Times Property : PROPOSED ISSUE OF SENIOR NOTES

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 does not constitute an offer to sell or the solicitation of an offer to buy any securities in 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. The securities referred to herein will not be registered under the Securities Act, and may not be offered or sold in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. The Company does not intend to make any public offering of securities in the United States.

TIMES PROPERTY HOLDINGS LIMITED ࣛ˾ήପછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1233)

PROPOSED ISSUE OF SENIOR NOTES

The Board announces that the Company proposes to conduct an international offering of guaranteed U.S. Dollar denominated senior fixed rate notes.

Completion of the Proposed Notes Issue is subject to, among others, market conditions and investors' interest. The Notes are proposed to be guaranteed by the Subsidiary Guarantors. As at the date of this announcement, the principal amount, the interest rate, the payment date and certain other terms and conditions of the Proposed Notes Issue are yet to be finalised. Upon finalising the terms of the Notes, it is expected that UBS, Deutsche Bank, Guotai Junan International, ABC International, China CITIC Bank International, China Industrial Securities International, Citi, Haitong International, HSBC, Shanghai Pudong Development Bank Hong Kong Branch, the Subsidiary Guarantors and the Company, will enter into the Purchase Agreement. The Company intends to use the net proceeds of the Proposed Notes Issue for refinancing certain of its existing indebtedness and for general working capital purposes. The Company may adjust its plans in response to changing market conditions and thus, reallocate the use of the net proceeds.

The Company will seek a listing of the Notes on the Stock Exchange. A confirmation of the eligibility for the listing of the Notes has been received from the Stock Exchange. Admission of the Notes to the Stock Exchange is not to be taken as an indication of the merits of the Company or the Notes.

The Notes and the Subsidiary Guarantees have not been, and will not be, registered under the Securities Act. The Notes and the Subsidiary Guarantees are being offered outside the United States in offshore transactions in accordance with Regulation S under the Securities Act, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. None of the Notes and the Subsidiary Guarantees will be offered to the public in Hong Kong.

As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue may or may not materialise. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. A further announcement in respect of the Proposed Notes Issue will be made by the Company should the Purchase Agreement be signed.

THE PROPOSED NOTES ISSUE

Introduction

The Board announces that the Company proposes to conduct an international offering of guaranteed U.S. Dollar denominated senior fixed rate notes.

Completion of the Proposed Notes Issue is subject to, among others, market conditions and investors' interest. The Notes are proposed to be guaranteed by the Subsidiary Guarantors. As at the date of this announcement, the principal amount, the interest rate, the payment date and certain other terms and conditions of the Proposed Notes Issue are yet to be finalised. Upon finalising the terms of the Notes, it is expected that UBS, Deutsche Bank, Guotai Junan International, ABC International, China CITIC Bank International, China Industrial Securities International, Citi, Haitong International, HSBC, Shanghai Pudong Development Bank Hong Kong Branch, the Subsidiary Guarantors and the Company, will enter into the Purchase Agreement. The Company will make a further announcement in respect of the Proposed Notes Issue upon the signing of the Purchase Agreement.

The Notes and the Subsidiary Guarantees have not been, and will not be, registered under the Securities Act. The Notes and the Subsidiary Guarantees are being offered outside the United States in offshore transactions in accordance with Regulation S under the Securities Act, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. None of the Notes and the Subsidiary Guarantees will be offered to the public in Hong Kong.

Reasons for the Proposed Notes Issue

The Company is one of the leading property developers in Guangdong Province, focusing on the development of mid-market to high-end residential properties. The Company's business comprises three areas: (i) property development, i.e., the development of residential and commercial properties for sale, (ii) property leasing, i.e., the development, leasing and subleasing of commercial properties owned by it or third parties, and (iii) property management, i.e., the provision of property management services to its residential customers.

The Company intends to use the net proceeds of the Proposed Notes Issue for refinancing certain of its existing indebtedness and for general working capital purposes. The Company may adjust its plans in response to changing market conditions and, thus reallocate the use of the net proceeds.

Listing

The Company will seek a listing of the Notes on the Stock Exchange. A confirmation of the eligibility for the listing of the Notes has been received from the Stock Exchange. Admission of the Notes to the Stock Exchange is not to be taken as an indication of the merits of the Company or the Notes.

GENERAL

As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue may or may not materialise. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. A further announcement in respect of the Proposed Notes Issue will be made by the Company should the Purchase Agreement be signed.

DEFINITIONS

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

"ABC International"	ABCI Capital Limited, one of the joint bookrunners and the
joint lead managers of the Proposed Notes Issue
"Board"	the board of Directors
"Company"	Times Property Holdings Limited, a company incorporated
in the Cayman Islands with limited liability, the shares of
which are listed on the main board of the Stock Exchange
"China CITIC Bank	China CITIC Bank International Limited, one of the joint
International"	bookrunners and the joint lead managers of the Proposed
Notes Issue
- 3 -

"China Industrial Securities	China Industrial Securities International Brokerage Limited,
International"	one of the joint bookrunners and the joint lead managers of
the Proposed Notes Issue
"Citi"	Citigroup Global Markets Limited, one of the joint
bookrunners and the joint lead managers of the Proposed
Notes Issue
"Deutsche Bank"	Deutsche Bank AG, Singapore Branch, one of the joint
bookrunners and the joint lead managers of the Proposed
Notes Issue
"Directors"	the directors of the Company
"Group"	the Company and its subsidiaries
"Guotai Junan International"	Guotai Junan Securities (Hong Kong) Limited, one of
the joint bookrunners and the joint lead managers of the
Proposed Notes Issue
"Haitong International"	Haitong International Securities Company Limited, one of
the joint bookrunners and the joint lead managers of the
Proposed Notes Issue
"Hong Kong"	the Hong Kong Special Administrative Region of the
People's Republic of China
"HSBC"	The Hongkong and Shanghai Banking Corporation Limited,
one of the joint bookrunners and the joint lead managers of
the Proposed Notes Issue
"Notes"	the guaranteed U.S. Dollar denominated senior fixed rate
notes to be issued by the Company
"PRC"	the People's Republic of China, excluding Hong Kong,
Macau Special Administrative Region and Taiwan for the
purpose of this announcement
"Proposed Notes Issue"	the proposed issue of the Notes by the Company
"Purchase Agreement"	the agreement proposed to be entered into by and among
UBS, Deutsche Bank, Guotai Junan International,
ABC International, China CITIC Bank International,
China Industrial Securities International, Citi, Haitong
International, HSBC, Shanghai Pudong Development
Bank Hong Kong Branch, the Company and the Subsidiary
Guarantors in relation to the Proposed Notes Issue

"Securities Act"	the United States Securities Act of 1933, as amended
"Shanghai Pudong	Shanghai Pudong Development Bank Co., Ltd. Hong Kong
Development Bank	Branch, one of the joint bookrunners and the joint lead
Hong Kong Branch"	managers of the Proposed Notes Issue
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"Subsidiary Guarantees"	the guarantees provided by the Subsidiary Guarantors in
respect of the Notes
"Subsidiary Guarantors"	the subsidiaries of the Company which guarantee the Notes
"UBS"	UBS AG Hong Kong Branch, one of the joint bookrunners
and the joint lead managers of the Proposed Notes Issue
"United States"	the United States of America
"U.S. Dollars" or "US$"	United States dollar(s), the lawful currency of the United
States
Hong Kong, 9 January 2018

By Order of the Board Times Property Holdings Limited

Shum Chiu Hung

Chairman

As at the date of this announcement, the executive directors of the Company are Mr. Shum Chiu Hung, Mr. Guan Jianhui, Mr. Bai Xihong, Mr. Li Qiang, Mr. Shum Siu Hung and Mr. Niu Jimin and the independent non-executive directors of the Company are Mr. Jin Qingjun,

Ms. Sun Hui and Mr. Wong Wai Man.