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Cultural Tourism, Dynamical Manner to Speed up Regimen, and Senior Care to Sales and Cash Collection Enhance Asset Quality and Valuation

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Cultural Tourism, Dynamical Manner to Speed up Regimen, and Senior Care to Sales and Cash Collection Enhance Asset Quality and Valuation 2015 Annual Results Presentation March 2016 Contents 1 Overview 3 2 Financial Highlights 6 3 Business Operations 12 4 Business Updates 24 5 Appendix 29 2 1. Overview 3 Performance highlights Sustainable sales growth with favourable development in overseas markets Contracted sales in 2015 increased by 24% yoy to approx. RMB15.17bn, achieving 112% of the full year target. Contracted sales in 2015 tripled that in 2012 which was approx. RMB5.25bn, maintaining a growth rate above the industry average Revenue in 2015 increased by 37% yoy to approx. RMB9.57bn Gross profit in 2015 increased by 28% yoy to approx. RMB2.65bn; Gross profit margin was approx. 27.6% In 2015, net profit excluding exchange loss increased by 52% yoy to approx. RMB1.19bn, while net profit including exchange loss increased by 16% yoy to approx. RMB910mn Proposed a final dividend of RMB8.80 cents per share, maintaining a stable dividend policy Aoyuan has successfully established a strategic plan in overseas markets through a localization strategy: ̶ Aoyuan acquired One30 Hyde Park Sydney in Mar 2015. Since launch in Aug, the project has achieved contracted sales of approx. A$213mn (equivalent to approx. RMB1.02bn) in 2015 with an average selling price of approx. RMB126,957 per sqm, receiving favourable market response ̶ Being one of the few Chinese developers who have gained access to local bank financing when entering into overseas property markets, Aoyuan has obtained a loan from Commonwealth Bank of Australia (CBA) which amounted to 50% of land acquisition cost, with the total borrowing cost of below 5% per annum. Besides, Aoyuan has also secured a loan from CBA to fund 100% construction cost of One30 Hyde Park Sydney 4 Performance highlights (cont.) Sound financial performance with successful funding diversification Fitch upgraded credit rating to Positive Aoyuan maintained solid financial performance. As of 31 Dec 2015, net gearing was kept at an industry reasonable level of 62.7%, and the cash collection ratio was kept at a high level of 82% Capitalizing on onshore and offshore capital markets, Aoyuan made ongoing success in diversifying financing channels and capital resources, further lowering borrowing cost and optimizing debt structure: ̶ In Mar 2015, Aoyuan issued a US$100mn senior notes to ABCI through private offering at coupon rate of 9.25% amid difficult market situation ̶ In May 2015, Aoyuan seized the market window of opportunity to issue a US$250mn senior notes at coupon rate of 10.875% which was oversubscribed by 6.5x ̶ In Jul 2015, Aoyuan successfully issued its inaugural public domestic corporate bonds of RMB2.4bn at coupon rate of 5.8% ̶ In Aug 2015 and Feb 2016, Aoyuan obtained a total of US$180mn syndicated loan led by Nanyang Commercial Bank. The US$100mn tranche bears an interest of LIBOR plus 6.5% per annum, while the US$80mn tranche bears an interest of LIBOR plus 5% per annum ̶ In Oct 2015 and Feb 2016, Aoyuan successively issued a RMB1.5bn and a RMB500mn domestic corporate bonds through private offering at coupon rate of 7.8% and 7.9% respectively In Nov 2015 and Feb 2016, Aoyuan completed the redemption of US$225mn senior notes due 2017 in two batches, further lowering borrowing cost and optimizing debt structure In Jan 2016, Fitch upgraded Aoyuan’s credit rating outlook to Positive with B+ corporate rating confirmed 5 2. Financial Highlights 6 Income statement highlights (Year ended 31 Dec) (RMB '000) 2015 2014 Change Turnover 9,572,424 6,976,151 +37% Gross profit 2,646,276 2,067,369 +28% Gross profit margin 27.6% 29.6% -2pp Net profit 1,185,002 780,095 +52% (excl. exchange loss) Net profit margin 12.4% 11.2% +1.2pp (excl. exchange loss) Net profit 907,493 782,933 +16% (incl. exchange loss) Net profit margin 9.5% 11.2% -1.7pp (incl. exchange loss) Final dividend per share 8.8 8.7 +1% (RMB cents) 7 Balance sheet highlights (RMB '000) 31 Dec 2015² 30 Jun 2015 31 Dec 2014 Total cash¹ 9,035,678 6,731,164 5,917,308 Total assets 48,826,872 40,314,579 36,785,834 Total assets less current 26,057,288 19,858,515 16,407,799 liabilities Equity attributable to 8,242,775 8,006,049 7,719,452 owners of the Company Total equity 11,575,857 9,739,506 9,034,088 Note: 1 Total cash = Cash and cash equivalents + Restricted bank deposits 2 As of 31 Dec 2015, banking facilities amounted to approx. RMB26.7bn, of which approx. RMB1.1bn were unutilized 8 Key financial ratios 31 Dec 2015 30 Jun 2015 31 Dec 2014 Net debt / Total equity ¹ 62.7% 72.6% 61.8% Net debt / Total assets 14.9% 17.5% 15.2% Net debt / EBITDA 2 4.1x 4.3x 4.2x Total liabilities / Total assets 76.3% 75.8% 75.4% Liquidity ratio 3 1.9x 1.7x 1.6x Note: 1 Net debt = Total debt - Total cash 2 EBITDA = Profit before tax + Finance costs – Revaluation on investment properties – Other income, gains & loss + Depreciation + Amortization (EBITDA for 30 Jun 2015 is based on the LTM EBITDA prior to 30 Jun 2015) 3 Liquidity ratio = Current assets / Current liabilities 9 Debt profile Debt maturity Debt breakdown by type 2014 2015 100% 3% 1% 1% Offshore Offshore bank bank borrowings borrowings 6% 9% Onshore bank 80% 33% borrowings 42% Offshore 24% 49% senior Onshore Offshore notes bank senior 28% borrowings notes 30% Trust 51% loans 13% 60% Onshore Trust loans corporate 15% bonds 24% 18% 39% 40% 34% Borrowing cost 20% 39% 12% 11.4% 25% 10.2% 16% 10% 9.5% 0% 2013 2014 2015 8% < 1 year 1-2 years 2-5 years > 5 years 2013 2014 2015 10 Cash flow and financial management Aoyuan adheres to the principle of prudent financial management by recycling capital through rapid presales and diversifying financing channels 2015 Cash flow 2015 Cash collection (RMB billion) (RMB billion) 35 16 15.2 0.6 5.9 -5.4 30 12.5 -5.8 25 5.8 12 -1.2 20 12.5 -0.9 -1.3 -0.3 -6.1 8 15 82% -0.8 10 9.0 5.9 4 5 New New borrowings bank Proceedssenior from repaymentDebt Operatingcash flow Other cash inflow Landacquisition Construction expenses Tax expenses SG&A Interest expenses Dividend payments Redemption of Endingcash balance 0 Opening cash balance senior notes (as 31 of Dec) bonds bonds issuance notes/domestic (as 1 of Jan) 0 Cash collected Contracted sales 1 Note 1: As of 31 Dec 2015, the outstanding land premium was approx. RMB310mn which will be fully paid in 2016 11 3. Business Operations 12 Contracted sales growth continues to be above industry average Contracted sales (RMB million) 16,000 15,171 12,223 12,000 10,038 8,000 5,251 4,000 0 2012 2013 2014 2015 Monthly contracted sales (RMB million) 2,500 2,130 2,140 2,000 1,826 1,890 1,722 1,503 1,512 1,500 1,500 1,403 1,132 1,140 1,230 977 929 1,021 1,000 880 856 878 707 817 636 707 666 519 503 500 405 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 2015 2016 13 Contracted sales and recognized sales Contracted sales and recognized sales Contracted sales and recognized sales Contracted sales and recognized sales 合同及确认销售面积(GFA) 合同及确认销售金额(Value) 合同及确认销售均价(ASP) (000's sqm) (RMB million) (RMB per sqm) 2,000 16,000 15,171 10,000 1,888 9,103 9,130 8,037 12,222 1,600 8,000 7,441 12,000 1,343 9,295 1,200 6,000 1,018 914 8,000 6,803 800 4,000 4,000 400 2,000 0 0 0 2014 2015 2014 2015 2014 2015 Contracted GFA sold Recognized GFA sold Contracted sales Recognized sales Contracted ASP Recognized ASP 14 Contracted sales breakdown 2014 contracted sales: RMB12.22bn 2015 contracted sales: RMB15.17bn Guangxi Others Others By region By region Australia 2% 3% 7% 1% Shenyang 6% Anhui Guangzhou Hunan 8% 9% 18% Guangxi Guangzhou 11% Chongqing 50% 13% Guangdong Shenyang (ex-Guangzhou) 26% 4% Hunan Guangdong 8% (ex-Guangzhou) Chongqing 17% 17% 2014 contracted sales: RMB12.22bn 2015 contracted sales: RMB15.17bn By product Low density By product Low density residential residential 2% 3% Commercial apartments 13% Commercial apartments 24% Residential Retails and apartments others 48% 18% Residential apartments 66% Retails and others 26% 15 Recognized sales breakdown 2014 recognized sales: RMB6.80bn 2015 recognized sales: RMB9.30bn Jiangxi Jiangsu Jiangsu Guangxi By region 2% By region 3% 6% 3% Guangxi 5% Hunan Anhui 2% Shenyang 9% 5% Shenyang Guangzhou 14% 40% Guangzhou Chongqing 54% 15% Chongqing 14% Guangdong (ex-Guangzhou) 17% Guangdong (ex-Guangzhou) 11% 2014 recognized sales: RMB6.80bn 2015 recognized sales: RMB9.30bn Low density Low density By product By product residential residential Commercial 2% 1% apartments 5% Retails and Commercial Residential others apartments apartments 25% 38% 41% Residential apartments 68% Retails and others 20% 16 New GFA start and GFA completion Aoyuan proactively manages its new GFA start and GFA completion dynamic to respond to market changes, thus having flexibility in capex management and maintaining sound cash flows (000's sqm) 2,500 2,335 2,037 2,000 1,616 1,500 1,368 1,247 1,141 1,000 500 0 2013 2014 2015 New GFA start GFA completion 17 Diversified revenue streams To diversify income sources and reduce volatility in revenue, Aoyuan will develop investment properties and other businesses in a steady pace Major investment properties overview Project name Location Status Product type¹ GFA (sqm) Interest (%) 1 Guangzhou Aoyuan Plaza Panyu, Guangzhou Leased C, S 80,500 54% 2 Guangzhou Aoyuan Panyu, Guangzhou Leased C, S 8,600 100% 3 Shenyang Aoyuan The Metropolis Shenyang, Liaoning Leased H 6,900 100% 4 Guangzhou Aoyuan City Plaza Panyu, Guangzhou Leased C, CH 31,300 100% 5 Guangzhou Luogang Aoyuan Plaza Huangpu, Guangzhou Leasing C 34,400 60% 6 Guangzhou Aoyuan Kangwei Plaza Zengcheng, Guangzhou Leasing C, S 60,000 51% 7 Zhuhai Aoyuan Plaza Zhuhai, Guangdong
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