The estimated net proceeds of the New Notes Issue, after deduction of the underwriting discount and other estimated expense payable in connection with this offering, will amount to approximately US$106 million and the Company intends to use the net proceeds to primarily fund existing and new property projects and land acquisition and for general corporate purposes. Citi and UBS are the joint global coordinators of the note issue, while BofA Merrill Lynch, Citi and UBS are the joint lead managers and joint bookrunners. 

Mr. Guo Zi Wen, Chairman of Aoyuan, said, "The senior notes we issued at the end of last year were well received by the international capital market, which showed that the Group"s competitive strengthens have gained recognition and favor of investors, and the further issuance of the notes is mainly for land acquisition expansion purposes in our existing markets such as Guangdong, Chongqing and Shenyang, the regions with greater end-user demand and are less likely to be severely impacted by macroeconomic control measures by the Central Government. It is expected that the new land bank acquired at Panyu, Zhuzhou and Chongqing at the end of 2012 will contribute to our sales starting from the second half of 2013. We will maintain the product strategy of "developing commercial and residential properties in parallel" and the development strategy of "rapid development and rapid sale" which are proved to be effective. We believe that these strategies could lay a solid foundation for the long-term development of the Group, creating fruitful returns for our shareholders."