Shui On Land Limited announced that its wholly-owned subsidiary, Shui On Development (Holding) Limited, intends to launch an international offering of 9.75% senior notes due 2029. The new tranche will be consolidated into a single series with the US-dollar-denominated notes issued on 26 January 2026 (the “Original Notes”). UBS AG Hong Kong Branch is acting as the initial purchaser, sole global coordinator and sole bookrunner.

The proposed notes—marketed exclusively to institutional investors in Asia and Europe under Regulation S—will be unregistered in the United States and will not be offered to the Hong Kong public. Approval in principle for listing has been secured from the Singapore Exchange Securities Trading Limited (SGX-ST); no Hong Kong listing is planned.

Proceeds from the transaction, if completed, are earmarked for refinancing and repaying existing indebtedness. Final issuance terms and completion remain subject to market conditions and investor demand; no binding purchase agreement has yet been executed.

Recent balance-sheet activity underscores the Group’s focus on capital management. Between 1 January and 31 March 2026, Shui On Land repaid RMB1.25 billion in bank borrowings, raised an additional RMB7.62 billion in new bank and other debt—of which RMB1.33 billion related to subsidiary acquisitions—and fully settled RMB4.29 billion in securitisation receipts.

The company cautions investors that the proposed notes offering may or may not proceed and advises vigilance when dealing in its securities.