By accessing or using this website (the “Site”) of Phoenix Property Investors Limited (together with its subsidiaries and affiliates, “Phoenix” or “we”), you hereby accept and agree to be bound by the following terms and conditions of use (the “Terms”). Phoenix retains the right to make changes to the Site, including the Terms, at any time. You acknowledge that you understand that the Terms constitute a binding agreement between you and Phoenix that governs your access and use of the Site. Each time you use the Site, your use indicates your full acceptance of and agreement to abide by the Terms in their current form. If you do not agree to the Terms, you agree that your SOLE AND EXCLUSIVE remedy is to discontinue using the Site.

The Site, including any and all information and content on the Site (the “Information”), is made available to you solely for informational purposes. Nothing on this Site is or should be used or considered as an offer to sell or a solicitation of any offer to invest in any Phoenix fund. Offers can only be made where lawful under, and in compliance with, applicable law.

The Site is maintained by an affiliate of Phoenix located in the Hong Kong Special Administrative Region (“Hong Kong”) of People’s Republic of China (“China”). Although it may be accessed from any other parts of China as well as from any other countries, the Site is not directed to any person in any applicable jurisdiction where the availability of the Site is restricted or prohibited. Phoenix makes no representations that the information and materials on the Site are appropriate for use in all jurisdictions in which the Site may be accessible, or that anything mentioned on the Site is available to or indeed appropriate for sale or use in all jurisdictions by any investors or other potential clients or users. By accessing this Site, you agree that you are doing so at your own initiative and are solely responsible for compliance with local laws or regulations.

Subject to your agreement to the Terms, Phoenix grants you limited permission to use the Site, including posting, downloading and reproducing certain information from the Site, solely for your own non-commercial use. You must retain and reproduce each copyright notice or other proprietary right notice, if any, contained in any of the Information you post, download or reproduce. No right, title or interest in any downloaded information or material is transferred to you as a result of any use.

Phoenix makes reasonable efforts to ensure the Information is accurate and updated. By using the Site, you expressly agree that the information and sources are provided “as is” without warranties of any kind, either expressed or implied. Neither Phoenix nor its affiliates warrant the accuracy, integrity, completeness, availability or timeliness of the Information provided in the Site now or in the future. Phoenix, its directors, officers, employees and other associates specifically disclaim all warranties, whether expressed or implied.

Certain information on the Site may contain forward-looking statements, which are subject to risks and uncertainties and speak as of the date on which they are made. Phoenix undertakes no obligation to update publicly or revise any information herein, whether as a result of new information, future developments or otherwise. As relevant, past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that similar losses will be avoided.

The Site may be subject to technical delays or failures, virus infection, hacking attacks or other internet problems beyond Phoenix’s reasonable control. Phoenix specifically disclaims any liability for any damage or loss, direct or indirect, resulting from such technical problems that may affect computer equipment or other personal property during your use of the Site.

Under no circumstances will Phoenix or its directors, officers, employees, and other associates be liable to you or anyone else for any direct, incidental, special, consequential, punitive or other indirect damages. The foregoing limitation of liability will apply in any action, whether in contract, tort or other claims (including negligence and strict liability) resulting from the performance or any failure to perform under these Terms, even if Phoenix has been advised of the possibility of such damages.

Phoenix takes your privacy seriously. Our Privacy Policy, which is contained on the Site, explains how Phoenix handles any personal data that you submit to the Site. Please read our Privacy Policy carefully. By accessing the Site, you hereby accept and agree to comply with our Privacy Policy. Note that third party websites linked from the Site, if any, have their own privacy policies which may differ from our Privacy Policy. You are responsible for reviewing the privacy policies of these third party websites to determine if such privacy policies are acceptable to you.

Phoenix reserves the right to change our Privacy Policy without prior notice. You are responsible for periodically reviewing our Privacy Policy. Your continued use of this Site will be deemed acceptance of our Private Policy then in effect.

Any communication you make with Phoenix using the Site and any information you provide to Phoenix through the Site will be treated as non-proprietary. Phoenix will be free to use any idea, concept, invention or any other information that you provide and transmit to Phoenix via the Site, notwithstanding any restrictive language you may have included together or separately with such information when you transmit it to Phoenix. If you do not want Phoenix to use such information of yours unless it pays you a fee or agrees to certain terms, please DO NOT transmit it to Phoenix through the Site.

Material presented in the Site is for general information only and is not intended to provide specific investment advice or recommendations for any purchase or sale of any specific security. Due to, among other things, the volatile nature of the markets and the investment areas discussed herein, they may only be suitable for certain investors. Parties should independently investigate any investment area or manager, and should consult with qualified investment, legal, and tax professionals before making any investment. Any offer of securities may be made only by means of a formal confidential private offering memorandum.

References on this Site to any third parties information or links to third party websites are provided solely as a convenience to you, and do not in any way constitute our endorsement, sponsorship or recommendation of such third party or represent the accuracy or appropriateness of such the content.

No permission is hereby granted to you to link from any other website to any portion of this Site, or to frame any content contained on this Site without our prior written permission.

As a condition of your use of the Site, you agree to indemnify and hold harmless Phoenix and its directors, officers, employees and other associates from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorney’s fees), as incurred, arising from your use of the Site or related services or from your violation of the Terms or our Privacy Policy.

By accessing the Site, you agree that any claim or dispute related to access to, or use of, the Site or arising under the Terms will be governed by the laws of Hong Kong, without regard to the conflicts of law principals thereof. You also agree that by accessing the Site you shall submit to the exclusive personal jurisdiction and venue of the courts of Hong Kong relating to any claim or dispute in the foregoing.

Your use of the Site is void where prohibited by laws in jurisdictions to which you are otherwise subject, and you agree that you shall not visit or use the Site under any such circumstances. You agree and acknowledge that your use of the Site, and all transactions occurring in connection with the Site, will be deemed to have occurred and taken place solely in Hong Kong.

You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the service or the Terms must be filed within one year after such claim or cause of action arose or be forever barred.

Content of the Site may be published in languages other than English. In the event of any conflict between English and other language versions, the English version shall prevail. You agree that Phoenix shall have no liability for any incorrect or inaccurate translation appearing on the Site or for any damage incurred by you.

The photos herein are for illustrative and general informational purposes only, and may not be reproduced, redistributed or used by you for any other purpose without Phoenix’s prior written consent. The photos may be architectural rendering of the actual subject and may be out of date, and no reliance may be placed for any purpose on the said photos. Phoenix makes no representations, undertakings or warranties of any kind, express or implied, about their adequacy, completeness and accuracy.

Phoenix reserves the right to update or modify the Terms at any time without prior notice. If Phoenix determines in its sole discretion that a violation of the Terms has occurred, we may pursue any legal remedies at our disposal. However, the failure of Phoenix to exercise or enforce any right or provision of the Terms shall not constitute a waiver of such right or provision. In the event that any provision of the Terms is determined to be unenforceable or invalid, such provision shall nonetheless be enforced to the fullest extent permitted by applicable law, and such determination shall not affect the validity and enforceability of any other remaining provisions.

Nothing contained in the Terms is intended to modify or amend any other written agreement you may have with Phoenix, if any, that may currently be in effect. In the event of any inconsistency between the Terms and such other agreements, such other agreement will govern.

Phoenix is committed to providing the best possible experience for users of this Site. If you observe any behavior that may violate the Terms or any material that you believe may be infringing another’s rights, please contact us at webmaster@ppinvestors.com or write to the Web Master at Phoenix Property Investors, Suite 2806, 28th Floor, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong.

*As of December 31, 2023, Phoenix has managed over US$14.7 billion¹ of gross real estate assets; comprised of approximately US$7.2 billion of current assets (including approximately US$7.0 billion¹ of assets solely managed by Phoenix and approximately US$0.2 billion¹ of assets co-managed by Phoenix and joint venture partners); as well as approximately US$7.5 billion¹ of gross real estate assets sold or realized which are no longer under management by Phoenix. This is the estimated market value of Phoenix Group’s current assets and includes both equity (such as undrawn capital commitment, cash and cash equivalents, etc.) and debt (excluding short-term loan or subscription line in the amount of approximately US$78.5 million).
¹The figures are rounded to the nearest tenths of a billion

Please note that Market Value is based on latest external independent valuation, internal valuation, or initial invested capital (i.e., acquisition price of target assets). For newly-acquired assets, Phoenix Group uses the valuation provided by banks that finance the said acquisition. Notwithstanding the foregoing statement, please note that Phoenix Group uses different valuation methodologies for different types of assets as follows: (i) Market Value of Land, Developing Project & Completed Project – For assets in the form of bare land (the “Land”), the value of such Land (the “Land Value”) is derived by applying either the “Direct Comparison Method” or the “Residual Valuation Method”. If the Land is partially developed and construction is in progress (the “Developing Project”), the value of such Developing Project is derived by the sum of the Land Value and the hard and soft construction costs incurred up to the date of the valuation. If development is completed on the Land (the “Completed Project”), the value of such Completed Project is based on sum of the projected gross sales price of all units in such Completed Development; (ii) Market Value of Assemblage Deals – For assets in the form of residential/non-residential units (“Target Units”) in a target building and the number of such Target Units acquired by Phoenix Group is insufficient to effect a compulsory sale under local laws, the Market Value is the sum of the resales price of all the Target Units in their current state. For asset in which Phoenix Group acquires a sufficient number of Target Units to force a compulsory sale, the Market Value is the total acquisition price of all the acquired Target Units divided by target acquisition price for all Target Units multiplied by external independent valuation of the target building; and (iii) Market Value of Structured Products – For assets in the form of mezzanine loans and equity investments, the Market Value is the discounted cashflows based on the actual drawn down amount. All non-U.S. denominated currency used in the above transactions shall be converted into U.S. Dollars based on the exchange rate on the date of the valuation of the Unrealized Investments or the hedged exchange rate where applicable.