China South City Continues to Enhance Long-term Bank Facility - Optimise Debt Structure & Maintains Growth Momentum  

26 January 2021 – China South City Holdings Limited (“China South City” or “the Group”) continues to make progress on financing exercises. Under the premise of debt structure optimization, the Group strives to increase the proportion of long-term loans with its fixed assets with significant results. As at the end of first half of the FY2020/21, interest-bearing bank and other borrowings with a tenor over 5 years doubled compared to the same period last year. In January 2021, the Group obtained a 15-year financing loan facility of RMB 700 million approved by a large state-owned bank, which further optimized the Group’s debt structure and lowered financing cost. Besides, on 13 January, the Group successfully issued US $ 120 million senior notes due 2023 with more than 10x oversubscription. The Group will maintain close cooperation with both onshore and offshore financial institutions, and will continue to proceed various long-tenor financing to strengthen cash-flow management.

China South City has sustained good growth momentum in business development. The contracted sales achieved HK$12 billion for the first three quarters of the fiscal year, of which the third quarter reached HK$4.0 billion. Recurring business is becoming mature. Apart from the membership supermarket and inexpensive quality home furnishing store opened on China South City projects, industries such as education and healthcare and beauty also grew rapidly and has created industrial cluster effect on-site. In addition, the inaugural fourth generation Wanda Plaza – the Shenzhen Longgang Wanda Plaza – is expected to commence operation in mid-2021, which will effectively enhance traffic flow in CSC Shenzhen, and step up the upgrade of China South City project.

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