(14 November 2016, Hong Kong) Landing International Development Limited (“Landing International” or “the Company”, HKEx Code: 00582) is pleased to announce that it has entered into a sale and purchase agreement with Algona Pte. Ltd., a direct wholly-owned subsidiary of Genting Singapore PLC (“Genting Singapore”, SGX Code: G13), on 11 November 2016 to acquire its 50% equity interests (“50% interests”) in Landing Jeju Development Co., Ltd (“LJDC”) (the “Acquisition”). LJDC is a 50% subsidiary of Landing International and is currently developing an integrated leisure and entertainment destination resort in Jeju, Republic of Korea, Jeju Shinhwa World (“Jeju Shinhwa”, formerly known as “Jeju Myths & History Park”). Spanning across a 2.5 million square metres site, Jeju Shinhwa, when it opens in the fourth quarter of 2017, will be Jeju’s first premium integrated destination resort and will offer its visitors many world-class hospitality, leisure, entertainment and gaming facilities including a family theme park offering more than 20 thrill and adventure rides and attractions in 7 different zones, an adventure water park, more than 2,000 premium hotel rooms, luxury resort apartments and villas, cultural facilities, leisure and entertainment amenities, as well as Jeju’s largest themed retail and food and beverage complex.

The consideration for the Acquisition is approximately US$420 million (equivalent to approximately HK$3.3 billion) and will be funded by debt financing. Upon completion of the Acquisition, LJDC will become a wholly-owned subsidiary of Landing International.

Mr. Yang Zhihui, Chairman of Landing International and LJDC, said, “It is our vision to be a leading global player in the tourism, leisure and entertainment industry. Besides Landing International’s 50% equity interests in Jeju Shinhwa, the Company currently owns Les Ambassadeurs Club in London, United Kingdom and Landing Casino Club in Jeju. In line with our vision, we plan to pursue growth by continuing to invest in integrated resort developments in the region.”

My Yang further added, “In recent years, Jeju Island has grown in reputation and is fast becoming a preferred tourism destination in North Asia. The number of tourists’ arrivals to Jeju Island has grown significantly, from approximately 7.5 million tourists in 2010 to 13.7 million tourists in 2015, of which 2.6 million are overseas tourists from mainly North and South-East Asia including China, Japan, Hong Kong, Taiwan, Singapore, Malaysia, Indonesia and Vietnam. Up to September 2016, Jeju has welcomed approximately 12.0 million visitors, of which 2.8 million are overseas visitors. This is a growth of 20% year-on-year over the same period in 2015. In particular, the number of foreign visitors has grown 46% year-on-year over the same period in 2015. Given Jeju’s continuous efforts to promote the island’s tourism appeal as well as recent initiatives to further improve the island’s infrastructure including plans to develop another international and domestic airport, it is expected that the total number of tourist arrivals to Jeju will increase to 17.0 million in 2018, including approximately 6.4 million from overseas. On the back of Jeju’s tourism prospects, we initiated an offer to Genting Singapore and we are delighted that they have agreed to sell us their 50% equity interests in LJDC. This Acquisition will enable us to move closer towards our vision and strengthen our presence in the growing tourism market in Jeju.”

Upon completion, Jeju Shinhwa will be operated by Landing International under its “Landing” and “Les Ambassadeurs” brand name. Since 2014, LJDC has attracted a group of experienced professionals from various global hospitality, attractions, entertainment and gaming companies to join its growing management team. Each of these professionals has many years of experience in their respective fields.

Mr Yang commented, “The team in LJDC has done a great job since Jeju Shinhwa’s ground breaking in February 2015. I am very pleased that they will continue to lead the development of Jeju Shinhwa following the completion of the Acquisition. Given the continuing overwhelming support, dedication and commitment from the team, I am confident that Jeju Shinhwa will become an iconic integrated destination resort that Jeju and its residents will be proud of.”

Jeju Shinhwa’s construction and business development plans are currently in full swing and on schedule to open progressively from the fourth quarter of 2017.”

The strong tourism appeal of Jeju Shinhwa has enabled LJDC to successfully attract several well-known business partners in Korea. TUBAn Company Limited (“TUBAn”), one of Korea’s premier 3D animation companies, will collaborate with LJDC to theme 3 zones in Jeju Park’s adventure theme park. TUBAn is an award-winning specialist developer and producer of the widely popular 3D animations Larva, Wingcle Bear, Rotary Park and Oasis in Korea.

In addition, LJDC will partner with Shinsegae Co., Ltd. for Jeju Shinhwa’s retail and food & beverage offerings. Shinsegae Co., Ltd. founded Korea’s first department store and remains the leader in Korea’s modern retail industry. It currently operates 10 regional landmark stores nationwide and two premium food market stores including SSG Food Market and its popular online shopping site, SHINSEGAE Mall. SHINSEGAE Centum City, which opened in 2009 as a new concept shopping complex in Busan, was listed as the “world’s largest department store” in the Guinness Book of Records.

LJDC will partner with leading Korean entertainment companies to provide world-class entertainment shows and events in Jeju Shinhwa’s cultural entertainment zone, showcasing a series of popular Korean pop culture and featuring Korean celebrities of international fame.

On the hospitality front, LJDC is in discussions with selected international hospitality groups to manage its luxury hotels and villas in Jeju Shinhwa.

The resort condominium apartments and villas has also attracted strong interests and demand when it was launched for sale in April 2016.

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