(30 September 2015, Hong Kong) Landing International Development Limited (“Landing International” or the “Company”, HKEx Code: 00582) announced that the Company and Ngai Shun Holdings Limited (“Ngai Shun Holdings”, HKEx Code: 01246) have entered into a sale and purchase agreement to sell its wholly owned subsidiary Double Earn Holdings Limited (“Double Earn”), which is principally engaged in the development of the Yueyang Residential Properties in Hunan province, the PRC, and the net outstanding amount of the Sale Loan of approximately HK$628 million for a total consideration of HK$1 billion. The consideration will be satisfied by the issue of the Promissory Note by Ngai Shun Holdings to the Company at completion.

The project is located in western shore of Nanhu district in Yueyang city, the PRC. They are under development into high-end residential buildings with club houses and parking lots. The construction works for the first phase of the development are near to completion while the construction works for the second phase are still at an early stage. It is expected that the entire construction will be completed by or around the third quarter of 2016.

Landing International is principally engaged in development and operation of integrated resort, casino business, property development, as well as design, manufacturing and sales of light-emitting diode and semiconductor lighting related products. The disposal will allow the Company to recoup not only in full the entire cash investment but also enjoy a net cash inflow, allowing the Company to redeploy its resources to its existing and other potential investments in line with the Company’s long term business strategy. Moreover, the disposal will be minimizing the Company’s exposure to the market risks resulted from any downturn in the property market due to fluctuation of the financial markets and the frequent changes in the property control policies in China.

Mr. Yang Zhihui, Chairman of Landing International, said, “The disposal of Yueyang Residential Properties will allow the Company to focus on its core casino business and further enhance its financial position. Landing International aims to establish its own branding and presence in the gaming industry worldwide. The Company is currently developing the Myth-History Park project in Jeju, Korea. Being a key mega integrated resort project under the spotlight within the country, it is expected to attract a substantial number of international tourists. We will continue to work closely with the local government of Jeju in order to accelerate the construction works of the Jeju Project. We believe that the Jeju Project will become one of the most striking integrated resort landmarks in Korea and even in Asia Pacific region upon its completion.”

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