DreamEast : INSIDE INFORMATION AND UPDATE ON AN ENFORCEMENT ACTION AGAINST THE SECURITY OF A LOAN

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.

DREAMEAST GROUP LIMITED

夢東方集團有限公司

(Incorporated in Bermuda with limited liability and

carrying on business in Hong Kong as "DreamEast Cultural Entertainment")

(Stock Code: 593)

INSIDE INFORMATION

AND

UPDATE ON AN ENFORCEMENT ACTION AGAINST THE

SECURITY OF A LOAN

This announcement is made by DreamEast Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

UPDATE ON AN ENFORCEMENT ACTION AGAINST THE SECURITY OF A LOAN

Reference is made to the announcement dated 11 March 2021 (the "Announcement") of the Company in relation to, among other things, the Enforcement Action. Unless otherwise defined, capitalised terms used herein shall have the same meanings as defined in the Announcement.

Subsequent to the release of the result of the Assessment which stated that the Valuation of the Fangshan Land as at 23 October 2020 of RMB2,798.7 million (equivalent to approximately HK$3,339.9 million) is reasonable, on 20 April 2021, the Company received

a notice from the Court dated 15 April 2021, pursuant to which the Court ordered that the Fangshan Land shall be put on a public auction on 阿里巴巴司法拍賣網絡平台 (Alibaba

Judicial Auction Network Platform*) of the Court from 27 May 2021 to 28 May 2021.

The Company will make further announcement(s) to update the status of the Enforcement Action as and when appropriate.

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CONTINUED SUSPENSION OF TRADING

Trading in the Shares has been suspended with effect from 9:00 a.m. on 1 April 2021 and shall remain suspended pending the Company's compliance with the resumption guidance requirements issued by the Stock Exchange, details of which were disclosed in the announcement of the Company dated 16 April 2021.

By order of the Board of

DreamEast Group Limited

Chan Tak Kwong

Company Secretary

Hong Kong, 21 April 2021

For the purpose of this announcement, translations of Renminbi into Hong Kong dollars or vice versa have been calculated by using an exchange rate of HK$1.00 equal to RMB0.83797. Such exchange rate has been used, where applicable, for the purpose of illustration only and does not constitute a representation that any amounts were, may have been or will be exchanged at such rate or any other rates or at all.

As at the date of this announcement, the Board comprises Ms. Zhou Jin (Chairman) and Mr. Yang Lei being the executive Directors, and Dr. Chen Guanglei, Dr. Meng Xiaosu, Mr. Yang Buting and Mr. Zhao Daxin being the independent non-executive Directors.

*  The English translation of the Chinese name of the relevant entity included in this announcement is for identification and reference only, and such translation may not be accurate and such entity may not have an official English translation/version of its Chinese name.

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