General Announcement::Voluntary Announcement - Supplemental Updates to Redemption and Repurchase of USD Senior Notes

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(incorporated in Hong Kong with limited liability)

(Stock code: 1668)

Voluntary Announcement

Supplemental Updates to Redemption and Repurchase of USD Senior Notes

This announcement is made by China South City Holdings Limited (the "Company") on a voluntary basis.

Optimizing the debt structure is one of the important strategic directions of the Company. In connection with the redemption and repurchase and cancellation of USD senior notes from the public market, the Company has repaid and early repurchase of USD senior notes in an aggregate principal amount of approximately US$540 million on schedule in the past two months, demonstrating the Company's abundant liquidity and good credit history. The Company will continue to optimise the debt structure, including but not limited to reducing the proportion of USD senior notes. The relevant details of supplemental updates and announcements are as follows:

1. The Company's announcements dated 2 July 2021, 8 July 2021 and 16 August 2021, in relation to the repurchase and cancellation of certain USD senior notes with total aggregate principal amount of US$22.808 million, such as US$9.8 million, US$5 million and US$8.008 million respectively;
2. On 11 August 2021, the Company has fully redeemed of 11.875% USD senior notes due in 2021 for US$200 million; and
3. The Company's announcement dated 14 September 2021, in relation to the fully redemption of 6.75% USD senior notes due in 2021 for approximately US$316 million.

Noteholders and potential investors should note that whether any purchase of the notes from time to time by the Company will be at the Board's sole and absolute discretion. There is no assurance of the timing, amount or price of any purchase of the notes, nor does it guarantee that the Company will purchase more notes. Noteholders and potential investors should therefore exercise caution when dealing in any notes.

For and on behalf of the Board

China South City Holdings Limited

CHENG Chung Hing

Chairman and Executive Director

Hong Kong, 15 September 2021

As at the date of this announcement, the executive directors of the Company are Mr. Cheng Chung Hing, Ms. Geng Mei and Ms. Cheng Ka Man Carman; the non-executive directors of the Company are Mr. Cheng Tai Po and Mr. Lin Ching Hua; and the independent non-executive directors of the Company are Mr. Leung Kwan Yuen Andrew, GBM, GBS, JP, Mr. Li Wai Keung and Mr. Hui Chiu Chung, JP.