Gelonghui Co., Ltd. (603123.SH) announced that in order to actively implement plans and policy measures such as international consumer center city construction, commercial consumption space layout, business district renovation and upgrading, and urban renewal in Beijing and Haidian District, the Haidian District Committee and District Government's requirements for the overall planning and deployment of the Haidian Regional Business District to implement the Zhongguancun Street Key Commercial Project Contemporary Mall Zhongguancun Branch Urban Renewal Project (hereinafter referred to as the “Project”), the wholly-owned subsidiary, Beijing Contemporary Mall Co., Ltd. (hereinafter referred to as “this project”). The Contemporary Mall building, where its Zhongguancun store is located, was renovated and reconstructed to create a new commercial complex with internationalization, technology, fashion, and lifestyle as the main lines, enhance the market competitiveness and brand influence of the Contemporary Mall Zhongguancun store, and promote the development of the Haidian regional economy and the improvement of the company's overall operating efficiency.

The Contemporary Mall building currently has a total construction area of 57,687.77 square meters with 12 floors above ground and 2 floors underground. The subsidiary, Contemporary Mall, has commercial properties with a total construction area of 49,962.87 square meters with 1 to 8 floors above ground and 1 floor underground. The initial plan for the renovation of the Contemporary Mall building is about 85,000 square meters with nine floors above ground and four floors underground. The subsidiary Contemporary Mall plans to invest about 1,120 billion yuan to build 1-7 floors above ground and 1-3 floors underground with a total construction area of about 691,000 square meters.