On May 20, 2026, the issuer, YUEXIU PROPERTY (as guarantor), and the joint lead managers entered into a subscription agreement. According to the agreement, the joint lead managers have individually, but not jointly, agreed to subscribe for and pay, or to cause subscribers to subscribe for and pay for, the green notes. The issuer has agreed to issue the green notes to the joint lead managers or as directed by them on the issue date. The green notes will be offered by way of a debt issuance solely to professional investors (as defined in Chapter 37 of the Listing Rules). The issuer and YUEXIU PROPERTY will apply to the Stock Exchange for the listing of the green notes through a debt issuance targeted solely at professional investors. The total proceeds from the proposed green notes issuance, before deducting underwriting commissions payable to the joint lead managers and other expenses incurred or to be incurred for the proposed issuance, will be RMB 1.6 billion. The net proceeds from the green notes offering are intended to be used, in accordance with the Enterprise Foreign Debt Verification and Registration Certificate dated March 23, 2026, for refinancing certain medium to long-term offshore debts of the issuer, YUEXIU PROPERTY, and its subsidiaries maturing within one year. An amount equivalent to the net proceeds from the green notes offering will be specifically allocated, under YUEXIU PROPERTY's Sustainable Financing Framework, for financing and/or refinancing eligible green projects.