Loudong Gen Nice Res China Hldgs : Announcements and Notices - Lapse of the Sale and Purchase Agreement in Relation to the Acquisition of Real Properties in Hong Kong

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(Stock code: 988) LAPSE OF THE SALE AND PURCHASE AGREEMENT IN RELATION TO THE ACQUISITION OF REAL PROPERTIES IN HONG KONG

References are made to the announcements of Loudong General Nice Resources (China) Holdings Limited (the "Company") dated 5 October 2016 (the "Announcement"), 25 October 2016, 11 November 2016 and 30 November 2016 respectively in relation to the Acquisition. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

LAPSE OF THE SALE AND PURCHASE AGREEMENT

Pursuant to the terms and conditions of the Sale and Purchase Agreement dated 5 October 2016, if any of the conditions precedent in relation to the Sale and Purchase Agreement have not been satisfied or waived on or before the Long Stop Date, i.e. 31 December 2016 (or such later date as the parties to the Sale and Purchase Agreement may agree in writing), the Sale and Purchase Agreement shall be terminated.

The Board announces that as certain conditions in relation to the Sale and Purchase Agreement have not been satisfied or waived by the Long Stop Date and the Purchaser and the Vendor had not agreed on any extension of the Long Stop Date, the Sale and Purchase Agreement has lapsed on 31 December 2016. Hence, the Sale and Purchase Agreement is terminated and neither of the parties thereto will have any claim against the other for costs, damages, compensation or otherwise save for any antecedent breach thereof.

The Board considers that the lapse of the Sale and Purchase Agreement does not have any material adverse impact on the business, operation and financial position of the Group.

By order of the Board

Loudong General Nice Resources (China) Holdings Limited Ng Tze For

Executive Director

Hong Kong, 31 December 2016

As at the date of this announcement, the Board consists of four executive directors, namely Mr. Cai Sui Xin, Mr. Zhao Cheng Shu, Mr. Lau Yu and Mr. Ng Tze For, and four independent non- executive directors, namely, Ms. Choy So Yuk, Mr. Gao Wen Ping, Mr. Leung Yuen Wing and Mr. Wu Zhao.