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 Chinese OA System
21 2019.10
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CHINA MERCHANTS LAND CONTINUES TO TRANSFORM TO FURTHER EXPAND ITS REIT MANAGEMENT BUSINESS THROUGH FURTHER REVISING THE NON-COMPETITION DEED WITH CMSK

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21 October 2019 – China Merchants Land Limited (“China Merchants Land” or “the

Company”, stock code: 00978) and its subsidiaries (the “Group”) had entered into a

re-amended and restated non-competition deed (the “Re-Amended and Restated

Non-Competition Deed”) with its controlling shareholder China Merchants Shekou

Industrial Zone Holdings Co., Ltd. (“CMSK”), in order to further optimize its asset-light

property business strategy and to expand potential asset-light property business

opportunities. Pursuant to the Re-Amended and Restated Non-Competition Deed, China

Merchants Land will be able to carry out REIT management business in all cities across

China, while CMSK will still be able to conduct its property management business.

According to the Re-Amended and Restated Non-Competition Deed, China Merchants

Land will have the rights to participate in the REIT management business for REITs with

underlying properties permitted to be situated in all over China on an exclusive basis. The

Group is entitled to receive cash and/or units in the REITs. CMSK has irrevocably

undertaken that it shall not hold or be interested, directly or indirectly, in any shares or

other interest in any company, partnership, or trust, which engages or is involved in,

directly or indirectly, any REIT management business in any of the cities in China; or

otherwise, directly or indirectly, engage or invest in, or provide other support, financial or

otherwise, to any REIT management business in any of the cities in China.

The REIT management business of China Merchants Land mainly provides services to

REITs which own and invest in high quality income-generating commercial properties in

China. Under the REIT management business, the Group, through its subsidiaries

licensed with the Securities and Futures Commission of Hong Kong, acts as the REIT

manager (the “REIT Manager”) will set the strategic direction and risk management

policies of the REIT, and acquire and divest assets of the REIT in accordance with its

stated investment strategy. The REIT Manager will focus on improving the value of the

properties, fund raising, financial and compliance management.

Mr. Yu Zhiliang, the general manager of China Merchants Land, said: “REITs are

distinctive products regulated by the Hong Kong regulatory bodies and are wellrecognized by global investors. The REIT management business presents a unique

opportunity for China Merchants Land to further develop its asset-light business and

become a leading REIT service provider.”

The Re-Amended and Restated Non-Competition Deed is subject to consideration and

approval by the independent shareholders at the extraordinary general meeting to be held

on 8 November.

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