Greenland Hong Kong : DISCLOSEABLE TRANSACTION ACQUISITION OF PROPERTY

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.

GREENLAND HONG KONG HOLDINGS LIMITED

綠地香港控股有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 337)

DISCLOSEABLE TRANSACTION

ACQUISITION OF PROPERTY

The Company is pleased to announce that on 9 September 2020, the Purchaser, an indirect wholly owned subsidiary of the Company, had won the bid submitted by it through auction for the acquisition of the Property from the Seller at the Consideration.

As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company under the Listing Rules. Hence, the Acquisition is subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

PRINCIPAL TERMS OF THE LISTING-FOR-SALE

On 9 September 2020, the Purchaser had won the bid submitted by it through auction organised by the Exchange Centre for the acquisition of the Property from the Seller. The principal terms of the Acquisition agreed between the Seller and the Purchaser are as follows:

Date of acceptance of bid submitted by the Purchaser:

9 September 2020

Parties

1. the Purchaser as purchaser
2. the Seller as seller

The Purchaser is expected to enter into a land grant contract with the Seller on or before 22 September 2020.

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Information on the Property

The Property is the land parcel with lot number Tongtuchu [2019] No. 11 (桐土儲[2019] 11 號) located at the eastern side of Zhenhua Road, the southern side of Fazhan Avenue, Tongxiang Economic Development Zone, Tongxiang City, Zhejiang Province, the PRC (中國浙江省 桐鄉市桐鄉經濟開發區發展大道南側、振華路東側). The Property has a total site area of 56,908.76 sq.m. with a planned plot ratio of 1.0-2.54. The Property has a land use right of 70 years for urban residential land use, 40 years for commercial retail land use, and 40 years for hotel land use.

Consideration and Payment Terms

The Consideration, namely RMB478 million (approximately HK$543.2 million), was the bid price submitted by the Purchaser for the acquisition of the Property, which was determined by the Purchaser with reference to the minimum bid price stipulated by the auction, and the development potential of the Property.

The first installment of the Consideration of RMB239 million (approximately HK$271.6 million), being 50% of the Consideration, shall be paid on or before 9 October 2020. The balance of the Consideration shall be paid on or before 9 March 2021.

REASONS FOR AND BENEFITS OF THE ACQUISITION

Tongxiang is strategically located in the golden triangle of Shanghai, Suzhou and Hangzhou. Due to its convenient transportation and complete surrounding facilities, Tongxiang has great development potential. To capitalise the development potential in Tongxiang, the Group has acquired parcels of land in Tongxiang and has commenced the construction of Greenland Central Plaza on those parcels of land. The Property is situated next to Greenland Central Plaza, and will further enhance the Group's development in Tongxiang. Hence, the Directors consider that the acquisition of the Property provides a valuable opportunity for the Group to increase it quality land bank at a reasonable price and further cultivates the Group's development in Tongxiang and Zhejiang Province. The Directors also consider that the terms of the Acquisition are on normal commercial terms, fair and reasonable, and in the interests of the Shareholders as a whole. The Consideration will be payable in cash and funded by internal resources of the Group.

GENERAL

The Company is an investment holding company. The Group is principally engaged in property development, property and hotel investment and property management.

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The Seller is a governmental authority of the PRC, which has, among other things, authority to sell state-owned lands. The Exchange Centre is engaged in organising auction process for sellers which want to sell their assets to bidders by auction. To the best of the Directors' knowledge, information and belief and having made all reasonable inquiries, the Seller, the Exchange Centre and their respective beneficial owners are third parties independent of the Company and its connected persons.

LISTING RULES IMPLICATION

As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company under the Listing Rules. Hence, the Acquisition is subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

DEFINITIONS

In this announcement, the following expressions have the following meanings unless the context otherwise requires:

"Acquisition"	acquisition of the Property;
"Applicable	have the meanings ascribed to them under the Listing Rules;
Percentage Ratio" and
"connected person"
"Board"	board of Directors;
"Company"	Greenland Hong Kong Holdings Limited (綠地香港控股有
	限公司), a company incorporated in the Cayman Islands with
	limited liability and the ordinary shares of which are listed
	on the Main Board of the Stock Exchange;
"Consideration"	RMB478 million (approximately HK$543.2 million), being
	the consideration for the Acquisition;
"Directors"	directors of the Company;
"Exchange Centre"	Tongxiang City Public Resources Exchange Centre* (桐鄉市
	公共資源交易中心);
"Group"	the Company and its subsidiaries;
"HK$"	Hong Kong dollars, the lawful currency of Hong Kong;
"Hong Kong"	the Hong Kong Special Administrative Region of the PRC;
"Listing Rules"	Rules Governing the Listing of Securities on the Stock
	Exchange;

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"PRC"	People's Republic of China, which for the purposes of this
	announcement, excludes Hong Kong, the Macao Special
	Administrative Region and Taiwan;
"Property"	the land parcel with lot number Tongtuchu [2019] No. 11
	(桐土儲[2019] 11 號) located at the eastern side of Zhenhua
	Road, the southern side of Fazhan Avenue, Tongxiang
	Economic Development Zone, Tongxiang City, Zhejiang
	Province, the PRC (中國浙江省桐鄉市桐鄉經濟開發區發展
	大道南側、振華路東側);
"Purchaser"	Zhejiang Lvxiang Business Management Limited* (浙江綠
	香企業管理有限公司), a company established in the PRC
	with limited liabilities and is an indirect wholly owned
	subsidiary of the Company;
"RMB"	Renminbi, the lawful currency of the PRC;
"Seller"	Tongxiang City Natural Resources and Planning Bureau* (桐
	鄉市自然資源和規劃局);
"Shareholders"	holders of the ordinary share(s) of HK$0.50 each in the share
	capital of the Company;
"sq.m."	square meters;
"Stock Exchange"	The Stock Exchange of Hong Kong Limited; and
"%"	per cent.

For the purposes of this announcement, an exchange rate of HK$1 = RMB0.88 has been used for currency translation, where applicable. Such exchange rate is for illustration purposes only and does not constitute any representations that any amount in RMB or HK$ has been, could have been or may be converted at such rate.

By order of the Board

Greenland Hong Kong Holdings Limited

Chen Jun

Chairman

Hong Kong, 9 September 2020

As at the date of this announcement, the executive directors of the Company are Mr. Chen Jun, Mr. Wang Weixian, Mr. Hou Guangjun, Mr. Wu Zhengkui and Ms. Wang Xuling; and the independent non-executive directors of the Company are Mr. Fong Wo, Felix, JP, Mr. Kwan Kai Cheong and Dr. LAM, Lee G..

• For identification purposes only

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