Powerlong Real Estate : PROPOSED SPIN-OFF AND SEPARATE LISTING OF POWERLONG COMMERCIAL MANAGEMENT HOLDINGS LIMITED ON THE MAIN BOARD OF THE STOCK EXCHANGE OF HONG KONG LIMITED LISTING OF POWERLONG COMMERCIAL MANAGEMENT AND COMMENCEMENT OF DEALINGS OF POWERLONG COMMERCIAL MANAGEMENT SHARES

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 appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration under the United States Securities Act of 1933, as amended (the "US Securities Act"). Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, its management, as well as financial statements. The securities described herein have not been and will not be registered under the U.S. Securities Act. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from the United States or any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

POWERLONG REAL ESTATE HOLDINGS LIMITED

寶 龍 地 產 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1238)

PROPOSED SPIN-OFF AND SEPARATE LISTING OF

POWERLONG COMMERCIAL MANAGEMENT HOLDINGS LIMITED

ON THE MAIN BOARD OF

THE STOCK EXCHANGE OF HONG KONG LIMITED

LISTING OF POWERLONG COMMERCIAL MANAGEMENT AND COMMENCEMENT OF DEALINGS OF POWERLONG COMMERCIAL MANAGEMENT SHARES

The Board is pleased to announce that following the completion of the Global Offering, the listing of Powerlong Commercial Management on the Main Board of the Stock Exchange took place on 30 December 2019 and dealings in the Powerlong Commercial Management Shares on the Main Board of the Stock Exchange commenced at 9:00 a.m. on 30 December 2019.

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INTRODUCTION

Reference is made to the announcements of the Company dated 20 August 2019, 25 November 2019, 28 November 2019, 6 December 2019, 16 December 2019 and 27 December 2019 (the "Announcements") in relation to the Proposed Spin-off. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcements.

LISTING OF POWERLONG COMMERCIAL MANAGEMENT AND COMMENCEMENT OF DEALINGS OF THE POWERLONG COMMERCIAL MANAGEMENT SHARES

The Stock Exchange has granted the approval for the listing of, and permission to deal in, the Powerlong Commercial Management Shares on the Main Board of the Stock Exchange.

Following the completion of the Global Offering, (i) listing of Powerlong Commercial Management on the Main Board of the Stock Exchange took place on 30 December 2019; and (ii) dealings in the Powerlong Commercial Management Shares on the Main Board of the Stock Exchange commenced at 9:00 a.m. on 30 December 2019. The Powerlong Commercial Management Shares are traded in board lots of 500 Powerlong Commercial Management Shares each and the stock code is 9909.

Upon completion of the Global Offering and the Capitalisation Issue (taking no account of Powerlong Commercial Management Shares which may be issued pursuant to the exercise of the Over-allotment Option), the Company, through its wholly owned subsidiaries, indirectly controls in aggregate approximately 67.50% of the total issued share capital of Powerlong Commercial Management.

By order of the Board

Powerlong Real Estate Holdings Limited

Hoi Kin Hong

Chairman and Executive Director

Hong Kong, 30 December 2019

As at the date of this announcement, the executive Directors are Mr. Hoi Kin Hong, Mr. Hoi Wa Fong, Mr. Xiao Qing Ping, Ms. Shih Sze Ni Cecilia and Mr. Zhang Hong Feng; the non-executive Director is Ms. Hoi Wa Fan; and the independent non-executive Directors are Dr. Ngai Wai Fung, Dr. Mei Jian Ping and Dr. Ding Zu Yu.

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