Central Development Holdings Limited — Capital/Financing Update 2019

Sep 5, 2019

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.

==> picture [199 x 61] intentionally omitted <==

CHINA RESOURCES AND TRANSPORTATION GROUP LIMITED 中國資源交通集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 269)

UPDATE ON DEBT RESTRUCTURING

Reference is made to the annual report of China Resources and Transportation Group Limited (the “ ” Company , together with its subsidiaries, the “ Group ”) for the year ended 31 March 2019 (the “ Annual Report ”). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Annual Report.

As disclosed in the Annual Report, as at 31 March 2019, the Group has bank borrowings in the total amount of approximately HK$11,312.30 million. Such borrowings mainly consisted of syndicated loan facilities of approximately RMB8,729.27 million (equivalent to approximately HK$10,207.48 million) (the “ Syndicated Loans ”) granted by several PRC banks (the “ Banks ”) in December 2012. The Company is given to understand that the Banks intend to optimise their loan portfolios by derecognising and reorganising the Syndicated Loans asset at a discount to other interested parties. By doing so, the Banks have to go through certain legal proceedings with the Group including filing of civil actions, court-directed mediations, entering into of settlement agreement(s), execution(s) of settlement agreement(s) and derecognition of the Syndicated Loans, which will take approximately six months to complete. As at the date of this announcement, these legal proceedings are on-going and the Group is working with the Banks to facilitate a smooth completion of their asset restructuring.

-1-

The Directors are of the view that the aforementioned exercise of the Banks will not have material impact on the Group’s operation and financial position. Further announcement(s) will be made by the Company as and when appropriate.

By Order of the Board China Resources and Transportation Group Limited Cao Zhong Chairman

Hong Kong, 5 September 2019

As at the date of this announcement, the board of directors comprises six executive directors, namely Messrs Cao Zhong, Fung Tsun Pong, Jiang Tao, Tsang Kam Ching, David, Gao Zhiping and Duan Jingquan; a non-executive director, namely Mr. Suo Suo Stephen and four independent non-executive directors, namely Messrs Yip Tak On, Jing Baoli, Bao Liang Ming and Xue Baozhong.

-2-