(August 13, 2018 – Hong Kong) China Aoyuan Property Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883), a renowned property developer in China, is pleased to announce that the Company’s outlook has been upgraded to “positive” from “stable” by Fitch Ratings, a global leader in credit ratings, and its corporate credit rating has been affirmed at  'BB-'.

        According to Fitch Ratings, the outlook revision reflects the increased likelihood that Aoyuan can sustain attributable contracted sales of more than RMB60 billion a year from 2018, increasing geographic diversification and fast-churn strategy execution. Aoyuan has shown financial discipline during its business expansion by keeping leverage below 40% and maintaining healthy profitability, with an EBITDA margin of around 25%. Fitch also mentions that Aoyuan has maintained strong sales momentum, as evident from its stronger 1H2018 sales and higher completion rate of its full-year sales target. At the same time, Aoyuan has kept a healthy financial profile during its expansion, and an accelerated but also controlled land acquisition, supporting the positive outlook on Aoyuan.

        Aoyuan management commented, "Aoyuan has achieved contracted sales of RMB46.3 billion, with a year-on-year growth of 143%, for the first seven months in 2018 and completed 63% of its full year target of RMB73 billion. Besides, Aoyuan has continuously demonstrated its success to access to diversified financing channels, including offshore USD bond and club loan as well as onshore corporate bond, despite of the volatility of capital markets. We are pleased that Aoyuan’s corporate outlook was upgraded to “positive” by Fitch, reaffirming that Aoyuan’s business development and profitability are well recognized by capital markets. Looking forward, Aoyuan will maintain its rapid sales growth while maintaining healthy financial profile, thus delivering satisfactory returns to our shareholders and investors.”