CDL: Announcement on Changes in Subsidiaries and Associated Companies

CITY DEVELOPMENTS LIMITED (Co. Reg. No. 196300316Z)

ANNOUNCEMENT ON CHANGES IN SUBSIDIARIES AND ASSOCIATED COMPANIES

The Board of Directors of City Developments Limited (the "Company" or "CDL") wishes to announce that:

1. Investment in an Associated Company and Unit Trust
   Hoko Macaulay Pty Ltd ("Hoko Macaulay"), an indirect wholly-owned subsidiary of CDL, had on 19 September 2019, subscribed for 500 ordinary shares in Macaulay North Melbourne Pty Ltd ("Macaulay North Melbourne") at a consideration of A$1.00 for each ordinary share. Macaulay North Melbourne is a proprietary company incorporated in Australia and is the trustee of Macaulay North Melbourne Unit Trust (the "Unit Trust"), a trust established in Australia and carrying on the business of a property owner and developer.
   Hoko Macaulay had also, on 30 October 2019, subscribed for 500 units in the Unit Trust at a consideration of A$1.00 for each unit.
   Following the subscriptions, CDL Group acquired 50% interest each (i) in Macaulay North Melbourne and (ii) in the Unit Trust.
2. Update on CDL Group's Investment in a commercial asset located in Hongqiao, Shanghai
   Reference is made to the Announcement issued by the Company on 15 May 2019 (Announcement Reference No. SG190515OTHRR0TJ) ("15 May 2019 Announcement") and updates provided by the Company in its unaudited financial results announcements issued on 8 August 2019 and 12 November 2019 with regards CDL Group's intended acquisition of a 100% stake in a commercial asset known as Shanghai Hongqiao Sincere Centre (Phase 2) (the "Hongqiao Transaction").

Following the exercise through CDL Group's indirect wholly-owned subsidiaries of the call option in connection with the Hongqiao Transaction, CDL Group has completed the acquisition of 100% interest in the following companies on 21 November 2019:

(i)	Name of Company:	Shanghai Yulan Real Estate Development Co., Ltd.
		上海渝岚房地产开发有限公司
	Country of Incorporation:	People's Republic of China
	Registered Capital:	RMB444,400,000
	Principal Activity:	Real estate development and operation; leasing; enterprise
		management consulting; hotel management; management
		of retail F&B enterprise and services; culture and art
		communication planning; business consulting; technology
		related services including technology development,
		technology transfer and technology consulting; enterprise
		image planning; marketing planning; conference services;
		exhibition and display services; groceries sales;
		engineering survey; ticketing agent; and hotels
(ii)	Name of Company:	Chongqing Jungao Enterprise Management Co., Ltd.
		重庆君高企业管理有限公司
	Country of Incorporation: People's Republic of China
	Registered Capital:	RMB32,200,000
	Principal Activity:	Enterprise management consulting; commodity information
		consulting; Market Research (excluding foreign market
		research); enterprise marketing planning; enterprise project
		consulting; real estate information consulting; and real
		estate services (excluding valuation)
		…2/-

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City Developments Limited

None of the Directors or the controlling shareholders of CDL has any interest, direct or indirect in the above-mentioned transactions.

By Order of the Board

Enid Ling Peek Fong

Company Secretary

Date: 7 January 2020