Sunkwan Properties : FURTHER INFORMATION ANNOUNCEMENT DISCLOSEABLE TRANSACTION DISPOSAL OF 34% EQUITY INTEREST OF THE TARGET COMPANY

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Sunkwan Properties Group Limited

上坤地產集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 6900)

FURTHER INFORMATION ANNOUNCEMENT

DISCLOSEABLE TRANSACTION

DISPOSAL OF 34% EQUITY INTEREST OF THE TARGET COMPANY

Reference is made to the announcement (the "Announcement") of Sunkwan Properties Group Limited (the "Company", together with its subsidiaries, the "Group") dated April 28, 2021. Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless the context requires otherwise.

As stated in the Announcement, the Consideration was determined after arm's length negotiations between the Seller and the Purchaser with reference to (i) initial amount of capital contribution to the Target Company made by the Seller; (ii) the asset appraisal report issued by Jones Lang LaSalle Corporate Appraisal and Advisory Limited on the total assets of the Target Company as at March 31, 2021; (iii) the reasons for the Disposal as mentioned in the section headed "Reasons for and Benefits of the Disposal" and (iv) the current financial position of the Target Company.

The Board wishes to provide further information on the asset appraisal report that the estimated value of the Sale Equity Interest as shown in the asset appraisal report is approximately RMB125,854,000.

Save for the above, all other information and contents set out in the Announcement remain unchanged.

By Order of the Board

Sunkwan Properties Group Limited

Zhu Jing

Chairwoman

Hong Kong, April 29, 2021

As at the date of this announcement, the Board comprises three executive Directors, namely, Ms. Zhu Jing, Ms. Sheng Jianjing and Mr. Yang Zhandong, two non-executive Directors, namely, Mr. Lin Jinfeng and Ms. Lin Zhaohong and three independent non-executive Directors, namely, Mr. Guo Shaomu, Mr. Au Yeung Po Fung and Mr. Zhou Zheren.