Powerlong Real Estate Holdings Limited announced the Company is required to publish an announcement in relation to the Group's preliminary results in respect of the financial year ended 31 December 2021 (the "2021 Annual Results") not later than three months after the end of the financial year of the Company, i.e. on or before 31 March 2022. Under Rule 13.49(2) of the Listing Rules, the preliminary announcement in relation to the 2021 Annual Results shall be based on the Company's consolidated financial statements for the financial year ended 31 December 2021 which have been agreed with the Company's auditor. Due to the impact of the COVID-19 epidemic in the PRC which restricts the Group's ability to gather necessary documents on a timely basis, the Company does not anticipate being able to complete the necessary procedures in order for the Company to finalize its audited consolidated financial statements for the financial year ended 31 December 2021 by 31 March 2022.

As a result, the Company is unable to publish the 2021 Annual Results by 31 March 2022 based on the Company's consolidated financial statements for the year ended 31 December 2021 which shall have been agreed with Elite Partners. In order to keep the shareholders of the Company and potential investors informed of the Group's business operation and financial position, the Board announces that the unaudited consolidated annual results of the Company for the year ended 31 December 2021 (the "2021 Unaudited Annual Results") will be issued on 29 March 2022 which will have been reviewed by the audit committee of the Company. The 2021 Unaudited Annual Results will be based on financial results which have yet to be agreed with Elite Partners.

At the Board meeting scheduled to be held on 29 March 2022, the Board will review and approve the publication of the 2021 Unaudited Annual Results based on the consolidated management accounts of the Company for the year ended 31 December 2021. Elite Partners has informed the Company that it expects to be in a position to complete its audit and deliver its audit opinion by 15 May 2022. The Company will cooperate with Elite Partners to complete its audit work as soon as practicable.

A further meeting of the Board is expected to be held after completion of the audit by Elite Partners for the purpose of, among others, (i) considering and approving the audited 2021 Annual Results and its publication, and (ii) considering the recommendation for payment of a final dividend, if any. Following the completion of the audit by Elite Partners, the Company will publish an announcement containing the audited 2021 Annual Results and despatch the annual report for the year ended 31 December 2021 as soon as practicable.