Richly Field China Development : INSIDE INFORMATION EXTENSION OF REPAYMENT TERM FOR RMB950,000,000 LOAN

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RICHLY FIELD CHINA DEVELOPMENT LIMITED

裕 田 中 國 發 展 有 限 公 司

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(stock code: 313)

INSIDE INFORMATION

EXTENSION OF REPAYMENT TERM

FOR RMB950,000,000 LOAN

This announcement is made by Richly Field China Development Limited (the "Company", and together with its subsidiaries, the "Group"), pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(1) and 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Reference is made to the Company's Annual Report for the year ended 31 March 2019 (the "Annual Report") on page 8 and page 20 under "Management Discussion and Analysis", in which it was mentioned that the Group had obtained an indication from a bank in China that the repayment term of entire principal and interests in relation to the RMB950 million (equivalent to approximately HK$1,107.5 million) loan would be extended to June 2022 (the "Loan"). The Loan was offered by a bank together with a financial institution (the "Financial Institution") for a term of 5 years.

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The Company is pleased to announce that, after trading hours of The Stock Exchange of Hong Kong Limited on 31 October 2019, the Company has entered into a supplemental agreement with the relevant Financial Institution for the extension of the repayment term of the Loan and is now awaiting the bank to execute the relevant term extension agreement with similar terms and conditions, details of which are as follows:

1. As at 20 September 2019, the outstanding principal of the Loan was RMB950 million, with accrued interest of approximately RMB38.3 million and accrued default interest of approximately RMB14.7 million;
2. Accumulated total repayment of approximately RMB248.8 million shall be made by the Company to the relevant bank to settle a portion of the principal and the then accrued interest of the Loan before 30 June 2020;
3. Accumulated total repayment of approximately RMB486.8 million shall be made by the Company to the relevant bank to settle a portion of the principal and the then accrued interest of the Loan on 30 June 2021; and
4. All remaining principal balance and accrued interest of the Loan shall be repaid by the Company to the relevant bank before 30 June 2022, with payment of the default interests of approximately RMB14.7 million before 29 June 2020.

Further, the Company estimated that, as the supplemental agreement for the extension of the repayment term of the Loan has been signed with the Financial Institution and the same would be executed by the relevant bank shortly and based on the outstanding sum of the Loan as at 20 September 2019 and assuming all the required payments are made on the respective due dates, substantial portion of the Loan (including accrued interest) amounted to approximately RMB739.5 million shall be re-classified from current liability to non-current liability in the Company's forthcoming full year financial statements. The Company would like to clarify that as the extension of the repayment term of the Loan was effected after 30 September 2019, the Loan and the relevant interest payables will continue to be classified as current liability in the Company's forthcoming interim financial statements.

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Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By order of the Board

Richly Field China Development Limited

Li Yi Feng

Chairman and Chief Executive Officer

Hong Kong, 31 October 2019

As at the date of this announcement, the Board comprises two executive directors, namely Mr. Li Yi Feng (Chairman) and Mr. Chen Wei (Vice President) and three independent non-executive directors, namely Ms. Hsu Wai Man Helen, Mr. Wong Tak Chun and Mr. Xu Jinghong.

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