On 10 January 2023, China Resources Land Limited, as borrower, entered into a facility letter (the "Facility Letter") for a term loan facility in an aggregate amount of HKD 3,500,000,000 (the "Loan Facility") with a bank (the "Lender"). The maturity date of the Loan Facility is five years from the date of the first drawdown. Pursuant to the Facility Letter, it shall be an event of default if (i) CRH ceases to be the single largest shareholder of the Company; or (ii) ceases to maintain (directly or indirectly) not less than 35% beneficial ownership or management control of the Company.

As at the date of this announcement, CRH is the single largest shareholder of the Company and owns approximately 59.55% of the issued share capital of the Company. Pursuant to the Facility Letter, it shall also be an event of default if CRH ceases to be beneficially owned as to more than 50% by the PRC Governmental Body (has the meaning ascribed to it under the Listing Rules). If an event of default under the Facility Letter occurs, the Lender may declare any commitment under the Facility Letter to be cancelled and/or declare the amounts advanced under the Facility Letter, together with accrued interest, and all other amounts accrued under the Facility Letter, immediately due and payable.