Appendix Iii Property Valuation Report

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THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE 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 and summary disclosure of values, prepared for the purpose of incorporation in this document received from Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an independent valuer, in connection with its valuation as at 28 February 2021 of the property interests held by Zonia T-park Group Holdings Limited.

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

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

[Date]

The Board of Directors Zonia T-park Group Holdings Limited 6/F Building 5 Jiantao Commercial Plaza 269 Tongxie Road Changning District Shanghai PRC

Dear Sirs,

In accordance with your instructions to value the property interests held by Zonia T-park Group Holdings Limited (the “Company”) and its subsidiaries and an associate (hereinafter together referred to as the “Group”) in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion on the market values of the property interests as at 28 February 2021 (the “valuation date”).

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

We have valued the property interests in Group I which are held for sale by the Group, portions of property interests in Group II which are bare land held for investment by the Group and property interests in Group IV which are held for future development by the Group by the comparison approach assuming sale of the property interests in their existing state with the benefit of immediate vacant possession and by making reference to comparable sales transactions as available in the market. This approach rests on the wide acceptance of the market transactions as the best indicator and pre-supposes that evidence of relevant transactions in the market place can be extrapolated to similar properties, subject to allowances for variable factors.

– III-1 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE 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

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

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

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

For the property interests in Group V which are contracted to be acquired by the Group, the Group has entered into agreements with the relevant local governments. Since the Group has not yet obtained the State-owned Land Use Rights Certificates/Real Estate Title Certificates and/or the payment of the land premium has not yet been fully settled as at the valuation date, we have attributed no commercial value to the property interests. For reference purpose only, we have assessed the market value of them, assuming related title certificates have been obtained and can be freely transferred by the Group and there is no legal impediment and onerous cost in obtaining the title certificates.

We have valued portions of the property interests in Group II which are completed properties held for investment by the Group by the income approach by taking into account the rental income of the properties derived from the existing leases and/or achievable in the existing market with due allowance for the reversionary income potential of the leases, which have been then capitalized to determine the market value at an appropriate capitalization rate. Where appropriate, reference has also been made to the comparable sales transactions as available in the relevant market.

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

– 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

No allowance has been made in our report 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, it is assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their value.

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 issued by the Stock Exchange of Hong Kong Limited; the RICS Valuation—Global Standards published by the Royal Institution of Chartered Surveyors; the HKIS Valuation Standards published by the Hong Kong Institute of Surveyors, and the International Valuation Standards 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 all other relevant matters.

We have been shown copies of title documents including State-owned Land Use Rights Certificates, Building Ownership Certificates, Real Estate Title Certificates and other official plans relating to the property interests and have made relevant enquiries. Where possible, we have examined the original documents to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the advice given by the Company’s PRC legal advisors—Jingtian & Gongcheng, 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. No on-site measurement has been taken.

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

Inspection of the properties was carried out in the period between February 2021 and April 2021 by about 20 technical staff including Mr Michael Yu, Mr. Legend Zhan, Mr. Jayden Gu, Mr. Ross Tan, Ms. Raina Zheng and etc. They are Chartered surveyors/China Certified Real Estate Appraisers/ China Qualified Land Valuers/China Certified Public Valuers or have more than 2 years’ experience in the valuation of properties in the PRC.

– 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

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

In accordance with the requirements in rule 5.02B of Chapter 5 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited, as each of the market value of the properties as at the valuation date is less than 5% of the total market value in existing state attributable to the Group, we present the property information and valuation in the format of summary disclosure.

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

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

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

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

Note: Eddie T.W. Yiu is a Chartered Surveyor who has 27 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

– III-4 – ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS

SUMMARY DISCLOSURE OF PROPERTY VALUATION REPORT VALUATION PROPERTY III APPENDIX

Abbreviation:

GFA: Gross Floor Area I: Industrial A: Apartment R: Residential C: Commercial O: Office S: Storage CPS: Car Parking Space “–”: Not Applicable or not available *: In this Summary Disclosure of Property Valuation, the values and the interest percentages were subject to rounding adjustments.

Group I — Properties held for sale by the Group in the PRC I- – III-5 –

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

– – – 551,204.12 544,804.01 168 – – – 322,054.45 – – 1,624,400,000 – 1,605,300,000 –

1 The unsold units for sale of Jiangsu – I 9,695.37 9,695.37 – Industrial: August 2019 December 5,213.28 – – 40,800,000 98.7% 40,300,000 – Phase II of Jiangbei New 22 May 2069 2020 District Zhigu Industrial Complex, Nanjing

2 The unsold units of Yangzhong Jiangsu – I 49,892.54 49,892.54 – Industrial: January 2020 February 2021 26,612.64 – – 149,100,000 96.2% 143,400,000 – Smart Manufacturing 2 December Industrial Park, Zhenjiang 2069

3 The unsold units of Parcel 1# of Jiangsu – I 4,666.66 4,666.66 – Industrial: August 2017 May 2019 866.13 – – 11,200,000 100.0% 11,200,000 – Tongzhou Bay Binhai Park, 8 March 2067, Nantong 22 June 2068 and 6 August 2069 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

4 The unsold units of Yizheng Jiangsu – I 50,572.98 50,572.98 – Industrial: March 2019 December 43,731.10 – – 135,100,000 98.7% 133,300,000 – Smart Industrial Park, 9 December 2020 Yangzhou 2068

5 The unsold units of completed Zhejiang – I 41,415.66 41,415.66 – Industrial: December 2019 February 2021 36,797.88 – – 122,600,000 98.2% 120,400,000 – portion of Changxing Green 16 December Smart Manufacturing Park, 2069 Huzhou

6 The unsold units of Changfeng Anhui – I 5,452.70 5,452.70 – Industrial: April 2019 November 2,374.90 – – 13,600,000 95.5% 13,000,000 – Smart Manufacturing 1 May 2069 2019 Industrial Park, Hefei

7 The unsold units of Feixi Anhui – I 32,736.28 32,736.28 – Industrial: July 2020 December 23,150.88 – – 90,900,000 100.0% 90,900,000 – Manufacturing Industrial Park, 1 July 2070 2020 Hefei

8 The unsold units of Nanqiao Anhui – I 28,559.12 28,559.12 – Industrial: January 2019 September 16,381.05 – – 71,700,000 98.4% 70,600,000 – Smart Town, Chuzhou 8 December 2020

I- – III-6 – 2068

9 The unsold units of Shunde Guangdong – I, CPS 13,199.71 6,799.60 168 Industrial: May 2018 November 5,364.28 – – 35,300,000 100.0% 35,300,000 – Yuegangao Bigger Bay Area 24 December 2019 Smart Innovation Town, 2067 Foshan

10 The unsold units of completed portion of Gaoming Zoina

Guangdong – I 23,705.07 23,705.07 – Industrial: September 2019 December 14,923.84 – – 82,800,000 96.7% 80,100,000 – 22 May 2069 2020 Smart City, Foshan

11 The unsold units of completed Guangdong – I 79,959.85 79,959.85 – Industrial: March 2019 May 2020 39,792.22 – – 238,300,000 100.0% 238,300,000 – portion of Xinhui 13 December Rongzhichuangmei Industrial 2068 Park, Jiangmen ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

12 The unsold units of completed Guangdong – I 11,832.33 11,832.33 – Industrial: August 2019 December 7,694.34 – – 36,200,000 95.5% 34,600,000 – portion of Taishan Smart 3 July 2069 2020 Equipment Industrial Park, Jiangmen

13 The unsold units of completed Guangdong – I 38,427.64 38,427.64 – Industrial: March 2020 December 21,174.91 – – 111,400,000 97.8% 108,900,000 – portion of Phase I of Duanzhou 17 April 2069 2020 Shuanglong Science and Innovation Industrial Park, Zhaoqing

14 The unsold units of completed Hebei – I 5,259.24 5,259.24 – Industrial: October 2019 November 3,499.25 – – 15,800,000 100.0% 15,800,000 – portion of Lutai Jingjin 10 October 2020 Chuangzhi Industrial Park, 2069 Tangshan

15 The unsold units of Phase I of Hebei – I 54,338.11 54,338.11 – Industrial: May 2019 November 6,612.48 – – 154,700,000 100.0% 154,700,000 – Jingkai Industrial New City, 5 May 2069 2020 Cangzhou I- – III-7 – 16 The unsold units of completed Shandong – I 9,865.11 9,865.11 – Industrial: April 2018 July 2020 9,865.11 – – 44,600,000 100.0% 44,600,000 – portion of Parcel 2# of Tianqiao 15 December Smart Manufacturing Town, 2068 Jinan

17 The unsold units of completed Shandong – I 22,927.31 22,927.31 – Industrial: January 2020 December 9,126.11 – – 82,800,000 100.0% 82,800,000 – portion of Jimo Science & 27 October 2020 Technology Industrial Park, 2069 Qingdao

18 The unsold units of completed portion of Jingkai District

Shandong – I 3,116.65 3,116.65 – Industrial: December 2019 December 3,116.65 – – 10,800,000 96.5% 10,400,000 – 21 August 2020 Yuandu Industrial Complex, 2069 Weifang ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

19 The unsold units of Phase I of Sichuan – I 50,732.35 50,732.35 – Industrial: November 2019 December 37,120.56 – – 136,400,000 100.0% 136,400,000 – Anzhou Qindong Future 4 November 2020 Vehicle Industrial Park, 2069 Mianyang

20 The unsold units of Phase I of Fujian – I 4,022.42 4,022.42 – Industrial: August 2018 December 4,022.42 – – 8,200,000 100.0% 8,200,000 – Xiangcheng Jinhu Cloud 11 July 2068 2019 Zhizao Town, Zhangzhou

21 The unsold units of Phase I of Liaoning – I 10,827.02 10,827.02 – Industrial: November 2018 July 2020 4,614.42 – – 32,100,000 100.0% 32,100,000 – Shenbei High-end Smart 8 November Manufacturing Industrial Park, 2068 Shenyang I- – III-8 –

Notes:

1. As advised by the Group, portions of the properties with a total gross floor area of approximately 322,054.45 sq.m. have been pre-sold to various third parties at a total consideration of RMB950,327,206. Such portions of the properties have not been legally and virtually transferred and therefore we have included the units in our valuation. In arriving at our opinion on the market values of the properties, we have taken into account the contracted prices of such portions.

2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisors, which contains, inter alia, the following:

a. The Group is legally and validly in possession of the land use rights with respect to the properties. The Group has the rights to occupy, use, lease and dispose of the land use rights of the properties except the land parcels which are subject to mortgages. The group is subject to restrictions to transfer, lease, re-mortgage or otherwise dispose of the land use rights of the mortgaged portion of the properties; and

b. The Group has obtained necessary requisite construction work approvals in respect of the actual construction progress. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS

Group II — Properties held for investment by the Group in the PRC REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated/ Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Actual Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

– – – 436,191.49 436,191.49 – – – – – 833,100,000 174,000,000 472,200,000 – 455,200,000 –

22 Portions of Luhe Kechuang Jiangsu – I 19,761.60 19,761.60 – Industrial: April 2020 November – 43,200,000 30,300,000 42,100,000 95.0% 40,000,000 – Park, Nanjing 25 March 2070 2021

23 The unsold units for Jiangsu – I 29,439.38 29,439.38 – Industrial: August 2019 December – – – 87,100,000 98.7% 86,000,000 – investment of Phase II of 22 May 2069 2020 Jiangbei New District Zhigu Industrial Complex, Nanjing

24 Portions of Changshu Science Jiangsu – I, A 35,501.22 35,501.22 – Industrial: March 2020 November – 110,100,000 20,200,000 39,400,000 90.0% 35,500,000 – and Technology Park, Suzhou 11 March 2070 2021

25 Portions of Changshu Modern Jiangsu – I 20,192.51 20,192.51 – Industrial: June 2020 December – 38,700,000 9,600,000 18,100,000 98.5% 17,800,000 – Manufacturing Industrial Park, 1 June 2070 2021 Suzhou I- – III-9 – 26 Portions of Wujin Xueyan Jiangsu – I 5,850.68 5,850.68 – Industrial: July 2020 December – 10,100,000 3,600,000 6,200,000 100.0% 6,200,000 – Smart Manufacturing 2 July 2070 2021 Industrial Park, Changzhou

27 Portions of Phase I of Nantong Jiangsu – I 69,587.99 69,587.99 – Industrial: June 2020 March 2022 – 162,600,000 22,200,000 48,400,000 90.0% 43,600,000 – Gangzha Chechuang Smart 17 June 2070 Automobile City Industrial Complex Project, Nantong

28 Portions of Xiaoshan Qianjiang

Zhejiang – A 4,241.82 4,241.82 – Industrial: May 2020 November – 19,200,000 9,600,000 13,900,000 100.0% 13,900,000 – Cloud Valley Base under 8 June 2067 2021 construction, Hangzhou

29 Portions of Ninghai Binhai Zhejiang – I 8,577.92 8,577.92 – Industrial: October 2019 September – 15,300,000 7,000,000 9,300,000 97.6% 9,100,000 – Smart Manufacturing Park, 2 September 2021 Ningbo 2069 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

30 Portions of Phase II of Zhenhai Zhejiang – A 2,098.43 2,098.43 – Industrial: August 2020 October 2021 – 4,200,000 1,900,000 3,700,000 98.5% 3,600,000 – Smart Manufacturing Park, 2 July 2070 Ningbo

31 Reserved land of Phase II of Zhejiang – I 32,626.44 32,626.44 – Industrial: March 2022 February 2023 – 58,700,000 – 5,600,000 96.2% 5,400,000 – Jingkai District Jinxi 15 January Entrepreneur & Innovation 2069 Industrial Park, Jinhua

32 Portions of Sanshui Auto Space Guangdong – I 45,482.40 45,482.40 – Industrial: March 2020 March 2022 – 90,900,000 26,700,000 43,800,000 94.0% 41,200,000 – Smart Car Port, Foshan 9 September 2069

33 Portions of Nanhaiwan District Guangdong – I, A 57,600.70 57,600.70 – Industrial: November 2020 October 2023 – 125,500,000 – 20,800,000 100.0% 20,800,000 – Zhihui New City, Foshan 28 June 2070

34 The unsold units of Parcel 1# of Shandong – I 32,376.06 32,376.06 – Industrial: April 2018 October 2018 – – – 89,500,000 100.0% 89,500,000 – Tianqiao Smart Manufacturing 31 October Town, Jinan 2067 I-0– III-10 – 35 Portions of Gaoxin Smart Hu’nan – I 25,407.42 25,407.42 – Industrial: March 2020 July 2022 – 46,700,000 – 8,700,000 98.1% 8,500,000 – Manufacturing Industrial Park, 12 February Xiangtan 2070

36 Portions of Phase I and Hu’nan – I, A 20,289.76 20,289.76 – Industrial: November 2020 December – 38,700,000 28,700,000 4,300,000 66.0% 2,800,000 – portions of reserved land of 30 December 2020 Phase II of Gaoxin District 2064 Smart Manufacturing Industrial Park, Zhuzhou ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

37 Portions of Airport Linkong Shaanxi – I, A 27,157.16 27,157.16 – Industrial: April 2020 March 2022 – 69,200,000 14,200,000 31,300,000 100.0% 31,300,000 – Industrial Port under 30 December construction and reserved land 2069 of Airport Linkong Industrial Port, Xi’an

Notes: I-1– III-11 –

1. As advised by the Group, portions of the properties with a total gross floor area of approximately 7,283.22 sq.m. have been leased to various tenants with the expiry date on 31 December 2024, and the monthly rent of such portions as at the valuation date ranges from RMB11 to RMB17 per sq.m., exclusive of management fees, water and electricity charges and other outgoings.

2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisors, which contains, inter alia, the following:

Group III — Properties held under development by the Group in the PRC REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

– – – 3,757,592.35 3,634,431.97 1,008 – – – 1,845,298.54 7,644,600,000 2,607,200,000 5,471,200,000 – 5,292,000,000 –

38 The remaining portion of Luhe Jiangsu – I 45,299.42 44,347.73 – Industrial: April 2020 November 23,862.97 95,400,000 51,500,000 109,100,000 95.0% 103,600,000 – Kechuang Park, Nanjing 25 March 2070 2021

39 The remaining portion of Jiangsu – I 93,779.89 85,109.75 – Industrial: March 2020 November 29,823.64 207,300,000 71,700,000 137,400,000 90.0% 123,700,000 – Changshu Science and 11 March 2070 2021 Technology Park, Suzhou

40 The remaining portion of Jiangsu – I 44,917.22 44,304.56 – Industrial: June 2020 December 34,078.76 86,000,000 30,500,000 65,300,000 98.5% 64,300,000 – Changshu Modern 1 June 2070 2021 Manufacturing Industrial Park, Suzhou

41 Tianning Kechuang Smart Jiangsu 32,352.00 I 49,840.29 49,369.79 – Industrial: December 2020 December 41,047.63 97,700,000 13,200,000 44,700,000 100.0% 44,700,000 – Valley, Changzhou 15 November 2021 I-2– III-12 – 2050

42 The remaining portion of Jiangsu – I 68,240.55 66,457.38 – Industrial: July 2020 December 57,700.04 118,100,000 34,000,000 97,000,000 100.0% 97,000,000 – Wujin Xueyan Smart 2 July 2070 2021 Manufacturing Industrial Park, Changzhou

43 Phase II of Wujin Chuangzhi Jiangsu 45,062.18 I 77,908.86 76,797.76 – Industrial: April 2020 July 2021 74,612.34 149,000,000 70,700,000 168,300,000 95.1% 160,100,000 – Cloud Valley, Changzhou 20 April 2090

44 The remaining portion of Phase

Jiangsu – I 170,958.04 154,559.09 – Industrial: June 2020 March 2022 34,577.11 428,800,000 73,300,000 145,800,000 90.0% 131,200,000 – I of Nantong Gangzha 17 June 2070 Chechuang Smart Automobile City Industrial Complex Project, Nantong

45 Parcel 11# of Tongzhou Bay Jiangsu 49,734.00 I 39,064.60 37,814.22 – Industrial: July 2020 July 2021 37,814.22 67,700,000 48,400,000 85,100,000 100.0% 85,100,000 – Binhai Park, Nantong 27 April 2070 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

46 Portions of Tongshan Chengbei Jiangsu – I 7,065.20 7,065.20 – Industrial: January 2021 April 2022 – 14,800,000 13,000,000 22,000,000 99.0% 21,800,000 – Eco New City Smart 22 September Manufacturing Town Project 2070 under construction, Xuzhou

47 Jinjiang Smart Manufacturing Jiangsu 151,875.00 I 117,711.80 114,976.95 – Industrial: August 2020 December 70,816.35 209,000,000 51,000,000 121,800,000 100.0% 121,800,000 – Valley, Taizhou 12 May 2070 2021

48 The remaining portion of Zhejiang – I 70,317.21 55,697.10 Industrial: May 2020 November 55,697.10 136,000,000 48,200,000 107,500,000 100.0% 107,500,000 – Xiaoshan Qianjiang Cloud 8 June 2067 2021 Valley Base under construction, Hangzhou

49 The remaining portion of Zhejiang – I, A 91,030.75 88,830.10 – Industrial: October 2019 September 64,377.51 194,400,000 70,600,000 126,300,000 97.6% 123,300,000 – Ninghai Binhai Smart 2 September 2021 Manufacturing Park, Ningbo 2069

50 The remaining portion of phase Zhejiang – I, A 54,976.42 54,670.29 – Industrial: August 2020 October 2021 32,601.99 93,200,000 91,600,000 257,000,000 98.5% 253,100,000 – II of Zhenhai Smart 2 July 2070

I-3– III-13 – Manufacturing Park, Ningbo

51 Pinghu Digital Equipment Zhejiang 33,546.60 I 44,658.89 42,923.40 – Industrial: May 2020 June 2021 24,658.76 87,300,000 46,500,000 101,100,000 100.0% 101,100,000 – Industrial Park, Jiaxing 22 March 2070

52 Portions of Phase II of Jingkai Zhejiang – I 83,014.35 82,221.17 – Industrial: May 2019 June 2021 67,894.65 130,600,000 71,600,000 129,200,000 96.2% 124,300,000 – District Jinxi Entrepreneur & 15 January Innovation Industrial Park 2069 under construction, Jinhua

53 The remaining portion of

Zhejiang – I 35,804.92 35,804.92 – Industrial: December 2019 May 2021 27,977.60 59,500,000 24,400,000 55,100,000 98.2% 54,100,000 – Changxing Green Smart 16 December Manufacturing Park under 2069 construction, Huzhou ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

54 The remaining portion of Guangdong – I, A, 182,566.88 174,353.74 180 Industrial: October 2019 November 77,850.88 305,200,000 231,200,000 435,900,000 96.7% 421,500,000 – Gaoming Zoina Smart City CPS 22 May 2069 2021 under construction, Foshan

55 The remaining portion of Guangdong – I 65,369.95 64,985.95 – Industrial: March 2020 March 2022 24,591.72 118,500,000 39,700,000 87,800,000 94.0% 82,500,000 – Sanshui Auto Space Smart Car 9 September Port, Foshan 2069

56 The remaining portion of Guangdong – I 118,721.67 118,024.54 – Industrial: November 2020 October 2023 – 224,900,000 19,100,000 107,100,000 100.0% 107,100,000 – Nanhaiwan District Zhihui 28 June 2070 New City, Foshan

57 Banfu Smart Equipment Guangdong 71,837.50 I, A 196,008.89 182,247.83 – Industrial: July 2020 January 2022 71,172.97 396,500,000 98,300,000 197,700,000 100.0% 197,700,000 – Manufacturing Industrial Park, 6 April 2070 Zhongshan

58 The remaining portion of Guangdong – I 201,800.53 185,776.86 – Industrial: June 2020 November 167,283.55 442,100,000 133,000,000 265,300,000 97.1% 257,600,000 – Zhongkai High-end Electronic 26 August 2021 Information Industrial Park 2069

I-4– III-14 – under construction, Huizhou

59 The remaining portion of Guangdong – I 30,006.72 26,973.64 – Industrial: April 2019 March 2021 – 48,200,000 46,900,000 71,200,000 100.0% 71,200,000 – Xinhui Rongzhichuangmei 13 December Industrial Park under 2068 construction, Jiangmen

60 The remaining portion of Guangdong – I 75,332.20 75,131.30 – Industrial: August 2019 August 2021 16,498.14 132,800,000 19,000,000 49,100,000 95.5% 46,900,000 – Taishan Smart Equipment 3 July 2069 Industrial Park under construction, Xinhui ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

61 The remaining portion of Phase Guangdong – I 3,525.12 3,525.12 – Industrial: March 2020 May 2021 – 7,900,000 7,900,000 10,200,000 97.8% 10,000,000 – I of Duanzhou Shuanglong 17 April 2069 Science and Innovation Industrial Park under construction, Zhaoqing

62 Phase I of Gaocheng Likang Hebei 43,495.92 I 58,133.34 57,196.83 – Industrial: March 2020 November 15,006.24 113,500,000 28,900,000 76,300,000 85.0% 64,900,000 – Hi-tech Biological Science and 1 July 2069 2021 Technology Industrial Park, Shijiazhuang

63 Portions of Lutai Jingjin Hebei – I 49,980.32 49,472.44 – Industrial: March 2020 December 29,569.07 100,000,000 65,200,000 98,900,000 100.0% 98,900,000 – Chuangzhi Industrial Park 10 October 2021 under construction, Tangshan 2069

64 Portions of Phase I of Hebei – I 77,012.56 74,452.76 – Industrial: November 2020 December 46,012.65 158,900,000 37,400,000 97,500,000 85.0% 82,900,000 – Qingyuan New Economics 23 November 2021 Industrial Park under 2070 construction, Baoding I-5– III-15 – 65 Portions of Sanhe Kechuang Hebei – I 43,583.15 43,045.45 – Industrial: December 2020 November 18,942.97 113,000,000 24,100,000 68,200,000 100.0% 68,200,000 – Smart Valley under 4 August 2070 2021 construction, Langfang

66 Portions of Parcel 3# of Shandong – I 116,781.67 115,423.60 – Industrial: March 2020 January 2022 77,775.12 245,000,000 99,600,000 230,300,000 100.0% 230,300,000 – Tianqiao Smart Manufacturing 14 March 2069 Town under construction, Jinan

67 Portions of Jimo Science & Shandong – I 83,221.92 81,791.25 – Industrial: Technology Industrial Park 27 October under construction, Qingdao

June 2020 December 1,233.76 153,200,000 150,200,000 290,600,000 100.0% 290,600,000 – 2021 2069

68 Phase I of Yuandu (Weifang) Shandong 55,957.00 I 62,550.13 61,478.73 – Industrial: November 2020 May 2022 10,986.36 132,700,000 18,300,000 59,900,000 96.7% 57,900,000 – Smart Valley, Weifang 19 November 2070 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

69 Phase II and portion of Phase I Shandong – I 103,106.24 100,033.41 – Industrial: December 2019 November 24,353.36 210,200,000 82,300,000 148,400,000 96.5% 143,200,000 – of Jingkai District Yuandu 21 August 2021 Industrial Complex under 2069 and 30 construction, Weifang October 2070

70 Fushan District Smart Shandong 122,242.00 I 110,498.13 109,486.34 – Industrial: March 2020 December 59,169.71 197,300,000 54,000,000 114,100,000 97.1% 110,800,000 – Manufacturing Industrial Park, 21 December 2021 Yantai 2069

71 Huantai County Chuangzhi Shandong 53,333.00 R, C, 145,549.10 143,315.27 828 Residential: June 2020 May 2022 33,173.23 486,500,000 77,100,000 184,600,000 100.0% 184,600,000 – Garden, Zibo S, CPS 11 May 2090

72 Portions of Huantai County Shandong – I 51,823.36 51,797.32 – Industrial: June 2020 October 2022 16,465.61 107,600,000 41,100,000 73,000,000 100.0% 73,000,000 – Chuangzhi Future Industrial 11 May 2070 Town under construction, Zibo

73 Portions of East West Lake Hubei – I 96,846.90 92,954.69 – Industrial: September 2020 December 61,718.48 198,000,000 41,600,000 89,600,000 97.3% 87,200,000 – Science and Technology Center 1 April 2069 2021 under construction, Wuhan I-6– III-16 – 74 The remaining portion of Hu’nan – I 115,186.90 114,609.42 – Industrial: March 2020 July 2022 48,185.00 226,200,000 136,500,000 215,100,000 98.1% 211,000,000 – Gaoxin Smart Manufacturing 12 February Industrial Park, Xiangtan 2070

75 The remaining portion of Phase Hu’nan – I 239,146.65 236,804.85 – Industrial: I and portions of Phase II of 30 December Gaoxin District Smart Manufacturing Industrial Park under construction, Zhuzhou

November 2020 December 65,703.38 471,200,000 33,000,000 141,500,000 66.0% 93,400,000 – 2022 2064

76 Bishan Smart Manufacturing Chongqing 133,283.75 I 145,551.37 143,597.41 – Industrial: September 2020 December 118,501.59 301,600,000 91,400,000 177,000,000 98.7% 174,700,000 – Base Industrial Park, 30 May 2070 2021 Chongqing ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

77 Phase II of Xiangcheng Jinhu Fujian 61,632.48 I 81,176.87 80,500.50 – Industrial: August 2019 June 2021 53,165.94 148,500,000 80,500,000 120,300,000 100.0% 120,300,000 – Cloud Zhizao Town, 28 July 2069 Zhangzhou

78 Phase II of Shenbei High-end Liaoning – I 84,447.15 82,834.58 – Industrial: April 2020 August 2021 54,933.38 151,900,000 55,200,000 114,500,000 100.0% 114,500,000 – Smart Manufacturing 8 November Industrial Park, Shenyang 2068

79 The remaining portion of Shaanxi – I 125,076.22 123,668.73 – Industrial: April 2020 December 75,464.76 278,400,000 85,500,000 174,400,000 100.0% 174,400,000 – Airport Linkong Industrial 30 December 2021 Port under construction, Xi’an 2069 I-7– III-17 –

Notes:

1. As advised by the Group, portions of the properties with a total gross floor area of approximately 1,845,298.54 sq.m. have been pre-sold to various third parties at a total consideration of RMB6,871,116,605. Such portions of the properties have not been legally and virtually transferred and therefore we have included the units in our valuation. In arriving at our opinion on the market values of the properties, we have taken into account the contracted prices of such portions.

2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisors, which contains, inter alia, the following:

Group IV — Properties held for future development by the Group in the PRC REPORT VALUATION PROPERTY III APPENDIX

Market Value for Reference (for Construction properties Cost Market Value without Total Total incurred up Market Value Attributable proper title Leasable/ Number Estimated Estimated to the in existing to the Group certificates) Saleable GFA of Land Use Construction Estimated Construction valuation state as at the Interest as at the as at the Property Province/ (excluding Saleable Rights Expiry Commencement Completion Total Saleable Cost (if under date (if under valuation Attributable valuation valuation No. Name of Property Municipality Site Area Use Total GFA CPS) CPS Date Date Date GFA Pre-Sold development) development) date to the Group date date (sq.m.) (sq.m.) (sq.m.) (sq.m.) (RMB) (RMB) (RMB) (%) (RMB) (RMB)

– – – – 3,017,451.05 – – – – – – – – 1,345,400,000 – 1,295,700,000 –

80 A parcel of land for Phase I of Jiangsu 88,872.21 I 268,476.63 – – Industrial: August 2021 March 2025 – – – 102,200,000 98.7% 100,900,000 – Jiangbei New District Zhigu 11 June 2069 Industrial Complex, Nanjing

81 A parcel of land for Phase II of Jiangsu 22,108.00 I 26,121.94 – – Industrial: May 2021 July 2022 – – – 11,900,000 95.5% 11,400,000 – Yixing Heqiao Smart 13 December Manufacturing Park, Yixing 2070

82 Reserved land for Phase II of Jiangsu – C, O 20,387.24 – – Commercial September 2019 March 2023 – – – 17,600,000 90.0% 15,800,000 – Nantong Gangzha Chechuang and office: Smart Automobile City 17 June 2060 Industrial Complex Project, Nantong I-8– III-18 – 83 Reserved land of Tongshan Jiangsu – I 203,186.13 – – Industrial: April 2021 June 2023 – – – 94,700,000 99.0% 93,800,000 – Chengbei Eco New City Smart 22 September Manufacturing Town Project, 2070 Xuzhou

84 A parcel of land for Cixi Zhejiang 55,297.00 I 99,764.88 – – Industrial: April 2021 December – – – 79,700,000 100.0% 79,700,000 – Sino-Germany Industrial Park, 21 January 2022 Ningbo 2071

85 A parcel of land for Phase I of Zhejiang 62,817.00 I 118,230.19 – – Industrial: May 2021 April 2023 – – – 29,800,000 96.2% 28,700,000 – Jingkai District Jinxi 5 September Entrepreneur & Innovation 2069 Industrial Park, Jinhua ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

86 A parcel of land for Shuikou Guangdong 106,439.00 I 340,732.76 – – Industrial: May 2021 May 2023 – – – 109,000,000 96.5% 105,200,000 – High-end Electronic 28 December Information Industrial Park, 2070 Huizhou

87 Reserved land for Phase II of Guangdong – I 241,370.77 – – Industrial: June 2021 February 2024 – – – 78,600,000 97.8% 76,900,000 – Duanzhou Shuanglong Science 17 April 2069 and Innovation Industrial Park, Zhaoqing

88 A parcel of land for Phase II of Hebei 64,430.30 I 90,000.00 – – Industrial: July 2021 April 2022 – – – 49,000,000 85.0% 41,700,000 – Gaocheng Likang Hi-tech 25 August Biological Science and 2070 Technology Industrial Park, Shijiazhuang

89 Reserved land of Lutai Jingjin Hebei – I 19,607.90 – – Industrial: March 2021 June 2022 – – – 9,000,000 100.0% 9,000,000 – Chuangzhi Industrial Park, 10 October

I-9– III-19 – Tangshan 2069

90 A parcel of land for Phase II of Hebei 129,960.00 I 115,123.03 – – Industrial: May 2021 December – – – 73,000,000 100.0% 73,000,000 – Jingkai Industrial New City, 9 July 2069 2021 Cangzhou

91 Reserved land of Phase I and a Hebei – I 160,059.83 – – Industrial: March 2021 November – – – 100,800,000 85.0% 85,700,000 – parcel of land for Phase II of 23 November 2023 Qingyuan New Economics 2070 Industrial Park, Baoding

92 A parcel of land for Gu’an Heibei 39,303.75 I 60,078.08 – – Industrial: June 2021 May 2022 – – – 49,800,000 100.0% 49,800,000 – Jingnan Science & Technology 9 December Smart Valley, Langfang 2070 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

93 A parcel of land for Gu’an Heibei 67,464.20 I 121,723.31 – – Industrial: June 2021 June 2024 – – – 89,300,000 100.0% 89,300,000 – Jingnan Science & Technology 15 December Smart Valley (Phase II), 2059 Langfang

94 Reserved land of Sanhe Hebei – I 89,336.37 – – Industrial: March 2021 June 2023 – – – 47,000,000 100.0% 47,000,000 – Kechuang Smart Valley, 4 August 2070 Langfang

95 A parcel of land for Airport Henan 73,858.60 I 121,444.04 – – Industrial: August 2021 August 2023 – – – 53,200,000 100.0% 53,200,000 – Zone Smart Electronics 27 February Industrial Park, Zhengzhou 2067

96 A parcel of land for Mingang Henan 108,437.90 I 145,050.96 – – Industrial: June 2021 January 2023 – – – 71,900,000 100.0% 71,900,000 – Industrial Park, Zhengzhou 4 April 2071

97 Reserved land of Parcels 2# Shandong – I 134,783.22 – – Industrial: May 2021 June 2023 – – – 27,400,000 100.0% 27,400,000 – and 3# of Tianqiao Smart 15 December Manufacturing Town, Jinan 2068 and 14 I-0– III-20 – March 2069

98 Reserved land of Jimo Science Shandong – I 47,908.89 – – Industrial: April 2022 July 2023 – – – 11,800,000 100.0% 11,800,000 – & Technology Industrial Park, 27 October Qingdao 2069

99 A parcel of land for Phase II of Shandong 44,962.00 I 51,072.87 – – Industrial: June 2021 November – – – 28,300,000 96.7% 27,400,000 – Yuandu (Weifang) Smart 19 November 2022 Valley, Weifang 2070

100 Reserved land of Huantai Shandong – I 5,593.75 – – Industrial: September 2021 October 2022 – – – 2,500,000 100.0% 2,500,000 – County Chuangzhi Future 11 May 2070 Industrial Town, Zibo ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

101 Reserved land of East West Hubei – I 161,387.62 – – Industrial: April 2021 December – – – 50,000,000 97.3% 48,700,000 – Lake Science and Technology 1 April 2069 2021 Center, Wuhan

102 The remaining portion of Hu’nan – I 13,459.94 – – Industrial: September 2021 December – – – 6,500,000 66.0% 4,300,000 – reserved land of Phase II of 30 December 2022 Gaoxin District Smart 2064 Manufacturing Industrial Park, Zhuzhou

103 A parcel of land for Banan Chongqing 90,600.00 I 112,013.49 – – Industrial: May 2021 May 2022 – – – 41,400,000 100.0% 41,400,000 – Health Industrial Park, 21 January Chongqing 2071

104 A parcel of land for Phase II of Sichuan 120,303.69 I 93,212.29 – – Industrial: March 2021 September – – – 26,800,000 100.0% 26,800,000 – Anzhou Qindong Future 12 January 2022 Vehicle Industrial Park, 2070 Mianyang I-1– III-21 – 105 A parcel of land for Taishan Fujian 33,006.00 I 40,909.96 – – Industrial: April 2021 April 2022 – – – 15,000,000 70.0% 10,500,000 – District Intelligent Grid & 12 January Electronic Industrial Park, 2071 Quanzhou

106 A parcel of land for Tiexi Liaoning 62,092.33 I 55,010.71 – – Industrial: May 2021 December – – – 39,300,000 98.9% 38,900,000 – Sino-Germany Smart 13 July 2070 2021 Manufacturing Valley, Shenyang

107 A parcel of land for Dadong Liaoning 72,765.47 I 61,404.25 – – Industrial: Vehicle Chuangzhicheng 26 October Project, Shenyang

April 2021 August 2022 – – – 29,900,000 77.0% 23,000,000 –

2070 ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Notes:

1. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisors, which contains, inter alia, the following:

The Group is legally and validly in possession of the land use rights with respect to the properties. The Group has the rights to occupy, use, lease and dispose of the land use rights of the properties except the land parcels which are subject to mortgages. The group is subject to restrictions to transfer, lease, re-mortgage or otherwise dispose of the land use rights of the mortgaged portion of the properties. I-2– III-22 – ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS

Group V — Properties contracted to be acquired by the Group in the PRC REPORT VALUATION PROPERTY III APPENDIX

– – – – 1,164,556.34 – – – – – ––––––1,453,600,000

108 A parcel of land for Zhengding Hebei 58,589.10 I 80,550.27 – – – April 2021 December ––––100.0% – 43,100,000 Technology Valley, 2021 Shijiazhuang

109 A parcel of land for Intelligent Henan 61,768.34 I 85,331.43 – – – May 2021 November ––––100.0% – 37,200,000 Equipment Innovation Port, 2022 Luoyang

110 A parcel of land for Konggang Shandong 33,334.00 I 48,991.36 – – – May 2021 September ––––100.0% – 8,400,000 New Infrastructure Smart 2022 Valley, Qingdao

111 2 parcels of land for East West Hebei 107,824.52 R, C 349,909.00 – – – April 2021 March 2025 ––––49.0% – 1,081,500,000

I-3– III-23 – Lake Zoina National Cyber Security Headquarters Park Project, Wuhan

112 A parcel of land for Phase III of Hu’nan 112,276.82 I 126,400.00 – – – March 2022 December ––––66.0% – 56,600,000 Gaoxin District Smart 2023 Manufacturing Industrial Park, Zhuzhou

113 2 parcels of land for Xinjian Jiangxi 174,000.00 I 206,965.21 – – – May 2021 June 2024 ––––100.0% – 83,900,000 Digital Smart Manufacturing Industrial Park, Nanchang

114 A parcel of land for Smart Shanxi 159,611.23 I 150,530.76 – – – July 2021 October 2022 ––––100.0% – 89,100,000 Manufacturing Future City, Jinzhong ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX

115 A parcel of land for Qinhan Shaanxi 92,971.96 I 115,878.32 – – – May 2021 May 2023 ––––100.0% – 53,800,000 Zhikang Cloud Valley Base, Xi’an

Notes:

I-4– III-24 – 1. As at the valuation date, the properties had not been assigned to the Group and thus the titles of the properties had not been vested in the Group, the relevant land use rights certificates had not been obtained. Therefore, we have attributed no commercial value to the properties in this Group. For reference purpose, we have assessed the market value for reference of them assuming their title certificates have been obtained and can be freely transferred by the Group and there is no legal impediment and onerous cost in obtaining the title certificates.

2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisors, which contains, inter alia, the following:

The State-owned Construction Land Use Rights Grant Contracts are legal and valid. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS

Summary of Projects REPORT VALUATION PROPERTY III APPENDIX

Abbreviation:

GDV: Gross Development Value (RMB) as if completed for property under construction of the project MCP-LV: Market Comparable Price (Land Value) (RMB/sq.m) based on the site area MCP-AV: Market Comparable Price (Accommodation Value) (RMB/sq.m) for bare lands of the project MCP-I: Market Comparable Price (RMB/sq.m.) for industrial MCP-A: Market Comparable Price (RMB/sq.m.) for apartment MCP-R: Market Comparable Price (RMB/sq.m.) for residential MCP-C: Market Comparable Price (RMB/sq.m.) for commercial MCP-S: Market Comparable Price (RMB/sq.m.) for storage MCP-CPS: Market Comparable Price (RMB/space) for car parking space Rent-I: Market Monthly Rent (RMB/sq.m.) for industrial Rent-A: Market Monthly Rent (RMB/sq.m.) for apartment CR: Capitalization Rate

I-5– III-25 – Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

Total – – – – 8,913,200,000 8,648,200,000 1,453,600,000 –

1 Nanjing Luhe The project is located at the southern Jiangsu 22, 38 151,200,000 143,600,000 – GDV: 248,500,000 Kechuang Park side of Huoju Road. The locality of the MCP-I: 4,100 - 4,500 (南京六合科創園) project is a newly-developed industrial Rent-I: 14 - 17 area. The project was being developed CR-I: 5.2% - 5.7% into an industrial park in one phase. As at the valuation date, the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

2 Nanjing Jiangbei The project is located at the western side Jiangsu 1, 23, 80 230,100,000 227,200,000 – MCP-I: 4,000 - 4,400 New District Zhigu of Guabu Road. The locality of the MCP-LV: 410 - 440 Industrial Complex project is a newly-developed industrial Rent-I: 14 - 17 (南京江北新區智谷 area. The project was being developed CR-I: 5.2% - 5.7% 產業綜合體) into an industrial park in two phases. As at the valuation date, Phase II of the project was completed of which various industrial units were vacant for sale and various industrial units were intended to be rented to various third parties, whilst Phase II was bare land.

3 Suzhou Changshu The project is located at the northern Jiangsu 24, 39 176,800,000 159,200,000 – GDV: 513,300,000 I-6– III-26 – Science and side of Yangguang Avenue and the MCP-I: 4,000 - 4,400 Technology Park western side of Xinsheng Road. The Rent-I: 16 - 20 (蘇州常熟科創園) locality of the project is a well-developed Rent-A: 26 - 30 industrial area served by various public CR-I: 5.2% - 5.7% facilities and convenient transportation CR-A: 4.7% - 5.2% network. The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction.

4 Suzhou Changshu The project is located at the northern Jiangsu 25, 40 83,400,000 82,100,000 – GDV: 208,100,000 Modern side of Minfeng Road and the eastern MCP-I: 3,300 - 3,700 Manufacturing side of Anqing Road. The locality of the Rent-I: 11 - 15 Industrial Park project is a well-developed industrial CR: 5.2% - 5.7% (蘇州常熟現代智造 area served by various public facilities 產業園) and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

5 Wuxi Yixing The project is located at the eastern side Jiangsu 81 11,900,000 11,400,000 – MCP-LV: 500 - 550 Heqiao Smart of Chunjiang Road. The locality of the Manufacturing project is a newly-developed industrial Park area. The project was being developed (無錫宜興和橋智造 into an industrial park in two phases. As 園) at the valuation date, Phase I of the project was completed, whilst Phase II was bare land.

6 Changzhou The project is located at the eastern side Jiangsu 41 44,700,000 44,700,000 – GDV: 189,700,000 Tianning Kechuang of Heheng Road. The locality of the MCR-I: 3,700 - 4,000 Smart Valley project is a well-developed industrial (常州天寧科創智谷) area served by various public facilities and convenient transportation network. I-7– III-27 – The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction.

7 Changzhou Wujin The project is located at the northern Jiangsu 26, 42 103,200,000 103,200,000 – GDV: 243,600,000 Xueyan Smart side of Zhounan Road. The locality of the MCP-I: 3,300 - 3,600 Manufacturing project is a well-developed industrial Rent-I: 10 - 14 Industrial Park area served by various public facilities CP-I: 5.2% - 5.7% (常州武進雪堰智造 and convenient transportation network. 產業園) The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction.

8 Changzhou Wujin The project is located at the northern Jiangsu 43 168,300,000 160,100,000 – GDV: 318,600,000 Chuangzhi Cloud side of Hongxi Road. The locality of the MCP-I: 4,000 - 4,300 Valley project is a newly-developed industrial (常州武進創智雲谷) area. The project was being developed into an industrial park in two phases. As at the valuation date, Phase I of the project was completed, whilst Phase II was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

9 Zhenjiang The project is located at the northern Jiangsu 2 149,100,000 143,400,000 – MCP-I: 2,800 - 3,200 Yangzhong Smart side of Huaqiang Road. The locality of Manufacturing the project is a well-developed industrial Industrial Park area served by various public facilities (鎮江揚中智能製造 and convenient transportation network. 產業園) The project had been developed into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale.

10 Nantong Gangzha The project is located at the eastern side Jiangsu 27, 44, 82 211,800,000 190,600,000 – GDV: 875,900,000 Chechuang Smart of Changtai Road. The locality of the MCP-AV: 1,000 - 1,200 I-8– III-28 – Automobile City project is a well-developed industrial MCP-I: 4,000 - 4,500 Industrial Complex area served by various public facilities Rent-I: 14 - 17 Project and convenient transportation network. CP-I: 5.2% - 5.7% (南通港閘車創智車 The project was being developed into an 城都市工業綜合體項 industrial and commercial development 目) in two phases. As at the valuation date, Phase I of the project was under construction, whilst Phase II was bare land.

11 Nantong Tongzhou The project is located at the southern side of Jiangsu 3, 45 96,300,000 96,300,000 – GDV: 114,400,000 Bay Binhai Park Zhanjiang Road and the eastern side of MCP-I: 2,400 - 3,100 (南通通州灣濱海園 Lehai Avenue. The locality of the project is 區) a well-developed industrial area served by various public facilities and convenient transportation network. The project was being developed into an industrial park in five phases. As at the valuation date, Parcels 1#, 5# and 6# of the project were completed and various unsold units of Parcel 1# were vacant for sale, whilst Parcel 11# was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

12 Yangzhou Yizheng The project is located at the northern Jiangsu 4 135,100,000 133,300,000 – MCP-I: 2,600 - 2,800 Smart Industrial side of Jinhua Road. The locality of the Park project is a newly-developed industrial (揚州儀征智慧工業 area. The project had been developed 園) into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale.

13 Xuzhou Tongshan The project is located at the southern Jiangsu 46, 83 116,700,000 115,600,000 – GDV: 24,700,000 Chengbei Eco New side of Xingye Middle Road and the MCP-LV: 300 - 350 City Smart western side of Xingye Road. The MCP-I: 3,300 - 3,700 Manufacturing locality of the project is a I-9– III-29 – Town Project newly-developed industrial area. The (徐州銅山城北生態 project was being developed into an 新城智造小鎮項目) industrial park in one phase. As at the valuation date, portions of the project were under construction, whilst the remaining portion of the project was bare land.

14 Taizhou Jinjiang The project is located at the eastern side Jiangsu 47 121,800,000 121,800,000 – GDV: 348,300,000 Smart of Xinmin Avenue. The locality of the MCP-I: 2,900 - 3,100 Manufacturing project is a newly-developed industrial Valley area. The project was being developed (泰州靖江智造谷) into an industrial park in one phase. As at the valuation date, the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

15 Hangzhou The project is located at the northern Zhejiang 28, 48 121,400,000 121,400,000 – GDV: 317,400,000 Xiaoshan side of Hongtai Sixth Road and the MCP-I: 5,100 - 5,300 Qianjiang Cloud western side of Kenhui Eighth Road. The Rent-A: 30 - 35 Valley Base locality of the project is a well-developed CR-A: 4.7% - 5.2% (杭州蕭山錢江雲谷 industrial area served by various public 基地) facilities and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, portions of the project were completed, whilst the remaining portion of the project was under construction.

I-0– III-30 – 16 Ningbo Ninghai The project is located at the northern Zhejiang 29, 49 135,600,000 132,400,000 – GDV: 307,500,000 Binhai Smart side of Henghai Golden Bay. The locality MCP-I: 3,000 - 3,200 Manufacturing of the project is a newly-developed MCP-A: 3,800 - 4,200 Park industrial area. The project was being Rent-I: 10 - 13 (寧波寧海濱海智造 developed into an industrial park in one CR-I: 5.2% - 5.7% 產業園) phase. As at the valuation date, the project was under construction.

17 Ningbo Zhenhai The project is located at the northern Zhejiang 30, 50 260,700,000 256,700,000 – GDV: 267,900,000 Smart side of Xingye Road and the eastern side MCP-I: 4,300 - 4,500 Manufacturing of Huiyuan Road. The locality of the MCP-A: 6,100 - 6,400 Park project is a well-developed industrial Rent-A: 15 - 18 (寧波鎮海智造谷) area served by various public facilities CR-A: 4.7% - 5.2% and convenient transportation network. The project was being developed into an industrial park in two phases. As at the valuation date, Phase I of the project was completed, whilst Phase II was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

18 Ningbo Cixi The project is located at the northern Zhejiang 84 79,700,000 79,700,000 – MCP-LV: 1,300 - 1,500 Sino-Germany side of Zhongheng Line. The locality of Industrial Park the project is a well-developed industrial (寧波慈溪中德產業 area served by various public facilities 園) and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

19 Jiaxing Pinghu The project is located at the southern side of Zhejiang 51 101,100,000 101,100,000 – GDV: 176,300,000 Digital Equipment Chuangye Road and the western side of MCP-I: 3,900 - 4,200 Industrial Park Pingxing Line. The locality of the project is (嘉興平湖數字裝備 a well-developed industrial area served by I-1– III-31 – 產業園) various public facilities and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction.

20 Jinhua Jingkai The project is located at the northern side of Zhejiang 31, 52, 85 164,600,000 158,400,000 – GDV: 221,200,000 District Jinxi Weisan Road and the western side of MCP-I: 2,500 - 2,700 Entrepreneur & Jingsan Road. The locality of the project is a MCP-LV: 450 - 500 Innovation newly-developed industrial area. The Industrial Park project was being developed into an (金華經開區金西創 industrial park in two phases. As at the 業創新產業園) valuation date, portions of Phase II of the project were completed, portions of Phase II of the project were under construction, whilst Phase I and the remaining portion of Phase II were bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

21 Huzhou The project is located at the eastern side Zhejiang 5, 53 177,700,000 174,500,000 – GDV: 107,000,000 Changxing Green of Qilv Road. The locality of the project MCP-I: 2,900 - 3,100 Smart is a well-developed industrial area Manufacturing served by various public facilities and Park convenient transportation network. The (湖州長興綠色智造 project was being developed into an 產業園) industrial park in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, whilst the remaining portion of the project was under construction.

I-2– III-32 – 22 Hefei Changfeng The project is located at the northern Anhui 6 13,600,000 13,000,000 – MCP-I: 2,400 - 2,600 Smart side of Runhe Road and the eastern side Manufacturing of Shuangdun Road. The locality of the Industrial Park project is a well-developed industrial (合肥長豐智能製造 area served by various public facilities 產業園) and convenient transportation network. The project had been developed into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale.

23 Hefei Feixi The project is located at the northern Anhui 7 90,900,000 90,900,000 – MCP-I: 2,700 - 3,000 Manufacturing side of Fenglehe Avenue and the eastern Industrial Park side of Jinzhai South Road. The locality (合肥肥西製造產業 of the project is a well-developed 園) industrial area served by various public facilities and convenient transportation network. The project had been developed into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

24 Chuzhou Nanqiao The project is located at the southern Anhui 8 71,700,000 70,600,000 – MCP-I: 2,400 - 2,700 Smart Town side of Shuangying Road and the eastern (滁州南譙智慧小鎮) side of Yuanzhuang Road. The locality of the project is a well-developed industrial area served by various public facilities and convenient transportation network. The project had been developed into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale.

25 Foshan Shunde The project is located at Shunde Guangdong 9 35,300,000 35,300,000 – MCP-I: 3,200 - 3,600 Yuegangao Bigger High-tech Intelligent Technology MCP-CPS: 75,000 - I-3– III-33 – Bay Area Smart Industry Center, No. 9 Shunying Road. 85,000 Innovation Town The locality of the project is a (佛山順德粵港澳大 well-developed industrial area served by 灣區智能創新小鎮) various public facilities and convenient transportation network. The project had been developed into an industrial park in one phase. As at the valuation date, the project was completed of which various industrial units were vacant for sale.

26 Foshan Gaoming The project is located at the eastern side Guangdong 10, 54 518,700,000 501,600,000 – GDV: 602,300,000 Zoina Smart City of Haitian Road and the southern side of MCP-I: 2,900 - 3,500 (佛山高明智匯城) Mingxi Road. The locality of the project MCP-A: 4,300 - 4,700 is a well-developed industrial area CPS: 75,000 - 82,000 served by various public facilities and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, whilst the remaining portion of the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

27 Foshan Sanshui The project is located at the eastern side Guangdong 32, 55 131,600,000 123,700,000 – GDV: 370,300,000 Auto Space Smart of Baijin Avenue. The locality of the MCP-I: 3,450 - 3,950 Car Port project is a well-developed industrial Rent-I: 13 - 16 (佛山三水AUTO area served by various public facilities CR-I: 5.2% - 5.7% SPACE智車港) and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction.

28 Foshan Nanhaiwan The project is located at Xiqiao Textile Guangdong 33, 56 127,900,000 127,900,000 – GDV: 612,700,000 District Zhihui Industry Base. The locality of the project MCP-I: 3,700 - 4,000 New City is a well-developed industrial area Rent-I: 12 - 15

I-4– III-34 – (佛山南海灣區智匯 served by various public facilities and Rent-A: 18 - 22 新城) convenient transportation network. The CR-I: 5.2% - 5.7% project was being developed into an CP-A: 4.7% - 5.2% industrial park in one phase. As at the valuation date, the project was under construction.

29 Zhongshan Banfu The project is located at Banfu Village, Guangdong 57 197,700,000 197,700,000 – GDV: 725,800,000 Smart Equipment Banfu Town. The locality of the project is MCP-I: 3,600 - 4,600 Manufacturing a well-developed industrial area served MCP-A: 4,200 - 4,800 Industrial Park by various public facilities and (中山板芙智能製造 convenient transportation network. The 裝備產業園) project was being developed into an industrial park in one phase. As at the valuation date, the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

30 Huizhou Zhongkai The project is located at the eastern side Guangdong 58 265,300,000 257,600,000 – GDV: 860,300,000 High-end of Xinhua Avenue. The locality of the MCP-I: 4,250 - 4,750 Electronic project is a well-developed industrial Information area served by various public facilities Industrial Park and convenient transportation network. (惠州仲愷高端電子 The project was being developed into an 信息產業園) industrial park in one phase. As at the valuation date, portions of the project were completed, whilst the remaining portion of the project was under construction.

31 Huizhou Shuikou The project is located at the eastern side Guangdong 86 109,000,000 105,200,000 – MCP-LV: 900-1,100 I-5– III-35 – High-end of No.1 Road and the western side of Electronic Licheng Gongye Avenue. The locality of Information the project is a newly-developed Industrial Park industrial area. The project will be (惠州惠城水口高端 developed into an industrial park in one 電子信息創新園) phase. As at the valuation date, the project was bare land.

32 Jiangmen Xinhui The project is located at Shiming Village, Guangdong 11, 59 309,500,000 309,500,000 – GDV:72,800,000 Rongzhichuangmei Siqian Town. The locality of the project is MCP-I: 2,600-3,100 Industrial Park a newly-developed industrial area. The (江門新會融智創美 project was being developed into an 產業谷) industrial park in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, whilst the remaining portion of the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

33 Jiangmen Taishan The project is located at No. 1, Fu’an Guangdong 12, 60 85,300,000 81,500,000 – GDV: 226,900,000 Smart Equipment West Road, Dajiang Town. The locality of MCP-I: 2,500-3,200 Industrial Park the project is a newly-developed (江門台山智能裝備 industrial area. The project was being 產業園) developed into an industrial park in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, whilst the remaining portion of the project was under construction.

34 Zhaoqing The project is located at the northern Guangdong 13, 61, 87 200,200,000 195,800,000 – GDV: 10,200,000 Duanzhou side of Feilong Road and the eastern side MCP-LV: 600 - 700 I-6– III-36 – Shuanglong of Longteng Road in Shuanglong Area. MCP-I: 2,800 - 3,200 Science and The locality of the project is a Innovation newly-developed industrial area. The Industrial Park project was being developed into an (肇慶端州雙龍科創 industrial park in two phases. As at the 產業谷) valuation date, portions of Phase I of the project were completed of which various industrial units were vacant for sale, the remaining portion of Phase I was under construction, whilst Phase II was bare land.

35 Shijiazhuang The project is located at the northern Hebei 62, 88 125,300,000 106,600,000 – GDV:205,300,000 Gaocheng Likang side of Songjiang Road and the western MCP-I: 3,400 - 3,700 Hi-tech Biological side of Tadong Road. The locality of the MCP-LV: 450 - 550 Science and project is a newly-developed industrial Technology area. The project was being developed Industrial Park into an industrial park in two phases. As (石家莊藁城麗康高 at the valuation date, Phase I of the 科生物科技產業園) project was under construction, whilst Phase II was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

36 Shijiazhuang The project is located at the northern Hebei 108 – – 43,100,000 MCP-LV: 700 - 760 Zhengding side of Chongyin Road and the western Technology Valley side of Weituo Street. The locality of the (石家莊正定科技谷) project is a newly-developed industrial area. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

37 Tangshan Lutai The project is located at the northern Shandong 14, 63, 89 123,700,000 123,700,000 – GDV: 143,000,000 Jingjin Chuangzhi side of Rongcheng Road and the eastern MCP-I: 2,800 - 3,100 Industrial Park side of Shengshi Avenue. The locality of MCP-LV: 170 - 220 (唐山蘆台京津創智 the project is a well-developed industrial 產業園) area served by various public facilities I-7– III-37 – and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, portions of the project were under construction, whilst the remaining portion of the project was bare land.

38 Cangzhou Jingkai The project is located at the northern Hebei 15, 90 227,700,000 227,700,000 – MCP-LV: 500 - 600 Industrial New side of Dongfeng Road and the eastern MCP-I: 2,700 - 3,000 City side of Jingqi Street. The locality of the (滄州經開產業新城) project is a well-developed industrial area served by various public facilities and convenient transportation network. The project was being developed into an industrial park in two phases. As at the valuation date, Phase I of the project was completed of which various industrial units were vacant for sale, whilst Phase II was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

39 Baoding Qingyuan The project is located at the northern Heibei 64, 91 198,300,000 168,600,000 – GDV: 269,400,000 New Economics side of Zhongxin West Road and the MCP-I:3,400 - 3,800 Industrial Park western side of Lekai Street. The locality MCP-LV: 680 - 750 (保定清苑新經濟產 of the project is a well-developed 業園) industrial area served by various public facilities and convenient transportation network. The project was being developed into an industrial park in two phases. As at the valuation date, portion of Phase I of the project were under construction, whilst Phase II and the remaining portion of Phase I were bare land. I-8– III-38 –

40 Gu’an Jingnan The project is located at the eastern side Hebei 92 49,800,000 49,800,000 – MCP-LV: 1,150 - Science & of Jingba Road and the northern side of 1,350 Technology Smart Ankang West Street. The locality of the Valley project is a newly-developed industrial (固安京南科技智谷) area. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

41 Gu’an Jingnan The project is located at the eastern side Hebei 93 89,300,000 89,300,000 – MCP-LV: 1,150 - Science & of Min’an Road and the northern side of 1,350 Technology Smart No.5 Road. The locality of the project is a Valley (Phase II) well-developed industrial area served by (固安京南科技智谷 various public facilities and convenient (二期)) transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

42 Langfang Sanhe The project is located at the southern Hebei 65, 94 115,200,000 115,200,000 – GDV: 286,200,000 Kechuang Smart side of Liushan Avenue and the western MCP-I: 6,300 - 6,800 Valley side of Gushan West Road. The locality MCP-LV: 900 - 1,000 (廊坊三河科創智谷 of the project is a newly-developed 產業園) industrial area. The project was being developed into an industrial park in one phase. As at the valuation date, portions of the project were under construction, whilst the remaining portion of the project was bare land.

43 Zhengzhou Airport The project is located at the southern Henan 95 53,200,000 53,200,000 – MCP-LV: 650 - 750 Zone Smart side of Rutu Road and the western side I-9– III-39 – Electronics of Qiaosong Street. The locality of the Industrial Park project is a well-developed industrial (鄭州航空港區智慧 area served by various public facilities 電子產業園) and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

44 Zhengzhou The project is located at the southern Henan 96 71,900,000 71,900,000 – MCP-LV: 600 - 700 Mingang Industrial side of Tenth Industrial Road and the Park eastern side of Huaxia Avenue. The (鄭州閩港產業園) locality of the project is a well-developed industrial area served by various public facilities and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

45 Luoyang The project is located at the northern Henan 109 – – 37,200,000 MCP-LV: 580 - 640 Intelligent side of Guanlin Road and the western Equipment side of Letian Street. The locality of the Innovation Port project is a well-developed industrial (洛陽智能裝備創新 area served by various public facilities 港) and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

46 Jinan Tianqiao The project is located at the southern Shandong 16, 34, 66, 97 391,800,000 391,800,000 – GDV: 496,400,000 Smart side of Xinyuan Avenue and the eastern MCP-LV: 650 - 700 Manufacturing side of Zidong Avenue. The locality of MCP-I: 4,200 - 4,550 I-0– III-40 – Town the project is a well-developed industrial Rent-I: 15 - 18 (濟南天橋智能智造 area served by various public facilities CR-I: 6.3%-6.7% 小鎮) and convenient transportation network. The project was being developed into an industrial development in three phases. As at the valuation date, Parcel 1# was completed of which various industrial units were rented or intended to be rented to various third parties, portions of Parcel 2# were completed of which various industrial units were vacant for sale, portions of Parcel 3# were under construction, whilst the remaining portion of Parcel 2# and 3# were bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

47 Qingdao Jimo The project is located at the northern Shandong 17, 67, 98 385,200,000 385,200,000 – GDV: 294,400,000 Science & side of Dazhong Yi Road and the western MCP-LV: 450 - 550 Technology side of Fengshui Er Road. The locality of MCP-I: 3,400 - 3,800 Industrial Park the project is a newly-developed (青島即墨科技創新 industrial area. The project was being 產業園) developed into an industrial development in one phase. As at the valuation date, portions of the project were completed of which various industrial units were vacant for sale, portions of the project were under construction, whilst the remaining portion was bare land. I-1– III-41 –

48 Qingdao Konggang The project is located at Datun Industrial Shandong 110 – – 8,400,000 MCP-LV: 230 - 280 New Infrastructure Park. The locality of the project is a Smart Valley newly-developed industrial area. The (青島空港新基建智 project will be developed into an 造谷) industrial development in one phase. As at the valuation date, the project was bare land.

49 Yuandu (Weifang) The project is located at the southern Shandong 68, 99 88,200,000 85,300,000 – GDV: 239,400,000 Smart Valley side of Weichang Road and the western MCP-I: 3,700 - 4,000 (鳶都（濰坊）智谷 side of Changjiang Road. The locality of MCP-LV: 590 - 660 產業園) the project is a well-developed industrial area served by various public facilities and convenient transportation network. The project was being developed into an industrial park in two phases. As at the valuation date, Phase I was under construction, whilst Phase II was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

50 Weifang Jingkai The project is located at the northern Shandong 18, 69 159,200,000 153,600,000 – GDV: 360,500,000 District Yuandu side of Taixiang Street and the eastern MCP-I: 3,400 - 3,800 Industrial Complex side of Wenhua Road. The locality of the (濰坊經開區鳶都匯 project is a well-developed industrial 智產業綜合體) area served by various public facilities and convenient transportation network. The project was being developed into an industrial development in two phases. As at the valuation date, portions of Phase I were completed of which various industrial units were vacant for sale, whilst the remaining portion of Phase I and Phase II were under construction. I-2– III-42 –

51 Yantai Fushan The project is located at the western side Shandong 70 114,100,000 110,800,000 – GDV: 362,500,000 District Smart of Zhonggu Avenue. The locality of the MCP-I: 3,100 - 3,700 Manufacturing project is a newly-developed industrial Industrial Park area. The project was being developed (煙台福山區智能製 into an industrial development in one 造產業園) phase. As at the valuation date, the project was under construction.

52 Zibo Huantai The project is located at the western side Shandong 71 184,600,000 184,600,000 – GDV:764,600,000 County Chuangzhi of Yaochang Avenue and the northern MCP-R: 5,500 - 7,000 Garden side of Sanying Avenue. The locality of MCP-C: 8,000 - (淄博桓台縣創智花 the project is a newly-developed 10,000 園) residential area served by various public MCP-S: 2,300 - 2,700 facilities and convenient transportation MCP-CPS: 65,000 - network. The project was being 75,000 developed into a residential development in one phase. As at the valuation date, the project was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

53 Zibo Huantai The project is located at the western side Shandong 72, 100 75,500,000 75,500,000 – GDV: 165,500,000 County Chuangzhi of Yaochang Avenue and the southern MCP-I: 3,000 - 3,300 Future Industrial side of Sanying Avenue. The locality of MCP-LV: 460 - 500 Town the project is a newly-developed (淄博桓台縣創智未 industrial area. The project was being 來產業小鎮) developed into an industrial park in one phase. As at the valuation date, portions of the project were under construction, whilst the remaining portion was bare land.

54 Wuhan East West The project is located at the southern Hubei 73, 101 139,600,000 135,900,000 – GDV: 362,900,000 Lake Science and side of Jinghe Avenue and the western MCP-LV: 540 - 660 I-3– III-43 – Technology Center side of Linkonggang Road. The locality MCP-I: 3,700 - 4,000 (武漢東西湖科創中 of the project is a well-developed 心) industrial area served by various public facilities and convenient transportation network. The project was being developed into an industrial park in one phase. As at the valuation date, portions of the project were under construction, whilst the remaining portion was bare land.

55 Wuhan East West The project is located at the southern Hebei 111 – – 1,081,500,000 MCP-AV: Lake Zoina side of Binhe Avenue and the western 5,800 - 6,300 for National Cyber side of Jinghe Avenue. The locality of the residential land and Security project is a well-developed residential 1,900 - 2,200 for Headquarters Park and commercial area served by various commercial land Project public facilities and convenient (武漢東西湖國家網 transportation network. The project will 安總部公園項目) be developed into a residential and commercial development in two phases. As at the valuation date, the project was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

56 Xiangtan Gaoxin The project is located at the southeast Hunan 35, 74 223,800,000 219,500,000 – GDV: 395,300,000 Smart corner of the intersection of Chuangye MCP-I: 2,700 - 3,000 Manufacturing Road and Xunda Road. The locality of Rent-I: 13 - 17 Industrial Park the project is a newly-developed CR-I: 6.3% - 6.7% (湘潭高新智能製造 industrial area. The project was being 產業園) developed into an industrial park in one phase. As at the valuation date, the project was under construction.

57 Zhuzhou Gaoxin The project is located at the southern Hunan 36, 75, 102, 112 152,300,000 100,500,000 56,600,000 GDV: 771,000,000 District Smart side of Gaotang Road and the western MCP-LV: 450 - 550 Manufacturing side of Xianyuehuan Road. The locality MCP-I: 2,900 - 3,200 Industrial Park of the project is a well-developed Rent-I: 12 - 15 I-4– III-44 – (株洲高新區智能製 industrial area served by various public Rent-A: 15 - 18 造產業園) facilities and convenient transportation CR-I: 6.2% - 6.7% network. The project was being CR-A: 5.7% - 6.2% developed into an industrial park in three phases. As at the valuation date, Phase I and portions of Phase II of the project were under construction, whilst Phase III and the remaining portion of Phase II were bare land.

58 Nanchang Xinjian The project is located at the western side Jiangxi 113 – – 83,900,000 MCP-LV: 450 - 500 Digital Smart of Jianmo Avenue and the northern side Manufacturing of Gongye Eighth Road. The locality of Industrial Park the project is a well-developed industrial (南昌新建數字化智 area served by various public facilities 造產業園) and convenient transportation network. The project will be developed into an industrial park in two phases. As at the valuation date, the project was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

59 Chongqing The project is located at the Chongqing 76 177,000,000 174,700,000 – GDV: 473,500,000 Bishan Smart southwestern side of Hufeng Avenue. MCP-I: 3,200 - 3,500 Manufacturing The locality of the project is a Base Industrial newly-developed industrial area. The Park project was being developed into an (重慶璧山智造產業 industrial park in one phase. As at the 園) valuation date, the project was under construction.

60 Chongqing The project is located at the eastern side Chongqing 103 41,400,000 41,400,000 – MCP-LV: 410 - 450 Banan Health of Yingmu Road and the southern side of Industrial Park Nanfu Road. The locality of the project is (重慶巴南大健康產 a newly-developed industrial area. The I-5– III-45 – 業園) project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

61 Mianyang The project is located at the southern Sichuan 19, 104 163,200,000 163,200,000 – MCP-I: 2,500 - 2,800 Anzhou Qindong side of Liao’an Road and the western MCP-LV: 210 - 240 Future Vehicle side of Jian’an Road. The locality of the Industrial Park project is a well-developed industrial (綿陽安州擎動未來 area served by various public facilities 汽車產業園) and convenient transportation network. The project was being developed into an industrial park in two phases. As at the valuation date, Phase I was completed of which various industrial units were vacant for sale, whilst Phase II was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

62 Quanzhou Taishan The project is located at the northern Fujian 105 15,000,000 10,500,000 – MCP-LV: 410 - 450 District Intelligent side of Xingwei 2nd Road and the Grid & Electronic eastern side of Xingyuan Road. The Industrial Park locality of the project is a well-developed (泉州台商區智能電 industrial area served by various public 網電氣產業園) facilities and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

63 Zhangzhou The project is located at the northern Fujian 20, 77 128,500,000 128,500,000 – GDV: 212,400,000 Xiangcheng Jinhu side of Jin’an Road. The locality of the MCP-I: 2,300 - 2,700 I-6– III-46 – Cloud Zhizao project is a well-developed industry area Town served by various public facilities and (漳州薌城金湖雲谷 convenient transportation network. The 智造小鎮) project was being developed into an industrial development in two phases. As at the valuation date, Phase I of the project was completed of which various industry units were vacant for sale, whilst Phase II was under construction.

64 Shenyang Shenbei The project is located at the northern Liaoning 21, 78 146,600,000 146,600,000 – GDV: 254,700,000 High-end Smart side of Fourth Ring Road. The locality of MCP-I: 2,800 - 3,100 Manufacturing the project is a well-developed industrial Industrial Park area served by various public facilities (瀋陽瀋北高端智能 and convenient transportation network. 製造產業園) The project was being developed into an industrial park in two phases. As at the valuation date, Phase I of the project was completed of which various industrial units were vacant for sale, whilst Phase II was under construction. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

65 Shenyang Tiexi The project is located at the northern Liaoning 106 39,300,000 38,900,000 – MCP-LV: 480 - 520 Sino-Germany side of Baoma Avenue. The locality of the Smart project is a newly-developed industrial Manufacturing area. The project will be developed into Valley an industrial park in one phase. As at the (瀋陽鐵西中德智造 valuation date, the project was bare land. 谷)

66 Shenyang Dadong The project is located at western side of Liaoning 107 29,900,000 23,000,000 – MCP-LV: 320 - 370 Vehicle Xiaogucheng Road. The locality of the Chuangzhicheng project is a newly-developed area. The Project project will be developed into an (瀋陽大東汽車創智 industrial park in one phase. As at the I-7– III-47 – 城項目) valuation date, the project was bare land.

67 Jinzhong Smart The project is located at the western side Shanxi 114 – – 89,100,000 MCP-LV: 520 - 570 Manufacturing of Nonggu Avenue and the northern side Future City of Weiqi Street. The locality of the project (晉中智造未來城) is a newly-developed industrial area. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land.

68 Xi’an Airport The project is located at the northern Shaanxi 37, 79 205,700,000 205,700,000 – GDV: 601,500,000 Linkong Industrial side of Jianping Avenue. The locality of MCP-LV: 480 - 540 Port the project is a well-developed Industrial MCP-I: 3,800 - 4,200 (西安空港臨空產業 area served by various public facilities Rent-I: 16 - 20 港) and convenient transportation network. Rent-A: 26 - 29 The project was being developed into an CR-I: 5.7% - 6.2% industrial park in one phase. As at the CR-A: 5.3% - 5.7% valuation date, portions of the project were under construction whilst the remaining portion of the project was bare land. ERA NCNUCINWT H ETO EDD“ANN”O H OE FTI DOCUMENT. THIS OF COVER THE ON MUST “WARNING” INFORMATION HEADED THE THAT SECTION AND THE CHANGE WITH TO SUBJECT CONJUNCTION AND IN INCOMPLETE READ FORM, BE DRAFT IN IS DOCUMENT THIS PEDXIIPOET AUTO REPORT VALUATION PROPERTY III APPENDIX Market Value for Reference Market Value (for properties Market Value in Attributable to without proper existing state as the Group as at title certificates) Project Province/ Ref. to Property at the valuation the valuation as at the No. Project Name Brief Description of the Project Municipality Nos. date date valuation date Valuation Parameter (RMB) (RMB) (RMB)

69 Xi’an Qinhan The project is located at the southern Shaanxi 115 – – 53,800,000 MCP-LV: 520 - 600 Zhikang Cloud side of Fuyi Expressway and the eastern Valley Base side of Zhoucheng Road. The locality of (西安秦漢智康雲谷 the project is a well-developed industrial 基地) area served by various public facilities and convenient transportation network. The project will be developed into an industrial park in one phase. As at the valuation date, the project was bare land. I-8– III-48 –