Interim results announcement for the six months ended 30 june 2025

The Securities and Futures Commission of Hong Kong, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company 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.

This announcement does not constitute nor is intended to constitute an offer to sell or a solicitation of an offer to buy any securities.

(A Hong Kong collective investment scheme authorised under section 104

of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong))

The board of directors (the "Board") of Yuexiu REIT Asset Management Limited (the "Manager") is pleased to announce the unaudited interim results of Yuexiu Real Estate Investment Trust ("Yuexiu REIT") for the six months ended 30 June 2025 (the "Interim Period") as follows:

The following is a summary of Yuexiu REIT's financial results during the Interim Period together with comparative figures for the six months ended 30 June 2024 and year ended 31 December 2024:

(in Renminbi ("RMB"), unless otherwise specified)

In accordance with the Trust Deed, Yuexiu REIT is required to distribute no less than 90% of Total Distributable Income to the Unitholders. The Manager has intended to distribute to the Unitholders an amount equal to 100% of Yuexiu REIT's Total Distributable Income and Additional Item (as defined in the Offering Circular issued to Unitholders dated 30 June 2012) for the Interim Period of 2025.

The Manager also has the discretion under the Trust Deed, where there are surplus funds, to distribute additional amounts. At the time of announcing the distribution for any particular year, the Manager shall consider whether to exercise such discretion having regard to factors including but not limited to Yuexiu REIT's funding requirements, its earnings and financial position, its growth strategies, operating and capital requirements, compliance with relevant laws, regulations and covenants (including existing limitations on borrowings as prescribed in the REIT Code), other capital management considerations, the overall stability of distributions and prevailing industry practices.

In light of the above, the Manager has determined that an interim distribution to Unitholders for the Interim Period will be approximately RMB0.0333 which is equivalent to Hong Kong Dollars ("HK$") 0.0366 (June 2024: approximately RMB0.0371 which was equivalent to HK$0.0405) per unit. Such interim distribution per unit, however, is subject to adjustment once new units are issued to the Manager (in satisfaction of the Manager's fee) prior to the record date for the 2025 interim distribution. A further announcement will be made to inform Unitholders of the interim distribution per unit for the six months ended 30 June 2025.

The total 2025 interim distribution amounted to approximately RMB171,141,000 which is equivalent to HK$188,201,000 (June 2024: approximately RMB185,247,000 which was equivalent to HK$202,036,000), includes an amount of approximately RMB62,755,000 (June 2024: RMB85,136,000), that is capital in nature. The total distribution amount for the Interim Period comprises the distributable amount calculated pursuant to the formula set out in the Trust Deed plus a further distribution of approximately RMB3,137,000 having regard to the abovementioned discretion of the Manager under the Trust Deed to distribute excess amounts where it has surplus funds. Further details regarding the breakdown of the total distributable amount are set out in the Distribution Statement of this announcement.

Distribution payable to Unitholders is paid in Hong Kong dollar. The exchange rate adopted by the Manager is the average central parity rate, as announced by the People's Bank of China, for the five business days preceding the date of declaration of distribution.

Distribution to Unitholders for the Interim Period is HK$0.0366 per unit (June 2024: HK$0.0405), representing a yield of approximately 4.21% (28 June 2024: 4.26%) based on the closing price of HK$0.87 per unit as at 30 June 2025 (28 June 2024: HK$0.95). This represents an annualized distribution yield of 8.42%.

The record date for the interim distribution will be 11 September 2025. The register of Unitholders will be closed from 11 September 2025 to 12 September 2025, during which period no transfer of units will be effected. In order to qualify for the distribution, all Unit certificates with the completed transfer forms must be lodged with Yuexiu REIT's unit registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Center, 16 Harcourt Road, Hong Kong, no later than 4:30 p.m. on 10 September 2025. The 2025 interim distribution will be paid on 24 October 2025 to the Unitholders whose names appear on the register of Unitholders on 11 September 2025.

In the first half of 2025, global economic growth slowed down as the United States launched a tariff war around the world, trade policy uncertainty increased significantly, and the geopolitical situation deteriorated sharply. Given the ongoing inflationary pressure, the US Federal Reserve did not lower the interest rate in the first half of the year. Faced with the escalating internal and external risk factors, China has introduced "trade-in" subsidy policies to stimulate consumption, initiated "supply-side structural reform 2.0" to regulate the order in market competition, promoted the healthy development of new quality productive forces to foster emerging production capacity, and continued the moderate accommodative monetary policy with a reduction of 10 basis points in the Loan Prime Rate (LPR) in the first half of 2025. According to the National Bureau of Statistics, China's gross domestic product (GDP) in the first half of 2025 increased by 5.3% year-on-year, showing an overall stable and improving trend. In particular, the added value of the tertiary industry grew by 5.5% year-on-year, contributing 60.2% to the economic growth. From the demand side, consumer expenditure was the main driving force, contributing 52.0% to economic growth, while export trade showed remarkable resilience, with net exports of goods and services contributing 31.2% to economic growth.

In the first half of 2025, the office building market continued to see a trend of pursuing "cost reduction and efficiency improvement", and corporate expansion remained cautious and slow. For retail malls and clothing wholesale markets, merchants have been subjected to increased operating pressure stemming from weak consumption. For high-end hotels and serviced apartments, average daily rate (ADR) was under pressure due to the direct impact of consumption downgrading. In order to effectively deal with the headwinds in the industry, the Manager took strategic actions to secure market share, strengthened risk control by renewing leases in advance, invested in asset appreciation projects to enhance product competitiveness, and adopted comprehensive measures to stabilise the fundamentals of operations, which effectively supported the revenue of Yuexiu REIT for the interim period. The Manager is pleased to see lower financing cost, which is beneficial to the distribution.

As of 30 June 2025, Yuexiu REIT's portfolio of properties consisted of ten properties, namely, White Horse Building Units ("White Horse Building"), Fortune Plaza Units and certain Carpark Spaces ("Fortune Plaza"), City Development Plaza Units and certain Carpark Spaces ("City Development Plaza"), Victory Plaza Units ("Victory Plaza"), Guangzhou International Finance Center ("GZIFC"), Yuexiu Financial Tower ("Yuexiu Financial Tower"), located in Guangzhou; Yue Xiu Tower ("Shanghai Yue Xiu Tower"), located in Shanghai; Wuhan Yuexiu Fortune Centre, Starry Victoria Shopping Centre and certain Carpark Spaces ("Wuhan Properties"), located in Wuhan; Hangzhou Victory Business Center Units and certain Carpark Spaces ("Hangzhou Victory"), located in Hangzhou; and 17th and 23rd Floors of Yue Xiu Building Units ("17th and 23rd Floors of Hong Kong Yue Xiu Building"), located in Hong Kong. The total gross floor area of the properties was 1,184,156.5 sq.m. and the total rentable area was 803,984.1 sq.m. (excluding 1,408.3 sq.m. of parking space of Fortune Plaza; 2,104.3 sq.m. of parking space of City Development Plaza; 91,460.9 sq.m. of hotel, 51,102.3 sq.m. of serviced apartments, 76,512.3 sq.m. of parking space, and 7,752.5 sq.m. of other ancillary facilities area of GZIFC; 13,502.6 sq.m. of parking space and 2,610.4 sq.m. of specific purpose area of Shanghai Yue Xiu Tower; 62,785.7 sq.m. of parking space and 12,415.1 sq.m. of common facilities area of Wuhan Properties; 17,663.6 sq.m. of parking space of Hangzhou Victory; 10,289.1 sq.m. of parking space and 29,797.1 sq.m. of common facilities area of Yuexiu Financial Tower, and the following statistics of both aggregate rented area and occupancy rate have excluded the above areas).