The board (the "Board") of directors (the "Directors") of Guangdong ­ Hong Kong Greater Bay Area Holdings Limited announced that the Company through its indirect non wholly-owned subsidiary in the People's Republic of China (the "PRC"), participated in the listing-for-sale bidding process of the land use rights of one parcel of land (the "Land Parcel") in Nanning City, Guangxi Zhuang autonomous region, the PRC and, on 29 January 2021, successfully won the bid for the Land Parcel at a total consideration of RMB 158,500,000 (the "Acquisition"). The aggregate site area of the Land Parcel is approximately 162,000 square meters with an estimated gross floor area of 262,000 square meters, and the use of the Land Parcel is for residential and commercial use. The Land Parcel is located opposite to the Yilingyan Scenic Area, Wuming District, Nanning City, Guangxi Zhuang autonomous, China, and next to the exit of Yilingyan Station of the planned city metro and light rail transit. The surrounding area has the only karst landform in Nanning City and has a good ecological environment. The Land Parcel is used for a major project coordinated and promoted at the level of Guangxi Zhuang Autonomous Region. The development of the Land Parcel marked a solid step in the Group's strategic shift in business focus to residential real estate. Based on the aforesaid, the Board considers that the Acquisition is in the interests of the Company and its shareholders as a whole, and that the terms of the Acquisition were concluded on fair and reasonable general commercial terms.