YUEXIU PROPERTY (00123) has announced that its indirectly owned Chinese subsidiary, Guangzhou City Construction Development Co., Ltd., in which it holds a 95% equity interest, plans to issue the first tranche of corporate bonds for 2026. The issuance size will be no more than CNY 700 million. The bonds will be divided into two series: (i) five-year fixed-rate bonds (Series 1), with the issuer having the option to adjust the coupon rate at the end of the third year. Additionally, at the end of the third year, the issuer will have the right to redeem all outstanding Series 1 bonds, and holders will have the right to sell back all or part of their Series 1 bonds to the issuer; (ii) seven-year fixed-rate bonds (Series 2), with the issuer having the option to adjust the coupon rate at the end of the fifth year. Furthermore, at the end of the fifth year, the issuer will have the right to redeem all outstanding Series 2 bonds, and holders will have the right to sell back all or part of their Series 2 bonds to the issuer. The first tranche of 2026 corporate bonds will include an inter-series reallocation option with no restrictions on the reallocation ratio. The issuer and lead underwriter will jointly decide whether to exercise this option based on subscription demand, within the total issuance amount. The coupon rates for Series 1 and Series 2 bonds will be determined after book-building. The net proceeds from the bond issuance, after deducting issuance expenses, will be used to repay maturing corporate bonds.