The board of directors of Cedar Strategic Holdings Ltd. announced that the company has entered into a framework agreement with China Gezhouba Group Company Limited pursuant to which the company has agreed to appoint Gezhouba as its main contractor in relation to Group's future real estate development projects in the People's Republic of China. The Framework Agreement sets out the following parameters pursuant to which the company will collaborate with Gezhouba: the company will appoint Gezhouba as its main contractor for all its construction projects in the PRC. The collaboration and the appointment of Gezhouba as the main contractor shall extend to all the company's real estate construction projects in China, as well as all the company's infrastructure construction projects, such as roads, coal projects, etc.

in China; the parties shall enter into individual contracts for each construction project, with the pricing for the construction work taking into account local conditions, including costs of materials and labour, which shall be subject to mutual agreement.