c. For the portions of the property of which the Pre-sale Permits have been obtained, Zhangzhou He’ai has the rights to legally pre-sell such portions according to the obtained Pre-sale Permits.

12. A summary of major certificates/approvals is shown as follows:

<table><tr><td>a. State-owned Land Use RihGCgts rant ontract</td><td> Yes</td></tr><tr><td>b. State-owned Land Use RihCigts ertifcate / Real Estate Title Certificate (for land)</td><td> Yes</td></tr><tr><td>c. Construction Land Planning Permit</td><td> Yes</td></tr><tr><td>d. Construction Work Planning Permit</td><td> Yes</td></tr><tr><td>e. Construction Work Commencement Permit</td><td> Yes</td></tr><tr><td>f. Pre-sale Permit</td><td> Portion</td></tr><tr><td>g. Construction Work Comlidpeton an Inspection Certificate/Table/Report</td><td> No</td></tr></table>

13. For the purpose of this report, the property is classified into the group as “Group IV—held under development by the Group in the PRC” according to the purpose for which it is held.

# VALUATION CERTIFICATE

<table><tr><td>No.</td><td>Property</td><td>Description and tenure</td><td>Particulars of occupancy</td><td>Market value
in existing state
as at
the valuation date</td></tr><tr><td></td><td></td><td></td><td></td><td>RMB</td></tr><tr><td rowspan="5">18.</td><td rowspan="5"> Dynasty Chunfenli
glocated at the
southern side of
Shenlig West Road
and the western side
of Jinfeng South
Road
Xiangcheng District
Zhangzhou City
Fujian Province
The PRC
(漳州·大唐春風里)</td><td>Dynasty Chunfenliig (the “Project”) s
located at the southern side of Shenli
gWest Road and the western side of
Jinfeng South Road. The locality is a
residential and commercial area with
mature and sohipsticated infrastructural
facilities.</td><td rowspan="5">As at the valuation
date, thep roperty
was under
construction.</td><td rowspan="5">287,100,000
(51.00% interest
attributable to the
Group:
RMB146,400,000)</td></tr><tr><td>The Project occuipes ap arcel of land with
a site area of approximately 41,072.87
sq.m., which isb eing developed into a
residential and commercial development.
The Project was under construction as at
the valuation date and is scheduled tob e
comleted ipn January 2022. As advisedb y
the Group, upon comlpetion, the Project
will have a totalp lanned gross floor area
of approximately 140,192.68 sq.m.</td></tr><tr><td>As at the valuation date, thep roperty
comprised the wholep roject. The
classification, usage and gross floor area
details of thep roperty are set out in
note 7.</td></tr><tr><td>As advisedb y the Group, the construction
cost of thep roperty is estimated tob e
approximately RMB364,900,000, of
which approximately RMB700,000 had
been incurred as at the valuation date.</td></tr><tr><td>The land use rihfgts o thep roperthy ave
been granted for terms exipring on
December 18, 2089 for residential use and
December 18, 2059 for commercial use.</td></tr></table>

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract—No. 35060020190925P010 dated October 12, 2019 and a Supplementary Contract, the land use rights of the Project with a site area of approximately 41,072.87 sq.m. were contracted to be granted to Zhangzhou Tangfeng Real Estate Development Co., Ltd.(漳州唐峰房地產開發有限公司, “Zhangzhou Tangfeng”, a 51.00%-owned subsidiary of the Company) for terms of 70 years for residential use and 40 years for commercial use commencing from the land delivery date. The land premium was RMB240,000,000.

2. Pursuant to a Construction Land Planning Permit—Di Zi Di No. 350600201900049, permission towards the land planning of the Project with a site area of approximately 41,072.87 sq.m. has been granted to Zhangzhou Tangfeng.

3. Pursuant to a Real Estate Title Certificate (for land)—Min (2019) Xiang Cheng Qu Bu Dong Chan Quan Di No. 0006347, the land use rights of the Project with a site area of approximately 41,072.87 sq.m. have been granted to Zhangzhou Tangfeng for terms expiring on December 18, 2089 for residential use and December 18, 2059 for commercial use.