LVGEM China Real Estate Investment : COMPLETION OF THE EXCHANGE OFFER AND THE ISSUE OF THE NEW NOTES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state of the United States or other jurisdiction. The securities are being offered and sold outside the United States in reliance on Regulation S under the Securities Act and may not be offered or sold within the United States absent registration or an exemption from registration under the Securities Act. No public offering of the securities will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and management, as well as financial statements. The Company does not intend to register any part of the offering in the United States.

(Incorporated in the Cayman Islands with limited liability)

(HKSE Stock Code: 95)

COMPLETION OF THE EXCHANGE OFFER

AND

THE ISSUE OF THE NEW NOTES

Reference is made to the announcements of the Company dated 20 February 2020, 25 February 2020,

3 March 2020 and 4 March 2020 (the "Announcements"). Unless otherwise defined, capitalized terms used herein have the same meanings as ascribed to them in the Announcements.

The Board is pleased to announce that on 10 March 2020, all conditions precedent to the Exchange Offer and the Concurrent New Money Issuance have been fulfilled, and the Exchange Offer and the Concurrent New Money Issuance have been completed. The New Notes issued comprised US$222,610,000 of New Notes in the Concurrent New Money Issuance and US$227,390,000 of New Notes pursuant to the Exchange Offer, for an aggregate principal amount of US$450,000,000 of the New Notes. Existing Notes in aggregate principal amount of US$227,390,000, representing approximately 56.85% of the aggregate principal amount of the outstanding Existing Notes, that has

- 1 -

been validly tendered and accepted for exchange by the Company, have been cancelled. The remaining outstanding principal amount of the Existing Notes is US$172,610,000 after such cancellation.

By Order of the Board

LVGEM (China) Real Estate Investment Company Limited

HUANG Jingshu

Chairman

Hong Kong, 11 March 2020

As at the date of this announcement, the executive directors of the Company are Ms. HUANG Jingshu (Chairman), Mr. TANG Shouchun (Chief Executive Officer), Mr. YE Xingan, Mr. HUANG Hao Yuan and Mr. SIU Chi Hung; the non-executive director of the Company is Ms. LI Lihong; and the independent non-executive directors of the Company are Mr. WANG Jing, Ms. HU Gin Ing and Mr. MO Fan.

- 2 -