Gelonghui, May 28, 丨 Wanshichang International (00898.HK) announced that on May 28, 2024, Highcode (an indirect wholly-owned subsidiary of the company) and THY Land and the joint venture THY URBAN DEVELOPMENTS SDN. BHD. Concludes the agreement. Under the agreement, Highcode (which is the shareholder holding 49% of the issued shares in the joint venture) has promised to provide financing of up to RM78.4 million (whether by loan, guarantee or other means) to the joint venture for the acquisition and development of such land in proportion to its share share.

Such land refers to 2 pieces of freehold land with a total area of approximately 17,376.12 **** meters. The details of the ownership are as follows: (1) Geran 25607, Lot 17, Seksyen 71, Bandar Kualalampur, Daerah Kuala Lumpur, Negeri WilayahPersekutuan Kuala Lumpur of about 8,498.12 **** meters; and (2) Geran 14977, Lot 332, Seksyen 71, Bandar Kualalampur, Daerah Kuala Lumpur, Negeri WilayahPersekutuan Kuala Lumpur is approximately 8,878 **** meters.

The Board believes that cooperation with THY Land under this agreement will provide the Group with a good opportunity to make good use of its knowledge and expertise in property acquisition and project management, and expand its business with experienced investors. This cooperation will also enable the Group to expand its business to property development, and use the large capital provided by THY Land to build a larger project portfolio for the Group and make its business portfolio more diverse.