We refer to the Company's announcements dated 8 February 2023 and 24 February 2023 in relation to the announcement made to The Stock Exchange of Hong Kong Limited ("The HKEx") and the publication of the circular to shareholders by Parkson Retail Group Limited ("PRGL"), a 54.97% owned subsidiary of the Company listed on The HKEx, in respect of a major transaction in relation to the tenancy of a property in Mianyang City, Sichuan Province, the People's Republic of China ("Announcements").

Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Announcements.

On 25 April 2023, PRGL had announced that the Landlord had on 19 April 2023, successfully obtained the construction project planning permit for the Property, and that PRGL has also complied with the relevant Listing Rules requirements and all internal approval procedures in respect of the Tenancy Transaction. Accordingly, pursuant to the Cooperation Agreement and the Confirmation Letter, the Parties had on 24 April 2023, entered into the Tenancy Agreement and completed the Tenancy Transaction. A copy of PRGL's announcement is attached herewith.