On 30 December 2020, the CIFI Holdings (Group) Co. Ltd., together with Xiamen Xuruo, Xiamen Xingsheng, Xiamen Heji and the Xiamen Project Company entered into the Xiamen Cooperation Agreement with Henderson China Investment and Beijing Henghua, for the formation of joint venture to develop the Xiamen Site located at southwest of the intersection of Gaolin Middle Road and Gaolin South Road, 06-08 Wuyuanwan Area, Huli District, Xiamen, Fujian Province, the PRC. Xiamen Heji succeeded in the bidding of the Xiamen Site with a total planned gross floor area of 58,000 sq.m. at land consideration of RMB2,935 million. Information of the Xiamen Site: Site location: Located at southwest of the intersection of Gaolin Middle Road and Gaolin South Road, 06-08 Wuyuanwan Area, Huli District, Xiamen, Fujian Province, the PRC; Site area: 20,214.45 sq.m Planned gross floor area: 58,000 sq.m; Term of land use rights: 70 years for residential Land premium: Land consideration of RMB2,935 million. The average land cost is approximately RMB50,603 per sq.m. Profit and loss sharing: The Company and Henderson China Investment will be entitled to share the profit or bear the loss of the Xiamen Project Company in proportion to their respective equity interest subject to applicable adjustments with reference to investment return from the development project agreed among the parties.