Central Development : COMPLETION OF DISCLOSEABLE TRANSACTION INVOLVING THE ACQUISITION OF 51% OF EQUITY INTERESTS IN THE TARGET COMPANY

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CENTRAL DEVELOPMENT HOLDINGS LIMITED ʕ೯࢝છٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 475)

COMPLETION OF DISCLOSEABLE

TRANSACTION INVOLVING

THE ACQUISITION OF 51% OF

EQUITY INTERESTS IN THE TARGET COMPANY

Reference is made to the announcement, the supplemental announcement and the announcement of extension of long stop date of Central Development Holdings Limited (the "Company") dated 11 October 2020, 27 October 2020 and 31 December 2020 respectively (the "Announcements") in relation to the acquisition of 51% equity interest of Chengdu Kaibangyuan Trading Co., Ltd* (ϓே௱Ԟ๕ਠ൱Ϟࠢʮ̡) (the "Target Company"), a company incorporated in the PRC with limited liability. Unless otherwise defined, terms used herein shall have the same meanings as those defined in the Announcements.

COMPLETION OF THE ACQUISITION

The Board is pleased to announce that all the conditions precedent set out in the Equity Transfer Agreement have been fulfilled and the Completion took place on 8 March 2021.

Upon Completion, the Target Company is held as to 51% by Beijing Jianxinyuan Trading Company Limited* (̏ԯܔอ๕൱׸Ϟࠢʮ̡) ("BJ Jianxinyuan"), a wholly-owned subsidiary of the Company. Therefore, the Company, through its wholly-owned subsidiary, BJ Jianxinyuan, is interested in 51% of the entire equity interest of the Target Company. The Target Company has become an indirect non wholly-owned subsidiary of the Company, and the financial results of which will be consolidated into the financial statements of the Group.

By order of the Board

Central Development Holdings Limited

Chan Wing Yuen, Hubert

Chief Executive & Executive Director

Hong Kong, 8 March 2021

As at the date of this announcement, the Board consists of three executive Directors, namely Mr. Wu Hao, Mr. Hu Yangjun and Mr. Chan Wing Yuen, Hubert; a non-executive Director, namely Mr. Li Wei Qi, Jacky; and three independent non-executive Directors, namely Mr. Wu Chi Keung, Mr. Jin Qingjun and Ms. Sun, Ivy Connie.

*

For identification purpose only