Shenzhen Investment Bay Area Development : MONTHLY UPDATE ANNOUNCEMENT PURSUANT TO RULE 3.7 OF THE TAKEOVERS CODE AND GRANT OF MANDATORY GENERAL OFFER WAIVER BY THE EXECUTIVE

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.

The information set out below in this announcement is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company.

MONTHLY UPDATE ANNOUNCEMENT

PURSUANT TO RULE 3.7 OF THE TAKEOVERS CODE

AND

GRANT OF MANDATORY GENERAL OFFER WAIVER BY THE EXECUTIVE

Reference is made to the announcement of Shenzhen Investment Holdings Bay Area Development Company Limited (the "Company", together with its subsidiaries, collectively the "Group") dated 15 March 2021 in relation to, among other things, the Possible Transaction (the "Announcement"). Unless otherwise specified, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

This announcement is made pursuant to Rule 3.7 of the Takeovers Code.

UPDATE ON THE POSSIBLE TRANSACTION

The Company wishes to update its Shareholders and potential investors that, since the publication of the Announcement, the Potential Purchaser and its professional advisers have been conducting due diligence on the Company. The Company understands from SIHC (the ultimate controlling shareholder of the Company) and the Potential Purchaser that the discussion in relation to the terms of the Possible Transaction is still ongoing, and no definitive nor legally binding sale and purchase agreement in relation to the Possible Transaction has been entered as at the date of this announcement.

GRANT OF MANDATORY GENERAL OFFER WAIVER BY THE EXECUTIVE

As disclosed in the Announcement, the Potential Purchaser intended to apply for a waiver from the obligation to make a mandatory general offer under Note 6(a) of Rule 26.1 of the Takeovers Code from the Executive. The Company was informed by the Potential Purchaser that the Potential Purchaser had made an application for a waiver from the obligation to make a mandatory general offer under Note 6(a) of Rule 26.1 of the Takeovers Code from the Executive, and the Executive has granted such waiver on 13 April 2021.

For the purposes of the Takeovers Code, the offer period has ended on 14 April 2021.

1

WARNING: THERE IS NO ASSURANCE THAT THE POSSIBLE TRANSACTION WILL MATERIALISE OR EVENTUALLY BE CONSUMMATED. SHAREHOLDERS AND POTENTIAL INVESTORS OF THE COMPANY SHOULD EXERCISE CAUTION WHEN DEALING IN THE SECURITIES OF THE COMPANY. PERSONS WHO ARE IN DOUBT AS TO THE ACTION THEY SHOULD TAKE SHOULD CONSULT THEIR STOCK BROKERS, BANK MANAGERS, SOLICITORS OR OTHER PROFESSIONAL ADVISERS.

By Order of the Board

Shenzhen Investment Holdings Bay Area

Development Company Limited

Ji LIU*

Executive Director and Deputy General Manager

Hong Kong, 14 April 2021

As at the date of this announcement, the Board comprises three Executive Directors, namely Mr. Tianliang ZHANG* (General Manager), Mr. Cheng WU* (Deputy General Manager) and Mr. Ji LIU* (Deputy General Manager and secretary to the Board); three Non-executive Directors, namely Mr. Zhengyu LIU* (Chairman), Mr. Junye CAI* and Mr. Weiguo ZONG*; and three Independent Non-executive Directors, namely Mr. Brian David Man Bun LI, Mr. Yu Lung CHING and Mr. Tony Chung Nin KAN.

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

2