China Overseas Grand Oceans : FINANCIAL AND BUSINESS REVIEW FOR THE THIRD QUARTER OF 2019

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

(incorporated in Hong Kong with limited liability)

(Stock Code: 00081)

FINANCIAL AND BUSINESS REVIEW FOR THE THIRD QUARTER OF 2019

The following description provides certain unaudited financial data relating to the performance of China Overseas Grand Oceans Group Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") in the third quarter of 2019.

Financial Performance

The Group turnovers were HK$10,692 million and HK$23,487 million for the three months and nine months ended 30 September 2019 respectively. Operating profits for the relevant periods were approximately HK$2,966 million and HK$6,801 million respectively.

Business Review

In the third quarter of 2019, sales of properties are satisfactory. Total contracted property sales of the Group and its associates and joint ventures reached HK$16,755 million for an aggregated area of about 1,190,800 sq.m. sold. For the nine months ended 30 September 2019, the accumulated contracted property sales amounted to HK$45,381 million for an aggregated area of about 3,564,900 sq.m. sold. Also, as at 30 September 2019, the balance of preliminary sales pending the completion of sales and purchase agreements was HK$1,091 million for an aggregated area of 76,600 sq.m..

Progress for all development projects was satisfactory and largely in line with the construction programs.

During this quarter, the Group acquired six parcels of land in Qingyuan, Nantong, Weifang and Quanzhou with an attributable gross floor area of approximately 651,500 sq.m. for an attributable land cost of approximately RMB3,695 million (equivalent to approximately HK$4,139 million). In addition, as disclosed in 2019 interim report, the Group completed the acquisition of property development projects located at Weinan on 15 August 2019. The details of the acquisition could be referred to the announcement on 29 May 2019.

As at 30 September 2019, the Group and its joint ventures together have a total landbank available to build gross floor area of approximately 24.0 million sq.m. (of which, 21.8 million sq.m. are attributable to the Group, including the interests in joint ventures) in the PRC.

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Again, the Group would maintain a professional and prudent financial management of the financial resources and also closely monitor the impacts from the external economic environment and national policy changes to the business operations.

General

This announcement may contain forward-looking statements that involve risks and uncertainties. The Company's shareholders and potential investors should not place undue reliance on these forward-looking statements, which reflect only our belief as of the date of these statements. These forward-looking statements are based on the Group's own information and on information from other sources we believe to be reliable. The Group's actual results may be materially different from those expressed or implied by these forward-looking statements, which could affect the market price of the Company's share.

The Company's shareholders and potential investors should note that all the figures contained herein are unaudited. Accordingly, figures and discussions contained in this announcement should in no way be regarded as to provide any indication or assurance on the financial results of the Group for the nine months ended 30 September 2019.

The Company's shareholders and potential investors are urged to exercise caution in dealing in the securities of the Company and are recommended to consult their own professional advisers if they are in doubt as to their investment positions.

By order of the Board

China Overseas Grand Oceans Group Limited

Yan Jianguo

Chairman and Non-Executive Director

Hong Kong, 17 October 2019

As at the date of this announcement, the board of directors of the Company comprises eight directors, of which three are executive directors, namely, Mr. Zhang Guiqing, Mr. Paul Wang Man Kwan and Mr. Yang Lin; two non-executive directors, namely Mr. Yan Jianguo and Mr. Billy Yung Kwok Kee, and three independent non-executive directors, namely Dr. Timpson Chung Shui Ming, Mr. Jeffrey Lam Kin Fung and Mr. Dantes Lo Yiu Ching.

This announcement is also published on the Company's website (http://www.cogogl.com.hk), the website of The Stock Exchange of Hong Kong Limited (http://www.hkexnews.hk) and the website of EQS TodayIR Ltd (http://www.todayir.com/en/showcases.php?code=81).

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