On 19 July 2021, Redco Properties Group Limited, together with the Subsidiary Guarantors, entered into the Purchase Agreement with Credit Suisse and Standard Chartered Bank in connection with the Additional Notes Issue. The Additional Notes have not been, and will not be, registered under the Securities Act. The Additional Notes will only be offered outside the United States in offshore transactions in compliance 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 Additional Notes will be offered to the public in Hong Kong. The following is a summary of certain provisions of the Additional Notes and the Indenture. This summary does not purport to be complete and is qualified in its entirety by reference to the provisions of the Indenture, the Additional Notes, the guarantees provided by the Subsidiary Guarantors, and the JV Subsidiary Guarantors, if any. Subject to certain conditions to completion, the Company will issue the Additional Notes in the aggregate principal amount of USD 100.8 million. The Additional Notes will mature on 6 August 2022 unless earlier redeemed in accordance with the terms thereof. The issue price of the Additional Notes will be 100.945% of the principal amount of the Additional Notes, plus accrued interest from (and including) 6 February 2021 to (but excluding) 27 July 2021. The Additional Notes will bear interest from and including 6 August 2021 at the rate of 11.0% per annum, payable semi-annually in arrears on 6 February and 6 August every year, commencing 6 August 2021. The Group is an integrated property developer focusing on mid-to-high-end residential and commercial property development in the PRC. The Company intends to use the net proceeds of the Additional Notes Issue to refinance certain of its existing medium to long term offshore indebtedness which will become due within one year and in accordance with the Company's Sustainable Finance Framework.