Kaisa : ADJUSTMENT TO CONVERSION PRICE OF THE 10.5% CONVERTIBLE BONDS DUE 2021

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.

KAISA GROUP HOLDINGS LTD.

佳 兆 業 集 團 控 股 有 限 公 司 *

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1638)

ADJUSTMENT TO CONVERSION PRICE OF

THE 10.5% CONVERTIBLE BONDS DUE 2021

Reference is made to the announcement of Kaisa Group Holdings Ltd. (the "Company") dated 30 December 2018 (the "Announcement") in relation to the issue of the 10.5% Bonds due 2021 (the "Bonds") issued by the Company. The Bonds are listed on SGX-ST. Unless otherwise stated herein, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

On 8 August 2019, the Company made a payment of a final dividend of HK9.0 cents per Share (the "Final Dividend"). Based on the adjustment provisions stipulated under the terms and conditions of the Bonds, an adjustment will be made to the conversion price as a result of the payment of the Final Dividend.

The conversion price of the Bonds has been adjusted from HK$5.0 per Share (the "Existing Conversion Price") to HK$4.86 per Share (the "Adjusted Conversion Price") with effect from 25 June 2019.

Based on the total outstanding principal amount of the Bonds of US$100 million at the date of this announcement, the maximum number of Shares that will be issued upon conversion of all the outstanding Bonds at the Existing Conversion Price and the Adjusted Conversion Price are 156,600,000 Shares and 161,111,111 Shares, respectively.

By Order of the Board

KAISA GROUP HOLDINGS LTD.

Kwok Ying Shing

Chairman and Executive Director

Hong Kong, 10 October 2019

As at the date of this announcement, the executive Directors are Mr. Kwok Ying Shing, Mr. Sun Yuenan, Mr. Zheng Yi, Mr. Mai Fan and Mr. Weng Hao; the non-executive Director is Ms. Chen Shaohuan; and the independent non-executive Directors are Mr. Rao Yong, Mr. Zhang Yizhao and Mr. Liu Xuesheng.

• For identification purposes only