XUJIAHUI COMMERCIAL: Has not yet obtained the construction project planning permit and construction permit

XUJIAHUI COMMERCIAL announced that the major investment project, the Shanghai 600 Urban Renewal Project, could not proceed with construction as of the board meeting on March 27, 2025, due to the lack of a construction project planning permit and a construction permit. The company will strengthen communication with functional departments, closely track the approval progress, and promote the project process. On May 9, 2025, the planning department of Xuhui District, Shanghai, announced the "Implementation Plan for the Xujiahui-1 Renewal Unit Planning in Xuhui District, Shanghai." The renewal unit is located at the intersection of two major urban development axes: Huashan Road-Caoqi North Road and Hongqiao Road-Zhaojia Bang Road, and the project's location falls within the planning scope of the renewal unit. On May 17, 2025, the planning department of Xuhui District, Shanghai, publicized the draft for public participation regarding the "Partial Adjustment of the Control Detailed Planning for the C030202 Unit in Xujiahui Community, Xuhui District, Shanghai." The building indicators in the adjustment announcement show significant changes compared to the building indicators in the company's ongoing major investment project plan, and it is possible that the company may need to adjust the project design plan, total investment, and construction period based on the results of the adjustment announcement. The company will pay close attention to and closely track the progress and results of the adjustment announcement