New World Department Store China : DISCLOSEABLE TRANSACTIONS - (1) THE SUPPLEMENTAL SHANGHAI TENANCY AGREEMENT (2) EXTENSION OF THE BEIJING TENANCY AGREEMENTS

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.

DISCLOSEABLE TRANSACTIONS

1. THE SUPPLEMENTAL SHANGHAI TENANCY AGREEMENT
2. EXTENSION OF THE BEIJING TENANCY AGREEMENTS

THE SUPPLEMENTAL SHANGHAI TENANCY AGREEMENT

On 26 October 2001, Shanghai Huimei (as the tenant) and Shanghai BLCT (as the then lessor) entered into the Shanghai Tenancy Agreement in respect of the Shanghai Premises, for a term of twenty years commencing on 1 December 2001 and expiring on 30 November 2021.

On 4 September 2019, Shanghai Huimei, Shanghai Yimin (as the landlord), BLCT Commercial Building (as the current lessor) and NWDSI (as the guarantor of Shanghai Huimei) entered into the Supplemental Shanghai Tenancy Agreement to (i) extend the term of the tenancy in respect of the Shanghai Premises under the Shanghai Tenancy Agreement and (ii) amend certain terms of the Shanghai Tenancy Agreement.

EXTENSION OF THE BEIJING TENANCY AGREEMENTS

The First Beijing Tenancy Agreement

On 3 September 2008, NWDSI (as the then tenant) and Beijing Borun (as the landlord) entered into the First Beijing Tenancy Agreement in respect of the First Beijing Premises.

On 1 April 2020, NWQDS (Beijing) (as the current tenant) exercised its right to extend the tenancy in respect of the First Beijing Premises, for a term of ten years commencing from 1 October 2020 and expiring on 30 September 2030, pursuant to the First Beijing Tenancy Agreement by serving a written notice on Beijing Borun.

The Second Beijing Tenancy Agreement

On 5 September 2008, Beijing Wanya (as the then tenant) and Beijing Borun (as the then landlord) entered into the Second Beijing Tenancy Agreement in respect of the Second Beijing Premises.

On 1 April 2020, Miaogou (Beijing) (as the current tenant) exercised its right to extend the tenancy in respect of the Second Beijing Premises for a term of ten years commencing from 1 October 2020 and expiring on 30 September 2030, pursuant to the Second Beijing Tenancy Agreement by serving a written notice on Beijing Bolian (as the current lessor).

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LISTING RULES IMPLICATION

Pursuant to HKFRS 16 "Leases", effective from 1 January 2019, the lease payments payable by the Group under the Supplemental Shanghai Tenancy Agreement and the Beijing Tenancy Agreements are recognised as right-of-use assets acquired by the Group in its consolidated statement of financial position. Accordingly, the transactions contemplated under the Supplemental Shanghai Tenancy Agreement and the extension of the Beijing Tenancy Agreements are regarded as acquisitions of assets under the definition of "transaction" as set out in Rule 14.04(1)(a) of the Listing Rules.

As one of the applicable percentage ratios calculated based on the value of the right-of-use asset recognised by the Group under the Supplemental Shanghai Tenancy Agreement is more than 5% and all of them are less than 25%, the transactions contemplated under the Supplemental Shanghai Tenancy Agreement constitute discloseable transactions of the Company and are subject to the notification and announcement requirements under Chapter 14 of the Listing Rules.

As one of the applicable percentage ratios calculated based on the values of the right-of-use assets recognised by the Group under the extension of the Beijing Tenancy Agreements is more than 5% and all of them are less than 25%, the transactions contemplated under the extension of the Beijing Tenancy Agreements constitute discloseable transactions of the Company and are subject to the notification and announcement requirements under Chapter 14 of the Listing Rules.

Due to inadvertent oversight, the Company had not complied with the disclosure requirements by way of publishing an announcement under Rule 14.34(2) of the Listing Rules in respect of the Supplemental Shanghai Tenancy Agreement and the Beijing Tenancy Agreements at the material time.

Going forward, the Company will closely monitor the effectiveness and efficiency of its compliance system and the relevant corporate governance measures so as to prevent the future occurrence of any similar incidents. Further remedial actions are detailed in the section headed "Remedial Actions" of this announcement.

THE SUPPLEMENTAL SHANGHAI TENANCY AGREEMENT

Background

On 26 October 2001, Shanghai Huimei (as the tenant) and Shanghai BLCT (as the then lessor) entered into the Shanghai Tenancy Agreement in respect of the Shanghai Premises, for a term of twenty years commencing on 1 December 2001 and expiring on 30 November 2021.

The Supplemental Shanghai Tenancy Agreement

On 4 September 2019, Shanghai Huimei, Shanghai Yimin (as the landlord), BLCT Commercial Building (as the current lessor) and NWDSI (as the guarantor of Shanghai Huimei) entered into the Supplemental Shanghai Tenancy Agreement to (i) extend the term of the tenancy in respect of the Shanghai Premises under the Shanghai Tenancy Agreement and (ii) amend certain terms of the Shanghai Tenancy Agreement.

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The principal terms of the Supplemental Shanghai Tenancy Agreement are set out below.

Date:	4 September 2019
Tenant:	Shanghai Huimei
Landlord:	Shanghai Yimin
Lessor:	BLCT Commercial Building Note
Guarantor:	NWDSI
Premises:	939-949 Central Huaihai Road, Huangpu District,
	Shanghai, the PRC
Gross floor area:	Approximately 22,487.03 sq.m.
Permitted use:	The Shanghai Premises shall only be managed and
	operated in a manner that (i) fits the image of Central
	Huaihai Road as a high-end commercial street and (ii)
	promotes the development of Central Huaihai Road.
Term:	The term of the Shanghai Tenancy Agreement shall be
	extended for an initial term of five years commencing on
	1 December 2021 and expiring on 30 November 2026
	(the "Shanghai Tenancy Initial Extended Term").
	Shanghai Huimei has the right to extend the tenancy for a
	further term of five years upon the expiration of the
	Shanghai Tenancy Initial Extended Term by serving a
	written notice on BLCT Commercial Building six months
	before the expiration of the Shanghai Tenancy Initial
	Extended Term.
Rent payable:	The rent payable is calculated based on the daily rate of
	RMB6.5/sq.m., amounting to an annual rent of
	RMB53,350,000 for the first three years of the Shanghai
	Tenancy Initial Extended Term (subject to the rent free
	period), with an increment of 6% for every subsequent
	three years.
	The amount of rent was determined after arm's length
	negotiations between Shanghai Huimei and Shanghai
	Yimin, after taking into consideration the prevailing
	market rental rate for comparable premises in the vicinity
	of the Shanghai Premises.
Rent free period:	Shanghai Huimei shall be entitled to enjoy the use and
	occupation of the Shanghai Premises free of rent for a
	period of one month during the first year of the Shanghai
	Tenancy Initial Extended Term.

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Terms of settlement:	The rent shall be paid in accordance with the terms of the
	Shanghai Tenancy Agreement.
	The rent shall be payable quarterly in advance within the
	first five working days of the first, fourth, seventh and
	tenth month of the respective year during the Shanghai
	Tenancy Initial Extended Term.
Deposit:	RMB13,300,000.
Guarantee:	NWDSI irrevocably guarantees full performance of the
	rights and obligations of Shanghai Huimei under the
	Supplemental Shanghai Tenancy Agreement

Note: BLCT Commercial Building replaced Shanghai BLCT as the lessor of the Shanghai Premises with effect from 10 December 2002 pursuant to a tripartite agreement dated 10 December 2002 made among Shanghai BLCT, Shanghai Huimei and BLCT Commercial Building.

The value of the right-of-use asset recognised by the Group under the Supplemental Shanghai Tenancy Agreement amounts to approximately HK$226,588,000 in accordance with HKFRS

16. Incremental borrowing rate of 4.9% is applied to compute the present value of the right- of-use asset recognised by the Group under the Supplemental Shanghai Tenancy Agreement.

EXTENSION OF THE BEIJING TENANCY AGREEMENTS

The First Beijing Tenancy Agreement

On 3 September 2008, NWDSI (as the then tenant) and Beijing Borun (as the landlord) entered into the First Beijing Tenancy Agreement in respect of the First Beijing Premises.

The principal terms of the First Beijing Tenancy Agreement are set out below.

Date:	3 September 2008
Tenant:	NWDSI Note
Landlord:	Beijing Borun
Premises:	18 Xinshunnan Road, Shunyi District, Beijing, the PRC
Gross floor area:	40,144.29 sq.m.
Permitted use:	The First Beijing Premises shall be used by NWDSI for
	operating department store and supermarket, as well as
	general merchandise retailing.

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Term:	Initial term
	An initial term of ten years commencing on 1 October
	2010 and expiring on 30 September 2020 (the "First
	Beijing Tenancy Initial Term").
	First extension
	NWDSI has the right to extend the tenancy for a further
	term of ten years upon the expiration of the First Beijing
	Tenancy Initial Term (the "First Beijing Tenancy
	Extended Term") by serving a written notice on Beijing
	Borun six months before the expiration of the First
	Beijing Tenancy Initial Term.
	Second extension
	NWDSI has the right to extend the tenancy for a further
	term of ten years upon the expiration of the First Beijing
	Tenancy Extended Term by serving a written notice on
	Beijing Borun six months before the expiration of the
	First Beijing Tenancy Extended Term.
Rent payable:	The rent payable for the tenancy is calculated based on
	fixed daily per sq.m. rates for specific portions of the
	First Beijing Premises, with an annual increment rate of
	3% from the fourth year to the tenth year, and an annual
	increment rate of 4% from the eleventh year onwards.
	The amount of rent was determined after arm's length
	negotiations between NWDSI and Beijing Borun, after
	taking into consideration the prevailing market rental rate
	for comparable premises in the vicinity of the First
	Beijing Premises.
Rent free period:	NWDSI shall be entitled to enjoy the use and occupation
	of specific portions of the First Beijing Premises for
	varying periods in accordance with the relevant
	provisions under the First Beijing Tenancy Agreement.
Terms of settlement:	The rent shall be payable monthly in advance within the
	first ten days of each month.
Deposit:	RMB2,335,446

Note: NWQDS (Beijing) replaced NWDSI as the tenant of the First Beijing Premises with effect from 15 October 2009 pursuant to a tripartite agreement dated 15 October 2009 made among Beijing Borun, NWDSI and NWQDS (Beijing).

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Extension of the First Beijing Tenancy Agreement

On 1 April 2020, NWQDS (Beijing) (as the current tenant) exercised its right to extend the tenancy in respect of the First Beijing Premises, for a term of ten years commencing from 1 October 2020 and expiring on 30 September 2030, pursuant to the First Beijing Tenancy Agreement by serving a written notice on Beijing Borun.

The value of the right-of-use asset recognised by the Group as a result of the extension of the First Beijing Tenancy Agreement amounts to approximately HK$348,435,000 in accordance with HKFRS 16. Incremental borrowing rate of 4.9% is applied to compute the present value of the right-of-use asset recognised by the Group as a result of the extension of the First Beijing Tenancy Agreement.

The Second Beijing Tenancy Agreement

On 5 September 2008, Beijing Wanya (as the then tenant) and Beijing Borun (as the then landlord) entered into the Second Beijing Tenancy Agreement in respect of the Second Beijing Premises.

The principal terms of the Second Beijing Tenancy Agreement are set out below.

Date:	5 September 2008
Tenant:	Beijing Wanya Note 1
Landlord:	Beijing Borun Note 2
Premises:	Levels B1, 6 and 7, Borun Commercial Building, 18
	Xinshunnan Road, Shunyi District, Beijing, the PRC
Gross floor area:	15,501 sq.m.
Permitted use:	The Second Beijing Premises shall be used by Beijing
	Wanya for operating department store and supermarket,
	as well as general merchandise retailing.
Term:	Initial term
	An initial term of ten years commencing on 1 October
	2010 and expiring on 30 September 2020 (the "Second
	Beijing Tenancy Initial Term").
	First extension
	Beijing Wanya has the right to extend the tenancy for a
	further term of ten years upon the expiration of the
	Second Beijing Tenancy Initial Term (the "Second
	Beijing Tenancy Extended Term") by serving a written
	notice on Beijing Borun six months before the expiration
	of the Second Beijing Tenancy Initial Term.
	Second extension
	Beijing Wanya has the right to extend the tenancy for a
	further term of ten years upon the expiration of the
	Second Beijing Tenancy Extended Term by serving a

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	written notice on Beijing Borun six months before the
	expiration of the Second Beijing Tenancy Extended
	Term.
Rent payable:	The rent payable for the tenancy is calculated based on
	fixed daily per sq.m. rates for specific portions of the
	Second Beijing Premises, with an annual increment rate
	of 3% from the fourth year to the tenth year, and an
	annual increment rate of 4% from the eleventh year
	onwards.
	The amount of rent is determined after arm's length
	negotiations between Beijing Wanya and Beijing Borun,
	after taking into consideration the prevailing market rate
	for comparable premises in the vicinity of the Second
	Beijing Premises.
Rent free period:	Beijing Wanya shall be entitled to enjoy the use and
	occupation of specific portions of the Second Beijing
	Premises for varying periods in accordance with the
	relevant provisions under the Second Beijing Tenancy
	Agreement.
Terms of settlement:	The rent shall be payable monthly in advance within the
	first ten days of each month.
Deposit:	RMB860,464

Notes:

1. Miaogou (Beijing) replaced Beijing Wanya as the tenant of the Second Beijing Premises with effect from 15 May 2009 pursuant to a tripartite agreement dated 15 May 2009 made among Beijing Borun, Beijing Wanya and Miaogou (Beijing).
2. Beijing Bolian replaced Beijing Borun as the lessor of the Second Beijing Premises with effect from 1 April 2017 pursuant to a tripartite agreement dated 1 April 2017 made among Beijing Borun, Miaogou (Beijing) and Beijing Bolian.

Extension of the Second Beijing Tenancy Agreement

On 1 April 2020, Miaogou (Beijing) (as the current tenant) exercised its right to extend the tenancy in respect of the Second Beijing Premises for a term of ten years commencing from 1 October 2020 and expiring on 30 September 2030, pursuant to the Second Beijing Tenancy Agreement by serving a written notice on Beijing Bolian (as the current lessor).

The value of the right-of-use asset recognised by the Group as a result of the extension of the Second Beijing Tenancy Agreement amounts to approximately HK$127,400,000 in accordance with HKFRS 16. Incremental borrowing rate of 4.9% is applied to compute the present value of the right-of-use asset recognised by the Group as a result of the extension of the Second Beijing Tenancy Agreement.

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INFORMATION OF THE PARTIES

The Company is principally engaged in the business of operating department stores and other retail-related businesses and property investment operations in the PRC.

Shanghai Huimei is a company established in the PRC, a direct wholly-owned subsidiary of NWDSI and an indirect wholly-owned subsidiary of the Company as at the date of this announcement. It is principally engaged in the business of operating department store.

NWDSI is a company established in the PRC and is 100% beneficially owned by the Company as at the date of this announcement. It is primarily an investment holding company.

NWQDS (Beijing) is a company established in the PRC, a direct wholly-owned subsidiary of NWDSI and an indirect wholly-owned subsidiary of the Company as at the date of this announcement. It is principally engaged in the business of operating department store.

Miaogou (Beijing) is a company established in the PRC, an indirect wholly-owned subsidiary of NWQDS (Beijing) and an indirect wholly-owned subsidiary of the Company as at the date of this announcement. It is principally engaged in the business of operating department store.

Shanghai Yimin is a company established in the PRC, the shares of which are listed on the Shanghai Stock Exchange (Stock Code: 600824). It is the holding company of Shanghai BLCT and BLCT Commercial Building as at the date of this announcement and is principally engaged in the business of commercial wholesaling and retailing.

BLCT Commercial Building is a company established in the PRC. It is a wholly-owned subsidiary of Shanghai Yimin as at the date of this announcement and is principally engaged in the business of operating department store.

Beijing Borun is a company established in the PRC and the holding company of Beijing Bolian. It is principally engaged in the business of investment management.

Beijing Bolian is a company established in the PRC and a direct wholly-owned subsidiary of Beijing Borun. It is principally engaged in the business of wholesaling daily necessities and fashion items, as well as property and commercial facilities leasing.

The Company confirms that, to the best of the Directors' knowledge, information and belief having made all reasonable enquiries, Shanghai Yimin, BLCT Commercial Building, Beijing Borun and Beijing Bolian, as well as their respective ultimate beneficial owners are Independent Third Parties.

REASONS AND BENEFITS FOR ENTERING INTO THE SUPPLEMENTAL SHANGHAI TENANCY AGREEMENT AND THE EXTENSION OF THE BEIJING TENANCY AGREEMENTS

The management of the Company monitors and reviews the overall business performance of the Group's department stores from time to time, and considers various factors when deciding whether or not to enter into tenancy agreements and/or to extend the tenancies in relation to the Group's department stores, including but not limited to the historical performance, business prospects, costs and benefits of relocation, availability of alternative premises in relation to the Group's department stores. At the material time of entering into the Supplemental Shanghai Tenancy Agreement and extending the Beijing Tenancy Agreements, the management of the Company considered that it was appropriate and in the overall interest

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of the Group's business to maintain the tenancy arrangements with Shanghai Yimin, BLCT Commercial Building, Beijing Borun and Beijing Bolian.

The terms of the Supplemental Shanghai Tenancy Agreement were determined after arm's length negotiations between Shanghai Huimei, Shanghai Yimin and BLCT Commercial Building with reference to the open market rental rates of comparable properties.

Each of NWQDS (Beijing) and Miaogou (Beijing) also made reference to the open market rental rates of comparable properties prior to deciding to extend the First Beijing Tenancy Agreement and the Second Beijing Tenancy Agreement, respectively.

The Directors are of the view that the terms and entering into of the Supplemental Shanghai Tenancy Agreement, as well as the extension of the Beijing Tenancy Agreements are (i) fair and reasonable; (ii) on normal commercial terms and in the ordinary and usual course of business of the Group; and (iii) in the interests of the Company and the Shareholders as a whole.

LISTING RULES IMPLICATIONS

Pursuant to HKFRS 16 "Leases", effective from 1 January 2019, the lease payments payable by the Group under the Supplemental Shanghai Tenancy Agreement and the Beijing Tenancy Agreements are recognised as right-of-use assets acquired by the Group in its consolidated statement of financial position. Accordingly, the transactions contemplated under the Supplemental Shanghai Tenancy Agreement and the extension of the Beijing Tenancy Agreements are regarded as acquisitions of assets under the definition of "transaction" as set out in Rule 14.04(1)(a) of the Listing Rules.

As one of the applicable percentage ratios calculated based on the value of the right-of-use asset recognised by the Group under the Supplemental Shanghai Tenancy Agreement is more than 5% and all of them are less than 25%, the transactions contemplated under the Supplemental Shanghai Tenancy Agreement constitute discloseable transactions of the Company and are subject to the notification and announcement requirements under Chapter 14 of the Listing Rules.

As one of the applicable percentage ratios calculated based on the values of the right-of-use assets recognised by the Group under the extension of the Beijing Tenancy Agreements is more than 5% and all of them are less than 25%, the transactions contemplated under the extension of the Beijing Tenancy Agreements constitute discloseable transactions of the Company and are subject to the notification and announcement requirements under Chapter 14 of the Listing Rules.

Due to inadvertent oversight, the Company had not complied with the disclosure requirements by way of publishing an announcement under Rule 14.34(2) of the Listing Rules in respect of the Supplemental Shanghai Tenancy Agreement and the extension of the Beijing Tenancy Agreements at the material time.

REMEDIAL ACTIONS

Upon becoming aware of the disclosure requirements in relation to the Supplemental Shanghai Tenancy Agreement and the extension of the Beijing Tenancy Agreements, the Board took immediate actions by publishing this announcement in compliance with the requirements under the Listing Rules.

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Going forward, the Company will closely monitor the effectiveness and efficiency of its compliance system and the relevant corporate governance measures so as to prevent the future occurrence of any similar incidents. The Company will also take remedial measures to tighten its internal control procedures, with an aim to ensure timely compliance with the Listing Rules and other regulatory requirements, including but not limited to:

1. consulting legal advisers and the Stock Exchange (whenever necessary) in a timely manner prior to the entry into any proposed transaction which may potentially constitute notifiable transaction or trigger other reporting requirements under the Listing Rules;
2. implementation of measures throughout the Group to ensure prompt reporting of any proposed transaction or event which may potentially constitute notifiable transaction or trigger other reporting requirements under the Listing Rules; and
3. arranging regular training sessions for all the Directors and senior management/relevant personnel of the Group to attend, so as to enhance understanding and awareness of the relevant personnel in relation to the compliance requirements under the Listing Rules.

DEFINITIONS
"Board"	the board of Directors
"Beijing Bolian"	Beijing Bolian Times Commercial Plaza Co., Ltd.*
	(北京博聯時代商業廣場有限公司), a company
	established in the PRC, a direct wholly-owned
	subsidiary of Beijing Borun and an Independent
	Third Party
"Beijing Borun"	Beijing Borun Investment Co., Ltd* (北京博潤投
	資有限公司), a company established in the PRC,
	the holding company of Beijing Bolian and an
	Independent Third Party
"Beijing Store"	Beijing New World Qianzi Department Store
	which is owned and operated by the Group, located
	at the First Beijing Premises and Second Beijing
	Premises
"Beijing Tenancy Agreements"	the First Beijing Tenancy Agreement and the
	Second Beijing Tenancy Agreement
"Beijing Wanya"	北京
	Beijing Wanya Department Store Co., Ltd.* (
	萬雅百貨有限公司), a company established in the
	PRC and an indirect wholly-owned subsidiary of
	the Company

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"BLCT Commercial Building"	Shanghai Yimin Commercial Group Co. Ltd. Ba Li
	Chun Tian Commerical Building* (上海益民商業
	集團股份有限公司巴黎春天商廈), a company
	established in the PRC and a wholly-owned
	subsidiary of Shanghai Yimin as at the date of this
	announcement and an Independent Third Party
"Company"	New World Department Store China Limited, a
	company incorporated in the Cayman Islands with
	limited liability, the shares of which are listed on
	the Main Board of the Stock Exchange (Stock
	Code: 825)
"connected person(s)"	has the meaning ascribed to it under the Listing
	Rules
"Directors"	the directors of the Company
"First Beijing Premises"	the premises as more particularly set out under the
	sub-heading "Premises" in the section headed
	"Extension of the Beijing Tenancy Agreements -
	The First Beijing Tenancy Agreement" in this
	announcement
"First Beijing Tenancy Agreement"	the tenancy agreement in relation to the First
	Beijing Premises dated 3 September 2008 entered
	into between NWDSI and Beijing Borun, as
	amended and supplemented from time to time
"Group"	the Company and its subsidiaries
"HKFRS 16"	the Hong Kong Financial Reporting Standard 16
	issued by the Hong Kong Institute of Certified
	Public Accountants, which sets out the principles
	for the recognition, measurement, presentation and
	disclosure of leases
"HK$"	Hong Kong dollars, the lawful currency of Hong
	Kong
"Hong Kong"	the Hong Kong Special Administrative Region of
	the People's Republic of China
"Independent Third Party(ies)"	person(s) or company(ies) (including the ultimate
	beneficial owner) who is(are) independent of and
	not connected with (within the meaning of the
	Listing Rules) the Company and its connected
	persons
"Listing Rules"	Rules Governing the Listing of Securities on the
	Stock Exchange

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"percentage ratio"	has the meaning ascribed to it under the Listing
	Rules
"PRC"	the People's Republic of China, and for the purpose
	of this announcement, excludes Hong Kong, the
	Macau Special Administrative Region of the
	People's Republic of China and Taiwan
"RMB"	Renminbi, the lawful currency of the PRC
"Miaogou (Beijing)"	Miaogou (Beijing) Department Store Co., Ltd.* (妙
	購 （ 北 京 ） 百 貨 有 限 公 司 ), a company
	established in the PRC, an indirect wholly-owned
	subsidiary of NWQDS (Beijing) and an indirect
	wholly-owned subsidiary of the Company as at the
	date of this announcement
"NWDSI"	New World Department Stores Investment (China)
	Co. Ltd* (新世界百貨投資（中國）集團有限公
	司)(formerly known as 新世界百貨投資（中國）
	有限公司), a company established in the PRC and
	is 100% beneficially owned by the Company as at
	the date of this announcement
"NWQDS (Beijing)"	Beijing New World Qianzi Department Store Co.,
	Ltd.* ( 北 京 新 世 界 千 姿 百 貨 有 限 公 司 ), a
	company established in the PRC, a direct wholly-
	owned subsidiary of NWDSI and an indirect
	wholly-owned subsidiary of the Company as at the
	date of this announcement
"Second Beijing Premises"	the premises as more particularly set out under the
	sub-heading "Premises" in the section headed
	"Extension of the Beijing Tenancy Agreements -
	The Second Beijing Tenancy Agreement" in this
	announcement
"Second Beijing Tenancy Agreement"	the tenancy agreement in relation to the Second
	Beijing Premises dated 5 September 2008 entered
	into between Beijing Wanya and Beijing Borun, as
	amended and supplemented from time to time

"Shanghai BLCT"	Shanghai Ba Li Chun Tian Yimin Department
	Store Company Limited* (上海巴黎春天益民百貨
	有限公司), a company established in the PRC, was
	a wholly-owned subsidiary of Shanghai Yimin and
	an Independent Third Party

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"Shanghai Huimei"	Shanghai New World Department Store Co., Ltd.*
	(新世界百貨集團上海匯美百貨有限公司), a
	company established in the PRC, a direct wholly-
	owned subsidiary of NWDSI and an indirect
	wholly-owned subsidiary of the Company as at the
	date of this announcement
"Shanghai Premises"	the premises as more particularly set out under the
	sub-heading "Premises" in the section headed "The
	Supplemental Shanghai Tenancy Agreement" in
	this announcement
"Shanghai Store"	Hong Kong New World Department Store -
	Shanghai Huaihai Branch Store, which is owned
	and operated by the Group, located at the Shanghai
	Premises
"Shanghai Tenancy Agreement"	the tenancy agreement in relation to the Shanghai
	Premises dated 26 October 2001 entered into
	between Shanghai Huimei and BLCT Commercial
	Building, as amended and supplemented from time
	to time
"Shanghai Yimin"	Shanghai Yimin Commercial Group Co. Ltd.* (上
	海益民商業集團股份有限公司), a company
	established in the PRC, the shares of which are
	listed on the Shanghai Stock Exchange (Stock
	Code: 600824), is the holding company of
	Shanghai BLCT and BLCT Commercial Building
	as at the date of this announcement and an
	Independent Third Party
"Shareholders"	shareholders of the Company
"sq. m."	square metres
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"subsidiary"	has the meaning ascribed to it under the Companies
	Ordinance (Chapter 622 of the Laws of Hong
	Kong)
"Supplemental Shanghai Tenancy	the supplemental tenancy agreement in relation to
Agreement"	the Shanghai Premises dated 4 September 2019
	entered into between Shanghai Huimei, Shanghai
	Yimin, BLCT Commercial Building and NWDSI in
	relation to the renewal of the Shanghai Tenancy
	Agreement
"%"	per cent.
* for identification purpose only

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By order of the board of

New World Department Store China Limited

Dr. Cheng Kar-shun, Henry

Chairman

Hong Kong, 23 September 2020

As at the date of this announcement, the non-executive Director is Dr. Cheng Kar-shun, Henry; the executive Directors are Dr. Cheng Chi-kong, Adrian and Mr. Cheung Fai-yet, Philip; and the independent non-executive Directors are Mr. Cheong Ying-chew, Henry, Mr. Chan Yiu-tong, Ivan, Mr. Tong Hang-chan, Peter and Mr. Yu Chun-fai.

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