China Aoyuan Property Group (HKG:3883) announced that at the hearing of Hong Da Development & Investment Holding Co. Limited's application for leave to appeal in the Court of Appeal on 17 January 2012, the Court of Appeal dismissed Hong Da's application for leave to appeal, and ordered that the costs of Hong Da's application for leave to appeal should be paid by Hong Da to the parties, the receivers and the security agent.

On 18 January 2012, Hong Da has paid a sum of HK$352 million, being the total sum due to Zhen Fu Limited Limited payable by Hong Da. Accordingly, the obligations of Hong Da under the credit facility agreement and the finance documents have been discharged.