The estimated net proceeds of the Notes Issue (after deducting the underwriting commission and other expenses incurred in the Notes Issue) will amount to approximately US$242 million. The Company intends to use the proceeds to refinance its existing indebtedness. UBS is the sole global coordinator, with UBS, ABC International, Guotai Junan International and BofA Merrill Lynch as the joint lead managers and joint bookrunners of the Notes Issue.

　　Aoyuan management commented, "The Senior Notes Issue has been well received by the international capital markets and got 6.5 times oversubscribed, which proves that the comprehensive strength of Aoyuan is widely recognized by investors. In 2015, Aoyuan will upgrade its composite real estate development model with themes of cultural tourism, regimen and senior care, seek steady and parallel development in domestic and overseas property markets, and build a smart living internet platform. Adhering to prudential financial management, we have been optimizing our debt structure and extending our debt maturity leveraging on successfully achieving de-leveraging last year, thus laying a solid foundation for the Group’s sales growth and sustainable development."