The Board of Powerlong Real Estate Holdings Limited announced that on August 3, 2020, the Company, the Subsidiary Guarantors and the JV Subsidiary Guarantors entered into the Purchase Agreement with Citigroup, Credit Suisse, Deutsche Bank, Guotai Junan International, Haitong International, UBS, China CITIC Bank International, China Industrial Securities International and The Bank of East Asia, Limited in connection with the issue of USD 200,000,000 6.25% senior notes due 2024. The estimated gross proceeds of the offer and sale of the Notes will be approximately USD 198.3 million. The Company intends to use the proceeds of the Notes to refinance the Company's existing medium to long term offshore indebtedness, which will become due within one year. Approval-in-principle has been received for the listing and quotation of the Notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed in this announcement. Approval in-principle for the listing and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Company or the Notes. The subscription price of the Notes will be 99.132% of the principal amount of the Notes. Interest The Notes will bear interest at a rate of 6.25% per annum, payable semi-annually in arrears on February 10 and August 10 of each year, commencing on February 10, 2021. At any time prior to August 10, 2022, the Company may at its option redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes plus the applicable premium as of, and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after August 10, 2022, the Company may at its option redeem the Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, to the redemption date if redeemed during the twelve-month period beginning on August 10 of each of the years. Reasons for the issue of the Notes The estimated gross proceeds of the Notes will be approximately US$198.3 million. The company intends to use the proceeds of the Notes to refinance its existing medium to long term offshore indebtedness, which will become due within one year.