New City Development USD Bond Cash Offer: Subscription to the newly issued notes will be given priority acceptance, and holders can independently allocate the acceptance ratios for the two offers.

Securities News: On February 26, New City Development announced that its subsidiary, New City Global Limited, has launched cash tender offers for its USD-denominated bonds due May 2026 (ISIN: XS2290806285) and September 2027 (ISIN: XS3192214685), and simultaneously issued new bonds. This move aims to proactively optimize the balance sheet and manage debt structure. Both offers will close at 4:00 PM London time on March 5, 2026, with settlement expected around March 10, 2026.

· For the May 2026 bonds: This is an “all or nothing” tender, meaning the company intends to purchase all validly submitted bonds. The outstanding principal amount of these bonds is $404 million. The purchase price is $1,010 per $1,000 of principal.

· For the September 2027 bonds: This is a maximum tender offer, with the company’s maximum acceptance amount expected to be between $60 million and $120 million, at its sole discretion. The outstanding principal amount of these bonds is $160 million. The purchase price is $981.82 per $1,000 of principal.

The announcement states that, to encourage bondholders to participate, a “priority acceptance” mechanism has been set up: 1) Qualified bondholders who subscribe to the new bonds and participate in the tender will receive priority acceptance; 2) If bondholders participate in both tenders, the “combined priority amount” will be equal to the principal amount of the new bonds allocated to them and can be freely allocated between the two tenders. The issuer has indicated that, when allocating new bonds, priority will be given to those bondholders who have explicitly expressed their intention to tender before the allocation.