Seazen Group Limited obtained the land parcel No. Jin Bao (Gua) 2020-014 in Tianjin City by way of open tender auction. The land parcel is located on the northwest corner of the intersection between Kaiyuan Road and Yuyang Road, Baodi District, Tianjin City. It occupies a transferred land area of 25,507.70 sq.m., and is planned for residential uses with a plot ratio of >1.0 and 1.8. The plot-ratio gross floor area is approximately 45,913.86 sq.m. The Company currently owns 100% equity interest in the above project and is obliged to pay a land premium of RMB 208,000,000.