Chun Wo Development : Update Announcement on Major Transaction in relation to Acquisition of the Entire Issued Share Capital of CCCC Development Limited

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.

Reference is made to the circular dated 25 December 2015 (the "Circular") and the announcement dated 22 January 2016 of Chun Wo Development Holdings Limited (the "Company") in relation to, among other things, the major transaction in respect of the Acquisition. Unless otherwise stated, capitalized terms used herein shall have the same meanings as those defined in the Circular.

The Board is pleased to announce that, at the request of the Vendor, the Sale Share has been transferred to the Purchaser on 27 January 2016. The Vendor and the Purchaser intend to conduct the Completion in April 2016. By then, the Purchaser shall pay to the Vendor by cash 20% of the Consideration, and the Purchaser and the Vendor shall carry out the other Completion procedures, as contemplated by the Sale and Purchase Agreement. The Company will make an announcement upon Completion.

By Order of the Board

Co-Chairman Co-Chairman

Hong Kong, 27 January 2016

As at the date of this announcement, the executive directors of the Company are Mr. Xu Jianhua, Jerry, Ir Dr. Pang Yat Bond, Derrick and Mr. Kwok Yuk Chiu, Clement, the non-executive directors of the Company are Mr. Pang Yat Ting, Dominic, Mr. Zhang Xiaoliang and Mr. Chow Wing Kin, Anthony SBS, JP, and the independent non-executive directors of the Company are Mr. Chan Stephen Yin Wai, Mr. Kwan Ringo Cheukkai and Mr. Wu William Wai Leung.