Annual Report 2024/2025

CHUANG'S CHINA INVESTMENTS LIMITED

ANNUAL REPORT

2024/2025

Contents

1. Consolidated Income Statement

2. Consolidated Statement of Comprehensive Income

3. Consolidated Balance Sheet

1. Summary of Financial Information

2. Notice of Annual General Meeting

Chairman's

Statement

Chairman's Statement

Highlights

for the year ended 31 March 2025

Results Review

During the year under review, the Group's revenues amounted to about HK$86.0 million (2024: HK$90.6 million), and comprised of the following:

• sales of properties amounted to about HK$44.1 million (2024: HK$49.7 million) in the current year which mainly represented the completion of the sold properties of ARUNA, Ap Lei Chau in Hong Kong;

• rental and management fee income amounted to about HK$20.0 million (2024: HK$19.6 million);

• revenues from securities investment and trading amounted to about HK$0.6 million (2024: HK$3.0 million) which represented interest and other income from bond investments; and

• sales of cemetery assets in the People's Republic of China (the "PRC") amounted to about HK$21.3 million (2024: HK$18.3 million).

During the year under review, gross loss of HK$48.5 million (2024: HK$117.0 million) was recorded which was mainly attributable to the impairment provision for properties for sale at ARUNA under the current property market conditions.

Other income and net loss amounted to a net income of about HK$18.9 million (2024: net loss of HK$37.4 million) which included bank interest income of HK$18.4 million (2024: HK$38.5 million) and net loss of bond and other investments of HK$8.5 million (2024: HK$71.3 million) as a result of mark to market valuation at the balance sheet date. A breakdown of other income and net loss is shown in note 7 on page 147 hereof.

The Group recorded a loss on change in fair value of investment properties of HK$234.3 million (2024: HK$76.1 million) mainly arising from the investment properties in Anshan, Liaoning, the PRC (2024: Same).

On the costs side, selling and marketing expenses amounted to about HK$20.5 million (2024: HK$25.3 million) mainly represented the selling and marketing expenses for ARUNA during the year under review. Administrative and other operating expenses amounted to about HK$142.0 million (2024: HK$82.7 million), which included an impairment provision of about HK$78.6 million (2024: Nil) for a development site at Anshan, the PRC. Excluding this provision, the administrative and other operating expenses would amount to about HK$63.4 million (2024: HK$82.7 million), which represented a decrease of about 23.3% comparing to that of the last corresponding year. Finance costs increased to about HK$10.6 million (2024: HK$6.2 million) mainly due to the decrease in interest capitalization upon completion of ARUNA during the year under review. Share of profit of a joint venture was about HK$12.6 million (2024: HK$11.6 million). Taxation credit amounted to about HK$27.7 million (2024: HK$10.0 million) mainly due to the reversal of deferred taxation liabilities arising from the fair value loss of investment properties recorded during the year (2024: Same).

Taking into account the above, loss attributable to equity holders of the Company for the year ended 31 March 2025 amounted to HK$394.9 million (2024: HK$320.7 million). Loss per share was 16.83 HK cents (2024: 13.67 HK cents).

Dividend

In order to maintain a stronger cash position under the current uncertain business environment, the Board has resolved not to recommend the payment of a final dividend (2024: Nil) for the year ended 31 March 2025. No interim dividend had been paid during the year (2024: Nil).

Business Review

The Group holds the following portfolio of investment properties in Hong Kong, the PRC and Malaysia for steady recurring rental income.

The Esplanade Place

Yip Wong Road, Tuen Mun, New Territories, Hong Kong

(100% owned)

The Esplanade Place has gross floor area ("GFA") of about 24,375 sq. ft. comprising a two-storey commercial podium with 16 commercial units and 12 commercial carparking spaces, of which 9 commercial units and certain carparking spaces are leased to independent third parties with an aggregate annual rental income of about HK$2.9 million. The Group will continue to market the remaining units and carparking spaces in order to generate rental income. As at 31 March 2025, the property was recorded at valuation of about HK$168.0 million.

Chuang's Mid-town

Anshan, Liaoning

(100% owned)

Chuang's Mid-town consists of a 6-level commercial podium providing an aggregate GFA of about 29,600 sq. m.. Above the podium stands a twin tower (Block AB and C) with 27 and 33-storey respectively, offering a total GFA of about 62,700 sq. m..

新興市場

（新址） 鞍山田園酒店

新華銀河電影城

紫荊花酒店

鞍山市中心醫院

鞍山市第一中學

英國TESCO項目

勝利廣場

鞍山客運站

（長途車站）

鞍山市民生小學

鞍山市政協

鞍鋼會展中心

虹橋 寰球大酒店

鞍山

火車站 金融大廈

ChUang's Mid-town

莊士•中心城

鞍山市圖書館

鞍山市華育學校

千山西路

新華街

千山中路

青年街

景子街

二一九路

鐵

東

二

道

街

︵

步

行

街

︶

人民路

建

國

南

路

鐵

西

五

道

街

勝

利

南

路

中

華

南

路

The economy in Anshan remains weak, in which the business and leasing activities are progressing slowly. During the year under review, the Group had leased certain residential flats to multi tenants with aggregate rental income of about RMB0.6 million (equivalent to approximately HK$0.7 million). The Group will explore more marketing ideas on promotion and leasing of the commercial podium as well as the residential flats of the twin tower.

Anshan is experiencing serious population loss. Based on government statistics, there is continuous net outflow of population in Anshan, and this has shed light on the decline of the property market and its gloomy outlook. Both residential and retail markets remain stagnant, with slow-moving inventory and limited buyer interest, making it increasingly challenging to sell or lease out the flats and commercial podium. In view of the sluggish market condition, comparable residential units with basic finishings are being sold at approximately RMB3,000 to RMB3,500 per sq. m.. Even at such selling prices, transaction volume is unsatisfactory. As most of the residential flats in Chuang's Mid-town are bare-shell flats without basic fittings, a discount of about RMB800 to RMB1,000 per sq. m. should be applied. For the retail/commercial market, a number of vacant or abandoned shopping malls or hotel blocks are found at the core

retail district in Anshan which implies a weak retail market. Low spending power in addition to the exaggerated development of online shopping would account for the existence of those withered malls. Both supply and demand sides have released negative signals, no matter from the view of population dropped or reduced number of commodity housing sold. As a result, the valuation of the property had further dropped to RMB307. 8 million (equivalent to approximately HK$329.4

million) as at 31 March 2025, comprising RMB94.0 million for the commercial podium and RMB213.8 million for the twin tower, and a net fair value loss of investment properties of RMB208.4 million (equivalent to approximately HK$225.0 million) was recorded for the year under review. In light of the weak economy and property market of Anshan, the Group will identify opportunities to dispose of this project.

Hotel and resort villas

Xiamen, Fujian

(59.5% owned)

Xiamen Mingjia

廈門佲家

思明區檢察院

金榮劇場

廈門書法廣場

中亭花園

廈門市

曾厝垵小學

天上聖媽宮

龍

虎

山

路

環島南路

曾厝垵沙灘

This hotel complex is developed by the Group, comprising a 6-storey hotel building with 100 guest-rooms (GFA of 8,838 sq. m.) and 30 villas (aggregate GFA of about 9,376 sq. m.) in Siming District, Xiamen. As at 31 March 2025, the properties were recorded at valuation of RMB383.2 million (comprising RMB171.2 million for the hotel and RMB212.0 million for the 30 villas). The valuation attributable to the Group was about RMB228.0 million (equivalent to approximately HK$244.0 million), whereas the total investment costs of the Group were about RMB128.5 million (equivalent to approximately HK$137.5 million).

Hotel and resort villas

Xiamen, Fujian

(59.5% owned)

During the year under review, the hotel building together with 23 villas were leased to 廈門佲家鷺江酒店 (Xiamen Mega Lujiang Hotel) and is operated as "鷺江 • 佲家酒店" (Mega Lujiang Hotel). As at the date of this report, another 5 villas are leased to independent third parties and the Group is actively marketing the remaining 2 villas which are currently vacant for further rental income. The aggregate annual rental income of this hotel complex amounted to about RMB19.6 million (equivalent to approximately HK$21.0 million).

1. Investment Properties

   One villa, Chuang's Le Papillon

   Guangzhou, Guangdong

   (100% owned before disposal)

   On 30 March 2024, the Group entered into a sale and purchase agreement with an independent third party for the disposal of this villa for a consideration of RMB10.0 million (equivalent to approximately HK$10.8 million). The disposal was completed in May 2024. Net cash proceed of approximately RMB8.8 million (equivalent to approximately HK$9.5 million) was received by the Group.

   Pursuant to the sale and purchase agreement of the disposal of the property project in Panyu, the PRC as announced by the Company on 11 February 2021 and 14 May 2021, there is a deferred consideration of RMB25 million (equivalent to approximately HK$26.8 million) which had been settled by the purchaser to the Group in May 2025.

   Commercial Property

   Shatian, Dongguan, Guangdong

   (100% owned)

   
   
   

   The Group holds a 4-storey commercial building in Shatian, Dongguan, providing a total GFA of about 4,167 sq. m. for commercial, retail and office usage. As at 31 March 2025, valuation of the property was RMB34.2 million (equivalent to approximately HK$36.6 million). During the year under review, one storey was leased to 中國人壽東莞分公司 (China Life Dongguan branch) for office use up to the expiration of its tenancy on 30 June 2024. Another storey and the ground floor were leased to

   independent third parties for gymnasium and retail use respectively. The aggregate annual rental income was about RMB0.7 million (equivalent to approximately HK$0.8 million). The Group will continue to carry out marketing to lease out the vacant units of the property.

   
   
   

   Wisma Chuang

   Jalan Sultan Ismail, Kuala Lumpur, Malaysia

   (100% owned)

   Wisma Chuang is located within the prime city centre, situated right next to the landmark shopping complex, Pavilion KL, the heart of central business district and prestigious shopping area of Kuala Lumpur. It is built on a freehold land and is a 29-storey high rise office building having retail and office spaces of approximately 254,000 sq. ft. (on total net lettable area basis is approximately 195,000 sq. ft.) and 298 carparking spaces. As at 31 March 2025, the valuation of this property was MYR158.1 million (equivalent to approximately HK$277.1 million), which represents an average value of approximately MYR811 (equivalent to approximately HK$1,421) per sq. ft. of net lettable retail and office area.

   Wisma Chuang is leased to multi tenants with an occupancy rate of approximately 63%, and annual rental income was approximately MYR5.5 million (equivalent to approximately HK$9.6 million). The Group will seek appropriate strategies to accelerate return from this investment.

   The Group will identify suitable opportunities to dispose of its investment properties in order to strengthen the Group's cash resources and financial position.

2. Property Development

   ARUNA

   No. 8 Ping Lan Street, Ap Lei Chau, Hong Kong

   (100% owned)

   The property has a site area of about 4,320 sq. ft. and has a developable GFA of about 40,000 sq. ft.. It is developed into a 27-storey residential/ commercial building comprising 105 residential units with clubhouse facilities and retail units at the podium levels. Construction works had been completed and occupation permit had been obtained on 13 June 2024. Pre-sale had commenced in April 2024 and a total of 43 residential units have been launched to the market for sale. Up to the date of this report, 29 units have been sold with an aggregate sale amount of about HK$143.5 million. During the year under review, sales of 10 residential units amounted to HK$43.7 million had been completed with units handed-over to end-buyers and were recognized as revenues in the Group's financial statements. It is expected that the remaining 19 residential units with sales amounted to HK$99.8 million will be completed in the financial year ending 31 March 2026. Besides, up to the date of this report, the Group has leased 12 residential units with aggregate annual rental income of HK$2.6 million in order to generate more income from this project.

   
   
   
   Completed building
   
   

   This photograph was taken on 19 June 2025 and had been edited and processed with computerized imaging techniques.

   As affected by the fall in property market, a further provision for impairment of about HK$59.9 million (2024: HK$154.8 million) was recorded for this project during the year under review. The Group will closely monitor the property market in Hong Kong for marketing and selling the remaining residential units and the retail units.

   
   
   
   
   
   
   
   
   
   All of the above are perspectives of interior design.
   
   B. Property Development

   Chuang's Plaza

   Anshan, Liaoning

   (100% owned)

   鞍山市華育學校

   鞍山市圖書館

   ChUang's Mid-town

   莊士•中心城

   虹橋 寰球大酒店

   鞍山

   火車站 金融大廈

   鞍鋼會展中心

   鞍山市政協

   鞍山市民生小學

   鞍山客運站

   （長途車站）

   勝利廣場

   英國TESCO項目

   鞍山市第一中學

   鞍山市中心醫院

   紫荊花酒店

   新華銀河電影城

   新興市場

   （新址） 鞍山田園酒店

   ChUang's Plaza

   莊士廣場

千山西路

新華街

千山中路

青年街

景子街

二一九路

鐵

東

二

道

街

︵

步

行

街

︶

人民路

建

國

南

路

鐵

西

五

道

街

勝

利

南

路

中

華

南

路

Adjacent to Chuang's Mid-town, the Group acquired through government tender the second site located in the prime city centre of Tie Dong Qu (鐵東區) with a site area of about 39,449 sq. m.. It is recorded as "Deposits" in the Group's financial statements at a historical cost of about RMB167.0 million (equivalent to approximately HK$178.7 million). As about 1,193 sq. m. of the land title has not yet been rectified by the government authorities with the local railway corporation, the Group is holding discussions with the local authorities regarding such reduction in land area. In view of the weak economy and market condition of Anshan as detailed in the discussion of Chuang's Mid-town above, as well as the uncertainties in policies and execution aspect by the local government authorities, an impairment provision of about HK$78.6 million (2024: Nil) was made for this development site during the year under review. The Group continues to identify opportunities to dispose of this project.

Changsha

Hunan

(69% owned)

The Group owns an effective 69% interests in a property development project in Changsha, and the total historical investment cost incurred by the Group in the PRC project company was about HK$23.8 million. The voluntary liquidation of the PRC project company is close to the final stage. Based on the assessment by the liquidation team regarding the assets and liabilities of the PRC project company and as adversely affected by the weak market condition in Changsha, there may not be much distribution available to shareholders of the PRC project company. However, the actual outcome will still be subject to finalization of the liquidation process. Taking into account the estimated net liabilities position of the PRC project company, its consolidated net value is not material in the consolidated financial statements of the Group.

Chengdu

Sichuan

(51% owned)

The Group holds a 51% development interest in a project in Wuhou District, Chengdu. The Group's historical book cost in this project was about RMB123.8 million (equivalent to approximately HK$137.9 million) after taking into account a portion of judgement payments amounting to about RMB12.9 million (equivalent to approximately HK$13.8 million) received by the Group in August 2021 through court enforcement. A provision of about HK$12.7 million (2024: HK$7.9 million) was recorded during the year in view of the slow recovery progress of judgement payments. The Group will continue to explore ways in order to recover its investment.

Others

As previously reported, the Group obtained a judgement from court in Beijing for the registered owners of the courtyard house to transfer the title to the designated nominee of the Group. The transfer of one courtyard house was completed in prior years, whereas procedure for the transfer of another courtyard house is in progress. The Group keeps on monitor and follow up the status.

1. Fortune Wealth

   Sihui, Guangdong

   (86% owned)

   The Fortune Wealth Memorial Park operates a cemetery in Sihui with a site area of approximately 518 mu agreed by the local government authorities. Development of the project is conducted by phases. Phase I of about 100 mu has been completed with 5,485 grave plots, one mausoleum providing 550 niches, as well as an administrative and customer service building.

   
   
   

   Road constructed

   Road constructed

   Road constructed

   Phase I Completed

   Future development for grave plots Phase II

   Phase III Phase IV Phase V

   Road access and greenbelts within Phase II to Phase V

   100 mu

   143 mu

   125 mu

   150 mu

   Phase II to Phase V total 418 mu

   Development of the remaining 418 mu will be divided into Phase II to Phase V. Based on the revised master layout plan of Phase II to Phase V, about 36,726 grave plots will be constructed covering land area of 268 mu and 150 mu of road access and greenbelts. For Phase II to Phase III, land use rights of approximately 143 mu had been obtained, which will accommodate a total of about 22,212 grave plots. For Phase IV to Phase V, land use rights of approximately

   
   
   

   5.2 mu had been obtained and additional land quota of about 119.8 mu shall be required for the construction of a total of about 14,514 grave plots. As for the 150 mu of road access and greenbelts, Fortune Wealth will ascertain the arrangement required by the local authorities. During the year under review, the construction works of roads for Phase II and Phase III are being carried out. Site formation and construction works on other parts of the land are in progress.

   As at 31 March 2025, the cemetery assets (including non-controlling interests) were recorded based on the book cost of about RMB920.0 million (equivalent to approximately HK$984.6 million).

   Fortune Wealth has full license for sale not only in the PRC, but also includes overseas Chinese as well as residents of Hong Kong, Macau and Taiwan. As at 31 March 2025, about 2,532 grave plots and 521 niches were available for sale. Fortune Wealth will review its sales and marketing strategy and will take more proactive steps in its brand building and customer services.

2. Securities Investments

   1. Investments in CNT Group Limited ("CNT") and CPM Group Limited ("CPM")

      As at 31 March 2025, the Group owned about 19.35% interests in CNT and about 0.6% interests in CPM, both of them are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). CNT and its subsidiaries are principally engaged in the property business, and through its 75% owned subsidiary, CPM, is principally engaged in the manufacture and sale of paint products under its own brand names with focus on the PRC market.

      With reference to the respective closing share prices of CNT and CPM as at 31 March 2025 of HK$0.225 (2024: HK$0.33) and HK$0.213 (2024: HK$0.26), the aggregate book value of the Group's investments in CNT and CPM is about HK$84.2 million (2024: HK$123.2 million). The change in book value is accounted for as "Reserve" in the financial statements.

   2. Investments in listed corporate bonds and other investments

As at 31 March 2025, investments of the Group amounted to HK$124.0 million, comprised as to HK$26.6 million for investments in listed corporate bonds, HK$0.2 million for investments in securities listed on the Stock Exchange and the balance of HK$97.2 million for other investments.

The Group has redeemed/disposed and accepted restructuring exchange of certain listed corporate bond investments since the last financial year. During the year under review, the Group recorded net loss before tax of HK$7.9 million for investments, comprising interest and other income from bond investments of HK$0.6 million, net gain on disposals of investments of HK$0.7 million, and unrealized net fair value loss on investments of HK$9.2 million mainly as a result of mark to market valuation of investments held as at the balance sheet date. The unrealized fair value loss is accounting loss with no immediate cash flow impact to the Group. Subsequent to the year ended, the Group continues to seek and secure opportunities to slim down the bond portfolio by disposing of all the bonds of Greenland Global Investment Limited to the market at a profit.

The other investments of the Group (of which about HK$19.4 million are denominated in Renminbi, and about HK$77.8 million are denominated in United States dollar) comprised of FinTech companies, venture capital investment platforms, high technology companies and investment funds which are not listed or just listed in the markets. On top of the amount of RMB6 million received in the prior year, the Group had fully redeemed the investment with original principal amount of RMB30 million during the year under review. The Group will continue to monitor the performance of its respective investment portfolios from time to time.

Financial Review

As at 31 March 2025, the net asset value attributable to equity holders of the Company amounted to HK$2,905.6 million. Net asset value per share amounted to HK$1.24.

As at 31 March 2025, the Group had cash and bank balances of HK$367.8 million (2024: HK$920.1 million) and held bond and securities investments amounting to HK$26.8 million (2024: HK$18.7 million), totaling HK$394.6 million (2024: HK$938.8 million). As at the same date, bank borrowings of the Group amounted to HK$131.1 million (2024: HK$652.3 million). On this basis, the Group had net cash of HK$263.5 million (2024: HK$286.5 million) and the calculation of net debt to equity ratio was therefore not applicable (2024: Same).

Approximately 85.4% of the Group's cash, bank balances, bond and securities investments were in Hong Kong dollar and United States dollar, 12.7% were in Renminbi and the balance of 1.9% were in other currencies. All the Group's bank borrowings were in Hong Kong dollar.

Based on the agreed scheduled repayment dates in the loan agreements and ignoring the effect of any repayment on demand clause, approximately 7.3% of the Group's bank borrowings were repayable within the first year, 7.3% were repayable within the second year, and the balance of 85.4% were repayable within the third to fifth years.

As disclosed in the "Business Review" section of this announcement, besides Hong Kong, the Group also conducts its businesses in the PRC and Malaysia, with the income and the major cost items in those places being denominated in their local foreign currencies. Therefore, it is expected that any fluctuation of these foreign currencies' exchange rates would not have material effect on the operations of the Group. However, as the Group's consolidated financial statements are presented in Hong Kong dollar, and the Group has some monetary assets and liabilities denominated in foreign currencies, the Group's financial position is subject to exchange exposure to these foreign currencies. The Group would closely monitor this risk exposure from time to time.

Prospects

The Group continues to hold a cautious view about the global economic outlook. In the PRC, with various supportive policies including reduction in down payments and mortgage rates, and relaxation of purchase restrictions implemented by the central government, the property market has gradually stabilized and shown signs of steady recovery. In Hong Kong, with the new measures including various talent admission schemes and the relaxation of mortgage lending restrictions implemented by the Hong Kong government, as well as the interest rate reductions, it is expected that the property market will gradually recover. Against such backdrop, the Group will continue to optimize its operations and will also continue to identify opportunities to enhance its cash resources and maximize return for its shareholders.

Staff

The Group puts emphasis on training and cultivating elite talent. We are committed to providing a dynamic and enthusiastic working atmosphere and increase hiring talents of all fields. As at 31 March 2025, the Group employed 72 staff. The Group provides its staff with other benefits including discretionary bonus, double pay, contributory provident fund, share options and medical insurance. Staff training is also provided as and when required.

Appreciation

On behalf of the Board, I would like to thank my fellow Directors and our dedicated staff for their hard work and contribution during the year.

Albert Chuang Ka Pun

Chairman

Hong Kong, 26 June 2025

Corporate

Information

Corporate Information

Abraham Shek Lai Him, G.B.S., J.P.

Albert Chuang Ka Pun, B.B.S., J.P. (Chairman)

Ann Li Mee Sum (Deputy Chairman)

Edwin Chuang Ka Fung (Managing Director)

Geoffrey Chuang Ka Kam Dominic Lai@

Abraham Shek Lai Him, G.B.S., J.P.* Andrew Fan Chun Wah, J.P.*

Ng Kit Chong, M.H., J.P.*

@ Non-Executive Director

* Independent Non-Executive Directors

Abraham Shek Lai Him, G.B.S., J.P.#

Andrew Fan Chun Wah, J.P.

Ng Kit Chong, M.H., J.P.

Abraham Shek Lai Him, G.B.S., J.P.#

Andrew Fan Chun Wah, J.P.

Ng Kit Chong, M.H., J.P.

Ann Li Mee Sum

Abraham Shek Lai Him, G.B.S., J.P.#

Andrew Fan Chun Wah, J.P.

Ng Kit Chong, M.H., J.P.

# Chairman of the relevant committee

Albert Chuang Ka Pun, B.B.S., J.P.#

Ann Li Mee Sum

Edwin Chuang Ka Fung

Lee Wai Ching

PricewaterhouseCoopers

Certified Public Accountants and Registered Public Interest Entity Auditor

22nd Floor, Prince's Building 10 Chater Road

Central, Hong Kong

Bermuda:

Conyers Corporate Services (Bermuda) Limited Clarendon House

2 Church Street

Hamilton HM 11 Bermuda

Hong Kong:

Tricor Investor Services Limited 17/F., Far East Finance Centre 16 Harcourt Road

Hong Kong

# Chairman of the relevant committee

Corporate Information (continued)

The Hongkong and Shanghai Banking Corporation Limited Bank of China (Hong Kong) Limited

Nanyang Commercial Bank, Limited Bank of Communications Co., Ltd.

Clarendon House, 2 Church Street Hamilton HM 11, Bermuda

25th Floor, Alexandra House

18 Chater Road, Central, Hong Kong Telephone: (852) 2522 2013

Facsimile: (852) 2810 6213

Email address: chuangs@chuangs.com.hk Website: https://www.chuangs-china.com

Guangdong Regional Office

2nd Floor, Chuang's New City Administration Building No. 8 Chuang's Road, Dongguan

Guangdong, the PRC

Suite 16.05, 16th Floor, Wisma Chuang

34 Jalan Sultan Ismail, 50250 Kuala Lumpur Malaysia

ARUNA Sales Office

Shop 5, 1/F., ARUNA

No. 8 Ping Lan Street

Ap Lei Chau, Hong Kong

Chuang's Mid-town Sales/Leasing Office

No. 690 Jian Guo Road Tie Dong Qu, Anshan Liaoning, the PRC

Xiamen Leasing Office

Xiamen Mingjia Binhai Resort Company Limited No. 382 Long Hu Shan Road

Siming District, Xiamen Fujian, the PRC

Fortune Wealth Sales Office

Jiang Gu, Sihui Guangdong, the PRC

298

Biographical Details of

Directors and Senior Management

Biographical Details of Directors and Senior Management

Mr. Albert Chuang Ka Pun B.B.S., J.P., (aged 45), the chairman, has over 21 years of experience in property business and general management. He is the chairman of the corporate governance committee of the Company. He is also the chairman and managing director of Chuang's Consortium International Limited (stock code: 367) ("Chuang's Consortium", the controlling shareholder of the Company) which is listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). He holds a Bachelor degree of Arts with major in Economics. He is a member of the Election Committee for the Government of the Hong Kong Special Administrative Region, a vice president of the Chinese Manufacturers' Association of Hong Kong, a vice chairman of the All-China Youth Federation and a committee member of the Tianjin Municipal Committee of the Chinese People's Political Consultative Conference. Mr. Albert Chuang Ka Pun is the son of Mr. Alan Chuang Shaw Swee (the controlling shareholder of Chuang's Consortium). He is also the brother of Mr. Edwin Chuang Ka Fung, Mrs. Candy Kotewall Chuang Ka Wai (an executive director of Chuang's Consortium) and Mr. Geoffrey Chuang Ka Kam. He joined the Group in 2008.

Miss Ann Li Mee Sum (aged 64), the deputy chairman, has over 39 years of experience in finance, corporate finance and business management. She is a member of the nomination committee and the corporate governance committee of the Company. She is also an executive director of Chuang's Consortium. She holds a Master degree in Business Administration and is a fellow member of the Chartered Institute of Management Accountants. She joined the Group in 1999.

Mr. Edwin Chuang Ka Fung1 (aged 40), the managing director, has over 15 years of experience in architecture, interior design and general management. He is a member of the corporate governance committee of the Company. He is also the deputy managing director of Chuang's Consortium. He holds a Bachelor degree of Fine Arts in Architecture Design covering architecture; interior; and urban planning. He is a member of the thirteenth Henan Provincial Committee of the Chinese People's Political Consultative Conference, a committee member of Henan Chinese Overseas Friendship Association, an honorary president of Hong Kong Federation of Quanzhou Association ("HKFQA"), an honorary director of the Young Executives' Committee of HKFQA, a president of Hong Kong Quanzhou Quangang Association. He is also a director of The Chinese General Chamber of Commerce ("CGCC") and a vice chairman of the Greater Bay Area Committee of CGCC, a director of the Hong Kong Chang Sha Chamber of Commerce, the vice chairman of Hong Kong Huian Natives Association, the deputy secretary general of the Hunan Youth Federation and a vice secretary general of The Y. Elites Association Limited. Mr. Edwin Chuang Ka Fung is the son of Mr. Alan Chuang Shaw Swee. He is also the brother of Mr. Albert Chuang Ka Pun, Mrs. Candy Kotewall Chuang Ka Wai and Mr. Geoffrey Chuang Ka Kam. He joined the Group in 2012.

Mr. Geoffrey Chuang Ka Kam (aged 37), an executive director, has 16 years of experience in financial and general management. He is also an executive director of Chuang's Consortium. He holds a Bachelor degree of Arts with major in Economics. Mr. Geoffrey Chuang Ka Kam is the son of Mr. Alan Chuang Shaw Swee. He is also the brother of Mr. Albert Chuang Ka Pun, Mrs. Candy Kotewall Chuang Ka Wai and Mr. Edwin Chuang Ka Fung. He joined the board in December 2017.

1 formerly known as Chong Ka Fung

Biographical Details of

Directors and Senior Management (continued)

Mr. Dominic Lai2 (aged 78), was appointed as a non-executive director in December 2017. He is a practising solicitor in Hong Kong and is admitted as a solicitor in England and Wales, the Republic of Singapore and the States of New South Wales and Victoria, Australia. Mr. Lai is currently a non-executive director of Oriental Enterprise Holdings Limited (stock code: 18), which is listed on the Stock Exchange.

Mr. Abraham Shek Lai Him3 G.B.S., J.P., (aged 80), was appointed as an independent non-executive director of the Company in April 2008. He has acted as the honorary chairman of the Company since 29 April 2019 following his retirement from his position as the chairman. Mr. Shek is the chairman of the audit committee, the nomination committee and the remuneration committee of the Company. He is the former member of the Legislative Council for the Hong Kong Special Administrative Region from 2000 to 2021. He is currently a honorary member of the Court of The Hong Kong University of Science & Technology and a Court member of City University of Hong Kong and Hong Kong Metropolitan University. He holds a Bachelor degree of Arts and a Juris Doctor degree. He is an independent non-executive director of Chuang's Consortium, Paliburg Holdings Limited (stock code: 617), CTF Services Limited (stock code: 659), ITC Properties Group Limited (stock code: 199), China Resources Building Materials Technology Holdings Limited (stock code: 1313), Lai Fung Holdings Limited (stock code: 1125), Cosmopolitan International Holdings Limited (stock code: 120), Everbright Grand China Assets Limited (stock code: 3699), CSI Properties Limited (stock code: 497), Far East Consortium International Limited (stock code: 35), Shin Hwa World Limited (stock code: 582), Hao Tian International Construction Investment Group Limited (stock code: 1341) and Alliance International Education Leasing Holdings Limited (stock code: 1563) and a non-executive director of JY Grandmark Holdings Limited (stock code: 2231), all are listed on the Stock Exchange. Mr. Shek is also an independent non-executive director of Eagle Asset Management (CP) Limited, the manager of Champion Real Estate Investment Trust (stock code: 2778), and Regal Portfolio Management Limited, the manager of Regal Real Estate Investment Trust (stock code: 1881), both trusts are listed on the Stock Exchange.

2 also known as Dominic Lai Wing or Lai Hing Chiu

3 also known as Abraham Razack

28 Chuang's China Investments Limited

Biographical Details of Directors and Senior Management (continued)

Mr. Andrew Fan Chun Wah J.P., (aged 46), was appointed as an independent non-executive director in January 2013. Mr. Fan is a member of the audit committee, the nomination committee and the remuneration committee of the Company. He is a practising certified public accountant in Hong Kong with over 19 years of experience. He holds a Bachelor degree of Business Administration (accounting and finance) from The University of Hong Kong and a Bachelor degree in Laws from the University of London. Mr. Fan is a fellow member of the Association of Chartered Certified Accountants in the United Kingdom and the Hong Kong Institute of Certified Public Accountants. He is also a member of the fourteenth National Committee of the Chinese People's Political Consultative Conference, a committee member of the tenth to twelfth Chinese People's Political Consultative Conference of the Zhejiang Province, the fourth and fifth Chinese People's Political Consultative Conference of Shenzhen and the tenth to twelfth vice chairman of Zhejiang Province United Youth Association.

Mr. Fan is currently an independent non-executive director of Nameson Holdings Limited (stock code: 1982), Sing Tao News Corporation Limited (stock code: 1105), China Aircraft Leasing Group Holdings Limited (stock code: 1848), China Overseas Grand Oceans Group Limited (stock code: 81) and China Unicom (Hong Kong) Limited (stock code: 762), all are listed on the Main Board of the Stock Exchange. Mr. Fan had been an independent non-executive director of Space Group Holdings Limited (stock code: 2448) from December 2017 to August 2022 and Culturecom Holdings Limited (stock code: 343) from April 2015 to May 2024, the shares of these companies are listed on the Main Board of the Stock Exchange.

Dr. Ng Kit Chong M.H., J.P., (aged 50), was appointed as an independent non-executive director in May 2019. Dr. Ng is a member of the audit committee, the nomination committee and the remuneration committee of the Company. He has over 26 years of experience in information technology. He holds a Ph.D. and a bachelor degree of Engineering in Manufacturing Engineering from The Hong Kong Polytechnic University and post-doctorate research degree from Tsing Hua University. Dr. Ng is the founder and chairman of Goldford Business Inc., which engages in technology, media and telecommunication, education and creative industries. He is currently a member of the Legislative Council for the Hong Kong Special Administrative Region, the Advisory Committee on Arts Development and the Council of the Hong Kong Baptist University. He is an adjunct professor of The Hong Kong Polytechnic University. He is a convener of Hong Kong Youth Synergy Foundation, a founding convener of Young Professionals Alliance and a committee member of Chinese People's Political Consultative Conference. Dr. Ng was awarded Ten Outstanding Young Digi Person in Hong Kong in 2000, the Innovative Entrepreneur of the Year for 2003 sponsored by Hong Kong Science and Technology Park, and the Top Ten Outstanding Cantonese Youth in Guangzhou in 2013. He is currently an independent director of China United Network Communications Limited (stock code: 600050), which is listed on the Shanghai Stock Exchange.