The Directors of Wing Tai Properties Limited announce that on 26 February 2021, the Company entered into the MOA, pursuant to which the JV Parties agreed to form the Joint Venture for the purpose of acquiring the Property and shares of the JV Company were issued and allotted to each of the JV Parties or one of their respective wholly-owned subsidiaries. Following such issue and allotment of shares of the JV Company, the Wing Tai Subsidiary holds 21% of the total issued shares of the JV Company. On the same day, the JV Company agreed to acquire 100% equity interest of the Target Company, the owner of the Property, from the Sellers pursuant to the Sale and Purchase Agreement. Completion under the Sale and Purchase Agreement (i.e. the Acquisition Completion) is expected to take place on or around 9 April 2021. Upon the later of: the completion of the Acquisition; and the JV Parties agreeing to the final form of the JVA, the JV Parties will enter into the JVA, which will supersede the MOA, to govern the relationship between the JV Parties as shareholders of the JV Company.