcheng is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,700 and RMB8,700 per sq.m. for residential units and RMB12,200 and RMB16,500 per sq.m. for commercial units (Level 1). Due adjustmentstotheunitratesofthesecomparableshavebeen made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-209 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

83. Guangde Anar Guangde Anar Clearwater Bay As at the valuation RMB599,000,000 Clearwater Bay (the ‘‘Development’’) is a large-scale date, the property (Renminbi Five (廣德石榴清水灣), residential development being developed on was under Hundred and Ninety Intersection of Taiji a parcel of land with a site area of construction. Nine Million) Avenue and approximately 68,633.00 sq.m. Zhang’an Road, (100% interest Taozhou Town, The Development is situated at intersection attributable to Guangde County, of Taiji Avenue and Zhang’an Road in the Group: Anhui Province, Taozhou Town of Guangde County. RMB599,000,000 PRC Developments in the vicinity are dominated (Renminbi Five by various residential and commercial Hundred and Ninety buildings. It takes about a 10-minute drive Nine Million)) from the property to the city center of Guangde.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 153,224.10 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 111,684.02 Commercial 6,619.87 Storeroom 5,745.78 Car parking space 15,963.40 Civil defense 7,606.00 Ancillary facilities 5,605.03

Total: 153,224.10

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 4 October 2058 and 4 October 2088 for commercial service and residential uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-217 dated 5 July 2018, the land use rights of a parcel of land with a site area of approximately 68,633.00 sq.m. have been granted to Guangde Shenghang Real Estate Development Co., Ltd. (廣德盛杭房地產開發有限公司) (‘‘Guangde Shenghang’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 70 years and 40 years for residential and commercial uses respectively, at a land grant fee of RMB238,844,000.

– III-210 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Wan (2019) Guang De Xian Bu Dong Chan Quan Di No. 0000849 dated 25 February 2019, the land use rights of a parcel of land with a site area of approximately 68,633.00 sq.m. have been granted to Guangde Shenghang for two concurrent terms expiring on 4 October 2058 and 4 October 2088 for commercial service and residential uses respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 341822180800117 dated 22 August 2018, Guangde Shenghang was permitted to use a parcel of land with a site area of approximately 68,633.00 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 3418221809000133 dated 18 September 2018, the total approved construction scale was approximately 157,724.19 sq.m.

5. Pursuant to three Construction Works Commencement Permits — Nos. 3420001808200101-SX-001, 3420001808200101-SX-002 and 3420001808200101-TX-031 dated between 21 September 2018 and 26 June 2019, the construction works of various buildings with a total construction scale of approximately 157,724.19 sq.m. were approved for commencement.

6. Pursuant to 7 Pre-sale Permits for Commodity Housing — Guang Shou Xu Zi (2019) Di Nos. 0004, 0008, 0012, 0014, 0019 and 0049 and Guang Shou Xu Zi (2019) Di No. 0051 dated between 7 March 2019 and 5 June 2020, various buildings with a total gross floor area of 111,684.02 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB219,100,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB154,700,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 115,169.96 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB680,900,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB814,300,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Guangde Shenghang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Guangde Shenghang, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Guangde Shenghang has obtained requisite construction permits in accordance with the actual development progress of the property; and

iv. Guangde Shenghang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,900 and RMB7,100 per sq.m. for residential units and RMB14,100 and RMB16,500 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-211 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

84. Phase 2 of Anar Anar Mengcheng Beijing Courtyard (the As at the valuation RMB369,000,000 Mengcheng Beijing ‘‘Development’’) is a large-scale residential date, the property (Renminbi Courtyard development erected on a parcel of land with was under Three Hundred and (石榴‧蒙城‧ a site area of approximately 72,353.38 sq.m. construction. Sixty Nine Million) 北京院子), North to Sanyi Road, The Development is situated at the north of (100% interest Wangqiao Road, SanyiRoadandsouthofSanyouRoadin attributable to South to Mengcheng County. Developments in the the Group: Sanyou Road, vicinity are dominated by various residential RMB369,000,000 West to buildings. It takes about a 10-minute drive (Renminbi Jingshiqi Road, from the Development to city center of Three Hundred and Mengcheng County, Mengcheng. Sixty Nine Million)) Bozhou, Anhui Province, According to the informationprovidedby PRC the Group, the property will have a total gross floor area of approximately 116,534.67 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 77,110.39 Commercial 2,305.32 Car parking space 36,790.54 Ancillary facilities 328.42

Total: 116,534.67

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the Development have been granted for two concurrent terms expiring on 23 May 2058 and 23 May 2088 for commercial and residential uses respectively.

– III-212 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Notes:

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. Pursuant to 8 Pre-sale Permits for Commodity Housing — (Meng) Fang Yu Shou Zheng Di Nos. 201900160, 201900161, 201900216, 201900228, 201900233, 202000014, 202000015 and 202000066 dated between 22 August 2019 and 9 May 2020, various buildings with a total gross floor area of 54,220.94 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB150,000,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB92,900,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 67,790.65 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB405,900,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB504,200,000.

– III-213 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Mengcheng Daduhui has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Mengcheng Daduhui, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Mengcheng Daduhui has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Mengcheng Daduhui is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB5,300 and RMB9,600 per sq.m. for residential units and RMB10,900 and RMB18,200 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-214 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

85. Portion of Anar Anar School Mansion (the ‘‘Development’’) As at the valuation RMB233,000,000 School Mansion is a large-scale residential and commercial date, the property (Renminbi (石榴學府小區), development erected on a parcel of land with was under Two Hundred and South of a site area of approximately 51,741.70 sq.m. construction. Thirty Three Million) Guanzhong Avenue, North of The Development is situated at the south of (100% interest Yugang Road, Guanzhong Avenue and north of Yugang attributable to Chengbei Road in the Chengbei New district of the Group: New District, Yingshang County of Fuyang. RMB233,000,000 Yingshang County, Developments in the vicinity are dominated (Renminbi Fuyang, by various residential and commercial Two Hundred and Anhui Province, buildings. It takes about a 5-minute drive Thirty Three Million)) PRC from the property to the county center of Yingshang.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 103,812.27 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 63,071.54 Commercial 1,851.73 Car parking space 33,705.06 Civil defense 76.32 Ancillary facilities 5,107.62

Total: 103,812.27

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for two concurrent terms expiring on 2 May 2058 and 2 May 2088 for other commercial service and residential uses respectively.

Notes:

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

– III-215 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. Pursuant to five Pre-sale Permits for Commodity Housing — (Ying) Fang Yu Shou Zheng Di Nos. 2019044, 2019045, 2019075, 2019094 and 2020008 dated 19 April 2019 and 19 January 2020, various buildings with a total gross floor area of 64,923.27 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

8. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB24,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB159,800,000. We have taken into account the aforesaid amounts in our valuation.

9. As advised by the Group, portion of the property with a total gross floor area of approximately 62,273.59 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB404,200,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

10. The capital value of the property as if completed as at the valuation date is estimated to be RMB424,800,000.

– III-216 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

11. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Yingshang Xinlucheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

iii. Yingshang Xinlucheng has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Yingshang Xinlucheng is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

12. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,000 and RMB6,600 per sq.m. for residential units and RMB12,500 and RMB18,400 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-217 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

86. Magnolia Bay Garden Magnolia Bay Garden (the ‘‘Development’’) As at the valuation RMB195,000,000 (玉蘭灣曦園), is a large-scale residential development date, the property (Renminbi East of Bohai 2nd being developed on a parcel of land with a was under One Hundred and Road and North of site area of approximately 30,546.00 sq.m. construction. Ninety Five Million) Huanghe 1st Road, Bincheng District, The Development is located at the east of (100% interest Binzhou, Bohai 2nd Road and north of Huanghe 1st attributable to Shandong Province, Road in Bincheng District of Binzhou. the Group: PRC Developments in the vicinity are dominated RMB195,000,000 by various residential and commercial (Renminbi buildings. It takes about a 15-minute drive One Hundred and from the property to the city center of Ninety Five Million)) Binzhou.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 85,172.29 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 67,041.46 Storeroom 5,808.76 Car parking space 3,861.00 Civil defense 5,097.96 Ancillary facilities 3,363.11

Total: 85,172.29

As advised by the Group, the property is scheduled for completion in 2023.

The land use rights of the property have been granted for a term expiring on 29 November 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Bin Shi-01-2018-0075 dated 31 August 2018, the land use rights of a parcel of land with a site area of approximately 30,546.00 sq.m. have been granted to Bingzhou Xin’ao Real Estate Development Co., Ltd. (濱州新澳房地產開發有限公司) (‘‘Binzhou Xin’ao’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB138,140,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Lu (2019) Bin Zhou Shi Bu Dong Chan Quan Di No. 0005397 dated 24 April 2019, the land use rights of a parcel of land with a site area of approximately 30,546.00 sq.m. have been granted to Binzhou Xin’ao for a term expiring on 29 November 2088 for residential use.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 371600202000043 dated 15 May 2020, Binzhou Xin’aowaspermittedtouseaparceloflandwithasitearea of approximately 30,546.00 sq.m. for development.

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APPENDIX III PROPERTY VALUATION REPORT

4. Pursuant to four Construction Works Planning Permits — Jian Zi Di Nos. 371600202000019, 371600202000020, 371600202000021 and 371600202000022 dated 26 April 2020, the total approved construction scale of various buildings was approximately 85,682.69 sq.m.

5. Pursuant to four Construction Works Commencement Permits — Nos. 371602202004260201, 371602202004260301, 371602202004260401 and 371602202004260501 dated 27 March 2020, the construction works of various buildings with a total construction scale of approximately 85,465.60 sq.m. were approved for commencement.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB31,800,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB186,000,000. We have taken into account the aforesaid amounts in our valuation.

7. The capital value of the property as if completed as at the valuation date is estimated to be RMB472,000,000.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Binzhou Xin’ao has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Binzhou Xin’ao, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

iii. Binzhou Xin’ao has obtained requisite construction permits in accordance with the actual development process of the property.

9. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,500 and RMB7,900 per sq.m. for residential units, RMB3,300 per sq.m. for storerooms and RMB92,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-219 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

87. Binzhou Magnolia Bay Binzhou Magnolia Bay (the ‘‘Development’’) As at the valuation RMB688,000,000 (濱州玉蘭灣), is a large-scale residential development date, the property (Renminbi South of Huanghe 2nd being developed on a parcel of land with a was under Six Hundred and Road and East of site area of approximately 54,119.00 sq.m. construction. Eighty Eight Million) Bohai 2nd Road, Bincheng District, The Development is located at the south of (100% interest Binzhou, Huanghe 2nd Road and east of Bohai 2nd attributable to Shandong Province, Road in Bincheng District of Binzhou. the Group: PRC Developments in the vicinity are dominated RMB688,000,000 by various residential and commercial (Renminbi buildings. It takes about a 15-minute drive Six Hundred and from the property to the city center of Eighty Eight Million)) Binzhou.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 149,289.57 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 118,545.63 Storeroom 13,011.16 Car parking space 3,497.94 Civil defense 13,097.53 Ancillary facilities 1,137.49

Total: 149,289.57

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 30 June 2088 for residential use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Bin Shi-01-2018-0025 dated 30 May 2018 and its supplementary contract dated 30 May 2018, the land use rights of a parcel of land with a site area of approximately 54,119.00 sq.m. have been granted to Binzhou Xin’ao Real Estate Development Co., Ltd. (濱州新澳房地產開發有限公司) (‘‘Binzhou Xin’ao’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB311,430,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Lu (2018) Bin Zhou Shi Bu Dong Chan Quan Di No. 0009847 dated 11 July 2018, the land use rights of a parcel of land with a site area of approximately 54,119.00 sq.m. have been granted to Binzhou Xin’ao for a term expiring on 30 June 2088 for residential use.

– III-220 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 37160022018012 dated 29 June 2018, Binzhou Xin’aowaspermittedtouseaparceloflandwithasitearea of approximately 62,191.59 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 37160022018018 dated 30 August 2018, the total approved construction scale of various buildings was approximately 149,138.41 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 371602201809130101 dated 13 September 2018, the construction works of various buildings with a total construction scale of approximately 149,138.41 sq.m. were approved for commencement.

6. Pursuant to 8 Pre-sale Permits for Commodity Housing — Bin Jian Fang Kai Yu Zi Di Nos. 201810008, 2111201903011, 2111201904006, 2111201905017, 2111201905018, 2111201905019, 2111201909030 and 2111201910015 dated between 28 March 2018 and 31 October 2019, various buildings with a total gross floor area of 134,688.23 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB335,700,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB45,000,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 102,304.82 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB580,600,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB787,700,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. Binzhou Xin’ao has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Binzhou Xin’ao, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests;

iii. Binzhou Xin’ao has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Binzhou Xin’ao is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB6,300 and RMB7,800 per sq.m. for residential units, RMB3,300 per sq.m. for storeroom and RMB92,000 per car parking space. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-221 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

88. Bright Moon on Bright Moon on Spring River As at the valuation RMB833,000,000 Spring River (the ‘‘Development’’) is a large-scale date, the property (Renminbi (春江明月), residential and commercial development was under Eight Hundred and South of Changxing being developed on a parcel of land with a development. Thirty Three Million) Road and West of site area of approximately 61,796.00 sq.m. Jiangjun Avenue, (100% interest Economic and The Development is located at the south of attributable to Technological Changxing Road and west of Jiangjun the Group: Development District, Avenue in Economic and Technological RMB833,000,000 Dezhou, Development District of Dezhou. (Renminbi Shandong Province, Developments in the vicinity are dominated Eight Hundred and PRC by various residential and commercial Thirty Three Million)) buildings. It takes about a 10-minute drive from the property to the city center of Dezhou.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 195,322.65 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 155,004.90 Commercial 4,354.59 Storeroom 8,473.61 Car parking space 12,085.64 Civil defense 13,634.82 Ancillary facilities 1,769.09

Total: 195,322.65

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 7 April 2060 for commercial use and 7 April 2090 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — De Zhou-01-2020-Si Lei K02 dated 20 April 2020, the land use rights of a parcel of land with a site area of approximately 61,796.00 sq.m. have been granted to Dezhou Xinyang Real Estate Co., Ltd. (德州新陽置業有限公司) (‘‘Dezhou Xinyang’’), a 100%-owned subsidiary of the Company, for two concurrent terms of 40 years for commercial use and 70 years for residential use respectively, at a land grant fee of RMB621,300,000.

– III-222 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the State-owned Land Use Rights Certificate — Lu (2020) De Zhou Shi Bu Dong Chan Quan Di No. 0009739 dated 1 June 2020, the land use rights of a parcel of land with a site area of approximately 61,796.00 sq.m. have been granted to Dezhou Xinyang for two concurrent terms expiring on 7 April 2060 for commercial use and 7 April 2090 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 371400202000016 dated 30 April 2020, Dezhou Xinyang was permitted to use a parcel of land with a site area of approximately 61,796.00 sq.m. for development.

4. Pursuant to three Construction Works Planning Permits — Jian Zi Di Nos. 371400202000036, 371400202000037 and 371400202000038 dated 17 June 2020, the total approved construction scale of various buildings was approximately 194,760.00 sq.m.

5. Pursuant to three Construction Works Commencement Permits — Nos. 371499202006170301, 371499202006170401 and 371499202006230601 dated 17 June 2018 and 23 June 2020, the construction works of various buildings with a total construction scale of approximately 194,760.00 sq.m. were approved for commencement.

6. Pursuant to 7 Pre-sale Permits for Commodity Housing — (De) Fang Yu Shou Zi Di Nos. 2020-050, 2020-063, 2020-064, 2020-065, 2020-074, 2020-077 and 2020-109 dated between 22 July 2020 and 25 December 2020, various buildings with a total gross floor area of approximately 78,746.93 sq.m. were permitted for pre-sale.

As advised by the Group, the buildings as stated in the above-mentioned permits only comprise portion of the property.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB107,100,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB392,300,000. We have taken into account the aforesaid amounts in our valuation.

8. As advised by the Group, portion of the property with a total gross floor area of approximately 41,171.38 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB354,100,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

9. The capital value of the property as if completed as at the valuation date is estimated to be RMB1,464,200,000.

10. WehavebeenprovidedwithalegalopiniononthetitletothepropertyissuedbytheGroup’sPRCLegalAdviser,which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Dezhou Xinyang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Dezhou Xinyang has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged;

iii. Dezhou Xinyang has obtained requisite construction permits in accordance with the actual development process of the property; and

iv. Dezhou Xinyang is entitled to pre-sell such portions of the property as stated in the Pre-sale Permits for Commodity Housing.

11. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range between RMB7,800 and RMB11,700 per sq.m. for residential units and RMB13,700 and RMB15,200 per sq.m. for commercial units (Level 1). Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-223 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

89. Nanchong Zichen Nanchong Zichen Mansion (the As at the valuation RMB654,000,000 Mansion ‘‘Development’’) is a large-scale residential date, the property (Renminbi (南充紫宸府) development erected on two parcel of land was under Six Hundred and No.59 Yinghua with a total site area of approximately development. Fifty Four Million) South Road, 45,177.00 sq.m. Shun Qing District, (100% interest Nanchong City, The Development is situated at No. 59 of attributable to Sichuan Province, Section 2 of Yinghua South Road in the Group: PRC Shunqing District of Nanchong. RMB654,000,000 Developments in the vicinity are dominated (Renminbi by various residential buildings. It takes Six Hundred and about 15-minute drive from the property to Fifty Four Million)) city center of Nanchong.

According to the informationprovidedby the Group, the property will have a total gross floor area of approximately 128,411.75 sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Residential 89,732.83 Car parking space 32,717.46 Ancillary facilities 5,961.46

Total: 128,411.75

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for a term expiring on 14 January 2089 for residential use.

Notes:

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned contract.

As advised by the Group, the property only comprises portion of the land parcels as stated in the above-mentioned certificates.

– III-224 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB195,300,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB110,800,000. We have taken into account the aforesaid amounts in our valuation.

7. As advised by the Group, portion of the property with a total gross floor area of approximately 49,053.26 sq.m. has been pre-sold/subscribed at a total consideration of approximately RMB428,500,000 as at the valuation date. We have taken into account the aforesaid amount in our valuation.

8. The capital value of the property as if completed as at the valuation date is estimated to be RMB895,300,000.

i. Nanchang Rongdu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property;

ii. according to the confirmation from Nanchong Rongdu, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests; and

iii. Nanchong Rongdu has obtained requisite construction permits in accordance with the actual development progress.

9. In undertaking our valuation of the property as if completed, we have made reference to the sales record of the Development and/or various market comparables of similar developments which have characteristics comparable to the property. The unit rates of these comparables are in a range RMB8,200 and RMB20,000 per sq.m. for residential units. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

– III-225 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Group IV — Properties held by the Group for future development in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

90. Sunhe Project Sunhe Project is a large-scale composite As at the valuation RMB4,103,000,000 (孫河項目) development to be developed on a parcel of date, the property (Renminbi Four Xidian Village, land with a site area of approximately was vacant for future Billion One Hundred Sunhe Town, 92,055.95 sq.m. development. and Three Million) Chaoyang District, Beijing, The property is situated at Xidian Village, (100% interest PRC Sunhe Town in Chaoyang District of attributable to Beijing. Developments in the vicinity are the Group: dominated by medium-rise residential RMB4,103,000,000 buildings and vacant lands. It takes about a (Renminbi Four 70-minute and 15-minute drive from the Billion One Hundred property to the city center of Beijing and and Three Million)) Beijing Capital International Airport respectively.

According to the informationprovidedby the Group, the property will have a total planned gross floor area of approximately 256,752.82 sq.m.

The land use rights of the property have been granted for two concurrent terms expiring on expiring on 4 May 2067 and 4 May 2057 for office and car parking space uses and for commercial uses respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Jing Di Chu (He) Zi (2017) 0064 dated 5 May 2017 and its supplementary agreement dated 3 May 2018, the land use rights of a parcel of land with a site area of approximately 92,055.95 sq.m. have been granted to Beijing Beihu Xixi Real Estate Development Co., Ltd. (北京北湖西溪房地產開發有限公司) (‘‘Beijing Beihu’’), a 100%-owned subsidiary of the Company, for two concurrent terms expiring on 4 May 2067 and 4 May 2057 for office and car parking space uses and for commercial use respectively, at a land grant fee of RMB2,853,736,000.

2. Pursuant to the State-owned Land Use Rights Certificate — Jing (2018) Chao Bu Dong Chan Quan Di No. 0000202 dated 5 September 2018, the land use rights of a parcel of land with a site area of approximately 92,055.95 sq.m. have been granted to Beijing Beihu for two concurrent terms expiring on expiring on 4 May 2067 and 4 May 2057 for office and car parking space uses and for commercial uses respectively.

3. Pursuant to the Construction Land Planning Permit — No. 110105201800010 2018 Gui To (Zheo) Di Zi 0002 dated 3 May 2018, Beijing Beihu was permitted to use a parcel of land with a site area of approximately 92,055.95 sq.m. for development.

4. Pursuant to three Construction Works Planning Permits — Nos. 110105201800065, 110105201800084 and 110105201800095 dated between 21 June 2018 and 5 September 2018, the total approved construction scale was approximately 256,752.82 sq.m.

5. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB37,500,000, which has been taken into account in our valuation.

– III-226 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

6. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage; and

ii. Beijing Beihu has legally obtained the land use rights of the property and is entitled to occupy, use or earn income from the property but the transfer of which is subject to restriction until the mortgage has been discharged.

7. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB27,000 and RMB34,000 per sq.m. Due adjustments to the accommodation values of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-227 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

91. Wen’an Magnolia Bay Wen’an Magnolia Bay is a large-scale As at the valuation RMB84,000,000 (玉蘭灣（文安）), residential development to be developed on date, the property (Renminbi Yangguanying Village, two parcels of land with a total site area of was vacant for future Eighty Four Million) Tanli Town, approximately 39,851.82 sq.m. development. Wen’an County, (100% interest Langfang, The property is located at Yangguanying attributable to Hebei Province, Village of Tanli Town in Wen’an County of the Group: PRC Langfang. Developments in the vicinity are RMB84,000,000 dominated by various residential buildings. (Renminbi It takes about a 90-minute drive from the Eighty Four Million)) property to the city center of Langfang.

According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 95,644.36 sq.m.

The land use rights of the property have been granted for two concurrent terms expiring on 1 January 2089 for residential use and 26 August 2090 for residential use respectively.

Notes:

1. Pursuant to two State-owned Land Use Rights Grant Contracts — Nos. 2018-23-14 and 2020-42-38 dated 2 January 2019 and 8 July 2020, the land use rights of a parcel of land with a site area of approximately 39,851.82 sq.m. have been granted to Wen’an Guanhai Real Estate Development Co., Ltd. (文安縣觀海房地產開發有限公司)(‘‘Wen’an Guanhai’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a total land grant fee of RMB71,920,000.

2. Pursuant to two Realty Title Certificates — Ji (2020) Wen An Xian Bu Dong Chan Quan Di Nos. 0000669 and 0003225 dated 10 January 2020 and 4 September 2020, the land use rights of two parcels of land with a total site area of approximately 39,851.82 sq.m. have been granted to Wen’an Guanhai for two concurrent terms expiring on 1 January 2089 for residential use and 26 August 2090 for residential use respectively.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage; and

ii. Wen’an Guanhai has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Wen’an Guanhai has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB700 and RMB800 per sq.m. Due adjustments to the accommodation values of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-228 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

92. Wen’an Clearwater Wen’an Clearwater Bay is a large-scale As at the valuation RMB179,000,000 Bay residential development to be developed on date, the property (Renminbi (文安清水灣), three parcels of land with a total site area of was vacant for future One Hundred and Yangguanying Village, approximately 86,853.58 sq.m. development. Seventy Nine Million) Tanli Town, Wen’an County, The property is located at Yangguanying (100% interest Langfang, Village of Tanli Town in Wen’an County of attributable to Hebei Province, Langfang. Developments in the vicinity are the Group: PRC dominated by various residential buildings. RMB179,000,000 It takes about a 90-minute drive from the (Renminbi property to the city center of Langfang. One Hundred and Seventy Nine Million)) According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 208,448.57 sq.m.

The land use rights of the property have been granted for two concurrent terms expiring on 1 January 2089 and 26 August 2090 both for residential use.

Notes:

1. Pursuant to three State-owned Land Use Rights Grant Contracts — Nos. 2018-39-35, 2018-44-40 and 2020-24-15 dated between 30 November 2018 and 8 July 2020, the land use rights of three parcels of land with a total site area of approximately 86,853.58 sq.m. have been granted to Wen’an Guangsheng Real Estate Development Co., Ltd. (文安縣廣盛房地產開發有限公司) (‘‘Wen’an Guangsheng’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a total land grant fee of RMB156,460,000.

2. Pursuant to three Realty Title Certificates — Ji (2020) Wen An Xian Bu Dong Chan Quan Di Nos. 0000668, 0000672 and 0003226 dated between 10 January 2020 and 4 September 2020, the land use rights of three parcels of land with a total site area of approximately 86,853.58 sq.m. have been granted to Wen’an Guangsheng for two concurrent terms expiring on 1 January 2089 and 26 August 2090 both for residential use.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage; and

ii. Wen’an Guangsheng has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Wen’an Guangsheng has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

– III-229 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

93. Wen’an Summer Plaza Wen’an Summer Plaza is a large-scale As at the valuation RMB27,000,000 (夏日廣場（文安）), commercial development to be developed on date, the property (Renminbi Yangguanying Village, a parcel of land with a site area of was vacant for future Twenty Seven Tanli Town, approximately 11,243.14 sq.m. development. Million) Wen’an County, Langfang, The property is located at Yangguanying (100% interest Hebei Province, Village of Tanli Town in Wen’an County of attributable to PRC Langfang. Developments in the vicinity are the Group: dominated by various residential buildings. RMB27,000,000 It takes about a 90-minute drive from the (Renminbi property to the city center of Langfang. Twenty Seven Million)) According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 28,107.85 sq.m.

The land use rights of the property have been granted for a term expiring on 1 January 2059 for business financial use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. 2018-41-37 dated 2 January 2019, the land use rights of a parcel of land with a site area of approximately 11,243.14 sq.m. have been granted to Wen’an Hengyang Real Estate Development Co., Ltd. (文安縣恒陽房地產開發有限公司) (‘‘Wen’an Hengyang’’), a 100%-owned subsidiary of the Company, for a term of 70 years for residential use, at a land grant fee of RMB22,490,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Wen An Xian Bu Dong Chan Quan Di No. 0000667 dated 10 January 2020, the land use rights of a parcel of land with a site area of approximately 11,243.140 sq.m. have been granted to Wen’an Hengyang for a term expiring on 1 January 2059 for business financial use.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage; and

ii. Wen’an Hengyang has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Wen’an Hengyang has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged.

4. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB600 and RMB1,400 per sq.m. Due adjustments to the accommodation values of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-230 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

94. Sanhe Liqizhuang Sanhe Liqizhuang Project is an industrial As at the valuation RMB9,000,000 Project development to be developed on four parcels date, the property (Renminbi (三河市李旗莊鎮項目), of land with a total site area of was vacant for future Nine Million) South of Jingha Road, approximately 10,614.86 sq.m. development. Liqizhuang Town, (100% interest Sanhe, The property is located at the south of attributable to Langfang, Jingha Road in Liqizhuang Town of Sanhe the Group: Hebei Province, in Langfang. Developments in the vicinity RMB9,000,000 PRC are dominated by various residential (Renminbi buildings. It takes about a 20-minute drive Nine Million)) from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 10,614.86 sq.m.

The land use rights of the property have been granted for a term expiring on 14 December 2050 for industrial use.

Notes:

1. Pursuant to the Property Rights Transfer Contract (產權交易合同) dated 29 December 2016, 100% of the equity rights of Sanhe Jidong Concrete Co., Ltd. (三和冀東水泥有限責任公司) (‘‘Sanhe Jidong’’) have been transferred from Tangshan Jidong Concrete Co., Ltd. (唐山冀東水泥股份有限公司) to Beijing Yatong Real Estate Development Co., Ltd. (北京亞通房地產開發有限責任公司) at a consideration of RMB636,620,000.

2. As advised by the Group, Sanhe Jidong was renamed to Sanhe Dongze Real Estate Development Co., Ltd. (三河東澤房地產開發有限公司) (‘‘Sanhe Dongze’’), a 100%-owned subsidiary of the Company, during the period between 2017 and 2019.

3. Pursuant to four Realty Title Certificates — Ji (2020) Sanhe Bu Dong Chan Quan Di Nos. 0004182, 0004183, 0004184, 0004185 all dated 18 March 2020, the land use rights of four parcels of land with a total site area of approximately 10,614.86 sq.m. have been granted to Sanhe Dongze for a term expiring on 14 December 2050 for industrial use.

4. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Sanhe Dongze has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Sanhe Dongze, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

5. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB700 and RMB1,000 per sq.m. Due adjustments to the accommodation values of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-231 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

95. Portion of Gu’an Gu’an Magnolia Bay is a large-scale As at the valuation RMB153,000,000 Magnolia Bay commercial and residential development to date, the property (Renminbi (固安玉蘭灣項目), be developed on two parcels of lands with a was vacant for future One Hundred and South of Chaoyang site area of approximately 31,204.87 sq.m. development. Fifty Three Million) Avenue, West of Yuquan Road, The property is located at the south is (100% interest Gu’an County, Chaoyang Avenue and west of Yuquan attributable to Langfang, Road in Gu’an County of Langfang. the Group: Hebei Province, Developments in the vicinity are dominated RMB153,000,000 PRC by various residential buildings. It takes (Renminbi about a 60-minute drive from the property One Hundred and to the city center of Langfang. Fifty Three Million))

According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 45,277.68 sq.m.

The land use rights of the property have been granted for two concurrent terms expiring on 15 November 2060 for commercial use and 15 November 2090 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. c13102220200051 dated 30 October 2020, the land use rights of a parcel of land with a site area of approximately 18,111.07 sq.m. have been granted to Gu’an Yixin Huahui Real Estate Development Co., Ltd. (固安億鑫華匯房地產開發有限公司) (‘‘Gu’an Yixin Huahui’’), a 100%-owned subsidiary of the Company, for concurrent terms of 40 years for commercial use and 70 years for residential uses respectively, at a total land grant fee of RMB143,100,000.

2. Pursuant to the Realty Title Certificate — Ji (2020) Guan Xian Bu Dong Chan Quan Di No. 0057407 dated 22 December 2020, the land use rights of a parcel of land with a site area of approximately 18,111.07sq.m. have been granted to Gu’an Yixin Huahui for two concurrent terms expiring on 15 November 2060 for commercial use and 15 November 2090 for residential use respectively.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131022202000056 dated 19 May 2020, Gu’an Yixin Huahui was permitted to use a parcel of land with a site area of approximately 18,111.07 sq.m. for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di No. 131022202100006 dated 4 February 2021, the total approved construction scale was approximately 56,033.82 sq.m.

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APPENDIX III PROPERTY VALUATION REPORT

5. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. Gu’an Yixin Huahui has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property; and

ii. according to the confirmation from Gu’an Yixin Huahui, the land use rights of the property are not subject to any mortgages, seizures, any other encumbrances or other third parties’ interests.

6. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB2,500 and RMB3,300 per sq.m. Due adjustments to the accommodation values of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-233 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

96. Portion of Dinghu Dinghu (the ‘‘Development’’) is a large-scale As at the valuation RMB672,000,000 (鼎湖項目), office and commercial development being date, the property (Renminbi West of developed on three parcels of land with a was vacant for future Six Hundred and Longkou Reservoir, total site area of approximately 161,292.60 development. Seventy Two Million) Yongding Town, sq.m. Mentougou District, (100% interest Beijing, The Development is located at in Yongding attributable to PRC Town of Mentougou District of Beijing. the Group: Developments in the vicinity are dominated RMB672,000,000 by vacant lands. It takes about a 10-minute (Renminbi drive from the property to the city centre of Six Hundred and Mentougou. Seventy Two Million))

According to the informationprovidedby the Group, the property will have a total planned gross floor area of approximately 89,694.70 sq.m.

The land use rights of property have been granted for a term expiring on 8 April 2050 for commerce and finance use.

Notes:

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

2. Pursuant to the State-owned Land Use Rights Certificate — Jing Men Guo Yong (2013 Chu) No. 00042 dated 27 April 2013, the land use rights of a parcel of land with a site area of approximately 128,136.30 sq.m. have been granted to Beijing Dinghu for a term expiring on 8 April 2050 for commerce and finance use.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

4. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB231,000,000, which have been taken into account in our valuation.

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APPENDIX III PROPERTY VALUATION REPORT

5. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage; and

6. In undertaking our valuation of the property, we have made reference to various land sales transactions which have characteristics comparable to the property. The accommodation values of the comparables are in the range between RMB6,900 and RMB11,000 per sq.m. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to plot ratio, land use term, accessibility, surrounding environment, location, use, site area and time in arriving at the key assumptions.

– III-235 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

Group VI — Property contracted to be acquired by the Group for future development in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

97. Portion of Gu’an Gu’an Magnolia Bay is a large-scale As at the valuation No commercial value Magnolia Bay commercial and residential development to date, the property (固安玉蘭灣項目), be developed on two parcels of lands with a was vacant for future (see Note 4) South of Chaoyang site area of approximately 31,204.87 sq.m. development. Avenue, West of Yuquan Road, The property is located at the south is Gu’an County, Chaoyang Avenue and west of Yuquan Langfang, Road in Gu’an County of Langfang. Hebei Province, Developments in the vicinity are dominated PRC by various residential buildings. It takes about a 60-minute drive from the property to the city center of Langfang.

According to the informationprovidedby the Group, the property has a total planned gross floor area of approximately 32,734.50 sq.m.

The land use rights of the property have been granted for two concurrent terms expiring on 15 November 2060 for commercial use and 15 November 2090 for residential use respectively.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — No. c13102220200050 dated 30 October 2020, the land use rights of a parcel of land with a site area of approximately 13,093.80 sq.m. have been granted to Gu’an Yixin Huahui Real Estate Development Co., Ltd. (固安億鑫華匯房地產開發有限公司) (‘‘Gu’an Yixin Huahui’’), a 100%-owned subsidiary of the Company, for concurrent terms of 40 years for commercial use and 70 years for residential uses respectively, at a total land grant fee of RMB104,570,000.

2. Pursuant to the Construction Land Planning Permit — Di Zi Di No. 131022202000055 dated 19 May 2020, Gu’an Yixin Huahui was permitted to use a parcel of land with a site area of approximately 13,093.80 sq.m. for development.

3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

4. In the course of our valuation, we have assigned no commercial value to the property with no proper title document as it cannot be freely transferred in the open market as at the valuation date.

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APPENDIX III PROPERTY VALUATION REPORT

Category B — Investment Value (Non Market Value Basis)

Group VI — Property held by the Group for investment in the PRC

Investment value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

98. Huaxin Youth Huaxin Youth is a large-scale commercial As at the valuation RMB452,000,000 (華新青春坊), development erected on a parcel of land with date, the property (Renminbi Four West of Xinfeng a site area of approximately 26,292.66 sq.m. was under Hundred and Fifty Middle Road, construction. Two Million) North of Xiangyuan The property is situated at the west of River, Xinfeng Middle Road and north of (100% interest Huaxin Town, Xiangyuan River of Huaxin Town in Qingpu attributable to Qingpu District, District. Developments in the vicinity are the Group: Shanghai, dominated by residential buildings. It takes RMB452,000,000 PRC about a 25-minute drive from the property (Renminbi Four to Shanghai Hongqiao International Hundred and Fifty Airport. Two Million))

According to the informationprovidedby (Thisisnota the Group, the property will have a total commercial value and gross floor area of approximately 73,922.13 seeNote9) sq.m. upon completion. Details of the uses and approximate gross floor areas of the property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 41,813.38 Car parking space 29,910.28 Ancillary facilities 2,198.47

Total: 73,922.13

As advised by the Group, the property is scheduled for completion in 2021.

The land use rights of the property have been granted for a term expiring on 18 July 2056 for commercial use.

Notes:

1. Pursuant to the State-owned Land Use Rights Grant Contract — Hu Qing Gui Tu (2016) Chu Rang He Tong Di No. 10 dated 11 May 2016 and its supplementary contracts dated 31 August 2016 and 23 March 2018, the land use rights of a parcel of land with a site area of approximately 26,292.70 sq.m. have been granted to Shanghai Changpu Real Estate Development Co., Ltd. (上海昌浦房地產開發有限公司) (‘‘Shanghai Changpu’’), a 100%-owned subsidiary of the Company, for a term of 40 years for commercial use, at a land grant fee of RMB134,210,000.

The said contract stipulates that not less than 80% of the gross floor area is required to be held by the owner for not less than 10 years and cannot be sold during the said period.

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APPENDIX III PROPERTY VALUATION REPORT

2. Pursuant to the Realty Title Certificate — Hu (2016) Qing Zi Bu Dong Chan Quan Di No. 003684 dated 1 November 2016, the land use rights of a parcel of land with a site area of approximately 26,292.66 sq.m. have been granted to Shanghai Changpu for a term expiringon18July2056forcommercialuse.

3. Pursuant to the Construction Land Planning Permit — Di Zi Di Hu Qing Di (2017) No. EA31011820174083 dated 14 February 2017, Shanghai Changpu was permitted to use a parcel of land with a site area of approximately 30,239.20 sq.m. (including acquired land with a site area of approximately 3,946.50 sq.m.) for development.

4. Pursuant to the Construction Works Planning Permit — Jian Zi Di Hu Qing Jian (2017) No. FA31011820174585 dated 14 June 2017, the total approved construction scale was approximately 73,929.70 sq.m.

5. Pursuant to the Construction Works Commencement Permit — No. 1702QP0032D01 dated 22 June 2017, the construction works of various buildings with a total construction scale of approximately 73,929.70 sq.m. were approved for commencement.

6. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB222,700,000and the estimated outstanding construction cost for completion of the property will be approximately RMB214,500,000. We have taken into account the aforesaid amounts in our valuation.

7. The investment value of the property as if completed as at the valuation date is estimated to be RMB733,000,000.

8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

ii. Shanghai Changpu has legally obtained the land use rights of the property and is entitled to occupy, use, earn income from or by other means to dispose of the land use rights of the property. In respect of the mortgaged portion of the land use rights of the property, Shanghai Changpu has the rights to occupy or use the land use rights of such portion of the property but the transfer of which is subject to restriction until the mortgage has been discharged; and

iii. Shanghai Changpu has obtained requisite construction permits in accordance with the actual development progress of the property.

9. We have attributed no commercial value, i.e. market value, to the property as the transferability of the property is restricted. However, the Group’s management reference, we have reported the investment value of the property in its existing state to the Group.

10. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB140 to RMB160 per sq.m. per month for commercial units (Level 1) and RMB500 to RMB600 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

11. Based on our market research, the market yield of comparable are in a range between 4.3% to 6.0% for commercial units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but not limited to time, location, size and building age in arriving at the key assumptions.

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APPENDIX III PROPERTY VALUATION REPORT

Investment value in Particulars of existing state as at No. Property Description and tenure occupancy 28 February 2021

99. Portion of Shangyuan Chengda Center As at the valuation RMB819,000,000 Shangyuan (the ‘‘Development’’) is a large-scale date, the under (Renminbi Chengda Center commercial development being developed on construction. Eight Hundred and (上元成大中心) a parcel of land with a site area of Nineteen Million) Huangcun Town, approximately 18,303.332 sq.m. Daxing District, (70% interest Beijing, The Development is situated at Huangcun attributable to PRC Town of Daxing District. Developments in the Group: the vicinity are dominated by various office RMB573,300,000 and commercial buildings. It takes about a (Renminbi 40-minute drive from the property to the city Five Hundred Seventy center of Beijing. Three Million and Three Hundred According to the informationprovidedby Thousand) the Group, the property will have a total gross floor area of approximately 44,189.21 (Thisisnota sq.m. upon completion. Details of the uses commercial value and and approximate gross floor areas of the seeNote10) property are as follows:

Approximate Gross Floor Use Area (sq.m.)

Commercial 2,749.73 Office 26,248.20 Car parking space 8,010.20 Civil defense 3,177.00 Ancillary facilities 4,004.08

Total: 44,189.21

As advised by the Group, the property is scheduled for completion in 2022.

The land use rights of the property have been granted for two concurrent terms expiring on 21 May 2057 and 21 May 2067 for commercial and office uses respectively.

Notes:

The said contract stipulates that not less than 50% of the above ground gross floor area is required to be held by the owner for not less than 20 years and cannot be sold during the said period. The area can be sold after 20 years, which is subject to the written approval from the Daxing District People’s Government of Beijing Municipality (大興區政府).

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APPENDIX III PROPERTY VALUATION REPORT

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned contract.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned certificate.

As advised by the Group, the property only comprises portion of the land parcel as stated in the above-mentioned permit.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permits.

As advised by the Group, the property only comprises portion of the buildings as stated in the above-mentioned permit.

7. As advised by the Group, the total construction cost incurred as at the valuation date was approximately RMB8,900,000 and the estimated outstanding construction cost for completion of the property will be approximately RMB153,900,000. We have taken into account the aforesaid amounts in our valuation.

8. The investment value of the property as if completed as at the valuation date is estimated to be RMB1,124,800,000.

9. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC Legal Adviser, which contains, inter alia, the following information:

i. the land use rights of the property are subject to a mortgage;

iii. Beijing Yixing has obtained requisite construction permits in accordance with the actual development process of the property.

10. We have attributed no commercial value, i.e. market value, to the property as the transferability of the property is restricted. However, the Group’s management reference, we have reported the investment value of the property in its existing state to the Group.

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APPENDIX III PROPERTY VALUATION REPORT

11. In undertaking our valuation of the property, we have made reference to various market comparables of similar developments which have characteristics comparable to the property. The unit rent of these market comparables are in a range between RMB310 to RMB320 per sq.m. per month for commercial units (Level 1), RMB270 to RMB280 per sq.m. per month for office units and RMB980 to RMB1,000 for car parking space per bay. Due adjustments to the unit rates of these comparables have been made to reflect factors including but not limited to time, location, size, building age and building quality in arriving at the key assumptions.

12. Based on our market research, the market yield of comparable are in a range between 4.0% to 4.9% for commercial units and between 3.4% to 4.8% for office units as at the valuation date. Due adjustment to the market yield of these comparables have been made to reflect factors including but no limited to time, location, size and building age in arriving at the key assumptions.

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