First six days traffic increased by 15.6% yoy during CNY2018.

According to Sanyatour .com (Sanya's official tourism website), during theopening six days of the 2018 Chinese New Y ear (CNY , Feb15-21), traffic of Sanya(airport+train station) increased by 15.6% yoy to 0.78 million. In addition, total 8scenic spots attracts tourists traffic of 0.97 million (vs. 0.9 million in CNY2017),an increase of 7.9% yoy.

Hotels in Sanya recorded occupancy rate of c.80% during CNY2018.According to Sanyatour .com, hotels in Sanya recorded an average occupancy rateof 79.7% during CNY2018, implying a yoy increase of c. 2 ppt (vs. 77.94% duringCNY 2017). T o breakdown by areas:

Hotels in Y along Bay enjoyed occupancy rate of 81.1% in CNY2018 (vs.80.94% in CNY2017).

Hotels in Haitang Bay enjoyed occupancy rate of 84.2% in CNY2018 (vs.78.18% in CNY2017).

Hotels in Sanya Bay enjoyed occupancy rate of 79.5% in CNY2018.

Hotels in Dadonghai enjoyed occupancy rate of 78.1% in CNY2018.

Hotels in Sanya Downtown enjoyed occupancy rate of 79.1% in CNY2018.

Significant hotel occupancy increase in Haitang Bay benefits CITS' duty freestore

Hotels in Haitang Bay recorded over 6 ppt yoy increase of occupancy rate duringCNY2018. We believe this is an clear indication of strong performance of dutyfree business. As we mentioned previously, visitors to Haitang Bay have very fewoptions for any night life, except to stay in the hotel resorts. As CITS' DFS is theonly shopping mall in Haitang Bay, we believe most overnight visitors will visitthe mall for shopping/entertainment in the evening.

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