Fang Holdings Limited (OTCPK:SFUN.Y) announced that its board of directors (the ?Board?) has received a preliminary non-binding proposal letter (the ?Proposal Letter?), dated September 4, 2023, from Mr. Jiangong Dai (?Mr. Dai? or the ?Proposing Buyer?), proposing to acquire all outstanding Class A ordinary shares (the ?Class A Shares?) and Class B ordinary shares (the ?Class B Shares?) (collectively, the ?Shares?) of the Company, including Class A Shares represented by American depositary shares (the ?ADSs?, each Class A ordinary share representing ten ADSs), that are not currently owned by the Proposing Buyer in a ?going-private? transaction at a proposed purchase price of $0.619 per Class A Share or $6.19 per ADS in cash.

According to the Proposal Letter, the $6.19 per ADS price represents a premium of approximately 210% to the closing price of the ADSs on September 1, 2023 and a premium of approximately 25% to the volume-weighted average closing price of the ADSs during the last 30 trading days prior to the date that the NYSE suspended the trading in the company?s ADSs. According to the Proposal Letter, the Proposing Buyer intends to finance the proposed acquisition with cash on hand. The Board intends to form a special committee of independent and disinterest directors to consider the proposed transaction and make a recommendation to the Board.

The Board expects that the special committee will retain independent legal and financial advisors to assist in its review of the proposed transaction. The Board cautions the Company?s shareholders and others considering trading the Company?s securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company?s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.