Shenzhen International (00152) has announced that its wholly-owned subsidiary, Longshen International Properties, entered into a construction contract with China Construction Eighth Engineering Division (CSCEC 8th Division) on August 25, 2026, following a standard bidding process. The agreement covers the construction works for the retained land under Phase One of the South China transformation project, with a contract value of RMB 683 million.

The group had previously signed a land-use rights transfer agreement for the Phase One retained land in July 2025 and has been actively advancing the site's development. The execution of this construction contract is a pivotal step in moving the project forward, enabling the group to commence the main works as scheduled and ensure timely project delivery.

By developing a high-quality, exemplary residential project, the group aims to strengthen its market competitiveness and brand presence, which is expected to accelerate sales proceeds and improve cash flow recovery. Furthermore, the offset arrangement under the contract will reduce the group's immediate cash outlay, allowing it to preserve more capital for daily operations and other business expansion.

CSCEC 8th Division was selected as the contractor through an open tender process. The board believes that, given the company's extensive experience in construction engineering in China over many years, appointing CSCEC 8th Division as the contractor will adequately meet the construction needs of this project.