THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer or registered institution in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in Jinke Smart Services Group Co., Ltd., you should at once hand this circular, together with the accompanying proxy forms, to the purchaser or transferee or to the bank, licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular.

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Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(a joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 9666)

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE

AND

NOTICE OF THE 2024 THIRD EXTRAORDINARY GENERAL MEETING

Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders

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Capitalised terms used on this cover shall have the same meanings as those defined in the section headed “Definitions” in this circular, unless the context requires otherwise.

A notice convening the EGM to be held at Building A4, East Zone, Jinke Shiniancheng, No. 480, Panxi Road, Shimahe Street, Jiangbei District, Chongqing, the PRC on Friday, 20 December 2024 at 3:00 p.m. is set out on pages 288 to 289 of this circular. A proxy form for use at the EGM is also enclosed in this circular. Such proxy form for use at the EGM is also published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.jinkeservice.com).

Shareholders who intend to appoint a proxy to attend the EGM shall complete and return the enclosed proxy form in accordance with the instructions printed thereon not less than 24 hours before the time fixed for holding the EGM or any adjournment thereof (as the case may be). Completion and return of the proxy form will not preclude Shareholders from attending and voting in person at the EGM or any adjourned meeting thereof if they so wish.

29 November 2024

CONTENTS

		Page
DEFINITIONS	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
LETTER FROM	THE BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
LETTER FROM	THE INDEPENDENT BOARD COMMITTEE. . . . . . . . . . . . . .	14
LETTER FROM	THE INDEPENDENT FINANCIAL ADVISER . . . . . . . . . . . . .	16
APPENDIX I	– GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . .	34
APPENDIX II	– FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . .	39
APPENDIX III	– VALUATION REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . .	42
NOTICE OF EGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		288

– i –

DEFINITIONS

In this circular, unless the context otherwise requires, the following expressions shall have the following meanings :

“associate(s)” has the meaning ascribed to it under the Listing Rules
“Appraised Value” the appraised value of the Offset Assets as at 30 September 2024 conducted by AVISTA Valuation Advisory Limited
“Board” the board of Directors
“China” or “PRC” the People’s Republic of China, which for the purpose of this circular shall exclude Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan
“Company” Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司), a joint stock company incorporated in the PRC with limited liability and the H Shares of which are listed on the Main Board of the Stock Exchange (Stock Code: 9666)
“connected person(s)” has the meaning ascribed to it under the Listing Rules

“Debt Settlement Mandate” the mandate to be granted by the Independent Shareholders to the Board to offset the Receivables by acquiring the Remained Offset Assets

“Default”
the default of Jinke Property Group to repay the principal amount and accrued interest under the Loan Agreement
“Director(s)” the director(s) of the Company
“EGM”
the 2024 third extraordinary general meeting of the Company to be held and convened at Building A4, East Zone, Jinke Shiniancheng, No. 480, Panxi Road, Shimahe Street, Jiangbei District, Chongqing, the PRC on Friday, 20 December 2024 at 3:00 p.m. for the purpose of, among other things, considering and, if thought fit, approving the Debt Settlement Mandate and the transaction contemplated thereunder, or any adjournment thereof
“GFA”
gross floor area
“Group” the Company and its subsidiaries
“H Shares”

overseas listed shares in the ordinary share capital of the Company with a nominal value of RMB1.00 each, which are subscribed for and traded in HK$ and listed on the Stock Exchange

– 1 –

DEFINITIONS

“HK$”
Hong Kong dollars, the lawful currency of Hong Kong
“Hong Kong”
the Hong Kong Special Administrative Region of the People’s Republic of China
“Independent Board Committee”
an independent committee of the Board, comprising all the independent non-executive Directors, namely Ms. Yuan Lin, Ms. Xiao Huilin and Mr. Tung Woon Cheung Eric, to advise the Independent Shareholders in respect of Debt Settlement Mandate and the transaction contemplated thereunder
“Independent Financial Adviser”
Red Sun Capital Limited, a licensed corporation to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activity under the Securities and Futures Ordinance (Chapter 571 of Laws of Hong Kong), and appointed by the Company as the independent financial adviser to advise the Independent Board Committee and the Independent Shareholders in respect of the Debt Settlement Mandate and the transaction contemplated thereunder
“Independent Shareholders”
Shareholders who do not have a material interest in the Debt Settlement Mandate
“Jinke Property”
Jinke Property Group Co., Ltd.* (金科地產集團股份有限公司), a joint stock company established in the PRC with limited liability, listed on the Shenzhen Stock Exchange (stock code: 000656. SZ)
“Jinke Property Group” Jinke Property and its subsidiaries and associates (but excluding the Group)
“Latest Practicable Date”
29 November 2024, being the latest practicable date for the purpose of ascertaining certain information contained in this circular
“Listing Rules”
the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
“Loan Agreement”
the loan agreement entered into between the Company as lender and Jinke Property as borrower dated 29 July 2022 in the principal amount of RMB1,500 million as disclosed in the announcement and circular of the Company dated 29 July 2022 and 1 August 2022 respectively
“Maximum Settlement Price”
the maximum purchase price being RMB1,059,040,000 for the Remained Offset Asset

– 2 –

DEFINITIONS

“Mediation Letter” a civil mediation letter issued by Chongqing First Intermediate People’s Court on 29 March 2024 in relation to the Default
“Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules
“Offset Asset(s)” the parking spaces and commercial properties listed under the Debt Settlement Mandate
“Previous Debt Settlement the previous debt settlement agreement dated 29 Agreement” December 2023 entered into between the Company and Jinke Property as disclosed in the announcement and circular of the Company dated 2 January 2024 and 27 March 2024 respectively
“Receivables” the outstanding receivables due from Jinke Property Group arising from the Loan Agreement as at the Latest Practicable Date, being approximately RMB1,640,737,095
“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
“Share(s)” share(s) in the share capital of the Company, with a nominal value of RMB1.00 each, comprising the H Shares only
“Shareholder(s)” holder(s) of Share(s)
“sq.m.” square meter(s)
“Stock Exchange” The Stock Exchange of Hong Kong Limited

“subsidiary(ies)” has the meaning as ascribed to it under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)

“substantial shareholder(s)” has the meaning ascribed to it under the Listing Rules
“%” percent.
for identification purposes only

– 3 –

LETTER FROM THE BOARD

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Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(a joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 9666)

Executive Director: Headquarters in the PRC: Mr. Xia Shaofei (Chairman) Building A4 East Zone Non-executive Directors: Jinke Shiniancheng Mr. Xu Guofu No. 480, Panxi Road Mr. Wu Xiaoli Shimahe Street Ms. Lin Ke Jiangbei District Mr. Shi Cheng Chongqing, the PRC Mr. Qi Shihao Registered office in the PRC: Independent Non-executive Directors: No. 1 affiliated to 484 Panxi Road Ms. Yuan Lin Shima River Street Ms. Xiao Huilin Jiangbei District Mr. Tung Woon Cheung Eric Chongqing, PRC

Principal place of business in Hong Kong: 40th Floor Dah Sing Financial Centre No. 248 Queen’s Road East Wanchai Hong Kong

29 November 2024

To the Shareholders

Dear Sir/Madam,

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE AND NOTICE OF THE 2024 THIRD EXTRAORDINARY GENERAL MEETING

INTRODUCTION

Reference is made to the announcement of the Company dated 30 September 2024 in relation to, among others, the Debt Settlement Mandate and the transaction contemplated thereunder that is subject to the approval by the Independent Shareholders by way of ordinary resolution at the EGM.

– 4 –

LETTER FROM THE BOARD

The purpose of this circular is to provide you with (i) further details of the Debt Settlement Mandate; (ii) the valuation report on the Offset Assets; (iii) a letter from the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders regarding its advice on the terms of the Debt Settlement Mandate; (iv) the recommendations from the Independent Board Committee to the Independent Shareholders; and (v) a notice of the EGM.

BACKGROUND

Reference is made to the announcement and circular of the Company dated 29 July 2022 and 1 August 2022 respectively in relation to the Loan Agreement. As the Jinke Property Group failed to repay the principal amount and the interest accrued according to the Loan Agreement, the Company had initiated the lawsuit against Jinke Property Group in the court of PRC. On 29 March 2024, Chongqing First Intermediate People’s Court issued the Mediation Letter, confirming the Default and requiring the Jinke Property Group to repay the loan principal amount of RMB1,500 million and the corresponding accrued interest. As Jinke Property Group has failed to perform its repayment obligations on time in accordance with the Mediation Letter, the Company has subsequently applied to Chongqing First Intermediate People’s Court for judicial enforcement. For the purpose of facilitating judicial enforcement and settlement of the Receivables, the Company would like to seek the Independent Shareholders’ approval for the Debt Settlement Mandate. As at the Latest Practicable Date, the Receivables due from Jinke Property Group arising from the Loan Agreement is approximately RMB1,640,737,095 in total.

THE LOAN AGREEMENT

The Group has a long and stable cooperative relationship with the Jinke Property Group. When entering into the Loan Agreement, the Directors were given an understanding that the progress of certain property development projects, which represented a small portion of the Jinke Property Group’s portfolio of property development projects as a whole, was adversely affected by the impact of the COVID-19 pandemic and the Loan Agreement would give the Jinke Property Group more flexibility in the deployment of its overall short to medium term working capital to facilitate the timely delivery of its projects under development which may otherwise take longer to deliver due to the reallocation and deployment of capital required. By entering into the Loan Agreement, the Jinke Property Group will be able to ensure the construction and delivery of properties projects under development which the Group will in turn be engaged to provide property management services for after those properties are delivered. This is beneficial to the long-term development of the Group. The key terms of the Loan Agreement were summarized below for the Independent Shareholders’ reference:

Date: 29 July 2022 Parties: (i) the Company; and

(ii) Jinke Property.

– 5 –

LETTER FROM THE BOARD

Principal amount: RMB1,500 million

Interest rate:

8.6% per annum, accruing on the principal amount of the loan of RMB1,500 million from the date of its drawdown but excluding the 20 December 2024 being the maturity date and payable on a half-yearly basis commencing from 20 December 2022 with last payment on the 20 December 2024.

Term:

A fixed term commencing from the date of drawdown and ending on the maturity date, i.e. 20 December 2024.

Repayment:

Jinke Property shall repay 20% of the principal amount of the loan on 20 January 2023 and thereafter on a half-yearly basis commencing from 20 June 2023 (but with a two-month grace period for each repayment date) and repay the last instalment of the loan on the 20 December 2024.
Default interest:
In the event that Jinke Property fails to repay any sum payable under the Loan Agreement on or before expiry of the aforementioned two-month grace period, Jinke Property shall pay an extra default interest calculated on such overdue amount at 1.5 times of the standard interest rate of 8.6% per annum, i.e. 12.9% per annum, accruing on a daily basis until the full repayment of such overdue amount by Jinke Property.
Security:
The loan of RMB1,500 million is secured by the charged assets including not less than 42,000 units of car parking spaces and not less than 200 retail shop units with an aggregated gross floor area of approximately 100,000 square metres. Pursuant to the Loan Agreement, Jinke Property is entitled to, subject to prior consent from the Company, sell the charged assets for repayment purpose, or for its self-use purpose on condition that substitute assets of equivalent value as acknowledged by the Company have been charged to the Company. In any event, the total value of the charged assets from time to time shall be equal to the unpaid principal amount of the loan divided by a charge rate of 60%.

Purpose: For general working capital purpose.

For further details, please refer to the announcement and circular of the Company dated 29 July 2022 and 1 August 2022 respectively.

– 6 –

LETTER FROM THE BOARD

THE DEBT SETTLEMENT MANDATE AND THE CONSIDERATION

In light of the Default and pursuant to the applicable PRC law, Jinke Property shall procure its members to cooperate with the Group to conduct judicial auction (the “ Judicial Auction ”) for the Offset Assets to settle the Receivables in accordance with the Mediation Letter. The proceeds from the Judicial Auction shall be used to repay the Receivables after deducting the relevant expenses. The starting price (the “ Starting Price ”) for the Judicial Auction should be agreed between the Company and Jinke Property which should be around the Appraised Value. Should any of the Offset Assets failed to be disposed of through the Judicial Auction (the “ Remained Offset Assets ”), the Company intends to acquire the Remained Offset Assets at a settlement price to be agreed with Jinke Property Group which shall be applied to offset the remaining Receivables on a dollar to dollar basis.

Despite of the efforts made by the Group, Jinke Property has indicated that it will not enter into a definite written agreement with the Company for settlement of the Offset Assets as it is under the debt restructuring administration. Accordingly, the Board would like to seek the Debt Settlement Mandate from the Independent Shareholders with the Maximum Settlement Price for acquiring any Remained Offset Assets to offset the Receivables. The Debt Settlement Mandate will be valid for one year commencing from date of obtaining approval from Independent Shareholders at the EGM. Details of the Offset Assets and the corresponding Maximum Settlement Price are set out below:

						Appraised
						value as at	Maximum
			Car parking	GFA		30 September	Settlement
No.	Project	Location	space/Commercial	*(sq.m.)*	Number	2024	Price
1.	Neijiang Gongyuan Wangfu (內江公	Sichuan Province	Commercial	2,216.28	–	11,400,000	11,400,000
	園王府)
2.	Neijiang Gongyuan Wangfu (內江公	Sichuan Province	Carparking space	–	319	13,600,000	13,600,000
	園王府)
3.	Chenzhou Jinke City (郴州金科城)	Hunan Province	Commercial	2,671.00	–	9,990,000	9,990,000
4.	Jinan Lanshan Mansion (濟南瀾山公	Shandong	Carparking space	–	92	2,510,000	2,510,000
	館)	Province
5.	Caijia Jinke City (蔡家金科城)	Chongqing City	Carparking space	–	2,239	117,160,000	117,160,000
6.	Caijia Jimei Jiayue (蔡家集美嘉悅)	Chongqing City	Carparking space	–	3,525	178,550,000	178,550,000
7.	Jinke Meichen (金科美辰)	Chongqing City	Carparking space	–	157	6,790,000	6,790,000
8.	Xiyong Tianchen (西永天宸)	Chongqing City	Carparking space	–	2,648	117,280,000	117,280,000
9.	Tianyuan Dao (天元道)	Chongqing City	Carparking space	–	2,339	166,910,000	166,910,000
10.	Jinke Zhonghuafang (金科中華坊)	Chongqing City	Carparking space	–	122	8,120,000	8,120,000
11.	Jinke Jiuquhe (金科九曲河)	Chongqing City	Carparking space	–	239	18,450,000	18,450,000
12.	Fuling Jinke Tianchen (涪陵金科天	Chongqing City	Carparking space	–	341	20,650,000	20,650,000
	宸)

– 7 –

LETTER FROM THE BOARD

No. Project Location Car parking space/Commercial 13. Fuling Zhongyang Gongyuancheng (涪陵中央公園城) Chongqing City Carparking space 14. Zaoyang Jimei Tianchen (棗陽集美天宸) Hubei Province Commercial 15. Jimei Yuxi Xingchen (集美玉溪–星辰) Yunnan Province Commercial 16. Wanzhou Guantianxia (萬州觀天下) Chongqing City Carparking space 17. Dazu Zhongyang Gongyuancheng (大足中央公園城) Chongqing City Carparking space 18. Dazu Jimei Jiangshan (大足集美江山) Chongqing City Carparking space 19. Fuling Bocuifu (涪陵博翠府) Chongqing City Carparking space 20. Suining Jimei Jiayue (遂寧集美嘉悅) Sichuan Province Carparking space 21. Haiyue Dongfang (海悅東方) Anhui Province Commercial 22. Haiyue Dongfang (海悅東方) Anhui Province Carparking space 23. Hefei Tianchen Huayuan (合肥天宸花園) Anhui Province Commercial 24. Hefei Tianchen Huayuan (合肥天宸花園) Anhui Province Carparking space 25. Wuhou Bocui Mansion (武侯博翠府) Sichuan Province Carparking space 26. Jinyue Garden (金樾花園) Anhui Province Carparking space 27. Liuzhou Jinke Xingchen (柳州金科星辰) Guangxi Province Carparking space 28. Liuzhou Jimei Tianyue (柳州集美天悅) Guangxi Province Carparking space 29. Qixia Bocui Garden (棲霞博翠花園) Jiangsu Province Carparking space 30. Wushan Jinke City (巫山金科城) Chongqing City Carparking space 31. Nanchuan World City (南川世界城) Chongqing City Carparking space 32. Jinke Caifu Zhongxin (金科財富中心) Chongqing City Carparking space 33. Weila Zhuangyuan (維拉莊園) Chongqing City Carparking space 34. Yuehu Mingmen (悅湖名門) Chongqing City Carparking space 35. Yunxitai (雲璽台) Chongqing City Carparking space Total	GFA *(sq.m.)* – 3,538.00 1,078.00 – – – – – 873.31 – 4,169.00 – – – – – – – – – – – –	Number 1,668 – – 2 266 426 157 94 – 504 – 434 192 176 103 21 323 115 1,196 233 2 1 1	Appraised value as at 30 September 2024 89,950,000 44,730,000 10,450,000 70,000 8,150,000 14,090,000 9,730,000 2,750,000 9,560,000 19,640,000 27,530,000 33,570,000 22,270,000 15,740,000 3,040,000 630,000 29,950,000 3,920,000 37,110,000 4,670,000 40,000 20,000 20,000	Maximum Settlement Price 89,950,000 44,730,000 10,450,000 70,000 8,150,000 14,090,000 9,730,000 2,750,000 9,560,000 19,640,000 27,530,000 33,570,000 22,270,000 15,740,000 3,040,000 630,000 29,950,000 3,920,000 37,110,000 4,670,000 40,000 20,000 20,000
	14,545.59	17,935	1,059,040,000	1,059,040,000

The Offset Assets were selected based on the criteria that (i) the Group has entered into charge arrangement over the Offset Assets; and (ii) the Offset Assets are under the management of the Group.

– 8 –

LETTER FROM THE BOARD

The Maximum Settlement Price being RMB1,059,040,000 was determined after arm’s length negotiations between the Company and Jinke Property with reference to, among others, (i) the valuation of the Offset Assets being RMB1,059,040,000 in total and their respective appraised value as at 30 September 2024, conducted by an independent valuer in the PRC using market approach; (ii) the prevailing market prices for the comparable assets in the proximity; and (iii) the reasons and benefits as more particularized in the paragraphs headed “Reasons for and Benefits of the Debt Settlement Mandate” below.

In the event that the Company and Jinke Property cannot reach a consensus on the Starting Price, the relevant PRC court will conduct a judicial valuation on the Offset Assets, the result of which shall be final and conclusive for the purpose of determining the Starting Price. Based on the understanding of the Board, such judicial valuation price will usually not be higher than the Maximum Settlement Price.

As the Judicial Auction will subject to the internal schedule and procedure of the relevant court in the PRC, the Company currently is not able to estimate the expected time of the Judicial Auction. The Company will keep communicating with the court for progress of the Judicial Auction and is expected to settle the Remained Offset Assets within three months upon the completion of Judicial Auction. If the Company may not be able to settle the Remained Offset Assets within the time limit contemplated under the Debt Settlement Mandate, it will re-comply with the Listing Rules and seek the approval from the Independent Shareholders for a new mandate.

INFORMATION ON THE OFFSET ASSETS

The Offset Assets comprise of (i) 17,935 car parking spaces; and (ii) 6 projects of commercial properties with a total GFA of 14,545.59 sq.m. All of the Offset Assets have obtained the proper title certificates. As at the Latest Practicable Date, to the best of the Directors’ knowledge and having made all reasonable inquiries, the Offset Assets have been recorded as inventories since the completion of their development by Jinke Property Group, and have not been leased out. Thus, no rental income or profit has been generated from the Offset Assets.

The Offset Assets were principally seized by the court in favour of the charge of the Group. As at the Latest Practicable Date, there are only a small portion of the Offset Assets of approximately RMB74,536,056 involved in criminal or local government administrative investigation (the “ Encumbrance ”) which may affect the progress of the Judicial Auction. As advised by the PRC counsel, despite of the Encumbrance, as long as the Offset Assets were accepted by the court for Judicial Auction and subsequently settled by the Group (if it were not disposed of through the Judicial Auction), the Group would enjoy the full right to possess, dispose of or transfer the Offset Assets. Should there are any Offset Assets with Encumbrance is not accepted by the court for Judicial Auction, the Group will not acquire such Offset Assets pursuant to the Debt Settlement Mandate. As a result, the Company is of the view that the valuer’s assumption that the Offset Assets is transferable without legal impediment is fair and reasonable for valuation purpose.

– 9 –

LETTER FROM THE BOARD

REASONS FOR AND BENEFITS OF THE DEBT SETTLEMENT MANDATE

Despite of the fact that the Company currently is not able to estimate the expected time of the Judicial Auction, the court may shortly initiate the procedure as it may see fit. As advised by the PRC counsel, if the Offset Assets were not disposed of through the Judicial Auction, the Company will have to apply to the court for settlement of the Remained Offset Assets within 15 days (the “ 15 Days Time Limit ”) upon the failure of the Judicial Auction. The court will then direct the Company and Jinke Property to settle the Remained Offset Assets by referring to the Starting Price. Jinke Property has indicated that without prejudicing to its debt restructuring administration, it will endeavor to cooperate with the court’s direction for the settlement of the Remained Offset Assets. The Debt Settlement Mandate as an advanced mandate will allow the Group to recover a large portion of Receivables from the Jinke Property Group almost immediately after the Judicial Auction and the Company can complete the administrative procedures (including the compliance with the Listing Rules) at an earlier stage, which in the Board’s opinion, will enable the Company to comply with the 15 Days Time Limit and settle the debt at the earliest possible.

Through the Judicial Auction, any proceeds from the disposal of Offset Assets will be used to repay the Receivables. For any Remained Offset Assets, the Group will acquire such Remained Offset Assets to settle the Receivables on a dollar-to-dollar basis and the settlement price will be determined after arm’s length negotiations between the Company and Jinke Property Group with reference to the Starting Price (including the outcome of judicial valuation (if any) to be conducted by the relevant PRC court), in any event shall not be higher than the Maximum Settlement Price. The Group will transfer the Remained Offset Assets to its third-party suppliers to settle other payables due from the Group to such suppliers, or may sell or let out the Remained Offset Assets to third-parties for cash. As Jinke Property is under the debt restructuring administration, for any balance of the Receivables, the Company will file its creditor’s right with the restructuring administrator, continue to monitor the restructuring progress of the Jinke Property Group and take necessary legal measures to recover the Receivables as far as possible in due course.

In considering the seeking of the approval of Debt Settlement Mandate, the Board considered that (i) Jinke Property has been involved in material litigations and is undertaking a corporate debt restructuring thus it is not likely to individually repay the Receivables in cash without the approval of its restructuring administrator and other debtors; and (ii) the realization, disposal or leasing of the Remained Offset Assets by the Company could improve the cashflow and minimize the loss of the Company.

The Group possesses industry-leading capabilities in real estate management and operation. As all of the Offset Assets are under the management of the Group, the Group will continue to identify, among the owners and tenants of the properties managed by the Group or in open market, suitable third parties for the sales or leases of the Remained Offset Assets. The Group believes that such transactions are not only conducive to enhancing its ability in community value-added services, but would also improve the Group’s income, both of which are in line with the Group’s interests in the long term.

– 10 –

LETTER FROM THE BOARD

In view of the above, the Directors (including the independent non-executive Directors) consider that, the transaction contemplated under the Debt Settlement Mandate is not conducted during the ordinary and usual course of business of the Group, but the terms of which are on normal commercial terms and are fair and reasonable, in the interests of the Company and the Shareholders as a whole.

INFORMATION ON THE GROUP AND JINKE PROPERTY GROUP

Jinke Property

Jinke Property is a joint stock company established in the PRC with limited liability, the shares of which are listed on the Shenzhen Stock Exchange (Stock Code: 000656.SZ). Jinke Property is one of the leading property developers in the PRC and is principally engaged in the development of large scale mixed-use property projects, with extensive presence in the businesses of property management, operation of technology industry, construction, real estate construction management and commercial operation.

The Group

The Group is principally engaged in the provision of space property management services, local catering services, community value-added services and smart living technology solutions in the PRC.

LISTING RULES IMPLICATIONS

Reference is made to the Previous Debt Settlement Agreement. As one or more of the applicable percentage ratios under Rule 14.06 of the Listing Rules in respect of transaction contemplated under the Debt Settlement Mandate when aggregated with the Previous Debt Settlement Agreement are more than 25% but all of which are less than 100%, it constitutes a major transaction of the Company under Chapter 14 of the Listing Rules and is subject to the reporting, announcement, circular and shareholders’ approval requirements under Chapter 14 of the Listing Rules.

As at the Latest Practicable Date, Jinke Property is a substantial shareholder of the Company, holding approximately 26.38% of the issued share capital of the Company. As such, Jinke Property is a connected person of the Company under the Listing Rules. The transaction contemplated under the Debt Settlement Mandate constitutes a connected transaction for the Company under Chapter 14A of the Listing Rules. As one or more of the applicable percentage ratios in respect of the transaction contemplated under the Debt Settlement Mandate exceed 5%, it is subject to the reporting, annual review, announcement, circular (including independent financial advice) and Independent Shareholders’ approval requirements under Chapter 14A of the Listing Rules.

– 11 –

LETTER FROM THE BOARD

BOARD APPROVAL

At the Board meeting held to approve the Debt Settlement Mandate, Mr. Xu Guofu who holds management positions in Chongqing Jinke Investment Holding (Group) Co., Ltd. (重慶市金科投資控股(集團)有限責任公司) and Mr. Shi Cheng who holds management positions in Jinke Property Group, have abstained from voting on the relevant Board resolution. Save as disclosed, none of the Directors has or is deemed to have a material interest in the Debt Settlement Mandate and is required to abstain from voting on the relevant Board resolution approving the Debt Settlement Mandate.

EGM AND PROXY ARRANGEMENT

The EGM will be convened and held at Building A4, East Zone, Jinke Shiniancheng, No. 480, Panxi Road, Shimahe Street, Jiangbei District, Chongqing, the PRC on Friday, 20 December 2024 at 3:00 p.m., for the purpose of considering and, if thought fit, passing the relevant resolution to approve the Debt Settlement Mandate. A notice convening the EGM is set out on pages 288 to 289 of this circular. A proxy form for use at the EGM is also enclosed in this circular.

Voting at the EGM will be conducted by way of poll. Jinke Property, holding 162,977,875 Shares, representing approximately 26.38% of the issued share capital of the Company shall abstain from voting on the proposed resolution approving the Debt Settlement Mandate at the EGM. The Independent Board Committee comprising all the independent non-executive Directors has been formed to advise the Independent Shareholders on the terms of the Debt Settlement Mandate, and the transaction contemplated thereunder. The Independent Financial Adviser has been appointed to advise the Independent Board Committee and the Independent Shareholders on the terms of the Debt Settlement Mandate and the transaction contemplated thereunder.

As at the Latest Practicable Date, to the best of Directors’ knowledge, information and belief after having made all reasonable enquiries, save for Jinke Property, none of the other Shareholders has a material interest in the Debt Settlement Mandate and the transaction contemplated thereunder, and is required to abstain from voting on the relevant resolution in the EGM.

If Shareholders intend to appoint a proxy to attend the EGM, Shareholders are required to complete and return the accompanying proxy form in accordance with the instructions printed thereon and return it by personal delivery or by post not less than 24 hours before the time fixed for holding the EGM or any adjournment thereof (as the case may be). The proxy form should be returned to the Company’s H share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong. Completion and return of the proxy form will not preclude the Shareholders from attending and voting in person at the EGM or at any other adjourned meeting thereof (as the case may be) if they so wish.

– 12 –

LETTER FROM THE BOARD

CLOSURE OF REGISTER OF MEMBERS

For the purpose of determining the entitlement of the Shareholders to attend and vote at the EGM, the register of members of the Company will be closed from Tuesday, 17 December 2024 to Friday, 20 December 2024 (both days inclusive), during which period no transfer of the Shares will be registered. In order to qualify for attending and voting at the EGM, Shareholders whose transfer documents have not been registered are required to deposit all properly completed share transfer forms together with the relevant share certificates to the Company’s H shares registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for registration, no later than 4:30 p.m. on Monday, 16 December 2024.

RECOMMENDATION

The Independent Board Committee (comprising all the independent non-executive Directors) has been formed to advise the Independent Shareholders on the terms of the Debt Settlement Mandate. Having taken into account the terms of the Debt Settlement Mandate, the information provided in the Letter from the Board and the Letter from the Independent Financial Adviser, the Independent Board Committee considers that the grant of Debt Settlement Mandate are not in the ordinary and usual course of business of the Group, but the terms contemplated thereunder are on normal commercial terms and are fair and reasonable so far as the Independent Shareholders are concerned, and are in the interests of the Company and the Independent Shareholders as a whole. Accordingly, the Independent Board Committee recommends the Independent Shareholders to vote in favour of the ordinary resolution in relation to the Debt Settlement Mandate and the transaction contemplated thereunder to be proposed at the EGM.

ADDITIONAL INFORMATION

Your attention is drawn to the letter from the Independent Board Committee as set out on pages 14 to 15 of this circular which contains its recommendations to the Independent Shareholders in respect of the terms of the Debt Settlement Mandate. Your attention is also drawn to the letter of advice from the Independent Financial Adviser which contains, amongst other matters, its advice to the Independent Board Committee and the Independent Shareholders. The letter from the Independent Financial Adviser is set out on pages 16 to 33 of this circular.

Your attention is also drawn to the general information, financial information and the valuation report set out in the appendices of this circular.

By order of the Board Jinke Smart Services Group Co., Ltd. Xia Shaofei

Chairman

– 13 –

LETTER FROM THE INDEPENDENT BOARD COMMITTEE

The following is the text of the letter of recommendations, prepared for the purpose of incorporation in the circular, from the Independent Board Committee to the Independent Shareholders regarding the terms of the Debt Settlement Mandate and the transaction contemplated thereunder.

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Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(a joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 9666)

29 November 2024

To the Independent Shareholders

Dear Sir or Madam,

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE

We refer to the circular of the Company to the Shareholders dated 29 November 2024 (the “ Circular ”), in which this letter forms a part. Unless the context requires otherwise, capitalized terms used in this letter will have the same meanings given to them in the section headed “Definitions” of the Circular.

We have been authorised by the Board to form the Independent Board Committee to advise the Independent Shareholders on whether the terms of the Debt Settlement Mandate are fair and reasonable so far as the Independent Shareholders are concerned.

We wish to draw your attention to the letter of advice from Red Sun Capital Limited, the Independent Financial Adviser appointed to advise the Independent Board Committee and the Independent Shareholders on the terms of the Debt Settlement Mandate as set out on page 16 of the Circular and the letter from the Board as set out on pages 4 to 13 of the Circular.

– 14 –

LETTER FROM THE INDEPENDENT BOARD COMMITTEE

Having considered, among other matters, the factors and reasons considered by, and the opinion of the Independent Financial Adviser as stated in its letter of advice, we consider that the grant of the Debt Settlement Mandate are not in the ordinary and usual course of business of the Group, but the terms of the Debt Settlement Mandate are on normal commercial terms, are fair and reasonable and in the interests of the Company and the Shareholders as a whole. Accordingly, we recommend the Independent Shareholders to vote in favour of the ordinary resolution in relation to the Debt Settlement Mandate and the transaction contemplated thereunder to be proposed at the EGM.

Mr. Yuan Lin

Yours faithfully, For and on behalf of Independent Board Committee Ms. Xiao Huilin Mr. Tung Woon Cheung Eric Independent non-executive Directors

– 15 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

The following is the full text of the letter from the Independent Financial Adviser which sets out its advice to the Independent Board Committee and Independent Shareholders in relation to the Debt Settlement Mandate and the transaction contemplated thereunder for inclusion in this circular.

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Room 310, 3/F China Insurance Group Building 141 Des Voeux Road Central Hong Kong

Tel: (852) 2857 9208 Fax: (852) 2857 9100

29 November 2024

To: The Independent Board Committee and the Independent Shareholders of Jinke Smart Services Group Co., Ltd.

Dear Sirs,

MAJOR AND CONNECTED TRANSACTION IN RELATION TO DEBT SETTLEMENT MANDATE

I. INTRODUCTION

We refer to our appointment as the independent financial adviser to advise the Independent Board Committee and the Independent Shareholders with regard to the Debt Settlement Mandate and the transaction contemplated thereunder, details of which are contained in the letter from the Board (the “ Letter from the Board ”) as set out in the circular to the Shareholders dated 29 November 2024 (the “ Circular ”). Unless otherwise specified, terms defined in the Circular have the same meanings in this letter.

On 29 March 2024, Chongqing First Intermediate People’s Court issued the Mediation Letter, confirming the Default and requiring the Jinke Property Group to repay the loan principal amount of RMB1,500 million and the corresponding accrued interest. As Jinke Property Group has failed to perform its repayment obligations on time in accordance with the Mediation Letter, the Company has subsequently applied to Chongqing First Intermediate People’s Court for judicial enforcement. For the purpose of facilitating judicial enforcement and settlement of the Receivables, the Company would like to seek the Independent Shareholders’ approval for the Debt Settlement Mandate, being a mandate for the Board to offset the Receivables by acquiring the Remained Offset Assets. As at the Latest Practicable Date, the Receivables due from Jinke Property Group arising from the Loan Agreement is approximately RMB1,640,737,095 in total.

– 16 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

As set out in the Letter from the Board, as one or more of the applicable percentage ratios under Rule 14.06 of the Listing Rules in respect of transaction contemplated under the Debt Settlement Mandate when aggregated with the Previous Debt Settlement Agreement are more than 25% but all of which are less than 100%, it constitutes a major transaction of the Company under Chapter 14 of the Listing Rules and is subject to the reporting, announcement, circular and shareholders’ approval requirements under Chapter 14 of the Listing Rules.

As disclosed in the Letter from the Board, as at the Latest Practicable Date, Jinke Property is a substantial shareholder of the Company, holding approximately 26.38% of the issued share capital of the Company. As such, Jinke Property is a connected person of the Company under the Listing Rules. The transaction contemplated under the Debt Settlement Mandate constitutes a connected transaction for the Company under Chapter 14A of the Listing Rules. As one or more of the applicable percentage ratios in respect of the transaction contemplated under the Debt Settlement Mandate exceed 5%, it is subject to the reporting, annual review, announcement, circular (including independent financial advice) and Independent Shareholders’ approval requirements under Chapter 14A of the Listing Rules.

II. THE INDEPENDENT BOARD COMMITTEE

The Independent Board Committee comprising all the independent non-executive Directors, namely Ms. Xiao Huilin, Ms. Yuan Lin and Mr. Tung Woon Cheung Eric, has been established to advise the Independent Shareholders in respect of the Debt Settlement Mandate and the transaction contemplated thereunder. Red Sun Capital Limited has been appointed by the Board with the approval of the Independent Board Committee as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders in the same regard.

Our role as the independent financial adviser is to give our recommendation to the Independent Board Committee and the Independent Shareholders in respect of the Debt Settlement Mandate and the transaction contemplated thereunder, as to whether (i) the Debt Settlement Mandate is on normal commercial terms and fair and reasonable; and (ii) the transaction contemplated thereunder are conducted in the ordinary and usual course of business of the Group and in the interests of the Company and the Shareholders as a whole, and how the Independent Shareholders should vote in respect of the relevant resolution to approve the transaction contemplated under the Debt Settlement Mandate at the EGM.

III. OUR INDEPENDENCE

As at the Latest Practicable Date, we were independent from and not connected with the Company, Jinke Property and their respective shareholders, directors or chief executives, or any of their respective associates. Accordingly, we are qualified to give independent advice to the Independent Board Committee and the Independent Shareholders regarding the transaction contemplated under the Debt Settlement Mandate.

– 17 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

In the last two years, save for this appointment and our appointment as the independent financial adviser for the continuing connected transactions and the revised annual caps under the supplemental agreement to the 2022 master property management services agreement and the discloseable and connected transactions in relation to the debt settlement agreement, details of which are set out in the circular of the Company dated 27 March 2024, we have not acted as an independent financial adviser to the independent board committee of the Company and/or the Independent Shareholders.

Apart from normal professional fees paid or payable to us in connection with this appointment as the independent financial adviser and the engagement as stated above as the independent financial adviser, no arrangements exist whereby we have received or will receive any fees or benefits from the Group or any other parties that could reasonably be regarded as relevant to our independence. Accordingly, we consider that we are independent from the Group pursuant to Rule 13.84 of the Listing Rules.

IV. BASIS OF OUR ADVICE

In formulating our advice, we have relied on the statements, information, opinions and representations contained or referred to in the Circular and the information and representations provided to us by the Group, the Directors and/or senior management of the Company (the “ Management ”). We have assumed that all information, representations and opinions contained or referred to in the Circular or made, given or provided to us by the Company, the Directors and the Management, for which they are solely and wholly responsible, were true and accurate and complete in all material respects at the time when they were made and continue to be so as at the Latest Practicable Date. We have assumed that all the opinions and representations made by the Directors in the Circular have been reasonably made after due and careful enquiry. The Directors and the Management confirmed that no material facts have been omitted from the information provided and referred to in the Circular.

We have not, however, carried out any independent verification of the information provided, nor have we conducted any independent investigation into the financial position, business and affairs of the Group, Jinke Property Group and, where applicable, their respective shareholder(s) and subsidiaries or affiliates, and their respective history, experience and track records, or the prospects of the markets in which they respectively operate.

We consider that we have been provided with sufficient information to enable us to reach an informed view and to provide a reasonable basis for our advice. We have no reason to doubt the truth, accuracy and completeness of the statements, information, opinions and representations provided to us by the Group, the Directors and/or the Management and their respective advisers or to believe that material information has been withheld or omitted from the information provided to us or referred to in the aforesaid documents.

– 18 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

This letter is issued to the Independent Board Committee and the Independent Shareholders solely for their consideration of the transaction contemplated under the Debt Settlement Mandate, and, except for its inclusion in the Circular, is not to be quoted or referred to, in whole or in part, nor shall this letter be used for any other purposes, without our prior written consent. In the event of inconsistency, the English text of this letter shall prevail over the Chinese translation of this letter.

V. PRINCIPAL FACTORS AND REASONS CONSIDERED

In formulating our opinion to the Independent Board Committee and the Independent Shareholders, we have taken into consideration the following principal factors and reasons:

1. Information of the Group

The Group is principally engaged in the provision of space property management services, local catering services, community value-added services and smart living technology solutions in the PRC.

We herewith set out a summary of the financial information of the Group for the years ended 31 December 2022 and 2023 as extracted from the annual report of the Group for the year ended 31 December 2023 (the “ 2023 Annual Report ”) and the financial information for the six months ended 30 June 2023 and 2024 as extracted from the interim report of the Group for the six months ended 30 June 2024 (the “ 2024 Interim Report ”), respectively:

Summary of the consolidated statement of comprehensive income of the Group extracted from the 2023 Annual Report and 2024 Interim Report

	For the six	months	For the year ended	For the year ended
	ended 30 June		31 December
	2024	2023	2023	2022
	RMB’000	RMB’000	RMB’000	RMB’000
	(unaudited)	(unaudited)	(audited)	(audited)
Revenue
– Space property
management services	2,048,071	2,029,877	4,092,028	4,101,158
– Local catering services	214,164	242,134	513,894	487,931
– Community value-added
services	129,500	159,997	317,069	332,851
– Smart living technology
solutions	18,420	32,833	56,750	83,119
Total Revenue	2,410,155	2,464,841	4,979,741	5,005,059
Cost of sales	(1,945,947)	(1,901,329)	(4,051,564)	(4,061,857)
Gross profit	464,208	563,512	928,177	943,202
(Loss)/Profit and total
comprehensive income for
the period/year	(190,301)	216,084	(981,661)	(1,839,935)

– 19 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Financial performance for the six months ended 30 June 2023 (the “1H2023”) and the six months ended 30 June 2024 (the “1H2024 ”)

As set out in the 2024 Interim Report, the Group’s revenue decreased by approximately RMB54.6 million or 2.2% from approximately RMB2,464.8 million for 1H2023 to approximately RMB2,410.2 million for 1H2024. Space property management services remained to be the largest revenue contributor for both 1H2024 and 1H2023, followed by local catering services, community value-added services and smart living technology solutions, respectively.

For 1H2024, the Group recorded loss and total comprehensive income for the period of approximately RMB190.3 million, compared to the profit and total comprehensive income for the period of approximately RMB216.1 million for 1H2023.

Financial performance for the year ended 31 December 2023 (the “FY2023”) and the year ended 31 December 2022 (the “FY2022 ”)

As set out in the 2023 Annual Report, the Group’s revenue decreased by approximately RMB25.4 million or 0.5% from approximately RMB5,005.1 million for FY2022 to approximately RMB4,979.7 million for FY2023.

The Group recorded loss and total comprehensive income for the year of approximately RMB981.7 million for FY2023, representing a decrease of approximately RMB858.2 million or 46.6% as compared to approximately RMB1,839.9 million for FY2022.

Summary of the consolidated statement of financial position of the Group extracted from the 2023 Annual Report and the 2024 Interim Report

	As at 30 June	As at 31	December
	2024	2023	2022
	RMB’000	RMB’000	RMB’000
	(unaudited)	(audited)	(audited)
Non-current assets	2,314,145	1,990,392	2,006,597
Current assets	4,782,027	5,666,935	6,350,162
Non-current liabilities	180,490	187,277	192,394
Current liabilities	3,047,971	3,372,803	2,764,000
Equity attributable to the owners
of the Company	3,858,301	4,077,934	5,326,783

– 20 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Financial position as at 30 June 2024 and 31 December 2023

The Group’s total assets amounted to approximately RMB7,096.2 million as at 30 June 2024 which mainly comprised (i) trade and bill and other receivables and prepayments of approximately RMB1,983.9 million as at 30 June 2024, representing a decrease of approximately 5.2% as compared to approximately RMB2,093.8 million as at 31 December 2023; and (ii) cash and cash equivalents, and term deposit of approximately RMB2,468.4 million (in aggregate) as at 30 June 2024, representing a decrease of approximately 21.0% as compared to approximately RMB3,125.5 million (in aggregate) as at 31 December 2023. The total liabilities of the Group amount to approximately RMB3,228.5 million as at 30 June 2024 which mainly comprised (i) trade and bill and other payables of approximately RMB2,185.6 million as at 30 June 2024, representing a decrease of approximately 7.9% as compared to approximately RMB2,372.4 million as at 31 December 2023; and (ii) contract liabilities of approximately RMB764.3 million as at 30 June 2024, representing a decrease of 13.2% as compared to approximately RMB880.7 million as at 31 December 2023.

As at 30 June 2024, the equity attributable to owners of the Company amounted to approximately RMB3,858.3 million, representing a decrease of approximately RMB219.6 million or 5.4% as compared to approximately RMB4,077.9 million as at 31 December 2023.

Financial position as at 31 December 2023 and 31 December 2022

The Group’s total assets amounted to approximately RMB7,657.3 million as at 31 December 2023 which mainly comprised (i) trade and bill and other receivables and prepayments of approximately RMB2,093.8 million as at 31 December 2023, representing a decrease of approximately 12.3% as compared to approximately RMB2,388.7 million as at 31 December 2022; and (ii) cash and cash equivalents, and term deposit of approximately RMB3,125.5 million as at 31 December 2023, representing an increase of 1.8% as compared to approximately RMB3,069.8 million as at 31 December 2022. The total liabilities of the Group amount to approximately RMB3,560.1 million as at 31 December 2023 which mainly comprised (i) trade and bill and other payables of approximately RMB2,372.4 million as at 31 December 2023, representing an increase of approximately 21.5% as compared to approximately RMB1,952.4 million as at 31 December 2022; and (ii) contract liabilities of approximately RMB880.7 million as at 31 December 2023, representing an increase of 19.0% as compared to approximately RMB740.2 million as at 31 December 2022.

As at 31 December 2023, the equity attributable to owners of the Company amounted to approximately RMB4,077.9 million, representing a decrease of approximately RMB1,248.9 million or 23.4% as compared to approximately RMB5,326.8 million as at 31 December 2022.

– 21 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

2. Information of Jinke Property Group

As set out in the Letter from the Board, Jinke Property is a joint stock company established in the PRC with limited liability, the shares of which are listed on the Shenzhen Stock Exchange (Stock Code: 000656.SZ). Jinke Property is one of the leading property developers in the PRC and is principally engaged in the development of large scale mixed-use property projects, with extensive presence in the businesses of property management, operation of technology industry, construction, real estate construction management and commercial operation.

As noted from the interim report of Jinke Property (2024年半年度財務報告) for the six months ended 30 June 2024 (the “ 2024 Jinke Property Interim Report ”), Jinke Property Group recorded (i) current assets of approximately RMB166.8 billion and current liabilities of approximately RMB177.4 billion, and net current liabilities of approximately RMB10.6 billion, as at 30 June 2024; (ii) cash and bank balance (貨幣資金) of approximately RMB4.6 billion as at 30 June 2024; and (iii) principal of interest-bearing debt (有息負債本金), and due and unpaid principal of interest-bearing debt* (逾期未能償還的有息債務本金) in the amount of approximately RMB71.4 billion and RMB31.8 billion as at 30 June 2024, respectively. The above information indicates that Jinke Property Group is experiencing working capital difficulties. For further information on the financial status and our analysis on Jinke Property Group, please refer to the section headed “4.2 Background and financial information of the Jinke Property Group” in this letter.

3. Reasons for and benefits of the Debt Settlement Mandate

We have extracted and summarised the following background information, reasons for and benefits of entering into the Debt Settlement Mandate from the Letter from the Board.

The Debt Settlement Mandate as an advanced mandate will allow the Group to recover a large portion of Receivables from the Jinke Property Group almost immediately after the Judicial Auction and the Company can complete the administrative procedures (including the compliance with the Listing Rules) at an earlier stage, which in the Board’s opinion, will enable the Company to comply with the 15 Days Time Limit and settle the debt at the earliest possible.

– 22 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

In the event that the Company and Jinke Property cannot reach a consensus on the Starting Price, the relevant PRC court will conduct a judicial valuation on the Offset Assets, and the result of which shall be final and conclusive for the purpose of determining the Starting Price. Based on the understanding of the Board, such judicial valuation price will usually not be higher than the Maximum Settlement Price.

The Group will transfer the Remained Offset Assets to its third-party suppliers to settle other payables due from the Group to such suppliers, or may sell or let out the Remained Offset Assets to third-parties for cash. As Jinke Property is under the debt restructuring administration, for any balance of the Receivables, the Company will file its creditor’s right with the restructuring administrator, continue to monitor the restructuring progress of the Jinke Property Group and take necessary legal measures to recover the Receivables as far as possible in due course.

In connection with the Debt Settlement Mandate, the Board considered that (i) Jinke Property has been involved in material litigations and is undertaking a corporate debt restructuring thus it is not likely to individually repay the Receivables in cash without the approval of its restructuring administrator and other debtors; and (ii) the realisation, disposal or leasing of the Remained Offset Assets by the Company could improve the cashflow and minimise the loss of the Company.

The Group possesses industry-leading capabilities in real estate management and operation. The Group will continue to identify, among the owners and tenants of the properties managed by the Group or in open market, suitable third parties for the sales or leases of the Remained Offset Assets. The Group believes that such transactions are not only conducive to enhancing its ability in community value-added services, but would also improve the Group’s income, both of which are in line with the Group’s interests in the long term.

In view of the above, the Directors consider that, the transaction contemplated under the Debt Settlement Mandate is not conducted during the ordinary and usual course of business of the Group, but the terms of which are on normal commercial terms and are fair and reasonable, in the interests of the Company and the Shareholders as a whole.

Having considered the factors above, in particular, (i) the Debt Settlement Mandate allow the Group to recover a significant portion of the outstanding amount under the Loan Agreement; (ii) the Group is principally engaged in the provision of, among others, a variety of value-added services to property owners and residents of the properties under its

– 23 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

management as well as non-property owners, and the entering into of the Debt Settlement Mandate facilitates the further expansion of the Group’s community value-added services which comprised of, among others, asset operation services that primarily include rental, sale and marketing service for parking spaces and commercial operation services thereby increasing the Group’s business scale and further diversifies its service offerings in the relevant areas; (iii) the proceeds from the Judicial Auction shall be used to repay the Receivables after deducting the relevant expenses. In addition, the amount of Receivables to be settled by the Remained Offset Assets will be determined after arm’s length negotiations between the Company and Jinke Property Group. In the event that the Company and Jinke Property cannot reach a consensus on the Starting Price, the relevant PRC court will conduct a judicial valuation on the Offset Assets, the result of which shall be final and conclusive for the purpose of determining the Starting Price. Based on the understanding of the Board, such judicial valuation price will usually not be higher than the Maximum Settlement Price, which was determined with reference to, among others, the appraised value as set out in the valuation report (the “ Valuation Report ”) conducted by an independent valuer (the “ Independent Valuer ”) regarding the valuation of the Offset Assets (the “ Valuation ”); and (iv) the Management is of the view that the rental and/or resale of the subject assets, as considered appropriate, shall broaden the revenue base of the Group and enhance its profitability over time, we concur with the view of the Directors that the Debt Settlement Mandate and the transaction contemplated thereunder are in the interests of the Company and the Shareholders as a whole.

4. Our analysis on the Debt Settlement Mandate

As part of our work for assessing the fairness and reasonableness of the terms of the Debt Settlement Mandate, we have, among others, considered factors and carried out analysis including the following.

4.1 Information on the Receivables

As set out in the Letter from the Board, the Receivables represent the outstanding receivables due from Jinke Property Group arising from the Loan Agreement entered into by the Company (as the lender) and Jinke Property (as the borrower) being approximately RMB1,640,737,095 as at the Latest Practicable Date.

Based on the transaction circular of the Company dated 1 August 2022 (the “ 2022 Transaction Circular ”), the principal amount of the loan was RMB1,500 million with an interest rate of 8.6% per annum and a fixed term commenced from the date of drawdown and ending on the maturity date, being 20 December 2024 (the “ Loan ”).

As set out in the 2022 Transaction Circular, the Loan was secured by the charged assets, being assets of the Jinke Property Group including car parking spaces and commercial properties charged by the Jinke Property Group in favour of the Company pursuant to the Loan Agreement as a security for the Loan.

– 24 –

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Based on our review of the 2023 Annual Report and the 2024 Interim Report, it is noted that the Receivables was recorded under and formed part of the “loan receivable” balance in the consolidated statement of financial position of the Group.

The loan receivable balance recorded by the Group decreased from approximately RMB372.2 million as of 31 December 2023 to approximately RMB303.6 million as at 30 June 2024, mainly due to the impact of the progress of judicial reorganisation of Jinke Property Group at the material time and the then macroeconomic environment taken into consideration by the Group, and as a result the Group made corresponding impairment provisions.

With reference to information as set out in the notes of the interim consolidated financial statements in the 2024 Interim Report, in March 2023, Jinke Property Group defaulted on the repayment terms under the Loan Agreement (i.e. the Default).

Given the Default, the Company initiated the lawsuit against Jinke Property Group in the court of PRC. On 29 March 2024, Chongqing First Intermediate People’s Court issued the Mediation Letter, confirming the Default and requiring the Jinke Property Group to repay the loan principal amount of RMB1,500 million and the corresponding accrued interest. As Jinke Property Group has failed to perform its repayment obligations on time in accordance with the Mediation Letter, the Company has subsequently applied to Chongqing First Intermediate People’s Court for judicial enforcement. For the purpose of facilitating judicial enforcement and settlement of the Receivables, the Company is now seeking the Independent Shareholders’ approval for the Debt Settlement Mandate.

4.2 Background and financial information of the Jinke Property Group

We noted from published information as well as our discussion with the Management that, among other reasons, (i) the strict implementation of various PRC government policies at the material time, including the three red lines* (三條紅線) in relation to (a) the debt-to-asset ratio; (b) the net debt ratio; and (c) the cash and short term debt ratio, with the intention to promote long term sustainable development of the PRC property industry; and (ii) the U.S. Federal Reserve’s monetary policies of maintaining a relatively high interest rate environment throughout 2023 and 2024 (up to the Latest Practicable Date), have contributed to a continuous tightening of onshore and offshore credits and a challenging operating environment for many PRC property developers.

Furthermore, we have reviewed Jinke Property Group’s annual report of for the year ended 31 December 2023 and the 2024 Jinke Property Interim Report, and summarised Jinke Property Group’s financial position at the time below. Based on our review, we noted that (i) revenue of Jinke Property Group for the year ended 31 December 2023 amounted to approximately RMB63.2 billion (2022: RMB54.9 billion); (ii) the Jinke Property Group recorded a loss attributable to its shareholders of approximately RMB21.4 billion and RMB8.7 billion for the year ended 31 December 2022 and 2023, respectively; (iii) the Jinke Property Group recorded (a) principal of interest-bearing debt (有息負債本金); and (b) due and unpaid principal of interest-bearing debt (逾期未能償還的有息債務本金) in the amount of

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

approximately RMB71.4 billion and RMB31.8 billion as at 30 June 2024, respectively; (iv) cash and bank balance (貨幣資金) of the Jinke Property Group amounted to approximately RMB4.6 billion, including approximately RMB2.5 billion of restricted cash (受限資金) and approximately RMB0.5 billion of pre-sale proceeds under supervision* (預售監管資金) as at 30 June 2024. In addition, certain of its operating payables were also overdue, and that certain creditors of the Jinke Property Group had taken legal actions against the Jinke Property Group and its subsidiaries for the recovery of their outstanding debts.

It is also noted that in February 2024, Jinke Property submitted the bankruptcy reorganisation application to the Fifth Intermediate People’s Court of Chongqing, subsequently the court accepted the bankruptcy reorganisation application on 22 April 2024. According to the 2024 Jinke Property Interim Report, the Jinke Property Group is in the process of restructuring* (破產重整). For further details on the restructuring of the Jinke Property Group, please refer to the 2024 Jinke Property Interim Report[1] and other relevant information published by the Jinke Property Group[2] .

4.3 Summary of events and actions taken by the Company running up to the Debt Settlement Mandate

As advised by the Management, since the Default back in March 2023, the Company has requested the Jinke Property Group (for the avoidance of doubt, excluding the Group) to settle the relevant outstanding Receivables on several occasions without material success.

In view of the Default and that the results of the Company’s follow up actions had limited success, as set out in the 2023 Annual Report, the Company led a petition with Chongqing First Intermediate People’s Court on 10 May 2023 seeking repayment of the principal amount of the Loan and the accrued and unpaid interest, as well as seeking to exercise its rights to realise the charged assets pursuant to the Loan Agreement. After negotiation between the Company and Jinke Property under the auspices of Chongqing First Intermediate People’s Court, the Company and Jinke Property reached a consensus on mediation and entered into a mediation agreement in July 2023.

Subsequently on 29 March 2024, Chongqing First Intermediate People’s Court issued the Civil Mediation Letter (2023) Yu 01 Min Chu No. 415* (《民事調解書》(2023) 渝01民初415 號) (i.e. Mediation Letter), which confirms the Default and require the Jinke Property Group to repay the loan principal amount of RMB1,500 million and the corresponding interest.

1 2024 Jinke Property Interim Report ( source: www.cninfo.com.cn/new/disclosure/detail?orgId=gssz 0000656&announcementId=1219928657&announcementTime=2024-04-30 )

2 Announcement in relation to the progress of the restructuring of Jinke Property ( source: www.cninfo.com.cn/new/disclosure/detail?stockCode=000656&announcementId=1221331390&orgId=gssz00 00656&announcementTime=2024-10-08 )

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

As Jinke Property Group has failed to perform its repayment obligations on time in accordance with the Mediation Letter, the Company has subsequently applied to Chongqing First Intermediate People’s Court for judicial enforcement. For the purpose of facilitating judicial enforcement and settlement of the Receivables in a structured and orderly manner, whereby the Company shall receive the Auction Net Proceeds (defined hereafter) for the disposal of the Offset Assets through the Judicial Auction and acquire any Remained Offset Assets to offset the Receivables, the Company is now seeking the Independent Shareholders’ approval for the Debt Settlement Mandate. Given the time constraint under the 15 Days Time Limit, as further explained under the section headed “3. Reasons for and benefits of the Debt Settlement Mandate” in this letter and as set out in the Letter from the Board, and that the Debt Settlement Mandate, being an advanced mandate, will allow the Group to recover a large portion of Receivables from the Jinke Property Group after the Judicial Auction in a timely manner, and facilitate the Company to complete the administrative procedures (including the compliance with the Listing Rules) at an earlier stage, which in the Board’s opinion, will enable the Company to comply with the 15 Days Time Limit and thereby settle the debt as early as possible. On this basis, we concur with the Directors that the timing of the Debt Settlement Mandate is reasonable and in the interests of the Company and the Shareholders as a whole.

4.4 Our analysis on the mechanism under the Debt Settlement Mandate

Pursuant to the Letter from the Board, Jinke Property shall procure its members to cooperate with the Group to conduct Judicial Auction for the Offset Assets to settle the Receivables in accordance with the Mediation Letter. The proceeds from the Judicial Auction shall be used to repay the Receivables after deducting the relevant expenses (the “ Auction Net Proceeds ”). The Starting Price for the Judicial Auction should be agreed between the Company and Jinke Property which should be around the Appraised Value. Should any of the Offset Assets failed to be disposed of through the Judicial Auction (i.e. the Remained Offset Assets), the Company intends to acquire the Remained Offset Assets at a settlement price to be agreed with Jinke Property Group which shall be applied to offset the remaining Receivables on a dollar-to-dollar basis. Despite of the efforts made by the Group, Jinke Property has indicated that it will not enter into a definite written agreement with the Company for settlement of the Offset Assets as it is under the debt restructuring administration.

In this connection, the Board is seeking the Debt Settlement Mandate from the Independent Shareholders with a Maximum Settlement Price for acquiring any Remained Offset Assets to offset the Receivables. The Debt Settlement Mandate will be valid for one year commencing from date of obtaining approval from Independent Shareholders at the EGM. The Offset Assets were selected based on the criteria that (i) the Group has entered into charge arrangement over the Offset Assets; and (ii) the Offset Assets are under the management of the Group. The Maximum Settlement Price was determined after arm’s length negotiations between the Company and Jinke Property with reference to, among others, the appraised value of the Offset Assets by an Independent Valuer as at 30 September 2024. In the event that the Company and Jinke Property cannot reach a consensus on the Starting Price, the relevant PRC court will conduct a judicial valuation on the Offset Assets, the result of which shall be final and conclusive for the purpose of determining the Starting Price. Based on the understanding

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

of the Board, such judicial valuation price will usually not be higher than the Maximum Settlement Price. On this basis, the Groups shall receive the Auction Net Proceeds from the Judicial Auction and acquire the Remained Offset Assets, if any, to offset the Receivables.

(i) Information on the Offset Assets

The Offset Assets comprised of (i) 17,935 car parking spaces across 29 property development projects located various provinces/municipalities in the PRC, including Anhui Province, Chongqing City, Shandong Province, and Sichuan Province (the “ Car Parking Spaces ”); and (ii) six projects of commercial properties with a total GFA of 14,545.59 sq.m. in aggregate, located in Anhui Province, Hubei Province, Hunan Province, Sichuan Province and Yunnan Province in the PRC (the “ Commercial Units ”). According to the Valuation Report, the Offset Assets were vacant as at 30 September 2024 (the “ Valuation Date ”).

As set out in the Letter from the Board, the Offset Assets were principally seized by the court in favour of the charge of the Group. As at the Latest Practicable Date, there are only a small portion of the Offset Assets of approximately RMB74,536,056 involved in criminal or local government administrative investigation (i.e. the Encumbrance) which may affect the progress of the Judicial Auction. As advised by the PRC counsel, despite of the Encumbrance, as long as the Offset Assets were accepted by the court for Judicial Auction and subsequently settled by the Group (if it were not disposed of through the Judicial Auction), the Group would enjoy the full right to possess, dispose of or transfer the Offset Assets. Should there be any Offset Assets with Encumbrance that is not accepted by the court for Judicial Auction, the Group will not acquire such Offset Assets pursuant to the Debt Settlement Mandate. As a result, the Company is of the view that the valuer’s assumption that the Offset Assets is transferable without legal impediment is fair and reasonable for valuation purpose.

As the Offset Assets form part of the property projects developed by the Jinke Property Group, no original acquisition cost for the Offset Assets is available.

(ii) Our work performed in relation to the appraised value of the Offset Assets

The value of the Offset Assets, comprised of the Car Parking Spaces and the Commercial Units, as appraised by the Independent Valuer as at 30 September 2024 (the “ Appraised Value ”) amounted to RMB1,059,040,000. For the avoidance of doubt, the Appraised Value may or may not be equivalent to the aggregate value of Offset Assets to be acquired by the Group as only the Remained Offset Assets will be acquired by the Group.

In assessing the Appraised Value, we have reviewed and discussed with representative of the Independent Valuer, the methodology of, and basis of and assumptions adopted for, the Appraised Value of the Offset Assets as set out in the Valuation Report in Appendix III to the Circular.

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

We have discussed with the engagement team of the Independent Valuer as to their expertise, valuation experience, their scope of work and valuation procedures conducted in relation to the valuation of the Offset Assets. In relation to the expertise of the Independent Valuer, we noted that the signor of the Valuation Report, Mr. Vincent C B Pang is a charter holder of Chartered Financial Analyst, a member of Royal Institution of Chartered Surveyors (RICS) and a registered valuer of RICS, who has over ten years of experience in the professional valuation field. In relation to the scope of work, we noted from the engagement letter entered into between the Company and the Independent Valuer that the scope of work was appropriate for the Independent Valuer to form the opinion required to be given and there were no limitations on the scope of work which might adversely impact the degree of assurance given by the Independent Valuer in the Valuation Report. We also noted that the Independent Valuer reviewed the background information and other relevant data concerning the Offset Assets, reviewed the available documents, such as, where applicable, titles of the Offset Assets, the legal opinion regarding the Offset Assets as prepared by the PRC Legal Adviser as well as conducted physical inspections of the Offset Assets.

As part of our work performed, we have conducted independent market research on the unit price of the car parking spaces and/or unit price per square metre of commercial units under the 10 largest subject properties of the Offset Assets by valuation amount from the Valuation Report, through the testing of 30 samples in total (the “ Sampled Transactions ”), the aggregated valuation of the aforesaid 10 largest subject properties represented over 75% of the total Appraised Value of the Offset Assets. The 30 Sampled Transactions were selected on the basis that these transactions were related to the property(ies) in proximity to the said 10 largest subject properties and were conducted during the period from 1 October 2023, being 12 months immediately preceding the date of the announcement in relation to the Debt Settlement Mandate, to the Latest Practicable Date (the “ Sample Selection Criteria ”). Given these samples were selected based on the Sample Selection Criteria and that they would form part of our assessment on the reasonableness of the valuation of properties, which represent over 75% of the total Appraised Value of the Offset Assets, they are considered to be relevant and representative. We found that the unit price of the car parking spaces and/or unit price per square metre of commercial units, where relevant, is within the range of the relevant unit price identified from the market.

As for the adjustments applied by the Independent Valuer, it is noted that the adjustments applied were primarily to reflect the market condition that unit price changes as the floor level is further away from ground (i.e. unit price is less for (i) car parking spaces the further above/below ground level; and (ii) commercial units the further above/below ground level). In this connection, for Car Parking Spaces, we have considered (i) the eight pair of sample transactions (i.e. comprising of 16 transactions) of car parking spaces with different floors within eight properties used by the Independent Valuer (the “ Valuer Comparison ”); (ii) our comparison, based on six samples of the Sample Transactions (i.e. three pair of samples), conducted on the unit price of car parking spaces at different floors located at the same development (the “ IFA Comparison ”); (iii) the results support that the unit price of car parking spaces closer to ground is more expensive, thus the IFA Comparison is in line with the

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Valuer Comparison. As for Commercial Units, we have reviewed the publications[3] by PRC government authorities and a property valuation institution in relation to the adjustments for commercial properties with different floor levels. Based on the above work performance and analysis, we noted that the adjustments applied by the Independent Valuer is within range of the aforesaid data and/or information and therefore is considered to be reasonable.

As for the status of the Offset Assets, it is noted that there is a small portion of the Offset Assets with Encumbrance, the aggregated Appraised Value of which amounted to approximately RMB74.5 million. In light of the Default and pursuant to the applicable PRC law, Jinke Property shall procure its members to cooperate with the Group to conduct the Judicial Auction for the Offset Assets to settle the Receivables in accordance with the Mediation Letter. The Independent Valuer made no allowance in the valuation for any charges, mortgages or amounts owing on the properties when it assessed the appraised value of the Offset Assets. Given the Independent Valuer has been engaged to appraise the market value of the Offset Assets, and in the event that the Offset Assets with Encumbrance cannot be transacted under normal market conditions (i.e. the Offset Assets with Encumbrance is not accepted by the court for Judicial Auction), the Company will not purchase the subject Offset Assets and therefore no corresponding receivable amount would be offset.

On the other hand, as set out in the Letter from the Board, if the Offset Assets with Encumbrance are accepted by the court for Judicial Auction and that the Group would enjoy the full right to possess, dispose of or transfer the Offset Assets, the appraised value would represent the market value. Furthermore, we have discussed with and as confirmed by the Independent Valuer, with reference to the “RICS Valuation – Global Standards 2022” as published by the Royal Institution of Chartered Surveyors, it is reasonable for the Independent Valuer to make the said assumptions when appraising the subject Offset Assets under seized.

(iii) Basis of the Valuation

We noted from the Valuation Report that in valuing the Offset Assets, the Independent Valuer have complied with the requirements set out in Chapter 5 and Practice Note 12 of the Listing Rules, the RICS Valuation – Global Standards 2022 published by the Royal Institution of Chartered Surveyors and the International Valuation Standards published from time to time by the International Valuation Standards Council.

3 Publications by PRC government authorities ( source: ghzyj.gz.gov.cn/attachment/7/7529/7529269/ 9406828.pdf and www.sz.gov.cn/cn/xxgk/zfxxgj/zcfg/content/post_8967670.html ) and publication by Guoce Institution, being a property valuation institution ( source: www.guocedc.com/Industry/15295.html )

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

As the valuation is carried out on a market value basis, which is defined by the Royal Institution of Chartered Surveyors as:

“ the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion .”

The Appraised Value of the Offset Assets as set out in the Valuation Report would represent the market value of such assets.

(iv) Methodology of the Valuation

According to the Valuation Report and based on our discussion with the Independent Valuer for the methodologies, basis and assumptions adopted by the Independent Valuer, we understood that the Independent Valuer has considered three generally accepted methods, namely the cost approach, the income approach and the market approach in the Valuation.

The cost approach considers the cost to reproduce or replace in new condition the assets appraised in accordance with current market prices for similar assets, with allowance for accrued depreciation arising from condition, utility, age, wear and tear, or obsolescence (physical, functional or economical) present, taking into consideration past and present maintenance policy and rebuilding history.

The income approach provides an indication of value based on the principle that an informed buyer would pay no more than the present value of anticipated future economic benefits generated by the subject asset.

The market approach generally involves comparing recent market evidence of similar properties located in the neighborhood area of the subject properties. Adjustments are considered to reflect differences in various aspects including market conditions, size, location, time, age, quality, and any other relevant factors when comparing such sales against the subject properties. This approach is commonly used to value properties where reliable market evidence is available.

Having considered relevant factors and information available, the Independent Valuer adopted the market approach for the Valuation, by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject properties and the comparable properties. Given that the subject properties are car parking spaces and commercial properties, comparable sales transactions and information about such sales are generally available, the Independent Valuer considered that the adoption of the market approach is in line with the market practice.

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

(v) Our view

Based on our analysis and work performed, including the market research conducted by us as detailed under sub-section headed “(ii) Our work performed in relation to the appraised value of the Offset Assets”, we considered that the Appraised Value as set out in the Valuation Report derived by adopting the market approach is an appropriate valuation methodology as the subject properties are car parking spaces and commercial properties, and that market comparable sales transactions and information about such sales are generally available, and that the adoption of the market approach is in line with the market practice. In addition, the Appraised Value, which was compiled by the Independent Valuer in accordance with the relevant valuation standards, to be an appropriate reference point to assess the fair and reasonableness of the value of the Offset Assets under the Debt Settlement Mandate.

4.5 Possible financial effects of the Debt Settlement Mandate

(i) Income and earnings

As the transaction contemplated under the Debt Settlement Mandate is to facilitate judicial enforcement and settlement of the Receivables, thus is not considered to be conducted in the ordinary and usual course of business of the Group.

However, any subsequent lease income from the letting of the Remained Offset Assets and/or proceeds raised from the sale of the Remained Offset Assets will be recorded as lease income or other income of the Group. The Management advised that the estimated transaction costs related to the Debt Settlement Mandate, which mainly comprises of, among others, expenses and fees related to legal procedures, amounted to approximately RMB18.0 million and income arising from subsequent sales and/or lease of the Remained Offset Assets may give raise to income tax expenses.

Furthermore, in the event that the aggregate amount from (a) the proceeds from the sales of the Offset Assets under the Judicial Auction; and (b) the value of the Remained Offset Asset, is greater than the then latest carrying amount of the relevant loan receivable balance recorded on the consolidated financial statements of the Group, the write-back of the relevant loan receivable balance will have a one-off positive impact on the earnings of the Group.

(ii) Assets and liquidity

It is noted from the Management that, the proceeds from the sales of the Offset Assets under the Judicial Auction, net of any related expenses, will increase the cash and bank balance of the Group, while the loan receivable balance will be reduced.

As for the Remained Offset Assets, once acquired, they shall be classified as other assets of the Group and thus the Group’s other assets, which shall be recognised at the acquisition costs, would increase by the acquisition costs of the Remained Offset Assets. Correspondingly, the loan receivable balance will be reduced.

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LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Furthermore, lease income and/or sales proceeds from subsequent disposal(s), where applicable, of the Remained Offset Assets will also contribute positively towards the cash inflow of the Group.

It should be noted that the aforementioned analysis is for illustrative purposes only and do not purport to represent how the financial position and/or performance of the Group will be upon completion of the subject transactions.

VI. RECOMMENDATION

In formulating our recommendation to the Independent Board Committee and the Independent Shareholders, we have considered the above principal factors and reasons, in particular:

(i) the reasons for and benefits of entering into the Debt Settlement Mandate;
(ii) the prevailing situation faced by and the financial position of Jinke Property Group;
(iii) our analysis and work performed as set out under the section headed “4. Our analysis on the Debt Settlement Mandate”, including, the mechanism under the Debt Settlement Mandate and the valuation methodology used to determine the Appraised Value of the Offset Assets; and
(iv) the possible financial effects of the transaction contemplated under the Debt Settlement Mandate,

we consider that, although the transaction contemplated under the Debt Settlement Mandate is not conducted in the ordinary and usual course of business of the Group, the terms thereunder are on normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole.

Accordingly, we advise the Independent Board Committee to recommend, and we ourselves recommend, the Independent Shareholders to vote in favour of the relevant ordinary resolution to be proposed at the EGM to approve the Debt Settlement Mandate.

Yours faithfully, for and on behalf of Red Sun Capital Limited Lewis Lai Managing Director

Mr. Lewis Lai is a licensed person registered with the SFC and a responsible officer of Red Sun Capital Limited to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities under the SFO and has over 17 years of experience in the corporate finance industry.

* for identification purposes only

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GENERAL INFORMATION

APPENDIX I

1. RESPONSIBILITY STATEMENT

This circular, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this circular is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this circular misleading.

2. DISCLOSURE OF INTERESTS

(a) Directors’, Supervisors’ and the Chief Executives’ interests in the securities of the Company and its associated corporations

As at the Latest Practicable Date, save as disclosed below, none of the Directors, the Supervisors nor the chief executive of the Company had an interest or short position in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required (i) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO); or (ii) pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (iii) to be notified to the Company and Stock Exchange pursuant to the Model Code, were as follows:

(i) Interests in the shares of the Company

				Approximate
				Percentage of
				the Company’s
	Nature of	Class of	Number of	Issued Share
Name of Director	Interest	Shares	Shares(1)	Capital
Xia Shaofei (夏紹飛)	Beneficial owner	H shares	429,900 (L)	0.07%
Han Qiang (韓強)	Beneficial owner	H shares	257,200 (L)	0.04%
Yu Yong (余勇)	Beneficial owner	H shares	20,700 (L)	0.00%
Ren Wenjuan (任文娟)	Beneficial owner	H shares	10,300 (L)	0.00%

Note:

(1) The letter “L” denotes the person’s long position in the shares.

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GENERAL INFORMATION

APPENDIX I

Save as Mr. Xu Guofu who holds management positions in Chongqing Jinke Investment Holding (Group) Co., Ltd. (重慶市金科投資控股(集團)有限責任公司) and Mr. Shi Cheng who holds management positions in Jinke Property Group, none of the Directors is a director or employee of a company which has an interest in the Shares and underlying Shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO.

3. DIRECTORS’ AND SUPERVISORS’ INTEREST IN CONTRACTS AND ASSETS

As at the Latest Practicable Date:

(i) none of the Directors nor Supervisors had any interest, direct or indirect, in any assets which had been acquired or disposed of by, or leased to, any member of the Group or were proposed to be acquired or disposed of by, or leased to, any member of the Group since 31 December 2023, being the date to which the latest published audited consolidated financial statements of the Company were made up;
(ii) none of the Directors was materially interested, directly or indirectly, in any contract or arrangement subsisting as at the Latest Practicable Date which is significant in relation to the business of the Group; and
(iii) save for Mr. Xu Guofu and Mr. Shi Cheng, none of the other Directors is also an employee or director of any substantial shareholder of the Company.

4. DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS

As at the Latest Practicable Date, none of the Directors nor Supervisors had any existing or proposed service contracts with any member of the Group which is not expiring or determinable by such member of the Group within one year without payment of compensation (other than statutory compensation).

5. DIRECTORS’ AND SUPERVISORS’ INTERESTS IN COMPETING BUSINESSES

As at the Latest Practicable Date, none of the Directors nor Supervisors or their respective close associates had engaged or had any interest in any business which competes or is likely to compete, either directly or indirectly, with the businesses of the Group.

6. MATERIAL ADVERSE CHANGE

As at the Latest Practicable Date, the Directors were not aware of any material adverse change in the financial or trading position of the Group since 31 December 2023, being the date to which the latest audited financial statements of the Company were made up.

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GENERAL INFORMATION

APPENDIX I

7. LITIGATION

As at the Latest Practicable Date, no litigation or claim of material importance was known to the Directors to be pending or threatened against any member of the Group.

8. MATERIAL CONTRACTS

The following contracts have been entered into by members of the Group within two years preceding the date of this circular and each of which is or may be material:

(1) (a) investment agreement entered into among the Company, Mr. Xu Zheng (許崢) (the “ Founding Shareholder ”), Shanghai Hemu Enterprise Management Partnership (Limited partnership) (上海荷木企業管理合夥企業(有限合夥)) (“ Shanghai Hemu ”), Shanghai Hejin Enterprise Management Partnership (Limited partnership) (上海荷金企業管理合夥企業(有限合夥)) (“ Shanghai Hejin ”) and Shanghai Hotspot Catering Management Co., Ltd. (上海荷特寶餐飲管理有限公司) (“ Shanghai Hotspot Management ”) on 27 July 2023 in respect of acquisition, capital increase and put option in relation to Shanghai Hotspot Catering Service Co., Ltd. (上海荷特寶配餐服務有限公司) (“ Shanghai Hotpot ”); (b) four equity transfer agreements entered into between the Company and Mr. Du Jiangbo (杜江波), Ms. Pang Haizhen (龐海珍), Ms. Zheng Mian (鄭棉), Shanghai Jiachi Liyuan Venture Capital Partnership (Limited partnership) (上海加持力源創業投資合夥企業(有限合夥)) (collectively, the “ Stage 1 Leaving Shareholders ”) respectively on 27 July 2023 in respect of acquisition of Shanghai Hotpot; (c) the six equity transfer agreements entered into between the Company and Shanghai Anchi Chuangfu Investment Management Partnership (Limited Partnership) (上海安持創富投資管理合夥企業(有限合夥)), Ningbo Anchi Chuangsheng Investment Management Partnership (Limited Partnership) (寧波安持創盛投資管理合夥企業(有限合夥)), Fuzhou Yueying Venture Capital Partnership (Limited Partnership) (福州悅迎創業投資合夥企業(有限合夥)), Gongqingcheng Ningkang Investment Management Partnership (Limited Partnership) (共青城寧康投資管理合夥企業(有限合夥)), Gongqingcheng Suxiang Venture Capital Partnership (Limited partnership) (共青城蘇襄創業投資合夥企業(有限合夥)), Zhuhai Hengqin Hexiang Chuangying Investment Partnership (limited partnership) (珠海橫琴合享創盈投資合夥企業(有限合夥)) (collectively, the “ Stage 2 Leaving Shareholders* ”) respectively on 16 October 2023 in respect of acquisition of Shanghai Hotpot; as part of the investment arrangement of (a) acquisition of an aggregate of 7.0878% equity interest in the Shanghai Hotpot from Stage 1 Leaving Shareholders at an aggregate consideration of RMB17,719,500; (b) the acquisition of an aggregate of 30.552% equity interest in Shanghai Hotpot from Stage 2 Leaving Shareholders at an aggregate consideration of RMB114,791,018; (c) the acquisition of 20% equity interest in Shanghai Hotpot from the Founding Shareholder at a consideration of RMB50,000,000; and (d) a capital increase in the amount of RMB50,000,000 to subscribe for RMB3,079,100 new registered capital and RMB46,920,900 capital reserve of Shanghai Hotpot by the Company, details of which has been disclosed in the announcements of the Company dated 27 July 2023 and 16 October 2023; and
(2) the Previous Debt Settlement Agreement.

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GENERAL INFORMATION

APPENDIX I

9. EXPERT AND CONSENT

As at the Latest Practicable Date, each of the experts below has given and has not withdrawn its written consent to the issue of this circular with the inclusion of its letter and references to its name in the form and context in which it appears. The following expert’s statements were issued on the date of this circular and were made for incorporation or reference (as the case may be) in this circular.

The following is the qualification of the expert who has given its opinion or advice which is contained in this circular:

Name

Qualification

Red Sun Capital Limited

a licensed corporation to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activity under the SFO

AVISTA Valuation Advisory Limited independent valuer

As at the Latest Practicable Date, each of the experts above (i) does not have any shareholding in the Group or any right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for securities in the Group; and (ii) did not have any interest, direct or indirect, in any assets since 31 December 2023, being the date to which the latest published audited accounts of the Company were made up, have been acquired or disposed of by or leased to the Company, or are proposed to be acquired or disposed of by or leased to the Company.

10. MISCELLANEOUS

(a) The registered office of the Company in the PRC is No. 1 affiliated to 484 Panxi Road, Shima River Street, Jiangbei District, Chongqing, PRC;
(b) The Company’s Hong Kong H Share registrar and transfer office is Tricor Investor Services Limited, 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong;
(c) The joint company secretaries of the Company are Ms. Xu Yuanyuan and Mr. Lau Kwok Yin. Mr. Lau Kwok Yin is a vice president of SWCS Corporate Services Group (Hong Kong) Limited. He has over 14 years of experience in corporate secretarial services, finance and banking operations. He holds a bachelor of business administration degree in accounting and finance from The University of Hong Kong, and is a member of the Hong Kong Institute of Certified Public Accountants, a Chartered Financial Analyst charter holder and a fellow member of the Hong Kong Chartered Governance Institute and the Chartered Governance Institute;
(d) The English text of this circular shall prevail over their respective Chinese text for the purpose of interpretation.

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GENERAL INFORMATION

APPENDIX I

11. DOCUMENTS ON DISPLAY

Copies of the following documents will be published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.jinkeservice.com) from the date of this circular up to and including the date of the EGM (being not less than 14 days):

(a) the valuation report prepared by AVISTA Valuation Advisory Limited; and
(b) the written consent of the experts, which was referred to in the section headed “Expert and Consent” in this appendix.

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FINANCIAL INFORMATION

APPENDIX II

1. CONSOLIDATED FINANCIAL STATEMENTS

The financial information of the Group for the six months ended 30 June 2024 and each of the financial years ended 31 December 2023, 31 December 2022 and 31 December 2021 is disclosed in the following reports of the Company which have been published on both the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.jinkeservice.com). Quick links to such financial information are set out below:

interim report of the Company for the six months ended 30 June 2024 (Page 39 – 90) https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0927/2024092702289.pdf
annual report of the Company for the year ended 31 December 2023 (Page 105 – 222) (https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0429/2024042904557.pdf)
annual report of the Company for the year ended 31 December 2022 (Page 163 – 272) (https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0428/2023042803975.pdf)
annual report of the Company for the year ended 31 December 2021 (Page 147 – 247) (https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0429/2022042901250.pdf)

2. INDEBTEDNESS STATEMENT

As at the close of business on 31 October 2024, being the latest practicable date for the purpose of this indebtedness statement, the indebtedness of the Group was as follows:

Lease liabilities

The Group recognized lease liabilities in the amount of RMB106 million as at 31 October 2024, of which approximately RMB16 million were due within one year and approximately RMB90 million were due after one year.

Guarantees

The Group provided guarantees in the amount of RMB53 million as at 31 October 2024 for the performance in leasing business of joint ventures of the Group, which leased the entire office and commercial building from third-party property owners and used for subsequent sublease operation and property management.

Save as set out above, the Group did not have any outstanding indebtedness in respect of mortgages, charges, debentures or loan capital, bank overdrafts, loans, debt securities or other similar indebtedness, acceptance credits (other than trade bills in the ordinary and usual course of the business) or hire purchase commitments or any guarantees or other material contingent liabilities at the close of business on 31 October 2024.

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FINANCIAL INFORMATION

APPENDIX II

3. WORKING CAPITAL

Taking into account the Group’s internal resources, cash generated from operation and assuming the offsetting effect of the transaction contemplated under the Debt Settlement Mandate, the Directors are of the opinion that the Group will have sufficient working capital to meet its present requirements for the next twelve months from the date of this circular.

4. NO MATERIAL ADVERSE CHANGE

The Directors confirmed that there were no material adverse changes in the financial or trading position or prospects of the Group since 31 December 2023, being the date to which the latest audited consolidated financial statement of the Company were made up.

5. FINANCIAL AND TRADING PROSPECT OF THE GROUP

Since 2024, we aim to achieve steady growth, put emphasis on stability and seek progress while maintaining stability, and attach great importance to the Group’s healthy cash flow and the quality and efficiency of operation. Additionally, we will unswervingly implement the development strategy of “Service + Technology, Service + Ecosystem” and fully upgrade residential services into neighborhood property services. For corporate services, we will focus on public area services and logistics services and build the corporate logistics service system covering the full industrial chain of IFM. We will continue to strengthen the empowerment of “Service + Technology” to further enhance the service and management capability, optimize management cost and improve management efficiency. We will continue to build the synergy of “Service + Ecosystem” to seek a second source of profit growth.

Service capability is the cornerstone of our businesses, and quality is the guarantee for service capability. We will continue to center around customer satisfaction and diverse customer needs, iterating various service offerings, strengthening our ability to provide high-quality services in multiple formats, enhancing customer experience, and helping customers achieve asset preservation and appreciation. We will concentrate superior resources to target the broad existing market in key regions, and strengthen the construction of market expansion channels, to pursue high-quality, efficient scale growth. We will also continue to focus on advantageous areas, deeply cultivate core cities in Southwest China and along the Yangtze River, as well as promote development, reduce costs, and improve quality and efficiency with management density, so as to further consolidate our leading position in core markets.

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FINANCIAL INFORMATION

APPENDIX II

While focusing on our core business of space property management services, we have been committed to building an ecosystem of community value-added services to provide differentiated and warming community services and products catering to customers’ needs in diversified scenarios, such as food, accommodation, mobility, education, travelling and shopping, further enhancing property owner stickiness. We will targetedly adjust the operating strategies based on our advantages. Community value-added services will mainly be provided under the platform model to continuously improve the operating quality and efficiency. We will strive to enhance the asset operation capability, seize the opportunity of the rapid growth in demand for charging parking spaces brought by the popularization of new energy vehicles, and accelerate the disposal of the Group’s heavy assets through various sales model to enhance the operating cash flow position of the Group.

– 41 –

VALUATION REPORT

APPENDIX III

The following is the text of a letter, a summary of values and valuation certificates prepared for the purpose of incorporation in this circular received from AVISTA Valuation Advisory Limited, an independent valuer, in connection with its valuation as at 30 September 2024 of the property interests held by the Target Company.

==> picture [189 x 105] intentionally omitted <==

29 November 2024

The Board of Directors

Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司) 40th Floor, Dah Sing Financial Centre, No. 248 Queen’s Road East, Wan Chai, Hong Kong

Dear Sirs / Madams,

INSTRUCTIONS

In accordance with the instructions of Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司) (the "Company") and its subsidiaries (hereinafter together referred to as the "Group") for us to carry out the valuation of the property interests (the “Properties”) located in the People’s Republic of China (the "PRC") held by the Jinke Property Group Co., Ltd (金科地產集團股份有限公司) (the "Target Company") and its subsidiaries (hereinafter together referred to as the "Target Group"), we confirm that we have carried out inspection, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the market value of the Properties as at 30 September 2024 (the "Valuation Date").

BASIS OF VALUATION AND VALUATION STANDARDS

Our valuation is carried out on a market value basis, which is defined by the Royal Institution of Chartered Surveyors as "the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion".

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VALUATION REPORT

APPENDIX III

In valuing the Properties, we have complied with all the requirements set out in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited (the "Listing Rules"), the RICS Valuation – Global Standards 2022 published by the Royal Institution of Chartered Surveyors ("RICS") and the International Valuation Standards published from time to time by the International Valuation Standards Council.

VALUATION ASSUMPTIONS

Our valuation of the Properties excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of special value or costs of sale and purchase or offset for any associated taxes.

No allowance has been made in our report for any charges, mortgages or amounts owing on any of the Properties valued nor for any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the Properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their values.

In the course of our valuation of the Properties in the PRC, we have relied on the advice given by the Target Group and its legal advisor, being Beijing Dacheng Law Offices, LLP (北京大成律師事務所) (the "PRC Legal Advisor"), regarding the titles to the Properties.

In valuing the Properties, we have relied on a legal opinion regarding the Properties provided by the PRC Legal Adviser dated 22 November 2024 (the “PRC Legal Opinion”). Unless otherwise stated, the Target Group has legally obtained the land use rights of the Properties.

No environmental impact study has been ordered or made. Full compliance with applicable national, provincial and local environmental regulations and laws is assumed.

VALUATION METHODOLOGY

The Properties have been valued by market approach, which generally involves comparing recent market evidence of similar properties located in the neighborhood area of the subject properties. Adjustments are considered to reflect differences in various aspects including market conditions, size, location, time, age, quality, and any other relevant factors when comparing such sales against the subject properties. This approach is commonly used to value properties where reliable market evidence is available.

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VALUATION REPORT

APPENDIX III

TITLE INVESTIGATION

We have been provided with copies of documents in relation to the title of the Properties in the PRC. Where possible, we have examined the original documents to verify the existing title to the Properties in the PRC and any material encumbrance that might be attached to the Properties or any tenancy amendment. All documents have been used for reference only and all dimensions, measurements and areas are approximate. In the course of our valuation, we have relied considerably on the PRC Legal Opinion given by the PRC Legal Adviser, concerning the validity of the title of the Properties in the PRC.

SITE INVESTIGATION

We have inspected the exteriors and, where possible, the interior of the subject properties. The site inspection was carried out between 14 August 2024 and 16 August 2024 by Arya Lin (Senior Analyst) and Josh Chow (Analyst). They have more than 3 years of experience in valuation of properties in the PRC.

In the course of our inspection, we did not note any serious defects. However, we have not carried out an investigation on site to determine the suitability of ground conditions and services for any development thereon, nor have we conducted structural surveys to ascertain whether the subject properties are free of rot, infestation, or any other structural defects. Additionally, no tests have been carried out on any of the utility services. Our valuation has been prepared on the assumption that these aspects are satisfactory. We have further assumed that there is no significant pollution or contamination in the locality which may affect any future developments.

SOURCE OF INFORMATION

Unless otherwise stated, we shall rely to a considerable extent on the information provided to us by the Target Group or the PRC Legal Adviser or other professional advisers on such matters as statutory notices, planning approvals, zoning, easements, tenures, completion date of buildings, development proposal, identification of the properties, particulars of occupation, site areas, floor areas, matters relating to tenure, tenancies and all other relevant matters.

We have had no reason to doubt the truth and accuracy of the information provided to us by the Target Group. We have also sought confirmation from the Target Group that no material facts have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view and we have no reason to suspect that any material information has been withheld.

We have not carried out detailed measurements to verify the correctness of the areas in respect of the properties but have assumed that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been taken.

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VALUATION REPORT

APPENDIX III

LIMITING CONDITION

Wherever the content of this report is extracted and translated from the relevant documents supplied in Chinese context and there are discrepancies in wordings, those parts of the original documents will take prevalent.

CURRENCY

Unless otherwise stated, all monetary amounts stated in this report are in Renminbi (RMB).

Our valuations are summarized below, and the valuation certificates are attached.

Yours faithfully, For and on behalf of AVISTA Valuation Advisory Limited Vincent C B Pang MRICS CFA FCPA FCPA Australia RICS Registered Valuer Managing Partner

Note: Mr. Vincent C B Pang is a member of Royal Institution of Chartered Surveyors (RICS) and a registered valuer of RICS. He has over 10 years’ experience in valuation of properties including Hong Kong, the PRC, the U.S., and East and Southeast Asia.

– 45 –

VALUATION REPORT

APPENDIX III

SUMMARY OF VALUES

				Market value
		Market value		Attributable to
		in existing		the
		state	Interest	Target Company
		as at	Attributable	as at
		30 September	to the	30 September
No.	Property	2024	Target Company	2024
		RMB		RMB
1.	319 car parking spaces and 39 retail units	25,000,000	100%	25,000,000
	located at Neijiang Gongyuan Wangfu, No.
	888 Daqian Road, Dongxing District, Neijiang
	City, Sichuan Province, the PRC
	(中國四川省內江市東興區西林街道大千路888 號
	內江公園王府的319 個車位以及39 個商業物業)
2.	10 retail units located at Chenzhou Jinke City,	9,990,000	100%	9,990,000
	No. 800 Chenzhou Avenue, Suxian District,
	Chenzhou City, Hunan Province, the PRC
	(中國湖南省郴州市蘇仙區郴州大道800號郴州金
	科城的10 個商業物業)
3.	92 car parking spaces located at Jinan	2,510,000	100%	2,510,000
	Lanshan Mansion, East Gongshanghe Road,
	Tianqiao District, Jinan City, Shandong
	Province, the PRC
	(中國山東省濟南市天橋區東工商河路濟南瀾山公
	館的92 個車位)
4.	2,239 car parking spaces located at Caijia	117,160,000	100%	117,160,000
	Jinke City, Nos. 2, 6 and 8 Jiajing Avenue, No.
	66 Changping Road and No. 5188 Tongkang
	Road, Caijiagang Town, Beibei District,
	Chongqing City, the PRC
	(中國重慶市北碚區蔡家崗鎮嘉景大道2、6、8
	號、長平路66 號及同康路5188 號蔡家金科城
	2,239 個車位)
5.	3,525 car parking spaces located at Caijia	178,550,000	100%	178,550,000
	Jimei Jiayue, Nos. 77 and 139 Shuanghuabei
	Road and No. 13 Jiarui Avenue, Beibei District,
	Chongqing City, the PRC
	(中國重慶市北碚區蔡家崗街道雙華北路77 及
	139 號及嘉瑞大道13 號蔡家集美嘉悦的3,525 個
	車位)
6.	157 car parking spaces located at Jinke	6,790,000	100%	6,790,000
	Meichen, No. 1120 Hualin Road, Nanquan
	Street, Banan District, Chongqing City, the
	PRC
	(中國重慶市巴南區南泉街道華林路1120 號金科
	美辰的157 個車位)

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VALUATION REPORT

APPENDIX III

7.	1,225 car parking spaces located at Xiyong	55,420,000	100%	55,420,000
	Tianchen, Nos. 39 and 101 Yongnian Road
	and Nos. 30-31 Xisheng Road, Shapingba
	District, Chongqing City, the PRC
	(中國重慶市沙坪垻區永年路39、101 號及西盛
	路30 至31 號西永天宸1,225 個車位)
8.	1,423 car parking spaces located at Xiyong	61,860,000	100%	61,860,000
	Tianchen, Nos. 105-107 Yongxiang Road and
	Nos. 35 and 41 Xisheng Road, Shapingba
	District, Chongqing City, the PRC
	(中國重慶市沙坪垻區永祥路105 至107 號及西
	盛路35、41 號西永天宸1,423 個車位)
9.	941 car parking spaces located at Tianyuan	65,740,000	100%	65,740,000
	Dao, Nos. 9-10 Cizhu Road, No. 2 Banzhu Road
	and No. 33 Nanzhu Road Yubei District,
	Chongqing City, the PRC
	(中國重慶市渝北區慈竹路9 至10 號、斑竹路2
	號及楠竹路33 號天元道的941 個車位)
10.	1,398 car parking spaces located at Tianyuan	101,170,000	100%	101,170,000
	Dao, Nos. 8-9 Longdang Road, Yubei District,
	Chongqing City, the PRC
	(中國重慶市渝北區龍氹路8 至9 號天元道的
	1,398 個車位)
11.	A basement located at Jinke Zhonghuafang,	8,120,000	100%	8,120,000
	No. 225-287 Shuangning Road, Renhe Town,
	Yubei District, Chongqing City, the PRC
	(中國重慶市渝北區人和鎮雙寧路225 至287 號
	金科中華坊的一個地下室)
12.	239 car parking spaces located at Jinke	18,450,000	100%	18,450,000
	Jiuquhe, Nos. 188 and 191 Boxi Road, Yubei
	District, Chongqing City, the PRC
	(中國重慶市渝北區柏溪路188 及191 號金科九
	曲河的239 個車位)
13.	341 car parking spaces located at Fuling Jinke	20,650,000	100%	20,650,000
	Tianchen, No. 93 Hongsheng Avenue, Fuling
	District, Chongqing City, the PRC
	(中國重慶市涪陵區宏聲大道93 號涪陵金科天宸
	的341 個車位)
14.	1,668 car parking spaces located at Fuling	89,950,000	100%	89,950,000
	Zhongyang Gongyuancheng, No. 2 Juxian
	Avenue, Fuling District, Chongqing City, the
	PRC
	(中國重慶市涪陵區聚賢大道2 号涪陵中央公園城
	的1,668 個車位)

– 47 –

VALUATION REPORT

APPENDIX III

15.	52 retail units located at Zaoyang Jimei	44,730,000	100%	44,730,000
	Tianchen, No. 186 Zhongxing Avenue,
	Zaoyang City, Xiangyang City, Hubei Province,
	the PRC
	(中國湖北省襄陽市棗陽市中興大道186 號棗陽集
	美天宸的52 個商業物業)
16.	22 retail units located at Jimei Yuxi Xingchen,	10,450,000	100%	10,450,000
	No. 2 Youyi Road, Hongta District, Yuxi City,
	Yunnan Province, the PRC
	(中國雲南省玉溪市紅塔區友誼路2 號集美玉溪-
	星辰的22 個商業物業)
17.	2 car parking spaces located at Wanzhou	70,000	100%	70,000
	Guantianxia, No. 333 Jinshi North Road,
	Wanzhou District, Chongqing City, the PRC
	(中國重慶市萬州區金石北路333 號萬州觀天下的
	2 個車位)
18.	266 car parking spaces located at Dazu	8,150,000	100%	8,150,000
	Zhongyang Gongyuancheng, No. 80 Shengji
	North Road, Dazu District, Chongqing City,
	the PRC
	(中國重慶市大足區聖迹北路80 號大足中央公園
	城的266 個車位)
19.	426 car parking spaces located at Dazu Jimei	14,090,000	100%	14,090,000
	Jiangshan, No. 169 Qingmingqiao Road, Dazu
	District, Chongqing City, the PRC
	(中國重慶市大足區清明橋路169 號大足集美江山
	的426 個車位)
20.	157 car parking spaces located at Fuling	9,730,000	100%	9,730,000
	Bocuifu, No. 99 Hongsheng Avenue, Fuling
	District, Chongqing City, the PRC
	(中國重慶市涪陵區宏聲大道99 號涪陵博翠府的
	157 個車位)
21.	94 car parking spaces located at Suining Jimei	2,750,000	100%	2,750,000
	Jiayue, No. 233 Dongping North Road,
	Chuanshan District, Suining City, Sichuan
	Province, the PRC
	(中國四川省遂寧市船山區東平北路233 號遂寧集
	美嘉悅的94 個車位)
22.	504 car parking spaces and 6 retail units	29,200,000	100%	29,200,000
	located at Haiyue Dongfang, No. 6
	Zhangshan Road, Yaohai District, Hefei City,
	Anhui Province, the PRC
	(中國安徽省合肥市瑤海區障山路6 號海悦東方的
	504 個車位以及6 個商業物業)

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VALUATION REPORT

APPENDIX III

23.	434 car parking spaces and 13 retail units	61,100,000	100%	61,100,000
	located at Hefei Tianchen Huayuan, No. 116
	Beijing Road, Baohe District, Hefei City,
	Anhui Province, the PRC
	(中國安徽省合肥市包河區北京路116 號合肥天宸
	花園的434 個車位以及13 個商業物業)
24.	192 car parking spaces located at Wuhou	22,270,000	100%	22,270,000
	Bocui Mansion, No. 51 Wanhong Road,
	Wuhou District, Chengdu City, Sichuan
	Province, the PRC
	(中國四川省成都市武侯區萬虹路51 號武侯博翠
	府的192 個車位)
25.	176 car parking spaces located at Jinyue	15,740,000	100%	15,740,000
	Garden, No. 192 Wuhe Road, Luyang District,
	Hefei City, Anhui Province, the PRC
	(中國安徽省合肥市廬陽區五河路192 號金樾花園
	的176 個車位)
26.	103 car parking spaces located at Liuzhou	3,040,000	100%	3,040,000
	Jinke Xingchen, No. 17 Hangying Avenue,
	Liunan District, Liuzhou City, Guangxi Zhuang
	Autonomous Region, the PRC
	(中國廣西壯族自治區柳州市柳南區航鷹大道17
	號柳州金科星辰的103 個車位)
27.	21 car parking spaces located at Liuzhou Jimei	630,000	72.9%	460,000
	Tianyue, No. 86 Ruilong Road, Liunan District,
	Liuzhou City, Guangxi Zhuang Autonomous
	Region, the PRC
	(中國廣西壯族自治區柳州市柳南區瑞龍路86 號
	柳州集美天悅的21 個車位)
28.	323 car parking spaces located at Qixia Bocui	29,950,000	100%	29,950,000
	Garden, No. 26 Yanchun Road, Qixia District,
	Nanjing City, Jiangsu Province, the PRC
	(中國江蘇省南京市栖霞區燕春路26 號栖霞博翠
	花園的323 個車位)
29.	115 car parking spaces located at Wushan	3,920,000	100%	3,920,000
	Jinke City, No. 588, Ping'an Road, Wushan
	County, Chongqing City, the PRC
	(中國重慶市巫山縣平安路588 號巫山金科城的
	115 個車位)
30.	379 car parking spaces located at Nanchuan	11,520,000	100%	11,520,000
	World City Jinyu, No. 6 Jinlong Road,
	Nanchuan District, Chongqing City, the PRC
	(中國重慶市南川區金龍路6 號南川世界城金裕的
	379 個車位)

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VALUATION REPORT

APPENDIX III

31.
817 car parking spaces located at Nanchuan
World City Jinruhe, No. 12 Laiyou Road and
No. 22, Wenti Road, Nanchuan District,
Chongqing City, the PRC
(中國重慶市南川區來游路12 號和文體路22 號南
川世界城金如和的817 個車位)
32.
233 car parking spaces located at Jinke Caifu
Zhongxin, No. 51 Section 1 of Kaizhou East
Avenue, Kaizhou District, Chongqing City, the
PRC
(中國重慶市開州區開州大道東一段51 號金科財
富中心的233 個車位)
33.
2 car parking spaces located at Weila
Zhuangyuan, No. 9 Nanxi Street, Kaizhou
District, Chongqing City, the PRC
(中國重慶市開州區南熙街9 號維拉莊園的2 個車
位)
34.
1 car parking space located at Yuehu
Mingmen, No. 2 Nongxie Road, Kaizhou
District, Chongqing City, the PRC
(中國重慶市開州區農協路2 號悅湖名門的1 個車
位)
35.
1 car parking space located at Yunxitai, No.
46 Ziping Road, Kaizhou District, Chongqing
City, the PRC
(中國重慶市開州區子坪路46 號雲璽台的1 個車
位)
Grand-total:

25,590,000
100%
25,590,000
4,670,000
100%
4,670,000

40,000
100%
40,000
20,000
100%
20,000
20,000
100%
20,000

1,059,040,000
1,058,870,000

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Property interests held for sale by the Target Company in the PRC

Market value
in existing state as at
Particulars of 30 September
No. Property Description and tenure occupancy 2024 RMB
1. 319 car parking The property comprises 319 car parking The property was 25,000,000 spaces and 39 spaces and 39 retail units with a total gross vacant as at the retail units floor area of approximately 2,216.28 sq.m. Valuation Date. (100% interest located at within a residential development, namely attributable to Neijiang Neijiang Gongyuan Wangfu (the the Target Gongyuan “Development”). Company: Wangfu, No. 25,000,000) 888 Daqian The property was held for sale as at the Road, Valuation Date. Dongxing District, As advised by the Target Group, the Neijiang City, Development was completed in 2016. Sichuan Province, the The Development is located at the Daqian PRC Road in Dongxing District of Neijiang City, with approximately 3.5 km to Neijiang North
(中國四川省內江 Station and 103.8 km to Luzhou Yunlong Airport.
市東興區西林街道大千路888 號 The land use rights of the property have 內江公園王府的 been granted for terms expiring on 2 March 2067 for residential use and on 6 August
319 個車位以及 2053 for commercial use. 39 個商業物業)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-13 to B1-14, B1-17, B1-19 to B1-21, B1-23, B1-26, B1-31 to B1-32, B1-34, B1-43 to B1-44, B1-46, B1-54 to B1-56, B1-99, B1-184, B1-241 to B1-242, B1-248, B1-268, B1-275 to B1-

– 51 –

VALUATION REPORT

APPENDIX III

280, B1-318 to B1-319, B1-497, B1-503 to B1-504, B1-518, B1-524, B1-542, B1-561 to B1-562, B1-565 to B1-566, B1-572, B1-575, B1-577 to B1-579, B1-663, B1-726, B1-760 to B1-761, B1-763, B1-768 to B1-769, B1-771 to B1-772, B1-775 to B1-776, B1-779, B1-783, B1-786, B1-797 to B1-800, B1-803 to B1-804, B1807, B1-815, B1-822, B1-824, B1-832, B1-837 to B1-838, B1-842, B1-864 to B1-865, B1-868, B1-876 to B1879, B1-881 to B1-882, B1-920, B1-926 to B1-927, B1-932 to B1-933, B1-944 to B1-945, B1-951, B1-962 to B1-963, B1-965, B1-967, B1-978 to B1-979, B1-985, B1-988 to B1-990, B1-992, B2-2, B2-10, B2-26, B228, B2-34, B2-36, B2-43 to B2-47, B2-51, B2-54 to B2-55, B2-57 to B2-58, B2-60, B2-70, B2-72, B2-79, B283 to B2-85, B2-148, B2-236, B2-286, B2-289 to B2-290, B2-294, B2-302, B2-305 to B2-306, B2-309 to B2310, B2-321, B2-340, B2-346, B2-348 to B2-350, B2-533, B2-539 to B2-540, B2-545, B2-547, B2-549, B2554, B2-562, B2-564, B2-566, B2-574 to B2-575, B2-578, B2-584, B2-589, B2-591, B2-593 to B2-594, B2601, B2-606, B2-608, B2-613, B2-616, B2-618, B2-622, B2-627, B2-634, B2-647, B2-651 to B2-652, B2-695, B2-724, B2-729 to B2-730, B2-733, B2-741 to B2-742, B2-744, B2-747 to B2-748, B2-750, B2-753 to B2754, B2-759 to B2-760, B2-769 to B2-776, B2-781 to B2-782, B2-794 to B2-795, B2-830 to B2-837, B2-840 to B2-842, B2-845 to B2-847, B2-849 to B2-850, B2-852 to B2-854, B2-857 to B2-859, B2-861, B2-863, B2869 to B2-871, B2-874 to B2-875, B2-878 to B2-879, B2-881 to B2-883, B2-886, B2-889 to B2-892, B2-894, B2-898 to B2-900, B2-902, B2-904, B2-906 to B2-910, B2-912, B2-914 to B2-916, B2-927, B2-946 to B2947, B2-960 to B2-961, B2-977, B2-994 to B2-995, B2-1007 to B2-1009, B2-1014 to B2-1015, B2-1019, B21021, B2-1026 to B2-1027, B2-1031 to B2-1033, B2-1037 to B2-1039, B2-1041 to B2-1044, B2-1046 to B21050, B2-1052 to B2-1058, B2-1060 to B2-1073, B2-1075 to B2-1080, B2-1084 to B2-1088, B2-1090 and B2-1092 located at Neijiang Gongyuan Wangfu, No. 888 Daqian Road, Xilin Street, Dongxing District, Neijiang City, Sichuan Province, the PRC

Retail Units - Units 1-119 to 120 of Block B4, Units 306-307, 311-312 and 316-318 of Block B7, Units 203 and 206-207 of Block B8, Units 205, 209 and 213-214 of Block B9, Units 401-402 and 409-419 of Block 11 and Units 402-410 and 416 of Block 12 located at Neijiang Gongyuan Wangfu, No. 888 Daqian Road, Xilin Street, Dongxing District, Neijiang City, Sichuan Province, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Neijiang Municipal Real Estate Registration Center ( 內江市不動產登記中心), the building ownership of the property have been vested in Neijiang Jinke Hongjun Real Estate Development Co., Ltd. (內江金科弘峻房地產開發有限公司, "Neijiang Jinke Hongjun") with the details as follows:

No. Certificate No.

Building Usage

1 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076846 Commercial 2 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076845 Commercial 3 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076844 Commercial 4 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076843 Commercial 5 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076842 Commercial 6 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076841 Commercial 7 Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No. 0076840 Commercial

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VALUATION REPORT

APPENDIX III

8	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0076839	Commercial
9	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0076816	Commercial
10	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0076810	Commercial
11	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077260	Commercial
12	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077249	Commercial
13	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077242	Commercial
14	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077259	Commercial
15	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077258	Commercial
16	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077257	Commercial
17	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077256	Commercial
18	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077255	Commercial
19	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077254	Commercial
20	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077253	Commercial
21	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077252	Commercial
22	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077251	Commercial
23	Chuan (2018) Nei Jiang Shi Bu Dong Chan Quan Di No.	0077250	Commercial
24	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028907	Commercial
25	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028906	Commercial
26	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028918	Commercial
27	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028917	Commercial
28	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028913	Commercial
29	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028912	Commercial
30	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0028911	Commercial
31	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027889	Commercial
32	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027882	Commercial
33	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027879	Commercial
34	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027870	Commercial
35	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027858	Commercial
36	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027816	Commercial
37	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0027815	Commercial
38	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0031806	Commercial
39	Chuan (2022) Nei Jiang Shi Bu Dong Chan Quan Di No.	0031808	Commercial
40	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0018442	Car Parking Space
41	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0018432	Car Parking Space
42	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0018479	Car Parking Space
43	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0021090	Car Parking Space
44	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0021078	Car Parking Space
45	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0021037	Car Parking Space
46	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020959	Car Parking Space
47	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020896	Car Parking Space
48	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020765	Car Parking Space
49	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020739	Car Parking Space
50	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020702	Car Parking Space
51	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020940	Car Parking Space
52	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020914	Car Parking Space
53	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020877	Car Parking Space
54	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020720	Car Parking Space
55	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020694	Car Parking Space
56	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0020668	Car Parking Space
57	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019342	Car Parking Space
58	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0018463	Car Parking Space

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VALUATION REPORT

APPENDIX III

59 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020931 60 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020930 61 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020924 62 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020887 63 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020864 64 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020863 65 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020862 66 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020861 67 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020860 68 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020858 69 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020741 70 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020740 71 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020797 72 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020789 73 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020788 74 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020773 75 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020752 76 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020717 77 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020666 78 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020665 79 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020662 80 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020661 81 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020654 82 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020636 83 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020634 84 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020633 85 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020632 86 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019599 87 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019469 88 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019391 89 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019390 90 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019388 91 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019383 92 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019382 93 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019364 94 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019363 95 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019360 96 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019359 97 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019356 98 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019351 99 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019333 100 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019321 101 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019805 102 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019804 103 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019801 104 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019798 105 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019797 106 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019794 107 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019770 108 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019762 109 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019745

Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space

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VALUATION REPORT

APPENDIX III

110 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019736 111 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019731 112 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019715 113 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019710 114 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019658 115 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019627 116 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019624 117 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019615 118 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019614 119 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019613 120 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019585 121 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019582 122 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019581 123 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019493 124 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019487 125 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019486 126 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019465 127 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019464 128 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019437 129 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019436 130 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019429 131 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019402 132 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019401 133 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019399 134 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019397 135 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019370 136 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019369 137 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019347 138 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019344 139 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019343 140 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019341 141 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019339 142 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019117 143 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019316 144 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019250 145 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020493 146 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020426 147 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020604 148 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020526 149 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020515 150 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020504 151 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020015 152 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020204 153 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020159 154 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020126 155 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020115 156 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020093 157 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020082 158 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020059 159 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020342 160 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020320

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APPENDIX III

161 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020243 162 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019882 163 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019871 164 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019860 165 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019174 166 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019276 167 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020486 168 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020483 169 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020481 170 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020477 171 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020467 172 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020464 173 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020463 174 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020460 175 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020458 176 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020446 177 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020425 178 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020419 179 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020417 180 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020616 181 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020614 182 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020133 183 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020127 184 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020125 185 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020120 186 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020118 187 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020116 188 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020110 189 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020101 190 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020099 191 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020097 192 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020088 193 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020087 194 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020084 195 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020077 196 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020072 197 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020069 198 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020067 199 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020066 200 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020057 201 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020052 202 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020050 203 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020044 204 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020041 205 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020039 206 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020034 207 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020029 208 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020018 209 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020401 210 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020396 211 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020395

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APPENDIX III

212 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020348 213 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020315 214 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020310 215 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020308 216 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020305 217 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020296 218 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020295 219 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020293 220 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020290 221 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020289 222 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020286 223 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020283 224 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020282 225 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020277 226 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020275 227 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020266 228 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020264 229 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020263 230 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020262 231 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020261 232 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020260 233 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020259 234 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020258 235 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020252 236 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020251 237 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020238 238 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020237 239 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019881 240 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019880 241 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019879 242 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019878 243 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019877 244 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019876 245 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019875 246 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019874 247 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019870 248 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019869 249 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019868 250 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019865 251 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019864 252 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019863 253 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019861 254 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019859 255 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019857 256 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019856 257 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019855 258 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019852 259 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019851 260 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019850 261 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019847 262 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019845

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VALUATION REPORT

APPENDIX III

263 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019839 264 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019837 265 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019836 266 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019833 267 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019832 268 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019829 269 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019828 270 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019825 271 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019824 272 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019823 273 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019820 274 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019817 275 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019815 276 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019814 277 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019813 278 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019811 279 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020007 280 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020006 281 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020003 282 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0020001 283 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019999 284 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019997 285 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019996 286 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019995 287 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019994 288 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019992 289 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019990 290 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019988 291 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019987 292 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019986 293 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019974 294 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019953 295 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019952 296 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019937 297 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019936 298 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019919 299 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019900 300 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019899 301 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019307 302 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019306 303 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019790 304 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019784 305 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019783 306 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019779 307 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019776 308 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019756 309 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019755 310 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019750 311 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019749 312 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019748 313 Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No. 0019729

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VALUATION REPORT

APPENDIX III

314	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019728	Car Parking Space
315	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019727	Car Parking Space
316	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019724	Car Parking Space
317	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019723	Car Parking Space
318	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019722	Car Parking Space
319	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019721	Car Parking Space
320	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019719	Car Parking Space
321	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019718	Car Parking Space
322	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019717	Car Parking Space
323	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019716	Car Parking Space
324	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019699	Car Parking Space
325	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019697	Car Parking Space
326	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019696	Car Parking Space
327	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019695	Car Parking Space
328	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019694	Car Parking Space
329	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019693	Car Parking Space
330	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019692	Car Parking Space
331	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019691	Car Parking Space
332	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019688	Car Parking Space
333	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019687	Car Parking Space
334	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019686	Car Parking Space
335	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019657	Car Parking Space
336	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019656	Car Parking Space
337	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019655	Car Parking Space
338	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019654	Car Parking Space
339	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019653	Car Parking Space
340	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019652	Car Parking Space
341	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019651	Car Parking Space
342	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019649	Car Parking Space
343	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019648	Car Parking Space
344	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019647	Car Parking Space
345	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019646	Car Parking Space
346	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019644	Car Parking Space
347	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019643	Car Parking Space
348	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019612	Car Parking Space
349	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019611	Car Parking Space
350	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019610	Car Parking Space
351	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019608	Car Parking Space
352	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019604	Car Parking Space
353	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019603	Car Parking Space
354	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019602	Car Parking Space
355	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019601	Car Parking Space
356	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019229	Car Parking Space
357	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019226	Car Parking Space
358	Chuan (2019) Nei Jiang Shi Bu Dong Chan Quan Di No.	0019224	Car Parking Space

As confirmed by the Target Group and the PRC Legal Advisor, Real Estate Registration Result Inquiry Receipts for Land Use Rights are currently unavailable. The PRC Legal Advisor is unable to disclose any encumbrances related to the land use rights. For opinions on the land use rights provided by the PRC Legal Advisor, please refer to Note 4(a).

– 59 –

VALUATION REPORT

APPENDIX III

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Neiliang jinke Hongjun is the owner of the land use rights and the building ownership of the property. Neijiang Jinke Hongjun has the right to freely occupy, use, lease, or dispose of the building ownership of the property. However, during the validity period of the pledges and seizures, Neijiang Jinke Hongjun is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by Neijiang City Dongxing District People’s Court (內江市東興區人民法院) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the tables of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

Location: Transactions or listings that were located in the same or nearby municipal districts as defined by the government Type of Property: Transactions or listings that shared the same type of usage with the subject property

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VALUATION REPORT

APPENDIX III

To consider the differences between the subject property and adopted comparables, adjustments were applied to the unit rates of the adopted comparables, which were the transaction prices or listing prices divided by gross floor area in square meters for retail units or divided by number of car parking spaces for car parking spaces, for calculating the adjusted unit rates for each of the adopted comparables. The adopted unit rates were the means of the corresponding adjusted unit rates.

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Size: Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables.

Floor: Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa. Negotiation Negotiation discount adjustment is applicable to listing comparables as the listing Discount prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

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VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 2/F:

Comparable 1 Comparable 2 Comparable 3 Address Daqian Road, Daqian Road, Wuxing Road, Dongxing District, Dongxing District, Dongxing District, Neijiang City Neijiang City Neijiang City Usage Retail Retail Retail Type Listing Listing Listing Transaction Date N/A N/A N/A Gross Floor Area 105.00 60.00 166.00 (sq.m.) Floor Level 1/F 2/F 2/F Amount 900,000 320,000 1,100,000 (RMB) Unit Rate 8,571 5,333 6,627 (RMB/sq.m.) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Downward Nil adjustment Nil adjustment adjustment Negotiation Discount Downward Downward Downward adjustment adjustment adjustment Total Adjustment -52.5% -5.0% -5.0% Adjusted Unit Rate 4,071 5,067 6,295

Total Adjustment Adjusted Unit Rate (RMB/sq.m.)

Adopted Unit Rate 5,144 (RMB/sq.m.) The subject property - 2,216.28 Gross Floor Area of Retail Units (sq.m.) Market Value of the 11,400,000 Retail Units (RMB)

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VALUATION REPORT

APPENDIX III

With regard to car parking spaces located at B1/F and B2/F:

Comparable 1 Comparable 2 Comparable 3 Address Daqian Road, Han'an Avenue, Wanda Langui Dongxing District, Dongxing District, Avenue, Dongxing Neijiang City Neijiang City District, Neijiang City Usage Car Parking Space Car Parking Space Car Parking Space Type Listing Listing Listing Transaction Date N/A N/A N/A No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 62,800 48,000 45,000 (RMB) Unit Rate 62,800 48,000 45,000 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for B2/F adjustment for B2/F adjustment for B2/F Negotiation Discount Downward Downward Downward adjustment adjustment adjustment Total Adjustment -5.0% for B1/F; -5.0% for B1/F; -5.0% for B1/F; -24.0% for B2/F -24.0% for B2/F -24.0% for B2/F Adjusted Unit Rate 59,660 for B1/F; 45,600 for B1/F; 42,750 for B1/F; (RMB/car parking 47,728 for B2/F 36,480 for B2/F 34,200 for B2/F

Adjusted Unit Rate (RMB/car parking space)

Adopted Unit Rate 49,337 for B1/F; (RMB/car parking 39,469 for B2/F space) The subject property - 319 No. of Car Parking Spaces Market Value of the 13,600,000 Car Parking Spaces

(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value in existing state as at Particulars of 30 September No. Property Description and tenure occupancy 2024 RMB 2. 10 retail units The property comprises 10 retail units with The property was 9,990,000 located at a total gross floor area of approximately vacant as at the Chenzhou Jinke 2,671.41 sq.m. within a commercial Valuation Date. (100% interest City, No. 800 attributable to development, namely Chenzhou Jinke City Chenzhou the Target (the “Development”). Avenue, Suxian Company: District, 9,990,000) The property was held for sale as at the Chenzhou City, Valuation Date. Hunan Province, the As advised by the Target Group, the PRC property was completed in 2016. (中國湖南省郴州 The Development is located at the junction 市蘇仙區郴州大 of Chengzhou Avenue and Guanshan Road in Suxian District of Chenzhou City, with 道 800 號郴州金 approximately 10.1 km to Chenzhou Railway 科城的10 個商 Station of Beijing-Guangzhou High-speed 業物業) Railway and 29.9 km to Chenzhou Beihu Airport.

The land use rights of the property have been granted for a term expiring on 16 September 2053 for commercial use.

Notes:

The detailed addresses are shown as follows:

Retail Units – Units 201, 205, 208, 213-214, 301, 305 of Block 3 and Units 114, 214 and 313 of Block 4 located at Chenzhou Jinke City, No. 800 Chengzhou Avenue, Suxian District, Chenzhou City, Hunan Province, the PRC

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VALUATION REPORT

APPENDIX III

Pursuant to 10 Real Estate Ownership Certificates issued by the Chenzhou Bureau of Natural Resources and Planning (郴州市自然資源和規劃局) and Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chenzhou Real Estate Registration Center (郴州市不動產登記中心), the building ownership of the property have been vested in Chenzhou Jinke Kaitian Real Estate Development Co., Ltd (郴州金科凱天房地產開發有限公司, "Chenzhou Jinke Kaitian") with the details as follows:

No. Certificate No.

1 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0091992 2 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0092012 3 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0092031
4 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129654
5 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129657
6 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129660
7 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129665
8 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129666
9 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129670 10 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. 0129673

Building Usage	Gross Floor Area
	(sq.m.)
Commercial	182.22
Commercial	170.38
Commercial	45.69
Commercial	1,003.43
Commercial	63.91
Commercial	52.79
Commercial	52.79
Commercial	52.79
Commercial	983.50
Commercial	63.91

Pursuant to 10 Real Estate Ownership Certificates issued by the Chenzhou Bureau of Natural Resources and Planning (郴州市自然資源和規劃局), the land use rights of the property have been vested in Chenzhou Jinke Kaitian with the details as follows:

No. Certificate No.


No.	Certificate No.	Land Usage	Expiry Date	Site Area
				(sq.m.)
1	Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No.	Commercial	16 September 2053	136,333.9
	0091992
2	Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No.	Commercial	16 September 2053	136,333.9
	0092012
3	Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No.	Commercial	16 September 2053	136,333.9
	0092031
4	Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No.	Commercial	16 September 2053	136,333.9
	0129654
5	Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No.	Commercial	16 September 2053	136,333.9
	0129657

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VALUATION REPORT

APPENDIX III

6 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. （2021）Su Xian Bu Dong Chan Quan Zheng Di No. 2021）Su Xian Bu Dong Chan Quan Zheng Di No. ）Su Xian Bu Dong Chan Quan Zheng Di No. Su Xian Bu Dong Chan Quan Zheng Di No. 0129660

6 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. （2021）Su Xian Bu Dong Chan Quan Zheng Di No. 2021）Su Xian Bu Dong Chan Quan Zheng Di No. ）Su Xian Bu Dong Chan Quan Zheng Di No. Su Xian Bu Dong Chan Quan Zheng Di No. Commercial 16 September 2053 136,333.9 0129660 7 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. Commercial 16 September 2053 136,333.9 0129665 8 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. Commercial 16 September 2053 136,333.9 0129666 9 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. Commercial 16 September 2053 136,333.9 0129670 10 Xiang（2021）Su Xian Bu Dong Chan Quan Zheng Di No. Commercial 16 September 2053 136,333.9 0129673

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chenzhou Jinke Kaitian is the owner of the land use rights and building ownership of the property. Chenzhou Jinke Kaitian has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chenzhou Jinke Kaitian is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by Chenzhou City Suxian District People’s Court (郴州市蘇仙區人民法院), Chenzhou Municipal Public Security Bureau (Beihu Branch) (郴州市公安局北湖分局) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

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VALUATION REPORT

APPENDIX III

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date Location: Transactions or listings that were located in the same or nearby municipal districts as defined by the government Type of Property: Transactions or listings that shared the same type of usage with the subject property

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time: Time adjustment addresses the differences in market conditions between the Valuation Date and the dates of comparables. The adopted transaction comparables were completed within 1 year, while the adopted listing comparables were active market quotes available for sale as of the Valuation Date, we considered no time adjustment was required. Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property. Size: Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables. Floor: Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa. Negotiation Negotiation discount adjustment is applicable to listing comparables as the listing Discount prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

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VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 1/F, 2/F and 3/F:

Comparable 1 Comparable 2 Comparable 3 Address Chenzhou Avenue, Fuyuan Road, Dongta Road, Suxian District, Suxian District, Suxian District, Chenzhou City Chenzhou City Chenzhou City Usage Retail Retail Retail Type Listing Listing Listing Transaction Date N/A N/A N/A Gross Floor Area 148.91 61.67 103.13 (sq.m.) Floor Level 1/F 1/F 1/F Amount 1,370,000 485,960 708,000 (RMB) Unit Rate 9,200 7,880 6,865 (RMB/sq.m.) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for 1/F; 1/F; 1/F; Downward Downward Downward adjustment for 2/F adjustment for 2/F and 3/F and 3/F and 3/F Negotiation Discount Downward Downward Downward adjustment adjustment adjustment Total Adjustment -5.0% for 1/F; -5.0% for 1/F; -5.0% for 1/F; -52.5% for 2/F; -52.5% for 2/F; -52.5% for 2/F; -62.0% for 3/F -62.0% for 3/F -62.0% for 3/F Adjusted Unit Rate 8,740 for 1/F; 7,486 for 1/F; 6,522 for 1/F; (RMB/sq.m.) 4,370 for 2/F; 3,743 for 2/F; 3,261 for 2/F; 3,496 for 3/F 2,994 for 3/F 2,609 for 3/F Adopted Unit Rate 7,583 for 1/F; (RMB/sq.m.) 3,791 for 2/F; 3,033 for 3/F The subject property - 2,671.41

Nil adjustment Nil adjustment Nil adjustment Nil adjustment for 1/F; Downward adjustment for 2/F and 3/F Downward adjustment -5.0% for 1/F; -52.5% for 2/F; -62.0% for 3/F 6,522 for 1/F; 3,261 for 2/F; 2,609 for 3/F

The subject property - 2,671.41 Gross Floor Area of Retail Units (sq.m.) Market Value of the 9,990,000 Retail Units (RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

92 car parking The property comprises 92 car parking spaces located spaces within a residential development, at Jinan namely Jinan Lanshan Mansion (the Lanshan “Development”). Mansion, East Gongshanghe The property was held for sale as at the Road, Tianqiao Valuation Date. District, Jinan City, Shandong As advised by the Target Group, the Province, the property was completed in 2020. PRC

	Market value
	in existing state
	as at
Particulars of	30 September
occupancy	2024
	RMB
The property was	2,510,000
vacant as at the
Valuation Date.	(100% interest
	attributable to
	the Target
	Company:
	2,510,000)

The Development is located at the junction (中國山東省濟南 of Biaoshan South Road and East Gongshanghe Road in Tianqiao District of 市天橋區東工商 Jinan City, with approximately 4.1 km to 河路濟南瀾山公 Jinan Railway Station and 33.4 km to Jinan 館的 92 個車位) Yaoqiang International Airport.

The land use rights of the property have been granted for terms expiring on 11 June 2086 for residential use and on 11 June 2056 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. 224, 227 to 228, 237, 246, 249, 272, 275, 285, 1126, 1353, 1534, 2102, 2138, 2142, 2151 to 2166, 2169 to 2174, 2183, 2188 to 2203, 2205 to 2225, 2227 to 2228, 2230 to 2240, 2244 to 2245 and 2247 located at Jinan Lanshan Mansion, East Gongshanghe Road, Tianqiao District, Jinan City, Shandong Province, the PRC

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VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate issued by the Jinan Bureau of Land Resources (濟南市國土資源局), the land use rights and the building ownership of the property have been vested in Jinan Hairui Real Estate Development Co., Ltd (濟南海睿房地產開發有限公司, "Jinan Hairui") with the details as follows:

Building Gross No. Certificate No. Land Usage Usage Expiry Date Site Area Floor Area (sq.m.) (sq.m.) 1 Lu (2020) Ji Nan Shi Residential/Commercial Ancillary 11 June 2066/ 47,296.00 24,311.88 Bu Dong Chan Quan and 11 June 2056 Di No. 0216843 Carpark

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by the Jinan Real Estate Trading and Leasing Service Center (濟南市房產交易與租賃服務中心), the building ownership of the property have been vested in Jinan Hairui with the details as follows:

No. Certificate No.

1 Lu (2020) Ji Nan Shi Bu Dong Chan Quan Di No. 0216843

Building Usage Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinan Hairui is the owner of the land use rights and building ownership of the property. Jinan Hairui has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Jinan Hairui is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).

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VALUATION REPORT

APPENDIX III

In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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VALUATION REPORT

APPENDIX III

Negotiation Discount

Negotiation discount adjustment is applicable to listing comparables as the listing prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	spaces located at B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Gongye North	Gongye North	Gongye North
	Road, Licheng	Road, Licheng	Road, Licheng
	District, Jinan City	District, Jinan City	District, Jinan City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	15 September	26 March	26 March
	2024	2024	2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	25,000	36,001	41,501
(RMB)
Unit Rate	25,000	36,001	41,501
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Downward	Downward	Downward
	adjustment	adjustment	adjustment
Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment
Total Adjustment	-20.0%	-20.0%	-20.0%
Adjusted Unit Rate	20,000	28,801	33,201
(RMB/car parking
space)
Adopted Unit Rate	27,334
(RMB/car parking
space)
The subject property -	92
No. of Car Parking
Spaces
Market Value of the	2,510,000
Car Parking Spaces

(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value in existing state as at Particulars of 30 September No. Property Description and tenure occupancy 2024 RMB 4. 2,239 car The property comprises 2,239 car parking The property was 117,160,000 parking spaces spaces within a commercial development, vacant as at the located at Caijia namely Caijia Jinke City (the “Development”). Valuation Date. (100% interest Jinke City, Nos. attributable to 2, 6 and 8 The property was held for sale as at the the Target Jiajing Avenue, Valuation Date. Company: No. 66 117,160,000) Changping As advised by the Target Group, the Road and No. Development was completed in 2019. 5188 Tongkang Road, The Development is located in Beibei Caijiagang District, with approximately 2.1km to Town, Beibei Caojiawan Railway Station and 19.3km to District, Chongqing Jiangbei International Airport. Chongqing City, the PRC The land use rights of the property have been granted for terms expiring between 31 (中國重慶市北碚 August 2052 and 5 December 2053 for commercial use. 區蔡家崗鎮嘉景大道 2、6、8 號、長平路 66 號及同康路 5188 號蔡家金科城 2,239 個車

位)

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VALUATION REPORT

APPENDIX III

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-001 to B1-007, B1-009 to B1-019, B1-021 to B1-022, B1-024, B1-030 to B1-031, B1-033, B1-038 to B1-046, B1-048 to B1-051, B1-053 to B1-054, B1-057 to B1-059, B1-063, B1065 to B1-067, B1-073 to B1-074, B1-076 to B1-077, B1-079 to B1-080, B1-083, B1-085, B1-088 to B1095, B1-097 to B1-098, B1-100 to B1-103, B1-106, B1-109, B1-112 to B1-116, B1-118 to B1-119, B1-121, B1-123, B1-126 to B1-132, B1-137, B1-152 to B1-153, B1-155, B1-161 to B1-162, B1-165, B1-169 to B1171, B1-173, B1-188 to B1-189, B1-197, B1-199 to B1-200, B1-202 to B1-209, B1-211, B1-214 to B1-215, B1-217, B1-220, B1-223 to B1-224, B1-229 to B1-232, B1-235 to B1-241, B1-243 to B1-256, B1-261, B1263, B1-267, B1-270, B1-273 to B1-274, B1-276, B1-280, B1-291 to B1-292, B1-312, B1-318 to B1-319, B1-333, B1-336, B1-339, B1-357, B1-361 to B1-362, B1-364, B1-367 to B1-371, B1-373 to B1-374, B1376 to B1-377, B1-379 to B1-383, B1-385, B1-388 to B1-389, B1-391, B1-394 to B1-395, B1-397, B1-400, B1-402 to B1-404, B1-406, B1-409, B1-412 to B1-413, B1-415 to B1-416, B1-418 to B1-419, B1-421, B1426, B1-428, B1-434 to B1-438, B1-440, B1-443, B1-446, B1-449, B1-452, B1-455, B1-457 to B1-460, B1463 to B1-464, B1-467, B1-469 to B1-471, B1-473 to B1-474, B1-477 to B1-479, B1-482 to B1-486, B1488, B1-492 to B1-495, B1-498, B1-500, B1-502 to B1-506, B1-511, B1-514, B1-519 to B1-520, B1-522 to B1-523, B1-527, B1-530, B1-532 to B1-537, B1-540 to B1-545, B1-547 to B1-548, B1-554, B1-557, B1559 to B1-567, B1-569, B1-574 to B1-578, B1-582, B1-584 to B1-589, B1-591 to B1-594, B1-597, B1-600, B1-603, B1-606, B1-609, B1-612 to B1-614, B1-618 to B1-619, B1-621, B1-623, B1-632 to B1-634, B1637, B1-640 to B1-641, B1-643, B1-648, B1-650 to B1-651, B1-659 to B1-660, B1-664, B1-667, B1-669, B1-672, B1-678 to B1-684, B1-689, B1-692, B1-695, B1-698 to B1-699, B1-701 to B1-704, B1-710, B1714, B1-716 to B1-718, B1-720, B1-722 to B1-724, B1-727, B1-730, B1-732 to B1-738, B1-740 to B1-745, B1-747 to B1-751, B1-753 to B1-754, B1-756 to B1-757, B1-759, B1-764 to B1-783, B1-785, B1-787 to B1-802, B1-804 to B1-808, B1-810, B1-813 to B1-814, B1-816, B1-818 to B1-819, B1-822 to B1-826, B1829, B1-833, B1-835 to B1-836 located at Caijia Jinke City, No. 2 Jiajing Avenue, Caijiagang Town, Beibei District, Chongqing City, the PRC

Car Parking Space - Nos. B1-1-101, B1-1-239, B1-1-247, B1-2-52, B1-2-60, B1-2-73, B1-2-81, B1-2-91, B1-2-92, B1-3-01, B1-3-44, B1-3-50, B1-3-62, B1-3-64, B1-3-70, B1-3-75, B1-3-92, B1-3-94, B1-3-95, B14-018 to B1-4-020, B1-4-025, B1-4-027 to B1-4-028, B1-4-033 to B1-4-035, B1-4-040, B1-4-044, B1-4048 to B1-4-049, B1-4-051, B1-4-053, B1-4-057 to B1-4-060, B1-4-062 to B1-4-065, B1-4-067, B1-4-069 to B1-4-070, B1-4-072, B1-4-074 to B1-4-075, B1-4-080, B1-4-082, B1-4-086, B1-4-097, B1-4-109, B1-4116 to B1-4-117, B1-4-120 to B1-4-122, B1-4-126, B1-4-128 to B1-4-129, B1-4-131, B1-4-134, B1-4-137, B1-4-139 to B1-4-148, B1-4-150, B1-4-155, B1-4-158 to B1-4-159, B1-4-164 to B1-4-166, B1-4-168, B14-174, B1-4-176, B1-4-178, B1-4-181 to B1-4-182, B1-4-184, B1-4-186 to B1-4-187, B1-4-189 to B1-4190, B1-4-195, B1-4-199, B1-4-201, B1-4-203 to B1-4-208, B1-4-213 to B1-4-215, B1-4-217 to B1-4-218, B1-4-220, B1-4-224 to B1-4-232, B1-4-234 to B1-4-237, B1-4-243 to B1-4-245, B1-4-247, B1-4-252 to B1-4-256, B1-4-274, B1-4-287 to B1-4-288, B1-4-291 to B1-4-293, B1-4-297 to B1-4-299, B1-4-301 to

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VALUATION REPORT

APPENDIX III

B1-4-305, B1-4-311 to B1-4-314, B1-4-317, B1-4-323 to B1-4-325, B1-4-332 to B1-4-337, B1-4-339 to B1-4-340, B1-4-342 to B1-4-344, B1-4-346, B1-4-348 to B1-4-353, B1-4-358, B1-4-362 to B1-4-375, B14-378 to B1-4-382, B1-4-384, B1-4-386 to B1-4-392, B1-4-395 to B1-4-400, B1-4-404 to B1-4-405, B1-4407 to B1-4-408, B1-4-414 to B1-4-421, B1-4-435,B1-4-439, B1-4-445, B1-4-447, B1-4-450, B1-4-461 to B1-4-464, B1-4-472 to B1-4-475, B1-4-477, B1-4-481 to B1-4-482, B1-4-486, B1-4-496, B1-5-031, B1-6013, B1-6-015, B1-6-017, B1-6-021, B1-6-024, B1-6-033 to B1-6-034, B1-6-039 to B1-6-040, B1-6-061, B1-6-072, B1-6-083 to B1-6-084, B1-6-092 to B1-6-093, B1-6-095, B1-6-097 to B1-6-098, B1-6-100, B16-104 to B1-6-106, B1-6-108, B1-6-111, B1-6-115, B1-6-117 to B1-6-124, B1-6-127 to B1-6-133, B1-6135, B1-6-137, B1-6-141, B1-6-143 to B1-6-145, B1-6-147 to B1-6-149, B1-6-161 located at Caijia Jinke City, No. 6 Jiajing Avenue, Caijiagang Town, Beibei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-0001 to B1-0006, B1-0009 to B1-0011, B1-0033, B1-0038, B1-0041 to B10042, B1-0044 to B1-0045, B1-0048 to B1-0049, B1-0051 to B1-0052, B1-0054 to B1-0075, B1-0077 to B1-0078, B1-0080 to B1-0082, B1-0084 to B1-0085, B1-0087 to B1-0090, B1-0092, B1-0094, B1-0102, B1-0105, B1-0111, B1-0113 to B1-0118, B1-0120 to B1-0122, B1-0124 to B1-0125, B1-0127, B1-0130 to B1-0139, B1-0141 to B1-0142, B1-0144, B1-0146 to B1-0147, B1-0149 to B1-0151, B1-0154, B1-0156, B1-0158 to B1-0160, B1-0162 to B1-0163, B1-0167 to B1-0168, B1-0170 to B1-0171, B1-0177, B1-0180, B1-0189 to B1-0191, B1-0195, B1-0201, B1-0204, B1-0207, B1-0213, B1-0218 to B1-0220, B1-0222 to B1-0228, B1-0230 to B1-0233, B1-0236 to B1-0237, B1-0239 to B1-0253, B1-0255 to B1-0257, B1-0261, B1-0266 to B1-0267, B1-0272 to B1-0273, B1-0275, B1-0277, B1-0283 to B1-0287, B1-0291, B1-0296 to B1-0299, B1-0303, B1-0305, B1-0308 to B1-0310, B1-0317 to B1-0318, B1-0321 to B1-0337, B1-0340, B1-0342 to B1-0344, B1-0348 to B1-0350, B1-0352, B1-0357 to B1-0358, B1-0361 to B1-0363, B1-0366 to B1-0367, B1-0369 to B1-0376, B1-0378 to B1-0379, B1-0381 to B1-0397, B1-0399, B1-0401 to B10402, B1-0405 to B1-0406, B1-0409, B1-0412, B1-0417 to B1-0418, B1-0422 to B1-0423, B1-0425 to B1-0426, B1-0428, B1-0430 to B1-0431, B1-0433 to B1-0434, B1-0436, B1-0438, B1-0444, B1-0446 to B1-0447, B1-0449, B1-0454, B1-0459 to B1-0460, B1-0466, B1-0469, B1-0472, B1-0474, B1-0476 to B10477, B1-0479, B1-0484, B1-0487, B1-0490, B1-0493 to B1-0497, B1-0499, B1-0502, B1-0505, B1-0507, B1-0512, B1-0514 to B1-0515, B1-0517, B1-0520, B1-0524 to B1-0527, B1-0529 to B1-0532, B1-0535, B1-0538, B1-0540 to B1-0541, B1-0543 to B1-0549, B1-0551 to B1-0554, B1-0556 to B1-0557, B1-0559 to B1-0560, B1-0562 to B1-0572, B1-0574 to B1-0579, B1-0581 to B1-0582, B1-0584 to B1-0585, B10587, B1-0590, B1-0592, B1-0594 to B1-0596, B1-0598 to B1-0599, B1-0607, B1-0610, B1-0612 to B10613, B1-0632, B1-0635, B1-0641 to B1-0648, B1-0652 to B1-0653, B1-0658, B1-0661, B1-0664, B10673, B1-0682, B1-0690, B1-0697, B1-0705, B1-0714, B1-0717, B1-0719 to B1-0721, B1-0723 to B10724, B1-0727, B1-0730 to B1-0733, B1-0735 to B1-0754, B1-0765, B1-0768, B1-0771, B1-0774, B10777, B1-0783, B1-0786, B1-0820, B1-0823, B1-0832 to B1-0834, B1-0837, B1-0839 to B1-0843, B10849, B1-0852 to B1-0853, B1-0857 to B1-0858, B1-0860 to B1-0865, B1-0867 to B1-0877, B1-0879 to B1-0880, B1-0882 to B1-0883, B1-0885, B1-0888, B1-0894 to B1-0904, B1-0906 to B1-0907, B1-0909 to B1-0910, B1-0912, B1-0915, B1-0917, B1-0921, B1-0924 to B1-0925, B1-0931, B1-0934, B1-0937, B10940 to B1-0947, B1-0949 to B1-0950, B1-0952 to B1-0953, B1-0955 to B1-0986, B1-0988 to B1-0995, B1-0997 to B1-0998, B1-1000 to B1-1001, B1-1003 to B1-1005, B1-1009, B1-1011, B1-1024, B1-1029 to

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VALUATION REPORT

APPENDIX III

B1-1036, B1-1038 to B1-1039, B1-1042, B1-1045 to B1-1048, B1-1051 to B1-1052, B1-1064, B1-1070, B1-1073, B1-1076 to B1-1079, B1-1082, B1-1085, B1-1088, B1-1090 to B1-1092, B1-1126, B1-1129, B11132, B1-1134 to B1-1139, B1-1141 to B1-1144, B1-1147, B1-1150 to B1-1154, B1-1156 to B1-1157, B1-1159, B1-1162, B1-1165 to B1-1166, B1-1168, B1-1171, B1-1174, B1-1177 to B1-1179, B1-1183 to B1-1185, B1-1191 to B1-1195, B1-1224, B1-1227, B1-1242 to B1-1243, B1-1247, B1-1249 to B1-1250, B1-1254 to B1-1256, B1-1260 to B1-1281, B1-1283 to B1-1293, B1-1295, B1-1298 to B1-1300, B1-1305 to B1-1306, B1-1321 to B1-1324, B1-1326 to B1-1327, B1-1329, B1-1331 to B1-1357, B1-1361 to B11362, B1-1364 to B1-1365, B1-1367 to B1-1368, B1-1370 to B1-1371, B1-1378 to B1-1380, B1-1382 to B1-1384, B1-1386, B1-1388 to B1-1389, B1-1391 to B1-1392, B1-1394 to B1-1396, B1-1398 to B1-1399, B1-1404 to B1-1409, B1-1411 to B1-1413, B1-1415 to B1-1417, B1-1420, B1-1433 to B1-1434, B1-1437, B1-1443 to B1-1444, B1-1451, B1-1453 to B1-1454, B1-1457 to B1-1461, B1-1463, B1-1489 to B1-1493, B1-1505, B1-1522 to B1-1525, B1-1528, B1-1543 to B1-1544, B1-1600 to B1-1601, B1-1629, B1-1637 to B1-1638, B1-1644, B1-1652 to B1-1653, B1-1693 to B1-1695, B1-1701 to B1-1708, B2-001 to B2-002, B2-004 to B2-007, B2-009 to B2-024, B2-027 to B2-029, B2-033 to B2-035, B2-037 to B2-042, B2-045 to B2-092, B2-094 to B2-108, B2-110, B2-112 to B2-114, B2-116, B2-118 to B2-120, B2-122 to B2-124, B2126 to B2-247, B2-249 to B2-331, B2-333 to B2-344, B2-346 to B2-380 located at Caijia Jinke City, No. 8 Jiajing Avenue, Caijiagang Town, Beibei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-067, B1-072, B1-094, B1-1032 to B1-1033, B1-1041 to B1-1043, B1-1045, B1-1051, B1-1053 to B1-1054, B1-1057 to B1-1058, B1-1060 to B1-1061, B1-1064, B1-1067, B1-146, B1-176, B1-181 to B1-182, B1-184, B1-212, B1-247, B1-250, B1-277, B1-290, B1-293 to B1-295, B1-300, B1-302, B1-311, B1-349 to B1-361, B1-368 to B1-369, B1-374, B1-376, B1-379, B1-381, B1-383 to B1384, B1-387, B1-390, B1-399 to B1-400, B1-408 to B1-425, B1-432 to B1-465, B1-470, B1-474 to B1-475, B1-477, B1-480, B1-482 to B1-489, B1-491, B1-496, B1-501, B1-517 to B1-556, B1-559, B1-563, B1-566 to B1-653, B1-655 to B1-658, B1-660 to B1-662, B1-674 to B1-675, B1-680, B1-682, B1-685, B1-694 to B1-697, B1-700 to B1-704, B1-706 to B1-707, B1-709 to B1-715, B1-717 to B1-718, B1-720, B1-729, B1732, B1-740, B1-757, B1-762 to B1-779, B1-824, B1-902, B1-978, B1-993, B2-023, B2-051, B2-064, B2117 to B2-118, B2-132 to B2-133, B2-153, B2-219, B2-221, B2-230, B2-240, B2-244, B2-279, B2-283 to B2-288, B2-290 to B2-300, B2-303, B2-308, B2-310, B2-312 to B2-315, B2-318 to B2-321, B2-323, B2327, B2-329, B2-333, B2-336, B2-342 to B2-344, B2-352, B2-359, B2-384, B2-408, B2-461, B2-470, B2474, B2-477 to B2-478, B2-480 to B2-481, B2-485, B2-488 to B2-489, B2-491 to B2-492, B2-496 to B2498, B2-501, B2-505, B2-508, B2-519 to B2-520, B2-534, B2-544, B2-645, B2-737 located at Caijia Jinke City, No. 66 Changping Road, Caijiagang Town, Beibei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-1-019, B1-1-024, B1-1-043 to B1-1-044, B1-1-047, B1-1-063, B1-1-075 to B1-1-076, B1-1-091 to B1-1-092, B1-1-095, B1-1-107 to B1-1-108, B1-1-111, B1-1-126, B1-1-145, B1-1149, B1-1-171, B1-1-183, B1-1-191 located at Caijia Jinke City, No. 5188 Tongkang Road, Caijiagang Town, Beibei District, Chongqing City, the PRC

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APPENDIX III

Pursuant to 10 Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Huimao Real Estate Development Co., Ltd. (重慶金科匯茂房地產開發有限公司, “Chongqing Jinke Huimao”) with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2020) Bei Bei Qu Bu Dong	Commercial	Car Parking	31 August 2052	29,921.58	28,380.19
	Chan Quan Di No. 000547230		Space
2	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	9,853.35	9,250.47
	Chan Quan Di No. 000360904		Space
3	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	2,771.48	2,713.42
	Chan Quan Di No. 000360940		Space
4	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	2,763.07	2,716.05
	Chan Quan Di No. 000360961		Space
5	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	15,890.96	15,248.75
	Chan Quan Di No. 000360970		Space
6	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	4,722.91	4,592.23
	Chan Quan Di No. 000360982		Space
7	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	4,380.67	4,303.86
	Chan Quan Di No. 000360996		Space
8	Yu (2019) Bei Bei Qu Bu Dong	Commercial	Car Parking	5 December 2053	55,507.23	65,082.21
	Chan Quan Di No. 001018545		Space
9	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	31 August 2052	44,686.10	71,664.06
	Chan Quan Di No. 000915790		Space
10	Yu (2017) Bei Bei Qu Bu Dong	Commercial	Car Parking	31 August 2052	62,859.76	6,402.12
	Chan Quan Di No. 001082363		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Beibei District Bureau of Planning and Natural Resources (重慶市北碚區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Huimao with the details as follows:

No. Certificate No.

1 Yu (2020) Bei Bei Qu Bu Dong Chan Quan Di No. 000547230 2 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360904 3 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360940 4 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360961 5 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360970 6 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360982 7 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000360996 8 Yu (2019) Bei Bei Qu Bu Dong Chan Quan Di No. 001018545 9 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 000915790

Building Usage

Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space

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APPENDIX III

No. Certificate No. 10 Yu (2017) Bei Bei Qu Bu Dong Chan Quan Di No. 001082363 11 Yu (2020) Bei Bei Qu Bu Dong Chan Quan Di No. 000701340

Building Usage Car Parking Space Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Huimao is the owner of the building ownership of the property. Chongqing Jinke Huimao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Huimao is subject to restrictions on these rights;
b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
d. The building ownership of the property has been seized by Jiangbei District People's Court of Chongqing Municipality ( 重慶市江北區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

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APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time: Time adjustment addresses the differences in market conditions between the Valuation Date and the dates of comparables. The adopted transaction comparables were completed within 1 year, while the adopted listing comparables were active market quotes available for sale as of the Valuation Date, we considered no time adjustment was required. Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property. Size: Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables. Floor: Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa. Negotiation Negotiation discount adjustment is applicable to listing comparables as the Discount listing prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	spaces located at B1/F	and B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Mulin Road, Yubei	Tengfang Avenue,	Xinyue third Road,
	District, Chongqing	Yubei District,	Yubei District,
	City	Chongqing City	Chongqing
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	30 May 2024	20 July 2024	30 June 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	59,752	52,584	51,030
(RMB)
Unit Rate	59,752	52,584	51,030
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward	Downward	Downward
	adjustment for	adjustment for	adjustment for
	B2/F	B2/F	B2/F
Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment
Total Adjustment	0.0% for B1/F;	0.0% for B1/F;	0.0% for B1/F;
	-20.0% for B2/F	-20.0% for B2/F	-20.0% for B2/F
Adjusted Unit Rate	59,752 for B1/F;	52,584 for B1/F;	51,030 for B1/F;
(RMB/car parking	47,802 for B2/F	42,067 for B2/F	40,824 for B2/F
space)
Adopted Unit Rate	54,455 for B1/F;
(RMB/car parking	43,564 for B2/F
space)
The subject property -	2,239
No. of Car Parking
Spaces
Market Value of the	117,160,000
Car Parking Spaces
(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value in existing state as at Particulars of 30 September No. Property Description and tenure occupancy 2024 RMB 5. 3,525 car The property comprises 3,525 car parking The property was 178,550,000 parking spaces spaces within a commercial development, vacant as at the located at Caijia namely Caijia Jimei Jiayue (the Valuation Date. (100% interest Jimei Jiayue, “Development”). attributable to Nos. 77 and the Target 139 The property was held for sale as at the Company: Shuanghuabei Valuation Date. 178,550,000) Road and No. 13 Jiarui As advised by the Target Group, the Avenue, Beibei Development was completed in 2019. District, Chongqing The Development is located in Beibei City, the PRC District, with approximately 20.0km to Beibei Railway Station and 19.9km to (中國重慶市北碚 Chongqing Jiangbei International Airport. 區雙華北路 77 The land use rights of the property have 及 139 號及嘉瑞 been granted for terms expiring between 26 大道 13 號蔡家 May 2057 and 3 July 2057 for commercial use. 集美嘉悦的

3,525 個車位)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-002, B1-004 to B1-005, B1-007 to B1-008, B1-010 to B1-014, B1-016 to B1-017, B1-019, B1-021 to B1-022, B1-026, B1-028, B1-031 to B1-033, B1-035 to B1-039, B1-041 to B1056, B1-059, B1-062 to B1-065, B1-070 to B1-087, B1-089 to B1-091, B1-093 to B1-094, B1-097, B1-100, B1-104 to B1-122, B1-124 to B1-131, B1-134 to B1-142, B1-144, B1-151 to B1-152, B1-157, B1-160, B1165, B1-169, B1-176 to B1-180, B1-182 to B1-185, B1-188 to B1-192, B1-194, B1-196 to B1-198, B1-200 to B1-204, B1-206, B1-208 to B1-238, B1-240 to B1-241, B1-244 to B1-250, B1-252 to B1-254, B1-257

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APPENDIX III

to B1-258, B1-260, B1-262 to B1-263, B1-271 to B1-277, B1-281, B1-283 to B1-285, B1-291, B1-309 to B1-314, B1-316, B1-319, B1-323 to B1-325, B1-327, B1-330 to B1-331, B1-334, B1-342 to B1-344, B1348 to B1-349, B1-351, B1-354 to B1-355, B1-358, B1-361, B1-364, B1-367, B1-374 to B1-377, B1-386 to B1-387, B1-389 to B1-398, B1-400, B1-403 to B1-409, B1-411, B1-413 to B1-415, B1-418, B1-421, B1424, B1-426 to B1-435, B1-442 to B1-444, B1-446 to B1-447, B1-449 to B1-450, B1-452 to B1-453, B1455 to B1-462, B1-464 to B1-467, B1-470, B1-473, B1-477 to B1-480, B1-483 to B1-485, B1-487 to B1493, B1-496 to B1-497, B1-499 to B1-500, B1-502, B1-505, B1-508 to B1-509, B1-511 to B1-512, B1-515, B1-519, B1-521, B1-525, B1-527 to B1-531, B1-533 to B1-534, B1-536, B1-539 to B1-540, B1-542 to B1545, B1-548 to B1-556, B1-558 to B1-562, B1-564 to B1-565, B1-567 to B1-572, B1-574, B1-576 to B1585, B1-587 to B1-605, B1-607, B1-610 to B1-611, B1-613 to B1-614, B1-616 to B1-617, B1-619 to B1621, B1-623 to B1-624, B1-626 to B1-627, B1-629 to B1-636, B1-638 to B1-641, B1-643, B1-646, B1-652, B1-654 to B1-655, B1-659 to B1-663, B1-666, B1-668 to B1-669, B1-672, B1-675, B1-677 to B1-680, B1683, B1-685 to B1-686, B1-689 to B1-690, B1-692 to B1-693, B1-695 to B1-698, B1-701, B1-704 to B1709, B1-711, B1-721 to B1-724, B1-726 to B1-732, B1-734 to B1-748, B1-751, B1-753 to B1-759, B1-761 to B1-762, B1-764 to B1-770, B1-772 to B1-777, B1-779 to B1-782, B1-785 to B1-786, B1-791, B1-794, B1-798, B1-804 to B1-805, B1-854 to B1-855, B1-858, B1-863, B1-874, B1-909, B1-927, B2-002, B2-010, B2-013, B2-032, B2-035 to B2-036, B2-038 to B2-039, B2-041 to B2-042, B2-044, B2-047, B2-050, B2061 to B2-064, B2-066, B2-068 to B2-069, B2-072, B2-075, B2-078, B2-084, B2-097 to B2-101, B2-103, B2-124 to B2-125, B2-130, B2-133, B2-142, B2-146 to B2-150, B2-152 to B2-153, B2-156 to B2-159, B2162 to B2-163, B2-165, B2-171, B2-174, B2-176 to B2-187, B2-189 to B2-190, B2-193, B2-196, B2-199, B2-202, B2-207 to B2-208, B2-210 to B2-212, B2-214 to B2-217, B2-219, B2-223 to B2-224, B2-227, B2254 to B2-255, B2-257 to B2-259, B2-264, B2-271, B2-281 to B2-284, B2-286, B2-289, B2-292, B2-294, B2-298, B2-312 to B2-314, B2-317, B2-320, B2-323 to B2-324, B2-346, B2-350 to B2-362, B2-364 to B2369, B2-373 to B2-374, B2-377 to B2-380, B2-382 to B2-383, B2-385 to B2-386, B2-390 to B2-398, B2402 to B2-424, B2-426 to B2-465, B2-468, B2-470 to B2-479, B2-481 to B2-491, B2-493 to B2-511, B2513, B2-516, B2-518 to B2-525, B2-528 to B2-534, B2-537 to B2-539, B2-541 to B2-543, B2-546 to B2558, B2-562 to B2-567, B2-569 to B2-597, B2-599 to B2-600, B2-602, B2-604 to B2-605, B2-607 to B2614, B2-616 to B2-627, B2-629, B2-631 to B2-633, B2-635 to B2-636, B2-638 to B2-642, B2-645, B2-647 to B2-653, B2-656, B2-659, B2-662, B2-664, B2-666, B2-678 to B2-679, B2-681 to B2-693, B2-695 to B2696, B2-701, B2-703, B2-706 to B2-721, B2-724, B2-727 to B2-728, B2-730 to B2-732, B2-736, B2-742, B2-746 to B2-747, B2-760 to B2-761, B2-802 to B2-804, B2-806, B2-811 and B2-816 to B2-817 located at Caijia Jimei Jiayue, No. 77 Shuanghuabei Road, Beibei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-001 to B1-002, B1-005, B1-010, B1-015 to B1-016, B1-019, B1-021, B1024 to B1-030, B1-032 to B1-033, B1-035, B1-037 to B1-038, B1-040 to B1-041, B1-044, B1-047 to B1048, B1-051 to B1-056, B1-058 to B1-059, B1-061 to B1-062, B1-065 to B1-070, B1-073 to B1-075, B1078, B1-080 to B1-089, B1-094, B1-097, B1-103, B1-105 to B1-107, B1-110 to B1-112, B1-114, B1-116, B1-119 to B1-124, B1-126 to B1-130, B1-132 to B1-149, B1-151 to B1-152, B1-154 to B1-159, B1-161, B1-170 to B1-174, B1-176 to B1-180, B1-185 to B1-186, B1-188 to B1-189, B1-191 to B1-192, B1-194 to B1-203, B1-206, B1-209 to B1-210, B1-212 to B1-214, B1-217, B1-219 to B1-220, B1-222, B1-225, B1-

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APPENDIX III

227, B1-230, B1-233, B1-235 to B1-238, B1-241 to B1-242, B1-249, B1-251, B1-253 to B1-259, B1-261 to B1-274, B1-276, B1-278 to B1-285, B1-287, B1-289 to B1-300, B1-302 to B1-304, B1-311 to B1-312, B1-314 to B1-349, B1-351 to B1-353, B1-357 to B1-358, B1-361, B1-364, B1-367, B1-369 to B1-379, B1382 to B1-393, B1-395 to B1-401, B1-404 to B1-405, B1-407 to B1-408, B1-412 to B1-450, B1-452 to B1-454, B1-460 to B1-461, B1-469 to B1-477, B1-481, B1-484, B1-486, B1-489, B1-496, B1-502 to B1504, B1-506 to B1-510, B1-516, B1-519 to B1-527, B1-529 to B1-532, B1-535 to B1-537, B1-539 to B1541, B1-543 to B1-544, B1-546, B1-548 to B1-552, B1-554, B1-556 to B1-558, B1-560 to B1-561, B1-563 to B1-564, B1-566 to B1-567, B1-569, B1-572 to B1-595, B1-597 to B1-601, B1-603 to B1-607, B1-609 to B1-610, B1-614, B1-621, B1-623 to B1-630, B1-633 to B1-636, B1-638 to B1-646, B1-648 to B1-649, B1-653, B1-656, B1-664, B1-667, B1-673 to B1-674, B1-678 to B1-681, B1-683 to B1-691, B1-693 to B1694, B1-696 to B1-702, B1-704 to B1-705, B1-708, B1-711 to B1-715, B1-717 to B1-726, B1-734, B1-736, B1-739 to B1-741, B1-743 to B1-744, B1-748 to B1-752, B1-754 to B1-755, B1-757 to B1-758, B1-760, B1-768 to B1-769, B1-772, B1-774 to B1-777, B1-779 to B1-785, B1-789, B1-792, B1-794, B1-796 to B1798, B1-803, B1-806 to B1-807, B1-813, B1-817, B1-820, B1-823 to B1-824, B1-832, B1-837 to B1-838, B1-840 to B1-841, B1-844 to B1-845, B1-848, B1-852 to B1-853, B1-855, B1-858, B1-860 to B1-863, B1866 to B1-867, B1-869 to B1-870, B1-872 to B1-873 located at Caijia Jimei Jiayue, Nos. 139 Shuanghuabei Road, Beibei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-1-0001 to B1-1-0002, B1-1-0004 to B1-1-0010, B1-1-0013 to B1-1-0016, B1-1-0018, B1-1-0023 to B1-1-0027, B1-1-0029 to B1-1-0030, B1-1-0033 to B1-1-0045, B1-1-0047 to B1-1-0048, B1-1-0051 to B1-1-0052, B1-1-0055 to B1-1-0057, B1-1-0059 to B1-1-0062, B1-1-0074 to B1-1-0076, B1-1-0079 to B1-1-0085, B1-1-0087 to B1-1-0088, B1-1-0091 to B1-1-0093, B1-1-0095 to B1-1-0097, B1-1-0099 to B1-1-0125, B1-1-0128 to B1-1-0131, B1-1-0134, B1-1-0136, B1-1-0138 to B11-0139, B1-1-0142 to B1-1-0143, B1-1-0146, B1-1-0153 to B1-1-0154, B1-1-0157, B1-1-0160, B1-1-0163 to B1-1-0169, B1-1-0171, B1-1-0173 to B1-1-0174, B1-1-0176 to B1-1-0182, B1-1-0184 to B1-1-0186, B1-1-0194 to B1-1-0195, B1-1-0197 to B1-1-0199, B1-1-0203, B1-1-0206, B1-1-0208, B1-1-0210 to B11-0211, B1-1-0213 to B1-1-0218, B1-1-0221, B1-1-0224, B1-1-0226 to B1-1-0231, B1-1-0234 to B1-10235, B1-1-0237, B1-1-0239 to B1-1-0240, B1-1-0242 to B1-1-0251, B1-1-0253, B1-1-0255 to B1-1-0256, B1-1-0258 to B1-1-0265, B1-1-0267 to B1-1-0272, B1-1-0275 to B1-1-0280, B1-1-0282 to B1-1-0286, B1-1-0289, B1-1-0291 to B1-1-0293, B1-1-0295, B1-1-0297 to B1-1-0298, B1-1-0301 to B1-1-0303, B11-0305 to B1-1-0315, B1-1-0318, B1-1-0320 to B1-1-0322, B1-1-0324, B1-1-0326 to B1-1-0327, B1-10329 to B1-1-0340, B1-1-0342 to B1-1-0353, B1-1-0355 to B1-1-0356, B1-1-0358 to B1-1-0378, B1-10382, B1-1-0384 to B1-1-0388, B1-1-0390 to B1-1-0394, B1-1-0397, B1-1-0399 to B1-1-0400, B1-1-0404, B1-1-0406 to B1-1-0407, B1-1-0409 to B1-1-0410, B1-1-0412 to B1-1-0420, B1-1-0422 to B1-1-0430, B1-1-0433, B1-1-0439 to B1-1-0453, B1-1-0455 to B1-1-0460, B1-1-0466, B1-1-0468, B1-1-0470 to B11-0476, B1-1-0480, B1-1-0483, B1-1-0485, B1-1-0488, B1-1-0501, B1-1-0510 to B1-1-0511, B1-1-0514, B1-1-0525, B1-1-0531 to B1-1-0534, B1-1-0540, B1-1-0545 to B1-1-0546, B1-1-0552 to B1-1-0554, B11-0556, B1-1-0563 to B1-1-0565, B1-1-0572, B1-1-0584, B1-1-0594 to B1-1-0595, B1-1-0605, B1-1-0608, B1-1-0610, B1-1-0614, B1-1-0616 to B1-1-0621, B1-1-0623 to B1-1-0624, B1-1-0628 to B1-1-0629, B11-0635, B1-1-0647 to B1-1-0650, B1-1-0663, B1-1-0667, B1-1-0669, B1-1-0672, B1-1-0674 to B1-1-0678,

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VALUATION REPORT

APPENDIX III

B1-1-0681, B1-1-0684, B1-1-0687, B1-1-0701, B1-1-0708, B1-1-0710 to B1-1-0717, B1-1-0719 to B1-10720, B1-1-0722 to B1-1-0724, B1-1-0726 to B1-1-0727, B1-1-0730 to B1-1-0731, B1-1-0735 to B1-10750, B1-1-0753 to B1-1-0759, B1-1-0779, B1-1-0782 to B1-1-0783, B1-1-0785 to B1-1-0797, B1-1-0800 to B1-1-0805, B1-1-0807 to B1-1-0808, B1-1-0810 to B1-1-0815, B1-1-0817 to B1-1-0821, B1-1-0824, B1-1-0828 to B1-1-0829, B1-1-0833 to B1-1-0840, B1-1-0842 to B1-1-0845, B1-1-0847, B1-1-0850 to B1-1-0857, B1-1-0859, B1-1-0861, B1-1-0863, B1-1-0865, B1-1-0869, B1-1-0871, B1-1-0874, B1-1-0879 to B1-1-0880, B1-1-0882, B1-1-0884 to B1-1-0885, B1-1-0888 to B1-1-0895, B1-1-0897, B1-1-0901, B11-0904 to B1-1-0906, B1-1-0908 to B1-1-0911, B1-1-0913 to B1-1-0915, B1-1-0917, B1-1-0919, B1-10921 to B1-1-0924, B1-1-0931 to B1-1-0932, B1-1-0934, B1-1-0943, B1-1-0948, B1-1-0951 to B1-1-0952, B1-1-0954, B1-1-0956 to B1-1-0961, B1-1-0964, B1-1-0966, B1-1-0968 to B1-1-0969, B1-1-0973, B1-10981, B1-1-0984, B1-1-0987, B1-1-0991 to B1-1-0992, B1-1-0994 to B1-1-0996, B1-1-0998, B1-1-1000, B1-2-005, B1-2-010, B1-2-014 to B1-2-021, B1-2-025, B1-2-030, B1-2-034, B1-2-038 to B1-2-040, B1-2043, B1-2-066 to B1-2-067, B1-2-073, B1-2-076, B1-2-079 to B1-2-080, B1-2-082, B1-2-085, B1-2-088, B1-2-092 to B1-2-094, B1-2-100, B1-2-106, B1-2-115 to B1-2-116, B1-2-118, B1-2-121 to B1-2-122, B12-124 to B1-2-125, B1-2-127, B1-2-130 to B1-2-131, B1-2-133 to B1-2-137, B1-2-140, B1-2-142 to B1-2143, B1-2-145, B1-2-148, B1-2-151, B1-2-154, B1-2-157, B1-2-160 to B1-2-161, B1-2-175, B1-2-178, B12-184, B1-2-187, B1-2-190 to B1-2-191, B1-2-193 to B1-2-196, B1-2-198 to B1-2-199, B1-2-201, B1-2205 to B1-2-208, B1-2-211 to B1-2-212, B1-2-214 to B1-2-218, B1-2-223, B1-2-227 to B1-2-229, B1-2231 to B1-2-233, B1-2-238 to B1-2-241, B1-2-243, B1-2-251 to B1-2-252, B1-2-264, B1-2-282 to B1-2283, B1-2-286, B1-2-289 to B1-2-290, B1-2-292, B1-2-294 to B1-2-314, B1-2-316 to B1-2-322, B1-2-325 to B1-2-333, B1-2-335, B1-2-341 to B1-2-344, B1-2-347 to B1-2-354, B1-2-356 to B1-2-378, B1-2-380 to B1-2-382, B1-2-409, B1-2-413 to B1-2-415, B1-2-423, B1-2-426 to B1-2-437, B1-2-441 to B1-2-444, B12-449 to B1-2-451, B1-2-453, B1-2-455 to B1-2-456, B1-2-472, B1-2-488 to B1-2-489, B1-2-492, B1-2498 to B1-2-499, B1-2-501, B1-2-504 to B1-2-505, B1-2-507, B1-2-509, B1-2-511 to B1-2-512, B1-2-514 to B1-2-515, B1-2-517, B1-2-526 to B1-2-527, B1-2-556, B1-2-564 to B1-2-565, B1-2-567, B1-2-570 to B1-2-577, B1-2-579 to B1-2-592, B1-2-594 to B1-2-597, B1-2-600 to B1-2-601, B1-2-603, B1-2-611, B12-615, B1-2-617 to B1-2-618, B1-2-622 to B1-2-623, B1-2-625, B1-2-628 to B1-2-629, B1-2-631 to B1-2635, B1-2-637 to B1-2-648, B1-2-650 to B1-2-651, B1-2-653 to B1-2-654, B1-2-656 to B1-2-658, B1-2660, B1-2-662, B1-2-664 to B1-2-665, B1-2-668 to B1-2-671, B1-2-675 to B1-2-677, B1-2-680 to B1-2687, B1-2-690 to B1-2-692, B1-2-694 to B1-2-696, B1-2-699 to B1-2-704, B1-2-713 to B1-2-724, B1-2726 to B1-2-727, B1-2-731 to B1-2-736, B1-2-738 to B1-2-739, B1-2-741 to B1-2-742, B1-2-746, B1-2754, B1-2-757, B1-2-762 to B1-2-765, B1-2-768, B1-2-771, B1-2-774 to B1-2-776, B1-2-780 to B1-2-784, B1-2-787, B1-2-789 to B1-2-790, B1-2-793 to B1-2-795, B1-2-798 to B1-2-800, B1-2-802, B1-2-804, B12-807, B1-2-809 to B1-2-810, B1-2-814, B1-2-818 to B1-2-820, B1-2-824, B1-2-833 to B1-2-835, B1-2839 to B1-2-843, B1-2-846 to B1-2-847, B1-2-849, B1-2-852, B1-2-854 to B1-2-856, B1-2-858, B1-2-860 to B1-2-861, B1-2-863, B1-2-865, B1-2-868, B1-2-870, B1-2-872 to B1-2-874, B1-2-876 to B1-2-895, B12-899 to B1-2-901, B1-2-903 to B1-2-907, B1-2-909 to B1-2-910, B1-2-912, B1-2-914 to B1-2-916, B1-2918, B1-2-922, B1-2-924, B1-2-930 to B1-2-931, B1-2-934 to B1-2-940, B1-2-946 to B1-2-955, B1-2-958 to B1-2-964, B1-2-966, B1-2-968 to B1-2-969, B1-2-971 to B1-2-972, B1-2-974, B1-2-976 to B1-2-979, B1-2-981 to B1-2-982, B1-2-984, B1-2-987 to B1-2-988, B1-2-990, B1-2-992, B1-2-994 to B1-2-995, B1-

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APPENDIX III

2-1000 to B1-2-1001, B1-2-1006 to B1-2-1034, B1-2-1037 to B1-2-1040, B1-2-1042 to B1-2-1043, B1-21046 to B1-2-1112, B1-2-1114 to B1-2-1122, B1-2-1124 to B1-2-1147, B1-2-1152, B1-2-1154, B1-2-1156 to B1-2-1158, B1-2-1160, B1-2-1162, B1-2-1164, B1-2-1177 to B1-2-1178, B1-2-1181, B1-2-1212, B1-21214, B1-2-1216, B1-2-1218, B1-2-1221, B1-2-1224, B1-2-1230, B1-2-1233, B1-2-1236, B1-2-1242, B12-1245, B1-2-1248, B1-2-1251 to B1-2-1252, B1-2-1256, B1-2-1274, B1-2-1288, B1-2-1310, B1-2-1329, B1-2-1337 to B1-2-1338, B1-2-1342 to B1-2-1345, B1-2-1356 to B1-2-1357, B1-2-1364, B2-001 to B2003, B2-005 to B2-007, B2-009, B2-011, B2-014 to B2-031, B2-033 to B2-069, B2-071 to B2-075, B2-077 to B2-084, B2-087 to B2-530, B2-533, B2-535 to B2-545, B2-547 to B2-548, B2-550 to B2-553, B2-555, B2-557 to B2-559, B2-561, B2-564, B2-567 to B2-610, B2-613, B2-615 to B2-630, B2-632 to B2-662, B2665, B2-667, B2-671, B2-673 to B2-674, B2-677, B2-680, B2-684 to B2-685, B2-691, B2-694 to B2-695, B2-697, B2-699 to B2-700, B2-708, B2-711, B2-714 to B2-717, B2-720, B2-722 to B2-723, B2-727, B2731, B2-733 to B2-735, B2-737, B2-741, B2-744 to B2-746, B2-753, B2-756, B2-758 to B2-759, B2-762, B2-765, B2-767 to B2-768, B2-774 to B2-777, B2-780, B2-782 to B2-783, B2-785 to B2-786, B2-789 to B2-810, B2-812 to B2-814, B2-829, B2-833, B2-835, B2-842, B2-844, B2-847 to B2-866, B2-869, B2-871 to B2-872, B2-880 to B2-881, B2-883 to B2-885, B2-890, B2-893, B2-895 to B2-900, B2-902 to B2-946, B2-949 to B2-959 located at Caijia Jimei Jiayue, No. 13 Jiarui Avenue, Beibei District, Chongqing City, the PRC

Pursuant to 4 Real Estate Ownership Certificates issued by Beibei District Bureau of Planning and Natural Resources (重慶市北碚區規劃和自然資源局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Huimao Real Estate Development Co., Ltd. (重慶金科匯茂房地產開發有限公司, “Chongqing Jinke Huimao”) with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2019) Bei Bei Qu Bu Dong	Commercial	Car Parking	26 May 2057	33,425.12	61,606.48
	Chan Quan Di No. 001055602		Space
2	Yu (2020) Bei Bei Qu Bu Dong	Commercial	Car Parking	26 May 2057	29,115.11	28,579.36
	Chan Quan Di No. 000951579		Space
3	Yu (2020) Bei Bei Qu Bu Dong	Commercial	Car Parking	3 July 2057	33,719.86	62,574.63
	Chan Quan Di No. 001234478		Space
4	Yu (2021) Bei Bei Qu Bu Dong	Commercial	Car Parking	3 July 2057	43,598.28	42,168.06
	Chan Quan Di No. 000967142		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Beibei District Bureau of Planning and Natural Resources (重慶市北碚區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Huimao with the details as follows:

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APPENDIX III

No. Certificate No.

Building Usage

1 Yu (2019) Bei Bei Qu Bu Dong Chan Quan Di No. 001055602 Car Parking Space 2 Yu (2020) Bei Bei Qu Bu Dong Chan Quan Di No. 000951579 Car Parking Space 3 Yu (2020) Bei Bei Qu Bu Dong Chan Quan Di No. 001234478 Car Parking Space 4 Yu (2021) Bei Bei Qu Bu Dong Chan Quan Di No. 000967142 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Huimao is the owner of the land use rights and building ownership of the property. Chongqing Jinke Huimao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Huimao is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

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APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time: Time adjustment addresses the differences in market conditions between the Valuation Date and the dates of comparables. The adopted transaction comparables were completed within 1 year, while the adopted listing comparables were active market quotes available for sale as of the Valuation Date, we considered no time adjustment was required. Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property. Size: Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables. Floor: Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa. Negotiation Negotiation discount adjustment is applicable to listing comparables as the Discount listing prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	spaces located at B1/F	and B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Mulin Road,	Tengfang Avenue,	Xinyue third Road,
	Yubei District,	Yubei District,	Yubei District,
	Chongqing City	Chongqing City	Chongqing City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	30 May 2024	20 July 2024	30 June 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	59,752	52,584	51,030
(RMB)
Unit Rate	59,752	52,584	51,030
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward	Downward	Downward
	adjustment for	adjustment for	adjustment for
	B2/F	B2/F	B2/F
Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment
Total Adjustment	0.0% for B1/F;	0.0% for B1/F;	0.0% for B1/F;
	-20.0% for B2/F	-20.0% for B2/F	-20.0% for B2/F
Adjusted Unit Rate	59,752 for B1/F;	52,584 for B1/F;	51,030 for B1/F;
(RMB/car parking space)	47,802 for B2/F	42,067 for B2/F	40,824 for B2/F
Adopted Unit Rate	54,455 for B1/F;
(RMB/car parking	43,564 for B2/F
space)
The subject property -	3,525
No. of Car Parking
Spaces
Market Value of the	178,550,000
Car Parking Spaces
(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

157 car parking The property comprises 157 car parking spaces located spaces within a residential development, at Jinke namely Jinke Meichen (the “Development”). Meichen, No. 1120 Hualin The property was held for sale as at the Road, Nanquan Valuation Date. Street, Banan District, As advised by the Company, the Chongqing Development was completed in 2021. City, the PRC

Market value in existing state as at Particulars of 30 September occupancy 2024 RMB The property was 6,790,000 vacant as at the Valuation Date. (100% interest attributable to the Company: 6,790,000)

The Development is located at the junction (中國重慶市巴南 of Hualin Road and Tianlu Avenue in Banan District of Chongqing City, with 區南泉街道華林 approximately 6.1 km to Chongqingdong 路1120 號金科 Railway Station and 32.6 km to Chongqing Jiangbei International Airport. 美辰的157 個車位) The land use rights of the property have been granted for a term expiring on 13 May 2069 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-001, B1-003, B1-006 to B1-007, B1-009 to B1-010, B1-012 to B1-013, B1-015 to B1-016, B1-018 to B1-019, B1-021, B1-024 to B1-025, B1-027 to B1-028, B1-033, B1-039 to B1-042, B1-044 to B1-045, B1-047 to B1-049, B1-051 to B1-053, B1-055 to B1-060, B1-063 to B1-065, B1-068 to B1-069, B1-071 to B1-072, B1-074, B1-077, B1-079 to B1-080, B1-082 to B1-085, B1-088, B1097, B1-112 to B1-113, B1-124, B1-129 to B1-130, B1-133 to B1-134, B1-142, B1-145 to B1-146, B1-148 to B1-149, B1-151, B1-160 to B1-161, B1-163 to B1-164, B1-166 to B1-167, B1-169 to B1-170, B1-172, B1-176, B1-178, B1-180, B1-183, B1-186, B1-211, B1-213 to B1-214, B1-216, B1-226, B1-229, B1-231, B1-233, B1-236, B1-239, B1-242 to B1-243, B1-245, B1-248 to B1-249, B1-251 to B1-252, B1-254, B1-

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APPENDIX III

308 to B1-309, B1-311 to B1-313, B1-321 to B1-322, B1-324 to B1-325, B1-330, B1-338 to B1-339, B1347, B1-349 to B1-350, B1-352 to B1-353, B1-355, B1-358 to B1-359, B1-361, B1-371, B1-393, B1-395 to B1-400, B1-402, B1-404 to B1-405, B1-411, B1-418, B1-423, B1-427 to B1-429, B1-431, B1-477, B1481, B1-514 to B1-517, B1-522 to B1-523, B1-525 to B1-528, B1-530 to B1-531, B1-533 to B1-534, B1536, B1-538, B1-544, B1-547 located at Jinke Meichen, No. 1120 Hualin Road, Nanquan Street, Banan District, Chongqing City, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Banan District Bureau of Planning and Natural Resources (重慶市巴南區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Chenju Real Estate Co., Ltd. (重慶市

金科宸居置業有限公司, "Jinke Chenju") with the details as follows:

No. Certificate No. Building Usage 1 Yu (2021) Ba Nan Qu Bu Dong Chan Quan Di No. 000762251 Car Parking Space

Pursuant to a Real Estate Ownership Certificate (for land) issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights of the property have been granted to Jinke Chenju with the details as follows:

No.	Certificate No.	Land Usage	Expiry Date	Site Area
				(sq.m.)
1	Yu (2019) Ba Nan Qu Bu Dong Chan Quan Di	Residential	13 May 2069	35,925.00
	No. 000559649

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Chenju is the owner of the building ownership of the property. Jinke Chenju has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Jinke Chenju is subject to restrictions on these rights;

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APPENDIX III

b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
d. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

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VALUATION REPORT

APPENDIX III

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Negotiation Negotiation discount adjustment is applicable to listing comparables as the Discount listing prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Longze Road,	Kaide East Road,	Kaide East Road,
	Ba’nan District,	Ba’nan District,	Ba’nan District,
	Chongqing City	Chongqing City	Chongqing City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	23 August 2024	16 April 2024	7 May 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	40,376	49,700	39,760
(RMB)

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VALUATION REPORT

APPENDIX III

Unit Rate 40,376 49,700 39,760 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment Nil adjustment Nil adjustment Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% 0.0% 0.0% Adjusted Unit Rate 40,376 49,700 39,760 (RMB/car parking space) Adopted Unit Rate 43,279 (RMB/car parking space) The subject property - 157 No. of Car Parking Spaces Market Value of the 6,790,000 Car Parking Spaces (RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

					Market value
					in existing state
					as at
				Particulars of	30 September
No.	Property	Description and tenure		occupancy	2024
					RMB
7.	1,225 car	The property comprises 1,225 car parking		The property was	55,420,000
	parking spaces	spaces within a residential development,		vacant as at the
	located at	namely Xiyong Tianchen	(the	Valuation Date.	(100% interest
	Xiyong	“Development”).			attributable to
	Tianchen, Nos.				the Target
	39 and 101	The property was held for sale as at the			Company:
	Yongnian Road	Valuation Date.			55,420,000)
	and Nos. 30-31
	Xisheng Road,	As advised by the Target Group,	the
	Shapingba	Development was completed in 2016.
	District,
	Chongqing	The Development is located in Shapingba
	City, the PRC	District, with approximately 4.2km to
		Tuanjiecun Railway Station and 36.1km to
	(中國重慶市沙坪	Chengdu Shuangliu International Airport.
	垻區永年路39、	The land use rights of the property have
	101號及西盛路	been granted for a term expiring on 29	May
	30至31號西永	2054 for commercial use.
	天宸的1,225個
	車位)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-007, B1-011 to B1-012, B1-014 to B1-015, B1-018, B1-021, B1-026 to B1027, B1-029, B1-034, B1-036, B1-040 to B1-041, B1-051 to B1-054, B1-056 to B1-057, B1-060, B1-063 to B1-064, B1-066 to B1-067, B1-071, B1-073 to B1-074, B1-082, B1-086, B1-098 to B1-099, B1-101, B1106, B1-110 to B1-114, B1-118 to B1-122, B1-124, B1-134 to B1-136, B1-142, B1-149 to B1-150, B1-163, B1-165 to B1-168, B1-184, B1-191 to B1-211, B1-213 to B1-217, B1-219 to B1-228, B1-230 to B1-231, B1-235 to B1-238, B1-240, B2-003, B2-007 to B2-008, B2-011 to B2-012, B2-014, B2-035 to B2-038, B2-

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APPENDIX III

054 to B2-056, B2-058 to B2-059, B2-061, B2-063 to B2-065, B2-069 to B2-071, B2-073, B2-075, B2-084, B2-087, B2-094, B2-100, B2-104, B2-106 to B2-107, B2-112 to B2-116, B2-118, B2-120 to B2-122, B2125, B2-135 to B2-136, B2-157, B2-172 to B2-175, B2-180 to B2-181, B2-196 to B2-197, B2-204, B2-206 to B2-208, B2-210 to B2-211, B2-213 to B2-216, B2-219 to B2-222, B2-225, B2-229 to B2-231, B2-239 to B2-240, B2-242 to B2-247 located at Xiyong Tianchen, No. 39 Yongnian Road, Shapingba District, Chongqing City, the PRC; and Nos. B1-023 to B1-026, B1-029, B1-037, B1-042, B1-044, B1-047, B1-054, B1-059, B1-071 to B1-072, B1-076 to B1-077, B1-095 to B1-098, B1-107, B1-111, B1-113 to B1-115, B1117 to B1-125, B1-127, B1-129 to B1-132, B1-134, B1-137 to B1-147, B1-149, B1-152 to B1-159, B1-162, B1-164 to B1-167, B1-169, B1-171 to B1-172, B1-174 to B1-176, B1-182, B1-189, B1-206 to B1-207, B1209, B1-224 to B1-230, B1-232, B1-250 to B1-251, B1-271, B1-276, B1-282 to B1-283, B1-294, B1-297, B1-300, B1-303 to B1-304, B1-310, B1-344 to B1-346, B1-351 to B1-356, B1-358 to B1-360, B1-362, B1364 to B1-365, B1-368, B1-370 to B1-372, B1-375 to B1-376, B1-378 to B1-379, B1-381 to B1-384, B1386 to B1-388, B1-390 to B1-394, B1-396 to B1-420, B1-422 to B1-435, B1-438 to B1-442, B1-444, B1446 to B1-457, B1-459 to B1-460, B1-462, B1-464 to B1-465, B1-468 to B1-480, B1-483 to B1-484, B1489, B1-494, B1-498 to B1-499, B1-501, B1-523 to B1-524, B1-527 to B1-528, B1-539 to B1-540, B1-544, B1-569 to B1-570, B1-575, B1-586, B1-589, B1-591, B1-597 to B1-600, B2-001 to B2-002, B2-004, B2007, B2-010 to B2-014, B2-016, B2-058, B2-064 to B2-065, B2-069 to B2-086, B2-093, B2-101, B2-175, B2-208 to B2-209, B2-222, B2-225 to B2-229 and B2-231 located at Xiyong Tianchen, No. 101 Yongnian Road, Shapingba District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-005, B1-016, B1-021 to B1-024, B1-050, B1-052 to B1-053, B1-058 to B1060, B1-062, B1-064, B1-066, B1-077, B1-092 to B1-093, B1-1001, B1-1003 to B1-1019, B1-1028, B1103, B1-1034 to B1-1035, B1-1037, B1-1039, B1-1041, B1-1044 to B1-1045, B1-1049 to B1-1050, B11053, B1-1057 to B1-1058, B1-1062 to B1-1063, B1-1067 to B1-1068, B1-1071, B1-1074 to B1-1075, B1-1078 to B1-1079, B1-1081 to B1-1082, B1-1086, B1-1089, B1-1117, B1-1120 to B1-1124, B1-1127 to B1-1130, B1-1137, B1-1141, B1-1143 to B1-1145, B1-1149, B1-1153, B1-1155, B1-1157, B1-1169 to B11170, B1-1175, B1-1179 to B1-1180, B1-1183, B1-1190, B1-1197 to B1-1200, B1-1204 to B1-1205, B11211, B1-122, B1-1224 to B1-1225, B1-1227, B1-1229, B1-123, B1-1231, B1-1233, B1-124, B1-1242 to B1-1245, B1-125, B1-1265, B1-1275 to B1-1280, B1-1300, B1-1305 to B1-1309, B1-131, B1-1310, B11325 to B1-1329, B1-1334, B1-1336, B1-134, B1-1343 to B1-1346, B1-136, B1-141, B1-146, B1-160 to B1-161, B1-163, B1-167, B1-171 to B1-172, B1-175, B1-181, B1-183, B1-191 to B1-195, B1-197 to B1199, B1-203, B1-205 to B1-206, B1-209 to B1-210, B1-213, B1-230 to B1-231, B1-236 to B1-237, B1-240 to B1-241, B1-250, B1-256, B1-261, B1-264 to B1-266, B1-271 to B1-274, B1-276, B1-286 to B1-289, B1295, B1-298, B1-305, B1-307 to B1-308, B1-310 to B1-312, B1-314 to B1-315, B1-321 to B1-323, B1-327, B1-329, B1-331, B1-335, B1-339 to B1-342, B1-349, B1-351, B1-354 to B1-355, B1-373, B1-375, B1-392 to B1-393, B1-402 to B1-404, B1-412 to B1-414, B1-418, B1-430 to B1-431, B1-437, B1-440 to B1-444, B1-449, B1-451 to B1-453, B1-455, B1-457, B1-461, B1-471 to B1-472, B1-480, B1-482, B1-494, B1-511, B1-528, B1-532 to B1-534, B1-549, B1-551, B1-553, B1-556, B1-558 to B1-559, B1-564, B1-570, B1-572 to B1-573, B1-578 to B1-579, B1-584 to B1-585, B1-592, B1-596 to B1-597, B1-600, B1-610, B1-615 to B1-617, B1-622, B1-624, B1-635, B1-642, B1-675, B1-680, B1-684, B1-699 to B1-702, B1-716 to B1-718, B1-733 to B1-734, B1-736, B1-741 to B1-742, B1-745, B1-747 to B1-749, B1-752, B1-770, B1-773 to B1-

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APPENDIX III

775, B1-778 to B1-780, B1-782 to B1-787, B1-789 to B1-794, B1-798 to B1-799, B1-801 to B1-803, B1828, B1-833 to B1-834, B1-838 to B1-839, B1-844, B1-847 to B1-851, B1-854, B1-858, B1-863 to B1-864, B1-884 to B1-885, B1-887, B1-891, B1-903 to B1-907, B1-909 to B1-910, B1-913, B1-919, B1-921, B1924, B1-929, B1-931, B1-935, B1-941, B1-945, B1-950 to B1-951, B1-955 to B1-956, B1-959, B1-961 to B1-963, B1-966 to B1-967, B1-970, B1-977, B1-981, B1-984, B1-987, B1-989, B1-991 to B1-995, B1-997 to B1-998 located at Xiyong Tianchen, No. 30 Xisheng Road, Shapingba District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-0028, B1-0168, B1-0172, B1-0175, B1-0185, B1-0188, B1-0191 to B1-0192, B1-0194, B1-0196, B1-0204 to B1-0209, B1-0211 to B1-0215, B1-0217 to B1-0221, B1-0231 to B1-0232, B1-0238 to B1-0239, B1-0247, B1-0279, B1-0315 to B1-0317, B1-0321, B1-0323, B1-0332 to B1-0333, B1-0335, B1-0337, B1-0340 to B1-0345, B1-0347 to B1-0348, B1-0351 to B1-0352, B1-0354 to B1-0355, B1-0357 to B1-0358, B1-0361 to B1-0363, B1-0371, B1-0377, B1-0385 to B1-0387, B1-0392, B1-0395, B1-0404, B1-0407, B1-0473, B1-0481, B1-0486, B1-0489, B1-0495, B1-0507 to B1-0508, B1-0510 to B10511, B1-0514 to B1-0515, B1-0517, B1-0579 to B1-0585, B1-0589 to B1-0590, B1-0592 to B1-0593, B1-0596 to B1-0597, B1-0599, B1-0603, B1-0607, B1-0609, B1-0612 to B1-0615, B1-0617 to B1-0625, B1-0627, B1-0629 to B1-0632, B1-0635 to B1-0655, B1-0657 to B1-0685, B1-0687, B1-0689, B1-0692 to B1-0693, B1-0795 to B1-0796, B1-0805, B1-0827, B1-0839, B1-0864, B1-0906, B1-0912 to B1-0913, B10944, B1-0964, B1-0974, B1-0977 to B1-0983, B1-0986 to B1-0987, B1-1013 to B1-1014, B1-1016 to B1-1018, B1-1020 to B1-1021, B1-1023, B1-1031, B1-1034, B1-1042 to B1-1046, B1-1049, B1-1051, B11053, B1-1055, B1-1083, B1-1085, B1-1087 to B1-1089, B1-1091 to B1-1105, B1-1108 to B1-1109, B11112 to B1-1122, B1-1124 to B1-1128, B1-1130, B1-1142, B1-1144 to B1-1148, B1-1150 to B1-1158, B1-1160, B1-1162 to B1-1165, B1-1169, B1-1171, B1-1177, B1-1179 to B1-1187, B1-1190 to B1-1191, B1-1193 to B1-1195, B1-1200, B1-1203, B1-1205 to B1-1208, B1-1212 to B1-1214, B1-1219 to B1-1220, B1-1224, B1-1226 to B1-1229, B1-1231 to B1-1236, B1-1238 to B1-1241, B1-1243, B1-1246, B1-1260, B1-1264, B1-1268 to B1-1269, B1-1275 to B1-1277, B1-1282, B1-1284, B1-1296, B1-1325 to B1-1326, B1-1330, B1-1334 to B1-1335, B1-1382, B1-1423 to B1-1424, B1-1427 to B1-1428, B1-1431 to B1-1432, B1-1434, B1-1447 to B1-1448, B1-1473 to B1-1474, B1-1476, B1-1479, B1-1481, B1-1483, B1-1503 to B1-1504, B1-1509, B1-1521, B1-1524, B1-1526 to B1-1528, B1-1530 to B1-1532, B1-1534, B1-1537 to B1-1538, B1-1540 to B1-1549, B1-1560, B1-1562, B1-1564 to B1-1568, B1-1570 to B1-1572, B1-1574, B1-1576, B1-1578, B1-1584, B1-1595, B1-1598 to B1-1599, B1-1605, B1-1625 to B1-1627, B1-1630, B11633 to B1-1634, B1-1636, B1-1640 to B1-1642, B1-1654, B1-1689, B1-1725, B1-1745, B1-1750, B11754 to B1-1755 located at Xiyong Tianchen, No. 31 Xisheng Road, Shapingba District, Chongqing City, the PRC

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VALUATION REPORT

APPENDIX III

Pursuant to 4 Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Hongrui Real Estate Development Co., Ltd. (重慶金科宏瑞房地產開發有限公司, “Chongqing Jinke Hongrui”) with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2018) Sha Ping Ba Qu Bu Dong	Commercial	Car Parking	29 May 2054	17,922.00	17,524.90
	Chan Quan Di No. 000800295		Space
2	Yu (2020) Sha Ping Ba Qu Bu Dong	Commercial	Car Parking	29 May 2054	35,294.00	30,866.24
	Chan Quan Di No. 000302843		Space
3	Yu (2018) Sha Ping Ba Qu Bu Dong	Commercial	Car Parking	29 May 2054	81,512.00	44,723.00
	Chan Quan Di No. 001227662		Space
4	Yu (2019) Sha Ping Ba Qu Bu Dong	Commercial	Car Parking	29 May 2054	78,584.00	55,323.99
	Chan Quan Di No. 000264987		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Results Inquiry Receipt issued by Chongqing High-Tech Industrial Development Zone Bureau of Administration Committee of Planning and Natural Resources (重慶高新技術產業開發區管理委員會規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Hongrui with the details as follows:

No.	Certificate No.	Building Usage
1	Yu (2018) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000800295	Car Parking Space
2	Yu (2020) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000302843	Car Parking Space
3	Yu (2018) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 001227662	Car Parking Space
4	Yu (2019) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000264987	Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Hongrui is the owner of the land use rights and building ownership of the property. Chongqing Jinke Hongrui has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Hongrui is subject to restrictions on these rights;

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APPENDIX III

b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

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VALUATION REPORT

APPENDIX III

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F: Comparable 1 Comparable 2 Address Xisheng Road, Xuezhi Road, Shapingba District, Shapingba District, Chongqing City Chongqing City Usage Car Parking Space Car Parking Space Type Listing Transaction Transaction Date N/A 4 September 2024 No. of Car Parking 1 1 Spaces

Xuezhi Road, Shapingba District, Chongqing City

Comparable 3

Xinjian Ercun, Shapingba District, Chongqing City

Car Parking Space Transaction 27 August 2024 1

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VALUATION REPORT

APPENDIX III

Floor Level B1/F B1/F B1/F Amount 50,000 40,000 50,960 (RMB) Unit Rate 50,000 40,000 50,960 (RMB/car parking space)

Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for B2/F adjustment for B2/F adjustment for B2/F Negotiation Discount Downward Nil adjustment Nil adjustment adjustment Total Adjustment -5.0% for B1/F; 0.0% for B1/F; 0.0% for B1/F; -24.0% for B2/F -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 47,500 for B1/F; 40,000 for B1/F; 50,960 for B1/F; (RMB/car parking 38,000 for B2/F 32,000 for B2/F 40,768 for B2/F space) Adopted Unit Rate 46,153 for B1/F; (RMB/car parking 36,923 for B2/F space) The subject property - 1,225 No. of Car Parking Spaces Market Value of the 55,420,000 Car Parking Spaces

(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

						Market value
						in existing state
						as at
					Particulars of	30 September
No.	Property	Description and tenure			occupancy	2024
						RMB
8.	1,423 car	The property comprises	1,423 car parking		The property was	61,860,000
	parking spaces	spaces within a residential development,			vacant as at the
	located at	namely Xiyong	Tianchen	(the	Valuation Date.	(100% interest
	Xiyong	“Development”).				attributable to
	Tianchen, Nos.					the Target
	105-107	The property was held	for sale as at the			Company:
	Yongxiang	Valuation Date.				61,860,000)
	Road and Nos.
	35 and 41	As advised by the Target Group,		the
	Xisheng Road,	Development was completed in 2016.
	Shapingba
	District,	The Development is located in Shapingba
	Chongqing	District, with approximately 4.2km to
	City, the PRC	Tuanjiecun Railway Station and 36.1km to
		Chengdu Shuangliu International Airport.
	(中國重慶市沙坪
	垻區永祥路105	The land use rights of the property have been granted for a term expiring on 29 April
	至107號及西盛	2054 for commercial use.
	路35、41號西
	永天宸1,423個
	車位)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-001, B1-015, B1-018 to B1-019, B1-026 to B1-029, B1-031 to B1-037, B1040, B1-045 to B1-046, B1-050, B1-064, B1-068, B1-084 to B1-085, B1-095, B1-100 to B1-101, B1-114 to B1-128, B1-137, B1-169 to B1-170, B1-172, B1-178, B1-182, B1-190, B1-203, B1-214 to B1-215, B1219, B1-227, B1-238, B1-246, B1-257, B1-261, B1-267 to B1-268, B1-271, B1-274, B1-277, B1-280, B1283 to B1-296, B1-299, B1-302, B1-305 to B1-306, B1-308, B1-311, B1-314 to B1-322, B1-324, B1-331

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APPENDIX III

to B1-332, B1-338 to B1-340, B1-342, B1-350 to B1-351, B1-361, B1-363, B1-368, B1-371, B1-373, B1376, B1-378 to B1-379, B1-396, B1-399, B1-401 to B1-405, B1-407, B1-411, B1-414, B1-425 to B1-426, B1-429, B1-431 to B1-433, B1-435, B1-437 to B1-441, B1-444 to B1-445, B1-447, B1-462, B1-467, B1470 to B1-471, B1-474 to B1-476, B1-483, B1-492, B1-504 to B1-507, B1-513, B1-516, B1-527, B1-536, B1-539, B1-542, B1-545 to B1-546, B1-602, B1-615 to B1-617, B1-619 to B1-623, B1-625 to B1-629, B1702 to B1-703, B2-001 to B2-002, B2-017, B2-030, B2-092 to B2-096, B2-098 to B2-100, B2-102 to B2106, B2-110 to B2-111, B2-113, B2-118, B2-122, B2-124 to B2-125, B2-127 to B2-136, B2-139 to B2-141, B2-144, B2-154, B2-157 to B2-158, B2-284, B2-287, B2-310, B2-313 to B2-314, B2-316, B2-321, B2-346, B2-349, B2-351 to B2-352, B2-355, B2-384, B2-387, B2-392, B2-394, B2-397, B2-401, B2-415, B2-418, B2-423, B2-447, B2-449 to B2-450, B2-454, B2-458, B2-463 to B2-465, B2-467, B2-474, B2-477, B2-480, B2-482, B2-485, B2-487, B2-490, B2-494, B2-505 to B2-506, B2-526, B2-554, B2-557, B2-572, B2-584 to B2-585, B2-599 to B2-601, B2-617 to B2-618, B2-635, B2-710, B2-717, B2-734 to B2-735, B2-753, B2759, B2-769 to B2-770, B2-820, B2-822 to B2-823 located at Xiyong Tianchen, No. 105 Yongxiang Road, Shapingba District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-0010, B1-0134, B1-0138, B1-0145, B1-0156, B1-0162, B1-0177 to B1-0178, B1-0191, B1-0208, B1-0222, B1-0252, B1-0262, B1-0277 to B1-0281, B1-0285, B1-0288, B1-0291, B10294, B1-0302, B1-0305, B1-0349, B1-0354, B1-0366, B1-0371, B1-0376, B1-0385, B1-0392, B1-0399, B1-0412, B1-0419, B1-0432, B1-0444, B1-0486, B1-0513, B1-0548, B1-0554 to B1-0555, B1-0572, B10585, B1-0590, B1-0596, B1-0602, B1-0618, B1-0624 to B1-0625, B1-0673, B1-0675, B1-0677, B1-0716, B1-0734, B1-0738, B1-0760 to B1-0761, B1-0767 to B1-0768, B1-0795, B1-0799 to B1-0800, B1-0803, B1-0824 to B1-0825, B1-0848, B1-0856, B1-0858, B1-0861, B1-0863, B1-0866 to B1-0868, B1-0871, B10877, B1-0880, B1-0884 to B1-0887, B1-0890, B1-0892, B1-0894 to B1-0895, B1-0897 to B1-0898, B10902, B1-0907, B1-0919 to B1-0924, B1-0926, B1-0930, B1-0936, B1-0941, B1-0961, B1-0964, B1-0966 to B1-0968, B1-0972, B1-0977 to B1-0980, B1-0987 to B1-0988, B1-1003, B1-1005, B1-1008, B1-1013, B1-1022, B1-1025 to B1-1026, B1-1030 to B1-1031, B1-1034, B1-1037, B1-1040, B1-1043 to B1-1047, B1-1049, B1-1063, B1-1066, B1-1068, B1-1074 to B1-1076, B1-1078, B1-1080 to B1-1081, B1-1084, B11087, B1-109, B1-1093, B1-1127, B1-113, B1-1131, B1-1142, B1-1147, B1-1152 to B1-1153, B1-1160, B1-1174, B1-1182 to B1-1183, B1-1192, B1-132 to B1-133, B1-146, B1-153, B1-161, B1-165 to B1-166, B1-169 to B1-170, B1-175 to B1-176, B1-180, B1-182, B1-186 to B1-187, B1-189, B1-197 to B1-199, B1204 to B1-205, B1-211 to B1-212, B1-215 to B1-216, B1-219, B1-223, B1-225, B1-234, B1-237, B1-244 to B1-245, B1-247 to B1-249, B1-251, B1-253 to B1-254, B1-257, B1-259, B1-263, B1-267, B1-274 to B1276, B1-283 to B1-284, B1-296, B1-298 to B1-299, B1-309 to B1-310, B1-314, B1-316 to B1-317, B1-319, B1-321, B1-323, B1-325, B1-328, B1-330 to B1-331, B1-334, B1-336, B1-338 to B1-339, B1-341, B1-344, B1-347, B1-352, B1-377, B1-382, B1-407 to B1-408, B1-410 to B1-411, B1-422, B1-424 to B1-427, B1442, B1-445 to B1-446, B1-451, B1-458 to B1-465, B1-467 to B1-468, B1-475, B1-483, B1-485, B1-491, B1-494, B1-496 to B1-497, B1-502, B1-504, B1-509, B1-579, B1-592 to B1-595, B1-597, B1-599 to B1601, B1-604 to B1-606, B1-609, B1-612 to B1-615, B1-617, B1-619 to B1-620, B1-622, B1-627, B1-631 to B1-645, B1-659, B1-661, B1-665 to B1-666, B1-668, B1-670, B1-672, B1-694 to B1-695, B1-698 to B1699, B1-702, B1-705, B1-708, B1-714, B1-717 to B1-718, B1-721, B1-723, B1-727 to B1-729, B1-731, B1-

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VALUATION REPORT

APPENDIX III

740 to B1-742, B1-745 to B1-748, B1-754 to B1-759, B1-762 to B1-764, B1-766, B1-769, B1-772 to B1774, B1-776 to B1-777, B1-781, B1-787 to B1-788, B1-908, B1-914, B1-971, B1-981 and B1-985 located at Xiyong Tianchen, No. 106 Yongxiang Road, Shapingba District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-0040, B1-0097, B1-0123 to B1-0124, B1-0176, B1-0208, B1-0231 to B10233, B1-0235 to B1-0236, B1-0238, B1-0241, B1-0244, B1-0246 to B1-0247, B1-0249 to B1-0250, B10253, B1-0257 to B1-0258, B1-0263 to B1-0264, B1-0279, B1-0341, B1-0355, B1-0360 to B1-0361, B10363 to B1-0364, B1-0366 to B1-0367, B1-0369, B1-0371 to B1-0372, B1-0374, B1-0377, B1-0379, B10382, B1-0384, B1-0414, B1-0444, B1-0459 to B1-0461, B1-0469 to B1-0472, B1-0475 to B1-0476, B10478 to B1-0480, B1-0482 to B1-0488, B1-0490 to B1-0496, B1-0498 to B1-0499, B1-0501 to B1-0503, B1-0510, B1-0521 to B1-0524, B1-0527, B1-0532, B1-0534 to B1-0539, B1-0541, B1-0544, B1-0546 to B1-0547, B1-0554 to B1-0555, B1-0561, B1-0568, B1-0570 to B1-0572, B1-0585, B1-0589 to B1-0590, B1-0594, B1-0597 to B1-0600, B1-0602 to B1-0605, B1-0607, B1-0609, B1-0611 to B1-0614, B1-0620 to B1-0621, B1-0624, B1-0626 to B1-0628, B1-0631 to B1-0644, B1-0648 to B1-0651, B1-0653 to B1-0672, B1-0674, B1-0676 to B1-0680, B1-0682 to B1-0703, B1-0706 to B1-0721, B1-0723, B1-0726, B1-0757, B1-0760, B1-0763 to B1-0766, B1-0769, B1-0772 to B1-0776, B1-0778 to B1-0782, B1-0784 to B1-0805, B1-0807, B1-0820, B1-0824, B1-0832, B1-0859 to B1-0862, B1-0870 to B1-0871, B1-0884, B1-0940, B10997 to B1-0998, B1-1000 to B1-1002 located at Xiyong Tianchen, No. 107 Yongxiang Road, Shapingba District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-187, B1-189, B1-196, B1-198 to B1-199, B1-201 to B1-203, B1-205, B1210 to B1-212, B1-214 to B1-226, B1-229, B1-238 to B1-239, B1-241 to B1-242, B1-244, B1-246 to B1254, B1-256 to B1-257, B1-260 to B1-263, B1-265 to B1-272, B1-275, B1-278, B1-281, B1-284, B1-287, B1-290, B1-294 to B1-296, B1-299, B1-302, B1-307, B1-314 to B1-317, B1-325 to B1-326, B1-331, B1333 to B1-342, B1-346, B1-348, B1-350 to B1-353, B1-355 to B1-357, B1-359, B1-361, B1-365 to B1-367, B1-370, B1-372 to B1-375, B1-377 to B1-382, B1-384 to B1-385, B1-387, B1-389 to B1-396, B1-398 to B1-399, B1-401 to B1-407, B1-410 to B1-412, B1-414 to B1-415, B1-417 to B1-418, B1-422 to B1-423, B1-425 to B1-427, B1-431 to B1-434, B1-436 to B1-442, B1-444, B1-446 to B1-451, B2-196 to B2-199, B2-202, B2-204 to B2-205, B2-210 to B2-217, B2-219, B2-221 to B2-250, B2-252, B2-254 to B2-256, B2258 to B2-277, B2-280, B2-283, B2-285 to B2-289, B2-292 to B2-302, B2-304, B2-306 to B2-310, B2-313 to B2-314, B2-316, B2-318 to B2-328, B2-331 to B2-332, B2-334 to B2-336, B2-338 to B2-339, B2-342, B2-344 to B2-358, B2-360 to B2-368, B2-370 to B2-406, B2-408 to B2-441, B2-443 to B2-470, B2-473, B2-481, B2-483 to B2-485 and B2-492 located at Xiyong Tianchen, No. 35 Xisheng Road, Shapingba District, Chongqing City, the PRC

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APPENDIX III

Car Parking Spaces - Nos. B1-001 to B1-003, B1-017 to B1-018, B1-023, B1-026, B1-029, B1-034, B1036 to B1-038, B1-040 to B1-042, B1-045, B1-050, B1-054 to B1-058, B1-061 to B1-065, B1-072 to B1073, B1-078, B1-081 to B1-082, B1-084 to B1-086, B1-089 to B1-091, B1-093 to B1-099, B1-101 to B1105, B1-107 to B1-110, B1-122 to B1-125, B1-130 to B1-131, B1-133 to B1-134, B1-144, B1-146, B1-148 to B1-150, B1-155, B1-158 to B1-160, B2-002, B2-004, B2-006 to B2-010, B2-012 to B2-014, B2-016 to B2-019, B2-021 to B2-023, B2-025 to B2-026, B2-028, B2-032 to B2-033, B2-035, B2-037, B2-039 to B2040, B2-045 to B2-050, B2-052, B2-054 to B2-055, B2-057, B2-059, B2-062, B2-067 to B2-070, B2-072 to B2-080, B2-082 to B2-083, B2-104 to B2-105, B2-107, B2-114, B2-173 to B2-175, B2-181 to B2-184 located at Xiyong Tianchen, No. 41 Xisheng Road, Shapingba District, Chongqing City, the PRC

Pursuant to 5 Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Junwei Development Co., Ltd. (重慶金科郡威房地產開發有限公司, “Chongqing Jinke Junwei”) with the details as follows:

		Land	Building			Gross
No.	Certificate No.	Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2018) Sha Ping Ba Qu Bu	Commercial	Car Parking	29 April 2054	55,150.00	47,736.97
	Dong Chan Quan Di No.		Space
	000388395
2	Yu (2017) Sha Ping Ba Qu Bu	Commercial	Car Parking	29 April 2054	84,034.00	42,078.93
	Dong Chan Quan Di No.		Space
	000531410
3	Yu (2017) Sha Ping Ba Qu Bu	Commercial	Car Parking	29 April 2054	59,375.00	31,564.78
	Dong Chan Quan Di No.		Space
	000292783
4	Yu (2020) Sha Ping Ba Qu Bu	Commercial	Car Parking	29 April 2054	15,185.00	21,439.02
	Dong Chan Quan Di No.		Space
	000250040
5	Yu (2020) Sha Ping Ba Qu Bu	Commercial	Car Parking	29 April 2054	13,110.00	16,226.03
	Dong Chan Quan Di No.		Space
	000048091

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

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VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing High-Tech Industrial Development Zone Bureau of Administration Committee of Planning and Natural Resources (重慶高新技術產業開發區管理委員會規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junwei with the details as follows:

No. Certificate No.

1 Yu (2018) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000388395 2 Yu (2017) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000531410 3 Yu (2017) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000292783 4 Yu (2020) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000250040 5 Yu (2020) Sha Ping Ba Qu Bu Dong Chan Quan Di No. 000048091

Building Usage

Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Junwei is the owner of the land use rights and building ownership of the property. Chongqing Jinke Junwei has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Junwei is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by Jiangbei District People's Court of Chongqing Municipality ( 重慶市江北區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

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APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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APPENDIX III

Floor:

Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Xisheng Road,	Xuezhi Road,	Xinjian Ercun,
	Shapingba District,	Shapingba District,	Shapingba District,
	Chongqing City	Chongqing City	Chongqing City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Listing	Transaction	Transaction
Transaction Date	N/A	4 September 2024	27 August 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	50,000	40,000	50,960
(RMB)
Unit Rate	50,000	40,000	50,960
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward	Downward	Downward
	adjustment for B2/F	adjustment for B2/F	adjustment for B2/F

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VALUATION REPORT

APPENDIX III

Negotiation Discount Downward Nil adjustment Nil adjustment adjustment Total Adjustment -5.0% for B1/F; 0.0% for B1/F; 0.0% for B1/F; -24.0% for B2/F -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 47,500 for B1/F; 40,000 for B1/F; 50,960 for B1/F; (RMB/car parking 38,000 for B2/F 32,000 for B2/F 40,768 for B2/F space) Adopted Unit Rate 46,153 for B1/F; (RMB/car parking 36,923 for B2/F space) The subject property - 1,423 No. of Car Parking Spaces Market Value of the 61,860,000 Car Parking Spaces (RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
9.	941 car parking	The property comprises 941 car parking	The property was	65,740,000
	spaces located	spaces within a residential development,	vacant as at the
	at Tianyuan	namely Tianyuan Dao (the “Development”).	Valuation Date.	(100% interest
	Dao, Nos. 9-10			attributable to
	Cizhu Road, No.	The property was held for sale as at the		the Target
	2 Banzhu Road	Valuation Date.		Company:
	and No. 33			65,740,000)
	Nanzhu Road	As advised by the Target Group, the
	Yubei District,	Development was completed in 2021.
	Chongqing
	City, the PRC	The Development is located in Yubei District,
		with approximately 8.8km to Chongqingbei
	(中國重慶市渝北	Railway Station and 26.4km to Chongqing
	區慈竹路9 至10	Jiangbei International Airport.
	號、斑竹路2 號	The land use rights of the property have
	及楠竹路33 號	been granted for a term expiring on 31
		December 2055 for commercial use.
	天元道的941 個
	車位)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-020, B1-042 to B1-044, B1-058 to B1-059, B1-062, B1-069, B1-071 to B1072, B1-081 to B1-082, B1-087, B1-090 to B1-094, B1-097, B1-100 to B1-101, B1-103 to B1-109, B1-112 to B1-113, B1-115, B1-119 to B1-124, B1-127, B1-130, B1-133 to B1-134, B1-137, B1-140 to B1-153, B1155 to B1-159, B1-162 to B1-163, B1-167, B1-170, B1-175 to B1-176, B1-178 to B1-180, B1-184 to B1186, B1-188, B1-190 to B1-192, B1-195, B1-198 to B1-200, B1-202 to B1-203, B1-205, B1-208, B1-211, B1-220, B1-226 to B1-227, B1-229, B1-241, B1-251, B1-273, B1-282 to B1-284, B1-293, B1-300, B1-304, B1-310, B1-313, B1-319, B1-328, B1-331 to B1-332, B1-346, B1-352 to B1-354, B1-356, B1-361, B1-375,

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APPENDIX III

B1-378 and B1-381 to B1-382 located at Tianyuan Dao, No. 9 Cizhu Road, Yubei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-003, B1-007, B1-017, B1-023, B1-032 to B1-033, B1-179 to B1-180, B1194, B1-200, B1-206 to B1-207, B1-213 to B1-216, B1-220 to B1-222, B1-226 to B1-227, B1-232 to B1235, B1-244, B1-246, B1-250 to B1-251, B1-256 to B1-257, B1-262 to B1-263, B1-266, B1-269, B1-274 to B1-275, B1-280 to B1-281, B1-286 to B1-287, B1-289, B1-291 to B1-294, B1-296, B1-305, B1-323 to B1-324, B1-345 to B1-347, B1-350 to B1-352, B1-356 to B1-357, B1-359, B1-365 to B1-366, B1-368, B1372 to B1-377, B1-381 to B1-382, B1-386, B1-390, B1-395 to B1-396, B1-401 to B1-403, B1-407 to B1411, B1-413, B1-418 to B1-419, B1-424 to B1-425, B1-430, B1-438, B1-446, B1-450, B1-456 to B1-457, B1-465, B1-472 to B1-473, B1-482, B1-489, B1-495, B1-501 to B1-503, B1-505, B1-507, B1-509, B1-511, B1-518, B1-520, B1-524, B1-526 to B1-529, B1-537, B1-540 to B1-541, B1-547, B1-562, B1-569 to B1570, B1-587 to B1-592, B1-603, B1-607 to B1-608, B1-612, B1-614, B1-617, B1-619, B1-626 to B1-629, B1-631 to B1-632, B1-636, B1-638 to B1-639, B1-642, B1-644, B1-647 to B1-648, B1-650 to B1-651, B1655 to B1-656, B1-659, B1-663 to B1-664, B1-667 to B1-668, B1-674 to B1-676, B1-678 to B1-679, B1681 to B1-684, B1-686, B1-688 to B1-689, B1-695, B1-697 to B1-701, B1-703 to B1-707, B1-712 to B1714, B1-717, B1-719 to B1-722, B1-734 to B1-736, B1-742, B1-757 to B1-758, B1-777 to B1-778, B1-786 to B1-787, B2-003 to B2-005, B2-009, B2-012, B2-016, B2-018, B2-024, B2-029, B2-040 to B2-041, B2049 to B2-050, B2-053, B2-123, B2-126, B2-129, B2-141, B2-164, B2-194, B2-206, B2-219 to B2-220, B2225 to B2-227, B2-231 to B2-232, B2-237 to B2-241, B2-245 to B2-247, B2-251 to B2-253, B2-257 to B2-260, B2-265 to B2-266, B2-269 to B2-275, B2-277 to B2-284, B2-286 to B2-289, B2-291 to B2-309, B2-311 to B2-315, B2-318 to B2-400, B3-002, B3-005, B3-007 to B3-009, B3-013 to B3-017, B3-021 to B3-023, B3-026 to B3-028, B3-030 to B3-032, B3-035 to B3-037, B3-039 to B3-047, B3-050 to B3-051, B3-053, B3-055, B3-062, B3-087 to B3-088, B3-092 to B3-098, B3-102, B3-109 to B3-120, B3-141 to B3160, B3-162 to B3-175, B3-178, B3-191, B3-193 to B3-194, B3-197 to B3-198, B3-201 to B3-206, B3-208, B3-210 to B3-216, B3-219, B3-221, B3-223 to B3-224, B3-226 to B3-240, B3-242 to B3-247, B3-249 to B3-253, B3-255 to B3-264, B3-266 to B3-268 and B3-270 to B3-271 located at Tianyuan Dao, No. 10 Cizhu Road, Yubei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-003 to B1-004, B1-011, B1-016 to B1-020, B1-024, B1-026 to B1-027, B1030, B1-032 to B1-033, B1-036, B1-038, B1-044, B1-046 to B1-048, B1-054, B1-057, B1-060, B1-062 to B1-063, B1-065 to B1-066, B1-068 to B1-090, B1-092 to B1-093, B1-095, B1-097 to B1-099, B1-104 to B1-109, B1-111 to B1-114, B1-121, B1-123 to B1-126, B1-128 to B1-129, B1-132 to B1-133, B1-136 to B1-138, B1-147 to B1-149, B1-154, B1-158, B1-162, B1-164, B1-166, B1-168 to B1-169, B1-172, B1-178, B1-181 to B1-182, B2-018, B2-020, B2-023, B2-032 to B2-037, B2-039, B2-041, B2-048 to B2-050, B2092 to B2-093, B2-095 to B2-096, B2-099, B2-106 to B2-109, B2-124, B2-160 to B2-161, B2-163, B2-179, B2-181 and B2-227 located at Tianyuan Dao, No. 2 Banzhu Road, Yubei District, Chongqing City, the PRC

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APPENDIX III

Car Parking Spaces - Nos. B1-004, B1-011, B1-013, B1-016, B1-038, B1-042, B1-051 to B1-054, B1-056, B1-074 to B1-077, B1-091 to B1-092, B1-095, B1-104, B1-117 to B1-118, B1-124 to B1-125, B1-127, B1129 to B1-130, B1-135, B1-138, B1-148, B1-159, B1-162, B1-164 to B1-165, B1-167 to B1-170, B1-172, B2-024, B2-093 to B2-094, B2-103, B2-113, B2-144, B2-169, B2-186, B2-188, B3-016 to B3-018, B3-020 to B3-024, B3-028 to B3-035, B3-037 to B3-050, B3-053 to B3-094, B3-100, B3-102 to B3-106, B3-108, B3-110, B3-114, B3-118, B3-127, B3-130, B3-133 to B3-134, B3-136 to B3-137, B3-139, B3-142 to B3146, B3-148 to B3-157, B3-160 to B3-167, B3-176 to B3-181, B3-183, B3-185 to B3-187, B3-190, B3-203 to B3-204, B3-206, B3-208 to B3-210, B3-218 to B3-219, B3-233 and B3-235 located at Tianyuan Dao, No. 33 Nanzhu Road, Yubei District, Chongqing City, the PRC

Pursuant to 4 Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Shiye Group Hongjing Real Estate Development Co., Ltd. (重慶市金科實業集團弘景房地產開發有限公司, “Chongqing Jinke Shiye Group”), which is now renamed to Chongqing Hongjing Real Estate Development Co., Ltd. (重慶市弘景房地產開發有限公司, “Chongqing Hongjing”), with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2019) Liang Jiang Sin	Commercial	Car Parking	31 December	34,172.00	13,720.51
	Qu Bu Dong Chan Quan Di		Space	2055
	No. 001032536
2	Yu (2018) Liang Jiang Sin	Commercial	Car Parking	31 December	45,651.00	46,170.32
	Qu Bu Dong Chan Quan Di		Space	2055
	No. 000904131
3	Yu (2018) Liang Jiang Sin	Commercial	Car Parking	31 December	13,013.00	13,809.00
	Qu Bu Dong Chan Quan Di		Space	2055
	No. 000448533
4	Yu (2018) Liang Jiang Sin	Commercial	Car Parking	31 December	14,893.00	20,545.37
	Qu Bu Dong Chan Quan Di		Space	2055
	No. 001348668

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

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APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Liangjiang New Area Bureau of Planning and Natural Resources (重慶市兩江新區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Shiye Group with the details as follows:

No.

Certificate No.

Building Usage

1 Yu (2019) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 001032536 Car Parking Space 2 Yu (2018) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000904131 Car Parking Space 3 Yu (2018) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000448533 Car Parking Space 4 Yu (2018) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 001348668 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Hongjing is the owner of the land use rights and building ownership of the property. Chongqing Hongjing has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Shiye Group is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

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APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:	Time adjustment addresses the differences in market conditions between the
	Valuation Date and the dates of comparables. The adopted transaction
	comparables were completed within 1 year, while the adopted listing
	comparables were active market quotes available for sale as of the Valuation
	Date, we considered no time adjustment was required.
Location:	Location adjustment reflects the differences in locality and accessibility
	between the subject property and the adopted comparables. We considered no
	location adjustment was necessary as the adopted comparables were situated
	in close proximity to the subject property.
Size:	Size adjustment applies when there are differences in areas between the
	subject property and the adopted comparables. Considering the limited
	differences in size between the subject property and the adopted comparables,
	we made no size adjustments to the adopted comparables.
Floor:	Floor adjustment applies when the floor levels of the subject property and the
	adopted comparables differ, impacting visibility, accessibility, business
	opportunities for retail units, and the convenience of car parking spaces.
	Upward adjustments were made if the adopted comparables were situated at
	higher or lower floors for retail units and car parking spaces, respectively, and
	vice versa.
Negotiation	Negotiation discount adjustment is applicable to listing comparables as the
Discount	listing prices do not necessarily represent the final transaction considerations.
	The listing comparables are subjected to negotiations, and price discounts may
	be achievable. Downward adjustments were made for the adopted listing
	comparables, while no adjustments were made for the adopted transaction
	comparables.

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F, B2/F and B3/F: Comparable 1 Comparable 2 Comparable 3 Address Tianshan Avenue, Xingrong Road, Xingguang Avenue, Yubei District, Yubei District, Yubei District, Chongqing City Chongqing City Chongqing City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Transaction Listing Transaction Date 6 April 2024 6 February 2024 N/A No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 89,600 77,280 80,000 (RMB) Unit Rate 89,600 77,280 80,000 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for B2/F adjustment for B2/F adjustment for B2/F and B3/F and B3/F and B3/F Negotiation Discount Nil adjustment Nil adjustment Downward adjustment Total Adjustment 0.0% for B1/F; 0.0% for B1/F; -5.0% for B1/F; -20.0% for B2/F; -20.0% for B2/F; -24.0% for B2/F; -30.0% for B3/F -30.0% for B3/F -33.5% for B3/F Adjusted Unit Rate 89,600 for B1/F; 77,280 for B1/F; 76,000 for B1/F; (RMB/car parking 71,680 for B2/F; 61,824 for B2/F; 60,800 for B2/F; space) 62,720 for B3/F 54,096 for B3/F 53,200 for B3/F

Adopted Unit Rate 80,960 for B1/F; (RMB/car parking 64,768 for B2/F; space) 56,672 for B3/F

The subject property - No. of Car Parking Spaces

941

Market Value of the 65,740,000 Car Parking Spaces (RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
10.	1398 car	The property comprises 1398 car parking	The property was	101,170,000
	parking spaces	spaces within a residential development,	vacant as at the
	located at	namely Tianyuan Dao (the “Development”).	Valuation Date.	(100% interest
	Tianyuan Dao,			attributable to
	Nos. 8-9	The property was held for sale as at the		the Target
	Longdang	Valuation Date.		Company:
	Road, Yubei			101,170,000)
	District,	As advised by the Target Group, the
	Chongqing	Development was completed in 2021.
	City, the PRC

The Development is located in Yubei District, (中國重慶市渝北 with approximately 8.8km to Chongqingbei Railway Station and 26.4km to Chongqing 區龍氹路 8 至 9 Jiangbei International Airport. 號天元道的 1398 個車位) The land use rights of the property have been granted for a term expiring on 31 March 2056 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-018 to B1-021, B1-026, B1-035 to B1-036, B1-038, B1-061, B1-063, B1071, B1-129, B1-164, B1-194, B1-197 to B1-199, B1-201, B1-207, B1-211, B1-214 to B1-215, B1-217, B1220 to B1-224, B1-227 to B1-231, B1-233 to B1-234, B1-236 to B1-241, B1-243, B1-245 to B1-253, B1258, B1-260, B1-277 to B1-278, B1-280 to B1-281, B1-288 to B1-289, B1-291, B1-296, B1-299, B1-301 to B1-304, B1-306, B1-308 to B1-310, B1-313 to B1-328, B1-333 to B1-335, B1-337 to B1-343, B1-345 to B1-351, B1-354, B1-360 to B1-361, B1-363, B1-365 to B1-367, B1-369 to B1-370, B1-372 to B1-374, B1-377, B1-381, B1-383 to B1-387, B1-389 to B1-419, B1-422 to B1-429, B1-431, B1-433 to B1-474, B1477 to B1-483, B1-485, B1-487, B1-489 to B1-492, B1-494 to B1-497, B1-500 to B1-501, B1-512, B1-516, B1-520 to B1-526, B1-528 to B1-529, B1-531 to B1-547, B1-549 to B1-556, B1-558 to B1-561, B1-563,

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APPENDIX III

B1-565 to B1-588, B1-591 to B1-597, B1-599, B1-604, B1-609 to B1-613, B1-619 to B1-621, B1-623, B1625 to B1-628, B1-631, B1-633 to B1-635, B1-637 to B1-641, B1-643 to B1-649, B1-652 to B1-655, B1659 to B1-661, B1-664 to B1-673, B1-676 to B1-689, B2-009, B2-019, B2-124, B2-143, B2-167, B2-198, B2-204, B2-206, B2-209, B2-217 to B2-218, B2-223, B2-239, B2-241 to B2-244, B2-246 to B2-247, B2252, B2-255 to B2-256, B2-272, B2-274 to B2-275, B2-284 to B2-286, B2-304 to B2-306, B2-310, B2-314 to B2-321, B2-323 to B2-324, B2-328 to B2-331, B2-336 to B2-338, B2-344 to B2-349, B2-351, B2-353 to B2-354, B2-357, B2-362 to B2-363, B2-366, B2-371, B2-380, B2-383, B2-385, B2-387, B2-389 to B2390, B2-392 to B2-402, B2-404 to B2-411, B2-413 to B2-417, B2-419 to B2-421, B2-423, B2-425, B2-428, B2-431, B2-438 to B2-455, B2-457 to B2-459, B2-461 to B2-465, B2-468, B2-471 to B2-472, B2-478, B2481, B2-484 to B2-497, B2-499 to B2-515, B2-525, B2-533, B2-540 to B2-541, B2-544, B2-547 to B2-548, B2-550, B2-553 to B2-556, B2-558 to B2-559, B2-562, B2-568 to B2-570, B2-576, B2-581, B2-583, B2596, B2-598 to B2-599, B2-605 to B2-606, B2-608 to B2-609, B2-622 to B2-626, B2-628, B2-633, B2-651 to B2-653, B2-655 to B2-660, B2-669 to B2-670, B2-672 to B2-674, B2-676 to B2-686, B2-688 to B2-693, B2-695, B2-697 to B2-698, B3-004, B3-006, B3-010 to B3-011, B3-013 to B3-014, B3-016 to B3-017, B3019 to B3-020, B3-024 to B3-025, B3-027, B3-030 to B3-038, B3-041 to B3-047, B3-050 to B3-059, B3062 to B3-064, B3-067 to B3-070, B3-072, B3-074 to B3-075, B3-080, B3-085, B3-089, B3-091 to B3-096, B3-098 to B3-102, B3-104 to B3-113, B3-120 to B3-122, B3-125 to B3-126, B3-129, B3-131 to B3-135, B3-137 to B3-138, B3-140 to B3-143, B3-145 to B3-149, B3-151 to B3-153, B3-157 to B3-163, B3-166 to B3-167, B3-172 to B3-178, B3-182 to B3-189, B3-191 to B3-195, B3-197, B3-199, B3-201 to B3-204, B3206 to B3-207, B3-212 to B3-218, B3-222, B3-225, B3-228, B3-230, B3-232, B3-234 to B3-239, B3-241, B3-249 to B3-254, B3-257, B3-260 to B3-261, B3-263 to B3-274, B3-276 to B3-280, B3-284 to B3-286, B3-289 to B3-291, B3-294 to B3-296, B3-298 to B3-299, B3-302 to B3-303, B3-308 to B3-309, B3-311 to B3-312, B3-314 to B3-315, B3-319 to B3-320, B3-322 to B3-326, B3-328 to B3-331, B3-333 to B3-336, B3-338 to B3-339, B3-341 to B3-342, B3-344 to B3-346, B3-349 to B3-350, B3-352 to B3-355, B3-357 to B3-359, B3-361, B3-364 to B3-373, B3-375 to B3-385, B3-389 to B3-392, B3-396 to B3-401, B3-404 to B3-406, B3-408 to B3-416, B3-424, B3-427, B3-433 to B3-435, B3-437 to B3-439, B3-444 to B3-445, B3448 to B3-449, B3-456, B3-460, B3-464, B3-469, B3-472, B3-475, B3-478, B3-481, B3-484, B3-487 to B3488, B3-492, B3-498 and B3-531 located at Tianyuan Dao, No. 8 Longdang Road, Yubei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-0001 to B1-0017, B1-0022 to B1-0026, B1-0029, B1-0047 to B1-0049, B10063 to B1-0064, B1-0066, B1-0069, B1-0072 to B1-0073, B1-0078, B1-0084, B1-0087, B1-0090, B10093 to B1-0094, B1-0114 to B1-0115, B1-0122, B1-0124, B1-0127, B1-0130, B1-0133, B1-0137 to B10144, B1-0146 to B1-0149, B1-0152 to B1-0155, B1-0158, B1-0161 to B1-0162, B1-0164 to B1-0167, B1-0169 to B1-0174, B1-0176 to B1-0177, B1-0182 to B1-0184, B1-0190, B1-0246, B1-0252 to B1-0254, B1-0265, B1-0267, B1-0271, B1-0273 to B1-0275, B1-0284, B1-0292 to B1-0293, B1-0303, B1-0306 to B1-0307, B1-0310, B1-0313, B1-0320, B1-0334, B1-0341 to B1-0344, B1-0357, B1-0364, B1-0371 to B10373, B1-0375 to B1-0377, B1-0396, B1-0403 to B1-0404, B1-0406, B1-0408 to B1-0409, B1-0417, B10419, B1-0424, B1-0426 to B1-0427, B1-0436, B1-0454, B1-0456 to B1-0457, B1-0460, B1-0469, B10472 to B1-0474, B1-0478, B1-0509 to B1-0510, B1-0520, B1-0541, B1-0564, B1-0570, B1-0584 to B1-

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APPENDIX III

0585, B1-0599, B1-0606 to B1-0613, B1-0615 to B1-0617, B1-0619, B1-0621, B1-0626 to B1-0627, B10630 to B1-0674, B1-0676 to B1-0697, B1-0700 to B1-0701, B1-0704 to B1-0716, B1-0720 to B1-0725, B1-0728, B1-0730 to B1-0732, B1-0734, B1-0737, B1-0747 to B1-0756, B1-0759 to B1-0760, B1-0764 to B1-0765, B1-0768, B1-0771 to B1-0773, B1-0775 to B1-0776, B1-0778, B1-0790, B1-0793, B1-0796 to B1-0800, B1-0802, B1-0823, B1-0826, B1-0829 to B1-0832, B1-0834, B1-0847 to B1-0854, B1-0860 to B1-0864, B1-0866 to B1-0867, B1-0874 to B1-0877, B1-0879, B1-0887 to B1-0888, B1-0894 to B1-0896, B1-0902, B1-0905 to B1-0907, B1-0910 to B1-0923, B1-0925, B1-0928, B1-0930 to B1-0943, B1-0946 to B1-0952, B1-0954 to B1-0955, B1-0962, B1-0974, B1-1021, B1-1035, B1-1038 to B1-1040, B1-1042 to B1-1043, B1-1046 to B1-1058, B1-1060 to B1-1061, B1-1063, B1-1066 to B1-1074, B1-1076 to B1-1077, B1-1081 to B1-1092, B1-1100, B1-1121 to B1-1123, B1-1125, B1-1128 to B1-1129, B1-1131 to B1-1132, B1-1145, B1-1148, B1-1151, B1-1154, B1-1156, B1-1171 to B1-1172, B1-1174, B1-1176, B1-1185 to B11186, B1-1188, B1-1265 to B1-1266, B1-1274, B1-1277, B1-1279, B1-1281 to B1-1282, B1-1284, B11287, B1-1289, B1-1315 to B1-1316, B1-1331, B1-1334 to B1-1335, B1-1337 to B1-1346, B2-001 to B2002, B2-010, B2-024 to B2-025, B2-027 to B2-028, B2-031 to B2-032, B2-034 to B2-035, B2-050 to B2052, B2-054 to B2-055, B2-057, B2-059 to B2-060, B2-063, B2-069, B2-080 to B2-082, B2-084, B2-090, B2-098, B2-100 to B2-101, B2-103 to B2-104, B2-106 to B2-110, B2-112, B2-114 to B2-115, B2-119, B2124, B2-127, B2-129 to B2-130, B2-132, B2-135 to B2-138, B2-140, B2-143, B2-150, B2-152, B2-154 to B2-156 and B2-158 to B2-162 located at Tianyuan Dao, No. 9 Longdang Road, Yubei District, Chongqing City, the PRC

Pursuant to 2 Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Zhuchen Properties Co., Ltd. (重慶金科竹宸置業有限公司, “Chongqing Jinke Zhuchen”) with the details as follows:

		Land	Building			Gross
No.	Certificate No.	Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2019) Liang Jiang Sin Qu	Commercial	Car Parking	31 March 2056	52,054.00	73,634.08
	Bu Dong Chan Quan Di No.		Space
	001313577
2	Yu (2019) Liang Jiang Sin Qu	Commercial	Car Parking	31 March 2056	68,899.00	54,573.39
	Bu Dong Chan Quan Di No.		Space
	000336806

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

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Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Liangjiang New Area Bureau of Planning and Natural Resources (重慶市兩江新區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Zhuchen with the details as follows:

No. Certificate No. Building Usage 1 Yu (2019) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 001313577 Car Parking Space 2 Yu (2019) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000336806 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Zhuchen is the owner of the land use rights and building ownership of the property. Chongqing Jinke Zhuchen has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Zhuchen is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

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APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:	Time adjustment addresses the differences in market conditions between the
	Valuation Date and the dates of comparables. The adopted transaction
	comparables were completed within 1 year, while the adopted listing
	comparables were active market quotes available for sale as of the Valuation
	Date, we considered no time adjustment was required.
Location:	Location adjustment reflects the differences in locality and accessibility
	between the subject property and the adopted comparables. We considered no
	location adjustment was necessary as the adopted comparables were situated
	in close proximity to the subject property.
Size:	Size adjustment applies when there are differences in areas between the
	subject property and the adopted comparables. Considering the limited
	differences in size between the subject property and the adopted comparables,
	we made no size adjustments to the adopted comparables.
Floor:	Floor adjustment applies when the floor levels of the subject property and the
	adopted comparables differ, impacting visibility, accessibility, business
	opportunities for retail units, and the convenience of car parking spaces.
	Upward adjustments were made if the adopted comparables were situated at
	higher or lower floors for retail units and car parking spaces, respectively, and
	vice versa.
Negotiation	Negotiation discount adjustment is applicable to listing comparables as the
Discount	listing prices do not necessarily represent the final transaction considerations.
	The listing comparables are subjected to negotiations, and price discounts may
	be achievable. Downward adjustments were made for the adopted listing
	comparables, while no adjustments were made for the adopted transaction
	comparables.

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

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APPENDIX III

VALUATION CERTIFICATE

					Market value
					in existing state
					as at
				Particulars of	30 September
No.	Property		Description and tenure	occupancy	2024
					RMB
11.	A basement		The property comprises a 1-storey	The property was	8,120,000
	located	at Jinke	basement with a total gross floor area of	vacant as at the
	Zhonghuafang,		approximately 4,897.64 sq.m., which can be	Valuation Date.	(100% interest
	No.	225-287	divided into 122 car parking spaces, within a		attributable to
	Shuangning		commercial development, namely Jinke		the Target
	Road,	Renhe	Zhonghuafang (the “Development”).		Company:
	Town,	Yubei			8,120,000)
	District,		The property was held for sale as at the
	Chongqing City,		Valuation Date.
	the PRC

As advised by the Target Group, the (中國重慶市渝北 Development was completed in 2007. 區人和鎮雙寧路 The Development is located in Yubei District, 225 至 287 號金 with approximately 6.4km to Chongqingbei 科中華坊的一個 Railway Station and 20.8km to Chongqing Jiangbei International Airport. 地下室)

The land use rights of the property have been granted for a term expiring on 1 July 2042 for commercial use.

Notes:

The detailed addresses are shown as follows:

A basement located at Jinke Zhonghuafang, No. 225-287 Shuangning Road, Renhe Town, Yubei District, Chongqing City, the PRC

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APPENDIX III

Pursuant to a Real Estate Ownership Certificates issued by Chongqing Bureau of Land Resources and Housing Management (重慶市國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Shiye Group Hongjing Real Estate Development Co., Ltd. (重慶市金科實業集團弘景房地產開發有限公司, “Chongqing Jinke Shiye Group”), which is

now renamed to Chongqing Hongjing Real Estate Development Co., Ltd. (重慶市弘景房地產開發有限公

司, “Chongqing Hongjing”), with the details as follows:

				Expiry		Gross
No.	Certificate No.	Land Usage	Building Usage	Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Bei Xin Gao 112 Fang Di	Commercial	Retail, Storage and	1 July 2042	4,442.12	11,776.73
	Zheng 2007 Zi Di No.		Car Parking Space
	09761

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Liangjiang New Area Bureau of Planning and Natural Resources (重慶市兩江新區規劃和自
然資源局), the building ownership of the property have been vested in Chongqing Jinke Shiye Group with the details as follows:

No.	Certificate No.	Building Usage
1	Bei Xin Gao 112 (2005) Zi Di No. 003925	Other

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Hongjing is the owner of the land use rights and building ownership of the property. Chongqing Jinke Shiye Group has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Shiye Group is subject to restrictions on these rights;

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APPENDIX III

b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no

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APPENDIX III

location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property.

Size:

Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F: Comparable 1

Comparable 2

Comparable 3

With regard to car park	ing spaces located at B1/F Comparable 1	: Comparable 2	Comparable 3
Address	Taihu Middle Road,	Tianfu Road, Yubei	Jiayuan Road, Yubei
	Yubei District,	District, Chongqing	District, Chongqing
	Chongqing City	City	City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	30 March 2024	3 December 2023	28 November 2023
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	68,040	61,600	70,000
(RMB)
Unit Rate	68,040	61,600	70,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment	Nil adjustment	Nil adjustment

Jiayuan Road, Yubei District, Chongqing City

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APPENDIX III

Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment
Total Adjustment	0.0%	0.0%	0.0%
Adjusted Unit Rate	68,040	61,600	70,000
(RMB/car parking
space)
Adopted Unit Rate	66,547
(RMB/car parking
space)
The subject property -	122
No. of Car Parking
Spaces
Market Value of the	8,120,000
Car Parking Spaces
(RMB)

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APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
12.	239 car parking	The property comprises 239 car parking	The property was	18,450,000
	spaces located	spaces within a commercial development,	vacant as at the
	at Jinke	namely Jinke Jiuquhe (the “Development”).	Valuation Date.	(100% interest
	Jiuquhe, Nos.			attributable to
	188 and 191	The property was held for sale as at the		the Target
	Boxi Road,	Valuation Date.		Company:
	Yubei District,			18,450,000)
	Chongqing	As advised by the Target Group, the
	City, the PRC	Development was completed in 2017.
	(中國重慶市渝北	The Development is located in Liangjiang
	區柏溪路188及	New Area, with approximately 14.4km to Tuanjiecun Railway Station and 23.2km to
	191號金科九曲	Chongqing Jiangbei International Airport.
	河的239個車
	位)	The land use rights of the property have been granted for a term expiring on 3
		February 2057 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-213 to B1-223, B1-370 to B1-373, B1-394 to B1-396 and B1-407 located at Jinke Jiuquhe, No. 188 Boxi Road, Yubei District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-009, B1-045, B1-059, B1-081 to B1-084, B1-099 to B1-100, B1-106, B1109 to B1-111, B1-124 to B1-126, B1-135, B1-148 to B1-149, B1-154 to B1-156, B1-166 to B1-167, B1187, B1-202 to B1-203, B1-242 to B1-243, B1-247, B1-257, B1-259 to B1-260, B1-272, B1-280, B1-288 to B1-289, B1-330 to B1-331, B1-366 to B1-367, B1-374, B1-376, B1-383 to B1-384, B1-415 to B1-416, B1-447, B1-459 to B1-460, B1-481, B1-485 to B1-487, B1-497, B1-503 to B1-507, B1-519 to B1-521, B1560 to B1-561, B1-606 to B1-608, B1-632 to B1-634, B1-641, B1-643 to B1-645, B1-652 to B1-654, B1-

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APPENDIX III

673 to B1-675, B1-679 to B1-681, B1-688 to B1-694, B1-699 to B1-701, B1-731, B1-743 to B1-745, B1765 to B1-766, B1-777 to B1-783, B1-787 to B1-789, B1-794 to B1-795, B1-799 to B1-801, B1-805 to B1-807, B1-824 to B1-827, B1-884 to B1-885, B1-913 to B1-915, B1-951 to B1-955, B1-957 to B1-958, B1-961 to B1-965, B1-991 to B1-996, B1-1054 to B1-1056, B1-1078 to B1-1080, B1-1084 to B1-1085, B1-1102 to B1-1104, B1-1128 to B1-1129, B1-1140, B1-1169 to B1-1210, B1-1212 to B1-1230 located at Jinke Jiuquhe, No. 191 Boxi Road, Yubei District, Chongqing City, the PRC

Pursuant to 3 Real Estate Ownership Certificates issued by Chongqing Municipal Planning and Natural Resources Bureau (重慶市規劃和自然資源局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Jiachen Real Estate Development Co., Ltd. (重慶金科嘉辰房地產開發有限公司, “Chongqing Jinke Jiachen”) with the details as follows:

						Gross
			Building			Floor
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Area
					(sq.m.)	(sq.m.)
1	Yu (2019) Liang Jiang Sin Qu	Commercial	Car Parking	3 February 2057	53,766.00	20,012.23
	Bu Dong Chan Quan Di No.		Space
	000522368
2	Yu (2019) Liang Jiang Sin Qu	Commercial	Car Parking	3 February 2057	102,439.00	20,036.92
	Bu Dong Chan Quan Di No.		Space
	000522145
3	Yu (2021) Liang Jiang Sin Qu	Commercial	Car Parking	3 February 2057	102,439.00	33,681.01
	Bu Dong Chan Quan Di No.		Space
	000108308

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Liangjiang New Area Bureau of Planning and Natural Resources (重慶市兩江新區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Jiachen with the details as follows:

No. Certificate No.

1 Yu (2019) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000522368 2 Yu (2019) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000522145 3 Yu (2021) Liang Jiang Sin Qu Bu Dong Chan Quan Di No. 000108308

Building Usage

Car Parking Space Car Parking Space Car Parking Space

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APPENDIX III

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Jiachen is the owner of the land use rights and building ownership of the property. Chongqing Jinke Jiachen has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Jiachen is subject to restrictions on these rights;
b. The building ownership of the property has been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司); and
c. The building ownership of the property has been seized by Jiangbei District People's Court of Chongqing Municipality ( 重慶市江北區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

Location:

Transactions or listings that were located in the same or nearby municipal districts as defined by the government

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APPENDIX III

Type of Property: Transactions or listings that shared the same type of usage with the subject property

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F:

Comparable 1

Comparable 2

Comparable 3

Address Jinzhou Avenue, Jinkai Avenue, Jinyu Avenue, Yubei District, Yubei District, Yubei District, Chongqing City Chongqing City Chongqing City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Listing Transaction Transaction Date 3 January 2024 N/A 31 October 2023 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 78,800 83,000 73,920 (RMB) Unit Rate 78,800 83,000 73,920 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment Nil adjustment Nil adjustment Negotiation Discount Nil adjustment Downward Nil adjustment adjustment Total Adjustment 0.0% -5.0% 0.0% Adjusted Unit Rate 78,800 78,850 73,920 (RMB/car parking space) Adopted Unit Rate 77,190 (RMB/car parking space) The subject property - 239 No. of Car Parking Spaces Market Value of the 18,450,000 Car Parking Spaces (RMB)

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VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
13.	341 car parking	The property comprises 341 car parking	The property was	20,650,000
	spaces located	spaces within a residential development,	vacant as at the
	at Fuling Jinke	namely Fuling Jinke Tianchen (the	Valuation Date.	(100% interest
	Tianchen, No.	“Development”).		attributable to
	93 Hongsheng			the Target
	Avenue, Fuling	The property was held for sale as at the		Company:
	District,	Valuation Date.		20,650,000)
	Chongqing
	City, the PRC	As advised by the Target Group, the
		Development was completed in 2018.
	(中國重慶市涪陵
	區宏聲大道93	The Development is located at Hongsheng Avenue in Fuling District of Chongqing City,
	號涪陵金科天宸	with approximately 12.7 km to Fuling
	的341個車位)	Railway Station and 97.6 km to Chongqing Jiangbei International Airport.

The land use rights of the Development have been granted for a term expiring on 25 July 2054 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-1, B1-14, B1-17, B1-20, B1-22 to B1-23, B1-27 to B1-28, B1-31, B1-33 to B1-35, B1-38 to B1-40, B1-42 to B1-44, B1-48, B1-104, B1-114, B1-120, B1-126, B1-151 to B1-152, B1155 to B1-156, B1-158, B1-177, B1-184 to B1-185, B1-188 to B1-189, B1-191 to B1-198, B1-201 to B1203, B1-205 to B1-207, B1-209 to B1-210, B1-213, B1-219, B1-222 to B1-232, B1-237, B1-240, B1-243 to B1-246, B1-249 to B1-252, B1-254 to B1-255, B1-257 to B1-261, B1-263 to B1-265, B1-267 to B1-271, B1-273 to B1-274, B1-277, B1-280, B1-285, B1-288, B1-291 to B1-293, B1-295 to B1-298, B1-300, B1302 to B1-303, B1-306, B1-309, B1-312, B1-315, B1-317 to B1-318, B1-322 to B1-330, B1-332 to B1-335,

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APPENDIX III

B1-338, B1-341, B1-344, B1-364, B1-368, B1-372 to B1-373, B1-386 to B1-387, B1-394, B1-396, B1-398 to B1-399, B1-402 to B1-405, B1-408, B1-412, B1-417 to B1-419, B1-425, B1-447, B1-454, B2-2, B2-4, B2-6, B2-9 to B2-13, B2-15, B2-18, B2-20 to B2-21, B2-24, B2-26, B2-28 to B2-29, B2-31 to B2-32, B235 to B2-36, B2-40 to B2-41, B2-46, B2-53, B2-62, B2-67, B2-84, B2-112, B2-123, B2-126, B2-131, B2137 to B2-138, B2-140, B2-142, B2-144 to B2-148, B2-150, B2-152 to B2-154, B2-156, B2-160, B2-170, B2-174, B2-176, B2-180, B2-182 to B2-184, B2-187 to B2-190, B2-192 to B2-194, B2-196 to B2-200, B2203, B2-205, B2-207, B2-210 to B2-211, B2-213 to B2-214, B2-217, B2-219 to B2-220, B2-223, B2-225, B2-229, B2-232, B2-235, B2-238, B2-247, B2-262, B2-265, B2-268, B2-271, B2-274, B2-276 to B2-277, B2-279 to B2-280, B2-283, B2-286, B2-288 to B2-289, B2-293 to B2-298, B2-300, B2-303, B2-306, B2309 to B2-312, B2-315, B2-318, B2-324, B2-326 to B2-330, B2-332 to B2-333, B2-336 to B2-353, B2-355 to B2-357, B2-360 to B2-363, B2-366 to B2-373, B2-375 to B2-378, B2-381 to B2-386, B2-389 to B2-390, B2-393 to B2-397, B2-400 to B2-416, B2-418 to B2-423, B2-425 to B2-426 and B2-428 located at Fuling Jinke Tianchen, No. 93 Hongsheng Avenue, Fuling District, Chongqing City, the PRC

Pursuant to a Real Estate Ownership Certificate issued by Fuling District of Chongqing City Municipal Bureau of Planning and Natural Resources (重慶市涪陵區規劃和自然資源局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Huiyi Real Estate Development Co., Ltd. (重慶市金科匯宜房地產開發有限公司, "Chongqing Jinke Huiyi") with the details as follows:

						Gross
No.	Certificate No.	Land Usage	Building Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2019) Fu Ling Qu Bu Dong	Commercial	Car Parking	25 July 2054	47,522.10	27,896.73
	Chan Quan Di No. 001386145		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts issued by Fuling District of Chongqing City Municipal Bureau of Planning and Natural Resources (重慶市涪陵區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Huiyi with the details as follows:

No. Certificate No. Building Usage 1 Yu (2019) Fu Ling Qu Bu Dong Chan Quan Di No. 001386145 Car Parking Space

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We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Huiyi is the owner of the land use rights and the building ownership of the property. Chongqing Jinke Huiyi has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Jinke Huiyi is subject to restrictions on these rights;
b. The building ownership of 150 car parking spaces have been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司), the building ownership of the remaining car parking spaces has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality ( 重慶市第一中級人民法院 ).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date: Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

Location: Transactions or listings that were located in the same or nearby municipal districts as defined by the government

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Type of Property: Transactions or listings that shared the same type of usage with the subject property

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F: Comparable 1 Comparable 2 Comparable 3 Address Buyang Road, Hongsheng Taiji Avenue, Fuling District, Avenue, Fuling Fuling District, Chongqing City District, Chongqing Chongqing City City Usage Car Parking Space Car Parking Space Car Parking Space Type Listing Listing Transaction Transaction Date N/A N/A 7 October 2023 No. of Car Parking 1 1 1 Spaces Floor Level B2/F B2/F B2/F Amount 60,000 50,000 59,500 (RMB) Unit Rate 60,000 50,000 59,500 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Upward adjustment Upward adjustment Upward adjustment for B1/F; for B1/F; for B1/F; Nil adjustment for Nil adjustment for Nil adjustment for B2/F B2/F B2/F Negotiation Discount Downward Downward Nil adjustment adjustment adjustment Total Adjustment 18.8% for B1/F; 18.8% for B1/F; 25.0% for B1/F; 0.0% -5.0% for B2/F -5.0% for B2/F for B2/F Adjusted Unit Rate 71,250 for B1/F; 59,375 for B1/F; 74,375 for B1/F; (RMB/car parking 57,000 for B2/F 47,500 for B2/F 59,500 for B2/F

25.0% for B1/F; 0.0% for B2/F 74,375 for B1/F; 59,500 for B2/F

Adjusted Unit Rate (RMB/car parking space)

68,333 for B1/F; 54,667 for B2/F

Adopted Unit Rate (RMB/car parking space) The subject property - No. of Car Parking Spaces Market Value of the Car Parking Spaces (RMB)

341

20,650,000

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APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
14.	1,668 car	The property comprises 1,668 car parking	The property was	89,950,000
	parking spaces	spaces within a residential development,	vacant as at the
	located at	namely Fuling Zhongyang Gongyuancheng	Valuation Date.	(100% interest
	Fuling	(the “Development”).		attributable to
	Zhongyang			the Target
	Gongyuanchen	The property was held for sale as at the		Company:
	g, No. 2 Juxian	Valuation Date.		89,950,000)
	Avenue, Fuling
	District,	As advised by the Target Group, the
	Chongqing	Development was completed in 2020.
	City, the PRC
		The Development is located at the Lidu Taiyi
	(中國重慶市涪陵	Avenue in Fuling District of Chongqing City,
	區聚賢大道2 号	with approximately 3.5 km to Fuling North Railway Station and 92.5 km to Chongqing
	涪陵中央公園城	Jiangbei International Airport.
	的1,668個車位)	The land use rights of the property have
		been granted for terms expiring between 7
		January 2051 and 29 May 2053 for
		commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-166, B1-235, B1-348, B1-351, B1-354, B1-358 to B1-359, B1-362, B1-364 to B1-365, B1-368, B1-371, B1-374, B1-378 to B1-379, B1-425, B1-428, B1-434, B1-440, B1-443, B1-449, B1-454, B1-457, B1-460, B1-463, B1-469 to B1-470, B1-472, B1-483, B1-489, B1-495, B1-536, B1-584, B1-587, B1-617, B1-686, B1-689, B1-692, B1-695, B1-698, B1-704, B1-707, B1-711, B1-714, B1-717, B1720, B1-723, B1-734, B1-737, B1-740, B1-743, B1-751, B1-754, B1-759, B1-762, B1-765, B1-785, B1-794, B1-797, B1-800, B1-806, B1-814, B1-840, B1-842 to B1-843, B1-845, B1-849 to B1-850, B1-883, B1-936, B1-942, B1-949, B1-953 to B1-954, B1-956, B1-959, B1-961 to B1-962, B1-1, B1-3, B1-7, B1-37, B1-248

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APPENDIX III

to B1-249, B1-251 to B1-254, B1-263 to B1-266, B1-353, B1-355 to B1-357, B1-366, B1-369, B1-373, B1375 to B1-377, B1-424, B1-426, B1-580, B1-582, B1-586, B1-761, B1-938, B1-963, B1-2, B1-13, B1-27, B1-43, B1-171, B1-173, B1-178, B1-183, B1-195, B1-218 to B1-219, B1-225, B1-236 to B1-242, B1-244 to B1-247, B1-255 to B1-262, B1-277, B1-282, B1-291, B1-296, B1-300, B1-304, B1-325, B1-327, B1-330, B1-333, B1-337, B1-345, B1-349, B1-352, B1-360 to B1-361, B1-363, B1-372, B1-382, B1-385, B1-388, B1-395, B1-407, B1-410, B1-427, B1-431, B1-438, B1-446 to B1-447, B1-451, B1-473, B1-475, B1-479, B1-484, B1-496, B1-501, B1-525, B1-533, B1-538 to B1-539, B1-542, B1-545 to B1-549, B1-552, B1-558, B1-570, B1-572, B1-583, B1-585, B1-592, B1-594 to B1-595, B1-599, B1-604, B1-607, B1-611 to B1-612, B1-614, B1-624 to B1-625, B1-629, B1-631, B1-634, B1-640 to B1-641, B1-645 to B1-646, B1-648, B1655, B1-661, B1-667, B1-684, B1-690 to B1-691, B1-696, B1-705, B1-708, B1-712, B1-715, B1-724, B1726, B1-729, B1-739, B1-744, B1-746 to B1-747, B1-750, B1-753, B1-782, B1-804, B1-854, B1-860, B1870, B1-876, B1-880 to B1-881, B1-885, B1-891, B1-928 to B1-929, B1-932, B1-934, B1-937, B1-940 to B1-941, B1-943 to B1-944, B1-946 to B1-948, B1-952, B1-955, B1-957 to B1-958, B1-960, B1-969, B2-1, B2-7, B2-11, B2-21, B2-23 to B2-28, B2-30, B2-32 to B2-33, B2-39 to B2-40, B2-43 to B2-44, B2-46 to B2-47, B2-49 to B2-51, B2-55 to B2-57, B2-59 to B2-66, B2-68, B2-71 to B2-76, B2-78, B2-80, B2-82, B284 to B2-88, B2-90 to B2-91, B2-93 to B2-94, B2-96, B2-99 to B2-104, B2-106 to B2-112, B2-114 to B2121, B2-123 to B2-124, B2-127 to B2-136, B2-138 to B2-139, B2-141 to B2-142, B2-144 to B2-148, B2150 to B2-152, B2-154 to B2-155, B2-157, B2-168, B2-171 to B2-174 and B2-177 to B2-178 located at District A of Block 83, Fuling Zhongyang Gongyuancheng, No. 2 Juxian Avenue, Fuling District, Chongqing City, the PRC

Car Parking Spaces - Nos. B1-1021, B1-1023 to B1-1137, B1-1139, B1-1142, B1-1146 to B1-1147, B11149, B1-1151, B1-1154, B1-1156, B1-1159, B1-1165, B1-1168, B1-1170, B1-1181, B1-1183, B1-1186, B1-1188, B1-1190 to B1-1191, B1-1201, B1-1221, B1-1232, B1-1235, B1-1238, B1-1241, B1-1244, B11247, B1-1250, B1-1253, B1-1256, B1-1259, B1-1262 to B1-1263, B1-1265, B1-1268, B1-1275 to B11277, B1-1286 to B1-1288, B1-1291 to B1-1292, B1-1295, B1-1301, B1-1303 to B1-1320, B1-1325, B11328, B1-1331, B1-1334 to B1-1335, B1-1337, B1-1340, B1-1343 to B1-1346, B1-1368, B1-1373, B11381 to B1-1383, B1-1386 to B1-1387, B1-1389 to B1-1390, B1-1392, B1-1394 to B1-1398, B1-1402, B1-1404 to B1-1409, B1-1417, B1-1419, B1-1421, B1-1423 to B1-1425, B1-1427, B1-1429 to B1-1430, B1-1432, B1-1434 to B1-1437, B1-1439 to B1-1441, B1-1443, B1-1445, B1-1448 to B1-1456, B1-1458 to B1-1472, B1-1475, B1-1478, B1-1481, B1-1484 to B1-1497, B1-1499, B1-1502, B1-1529, B1-1554, B11557, B1-1560, B1-1563, B1-1566, B1-1569, B1-1572, B1-1574 to B1-1575, B1-1578, B1-1581 to B11584, B1-1587 to B1-1606, B1-1609, B1-1611 to B1-1612, B1-1614 to B1-1615, B1-1617 to B1-1618, B1-1621 to B1-1627, B1-1629 to B1-1631, B1-1633, B1-1635, B1-1637 to B1-1642, B1-1645, B1-1649, B1-1666 to B1-1670, B1-1672, B1-1674 to B1-1679, B1-1681 to B1-1682, B1-1684, B1-1687, B1-1693, B1-1697, B1-1703, B1-1709, B1-1713, B1-1716, B1-1722, B1-1725, B1-1728 to B1-1737, B1-1740, B11743, B1-1746, B1-1749, B1-1752 to B1-1755, B1-1758, B1-1761, B1-1764, B1-1767 to B1-1769, B11776, B1-1779, B1-1785, B1-1791, B1-1794, B1-1796 to B1-1800, B1-1803, B1-1809, B1-1812, B1-1815, B1-1818, B1-1820 to B1-1825, B1-1827, B1-1830, B1-1836, B1-1839, B1-1842, B1-1846, B1-1853, B11856, B1-1860 to B1-1866, B1-1870, B1-1873, B1-1875 to B1-1876, B1-1885, B1-1888 to B1-1891, B1-

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1893 to B1-1897, B1-1900 to B1-1904, B1-1906 to B1-1908, B1-1911 to B1-1917, B1-1919 to B1-1922, B1-1924 to B1-1930, B1-1932 to B1-1941, B1-1943, B1-1946, B1-1949, B1-1952, B1-1955, B1-1958, B11960 to B1-1970, B1-1973, B1-1976, B1-1979, B1-1993, B1-2006, B1-2009 to B1-2024, B1-2027, B12030, B1-2033, B1-2036, B1-2039 to B1-2043, B1-2045, B1-2048, B1-2051 to B1-2060, B1-2063 to B12066, B1-2069, B1-2072, B1-2074, B1-2077, B1-2079 to B1-2086, B1-2089 to B1-2099, B1-2103, B12105, B1-2108, B1-2112 to B1-2119, B1-2122 to B1-2131, B1-2133 to B1-2136, B1-2139 to B1-2146, B1-2148 to B1-2149, B1-2151 to B1-2153, B1-2156, B1-2160, B1-2163, B1-2166, B1-2168 to B1-2169, B1-2171 to B1-2178, B1-2181, B1-2187, B1-2190, B1-2193, B1-2196, B1-2202, B1-2205 to B1-2208, B12211, B1-2214 to B1-2215, B1-2236 to B1-2238, B1-2241, B1-2243 to B1-2244, B1-2246 to B1-2247, B1-2249 to B1-2250, B1-2252 to B1-2268, B1-2273, B1-2276, B1-2279, B1-2282, B1-2285, B1-2289, B12294, B1-2297, B1-2299, B1-2303 to B1-2315, B1-2342 to B1-2344, B1-2351 to B1-2355, B1-2357 to B1-2358, B1-2361 to B1-2365, B1-2367, B1-2369 to B1-2374, B1-2376 to B1-2377, B1-2379, B1-2381 to B1-2386, B1-2394 to B1-2396, B1-2398 to B1-2399, B1-2401 to B1-2402, B1-2404 to B1-2405, B1-2414 to B1-2415, B1-2419 to B1-2422, B1-2424, B1-2429 to B1-2430, B1-2432 to B1-2443, B1-2447, B1-2450, B1-2469 to B1-2470, B1-2482, B1-2486, B1-2489 to B1-2503, B1-2505, B1-2507 to B1-2509, B1-2511 to B1-2512, B1-2514, B1-2516 to B1-2517, B1-2519 to B1-2520, B1-2522, B1-2524 to B1-2533, B1-2535 to B1-2539, B1-2541, B1-2543, B1-2546, B1-2548 to B1-2552, B1-2554 to B1-2555, B1-2558, B1-2561 to B1-2564, B1-2582, B1-2624, B1-2636, B1-1014 to B1-1017, B1-1020, B1-1022, B1-1138, B1-1141, B11144 to B1-1145, B1-1148, B1-1155, B1-1157, B1-1161 to B1-1164, B1-1166 to B1-1167, B1-1169, B11177, B1-1185, B1-1189, B1-1192, B1-1213, B1-1226, B1-1229, B1-1237, B1-1240, B1-1243, B1-1249, B1-1252, B1-1257 to B1-1258, B1-1261, B1-1274, B1-1278 to B1-1279, B1-1281 to B1-1285, B1-1289 to B1-1290, B1-1294, B1-1297, B1-1299 to B1-1300, B1-1302, B1-1324, B1-1332 to B1-1333, B1-1336, B11339, B1-1349, B1-1355, B1-1358, B1-1361, B1-1370, B1-1384 to B1-1385, B1-1391, B1-1399 to B11401, B1-1410, B1-1413, B1-1416, B1-1444, B1-1457, B1-1474, B1-1477, B1-1480, B1-1483, B1-1501, B1-1511, B1-1514, B1-1528, B1-1536, B1-1539, B1-1545, B1-1548, B1-1551, B1-1553, B1-1556, B11559, B1-1562, B1-1564 to B1-1565, B1-1568, B1-1571, B1-1576 to B1-1577, B1-1579 to B1-1580, B11585 to B1-1586, B1-1608, B1-1610, B1-1613, B1-1616, B1-1619 to B1-1620, B1-1664, B1-1700, B11705 to B1-1706, B1-1710 to B1-1712, B1-1721, B1-1724, B1-1727, B1-1739, B1-1748, B1-1788, B11765 to B1-1766, B1-1770 to B1-1773, B1-1775, B1-1777 to B1-1778, B1-1788, B1-1801 to B1-1802, B1-1804, B1-1810, B1-1813 to B1-1814, B1-1816 to B1-1817, B1-1819, B1-1826, B1-1828, B1-1838, B11851, B1-1855, B1-1858 to B1-1859, B1-1867, B1-1879 to B1-1881, B1-1942, B1-1944, B1-1951, B11954, B1-1957, B1-1959, B1-1971 to B1-1972, B1-1988, B1-1994, B1-1997, B1-2000, B1-2003, B1-2008, B1-2026, B1-2028, B1-2037 to B1-2038, B1-2044, B1-2046 to B1-2047, B1-2050, B1-2075 to B1-2076, B1-2078, B1-2101 to B1-2102, B1-2137 to B1-2138, B1-2165, B1-2170, B1-2186, B1-2189, B1-2191, B12199, B1-2210, B1-2213, B1-2216, B1-2224, B1-2235, B1-2248, B1-2270 to B1-2271, B1-2281, B1-2283, B1-2288, B1-2290, B1-2302, B1-2319, B1-2331, B1-2336, B1-2408, B1-2413, B1-2416, B1-2444, B12446, B1-2449, B1-2451, B1-2453, B1-2487, B1-2568 to B1-2569, B1-2581, B1-2587, B1-2596, B1-2598 to B1-2599, B1-2603, B1-2621 and B1-2631 located at district B, Block 83; and Nos. B1-1 to B1-16, B118 to B1-52, B1-54 to B1-66, B1-68 to B1-74, B1-76, B1-78, B1-80 to B1-159, B1-167 to B1-214, B1-216 to B1-217 and B1-219 to B1-280 located at Garage No. 82; and Nos. B2-29, B2-32 to B2-35, B2-38, B2-

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41, B2-44, B2-46, B2-48, B2-51, B2-54, B2-57, B2-60, B2-124, B2-127, B2-129 to B2-130, B2-133, B2-138 and B2-151 to B2-152 located at Block 2, Fuling Zhongyang Gongyuancheng, No. 2 Juxian Avenue, Fuling District, Chongqing City, the PRC

Pursuant to 25 Real Estate Ownership Certificates issued by Chongqing City Fuling District Land Resources Bureau (重慶市涪陵區國土資源局), People's Government of Chongqing Fuling District (重慶市涪陵區人民政府) and Chongqing Fuling District Bureau of Planning and Natural Resources Bureau (重慶市涪陵區規劃和自然資源局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Shiye Group Kerun Real Estate Development Co., Ltd. (重慶市金科實業集團科潤房地產開發有限公司, "Chongqing Kerun") with the details as follows:

		Land	Building			Gross
No.	Certificate No.	Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13389		Space
2	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13392		Space
3	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13492		Space
4	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13493		Space
5	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13494		Space
6	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13364		Space
7	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13367		Space
8	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13370		Space
9	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	40.17
	No. 13451		Space
10	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13453		Space
11	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13456		Space
12	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13377		Space
13	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13432		Space
14	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13435		Space
15	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13561		Space

– 139 –

VALUATION REPORT

APPENDIX III

16	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13486		Space
17	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13488		Space
18	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13489		Space
19	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13409		Space
20	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13570		Space
21	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13504		Space
22	303 Fang Di Zheng 2014 Zi Di	Commercial	Car Parking	7 January 2051	21,510.10	41.84
	No. 13418		Space
23	Yu (2021) Fu Ling Qu Bu Dong	Commercial	Car Parking	29 May 2053	85,523.58	10,580.85
	Chan Quan Di No. 001150617		Space
24	Yu (2017) Fu Ling Qu Bu Dong	Commercial	Car Parking	29 May 2053	152,724.70	37,921.42
	Chan Quan Di No. 000895362		Space
25	Yu (2020) Fu Ling Qu Bu Dong	Commercial	Car Parking	29 May 2053	152,724.70	84,696.73
	Chan Quan Di No. 000427141		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts issued by Chongqing Fuling District
Bureau of Planning and Natural Resources Bureau (重慶市涪陵區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Kerun with the details as follows:

No.	Certificate No.	Building Usage
1	303 Fang Di Zheng 2014 Zi Di No. 13389	Car Parking Space
2	303 Fang Di Zheng 2014 Zi Di No. 13392	Car Parking Space
3	303 Fang Di Zheng 2014 Zi Di No. 13492	Car Parking Space
4	303 Fang Di Zheng 2014 Zi Di No. 13493	Car Parking Space
5	303 Fang Di Zheng 2014 Zi Di No. 13494	Car Parking Space
6	303 Fang Di Zheng 2014 Zi Di No. 13364	Car Parking Space
7	303 Fang Di Zheng 2014 Zi Di No. 13367	Car Parking Space
8	303 Fang Di Zheng 2014 Zi Di No. 13370	Car Parking Space
9	303 Fang Di Zheng 2014 Zi Di No. 13451	Car Parking Space
10	303 Fang Di Zheng 2014 Zi Di No. 13453	Car Parking Space
11	303 Fang Di Zheng 2014 Zi Di No. 13456	Car Parking Space
12	303 Fang Di Zheng 2014 Zi Di No. 13377	Car Parking Space
13	303 Fang Di Zheng 2014 Zi Di No. 13432	Car Parking Space
14	303 Fang Di Zheng 2014 Zi Di No. 13435	Car Parking Space
15	303 Fang Di Zheng 2014 Zi Di No. 13561	Car Parking Space
16	303 Fang Di Zheng 2014 Zi Di No. 13486	Car Parking Space
17	303 Fang Di Zheng 2014 Zi Di No. 13488	Car Parking Space
18	303 Fang Di Zheng 2014 Zi Di No. 13489	Car Parking Space
19	303 Fang Di Zheng 2014 Zi Di No. 13409	Car Parking Space

– 140 –

VALUATION REPORT

APPENDIX III

20 303 Fang Di Zheng 2014 Zi Di No. 13570 Car Parking Space 21 303 Fang Di Zheng 2014 Zi Di No. 13504 Car Parking Space 22 303 Fang Di Zheng 2014 Zi Di No. 13418 Car Parking Space 23 Yu (2017) Fu Ling Qu Bu Dong Chan Quan Di No. 000895362 Car Parking Space 24 Yu (2020) Fu Ling Qu Bu Dong Chan Quan Di No. 000427141 Car Parking Space 25 Yu (2021) Fu Ling Qu Bu Dong Chan Quan Di No. 001150617 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Kerun is the owner of the land use rights and the building ownership of the property. Chongqing Kerun has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Chongqing Kerun is subject to restrictions on these rights;
b. The building ownership of 208 car parking spaces have been pledged to Jinke Smart Services Group Co., Ltd. (金科智慧服務集團股份有限公司), the building ownership of the remaining car parking spaces has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院) and Chongqing Fuling District Housing and Urban-Rural Construction Commission (重慶市涪陵區住房和城鄉建設委員會).
In the course of our valuation, we assume that the property is transferable without legal impediment.

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APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:	Time adjustment addresses the differences in market conditions between the
	Valuation Date and the dates of comparables. The adopted transaction
	comparables were completed within 1 year, while the adopted listing
	comparables were active market quotes available for sale as of the Valuation
	Date, we considered no time adjustment was required.
Location:	Location adjustment reflects the differences in locality and accessibility
	between the subject property and the adopted comparables. We considered no
	location adjustment was necessary as the adopted comparables were situated
	in close proximity to the subject property.
Size:	Size adjustment applies when there are differences in areas between the
	subject property and the adopted comparables. Considering the limited
	differences in size between the subject property and the adopted comparables,
	we made no size adjustments to the adopted comparables.

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APPENDIX III

Floor:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	spaces located at B1/F	and B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Juxian Avenue,	Julong Avenue,	Juxian Avenue,
	Fuling District,	Fuling District,	Fuling District,
	Chongqing City	Chongqing City	Chongqing City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Listing	Listing	Listing
Transaction Date	N/A	N/A	N/A
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	50,000	58,000	65,000
(RMB)
Unit Rate	50,000	58,000	65,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward	Downward	Downward
	adjustment for	adjustment for	adjustment for
	B2/F	B2/F	B2/F
Negotiation Discount	Downward	Downward	Downward
	adjustment	adjustment	adjustment

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VALUATION REPORT

APPENDIX III

Total Adjustment -5.0% for B1/F; -24.0% for B2/F Adjusted Unit Rate 47,500 for B1/F; (RMB/car parking 38,000 for B2/F space)

Total Adjustment

-5.0% for B1/F; -5.0% for B1/F; -24.0% for B2/F -24.0% for B2/F 55,100 for B1/F; 61,750 for B1/F; 44,080 for B2/F 49,400 for B2/F

Adopted Unit Rate 54,783 for B1/F; (RMB/car parking 43,827 for B2/F space) The subject property - 1,668 No. of Car Parking Spaces Market Value of the 89,950,000 Car Parking Spaces (RMB)

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APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

52 retail units The property comprises 52 retail units with located at a total gross floor area of approximately Zaoyang Jimei 3,538.11 sq.m. within a residential Tianchen, No. development, namely Zaoyang Jimei 186 Zhongxing Tianchen (the “Development”). Avenue, Zaoyang City, The property was held for sale as at the Xiangyang City, Valuation Date. Hubei Province, the PRC As advised by the Target Group, the Development was completed in 2022.

	Market value
	in existing state
	as at
Particulars of	30 September
occupancy	2024
	RMB
The property was	44,730,000
vacant as at the
Valuation Date.	(100% interest
	attributable to
	the Target
	Company:
	44,730,000)

(中國湖北省襄陽 The Development is located at the 市棗陽市中興大 Zhongxing Avenue in Zaoyang City of 道186 號棗陽集 Xiangyang City, with approximately 6.8 km 美天宸的52 個 to Zaoyang Station and 58.1 km to Xiangyang Liuji Airport. 商業物業)

The land use rights of the property have been granted for terms expiring on 13 December 2089 for residential use and on 13 December 2059 for commercial use.

Notes:

The detailed addresses are shown as follows:

Retail Units – Units 103-113 and 115-121 of Block 1; Units 101-106 of Block 2; Units 101-105, Block 3; Units 101-112, Block 4; and Units 101-105 and 201-206, Block 8, Phase I of Zaoyang Jimei Tianchen, No. 186 Zhongxing Avenue, Zaoyang City, Xiangyang City, Hubei Province, the PRC

– 145 –

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APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Zaoyang Municipal Real Estate Registration Center (棗陽市不動產登記中心), the building ownership of the property have been vested in Zaoyang Jinxing Real Estate Development Co., Ltd. (棗陽市金興房地產開發有限公司, “Zaoyang Jinxing") with the details as follows:

No. Certificate No.

Building Usage

1 E (2020) Zao Yang Shi Bu Dong Chan Quan Di No. 0001724

Commercial

Pursuant to a Real Estate Ownership Certificate (for land), the land use rights of the property have been granted to Zaoyang Jinxing with the details as follows:

No. Certificate No. Land Usage Expiry Date Site Area (sq.m.) 1 E (2020) Zao Yang Shi Bu Dong Residential/Commercial 13 December 2089/ 30,274.22 Chan Quan Di No. 0001724 13 December 2059

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Zaoyang Jinxing is the owner of the building ownership of the property. Zaoyang Jinxing has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Zaoyang Jinxing is subject to restrictions on these rights;
b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院), Zaoyang City People's Court (棗陽市人民法院 Wuxi City Liangxi District People's Court (無錫市梁溪區人民法院), Zaoyang North City Tax Subbureau (棗陽市稅務局北城分局).

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APPENDIX III

In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 147 –

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APPENDIX III

differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables.

Floor:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 1/F and 2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Zhongxing Avenue,	Zhongxing Avenue,	Hancheng,
	Zaoyang City,	Zaoyang City,	Zaoyang City,
	Xiangyang City	Xiangyang City	Xiangyang City
Usage	Retail	Retail	Retail
Type	Listing	Listing	Listing
Transaction Date	N/A	N/A	N/A
Gross Floor Area	119.00	80.66	60.87
(sq.m.)
Floor Level	1/F	1/F	1/F
Amount	1,547,000	1,340,000	882,858
(RMB)
Unit Rate	13,000	16,613	14,504
(RMB/sq.m.)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	1/F;	1/F;	1/F;
	Downward	Downward	Downward
	adjustment for 2/F	adjustment for 2/F	adjustment for 2/F
Negotiation Discount	Downward	Downward	Downward
	adjustment	adjustment	adjustment

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APPENDIX III

Total Adjustment -5.0% for 1/F; -52.5% for 2/F Adjusted Unit Rate 12,350 for 1/F; (RMB/sq.m.) 6,175 for 2/F Adopted Unit Rate 13,970 for 1/F; (RMB/sq.m.) 6,985 for 2/F The subject property - 3,538.11 Gross Floor Area of Retail Units (sq.m.) Market Value of the 44,730,000 Retail Units

-5.0% for 1/F; -5.0% for 1/F; -52.5% for 2/F -52.5% for 2/F 15,782 for 1/F; 13,779 for 1/F; 7,891 for 2/F 6,889 for 2/F

(RMB)

– 149 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

22 retail units The property comprises 22 retail units with located at Jimei a total gross floor area of approximately Yuxi Xingchen, 1,078.11 sq.m. within a residential No. 2 Youyi development, namely Jimei Yuxi Xingchen Road, Hongta (the “Development”). District, Yuxi City, Yunnan The property was held for sale as at the Province, the Valuation Date. PRC

Market value in existing state as at Particulars of 30 September occupancy 2024 RMB The property was 10,450,000 vacant as at the Valuation Date. (100% interest attributable to the Target Company: 10,450,000)

As advised by the Target Group, the
(中國雲南省玉溪 Development was completed in 2021. 市紅塔區友誼路 The Development is located at the Youyi
2 號集美玉溪-星 Road in Hongta District of Yuxi City, with approximately 5.7 km to Yuxi Station and
辰的22 個商業 109.2 km to Kunming Changshui
物業) International Airport.

Notes:

The detailed addresses are shown as follows:

Retail Units – Units 105-106 and 110-115 of Block 1; Units 101, 103-104, 109 and 111 of Block 2; and Units 105-110 and 116-118 of Block 4, Jimei Yuxi Xingchen, No. 2 Youyi Road, Hongta District, Yuxi City, Yunnan Province, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Yuxi Hongta District Bureau of Natural Resources (玉溪市紅塔區自然資源局), the building ownership

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VALUATION REPORT

APPENDIX III

of the property have been vested in Yuxi Jinjia Real Estate Development Co., Ltd. (玉溪金嘉房地產開發有限公司, "Yuxi Jinjia") with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002014 Commercial 2 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002012 Commercial 3 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002011 Commercial 4 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002006 Commercial 5 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002004 Commercial 6 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002036 Commercial 7 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002035 Commercial 8 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002031 Commercial 9 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002030 Commercial 10 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002029 Commercial 11 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002028 Commercial 12 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002027 Commercial 13 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002026 Commercial 14 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002054 Commercial 15 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002053 Commercial 16 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002052 Commercial 17 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002051 Commercial 18 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002050 Commercial 19 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002049 Commercial 20 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002043 Commercial 21 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002042 Commercial 22 Yun (2023) Hong Ta Qu Bu Dong Chan Quan Di No. 0002041 Commercial

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.

– 151 –

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APPENDIX III

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Yuxi Jinjia is the owner of the building ownership of the property. Yuxi Jinjia has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Yuxi Jinjia is subject to restrictions on these rights;
b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality ( 重慶市第一中級人民法院 ), Hongta District People's. Court of Yuxi Municipality ( 玉溪市紅塔區人民法院 ), State Administration of Taxation Yuxi Hongta District Taxation Bureau (國家稅務總局玉溪市紅塔區稅務局).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

To consider the differences between the subject property and adopted comparables, adjustments were applied to the unit rates of the adopted comparables, which were the transaction prices or

– 152 –

VALUATION REPORT

APPENDIX III

listing prices divided by gross floor area in square meters for retail units or divided by number of car parking spaces for car parking spaces, for calculating the adjusted unit rates for each of the adopted comparables. The adopted unit rate was the mean of the adjusted unit rates.

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 1/F:

Address Usage Type

Comparable 1

Youyi Road, Hongta District, Yuxi City Retail Transaction

Comparable 2

Comparable 3

Youyi Road, Youyi Road, Hongta District, Hongta District, Yuxi City Yuxi City Retail Retail Transaction Listing

– 153 –

VALUATION REPORT

APPENDIX III

Transaction Date	27 February 2024	24 November 2023	N/A
Gross Floor Area	24.41	40.89	48.74
(sq.m.)
Floor Level	1/F	1/F	1/F
Amount	284,126	299,041	520,000
(RMB)
Unit Rate	11,640	7,313	10,669
(RMB/sq.m.)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment	Nil adjustment	Nil adjustment
Negotiation Discount	Nil adjustment	Nil adjustment	Downward
			adjustment
Total Adjustment	0.0%	0.0%	-5.0%
Adjusted Unit Rate	11,640	7,313	10,135
(RMB/sq.m.)
Adopted Unit Rate	9,696
(RMB/sq.m.)
The subject property -	1,078.11
Gross Floor Area of
Retail Units
(sq.m.)
Market Value of the	10,450,000
Retail Units
(RMB)

– 154 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value
in existing state as at
Particulars of 30 September
No. Property Description and tenure occupancy 2024 RMB
1. 2 car parking The property comprises 2 car parking The property was 70,000 spaces located spaces within a residential development, vacant as at the at Wanzhou namely Wanzhou Guantianxia (the Valuation Date. (100% interest Guantianxia, “Development”). attributable to No. 333 Jinshi the Company: North Road, The property was held for sale as at the 70,000) Wanzhou Valuation Date. District, Chongqing As advised by the Company, the City, the PRC Development was completed in 2018. (中國重慶市萬州 The Development is located at the Jinshi North Road in Wanzhou District of
區金石北路333 Chongqing City, with approximately 7.9 km
號萬州觀天下的 to Wanzhou Railway Station and 260.5 km to 2 個車位) Chongqing Jiangbei International Airport.

The land use rights of the property have been granted for a term expiring on 17 June 2055 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - No. B1-142 of Garage 1; and No. B1-479 of Garage 2, Wanzhou Guantianxia, No. 333 Jinshi North Road, Wanzhou District, Chongqing City, the PRC

– 155 –

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APPENDIX III

Pursuant to 2 Real Estate Ownership Certificates issued by Chongqing Wanzhou District Bureau of Land Resources and Housing Management (重慶市萬州區國土資源和房屋管理局), the land use rights and building ownership of the property have been vested in Chongqing Jinke Junkai Real Estate Development Co., Ltd. (重慶市金科駿凱房地產開發有限公司, "Jinke Junkai") with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2020) Wan Zhou Qu Bu Dong	Commercial	Car Parking	17 June 2055	76,437.00	96,017.59
	Chan Quan Di No. 001273614		Space
2	Yu (2019) Wan Zhou Qu Bu Dong	Commercial	Car Parking	17 June 2055	127,058.00	100,144.85
	Chan Quan Di No. 000218161		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Wanzhou District Bureau of Planning and Natural Resources (重慶市萬州區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junkai Real Estate Development Co., Ltd. (重慶市金科駿凱房地產開發有限公司, "Jinke Junkai") with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2020) Wan Zhou Qu Bu Dong Chan Quan Di No. 001273614 Car Parking Space 2 Yu (2019) Wan Zhou Qu Bu Dong Chan Quan Di No. 000218161 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Junkai is the owner of the land use rights and the building ownership of the property. Jinke Junkai has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Junkai is subject to restrictions on these rights;

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APPENDIX III

b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 157 –

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APPENDIX III

location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property.

Size:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F: Comparable 1

Comparable 2

Comparable 3

With regard to car park	ing spaces located at B1/F Comparable 1	: Comparable 2	Comparable 3
Address	Qinghua Street,	Qinghua Street,	Wangjiapo Street,
	Wanzhou District,	Wanzhou District,	Wanzhou District,
	Chongqing City	Chongqing City	Chongqing City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	27 February2024	24 February2024	4 November 2023
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	39,364	27,664	38,000
(RMB)
Unit Rate	39,364	27,664	38,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment	Nil adjustment	Nil adjustment

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Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% 0.0% 0.0% Adjusted Unit Rate 39,364 27,664 38,000 (RMB/car parking space) Adopted Unit Rate 35,009 (RMB/car parking space) The subject property - 2 No. of Car Parking Spaces Market Value of the 70,000 Car Parking Spaces (RMB)

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VALUATION CERTIFICATE

No. Property Description and tenure

266 car parking The property comprises 266 car parking spaces located spaces within a residential development, at Dazu namely Dazu Zhongyang Gongyuancheng Zhongyang (the “Development”). Gongyuanchen g, No. 80 The property was held for sale as at the Shengji North Valuation Date. Road, Dazu District, As advised by the Company, the Chongqing Development was completed in 2016. City, the PRC

	Market value
	in existing state
	as at
Particulars of	30 September
occupancy	2024
	RMB
The property was	8,150,000
vacant as at the
Valuation Date.	(100% interest
	attributable to
	the Company:
	8,150,000)

The Development is located at the junction (中國重慶市大足 of Sheng Ji North Road and Sheng Ji West Road in Dazu District of Chongqing City, 區聖迹北路80 with approximately 32.2 km to Dazunan 號大足中央公園 Railway Station and 101.1 km to Chongqing 城的266 個車位) Jiangbei International Airport.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-8, B1-26, B1-29, B1-52, B1-141, B1-189 to B1-190, B1-200 to B1-203, B1-206, B1-209 to B1-210, B1-212, B1-225, B1-241 to B1-244, B1-247, B1-250 to B1-253, B1-259, B1263 to B1-264, B1-304, B1-341, B1-343, B1-477, B1-561, B1-566, B1-636, B2-8, B2-15, B2-18, B2-22, B236 to B2-37, B2-54 to B2-55, B2-57 to B2-58, B2-64, B2-67, B2-70, B2-90, B2-93 to B2-94, B2-96 to B297, B2-99, B2-102, B2-112 to B2-115, B2-117, B2-120 to B2-121, B2-123, B2-126, B2-128 to B2-132, B2154, B2-164, B2-167, B2-170 to B2-176, B2-178, B2-181 to B2-184, B2-188, B2-193, B2-195 to B2-196, B2-199 to B2-202, B2-204 to B2-212, B2-264, B2-267, B2-269 to B2-270, B2-273, B2-276, B2-279 to B2280, B2-282 to B2-284, B2-288, B2-290 to B2-292, B2-295 to B2-296, B2-298, B2-301, B2-305, B2-307, B2-309, B2-312, B2-314 to B2-316, B2-321, B2-327, B2-332, B2-335 to B2-336, B2-338, B2-341, B2-401, B2-403, B2-425, B2-441, B2-569, B2-607, B2-614, B2-617 to B2-618, B2-622, B2-640, B2-645 to B2-646 located at D15 Phase II Underground Garage, No. 80 Shengji North Road, Dazu District, Chongqing City, the PRC

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Car Parking Spaces - Nos. B1-30, B1-71 to B1-74, B1-169 to B1-174, B1-298 to B1-302, B1-514, B1-588, B1-603, B1-647 to B1-649, B1-694, B1-720, B1-1174, B1-1369, B2-77 to B2-94, B2-96 to B2-97, B2-101 to B2-110, B2-112 to B2-113, B2-117 to B2-125, B2-128 to B2-133, B2-135, B2-137 to B2-154, B2-170 to B2-172, B2-174, B2-176, B2-178, B2-185, B2-187, B2-190 to B2-191, B2-194 to B2-195, B2-198 to B2199, B2-201, B2-203, B2-205, B2-211 to B2-214, B2-220, B2-223, B2-230, B2-271, B2-273 to B2-274 located at Lot 2 Underground Garage, No. 80 Shengji North Road, Dazu District, Chongqing City, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Dazu District Bureau of Planning and Natural Resources (重慶市大足區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Tuhong Real Estate Co., Ltd. (重慶市金科途鴻置業有限公司, "Jinke Tuhong") with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2017) Da Zu Qu Bu Dong Chan Quan Di No. 000611371 Car Parking Space 2 Yu (2019) Da Zu Qu Bu Dong Chan Quan Di No. 000114893 Car Parking Space 3 Yu (2020) Da Zu Qu Bu Dong Chan Quan Di No. 000385526 Car Parking Space

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Tuhong is the owner of the building ownership of the property. Jinke Tuhong has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Tuhong is subject to restrictions on these rights;
b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;

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c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by Dazu District People's Court of Chongqing Municipality ( 重慶市大足區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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comparables were active market quotes available for sale as of the Valuation Date, we considered no time adjustment was required.

Floor:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Binhe Road, Dazu	Five Star Avenue,	Qingmingqiao
	District, Chongqing	Dazu District,	Road, Dazu
	City	Chongqing City	District, Chongqing
			City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	27 September 2024	12 March 2024	9 March 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	34,368	37,860	36,400
(RMB)
Unit Rate	34,368	37,860	36,400
(RMB/car parking
space)
Adjustment Factors

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Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for adjustment for adjustment for B2/F B2/F B2/F Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% for B1/F; 0.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 34,368 for B1/F; 37,860 for B1/F; 36,400 for B1/F; (RMB/car parking space) 27,494 for B2/F 30,288 for B2/F 29,120 for B2/F Adopted Unit Rate 36,209 for B1/F; (RMB/car parking 28,967 for B2/F space) The subject property - 266 No. of Car Parking Spaces Market Value of the 8,150,000 Car Parking Spaces (RMB)

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APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

426 car parking The property comprises 426 car parking spaces located spaces within a residential development, at Dazu Jimei namely Dazu Jimei Jiangshan (the Jiangshan, No. “Development”). 169 Qingmingqiao The property was held for sale as at the Road, Dazu Valuation Date. District, Chongqing As advised by the Company, the City, the PRC Development was completed in 2020.

Market value in existing state as at Particulars of 30 September occupancy 2024 RMB The property was 14,090,000 vacant as at the Valuation Date. (100% interest attributable to the Company: 14,090,000)

(中國重慶市大足 The Development is located at the Qingmingqiao Road in Dazu District of
區清明橋路169 Chongqing City, with approximately 35.8 km
號大足集美江山 to Dazunan Railway Station and 102.3 km to 的426 個車位) Chongqing Jiangbei International Airport.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-3, B1-8, B1-34 to B1-35, B1-37, B1-39 to B1-40, B1-42, B1-45, B1-48, B154, B1-57, B1-66, B1-69 to B1-75, B1-78, B1-80, B1-82 to B1-85, B1-87, B1-89 to B1-106, B1-108, B1-111 to B1-114, B1-116 to B1-119, B1-121 to B1-123, B1-125, B1-128, B1-131, B1-134 to B1-135, B1-137, B1-139 to B1-140, B1-143, B1-145 to B1-146, B1-149, B1-153 to B1-154, B1-156 to B1-157, B1-167, B1-169 to B1-187, B1-190 to B1-191, B1-196, B1-199, B1-202 to B1-205, B1-208 to B1-212, B1-214 to B1-215, B1-217, B1-227, B1-232, B1-242 to B1-250, B1-252 to B1-257, B1-259 to B1-264, B1-266 to B1-267, B1-269 to B1-272, B1- 274 to B1-278, B1-280 to B1-281, B1-283 to B1-305, B1-307 to B1-308, B1-310 to B1-314, B1-316, B1-319, B1-322, B1-324 to B1-325, B1-330, B1-335,

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B1- 339 to B1-343, B1-345 to B1-348, B1-350 to B1-353, B1-359, B1-366, B1-369, B1-374, B1-381, B1386 to B1-389, B1-399 to B1-400, B1-402, B1-404 to B1-406, B1-408, B1-411, B1-418, B1-423, B1-426, B1-428 to B1-436, B1-438, B1-462, B1-464, B1-468, B1-475 to B1-476, B1-478 to B1-480, B1-483 to B1486, B1-489, B1-528, B1-531, B1-534, B1-541, B2-11, B2-59 to B2-60, B2-110, B2-114, B2-117, B2-119 to B2-126, B2-128 to B2-129, B2-134, B2-158, B2-160 to B2-166, B2-169, B2-176 to B2-181, B2-185 to B2-194, B2-198 to B2-202, B2-204 to B2-269, B2-271 to B2-278, B2-281 to B2-338, B2-340, B2-344, B2346, B2-351 and B2-354 located at Dazu Jimei Jiangshan, No. 169 Qingmingqiao Road, Dazu District, Chongqing City, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Dazu District Bureau of Planning and Natural Resources (重慶市大足區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Zhubang Real Estate Development Co., Ltd. (重慶住邦房地產開發有限公司, "Chongqing Zhubang") with the details as follows:

No. Certificate No. 1 Yu (2021) Da Zu Qu Bu Dong Chan Quan Di No. 000222821

Building Usage Car Parking Space

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Zhubang is the owner of the building ownership of the property. Chongqing Zhubang has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chongqing Zhubang is subject to restrictions on these rights;

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b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by Jiangbei District People's Court of Chongqing Municipality (重慶市江北區人民法院), Dazu District People's Court of Chongqing Municipality ( 重慶市大足區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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Time:

Time adjustment addresses the differences in market conditions between the Valuation Date and the dates of comparables. The adopted transaction comparables were completed within 1 year, while the adopted listing comparables were active market quotes available for sale as of the Valuation Date, we considered no time adjustment was required.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Binhe Road, Dazu	Five Star Avenue,	Qingmingqiao
	District, Chongqing	Dazu District,	Road, Dazu
	City	Chongqing City	District, Chongqing
			City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	27 September 2024	12 March 2024	9 March 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	34,368	37,860	36,400
(RMB)
Unit Rate	34,368	37,860	36,400

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(RMB/car parking space)

Adjustment Factors

Time Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for B1/F ； B1/F ； Downward Downward adjustment for adjustment for B2/F B2/F Negotiation Discount Nil adjustment Nil adjustment Total Adjustment 0.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 34,368 for B1/F; 37,860 for B1/F; (RMB/car parking 27,494 for B2/F 30,288 for B2/F space) Adopted Unit Rate 36,209 for B1/F; (RMB/car parking 28,967 for B2/F space) The subject property - 426 No. of Car Parking Spaces Market Value of the 14,090,000 Car Parking Spaces (RMB)

Nil adjustment Nil adjustment Nil adjustment Nil adjustment for B1/F ； Downward adjustment for B2/F Nil adjustment 0.0% for B1/F; -20.0% for B2/F 36,400 for B1/F; 29,120 for B2/F

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VALUATION CERTIFICATE

					Market value
					in existing state
					as at
				Particulars of	30 September
No.	Property	Description and tenure		occupancy	2024
					RMB
20.	157 car parking	The property comprises 157 car parking		The property was	9,730,000
	spaces located	spaces within a residential development,		vacant as at the
	at Fuling	namely Fuling Bocuifu (the “Development”).		Valuation Date.	(100% interest
	Bocuifu, No. 99				attributable to
	Hongsheng	The property was held for sale as at	the		the Target
	Avenue, Fuling	Valuation Date.			Company:
	District,				9,730,000)
	Chongqing	As advised by the Target Group,	the
	City, the PRC	Development was completed in 2020.
	(中國重慶市涪陵	The Development is located at	the
	區宏聲大道99	Hongsheng Avenue in Fuling District Chongqing City, with approximately 13.6	of km
	號涪陵博翠府的	to Fuling Station and 97.5 km to Chongqing
	157個車位)	Jiangbei International Airport.

The land use rights of the property have been granted for a term expiring on 26 January 2058 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-16, B1-27, B1-89, B1-92, B1-98, B1-114 to B1-115, B1-117 to B1-118, B1120, B1-126 to B1-127, B1-133 to B1-134, B1-139, B1-146 to B1-148, B1-150, B1-152, B1-155, B1-159, B1-172, B1-178, B1-182, B1-199 to B1-200, B1-208, B1-214, B1-219, B1-221, B1-223, B1-228, B1-241 to B1-242, B1-247, B1-249 to B1-250, B1-253 to B1-254, B1-258, B1-260, B1-263 to B1-264, B1-266, B1269 to B1-270, B1-272 to B1-273, B1-275, B1-278, B1-289, B1-296, B1-301 to B1-302, B1-304, B1-318, B1-327, B1-333, B1-336 to B1-337, B1-339 to B1-346, B1-349, B1-351 to B1-352, B1-354 to B1-355, B1357, B1-359 to B1-360, B1-362 to B1-363, B1-365 to B1-367, B1-420, B1-473, B2-1, B2-4, B2-7, B2-13,

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B2-17 to B2-18, B2-23, B2-26, B2-34 to B2-35, B2-37, B2-40 to B2-43, B2-47, B2-51 to B2-52, B2-57, B263 to B2-64, B2-67 to B2-68, B2-73 to B2-74, B2-81, B2-85 to B2-87, B2-91, B2-94, B2-102, B2-106, B2110 to B2-113, B2-115, B2-118, B2-123 to B2-124, B2-126 to B2-127, B2-132, B2-135 to B2-136, B2-139 to B2-140, B2-152, B2-171, B2-177, B2-180, B2-183, B2-186, B2-192, B2-195, B2-197, B2-200, B2-204, B2-206 to B2-207, B2-219 to B2-221, B2-223, B2-227, B2-229, B2-236 to B2-237, B2-240 to B2-241 and B2-243 to B2-244 located at Fuling Bocuifu, No. 99 Hongsheng Avenue, Fuling District, Chongqing City, the PRC

Pursuant to a Real Estate Ownership Certificates issued by Chongqing Fuling District Bureau of Planning and Natural Resources (重慶市涪陵區規劃和自然資源局), the land use rights and building ownership of the property have been vested in Jinke Huiyi Real Estate Development Co., Ltd. (重慶市金科匯宜房地產開發有限公司, "Jinke Huiyi") with the details as follows:

			Building			Gross
No.	Certificate No.	Land Usage	Usage	Expiry Date	Site Area	Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2021) Fu Ling Qu Bu Dong	Commercial	Car Parking	26 January 2058	99,268.41	26,782.83
	Chan Quan Di No. 000609032		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Fuling District Bureau of Planning and Natural Resources (重慶市涪陵區規劃和自然資源局), the building ownership of the property have been vested in Jinke Huiyi with the details as follows:
No. Certificate No. Building Usage 1 Yu (2021) Fu Ling Qu Bu Dong Chan Quan Di No. 000609032 Car Parking Space

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We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Huiyi is the owner of the land use rights and building ownership of the property. Jinke Huiyi has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Huiyi is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

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Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

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Amount 60,000 50,000 59,500 (RMB) Unit Rate 60,000 50,000 59,500 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Upward adjustment Upward adjustment Upward adjustment for B1/F; for B1/F; for B1/F; Nil adjustment for Nil adjustment for Nil adjustment for B2/F B2/F B2/F Negotiation Discount Downward Downward Nil adjustment adjustment adjustment Total Adjustment 18.8% for B1/F; 18.8% for B1/F; 25% for B1/F; -5.0% for B2/F -5.0% for B2/F 0.0% for B2/F Adjusted Unit Rate 71,250 for B1/F; 59,375 for B1/F; 74,375 for B1/F; (RMB/car parking 57,000 for B2/F 47,500 for B2/F 59,500 for B2/F space) Adopted Unit Rate 68,333 for B1/F; (RMB/car parking 54,667 for B2/F space) The subject property - 157 No. of Car Parking Spaces Market Value of the 9,730,000 Car Parking Spaces (RMB)

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VALUATION CERTIFICATE

No. Property Description and tenure 21. 94 car parking The property comprises 94 car parking spaces located spaces within a residential development, at Suining Jimei namely Suining Jimei Jiayue (the Jiayue, No. 233 “Development”). Dongping North Road, The property was held for sale as at the Chuanshan Valuation Date. District, Suining City, Sichuan As advised by the Target Group, the Province, the property was completed in 2023. PRC

	Market value
	in existing state
	as at
Particulars of	30 September
occupancy	2024
	RMB
The property was	2,750,000
vacant as at the
Valuation Date.	(100% interest
	attributable to
	the Target
	Company:
	2,750,000)

The Development is located at the (中國四川省遂寧 Dongping North Road in Chuanshan District of Suining City, with approximately 4.1 km 市船山區東平北 to Suining Railway Station and 12.6 km to 路 233 號遂寧集 Suining Anju Airport. 美嘉悅的 94 個 The land use rights of the property have 車位) been granted for terms expiring on 17 February 2089 for residential use and 17 February 2059 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. 126, 320, 323, 326, 346, 375, 395, 407, 423 to 424, 426, 428 to 429, 432, 434 to 435, 437 to 438, 451, 460, 463, 465, 467, 471, 484 to 486, 500 to 506, 509 to 518, 523, 525, 527, 529 to 530, 532 to 533, 535 to 543, 545 to 552, 557, 559 to 561, 565, 567 to 568, 570 to 571, 576 to 577, 579 to 581, 583 to 589, 621, 630 to 631, 673 and 705 located at Suining Jimei Jiayue, No. 233 Dongping North Road, Chuanshan District, Suining City, Sichuan Province, the PRC

– 175 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Suining Real Estate Registration Center (遂寧市不動產登記中心), the building ownership of the property have been vested in Suining Jinke Real Estate Development Co., Ltd (遂寧金科房地產開發有限公司, "Suining Jinke") with the details as follows:

No. Certificate No.

1 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003008 2 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003047 3 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003050 4 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003053 5 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003065 6 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003094 7 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003114 8 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003126 9 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003142 10 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003143 11 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003145 12 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003147 13 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003148 14 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003151 15 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003153 16 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003154 17 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003156 18 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003157 19 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003170 20 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003179 21 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003182 22 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003184 23 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003186 24 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003190 25 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003202 26 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003203 27 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003204 28 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003215 29 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003216 30 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003217 31 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003218 32 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003219 33 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003220 34 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003221 35 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003224 36 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003225 37 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003226 38 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003227 39 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003228 40 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003229 41 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003230 42 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003231 43 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003232

Building Usage Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space Car Parking Space

– 176 –

VALUATION REPORT

APPENDIX III

44 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003233 Car Parking Space 45 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003238 Car Parking Space 46 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003240 Car Parking Space 47 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003242 Car Parking Space 48 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003244 Car Parking Space 49 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003245 Car Parking Space 50 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003247 Car Parking Space 51 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003248 Car Parking Space 52 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003250 Car Parking Space 53 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003251 Car Parking Space 54 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003252 Car Parking Space 55 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003253 Car Parking Space 56 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003254 Car Parking Space 57 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003255 Car Parking Space 58 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003256 Car Parking Space 59 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003257 Car Parking Space 60 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003258 Car Parking Space 61 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003260 Car Parking Space 62 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003261 Car Parking Space 63 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003262 Car Parking Space 64 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003263 Car Parking Space 65 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003264 Car Parking Space 66 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003265 Car Parking Space 67 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003266 Car Parking Space 68 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003267 Car Parking Space 69 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003272 Car Parking Space 70 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003274 Car Parking Space 71 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003275 Car Parking Space 72 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003276 Car Parking Space 73 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003280 Car Parking Space 74 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003282 Car Parking Space 75 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003283 Car Parking Space 76 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003285 Car Parking Space 77 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003286 Car Parking Space 78 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003291 Car Parking Space 79 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003292 Car Parking Space 80 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003294 Car Parking Space 81 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003295 Car Parking Space 82 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003296 Car Parking Space 83 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003298 Car Parking Space 84 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003299 Car Parking Space 85 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003300 Car Parking Space 86 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003301 Car Parking Space 87 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003302 Car Parking Space 88 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003303 Car Parking Space 89 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003304 Car Parking Space 90 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003336 Car Parking Space 91 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003345 Car Parking Space 92 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003346 Car Parking Space 93 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003388 Car Parking Space 94 Chuan (2023) Sui Ning Shi Bu Dong Chan Quan Di No. 0003419 Car Parking Space

– 177 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate (for land) issued by Suining Bureau of Natural Resources and Planning (遂寧市自然資源和規劃局), the land use rights of the property have been granted to Suining Jinke with the details as follows:

No.	Certificate No.	Land Usage	Expiry Date	Site Area
				(sq.m.)
1	Chuan (2019) Sui Ning Shi Bu Dong Chan Quan Di	Residential/Commercial	17 February 2089/	56,987.2
	No. 0018769		17 February 2059

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Suining Jinke is the owner of the building ownership of the property. Suining Jinke has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Suining Jinke is subject to restrictions on these rights;
b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

– 178 –

VALUATION REPORT

APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 179 –

VALUATION REPORT

APPENDIX III

Floor:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Deshui Middle	Deshui North	Dongping Middle
	Road, Chuanshan	Road, Chuanshan	Road, Chuanshan
	District, Suining	District, Suining	District, Suining
	City	City	City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	24 May 2024	6 February 2024	17 May 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	30,350	29,699	27,703
(RMB)
Unit Rate	30,350	29,699	27,703
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment	Nil adjustment	Nil adjustment
Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment

– 180 –

VALUATION REPORT

APPENDIX III

Total Adjustment 0.0% Adjusted Unit Rate 30,350 (RMB/car parking space) Adopted Unit Rate 29,251 (RMB/car parking space) The subject property - 94 No. of Car Parking Spaces Market Value of the 2,750,000 Car Parking Spaces (RMB)

0.0% 29,699

0.0% 27,703

– 181 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
22.	504 car parking	The property comprises 504 car parking	The property was	29,200,000
	spaces and 6	spaces and 6 retail units with a total gross	vacant as at the
	retail units	floor area of approximately 873.31 sq.m.	Valuation Date.	(100% interest
	located at	within a residential development, namely		attributable to
	Haiyue	Haiyue Dongfang (the “Development”).		the Target
	Dongfang, No.			Company:
	6 Zhangshan	The property was held for sale as at the		29,200,000)
	Road, Yaohai	Valuation Date.
	District, Hefei
	City, Anhui	As advised by the Target Group, the
	Province, the	Development was completed in 2019.
	PRC
		The Development is located at the Heping
	(中國安徽省合肥	Road in Yaohai District of Hefei City, with
	市瑤海區障山路	approximately 12.4 km to Hefei Railway Station and 49.4 km to Hefei Xinqiao
	6 號海悦東方的	International Airport.
	504 個車位以及
	6個商業物業)	The land use rights of the property have been granted for a term expiring on 12
		January 2087 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-1011, B1-1060, B1-1070, B1-1129, B1-1131, B1-1133, B1-1135, B1-1139, B1-1144 to B1-1149, B1-1151 to B1-1154, B1-1156 to B1-1157, B1-1159, B1-1168, B1-1172 to B1-1173, B1-1178, B1-1180, B1-1182, B1-1184 to B1-1185, B1-1303 to B1-1304, B1-1308, B1-1310 to B1-1311, B1-1322 to B1-1323, B1-1325 to B1-1326, B1-1329, B1-1332, B1-1335, B1-1338, B1-1340 to B1-1342, B1-1344, B1-1347, B1-1350, B1-1352 to B1-1355, B1-1357 to B1-1358, B1-1360, B1-1362, B1-1364 to

– 182 –

VALUATION REPORT

APPENDIX III

B1-1366, B1-1368, B1-1370 to B1-1385, B1-1387 to B1-1400, B1-1402 to B1-1422, B1-1424 to B1-1426, B1-1428 to B1-1434, B1-1436, B1-1438 to B1-1442, B1-1444, B1-1447, B1-1449 to B1-1452, B1-1455, B1-1457 to B1-1458, B1-1460 to B1-1461, B1-1465 to B1-1483, B1-1490, B1-1492, B1-1495, B1-1497 to B1-1502, B1-1508 to B1-1509, B1-1513, B1-1519, B1-1521 to B1-1522, B1-1528 to B1-1529, B1-1534 to B1-1535, B1-1541 to B1-1542, B1-1544 to B1-1545, B1-1547, B1-1549, B1-1551, B1-1554, B1-1557 to B1-1558, B1-1561, B1-1564 to B1-1566, B1-1570 to B1-1578, B1-1582, B1-1584, B1-1590 to B1-1591, B1-1596, B1-1600 to B1-1601, B1-1619 to B1-1622, B1-1624, B1-1630, B1-1639 to B1-1640, B1-1643 to B1-1644, B1-1646, B1-1654, B1-1662 to B1-1663, B1-1665 to B1-1668, B1-1670, B1-1672 to B1-1683, B1-1685 to B1-1686, B1-1694 to B1-1696, B1-1700 to B1-1701, B1-1705, B1-1707 to B1-1708, B1-1710 to B1-1712, B1-1714 to B1-1733, B1-1735, B1-1738, B1-1740 to B1-1743, B1-1745 to B1-1754, B1-1756 to B1-1764, B1-1766, B1-1771, B1-1776, B1-1778 to B1-1779, B1-1781, B1-1783, B1-1785, B1-1787 to B1-1791 and B1-1793 to B1-1797 located at phase I Haiyue Dongfang, No. 6, Zhangshan Road, Yaohai District, Hefei City, Anhui Province, the PRC

Car Parking Spaces - Nos. B1-1002, B1-1004, B1-1007 to B1-1008, B1-1013, B1-1015, B1-1018 to B11021, B1-1023 to B1-1026, B1-1028 to B1-1040, B1-1043 to B1-1046, B1-1048 to B1-1051, B1-1055, B1-1062, B1-1070 to B1-1071, B1-1086 to B1-1088, B1-1090 to B1-1091, B1-1094 to B1-1095, B1-1100, B1-1105, B1-1130, B1-1133 to B1-1134, B1-1142 to B1-1145, B1-1147, B1-1149, B1-1151 to B1-1154, B1-1157 to B1-1171, B1-1173 to B1-1175, B1-1177 to B1-1178, B1-1181, B1-1184 to B1-1185, B1-1190, B1-1229 to B1-1241, B1-1245 to B1-1246, B1-1249, B1-1292, B1-1295 to B1-1296, B1-1298 to B1-1299, B1-1305, B1-1307 to B1-1308, B1-1310 to B1-1311, B1-1313 to B1-1317, B1-1319 to B1-1321, B1-1323, B1-1341 to B1-1342, B1-1358 to B1-1359, B1-1361 to B1-1363, B1-1366 to B1-1367, B1-1370 to B11372, B1-1374, B1-1377 to B1-1384, B1-1390, B1-1402 to B1-1403, B1-1410 to B1-1412, B1-1424 to B1-1426, B1-1428, B1-1431, B1-1434, B1-1436 to B1-1437, B1-1444 to B1-1450, B1-1452 to B1-1460, B1-1462, B1-1465, B1-1475 to B1-1477, B1-1486 to B1-1487, B1-1489, B1-1492, B1-1495 to B1-1496, B1-1498, B1-1501 to B1-1502, B1-1504, B1-1507 to B1-1508 and B1-1513 to B1-1515 located at Phase II Haiyue Dongfang, No. 6 Zhangshan Road, Yaohai District, Hefei City, Anhui Province, the PRC

Retail Units - Units 103 and 108 of Block S1; and Units 101, 103-104 and 106 of Block S2, Haiyue Dongfang, No. 6, Zhangshan Road, Yaohai District, Hefei City, Anhui Province, the PRC

– 183 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Hefei Municipal Real Estate Registration Center (合肥市不動產登記中心), the building ownership of the property have been vested in Hefei Jinke Baijun Real Estate Development Co., Ltd. (合肥金科百俊房地產開發有限公司, "Hefei Jinke Baijun") with the details as follows:

No. Certificate No.

Building Usage

1 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173733 2 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173727 3 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173257 4 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173258 5 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173251 6 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11173255 7 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176054 8 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175715 9 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176162 10 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175597 11 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176309 12 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175901 13 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175637 14 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175820 15 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176006 16 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175895 17 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175927 18 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176014 19 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176104 20 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176210 21 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175770 22 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176289 23 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176149 24 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176189 25 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175843 26 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175763 27 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176322 28 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176298 29 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175677 30 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175628 31 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175660 32 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175690 33 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175691 34 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175584 35 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175656 36 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176268 37 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175923 38 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176368 39 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175751 40 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175605 41 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11175891 42 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11176216

451	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180750	Car Parking Space
452	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180641	Car Parking Space
453	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180484	Car Parking Space
454	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180898	Car Parking Space
455	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180650	Car Parking Space
456	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180556	Car Parking Space
457	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180716	Car Parking Space
458	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180571	Car Parking Space
459	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180625	Car Parking Space
460	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180736	Car Parking Space
461	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180749	Car Parking Space
462	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180539	Car Parking Space
463	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180609	Car Parking Space
464	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180816	Car Parking Space
465	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180630	Car Parking Space
466	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180927	Car Parking Space
467	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180732	Car Parking Space
468	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180502	Car Parking Space
469	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180647	Car Parking Space
470	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180722	Car Parking Space
471	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180672	Car Parking Space
472	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180913	Car Parking Space
473	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180583	Car Parking Space
474	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180791	Car Parking Space
475	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180839	Car Parking Space
476	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180813	Car Parking Space
477	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180788	Car Parking Space
478	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180549	Car Parking Space
479	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180807	Car Parking Space
480	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180778	Car Parking Space
481	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180822	Car Parking Space
482	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180511	Car Parking Space
483	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180675	Car Parking Space
484	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180486	Car Parking Space
485	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180775	Car Parking Space
486	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180532	Car Parking Space
487	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180460	Car Parking Space
488	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180872	Car Parking Space
489	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180489	Car Parking Space
490	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180613	Car Parking Space
491	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180423	Car Parking Space
492	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180439	Car Parking Space
493	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180470	Car Parking Space
494	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180726	Car Parking Space
495	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180506	Car Parking Space
496	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180487	Car Parking Space
497	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180462	Car Parking Space
498	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180633	Car Parking Space
499	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180841	Car Parking Space
500	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180563	Car Parking Space
501	Wan (2020) He Fei Shi Bu Dong Chan Quan Di No.	11180843	Car Parking Space

– 193 –

VALUATION REPORT

APPENDIX III

502 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180865 Car Parking Space 503 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180598 Car Parking Space 504 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180885 Car Parking Space 505 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180622 Car Parking Space 506 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180861 Car Parking Space 507 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180907 Car Parking Space 508 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180477 Car Parking Space 509 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180769 Car Parking Space 510 Wan (2020) He Fei Shi Bu Dong Chan Quan Di No. 11180575 Car Parking Space

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Hefei Jinke Baijun is the owner of the land use rights and the building ownership of the property. Hefei Jinke Baijun has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Hefei Jinke Baijun is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

– 194 –

VALUATION REPORT

APPENDIX III

Our valuation has been conducted based on the following analysis:

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 195 –

VALUATION REPORT

APPENDIX III

higher or lower floors for retail units and car parking spaces, respectively, and vice versa.

Negotiation Discount

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 1/F and 2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Zhangshan Road,	Zhangji Road,	Heping Road,
	Yaohai District,	Yaohai District,	Yaohai District,
	Hefei City	Hefei City	Hefei City
Usage	Retail	Retail	Retail
Type	Listing	Listing	Listing
Transaction Date	N/A	N/A	N/A
Gross Floor Area	105.00	45.00	40.00
(sq.m.)
Floor Level	1/F	1/F	1/F
Amount	1,500,000	700,000	650,000
(RMB)
Unit Rate	14,286	15,556	16,250
(RMB/sq.m.)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	1/F;	1/F;	1/F;
	Downward	Downward	Downward
	adjustment for 2/F	adjustment for 2/F	adjustment for 2/F
Negotiation Discount	Downward	Downward	Downward
	adjustment	adjustment	adjustment
Total Adjustment	-5.0% for 1/F;	-5.0% for 1/F;	-5.0% for 1/F;
	-52.5% for 2/F	-52.5% for 2/F	-52.5% for 2/F
Adjusted Unit Rate	13,571 for 1/F ;	14,778 for 1/F ;	15,438 for 1/F;
(RMB/sq.m.)	6,786 for 2/F	7,389 for 2/F	7,719 for 2/F

– 196 –

VALUATION REPORT

APPENDIX III

Adopted Unit Rate (RMB/sq.m.)

The subject property - Gross Floor Area of Retail Units (sq.m.)

14,596 for 1/F; 7,298 for 2/F

873.31

Market Value of the 9,560,000 Retail Units (RMB)

With regard to car parking spaces located at B1/F:

Comparable 1

Comparable 2

Comparable 3

Address Zhangshan Road, Dongfang Avenue, Banta North Road, Yaohai District, Yaohai District, Yaohai District, Hefei City Hefei City Hefei City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Transaction Transaction Transaction Date 18 January 2024 6 September 2024 22 February 2024 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 43,507 33,900 39,500 (RMB) Unit Rate 43,507 33,900 39,500 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment Nil adjustment Nil adjustment Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% 0.0% 0.0% Adjusted Unit Rate 43,507 33,900 39,500 (RMB/car parking space) Adopted Unit Rate 38,969 (RMB/car parking space) The subject property - 504 No. of Car Parking Spaces Market Value of the 19,640,000 Car Parking Spaces (RMB)

– 197 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value in existing state as at Particulars of 30 September No. Property Description and tenure occupancy 2024 RMB 23. 434 car parking The property comprises 434 car parking The property was 61,100,000 spaces and 13 spaces and 13 retail units with a total gross vacant as at the retail units floor area of approximately 4,168.57 sq.m. Valuation Date. (100% interest located at Hefei within a residential development, namely attributable to Tianchen Hefei Tianchen Huayuan (the the Target Huayuan, No. “Development”). Company: 116 Beijing 61,100,000) Road, Baohe The property was held for sale as at the District, Hefei Valuation Date. City, Anhui Province, the As advised by the Target Group, the PRC Development was completed in 2019. (中國安徽省合肥 The Development is located at the intersection of Beijing Road and Huanghe 市包河區北京路 Road in Baohe District of Hefei City, with 116 號合肥天宸 approximately 7.9 km to Hefei South 花園的434 個車 Railway Station and 58.7 km to Hefei Xinqiao International Airport. 位以及13 個商業物業) The land use rights of the property have been granted for a term expiring on 14 January 2087 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-1001, B1-1003, B1-1005, B1-1007 to B1-1010, B1-1013 to B1-1015, B11019, B1-1021 to B1-1023, B1-1026 to B1-1027, B1-1029 to B1-1033, B1-1036 to B1-1037, B1-1039,

– 198 –

VALUATION REPORT

APPENDIX III

B1-1042 to B1-1044, B1-1047 to B1-1049, B1-1051, B1-1054 to B1-1057, B1-1059 to B1-1061, B1-1063 to B1-1067, B1-1079, B1-1081 to B1-1085, B1-1088 to B1-1090, B1-1092, B1-1095 to B1-1096, B1-1101 to B1-1102, B1-1104, B1-1109 to B1-1112, B1-1114, B1-1116 to B1-1118, B1-1121 to B1-1126, B1-1128, B1-1130 to B1-1132, B1-1134 to B1-1137, B1-1139 to B1-1155, B1-1157 to B1-1159, B1-1161, B1-1163 to B1-1165, B1-1167 to B1-1171, B1-1173 to B1-1174, B1-1177, B1-1181 to B1-1185, B1-1189, B1-1194 to B1-1204, B1-1209 to B1-1213, B1-1218, B1-1224, B1-1227, B1-1230 to B1-1231, B1-1234 to B1-1235, B1-1238 to B1-1239, B1-1242 to B1-1244, B1-1246 to B1-1247, B1-1250 to B1-1251, B1-1253 to B11255, B1-1258 to B1-1260, B1-1262 to B1-1264, B1-1271 to B1-1272, B1-1274 to B1-1275, B1-1277 to B1-1279, B1-1283 to B1-1284, B1-1287, B1-1290, B1-1294 to B1-1296, B1-1299, B1-1301 to B1-1302, B1-1305 to B1-1307, B1-1311, B1-1317, B1-1319 to B1-1320, B1-1325 to B1-1330, B1-1332 to B1-1333, B1-1343 to B1-1345, B1-1348 to B1-1349, B1-1356 to B1-1357, B1-1359 to B1-1362, B1-1364, B1-1366, B1-1375, B1-1379, B1-1381 to B1-1382, B1-1384, B1-1387 to B1-1390, B1-1392, B1-1394, B1-1396 to B1-1413, B1-1429, B1-1432, B1-1434 to B1-1435, B1-1437, B1-1440 to B1-1442, B1-1445 to B1-1455, B1-1461 to B1-1465, B1-1468 to B1-1469, B1-1474 to B1-1476, B1-1479 to B1-1484, B1-1487, B1-1492 to B1-1493, B1-1499, B1-1502, B1-1505 to B1-1506, B1-1508 to B1-1511, B1-1514 to B1-1527, B1-1531 to B1-1533, B1-1535 to B1-1539, B1-1541, B1-1558 to B1-1559, B1-1563 to B1-1565, B1-1568 to B11570, B1-1575, B1-1590, B1-1594 to B1-1596, B1-1600 to B1-1601, B1-1603, B1-1642, B1-1647, B11656 to B1-1658, B1-1660, B1-1663 to B1-1664, B1-1670, B1-1675, B1-1682, B1-1715, B1-1726, B11731 to B1-1733, B1-1735 to B1-1736, B1-1738 to B1-1742, B1-1744 to B1-1757, B1-1764 and B1-1774 located at Phase I Hefei Tianchen Huayuan, No. 116 Beijing Road, Baohe District, Hefei City, Anhui Province, the PRC

Car Parking Spaces - Nos. B1-1001 to B1-1014, B1-1016, B1-1019 to B1-1020, B1-1022 to B1-1024, B11026 to B1-1040, B1-1044, B1-1057 to B1-1058, B1-1062 to B1-1067, B1-1099, B1-1101 to B1-1102, B1-1104 to B1-1105, B1-1108 to B1-1110, B1-1114 to B1-1118, B1-1123, B1-1129, B1-1132, B1-1135, B1-1161 to B1-1162, B1-1199, B1-1202, B1-1207, B1-1211 to B1-1212, B1-1214, B1-1218, B1-1271, B11275 to B1-1276, B1-1280 to B1-1281, B1-1285 and B1-1298 located at Phase II Hefei Tianchen Huayuan, No. 116 Beijing Road, Baohe District, Hefei City, Anhui Province, the PRC

Retail Units - Units 101-113 located at Phase II Hefei Tianchen Huayuan, No. 116, Beijing Road, Baohe District, Hefei City, Anhui Province, the PRC

– 199 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Hefei Municipal Real Estate Registration Center(合肥市不動產登記中心), the building ownership of the property have been vested in Hefei Jinke Tianchen Real Estate Development Co., Ltd. (合肥金科天宸房地產開發有限公司, "Hefei Jinke Tianchen") with the details as follows:

房地產開	發有限公司, "Hefei Jinke Tianchen") with the details as follows:
No.	Certificate No.	Building Usage
1	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042076	Commercial
2	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042077	Commercial
3	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042078	Commercial
4	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042079	Commercial
5	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042080	Commercial
6	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042081	Commercial
7	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042082	Commercial
8	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042083	Commercial
9	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042084	Commercial
10	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042085	Commercial
11	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042086	Commercial
12	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042087	Commercial
13	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1042088	Commercial
14	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041762	Car Parking Space
15	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041763	Car Parking Space
16	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041764	Car Parking Space
17	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041765	Car Parking Space
18	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041766	Car Parking Space
19	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041767	Car Parking Space
20	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041768	Car Parking Space
21	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041769	Car Parking Space
22	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041770	Car Parking Space
23	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041772	Car Parking Space
24	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041773	Car Parking Space
25	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041774	Car Parking Space
26	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041775	Car Parking Space
27	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041776	Car Parking Space
28	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041778	Car Parking Space
29	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041780	Car Parking Space
30	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041782	Car Parking Space
31	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041784	Car Parking Space
32	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041785	Car Parking Space
33	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041786	Car Parking Space
34	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041788	Car Parking Space
35	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041789	Car Parking Space
36	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041790	Car Parking Space
37	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041791	Car Parking Space
38	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041793	Car Parking Space
39	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041794	Car Parking Space
40	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041795	Car Parking Space
41	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041796	Car Parking Space
42	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041797	Car Parking Space
43	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No. 1041798	Car Parking Space

– 200 –

VALUATION REPORT

APPENDIX III

44	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041799	Car Parking Space
45	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041800	Car Parking Space
46	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041801	Car Parking Space
47	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041802	Car Parking Space
48	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041804	Car Parking Space
49	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041808	Car Parking Space
50	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041822	Car Parking Space
51	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041823	Car Parking Space
52	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041827	Car Parking Space
53	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041828	Car Parking Space
54	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041829	Car Parking Space
55	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041830	Car Parking Space
56	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041831	Car Parking Space
57	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041832	Car Parking Space
58	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041866	Car Parking Space
59	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041869	Car Parking Space
60	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041870	Car Parking Space
61	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041872	Car Parking Space
62	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041873	Car Parking Space
63	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041876	Car Parking Space
64	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041877	Car Parking Space
65	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041879	Car Parking Space
66	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041883	Car Parking Space
67	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041884	Car Parking Space
68	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041885	Car Parking Space
69	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041886	Car Parking Space
70	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041887	Car Parking Space
71	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041892	Car Parking Space
72	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041898	Car Parking Space
73	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041901	Car Parking Space
74	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041904	Car Parking Space
75	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041928	Car Parking Space
76	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041929	Car Parking Space
77	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041966	Car Parking Space
78	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041969	Car Parking Space
79	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041974	Car Parking Space
80	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041978	Car Parking Space
81	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041979	Car Parking Space
82	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041981	Car Parking Space
83	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1041985	Car Parking Space
84	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042037	Car Parking Space
85	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042041	Car Parking Space
86	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042042	Car Parking Space
87	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042045	Car Parking Space
88	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042046	Car Parking Space
89	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042049	Car Parking Space
90	Wan (2023) He Fei Shi Bu Dong Chan Quan Di No.	1042061	Car Parking Space
91	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036931	Car Parking Space
92	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036933	Car Parking Space
93	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036935	Car Parking Space
94	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036937	Car Parking Space

– 201 –

VALUATION REPORT

APPENDIX III

95	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036938	Car Parking Space
96	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036939	Car Parking Space
97	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036940	Car Parking Space
98	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036943	Car Parking Space
99	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036944	Car Parking Space
100	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036945	Car Parking Space
101	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036948	Car Parking Space
102	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036950	Car Parking Space
103	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036951	Car Parking Space
104	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036952	Car Parking Space
105	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036954	Car Parking Space
106	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036955	Car Parking Space
107	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036957	Car Parking Space
108	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036958	Car Parking Space
109	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036959	Car Parking Space
110	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036960	Car Parking Space
111	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036961	Car Parking Space
112	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036964	Car Parking Space
113	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036965	Car Parking Space
114	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036967	Car Parking Space
115	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036970	Car Parking Space
116	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036971	Car Parking Space
117	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036972	Car Parking Space
118	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036975	Car Parking Space
119	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036976	Car Parking Space
120	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036977	Car Parking Space
121	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036979	Car Parking Space
122	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036982	Car Parking Space
123	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036983	Car Parking Space
124	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036984	Car Parking Space
125	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036985	Car Parking Space
126	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036987	Car Parking Space
127	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036988	Car Parking Space
128	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036989	Car Parking Space
129	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036991	Car Parking Space
130	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036992	Car Parking Space
131	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036993	Car Parking Space
132	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036994	Car Parking Space
133	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11036995	Car Parking Space
134	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037007	Car Parking Space
135	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037009	Car Parking Space
136	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037010	Car Parking Space
137	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037011	Car Parking Space
138	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037012	Car Parking Space
139	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037013	Car Parking Space
140	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037016	Car Parking Space
141	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037017	Car Parking Space
142	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037018	Car Parking Space
143	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037020	Car Parking Space
144	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037023	Car Parking Space
145	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037024	Car Parking Space

– 202 –

VALUATION REPORT

APPENDIX III

146	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037029	Car Parking Space
147	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037030	Car Parking Space
148	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037032	Car Parking Space
149	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037037	Car Parking Space
150	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037038	Car Parking Space
151	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037039	Car Parking Space
152	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037040	Car Parking Space
153	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037042	Car Parking Space
154	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037044	Car Parking Space
155	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037045	Car Parking Space
156	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037046	Car Parking Space
157	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037049	Car Parking Space
158	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037050	Car Parking Space
159	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037051	Car Parking Space
160	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037052	Car Parking Space
161	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037053	Car Parking Space
162	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037054	Car Parking Space
163	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037056	Car Parking Space
164	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037058	Car Parking Space
165	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037059	Car Parking Space
166	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037060	Car Parking Space
167	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037062	Car Parking Space
168	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037063	Car Parking Space
169	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037064	Car Parking Space
170	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037065	Car Parking Space
171	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037067	Car Parking Space
172	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037068	Car Parking Space
173	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037069	Car Parking Space
174	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037070	Car Parking Space
175	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037071	Car Parking Space
176	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037072	Car Parking Space
177	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037073	Car Parking Space
178	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037074	Car Parking Space
179	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037075	Car Parking Space
180	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037076	Car Parking Space
181	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037077	Car Parking Space
182	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037078	Car Parking Space
183	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037079	Car Parking Space
184	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037080	Car Parking Space
185	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037081	Car Parking Space
186	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037082	Car Parking Space
187	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037083	Car Parking Space
188	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037085	Car Parking Space
189	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037086	Car Parking Space
190	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037087	Car Parking Space
191	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037089	Car Parking Space
192	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037091	Car Parking Space
193	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037092	Car Parking Space
194	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037093	Car Parking Space
195	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037095	Car Parking Space
196	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037096	Car Parking Space

– 203 –

VALUATION REPORT

APPENDIX III

197	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037097	Car Parking Space
198	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037098	Car Parking Space
199	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037099	Car Parking Space
200	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037101	Car Parking Space
201	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037102	Car Parking Space
202	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037105	Car Parking Space
203	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037109	Car Parking Space
204	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037110	Car Parking Space
205	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037111	Car Parking Space
206	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037112	Car Parking Space
207	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037113	Car Parking Space
208	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037117	Car Parking Space
209	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037121	Car Parking Space
210	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037122	Car Parking Space
211	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037123	Car Parking Space
212	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037124	Car Parking Space
213	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037125	Car Parking Space
214	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037126	Car Parking Space
215	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037127	Car Parking Space
216	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037128	Car Parking Space
217	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037129	Car Parking Space
218	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037130	Car Parking Space
219	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037131	Car Parking Space
220	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037135	Car Parking Space
221	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037136	Car Parking Space
222	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037137	Car Parking Space
223	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037138	Car Parking Space
224	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037139	Car Parking Space
225	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037144	Car Parking Space
226	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037150	Car Parking Space
227	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037153	Car Parking Space
228	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037156	Car Parking Space
229	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037157	Car Parking Space
230	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037160	Car Parking Space
231	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037161	Car Parking Space
232	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037164	Car Parking Space
233	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037165	Car Parking Space
234	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037168	Car Parking Space
235	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037169	Car Parking Space
236	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037170	Car Parking Space
237	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037172	Car Parking Space
238	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037173	Car Parking Space
239	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037176	Car Parking Space
240	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037177	Car Parking Space
241	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037179	Car Parking Space
242	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037180	Car Parking Space
243	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037181	Car Parking Space
244	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037184	Car Parking Space
245	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037185	Car Parking Space
246	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037186	Car Parking Space
247	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037188	Car Parking Space

– 204 –

VALUATION REPORT

APPENDIX III

248	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037189	Car Parking Space
249	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037190	Car Parking Space
250	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037197	Car Parking Space
251	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037198	Car Parking Space
252	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037200	Car Parking Space
253	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037201	Car Parking Space
254	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037203	Car Parking Space
255	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037204	Car Parking Space
256	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037205	Car Parking Space
257	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037209	Car Parking Space
258	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037210	Car Parking Space
259	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037213	Car Parking Space
260	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037216	Car Parking Space
261	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037220	Car Parking Space
262	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037221	Car Parking Space
263	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037222	Car Parking Space
264	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037225	Car Parking Space
265	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037227	Car Parking Space
266	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037228	Car Parking Space
267	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037231	Car Parking Space
268	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037232	Car Parking Space
269	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037233	Car Parking Space
270	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037237	Car Parking Space
271	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037243	Car Parking Space
272	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037245	Car Parking Space
273	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037246	Car Parking Space
274	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037251	Car Parking Space
275	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037252	Car Parking Space
276	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037253	Car Parking Space
277	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037254	Car Parking Space
278	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037255	Car Parking Space
279	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037256	Car Parking Space
280	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037258	Car Parking Space
281	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037259	Car Parking Space
282	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037269	Car Parking Space
283	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037270	Car Parking Space
284	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037271	Car Parking Space
285	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037274	Car Parking Space
286	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037275	Car Parking Space
287	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037282	Car Parking Space
288	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037283	Car Parking Space
289	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037285	Car Parking Space
290	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037286	Car Parking Space
291	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037287	Car Parking Space
292	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037288	Car Parking Space
293	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037290	Car Parking Space
294	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037292	Car Parking Space
295	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037301	Car Parking Space
296	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037305	Car Parking Space
297	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037307	Car Parking Space
298	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037308	Car Parking Space

– 205 –

VALUATION REPORT

APPENDIX III

299	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037310	Car Parking Space
300	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037313	Car Parking Space
301	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037314	Car Parking Space
302	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037315	Car Parking Space
303	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037316	Car Parking Space
304	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037318	Car Parking Space
305	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037320	Car Parking Space
306	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037322	Car Parking Space
307	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037323	Car Parking Space
308	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037324	Car Parking Space
309	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037325	Car Parking Space
310	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037326	Car Parking Space
311	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037327	Car Parking Space
312	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037328	Car Parking Space
313	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037329	Car Parking Space
314	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037330	Car Parking Space
315	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037331	Car Parking Space
316	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037332	Car Parking Space
317	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037333	Car Parking Space
318	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037334	Car Parking Space
319	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037335	Car Parking Space
320	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037336	Car Parking Space
321	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037337	Car Parking Space
322	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037338	Car Parking Space
323	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037339	Car Parking Space
324	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037355	Car Parking Space
325	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037358	Car Parking Space
326	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037360	Car Parking Space
327	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037361	Car Parking Space
328	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037363	Car Parking Space
329	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037366	Car Parking Space
330	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037367	Car Parking Space
331	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037368	Car Parking Space
332	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037371	Car Parking Space
333	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037372	Car Parking Space
334	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037373	Car Parking Space
335	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037374	Car Parking Space
336	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037375	Car Parking Space
337	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037376	Car Parking Space
338	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037377	Car Parking Space
339	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037378	Car Parking Space
340	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037379	Car Parking Space
341	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037380	Car Parking Space
342	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037381	Car Parking Space
343	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037387	Car Parking Space
344	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037388	Car Parking Space
345	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037389	Car Parking Space
346	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037390	Car Parking Space
347	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037391	Car Parking Space
348	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037394	Car Parking Space
349	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037395	Car Parking Space

– 206 –

VALUATION REPORT

APPENDIX III

350	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037400	Car Parking Space
351	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037401	Car Parking Space
352	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037402	Car Parking Space
353	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037405	Car Parking Space
354	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037406	Car Parking Space
355	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037407	Car Parking Space
356	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037408	Car Parking Space
357	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037409	Car Parking Space
358	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037410	Car Parking Space
359	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037413	Car Parking Space
360	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037418	Car Parking Space
361	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037419	Car Parking Space
362	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037425	Car Parking Space
363	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037428	Car Parking Space
364	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037431	Car Parking Space
365	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037432	Car Parking Space
366	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037434	Car Parking Space
367	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037435	Car Parking Space
368	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037436	Car Parking Space
369	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037437	Car Parking Space
370	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037440	Car Parking Space
371	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037441	Car Parking Space
372	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037442	Car Parking Space
373	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037443	Car Parking Space
374	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037444	Car Parking Space
375	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037445	Car Parking Space
376	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037446	Car Parking Space
377	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037447	Car Parking Space
378	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037448	Car Parking Space
379	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037449	Car Parking Space
380	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037450	Car Parking Space
381	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037451	Car Parking Space
382	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037452	Car Parking Space
383	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037453	Car Parking Space
384	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037457	Car Parking Space
385	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037458	Car Parking Space
386	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037459	Car Parking Space
387	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037461	Car Parking Space
388	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037462	Car Parking Space
389	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037463	Car Parking Space
390	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037464	Car Parking Space
391	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037465	Car Parking Space
392	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037467	Car Parking Space
393	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037484	Car Parking Space
394	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037485	Car Parking Space
395	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037489	Car Parking Space
396	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037490	Car Parking Space
397	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037491	Car Parking Space
398	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037494	Car Parking Space
399	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037495	Car Parking Space
400	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037496	Car Parking Space

– 207 –

VALUATION REPORT

APPENDIX III

401	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037501	Car Parking Space
402	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037516	Car Parking Space
403	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037520	Car Parking Space
404	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037521	Car Parking Space
405	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037522	Car Parking Space
406	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037526	Car Parking Space
407	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037527	Car Parking Space
408	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037529	Car Parking Space
409	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037568	Car Parking Space
410	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037573	Car Parking Space
411	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037582	Car Parking Space
412	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037583	Car Parking Space
413	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037584	Car Parking Space
414	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037586	Car Parking Space
415	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037589	Car Parking Space
416	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037590	Car Parking Space
417	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037596	Car Parking Space
418	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037601	Car Parking Space
419	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037608	Car Parking Space
420	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037641	Car Parking Space
421	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037652	Car Parking Space
422	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037657	Car Parking Space
423	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037658	Car Parking Space
424	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037659	Car Parking Space
425	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037661	Car Parking Space
426	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037662	Car Parking Space
427	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037663	Car Parking Space
428	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037664	Car Parking Space
429	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037665	Car Parking Space
430	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037666	Car Parking Space
431	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037667	Car Parking Space
432	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037669	Car Parking Space
433	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037670	Car Parking Space
434	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037671	Car Parking Space
435	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037672	Car Parking Space
436	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037673	Car Parking Space
437	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037674	Car Parking Space
438	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037675	Car Parking Space
439	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037676	Car Parking Space
440	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037677	Car Parking Space
441	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037678	Car Parking Space
442	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037679	Car Parking Space
443	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037680	Car Parking Space
444	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037681	Car Parking Space
445	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037682	Car Parking Space
446	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037689	Car Parking Space
447	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No.	11037699	Car Parking Space

– 208 –

VALUATION REPORT

APPENDIX III

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Hefei Jinke Tianchen is the owner of the land use rights and the building ownership of the property. Hefei Jinke Tianchen has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Hefei Jinke Tianchen is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

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VALUATION REPORT

APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:	Time adjustment addresses the differences in market conditions between the
	Valuation Date and the dates of comparables. The adopted transaction
	comparables were completed within 1 year, while the adopted listing
	comparables were active market quotes available for sale as of the Valuation
	Date, we considered no time adjustment was required.
Location:	Location adjustment reflects the differences in locality and accessibility
	between the subject property and the adopted comparables. We considered no
	location adjustment was necessary as the adopted comparables were situated
	in close proximity to the subject property.
Size:	Size adjustment applies when there are differences in areas between the
	subject property and the adopted comparables. Considering the limited
	differences in size between the subject property and the adopted comparables,
	we made no size adjustments to the adopted comparables.
Floor:	Floor adjustment applies when the floor levels of the subject property and the
	adopted comparables differ, impacting visibility, accessibility, business
	opportunities for retail units, and the convenience of car parking spaces.
	Upward adjustments were made if the adopted comparables were situated at
	higher or lower floors for retail units and car parking spaces, respectively, and
	vice versa.
Negotiation	Negotiation discount adjustment is applicable to listing comparables as the
Discount	listing prices do not necessarily represent the final transaction considerations.
	The listing comparables are subjected to negotiations, and price discounts may
	be achievable. Downward adjustments were made for the adopted listing
	comparables, while no adjustments were made for the adopted transaction
	comparables.

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VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to retail units located at 2/F:

Comparable 1

Comparable 2

Comparable 3

Address Huayuan Avenue, Ziyun Road, Fanhua Avenue, Baohe District, Baohe District, Baohe District, Hefei City Hefei City Hefei City Usage Retail Retail Retail Type Listing Listing Listing Transaction Date N/A N/A N/A Gross Floor Area 108.36 55.68 70.72 (sq.m.) Floor Level 1/F 1/F 1/F Amount 1,506,200 800,000 951,200 (RMB) Unit Rate 13,900 14,368 13,450 (RMB/sq.m.) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Downward Downward Downward adjustment adjustment adjustment Negotiation Discount Downward Downward Downward adjustment adjustment adjustment Total Adjustment -52.5% -52.5% -52.5% Adjusted Unit Rate 6,602 6,825 6,389 (RMB/sq.m.) Adopted Unit Rate 6,605 (RMB/sq.m.) The subject property - 4,168.57 Gross Floor Area of Retail Units (sq.m.) Market Value of the 27,530,000 Retail Units (RMB)

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VALUATION REPORT

APPENDIX III

With regard to car parking spaces located at B1/F:

Comparable 1 Comparable 2 Comparable 3 Address Taihu East Road, Ma'anshan South Huayuan Avenue, Baohe District, Road, Baohe Baohe District, Hefei City District, Hefei City Hefei City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Listing Transaction Transaction Date 24 October 2023 N/A 02 January 2024 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 81,070 80,000 75,000 (RMB) Unit Rate 81,070 80,000 75,000 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment Nil adjustment Nil adjustment Negotiation Discount Nil adjustment Downward Nil adjustment adjustment Total Adjustment 0.0% -5.0% 0.0% Adjusted Unit Rate 81,070 76,000 75,000 (RMB/car parking space) Adopted Unit Rate 77,357 (RMB/car parking space) The subject property - 434 No. of Car Parking Spaces Market Value of the 33,570,000 Car Parking Spaces (RMB)

– 212 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
24.	192 car parking	The property comprises 192 car parking	The property was	22,270,000
	spaces located	spaces within a residential development,	vacant as at the
	at Wuhou Bocui	namely Wuhou Bocui Mansion (the	Valuation Date.	(100% interest
	Mansion, No.	“Development”).		attributable to
	51 Wanhong			the Target
	Road, Wuhou	The property was held for sale as at the		Company:
	District,	Valuation Date.		22,270,000)
	Chengdu City,
	Sichuan	As advised by the Target Group, the
	Province, the	Development was completed in 2020.
	PRC
		The Development is located in Wuhou
	(中國四川省成都	District, with approximately 5.3km to
	市武侯區萬虹路	Hongpailou Railway Station and 9.6km to Chengdu Shuangliu International Airport.
	51號武侯博翠府
	的192個車位)	The land use rights of the property have been granted for a term expiring on 4 March
		2088 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-5, B1-7 to B1-15, B1-20 to B1-27, B1-39, B1-41 to B1-42, B1-125 to B1126, B1-128 to B1-129, B1-131, B1-134, B1-137, B1-143, B1-149, B1-152 to B1-153, B1-155, B1-163 to B1-164, B1-209, B1-215 to B1-219, B1-221 to B1-222, B1-226 to B1-228, B1-233, B1-240 to B1-247, B1-252 to B1-255, B1-294, B1-296 to B1-297, B1-299, B1-307 to B1-311, B1-314, B1-316 to B1-317, B1-320, B1-342, B1-379, B1-407, B1-409 to B1-411, B1-414, B1-441, B1-449, B1-453, B1-460, B1-465 to B1-475, B1-477 to B1-484, B1-486 to B1-490, B1-492, B1-495 to B1-496, B1-498 to B1-499, B1-501, B1-504 to B1-505, B1-507 to B1-508, B1-512 to B1-513, B1-516, B1-522, B1-531, B1-537, B1-540, B1544 to B1-545, B1-553, B1-557, B1-563, B1-577 to B1-581, B1-583 to B1-584, B1-586, B1-597, B1-600,

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VALUATION REPORT

APPENDIX III

B1-602 to B1-603, B1-610, B1-613 to B1-616, B1-618 to B1-626, B1-628 to B1-629, B1-631 to B1-632, B1-634 to B1-635, B1-637, B1-643 to B1-644, B1-646 to B1-648, B1-650 to B1-653, B1-655 to B1-656, B1-659, B1-662, B1-669, B1-671, B1-674, B1-678, B1-686 to B1-691, B1-699, B1-706 to B1-710 and B1-71 located at Wuhou Bocui Mansion, No. 51 Wanhong Road, Wuhou District, Chengdu City, Sichuan Province, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chengdu Real Estate Registration Center (成都市不動產登記中心), the land use rights of the property have been vested in Chengdu Jinfengrui Development Co., Ltd. (成都金豐瑞房地產開發有限公司, “Chengdu Jinfengrui”) with the details as follows:

No. Certificate No. Building Usage 1 Chuan (2018) Cheng Du Shi Bu Dong Chan Quan Di No. 0223410 Car Parking Space

Pursuant to a Real Estate Ownership Certificate (for land) issued by Chengdu Bureau of Land Resources (成都市國土資源局), the land use rights of the property have been vested in Chengdu Jinfengrui with the details as follows:

No.	Certificate No.	Land Usage	Expiry Date	Site Area
				(sq.m.)
1	Chuan (2018) Cheng Du Shi Bu Dong Chan Quan Di No. 0223410	Residential	4 March 2088	32,545.57

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chengdu Jinfengrui is the owner of the land use rights and building ownership of the property. Chengdu Jinfengrui has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chengdu Jinfengrui is subject to restrictions on these rights;

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VALUATION REPORT

APPENDIX III

b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 215 –

VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F:

	Comparable 1	Comparable 2	Comparable 3
Address	South Second	Gaoyang Road,	Xingshi Road,
	Section, Second	Wuhou District,	Wuhou District,
	Ring Road, Wuhou	Chengdu City	Chengdu City
	District, Chengdu
	City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	3 December 2023	11 November 2023	18 January 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	120,000	100,000	128,000
(RMB)
Unit Rate	120,000	100,000	128,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment

– 216 –

VALUATION REPORT

APPENDIX III

Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment Nil adjustment Nil adjustment Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% 0.0% 0.0% Adjusted Unit Rate 120,000 100,000 128,000 (RMB/car parking space) Adopted Unit Rate 116,000 (RMB/car parking space) The subject property - 192 No. of Car Parking Spaces Market Value of the 22,270,000 Car Parking Spaces (RMB)

– 217 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
25.	176 car parking	The property comprises 176 car parking	The property was	15,740,000
	spaces located	spaces within a residential development,	vacant as at the
	at Jinyue	namely Jinyue Garden (the “Development”).	Valuation Date.	(100% interest
	Garden, No.			attributable to
	192 Wuhe	The property was held for sale as at the		the Target
	Road, Luyang	Valuation Date.		Company:
	District, Hefei			15,740,000)
	City, Anhui	As advised by the Target Group, the
	Province, the	property was completed in 2020.
	PRC
		The Development is located at junction of
	(中國安徽省合肥	Mengcheng North Road and Wuhe Road in
	市廬陽區五河路	Luyang District of Hefei City, with approximately 3.9 km to Hefei Railway
	192號金樾花園	Station and 41.8 km to Hefei Xinqiao
	的176個車位)	International Airport.

The land use rights of the property have been granted for a term expiring on 27 December 2086 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-1005, B1-1007, B1-1009, B1-1011, B1-1013, B1-1015, B1-1019 to B1-1020, B1-1028 to B1-1029, B1-1034 to B1-1037, B1-1040, B1-1042 to B1-1043, B1-1046 to B1-1051, B1-1053, B11055, B1-1063, B1-1069, B1-1071 to B1-1072, B1-1074, B1-1076, B1-1078, B1-1080, B1-1084, B1-1086 to B1-1088, B1-1093, B1-1098, B1-1101 to B1-1102, B1-1107, B1-1110, B1-1114 to B1-1116, B1-1120 to B11121, B1-1127 to B1-1129, B1-1131 to B1-1133, B1-1136 to B1-1137, B1-1144, B1-1149 to B1-1151, B11154, B1-1163 to B1-1164, B1-1169, B1-1174, B1-1178 to B1-1179, B1-1181 to B1-1184, B1-1186, B1-1188, B1-1192 to B1-1195, B1-1202 to B1-1203, B1-1205 to B1-1206, B1-1210, B1-1212, B2-2002 to B2-2022, B2-

– 218 –

VALUATION REPORT

APPENDIX III

2027 to B2-2029, B2-2034, B2-2039 to B2-2041, B2-2047 to B2-2052, B2-2054 to B2-2056, B2-2058 to B22060, B2-2062 to B2-2072, B2-2098 to B2-2099, B2-2103, B2-2109 to B2-2110, B2-2128 to B2-2129, B22137 to B2-2138, B2-2140, B2-2152 to B2-2153, B2-2155 to B2-2156, B2-2162 to B2-2163, B2-2165 to B22167, B2-2169 to B2-2171, B2-2178 to B2-2179, B2-2181, B2-2185 to B2-2188, B2-2190, B2-2195 to B22196, B2-2198, B2-2200 to B2-2201, B2-2205 to B2-2206, B2-2208 to B2-2210 and B2-2216 to B2-2217 located at Jinyue Garden, No. 192 Wuhe Road, Luyang District, Hefei City, Anhui Province, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Hefei Real Estate Registration Center (合肥市不動產登記中心), the building ownership of the property have been vested in Hefei Jinke Juncheng Real Estate Development Co., Ltd (合肥金科駿成房地產開發有限公司, "Hefei Jinke Juncheng") with the details as follows:

No.	Certificate No.	Building Usage
1	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113878	Car Parking Space
2	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113880	Car Parking Space
3	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113882	Car Parking Space
4	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113884	Car Parking Space
5	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113886	Car Parking Space
6	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113888	Car Parking Space
7	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113892	Car Parking Space
8	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113893	Car Parking Space
9	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113901	Car Parking Space
10	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113902	Car Parking Space
11	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113906	Car Parking Space
12	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113907	Car Parking Space
13	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113908	Car Parking Space
14	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113909	Car Parking Space
15	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113912	Car Parking Space
16	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113914	Car Parking Space
17	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113915	Car Parking Space
18	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113918	Car Parking Space
19	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113919	Car Parking Space
20	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113920	Car Parking Space
21	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113921	Car Parking Space
22	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113922	Car Parking Space
23	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113923	Car Parking Space
24	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113925	Car Parking Space
25	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113927	Car Parking Space
26	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113935	Car Parking Space
27	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113941	Car Parking Space
28	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113943	Car Parking Space
29	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113944	Car Parking Space
30	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113946	Car Parking Space

– 219 –

VALUATION REPORT

APPENDIX III

No.	Certificate No.	Building Usage
31	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113948	Car Parking Space
32	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113950	Car Parking Space
33	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113952	Car Parking Space
34	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113956	Car Parking Space
35	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113958	Car Parking Space
36	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113959	Car Parking Space
37	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113960	Car Parking Space
38	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113965	Car Parking Space
39	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113970	Car Parking Space
40	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113973	Car Parking Space
41	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113974	Car Parking Space
42	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113979	Car Parking Space
43	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113982	Car Parking Space
44	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113986	Car Parking Space
45	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113987	Car Parking Space
46	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113988	Car Parking Space
47	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113992	Car Parking Space
48	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113993	Car Parking Space
49	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113999	Car Parking Space
50	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114000	Car Parking Space
51	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114001	Car Parking Space
52	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114003	Car Parking Space
53	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114004	Car Parking Space
54	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114005	Car Parking Space
55	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114008	Car Parking Space
56	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114009	Car Parking Space
57	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114016	Car Parking Space
58	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114021	Car Parking Space
59	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114022	Car Parking Space
60	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114023	Car Parking Space
61	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114026	Car Parking Space
62	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114035	Car Parking Space
63	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114036	Car Parking Space
64	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114041	Car Parking Space
65	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114045	Car Parking Space
66	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114049	Car Parking Space
67	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114050	Car Parking Space
68	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114052	Car Parking Space
69	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114053	Car Parking Space
70	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114054	Car Parking Space
71	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114055	Car Parking Space
72	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114057	Car Parking Space
73	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114059	Car Parking Space
74	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114063	Car Parking Space
75	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114064	Car Parking Space
76	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114065	Car Parking Space
77	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114066	Car Parking Space

– 220 –

VALUATION REPORT

APPENDIX III

Certificate No.


No.	Certificate No.	Building Usage
78	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114073	Car Parking Space
79	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114074	Car Parking Space
80	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114076	Car Parking Space
81	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114077	Car Parking Space
82	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114081	Car Parking Space
83	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11114083	Car Parking Space
84	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113654	Car Parking Space
85	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113655	Car Parking Space
86	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113656	Car Parking Space
87	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113657	Car Parking Space
88	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113658	Car Parking Space
89	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113659	Car Parking Space
90	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113660	Car Parking Space
91	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113661	Car Parking Space
92	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113662	Car Parking Space
93	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113663	Car Parking Space
94	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113664	Car Parking Space
95	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113665	Car Parking Space
96	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113666	Car Parking Space
97	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113667	Car Parking Space
98	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113668	Car Parking Space
99	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113669	Car Parking Space
100	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113670	Car Parking Space
101	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113671	Car Parking Space
102	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113672	Car Parking Space
103	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113673	Car Parking Space
104	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113674	Car Parking Space
105	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113679	Car Parking Space
106	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113680	Car Parking Space
107	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113681	Car Parking Space
108	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113685	Car Parking Space
109	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113690	Car Parking Space
110	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113691	Car Parking Space
111	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113692	Car Parking Space
112	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113698	Car Parking Space
113	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113699	Car Parking Space
114	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113700	Car Parking Space
115	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113701	Car Parking Space
116	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113702	Car Parking Space
117	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113703	Car Parking Space
118	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113705	Car Parking Space
119	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113706	Car Parking Space
120	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113707	Car Parking Space
121	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113709	Car Parking Space
122	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113710	Car Parking Space
123	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113711	Car Parking Space
124	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113713	Car Parking Space

– 221 –

VALUATION REPORT

APPENDIX III

No.	Certificate No.	Building Usage
125	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113714	Car Parking Space
126	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113715	Car Parking Space
127	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113716	Car Parking Space
128	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113717	Car Parking Space
129	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113718	Car Parking Space
130	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113719	Car Parking Space
131	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113720	Car Parking Space
132	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113721	Car Parking Space
133	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113722	Car Parking Space
134	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113723	Car Parking Space
135	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113748	Car Parking Space
136	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113749	Car Parking Space
137	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113753	Car Parking Space
138	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113759	Car Parking Space
139	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113760	Car Parking Space
140	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113778	Car Parking Space
141	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113779	Car Parking Space
142	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113787	Car Parking Space
143	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113788	Car Parking Space
144	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113790	Car Parking Space
145	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113802	Car Parking Space
146	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113803	Car Parking Space
147	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113805	Car Parking Space
148	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113806	Car Parking Space
149	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113812	Car Parking Space
150	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113813	Car Parking Space
151	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113815	Car Parking Space
152	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113816	Car Parking Space
153	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113817	Car Parking Space
154	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113819	Car Parking Space
155	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113820	Car Parking Space
156	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113821	Car Parking Space
157	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113827	Car Parking Space
158	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113828	Car Parking Space
159	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113830	Car Parking Space
160	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113834	Car Parking Space
161	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113835	Car Parking Space
162	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113836	Car Parking Space
163	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113837	Car Parking Space
164	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113839	Car Parking Space
165	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113844	Car Parking Space
166	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113845	Car Parking Space
167	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113847	Car Parking Space
168	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113849	Car Parking Space
169	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113850	Car Parking Space
170	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113854	Car Parking Space
171	Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113855	Car Parking Space

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VALUATION REPORT

APPENDIX III

No.

Certificate No.

Building Usage

172 Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113857 Car Parking Space 173 Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113858 Car Parking Space 174 Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113859 Car Parking Space 175 Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113865 Car Parking Space 176 Wan (2021) He Fei Shi Bu Dong Chan Quan Di No. 11113866 Car Parking Space

Pursuant to a Real Estate Ownership Certificate (for land) issued by the Hefei Bureau of Land Resources (合肥市國土資源局), the land use rights of the property have been granted to Hefei Jinke Juncheng with the details as follows:
No. Certificate No.

No. Certificate No. Land Usage Expiry Date Site Area (sq.m.) 1 Wan (2017) He Bu Dong Chan Quan Di No. 0045440 Residential 27 December 2086 21,472.66

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Hefei Jinke Juncheng is the owner of the land use rights and building ownership of the property. Hefei Jinke Juncheng has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the pledges and seizures, Hefei Jinke Juncheng is subject to restrictions on these rights;
b. The property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

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VALUATION REPORT

APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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VALUATION REPORT

APPENDIX III

Floor:

Negotiation Negotiation discount adjustment is applicable to listing comparables as the listing Discount prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Maoyin Road,	Changning Avenue,	Changning Avenue,
	Shushan District,	Shushan District,	Shushan District,
	Hefei City	Hefei City	Hefei City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	22 January 2024	26 April 2024	26 April 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	110,099	94,994	94,994
(RMB)
Unit Rate	110,099	94,994	94,994
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward adjustment	Downward adjustment	Downward adjustment
	for	for	for
	B2/F	B2/F	B2/F
Negotiation Discount	Nil adjustment	Nil adjustment	Nil adjustment

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VALUATION REPORT

APPENDIX III

Total Adjustment 0.0% for B1/F; 0.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 110,099 for B1/F; 94,994 for B1/F; 94,994 for B1/F; (RMB/car parking 88,079 for B2/F 75,995 for B2/F 75,995 for B2/F space) Adopted Unit Rate 100,029 for B1/F; (RMB/car parking 80,023 for B2/F space) The subject property – 176 No. of Car Parking Spaces Market Value of the 15,740,000 Car Parking Spaces (RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value in existing state as at Particulars of 30 September No. Property Description and tenure occupancy 2024 RMB 26. 103 car parking The property comprises 103 car parking The property was 3,040,000 spaces located spaces within a residential development, vacant as at the at Liuzhou Jinke namely Liuzhou Jinke Xingchen (the Valuation Date. (100% interest Xingchen, No. “Development”). attributable to 17 Hangying the Target Avenue, Liunan The property was held for sale as at the Company: District, Valuation Date. 3,040,000) Liuzhou City, Guangxi As advised by the Target Group, the Zhuang property was completed in 2016. Autonomous Region, the The Development is located at the east of PRC Hangying Road in Liunan District of Liuzhou City, with approximately 7.7 km to (中國廣西壯族自 Liuzhounan Railway Station and 10.2 km to Liuzhou Bailian Airport. 治區柳州市柳南區航鷹大道 17 The land use rights of the property have 號柳州金科星辰 been granted for terms expiring on 10 May 2087 for residential use and 10 May 2057 for 的 103 個車位) commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-103 to B1-104, B1-141, B1-144, B1-147, B1-150 to B1-158, B1-160 to B1-161, B1-163, B1-165, B1-168, B1-171, B1-174, B1-182, B1-184 to B1-185, B1-187, B1-189 to B1-190, B1-192 to B1-193, B1-195, B1-198 to B1-199, B1-201, B1-203 to B1-204, B1-206, B1-209, B1-212, B1-221 to B1-222, B1-224, B1-228 to B1-229, B1-231 to B1-232, B1-234 to B1-236, B1-239, B1-251, B1-264, B1-270, B1-273, B1-276, B1-300, B1-302, B1-328, B1-332, B1-334, B1-348, B1-391, B1-435 to B1-438, B1-444, B1-451, B1468 to B1-469, B1-497 to B1-498, B1-502, B1-505 to B1-506, B1-514, B1-523, B2-30, B2-40, B2-59, B2-64 to

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VALUATION REPORT

APPENDIX III

B2-65, B2-109, B2-111, B2-117, B2-139, B2-141 to B2-142, B2-144, B2-150 to B2-152, B2-155, B2-180, B2183 to B2-185, B2-187, B2-205, B2-216, B2-219 to B2-220, B2-256, B2-506 located at Liuzhou Jinke Xingchen, No. 17 Hangying Road, Liunan District, Liuzhou City, Guangxi Zhuang Autonomous Region, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Liuzhou Bureau of Natural Resources and Planning (柳州市自然資源和規劃局), the building ownership of the property have been vested in Liuzhou Jinmingliu Real Estate Development Co., Ltd (柳州金明柳房地產開發有限公司, "Liuzhou Jinmingliu") with the details as follows:

Certificate No.

No.

1 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132912 2 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132911 3 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132432 4 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132429 5 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132426 6 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132422 7 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132421 8 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132763 9 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132755 10 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132754 11 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132753 12 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132752 13 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132751 14 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132750 15 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132747 16 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132746 17 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132744 18 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132742 19 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132739 20 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132735 21 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132942 22 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132933 23 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132931 24 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132930 25 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132908 26 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132906 27 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132904 28 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132902 29 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132901 30 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132899 31 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132893 32 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132892

Building Usage

– 228 –

VALUATION REPORT

APPENDIX III

No. Certificate No. Building Usage 33 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132888 Car Parking Space 34 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132886 Car Parking Space 35 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132885 Car Parking Space 36 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132883 Car Parking Space 37 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132866 Car Parking Space 38 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132862 Car Parking Space 39 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132852 Car Parking Space 40 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132845 Car Parking Space 41 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132843 Car Parking Space 42 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132839 Car Parking Space 43 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132838 Car Parking Space 44 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132835 Car Parking Space 45 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132834 Car Parking Space 46 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132833 Car Parking Space 47 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132831 Car Parking Space 48 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132830 Car Parking Space 49 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132827 Car Parking Space 50 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132813 Car Parking Space 51 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132799 Car Parking Space 52 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132792 Car Parking Space 53 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132789 Car Parking Space 54 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132786 Car Parking Space 55 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132757 Car Parking Space 56 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132734 Car Parking Space 57 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132718 Car Parking Space 58 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132713 Car Parking Space 59 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132710 Car Parking Space 60 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132696 Car Parking Space 61 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132604 Car Parking Space 62 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132625 Car Parking Space 63 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132624 Car Parking Space 64 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132623 Car Parking Space 65 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132622 Car Parking Space 66 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132601 Car Parking Space 67 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132592 Car Parking Space 68 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132563 Car Parking Space 69 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132562 Car Parking Space 70 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132537 Car Parking Space 71 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132536 Car Parking Space 72 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132459 Car Parking Space 73 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132456 Car Parking Space 74 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132455 Car Parking Space 75 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132530 Car Parking Space 76 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0132520 Car Parking Space 77 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133356 Car Parking Space 78 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133434 Car Parking Space 79 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133437 Car Parking Space

– 229 –

VALUATION REPORT

APPENDIX III

Certificate No.

No. Certificate No. Building Usage 80 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133369 Car Parking Space 81 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133368 Car Parking Space 82 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133187 Car Parking Space 83 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133184 Car Parking Space 84 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133178 Car Parking Space 85 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133265 Car Parking Space 86 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133262 Car Parking Space 87 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133261 Car Parking Space 88 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133259 Car Parking Space 89 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133252 Car Parking Space 90 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133251 Car Parking Space 91 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133250 Car Parking Space 92 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133247 Car Parking Space 93 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133219 Car Parking Space 94 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133216 Car Parking Space 95 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133215 Car Parking Space 96 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133214 Car Parking Space 97 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133212 Car Parking Space 98 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133342 Car Parking Space 99 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133330 Car Parking Space 100 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133327 Car Parking Space 101 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133325 Car Parking Space 102 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133286 Car Parking Space 103 Gui (2020) Liu Zhou Shi Bu Dong Chan Quan Di No. 0133132 Car Parking Space

– 230 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate (for land) issued by the Liuzhou Bureau of Land Resources (柳州市國土資源局), the land use rights have been granted to Liuzhou Jinmingliu with the details as follows:

No. Certificate No.

No. Certificate No. Land Usage Expiry Date Site Area (sq.m.)
1 Gui (2017) Liu Zhou Shi Bu Dong Chan Quan Residential/Commercial 10 May 2087/10 May 2057 27,189.54 Di No. 0081992

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Liuzhou Jinmingliu is the owner of the land use rights and building ownership of the property. Liuzhou Jinmingliu has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Liuzhou Jinmingliu is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by Liuzhou Yufeng District People’s Court (柳州市魚峰區人民法院) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

– 231 –

VALUATION REPORT

APPENDIX III

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:	Time adjustment addresses the differences in market conditions between the
	Valuation Date and the dates of comparables. The adopted transaction
	comparables were completed within 1 year, while the adopted listing
	comparables were active market quotes available for sale as of the Valuation
	Date, we considered no time adjustment was required.
Location:	Location adjustment reflects the differences in locality and accessibility
	between the subject property and the adopted comparables. We considered no
	location adjustment was necessary as the adopted comparables were situated
	in close proximity to the subject property.
Size:	Size adjustment applies when there are differences in areas between the
	subject property and the adopted comparables. Considering the limited
	differences in size between the subject property and the adopted comparables,
	we made no size adjustments to the adopted comparables.
Floor:	Floor adjustment applies when the floor levels of the subject property and the
	adopted comparables differ, impacting visibility, accessibility, business
	opportunities for retail units, and the convenience of car parking spaces.
	Upward adjustments were made if the adopted comparables were situated at
	higher or lower floors for retail units and car parking spaces, respectively, and
	vice versa.
Negotiation Discount	Negotiation discount adjustment is applicable to listing comparables as the
	listing prices do not necessarily represent the final transaction considerations.
	The listing comparables are subjected to negotiations, and price discounts may
	be achievable. Downward adjustments were made for the adopted listing
	comparables, while no adjustments were made for the adopted transaction
	comparables.

– 232 –

VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F: Comparable 1

Comparable 2

Comparable 3

Address Hangwu Road, Tanzhong West Liuyong Road, Liunan District, Road, Liunan Liujiang District, Liuzhou City District, Liuzhou Liuzhou City City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Listing Transaction Transaction Date 5 August 2024 N/A 1 January 2024 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 34,560 30,000 30,286 (RMB) Unit Rate 34,560 30,000 30,286 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for adjustment for adjustment for B2/F B2/F B2/F Negotiation Discount Nil adjustment Downward Nil adjustment adjustment Total Adjustment 0.0% for B1/F; -5.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -24.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 34,560 for B1/F; 28,500 for B1/F; 30,286 for B1/F; (RMB/car parking 27,648 for B2/F 22,800 for B2/F 24,229 for B2/F

Adjusted Unit Rate (RMB/car parking space) Adopted Unit Rate (RMB/car parking space) The subject property – No. of Car Parking Spaces Market Value of the Car Parking Spaces

31,115 for B1/F; 24,892 for B2/F

103

3,040,000

(RMB)

– 233 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value
in existing state as at
Particulars of 30 September
No. Property Description and tenure occupancy 2024 RMB
1. 21 car parking The property comprises 21 car parking The property was 630,000 spaces located spaces within a residential development, vacant as at the at Liuzhou Jimei namely Liuzhou Jimei Tianyue (the Valuation Date. (72.9% interest Tianyue, No. 86 “Development”). attributable to Ruilong Road, the Target Liunan District, The property was held for sale as at the Company: Liuzhou City, Valuation Date. 460,000) Guangxi Zhuang As advised by the Target Group, the Autonomous property was completed in 2020. Region, the PRC The Development is located at the east of Ruilong Road in Liunan District of Liuzhou
(中國廣西壯族自 City, with approximately 6.6 km to Liuzhounan Railway Station and 16.9 km to
治區柳州市柳南 Liuzhou Bailian Airport.
區瑞龍路 86 號柳州集美天悅的 The land use rights of the property have been granted for terms expiring on 30
21 個車位) December 2087 for residential use and 30 December 2057 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. 1-B1-62, 1-B1-111, 1-B1-195, 1-B1-198, 1-B1-201, 1-B1-203 to 1-B1-204, 1-B1207, 1-B1-224 to 1-B1-225, 1-B1-235, 2-B1-125, 2-B1-420, 2-B1-427, 2-B1-434 to 2-B1-435, 2-B1-439, 2-B229, 2-B2-32 and 2-B2-225 to 2-B2-226 located at Liuzhou Jimei Tianyue, No. 86 Ruilong Road, Liunan District, Liuzhou City, Guangxi Zhuang Autonomous Region, the PRC

– 234 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Liuzhou Bureau of Natural Resources and Planning (柳州市自然資源和規劃局), the building ownership of the property have been vested in Liuzhou Yuandaoxiangsong Real Estate Development Co., Ltd (柳州市遠道香頌房地產開發有限公司, "Liuzhou Yuandaoxiangsong") with the details as follows:

No.

Certificate No.

Building Usage

1 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0020943 Car Parking Space 2 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0020947 Car Parking Space 3 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0020948 Car Parking Space 4 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0020956 Car Parking Space 5 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0020992 Car Parking Space 6 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0021270 Car Parking Space 7 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0021480 Car Parking Space 8 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0021481 Car Parking Space 9 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0021599 Car Parking Space 10 Gui （2022）Liu Zhou Shi Bu Dong Chan Quan Di No. 0021603 Car Parking Space 11 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104705 Car Parking Space 12 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104719 Car Parking Space 13 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104747 Car Parking Space 14 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104748 Car Parking Space 15 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104836 Car Parking Space 16 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104871 Car Parking Space 17 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104874 Car Parking Space 18 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104875 Car Parking Space 19 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104898 Car Parking Space 20 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104903 Car Parking Space 21 Gui （2023）Liu Zhou Shi Bu Dong Chan Quan Di No. 0104906 Car Parking Space

– 235 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate (for land) issued by the Liuzhou Bureau of Land Resources ( 柳州市國土資源局 ), the land use rights of the property have been granted to Liuzhou Yuandaoxiangsong with the details as follows:

No. Certificate No.

No. Certificate No. Land Usage Expiry Date Site Area (sq.m.) 1 Gui (2018) Liu Zhou Shi Bu Dong Chan Quan Di No. Residential/Commercial 30 December 2087/ 48,370.27 0063198 30 December 2057

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Liuzhou Yuandaoxiangsong is the owner of the land use rights and building ownership of the property. Liuzhou Yuandaoxiangsong has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Liuzhou Yuandaoxiangsong is subject to restrictions on these rights;
b. The property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Transaction Date:

Transactions that were completed within 1 year preceding the Valuation Date or listings that were available for sale as at the Valuation Date

– 236 –

VALUATION REPORT

APPENDIX III

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property. Size: Size adjustment applies when there are differences in areas between the subject property and the adopted comparables. Considering the limited differences in size between the subject property and the adopted comparables, we made no size adjustments to the adopted comparables. Floor: Floor adjustment applies when the floor levels of the subject property and the adopted comparables differ, impacting visibility, accessibility, business opportunities for retail units, and the convenience of car parking spaces. Upward adjustments were made if the adopted comparables were situated at higher or lower floors for retail units and car parking spaces, respectively, and vice versa.

Negotiation Discount Negotiation discount adjustment is applicable to listing comparables as the listing prices do not necessarily represent the final transaction considerations. The listing comparables are subjected to negotiations, and price discounts may be achievable. Downward adjustments were made for the adopted listing comparables, while no adjustments were made for the adopted transaction comparables.

– 237 –

VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

Comparable 1 Comparable 2 Comparable 3 Address Hangwu Road, Tanzhong West Liuyong Road, Liunan District, Road, Liunan Liujiang District, Liuzhou City District, Liuzhou Liuzhou City City Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Listing Transaction Transaction Date 5 August 2024 N/A 1 January 2024 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F Amount 34,560 30,000 30,286 (RMB) Unit Rate 34,560 30,000 30,286 (RMB/car parking space) Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for adjustment for adjustment for B2/F B2/F B2/F Negotiation Discount Nil adjustment Downward Nil adjustment adjustment Total Adjustment 0.0% for B1/F; -5.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -24.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 34,560 for B1/F; 28,500 for B1/F; 30,286 for B1/F; (RMB/car parking 27,648 for B2/F 22,800 for B2/F 24,229 for B2/F

Adjusted Unit Rate (RMB/car parking space) Adopted Unit Rate (RMB/car parking space) The subject property – 21 No. of Car Parking Spaces Market Value of the 630,000 Car Parking Spaces (RMB)

31,115 for B1/F; 24,892 for B2/F

– 238 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

Market value
in existing state as at
Particulars of 30 September
No. Property Description and tenure occupancy 2024 RMB
1. 323 car parking The property comprises 323 car parking The property was 29,950,000 spaces located spaces within a residential development, vacant as at the at Qixia Bocui namely Qixia Bocui Garden (the Valuation Date. (100% interest Garden, No. 26 “Development”). attributable to Yanchun Road, the Target Qixia District, The property was held for sale as at the Company: Nanjing City, Valuation Date. 29,950,000) Jiangsu Province, the As advised by the Target Group, the PRC property was completed in 2021.
(中國江蘇省南京 The Development is located at junction of Mengpo Street and Yanchun Road in Qixia
市栖霞區燕春路 District of Nanjing City, with approximately
26 號栖霞博翠花 7.5 km to Nanjing Railway Station and 51.9 園的 323 個車 km to Nanjing Lukou International Airport. 位) The land use rights of the property have been granted for a term expiring on 24 August 2087 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. 74 to 99, 102 to 105, 108 to 145, 147 to 150, 152, 154, 157, 160, 167, 170, 172 to 178, 180 to 222, 224 to 232, 235 to 238, 240 to 250, 252 to 253, 255, 258 to 259, 261 to 264, 266 to 340, 352 to 356, 360 to 361, 363 to 364, 367, 373 to 377, 379, 382, 384, 388, 391, 398 to 400, 404 to 405, 409 to 433, 435 to 450, 452 to 454, 456 to 457, 459 to 467, 469, 471 and 473 to 477 located at Qixia Bocui Garden, No. 26 Yanchun Road, Qixia District, Nanjing City, Jiangsu Province, the PRC

– 239 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Nanjing Municipal Real Estate Archives Management Center (南京市不動産檔案管理中心), the building ownership of the property have been vested in Nanjing Jinjiarun Real Estate Development Co., Ltd (南京金嘉潤房地產開發有限公司, "Nanjing Jinjiarun") with the details as follows:

No.	Certificate No.	Building Usage
1	Ning Qi No. 202105365	Car Parking Space
2	Ning Qi No. 202105366	Car Parking Space
3	Ning Qi No. 202105367	Car Parking Space
4	Ning Qi No. 202105368	Car Parking Space
5	Ning Qi No. 202105369	Car Parking Space
6	Ning Qi No. 202105370	Car Parking Space
7	Ning Qi No. 202105371	Car Parking Space
8	Ning Qi No. 202105372	Car Parking Space
9	Ning Qi No. 202105373	Car Parking Space
10	Ning Qi No. 202105374	Car Parking Space
11	Ning Qi No. 202105375	Car Parking Space
12	Ning Qi No. 202105376	Car Parking Space
13	Ning Qi No. 202105377	Car Parking Space
14	Ning Qi No. 202105378	Car Parking Space
15	Ning Qi No. 202105379	Car Parking Space
16	Ning Qi No. 202105380	Car Parking Space
17	Ning Qi No. 202105381	Car Parking Space
18	Ning Qi No. 202105382	Car Parking Space
19	Ning Qi No. 202105383	Car Parking Space
20	Ning Qi No. 202105384	Car Parking Space
21	Ning Qi No. 202105385	Car Parking Space
22	Ning Qi No. 202105386	Car Parking Space
23	Ning Qi No. 202105387	Car Parking Space
24	Ning Qi No. 202105388	Car Parking Space
25	Ning Qi No. 202105389	Car Parking Space
26	Ning Qi No. 202105390	Car Parking Space
27	Ning Qi No. 202105008	Car Parking Space
28	Ning Qi No. 202105009	Car Parking Space
29	Ning Qi No. 202105010	Car Parking Space
30	Ning Qi No. 202105011	Car Parking Space
31	Ning Qi No. 202105014	Car Parking Space
32	Ning Qi No. 202105015	Car Parking Space
33	Ning Qi No. 202105016	Car Parking Space
34	Ning Qi No. 202105017	Car Parking Space
35	Ning Qi No. 202105018	Car Parking Space
36	Ning Qi No. 202105019	Car Parking Space
37	Ning Qi No. 202105020	Car Parking Space
38	Ning Qi No. 202105021	Car Parking Space
39	Ning Qi No. 202105022	Car Parking Space
40	Ning Qi No. 202105023	Car Parking Space
41	Ning Qi No. 202105024	Car Parking Space
42	Ning Qi No. 202105025	Car Parking Space

– 240 –

APPENDIX III

VALUATION REPORT

43	Ning Qi No.	202105026	Car Parking Space
44	Ning Qi No.	202105027	Car Parking Space
45	Ning Qi No.	202105028	Car Parking Space
46	Ning Qi No.	202105029	Car Parking Space
47	Ning Qi No.	202105030	Car Parking Space
48	Ning Qi No.	202105031	Car Parking Space
49	Ning Qi No.	202105032	Car Parking Space
50	Ning Qi No.	202105033	Car Parking Space
51	Ning Qi No.	202105034	Car Parking Space
52	Ning Qi No.	202105035	Car Parking Space
53	Ning Qi No.	202105036	Car Parking Space
54	Ning Qi No.	202105037	Car Parking Space
55	Ning Qi No.	202105038	Car Parking Space
56	Ning Qi No.	202105039	Car Parking Space
57	Ning Qi No.	202105040	Car Parking Space
58	Ning Qi No.	202105041	Car Parking Space
59	Ning Qi No.	202105042	Car Parking Space
60	Ning Qi No.	202105043	Car Parking Space
61	Ning Qi No.	202105044	Car Parking Space
62	Ning Qi No.	202105045	Car Parking Space
63	Ning Qi No.	202105046	Car Parking Space
64	Ning Qi No.	202105047	Car Parking Space
65	Ning Qi No.	202105048	Car Parking Space
66	Ning Qi No.	202105049	Car Parking Space
67	Ning Qi No.	202105050	Car Parking Space
68	Ning Qi No.	202105051	Car Parking Space
69	Ning Qi No.	202105053	Car Parking Space
70	Ning Qi No.	202105054	Car Parking Space
71	Ning Qi No.	202105055	Car Parking Space
72	Ning Qi No.	202105056	Car Parking Space
73	Ning Qi No.	202105058	Car Parking Space
74	Ning Qi No.	202105060	Car Parking Space
75	Ning Qi No.	202105063	Car Parking Space
76	Ning Qi No.	202105066	Car Parking Space
77	Ning Qi No.	202105073	Car Parking Space
78	Ning Qi No.	202105076	Car Parking Space
79	Ning Qi No.	202105077	Car Parking Space
80	Ning Qi No.	202105078	Car Parking Space
81	Ning Qi No.	202105079	Car Parking Space
82	Ning Qi No.	202105080	Car Parking Space
83	Ning Qi No.	202105081	Car Parking Space
84	Ning Qi No.	202105082	Car Parking Space
85	Ning Qi No.	202105083	Car Parking Space
86	Ning Qi No.	202105084	Car Parking Space
87	Ning Qi No.	202105085	Car Parking Space
88	Ning Qi No.	202105086	Car Parking Space
89	Ning Qi No.	202105087	Car Parking Space
90	Ning Qi No.	202105088	Car Parking Space
91	Ning Qi No.	202105089	Car Parking Space
92	Ning Qi No.	202105090	Car Parking Space
93	Ning Qi No.	202105091	Car Parking Space
94	Ning Qi No.	202105092	Car Parking Space

– 241 –

APPENDIX III

VALUATION REPORT

95	Ning Qi No.	202105093	Car Parking Space
96	Ning Qi No.	202105094	Car Parking Space
97	Ning Qi No.	202105095	Car Parking Space
98	Ning Qi No.	202105096	Car Parking Space
99	Ning Qi No.	202105097	Car Parking Space
100	Ning Qi No.	202105098	Car Parking Space
101	Ning Qi No.	202105099	Car Parking Space
102	Ning Qi No.	202105100	Car Parking Space
103	Ning Qi No.	202105101	Car Parking Space
104	Ning Qi No.	202105102	Car Parking Space
105	Ning Qi No.	202105103	Car Parking Space
106	Ning Qi No.	202105104	Car Parking Space
107	Ning Qi No.	202105105	Car Parking Space
108	Ning Qi No.	202105106	Car Parking Space
109	Ning Qi No.	202105107	Car Parking Space
110	Ning Qi No.	202105108	Car Parking Space
111	Ning Qi No.	202105109	Car Parking Space
112	Ning Qi No.	202105110	Car Parking Space
113	Ning Qi No.	202105111	Car Parking Space
114	Ning Qi No.	202105112	Car Parking Space
115	Ning Qi No.	202105113	Car Parking Space
116	Ning Qi No.	202105114	Car Parking Space
117	Ning Qi No.	202105115	Car Parking Space
118	Ning Qi No.	202105116	Car Parking Space
119	Ning Qi No.	202105117	Car Parking Space
120	Ning Qi No.	202105118	Car Parking Space
121	Ning Qi No.	202105119	Car Parking Space
122	Ning Qi No.	202105120	Car Parking Space
123	Ning Qi No.	202105121	Car Parking Space
124	Ning Qi No.	202105122	Car Parking Space
125	Ning Qi No.	202105123	Car Parking Space
126	Ning Qi No.	202105124	Car Parking Space
127	Ning Qi No.	202105125	Car Parking Space
128	Ning Qi No.	202105126	Car Parking Space
129	Ning Qi No.	202105128	Car Parking Space
130	Ning Qi No.	202105129	Car Parking Space
131	Ning Qi No.	202105130	Car Parking Space
132	Ning Qi No.	202105131	Car Parking Space
133	Ning Qi No.	202105132	Car Parking Space
134	Ning Qi No.	202105133	Car Parking Space
135	Ning Qi No.	202105134	Car Parking Space
136	Ning Qi No.	202105135	Car Parking Space
137	Ning Qi No.	202105136	Car Parking Space
138	Ning Qi No.	202105137	Car Parking Space
139	Ning Qi No.	202105138	Car Parking Space
140	Ning Qi No.	202105139	Car Parking Space
141	Ning Qi No.	202105140	Car Parking Space
142	Ning Qi No.	202105142	Car Parking Space
143	Ning Qi No.	202105143	Car Parking Space
144	Ning Qi No.	202105144	Car Parking Space
145	Ning Qi No.	202105145	Car Parking Space
146	Ning Qi No.	202105146	Car Parking Space

– 242 –

APPENDIX III

VALUATION REPORT

147	Ning Qi No.	202105147	Car Parking Space
148	Ning Qi No.	202105148	Car Parking Space
149	Ning Qi No.	202105149	Car Parking Space
150	Ning Qi No.	202105150	Car Parking Space
151	Ning Qi No.	202105151	Car Parking Space
152	Ning Qi No.	202105152	Car Parking Space
153	Ning Qi No.	202105154	Car Parking Space
154	Ning Qi No.	202105155	Car Parking Space
155	Ning Qi No.	202105157	Car Parking Space
156	Ning Qi No.	202105160	Car Parking Space
157	Ning Qi No.	202105161	Car Parking Space
158	Ning Qi No.	202105163	Car Parking Space
159	Ning Qi No.	202105164	Car Parking Space
160	Ning Qi No.	202105165	Car Parking Space
161	Ning Qi No.	202105166	Car Parking Space
162	Ning Qi No.	202105168	Car Parking Space
163	Ning Qi No.	202105169	Car Parking Space
164	Ning Qi No.	202105170	Car Parking Space
165	Ning Qi No.	202105171	Car Parking Space
166	Ning Qi No.	202105172	Car Parking Space
167	Ning Qi No.	202105173	Car Parking Space
168	Ning Qi No.	202105174	Car Parking Space
169	Ning Qi No.	202105175	Car Parking Space
170	Ning Qi No.	202105176	Car Parking Space
171	Ning Qi No.	202105177	Car Parking Space
172	Ning Qi No.	202105178	Car Parking Space
173	Ning Qi No.	202105179	Car Parking Space
174	Ning Qi No.	202105180	Car Parking Space
175	Ning Qi No.	202105181	Car Parking Space
176	Ning Qi No.	202105182	Car Parking Space
177	Ning Qi No.	202105183	Car Parking Space
178	Ning Qi No.	202105184	Car Parking Space
179	Ning Qi No.	202105185	Car Parking Space
180	Ning Qi No.	202105186	Car Parking Space
181	Ning Qi No.	202105187	Car Parking Space
182	Ning Qi No.	202105188	Car Parking Space
183	Ning Qi No.	202105189	Car Parking Space
184	Ning Qi No.	202105190	Car Parking Space
185	Ning Qi No.	202105191	Car Parking Space
186	Ning Qi No.	202105192	Car Parking Space
187	Ning Qi No.	202105193	Car Parking Space
188	Ning Qi No.	202105194	Car Parking Space
189	Ning Qi No.	202105195	Car Parking Space
190	Ning Qi No.	202105196	Car Parking Space
191	Ning Qi No.	202105197	Car Parking Space
192	Ning Qi No.	202105198	Car Parking Space
193	Ning Qi No.	202105199	Car Parking Space
194	Ning Qi No.	202105200	Car Parking Space
195	Ning Qi No.	202105201	Car Parking Space
196	Ning Qi No.	202105202	Car Parking Space
197	Ning Qi No.	202105203	Car Parking Space
198	Ning Qi No.	202105204	Car Parking Space

– 243 –

APPENDIX III

VALUATION REPORT

199	Ning Qi No.	202105205	Car Parking Space
200	Ning Qi No.	202105206	Car Parking Space
201	Ning Qi No.	202105207	Car Parking Space
202	Ning Qi No.	202105208	Car Parking Space
203	Ning Qi No.	202105209	Car Parking Space
204	Ning Qi No.	202105210	Car Parking Space
205	Ning Qi No.	202105211	Car Parking Space
206	Ning Qi No.	202105212	Car Parking Space
207	Ning Qi No.	202105213	Car Parking Space
208	Ning Qi No.	202105214	Car Parking Space
209	Ning Qi No.	202105215	Car Parking Space
210	Ning Qi No.	202105216	Car Parking Space
211	Ning Qi No.	202105217	Car Parking Space
212	Ning Qi No.	202105218	Car Parking Space
213	Ning Qi No.	202105219	Car Parking Space
214	Ning Qi No.	202105220	Car Parking Space
215	Ning Qi No.	202105221	Car Parking Space
216	Ning Qi No.	202105222	Car Parking Space
217	Ning Qi No.	202105223	Car Parking Space
218	Ning Qi No.	202105224	Car Parking Space
219	Ning Qi No.	202105225	Car Parking Space
220	Ning Qi No.	202105226	Car Parking Space
221	Ning Qi No.	202105227	Car Parking Space
222	Ning Qi No.	202105228	Car Parking Space
223	Ning Qi No.	202105229	Car Parking Space
224	Ning Qi No.	202105230	Car Parking Space
225	Ning Qi No.	202105231	Car Parking Space
226	Ning Qi No.	202105232	Car Parking Space
227	Ning Qi No.	202105233	Car Parking Space
228	Ning Qi No.	202105234	Car Parking Space
229	Ning Qi No.	202105235	Car Parking Space
230	Ning Qi No.	202105236	Car Parking Space
231	Ning Qi No.	202105237	Car Parking Space
232	Ning Qi No.	202105238	Car Parking Space
233	Ning Qi No.	202105239	Car Parking Space
234	Ning Qi No.	202105240	Car Parking Space
235	Ning Qi No.	202105241	Car Parking Space
236	Ning Qi No.	202105242	Car Parking Space
237	Ning Qi No.	202105246	Car Parking Space
238	Ning Qi No.	202105247	Car Parking Space
239	Ning Qi No.	202105248	Car Parking Space
240	Ning Qi No.	202105249	Car Parking Space
241	Ning Qi No.	202105250	Car Parking Space
242	Ning Qi No.	202105254	Car Parking Space
243	Ning Qi No.	202105255	Car Parking Space
244	Ning Qi No.	202105257	Car Parking Space
245	Ning Qi No.	202105258	Car Parking Space
246	Ning Qi No.	202105261	Car Parking Space
247	Ning Qi No.	202105267	Car Parking Space
248	Ning Qi No.	202105268	Car Parking Space
249	Ning Qi No.	202105269	Car Parking Space
250	Ning Qi No.	202105270	Car Parking Space

– 244 –

APPENDIX III

VALUATION REPORT

251	Ning Qi No.	202105271	Car Parking Space
252	Ning Qi No.	202105273	Car Parking Space
253	Ning Qi No.	202105276	Car Parking Space
254	Ning Qi No.	202105278	Car Parking Space
255	Ning Qi No.	202105282	Car Parking Space
256	Ning Qi No.	202105284	Car Parking Space
257	Ning Qi No.	202105288	Car Parking Space
258	Ning Qi No.	202105289	Car Parking Space
259	Ning Qi No.	202105290	Car Parking Space
260	Ning Qi No.	202105291	Car Parking Space
261	Ning Qi No.	202105292	Car Parking Space
262	Ning Qi No.	202105294	Car Parking Space
263	Ning Qi No.	202105295	Car Parking Space
264	Ning Qi No.	202105296	Car Parking Space
265	Ning Qi No.	202105297	Car Parking Space
266	Ning Qi No.	202105298	Car Parking Space
267	Ning Qi No.	202105299	Car Parking Space
268	Ning Qi No.	202105300	Car Parking Space
269	Ning Qi No.	202105301	Car Parking Space
270	Ning Qi No.	202105302	Car Parking Space
271	Ning Qi No.	202105303	Car Parking Space
272	Ning Qi No.	202105304	Car Parking Space
273	Ning Qi No.	202105305	Car Parking Space
274	Ning Qi No.	202105306	Car Parking Space
275	Ning Qi No.	202105307	Car Parking Space
276	Ning Qi No.	202105308	Car Parking Space
277	Ning Qi No.	202105309	Car Parking Space
278	Ning Qi No.	202105310	Car Parking Space
279	Ning Qi No.	202105311	Car Parking Space
280	Ning Qi No.	202105312	Car Parking Space
281	Ning Qi No.	202105313	Car Parking Space
282	Ning Qi No.	202105314	Car Parking Space
283	Ning Qi No.	202105315	Car Parking Space
284	Ning Qi No.	202105316	Car Parking Space
285	Ning Qi No.	202105317	Car Parking Space
286	Ning Qi No.	202105318	Car Parking Space
287	Ning Qi No.	202105320	Car Parking Space
288	Ning Qi No.	202105321	Car Parking Space
289	Ning Qi No.	202105322	Car Parking Space
290	Ning Qi No.	202105323	Car Parking Space
291	Ning Qi No.	202105324	Car Parking Space
292	Ning Qi No.	202105325	Car Parking Space
293	Ning Qi No.	202105326	Car Parking Space
294	Ning Qi No.	202105327	Car Parking Space
295	Ning Qi No.	202105328	Car Parking Space
296	Ning Qi No.	202105329	Car Parking Space
297	Ning Qi No.	202105330	Car Parking Space
298	Ning Qi No.	202105331	Car Parking Space
299	Ning Qi No.	202105332	Car Parking Space
300	Ning Qi No.	202105333	Car Parking Space
301	Ning Qi No.	202105334	Car Parking Space
302	Ning Qi No.	202105335	Car Parking Space

– 245 –

VALUATION REPORT

APPENDIX III

303	Ning Qi No.	202105337	Car Parking Space
304	Ning Qi No.	202105338	Car Parking Space
305	Ning Qi No.	202105339	Car Parking Space
306	Ning Qi No.	202105341	Car Parking Space
307	Ning Qi No.	202105342	Car Parking Space
308	Ning Qi No.	202105344	Car Parking Space
309	Ning Qi No.	202105345	Car Parking Space
310	Ning Qi No.	202105346	Car Parking Space
311	Ning Qi No.	202105347	Car Parking Space
312	Ning Qi No.	202105348	Car Parking Space
313	Ning Qi No.	202105349	Car Parking Space
314	Ning Qi No.	202105350	Car Parking Space
315	Ning Qi No.	202105351	Car Parking Space
316	Ning Qi No.	202105352	Car Parking Space
317	Ning Qi No.	202105354	Car Parking Space
318	Ning Qi No.	202105356	Car Parking Space
319	Ning Qi No.	202105358	Car Parking Space
320	Ning Qi No.	202105359	Car Parking Space
321	Ning Qi No.	202105360	Car Parking Space
322	Ning Qi No.	202105361	Car Parking Space
323	Ning Qi No.	202105362	Car Parking Space

Pursuant to 2 Real Estate Ownership Certificates (for land) issued by Nanjing Bureau of Planning and Natural Resources (南京市規劃和自然資源局), the land use rights of the property have been granted to Nanjing Jinjiarun with the details as follows:

No.	Certificate No.	Land Usage	Expiry Date	Site Area
				(sq.m.)
1	Su (2017) Ning Qi Bu Dong Chan Quan Di No.	Residential	24 August 2087	18,545.24
	0133153
2	Su (2020) Ning Qi Bu Dong Chan Quan Di No.	Residential	24 August 2087	4,208.70
	0044871

– 246 –

VALUATION REPORT

APPENDIX III

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Nanjing Jinjiarun is the owner of the land use rights and building ownership of the property. Nanjing Jinjiarun has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Nanjing Jinjiarun is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by Jiangsu Rugao City People’s Court (江蘇如臯市人民法院), Qixia District People's Court of Nanjing Municipality (南京市栖霞區人民法院), Gaochun District People's Court of Nanjing Municipality ( 南京市高淳區人民法院 ) and No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

– 247 –

VALUATION REPORT

APPENDIX III

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Time:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F:

Comparable 1

Comparable 2

Comparable 3

Address Yingyuan North Heyan Road, Qixia Yingyuan North Road, Qixia District, Nanjing Road, Qixia District, Nanjing District, Nanjing Usage Car Parking Space Car Parking Space Car Parking Space Type Transaction Transaction Transaction Transaction Date 26 December 2023 7 April 2024 2 November 2023 No. of Car Parking 1 1 1 Spaces Floor Level B1/F B1/F B1/F

– 248 –

VALUATION REPORT

APPENDIX III

70,182 70,182

Amount 70,182 (RMB) Unit Rate 70,182 (RMB/car parking space) Adjustment Factors Time Nil adjustment Location Nil adjustment Size Nil adjustment Floor Nil adjustment Negotiation Discount Nil adjustment Total Adjustment 0.0% Adjusted Unit Rate 70,182 (RMB/car parking space) Adopted Unit Rate 92,727 (RMB/car parking space) The subject property – 323 No. of Car Parking Spaces Market Value of the 29,950,000 Car Parking Spaces (RMB)

100,000 100,000

108,000 108,000

Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment Nil adjustment 0.0% 0.0% 100,000 108,000

– 249 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

115 car parking The property comprises 115 car parking spaces located spaces within a residential development, at Wushan namely Wushan Jinke City (the Jinke City, No. “Development”). 588, Ping'an Road, Wushan The property was held for sale as at the County, Valuation Date. Chongqing City, the PRC As advised by the Company, the Development was completed in 2020.

Market value in existing state as at Particulars of 30 September occupancy 2024 RMB The property was 3,920,000 vacant as at the Valuation Date. (100% interest attributable to the Company: 3,920,000)

(中國重慶市巫山 The Development is located at the Ping'an 縣平安路588 號 Road in Wushan County of Chongqing City, 巫山金科城的 with approximately 12.1 km to Wushan 115 個車位) Railway Station and 443.5 km to Chongqing Jiangbei International Airport.

The land use rights of the property have been granted for a term expiring on 16 December 2065 for residential use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-450 to B1-452, B1-454 to B1-455, B1-588 to B1-592, B1-595, B1-597, B1-599 to B1-605, B1-608 , B1-610 to B1-612, B2-197, B2-200, B2-205 to B2-206, B2-208 to B2-211, B2214, B2-219 to B2-225, B2-227 to B2-236, B2-239, B2-241 to B2-242, B2-247, B2-250, B2-253, B2-255 to B2-257, B2-259 to B2-273, B2-276 to B2-277, B2-279 to B2-305, B2-308 to B2-313 and B2-315 to B2-

321 located at Garagwe 6-1, Wushan Jinke City, No. 588 Ping'an Road, Wushan County, Chongqing City, the PRC

– 250 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate issued by Chongqing Wushan County Bureau of Planning and Natural Resources (重慶市巫山縣規劃和自然資源局), the land use rights of the property have been vested in Chongqing Jinke Jiahan Real Estate Development Co., Ltd. (重慶金科佳翰房地產開發有限公司, "Jinke Jiahan") with the details as follows:

No. Certificate No. Land Usage Building Expiry Date Site Area Gross Usage Floor Area (sq.m.) (sq.m.) 1 Yu (2022) Wu Shan Xian Bu Dong Chan Residential Car Parking 16 December 82,774.50 18,887.8 Quan Di No. 000890543 Space 2065

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Wushan County Bureau of Planning and Natural Resources (重慶市巫山縣規劃和自然資源
局), the building ownership of the property have been vested in Jinke Jiahan with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2022) Wu Shan Xian Bu Dong Chan Quan Di No. 000890543 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Jiahan is the owner of the building ownership and the land use rights of the property. Jinke Jiahan has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Jiahan is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and

– 251 –

VALUATION REPORT

APPENDIX III

c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Location: Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no

– 252 –

VALUATION REPORT

APPENDIX III

location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property.

Size:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	West Chang'an	Huancheng Road,	Qingnian Road,
	Avenue, Dianjiang	Zhong County,	Dianjiang County,
	County, Chongqing	Chongqing City	Chongqing City
	City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Transaction	Transaction
Transaction Date	23 July 2024	1 December 2023	10 August 2024
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	41,650	40,880	39,200
(RMB)
Unit Rate	41,650	40,880	39,200
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment

– 253 –

VALUATION REPORT

APPENDIX III

Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for B2/F adjustment for B2/F adjustment for B2/F Negotiation Discount Nil adjustment Nil adjustment Nil adjustment Total Adjustment 0.0% for B1/F; 0.0% for B1/F; 0.0% for B1/F; -20.0% for B2/F -20.0% for B2/F -20.0% for B2/F Adjusted Unit Rate 41,650 for B1/F; 40,880 for B1/F; 39,200 for B1/F; (RMB/car parking 33,320 for B2/F 32,704 for B2/F 31,360 for B2/F space) Adopted Unit Rate 40,577 for B1/F; (RMB/car parking 32,461 for B2/F space) The subject property – 115 No. of Car Parking Spaces Market Value of the 3,920,000 Car Parking Spaces (RMB)

– 254 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure 30. 379 car parking The property comprises 379 car parking spaces located spaces within a residential development, at Nanchuan namely Nanchuan World City Jinyu (the World City “Development”). Jinyu, No. 6 Jinlong Road, The property was held for sale as at the Nanchuan Valuation Date. District, Chongqing As advised by the Company, the City, the PRC Development was completed in 2016.
Market value
in existing state as at
Particulars of 30 September occupancy 2024 RMB
The property was 11,520,000 vacant as at the Valuation Date. (100% interest attributable to the Company: 11,520,000)
(中國重慶市南川 The Development is located at the Jinlong Road in Nanchuan District of Chongqing
區金龍路6 號南 City, with approximately 4.6 km to
川世界城金裕的 Nanchuan Railway Station and 103.2 km to 379 個車位) Chongqing Jiangbei International Airport.

The land use rights of the property have been granted for terms expiring on 21 September 2054 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces – Nos B1-20, B1-49, B1-52, B1-55, B1-59, B1-62, B1-74, B1-173, B1-214 to B1-215, B1-221 to B1-224, B1- 226, B1-231 to B1-234, B1-243, B1-247, B1-252 to B1-253, B1-261, B1-264 to B1266, B1-268 to B1-269, B1-271 to B1-273, B1-275, B1-279, B1-372 to B1-373, B1- 378, B1-380 to B1382, B1-385 to B1-390, B1-393, B1-396, B1-410, B1-417 to B1-418, B1- 446, B1-452 to B1-453, B1-457, B1-459, B1-464 to B1-465, B1-478 to B1-480, B1-482 to B1-483, B1-485, B1-489 to B1-490, B1- 492 to B1-511, B1-513, B1-515, B1- 518 to B1-519, B1-522 to B1-524, B1-527, B1-529, B1-541, B1-565, B1-572, B1-575, B1-583 to B1-584, B1-720 to B1-721, B1-724, B1-821, B1-888, B1-892, B1-1693 to B1-1695, B11794 to B1-1795, B1-1798, B1-1801, B1-1804, B1-1808, B1-1846, B1-1848, B1-1864, B1-1867, B1-1870,

– 255 –

VALUATION REPORT

APPENDIX III

B1-1943, B1-1950, B1-1972, B1-2379, B1-2381 to B1-2382, B1-2399, B1-2420, B1-2423, B1-2428 to B12429, B1-2431 to B1-2432, B1-2437 to B1-2438, B1-2440 to B1-2441, B1-2444 to B1-2445, B1-2447, B1-2449, B1-2451 to B1-2452, B1-2454 to B1-2455, B1-2458 to B1-2462, B1- 2464 to 2466, B1- 2468 to B1-2471, B1-2473, B1- 2477 to B1-2483, B1-2486 to B1-2487, B1-2489 to B1-2492, B1-2495, B1-2498 to B1-2499, B1-2501, B1-2509, B1- 2516, B1-2519, B1-2538, B1-2545, B1-2548, B1-2550, B1-2560, B12578, B2-4, B2-34 to B2-37, B2-39 to B2-41, B2-44 to B2-46, B2-48 to B2-50, B2-52 to B2-56, B2-61, B281, B2-87, B2-92 to B2-96, B2-98 to B2-100, B2-103 to B2-104, B2-106, B2-109, B2-113, B2-134, B2-143, B2-146, B2-157, B2-163, B2-176, B2-178, B2-181 to B2-185, B2-187 to B2-188, B2-191 to B2-193, B2196 to B2-198, B2-202 to B2-235, B2-237 to B2-239, B2-241 to B2-251, B2-253 to B2-255, B2-258, B2261, B2-264, B2-266, B2-269, B2-299 to B2-300, B2-303, B2-305 to B2-306, B2-315, B2-323 to B2-325, B2-331 to B2-340, B2-347 to B2-349, B2-356 to B2-358, B2-392, B2-399, B2-409, B2-413 to B2-416, B2418 to B2-421, B2-423 to B2-445, B2-453 to B2-457, B2-459 to B2-469, B2-484, B2-486, B2-495, B2-626 to B2-627, B2-630 and B2-667 to B2-668 located at Garage No. 6, Nanchuan World City Jinyu, No. 6 Jinlong Road, Nanchuan District, Chongqing City, the PRC

Pursuant to a Real Estate Ownership Certificate issued by Chongqing Nanchuan District Bureau of Planning and Natural Resources (重慶市南川區規劃和自然資源局), the land use rights of the property have been vested in Chongqing Jinke Jinyu Real Estate Development Co., Ltd. (重慶金科金裕房地產開發有限公司, "Jinke Jinyu") with the details as follows:

No.	Certificate No.	Land	Building	Expiry Date	Site Area	Gross
		Usage	Usage			Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2021) Nan Chuan Qu Bu Dong	Commercial	Car Parking	21 September	88,347.00	106,942.16
	Chan Quan Di No. 001249805		Space	2054

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

– 256 –

VALUATION REPORT

APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Nanchuan District Bureau of Planning and Natural Resources (重慶市南川區規劃和自然資源局), the building ownership of the property have been vested in Jinke Jinyu with the details as follows:

Certificate No.

Building Usage

No. Certificate No. Building Usage 1 Yu (2021) Nan Chuan Qu Bu Dong Chan Quan Di No. 001249805 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Jinyu is the owner of the land use rights and the building ownership of the property. Jinke Jinyu has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Jinyu is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院), Chongqing Municipal Third Intermediate People's Court ( 重慶市第三中級人民法院 ), Jiangbei District People's Court of Chongqing Municipality (重慶市江北區人民法院), Intermediate People's Court of Taizhou Municipality of Zhejiang Province (浙江省台州市中級人民法院) and Wenling City People’s Court of Zhejiang Province (浙江省溫岭市人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

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APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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APPENDIX III

higher or lower floors for retail units and car parking spaces, respectively, and vice versa.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to	car parking spaces	located at B1/F	and B2/F:
	Comparable	Comparable	Comparable	Comparable	Comparable
	1	2	3	4	5
Address	Donghuan	Jinlong	Jinlong	Baiyu Street,	Binhe
	Road,	Road,	Road,	Qijiang	Avenue,
	Nanchuan	Nanchuan	Nanchuan	District,	Qijiang
	District,	District,	District,	Chongqing	District,
	Chongqing	Chongqing	Chongqing	City	Chongqing
	City	City	City		City
Usage	Car Parking	Car Parking	Car Parking	Car Parking	Car Parking
	Space	Space	Space	Space	Space
Type	Listing	Transaction	Transaction	Transaction	Transaction
Transaction	N/A	15 December	30 November	12 August	15 April
Date		2023	2023	2024	2024
No. of Car	1	1	1	1	1
Parking
Spaces
Floor Level	B1/F	B1/F	B1/F	B1/F	B1/F
Amount	39,000	23,304	40,152	36,800	32,000
(RMB)
Unit Rate	39,000	23,304	40,152	36,800	32,000
(RMB/car
parking
space)
Adjustment
Factors
Time	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment
Location	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment
Size	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment

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APPENDIX III

Floor Nil Nil Nil Nil Nil adjustment adjustment adjustment adjustment adjustment for B1/F; for B1/F; for B1/F; for B1/F; for B1/F; Downward Downward Downward Downward Downward adjustment adjustment adjustment adjustment adjustment for B2/F for B2/F for B2/F for B2/F for B2/F Negotiation Downward Nil Nil Nil Nil Discount adjustment adjustment adjustment adjustment adjustment Total -5.0% for 0.0% for 0.0% for 0.0% for 0.0% for Adjustment B1/F; B1/F; B1/F; B1/F; B1/F; -24.0% for -20.0% for -20.0% for -20.0% for -20.0% for B2/F B2/F B2/F B2/F B2/F Adjusted 37,050 for 23,304 for 40,152 for 36,800 for 32,000 for Unit Rate B1/F; B1/F; B1/F; B1/F; B1/F; (RMB/car 29,640 for 18,643 for 32,122 for 29,440 for 25,600 for parking B2/F B2/F B2/F B2/F B2/F space) Adopted 33,861 for Unit Rate B1/F; (RMB/car 27,089 for parking B2/F space) The subject 379 property – No. of Car Parking Spaces Market 11,520,000 Value of the Car Parking Spaces (RMB)

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APPENDIX III

VALUATION CERTIFICATE

No. Property Description and tenure

817 car parking The property comprises 817 car parking spaces located spaces within a residential development, at Nanchuan namely Nanchuan World City Jinruhe (the World City “Development”). Jinruhe, No. 12 Laiyou Road The property was held for sale as at the and No. 22, Valuation Date. Wenti Road, Nanchuan As advised by the Company, the District, Development was completed in 2016. Chongqing City, the PRC The Development is located at the Laiyou Road in Nanchuan District of Chongqing (中國重慶市南川 City, with approximately 5.1 km to Nanchuan Railway Station and 103.5 km to 區來游路12 號 Chongqing Jiangbei International Airport. 和文體路22 號 The land use rights of the property have 南川世界城金如 been granted for terms expiring between 19 和的817 個車位) October 2054 and 30 January 2055 for commercial use.

Market value in existing state as at Particulars of 30 September occupancy 2024 RMB The property was 25,590,000 vacant as at the Valuation Date. (100% interest attributable to the Company: 25,590,000)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos B1-4 to B1-6, B1-14, B1-20 to B1-21, B1-24, B1-27, B1-30 to B1-31, B1-33, B136 to B1-37, B1-39, B1-54, B1-56, B1-68, B1-71, B1-74 to B1-75, B1-77 to B1-78, B1-80 to B1-86, B1-90, B1-92 to B1-93, B1-95, B1-98, B1-104 to B1-107, B1-110 to B1-114, B1-117, B1-124, B1-128 to B1-129, B1-140, B1-146, B1-202, B1-204, B1-208, B1-220, B1-222, B1-228 to B1-231, B1-234, B1-243, B1-245 to B1-247, B1-249, B1-251, B1-253, B1-261, B1-283, B1-286, B1-289, B1-295 to B1-296, B1-301, B1-317, B1-320, B1-335, B1-340 to B1-341, B1-344, B1-347, B1-350, B1-353, B1-356 to B1-358, B1-360, B1-362, B1-364 to B1-367, B1-370 to B1-374, B1-379, B1-381, B1-383, B1-385, B1-388 to B1-389, B1-394 to B1-

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APPENDIX III

395, B1-397 to B1-398, B1-402 to B1-404, B1-406, B1-412, B1-419, B1-422, B1-426, B1-428, B1-430, B1433, B1-446, B1-467, B1-469 to B1-470, B1-473 to B1-476, B1-479, B1-483, B1-501, B1-511, B1-515, B1517, B1-523 to B1-526, B1-528 to B1-529, B1-546 to B1-547, B1-563 to B1-564, B1-568, B1-571, B1-575, B1-577 to B1-578, B1-580, B1-583, B1-586, B1-595 to B1-596, B1-598 to B1-600, B1-604, B1-606 to B1612, B1-615, B1-617, B1-620 to B1-621, B1-627, B1-629 to B1-630, B1-635 to B1-637, B1-639, B1-642, B1-650, B1-653 to B1-656, B1-659 to B1-660, B1-666 to B1-667, B1-671 to B1-672, B1-675, B1-677, B1681, B1-687, B1-696 to B1-699, B1-704, B1-709, B1-728, B1-730, B1-733, B2-4 to B2-5, B2-13, B2-15 to B2-17, B2-19, B2-27, B2-36, B2-38 to B2-42, B2-68, B2-83 to B2-85, B2-94, B2-132, B2-134 to B2-136, B2-138, B2-141, B2-144, B2-162, B2-164, B2-175 to B2-176, B2-178 to B2-179, B2-181, B2-184 to B2185, B2-187 to B2-188, B2-190, B2-193, B2-196, B2-205, B2-207 to B2-211, B2-214 to B2-218, B2-220 to B2-221, B2-226, B2-231, B2-238, B2-240, B2-242, B2-244, B2-246 to B2-248, B2-252, B2-256, B2-263 to B2-264, B2-274, B2-281 to B2-282 and B2-288 located at Nanchuan World City Jinruhe, No. 12 Laiyou Road, Nanchuan District, Chongqing City, the PRC

Car Parking Spaces - B1-15, B1-38, B1-77, B1-222 to B1-223, B1-226, B1-244, B1-250, B1-253, B1-256 to B1-259, B1-262 to B1-268, B1-270 to B1-271, B1-274, B1-277, B1-285, B1-327, B1-334, B1-337, B1345, B1-347 to B1-349, B1-351 to B1-352, B1-354 to B1-355, B1-357 to B1-358, B1-360 to B1-361, B1363 to B1-365, B1-369, B1-372, B1-380, B1-388, B1-396 to B1-397, B1-399 to B1-400, B1-407, B1-410, B1-433, B1-436, B1-438 to B1-439, B1-443 to B1-446, B1-448, B1-467 to B1-468, B1-471, B1-474, B1477 to B1-478, B1-480 to B1-481, B1-483 to B1-484, B1-486, B1-488, B1-490 to B1-499, B1-501, B1-504 to B1-505, B1-507, B1-510 to B1-511, B1-513 to B1-514, B1-516 to B1-517, B1-523 to B1-524, B1-529, B1-544, B1-547, B1-553, B1-556, B1-563, B1-565, B1-569, B1-574 to B1-575, B1-578, B1-581 to B1-582, B1-584 to B1-593, B1-595 to B1-597, B1-599, B1-602 to B1-603, B1-605, B1-608, B1-624, B1-626, B1628 to B1-629, B1-696, B1-703, B1-706, B1-708, B1-714, B1-720 to B1-721, B1-723 to B1-724, B1-726, B1-729, B1-732, B1-735, B1-775, B1-782, B1-785, B1-788, B1-791, B1-793 to B1-794, B1-799 to B1-800, B1-803, B1-805 to B1-806, B1-809, B1-811, B1-814, B1-827, B1-837 to B1-839, B1-870, B1-892, B1-904, B1-910 to B1-911, B1-914 to B1-916, B1-921, B1-925, B1-937 to B1-938, B1-940 to B1-941, B1-943 to B1-944, B1-946 to B1-947, B1-949, B1-952 to B1-953, B1-955, B1-962, B1-968, B1-989, B1-992, B1-995, B1-997, B1-1002, B1-1004 to B1-1005, B1-1007 to B1-1008, B1-1010 to B1-1011, B1-1013 to B1-1014, B1-1016 to B1-1017, B1-1019 to B1-1020, B1-1023, B1-1025 to B1-1036, B1-1038, B1-1041 to B1-1042, B1-1047, B1-1068 to B1-1069, B1-1071 to B1-1072, B1-1074 to B1-1075, B1-1077 to B1-1078, B1-1081, B1-1112, B1-1114 to B1-1115, B1-1119, B1-1121, B1-1177, B1-1181, B1-1194, B1-1209, B1-1220, B11222, B1-1225, B1-1228, B1-1231, B1-1234, B1-1237, B1-1240, B1-1243, B1-1246, B1-1256, B1-1261, B1-1268, B1-1293, B1-1300, B1-1304 to B1-1305, B1-1308, B1-1314, B1-1316 to B1-1318, B1-1321, B11327, B1-1329, B1-1331, B1-1334 to B1-1335, B1-1337 to B1-1339, B1-1341, B1-1344 to B1-1345, B11347, B1-1350, B1-1354, B1-1358 to B1-1359, B1-1361, B1-1368, B1-1370, B1-1494, B1-1514, B1-1517, B1-1520, B1-1522, B1-1524, B1-1544, B1-1559, B1-1572, B1-1625 to B1-1626, B1-1629, B1-1642 to B11643, B1-1670, B1-1692, B1-1696 to B1-1698, B1-1701, B1-1703, B1-1706, B1-1746, B1-1749, B1-1751 to B1-1752, B1-1754 to B1-1756, B1-1762, B1-1767, B2-33, B2-91, B2-169 to B2-170, B2-189, B2-194, B2-197, B2-216 to B2-217, B2-234, B2-240, B2-246, B2-259 to B2-260, B2-262 to B2-264, B2-269, B2-

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APPENDIX III

283, B2-290, B2-293, B2-302 to B2-306, B2-308, B2-311 to B2-315, B2-317, B2-320 to B2-321, B2-328 to B2-333, B2-336 to B2-337, B2-339 to B2-340, B2-344 to B2-345, B2-348 to B2-349, B2-351, B2-354, B2-356 to B2-357, B2-359 to B2-360, B2-362, B2-365, B2-367, B2-369 to B2-370, B2-372 to B2-375, B2377, B2-380 to B2-381, B2-383 to B2-387, B2-390 to B2-391, B2-397, B2-402 to B2-403, B2-407, B2-409 to B2-410, B2-413, B2-420, B2-422 to B2-423, B2-425, B2-428, B2-433 to B2-435, B2-437 to B2-443, B2446, B2-449, B2-458 to B2-459, B2-462, B2-464 to B2-472, B2-475 to B2-477, B2-479, B2-481 to B2-485, B2-487 to B2-488, B2-490 to B2-493, B2-501, B2-508, B2-515, B2-527, B2-537, B2-540, B2-542 to B2550, B2-554, B2-557, B2-560, B2-576, B2-579, B2-582, B2-584, B2-586, B2-590 to B2-593, B2-596, B2598 to B2-601, B2-604 to B2-617, B2-619 to B2-620, B2-627, B2-637, B2-646 to B2-647, B2-649, B2-652 to B2-656, B2-665, B2-668 to B2-669, B2-671, B2-674 to B2-678, B2-687, B2-691, B2-695 to B2-696, B2698, B2-702, B2-704 to B2-706, B2-708 to B2-712, B2-722 to B2-733, B2-737, B2-743 to B2-745, B2-747 to B2-749, B2-751, B2-753 to B2-756, B2-758 to B2-759, B2-763, B2-782, B2-784 to B2-785, B2-787, B2790, B2-797 to B2-798, B2-804 to B2-805, B2-830 to B2-831, B2-833 to B2-834 and B2-836 located at Nanchuan World City Jinruhe, No. 22 Wenti Road, Nanchuan District, Chongqing City, the PRC

Pursuant to 2 Real Estate Ownership Certificates issued by Chongqing Nanchuan District Bureau of Planning and Natural Resources (重慶市南川區規劃和自然資源局), the land use rights of the property have been vested in Chongqing Jinruhe Enterprise Management Co., Ltd. (重慶金如和企業管理有限公司, "Jinke Jinruhe") with the details as follows:

	司, "Jinke Jinruhe") with the details as	follows:
No.	Certificate No.	Land Usage	Building	Expiry Date	Site Area	Gross
			Usage			Floor Area
					(sq.m.)	(sq.m.)
1	Yu (2023) Nan Chuan Qu Bu Dong Chan	Commercial	Car Parking	19 October	24,682.00	13,740.34
	Quan Di No. 000029543		Space	2054
2	Yu (2023) Nan Chuan Qu Bu Dong Chan	Commercial	Car Parking	30 January 2055	60,002.00	28,489.15
	Quan Di No. 000036161		Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificates.

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APPENDIX III

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing Nanchuan District Bureau of Planning and Natural Resources (重慶市南川區規劃和自然資
源局), the building ownership of the property have been vested in Jinke Jinruhe with the details as follows:

No. Certificate No. Building Usage 1 Yu (2023) Nan Chuan Qu Bu Dong Chan Quan Di No. 000029543 Car Parking Space 2 Yu (2023) Nan Chuan Qu Bu Dong Chan Quan Di No. 000036161 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Jinke Jinruhe is the owner of the land use rights and the building ownership of the property. Jinke Jinruhe has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Jinke Jinruhe is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.

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APPENDIX III

Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

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APPENDIX III

higher or lower floors for retail units and car parking spaces, respectively, and vice versa.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces	With regard to car parking spaces	located at B1/F and B2/F:	located at B1/F and B2/F:
	Comparable	Comparable	Comparable	Comparable	Comparable
	1	2	3	4	5
Address	Donghuan	Jinlong	No.6	Baiyu	Binhe
	Road,	Road,	Jinlong	Street,	Avenue,
	Nanchuan	Nanchuan	Road,	Qijiang	Qijiang
	District,	District,	Nanchuan	District,	District,
	Chongqing	Chongqing	District,	Chongqing	Chongqing
	City	City	Chongqing	City	City
			City
Usage	Car Parking	Car Parking	Car Parking	Car Parking	Car Parking
	Space	Space	Space	Space	Space
Type	Listing	Transaction	Transaction	Transaction	Transaction
Transaction Date	N/A	15 December	30 November	12 August	15 April 2024
		2023	2023	2024
No. of Car	1	1	1	1	1
Parking Spaces
Floor Level	B1/F	B1/F	B1/F	B1/F	B1/F
Amount	39,000	23,304	40,152	36,800	32,000
(RMB)
Unit Rate	39,000	23,304	40,152	36,800	32,000
(RMB/car parking
space)
Adjustment
Factors
Time	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment
Location	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment
Size	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment

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APPENDIX III

Floor	Nil	Nil	Nil	Nil	Nil
	adjustment	adjustment	adjustment	adjustment	adjustment
	for B1/F;	for B1/F;	for B1/F;	for B1/F;	for B1/F;
	Downward	Downward	Downward	Downward	Downward
	adjustment	adjustment	adjustment	adjustment	adjustment
	for B2/F	for B2/F	for B2/F	for B2/F	for B2/F
Negotiation	Downward	Nil	Nil	Nil	Nil
Discount	adjustment	adjustment	adjustment	adjustment	adjustment
Total Adjustment	-5.0% for	0.0% for	0.0% for	0.0% for	0.0% for
	B1/F;	B1/F;	B1/F;	B1/F;	B1/F;
	-24.0% for	-20.0% for	-20.0% for	-20.0% for	-20.0% for
	B2/F	B2/F	B2/F	B2/F	B2/F
Adjusted Unit	37,050 for	23,304 for	40,152 for	36,800 for	32,000 for
Rate	B1/F;	B1/F;	B1/F;	B1/F;	B1/F;
(RMB/car parking	29,640 for	18,643 for	32,122 for	29,440 for	25,600 for
space)	B2/F	B2/F	B2/F	B2/F	B2/F
Adopted Unit	33,861 for
Rate	B1/F;
(RMB/car	27,089 for
parking space)	B2/F
The subject	817
property –
No. of Car
Parking Spaces
Market Value of	25,590,000
the Car Parking
Spaces
(RMB)

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APPENDIX III

VALUATION CERTIFICATE

					Market value
					in existing state
					as at
				Particulars of	30 September
No.	Property	Description and tenure		occupancy	2024
					RMB
32.	233 car parking	The property comprises 233 car parking		The property was	4,670,000
	spaces located	spaces within a residential development,		vacant as at the
	at Jinke Caifu	namely Jinke Caifu Zhongxin	(the	Valuation Date.	(100% interest
	Zhongxin, No.	“Development”).			attributable to
	51 Section 1 of				the Target
	Kaizhou East	The property was held for sale as at	the		Company:
	Avenue,	Valuation Date.			4,670,000)
	Kaizhou
	District,	As advised by the Target Group,	the
	Chongqing	Development was completed in 2015.
	City, the PRC
		The Development is located at the Kaizhou
	(中國重慶市開州	East Avenue in Kaizhou District	of
	區開州大道東一	Chongqing City, with approximately 50.6 km to Wanzhou North Railway Station and 67.3
	段51 號金科財	km to Wanzhou Wuqiao Airport.
	富中心的233個
	車位)

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-43, B1-54, B1-74, B1-124, B1-127 to B1-131, B1-134 to B1-135, B1-138, B1-141, B1-144, B1-147, B1-150, B1-196, B1-199, B1-205, B1-222, B1-224 to B1-225, B1-228 to B1-231, B1-233 to B1-234, B1-275, B1-278, B1-280, B1-306, B1-334, B1-345 to B1-347, B1-351 to B1-352, B1363, B1-374, B1-387 to B1-389, B1-394, B1-397, B1-443, B1-453 to B1-454, B1-464, B1-475, B1-479, B1517, B1-543, B1-651 to B1-653, B1-724, B1-744, B1-752, B1-757 to B1-758, B1-764, B1-795 to B1-797, B1-799, B1-802, B1-804, B1-806, B1-814, B1-819, B1-848, B1-858, B2-2, B2-5 to B2-9, B2-11, B2-13 to B2-15, B2-17, B2-27, B2-35 to B2-36, B2-40, B2-46, B2-51 to B2-52, B2-69, B2-71 to B2-72, B2-94, B297, B2-104, B2-113, B2-116, B2-142 to B2-148, B2-152 to B2-160, B2-163 to B2-172, B2-175 to B2-179,

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VALUATION REPORT

APPENDIX III

B2-181 to B2-182, B2-185, B2-220 to B2-226, B2-241 to B2-250, B2-253 to B2-254, B2-258, B2-262, B2290 to B2-291, B2-293, B2-296, B2-298 to B2-299, B2-301, B2-304 to B2-305, B2-308 to B2-310, B2-312 to B2-313, B2-315 to B2-316, B2-318 to B2-319, B2-325 to B2-326, B2-330, B2-332, B2-335 to B2-337, B2-344, B2-350 to B2-351, B2-353 to B2-360, B2-378 to B2-379, B2-381 to B2-382, B2-384 to B2-385, B2-387 to B2-388, B2-410 to B2-414, B2-452, B2-510, B2-552, B2-555, B2-595, B2-602 to B2-604, B2607, B2-610, B2-615, B2-618, B2-629, B2-652, B2-673, B2-677 to B2-678, B2-680, B2-683, B2-694 to B2695, B2-697, B2-718, B2-736 to B2-737, B2-741, B2-752, B2-757, B2-789 and B2-797 located at Jinke Caifu Zhongxin, No. 51 Section 1 of Kaizhou East Avenue, Kaizhou District, Chongqing City, the PRC

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junyao Real Estate Development Co., Ltd. (重慶市金科駿耀房地產開發有限公司, “Chongqing Jinke Junyao") with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage Gross Floor Area (sq.m.)
1 Yu (2022) Kai Zhou Bu Dong Chan Quan Di No. 001110639 Car Parking Space -

As advised by the Target Group, the title certificates of the land use rights and building ownership of the property are currently unavailable. In undertaking our valuation, we have relied considerably on the PRC Legal Opinion and the Real Estate Registration Result Inquiry Receipts for Building Ownership for the titleship of the property to provide the market value of the property.
We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Junyao is the owner of the building ownership of the property. Chongqing Jinke Junyao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chongqing Jinke Junyao is subject to restrictions on these rights;

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APPENDIX III

b. The land use rights and the building ownership of the property can be disposed of through judicial proceedings;
c. The building ownership of the property has not been pledged; and
d. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality ( 重慶市第一中級人民法院 ) and Jiangbei District People's Court of Chongqing Municipality (重慶市江北區人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Selective Criteria
Transaction Date:	Transactions that were completed within 1 year preceding the Valuation Date
	or listings that were available for sale as at the Valuation Date
Location:	Transactions or listings that were located in the same or nearby municipal
	districts as defined by the government
Type of Property:	Transactions or listings that shared the same type of usage with the subject
	property

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VALUATION REPORT

APPENDIX III

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located at B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Kaizhou East	Nongxie Road,	Kaizhou East
	Avenue, Kaizhou	Kaizhou District,	Avenue, Kaizhou
	District, Chongqing	Chongqing City	District, Chongqing
	City		City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Listing	Listing
Transaction Date	22 February 2024	N/A	N/A
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F

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VALUATION REPORT

APPENDIX III

Amount 25,928 22,000 24,000 (RMB) Unit Rate 25,928 22,000 24,000 (RMB/car parking space)

Adjustment Factors Time Nil adjustment Nil adjustment Nil adjustment Location Nil adjustment Nil adjustment Nil adjustment Size Nil adjustment Nil adjustment Nil adjustment Floor Nil adjustment for Nil adjustment for Nil adjustment for B1/F; B1/F; B1/F; Downward Downward Downward adjustment for adjustment for adjustment for B2/F B2/F B2/F Negotiation Discount Nil adjustment Downward Downward adjustment adjustment Total Adjustment 0.0% for B1/F; -5.0% for B1/F; -5.0% for B1/F; -20.0% for B2/F -24.0% for B2/F -24.0% for B2/F Adjusted Unit Rate 25,928 for B1/F; 20,900 for B1/F; 22,800 for B1/F; (RMB/car parking 20,742 for B2/F 16,720 for B2/F 18,240 for B2/F space) Adopted Unit Rate 23,209 for B1/F; (RMB/car parking 18,567 for B2/F space) The subject property - 233 No. of Car Parking Spaces Market Value of the 4,670,000 Car Parking Spaces

(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
33.	2 car parking	The property comprises 2 car parking	The property was	40,000
	spaces located	spaces within a residential development,	vacant as at the
	at Weila	namely Weila Zhuangyuan (the	Valuation Date.	(100% interest
	Zhuangyuan,	“Development”).		attributable to
	No. 9 Nanxi			the Target
	Street, Kaizhou	The property was held for sale as at the		Company:
	District,	Valuation Date.		40,000)
	Chongqing
	City, the PRC	As advised by the Target Group, the
		Development was completed in 2015.
	(中國重慶市開州
	區南熙街9號維	The Development is located at the Nanxi Street in Kaizhou District of Chongqing City,
	拉莊園的2個車	with approximately 47.8 km to Wanzhou
	位)	North Railway Station and 64.6 km to Wanzhou Wuqiao Airport.

The land use rights of the Development have been granted for a term expiring on 31 August 2055 for commercial use.

Notes:

The detailed addresses are shown as follows:

Car Parking Spaces - Nos. B1-444 and B2-467 located at Weila Zhuangyuan, No. 9 Nanxi Street, Kaizhou District, Chongqing City, the PRC

– 273 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate issued by the Chongqing City Kaizhou District Bureau of Land Resources and Housing Management (重慶市開州區國土資源和房屋管理局), the land use rights and the building ownership of the property have been vested in Chongqing Jinke Junyao Real Estate Development Co., Ltd. (重慶市金科駿耀房地產開發有限公司, "Chongqing Jinke Junyao") with the details as follows:

Gross No. Certificate No. Land Usage Building Usage Expiry Date Site Area Floor Area (sq.m.) (sq.m.) 1 Yu (2018) Kai Zhou Bu Dong Commercial Car Parking Space 31 August 46,716.88 41,332.95 Chan Quan Di No. 001227331 2055

As confirmed by the Company, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junyao with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2018) Kai Zhou Bu Dong Chan Quan Di No. 001227331 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Junyao is the owner of the land use rights and the building ownership of the property. Chongqing Jinke Junyao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chongqing Jinke Junyao is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and

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APPENDIX III

c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality ( 重慶市第一中級人民法院 ) and Jiangbei District People's Court of Chongqing Municipality (重慶市江北區人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 275 –

VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking spaces located B1/F and B2/F:

	Comparable 1	Comparable 2	Comparable 3
Address	Kaizhou East	Nongxie Road,	Kaizhou East
	Avenue, Kaizhou	Kaizhou District,	Avenue, Kaizhou
	District, Chongqing	Chongqing City	District, Chongqing
	City		City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Listing	Listing
Transaction Date	22 February 2024	N/A	N/A
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	25,928	22,000	24,000
(RMB)
Unit Rate	25,928	22,000	24,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment

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VALUATION REPORT

APPENDIX III

Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Nil adjustment for	Nil adjustment for	Nil adjustment for
	B1/F;	B1/F;	B1/F;
	Downward	Downward	Downward
	adjustment for	adjustment for	adjustment for
	B2/F	B2/F	B2/F
Negotiation Discount	Nil adjustment	Downward	Downward
		adjustment	adjustment
Total Adjustment	0.0% for B1/F;	-5.0% for B1/F;	-5.0% for B1/F;
	-20.0% for B2/F	-24.0% for B2/F	-24.0% for B2/F
Adjusted Unit Rate	25,928 for B1/F;	20,900 for B1/F;	22,800 for B1/F;
(RMB/car parking	20,742 for B2/F	16,720 for B2/F	18,240 for B2/F
space)
Adopted Unit Rate	23,209 for B1/F;
(RMB/car parking	18,567 for B2/F
space)
The subject property –	2
No. of Car Parking
Spaces
Market Value of the	40,000
Car Parking Spaces
(RMB)

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VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
34.	1 car parking	The property comprises 1 car parking space	The property was	20,000
	space located	within a residential development, namely	vacant as at the
	at Yuehu	Yuehu Mingmen (the “Development”).	Valuation Date.	(100% interest
	Mingmen, No.			attributable to
	2 Nongxie	The property was held for sale as at the		the Target
	Road, Kaizhou	Valuation Date.		Company:
	District,			20,000)
	Chongqing	As advised by the Target Group, the
	City, the PRC	Development was completed in 2022.
	(中國重慶市開州	The Development is located at the Nongxie
	區農協路2號悅	Road in Kaizhou District of Chongqing City, with approximately 47.3 km to Wanzhou
	湖名門的1個車	North Railway Station and 64.0 km to
	位)	Wanzhou Wuqiao Airport.

The land use rights of the Development have been granted for a term expiring on 30 July 2058 for commercial use.

Notes:

The detailed address is shown as follows:

Car Parking Space - No. B2-269 located at Yuehu Mingmen, No. 2 Nongxie Road, Kaizhou District, Chongqing City, the PRC

– 278 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate issued by the Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the land use rights and the building ownership of the property have been vested in Chongqing Jinke Junyao Real Estate Development Co., Ltd. (重慶市金科駿耀房地產開發有限公司, “Chongqing Jinke Junyao") with the details as follows:

Gross No. Certificate No. Land Usage Building Usage Expiry Date Site Area Floor Area (sq.m.) (sq.m.) 1 Yu (2020) Kai Zhou Bu Dong Chan Commercial Car Parking 30 July 2058 23,366.00 20,721.50 Quan Di No. 000764520 Space

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junyao with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2020) Kai Zhou Bu Dong Chan Quan Di No. 000764520 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Junyao is the owner of the land use rights and the building ownership of the property. Chongqing Jinke Junyao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chongqing Jinke Junyao is subject to restrictions on these rights;

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VALUATION REPORT

APPENDIX III

b. The building ownership of the property has not been pledged; and
c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院);
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 280 –

VALUATION REPORT

APPENDIX III

Location:

Location adjustment reflects the differences in locality and accessibility between the subject property and the adopted comparables. We considered no location adjustment was necessary as the adopted comparables were situated in close proximity to the subject property.

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	space located at B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Kaizhou East	Nongxie Road,	Kaizhou East
	Avenue, Kaizhou	Kaizhou District,	Avenue, Kaizhou
	District, Chongqing	Chongqing City	District, Chongqing
	City		City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Listing	Listing
Transaction Date	22 February 2024	N/A	N/A
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	25,928	22,000	24,000
(RMB)
Unit Rate	25,928	22,000	24,000
(RMB/car parking
space )
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment

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VALUATION REPORT

APPENDIX III

Size Nil adjustment Nil adjustment Nil adjustment Floor Downward Downward Downward adjustment adjustment adjustment Negotiation Discount Nil adjustment Downward Downward adjustment adjustment Total Adjustment -20.0% -24.0% -24.0% Adjusted Unit Rate 20,742 16,720 18,240 (RMB/car parking space) Adopted Unit Rate 18,567 (RMB/car parking space) The subject property - 1 No. of Car Parking Spaces Market Value of the 20,000 Car Parking Spaces (RMB)

– 282 –

VALUATION REPORT

APPENDIX III

VALUATION CERTIFICATE

				Market value
				in existing state
				as at
			Particulars of	30 September
No.	Property	Description and tenure	occupancy	2024
				RMB
35.	1 car parking	The property comprises 1 car parking space	The property was	20,000
	space located	within a residential development, namely	vacant as at the
	at Yunxitai, No.	Yunxitai (the “Development”).	Valuation Date.	(100% interest
	46 Ziping Road,			attributable to
	Kaizhou	The property was held for sale as at the		the Target
	District,	Valuation Date.		Company:
	Chongqing			20,000)
	City, the PRC	As advised by the Target Group, the
		Development was completed in 2020.
	(中國重慶市開州
	區子坪路46號	The Development is located at the Ziping Road in Kaizhou District of Chongqing City,
	雲璽台的1個車	with approximately 51.7 km to Wanzhou
	位)	North Railway Station and 68.4 km to Wanzhou Wuqiao Airport.

The land use rights of the Development have been granted for a term expiring on 14 July 2056 for commercial l use.

Notes:

The detailed address is shown as follows:

Car Parking Space - No. B2-268 located at Yunxitai, No. 46 Ziping Road, Kaizhou District, Chongqing City, the PRC

– 283 –

VALUATION REPORT

APPENDIX III

Pursuant to a Real Estate Ownership Certificate issued by the Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the land use rights and the building ownership of the property have been vested in Chongqing Jinke Junyao Real Estate Development Co., Ltd. (重慶市金科駿耀房地產開發有限公司, “Chongqing Jinke Junyao") with the details as follows:

No. Certificate No.

No. Certificate No. Land Usage Building Usage Expiry Site Area Gross Date Floor Area (sq.m.) (sq.m.)
1 Yu (2019) Kai Zhou Bu Dong Chan Commercial Car Parking Space 14 July 2056 37,285.21 31,513.67 Quan Di No. 001132349

As confirmed by the Target Group, the property comprises a portion of the abovementioned certificate.

Pursuant to Real Estate Registration Result Inquiry Receipts for Building Ownership issued by Chongqing City Kaizhou District Bureau of Planning and Natural Resources (重慶市開州區規劃和自然資源局), the building ownership of the property have been vested in Chongqing Jinke Junyao with the details as follows:

No. Certificate No.

No. Certificate No. Building Usage 1 Yu (2019) Kai Zhou Bu Dong Chan Quan Di No. 001132349 Car Parking Space

We have been provided with the PRC Legal Opinion, which contains, inter alia, the following: -
a. Chongqing Jinke Junyao is the owner of the land use rights and the building ownership of the property. Chongqing Jinke Junyao has the right to freely occupy, use, lease, or dispose of the building ownership of property. However, during the validity period of the seizures, Chongqing Jinke Junyao is subject to restrictions on these rights;
b. The building ownership of the property has not been pledged; and

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VALUATION REPORT

APPENDIX III

c. The building ownership of the property has been seized by No. 1 Intermediate People’s Court of Chongqing Municipality (重慶市第一中級人民法院).
In the course of our valuation, we assume that the property is transferable without legal impediment.
Our valuation has been conducted based on the following analysis:

In the course of our valuation of the property, we compiled a list of transaction comparables and listing comparables sourced from auction platforms and property agencies, respectively. The selection criteria outlined below were applied to the list to filter the adopted comparables as detailed in the table of comparables. The adopted comparables were exhaustive after excluding outliers, such as comparables with unrealistically high or low unit rates that could potentially skew and distort the overall results. The valuation process adhered to the standard property valuation practice.

Selective Criteria

Adjustment Factors

Numerous adjustment factors, including but not limited to the following, were considered and applied, if necessary, to the unit rates of adopted comparables:

– 285 –

VALUATION REPORT

APPENDIX III

Comparable Properties

Details of the adopted comparables and adjustments are shown below:

With regard to car parking	space located at B2/F:
	Comparable 1	Comparable 2	Comparable 3
Address	Kaizhou East	Nongxie Road,	Kaizhou East
	Avenue, Kaizhou	Kaizhou District,	Avenue, Kaizhou
	District, Chongqing	Chongqing City	District, Chongqing
	City		City
Usage	Car Parking Space	Car Parking Space	Car Parking Space
Type	Transaction	Listing	Listing
Transaction Date	22 February 2024	N/A	N/A
No. of Car Parking	1	1	1
Spaces
Floor Level	B1/F	B1/F	B1/F
Amount	25,928	22,000	24,000
(RMB)
Unit Rate	25,928	22,000	24,000
(RMB/car parking
space)
Adjustment Factors
Time	Nil adjustment	Nil adjustment	Nil adjustment
Location	Nil adjustment	Nil adjustment	Nil adjustment
Size	Nil adjustment	Nil adjustment	Nil adjustment
Floor	Downward	Downward	Downward
	adjustment	adjustment	adjustment

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VALUATION REPORT

APPENDIX III

Negotiation Discount	Nil adjustment	Downward	Downward
		adjustment	adjustment
Total Adjustment	-20.0%	-24.0%	-24.0%
Adjusted Unit Rate	20,742	16,720	18,240
(RMB/car parking
space)
Adopted Unit Rate	18,567
(RMB/car parking
space)
The subject property –	1
No. of Car Parking
Spaces
Market Value of the	20,000
Car Parking Spaces
(RMB)

– 287 –

NOTICE OF EGM

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this notice, 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 notice.

==> picture [167 x 39] intentionally omitted <==

Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(a joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 9666)

NOTICE OF EXTRAORDINARY GENERAL MEETING TO BE HELD ON 20 DECEMBER 2024

NOTICE IS HEREBY GIVEN THAT the 2024 third extraordinary general meeting (the “ EGM ”) of Jinke Smart Services Group Co., Ltd. (the “ Company ”) will be convened and held at Building A4, East Zone, Jinke Shiniancheng, No. 480, Panxi Road, Shimahe Street, Jiangbei District, Chongqing, the PRC on Friday, 20 December 2024 at 3:00 p.m. for the purpose of considering and, if thought fit, passing the relevant resolution set out below. Unless the context requires otherwise, capitalised terms used in this notice and the following resolution shall have the same meanings as those defined in the circular of the Company dated 29 November 2024 (the “ Circular ”).

ORDINARY RESOLUTION

“ THAT the Debt Settlement Mandate and the transaction contemplated thereunder be and are hereby approved, confirmed and ratified. The Board be and is hereby authorised to implement the transaction as contemplated under the Debt Settlement Mandate.”

By Order of the Board Jinke Smart Services Group Co., Ltd. Xia Shaofei Chairman

Chongqing, 29 November 2024

– 288 –

NOTICE OF EGM

Notes:

The resolution at the EGM will be taken by poll pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”). The results of the poll will be published on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company (www.jinkeservice.com) in accordance with the Listing Rules.
All shareholders of the Company are eligible for attending the EGM. Any shareholder of the Company entitled to attend and vote at the EGM convened by the above notice is entitled to appoint a proxy or more than one proxy to attend the EGM and vote instead of him/her. A proxy need not be a shareholder of the Company. If more than one proxy is appointed, the number of shares in respect of which each such proxy so appointed must be specified in the proxy form. Every shareholder of the Company present in person or by proxy shall be entitled to one vote for each share held by him/her.
In order to be valid, the proxy form together with the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy thereof, must be completed and returned to the Company’s H share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong not less than 24 hours before the time appointed for the EGM or any adjournment thereof (as the case may be). Completion and return of the proxy form will not preclude a shareholder of the Company from attending and voting at the EGM or any adjourned meeting thereof should he/she so wish.
For determining the entitlement to attend and vote at the EGM, the register of members of the Company will be closed from Tuesday, 17 December 2024 to Friday, 20 December 2024 (both dates inclusive), during which period no transfer of shares will be registered. In order to qualify for attending and voting at the EGM, holders of shares of the Company whose transfer documents have not been registered are required to submit the share certificates together with the properly completed share transfer forms to the Company’s H share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong no later than 4:30 p.m. on Monday, 16 December 2024 for registration.
The instrument appointing the proxy must be in writing and signed by the appointer or his/her attorney duly authorised in writing, or if the appointer is a legal person, either under a legal person’s seal or signed by its director or an attorney duly authorised in writing.
The EGM (or any adjournment thereof) is expected to take no more than half a day. Shareholders of the Company or their proxies attending the EGM (or any adjournment thereof) shall bear their own travelling and accommodation expenses.

As at the date of this notice, the Board comprises Mr. Xia Shaofei as executive director, Mr. Wu Xiaoli, Ms. Lin Ke, Mr. Xu Guofu, Mr. Shi Cheng and Mr. Qi Shihao as non-executive directors, and Ms. Xiao Huilin, Ms. Yuan Lin and Mr. Tung Woon Cheung Eric as independent non-executive directors.

– 289 –

AI assistant

Jinke Smart Services Group Co., Ltd. — Proxy Solicitation & Information Statement 2024

51128_rns_2024-11-29_5b85ec30-b19b-467d-a9f0-ad878ba6f801.pdf

Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE

AND

NOTICE OF THE 2024 THIRD EXTRAORDINARY GENERAL MEETING

DEFINITIONS

DEFINITIONS

Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(Stock Code: 9666)

To the Shareholders

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE AND NOTICE OF THE 2024 THIRD EXTRAORDINARY GENERAL MEETING

INTRODUCTION

BACKGROUND

THE LOAN AGREEMENT

THE DEBT SETTLEMENT MANDATE AND THE CONSIDERATION

LETTER FROM THE BOARD

LETTER FROM THE BOARD

INFORMATION ON THE OFFSET ASSETS

REASONS FOR AND BENEFITS OF THE DEBT SETTLEMENT MANDATE

INFORMATION ON THE GROUP AND JINKE PROPERTY GROUP

Jinke Property

The Group

LISTING RULES IMPLICATIONS

BOARD APPROVAL

EGM AND PROXY ARRANGEMENT

CLOSURE OF REGISTER OF MEMBERS

RECOMMENDATION

ADDITIONAL INFORMATION

Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司

(Stock Code: 9666)

MAJOR AND CONNECTED TRANSACTION DEBT SETTLEMENT MANDATE

Mr. Yuan Lin

MAJOR AND CONNECTED TRANSACTION IN RELATION TO DEBT SETTLEMENT MANDATE

I. INTRODUCTION

II. THE INDEPENDENT BOARD COMMITTEE

III. OUR INDEPENDENCE

IV. BASIS OF OUR ADVICE

V. PRINCIPAL FACTORS AND REASONS CONSIDERED

1. Information of the Group

Financial performance for the year ended 31 December 2023 (the “FY2023”) and the year ended 31 December 2022 (the “FY2022 ”)

Financial position as at 30 June 2024 and 31 December 2023

Financial position as at 31 December 2023 and 31 December 2022

2. Information of Jinke Property Group

3. Reasons for and benefits of the Debt Settlement Mandate

4. Our analysis on the Debt Settlement Mandate

4.1 Information on the Receivables

4.2 Background and financial information of the Jinke Property Group

4.3 Summary of events and actions taken by the Company running up to the Debt Settlement Mandate

4.4 Our analysis on the mechanism under the Debt Settlement Mandate

(i) Information on the Offset Assets

(ii) Our work performed in relation to the appraised value of the Offset Assets

(iii) Basis of the Valuation

(iv) Methodology of the Valuation

(v) Our view

4.5 Possible financial effects of the Debt Settlement Mandate

(i) Income and earnings

(ii) Assets and liquidity

VI. RECOMMENDATION

1. RESPONSIBILITY STATEMENT

2. DISCLOSURE OF INTERESTS

(a) Directors’, Supervisors’ and the Chief Executives’ interests in the securities of the Company and its associated corporations

(i) Interests in the shares of the Company

3. DIRECTORS’ AND SUPERVISORS’ INTEREST IN CONTRACTS AND ASSETS

4. DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS

5. DIRECTORS’ AND SUPERVISORS’ INTERESTS IN COMPETING BUSINESSES

6. MATERIAL ADVERSE CHANGE

7. LITIGATION

8. MATERIAL CONTRACTS

9. EXPERT AND CONSENT

Name

Qualification

10. MISCELLANEOUS

11. DOCUMENTS ON DISPLAY

1. CONSOLIDATED FINANCIAL STATEMENTS

2. INDEBTEDNESS STATEMENT

Lease liabilities

Guarantees

3. WORKING CAPITAL

Jinke Smart Services Group Co., Ltd. Proxy Solicitation & Information Statement 2024