On 4 January 2021, Shimao Group Holdings Limited entered into the Purchase Agreement with China International Capital Corporation, HSBC, Morgan Stanley, BNP PARIBAS, CLSA and Fortune (HK) Securities Limited in connection with the Notes Issue. The Company intends to use the net proceeds of the Notes Issue to refinance offshore medium- to long-term debts due within one year. The Company may adjust the foregoing plans in response to changing market conditions and thus, reallocate the use of proceeds. Subject to certain conditions to completion, the Company will issue the Notes, in the aggregate principal amount of USD 872 million which will mature on 11 January 2031, unless earlier redeemed under the terms thereof.