Modern Land (China) Co., Limited announced that due to changes in the Group's personnel as a result of the liquidity issues of the Group, as well as the strict prevention and control measures for the latest wave of COVID-19 outbreak in Beijing, which is where the headquarters of the Group is located, and other cities where the subsidiaries of the Company are located, the progress of preparation of the financial statements of the Group and the audit process have been heavily affected. Based on the information currently available to the Company, the preparation of the Group's financial statements for the year ended 31 December 2021 has not been completed. In this regard, the Company will not be able to publish the 2021 Annual Results on or before March 31, 2022 and will possibly not be able to despatch the 2021 Annual Report to its shareholders on or before April 30, 2022.

The aforesaid delay in publication of the 2021 Annual Results and the possible delay in despatch of the 2021 Annual Report to its shareholders will constitute the Company's non-compliances with Rules 13.49(1) and 13.46(2)(a) of the Listing Rules. Notwithstanding the aforesaid, the Board wishes to emphasise that the operation of the Group remains normal and the Company will continue to work with its auditor closely to publish the 2021 Annual Results and despatch the 2021 Annual Report. The Company expects to publish the 2021 Annual Results and despatch the 2021 Annual Report as soon as practicable.