China SCE Property Holdings Limited by an agreement dated 3 January 2014 entered into by and among, the company as borrower, certain of its subsidiaries as original guarantors, and a syndicate of banks, the banks have agreed to grant to the company an USD 27,000,000 and HKD 500,000,000 dual tranche term loan facility to finance repayment of certain existing indebtedness (unless earlier repaid from other sources), land acquisition and general corporate funding of the Company and its subsidiaries. The Facility is for a term of three (3) years commencing from the date of the Facility Agreement, and is guaranteed by certain subsidiaries of the company. The Facility Agreement contains requirements that Mr. Wong Chiu Yeung must remain the single largest shareholder in the company, (ii) hold legally and beneficially and directly or indirectly 40% or more of all classes of the company's voting share capital and (iii) continue to control the company.

A breach of any such requirements will constitute an event of default under the facility agreement, and as a result, the facility is liable to be declared immediately due and payable. The occurrence of such circumstance may trigger the cross default provisions of (a) the RMB 2,000,000,000 settled 10.5% senior notes due 2016 issued by the company in January 2011 and (b) the USD 350,000,000 11.5% Senior Notes due 2017 issued by the company in November 2012 and January 2013.