Shimao Property : PROPOSED ISSUE OF ADDITIONAL US$ SENIOR NOTES DUE 2022 (TO BE CONSOLIDATED AND FORM A SINGLE SERIES WITH THE US$600,000,000 4.75% SENIOR NOTES DUE 2022 ISSUED ON 3 JULY 2017)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein will not be registered under the Securities Act, and may not be offered or sold in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. The Company does not intend to make any public offering of securities in the United States.

(incorporated in the Cayman Islands with limited liability)

The Company proposes to conduct a further international offering of US$ senior notes which will be consolidated and form a single series with the US$600,000,000 4.75% senior notes due 2022 issued on 3 July 2017.

The Original Notes are listed on SGX-ST. The Company will procure that the Additional Notes will also be listed on SGX-ST upon issue. Application will be made for the listing and quotation of the Additional Notes on the official list of SGX-ST.

A further announcement will be made should the Purchase Agreement be executed.

Reference is made to the announcements (the "Announcements") of the Company dated 23 June 2017 and 28 June 2017 in respect of the issuance of an aggregate of US$600 million 4.75% senior notes due 2022 (the "Original Notes"). Unless otherwise defined, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

The Company proposes to conduct a further international offering of US$ senior notes (the "Additional Notes") which will be consolidated and form a single series with the Original Notes on the terms and conditions of the Original Notes, except for the issue date, the issue price, the date of the first interest payment and certain temporary securities law transfer restrictions.

Details of the proposed issue of the Additional Notes, including the aggregate principal amount and the issue price, will be determined through a book building exercise to be conducted by China International Capital Corporation Hong Kong Securities Limited ("China International Capital Corporation"), HSBC and Morgan Stanley as the joint global coordinators, joint bookrunners and joint lead managers; and CMB International Capital Limited ("CMB International"), Deutsche Bank AG, Hong Kong Branch ("Deutsche Bank"), Standard Chartered Bank and SPDB International Capital Limited ("SPDB International") as the joint bookrunners and the joint lead managers.

Upon finalizing the terms of the Additional Notes, China International Capital Corporation, HSBC, Morgan Stanley, CMB International, Deutsche Bank, Standard Chartered Bank and SPDB International, as initial purchasers, and the Company, among others, will enter into a purchase agreement (the "Purchase Agreement").

The Additional Notes will only be offered or sold in offshore transactions to non-U.S. persons in accordance with Regulation S under the Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. None of the Additional Notes will be offered to the public in Hong Kong.

The Company intends to use the net proceeds from the proposed issue of the Additional Notes outside the PRC to refinance the Group's certain existing indebtedness and for business development and other general corporate purposes. The Company may adjust the foregoing plans in response to changing market conditions and thus, reallocate the use of proceeds.

The Original Notes are listed on SGX-ST. The Company will procure that the Additional Notes will also be listed on SGX-ST upon issue. Application will be made for the listing and quotation of the Additional Notes on the official list of SGX-ST.

A further announcement will be made should the Purchase Agreement be executed.

Hong Kong, 4 December 2017

On behalf of the Board

Chairman

As at the date of this announcement, the Board comprises four Executive Directors, namely, Mr. Hui Wing Mau (Chairman), Mr. Hui Sai Tan, Jason (Vice Chairman), Ms. Tang Fei and Mr. Liao Lujiang; one Non-executive Director, namely, Mr. Liu Sai Fei; and three Independent Non-executive Directors, namely, Ms. Kan Lai Kuen, Alice, Mr. Lu Hong Bing and Mr. Lam Ching Kam.