Suncity : ANNOUNCEMENT ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 BY A LISTED SUBSIDIARY - SUNTRUST HOME DEVELOPERS, INC.

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.

SUNCITY GROUP HOLDINGS LIMITED ˄ජ۬ණྠછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1383)

ANNOUNCEMENT

ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 BY A LISTED SUBSIDIARY - SUNTRUST HOME DEVELOPERS, INC.

This announcement is made by Suncity Group Holdings Limited (the "Company") pursuant to Rule 13.09(2)(a) 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).

This announcement is not an announcement on the financial results of the Company but an announcement to provide shareholders of the Company and the potential investors with information on the financial results of Suntrust Home Developers, Inc. ("SunTrust"), an overseas listed subsidiary of the Company listed on The Philippine Stock Exchange, Inc. ("PSE").

Reference is made to the overseas regulatory announcement of the Company dated 29 March 2021 on, among others, the annual report for the year ended 31 December 2020 (the "2020 Annual Report") published by SunTrust on the website of PSE on 29 March 2021.

Set out below are the financial highlights containing key financial information of SunTrust extracted from the 2020 Annual Report, which was prepared in accordance with the Philippine Financial Reporting Standards, for information of the shareholders of the Company and the potential investors:

SUNTRUST HOME DEVELOPERS, INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (Amounts in Philippine Pesos)

2020	2019	2018
(Audited)	(Audited)	(Audited)
REVENUES AND INCOME
Equity in net earnings of an associate	12,583,562	7,810,256	-
Finance and other income	2,613,480	23,169,121	13,370,341
Management fees	-	500,983,740	517,201,700
Rental income	-	32,715,976	37,189,216
Service income	-	18,277,177	21,967,597
Retirement benefit gain	-	-	65,395,697
15,197,042	582,956,270	655,124,551
COSTS AND EXPENSES
Operating expenses	82,349,275	273,128,138	161,533,760
Cost of services	-	333,252,958	333,963,677
Finance costs	143,871,830	4,382,206	6,292,789
Loss on deconsolidation	-	264,692,670	-
Tax expense	521,205	22,280,033	49,471,456
226,742,310	897,736,005	551,261,682
NET PROFIT (LOSS)	(211,545,268)	(314,779,735)	103,862,869
Earnings (Loss) Per Share
Basic and Diluted	(0.029)	(0.131)	0.046

SUNTRUST HOME DEVELOPERS, INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT DECEMBER 31, 2020 AND 2019

(Amounts in Philippine Pesos)

2020	2019
(Audited)	(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	5,877,616,276	1,278,214,939
Due from a related party	27,382,014	27,382,014
Other current assets	29,437,269	2,168,467
Total Current Assets	5,934,435,559	1,307,765,420
NON-CURRENT ASSETS
Investment in an associate	153,728,294	141,144,732
Property and equipment - net	1,976,103,364	-
Right-of-use asset	14,429,698,406	-
Total Non-current Assets	16,559,530,064	141,144,732
TOTAL ASSETS	22,493,965,623	1,448,910,152

2020	2019
(Audited)	(Audited)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade and other payables	292,499,838	57,502,895
Due to related parties	58,378,962	-
Total Current Liabilities	350,878,800	57,502,895
NON-CURRENT LIABILITIES
Convertible bonds payable	8,197,353,930	-
Lease liability	5,618,666,948	-
Total Non-current Liabilities	13,816,020,878	-
Total Liabilities	14,166,899,678	57,502,895
EQUITY
Capital stock	5,862,500,010	3,312,500,000
Convertible bonds equity reserve	4,592,867,070	-
Revaluation reserve	460,033	460,033
Exchange reserve	4,336,876	-
Deficit	(2,133,098,044)	(1,921,552,776)
Total Equity	8,327,065,945	1,391,407,257
TOTAL LIABILITIES AND EQUITY	22,493,965,623	1,448,910,152
Hong Kong, 29 March 2021

By order of the Board

Suncity Group Holdings Limited

Chau Cheok Wa

Chairman

As at the date of this announcement, the executive Directors are Mr. Chau Cheok Wa, Mr. Lo Kai Bong, Mr. Au Chung On John and Mr. Manuel Assis Da Silva; and the independent non-executive Directors are Mr. Tou Kin Chuen, Dr. Wu Kam Fun Roderick and Mr. Lo Wai Tung John.