Lianhe Global downgrades China Aoyuan Group Limited’s global scale Long-term Issuer Credit Rating and Issuance Credit Rating to ‘BB-’ from ‘BB+’; Issuer Rating Outlook Revised to Negative

HONG KONG, 12 November 2021 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has downgraded the global scale Long-term Issuer Credit Rating of China Aoyuan Group Limited (3883.HK) (“Aoyuan” or “the company”) to ‘BB-’ from ‘BB+’. The Outlook is revised to Negative.