LVGEM China Real Estate Investment : VOLUNTARY ANNOUNCEMENT - ATTAINMENT OF 100% CONTRACT SIGNING RATE FOR PHASE I OF SHENZHEN BAISHIZHOU URBAN RENEWAL PROJECT

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VOLUNTARY ANNOUNCEMENT

ATTAINMENT OF 100% CONTRACT SIGNING RATE FOR PHASE I OF SHENZHEN BAISHIZHOU URBAN RENEWAL PROJECT

This announcement is made by LVGEM (China) Real Estate Investment Company Limited (the "Company", together with its subsidiaries, the "Group") on a voluntary basis to keep its shareholders and potential investors informed of its latest business development.

The Shahe Wucun Urban Renewal Unit (沙河五村城市更新單元) project in Shahe Street, Nanshan District, Shenzhen City, the PRC (the "Baishizhou Urban Renewal Project"), which is held as to 80% by the Group, has achieved significant progress, attaining 100% signing rate of relocation compensation agreement for Phase I.

Located in Shahe Street, Nanshan District and in the east of Shahe East Road, north of Shennan Avenue and south of Xiangshan West Street, the Baishizhou Urban Renewal Project has a capacity building area of 3.58 million square meters, among which the Phase I has a gross floor area of 675,780 square meters.

The signing of the relocation compensation agreement for Phase I has been fully completed and that the conditions for the acquisition of the operating entity for Phase I have been fulfilled. The Group has commenced its application for registration of the operating entity for Phase I and has been making every effort to prepare for the construction of the Baishizhou Urban Renewal Project. The Group will make further announcements in respect of further material developments of the Baishizhou Urban Renewal Project as and when appropriate.

By order of the Board

LVGEM (China) Real Estate Investment Company Limited

HUANG Jingshu

Chairman

Hong Kong, 25 February 2021

As at the date of this announcement, the executive Directors of the Company are Ms. HUANG Jingshu (Chairman), Mr. TANG Shouchun (Chief Executive Officer), Mr. YE Xingan, Mr. HUANG Hao Yuan and Mr. SIU Chi Hung; the non-executive Director of the Company is Ms. LI Lihong; and the independent non-executive Directors of the Company are Mr. WANG Jing, Ms. HU Gin Ing and Mr. MO Fan.