Shum Yip UpperHills Signed An Agreement With Galeries Lafayette To Open The First Galeries Lafayette Store In Southern China

SHENZHEN,Dec. 16,2021 --The signing ceremony for Galeries Lafayette's debut in Shum Yip UpperHills was successfully held on 14 December at the V-Sky city hall in UpperHills,Futian District,Shenzhen. Mr.Hua Lv,Chairman of Shum Yip Group,Ms.XunCai,Deputy Secretary of CPC in Shum Yip Group,Mr.EnLi Xu,Vice President of Shum Yip Group,Mr.QiHuai Yao,Mr. Lawrance Shum,CEO of Galeries Lafayette China,Mrs. Qingmiao Han,Deputy Director of Futian Industrial and Information Technology Bureau,Mr.Jérôme Coustans,Director of Business France in South China attended the ceremony.Mr. Yao Qihuai,officially signed the contract with Mr. Nicolas Houzé,Chief Executive Officer,of Galeries Lafayette & BHV Marais Group.

Galeries Lafayette has been pioneering fashion retail for more than 125 years since the very first store opened in Paris in 1894. To consumers all around the world,Galeries Lafayette is the beating heart of fashion,giving everyone the opportunity to enjoy a joyful,creative and responsible shopping experience. Followed the business vision set by the founder,Galeries Lafayette is dedicated to make one fashion destination infused with the French Touch and Art de Vivre,offering customers a unique selection of brands and experiences,taking them on a journey to explore the best of fashion,art,design,and retail experiences. Today,Galeries Lafayette is celebrated for its network of 65 stores in France and overseas,including the renowned flagship store on the Boulevard Haussmann in Paris.

The First Selection Concept Store in South China,Opening the Gate to French Touch and Art de Vivre.

Galeries Lafayette in UpperHills is the Group's first store in Southern China and the very first selection concept store of its own across China. Committed to its role as a fashion curator,Galeries Lafayette is astutely in touch with the evolving tastes of the Chinese market and remains poised at the cutting-edge of design to offer local customers the most exciting new brands and experience.

With a total area of approximately 4,500 square meters,consumers can imagine a "breathing fashion" space filled with elements of art,sustainable fashion and aesthetics. The store will be planned with four major sections,including international designer brands and accessible luxury fashion,trendy footwear and accessories,beauty/skincare and specialty food and beverage. Galeries Lafayette in UpperHills will be featured by a series of uniqueness,e.g. a beauty zone with eclectic& creative product offer,as well as an exclusive EDIT area,where shoppers can enjoy a reinvented customer journey. The store is expected to soft opening by Q4 2022. By then,consumers in South China will be able to experience the French Touch and Art de Vivre.

At the lease signature,Lawrance Shum,declared: "In the midst of a turbulent health crisis,we have taken the time to deepen our understanding of the market and identify the most appropriate cities in which to deploy our brand for the long term. For this new stage of our expansion in China,we are delighted to join forces with Shum Yip group,a strategic partner that enables us to grow our presence in southern China and offer our visitors the Galeries Lafayette brand's fashion and lifestyle expertise."

When Paris Meets Shenzhen

UpperHills is the first comprehensive city complex of its kind in Shenzhen with malty shopping experience space,industrial R&D buildings,design Lofts,high-end business apartments and a natural environment of parks and bridges,and it is also a benchmark city complex project developed by Shum Yip Group during the city's urban renewal tide.

With its advance design concept by top international design teams,UpperHills has a number of features that are unique and different from other urban complexes in Shenzhen. It is characterized by its pioneer design,fashionable and international genes. With an advanced master planning and the vision of "connecting the city" and "live upper",UpperHills has become a new lifestyle landmark for Shenzhen citizens.

As one of the renowned French department stores and an internationally positioned city complex,Galeries Lafayette and UpperHills have a common goal to create a brand-new international community and provide not only shopping experience,but also taste of life to Shenzhen citizens. The arrival of Galeries Lafayette shows that UpperHills keeps exploring,and constructing an international city complex by introducing partners from all over the world.

Ms. Ou Wei,General Manager of Shum Yip Commercial Mgt. Co.,Ltd. said: UpperHills is a flagship city complex project of Shum Yip Group. For the daily operation of UpperHills,Shum Yip Commercial Mgt. Co.,Ltd. sets urban renewal as the original aspiration. We target to build for Shenzhen citizens an international community for work,life and leisure. A series of world-wide brands and 500 fortune enterprises including Mandarin Oriental,Google and Walmart have joined UpperHills and the introduction of Galeries Lafayette will be another milestone of the project.

"Be a Modelling Commercial Property Operator among State-owned Enterprises",Contributes to Speeding Up the Construction of Shenzhen as an "International Consumer Center City"

Shum Yip Group is a large-scale conglomerate wholly owned by the Shenzhen Municipal People's Government and directly managed by the State-owned Assets Supervision and Administration Commission of the People's Government of Shenzhen Municipal. The Group is mainly engaged in integrated urban development and construction,operation services,urban core area renewal and improvement,health and elderly care,childcare,large-scale livelihood infrastructure construction,equity and fund investment,as well as equity investment in high-tech industry,modern agriculture,high-tech manufacturing and other fields. Shum Yip Group currently has one listed company in Hong Kong,one publicly listed company in China and 14 major wholly-owned and holding companies. As at the end of June 2021,the total assets of Shum Yip Group amounted to RMB151.8 billion,with a total net asset of RMB52.9 billion and a land bank of over 10 million square meters.

Under the strategic planning and support of Shum Yip Group,Shum Yip Commercial Mgt. Co,. Ltd.,as a large-scale commercial management company within the state-owned capital system of Shenzhen,targets to "be a modelling commercial property operator" among state-owned enterprises. While benchmarking other international commercial projects,the company has been exploring for productswhich are people-oriented with its own characters,and a diversified product matrix with city complex,street community and semi-public project has been gradually built.

In this first year of the 14th Five-Year Plan,and under the background ofbuilding an international consumer center city by the Shenzhen government,Shum Yip Commercial Mgt.,Co.,Ltd. will seize the historical opportunity of the integrated development of the Guangdong-Hong Kong-Macao Bay Area and the "two zones and one reform" strategy of Shenzhen for building a world benchmark city,and assist with the internationalization progress of Futian District and Shenzhen city by growing together with many international business partners. .

Appendix: About UpperHills

UpperHills is one of the "20 major urban renewal projects in the 30th anniversary of the Establishment of Shenzhen Special Economic Zone". The project is located in the northern part of Shenzhen's Futian Central District,bordered by Huanggang Road and Bijia Mountain Park to the east,Caitian Road and Lianhua Mountain Park to the west,Sungang West Road and Central Park to the south,and a view of Tanglang Mountain to the north. The project covers an area of about 121,200 square meters,with a total GFA of about 1.2 million square meters,including 332,700 square meters of industrial R&D building,100,000 square meters of LOFT,50,000 square meters of luxury hotel,170,000 square meters of service apartments and 167,000 square meters of retail center. The taller R&D tower is approximately 388 meters. Total investment of the project is approximately RMB 20 billion. With the statement of "LIVE UPPER",the project is dedicated to create a leading international lifestyle destination in the Shenzhen city.