Yuexiu Property Disposes of the Non-Core Supermarket Business

Hong Kong, 6 December 2010 Yuexiu Property Company Limited ( Yuexiu Property or the Company ) (HKEx Stock Code: 00123) announced that the Company, Guangzhou Construction & Development Holdings (China) Limited ( Guangzhou Construction BVI ), a wholly-owned subsidiary of the Company, and Easeshine Investments Limited ( Easeshine ), an investment holding company wholly owned by China Resources Enterprise, Limited, entered into an agreement (the Agreement ) pursuant to which Guangzhou Construction BVI has agreed to sell the entire issued share capital of and the Shareholder s Loan to Durman Limited ( Durman ) to Easeshine (the Transaction ).

Durman holds 98.126% equity interest in Guangzhou Homecity Supermarket.

Pursuant to the Agreement, the aggregate consideration to be paid by Easeshine to Guangzhou Construction BVI shall be RMB36,699,124. Based on the unaudited consolidated financial statements of Durman Group as at 30 September 2010, it is estimated that Yuexiu Property and its subsidiaries ( the Group ) will record a gain of approximately RMB1,500,000 on the Transaction.

The net proceeds will be used as general working capital of the Group. It is expected that the Transaction will be completed on or before 31 December 2010 (or such other date as the parties to the Agreement may agree). Upon completion of the Transaction, Durman will cease to be a subsidiary of the Company.