Red Star Macalline : ANNOUNCEMENT ON THE OPERATING STATISTICS FOR 2020

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.

Red Star Macalline Group Corporation Ltd.

紅星美凱龍家居集團股份有限公司

(A sino-foreign joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1528)

ANNOUNCEMENT ON THE OPERATING STATISTICS FOR 2020

This announcement is made by Red Star Macalline Group Corporation Ltd. (the "Company") pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and the Rules Governing the Listing of Stocks on Shanghai Stock Exchange.

The board of directors and all directors of the Company confirm that there are no false representations, misleading statements, or material omissions in this announcement, and they shall individually and collectively accept full responsibility for the truthfulness, accuracy and completeness of contents herein.

In accordance with the relevant requirements under the Guidelines No. 5 on Industry Information Disclosure of Listed Companies - Retail 《( 上市公司行業信息披露指引第五號－零售》) and

the Notice in relation to the Endeavour on Disclosure of the 2020 Annual Report by the Listed Companies of the main board 《( 關於做好主板上市公司2020年年度報告披露工作的通知》) issued

by the Shanghai Stock Exchange, the Company hereby discloses its principal operating statistics for 2020 (the "Reporting Period") as follows:

As of 31 December 2020, the Company operated 92 Portfolio Shopping Malls, 273 Managed Shopping Malls, and 11 home furnishing malls through strategic cooperation. In addition, the Company opened 66 franchised home improvement material projects by way of franchising, which includes a total of 476 home improvement material stores/industry streets.

1

1. CHANGES IN MALLS FOR 2020
   During the Reporting Period, the net increase in the number of Portfolio Shopping Malls was five, of which, six were newly opened shopping malls, situated in Kunshan, Jiangsu Province, Zibo, Shandong Province, Taiyuan, Shanxi Province, Chongqing, Chengdu, Sichuan Province, Kunming, Yunnan Province; two shopping malls were closed, situated in Shenyang, Liaoning Province and Qujing, Yunnan Province; and one shopping mall in Wuhan, Hubei Province, was transferred from Managed Shopping Mall to Portfolio Shopping Mall. The net increase in the number of Managed Shopping Malls was 23, of which, 31 were newly-opened shopping malls, situated respectively in Changde, Hunan Province, Bozhou, Anhui Province, Baoding, Hebei Province, Jishou, Hunan Province, Laiyang, Shandong Province, Cangzhou, Hebei Province, Lhasa, Tibet, Yancheng, Jiangsu Province, Wuxi, Jiangsu Province, Suzhou, Anhui Province, Yongzhou, Hunan Province, Chongqing, Zhuji, Zhejiang Province, Guangde, Anhui Province, Yangzhou, Jiangsu Province, Shangrao, Jiangxi Province, Ningde, Fujian Province, Yantai, Shandong Province, Yangzhong, Jiangsu Province, Weinan, Shaanxi Province, Handan, Hebei Province, Shaoxing, Zhejiang Province, Baiyin, Gansu Province, Chuzhou, Anhui Province, Nantong, Jiangsu Province, Heyuan, Guangdong Province, Zhoukou, Henan Province, Lianyungang, Jiangsu Province, Zhaotong, Yunnan Province, and Huangshi, Hubei Province; seven shopping malls were closed, situated respectively in Hegang, Heilongjiang Province, Shouguang, Shandong Province, Dalian, Liaoning Province, Changsha, Hunan Province, Hengshui, Hebei Province, Langfang, Hebei Province and Longyan, Fujian Province.

1. Changes in Malls During the Reporting Period

Table 1-1 Changes in Owned

Portfolio Shopping Malls during the Reporting Period

Unit: m2

		Malls as at the						Malls Transferred					Malls Transferred
		Beginning of						from Other					into Other	Malls as at the End
		the Period	New Malls	Business Mode	Closed Malls	Business Mode	of the Period
Mode of		No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating
Operation	Location	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area
Owned	Beijing	3		226,567																		3	226,359
Owned	Shanghai	7	903,540																		7	905,389
Owned	Tianjin	4	455,563																		4	457,240
Owned	Chongqing	3	249,735	1	66,337													4	317,145
Owned	Northeast China	10	1,044,303																		10	1,030,696
Owned	North China (excluding	2		168,615	1	55,317														3	223,479
	Beijing and Tianjin)
Owned	East China (excluding	12		1,471,404	1	33,154														13	1,500,666
	Shanghai)
Owned	Central China	4		501,415																		4	527,162
Owned	South China	2		116,201																		2	116,204
Owned	West China (excluding	6	558,637	2	77,770													8	628,037
	Chongqing)
Total:		53		5,695,981	5	232,577														58	5,932,377

Note 1: The discrepancies between total and sums of amounts in the table above are due to rounding.

Note 2: Portfolio Shopping Malls stated in this announcement include Owned Portfolio Shopping Malls, JV/ Associate Portfolio Shopping Malls and Leased Portfolio Shopping Malls.

2

Table 1-2 Changes in JV/Associate

Portfolio Shopping Malls during the Reporting Period

Unit: m2

Malls as at the

Malls Transferred

Malls Transferred

Beginning of

from Other

into Other

Malls as at the End

the Period

New Malls

Business Mode

Closed Malls

Business Mode

of the Period

Mode of

No. of

Operating

No. of

Operating

No. of

Operating

No. of

Operating

No. of

Operating

No. of

Operating

Operation

Location

Malls

Area

Malls

Area

Malls

Area

Malls

Area

Malls

Area

Malls

Area

JV/Associate

Beijing

JV/Associate

Shanghai

JV/Associate

Tianjin

JV/Associate

Chongqing

JV/Associate

Northeast China

JV/Associate

North China (excluding

Beijing and Tianjin)

JV/Associate

East China (excluding

3

247,700

3

247,702

Shanghai)

JV/Associate

Central China

JV/Associate

South China

1

15,817

1

15,857

JV/Associate

West China (excluding

1

89,215

1

89,268

Chongqing)

Total:

5

352,732

5

352,827

Note 1: The discrepancies between total and sums of amounts in the table above are due to rounding.

Table 1-3 Changes in Leased

Portfolio Shopping Malls during the Reporting Period

Unit: m2

		Malls as at the								Malls Transferred								Malls Transferred
		Beginning of								from Other								into Other	Malls as at the End
		the Period	New Malls	Business Mode	Closed Malls	Business Mode	of the Period
Mode of		No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating
Operation	Location	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area
Leased	Beijing	1	115,285																												1	117,369
Leased	Shanghai
Leased	Tianjin
Leased	Chongqing	2	133,586																												2	132,752
Leased	Northeast China	1	102,785															1	102,785
Leased	North China (excluding	8	396,305																												8	441,017
	Beijing and Tianjin)
Leased	East China (excluding	10	492,236	1	51,142																					11	544,912
	Shanghai)
Leased	Central China	4	307,468								1	103,801														5	409,680
Leased	South China	2	103,264																												2	103,345
Leased	West China (excluding	1	37,201															1	37,623
	Chongqing)
Total:		29	1,688,131	1	51,142			1			103,801	2	140,408							29	1,749,074
Note 1:	The discrepancies between total and sums of amounts in the table above are due to rounding.

3

Table 1-4 Changes in Managed

Shopping Malls during the Reporting Period

Unit: m2

		Malls as at the					Malls Transferred						Malls Transferred
		Beginning of					from Other						into Other	Malls as at the End
		the Period	New Malls	Business Mode	Closed Malls	Business Mode	of the Period
Mode of		No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating	No. of	Operating
Operation	Location	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area	Malls		Area
Managed	Beijing	1	112,757																				1	112,885
Managed	Shanghai
Managed	Tianjin	3	175,490																				3	178,268
Managed	Chongqing	6	205,859	2	56,872																8	265,218
Managed	Northeast China	16	772,922										2	56,173						14	714,635
Managed	North China (excluding	29	1,604,884	2	40,781							2	89,265	1	28,184	28	1,536,903
	Beijing and Tianjin)
Managed	East China (excluding	105	6,030,080	16	528,975							2	105,471						119	6,486,497
	Shanghai)
Managed	Central China	35	1,681,350	7	270,869							1	9,498	1	103,801	40	1,852,924
Managed	South China	12	616,266	1	28,398																	13	649,539
Managed	West China (excluding	43	2,050,498	3	104,472	1	29,480											47	2,224,522
	Chongqing)
Total:		250	13,250,106	31	1,030,367		1		29,480	7	260,407	2	131,985	273	14,021,390

Note 1: The discrepancies between total and sums of amounts in the table above are due to rounding.

Note 2: Malls Transferred into Other Business Mode: one mall was changed from a Managed Shopping Mall to a Leased Portfolio Shopping Mall.

Malls Transferred from Other Business Mode: one mall was changed from a franchised home improvement material project to a Managed Shopping Mall.

4

(II) Details of Changes in Malls during the Reporting Period

Table 1-5Newly-added Malls during the Reporting Period

					Unit: m2
		Operating		Way of	Construction Cost
Name	Address	Area	Opening Date	Contracting	(RMB)
Kunshan Qianjin	No. 505, Qianjin West Road, Kunshan City,	33,154	20 June 2020	Acquisition	313,457,252.62
Road (昆山前進路)	Suzhou City (蘇州市昆山市前進西路505號)
Taiyuan IF Park	1F - 5F, Yunjinsheng Technology Industrial Park,	55,317	8 November 2020	Self-build	503,913,940.54
(太原國金)	No. 455, South Zhonghuan Street, Taiyuan Xuefu
	Park, Transformation and Comprehensive Reform
	Demonstration Zone, Taiyuan City, Shanxi
	Province (山西省太原市綜改示範區太原學府園
	區南中環街455號雲錦盛科技產業園一層至五層)
Chongqing Yubei	No. 118, Jinzhou Avenue, Yubei District,	66,337	25 December 2020	Self-build	786,309,810.50
(重慶渝北)	Chongqing (重慶市渝北區金州大道118號)
Chengdu Life	No. 2608, South Section of Tianfu Avenue,	51,795	25 December 2020	Self-build	792,076,531.10
Aesthetics Center	Huayang, Tianfu New District, Chengdu City,
(成都美學中心)	Sichuan Province (四川省成都市天府新區華陽天
	府大道南段2608號)
Kunming Panlong	Red Star Macalline Home Furnishings Living	25,975	31 December 2020	Self-build	174,350,315.69
(昆明盤龍)	Plaza, Fengyuan Road, Panlong District, Kunming
	City, Yunnan Province (雲南省昆明市盤龍區灃
	源路紅星美凱龍家居生活廣場)
					Contract Period
					(Applicable
					to Leased
		Operating		Way of	and Managed
Name	Address	Area	Opening Date	Contracting	Business Mode)
Changde Dongxing	No. 3980, Changde Avenue, Zhugentan	38,402	15 June 2020	Contracted	10 years since the
(常德東星)	Community, Nanping Subdistrict, Wuling District,			management	opening
	Changde City, Hunan Province (湖南省常德市武
Zibo Ogloria (淄博	陵區南坪街道竹根潭社區常德大道3980號)
Red Star Ogloria Shopping Mall, No. 169,	51,142	28 September 2020	Leased	Due to expire on
歐麗洛雅)	Liantong Road, Zhangdian District, Zibo City,				31 July 2040
	Shandong Province (山東省淄博市張店區聯通路
	169號紅星歐麗洛雅商場)

5

					Contract Period
					(Applicable
					to Leased
		Operating		Way of	and Managed
Name	Address	Area	Opening Date	Contracting	Business Mode)
Bozhou Shaohua	Building A23, Yidu International Mall,	34,439	18 July 2020	Contracted	12 years since the
Road (亳州芍花路)	Intersection of Huatuo Avenue and Shaohua Road,			management	opening
	Qiaocheng District, Bozhou City, Anhui Province
	(Red Star Macalline Bozhou Shaohua Road
	Shopping Mall) (安徽省亳州市譙城區華佗大道與
	芍花路交叉口億都國際商城A23號樓（紅星美凱
	龍亳州芍花路商場))
Quyang Nanhuan	Red Star Macalline, Intersection of Nanhuan Road	19,269	18 July 2020	Contracted	10 years since the
(曲陽南環)	and Chaoyang Street, Hengzhou Town, Quyang			management	opening
	County, Baoding City, Hebei Province (河北省保
	定市曲陽縣恒州鎮南環路與朝陽街交口紅星美凱
	龍)
Jishou Qianzhou	Yanzi Road, Shizi Community, Qianzhou Office,	56,150	30 July 2020	Contracted	10 years since the
(吉首乾州)	Jishou City, Xiangxi Autonomous Prefecture,			management	opening
	Hunan Province (Former Farmers' Market) (湖南
	省湘西自治州吉首市乾州辦事處獅子社區燕子路
	（原農貿市場))
Laiyang Longmen	No. 470, Longmen West Road, Laiyang City,	59,145	1 September 2020	Contracted	5 years since the
(萊陽龍門)	Yantai City, Shandong Province (山東省煙台市萊			management	contract took effect
	陽市龍門西路470號)
Cangzhou Yanshan	Intersection of Qiantong Street and Tai'an Road,	21,512	12 September 2020	Contracted	10 years since the
(滄州鹽山)	Yanshan County, Cangzhou City, Hebei Province			management	opening
	(河北省滄州市鹽山縣千童大街與泰安路交口)
Lhasa Dunzhu	Red Star Macalline, Dunzhu Financial City, Liuwu	61,179	19 September 2020	Contracted	10 years since the
(拉薩頓珠)	New District, Lhasa City, Tibet Autonomous			management	opening
	Region (西藏自治區拉薩市柳梧新區頓珠金融城
	紅星美凱龍)
Yancheng Fangong	Red Star Grand Home Mall, No. 269, Kaifang	15,994	26 September 2020	Contracted	10 years since the
Road (鹽城范公路)	Avenue, Yancheng City, Jiangsu Province (江蘇			management	opening
	省鹽城市開放大道269號紅星至尊家居MALL)
Huishan City	No. 1777, Zhonghui Avenue, Huishan District,	31,507	29 September 2020	Contracted	Due to expire on
Railway (惠山城鐵)	Wuxi City, Jiangsu Province (江蘇省無錫市惠山			management	6 April 2024
	區中惠大道1777號)
Si County Huayuan	Intersection of Huayuan Road and Hongxiang	25,704	30 September 2020	Contracted	10 years since the
Road (泗縣花園路)	Road, Si County, Suzhou City, Anhui Province			management	opening
	(安徽省宿州市泗縣花園路與虹鄉路交匯處)
Qiyang Huanxing	Red Star Macalline Shopping Mall, Qiyang	33,116	30 September 2020	Contracted	10 years since the
(祁陽環星)	Avenue, Qiyang County, Yongzhou City, Hunan			management	opening
	Province (湖南省永州市祁陽縣祁陽大道紅星美
	凱龍商場)

6

						Contract Period
						(Applicable
						to Leased
		Operating			Way of	and Managed
Name	Address	Area	Opening Date	Contracting	Business Mode)
Chongqing Jiangjin	19-5, No. 5 South Section of North-South Avenue,	28,346	30	September 2020	Contracted	10 years since the
(重慶江津)	Degan Subdistrict, Jiangjin District, Chongqing				management	opening
	(重慶市江津區德感街道南北大道南段5號19-5)
Zhuji Mall	Intersection of East 2nd Ring Road and Xiang'an	46,547	1 October 2020	Contracted	Due to expire on
(諸暨商場)	Road, Jiyang Subdistrict, Zhuji City, Zhejiang				management	13 June 2028
	Province (浙江省諸暨市暨陽街道東二環路與祥
	安路交叉口)
Guangde Binhe	Intersection of Nantang Road and Binhe Road,	35,189	15	November 2020	Contracted	10 years since the
(廣德濱河)	Economic Development Zone, Guangde City,				management	opening
	Xuancheng City, Anhui Province (安徽省宣城市
	廣德市經濟開發區南塘路與濱河路交叉口)
Baoying Anyi	West to Huaijiang Avenue and South to Shugang	37,489	12	December 2020	Contracted	10 years since the
(寶應安宜)	Road, Baoying County, Yangzhou City, Jiangsu				management	opening
	Province (江蘇省揚州市寶應縣淮江大道西側、
	疏港路南側)
Shangrao Yiyang	Intersection of Baima Avenue and Zhaoxian Road,	12,409	12	December 2020	Contracted	10 years since the
(上饒弋陽)	Nanyan Town, Yiyang County, Shangrao City,				management	opening
	Jiangxi Province (江西省上饒市弋陽縣南岩鎮白
	馬大道與招賢路交匯處)
Xiapu New City	No. 96, Chi'an Avenue, Xiapu County, Ningde	27,491	12	December 2020	Contracted	10 years since the
(霞浦新城)	City, Fujian Province (福建省寧德市霞浦縣赤岸				management	opening
	大道96號)
Chongqing Tongnan	Land parcel E7-15-01, Jiangnan Area, Tongnan	28,526	12	December 2020	Contracted	10 years since the
(重慶潼南)	District, Chongqing (重慶市潼南區江南片區分區				management	opening
	E7-15-01地塊)
Yantai Laishan	North of the intersection of Zhenda Road and	34,158	12	December 2020	Contracted	10 years since the
(煙台萊山)	Jintan South Road, Laishan District, Yantai City,				management	opening
	Shandong Province (山東省煙台市萊山區軫大路
	與金灘南路交匯處北)
Zhenjiang	No. 258, Xinmin Road, Sanmao Subdistrict,	30,568	19	December 2020	Contracted	10 years since the
Yangzhong	Yangzhong City, Jiangsu Province (江蘇省揚中市				management	opening
(鎮江揚中)	三茅街道新民路258號)
Weinan High Tech	Red Star Macalline, Shuangwang Subdistrict,	45,393	19	December 2020	Contracted	10 years since the
(渭南高新)	Linwei District, Weinan City, Shaanxi Province				management	opening
	(陝西省渭南市臨渭區雙王街道紅星美凱龍)
Fengfeng Xiangtang	No. 18, Xiangtang Avenue, Linshui Town,	19,590	25	December 2020	Contracted	10 years since the
(峰峰響堂)	Fengfeng Mining District, Handan City, Hebei				management	opening
	Province (河北省邯鄲市峰峰礦區臨水鎮響堂大
	道18號)
Xinchang Mall	No. 88, Taitan Avenue, Xinchang County,	31,628	26	December 2020	Contracted	10 years since the
(新昌商場)	Shaoxing City, Zhejiang Province (浙江省紹興市				management	opening
	新昌縣泰坦大道88號)

7

					Contract Period
					(Applicable
					to Leased
		Operating		Way of	and Managed
Name	Address	Area	Opening Date	Contracting	Business Mode)
Baiyin Fumen	Red Star Macalline, Changtong Road, Baiyin	31,778	26 December 2020	Contracted	10 years since the
(白銀福門)	District, Baiyin City, Gansu Province (甘肅省白			management	opening
	銀市白銀區長通路紅星美凱龍)
Anhui Dingyuan	Intersection of Yongkang Road and Kaoshan	34,932	26 December 2020	Contracted	10 years since the
(安徽定遠)	Road, Dingyuan County, Chuzhou City, Anhui			management	opening
	Province (安徽省滁州市定遠縣永康路與靠山路
	交叉口)
Nantong Ogloria	No. 1999, Xinghu Avenue, Development Zone,	36,408	27 December 2020	Contracted	Due to expire on
(南通歐麗洛雅)	Nantong City, Jiangsu Province (江蘇省南通市開			management	30 June 2030
	發區星湖大道1999號)
Guangdong Heyuan	No. 88, East Jianshe Avenue, Yuancheng District,	28,398	28 December 2020	Contracted	10 years since the
(廣東河源)	Heyuan City, Guangdong Province (廣東省河源			management	opening
	市源城區建設大道東88號)
Dancheng Yingbin	Red Star Macalline, Intersection of Keji Avenue	33,113	30 December 2020	Contracted	10 years since the
(鄲城迎賓)	and Yingbin Avenue, Dancheng County, Zhoukou			management	opening
	City, Henan Province (河南省周口市鄲城縣科技
	大道與迎賓大道交叉口紅星美凱龍)
Donghai Jingdu	No. 916, Jingdu Avenue, Donghai County,	35,367	30 December 2020	Contracted	10 years since the
(東海晶都)	Lianyungang City, Jiangsu Province (江蘇省連雲			management	opening
	港市東海縣晶都大道916號)
Zhaotong Zhaoyang	Red Star Macalline Home Furnishings Mall,	23,703	31 December 2020	Contracted	10 years since the
(昭通昭陽)	Intersection of Zhaotong Avenue and Guoxue			management	opening
	Road, Zhaoyang District, Zhaotong City, Yunnan
	Province (雲南省昭通市昭陽區昭通大道與國學
	路交叉口紅星美凱龍家居商場)
Yangxin Xingfu	No. J1, Southeast Hubei International Trade City,	32,918	31 December 2020	Contracted	10 years since the
(陽新興富)	Ditian Industrial Park, Yangxin Avenue, Yangxin			management	opening
	County, Huangshi City, Hubei Province (湖北省

黃石市陽新縣陽新大道荻田產業園鄂東南國際商 貿城J1號)

8

	Table 1-6 Mall Closures during the Reporting Period
							Unit: m2
					Contract
					Period
					(Applicable
					to Leased and
					Managed
		Operating	Opening	Way of	Business	Reason for	Time of
Name	Address	Area	Date	Contracting	Mode)	Closure	Closure

Hegang Gongnong Xijiefang Road, Gongnong
(鶴崗工農)	District, Hegang City,
	Heilongjiang Province
	(黑龍江省鶴崗市工農區
	西解放路)
Shenyang Dadong	No.22, Pangjiang Street,
(瀋陽大東)	Dadong District, Shenyang City,
	Liaoning Province (遼寧省瀋陽
	市大東區滂江街22號)
Shouguang Caidu	Opposite New Bus Station,
(壽光菜都)	Wensheng Street, Shouguang
	City,
	Shandong Province
	(山東省壽光市文聖街
	新汽車站對面)
Dalian Jinzhou	No.42 Yongle Jinting,
(大連金州)	Guangming Street, Jinzhou
	District, Dalian City, Liaoning
	Province
	(遼寧省大連市金州區
	光明街道永樂金庭42號)
Changsha Yong'an 3F, Building A6, Boda Central
(長沙永安)	Plaza, Yongming Road, Liuyang
	High-tech Development Zone,
	Changsha City, Hunan Province
	(湖南省長沙市瀏陽高新技術開
	發區永明路博大中央廣場A6棟
	三樓)
Hebei Hengshui	No.2236 Hongqi Street,
(河北衡水)	Taocheng District, Hengshui
	City, Hebei Province (河北省衡
	水市桃城區紅旗大街2236號)
Langfang Second	14# Mall, Rongsheng Huafu,
Store (廊坊二店)	Guangyang District, Langfang
	City, Hebei Province (河北省廊
	坊市廣陽區榮盛華府14#商城)
Longyan Minxi	No. 6, Zhongxing Road,
(龍岩閩西)	Beicheng Subdistrict, Xinluo
	District, Longyan City, Fujian
	Province (福建省龍岩市新羅區
	北城街道中興路6號)
Yunnan Qujing	Fortune Plaza, Cuifeng Road,
(雲南曲靖)	Qilin District, Qujing City,
	Yunnan Province (雲南省曲靖市
	麒麟區翠峰路財富中心)

25,400	25 October	Contracted	15 years since	Closure by mutual	March 2020
	2010	management	the opening	agreement between both
				parties
102,785	30 September	Leased	Due to expire	Due to strategy	May 2020
	2010		on 31 May	adjustment, the Company
			2022	chose to close the
				mall after careful
				consideration
37,278	6 June	Contracted	10 years since	The partner was bankrupt	June 2020
	2014	management	the opening	and was unable to
				continue to have the legal
				ownership and the right
				of management of the
				mall properties
30,773	31 August	Contracted	10 years since	The partner defaulted,	June 2020
	2017	management	the opening	and we terminated the
				contract by sending a
				letter and withdrew from
				the mall
9,498	29 December	Contracted	10 years since	Closure by mutual	June 2020
	2017	management	the opening	agreement between both
				parties

56,274	24 December	Contracted	Due to expire on	Expiration of the	July 2020
	2016	management	31 March 2020	entrusted management
				contract and the parties
				failed to reach an
32,991	30 June 2017	Contracted	Due to expire on	agreement on the renewal
Expiration of the	September
		management	30 September	entrusted management	2020
			2020	contract
68,193	1 October	Contracted	10 years since	Expiration of the	October
	2010	management	the opening	entrusted management	2020
				contract
37,623	1 October	Leased	Due to expire on	Expiration of the lease	December
	2011		31 December	contract	2020
			2020

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1. MALLS THAT ARE IN OPENING PREPARATION AS OF THE END OF THE FOURTH QUARTER OF 2020
   As of 31 December 2020, the Company has 24 pipeline Portfolio Shopping Malls (of which 19 are Owned Portfolio Shopping Malls and 5 are Leased Portfolio Shopping Malls), and the planned construction area amounted to approximately 3.55 million sq.m. (subject to the final construction areas as approved in the government permit documents). Among the pipeline Managed Shopping Malls, we have obtained land use rights/land parcels for 348 managed contractual projects.

1. REVENUE AND GROSS PROFIT MARGIN OF PORTFOLIO SHOPPING MALLS FOR 2020
   During the Reporting Period, the Portfolio Shopping Malls opened by the Company recorded revenue of RMB6,929,616,343.51, representing a decrease of 14.2% as compared with the same period of last year; the gross profit margin was 76.4%, representing a decrease of 2.5 percentage points as compared with the same period of 2019.

Table 3-1 Revenue and Gross Profit Margin of

Portfolio Shopping Malls Classified by Operating Mode

							Unit: RMB
							Gross Profit
			Change as			Margin Change as
			Compared			Compared to
			to the Same	Gross Profit		the Same Period of
Mode of Operation	Revenue	Period	Margin		Last Year
			(%)		(%)		(Percentage Point)
Owned Portfolio Shopping Malls	5,608,564,908.80		-14.4%	85.6%		a decrease of
							0.2 percentage points
Leased Portfolio Shopping Malls	1,055,721,470.29		-14.7%	32.3%		a decrease of
							14.0 percentage points Note 2
JV/Associate Portfolio Shopping Malls	265,329,964.42		-7.5%	57.5%		a decrease of
							15.4 percentage points
Total:							a decrease of
	6,929,616,343.51		-14.2%	76.4%		2.5 percentage points

Note 1: Malls listed above are Portfolio Shopping Malls opened as at the end of each period (including JV/ Associate Portfolio Shopping Malls).

Note 2: During the epidemic, the shopping malls have implemented rent-free policy for their tenants, resulting in a period-on-period decrease in the gross profit margin of Leased Portfolio Shopping Malls.

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Table 3-2 Revenue and Gross Profit Margin of

Portfolio Shopping Malls Classified by Location

							Unit: RMB
							Gross Profit
							Margin Change as
			Change as			Compared to
			Compared to the	Gross Profit		the Same Period
Location	Revenue		Same Period	Margin		of Last Year
		(%)		(%)		(Percentage Point)
Beijing	664,018,411.40	-28.3%	72.4%		a decrease of
							7.5 percentage points
Shanghai	1,508,103,358.04	-13.3%	88.8%		a decrease of
							1.0 percentage points
Tianjin	167,745,822.68	-21.1%	75.2%		a decrease of
							2.6 percentage points
Chongqing	454,405,458.12	-15.4%	80.5%		an increase of
							0.3 percentage points
Northeast China	653,345,353.14	-22.6%	85.0%		an increase of
							3.1 percentage points
East China	1,897,367,510.20	-6.6%	74.7%		a decrease of
(excluding Shanghai)							0.3 percentage points
North China	294,969,870.39	-2.3%	48.1%		a decrease of
(excluding Beijing and							1.8 percentage points
Tianjin)
South China	166,044,740.43	36.1%	50.8%		an increase of
							0.6 percentage points
Central China	616,959,739.81	-20.4%	63.7%		a decrease of
							14.7 percentage points
West China	506,656,079.30	-13.4%	77.2%		an increase of
(excluding Chongqing)							2.2 percentage points
Total:							a decrease of
	6,929,616,343.51	-14.2%	76.4%		2.5 percentage points

Note 1: Malls listed above are Portfolio Shopping Malls opened as at the end of each period (including JV/ Associate Portfolio Shopping Malls).

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The operating information of this announcement is provided to investors to understand the operation of the Company only. The Company advises investors to exercise caution when using such information.

This announcement is published simultaneously in Chinese and English. In the event of any inconsistency between Chinese and English versions, the Chinese version shall prevail.

Notice is hereby given.

By Order of the Board

Red Star Macalline Group Corporation Ltd.

GUO Binghe

Vice Chairman

Shanghai, the PRC

30 March 2021

As at the date of this announcement, the executive Directors of the Company are CHE Jianxing, GUO Binghe, CHE Jianfang and JIANG Xiaozhong; the non-executive Directors are CHEN Shuhong, JING Jie, XU Hong, LIU Jin and CHEN Zhaohui; and the independent non-executive Directors are QIAN Shizheng, LEE Kwan Hung, Eddie, WANG Xiao, ZHAO Chongyi and QIN Hong.

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