CORPORATE GOVERNANCE & SUSTAINABILITY | DIRECTORS’ REPORT (b) Acquisitions of Further Interests in The First Transaction, the Second Transaction and the Sino-Ocean Taikoo Li Chengdu Third Transaction, when aggregated, constituted a As at 15th December 2022, Sino-Ocean Taikoo Li discloseable transaction of the Company under the Chengdu was owned by two holding companies Listing Rules, in respect of which an announcement (the “PH companies”, together with their respective dated 15th December 2022 was published. subsidiaries, the “PH Group”) and managed by a The First Transaction was completed on 21st property management company (the “PM Company” December 2022, in respect of which an announcement together with its subsidiaries, the “PM Group”), dated 21st December 2022 was published. The Group’s where the PH Group and the PM Group were owned interest in the Target Group increased from 50% to by the relevant subsidiaries of the Company (the 65% upon completion of the First Transaction. “Purchasers”) and the relevant subsidiaries of Sino- The Second Transaction was completed on 22nd Ocean Group Holding Limited (“SOG”) (the “Sellers”) February 2023. The Group’s interest in the PM Group on a 50:50 basis. The Target Group comprises the increased further to 100% upon completion of the PH Group and the PM Group. Second Transaction. On 15th December 2022, Immediately after completion of the Second (1) the Purchasers, the Sellers, SOG and Sino-Ocean Transaction, the Third Transaction was completed on Service Holding Limited (“SOG Service”) (SOG the same date. The Group’s interest in the PH Group together with SOG Service as the seller guarantors) increased further to 100% upon completion of the entered into the first master agreement for the Third Transaction. The Target Group became wholly- sale and purchase of a 15% interest in the owned by the Group. An announcement on the Target Group for a total cash consideration of completions dated 22nd February 2023 was published. RMB1,000,000,000 (the “First Transaction”); (2) the relevant Purchaser, the relevant Seller, SOG and SOG Service (SOG together with SOG Service On behalf of the Board as the seller guarantors) entered into the second master agreement for the sale and purchase of a 35% interest in the PM Group for a cash Guy Bradley consideration of RMB59,000,000 (the “Second Transaction”); and Chairman (3) the relevant Purchasers, the relevant Sellers Hong Kong, 9th March 2023 and SOG (as the seller guarantor) entered into the third master agreement for the sale and purchase of a 35% interest in the PH Group for a total cash consideration of RMB4,491,000,000 (the “Third Transaction”). 120