On 7 March 2023, Guangdong Land Holdings Limited entered into a facility letter with a bank whereby the bank agreed to make available to GD Land an uncommitted revolving loan facility for 360 days in the principal amount of HKD 300 million subject to the terms and conditions of the Facility Letter for the purposes of refinancing the existing indebtedness of GD Land and financing the general working capital of the GD Land Group. Pursuant to the Facility Letter, the bank may by notice to GD Land require GD Land to fully repay the loan under the Facility immediately if, among others, any one of the following events has occurred which would constitute an event of default: (i)(Guangdong Holdings Limited) ("Guangdong Holdings") ceases to be ultimately controlled and/or beneficially majority-owned (directly and/or indirectly) by the Guangdong Provincial People's Government of the People's Republic of China; or (ii) Guangdong Holdings ceases to beneficially own, directly and/or indirectly, at least 51% of the shareholding in the Company; or (iii) the Company ceases to retain as the single larger shareholder of GD Land and ceases to hold (whether directly or indirectly) at least 50% shareholding in GD Land. At the date of this announcement, the Company, the immediate controlling shareholder of GD Land, holds approximately 73.82% shareholding interest in GD Land.

Guangdong Holdings, the ultimate controlling shareholder of the Company and GD Land, holds approximately 56.49% shareholding interest in the Company and is controlled by the Guangdong Provincial Government.