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APPENDIX III PROPERTY VALUATION

December 29, 2017

The Board of Directors Everbright Grand China Assets Limited Rm 1501, 15/F, Malaysia Building No. 50 Gloucester Rd, Wanchai, Hong Kong.

Dear Sirs,

In accordance with your instructions to value the properties held by Everbright Grand China Assets Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”), we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the market values of the property interests as at October 31, 2017 (the “valuation date”).

We carried out our valuation on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

We are given to understand that the property interests were owner-occupied, in vacant possession or subject to existing tenancies as at the valuation date. For the property interests which were owner occupied and in vacant possession, we have adopted the direct comparison approach by making reference to comparable sales evidence as available in the relevant market. For the tenanted property interests, we have valued the property interests on the basis of capitalization of the net income derived from the existing tenancies with due allowance for reversionary income potential of the respective properties and where appropriate, also made reference to the comparable market transactions.

We prepared our valuation on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests. In addition, no account has been taken of any option or right of pre-emption concerning or affecting the sales of the property interests.

Our report has not made any allowance for any charge, mortgage or amount owing on any of the property interests valued nor for any expense or taxation which may be incurred in effecting a sale. Unless otherwise stated, we have assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their values.

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

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

We have been shown copies of various title documents including State-owned Land Use Rights Certificate, Real Estate Title Certificate and official plans relating to the property interests and have made relevant enquiries.

— III-1 — APPENDIX III PROPERTY VALUATION

Where possible, we have examined the original documents to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the advice given by the Company’s PRC legal advisors — Tian Yuan Law Firm, concerning the validity of the property interests in the PRC.

We have not carried out detailed measurements to verify the correctness of the areas in respect of the properties but have assumed that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. We have not taken any on-site measurement.

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

Mr. Cliff Lau and Mr. Jack Chan carried out the inspections of the properties in January 2017 and July 2017. Mr. Cliff Lau has 25 years’ experience in the valuation of properties in the PRC. Mr. Jack Chan is a member of RICS and HKIS with 15 years’ experience in the valuation of properties in the PRC.

This valuation and its conclusions are necessarily based on information that the Group provided to us. We have no reason to doubt the truth or accuracy or completeness of that information, and we have no reason to suspect that any material information has been withheld. However, there is always a risk that this valuation and its conclusions are based on inaccurate or incomplete information. We are not responsible for any losses arising in relation to reliance on the valuation, or any part of it, in those circumstances.

Neither the whole nor any part of this report or any reference thereto may be included in any document, circular or statement without our prior written approval of the form and context in which it will appear.

This report is for the use only of the party to whom it is addressed, for the specific purposes to which it refers. We are not responsible for any losses arising in relation to reliance on the valuation, or any part of it, by any other party.

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

Our valuation is summarized below and the valuation certificates are attached.

Yours faithfully, for and on behalf of Landscope Christie’s International Real Estate Jack Y. H. Chan MRICS MHKIS Director

Landscope Christie’s International Real Estate Koh Keng Shing MRICS FHKIS RPS (GP) Chief Executive and Founder

Note: Jack Y. H. Chan is a Chartered Surveyor who has 15 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

Koh Keng Shing is a Chartered Surveyor who has 30 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region

— III-2 — APPENDIX III PROPERTY VALUATION

SUMMARY OF VALUATION

Group I — Property interests held by the Group for investment in the PRC

Market value in existing state as at No. Property October 31, 2017 1. The First, Second, Third and Fourth Levels of Ming Chang Building, Renmin Road RMB182,400,000 Central, Wuhua District, Kunming, Yunnan Province, The People’s Republic of China.

2. The Second Basement, Third Basement, First, Second, Third and Fourth Level of RMB323,000,000 Everbright International Mansion, No. 2 Caoshi Street, Qingyang District, Chengdu, Sichuan Province, The People’s Republic of China.

3. The First Basement, Second Basement, Third Basement, 1st Floor to 23rd Floor and RMB340,200,000 25th Floor to 26th Floor, Everbright Financial Center No. 9 Wenwu Road, Qingyang District, Chengdu, Sichuan Province, The People’s Republic of China.

4. Block C9, D1 and H6, Dufu Garden, Wu Hou Qu, Long Zhua Cun, 10 Zu, 11 Zu, RMB21,200,000 Chengdu, Sichuan Province, The People’s Republic of China. Sub-Total RMB866,800,000

— III-3 — APPENDIX III PROPERTY VALUATION

SUMMARY OF VALUATION

Group II — Property interests held by the Group for own occupation in the PRC

Market value in existing state as at No. Property October 31, 2017 5. 24th Floor, Everbright Financial Center, RMB9,800,000 No. 9 Wenwu Road, Qingyang District, Chengdu, Sichuan Province, The People’s Republic of China. Sub-Total RMB9,800,000

— III-4 — APPENDIX III PROPERTY VALUATION

SUMMARY OF VALUATION

Group III — Property interests held by the Group for sale in the PRC

Market value in existing state as at No. Property October 31, 2017 6. Block D2 and D3, Dufu Garden, Wu Hou Qu, Long Zhua Cun, 10 Zu, 11 Zu, Chengdu, RMB14,000,000 Sichuan Province, The People’s Republic of China. Sub-Total RMB14,000,000

— III-5 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group I — Property interests held by the Group for investment in the PRC

Market value in Particulars existing state as at Property Description and tenure of occupancy October 31, 2017 1 The First, Second, Third and Ming Chang Building Portions of the RMB182,400,000 Fourth Levels of Ming Chang comprises two residential property with an Building, Renmin Road towers of 20-story and approximate gross Central, Wuhua District, 14-story respectively erected floor area of 14,387.4 Kunming, Yunnan Province, upon a 4-story commercial sq.m. (154,866.0 The People’s Republic of podium on top of a two-level sq.ft.) are tenanted China carparking basements. with various tenancies / supplemental tenancy, The subject property with the latest one to comprises the whole of the be expired on 4-story commercial podium of November 30, 2021. Ming Chang Building with an The total monthly approximate gross floor area rental receivable at of 16,973.4 sq.m. (182,701.7 the date of valuation sq.ft.). is RMB774,208.6.

The subject property is erected The remaining on a site of irregular shape portion of the with site area of property is owner approximately 1,712.1 sq.m. occupied or for (18,429.0 sq.ft.), and was common use. completed in 1997.

The land use rights of the property have been granted for a term to be expired on September 22, 2064.

Notes:-

(1) Ming Chang Building is situated on northern side of Renmin Middle Road at the portion bounded by Xing Hua Street on the west and Hu Guo Street on the east in Wuhua District of Kunming. The neighborhood area of Ming Chang Mansion is characterized predominately by office or composite buildings of various ages and heights. Public transportations are available along Renmin Middle Road which is about 2 to 3 minutes walking distance away from the subject property.

(2) Pursuant to the State-owned Land Use Certificate Kun Pan Guo Yong (04) Di No. 0124071, the land use right of the portion 1,712.1 sq.m. has been granted to Brighter Win Limited for shopping arcade use for a term to be expired on September 22, 2064.

(3) Pursuant to the Realty Title Certificate Kun Ming Shi Fang Quan Zheng Zi Di No. 9800687, Brighter Win Limited is in possession of the legal title of the subject property with a total gross floor area of approximately 16,973.4 sq.m. for shopping arcade use.

(4) Our valuation has been made on the following basis:-

i. we have considered the actual rents of the property interests and also compared with similar developments as the subject property for the calculation of market unit sale price in considering the reversionary income potential after the expiry of the existing tenancies for occupied area and the vacant area;

— III-6 — APPENDIX III PROPERTY VALUATION

ii. the unit sale price of these comparable properties range from RMB7,830 per sq.m. to RMB11,630 per sq.m. on the gross floor area basis.

iii. appropriate adjustments and analysis are considered to the differences in location, decoration, maintenance conditions and other characters between the comparable properties and the property to arrive at the average market unit sale price. The average unit sale price we have assumed in our valuation is RMB 10,913 per sq.m.

(5) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Brighter Win Limited is in the possession of a proper legal title of the property, has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-7 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in Particulars existing state as at Property Description and Tenure of Occupancy October 31, 2017 2 The Second Basement, Third Everbright International Portions of the subject RMB323,000,000 Basement, First, Second, Mansion is a 7-story property with an Third and Fourth Level of commercial complex erected approximate gross Everbright International upon three levels of basement. floor area of 27,976.2 Mansion, sq.m. (301,135.8 No. 2 Caoshi Street, sq.ft.) are tenanted The subject property Qingyang District, with various comprises various floors of Chengdu, Sichuan Province, tenancies, with the Chengdu Everbright The People’s Republic of latest one to be International Mansion with an China expired on January 9, approximate gross floor area 2027. The total of 38,198.6 sq.m. (411,169.7 monthly rental sq.ft.). receivable at the date of valuation is The subject property is erected RMB798,888.4. on a site of irregular shape with site area of Portions of the subject approximately 7,069.8 sq.m. property with an (76,099.3 sq.ft.), and was approximate gross completed in about 2005. floor area of 9,177.0 sq.m. (98,781.2 sq.ft.) The land use rights of the are served as car property have been granted for parking purpose. a term until June 24, 2044. The remaining portion of the property is vacant or for common use.

Notes:-

(1) Everbright International Mansion is situated on north-western side of Caoshi Street at the portion bounded by Wenwu Road on the south-western and Tong Shun Qiao Street on the north-eastern in Qingyang District of Chengdu. The neighborhood area of Everbright International Mansion is characterized predominately by office or composite buildings of various ages and heights. Public transportations are available along Wenwu Road, which is about 2 to 3 minutes walking distance away from the subject property.

(2) Pursuant to the State-owned Land Use Certificate Cheng Guo Yong (2014) Zi Di No. 372, the land use rights of a site with a total site area of approximately 7,069.8 sq.m. have been granted to Chengdu Guangda International Mansion Co. Ltd for commercial use until June 24, 2044.

(3) Pursuant to the Realty Title Certificate Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243710, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243141, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243144, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243155, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243165, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243176, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243130 and Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243129, Chengdu Guangda International Mansion Co. Ltd is in possession of the legal title of the subject property with a total gross floor area of approximately 38,198.6 sq.m. for commercial, motor garage or warehouse use.

(4) In the course of our valuation, we have attributed no commercial value to motor garage with a total gross floor area of 1,168.4 sq.m. as the local government do not issue realty title certificate to motor garage.

— III-8 — APPENDIX III PROPERTY VALUATION

(5) Pursuant to a Mortgage Contract 2010 Kai Yin Di Zi No. 002, except for the property under Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2243129, the property is subject to a mortgage in favor of Bank of China, Chengdu Kai Fa Xi Qu Branch as a security for a loan in the amount of RMB73,000,000.

(6) Our valuation has been made on the following basis:-

ii. the unit sale price of these comparable properties range from RMB7,653 per sq.m. to RMB12,414 per sq.m. for office use and RMB30,000 per sq.m. to RMB39,394 per sq.m. for 1st floor retail use on the gross floor area basis;

(7) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Chengdu Guangda International Mansion Co. Ltd. is in the possession of a proper legal title of the property. Save as the mortgage mentioned in note 5 which will be forming limitation when disposing of the property, Chengdu Guangda International Mansion Co. Ltd. has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-9 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in Particulars existing state as at Property Description and tenure of occupancy October 31, 2017 3 The First Basement, Second Everbright Financial Center is Portion of the subject RMB340,200,000 Basement, Third Basement, a 26-story office building property with an 1st Floor to 23rd Floor and erected upon three levels of approximate gross 25th Floor to 26th Floor, basement with an approximate floor area of 25,353.9 Everbright Financial Center gross floor of 34,334.5 sq.m. sq.m. (272,909.4 No. 9 Wenwu Road, (369,576.6 sq.ft.). sq.ft.) are tenanted Qingyang District, Chengdu, with various Sichuan Province, The The subject property tenancies, with the People’s Republic of China. comprises three levels of latest one to be basements and twenty five expired on May 31, levels of offices in the 2022. The total Everbright Financial Center monthly rental with an approximate gross receivable at the date floor of 33,356.7 sq.m. of valuation is (359,051.5 sq.ft.). RMB1,902,849.9.

The subject property is erected The remaining on a site with site area of portion of the approximately 2,455.5 sq.m. property is vacant or (26,431.0 sq.ft.), and was for common use. completed in about 2009.

The land use rights of the property have been granted for a term until June 24, 2044.

Notes:-

(1) Everbright Financial Center is situated on north-eastern side of Wenwu Road at the portion bounded by Caoshi Street on the north- eastern and Yinsi Street on the north-western in Qingyang District of Chengdu. The neighborhood area of Everbright Financial Center is characterized predominately by office or composite buildings of various ages and heights. Public transportations are available along Wenwu Road, which is about 2 to 3 minutes walking distance away from the subject property.

(2) Pursuant to the State-owned Land Use Certificate Cheng Guo Yong (2009) Zi Di No. 626, the land use rights of a site with site area of approximately 2,455.5 sq.m. have been granted to Chengdu Everbright Finance Center Development Co. Ltd. for commercial or office purpose until June 24, 2044.

(3) Pursuant to the Realty Title Certificate Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015286, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015171, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015228, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015251, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015243, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015241, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015236, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015232, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015231, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015246, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015227, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015224, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015220, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015218, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015213, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015210, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015208, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015206, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015205, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015202, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015197, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015189, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015187, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015176 and Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015175, Chengdu Everbright Finance Center Development Co. Ltd. is in possession of the legal title of the subject property with a total gross floor area of approximately 33,356.7 sq.m. for commercial / office / warehouse use.

— III-10 — APPENDIX III PROPERTY VALUATION

(4) In the course of our valuation, we have attributed no commercial value to motor garage with a total gross floor area of 751.7 sq.m. and fire escape route with a total gross floor area of 365.4 sq.m. as the local government do not issue realty title certificate to motor garage.

(5) Pursuant to Mortgage Contract Bo Cheng Fen Di Dai (2009) Di No. 8, the subject property is subject to a mortgage in favor of China Bohai Bank Company Limited, Chengdu Branch as a security for a loan in the amount of RMB59,400,000.

(6) Our valuation has been made on the following basis:-

ii. the unit sale price of these comparable properties range from RMB7,653 per sq.m. to RMB12,414 per sq.m. on the gross floor area basis.

(7) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Chengdu Everbright Finance Center Development Co. Ltd. is in the possession of a proper legal title of the property. Save as the mortgage mentioned in note 5 which will be forming limitation when disposing of the property, Chengdu Everbright Finance Center Development Co. Ltd. has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-11 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in Particulars existing state as at Property Description and tenure of occupancy October 31, 2017 4 Block C9, D1 and H6, Dufu Dufu Garden is a low rise The property is RMB21,200,000 Garden, Wu Hou Qu, Long residential development tenanted with various Zhua Cun, 10 Zu, 11 Zu, comprises of villas, tenancies, with the Chengdu, Sichuan Province, townhouses and apartments. latest one to be The People’s Republic of expired on July 24, China. The property comprises the 2023. The total three villas with approximate monthly rental gross floor area of 1,241.8 receivable at the date sq.m. (13,358.1 sq.ft.) of valuation is RMB32,907.5. The development is erected on a site of approximately 59,247.0 sq.m. (637,734.7 sq.ft.), and was completed in about 2007.

The land use rights of the property have been granted for a term to be expired on April 18, 2065.

Notes:-

(1) Dufu Garden is situated on northern side of Longteng Road in Wuhou District of Chengdu. The neighborhood area of Dufu Garden is characterized predominately by residential developments of various ages and heights. Public transportations are available along Longteng Road, which is about 3 to 5 minutes walking distance away from the subject property.

(2) Pursuant to the State-owned Land Use Certificate Cheng Guo Yong (2002) Zi Di No. 021, the land use rights of a site with a total site area of approximately 59,247.0 sq.m. have been granted to Chengdu Sing Kong City Real Estate Company Limited for residential development unit April 18, 2065.

(3) Pursuant to the Realty Title Certificate Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0683421, Cheng Fang Quan Zheng Jian Zheng Zi Di No. 1617303 and Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0528584, Chengdu Sing Kong City Real Estate Company Limited is in possession of the legal title of the subject property with a total gross floor area of approximately 1,241.8 sq.m. for residential use.

(4) Pursuant to a contract between Chengdu Sing Kong City Real Estate Company Limited and Chengdu Main Road Construction Command Center, properties related to Realty Title Certificate Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0528584 and Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0683421 with a total gross floor area of 944.5 sq.m is subject to a mortgage in favor of Chengdu Main Road Construction Command Center. However, according to the Civil Judgment (2017 Chuan 01 Min Zhong 362 Hao) dated March 10, 2017, the Intermediate People’s Court of Chengdu ruled that the abovementioned mortgage is released and Chengdu Main Road Construction Command Center is required to apply for the cancelation of the mortgage within 10 days from the abovementioned judgment.

(5) Pursuant to the Realty Title Certificate Cheng Fang Quan Zheng Jian Zheng Zi Di No. 1713072, Chengdu Sing Kong City Real Estate Company Limited is also in possession of the legal title of a total gross floor area of approximately 2,605.9 sq.m. for car park, commercial or office use in Dufu Garden. However, according to the Company’s PRC legal advisors, the abovementioned 2,605.9 sq.m. of gross floor area had been disposed.

(6) Our valuation has been made on the following basis:-

i We have considered the actual rents of the property interests and also compared with similar developments as the subject property for the calculation of market unit sale price in considering the reversionary income potential after the expiry of the existing tenancies for occupied area and the vacant area;

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ii The unit sale price of these comparable properties range from RMB14,000 per sq.m. to RMB15,241 per sq.m. for townhouses and RMB24,138 per sq.m. to RMB33,898 per sq.m. for villas on the gross floor area basis.

iii Appropriate adjustments and analysis are considered to the differences in location, decoration, maintenance conditions and other characters between the comparable properties and the property to arrive at the average market unit sale price. The average unit sale price we have assumed in our valuation is RMB20,500 per sq.m.

(7) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Chengdu Sing Kong City Real Estate Company Limited is in the possession of a proper legal title of the property. Save as the mortgage mentioned in note 4 which will be forming limitation when disposing of the property, Chengdu Sing Kong City Real Estate Company Limited has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-13 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group II — Property interests held by the Group for own occupation in the PRC

Market value in Particulars existing state as at Property Description and tenure of occupancy October 31, 2017 524th Floor, Everbright Everbright Financial Center is The subject property RMB9,800,000 Financial Center a 26-story office building is owner occupied No. 9 Wenwu Road, erected upon three levels of Qingyang District, Chengdu, basement with an approximate Sichuan Province, The gross floor of 34,334.5 sq.m. People’s Republic of China. (369,576.6 sq.ft.).

The subject property comprises one level of office in the Everbright Financial Center with an approximate gross floor of 977.8 sq.m. (10,525.0 sq.ft.).

The subject property is erected on a site with site area of approximately 2,455.5 sq.m. (26,431.0 sq.ft.), and was completed in about 2009.

The land use rights of the property have been granted for a term until June 24, 2044.

Notes:-

(3) Pursuant to the Realty Title Certificate Cheng Fang Quan Zheng Jian Zheng Zi Di No. 2015185, Chengdu Everbright Finance Center Development Co. Ltd. is in possession of the legal title of the subject property with a total gross floor area of approximately 977.8 sq.m. for office use.

(4) Pursuant to Mortgage Contract Bo Cheng Fen Di Dai (2009) Di No. 8, the subject property is subject to a mortgage in favor of China Bohai Bank Company Limited, Chengdu Branch as a security for a loan in the amount of RMB59,400,000.

(5) Our valuation has been made on the following basis:-

i. we have compared with similar developments as the subject property for the calculation of market unit sale price;

ii. the unit sale price of these comparable properties range from RMB7,653 per sq.m. to RMB12,414 per sq.m. on the gross floor area basis.

— III-14 — APPENDIX III PROPERTY VALUATION

(6) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Chengdu Everbright Finance Center Development Co. Ltd. is in the possession of a proper legal title of the property, Save as the mortgage mentioned in note 4 which will be forming limitation when disposing of the property, Chengdu Everbright Finance Center Development Co. Ltd. has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-15 — APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group III — Property interests held by the Group for sale in the PRC

Market value in Particulars existing state as at Property Description and tenure of occupancy October 31, 2017 6 Block D2 and D3, Dufu Dufu Garden is a low rise The property is RMB14,000,000 Garden, Wu Hou Qu, Long residential development tenanted with various Zhua Cun, 10 Zu, 11 Zu, comprises of villas, tenancies, with the Chengdu, Sichuan Province, townhouses and apartments. latest one to be The People’s Republic of expired on China. The property comprises the February 17, 2027. two villas with approximate The total monthly gross floor area of 879.6 sq.m. rental receivable at (9,468.0 sq.ft.) the date of valuation is RMB30,000.0. The development is erected on a site of approximately 59,247.0 sq.m. (637,734.7 sq.ft.), and was completed in about 2007.

The land use rights of the property have been granted for a term to be expired on April 18, 2065.

Notes:-

(3) Pursuant to the Realty Title Certificate Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0683415, Rong Fang Quan Zheng Cheng Fang Jian Zheng Zi Di No. 0683419 and Cheng Fang Quan Zheng Jian Zheng Zi Di No. 1617288, Chengdu Sing Kong City Real Estate Company Limited is in possession of the legal title of the subject property with a total gross floor area of approximately 879.6 sq.m. for residential use.

(4) Pursuant to the Realty Title Certificate Cheng Fang Quan Zheng Jian Zheng Zi Di No. 1713072, Chengdu Sing Kong City Real Estate Company Limited is also in possession of the legal title of a total gross floor area of approximately 2,605.9 sq.m. for car park, commercial or office use in Dufu Garden. However, according to the Company’s PRC legal advisors, the abovementioned 2,605.9 sq.m. of gross floor area had been disposed.

(5) Our valuation has been made on the following basis:-

— III-16 — APPENDIX III PROPERTY VALUATION

(6) We have been provided with a memorandum regarding the property interest by the Company’s PRC legal advisors, which contains, inter alia, the followings:-

i. Chengdu Sing Kong City Real Estate Company Limited is in the possession of a proper legal title of the property, has the right to transfer, mortgage, let and dispose of the property and is entitled to transfer the residual term of its land use right in accordance with the relevant PRC laws and regulations at no extra premium or other onerous payment payable to the government.

ii. All land premium and other costs or charges have been settled in full.

— III-17 —