HONG KONG, CHINA - Media OutReach - 30 June 2020 - Gudou Holdings Limited ("Gudou Holdings" or "Company", which together with its subsidiaries, is referred to as the "Group", SEHK stock code: 8308), a well-known operator of hot spring resorts and hotels and developer of tourism properties, announces its further cooperation with China Aoyuan Group Limited ("China Aoyuan", SEHK stock code: 3883) in developing tourism properties at Gudou Hot Spring Resort in Yamen Town, Xinhui, Jiangmen, Guangdong Province.

Pursuant to the two companies' new agreement about further cooperation, Guangdong Gudou Travel Group Company Limited ("Guangdong Gudou"), a wholly-owned subsidiary of Gudou Holdings Limited, will contribute three pieces of land with a total site area of approximately 63,797 square metres (sq.m.) and estimated gross floor area of 54,323 sq.m. at the Gudou Hot Spring Resort. According to an independent valuer, the three pieces of land are together valued at approximately RMB153 million as at 31 March 2020. Meanwhile, Guangdong Aoyuan Co., Ltd. ("Guangdong Aoyuan"), a wholly-owned subsidiary of China Aoyuan, will be responsible for funding the development and construction of the tourism properties, with an investment of approximately RMB357 million. Guangdong Gudou and Guangdong Aoyuan will jointly plan, develop, construct and operate the tourism properties on the lands. Guangdong Gudou will be entitled to 30% of the income to be derived from the project while Guangdong Aoyuan the remaining 70%.

The tourism properties to be built will include residential units, retail properties, parking spaces and other related facilities. They will form a part of the integrated tourism and leisure project of Gudou Hot Spring Resort. Gudou Hot Spring Resort is a grade-AAAA national tourist attraction in China, featuring natural scenery and cultural heritage. The resort is near to several railways and expressways, namely Guangzhou-Zhuhai Intercity Railway, Guangdong West Coastal Expressway and Jiangmen-Zhaoqing Expressway so it is accessible to the major cities in the Guangdong-Hong Kong-Macao Greater Bay Area, including Hong Kong, Macau, Shenzhen, Guangzhou, Zhuhai and Zhongshan.  

Mr. HON Chi Ming, Chairman, Chief Executive Officer and Executive Director of the Group, said, "Today, one year after our previous cooperation, Gudou Holdings partners with Guangdong Aoyuan again to develop tourism properties. We are confident that China Aoyuan's widely recognized expertise in property development and cultural tourism will enable Gudou Holdings to fulfil its mission to help people stay healthy both physically and mentally through health regimens at Gudou Hot Spring Resort. Meanwhile, our cooperation this time will also provide more plentiful funding for our strategic planning in the future. The Group will continue to focus on China's market for hot springs and hotels and seek to expand its customer base by combining a new mode of online retail and innovative features. At the same time, tourism property development will continue to be another focus of the company's development."