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Aoyuan Issues US$500 million 8.5% Senior Notes at Par Due 2022 The First Fully Marketed 3-year PRC Property USD Bond Issuance Receives Overwhelming Response with More Than 3 Times Oversubscription

(15 January, 2019 – Hong Kong) China Aoyuan Group Limited (“Aoyuan” or the “Company”; Stock Code: 3883) is pleased to announce that the Company has successfully issued US$500 million 8.5% senior notes at par due 2022.


The estimated net proceeds of the new notes (after deducting the underwriting discount and other estimated expense payable in connection with this offering) will amount to approximately US$493 million. The Company intends to use the proceeds to refinance existing offshore indebtedness and for general working capital. The joint lead managers and the joint bookrunners of the new notes are (in alphabetical order) Bank of America Merrill Lynch, The Bank of East Asia, BOCOM International, CEB International, CMB International, Deutsche Bank, Guotai Junan International, Haitong International, Orient Securities (Hong Kong) and UBS.


Aoyuan management commented, “Aoyuan opened the Asia USD bond market in 2019 by successfully completing an add-on issuance of US$275 million 7.95% senior notes at par due 2021 on 3 January 2019. The new notes is the first fully marketed 3-year PRC property high yield issuance since Q4 2018. The Company also achieved the lowest yield among similar rated issuers. It is by far the largest single USD bond issuance in scale by Aoyuan and has once again been well received by the capital markets with more than 3 times oversubscription. This issuance optimizes Aoyan’s debt structure, as well as reaffirms the capital markets’ confidence and recognition in Aoyuan’s comprehensive strength. Aoyuan is committed to maintain its prudent financial management, diversify its onshore and offshore financing channels and achieve robust business growth, so as to deliver fruitful returns to shareholders and investors.”