On 15 July 2021, the CIFI Holdings (Group) Co. Ltd., together with its subsidiaries, namely Guangzhou Xuhui, Foshan Shengxinhong and Foshan Project Company entered into the Foshan Cooperation Agreement with Henderson China Investment and Shanghai Hengchang, an indirect wholly-owned subsidiary of Henderson China Investment, for the formation of joint venture to develop the Foshan Site located in Foshan, the PRC. As at the date of this announcement, Foshan Project Company is wholly-owned by Foshan Shengxinhong, which is in turn wholly-owned by Guangzhou Xuhui. Pursuant to the Foshan Cooperation Agreement, Shanghai Hengchang proposes to acquire 50% of equity interest in Foshan Shengxinhong by way of capital increase. Upon the completion of the capital increase, Foshan Project Company will be indirectly owned as to 50% by the Company (through Guangzhou Xuhui) and 50% by Henderson China Investment (through Shanghai Hengchang). Foshan Shengxinhong and Foshan Project Company will be consolidated into the financial statements of the Group and Foshan Project Company will undertake the development of the Foshan Site.