Beijing Properties : Announcements and Notices - Update on Discloseable Transaction Relating to Subscripti ...

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BEIJING PROPERTIES (HOLDINGS) LIMITED ̏ԯܔண€છٰϞࠢʮ̡

(Incorporated in Bermuda with limited liability)

(Stock Code: 925)

UPDATE ON DISCLOSEABLE TRANSACTION RELATING TO SUBSCRIPTION RECEIPTS OF MILLENMIN VENTURES INC.

Reference is made to the announcements of the Company dated 27 January 2017 and 7 July 2017 in relation to the discloseable transaction of subscription for MillenMin Shares and Subscription Receipts, disposal of interest in in Bellomonte Group and other related matters (the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements unless defined otherwise herein.

The Subscription Receipts were distributed by MillenMin in a private placement in which 241,919,000 Subscription Receipts (including 88,999,000 Subscription Receipts issued to BICL) at a price of CAN$0.10 per Subscription Receipt were issued for gross proceeds of US$18,347,997.

The gross proceeds from the offering of Subscription Receipts are held in escrow pending satisfaction of certain Escrow Release Conditions including receipt of Cuban regulatory approvals required in connection with the transaction for the vend-in of the 49% interest of the Joint Venture Company in Cuba to develop a golf resort in Cuba (the "Vend-in Transaction").

As the Cuban regulatory approvals that are required to be obtained prior to the release of the escrowed proceeds are expected to take additional time and are not expected to be obtained before the current deadline, the parties agreed to extend the relevant deadlines, including in the general termination provisions in the Vend-in Agreement, to 30 September 2018. The holders of the Subscription Receipts have approved this extension.

Prior to this extension, if the Escrow Release Conditions were not satisfied by 31 December 2017, the escrowed proceeds would have to be used to repurchase the Subscription Receipts from the Subscription Receipt holders for cancellation.

By Order of the Board

Beijing Properties (Holdings) Limited

Cheng Ching Fu

Company Secretary

Hong Kong, 22 December 2017

As at the date of this announcement, Mr. Qian Xu, Mr. Hu Yebi, Mr. Li Shuping, Mr. Zhao Jiansuo, Mr. Siu Kin Wai, Mr. Dong Qilin, Mr. Li Changfeng, Mr. Cheng Ching Fu, Mr. Yu Luning and Mr. Ang Renyi are the executive Directors; and Mr. Goh Gen Cheung, Mr. Zhu Wuxiang, Mr.

James Chan, Mr. Song Lishui and Mr. Xie Ming are the independent non-executive Directors.