Southeast Asia Properties & Finance : CHANGE OF AUDITOR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED

華 信 地 產 財 務 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 252)

CHANGE OF AUDITOR

This announcement is made by Southeast Asia Properties & Finance Limited (the "Company") pursuant to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The board of directors (the "Board") of the Company announces that, HLB Hodgson Impey Cheng Limited ("HLB") has resigned as the auditor of the Company with effect from 26 February 2020, as the Company and HLB could not reach a consensus on the audit fee for the year ended 31 March 2020.

The Board further announces that, with the recommendation from the audit committee of the Company, Grant Thornton Hong Kong Limited ("Grant Thornton") has been appointed as the auditor of the Company with effect from 26 February 2020 to fill the casual vacancy following the resignation of HLB and to hold the office as auditor until the conclusion of the next annual general meeting of the Company.

HLB has confirmed in their letter of resignation dated 26 February 2020 that there are no matters that need to be brought to the attention of the shareholders of the Company. The Board has also confirmed that there are no matters in respect of the change of the auditor that need to be brought to the attention of the shareholders of the Company.

- 1 -

The Board would like to take this opportunity to express its appreciation to HLB for its services rendered to the Group in the past years.

By order of the Board

Southeast Asia Properties & Finance Limited

Chua Nai Tuen

Chairman and Managing Director

Hong Kong, 26 February 2020

As at the date of this announcement, the Board comprises: (1) Mr. Chua Nai Tuen, Mr. Nelson Junior Chua and Mr. Gilson Chua as executive directors; (2) Mr. Chan Man Hon, Eric, Mr. Jimmy Siy Tiong, Mr. Tsai Han Yung and Ms. Vivian Chua as non-executive directors; and (3) Mr. Chan Siu Ting, Mr. James L. Kwok, Mr. Wong Shek Keung and Mr. Tsui Ka Wah as independent non-executive directors.

- 2 -