professional adviser. Unless otherwise specified in this Term Sheet, any capitalised terms used but not defined in this Term Sheet shall have their me

Transcription

1 Date*: Wanda Properties International Co. Limited (the Issuer ) Issue of USD 600,000, per cent. Fixed Rate Notes due January 2024 Guaranteed by Wanda Commercial Properties (Hong Kong) Co. Limited, Wanda Real Estate Investments Limited and Wanda Commercial Properties Overseas Limited (the Guarantor ) Important Risk Warning: This is an investment product. The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. The Notes are NOT equivalent to a time deposit. Issuer s/guarantor s risk - The Notes are subject to both the actual and perceived measures of credit worthiness of the Issuer and the Guarantor. There is no assurance of protection against a default by the Issuer and Guarantor in respect of the repayment obligations. In the worst case scenario, you might not be able to recover the principal and any coupon if the Issuer and Guarantor default on the Notes. Additional risks are disclosed in the section of Risk Factors below and in the relevant offering documentation of the Notes (which is available upon request). Please refer to it for details. WARNING The contents of this Term Sheet have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. IMPORTANT If you are in doubt as to any aspect of this offer, you should consult a licensed securities dealer, bank manager, solicitor, certified public accountant or other 1

2 professional adviser. Unless otherwise specified in this Term Sheet, any capitalised terms used but not defined in this Term Sheet shall have their meanings as set out in the offering documentation of the Notes (which is available upon request). * If you receive this Term Sheet via , the date of the Term Sheet is the date as stated on the to which it is attached. If you receive this Term Sheet via fax, the date of the Term Sheet is the date as stated on the document header or on the cover letter which accompanies the Term Sheet. If you are viewing this Term Sheet over the internet, the date of the Term Sheet is the date as stated on the webpage to which it is shown. 2

3 Term Sheet Issuer Guarantor Type Rating (A rating is not a recommendation to buy, sell or hold notes and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. Please contact HSBC staff if you wish to obtain (if any) updated ratings information prior to making your investment.) Issue Date Maturity Date ^ Coupon Coupon frequency Redemption for Tax Reasons Optional Redemption Status of the Notes and Guarantee Wanda Properties International Co. Limited Wanda Commercial Series No: N/A Properties (Hong Tranche No: N/A Kong) Co. Limited, Wanda Real Estate Investments Limited and Wanda ISIN Code: XS Commercial Properties Overseas Limited Fixed Rate High Yield Notes Issuer s rating: Baa3 (Moody s), as at 10 March, 2016 Guarantor s rating: Baa3 (Moody s) / BBB- (S&P), as at 10 March 2016 The Notes rating: Baa3 (Moody s) / BB+ (S&P), as at 03 February 2016 (Source: Bloomberg) 29/01/2014 (DD/MM/YYYY) 29/01/2024 (DD/MM/YYYY) 7.25 per cent. per annum Semi-Annual The Notes may be redeemed at the option of the Issuer in whole, but not in part, at their principal amount, together with accrued interest, at any time in the event of certain changes affecting taxes of a Relevant Jurisdiction, as further described in Condition 6(b) of the Terms and Conditions of the offering documentation. On giving not less than 30 nor more than 60 days notice (an Optional Redemption Notice ) to the Trustee and the Bondholders in accordance with Condition 16, the Issuer may at any time and from time to time redeem the Bonds, in whole but not in part, at a Make Whole Price as of, and accrued and unpaid interest, if any, to (but excluding), the redemption date (the Option Redemption Date ) specified in the Option Redemption Notice. Status of the Notes The Notes constitute direct, unsubordinated, unconditional and, subject to Condition 4(a) of the Terms and Conditions of the offering documentation, unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves, as further described in 3

4 Subsidiary Guarantee(s) Ranking of the Subsidiary Guarantee(s) Security to be Granted Intercreditor Agreement Offering Documentation Currency & Amount of the issue Interest Commencement Date Denomination Condition 3 of the Terms and Conditions of the Notes. Status of the Guarantee The obligations of the Subsidiary Guarantors under the Guarantee shall, save for such exceptions as may be provided by applicable legislation and subject to Condition 4(a) of the Terms and Conditions of the offering documentation, at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. Wanda HK, Wanda Real Estate Investments Limited and Wanda Commercial Properties Overseas Limited. The Subsidiary Guarantors have unconditionally and irrevocably guaranteed, on a joint and several basis, the due payment of all sums expressed to be payable by the Issuer under the Bonds and the Trust Deed. Each Subsidiary Guarantor s obligations in respect of the Bonds and the Trust Deed (the Guarantee ) are contained in the Trust Deed (and any supplement thereto). N/.A N/A The Offering Circular dated 23 January 2014 (the Offering Circular ) USD 600,000,000 29/01/2014 (DD/MM/YYYY) USD 200,000 and integral multiples of USD 1,000 in excess thereof Minimum Investment Per investor: USD 1,000 Amount Redemption at maturity At par (100%) 29 January and 29 July in each year Interest Payment Date(s) ^ commencing on 29 July 2014 up to and including the Maturity Date Each of the Issuer and Wanda HK undertakes that from the Issue Date and for so long as any Bonds are Financial Covenants outstanding,wanda HK shall at all times maintain its Total Equity at not less than HK$1,000,000,000 or its equivalent. Listing and Pricing The Notes are listed on the Hong Kong Stock Exchange (the (Please contact HSBC staff for Exchange ). (if any) updated pricing Certain information with regards to the price and turnover (if information prior to making any) of the Notes may be available on the Exchange website your investment.) at The information with regards to the last closing price and historical prices of the Notes, which is required by the Securities and Futures Ordinance Schedule 7 Part 2 Section 1(b), (c), (d) and (e), are not included in this Term 4

5 Description of the Issuer (from page 96 of the Offering Circular) Description of the Guarantor (from page 97 of the Offering Circular) Contact Information of the Issuer Contact Information of the Guarantor Sheet because: there is no record of any trading activity of the Notes on the Exchange; the historical prices including but not limited to the closing price on the last trading day immediately preceding (a) this offer, (b) the public announcement in relation to this offer, and (c) each of the 6 months immediately preceding this offer, as well as the highest and the lowest closing prices during the period of last 6 months, are not available publicly through the Exchange and/or other public sources and there has been no public announcement in relation to this offer. The Issuer was incorporated under the laws of the BVI on January 16, As of 23 January 2014, it is authorized to issue a maximum of 10,000 shares of a single class each with a par value of US$1.00 and has one share in issue. The Issuer is a wholly-owned subsidiary of Wanda Commercial Properties (Hong Kong) Co. Limited ( Wanda HK ) and carries on and has carried on no business other than entering into arrangements for the issue of the Notes and the lending of the net proceeds thereof to us. As of 23 January 2014, the Issuer has no outstanding borrowings and has no contingent liabilities other than the issue of the Notes. The Issuer is not required under the laws of the BVI to file, and does not propose to file, any of its interim or annual accounts. As of 23 January 2014, the Issuer has no subsidiaries. Wanda HK was incorporated under the laws of Hong Kong on February 6, The authorized share capital of Wanda HK is HK$10,000 divided into 10,000 shares of HK$1.00 each. As of 23 January 2014, Wanda HK has one share in issue. Wanda HK is a direct wholly-owned subsidiary of Wanda Commercial Properties (Group) Co., Limited ( the Company ). Wanda HK is currently the only offshore investment and financing platform for the Company. It focuses on developing overseas financing channels, identifying profitable property development and investment opportunities that are in line with its development strategy and steadily co-investing together with the Company in the commercial real estate sector. Registered Office Address: P.O. Box 957 Offshore Incorporations Centre Road Town, Tortola British Virgin Islands Registered Office Address: Unit 606, 6th Floor Alliance Building 133 Connaught Road Central Hong Kong 5

6 Fees & Charges Safe Custody Waived Interest Collection Waived Stamp Duty Redemption at Maturity Waived No Hong Kong stamp duty is payable on the purchase of the Notes ^ Actual payment dates are subject to the payment received from the relevant custodian which maybe beyond the stated date due to time zone difference and different lead time required by individual paying agent. 6

7 Risk Factors There are investment risks involved in buying the Notes (including the risks set out in the Risk Factors below and the risks disclosed in the relevant offering documentation of the Notes, which is available upon request). Before applying for any of the Notes, you should consider the risks involved in investing in the Notes and consider whether the Notes are suitable for you in light of your own financial circumstances and investment objectives. If you are in any doubt, you should get independent professional advice. Risk factors relating to the Notes in general The Notes are mainly for medium to long term investment, not for short term speculation. You should be prepared to invest your funds in the Notes for the full investment tenor; you could lose part or all of your investment if you choose to sell the Notes prior to maturity. The Notes are not equivalent to, nor should they be treated as a substitute for, time deposit. They are NOT protected deposits and are NOT protected by the Deposit Protection Scheme in Hong Kong. Receipt of any interest and principal amount at maturity of the Notes is subject to the credit risk and default risk of the Issuer and the Guarantor. In case of default, the holder of the Notes may not be able to receive back the principal amount invested or any interest payable on the Notes. The holder of the Notes bears the credit risk and the default risk of the Issuer and the Guarantor and has no recourse to HSBC unless HSBC is the Issuer or the Guarantor itself. One or more independent credit rating agencies may assign credit ratings to an issue of the Notes, the Issuer and the Guarantor. Credit ratings may not reflect all of the risks related to the Notes, the Issuer, the Guarantor and other factors that may affect the value of the Notes. Credit ratings do not guarantee the creditworthiness of the Issuer and the Guarantor. A credit rating by the rating agency is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time. A suspension, reduction or withdrawal at any time of any rating assigned to the Notes may adversely affect the market price of the Notes. The market price of the Notes may fluctuate with market changes. Factors affecting the market price of the Notes include, but are not limited to, fluctuations in interest rates, credit spreads, and liquidity premiums. In particular, investment in the Notes is susceptible to fluctuations in interest rates which may adversely affect the value of the Notes. The price of the Notes may generally fall when the interest rates rise. The fluctuation in yield generally has a greater effect on prices of longer tenor notes. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling the Notes. The Issuer may have the right (but not the obligation) to early redeem the Notes prior to maturity date upon occurrence of certain events (please refer to the offering documentation of the Notes for details). If the Issuer exercises its right to redeem the Notes before they mature, you may suffer a substantial loss under the Notes and you may not be able to enjoy the same rates of return when you re-invest the amount received under such early redemption in other investments with similar risk parameters. 7

8 If you wish to sell the Notes, HSBC may but is not obliged to repurchase them based on the prevailing market price under normal market circumstances, but the selling price may differ from the original buying price due to changes in market conditions. There may be exchange rate risks if you choose to convert payments made on the Notes to your home currency. Notes may have no established trading market when issued, and one may never develop. Even if a secondary market does develop, the secondary market for the Notes may not provide significant liquidity or may trade at prices based on the prevailing market conditions and may not be in line with your expectations. Therefore, you may not be able to sell the Notes easily before maturity or at prices that will provide you with a yield comparable to similar investments that have a developed secondary market. Please refer to the offering documentation of the Notes for other risk factors relating to the Issuer, the Guarantor and the Notes. Notes with callable features - The Notes are embedded with selling option(s) to the Issuer, which give the Issuer a right (but not the obligation) to call and early redeem the Notes prior to maturity date (please refer to the offering documentation of the Notes for details). If the Issuer exercises its right to redeem the Notes before they mature, you may suffer a substantial loss under the Notes and you may not be able to enjoy the same rates of return when you re-invest the amount received under such early redemption in other investments with similar risk parameters. Notes subject to redemption for tax reasons / optional redemption - The Issuer may not have enough available funds at the time of the occurrence of any redemption for tax reasons to make purchases of outstanding Notes, and the Issuer's failure to repurchase will constitute an event of default under the Notes and may constitute an event of default under other indebtedness of the Issuer. For further details, please refer to Condition 6(b) and Condition 6(c) of the offering documentation of the Notes. Risk Factors for High Yield Bonds In general, the Bonds/Notes are either unrated or non-investment graded. The Bonds/Notes may have a higher yield than investment graded Bonds/Notes. However, they present greater risks with respect to liquidity, volatility, vulnerability to economic cycles and non-payment of principal and coupon. They incur a greater degree of credit risk relative to other fixed income bonds/notes. If the Bonds/Notes are rated, the relevant credit rating agencies may downgrade the relevant rating of the Bonds/Notes at any time. In some cases, the market anticipates downgrades by bidding down prices prior to the actual rating agency announcement. Before such downgrade of rating, the relevant credit rating agencies may place the Bonds/Notes on a credit-watch status, which may adversely affect the market price of the Bonds/Notes. 8

9 The Bonds/Notes are subject to greater default risk than other investment graded Bonds/Notes due to higher credit risk and lower priority of claim by the security holders. Various factors may affect the ability of the Issuer to repay its debt obligations, including but not limited to poor management, changes in management, failure to anticipate shifts in the Issuer s market, rising costs of raw materials, regulations and new competition. Events that adversely affect a whole industry can have a blanket effect on the Bonds/Notes of its members. For Bonds/Notes that are cross-border issues which have no recovery history for offshore holders claiming right domestically. Therefore, in case of default, the time required for claim on corporate assets in a liquidation distribution may be longer than investment graded Bonds/Notes due to lower priority of claim and the domestic restrictions on the holders right to claim. The market value of the Bonds/Notes are more sensitive to factors such as variations in the Issuer s financial conditions, the Issuer s developments involving its business and changes thereof applicable to the Issuer s industry. The Bonds/Notes are subject to vulnerability to economic cycles in particular, the Bonds/Notes are more vulnerable to the general economic condition than investment graded Bonds/Notes. During an economic downturn, the Bonds/Notes will typically lose more principal value and thus subject to greater price volatility than investment graded Bonds/Notes as a result of an increase in default risk and as investors become more risk adverse. Liquidity refers to the investor s ability to sell a bond quickly and at an efficient price, as reflected in the bid-ask spread. A difference may exist between the price buyers are bidding and the prices sellers are asking. For largely and actively traded bond, the gap is often smaller, producing greater liquidity. The Bonds/Notes may be less liquid than investment graded Bonds/Notes, depending on the Issuer and the market conditions at any given time. Please be aware the concentration risk of investing in bonds issued by the same issuer or companies by the same group. A degrading of any of the group company's credit rating may expose the whole group to contagion risk. Please be also aware the risk of over concentrating investment in the high risk investment products. Please refer to the "High Yield Bond Fact Sheet" for further details of the features and risks of High Yield Notes. 9

10 Investor s Commitment and Acknowledgements When you place your order for the Notes, you are deemed to make a series of confirmations and acknowledgements, including that you: (i) (ii) (iii) (iv) (v) have read and understood this Term Sheet, including the risks of investing in the Notes as explained in the section Risk Factors before making any investment decision; understand that you should refer to the relevant offering documentation of the Notes, which is available upon request, for further details on the terms of the Notes and risks involved before making any investment decision; confirm that you are prepared to invest your funds in the Notes for the full investment tenor; you could also lose part or all of your investment if you choose to sell your Notes prior to maturity; understand that this document is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or credit worthiness or other evaluation of the Issuer and the Guarantor; prospective investors should consult their tax, legal, accounting and/or other advisors; and understand that you should avoid excessive investment in a single type investment, with regard to its total proportion of your overall portfolio, in order to guard against overexposure to any single investment. How to find out the current market value of your investment after purchase? The current market value of your investment will be available upon request. Please contact our staff at any HSBC branch in Hong Kong. Note: If you have any feedback or complaint about any aspect of the service you have received, please contact our Hong Kong branches, call (852) for HSBC Premier customers, (852) for HSBC Advance customers or (852) for Other Personal Banking customers, or write to the Customer Relations Department at P.O. Box No Kowloon Central Post Office, or send an to feedback@hsbc.com.hk. We will respond to a complaint within a reasonable period of time normally not exceeding 30 days in general circumstances. If you are not satisfied with the outcome of your complaint, you have the right to refer the matter to the Enforcement Department of Hong Kong Monetary Authority at 55th Floor Two International Finance Centre, 8 Finance Street, Central, Hong Kong. For monetary dispute, you have the right to refer the matter to the Financial Dispute Resolution Centre at 15/F, Stanhope House, 734 King s Road, Quarry Bay, Hong Kong. References to websites References to the websites stated in this document where further information may be obtained are intended as guides for you to access further public information on the securities. Information appearing on such websites is not part of the offering documents. HSBC accept no responsibility whatsoever that such other information, if available, is accurate and/or up-to-date, and no responsibility is accepted in relation to any such information by us and our respective affiliates. 10

11 Disclaimer The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) has issued this document. The information contained in this termsheet is derived from sources HSBC believes to be reliable, but which HSBC has not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this document. Any opinions expressed therein are given in good faith, but are subject to change without notice. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. Please note that the above rates or prices are for indicative purposes only and may vary in accordance with changes in market condition. Distribution of this document may be restricted by law in certain jurisdictions and the information contained herein is to the recipients and may not be reproduced or otherwise disseminated. HSBC and its affiliates and/or officers, directors and employees may have positions in any instruments or currencies mentioned in this document and may from time to time add to or dispose of such instruments or currencies. User of the information is advised to make independent judgment with respect to any matter contained herein. Issued by The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) registered at 1 Queen s Road Central, Hong Kong The Hongkong and Shanghai Banking Corporation Limited is the distributor which is a wholly owned subsidiary of HSBC Holdings plc, the holding company of the HSBC Group. The Hongkong and Shanghai Banking Corporation Limited Authorised and Regulated by Hong Kong Monetary Authority A registered institution under the Securities and Futures Ordinance, with Central Entity Identity Number AAA523 Registered Office: 1 Queen s Road Central, Hong Kong Tel: , Member HSBC Group 11

12 日期 *: Wanda Properties International Co. Limited ( 發行人 ) 發行 600,000,000 美元 7.25% 定息票據 2024 年 1 月到期由萬達商業地產 ( 香港 ) 有限公司 萬達地產投資有限公司及萬達商業地產海外有限公司 ( 擔保人 ) 提供擔保 重要風險通知 : 此乃投資產品 投資決定是由閣下自行作出的, 但閣下不應投資在該產品, 除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況 投資經驗及目標後, 該產品是適合閣下的 本票據並不相等於定期存款 發行人 / 擔保人風險 本票據表現受發行人及擔保人的實際和預計借貸能力所影響 就償債責任而言, 本票據不保證發行人及擔保人不會拖欠債務 在最壞情況下, 如果發行人及擔保人不履行契約, 本票據持有人可能無法取回本票據的利息和本金 以下 風險因素 部份及本票據相關發售文件 ( 可向滙豐索取 ) 將列出其他風險因素, 詳情請參閱有關部份 警告 本條款表的內容未經在香港的規管當局審核 閣下應就有關要約謹慎行事 如閣下對本文件的任何內容有任何疑問, 閣下應尋求獨立專業意見 重要提示 如閣下對此要約的任何方面有疑問, 應諮詢持牌證券交易商 銀行經理 律師 會計師或其他專業顧問 除本條款表另有說明外, 本條款表的英文版本所使用但並未作出定義的任何大寫術語應具有本票據發售文件 ( 可向滙豐索取 ) 所載的涵義 * 如閣下透過電郵收取本條款表, 則條款表的日期為條款表的郵件所載日期 如閣下透過傳真收到本條款表, 條款表日期即文件頁首或條款表附函所示的日期 如閣下透過互聯網閱讀本條款表, 則條款表的日期為網頁所示日期 12

13 條款表 發行人 擔保人 類別 評級 ( 評級並不代表建議購買 出售或持有票據, 且可由授予評級之機構隨時終止 更改或撤銷 倘若閣下希望在作出投資前獲得更新的 ( 如有的話 ) 評級資料, 請聯絡滙豐的職員 ) Wanda Properties International Co. Limited 萬達商業地產 ( 香港序列號 : 不適用 ) 有限公司 萬達地產票據號 : 不適用投資有限公司及萬達商業地產海外有限公司 ISIN 編碼 :XS 定息高收益票據發行人評級 :Baa3( 穆迪 ), 截至 2016 年 3 月 10 日 擔保人評級 : Baa3( 穆迪 )/BBB-( 標準普爾 ), 截至 2016 年 3 月 10 日 票據評級 :Baa3( 穆迪 )/BB+( 標準普爾 ), 截至 2016 年 2 月 3 日 ( 資料來源 : 彭博資訊 ) 發行日期 29/01/2014( 日 / 月 / 年 ) 到期日期 ^ 29/01/2024( 日 / 月 / 年 ) 票息 每年 7.25% 票息頻率 : 每半年 基於稅務理由贖回 選擇性贖回 票據及擔保的地位 附屬公司擔保 附屬公司擔保地位 如發售文件的條款及條件所載條件 6(b) 進一步所述, 若發生若干變動以致影響有關司法權區的稅務, 本票據可由發行人選擇全部而非部分隨時按其本金額連同應計利息全部而非部份贖回 發行人可根據條件 16 向受託人及債券持有人發出不少於 30 日但不多於 60 日的通知 ( 選擇性贖回通知 ) 後, 可隨時及不時按截至選擇性贖回通知指定的贖回日期 ( 選擇性贖回日期 ) 的提前贖回價格另加截至指定的贖回日期 ( 但不包括當日 ) 應計及未支付利息 ( 如有 ) 贖回全部 ( 而非部份 ) 債券 ; 票據的地位如本票據條款及條件所載條件 3 進一步所述, 本票據構成發行人的直接 非後償 無條件及 ( 受限於發售文件的條款及條件所載條件 4(a)) 無抵押債務, 彼此之間將一直享有同等地位, 且並無任何優先權 擔保的地位除適用法例可能規定的有關例外情況外及受限於發售文件條款及條件所載條件 4(a), 附屬公司擔保人於擔保項下的付款責任應在任何時候至少與其現有及未來的所有其他無抵押及非後償債務享有同等地位 萬達地產香港 萬達地產投資有限公司及萬達商業地產海外有限公司 附屬公司擔保人已共同及個別 無條件及不可撤回地擔保發行人妥為支付根據債券及信託契據表明應付的所有款項 各附屬公司擔保人就債券及信託契據須承擔的責 13

14 任 ( 擔保 ) 已載於信託契據 ( 及任何相關的補充文件 ) 內 將予提供的抵押不適用債權協議不適用發售文件日期為 2014 年 1 月 23 日的發售通函 ( 發售通函 ) 貨幣及發行金額 600,000,000 美元計息開始日期 29/01/2014 ( 日 / 月 / 年 ) 面額 200,000 美元及超過部份按 1,000 美元的整數倍計算最小投資額每名投資者 :1,000 美元到期贖回按面值 (100%) 2014 年 7 月 29 日開始至到期日 ( 包括當日 ) 每年的 1 月 29 利息支付日期 :^ 日及 7 月 29 日財務契諾不適用上市及定價 ( 倘若閣下希望在作出投資前獲得更新的 ( 如有的話 ) 不適用定價資料, 請聯絡滙豐的職員 ) 發行人簡介 ( 摘自發售通函發行人於 2014 年 1 月 16 日根據英屬維爾京群島法例註冊成第 96 頁 ) 立 於 2014 年 1 月 23 日, 發行人獲授權發行最多 10,000 股每股面值 1.00 美元的單一類別股份, 並擁有一股已發行股份 發行人為萬達商業地產 ( 香港 ) 有限公司 ( 萬達香港 ) 的全資附屬公司, 除訂立安排以發行本票據及借予我們相關所得款項淨額外, 並無進行及已進行任何業務 截至 2014 年 1 月 23 日, 除發行本票據, 發行人並無任何尚未償還借款, 亦無任何豁然負債 發行人無須根據英屬維爾京群島法例提交及並無擬提交任何中期或年度賬目 截至 2014 年 1 月 23 日, 發行人並無任何附屬公司 擔保人簡介 ( 摘自發售通函第 97 頁 ) 萬達香港於 2013 年 2 月 6 日根據香港法例註冊成立 萬達香港的法定股本為 10,000 港元, 分為 10,000 股每股面值 1.00 港元的股份 於 2014 年 1 月 23 日, 萬達擁有一股已發 行股份 萬達香港為萬達商業地產 ( 集團 ) 有限公司 ( 本公司 ) 直接全資擁有的附屬公司 萬達香港目前為本公司唯一的離岸投資及融資平台 該公司專注於發展海外融資渠道, 識別符合其發展策略的有利可圖的物業開發及投資機會, 以及持續與本公司共同投資於商業房地產行業 發行人聯絡資料註冊辦事處地址 : P.O. Box 957 Offshore Incorporations Centre Road Town, Tortola British Virgin Islands 擔保人聯絡資料註冊辦事處地址 : 香港干諾道中 133 號誠信大廈 6 樓 606 室 14

15 服務收費 託管服務豁免 代收利息豁免 到期贖回豁免印花稅購買本票據無須支付香港印花稅 ^ 有關款項的實際支付日期視乎收到相關託管人的付款日期 基於時差原因或個別支付代理不同的處理時間, 有關款項的實際支付日期可能遲於日期所述 15

16 風險因素 購買本票據涉及投資風險 ( 包括以下 風險因素 所載風險及可向滙豐索取的本票據相關發售文件披露的風險 ) 在投資於本票據之前, 投資者應考慮投資本票據所涉及的風險, 並就本身的財政狀況及投資目標, 考慮是否適合投資於本票據 如有任何疑問, 應諮詢獨立專業顧問的意見 本票據涉及的一般風險因素 本票據主要提供中長期的投資, 並不是短線投機的工具 閣下應準備於整段投資期內將資金投資於本票據上 ; 若閣下選擇在到期日之前提早出售本票據, 可能會損失部份或全部的投資本金額 本票據並不相等於定期存款, 亦不應被視為其替代品 本票據並非受保障存款, 且不受香港存款保障計劃之保障 於本票據到期日收回利息和本金需受發行人及擔保人的信貸及違約風險影響 如果發生違約, 票據持有人可能無法取回本票據的利息和本金 票據持有人須承擔發行人及擔保人的信貸及違約風險, 且不能向滙豐追討任何賠償, 除非滙豐本身為該票據之發行人或擔保人 一家或多家獨立評級機構可能會向發行的票據 發行人及擔保人授予信用評級 信用評級可能不會反映票據 發行人及擔保人的所有相關風險以及可能影響票據價值的其他因素 信用評級並不能對發行人及擔保人的信用水平提供保證 評級機構的信用評級並非買入 出售或持有票據的建議, 可能隨時修訂 暫停或撤回 倘若評級機構於任何時間暫停 下調或撤回對本票據的評級, 則可能會對本票據的市價造成不利影響 本票據的市價可能會隨著市場變化而波動 影響本票據市價的因素包括, 但不限於, 利率 信貸息差及流通性溢價的波動 特別是, 投資本票據易受市場利率波動影響, 或將對本票據價值產生不利影響 本票據價值或會因利率上升而下跌 而孳息率的上落對越長年期的票據價格影響一般較大 買賣票據帶有風險, 投資者未必能夠賺取利潤, 可能會招致損失 於發生若干事件的情況下, 發行人可能有權 ( 但無責任 ) 在到期日前提早贖回票據 ( 詳情請參閱票據發售文件 ) 倘發行人在到期日前行使其權利贖回票據, 則閣下或可能因本票據承受重大損失, 當閣下將該次因提早贖回獲得的金額再投資於其他風險相近的投資項目時, 亦未必能夠獲得相同的回報率 如閣下打算出售經滙豐代閣下購入的票據, 滙豐可但並無責任在正常市場下, 按市價進行有關交易 但基於市況變動, 賣出價與最初的買入價可能不同 倘若閣下選擇將票據所支付的付款兌換為本國貨幣, 可能須承受匯率波動的風險 16

17 票據發行時可能並無一個已建立的交易市場, 亦可能永遠不會建立 即使二手市場已建立, 交易本票據的二手市場或不能提供龐大的流通量或按現行市價買賣, 且可能與閣下之預期不符 因此, 閣下或許不能於到期日前輕易出售本票據, 或按可為閣下提供可類比有已建立二手市場的投資工具所獲收益的價格出售 請參閱本票據的發售文件, 了解有關發行人 擔保人及本票據的其他風險因素 本票據具有可贖回特點 - 本票據包含發行人的贖回權, 令發行人有權 ( 但無責任 ) 在到期日之前提早贖回本票據 ( 詳情請參閱本票據的發售文件 ) 倘若發行人在到期之前行使其權利贖回本票據, 閣下可能在本票據遭受較大損失, 在將提早贖回所收取的金額重新投資於具有類似風險參數的其他投資時, 未必能夠獲得相同回報率 基於稅務理由贖回本票據 / 選擇性贖回 - 發行人可能無法在發生稅務理由贖回之時取得足夠的資金回購發行在外的票據, 且發行人未能回購將構成本票據項下的違約事件, 並可能構成發行人其他債務項下的違約事件 進一步詳情請參閱本票據發售文件的條件 6(b) 及條件 6(c) 高收益債券 / 票據的其他風險 一般而言, 該債券 / 票據為無評級或非投資級別債券 / 票據 該債券 / 票據收益率可能高於投資級別債券 / 票據, 但須承受流動性 波動性 易受經濟週期影響以及本金和票息無法收回等方面的較高風險 該債券 / 票據相對其他固定收益債券 / 票據面臨更大信貸風險 若該債券 / 票據納入評級, 有關信用評級機構可能會隨時下調該債券 / 票據評級 部分情況下, 在評級機構正式公佈實際評級之前, 市場可能已預測評級下調, 令債券 / 票據價格下降 在下調評級前, 有關信用評級機構可能會將該債券 / 票據列入 信用觀察 名單, 可能會對該債券 / 票據的市價造成不利影響 該債券 / 票據因面臨較高的信貸風險及債券 / 票據持有人的索償優先權較低, 故較其他投資級別債券 / 票據承受更大違約風險 有多方面的因素可能導致發行人無法履行償債責任, 包括 ( 但不限於 ) 經營管理不善 管理層變動 未能預測發行人市場發生的轉變 原料成本上升 監管問題及面臨新競爭等 出現影響整體行業的事件可能會對同一行業的債券 / 票據造成普及影響 對於跨國發行的債券 / 票據, 並無境外持債人在國內申索權利的先例 因此, 在出現違約的情況下, 由於索償優先權較低加上持債人申索權利面臨國內有關限制, 在清盤分派時申索公司資產所需的時間, 可能較投資級別債券 / 票據的申索時間長 該債券 / 票據市值更容易受發行人相關因素的影響, 如發行人財務狀況變化 發行人業務發展及發行人所在行業發生的變動等 該債券 / 票據受經濟週期波動影 17

18 響, 尤其該債券 / 票據較投資級別債券 / 票據更容易受整體經濟狀況影響 在經濟下滑環境下, 因違約風險加大及投資者避險意識更強, 該債券 / 票據通常較投資級別債券 / 票據承受更高本金價值損失, 及造成更大的價格波動 流動性指投資者快速以有效的市價出售債券 / 票據的能力, 此可反映在買賣價差上 買方報價與賣方詢價可能會存在價差 對於交易量較大及買賣活躍的債券 / 票據, 這一價差通常較小, 產生更高流動性 視乎當時發行人及市場狀況, 該債券 / 票據可能較投資級別債券 / 票據流動性為低 請留意集中投資於某個發行人或其附屬集團公司的債券所帶來的風險, 若集團任何一間公司被調低信貸評級有可能為整個集團帶來骨牌效應風險, 另請留意過度集中投資於高風險產品所帶來的風險 關於高收益債券 / 票據的詳細特徵及風險, 請參考 高收益債券資料概覽 18

19 投資者責任及聲明 投資者向分銷商購買本票據時, 投資者將被視為作出一系列承諾及聲明, 包括 : (vi) (vii) (viii) (ix) (x) 於作出任何投資決定前, 已閱讀及理解本條款表, 包括 風險因素 部分所說明的有關投資本票據的風險 ; 明白於作出任何投資決定前, 應參閱可向滙豐索取的本票據相關發售文件, 以便獲得有關本票據條款及所涉及風險的進一步詳情 ; 確認準備於整段投資期內將資金投資於本票據上 ; 若投資者選擇在到期日之前提早出售本票據, 可能會損失部份或全部的投資本金 ; 明白本文不擬提供稅務 法律或會計意見 投資建議或對發行人及擔保人的誠信或其他方面進行評估, 投資者亦不應依賴本文作上述用途 準投資者應諮詢其稅務 法律 會計及 / 或其他顧問 ; 及 明白就於閣下整體投資組合所佔比例而言, 閣下應避免過度集中於一個投資類型, 以防止集中於某個投資類型而增加投資風險 在投資票據後, 怎樣查詢票據的市值? 閣下可聯絡滙豐在香港的各分行查詢票據的市值 注意:如閣下對我們的服務有任何意見或投訴, 請聯絡我們在香港的任何分行 致電 (852) ( 滙豐卓越理財客戶 ),(852) ( 運籌理財客戶 ) 或 (852) ( 其他個人理財客戶 ) 致函我們的客戶關係部 ( 九龍中央郵政局郵政信箱 號 ) 或電郵至 feedback@hsbc.com.hk 我們在一般情況下會於合理的時間 ( 通常 30 日 ) 內回覆客戶的投訴 若閣下對投訴結果仍有不滿, 閣下有權將個案轉交香港金融管理局的法規部處理, 地址為香港中環金融街 8 號國際金融中心 2 期 55 樓 有關金錢糾紛, 閣下有權將個案轉交金融糾紛調解中心 ( 香港鰂魚涌英皇道 734 號樂基中心 15 樓 ) 處理 關於網站的提述 本文件有提述若干網站, 其中或可提供進一步資料, 以指引閣下取得有關證券的更多公眾資料 該等網站所載的資料並非發售文件的一部份 滙豐對該等其他資料 ( 如有 ) 是否準確及 或最新概不承擔任何責任, 且本集團及本集團相關聯屬公司對任何該等資料概不承擔責任 19

20 免責聲明香港上海滙豐銀行有限公司 ( 滙豐 ) 刊發本文件 本條款表所載資料取自滙豐相信為可靠之來源, 惟滙豐並未對其進行獨立核實 滙豐概無作出任何性質的聲明及保證 ( 明示或暗示 ), 亦不對本文件所載任何資料 預測 聲明及保證 ( 明示或暗示 ) 之完整性或準確性或任何遺漏承擔任何責任 本文件內發表之意見乃真誠地發表, 惟可未經通知而改變 滙豐概不就使用本文件所導致之任何直接或間接或相應而生之損失接納任何責任 謹請注意, 上述利率或價格乃僅供參考, 並可能根據市況而變動 若干司法管轄區之法律可能限制派發本文件, 而本交件中所載之資料乃僅供收件人閱覽, 不得複製或以其他形式傳佈 滙豐及其聯屬公司及 / 或高級職員 董事及僱員可能就本文件所述之任何金融工具或貨幣持倉, 並可不時增加或出售有關金融工具或貨幣 使用資料之人士務請就其中所載之任何事宜作出獨立判斷 由香港上海滙豐銀行有限公司 ( 滙豐, 註冊地址為香港皇后大道中 1 號 ) 刊發 香港上海滙豐銀行有限公司是分銷商, 為滙豐集團旗下控股公司 滙豐控股有限公司的全資附屬公司 香港上海滙豐銀行有限公司經由香港金融管理局授權及監管根據 << 證券及期貨條例 >> 註冊為註冊機構, 中央註冊編號為 AAA523 註冊辦事處 : 香港皇后大道中 1 號電話 : , 滙豐集團成員 20