Voluntary Announcement - Tender Offer for purchase of 6.25% Senior Notes due 2020 (stock code: 4518) by the Company

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to sell, acquire, purchase or subscribe for the securities referred to herein. This announcement is not, and is not intended to be, an offer of securities of the Company for sale, or the solicitation of an offer to buy securities of the Company, in Hong Kong, the PRC or the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction, and neither this announcement nor anything herein forms the basis for any contract or commitment whatsoever. The securities referred to herein have not been and will not be registered under the U.S. Securities Act, or any state securities laws of the United States, and may not be offered or sold within the United States, except pursuant to an exemption under, or in a transaction not subject to, the U.S. Securities Act. This announcement and the information contained herein are not for distribution, directly or indirectly, in or into the United States or to or for the benefit of U.S. persons. No public offer of the securities referred to herein is being or will be made in the United States.

瑞安建業有限公司*

SOCAM Development Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 983)

VOLUNTARY ANNOUNCEMENT

TENDER OFFER FOR PURCHASE OF

6.25% SENIOR NOTES DUE 2020 (Stock Code: 4518)

BY THE COMPANY

The Board announces that the Company has commenced the Tender Offer to purchase for cash the Notes up to the Maximum Acceptance Amount, being US$80 million (as such amount may be changed by the Company in its sole discretion). If the aggregate principal amount of the Notes validly tendered pursuant to the Tender Offer exceeds the Maximum Acceptance Amount, the Company will accept the tenders on a pro rata basis in accordance with the provisions in the Tender Offer Memorandum.

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The Tender Offer will expire at the Expiration Deadline, i.e. 4:00 p.m. (London Time) on 31 May 2019, unless extended or earlier terminated by the Company.

Eligible Noteholders who validly tender their Notes by the Expiration Deadline, subject to acceptance by the Company, will be paid in cash on the Settlement Date an aggregate amount of the Purchase Price, being US$1,000 per each US$1,000 in principal amount of the Notes tendered and accepted for purchase by the Company, and the Accrued Interest thereon.

The Tender Offer is being made as part of the Company's policy to actively manage its balance sheet liabilities, optimise its debt structure and reduce its financing costs.

The Company intends to finance the Tender Offer with its internal resources and banking facilities available to the Group. The consummation of the Tender Offer is subject to the satisfaction or waiver of the conditions to the Tender Offer as set forth in the Tender Offer Memorandum. The Company reserves the rights, in its sole discretion, to reject any Notes tendered under the Tender Offer for any reason and to amend, re-open, extend or terminate the Tender Offer. The Company currently has no plan to cancel the Notes to be purchased pursuant to the Tender Offer.

As at the date of this announcement, the Company has repurchased US$21.7 million out of an aggregate principal amount of the Notes of US$280 million from open market. The repurchased Notes were not cancelled by the Company and remain outstanding as of today.

FURTHER DETAILS

For a detailed statement of the terms and conditions of the Tender Offer, Eligible Noteholders should refer to the Tender Offer Memorandum. The Tender Offer Memorandum will be distributed to Eligible Noteholders by D.F. King, the Information and Tender Agent for the Tender Offer. The Tender Offer Memorandum can also be downloaded from: https://sites.dfkingltd.com/socam. The Company has engaged UBS AG Hong Kong Branch as the dealer manager for the Tender Offer. Requests for copies of the Tender Offer Memorandum and its related documents may be directed to the Information and Tender Agent at [phone]/[phone] or by email to: [e-mail]. Questions regarding the Tender Offer should be directed to UBS AG Hong Kong Branch (Address: 52/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong; Telephone Number: [phone]; Facsimile: [phone]).

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Eligible Noteholders are advised to check with any bank, securities broker or other intermediary through which they hold the Notes when such intermediary would need to receive instructions from an Eligible Noteholder in order for that Eligible Noteholder to be able to participate in the Tender Offer by the deadline specified in the Tender Offer Memorandum. The deadline set by any such intermediary and clearing systems for the submission of the tender instructions will be earlier than the deadline specified in the Tender Offer Memorandum.

Separate tender instructions must be submitted by such intermediary on behalf of each individual beneficial owner due to potential proration. Tender instructions will be irrevocable once delivered in accordance with the terms of the Tender Offer.

GENERAL

The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

This announcement is not a tender offer memorandum, a solicitation of an offer to purchase, or a solicitation of an offer to sell, any securities. The Tender Offer may be being made solely pursuant to the Tender Offer Memorandum, which sets forth a detailed description of the terms of the Tender Offer.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:

"Accrued Interest"	interest accrued and unpaid on the principal amount of
	the Notes from and including the last interest payment
	date of 8 May 2019 up to, but excluding, the Settlement
	Date;
"Board"	the board of Directors;
"Company"	SOCAM Development Limited, a company incorporated
	in Bermuda with limited liability, whose shares are
	listed on the main board of the Stock Exchange (stock
	code: 983);
"Directors"	the directors of the Company;

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"Eligible Noteholders"	holders of the Notes, who are non-U.S. persons (as
	defined in Regulation S under the U.S. Securities Act)
	located outside the United States;
"Expiration Deadline"	4:00 p.m. (London Time) on 31 May 2019, subject to the
	right of the Company to extend, re-open, amend and/or
	terminate the Tender Offer;
"Group"	the Company and its subsidiaries;
"Hong Kong"	the Hong Kong Special Administrative Region of the
	People's Republic of China;
"Macau"	the Macau Special Administrative Region of the
	People's Republic of China;
"Maximum Acceptance	the maximum aggregate principal amount of the Notes
Amount"	that the Company will accept for purchase pursuant to
	the Tender Offer, being US$80 million (as such amount
	may be changed by the Company in its sole discretion);
"Notes"	the US$280 million 6.25% senior notes issued by the
	Company, which will mature on 8 May 2020
	(ISIN: XS1602584895; Common Code: 160258489;
	stock code: 4518);
"PRC"	the People's Republic of China (for the purpose of this
	announcement, excluding Hong Kong, Macau and
	Taiwan);
"Purchase Price"	US$1,000 per each US$1,000 in principal amount of the
	Notes;
"Settlement Date"	on or about 10 June 2019, subject to the right of the
	Company to extend, re-open, amend and/or terminate
	the Tender Offer;
"Stock Exchange"	The Stock Exchange of Hong Kong Limited;
"Tender Offer"	the offer by the Company to the Eligible Noteholders to
	purchase for cash the Notes up to the Maximum
	Acceptance Amount (as such amount may be changed by
	the Company in its sole discretion) upon the terms and
	subject to the conditions as set out in the Tender Offer
	Memorandum (and any amendments or supplements
	thereto);

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"Tender Offer	the tender offer memorandum dated 17 May 2019 issued
Memorandum"	by the Company in connection with the Tender Offer;
"U.S" or	The United States of America, its territories and
"United States"	possessions and all areas subject to its jurisdiction;
"U.S. Securities Act"	the U.S. Securities Act of 1933, as amended;
"US$"	United States dollars, the lawful currency of the United
	States; and
"%"	per cent.
	By order of the Board
	SOCAM Development Limited
	Wong Yuet Leung, Frankie
	Executive Director, Chief Executive Officer and
	Chief Financial Officer
Hong Kong, 17 May 2019

At the date of this announcement, the executive Directors are Mr. Lo Hong Sui, Vincent and Mr. Wong Yuet Leung, Frankie; the non-executive Director is Ms. Lo Bo Yue, Stephanie; and the independent non-executive Directors are Ms. Li Hoi Lun, Helen, Mr. Chan Kay Cheung and Mr. William Timothy Addison.

*For identification purpose only

Website: www.socam.com

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