The Board of New Century Real Estate Investment Trust announced that on 6 July 2020, New Century REIT Group has, through Zhejiang New Century and Spearhead Global respectively, entered into the New Century Tourism Loan Facility (with an aggregate commitment amount of RMB 788.1 million) and the Huge Harvest Loan Facility (with an aggregate commitment amount of RMB 100 million). The New Century Tourism Loan Facility will serve as a short-term bridge loan facility to facilitate a capita reduction of Zhejiang New Century for remittance of funds offshore and also part repayment of existing indebtedness; whereas the Huge Harvest Loan Facility will be used for repayment of existing indebtedness and working capital by New Century REIT Group in case of any shortfall in short term funds. New Century REIT Group will also undergo a refinancing of its Original Bank Facilities (with an aggregate original commitment amount of approximately RMB 1,940.1 million) by entering into the New Third Party Loan Facilities in order for it to take advantage of the lowered interest rate offered by the financial institutions. As at the date of this announcement, the outstanding amount of borrowings under the Original Bank Facilities are approximately RMB 1,883.3 million. The Refinancing Plan will allow New Century REIT Group to (i) lower its overall interest payment obligations, (ii) lower its onshore and offshore borrowings interest rates, and (iii) reduce its foreign exchange exposure (given that all of its new borrowings will be denominated in RMB and all of New Century REIT Group's income is denominated in RMB).