On 4 August 2026, Shui On Land Limited (SHUI ON LAND) reported that holders of its US$450.00 million 9.75% senior notes due 2029—issued by subsidiary Shui On Development (Holding) Limited—have overwhelmingly approved proposed covenant amendments.

By the 3 August 2026 expiration deadline (5:00 p.m. CEST; 11:00 p.m. HKT), consents were received for US$429.47 million in principal, representing 95.44% of the outstanding notes. This exceeds the typical simple-majority threshold required for amendment effectiveness.

The approved changes revise: 1. The “Limitation on Restricted Payments” covenant; and 2. The definition of “Fixed Charge Coverage Ratio.”

Both adjustments remove the impact of non-cash investment property revaluations when calculating leverage and distribution capacity, aligning the debt documentation with the group’s asset-light strategy and providing greater financial flexibility.

Having secured the requisite majority, the issuer will execute a supplemental indenture to implement the amendments. Investors who validly consented by the deadline will receive a consent payment on or about 11 August 2026, subject to conditions outlined in the consent solicitation statement.