Appendix Iii Property Valuation

Home , Chengbei District, Chengdong District, Chengxi District, Jinfeng District, Litong District, Xingqing District

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

The following is the text of a letter, summary of values and valuation certificates 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 31 March 2021 of the selected property interests held by the Group.

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

[●] 2021

The Board of Directors Zhongyi Jiye Holding Company Limited Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands

Dear Sirs,

In accordance with your instructions to value the selected property interests held by Zhongyi Jiye Holding Company Limited (the “Company”) and its subsidiaries (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 selected property interests as at 31 March 2021 (the “valuation date”).

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

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

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

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

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

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

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

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

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

We have valued the property interests in Group I which are held for sale and Group III which are held for future development by the comparison approach assuming sale of the property interests in their existing states 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.

For the purpose of our valuation, real estate developments for sale are those the Construction Work Completion and Inspection Certificate/Tables or Building Ownership Certificates/Real Estate Title Certificates thereof are issued by the relevant local authorities, and 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 property developments for future development are those the Construction Work Commencement Permits are not issued while the State-owned Land Use Rights Grant Contract have been obtained.

In valuing the property interests in Group II which are held 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.

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For the purpose of our valuation, property developments under development are those for which the Construction Works Commencement Permits have been issued while the Construction Work Completion and Inspection Certificate/Tables have not been issued.

We have valued the property interests in Group IV which are held for investment and Group V which are held and occupied by the Group by the income approach by taking into account the net rental income of the property 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.

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 values.

In valuing the property interests, we have complied with all requirements contained in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities 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, Real Estate Title Certificates, Building Ownership 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 China 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—Tongshang, concerning the validity of the property interests in the PRC.

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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.

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 property is 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 March and April 2021 by Ms. Gloria Wang, Mr. Owen Zhang, Ms. Elaine Huang, Ms. Ran Wang and Mr. Shuo Yang. Ms. Gloria Wang and Mr. Owen Zhang are China Certified Real Estate Appraiser and have more than 10 years’ experience in the property valuation in the PRC; Ms. Elaine Huang who is Chartered Surveyor and has 4 years’ experience in the valuation of properties in the RPC; Ms. Ran Wang and Mr. Shuo Yang who has 4 years’ and 3 years’ experience in the property valuation in the PRC.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB). Our summary of values and valuation certificates are 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.

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SUMMARY OF VALUES

Abbreviation:

Group I: Completed properties held for sale by the Group in the PRC

Group II: Properties held under development by the Group in the PRC

Group III: Properties held for future development by the Group in the PRC

Group IV: Properties held for investment by the Group in the PRC

Group V: Properties held and occupied by the Group in the PRC

“N/A”: Not Available or Not Applicable

The total Market Value Market value Market value Market value Market value Market value market value Attributable in existing in existing in existing in existing in existing in existing to the Group state as at state as at state as at state as at state as at state as at Interest as at the the valuation the valuation the valuation the valuation the valuation the valuation attributable valuation No. Property date date date date date date to the Group date RMB RMB RMB RMB RMB RMB RMB

Group I: Group II: Group III: Group IV: Group V:

1. Portions of Sunshine 62,900,000 654,000,000 – – – 716,900,000 55% 394,295,000 Meiyu located at the Binhe West Road Qindu District Xianyang City Shannxi Province The PRC (咸陽中房 • 陽光美域)

2. Portions of Xi Yun Tai 52,800,000 – 66,400,000 – – 119,200,000 100% 119,200,000 Sorth Area located at the the eastern side of Minzu North Street Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (璽雲台南區)

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Group I: Group II: Group III: Group IV: Group V:

3. Portions of Xi Yun 17,700,000 551,000,000 – 54,000,000 – 622,700,000 100% 622,700,000 Tai North Area located at the the eastern side of Minzu North Street Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (璽雲台北區)

4. Portions of Eastern Joy 63,200,000 600,000,000 18,000,000 – – 681,200,000 100% 681,200,000 located at the northwestern side of Yanxing Road and Yinheng Road Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (中房•東方悅)

5. Eastern Ode located at the – 948,000,000 – – – 948,000,000 100% 948,000,000 southeastern side of No.9 Road and Weiqi Road Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (中房•東方賦)

6. Xi Yue Bay located at the – 1,396,000,000 – – – 1,396,000,000 100% 1,396,000,000 southeastern side of Peihua Road and Jingguan Road Jinfeng District Yinchuan City Ningxia Hui Autonomous Region The PRC (璽悅灣)

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Group I: Group II: Group III: Group IV: Group V:

7. Portions of Phase I to IV 209,800,000 ––––209,800,000 100% 209,800,000 of East Area and Phase I to III of West Area of Zhongfang•Salzburg No. 59 Haixi Road Chengbei District Xining City Qinghai Province The PRC (中房•薩爾斯堡東區一至四期及西區一至三期)

8. Middle Area and Phase IV – 1,004,000,000 – – – 1,004,000,000 100% 1,004,000,000 of West Area of Zhongfang•Salzburg located at the northern side of Meili Shui Street Chengbei District Xining City Qinghai Province The PRC (中房•薩爾斯堡中區及西區四期)

9. Eastern Cloud located at – 574,000,000 – – – 574,000,000 100% 574,000,000 the No. 11 Bowen Road Chengdong District Xining City Qinghai Province The PRC (中房•東方雲舒)

10. Nan Yue Mansion located – 200,000,000 – – – 200,000,000 100% 200,000,000 at the No. 10 Fengqing Road Chengnan New District Xining City Qinghai Province The PRC (中房•南樂府)

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Group I: Group II: Group III: Group IV: Group V:

11. Portions of Chengbei 109,200,000 819,000,000 – – – 928,200,000 100% 928,200,000 International Village No. 48 Ningzhang Road Chengbei District Xining City Qinghai Province The PRC (中房•城北國際村)

12. Portions of Blue Coast 314,200,000 ––––314,200,000 100% 314,200,000 No. 32 Meili Shui Street Chengbei District Xining City Qinghai Province The PRC (中房•藍岸)

13. Blue Fragrance located at – 383,000,000 126,700,000 – – 509,700,000 100% 509,700,000 the Guanghua Road Chengxi District Xining City Qinghai Province The PRC (中房•藍韻)

14. Yong Yue Mansion II – 168,000,000 3,600,000 – – 171,600,000 45% 77,220,000 located at Shengli Road South, Ninghe South Road East, Ninghui Road West Yanghe Village Yongning County Yinchuan City Ningxia Hui Autonomous Region The PRC (中房•永悅府)

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Group I: Group II: Group III: Group IV: Group V:

15. Xi Yue Mansion located at – – 689,400,000 – – 689,400,000 100% 689,400,000 the western side of Yuncai lane Xixia District Yinchuan City Ningxia Hui Autonomous Region The PRC (西悅府)

16. Jin Li located at the – 22,000,000 205,800,000 – – 227,800,000 56% 127,568,000 Northern side of Qingwang Road, Western side of Qingning Street Litong District Wuzhong City Ningxia Hui Autonomous Region The PRC (錦里)

17. Portions of Su He 50,000,000 – – 186,200,000 – 236,200,000 100% 236,200,000 Sunshine located at He Lan Shan East Ave Hongqiao Road Helan County Yinchuan City Ningxia Hui Autonomous Region The PRC (銀川•蘇荷陽光)

18. Xi Jiang Yue located at the – 553,000,000 – – – 553,000,000 97.3% 538,069,000 north side of the intersection of Jinpendi Avenue and Binhe Road Chongyang Town Chongzhou City Sichuan Province The PRC (中房•西江悅)

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Group I: Group II: Group III: Group IV: Group V:

19. Haidong Salzburg Palace – 749,000,000 – – – 749,000,000 100% 749,000,000 located at the No. 16 Shanzhou Street Ledu District Haidong City Qinghai Province The PRC (中房•海東薩爾斯堡)

20. Vanke–Park Avenue – 1,577,000,000 47,500,000 – – 1,624,500,000 40% 649,800,000 located at the North side of Chaidamu Road Chengzhong District Xining City Qinghai Province The PRC (萬科•公園里)

21. Vanke–Times Metropolis – 2,471,000,000 227,800,000 – – 2,698,800,000 20.4% 550,555,200 located at No.3 Shidai Avenue Chengzhong District Xining City Qinghai Province The PRC (萬科•時代都會)

22. Vanke–Starlight Metropolis – – 1,807,900,000 – – 1,807,900,000 40% 723,160,000 located at the intersection of An Ning Road and Xinan Street Chengzhong District Xining City Qinghai Province The PRC (萬科•時代星光)

23. Vanke Town located at the – 5,496,000,000 – – – 5,496,000,000 40% 2,198,400,000 intersection of West Nanchuan Road and Yujinxiang Avenue Chengzhong District Xining City Qinghai Province The PRC (西寧萬科城)

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Group I: Group II: Group III: Group IV: Group V:

24. Unsold units of 92,600,000 173,000,000 – – – 265,600,000 28% 74,368,000 Vanke–Chu Xin Garden located at the North of Yin Tong Road and East of No.9 Street Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (萬科•初昕苑)

25. Unsold units of 12,100,000 658,000,000 – – – 670,100,000 40% 268,040,000 Vanke–City Light located at the South of Beijing Road and East of Jinger Road Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (萬科•城市之光)

26. Vanke–Emerald Lake View – 838,000,000 – – – 838,000,000 40% 335,200,000 located at the East of Hongqiao Nan Road Desheng Industrial Zone Helan County Yinchuan City Ningxia Hui Autonomous Region The PRC (中房萬科•翡翠湖望)

27. Vanke–Jin Chen located at – 723,000,000 – – – 723,000,000 21% 151,830,000 the Eastern side of Fuanxiang Jinfeng District Yinchuan City Ningxia Hui Autonomous Region The PRC (中房萬科•錦宸)

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Group I: Group II: Group III: Group IV: Group V:

28. Vanke–Dream Town – 1,122,000,000 – – – 1,122,000,000 28% 314,160,000 located at the Southern side of Jinfeng Seventeen Road Jinfeng District Yinchuan City Ningxia Hui Autonomous Region The PRC (萬科•理想城)

29. Vanke–Metropolis located – 708,000,000 – – – 708,000,000 28% 198,240,000 at the Eastern side of Zhengyuan South Street, Western side of Taqu Street Jinfeng District Yinchuan City Ningxia Hui Autonomous Region The PRC (萬科•大都會)

30. A Piece of Land located at – – 736,200,000 – – 736,200,000 100% 736,200,000 Qinshui Avenue East Harbin Road North Jinfeng District Yinchuan City Ningxia Hui Autonomous Region The PRC (花語軒)

31. Kaiyuan Shopping Mall – – – 116,000,000 – 116,000,000 100% 116,000,000 located at West of Zhongxing Road and south of Xiping Street Lingwu County Yinchuan City Ningxia Hui Autonomous Region The PRC (銀川•開元商場)

32. A Piece of Land located at ––No– – Nil 40% Nil North of Tuanjie Road Commercial Jinfeng District Value Yinchuan City Ningxia Hui Autonomous Region The PRC (萬科•北師大)

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Group I: Group II: Group III: Group IV: Group V:

33. Unsold portions of Xining ––––35,500,000 35,500,000 100% 35,500,000 International One Nos. 18-2, 18-4 and 18-6, Building No.1, located at No. 18 Kunlun Middle Road Chengdong District Xining City Qinghai Province The PRC (西寧國際壹號)

34. Golf Composite building ––––7,900,000 7,900,000 100% 7,900,000 located at south of Composite, Minzu North Street Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (高爾夫綜合樓)

35. New Office located at ––––35,600,000 35,600,000 100% 35,600,000 No. 1 Shanghai West Road Xingqing District Yinchuan City Ningxia Hui Autonomous Region The PRC (寧夏中房實業集團總部大廈)

Total: 984,500,000 22,387,000,000 3,929,300,000 356,500,000 79,000,000 27,736,300,000 16,713,705,200

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

1. Project Sunshine Project Sunshine Meiyu is a As at the valuation 716,900,000 Meiyu located at residential development located date, the unsold units the Binhe at the Binhe West Road, Qindu of the property were 55% interest West Road District, Xianyang City. The vacant for sale and attributable to Qindu District locality is well served by public the CIP of the the Group: Xianyang City transportation network and property was under RMB394,295,000 Shannxi Province supporting facilities. construction. The PRC (咸陽中房 • 陽光美 The project comprises Phase I 域) and Phase II occupying 2 parcels of land with a total site area of approximately 110,307.70 sq.m. Phase I and portion of Phase II of the project were completed in various stages between 2016 and 2020. The remaining portion of Phase II of the project was under construction.

The property comprised various unsold units of Phase I and portion of Phase II of the project (the “unsold units”) with a total gross floor area of 6,241.55 sq.m. and the remaining portion of Phase II of the project under construction (the “CIP”). The CIP of the property has a gross floor area of approximately 149,367.45 sq.m. and is scheduled to be completed in July 2022. Details of the areas of property are set out in note 8.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB526,700,000 of which approximately RMB322,200,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 8 November 2085 for residential use and 8 November 2055 for commercial use.

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Notes:

1. Pursuant to 2 State-owned Land Use Rights Certificates—Xian Guo Yong (2015) Di Nos. 184 and 189, the land use rights of 2 parcels of land with a total site area of approximately 110,307.70 sq.m. have been granted to Xianyang Yangguang Meiyu Real Estate Co., Ltd (咸陽陽光美域置業有限公司,“Xianyang Yangguang Meiyu”, a 55% owned subsidiary of the Company) for terms expiring on 8 November 2085 for residential use and 8 November 2055 for commercial use.

2. Pursuant to 4 Construction Work Planning Permits—Jian Zi Di Nos. 610400201600003, 610400201600004, 610400201700030 and 610400201800002 in favour of Xianyang Yangguang Meiyu, the project with a gross floor area of approximately 552,173.59 sq.m. (including the property) has been approved for construction.

3. Pursuant to 5 Construction Work Commencement Permits—Nos. 610401201602190101, 610401201602190201, 610401201605260101, 610401201710120101, 610401201804230201, 610401201804230101 in favour of Xianyang Yangguang Meiyu, permission by the relevant local authority was given to commence the construction of the project with a gross floor area of approximately 552,173.63 sq.m (including the property).

4. Pursuant to 9 Pre-sale Permits in favour of Xianyang Yangguang Meiyu, the Group is entitled to sell residential and commercial units of the project (representing a gross floor area of approximately 449,481.40 sq.m.) to purchasers.

5. Pursuant to 20 Construction Work Completion and Inspection Certificates in favour of Xianyang Yangguang Meiyu, the construction of portions of the project with a gross floor area of approximately 402,806.18 sq.m. (including the unsold units of the property) has been completed and passed the inspection acceptance.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group I—held for sale Residential 1,267.31 (unsold units) Retail 4,974.24

Sub-total: 6,241.55 Group II—held under development Residential 109,831.83 (CIP) Retail 10,800.86 Basement (inclusive of car parking spaces) 28,734.76 205

Sub-total: 149,367.45 205

Grand-Total: 155,609.00 205

7. As advised by the Group, various residential units and retail units of the unsold units of the property with a gross floor area of approximately 2,523.24 sq.m. have been pre-sold to various third parties at a total consideration of RMB25,691,659 inclusive of value-added tax.

As advised by the Group, various residential and retail units of the CIP of the property with a gross floor area of approximately 110,853.13 sq.m. in Group II of the property have been pre-sold to various third parties at a total consideration of RMB908,948,051 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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8. The market value of the CIP of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB978,900,000.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB6,800 to RMB11,000 per sq.m. for residential units, RMB6,900 to RMB29,000 per sq.m. for retail units on the first floor and RMB130,000 to RMB145,000 per space for car parking spaces. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,500 to RMB2,200 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Xianyang Yangguang Meiyu has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Xianyang Yangguang Meiyu has obtained the requisite approvals in respect of the actual development; and

(c) Xianyang Yangguang Meiyu has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Work Planning Permit Yes c. Construction Work Commencement Permit Yes d. Pre-sale Permit Yes e. Construction Work Completion and Inspection Certificate/Table/Report Portion f. Building Ownership Certificate N/A

12. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 62,900,000 Group II—held under development by the Group 654,000,000

Total: 716,900,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

2. Project Xi Yun Tai Project Xi Yun Tai South Area is As at the valuation 119,200,000 South Area located at the eastern side of date, the unsold units located at the Minzu North Street. The locality of the property was 100% interest eastern is a newly developing area, vacant, the CIP of the attributable to side of Minzu public transportation and property was under the Group: North Street supporting facilities around the construction and RMB119,200,000 Xingqing District property need to be further remaining portion of Yinchuan City improved. the property was bare Ningxia Hui land. Autonomous The project occupies 6 parcels of Region land with a site area of The PRC approximately 157,000.74 sq.m., (璽雲台南區) which is being developed into a residential and commercial development. As advised by the Group, portions of the project were completed between 2015 and 2019, and the unsold portion of that (the “unsold units”) with gross floor area of approximately 8,674.44 sq.m. was vacant for sale. A kindergarten of the project was under construction (the “CIP”) with gross floor area of approximately 4,561.88 sq.m. and is scheduled to be completed in July 2021. The remaining portion of the property was bare land with gross floor area of approximately 32,544.00 sq.m. and is scheduled to be completed in June 2023.

The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of CIP and bare land portions of the property is estimated to be approximately RMB5,000,000 of which approximately RMB2,200,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 19 January 2080 for residential use and 19 January 2050 for commercial use.

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Notes:

1. Pursuant to 6 State-owned Land Use Rights Certificates—Yin Guo Yong (2012) Di Nos. 15185 to 15186, Yin Guo Yong (2013) Di Nos.03978 to 03981, the land use rights of 6 parcels of land with a total site area of approximately 157,000.74 sq.m. have been granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團有限公司,“Zhongfang Industrial”, a wholly-owned subsidiary of the Company) for terms expiring on 19 January 2080 for residential use and 19 January 2050 for commercial use.

2. Pursuant to 13 Construction Work Planning Permits in favour of Zhongfang Industrial, the project with a gross floor area of approximately 540,491.41 sq.m. (including the property) has been approved for construction.

3. Pursuant to 36 Construction Work Commencement Permits in favour of Zhongfang Industrial, permission by the relevant local authority was given to commence the construction of the project with a gross floor area of approximately 507,826.09 sq.m. (including the property).

4. Pursuant to 30 Pre-sale Permits in favour of Zhongfang Industrial, the Group is entitled to sell portions of the project (representing a gross floor area of approximately 416,765.56 sq.m.) to purchasers.

5. Pursuant to 35 Construction Work Completion and Inspection Certificates in favour of Zhongfang Industrial, the construction of portions of the project with a gross floor area of approximately 503,264.21 sq.m. (including the unsold units of the property) has been completed and passed the inspection acceptance.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group I—held for sale Residential 300.04 (unsold units) Retail 376.44 Health center 2,097.51 Commercial apartment 5,900.45

Sub-total: 8,674.44

Group II—held under development Kindergarten 4,561.88 (CIP) Sub-total: 4,561.88

Group III—held for future development Commercial apartment 32,554.00 (bare land) Sub-total: 32,554.00

Grand-Total: 45,790.32

7. As advised by the Group, kindergarten of the CIP with a gross floor area of approximately 4,561.88 sq.m. will free transfer to the local government. Therefore, we have attributed no commercial value to it.

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8. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB8,000 to RMB10,000 per sq.m. for residential units, RMB17,000 to RMB19,000 per sq.m. for retail units on the first floor, RMB6,000 to RMB8,000 per sq.m. for health center and RMB4,000 to RMB6,000 for commercial apartment. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,500 to RMB2,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Zhongfang Industrial has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Zhongfang Industrial has obtained the requisite approvals in respect of the actual development;

(c) Zhongfang Industrial has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 4.

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Work Planning Permit Yes c. Construction Work Commencement Permit Portion d. Pre-sale Permit Portion e. Construction Work Completion and Inspection Certificate Portion f. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

11. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 52,800,000 Group II – held under development by the Group No commercial value Group III—held for future development by the Group 66,400,000

Total: 119,200,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

3. Project Xi Yun Tai Project Xi Yun Tai North Area is As at the valuation 622,700,000 North Area located located at the eastern side of date, the unsold units at the eastern side Minzu North Street. There are of the property was 100% interest of Minzu North several residential projects vacant, the IP of the attributable to Street Xingqing nearby, however, public property were rented the Group: District Yinchuan transports and supporting to 2 tenants for RMB622,700,000 City Ningxia Hui facilities in the neighboring area kindergarten and Autonomous need to be further developed. office purpose Region respectively and the The PRC The project occupies a parcel of CIP of the property (璽雲台北區) land with a site area of was under approximately 132,685.80 sq.m., construction. which is being developed into a residential and commercial development.

Portions of the project were completed between 2017 and 2020. The unsold units with a total gross floor area of approximately 985.71 sq.m (the “unsold units”) of that completed portion was vacant for sale whereas the remaining completed portion of the project with a total gross floor area of approximate 12,648.53 sq.m. (the “IP”) were rented to 2 tenants investment purpose as at the valuation date. The remaining portion of the project was under construction (the “CIP”) as at the valuation date and is scheduled to be completed in May 2021. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 116,674.92 sq.m.

The property comprises the unsold units, IP and CIP of the project with a total gross floor area of approximately 130,309.16 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB363,600,000 of which approximately RMB201,900,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 19 January 2080 for residential use and 19 January 2050 for commercial use.

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Notes:

1. Pursuant to a Real Estate Title Certificate (Land))—Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No. 0038129, the land use rights of the aforesaid land parcel with a site area of approximately 132,685.80 sq.m. have been granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團有限公司, “Zhongfang Industrial”) for terms expiring on 19 January 2080 for residential use and 19 January 2050 for commercial use. As advised by the Group, the land consideration has been fully paid.

2. Pursuant to 6 Construction Work Planning Permits—Yin Shen Fu Jian Zi Di Nos. (2016) 029, (2017) 034, (2017) 286, (2018) 036, (2019) 033 and (2019) 169 in favour of Zhongfang Industrial, the project with a gross floor area of approximately 315,380.15 sq.m. (including the property) has been approved for construction.

3. Pursuant to 41 Construction Work Commencement Permits in favour of Zhongfang Industrial, permission by the relevant local authority was given to commence the construction of the project with a gross floor area of approximately 315,380.15 sq.m. (including the property).

4. Pursuant to 10 Pre-sale Permits in favour of Zhongfang Industrial, the Group is entitled to sell portions of the project (representing a gross floor area of approximately 106,083.20 sq.m.) to purchasers.

5. Pursuant to 29 Construction Work Completion and Inspection Certificates in favour of Zhongfang Industrial, the construction of portion of the project with a gross floor area of approximately 192,790.23 sq.m. (including the unsold units and the IP of the property) has been completed and passed the inspection acceptance.

6. Pursuant to 16 Real Estate Title Certificates (Building)—Ning (2020) Xing Qing Qu Bu Dong Chan Quan Di No. 0024138, 0024142, 0024143, 0024240, 0024242, 0024245 to 0024248, 0024250, 0024252, 0024255 to 0024258 and 0034430 in favour of Zhongfang Industrial with the ownership of a gross floor area of approximately 8,647.97 sq.m. (including portions of the unsold units and IP of the property) of the project.

7. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Nos. of car Group Usage Floor Area parking space (sq.m.)

Group I—held for sale Retail 985.71 (unsold units) Sub-total: 985.71

Group II—held under Residential 90,297.17 development Retail 7,357.90 (CIP) Underground 18,807.85 399 Ancillary 212.00 Sub-total: 116,674.92 399

Group IV—held for investment Kindergarten 5,682.28 (IP) Office 6,966.25 Sub-total: 12,648.53

Grand-Total: 130,309.16 399

8. As advised by the Group, various residential units with a gross floor area of approximately 79,404.73 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB704,549,517 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation of the unsold units, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from

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RMB9,000 to RMB11,000 for residential units and RMB17,000 to RM19,000 per sq.m. for commercial units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation of the CIP, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,500 to RMB2,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

(c) In undertaking our valuation of IP, we have considered the actual rents in the existing tenancy agreements and also compared with similar properties located in the same business circle and/or nearby within reasonable walking distance. We adopted market rent when calculating (1) the reversionary rental income after the expiry of the existing leases for occupied area, and (2) the rental income of vacant area;

(d) the unit rents of the comparable kindergarten range from RMB0.60 to RMB1.0 per sq.m. per day and unit rents ranges from RMB0.8 to RMB1.1 per sq.m. per day for office units, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

(e) based on our research on office/school market in the surrounding area of the property, for office/school portions, the stabilized market yield ranged from 4% to 6% as at the valuation date. Considering the location, risks and characteristics of the property, we have applied a market yield of 4.5% as the capitalization rate in the kindergarten valuation and applied a market yield of 6.0% as the capitalization rate in the office valuation.

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

(b) Zhongfang Industrial has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Industrial has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 4.

11. A summary of major certificates/approvals is shown as follows:

a. Real Estate Title Certificate (Land) Yes b. Construction Work Planning Permit Yes c. Construction Work Commencement Permit Yes d. Pre-sale Permit Yes e. Construction Work Completion and Inspection Certificate Portion f. Real Estate Title Certificate (Building) Portion

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 17,700,000 Group II—held under development by the Group 551,000,000 Group IV—held for investment by the Group 54,000,000 Total: 622,700,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

4. Project Eastern Joy Project Eastern Joy is a As at the valuation 681,200,000 located at the residential development located date, the unsold units northwestern side at the northwestern side of of the property was 100% interest of Yanxing Road Yanxing Road and Yinheng Road. vacant for sale, the attributable to and Yinheng Road There are several residential CIP of the property the Group: Xingqing District projects nearby however, public was under RMB681,200,000 Yinchuan City transports and supporting construction, and the Ningxia Hui facilities in the neighboring area bare land of the Autonomous need to be further developed. property was vacant. Region The PRC The project occupies a parcel of (東方悅) land with a site area of approximately 173,176.72 sq.m., which is being developed into a residential and commercial development. Portions of the project were completed in 2020, and the unsold portion of that (the “unsold units”) with gross floor area of approximately 5,826.12 sq.m. was vacant for sale as at the valuation date. Portion of the project was under construction (the “CIP”) as at the valuation date and is scheduled to be completed in September 2022. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 118,499.46 sq.m. The remaining portion is bare land with a gross floor area of approximately 8,734.26 sq.m.

The property comprises the unsold units, CIP and bare land of the project with a total gross floor area of approximately 133,059.84 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB370,400,000, of which approximately RMB269,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 13 August 2077 for residential use and 13 August 2047 for wholesale & retail use.

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Notes:

1. Pursuant to a Real Estate Title Certificate (Land)—Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No. 0063981, the land use rights of parcel of land with a site area of approximately 173,176.72 sq.m. have been granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly-owned subsidiary of the Company) for terms expiring on 13 August 2077 for residential use and 13 August 2047 for wholesale & retail use.

2. Pursuant to 4 Construction Work Planning Permits—Yin Shen Fu Jian Zi Di Nos. (2018)010, (2018)019, (2019)031 and (2019)167 in favour of Zhongfang Industrial, the project with a gross floor area of approximately 307,136.92 sq.m. (including the unsold units and CIP) has been approved for construction.

4. Pursuant to 39 Pre-sale Permits in favour of Zhongfang Industrial, the Group is entitled to sell portions of the project (representing a gross floor area of approximately 250,925.05 sq.m.) to purchasers.

5. Pursuant to 29 Construction Work Completion and Inspection Certificates in favour of Zhongfang Industrial, the construction of portions of the project with a gross floor area of approximately 188,637.46 sq.m. (including the unsold units of the property) has been completed and passed the inspection acceptance.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Nos. of car Group Usage Floor Area parking space (sq.m.)

Group I—held for sale Retail 2,561.92 (unsold units) Health center 3,264.20 Sub-total: 5,826.12

Group II—held under Residential 90,218.32 development (CIP) Retail 4,652.90 Car parking space 17,535.84 438 Storage 6,092.40 Sub-total: 118,499.46 438

Residential 8,734.26 Group III—held for future Sub-total: 8,734.26 development by the Group (bare land) Grand-Total: 133,059.84 438

7. As advised by the Group, various residential units with a gross floor area of approximately 90,082.98 sq.m. of the CIP of the property have been pre-sold to various third parties at consideration of RMB690,289,508 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB7,000 to RMB9,000 per sq.m. for residential units, RMB15,000 to RMB17,000 per sq.m. for retail units on the first floor and RMB6,000 to RMB8,000 per sq.m. for health center. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,500 to RMB2,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Zhongfang Industrial has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Industrial has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 4;

11. A summary of major certificates/approvals is shown as follows:

a. Real Estate Title Certificate (Land) Yes b. Construction Work Planning Permit Portion c. Construction Work Commencement Permit Portion d. Pre-sale Permit Portion e. Construction Work Completion and Inspection Certificate/Table/Report Portion f. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 63,200,000 Group II—held under development by the Group 600,000,000 Group III—held for future development by the Group 18,000,000 Total: 681,200,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

5. Project Eastern Project Eastern Ode is located at As at the valuation 948,000,000 Ode located at southeastern side of No.9 Road date, the property was southeastern side and Weiqi Road. There are under construction. 100% interest of No.9 Road and several residential projects attributable to Weiqi Road nearby however, public transports the Group: Xingqing District and supporting facilities in the RMB948,000,000 Yinchuan City neighboring area need to be Ningxia Hui further developed. Autonomous Region The property occupies 2 parcels The PRC of land with a site area of (東方賦) approximately 100,091.69 sq.m., which is being developed into a residential and commercial development. The property was under construction as at the valuation date and is scheduled to be completed in April 2022. As advised by the Group, upon completion, the project will have a gross floor area of approximately 233,951.04 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB770,500,000 of which approximately RMB418,600,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 15 January 2088 for residential use and 15 January 2058 for wholesale & retail use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—Yin Di Chan He Tong Rang Zi 2017 Nian Nos. 81 and 82, the land use rights of 2 parcels of land with a site area of approximately 100,091.69 sq.m. were contracted to be granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for wholesale & retail use commencing from the land delivery date. The land consideration was RMB216,900,000.

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2. Pursuant to 2 Real Estate Title Certificates (Land)—Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No. 0063643 and Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No 002581, the land use rights of the aforesaid land parcels with a total site area of approximately 100,091.69 sq.m. have been granted to Zhongfang Industrial for terms expiring on 15 January 2088 for residential use and 15 January 2058 for wholesale & retail use.

3. Pursuant to 3 Construction Work Planning Permits—Yin Shen Fu Jian Zi Di Nos. (2019)123, (2019)157 and (2020)018 in favour of Zhongfang Industrial, the property with a gross floor area of approximately 233,951.04 sq.m. has been approved for construction.

4. Pursuant to 6 Construction Work Commencement Permits—Nos 640102201908300401, 640102201908300501, 640102202003120201, 640102201912310101, 640102202003310401, 640102202003110501, 640102202003110601 and 640102202003300501 in favour of Zhongfang Industrial, permission by the relevant local authority was given to commence the construction of the property with a gross floor area of approximately 233,951.04 sq.m.

5. Pursuant to 25 Pre-sale Permits in favour of Zhongfang Industrial, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 190,507.09 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 175,277.56 Retail 8,458.89 Storage 10,461.72 Car parking space 38,064.02 914 Ancillary 1,688.85

Total: 233,951.04 914

7. As advised by the Group, various residential units with a gross floor area of approximately 176,948.46 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,373,945,762 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB1,470,000,000.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB7,000 to RMB9,000 per sq.m. for residential units and RMB14,000 to RMB16,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,500 to RMB2,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Zhongfang Industrial has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Industrial has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

a. Real Estate Title Certificate (Land) Yes b. Construction Work Planning Permit Yes c. Construction Work Commencement Permit Yes d. Pre-sale Permit Yes e. Construction Work Completion and Inspection Certificate N/A f. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

6. Project Xi Yue Bay Project Xi Yue Bay is located at As at the valuation 1,396,000,000 located at the the southeastern side of Peihua date, the property was southeastern side Road and Jingguan Road, Jinfeng under construction. 100% interest of Peihua Road District. The locality is well attributable to and Jingguan Road served by public transportation the Group: Jinfeng District and supporting facilities. RMB1,396,000,000 Yinchuan City Ningxia Hui The property occupies a parcel of Autonomous land with a site area of Region approximately 155,582.76 sq.m., The PRC which is being developed into a (璽悅灣) residential and commercial development. The project was under construction as at the valuation date and is scheduled to be completed in September 2022. As advised by the Group, upon completion, the project will have a gross floor area of approximately 230,130.03 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB951,600,000, of which approximately RMB542,300,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 29 November 2088 for residential use and 29 November 2058 for wholesale & retail uses.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2018 Nian No. 46, the land use rights of a parcel of land with a site area of approximately 155,582.76 sq.m. were contracted to be granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for wholesale & retail use commencing from the land delivery date. The land consideration was RMB466,700,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Ning (2019) Jin Feng Qu Bu Dong Chan Quan Di No. 0005229, the land use rights of the aforesaid land parcel with a total site area of approximately 155,582.76 sq.m. have been granted to Zhongfang Industrial for terms expiring on 29 November 2088 for residential use and 29 November 2058 for wholesale & retail use.

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3. Pursuant to 3 Construction Work Planning Permits—Yin Shen Fu Jian Di Zi Di Nos. (2019)078, (2019)138 and (2020)007 in favour of Zhongfang Industrial, the property with a gross floor area of approximately 230,130.03 sq.m. has been approved for construction.

4. Pursuant to 28 Construction Work Commencement Permits in favour of Zhongfang Industrial, permission by the relevant local authority was given to commence the construction of the property with a gross floor area of approximately 230,080.03 sq.m. According to the local construction policy – Ning Jian Han (2020) No. 154, Construction Work Commencement Permit for an ancillary room of the property with gross floor area of approximately 50.00 sq.m. is not required.

5. Pursuant to 38 Pre-sale Permits in favour of Zhongfang Industrial, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 177,208.88 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 156,475.36 Villa 7,001.56 Retail 3,544.51 Storage Room 24,730.22 Car parking space 34,097.10 735 Ancillary 4,281.28

Total: 230,130.03 735

7. As advised by the Group, various residential units with a total gross floor area of approximately 156,048.40 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,950,410,308 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB11,000 to RMB13,000 per sq.m. for residential units, RMB23,000 to RMB26,000 per sq.m. for villa and RMB23,000 to RMB25,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB2,500 to RMB3,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Zhongfang Industrial has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Industrial has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sale Permit Yes f. Construction Work Completion and Inspection Certificate N/A g. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

7. Unsold retail and Phases I to IV of East Area and As at the valuation 209,800,000 office units of Phases I to III of West Area of date, the property was Phases I to IV of Xining Salzburg Palace vacant for sale. 100% interest Project East Area completed between 2013 and attributable to and Phases I to III 2019, is located at the No. 59 the Group: of West Area of Haixi Road, Chengbei District. RMB209,800,000 Xining Salzburg The locality is served by public Palace No. 59 transportation and public Haixi Road facilities. Chengbei District Xining City The property comprises the Qinghai Province unsold retail and office units of The PRC the project with a total gross (西寧薩爾斯堡東區 floor area of approximately 一至四期及西區一 36,058.26 sq.m. 至三期) The land use rights of the property have been granted for terms expiring on 7 January 2081 for residential use and 7 January 2051 for commercial use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—6301002009CHG-H12010HC-4 and 6301002009CHG-H12010HC-5, the land use rights with a total site area of approximately 270,316.00 sq.m. (including the property) were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB770,737,653.

2. Pursuant to 2 Real Estate Title Certificates (Land)—Qing (2017) Xi Ning Shi Bu Dong Chan Quan Di No. 0016479 and Qing (2018) Xi Ning Shi Bu Dong Chan Quan Di No. 0024793, the land use rights of 2 parcels of land with a total site area of approximately 270,315.11 sq.m. have been granted to Zhongfang Xining for terms expiring on 7 January 2081 for residential use and 7 January 2051 for commercial use.

3. Pursuant to 45 Construction Work Planning Permits—Ning Hai Hu Gui Jian Zi Nos. 2012-47 to 2012-58, 2013-61 to 2013-66, 2013-78 to 2013-91, 2014-040 to 2014-046 and Jian Zi Di Ning Hai Hu Gui Jian Zi Nos. 2015-16, 2016-9, 2016-15, 2017-12, 2017-16 and 2018-2 in favour of Zhongfang Xining, Phases I to IV of East Area and Phases I to III of West Area of Xining Salzburg Palace with a total gross floor area of approximately 631,052.36 sq.m. (including the property) has been approved for construction.

4. Pursuant to 17 Construction Work Commencement Permits—Ning Hai Hu Jian Shi Zi (She) Nos. 2012-016 to 2012-018, 2013-022, 2013-036 to 2013-038, 2014-005, 2014-006, 2014-013, 2015-021, 2016-014, 2016-021, 2017-001, 2017-018, 2017-022 and 2018-011 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of Phases I to IV of East Area and Phases I to III of West Area of Xining Salzburg Palace with a total gross floor area of approximately 631,052.36 sq.m. (including the property).

5. Pursuant to 81 Pre-sale Permits—(2013) Fang Yu Shou Zi Di Nos. 068, 069 and other 79 Pre-sale permits in favour of Zhongfang Xining, the Group is entitled to sell portions of Phases I to IV of East Area and Phases I to III of West Area of Xining Salzburg Palace (representing a total gross floor area of approximately 495,939.10 sq.m. (including the property)) to purchasers.

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6. Pursuant to 27 Construction Work Completion and Inspection Certificates in favour of Zhongfang Xining, the construction of Phases I to IV of East Area and Phases I to III of West Area of Xining Salzburg Palace with a total gross floor area of approximately 616,838.95 sq.m. (including the property) has been completed and passed the inspection acceptance.

7. Pursuant to 3 Real Estate Ownership Certificates (Building)—Qing (2020) Xi Ning Shi Bu Dong Chan Quan Di Nos. 0030992, 0053271 and 0004551 in favour of Zhongfang Xining with the ownership of a total gross floor area of approximately 148,123.44 sq.m (including the property) of portions of Phases I to IV of East Area and Phases I to III of West Area of Xining Salzburg Palace.

8. In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property in Group I. The unit price of these comparable properties ranges from RMB8,000 to RMB15,000 per sq.m. for retail units on the first floor, RMB3,000 to RMB5,000 per sq.m. for office units. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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

(a) Zhongfang Xining has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Zhongfang Xining Palace has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sale Permit Yes f. Construction Work Completion and Inspection Certificate Yes g. Real Estate Title Certificate (Building) Portion

11. For the purpose of this report, the property is classified into the group as “Group I—held for sale by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

8. Middle Area and Middle Area and Phase IV of As at the valuation 1,004,000,000 Phase IV of West West Area of Xining Salzburg date, the property was Area of Project Palace is located at the northern under construction. 100% interest Xining Salzburg side of Meili Shui Street, attributable to Palace located at Chengbei District. The locality is the Group: the northern side well served by public RMB1,004,000,000 of Meili Shui transportation and supporting Street Chengbei facilities. District Xining City Qinghai The property occupies a parcel of Province land with a site area of The PRC approximately 44,878.98 sq.m., (西寧薩爾斯堡中區 which is being developed into a 及西區四期) residential and commercial development. The project was under construction as at the valuation date and was scheduled to be completed in May 2022. As advised by the Group, upon completion, the project will have a total gross floor area of approximately 156,201.85 sq.m. The classification, usage and the gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB569,200,000, of which approximately RMB314,100,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 7 January 2081 for residential use and 7 January 2051 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—6301002009CHG-H12010HC-4, the land use rights with a site area of approximately 146,756.33 sq.m. (including the property) were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB365,420,235.

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2. Pursuant to a Real Estate Title Certificate (Land)—Qing (2018) Xi Ning Shi Bu Dong Chan Quan Di No. 0024793, the land use rights of the aforesaid land parcel with a site area of approximately 146,756.33 sq.m. (including the property) have been granted to Zhongfang Xining for terms expiring on 7 January 2081 for residential use and 7 January 2051 for commercial use.

3. Pursuant to 2 Construction Work Planning Permits—Jian Zi Di Ning Hai Hu Gui Jian Zi Nos. 2019-1 and 2020-8 in favour of Zhongfang Xining, the property with a total gross floor area of approximately 156,201.85 sq.m. has been approved for construction.

4. Pursuant to 2 Construction Work Commencement Permits—Ning Jian Guan Nos. 630104201904100801 and 630101202006220101 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of the property with a total gross floor area of approximately 156,201.85 sq.m.

5. Pursuant to 17 Pre-sale Permits—(2019) Ning Fang Yu Shou Zheng Di Nos. 186 to 197 and (2020) Ning Fang Yu Shou Zheng Di Nos. 164, 165, 197 and 277 in favour of Zhongfang Xining, the Group is entitled to sell portions of the property (representing a total gross floor area of approximately 133,633.91 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 134,846.13 Retail 6,303.12 Ancillary 2,905.60 Basement (inclusive of car parking spaces) 12,147.00 411

Total: 156,201.85 411

7. As advised by the Group, various residential and retail units with a total gross floor area of approximately 118,408.97 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,490,978,600 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB10,000 to RMB13,000 per sq.m. for residential units, RMB8,000 to RM15,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB3,000 to RMB3,600 per sq.m. for residential and commercial uses. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Zhongfang Xining has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

9. Project Eastern Project Eastern Cloud is located As at the valuation 574,000,000 Cloud located at at the No. 11 Bowen Road, date, the property was the No. 11 Bowen Chengdong District. The locality under construction. 100% interest Road Chengdong is well served by public attributable to District Xining transportation and supporting the Group: City Qinghai facilities. RMB574,000,000 Province The PRC The property occupies a parcel of (東方雲舒) land with a site area of approximately 32,684.65 sq.m., which is being developed into a residential and commercial development. The project was under construction as at the valuation date and was scheduled to be completed in June 2022. As advised by the Group, upon completion, the project will have a total gross floor area of approximately 102,007.53 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB357,600,000, of which approximately RMB165,300,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 23 December 2089 for residential use and 23 December 2059 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—No. 2019C-3, the land use rights with a site area of approximately 32,684.65 sq.m. were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly- owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB382,434,000.

2. Pursuant to a Construction Land Planning Permit—Ning Gui Di Zi (2020) No. 001, permission towards the planning of a parcel of land with a site area of approximately 32,684.65 sq.m. has been granted to Zhongfang Xining.

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3. Pursuant to a Construction Work Planning Permit—Ning Gui Jian 2020 Di No. 045 in favour of Zhongfang Xining, the property with a gross floor area of approximately 106,533.35 sq.m. has been approved for construction.

4. Pursuant to a Construction Work Commencement Permit—Ning Jian Guan No. 630102202007230101 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of the property with a gross floor area of approximately 102,007.53 sq.m.

5. Pursuant to 13 Pre-sale Permits—(2020) Ning Fang Yu Shou Zheng Di Nos. 212 to 219 and 291 to 295 in favour of Zhongfang Xining, the Group is entitled to sell portions of the property (representing a total gross floor area of approximately 81,219.08 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 83,090.97 Retail 6,140.59 Basement (inclusive of car parking spaces) 12,408.26 389

Total: 102,007.53 389

7. As advised by the Group, various residential and retail units with a total gross floor area of approximately 74,296.22 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB801,905,755 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB9,000 to RMB12,000 per sq.m. for residential units, RMB20,000 to RM25,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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

(a) There is no material legal impediment for Zhongfang Xining in obtaining the Real Estate Title Certificate (Land) according to the relevant Stated-owned Land Use Rights Grant Contract mentioned in note 1 and the payment proof of land consideration provided by the Group. Zhongfang Xining has the rights to occupy, use and develop the parcel of land and is entitled to transfer, lease, mortgage or otherwise dispose of the parcel of land after obtaining the relevant Real Estate Title Certificate (Land);

(b) Zhongfang Xining has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) No c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Yes g. Construction Work Completion and Inspection Certificate N/A h. Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

10. Project Nan Yue Project Nan Yue Mansion is As at the valuation 200,000,000 Mansion located at located at No. 10 Fengqing Road, date, the property was No. 10 Fengqing Chengnan New District. There under construction. 100% interest Road Chengnan are several residential projects attributable to New District nearby however, public transports the Group: Xining City and supporting facilities in the RMB200,000,000 Qinghai Province neighboring area need to be The PRC further developed. (南樂府) The property occupies a parcel of land with a site area of approximately 31,045.09 sq.m., which is being developed into a residential and commercial development. The project was under construction as at the valuation date and was scheduled to be completed in May 2022. As advised by the Group, upon completion, the project will have a total gross floor area of approximately 49,226.67 sq.m.. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB175,600,000, of which approximately RMB75,700,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 10 December 2077 for residential use and 10 December 2047 for commercial use.

Notes:

1. Pursuant to an Enforcement Ruling—(2019) Qing 01 Zhi No. 44-2 dated 5 December 2019, the land use rights with a site area of approximately 31,045.09 sq.m. were transferred to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly- owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land auction price was RMB64,176,670.

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2. Pursuant to a Real Estate Title Certificate (Land)—Qing (2020) Xi Ning Shi Bu Dong Chan Quan Di No. 0015045, the land use rights of the aforesaid land parcel with a site area of approximately 31,045.09 sq.m. have been granted to Zhongfang Xining for terms expiring on 10 December 2077 for residential use and 10 December 2047 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di Nan Gui Jian Zi 2020 Di No. 11 in favour of Zhongfang Xining, the property with a gross floor area of approximately 52,270.45 sq.m. has been approved for construction.

4. Pursuant to a Construction Work Commencement Permit—Ning Jian Guan No. 630103202008050101 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of the property with a gross floor area of approximately 49,226.67 sq.m.

5. Pursuant to 11 Pre-sale Permits—(2020) Ning Fang Yu Shou Zheng Di Nos. 196, 206 to 211 and 296 to 299 in favour of Zhongfang Xining, the Group is entitled to sell portions of the property (representing a total gross floor area of approximately 37,272.46 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 37,433.82 Retail 4,229.48 Basement (inclusive of car parking spaces) 7,563.37 144

Total: 49,226.67 144

7. As advised by the Group, various residential units with a total gross floor area of approximately 33,161.80 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB298,535,917 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB8,000 to RMB10,000 per sq.m. for residential units, RMB10,000 to RM12,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB2,300 to RMB2,800 per sq.m. for residential and commercial uses. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Zhongfang Xining has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

11. Portions of Project Chengbei International As at the valuation 928,200,000 Chengbei Village is located at No. 48 date, the unsold units International Ningzhang Road, Chengbei of the property was 100% interest Village No. 48 District. The locality is well vacant for sale and attributable to Ningzhang Road served by public transportation the CIP of the the Group: Chengbei District and supporting facilities. property was under RMB928,200,000 Xining City construction. Qinghai Province Chengbei International Village The PRC occupies 4 parcels of land with a (城北國際村) total site area of approximately 140,202.91 sq.m., which is being developed into a residential and commercial development. Portions of the project were completed between 2017 and 2019, and the unsold portion of that (the “unsold units”) was vacant for sale as at the valuation date. The remaining portion of the project was under construction (the “CIP”) as at the valuation date and was scheduled to be completed in May 2022. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 117,079.22 sq.m.

The property comprises the unsold units and CIP of the project with a total gross floor area of approximately 133,174.44 sq.m. The classification, usage and gross floor area details of the property were set out in note 8.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB353,700,000 of which approximately RMB292,900,000 had been incurred as at the valuation date. The land use rights of the property have been granted for terms expiring on 30 June 2084 for residential use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract and a Supplementary Agreement—6301002013BC-1, the land use rights with a site area of approximately 145,578.75 sq.m. were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB847,700,000.

2. Pursuant to 4 State-owned Land Use Rights Certificates—Ning Guo Yong (2014) Di No. 00174 and Ning Guo Yong (2015) Di Nos. 00024, 00025 and 00046, the land use rights of the aforesaid land parcel with a total site area of approximately 140,202.91 sq.m. have been granted to Zhongfang Xining for terms expiring on 30 June 2084 for residential use.

3. Pursuant to 22 Construction Work Planning Permits, in favour of Zhongfang Xining, the project with a total gross floor area of approximately 434,518.63 sq.m. (including the property) has been approved for construction.

4. Pursuant to 15 Construction Work Commencement Permits, in favour of Zhongfang Xining, permission by the relevant local authority was given to commence the construction of the project with a total gross floor area of approximately 434,254.61 sq.m. (including the property).

5. Pursuant to 41 Pre-sale Permits, in favour of Chengbei International Village, the Group is entitled to sell portions of the project (representing a total gross floor area of approximately 395,564.52 sq.m.) to purchasers.

6. Pursuant to 11 Construction Work Completion and Inspection Certificates in favour of Zhongfang Xining, the construction of portions of the unsold units of the property with a total gross floor area of approximately 337,098.27 sq.m. has been completed and passed the inspection acceptance.

7. Pursuant to 3 Real Estate Ownership Certificates (Building)—Qing (2018) Xi Ning Shi Bu Dong Chan Quan Di No. 0046321, Qing (2019) Xi Ning Shi Bu Dong Chan Quan Di No. 0042607 and Qing (2020) Xi Ning Shi Bu Dong Chan Quan Di No. 0013022 in favour of Zhongfang Xining with the ownership of a total gross floor area of approximately 237,901.61 sq.m (including the property) of portions of Project Chengbei International Village.

8. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Nos. of car Group Usage Floor Area parking space (sq.m.)

Group I—held for sale (unsold units) Retail 16,095.22 Sub-total: 16,095.22

Group II—held under development (CIP) Residential 90,217.72 Retail 20,665.60 Ancillary 606.60 Basement (inclusive of car parking spaces) 5,589.30 158 Sub-total: 117,079.22 158

Grand-total: 133,174.44 158

9. As advised by the Group, various residential and retail units with a total gross floor area of approximately 96,932.51 sq.m. of the CIP of the property have been pre-sold to various third parties at consideration of RMB870,002,871 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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10. The market value of the CIP of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB1,012,300,000.

11. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB6,000 to RMB10,000 per sq.m. for residential units, RMB14,000 to RM18,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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

(b) Chengbei International Village has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

13. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. State-owned Land Use Rights Certificate Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sale Permit Yes f. Construction Work Completion and Inspection Certificate/Table/Report Portion g. Building Ownership Certificate/Real Estate Title Certificate (Building) Portion

14. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 109,200,000 Group II—held under development by the Group 819,000,000 Total: 928,200,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

12. Unsold residential Project Blue Coast, completed in As at the valuation 314,200,000 units of Blue September 2020, is located at the date, the property was Coast No. 32 Meili Shui Street, vacant for sale. 100% interest No. 32 Meili Shui Chengbei District. The locality is attributable to Street well served by public the Group: Chengbei District transportation and supporting RMB314,200,000 Xining City facilities. Qinghai Province The PRC The property comprises the (藍岸) unsold residential units of the project with a total gross floor area of approximately 34,513.38 sq.m.

The land use rights of the property have been granted for terms expiring on 15 August 2088 for residential use and 15 August 2058 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—6301002018CHG-HC-2, the land use rights with a site area of approximately 15,255.94 sq.m. (including the property) were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB100,000,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Qing (2018) Xi Ning Shi Bu Dong Chan Quan Di No. 0054086, the land use rights of the aforesaid land parcel with a site area of approximately 15,255.94 sq.m. have been granted to Zhongfang Xining for terms expiring on 15 August 2088 for residential use and 15 August 2058 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Ning Hai Hu Gui Jian Zi No. 2018-7 in favour of Zhongfang Xining, Blue Coast with a gross floor area of approximately 41,497.57 sq.m. (including the property) has been approved for construction.

4. Pursuant to a Construction Work Commencement Permit—Ning Jian Guan No. 63010420194101001 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of Blue Coast with a gross floor area of approximately 41,497.57 sq.m. (including the property).

5. Pursuant to 6 Pre-sale Permits—(2019) Ning Fang Yu Shou Zi Di Nos. 016 to 018 and 038 to in favour of Zhongfang Xining, the Group is entitled to sell portions of Blue Coast (representing a total gross floor area of approximately 34,513.38 sq.m. (including the property)) to purchasers.

6. Pursuant to a Construction Work Completion and Inspection Certificate in favour of Zhongfang Xining, the construction of Blue Coast with a gross floor area of approximately 41,744.74 sq.m. (including the property) has been completed and passed the inspection acceptance.

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7. In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property in Group I. The unit price of these comparable properties ranges from RMB8,000 to RMB10,000 per sq.m. for residential units. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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

(b) Blue Coast has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

9. A summary of major certificates/approvals is shown as follows:

10. For the purpose of this report, the property is classified into the group as “Group I—held for sale by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

13. Project Blue Project Blue Fragrance is located As at the valuation 509,700,000 Fragrance located at the Guanghua Road, Chengbei date, the CIP of the at the Guanghua District. The locality is well property was under 100% interest Road served by public transportation construction and the attributable to Chengxi District and supporting facilities. bare land of the the Group: Xining City property was vacant. RMB509,700,000 Qinghai Province The property occupies a parcel of The PRC land with a site area of (藍韻) approximately 34,950.84 sq.m., which is being developed into a residential development. Portions of the property were under construction (the “CIP”) as at the valuation date and are scheduled to be completed in June 2021. As advised by the Group, upon completion, the CIP will have a total gross floor area of approximately 63,574.16 sq.m. The construction of the remaining portion of the property (the “bare land”) had not been commenced as at the valuation date. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB231,400,000, of which approximately RMB131,600,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 15 October 2088 for residential use and 15 October 2058 for commercial and financial uses.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—6301002018CHG-HC-1, the land use rights with a site area of approximately 34,950.84 sq.m. were contracted to be granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB266,751,120.

2. Pursuant to a Real Estate Title Certificate (Land)—Qing (2019) Xi Ning Shi Bu Dong Chan Quan Di No. 0018733, the land use rights of the aforesaid land parcel with a site area of approximately 34,950.84 sq.m. have been granted to Zhongfang Xining for terms expiring on 15 October 2088 for residential use and 15 October 2058 for commercial and financial uses.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di Ning Hai Hu Gui Jian Zi No. 2019-3 in favour of Zhongfang Xining, the property with a gross floor area of approximately 107,857.100 sq.m. has been approved for construction.

4. Pursuant to a Construction Work Commencement Permit—Ning Jian Guan No. 630104201904100901 in favour of Zhongfang Xining, permissions by the relevant local authority were given to commence the construction of the CIP of the property with a gross floor area of approximately 63,574.16 sq.m.

5. Pursuant to 9 Pre-sale Permits—(2019) Ning Fang Yu Shou Zheng Di Nos. 172 to 180 in favour of Zhongfang Xining, the Group is entitled to sell portions of the property (representing a total gross floor area of approximately 42,869.14 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group II—held under Residential 39,105.97 development Apartment 8,520.66 (CIP) Office 828.32 Retail 769.18 Basement (inclusive of car parking spaces) 14,350.03 415

Sub-total: 63,574.16 415

Group III—held for future Office 44,282.94 development Sub-total: 44,282.94 (bare land) Total: 107,857.10 415

7. As advised by the Group, various residential, retail and apartment units with a total gross floor area of approximately 40,313.25 sq.m. of the CIP of the property have been pre-sold to various third parties at a consideration of RMB514,915,710 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property in Group II. The unit price of these comparable properties ranges from RMB11,000 to RMB13,000 per sq.m. for residential units, RMB25,000 to RMB28,000 per sq.m. for retail units on the first floor and RMB117,000 to RMB138,000 per sq.m. for apartment units, RMB6,000 to RMB7,000 per sq.m. for office units. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property in Group III. The accommodation value of these comparable land sites ranges from RMB3,000 to RMB3,600 per sq.m. for residential and commercial uses. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(b) Blue Fragrance has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Xining has the right to pre-sell portion of the property based on the Pre-sale Permits mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Portion e. Pre-sale Permit Portion f. Construction Work Completion and Inspection Certificate/Table/Report N/A g. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

Market value in existing state as at Group the valuation date (RMB)

Group II—held under development by the Group 383,000,000 Group III—held for future development by the Group 126,700,000

Total: 509,700,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

14. Project Yong Yue Project Yong Yue Mansion II is As at the valuation 171,600,000 Mansion II located located at West Yanghe Village, date, the CIP of the at Shengli Road Yongning County. There are property was under 45% interest South, Ninghe several residential projects construction and the attributable to South Road East, nearby however, public transports remaining portion was the Group: Ninghui Road and supporting facilities in the bare land. RMB77,200,000 West neighboring area need to be Yanghe Village further developed. Yongning County Yinchuan City The property occupies a parcel of Ningxia Hui land with a site area of Autonomous approximately 66,667 sq.m., Region which is being developed into a The PRC residential and commercial (中房‧永悅府) development. Portions of the property was under construction as at the valuation date and is scheduled to be completed in May 2022. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 91,776.94 sq.m. The construction of the remaining portion of the property (the “bare land”) had not been commenced as at the valuation date. The classification, usage and gross floor area details of the property were set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB289,000,000, of which approximately RMB90,500,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 30 April 2084 for residential use and 30 April 2054 for commercial use.

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Notes:

1. Ningxia Zhongjin Real Estate Co., Ltd (寧夏中錦置業有限公司, “Ningxia Zhongjin”) is a 35% owned subsidiary of the Company. As confirmed by the Company, the Company actually owns 45%-intrest of dividend income from Project Yong Yue Mansion II.

2. Pursuant to a State-owned Land Use Rights Grant Contract—Yong Ning He Tong (2014) No. 7 the land use rights of a parcel of land with a site area of approximately 66,667 sq.m. were contracted to be granted to Ningxia Zhongjin for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB63,100,000.

3. Pursuant to a State-owned Land Use Rights Certificate (Land)—Ning (2020) Yong Ning Xian Bu Dong Chan Quan Di No. Y0004757, the land use rights of the aforesaid land parcel with a site area of approximately 66,667 sq.m. have been granted to Ningxia Zhongjin for terms expiring on on 30 April 2084 for residential use and 30 April 2054 for commercial use.

4. Pursuant to a Construction Work Planning Permit—Yong Shen Fu Jian Zi Di (2020) No. 026 in favour of Ningxia Zhongjin, the property with a gross floor area of approximately 97,590.15 sq.m. has been approved for construction.

5. Pursuant to 4 Construction Work Commencement Permits—No. 640121202007100101, No. 640121202008250201, No. 640121202007130101, No. 640121202008250101 in favour of Ningxia Zhongjin, permission by the relevant local authority was given to commence the construction of the CIP of the property with a gross floor area of approximately 91,776.94 sq.m.

6. Pursuant to 7 Pre-sale Permits—Yong Shen Fu (2020) Fang Yu Shou Zheng No. 001 and Nos. 062 to 067 in favour of Ningxia Zhongjin, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 40,072.88 sq.m.) to purchasers.

7. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group II—held under Residential 69,358.88 development Commercial 3,759.72 (CIP) Kindergarten 3,356.84 Ancillary 797.29 Underground Spaces 14,504.21 257

Sub-Total 91,776.94

Group III—held for future Residential 5,813.21 development (bare land) Sub-Total 5,813.21

Grand-Total: 97,590.15 257

8. As advised by the Group, various residential and retail units with a gross floor area of approximately 12,464.56 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB56,299,063 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. The market value of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB401,300,000.

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10. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB4,600 to RMB5,200 per sq.m. for residential units, RMB10,000 to RMB12,000 per sq.m. for retail units. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB751 to RMB930 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Ningxia Zhongjin has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Ningxia Zhongjin has obtained the requisite approvals in respect of the actual development; and

12. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Portion e. Pre-sale Permit Portion f. Construction Work Completion and Inspection Certificate/Table/Report N/A g. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

13. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group the valuation date (RMB)

Group II—held under development by the Group 168,000,000 Group III—held for future development by the Group 3,600,00

Total: 171,600,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

15. Project Xi Yue Project Xi Yue Mansion is As at the valuation 689,400,000 Mansion located at located at the western side of date, the property was the western side of Yuncai lane, Xixia District. There bare land. 100% interest Yuncai lane, are several residential projects attributable to Xixia District nearby however, public transports the Group: Yinchuan City and supporting facilities in the RMB689,400,000 Ningxia Hui neighboring area need to be Autonomous further developed. Region The PRC The property occupies 2 parcels (西悅府) of land with a site area of approximately 204,953.47 sq.m., which will be developed into a residential and commercial development with a gross floor area of approximately 454,966 sq.m. As advised by the Group, the construction of the project had not been commenced as at the valuation date.

The land use rights of the property have been granted for terms expiring on 10 August 2090 for residential use and 10 August 2060 for commercial use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—Yin Di Chan He Tong Rang Zi 2020 Nian Nos. 33 and 34, the land use rights with a site area of approximately 204,953.47 sq.m. were contracted to be granted to Ningxia Zhongyue Real Estate Co., Ltd. (寧夏中悅置業有限公司, “Ningxia Zhongyue”, a 70%-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB289,100,000.

2. Pursuant to 2 Real Estate Title Certificates—Ning (2020) Xi Xia Qu Bu Dong Chan Quan Di Nos. 0100153 and 0099707, the land use rights of 2 parcels of land with a total site area of approximately 204,953.47 sq.m. have been granted to Ningxia Zhongyue for terms expiring on 10 August 2090 for residential use and 10 August 2060 for commercial use.

3. In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,000 to RMB1,500 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Ningxia Zhongyue has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

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5. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit No d. Construction Work Planning Permit No

6. For the purpose of this report, the property is classified into the group as “Group III—held for future development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

16. Project Jin Li Project Jin Li is located at the As at the valuation 227,800,000 located at the Northern side of Qingwang Road date, the CIP of the Northern side of and Western side of Qingning property was under 56% interest Qingwang Road, Street Litong District. The construction and the attributable to Western side of locality is well served by public remaining portion was the Group: Qingning Street transportation network and bare land for future RMB127,568,000 Litong District supporting facilities. development. Wuzhong City Ningxia Province The property occupies 2 parcels The PRC of land with a total site area of (中房錦里) approximately 149,690.00 sq.m. As at the valuation date, 5 residential and commercial buildings of the property are under construction (the “CIP”). with a total gross floor area of approximately 15,589.25 sq.m. and is scheduled to be completed in April 2023. As advised by the Group, the remaining portion of the property had not been commenced. Details of the areas of property are set out in note 5.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB1,045,000,000, of which approximately RMB7,152,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms of 40 years for commercial service use and 70 years for residential use.

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Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—Wu Zi Ran (He) Zi 2020-17 and 2020-18, the land use rights with a total site area of approximately 149,690.00 sq.m. were contracted to be granted to Ningxia Zhongen Real Estate Co., Ltd. (寧夏中恩置業有限公司, “Ningxia Zhongen”, a 56% owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB208,281,600.

2. Pursuant to 2 Real Estate Title Certificates-Ning (2020) Li Tong Qu Bu Dong Chan Quan Di Nos. W0010358-W0010359, the land use rights of 2 parcels of land with a total site area of approximately 149,690.00 sq.m. have been granted to Ningxia Zhongen for terms expiring on 6 September 2090 for residential use and 6 September 2060 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di No. GHX2021022 in favour of Ningxia Zhongen, the CIP of the property with a gross floor area of approximately 15,589.25 sq.m. has been approved for construction.

4. Pursuant to 2 Construction Work Commencement Permits—Nos. 642101202103220201 and 642101202103190201 in favour of Ningxia Zhongen, permissions by the relevant local authority was given to commence the construction of the CIP of the property with a gross floor area of approximately 15,589.25 sq.m.

5. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group II—held under Residential 10,680.35 development Retail 1,225.2 (CIP) Ancillary 3,683.7

Sub-total: 15,589.25

Group III—held for future Residential 231,399.25 development (bare land) Sub-total: 231,399.25

Grand-Total: 246,988.50

6. In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB870 to RMB930 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Ningxia Zhongen has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

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8. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Work Planning Permit No d. Construction Work Commencement Permit Portion e. Pre-sale Permit N/A f. Construction Work Completion and Inspection Certificate/Table/Report N/A g. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

9. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group the valuation date (RMB)

Group II—held under development by the Group 22,000,000 Group III—held for future development by the Group 205,800,000

Total: 227,800,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

17. Project Su He Project Su He Sunshine, As at the valuation 236,225,000 Sunshine located completed in July 2019, is date, portions of the at He Lan Shan located at He Lan Shan East Ave, property were vacant 100% interest East Ave Hongqiao Hongqiao Road There are several for sale and the attributable to Road residential projects nearby remaining portions of the Group: Helan County however, public transports and the property were RMB236,225,000 Yinchuan City supporting facilities in the rented to a tenant for Ningxia Hui neighboring area need to be school purpose. Autonomous further developed. Region The PRC The property comprises the (銀川‧蘇荷陽光) unsold portion of the project with a total gross floor area of approximately 48,942.89 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

The land use rights of the property have been granted for terms expiring on 11 December 2072 for residential use, 11 December 2042 and 11 July 2057 for commercial use.

Notes:

1. Pursuant to 22 Real Estate Title Certificates—Ning (2019) He Lan Xian Bu Dong Chan Quan Di Nos. H0010217 to H0010235, H009604, Ning (2018) He Lan Xian Bu Dong Chan Quan Di Nos. H0012153 and H0012155, Project Su He Sunshine with a total gross floor area of approximately 46,123.70 sq.m (including the property). is owned by Yinchuan Zhongchen Real Estate Co., Ltd. (銀川中宸置地有限責任公司, “Yinchuan Zhongchen”, a wholly-owned subsidiary of the Company), the relevant land use rights of the property have been granted to Yinchuan Zhongchen for terms expiring on 11 December 2072 for residential use, 11 December 2042 and 11 July 2057 for commercial use.

2. Pursuant to a Tenancy Agreement, a portion of the property with a gross floor area of approximately 45,741.81 sq.m. is leased to a tenant for school purpose with the expiry date on 31 December 2023., and the annually rent receivable as at the valuation date was approximately RMB8,000,000, exclusive of management fees, water and electricity charges.

3. According to the information provided by the Group, the gross floor area of the property is set out as below:

Group Usage Gross Floor Area (sq.m.)

Group I—held for sale Residential Units 61.92 (unsold units) Commercial 3,139.16

Sub-Total: 3,201.08

Group IV—held for investment School Building 33,936.49 Playground 1,132.63 Underground Spaces and Ancillary 10,672.69

Sub-Total: 45,741.41

Total: 48,942.89

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4. Our valuation has been made on the following basis and analysis:—

(a) In undertaking our valuation of the property in Group I, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility. The unit price of these comparable properties ranges from RMB6,000 to RMB7,000 per sq.m. for residential units and RMB15,500 to RMB16,500 per sq.m. for retail units. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property;

(b) in undertaking our valuation of Group V, we have considered the actual rents in the existing tenancy agreements and also compared with similar properties located in the same business circle and/or nearby within reasonable walking distance. We adopted market rent when calculating (1) the reversionary rental income after the expiry of the existing leases for occupied area, and (2) the rental income of vacant area;

(c) the unit rents of the comparable school property range from RMB0.60 to RMB1.0 per sq.m. per day, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

(d) based on our research on office/school market in the surrounding area of the property, for office/school portions, the stabilized market yield ranged from 4% to 5% as at the valuation date. Considering the location, risks and characteristics of the property, we have applied a market yield of 4.5% as the capitalization rate in the valuation.

5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains that the Group is legally in possession of the building ownership rights of the property mentioned in note 1 and is entitled to legally occupy, use, lease, transfer or otherwise dispose of the aforesaid property.

6. A summary of major certificates/approvals is shown as follows:

a. Real Estate Title Certificate (Land) Yes b. Construction Work Planning Permit Yes c. Construction Work Commencement Permit Yes d. Pre-sale Permit Yes e. Construction Work Completion and Inspection Certificate/Table/Report Yes f. Building Ownership Certificate/Real Estate Title Certificate (Building) Portion

7. For the purpose of this report, the property is classified into the following groups according to the purpose for which it is held, we are of the opinion that the market value of each group as at the valuation date in its existing state is set out as below:

Market value in existing state as at Group Gross floor area the valuation date (sq.m.) (RMB)

Group I—held for sale by the Group 3,201.08 50,000,000 Group IV—held for investment by the Group 3,672.88 186,225,000

Total: 5,465.26 236,225,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

18. Project Xi Jiang Project Xi Jiang Yue is located at As at the valuation 553,000,000 Yue located at the the north side of the intersection date, the property was north side of the of Jinpendi Avenue and Binhe under construction. 97.3% interest intersection of Road, Chongyang Town. There attributable to Jinpendi Avenue are several residential projects the Group: and Binhe Road nearby however, public transports RMB538,069,000 Chongyang Town and supporting facilities in the Chongzhou City neighboring area need to be Sichuan Province further developed. The PRC (西江悅) Xi Jiang Yue occupies a parcel of land with a site area of approximately 69,857.10 sq.m., which is being developed into a residential and commercial development. The project was under construction as at the valuation date and was scheduled to be completed in June 2022. As advised by the Group, upon completion, the project will have a total gross floor area of approximately 193,955.22 sq.m.

As at the valuation date, the property comprised the whole project of Xi Jiang Yue. The classification, usage and gross floor area details of the property were set out in note 5.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB622,600,000 of which approximately RMB104,700,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 1 November 2088 for residential use and 1 November 2058 for commercial use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Chong Chu Rang He Tong (2018) Di No. 091401, the land use rights with a site area of approximately 69,857.10 sq.m. were contracted to be granted to Chongzhou Zhongye Ruihua Real Estate Development Co., Ltd. (崇州市中業瑞華房地產開發有限公司, “Chongzhou Zhongye”, a 97.3% owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB381,419,948.

2. Pursuant to a Real Estate Title Certificate (Land)—Chuan (2019) Chong Zhou Shi Bu Dong Chan Quan Di No. 0010436, the land use rights of the aforesaid land parcel with a site area of approximately 69,857.10 sq.m. have been granted to Chongzhou Zhongye for terms expiring on 1 November 2088 for residential use and 1 November 2058 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di No. 510128202030985 in favour of Chongzhou Zhongye, the property with a total gross floor area of approximately 193,955.22 sq.m. has been approved for construction.

4. Pursuant to 2 Construction Work Commencement Permits—Nos. 510184202010230701 and 510184202010270201 in favour of Chongzhou Zhongye, permissions by the relevant local authority were given to commence the construction the property with a total gross floor area of approximately 193,955.22 sq.m.

5. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 145,700.06 Retail 7,059.27 Ancillary 114.00 Basement (inclusive of car parking spaces) 41,081.89 1,033

Total: 193,955.22 1,033

6. The market value of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB1,349,000,000.

7. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB7,000 to RMB9,000 per sq.m. for residential units and RMB13,000 to RMB15,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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

(a) Chongzhou Zhongye has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC; and

(b) Chongzhou Zhongye has obtained the requisite approvals in respect of the actual development.

9. A summary of major certificates/approvals is shown as follows:

10. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

19. Project Haidong Project Haidong Salzburg Palace As at the valuation 749,000,000 Salzburg Palace is located at the No. 16 date, the property was located at the Shanzhou Street Ledu District, under construction. 100% interest No. 16 Shanzhou Haidong City. The locality is attributable to Street well served by public the Group: Ledu District transportation network and RMB749,000,000 Haidong City supporting facilities. Qinghai Province The PRC The property comprises a parcel (海東薩爾斯堡) of land with a site area of approximately 79,249.21 sq.m., which will be developed into a residential development with a total gross floor area of approximately 214,529.93 sq.m. The property is scheduled to be completed in September 2022. Details of the areas of property are set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB659,000,000, of which approximately RMB450,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for a term expiring on 1 March 2089 for residential use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—6321002019CH13-14, the land use rights of 2 parcel of land with a site area of approximately 79,336 sq.m. were contracted to be granted to Ningxia Zhongfang Haidong Industrial Co., Ltd. (寧夏中房海東實業有限公司, “Zhongfang Haidong”, a wholly-owned subsidiary of the Company) for terms of 70 years for residential use commencing from the land delivery date. The land consideration was RMB154,705,200.00.

2. Pursuant to a State-owned Land Use Rights Certificate (Land)—63000006386, the land use rights of the aforesaid land parcel with a site area of approximately 79,249.21 sq.m. have been granted to Zhongfang Haidong for terms expiring on 1 March 2089 for residential use.

3. Pursuant to 13 Construction Work Planning Permits in favour of Zhongfang Haidong, the property with a gross floor area of approximately 213,926.71 sq.m. has been approved for construction.

4. Pursuant to 5 Construction Work Commencements Permits in favour of Zhongfang Haidong, permission by the relevant local authority was given to commence the construction of the property with a gross floor area of approximately 214,529.93 sq.m.

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5. Pursuant to 13 Pre-sale Permits in favour of Zhongfang Haidong, the Group is entitled to sell residential and commercial units of the property (representing a gross floor area of approximately 175,402.85 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 168,038.21 Retail 7,364.64 Ancillary (inclusive of car parking spaces) 39,127.08 493

Total: 214,529.93 493

7. As advised by the Group, various residential and retail units with a total gross floor area of approximately 159,604.19 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB973,843,252 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB4,800 to RMB13,000 per sq.m. for residential units, RMB6,800 to RMB21,000 per sq.m. for commercial units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB790 to RMB890 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Zhongfang Haidong has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Zhongfang Haidong has obtained the requisite approvals in respect of the actual development; and

(c) Zhongfang Haidong has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 5.

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11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. State-owned Land Use Rights Certificate Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Yes g. Construction Work Completion and Inspection Certificate/Table/Report N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

20. Project Project Vanke—Park Avenue is As at the valuation 1,624,500,000 Vanke—Park located at the North side of date, the CIP of the Avenue located at Chaidamu Road. The locality is property was under 40% interest the North side of well served by public construction and the attributable to Chaidamu Road transportation network and remaining portion was the Group: Chengzhong supporting facilities. bare land for future RMB649,800,000 District development. Xining City The property occupies a parcel of Qinghai Province land with a site area of The PRC approximately 110,939.35 sq.m., (萬科‧公園里) which is being developed into a residential and commercial development. As at the valuation date, 19 residential and commercial buildings of the property are under construction (the “CIP”) with a total gross floor area of approximately 348,082.07 sq.m and is scheduled to be completed in June 2022. As advised by the Group, the remaining portion of the property had not been commenced. Details of the areas of property are set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the CIP is estimated to be approximately RMB1,507,000,000, of which approximately RMB214,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 25 November 2089 for residential use and 25 November 2059 for commercial use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—2019NC-2, the land use rights of a parcel of land with a site area of approximately 110,939.35 sq.m. were contracted to be granted to Xining Ningcan Industrial Co., Ltd. (西寧寧燦實業, “Xining Ningcan”, a 40%-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB1,297,998,000.

2. Pursuant to a Real Estate Title Certificate—Qing (2020) Xi Ning Bu Dong Chan Quan Di No. 0026394, the land use rights of the aforesaid land parcel with a site area of approximately 110,939.35 sq.m. have been granted to Xining Ningcan for terms expiring on 25 November 2089 for residential use and 25 November 2059 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di Ning Gui Jian Zi 2020 Nian Di No. 052 in favour of Xining Ningcan, the CIP of the property with a gross floor area of approximately 359,200.57 sq.m. has been approved for construction.

4. Pursuant to 3 Construction Work Commencement Permits—Ning Jian Guan Nos. 6301052020007220101, 630105202011050201 and 630105202010130101 in favour of Xining Ningcan, permissions by the relevant local authority were given to commence the construction of the CIP of the property with a gross floor area of approximately 348,082.07 sq.m.

5. Pursuant to 14 Pre-sale Permits—(2020) Ning Fang Yu Shou Zheng Zi Di Nos. 144 to 154 and (2021) Ning Fang Yu Shou Zheng Zi Di Nos. 031, 032 and 040 in favour of Xining Ningcan, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 263,517.99 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 258,164.09 Retail 8,064.91 Basement (inclusive of car parking spaces) 81,853.07

Total: 348,082.07

7. As advised by the Group, various residential and retail units with a gross floor area of approximately 113,589.27 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,413,644,099 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB11,000 to RMB13,000 per sq.m. for residential units and RMB25,000 to RMB30,000 per sq.m. for commercial units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

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(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB3,100 to RMB4,200 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Xining Ningcan has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC; and

(b) Xining Ningcan has obtained the requisite approvals in respect of the actual development; and

11. A summary of major certificates/approvals is shown as follows:

Market value in existing state as at Group the valuation date (RMB)

Group II—held under development by the Group 1,577,000,000 Group III—held for future development by the Group 47,500,000

Total: 1,624,500,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

21. Project Project Vanke—Times Metropolis As at the valuation 2,698,800,000 Vanke—Times is located at the intersection of date, the CIP of the Metropolis located South Ring Expressway and property was under 20.4% interest at No. 3 Shidai Shidai Avenue, Chengzhong construction and the attributable to Avenue District. There are several remaining portion was the Group: Chengzhong residential projects nearby bare land for future RMB550,555,200 District Xining however, public transports and development. City Qinghai supporting facilities in the Province The PRC neighboring area need to be (萬科‧時代都會) further developed.

The property occupies 5 parcels of land with a total site area of approximately 195,453.90 sq.m., which is being developed into a residential and commercial development. Portions of the project were under construction (the “CIP”) as at the valuation date and are scheduled to be completed in September 2022. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 390,832.61 sq.m. The construction of the remaining portion of the project (the “bare land”) had not been commenced as at the valuation date.

The property comprises the whole project with a total gross floor area of approximately 712,388.79 sq.m. The classification, usage and gross floor area details of the property were set out in note 7.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB2,088,000,000 of which approximately RMB361,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 30 August 2089 for residential use and 30 August 2059 for commercial use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—2019NC-1, the land use rights with a site area of approximately 195,453.90 sq.m. were contracted to be granted to Xining Wantang Real Estate Co., Ltd. (西寧萬唐房地產開發有限公司, Xining Wantang, a 20.4%-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB1,938,270,000.

2. Pursuant to 4 Real Estate Title Certificates—Qing (2020) Xi Ning Bu Dong Chan Quan Di Nos. 0014487, 0023646, 0023647 and 0025200, the land use rights of the aforesaid land parcel with a site area of approximately 137,739.14 sq.m. have been granted to Xining Wantang for terms expiring on 30 August 2089 for residential use and 30 August 2059 for commercial use.

3. Pursuant to a Construction Work Planning Permit—Jian Zi Di Nan Gui Jian 2020 Di No. 008 in favour of Xining Wantang, the property with a gross floor area of approximately 571,948.79 sq.m. has been approved for construction.

4. Pursuant to 5 Construction Work Commencement Permits—Ning Jian Guan Nos. 630103202007270101, 630103202007270201, 630103202008250301, 630103202102080101 and 630103202009290201 in favour of Xining Wantang, permissions by the relevant local authority were given to commence the construction of the CIP of the property with a gross floor area of approximately 571,829.65 sq.m.

5. Pursuant to 25 Pre-sale Permits—(2020) Ning Fang Yu Shou Zheng Zi Di Nos. 127 to 133, 234 to 237, 327 and (2021) Ning Fang Yu Shou Zheng Zi Di Nos. 010 to 013, in favour of Xining Wantang, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 276,707.81 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 278,718.85 Retail 19,496.76 Office 124,832.27 Kindergarten 3,132.13 Ancillary 7,748.78 Basement (inclusive of car parking spaces) 137,900.86

Total: 571,948.79

7. As advised by the Group, various residential units, office units and apartment units with a total gross floor area of approximately 253,285.80 sq.m. of the CIP of the property have been pre-sold to various third parties at a consideration of RMB3,188,350,526 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property in Group II. The unit price of these comparable properties ranges from RMB12,000 to RMB14,000 per sq.m. for residential units, RMB8,500 to RMB10,500 per sq.m. for office units and RMB7,500 to RMB9,500 per space for car parking spaces. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property in Group III. The accommodation value of these comparable land sites ranges from RMB4,500 to RMB5,100 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Xining Wantang has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Xining Wantang has obtained the requisite approvals in respect of the actual development; and

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Portion c. Construction Land Planning Permit Portion d. Construction Work Planning Permit Portion e. Construction Work Commencement Permit Portion f. Pre-sale Permit Portion

Market value in existing state as at Group the valuation date (RMB)

Group II—held under development by the Group 2,471,000,000 Group III—held for future development by the Group 227,800,000

Total: 2,698,800,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

22. Project Project Vanke—Starlight As at the valuation 1,807,900,000 Vanke—Starlight Metropolis is located at the date, the property was Metropolis located intersection of An Ning Road and bare land for future 40% interest at the intersection Xinan Street, Chengzhong development. attributable to of An Ning Road District. There are several the Group: and Xinan Street residential projects nearby RMB723,160,000 Chengzhong however, public transports and District supporting facilities in the Xining City neighboring area need to be Qinghai Province further developed. The PRC (萬科‧時代星光) The property occupies 2 parcels of land with a total site area of approximately 129,607.35 sq.m., which will be developed into a residential and commercial development with a gross floor area of approximately 445,332.50 sq.m. The construction of the property was not commenced as at the valuation date. The classification, usage and gross floor area details of the property are set out in note 3.

The land use rights of the property have been granted for terms of 40 years for commercial service use and 70 years for residential use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—2020NC-11 and 2020NC-12, the land use rights with 2 site area of approximately 129,625.35 sq.m. were contracted to be granted to Xining Wanhan Real Estate Co., Ltd. (西寧萬涵房地產有限公司, Xining Wanhan, a 40%-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB1,889,740,000.

2. Pursuant to a Real Estate Title Certificate—Qing (2021) Xi Ning Bu Dong Chan Quan Di Nos. 0014962, the land use rights of the aforesaid land parcel with a site area of approximately 50,697.05 sq.m. have been granted to Xining Wanhan for terms expiring on 12 November 2090 for residential use and 11 November 2060 for commercial use.

3. Pursuant to 2 Construction Land planning Permit—Di Zi Di Nan Gui Di Zi 2021 Di No. 001 and 002, permissions towards the planning of 2 parcels of land with a total site area of approximately 129,607.35 sq.m. have been granted to Xining Wanhan.

4. In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB5,000 to RMB6,000 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Xining Wanhan has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

6. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Portion

7. For the purpose of this report, the property is classified into the group as “Group III—held for future development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

23. Project Vanke Project Vanke Town is located at As at the valuation 5,496,000,000 Town located at the intersection of West date, the property was the intersection of Nanchuan Road and Yujinxiang under construction. 40% interest West Nanchuan Avenue, Chengzhong District. attributable to Road and There are several residential the Group: Yujinxiang Avenue projects nearby however, public RMB2,198,400,000 Chengzhong transports and supporting District facilities in the neighboring area Xining City need to be further developed. Qinghai Province The PRC The property occupies 3 parcels (萬科‧萬科城) of land with a total site area of approximately 272,413.74 sq.m., which is being developed into a residential and commercial development. As at the valuation date, the property was under construction and is scheduled to be completed in June 2023. As advised by the Group, upon completion, the project will have a gross floor area of approximately 935,280.55 sq.m. The classification, usage and gross floor area details of the property were set out in note 7.

As advised by the Group, the construction cost of the property is estimated to be approximately RMB4,081,000,000, of which approximately RMB2,466,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 30 October 2088 for residential use 30 October 2058 for commercial use.

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Notes:

1. Pursuant to 3 State-owned Land Use Rights Grant Contracts—2018NC-5, 2018NC-6 and 2018NC-7, the land use rights of 3 parcels of land with a total site area of approximately 272,413.74 sq.m. were contracted to be granted to (Xining Wanlan Real Estate Co., Ltd, Xining Wancan Real Estate Co., Ltd and Xining Wanxian Real Estate Co., Ltd 西寧萬瀾房地產開發有限公司 “Xining Wanlan”, a 40% owned subsidiary of the Company; 西寧萬燦房地產開發有限公司 “Xining Wancan”, a 40% owned subsidiary of the Company; 西寧萬賢房地產開發有限公司, “Xining Wanxian”, a 40% subsidiary of the Company) respectively for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB2,375,650,519.

2. Pursuant to 3 Real Estate Title Certificates—Qing (2019) Xi Ning Shi Bu Dong Chan Quan Di No. 0018711, 0018714 and 0017456, the land use rights of the aforesaid land parcel with a site area of approximately 272,413.74 sq.m. have been granted to Xining Wanlan, Xining Wancan and Xining Wanxian respectively for terms expiring on 30 October 2088 for residential use 30 October 2058 for commercial use.

3. Pursuant to 5 Construction Work Planning Permits—Jian Zi Di Nan Gui Jian 2019-002, 2019-003, 2019-004, 2019-007 and 2020-004 in favour of Xining Wanlan, Xining Wancan and Xining Wanxian respectively, the property with a gross floor area of approximately 1,042,768.03 sq.m. has been approved for construction.

4. Pursuant to 9 Construction Work Commencement Permits—Ning Jian Guan Nos. 630103201903190401, 630103201903190501, 630103201903190601, 630103202003260101, 630103201905160201, 6301032020908030101, 6301032202008030201, 630103201909060101 and 630103201910300101 in favour of Xining Wanlan, Xining Wancan and Xining Wanxian respectively, permissions by the relevant local authority were given to commence the construction of the property with a gross floor area of approximately 935,280.55 sq.m.

5. Pursuant to 60 Pre-sale Permits—(2019) Ning Fang Yu Shou Zheng Zi Di Nos. 102 to 120, 270, 288, 289, 290 to 293, (2020) Ning Fang Yu Shou Zheng Zi Di Nos. 166 to 169, 042, 013 to 017, 030 to 032, 066 to 069 and 121 to 137, in favour of Xining Wanlan, Xining Wancan and Xining Wanxian respectively, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 706,446.42 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Usage Gross Floor Area (sq.m.)

Residential 620,562.60 Retail 17,930.05 Office 76,266.92 Basement (inclusive of car parking spaces) 218,230.57 Ancillary 2,290.41

Total: 935,280.55

7. As advised by the Group, various residential and retail units with a gross floor area of approximately 621,949.48 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB6,760,043,561 inclusive of value added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB10,000 to RMB14,000 per sq.m. for residential units and RMB15,000 to RMB20,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB3,500 to RMB5,000 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Xining Wanlan, Xining Wancan and Xining Wanxian have legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Xining Wanlan, Xining Wancan and Xining Wanxian have obtained the requisite approvals in respect of the actual development; and

(c) Xining Wanlan, Xining Wancan and Xining Wanxian have the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 5.

11. A summary of major certificates/approvals is shown as follows:

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

24. Project Vanke— Project Vanke—Chu Xin Garden As at the valuation 265,600,000 Chu Xin Garden is located at the North of Yin date, the unsold units located at the Tong Road and East of No. 9 of the property was 28% interest North of Yin Tong Street, Xingqing District. There vacant for sale and attributable to Road and East of are several residential projects the CIP of the the Group: No. 9 Street nearby however, public transports property was under RMB74,368,000 Xingqing District and supporting facilities in the construction. Yinchuan City neighboring area need to be Ningxia Hui further developed. Autonomous Region Project Vanke—Chu Xin Garden The PRC occupies a parcel of land with a (萬科初昕苑) site area of approximately 89,836.57 sq.m., which is being developed into a residential development. Portions of the project were completed in 2020, and the unsold portion of that (the “unsold units”) was vacant for sale as at the valuation date. The remaining portion of the project was under construction (the “CIP”) as at the valuation date and is scheduled to be completed in April 2021. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 21,832.54 sq.m.

The property comprises the unsold units and CIP of the project with a total gross floor area of approximately 33,466.38 sq.m. The classification, usage and gross floor area details of the property were set out in note 8.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB82,000,000, of which approximately RMB75,000,000 had been incurred as at the valuation date. The land use rights of the property have been granted for terms expiring on 01 March 2088 for residential use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2017 Nian No. 83, the land use rights with a site area of approximately 89,836.51 sq.m. were contracted to be granted to Ningxia Yuejia Real Estate Co., Ltd. (寧夏悅家房地產開發有限公司, “Ningxia Yuejia”, a 28%-owned subsidiary of the Company) for terms of 70 years for residential use from the land delivery date. The land consideration was RMB223,020,000.

2. Pursuant to a Real Estate Title Certificate—Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No. 0018804, the land use rights of a parcel of land with a site area of approximately 89,836.51 sq.m. have been granted to Ningxia Yuejia for a term expiring on 01 March 2088 for residential use.

3. Pursuant to a Construction Work Planning Permit—Yin Gui Jian Zi Di (2018) No. 092 in favour of Ningxia Yuejia, the project with a gross floor area of approximately 194,899.84 sq.m. (including the property) has been approved for construction.

4. Pursuant to a Construction Work Commencement Permit—No. 640102201806151101 in favour of Ningxia Yuejia, permission by the relevant local authority was given to commence the construction of the project with a gross floor area of approximately 194,899.84 sq.m. (including the property).

5. Pursuant to 20 Pre-sale Permits in favour of Ningxia Yuejia, the Group is entitled to sell portions of the project (representing a gross floor area of approximately 160,274.23 sq.m.) to purchasers.

6. Pursuant to 18 Construction Work Completion and Inspection Certificates in favour of Ningxia Yuejia, the construction of the project with a gross floor area of approximately 173,067.30 sq.m. (including the unsold units of the property) has been completed and passed the inspection acceptance.

7. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Floor Nos. of car Group Usage Area parking space (sq.m.)

Group I—held for sale Residential 5,707.30 (unsold units) Retail 3,897.60 Apartments 2,028.94

Sub-total: 11,633.84

Group II—held under Residential 21,832.54 development (CIP) Sub-total: 21,832.54

Grand-Total: 33,466.38

8. As advised by the Group, various residential units with a gross floor area of approximately 855.83 sq.m. of the unsold units of the property and various residential units with a gross floor area of approximately 4,414.76 sq.m. of the CIP of the property have been pre-sold to various third parties at consideration of RMB51,502,833 inclusive of value added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. The market value of the CIP of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB184,000,000.

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10. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB8,500 to RMB9,500 per sq.m. for residential units, RMB13,000 to RMB14,000 per sq.m. for retail units on the first floor and RMB7,000 to RMB8,000 per sq.m. for apartments. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,300 to RMB1,600 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Ningxia Yuejia has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Ningxia Yuejia has obtained the requisite approvals in respect of the actual development; and

12. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Portion g. Construction Work Completion and Inspection Certificate Portion

Market value in existing state as at Group the valuation date (RMB)

Group I—held for sale by the Group 92,600,000 Group II—held under development by the Group 173,000,000

Total: 265,600,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

25. Project Vanke— Project Vanke—City Light is As at the valuation 670,100,000 City Light located located at the South of Beijing date, the unsold units at the South of Road and East of Jinger Road, of the property was 40% interest Beijing Road and Xingqing District. There are vacant for sale and attributable to East of several residential projects the CIP of the the Group: Jinger Road nearby however, public transports property was under RMB268,040,000 Xingqing District and supporting facilities in the construction. Yinchuan City neighboring area need to be Ningxia Hui further developed. Autonomous Region Project Vanke—City Light The PRC occupies a parcel of land with a (萬科 • 城市之光) site area of approximately 106,121.35 sq.m., which is being developed into a residential development. Portions of the project were completed in 2020, and the unsold portion of that (the “unsold units”) was vacant for sale as at the valuation date. The remaining portion of the project was under construction (the “CIP”) as at the valuation date and is scheduled to be completed in October 2022. As advised by the Group, upon completion, the CIP will have a gross floor area of approximately 160,351.21 sq.m.

The property comprises the unsold units and CIP of the project with a total gross floor area of approximately 161,570.81 sq.m. The classification, usage and gross floor area details of the property were set out in note 8.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB617,000,000, of which approximately RMB445,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 01 March 2088 for residential use.

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Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2017 Nian No. 84, the land use rights with a site area of approximately 106,121.35 sq.m. were contracted to be granted to Ningxia Zhenghui Real Estate Co., Ltd. (寧夏正輝房地產開發有限公司, “Ningxia Zhenghui”, a 40%-owned subsidiary of the Company) for terms of 70 years for residential use from the land delivery date. The land consideration was RMB249,840,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Ning (2018) Xing Qing Qu Bu Dong Chan Quan Di No. 0018469, the land use rights of the aforesaid land parcel with a site area of approximately 106,121.35 sq.m. have been granted to Ningxia Zhenghui for a term expiring on 01 March 2088 for residential use.

3. Pursuant to a Construction Work Planning Permit—Yin Gui Jian Zi Di (2018) No. 098 in favour of Ningxia Zhenghui, the project with a gross floor area of approximately 232,587.73 sq.m.(including the property) has been approved for construction.

4. Pursuant to 27 Construction Work Commencement Permits—Nos. 640102201806260801 to 6401022018063301 and 640102201806263301 in favour of Ningxia Zhenghui, permissions by the relevant local authority were given to commence the construction of the project with a gross floor area of approximately 232,587.73 sq.m. (including the property).

5. Pursuant to 24 Pre-sale Permits in favour of Ningxia Zhenghui, the Group is entitled to sell portions of the project (representing a gross floor area of approximately 184,441.41 sq.m.) to purchasers.

6. Pursuant to 10 Construction Work Completion and Inspection Certificates—yc2018397, yc2018398, yc2018406 to yc2018410, and yc2018419 to yc2018421 in favour of Ningxia Zhenghui, the construction of the project with a gross floor area of approximately 72,237.02 sq.m. (including the unsold units of the property) has been completed and passed the inspection acceptance.

7. Pursuant to 10 Real Estate Title Certificates (Building)—Ning (2020) Xing Qing Qu Bu Dong Chan Quan Di Nos. 0086278, 0086280, 0086282, 0086286, 0086289, 0086291 to 0086295 in favour of Ningxia Zhenghui with the ownership of a gross floor area of approximately 71,240.11 sq.m. (including the unsold units of the property) of the project.

8. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Group Usage Gross Floor Area parking space (sq.m.)

Group I—held for sale Residential 1,219.60 (unsold units) Sub-total: 1,219.60

Group II—held under Residential 110,201.47 development by the Group Retail 1,311.01 (CIP) Subsidized housing 8,580.96 Kindergarten 2,093.00 Basement (inclusive of car 38,164.77 parking spaces) Sub-total: 160,351.21

Total: 161,570.81

9. As advised by the Group, various residential units and retail units with a gross floor area of approximately 147.01 sq.m. in Group I and various residential units with a gross floor area of approximately 69,471.12 sq.m. in Group II of the property have been pre-sold to various third parties at consideration of RMB538,516,336 inclusive of value added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

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11. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB9,500 to RMB10,500 per sq.m. for residential units, RMB18,000 to RMB20,000 per sq.m. for retail units on the first floor and RMB7,500 to RMB8,500 per sq.m. for apartments. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,300 to RMB1,600 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Ningxia Zhenghui has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Ningxia Zhenghui has obtained the requisite approvals in respect of the actual development; and

13. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. State-owned Land Use Rights Certificate/Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Portion g. Construction Work Completion and Inspection Certificate/Table/Report Portion h. Building Ownership Certificate/Real Estate Title Certificate (Building) Portion

Market value in existing state as at the valuation Group date (RMB)

Group I—held for sale by the Group 12,100,000 Group II—held under development by the Group 658,000,000

Total: 670,100,000

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

26. Project Vanke— Vanke—Emerald Lake View is As at the valuation 838,000,000 Emerald Lake located at the East of Hongqiao date, the property was View located at Nan Road, Desheng Industrial under construction. 40% interest the East of Helan County. The locality of the attributable to Hongqiao Nan project is well served by public the Group: Road transportation and public RMB335,200,000 Desheng Industrial facilities. Zone Helan County The property occupies 3 parcels Yinchuan City of land with a total site area of Ningxia Hui approximately 67,591 sq.m., Autonomous which is being developed into a Region residential and commercial The PRC development. The project was (萬科 • 翡翠湖望) under construction as at the valuation date and is scheduled to be completed in June 2021. As advised by the Group, upon completion, the project will have a gross floor area of approximately 136,695.76 sq.m. The classification, usage and gross floor area details of the property were set out in note 7.

As advised by the Group, the construction cost of the property is estimated to be approximately RMB534,000,000, of which approximately RMB396,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms expiring on 10 December 2073 and 25 May 2073 for residential use.

Notes:

1. Pursuant to 3 Real Estate Title Certificates (Land)—Ning (2019) He Lan Xian Bu Dong Chan Quan Di No. H0006109 to H00061111, the land use rights of the aforesaid land parcel with a total site area of approximately 67,591 sq.m. have been granted to Ningxia Wanpeng Real Estate Development Co. Ltd., (寧夏萬鵬房地產開發有限公司, “Ningxia Wanpeng”, a 40% owned subsidiary of the Company) for terms expiring on 10 December 2073 and 25 May 2073 for residential use.

2. Pursuant to 2 Construction Work Planning Permits—He Jian Zi Di 2018097 and He Jian Zi Di 2019010 in favour of Ningxia Wanpeng, the property with a gross floor area of approximately 136,730.92 sq.m. has been approved for construction.

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3. Pursuant to 19 Construction Work Commencement Permits—640122201811230101 to 640122201811231401 and 640122201904010301 to 640122201904010701 in favour of Ningxia Wanpeng, permissions by the relevant local authority were given to commence the construction of the property with a gross floor area of approximately 136,695.76 sq.m.

4. Pursuant to 17 Pre-sale Permits in favour of Ningxia Wanpeng, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 103,950.46 sq.m.) to purchasers.

5. According to the information provided by the Group, the gross floor area of the property is set out as below:

Usage Gross Floor Area (sq.m.)

Residential 93,748.88 Retail 1,384.32 Apartments 12,948.68 Basement (inclusive of car parking spaces) 25,899.40 Kindergarten 2,714.48

Total: 136,695.76

6. As advised by the Group, various residential, apartment and retail units with a gross floor area of approximately 102,711.77 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB995,152,531 inclusive of value added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

7. The market value of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB1,006,900,000.

8. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB9,000 to RMB10,000 per sq.m. for residential and apartment units, RMB18,000 to RMB20,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,200 to RMB1,400 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Ningxia Wanpeng has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Ningxia Wanpeng has obtained the requisite approvals in respect of the actual development; and

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10. A summary of major certificates/approvals is shown as follows:

11. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

27. Vanke—Jin Chen Vanke—Jin Chen is located at As at the valuation 723,000,000 located at the the Eastern side of Fuanxiang date, the property was Eastern side of Jinfeng District Yinchuan City. under construction. 21% interest Fuanxiang The locality of the project is well attributable to Jinfeng District served by public transportation the Group: Yinchuan City and facilities. RMB151,830,000 Ningxia Hui Autonomous The property comprises a parcel Region of land with a site area of The PRC approximately 56,555.71 sq.m., (萬科錦宸) which will be developed into a residential development with a total gross floor area of approximately 111,198.45 sq.m. The property is scheduled to be completed in June 2021. Details of the areas of property are set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB531,800,000 of which approximately RMB407,200,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for a term expiring on 29 August 2088 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2018 Nian No. 29, the land use rights of a parcel of land with a site area of approximately 56,555.71 sq.m. were contracted to be granted to Ningxia Wanjin Real Estate Co., Ltd. (寧夏萬錦房地產有限公司, “Ningxia Wanjin”, a 21%-owned subsidiary of the Company) for terms of 70 years for residential use commencing from the land delivery date. The land consideration was RMB183,120,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Ning (2018) Jin Feng Qu Bu Dong Chan Quan Di No. 0051673, the land use rights of the aforesaid land parcel with a site area of approximately 56,555.71 sq.m. have been granted to Ningxia Wanjin for a term expiring on 29 August 2088 for residential use.

3. Pursuant to 2 Construction Work Planning Permits-Yin Shen Fu Jian Zi Di (2019) Nos. 025 and 035 in favour of Ningxia Wanjin, the property with a total gross floor area of approximately 111,198.45 sq.m. has been approved for construction.

4. Pursuant to 20 Construction Work Commencements Permits in favour of Ningxia Wanjin, permission by the relevant local authority was given to commence the construction of the property with a total gross floor area of approximately 111,198.45 sq.m.

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5. Pursuant to 17 Pre-sale Permits in favour of Ningxia Wanjin, the Group is entitled to sell residential and commercial units of the property (representing a gross floor area of approximately 72,843.50 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 70,519.27 Office 16,966.71 Retail 417.46 Ancillary (inclusive of car parking spaces) 23,295.01 236

Total: 111,198.45 236

7. As advised by the Group, various residential units with a gross floor area of approximately 65,044.04 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB857,791,127 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB9,000 to RMB15,000 per sq.m. for residential units, RMB8,000 to RMB20,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB2,100 to RMB2,700 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Ningxia Wanjin has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Ningxia Wanjin has obtained the requisite approvals in respect of the actual development; and

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11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. State-owned Land Use Rights Certificate/Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Portion g. Construction Work Completion and Inspection Certificate/Table/Report N/A h. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

28. Vanke—Dream Vanke—Dream Town is located As at the valuation 1,122,000,000 Town located at at the Southern side of Jinfeng date, the property was the Southern side Seventeen Road Jinfeng District under construction. 28% interest of Jinfeng Yinchuan City. The locality is attributable to Seventeen Road well served by public the Group: Jinfeng District transportation and facilities. RMB314,160,000 Yinchuan City Ningxia Hui The property comprises a parcel Autonomous of land with a site area of Region approximately 98,214.66 sq.m., The PRC which will be developed into a (萬科 • 理想城) residential development with a total gross floor area of approximately 239,958.42 sq.m. The property is scheduled to be completed in September 2021. Details of the areas of property are set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB933,100,000 of which approximately RMB626,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for a term expiring on 2 September 2088 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2018-30, the land use rights of a parcel of land with a site area of approximately 98,214.66 sq.m. were contracted to be granted to Ningxia Wanyue Real Estate Co., Ltd. (寧夏萬悅房地產有限公司, “Ningxia Wanyue”, a 28%-owned subsidiary of the Company) for terms of 70 years for residential use commencing from the land delivery date. The land consideration was RMB294,650,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Ning (2018) Jin Feng Qu Bu Dong Chan Quan Di No. 0049699, the land use rights of a parcel of land with a site area of approximately 98,214.66 sq.m. have been granted to Ningxia Wanyue for a term expiring on 2 September 2088 for residential use.

3. Pursuant to a Construction Work Planning Permit—Yin Shen Fu Jian Zi Di (2019) No. 034 in favour of Ningxia Wanyue, the property with a gross floor area of approximately 239,958.42 sq.m. has been approved for construction.

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4. Pursuant to 25 Construction Work Commencements Permits in favour of Ningxia Wanyue, permission by the relevant local authority was given to commence the construction the property with a total gross floor area of approximately 239,703.42 sq.m.

5. Pursuant to 22 Pre-sale Permits in favour of Ningxia Wanyue, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 193,331.48 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 177,721.12 Retail 4,603.74 Ancillary 47,156.97 Car parking spaces 10,476.59 330

Total: 239,958.42 330

7. As advised by the Group, various residential and retail units with a total gross floor area of approximately 178,688.51 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,490,873,577 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB5,000 to RMB11,000 per sq.m. for residential units, RMB10,000 to RMB22,000 per sq.m. for retail units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,800 to RMB2,200 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

a. Ningxia Wanyue has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

b. Ningxia Wanyue has obtained the requisite approvals in respect of the actual development; and

c. Ningxia Wanyue has the right to pre-sell portion of the property based on the Pre-sale Permit mentioned in note 5.

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11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Yes g. Construction Work Completion and Inspection Certificate/Table/Report N/A h. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

29. Vanke—Metropolis Vanke—Metropolis is located at As at the valuation 708,000,000 located at the the Eastern side of Zhengyuan date, the property was Eastern side of South Street, Western side of under construction. 28% interest Zhengyuan Taqu Street Jinfeng District. The attributable to South Street, locality of the project is well the Group: Western side of served by public transportation RMB198,240,000 Taqu Street Jinfeng and facilities. District Yinchuan City Ningxia Hui The property comprises a parcel Autonomous of land with a site area of Region approximately 95,936.14 sq.m., The PRC which will be developed into a (萬科 • 大都會) residential development with a total gross floor area of approximately 254,894.92 sq.m. The property is scheduled to be completed in April 2023. Details of the areas of property are set out in note 6.

As advised by the Group, the construction cost (excluding land cost and financial cost) of the property is estimated to be approximately RMB1,213,100,000 of which approximately RMB279,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for a term expiring on 21 January 2090 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract —Yin Di Chan He Tong Rang Zi 2019-64, the land use rights of a parcel of land with a site area of approximately 95,936.14 sq.m. were contracted to be granted to Yinchuan Wanbo Zhongtai Real Estate Co., Ltd. (銀川萬博中泰房地產有限公司, “Yinchuan Wanbo”, a 審計 equity attributable 70%-owned subsidiary of the Company) for terms of 70 years for residential use commencing from the land delivery date. The land consideration was RMB309,190,000.

2. Pursuant to a Real Estate Title Certificate—Ning (2020) Jin Feng Qu Bu Dong Chan Quan Di No. 0006117, the land use rights of the aforesaid land parcel with a site area of approximately 95,936.14 sq.m. have been granted to Yinchuan Wanbo for a term expiring on 21 January 2090 for residential use.

3. Pursuant to a Construction Work Planning Permit-Yin Shen Fu Jian Zi Di (2020) No. 064 in favour of Yinchuan Wanbo, the property with a gross floor area of approximately 254,894.92 sq.m. has been approved for construction.

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4. Pursuant to 2 Construction Work Commencements Permits—640102202006120101 and 640102202006290101 in favour of Yinchuan Wanbo, permission by the relevant local authority was given to commence the construction of the property with a total gross floor area of approximately 254,894.92 sq.m.

5. Pursuant to 14 Pre-sale Permits in favour of Yinchuan Wanbo, the Group is entitled to sell portions of the property (representing a gross floor area of approximately 121,668.23 sq.m.) to purchasers.

6. According to the information provided by the Group, the gross floor area of the property is set out as below:

Nos. of car Usage Gross Floor Area parking space (sq.m.)

Residential 196,104.52 Retail 13,263.53 Ancillary 23,834.36 Car parking spaces 21,692.51 651

Total: 254,894.92 651

7. As advised by the Group, various residential units with a total gross floor area of approximately 104,275.08 sq.m. of the property have been pre-sold to various third parties at a consideration of RMB1,177,870,236 inclusive of value-added tax. Such portions of the property 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 value of the property, we have taken into account the contracted prices of such portions of the property.

9. Our valuation has been made on the following basis and analysis:

(a) In undertaking our valuation, we have identified and analyzed various relevant sales evidences in the locality which have similar characteristics as the subject property such as nature, use, size, layout and accessibility of the property. The unit price of these comparable properties ranges from RMB9,000 to RMB14,000 per sq.m. for residential units, RMB10,000 to RMB22,000 per sq.m. for commercial units on the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at an assumed unit rate for the property.

(b) In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characters comparable to the property. The accommodation value of these comparable land sites ranges from RMB1,800 to RMB2,000 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

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

(a) Yinchuan Wanbo has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC;

(b) Yinchuan Wanbo has obtained the requisite approvals in respect of the actual development; and

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11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. State-owned Land Use Rights Certificate/Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit Yes d. Construction Work Planning Permit Yes e. Construction Work Commencement Permit Yes f. Pre-sale Permit Portion g. Construction Work Completion and Inspection Certificate/Table/Report N/A h. Building Ownership Certificate/Real Estate Title Certificate (Building) N/A

12. For the purpose of this report, the property is classified into the group as “Group II—held under development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

30. Project Hua Yu Project Hua Yu Xuan is located As at the valuation 736,200,000 Xuan located at at Qinshui Avenue East, Harbin date, the property was Qinshui Avenue Road North, Jinfeng District, bare land. 100% interest East Harbin Road Yinchuan City. There are several attributable to North Jinfeng residential projects nearby, the Group: District Yinchuan however, public transports and RMB736,200,00 City Ningxia Hui supporting facilities are needed Autonomous to be future developed. Region The PRC The property occupies a parcel of (花語軒) land with a site area of approximately 95,149 sq.m. As advised by the Group, developing plan had not been commenced as at the valuation date.

The land use rights of the property have been granted for terms of 40 years for commercial service use and 70 years for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—Yin Di Chan He Tong Rang Zi 2020 Nian No. 58, the land use rights with a site area of approximately 95,149 sq.m. were contracted to be granted to Ningxia Zhonghan Real Estate Co., Ltd. (寧夏中翰置業有限公司, “Ningxia Zhonghan”, a 100% owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB71,098,000.

2. Pursuant to a Real Estate Title Certificate (Land)—Ning (2021) Jin Feng Qu Bu Dong Chan Quan Di No. 0009698, the land use rights of the aforesaid land parcel with a site area of approximately 95,149 sq.m. have been granted to Ningxia Zhonghan for terms expiring on 27 January 2091 for residential use and 27 January 2061 for commercial use.

3. In undertaking our valuation, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB2,998 to RMB3,869 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Ningxia Zhonghan has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

5. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) Yes c. Construction Land Planning Permit No d. Construction Work Planning Permit No

6. For the purpose of this report, the property is classified into the group as “Group III—held for future development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

31. Kaiyuan Shopping Project Kaiyuan Shopping Mall As at the valuation 116,300,000 Mall located at is a 4 storey commercial date, the property was west of Zhongxing development located at west of rented to various 100% interest Road and south of Zhongxing Road and south of tenants for attributable to Xiping Street Xiping Street, Lingwu County. commercial purpose. the Group: Lingwu County There are several commercial RMB116,300,000 Yinchuan City projects nearby and public Ningxia Hui transports and supporting Autonomous facilities are well developed in Region this area. The PRC (銀川 • 開元商場) The property comprises the whole project with a gross floor area of approximately 20,654.04 sq.m. The classification, usage and gross floor area details of the property were set out in note 6.

The land use rights of the property have been granted for terms expiring on 25 November 2048 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Certificates—Guo Yong (2009) No. 0329, the land use rights of the aforesaid land parcel with a site area of approximately 23,744.70 sq.m. have been granted to Ningxia Zhongfang Industrial Group Stock Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly-owned subsidiary of the Company) for terms expiring on 25 November 2048 for commercial use.

2. Pursuant to a Building Ownership Certificate—Ling Wu Shi Fang Quan Zheng Shi Qu Zi Di No. 00025958, the property with a total gross floor area of approximately 20,654.04 sq.m. are owned by “Zhongfang Industrial”.

3. Pursuant to 3 Tenancy Agreements, a portion of the property with a gross floor area of approximately 20,438.95 sq.m. was leased to 3 tenants for commercial purpose with the expiry date between 1 May 2023 to 1 July 2032. The annually rent receivable as at the valuation date was approximately RMB9,398,786.62, exclusive of management fee, water and electricity charges.

4. According to the information provided by the Group, the gross floor area of the property is set out as below:

Usage Gross Floor Area Level (sq.m.)

Commercial 20,654.04 Level 1-4

Total: 20,654.04

– III-97 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

5. Our valuation has been made on the following basis and analysis:

(a) in undertaking our valuation, we have considered the actual rents in the existing tenancy agreements and also compared with similar properties located in the same business circle and/or nearby within reasonable walking distance. We adopted market rent when calculating (1) the reversionary rental income after the expiry of the existing leases for occupied area, and (2) the rental income of vacant area;

(b) the unit rents of the comparable commercial units on the first floor range from RMB1.40 to RMB1.6 per sq.m. per day, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

(c) based on our research on commercial market in the surrounding area of the property, for commercial portions, the stabilized market yield ranged from 6% to 7% as at the valuation date. Considering the location, risks and characteristics of the property, we have applied a market yield of 6.5% as the capitalization rate in the valuation.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Zhongfang Industrial has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Building Ownership Certificate Yes

8. For the purpose of this report, the property is classified into the group as “Group IV—held for investment by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

32. Project Bei Shi Da Project Bei Shi Da is located at As at the valuation No Commercial Value located at South of South of Tuanjie Road, Jinfeng date, the property was Tuanjie Road District, Yinchuan City. There are bare land. Jinfeng District several residential and Yinchuan City commercial projects nearby and Ningxia Hui public transports and supporting Autonomous facilities are well developed in Region this area. The PRC (北師大) The property occupies 2 parcels of land with a total site area of approximately 115,808.58 sq.m. As advised by the Group, developing plan had not been commenced as at the valuation date.

The land use rights of the property have been granted for terms of 40 years for commercial service use and 70 years for residential use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts—Yin Di Chan He Tong Rang Zi 2020 Nian No. 48 and 49, the land use rights of 2 parcels of land with a total site area of approximately 115,808.58 sq.m. were contracted to be granted to Ningxia Wanzhong Jingming Real Estate Co., Ltd. (寧夏萬中景明房地產有限公司, “Ningxia Wanzhong”, a 40% owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land consideration was RMB1,449,672,000.

2. As at the valuation date, the bare land of the property had not been assigned to Ningxia Wanzhong and thus the title of the property had not been vested in Ningxia Wanzhong. Therefore, we have attributed no commercial value to the property. However, for reference purpose, we are of the opinion that the market value of the property as at the valuation date would be RMB1,279,600,000 assuming the relevant title certificates have been obtained by Ningxia Wanzhong and Ningxia Wanzhong is entitled to freely transfer the property.

3. In arriving at our valuation for reference as mentioned in note 2, we have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The accommodation value of these comparable land sites ranges from RMB4,500 to RMB6,000 per sq.m. for residential use. Appropriate adjustments and analysis are considered to the differences in nature, use, site area, layout, accessibility and other characters between the comparable properties and the property to arrive at our assumed accommodation value.

4. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Grant Contract Yes b. Real Estate Title Certificate (Land) No

5. For the purpose of this report, the property is classified into the group as “Group III—held for future development by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

33. Unsold portions of Project Xining International One As at the valuation 35,500,000 Xining is an 18 storey residential and date, portions of the International One commercial complex property were leased 100% interest Nos. 18-2, development located at No. 18 to various tenants for attributable to 18-4 and 18-6, Kunlun Middle Road, Chengdong retail and office the Group: Building No. 1, District. The locality of the purposes. The RMB35,500,000 No. 18 Kunlun project is a mature residential remaining portion of Middle Road and commercial area. the property was used Chengdong by the Group. District The property comprises the Xining City unsold portions of Xining Qinghai Province International One with a total The PRC gross floor area of approximately (西寧國際壹號) 4,012.98 sq.m. The classification, usage and gross floor area details of the property were set out in note 4.

The land use rights of the property have been granted for a term expiring on 10 August 2046 for commercial and financial uses.

Notes:

1. Pursuant to a State-owned Land Use Rights Certificate—Ning Guo Yong (2013) Di No. GS-00470, the land use rights of a parcel of land with a site area of approximately 119.38 sq.m. have been granted to Ningxia Zhongfang Group Xining Real Estate Development Co., Ltd. (寧夏中房集團西寧房地產開發有限責任公司, “Zhongfang Xining”, a wholly-owned subsidiary of the Company) expiring on 10 August 2046 for commercial and financial uses.

2. Pursuant to a Building Ownership Certificate—Ning Fang Quan Zheng Cheng Dong Qu Zi Di No. 128726, the property with a gross floor area of approximately 4,012.98 sq.m. are owned by Zhongfang Xining.

3. Pursuant to 3 Tenancy Agreements, portions of the property with a total gross floor area of approximately 1,037.94 sq.m. were leased to various tenants for retail and office purposes with the expiry date between 9 October 2021 to 31 December 2023. The annually rent receivable as at the valuation date was approximately RMB710,000, exclusive of management fee, water and electricity charges.

4. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Group Usage Floor Area Level (sq.m.)

Group V—held and occupied by the Group Retail 497.71 Level 1 Office 3,515.27 Level 2-5

Total: 4,012.98

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5. Our valuation has been made on the following basis and analysis:

(b) unit rents of the comparable properties are in the range of RMB4.1 to RMB5.1 per sq.m. per day for retail units on the first floor and RMB1.4 to RMB1.8 per sq.m. per day for office units, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

(c) based on our research on commercial market in the surrounding area of the property, the stabilized market yield of similar retail and office properties is in the range of 5.0% to 6.5%. Considering the location, risks and characteristics of the property, we have applied a market yield of 6.0% for retail units and 5.5% for office units in the valuation.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisors, which contains that Zhongfang Xining has legally obtained the land use rights of the property and entitled to occupy and use of the parcel of land, whilst the transfer and otherwise dispose of the parcel of land are subject to relevant mortgage contracts and relevant laws in the PRC.

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Building Ownership Certificate Yes

8. For the purpose of this report, the property is classified into the group as “Group V—held and occupied by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

34. Golf Composite Golf Composite building is a 3 As at the valuation 7,900,000 building located at storey commercial complex date, the property was south of development located at south of rented to various 100% interest Composite, Composite, Minzu North Street. tenants for attributable to Minzu North Street There are several commercial commercial purpose. the Group: Xingqing District projects nearby and public RMB7,900,000 Yinchuan City transports and supporting Ningxia Hui facilities are well developed in Autonomous this area. Region The PRC The property comprises the (高爾夫綜合樓) whole project with a gross floor area of approximately 2,456.69 sq.m. The classification, usage and gross floor area details of the property were set out in note 4.

The land use rights of the property have been granted for terms expiring on 30 July 2044 for commercial use.

Notes:

1. Pursuant to 3 State-owned Land Use Rights Certificates—Yin Guo Yong (2014) Nos. 14258, 14259 and 14264, the land use rights of the aforesaid land parcel with a total site area of approximately 522.14 sq.m. have been granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly-owned subsidiary of the Company) expiring on 30 July 2044 for commercial use.

2. Pursuant to 4 Building Ownership Certificate—Fang Quan Zheng Xing Qing Qu Zi Di Nos. 2011060261, 2011060262, 2011060263 and 2011060266, the property with a total gross floor area of approximately 2,456.69 sq.m. are owned by Zhongfang Industrial.

3. Pursuant to 2 Tenancy Agreements, a portion of the property with a gross floor area of approximately 2,342.38 sq.m. was leased to 2 tenants for commercial purpose with the expiry date between 14 August 2021 to 30 June 2026. The annually rent receivable as at the valuation date was approximately RMB106,854, exclusive of management fee, water and electricity charges.

4. According to the information provided by the Group, the gross floor area of the property is set out as below:

Gross Group Usage Floor Area Level (sq.m.)

Group V—held for investment by the Group Retail 356.18 Level 1 Office 2,100.51 Level 2-3

Total: 2,456.69

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5. Our valuation has been made on the following basis and analysis:

(b) the unit rents of the comparable commercial units are in the range from RMB0.83 to RMB0.96 per sq.m. per day for retail units on the first floor and RMB0.30 to RMB0.40 per sq.m. per day for office units, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Building Ownership Certificate Yes

8. For the purpose of this report, the property is classified into the group as “Group V—held and occupied by the Group in the PRC” according to the purpose for which it is held.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at No. Property Description and tenure occupancy the valuation date RMB

35. Headquarter Headquarter Building is a 11 As at the valuation 35,600,000 Building located at storey commercial complex date, the property was No. 1 Shanghai development located at No. 1 rented to various 100% interest West Road Shanghai West Road. There are tenants for office and attributable to Xingqing District several office projects nearby and warehouse purpose. the Group: Yinchuan City public transports and supporting RMB35,600,000 Ningxia Hui facilities are well developed in Autonomous this area. Region The PRC The property comprises the (總部大廈) whole project with a gross floor area of approximately 8,733.96 sq.m. The classification, usage and gross floor area details of the property were set out in note 4.

The land use rights of the property have been granted for terms expiring on 26 December 2038 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Certificate—Yin Guo Yong (2011) No. 60326, the land use rights of the aforesaid land parcel with a site area of approximately 3,782.66 sq.m. have been granted to Ningxia Zhongfang Industrial Group Co., Ltd. (寧夏中房實業集團股份有限公司, “Zhongfang Industrial”, a wholly- owned subsidiary of the Company) expiring on 26 December 2038 for commercial use.

2. Pursuant to 2 Building Ownership Certificates—Fang Quan Zheng Xing Qing Qu Zi Di Nos. 2011060254 and 2011060441, the property with a total gross floor area of approximately 8,733.96 are owned by Zhongfang Industrial.

3. Pursuant to a Tenancy Agreements, a portion of the property with a gross floor area of approximately 234.95 sq.m. was leased to a tenant for office purpose with the expiry date on 31 December 2022. The annually rent receivable as at the valuation date was approximately RMB104,316, exclusive of management fee, water and electricity charges.

4. According to the information provided by the Group, the gross floor area of the property is set out as below:

Usage Gross Floor Area Level (sq.m.)

Office 7,920.22 Level 1-10 Warehouse 813.74 Level 1

Total: 8,733.960

– III-104 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

5. Our valuation has been made on the following basis and analysis:

a. in undertaking our valuation, we have considered the actual rents in the existing tenancy agreements and also compared with similar properties located in the same business circle and/or nearby within reasonable walking distance. We adopted market rent when calculating (1) the reversionary rental income after the expiry of the existing leases for occupied area, and (2) the rental income of vacant area;

b. unit rents of the comparable properties are in the range from RMB1.0 to RMB1.26 per sq.m. per day for office units and RMB0.31 to RMB0.44 per sq.m. per day for warehouse units, appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the market rent; and

c. based on our research on office market in the surrounding area of the property, for commercial portions, the stabilized market yield ranged from 6% to 7% as at the valuation date. Considering the location, risks and characteristics of the property, we have applied a market yield of 6.5% as the capitalization rate in the valuation.

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Building Ownership Certificate Yes

8. For the purpose of this report, the property is classified into the group as “Group V—held and occupied by the Group in the PRC” according to the purpose for which it is held.

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