China Jinmao (00817) has handed over four undeveloped land parcels in Huzhou to the Huzhou Nan Taihu Management Committee for storage, receiving compensation of approximately 781 million yuan.

CHINA JINMAO (00817) announced that on January 13, 2025, its indirect wholly-owned subsidiary, Huizhou Dongmao, entered into a land acquisition agreement with the Huizhou Nantaihu Management Committee. According to the land acquisition agreement, Huizhou Dongmao agreed to transfer the land parcels to the Huizhou Nantaihu Management Committee for a consideration of RMB 781 million, to be compensated in cash. The land parcels, consisting of 4 numbered parcels TH-07-01-06A, 08B, 08E, and 09A, have a total land area of approximately 147,277 square meters and are located in the east of Binhu, Huizhou City, China. The land parcels are currently planned for the development of residential properties, retail businesses, and wholesale markets. As of the date of this announcement, the land parcels have not been developed. As part of the local government's urban management and optimization of land use efficiency efforts, the land parcels will be acquired in accordance with the land acquisition agreement. In December 2021, the Group acquired the land parcels through a public bidding process with the intention of developing residential properties, retail businesses, and wholesale markets on the land parcels, but at that time there were no specific or substantial development plans or timelines. As of the date of this announcement, for various reasons including property market conditions, supply and demand for residential and retail properties, estimated development costs, and optimizing the Group's resource utilization, the land parcels have not been developed. Therefore, the Board of Directors believes that the acquisition of the land parcels by the Huizhou Nantaihu Management Committee will not have any significant adverse impact on the Group's operations. In addition, based on the assessed market value of the land parcels, the compensation is considered fair and reasonable. The Board believes that the land acquisition will help optimize the Group's resource utilization and will benefit the Group's future development in the long run.