YUEXIU PROPERTY (00123) subsidiary plans to issue RMB 2.1 billion corporate bonds.

YUEXIU PROPERTY (00123) announces that the issue size of the 2026 fourth tranche corporate bonds (the "2026 Fourth Tranche Corporate Bonds") of Guangzhou City Construction & Development Co., Ltd. (the "Issuer"), an indirect PRC subsidiary 95%-owned by the Company, will not exceed RMB 2.1 billion. The 2026 Fourth Tranche Corporate Bonds will be divided into two varieties: (i) five-year corporate bonds with a fixed coupon rate (the "Variety One Bonds"), in respect of which the Issuer may, at the end of the third year, adjust the coupon rate. In addition, at the end of the third year: (a) the Issuer has the right to redeem all outstanding portions of the Variety One Bonds; and (b) holders of the Variety One Bonds have the right to sell all or part of the Variety One Bonds back to the Issuer; and (ii) seven-year corporate bonds with a fixed coupon rate (the "Variety Two Bonds"), in respect of which the Issuer may, at the end of the fifth year, adjust the coupon rate. In addition, at the end of the fifth year: (a) the Issuer has the right to redeem all outstanding portions of the Variety Two Bonds; and (b) holders of the Variety Two Bonds have the right to sell all or part of the Variety Two Bonds back to the Issuer. The 2026 Fourth Tranche Corporate Bonds introduce an inter-variety reallocation option, with no restriction on the reallocation ratio. The Issuer and the lead underwriters will, based on the subscription situation during the bookbuilding process and within the total issue size, mutually agree on whether to exercise the inter-variety reallocation option. The Issuer and the 2026 Fourth Tranche Corporate Bonds have each been assigned a "AAA" credit rating by China Chengxin International Credit Rating Co., Ltd. The Issuer will determine the coupon rates of the Variety One Bonds and the Variety Two Bonds after bookbuilding. The proceeds from the issue of the 2026 Fourth Tranche Corporate Bonds, after deducting issuance expenses, will be used to repay maturing corporate bonds and corporate bonds redeemed upon exercise of options.