We advised the initial purchaser on the high-yield offering

Davis Polk advised the initial purchaser in connection with the $150 million 9.75% senior notes offering due 2029 (to be consolidated and form a single series with the $300 million 9.75% senior notes offering due 2029 issued on January 26, 2026), issued by Shui On Development (Holding) Limited and guaranteed by Shui On Land Limited, in reliance of Regulation S. The offering of the senior notes was closed on April 30, 2026.

Shui On Land Limited is one of the leading property developers in China and the flagship property company of the Shui On Group in mainland China, with a focus on large-scale city-core property development projects. Shui On Land Limited currently has projects in Shanghai (including Xintiandi), Wuhan, Chongqing and Foshan.

The Davis Polk corporate team included partner James C. Lin and counsel Bingqing Pan. All members of the Davis Polk team are based in the Hong Kong office.

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