Reference is made to the announcement of the Company dated 7 January 2021 (the "Announcement") in relation to, among others, the entering into of a cooperation framework agreement (the "Cooperation Framework Agreement") between CIFI (PRC), a wholly-owned subsidiary of the Company and the Cooperating Parties (collectively, the "Parties") to cooperate in respect of property projects in Guangxi, the PRC by having joint venture arrangement through the Platform Company and Guangxi Xuhui. Unless otherwise specified, terms used herein shall have the same meanings as defined in the Announcement. The Company would like to announce that, after due diligence and further commercial negotiations, the Parties have decided not to proceed with signing of the Definitive Agreement for the joint venture arrangement but will further explore other possible means of cooperation. On 14 April 2021, the Parties entered into a termination agreement (the "Termination Agreement") whereby the Parties mutually agreed to terminate the Cooperation Framework Agreement and the transactions contemplated thereunder with effect from the date of the Termination Agreement. Upon such termination, the Cooperation Framework Agreement shall cease to be legally binding on the Parties, and the Parties shall be released from the obligations under the Cooperation Framework Agreement. Further, the Cooperating Parties shall discharge the share pledge in relation to 20% equity interest in Guangxi Xuhui and get refund of the deposit paid by them, and CIFI (PRC) shall also discharge the share pledge in relation to 20% equity interest in the Platform Company and get refund of the Deposit.