SHUI ON LAND (00272) announced that on January 16, 2026, its indirect non-wholly-owned subsidiary, Shanghai Zhaolou, successfully acquired the land use rights for a plot in Shanghai's Minhang District through a public listing process. The subsidiary entered into a land use rights transfer agreement with the relevant authority for a consideration of RMB 664.3 million (approximately HKD 739 million). This acquisition is part of the Zhaijialou Project. The land parcel is situated within the Zhaijialou Project, which is an urban renewal development. In terms of public transportation, the site is strategically located adjacent to the Shanghai-Shenjiahu Expressway and the Shanghai North-South Elevated Road, with convenient access to two subway lines, ensuring excellent connectivity to downtown Shanghai. The Zhaijialou Project is designed to preserve the unique historical and cultural heritage of Pujiang Town in Minhang District, with the land expected to be developed into a new landmark for Shanghai. The Group believes that the acquisition of this land parcel will serve as a strategic addition to its land reserve, thereby enhancing its market share and influence within Shanghai's residential property market. This move will further solidify the Group's leading position in the urban renewal sector in Shanghai and is anticipated to generate substantial revenue from property sales, ultimately strengthening the Group's financial position.