(Hong Kong, 13 December 2019) Overseas Chinese Town (Asia) Holdings Limited (“OCT (Asia),” the “Company,” together with its subsidiaries the “Group,” HKSE stock code: 3366.HK) is pleased to announce that Hefei OCT Industry Development Co., Ltd. (“Hefei OCT Industry”), an indirect non-wholly owned subsidiary of the Company, has successfully won the bid of the land use rights of the Land, being five parcels of land (i.e, the first phase of Heifei Airport International Town) at the total consideration of approximately RMB2,644 million. Hefei OCT Industry has signed the Confirmation Letter with the Hefei Natural Resources and Planning Bureau on 13 December 2019.

Hefei Airport International Town is located in the core district of the Airport Economic Demonstration Zone (空港经济示范区，the “Demonstration Zone”) of the North District of Hefei Economic and Technological Development Zone in Anhui Province of the PRC (中国安徽省合肥市经济技术开发区北区) with a view to cultivating an industrial cluster with international competitiveness. The Land is located in the heart of Hefei Airport International Town, and it occupies a total site area of approximately 1,042 mu, of which approximately 832 mu are residential area. The Land, which has a planned total gross floor area of approximately 848,000 sq.m., is designated for commercial and residential usage with a term of 40 and 70 years, respectively. The Land is planned to develop low-rise buildings, townhouses and high-rise buildings in the residential area, and commercial blocks, business offices, hotels and exhibition centres in the commercial area.

The Land Acquisition is undertaken by the Group and Hefei Huaxing Konggang Investment Co., Ltd. (“Huaxing Investment”) via Hefei OCT Industry on a joint basis. Hefei OCT Industry was established for the development of Hefei Airport International Town, and is held by Shenzhen OCT Ganghua Investment Holdings Co., Ltd. (“OCT Ganghua”), an indirect wholly-owned subsidiary of the Company and Huaxing Investment as to 51% and 49%, respectively. Huaxing Investment is principally engaged in industrial investment and investment management. The ultimate beneficial owner of Huaxing Investment is the State-owned Assets Supervision and Administration Commission of Hefei Municipal People’s Government.

The Group has extensive experience in the development and operation of large-scale comprehensive projects. Winning the bid of the Land provides a good investment opportunity for the Group's business development, allows the Group to expand its land reserves and in turn enhance the Group’s income and profitability, and is in the interest of the Company and the Shareholders as a whole.