01379 温岭工量刃具 展示文件：估值报告
Valuation Report
prepared for
Wenling Zhejiang Measuring and Cuting Tols
Trading Centre Company Limited
Valuation of A Parcel of Land Located in Wenling City,
Taizhou, Zhejiang Province, The People’s Republic of
China
Vincorn Consulting and Apraisal Limited
Units 1602-4, 16/F
No. 308 Des Voeux Road Central
Hong Kong
The Board of Directors
Wenling Zhejiang Measuring and Cuting Tols Trading Centre Company Limited
Qianyangxia Vilage,
Wengiao Town, Wenling,
Taizhou, Zhejiang Province,
The People’s Republic of China
25 July 2025
Dear Sirs,
INSTRUCTION AND VALUATION DATE
We refer to your instructions for us to ases the Market Values of the property interests located in
The People’s Republic of China (“The PRC”) to be acquired by Wenling Zhejiang Measuring and
Cuting Tols Trading Centre Company Limited* (the “Company”) and its subsidiaries (hereinafter
together refered to as the “Group”) for the purposes of public disclosure. We confirm that we have
caried out inspection, made relevant enquiries and searches and obtained such further information
as we consider necesary in order to provide you with our opinion of the Market Values of the
property interests as at 30 June 2025 (the “Valuation Date”).
VALUATION STANDARDS
The valuation has ben prepared in acordance with the HKIS Valuation Standards 2024 published by
The Hong Kong Institute of Surveyors efective from 31 December 2024 with reference to the
International Valuation Standards published by the International Valuation Standards Council efective
from 31 January 2025 and the requirements set out in the Chapter 5 and Practice Note 12 of the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
VALUATION BASIS
Our valuation has ben undertaken on the basis of Market Value. Market Value is defined as “the
estimated amount for which an aset or liability should exchange on the valuation date betwen a
wiling buyer and a wiling seler in an arm’s length transaction, after proper marketing and where the
parties had each acted knowledgeably, prudently and without compulsion”.
VALUATION ASUMPTIONS
Our valuation has ben made on the asumption that the seler sels the property interests in the
market without the benefit of a defered term contract, leaseback, joint venture, management
agrement or any similar arangement, which could serve to afect the values of the property
interests.
No alowances have ben made for any charges, mortgages or amounts owing on the property
interests, nor for any expenses or taxations which may be incured in efecting a sale.
As the property interests are held under long term land use rights, we have asumed that the owner
has fre and uninterupted rights to use the property interests for the whole of the unexpired term
of the land use rights.
VALUATION METHODOLOGY
When valuing the property interests to be acquired by the Group, we have adopted Market
Aproach.
Market Aproach is universaly considered as the most acepted valuation aproach for valuing most
forms of property. This involves the analysis of recent market evidence of similar properties to
compare with the subject under valuation. Each comparable is analysed on the basis of its unit rate;
each atribute of the comparables is then compared with the subject and where there are any
diferences, the unit rate is adjusted in order to arive at the apropriate unit rate for the subject.
This is done by making percentage adjustments to the unit rate for various factors, such as time,
location, building age, building quality and so on.
LAND TENURE AND TITLE INVESTIGATION
We have ben provided with copies of documents in relation to the titles of the property interests.
However, we have not scrutinized the original documents to verify ownership or to verify any
amendments, which may not apear on the copies handed to us. We have relied to a considerable
extent on information provided by the Group.
We have relied on the legal opinion dated 22 July 2025 given by The PRC legal adviser of the Group,
Zhejiang L&H Law Firm, regarding the titles of the property interests located in The PRC. We do
not acept liability for any interpretation that we have placed on such information, which is more
properly placed within the sphere of the legal adviser.
Al legal documents disclosed in this leter, the valuation sumary and the valuation certificates are
for reference only. No responsibility is asumed for any legal maters concerning the legal titles to
the property interests set out in this leter, the valuation sumary and the valuation certificates.
INFORMATION SOURCES
We have relied to a considerable extent on information provided by the Group and the legal adviser,
in respect of the titles of the property interests located in The PRC. We have also acepted advice
given to us on maters such as identification of the properties, particulars of ocupancy, areas and al
other relevant maters. Dimensions, measurements and areas included in the valuation are based on
information contained in the documents provided to us and are, therefore, only aproximations.
We have also ben advised by the Group that no material factors or information have ben omited
or witheld from information suplied and consider that we have ben provided with suficient
information to reach an informed view. We believe that the asumptions used in preparing our
valuation are reasonable and have had no reason to doubt the truth and acuracy of information
provided to us by the Group which is material to the valuation.
INSPECTION AND INVESTIGATIONS
The properties were inspected and no material building defects were identified during inspection.
Although not al areas were acesible for viewing at the time of inspection, we have endeavoured to
inspect al areas of the properties. Investigations were caried out as necesary. Our investigations
have ben conducted independently and without influence from any third party in any maner.
We have not tested any services of the properties and are therefore unable to report on their
present conditions. We have not undertaken any structural surveys of the properties and are
therefore unable to coment on the structural conditions. We have not caried out any
investigations on site to determine the suitability of the ground conditions for any future
developments. Our valuation is prepared on the asumption that these aspects are satisfactory and
that no extraordinary expenses or delays wil be required.
We have not caried out any on-site measurements to verify the corectnes of the areas in respect
of the properties but have asumed that the areas shown on the documents or deduced from the
plans are corect. Al documents and plans have ben used as reference only and al dimensions,
measurements and areas are therefore aproximations.
CURENCY
Unles otherwise stated, al monetary figures stated in this report are in Renminbi (“RMB”).
The valuation sumary and the valuation certificates are atached hereto.
Yours faithfuly,
For and on behalf of
Vincorn Consulting and Apraisal Limited
Vincent Cheung
BSc(Hons) MBA FHKIS FRICS R.P.S.(GP)
MCIREA MHKSI MISCM MHIREA FHKIoD
RICS Registered Valuer
Registered Real Estate Apraiser & Agent PRC
Managing Director
Note:
Vincent Cheung is felow of the Hong Kong Institute of Surveyors, a felow of the Royal Institution of
Chartered Surveyors, a Registered Profesional Surveyor (General Practice) under the Surveyors Registration
Ordinance (Cap. 417) in Hong Kong Special Administrative Region (“Hong Kong”), a member of China
Institute of Real Estate Apraisers and Agents, a member of Hong Kong Securities and Investment Institute,
a member of Institute of Shoping Centre Management, a member of Hong Kong Institute of Real Estate
Administrators, a felow of the Hong Kong Institute of Directors, a Registered Valuer of the Royal Institution
of Chartered Surveyors and a Registered Real Estate Apraiser and Agent People’s Republic of China. He is
suitably qualified to cary out the valuation and has over 27 years of experience in the valuation of fixed and
intangible asets of this magnitude and nature in the subject region.
VALUATION CERTIFICATE
Property Interests to be Acquired by the Group for Future Development in The PRC
Property Description and Tenure Ocupancy
Particulars
Market Value as
at 30 June 2025
A parcel of land
located at East of
Kaiyuan Road and
West of Huaxiang
Road, Qianyangxia
Vilage, Wenqiao
Town, Wenling
City, Taizhou,
Zhejiang Province,
The PRC
The property comprises a parcel
of land with a total site area of
aproximately 19,271.00 square
meters (“sq.m.”).
As per the State-owned Land Use
Rights Grant Contract, the
minimum and maximum plot ratio
of the property would be 1.5 and
2.5 respectively.
The land use rights of the
property would be granted for a
term of 40 years for comercial
uses upon al the land
consideration being fuly paid.
As per our on-site
inspection and
information provided
by the Group, the
property is curently
vacant.
RMB52,500,000
(RENMINBI FIFTY
TWO MILION
AND FIVE
HUNDRED
THOUSAND)
100% Interest
Atributable to the
Group:
RMB52,500,000
(RENMINBI FIFTY
TWO MILION
AND FIVE
HUNDRED
THOUSAND)
Notes:
1. The property was inspected by Charlote Xu BSc (Hons) MRICS RICS Registered Valuer on 22 July
2025.
2. The valuation and this certificate were prepared by Vincent Cheung BSc (Hons) MBA FHKIS FRICS
R.P.S.(GP) MCIREA MHKSI MISCM MHIREA FHKIoD RICS Registered Valuer Registered Real Estate
Apraiser & Agent PRC and Kit Cheung BSc (Hons) FHKIS MRICS R.P.S.(GP) MCIREA MHIREA RICS
Registered Valuer Registered Real Estate Apraiser PRC.
3. Pursuant to a State-owned Land Use Rights Grant Contract, entered into betwen Wenling
Natural Resources and Planing Bureau and Wenling City Xuri Investment Co., Ltd, the land use
rights of the subject site with a total site area of aproximately 19,271.00 sq.m. were granted to
Wenling City Xuri Investment Co., Ltd at a total consideration of RMB52,060,000 for a term of
40 years for comercial uses.
The details of the State-owned Land Use Rights Grant Contract are sumarized below:
Contract No. Date of
Isue
Use Land Use
Rights Term
Consideration
(RMB)
Site Area
(sq.m.)
Wen Tu Rang
He Zi No.
2025-049
10 June
Comercial 40 Years 52,060,000 19,271.00
4. Pursuant to the State-Owned Land Use Rights Grant Contract, the development potential of the
property is governed by the folowing conditions:
Plot Ratio : Not les than 1.5 and not higher than 2.5
Building Height : Not higher than 80 metres
Site Coverage : Not higher than 55%
Grenery Coverage : Not les than 20%
Construction Period : Comence and completed within 12 months and 36
months respectively from the date of execution of the
State-Owned Land Use Rights Grant Contract
As advised by the Group, the property has yet to obtain any permits or aprovals related to the
future development as at the Valuation Date.
5. The general description and market information of the property are sumarized below:
Location : The property is located at East of Kaiyuan Road and West
of huaxiang Road, Qianyangxia Vilage, Wenqiao Town,
Wenling City, Taizhou, Zhejiang Province, The PRC.
Transportation : Taizhou Luqiao Airport, Wenling Railway Station and
Wenling 1st Peoples’ Hospital Metro Station of Taizhou S1
Metro Line are located aproximately 27.0 kilometres,
12.0 kilometres and 5.5 kilometres away from Property
respectively
Nature of Surounding Area : The area is predominately an industrial area in Wenqiao
Town intermingled with some residential and comercial
buildings available
6. We have ben provided with a PRC legal opinion dated 22 July 2025, regarding the property by
Zhejiang L&H Law Firm, which contains, inter alia, the folowing:
(a) Wenling City Xuri Investment Co., Ltd. has duly performed its obligation to setle the
consideration under the State-Owned Construction Land Use Rights Grant Contract,
has taken physical delivery of the granted land parcel, and curently holds the state-
owned land use rights of the property in acordance with laws;
(b) Wenling City Xuri Investment Co., Ltd. can ocupy, use, let, transfer, mortgage or by
other means handle the relevant state-owned land use rights of the property subject to
the completion of real estate title registration and the compliance with the minimum
development of 25% of the total investment amount as stipulated under Condition 21 of
the State-Owned Construction Land Use Right Grant Contract; and
(c) The state-owned land use rights of the property are not subject to any seizures, disputes,
mortgages nor limitations from other rights.
7. In the course of our valuation of the property, we have considered and analysed the land sale
comparables in the vicinity. The land sale comparables colected on an exhaustive basis are
considered relevant to the Property Interest in terms of property type, usage, time and location.
Al comparables are land sales of comercial uses transacted within 6 months before the
Valuation Date and located in the same city of Taizhou. The unit rates of the adopted
comparables are ranging from RMB746 to RMB1,306 per sq.m. on the basis of permited
maximum gros flor area. After due adjustments in terms of diferent atributes including time,
location and usage. The unit rates of the adopted comparables are adjusted to a range of
RMB986 to RMB1,256 per sq.m. on the basis of permited maximum gros flor area, which are
then weighted evenly to derive the adopted unit rate of RMB1,090 per sq.m. on the basis of
permited maximum gros flor area for the property.
The details of land sale comparables are sumarised as below:
Comparable 1
Comparable 2
Comparable 3
Comparable 4
Land Parcel Wenling City Lot No.
XQ070110
Wenling City Lot No.
CD020806
Yucheng Sub-district Lot
No. NCB011-0105
Yucheng Sub-district Lot
No. NCG062-0111c
Adres Shentongmen Vilage North of Jiulong
Avenue, East of Luze Tai
Yiji Road
Xiqing Tang Tangli Vilage
District Wenling City Wenling City Yuhuan City Yuhuan City
City Taizhou Taizhou Taizhou Taizhou
Site Area (sq.m.) 9,363.00 11,022.00 10,466.00 5,608.00
Maximum GFA (sq.m.) 18,726.00 27,555.00 15,699.00 19,628.00
Plot Ratio 2.00 2.50 1.50 3.50
Permited Uses Comercial Comercial Comercial Comercial
Land Use Rights Granted Granted Granted Granted
Land Use Rights Term (Years) 40 40 40 40
Consideration (RMB) 15,200,000 20,550,000 20,500,000 19,400,000
Unit Rate (RMB/sq.m.)
(on the basis of permited maximum GFA)
812 746 1,306 988
Date of Instrument Apr-2025 Apr-2025 Feb-2025 May-2025
Page | 1