We advised the initial purchasers and the dealer managers on the transactions

Davis Polk advised the initial purchasers in connection with a $300 million 9.75% senior notes offering due 2029, 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 January 26, 2026.

Davis Polk also advised the dealer managers in connection with an offer by Shui On Development (Holding) Limited to purchase for cash its outstanding 5.50% senior notes due 2026. The offer to purchase was settled on January 29, 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, counsel Bingqing Pan and registered foreign lawyer Sean Su. All members of the Davis Polk team are based in the Hong Kong office.

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