CICC, acting as Global Lead Coordinator, Bookrunner and Rating Advisor, successfully assisted Wuhan Real Estate Development Investment Group Co., Ltd. ("Wuhan Real Estate Group" or the "Company") in issuing 430 million 3-year 5.7% USD offshore senior fixed-rate bonds on August 2, 2018 ("the Issuance"). The issuance is so far the largest-sized dollar debt issued by Hubei state-owned enterprises, and also the first local SOE issuance by a debut issuer after the recent release of NO.706 document. The issuance is also the landmark deal by Chinese enterprises after the recent market fluctuation. Through this issuance, CICC helps the Company open up the offshore financing channel in the international capital market and achieve favorable funding costs. In the meantime, the Company gets a valuable opportunity to present the highlights of Wuhan and of the Company to the international investors.

Wuhan Real Estate Group has been established for 40 years. It is one of the most important investment and financing platforms for urban construction in Wuhan. By the end of 2017, the Company has owned total assets over 119.2 billion yuan, net assets exceeding 35.8 billion yuan and operating income over 7.5 billion yuan, becoming the top three local state-owned enterprises in Wuhan according to total assets scale. The Company is wholly owned by Wuhan State-owned Assets Supervision and Administration Commission (SASAC), and is one of the three leading urban construction enterprises among 19 municipal enterprises in Wuhan contributed by the SASAC. The Company has undertaken two important government functions including the construction of Wuhan subsidized public housing project and city infrastructure construction, and it is the only special financing platform for public housing construction project as well as the largest state-owned housing rental platform in Wuhan. Important projects of the company include Qingshan District project, the largest reconstruction project in Central China, the 800-thousand-ton ethylene plan and similar housing projects, Dong Sha lake connection project, East Lake greenway and other major municipal infrastructure, as well as Qin Tai cultural and artistic center, Shouyi cultural park and other public construction projects.

The Company achieved favorable funding cost through effective marketing and precise market timing. During the one-week road show, the Company visited Hong Kong, Singapore and London, the three major international financial centers, and conducted in-depth communication with nearly 100 large international institutional investors, including sovereign funds, insurers, mutual funds, banks, private banks and so on. At the end of the roadshow, the market took a down turn. CICC timely made the recommendation to delay the issuance after keenly observing the fluctuation of overseas market, the tightening of domestic regulatory environment and the conservative preference trend among investors. After observing the recent policy easing and improving market liquidity, CICC, again, timely recommended that the company complete the pricing. Through its deep understanding of the market, CICC successfully assisted the company in accurately selecting the favorable market window and lock the cornerstone orders in advance. As a result, the Company successfully achieved more favorable funding cost than other equivalent peers.

CICC, acting as the Global Lead Coordinator, Bookrunner and Rating Advisor of the transaction, helped the company complete the work of regulatory approval, rating advising, due diligence, document preparation, bond sales marketing and transaction settlement, and helped the company fully present its credit highlights during the Issuance. The transaction further solidified the leading position of CICC in the international capital markets.