Fortune Real Estate Investment Trust : (1) Poll Results of the Annual General Meeting Held on 28 May 2021; and (2) Amendment to the Trust Deed

The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

FORTUNE REAL ESTATE INVESTMENT TRUST

(a collective investment scheme authorised under section 104

of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong))

(Stock Code: 778)

Managed by

ARA Asset Management (Fortune) Limited

1. POLL RESULTS OF THE ANNUAL GENERAL MEETING
2. 1. 
      HELD ON 28 MAY 2021; AND
   2. AMENDMENT TO THE TRUST DEED

The Manager wishes to announce that at the AGM held today, the Extraordinary Resolution and the Ordinary Resolutions were all duly passed by way of poll.

The Trustee and the Manager will enter into the Eighth Supplemental Deed to effect the Property Development Cap Amendment.

Reference is made to the circular dated 28 April 2021 (the "Circular") issued by ARA Asset Management (Fortune) Limited, as the Manager of Fortune REIT, to the Unitholders. Unless the context requires otherwise, terms used in this announcement shall have the same meaning as those defined in the Circular.

1. POLL RESULTS OF THE ANNUAL GENERAL MEETING HELD ON 28 MAY 2021

At the AGM, (a) the Extraordinary Resolution to approve the increase in the Property Development Cap from 10% of the Gross Asset Value of the Deposited Property to 25% of the Gross Asset Value of the Deposited Property and the Property Development Cap Amendment; and (b) the Ordinary Resolutions to approve: (1) the CK Property Management Transactions Framework Agreement, the CK Property Management Transactions under the CK Property Management Transactions

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Framework Agreement and the proposed annual caps applicable thereto for the financial years ending 31 December 2022, 31 December 2023 and 31 December 2024; and (2) the grant of the Unit Buy-back Mandate, were proposed and decided on by way of poll.

As at the date of the AGM, the number of Units in issue was 1,962,764,632.

To the best of the Manager's knowledge, information and belief, after having made reasonable enquiries, no Unitholder was required to abstain from voting at the AGM in respect of: (a) the Extraordinary Resolution to approve the increase in the Property Development Cap from 10% of the Gross Asset Value of the Deposited Property to 25% of the Gross Asset Value of the Deposited Property and the Property Development Cap Amendment; and (b) the Ordinary Resolution to approve the grant of the Unit Buy-back Mandate. Accordingly, the total number of Units entitling the Unitholders to attend and vote for or against such resolution was 1,962,764,632, representing all of the Units in issue as at the date of the AGM.

Pursuant to paragraph 2 of Schedule 1 to Trust Deed and paragraph 9.9(f) of the REIT Code, members of the CKA Connected Persons Group were required to abstain, and had abstained, from voting on the Ordinary Resolution to approve the CK Property Management Transactions Framework Agreement, the CK Property Management Transactions under the CK Property Management Transactions Framework Agreement and the proposed annual caps applicable thereto for the financial years ending 31 December 2022, 31 December 2023 and 31 December 2024. As at the date of the AGM, the total number of Units held by members of the CKA Connected Persons Group who were required to abstain from voting on such resolution was 525,630,684. Accordingly, the total number of Units entitling the Unitholders to attend and vote for or against such resolution was 1,437,133,948 (representing approximately 73.22% of the total number of Units in issue at the date of the AGM).

The poll at the AGM was scrutinised by the unit registrar of Fortune REIT, Computershare Hong Kong Investor Services Limited.

The poll results in respect of the Extraordinary Resolution are as follows:

No.	Extraordinary Resolution	Number of votes
		(% of the total Units present
		and voted at the AGM)
		For	Against
1.	To approve the increase in the Property Development	1,076,978,604	995,000
	Cap from 10% of the Gross Asset Value of the	(99.907697%)	(0.092303%)
	Deposited Property to 25% of the Gross Asset Value
	of the Deposited Property and the Property
	Development Cap Amendment.

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The poll results in respect of the Ordinary Resolutions are as follows:

No.	Ordinary Resolutions	Number of votes
		(% of the total Units present
		and voted at the AGM)
		For	Against
1.	To approve the CK Property Management	551,362,920	980,000
	Transactions Framework Agreement, the CK	(99.822574%)	(0.177426%)
	Property Management Transactions under the CK
	Property Management Transactions Framework
	Agreement and the proposed annual caps
	applicable thereto.
2.	To approve the grant of the Unit Buy-back Mandate.	1,077,724,604	249,000
		(99.976901%)	(0.023099%)

Based on the poll results set out above, as more than 75% of the votes were cast in favour of the Extraordinary Resolution, and more than 50% of the votes were cast in favour of each Ordinary Resolution, the Extraordinary Resolution and the Ordinary Resolutions were all duly passed as such.

1. AMENDMENT TO THE TRUST DEED

The Trustee and the Manager will enter into the Eighth Supplemental Deed to effect the Property Development Cap Amendment as described in detail in Appendix I to the Circular.

By order of the board of directors of

ARA Asset Management (Fortune) Limited

(in its capacity as manager of Fortune Real Estate Investment Trust)

Chiu Yu, Justina

Chief Executive Officer

Hong Kong, 28 May 2021

The Directors of the Manager as at the date of this announcement are Mr. Chui Sing Loi (alias Tsui Sing Loi) as Chairman and Independent Non-executive Director; Dr. Chiu Kwok Hung, Justin, Mr. Lim Hwee Chiang, Ms. Yeung, Eirene and Mr. Ma Lai Chee, Gerald as Non-executive Directors; Ms. Chiu Yu, Justina as Executive Director; Ms. Cheng Ai Phing, Ms. Yeo Annie (alias Yeo May Ann) and Ms. Koh Poh Wah as Independent Non-executive Directors.

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