China State Construction International : PROPOSED ISSUANCE OF US$ DENOMINATED SUBORDINATED GUARANTEED PERPETUAL CAPITAL SECURITIES

NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES

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 an offer to acquire, purchase or subscribe for securities.

Neither this announcement nor anything herein constitutes an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any other jurisdiction, and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3311)

PROPOSED ISSUANCE OF

US$ DENOMINATED SUBORDINATED GUARANTEED PERPETUAL CAPITAL

SECURITIES

The Issuer, which is a wholly-owned subsidiary of the Company, proposes to conduct the Proposed Issuance. The Securities, if issued, will be unconditionally and irrevocably guaranteed by the Company. The Proposed Issuance will only be offered and sold outside the United States in compliance with Regulation S under the U.S. Securities Act.

The Issuer intends to apply to the Stock Exchange for listing of, and permission to deal in, the Securities by way of debt issues to professional investors only. Listing of the Securities on the Stock Exchange is not to be taken as an indication of the merits of the Issuer, the Company, the Group or the Securities.

As no binding agreement in relation to the Proposed Issuance has been entered into as at the date of this announcement, the Proposed Issuance may or may not materialise. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. Further announcement(s) in relation to the Proposed Issuance will be made by the Company as and when appropriate.

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THE PROPOSED ISSUANCE

The Issuer, which is a wholly-owned subsidiary of the Company, proposes to conduct the Proposed Issuance. The Securities, if issued, will be unconditionally and irrevocably guaranteed by the Company.

The Proposed Issuance will only be offered and sold outside the United States in compliance with Regulation S under the U.S. Securities Act.

Completion of the Proposed Issuance is subject to market conditions and investor interest. As at the date of this announcement, the amount and the terms and conditions of the Proposed Issuance have yet to be determined. Upon finalisation of the terms of the Proposed Issuance, the Issuer, the Company and the Managers will enter into a subscription agreement and other ancillary agreements in relation to the Proposed Issuance.

PROPOSED USE OF PROCEEDS

The net proceeds of the Proposed Issuance are currently intended to be used to repay and/or refinance the existing indebtedness of the Group and for general corporate purposes.

PROPOSED APPLICATION FOR LISTING

The Issuer intends to apply to the Stock Exchange for listing of, and permission to deal in, the Securities by way of debt issues to professional investors only. Listing of the Securities on the Stock Exchange is not to be taken as an indication of the merits of the Issuer, the Company, the Group or the Securities.

GENERAL

As no binding agreement in relation to the Proposed Issuance has been entered into as at the date of this announcement, the Proposed Issuance may or may not materialise. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. Further announcement(s) in relation to the Proposed Issuance will be made by the Company as and when appropriate.

DEFINITIONS

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

"Board"	the board of directors of the Company
"Company"	China State Construction International Holdings Limited (Stock
	Code: 3311), a company incorporated in the Cayman Islands with
	limited liability, the shares of which are listed on the main board of
	the Stock Exchange
"Group"	the Company and its subsidiaries

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"Hong Kong"	the Hong Kong Special Administrative Region of the People's
	Republic of China
"Issuer"	China State Construction Finance (Cayman) III Limited, a
	company incorporated in the Cayman Islands with limited liability
	and a wholly-owned subsidiary of the Company
"Listing Rules"	the Rules Governing the Listing of Securities on the Stock
	Exchange
"Manager(s)"	Haitong International Securities Company Limited, China
	International Capital Corporation Hong Kong Securities Limited,
	DBS Bank Ltd., Mizuho Securities Asia Limited, BNP PARIBAS,
	Credit Suisse (Hong Kong) Limited, Mirae Asset Securities (HK)
	Limited and Industrial and Commercial Bank of China (Asia)
	Limited
"Proposed Issuance"	the proposed issuance of the Securities by the Issuer as described in
	this announcement
"Securities"	the US$ denominated subordinated guaranteed perpetual capital
	securities proposed to be issued by the Issuer and unconditionally
	and irrevocably guaranteed by the Company as described in this
	announcement
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"United States"	the United States of America
"U.S. Securities Act"	the United States Securities Act of 1933, as amended
"US$"	the United States dollars
	By order of the Board
	China State Construction
	International Holdings Limited
	Yan Jianguo
	Chairman and Non-executive Director

Hong Kong, 22 November 2019

As at the date of this announcement, the Board comprises Mr. Yan Jianguo as Chairman and Non-executive Director; Mr. Zhang Haipeng (Chief Executive Officer), Mr. Tian Shuchen, Mr. Zhou Hancheng and Mr. Hung Cheung Shew as Executive Directors; and Mr. Adrian David Li Man Kiu, Dr. Raymond Leung Hai Ming and Mr. Lee Shing See as Independent Non-executive Directors.

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