Palm Eco-Town Development Co.Ltd(002431) : Announcement on the government's paid withdrawal of part of the land use rights of the participating companies

Securities code: Palm Eco-Town Development Co.Ltd(002431) securities abbreviation: Palm Eco-Town Development Co.Ltd(002431) Announcement No.: 2022020 Palm Eco-Town Development Co.Ltd(002431)

Announcement on the government's paid withdrawal of some land use rights of joint-stock companies

The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.

1、 Transaction overview

Palm Eco-Town Development Co.Ltd(002431) (hereinafter referred to as "the company") Meizhou time Culture Tourism Development Co., Ltd. (hereinafter referred to as "Meizhou time") signed the agreement on recovering the use right of state-owned land with Meizhou land reserve center in July 2021. In order to accelerate the urban expansion and quality improvement of Meizhou Jiangnan New Town, Meizhou Municipal People's government has partially adjusted the planning of Meizhou Jiangnan New Town. Meizhou land reserve center has recovered the two land use rights (with a total area of 51219 square meters) held by Meizhou time in Sanjiao Town, Meijiang district according to relevant regulations. After negotiation between the two parties, the compensation is 201.8 million yuan. The details are as follows:

2、 Basic information of transaction parties

(I) Meizhou time

1. Basic business information

Company name: Meizhou time Culture Tourism Development Co., Ltd

Company type: other limited liability companies

Date of establishment: May 23, 2016

Registered address: No. 10-2, Lidu Middle Road, Meijiang district, Meizhou City

Legal representative: Zeng Qi

Registered capital: RMB 176.1 million

Business scope: investment and development of scenic spots; Investment in urbanization construction; Supporting construction, industrial planning and operation of towns and urban infrastructure; Investment in medical, health care and elderly care industries; Real estate development and operation, real estate leasing; Agricultural real estate development and operation; Asset management; Conference and exhibition services; estate management; Enterprise management consulting; Culture and art industry; Leisure, fitness and entertainment services; Pension services; Urban planning services. (according to)

For projects subject to approval by the law, business activities can be carried out only after approval by relevant departments).

2. Ownership structure

Serial number shareholder name share proportion

1 Guangdong Yunfu Investment Co., Ltd. 45.43%

2 Palm Eco-Town Development Co.Ltd(002431) 44.57%

3. Changying Investment Co., Ltd. 10%

Total 100%

Meizhou time is an associate and joint venture of the company, and the company holds 44.57% of the equity of Meizhou time; Guangdong cloud

Fu Investment Co., Ltd. is a 49% shareholding company of the company, which holds 45.43% equity of Meizhou time; Chang Ying

Investment Co., Ltd. is a wholly-owned natural person enterprise, which holds 10% equity of Meizhou time. The company has no relationship with the company

In association. After learning from Meizhou time company, Guangdong Yunfu Investment Co., Ltd. confirmed Meizhou time company

Meizhou, the joint venture, the actual controller, and the joint venture.

(II) Meizhou land reserve center

Meizhou land reserve center is a subordinate unit of Meizhou Natural Resources Bureau, which is mainly responsible for organizing the implementation of Meijiang

Land reserve work within the industrial parks under the jurisdiction of the district and the municipality and the management area of Meixi reservoir; Prepare and implement annual report

Land reserve plan; Raise land reserve funds and be responsible for the management and operation of land reserve funds; Undertaking state-owned land

Land use right recovery, acquisition, priority purchase and land replacement; Undertaking the land acquisition cost of land reserve projects

Data review; Manage and operate government reserve land, etc.

3、 Basic information of transaction object

Land area (original value of flat book (yuan) calculated net book value (yuan) assessed value (yuan) No. purpose square meter) of land certificate No. of sequence plot location

depreciation

1 Yuezhou (2017) Meizhou business service, Sanjiao Town, Meijiang district 305736879147313 0.00687914731311538250000 land for real estate in the city north of the Middle Ring Road

0003125

2 Yue (2017) Meizhou commercial service 206466658335000 0.0066583350008654800000 real estate land in Longshang village, Sanjiao Town, Meijiang district

0018355

Total 13537482313 01353748231320193050000

Both cases of land have been mortgaged to Agricultural Bank Of China Limited(601288) Meizhou City sub branch of China before land recovery, and have been mortgaged before land recovery

Obtain the reply from Agricultural Bank Of China Limited(601288) Meizhou Chengcheng sub branch of China, and cooperate with Meizhou land reserve center and Meizhou

State time handles the mortgage cancellation registration procedures. There is no major dispute, lawsuit or arbitration over the assets of the two lands

There are no judicial measures such as seizure and freezing.

4、 Pricing basis of transaction object

In July 2020, Meizhou Land Reserve Center entrusted Meizhou Zhuoyue land real estate assets appraisal

And planning and Design Co., Ltd. evaluated the two land resumption prices according to Mei Zhuodi's appraisal

[2020] No. 071301 report, the benchmark date of appraisal is July 6, 2020, and the total appraised land price is

2019305 million yuan. On this basis, Meizhou land reserve center and Meizhou time finally determined the compensation of 201.8 million yuan through communication and negotiation.

5、 Main contents of the agreement

Party A: Meizhou land reserve center

Party B: Meizhou Culture Development Co., Ltd

1. According to the reply of Meizhou Natural Resources Bureau on agreeing to recover the state-owned land use right of Meizhou time Culture Tourism Development Co., Ltd. (Meishi natural resources Zi (Jian) Zi [2021] No. 61), both parties agree that Party A will recover Party B's 51219 square meter state-owned land use right (hereinafter referred to as "recovered plot") in Sanjiao Town, Meijiang district by means of monetary compensation.

2. Through consultation, both parties agree that the compensation for the recovery of land parcel is determined as 201.8 million yuan, including 115.3 million yuan for the recovery of land parcel I and 86.5 million yuan for the recovery of land parcel II.

3. The recovery compensation for the recovered land shall be paid by Party A to Party B in two phases. Among them, 50% of the first phase of compensation, i.e. 100.9 million yuan, shall be paid within 5 working days from the date of signing this agreement, and 50% of the second phase of compensation, i.e. 100.9 million yuan, shall be paid within 30 days after Party B completes the mortgage cancellation registration procedures of the recovered plot and hands over the original real estate certificate of the recovered plot to Party A.

6、 Impact of this transaction on the company

1. Part of the land use rights of Meizhou time, a joint-stock company of the company, are recovered by the government for compensation in response to the planning needs of the government, optimize the land resource allocation of Meizhou time and increase cash flow, which will not affect the daily operation of Meizhou time.

2. Based on the assessed value-added amount of 186.67 million yuan in 2018 and the proportion of equity held by Meizhou time, the company is expected to form a loss of about 125 million yuan at the level of the company's consolidated statements; At the statement level, Meizhou time Culture Tourism Development Co., Ltd. confirmed the land transfer income of 185 million yuan (deducting the income after value-added tax), confirmed the land book cost of about 160 million yuan and the transfer income of about 25 million yuan; The company confirms the investment income of about 17 million yuan in 2021 according to the proportion of equity held by it. Combined with the above two effects, the company's profit loss of this year is about 108 million yuan due to the comprehensive impact of Meizhou time land recovery. (the final audit data of the accounting firm shall prevail).

It is hereby announced.

Palm Eco-Town Development Co.Ltd(002431) board of directors March 17, 2022

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