Beijing Properties : Announcements and Notices - Termination of Discloseable Transaction Relating to Subsc ...

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(Incorporated in Bermuda with limited liability)

(Stock Code: 925)

TERMINATION OF DISCLOSEABLE TRANSACTION

RELATING TO SUBSCRIPTION FOR

SUBSCRIPTION RECEIPTS OF MILLENMIN VENTURES INC.

AND VEND-IN AGREEMENT

Reference is made to the announcements of the Company dated 27 January 2017, 7 July 2017, 22 December 2017, 2 October 2018 and 19 October 2018 in relation to the discloseable transaction of subscription for MillenMin Shares and Subscription Receipts and other related matters (the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements unless defined otherwise herein.

MillenMin issued 241,919,000 Subscription Receipts at a price of $0.10 per Subscription Receipt for proceeds of US$18,347,997 by a private placement completed on July 7, 2017. The proceeds from this Subscription Receipt offering have been held in escrow pending satisfaction of the Escrow Release Conditions before March 29, 2019. One of the Escrow Release Conditions was the completion by MillenMin of a change of business or a reverse takeover transaction in accordance with the requirements of and with the approval of the TSX Venture Exchange. Under the terms of the Subscription Receipt offering, if satisfaction of the Escrow Release Conditions were not achieved by March 29, 2019, the Subscription Receipts would be cancelled and the escrowed proceeds would be returned to the holders of Subscription Receipt.

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BICL has subscribed 88,999,000 Subscription Receipts and the corresponding subscription proceeds of amount US$6,749,997 are held in escrow pending the satisfaction of certain Escrow Release Conditions before 29 March 2019. The Escrow Release Conditions include the completion by MillenMin of a change of business or a reverse takeover transaction in accordance with the requirements of and with the approval of the TSX Venture Exchange. As the Escrow Release Conditions are not achieved by 29 March 2019, the Subscription Receipts will be cancelled the escrowed proceeds will be returned to the holders of Subscription Receipts, including BICL. On 29 March 2019, BICL served a notice to MillenMin to terminate the Vend-in Agreement in connection with the transaction for the acquisition of a 49% interest of the Joint Venture Company in Cuba to develop a golf resort in Cuba, due to the conditions precedent has not been fulfilled under the Vend-in Agreement.

By Order of the Board

Beijing Properties (Holdings) Limited

Cheng Ching Fu

Company Secretary

Hong Kong, 29 March 2019

As at the date of this announcement, Mr. Qian Xu, Mr. Li Shuping, Mr. Zhao Jiansuo, Mr. Siu Kin Wai, Mr. Dong Qilin, Mr. Li Changfeng, Mr. Cheng Ching Fu, Mr. Yu Luning, Mr. Ang Renyi and Mr. Ng Kin Nam are the executive Directors; and Mr. Goh Gen Cheung, Mr. Zhu Wuxiang, Mr. James Chan, Mr. Song Lishui and Mr. Xie Ming are the independent non-executive Directors.

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