Minmetals Land : COMPLETION OF THE MAJOR ACQUISITION AND CONNECTED TRANSACTIONS IN RELATION TO (I) ACQUISITION OF 49% EQUITY INTERESTS IN TIANJIN YIJIAHE; AND (II) CAPITAL INJECTION IN MINMETALS LAND HUNAN

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 230)

COMPLETION OF THE

MAJOR ACQUISITION AND CONNECTED TRANSACTIONS

IN RELATION TO

1. ACQUISITION OF 49% EQUITY INTERESTS IN TIANJIN YIJIAHE; AND
2. 1. CAPITAL INJECTION IN MINMETALS LAND HUNAN

Reference is made to the announcement of the Company dated 18 June 2020 and the circular of the Company dated 21 July 2020 (the "Circular") in relation to, among other things, the Transactions. Unless the context requires otherwise, terms used in this announcement shall have the same meanings as those defined in the Circular.

The Acquisition

The Board is pleased to announce that all the conditions precedent as set out in the Equity Transfer Agreement have been fulfilled and the equity transfer registration with the SAMR has been completed on 2 September 2020. As such, completion of the Acquisition took place on 2 September 2020.

Upon completion of the Acquisition, Tianjin Yijiahe is indirectly owned by the Company as to 49% of its equity interest and its financial results will be accounted for using equity method and will not be consolidated into the financial statements of the Group.

The Capital Injection

The Board is also pleased to announce that all the conditions precedent as set out in the Capital Injection Agreement have been fulfilled and the capital injection registration with the SAMR has been completed on 1 September 2020. As such, completion of the Capital Injection took place on 1 September 2020.

Upon completion of the Capital Injection, the registered paid up capital of Minmetals Land Hunan has been increased from RMB300 million (approximately HK$329.46 million) to approximately RMB612.24 million (approximately HK$672.36 million), and Minmetals Land Hunan has become an indirect non-wholly owned subsidiary of the Company, of which Minmetals Shengshi holds 51% of the equity interests, and its financial results will be consolidated into the financial statements of the Company.

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By order of the Board

He Jianbo

Chairman

Hong Kong, 9 September 2020

For the purpose of illustration only and unless otherwise stated, conversions of Renminbi into Hong Kong dollars in this announcement is calculated at the exchange rate of RMB1.00 to HK$1.0982. Such conversion should not be construed as a representation that any amount has been, could have been, or may be, exchanged at this or any other rate.

As at the date of this announcement, the Board comprises eight Directors, namely Mr. He Jianbo as the Chairman and an executive Director, Mr. Liu Bo, Mr. Chen Xingwu and Mr. Yang Shangping as executive Directors, Ms. He Xiaoli as a non-executive Director, and Mr. Selwyn Mar, Mr. Lam Chung Lun, Billy and Ms. Law Fan Chiu Fun, Fanny as independent non-executive Directors.

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