Pokfulam Development Company Limited announced reference is made to the announcement and the supplemental announcement the Company dated 29 December 2021 and 5 January 2022 respectively in relation to the discloseable transaction for the acquisition of Property. The Board announce that the Formal Agreement has been entered into between the Vendor and the Purchaser on 28 February 2022 and the Completion of the acquisition of Property took place on 28 February 2022 in accordance with the terms of the Formal Agreement. Upon completion, the Property is held by the Company through its wholly-owned subsidiary and the Property (except for 1/F) to be leased back to the Vendor for a term of two years commencing from 1 March 2022 at a monthly rental of HKD 560,000 (exclusive of government rent, rates and management charges).