0 ’s Leading Office Landlord

• High Quality Assets – Holding 1.4 million sqm of prime location properties in and Shanghai

• Defensive Commercial Real Estate Player – Value protection in economic downturn

• Solid Rental Growth – Completion of two new projects contributing to future rental income

• Sale of Strata Title Units – Realization of asset value and optimization of asset allocation

1 Results Summary

• Revenue up 11% YoY [1]

• Net profit up 8% YoY [2]

• 90% average occupancy across mature properties [3]

• Gubei SOHO opened in Feb 2019, achieving 67% occupancy at the end of Dec

• Leeza SOHO completed in Dec 2019, achieving 9% occupancy at the end of Dec

• Net gearing ratio and average funding cost remained low at 43% and 4.8% respectively

Notes: 1. Excluding rental income from the disposed Sky SOHO 2. Excluding net profit from the disposal of Sky SOHO 3. Excluding Gubei SOHO which opened in Feb 2019 and Leeza SOHO which was completed in Dec 2019 2 Beijing and Shanghai Office Markets under Pressure

• In 2019, the office rental market gradually reflected the pressure from China‘s economic restructuring.3 Central business3 areas in Beijing 1 and Shanghai saw both average rents and occupancy rates declined year on year, especially in the fourth quarter

• The average occupancy rates of Grade A office in Beijing and Shanghai central business area dropped to about 86% at the end of 2019

Beijing Grade A Office Shanghai Central Business Area

Average Rent [1] (RMB/sqm/month) Occupancy Rates Average Rent [1] (RMB/sqm/month) Occupancy Rates 400 100% 400 100%

350 95% 350 95%

300 90% 300 90%

250 85% 250 85%

200 80% 200 80% 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4

平均租金Average rents(左 (L)) 出租率Occupancy(右 rates) (R) 平均租金Average rents(左 (L)) 出租率Occupancy(右 rates) (R)

Notes: 1. Average rents were VAT-inclusive Source: Cushman & Wakefield market reports 3 Beijing and Shanghai Office Markets Remain Resilient in the Long Run

• In early 2020, the office market continued to face short-term pressure due to the COVID-19 pneumonia 3 1 • With reference to the situation in 2003, the office markets in Beijing and Shanghai recovered rapidly after SARS, and rents experienced an upward trend in the long run

Net Absorption of Beijing & Shanghai Grade A Office Rent Trends of Beijing & Shanghai Grade A Office (from 2002Q1 to 2004Q2) (from 2002 to 2019) sqm RMB/sqm/month 150,000 SARS SARS 500

400 100,000

300

50,000 200

100 0

0

Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q4 Q2 Q4 Q2 Q4

7 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 8 8 9 9

1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

-50,000 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 2

Beijing北京 Shanghai上海 Beijing北京 Shanghai上海

Source: Jones Lang LaSalle Research 4 SOHO China Outperformed the Market

• Average occupancy remained high at 90% across mature properties

• Gubei SOHO, which opened in Feb 2019, achieved 67% occupancy at the end of Dec

• Leeza SOHO, which was completed in Dec 2019, achieved 9% occupancy at the end of Dec

100% 90%

80%

60%

40%

20%

0% Qianmen Galaxy/ Guanghualu Wangjing SOHO SOHO Bund Gubei Leeza Avenue Chaoyangmen SOHO II SOHO Tianshan Plaza Fuxing Plaza SOHO SOHO SOHO SOHO

5 Total Portfolio of GFA 1.4 Million sqm Located in Core Areas of Beijing and Shanghai

• All retained properties are located in core areas of Beijing and Shanghai, most of them newly-built, including 249,000 sqm completed in 2019

• Office makes up the majority of leasable areas, with relatively long-term and stable demand, thus able to weather an economic downturn

Leasable Areas by Location Leasable Areas by Type

34% 44%

56% 66%

Beijing Shanghai Office Retail

6 Portfolio in Beijing

Major Projects in Beijing

Completion Time Location GFA (sqm) Wangjing area Wangjing SOHO Sep 2014 172,669 Subway lines 13 & 15 CBD Guanghualu SOHO II Nov 2014 117,179 Subway lines 1 & 10 Lize Business District Subway lines 11, 14 & 16; New Leeza SOHO Dec 2019 150,324 Airport line; Lize Business District Financial Street connection line Qianmen area, south of Tiananmen Qianmen Avenue - Square 54,691 Subway lines 1 & 2

7 Portfolio in Shanghai

Major Projects in Shanghai

Completion Time Location GFA (sqm)

Xintiandi area SOHO Fuxing Plaza Sep 2014 124,068 Subway lines 10 &13

Bund SOHO Aug 2015 Bund 104,122

Changning core area SOHO Tianshan Plaza Dec 2016 156,991 Subway line 2

Changning core area Gubei SOHO Feb 2019 146,692 Subway line 10

8 Consecutively Increasing Rental to Further Grow by 25%-35% as New Projects Mature

• Rental income from retained properties enjoyed 20.5% CAGR over the past five years

• With Gubei SOHO opened in Feb 2019 and Leeza SOHO completed in Dec 2019, the two new projects will add about 249,000 sqm of leasable GFA to the portfolio

• Leeza SOHO has enormous potential of rent increase with 1st round reversion expected to exceed 50%

RMB million 2,000

1,500

1,000

500

0 2015 2016 2017 2018 2019

Rental Income from Retained Properties Rental Income from Disposed Properties

9 Revenue up 11% YoY

• Revenue of RMB1,847 million in 2019, up 11% from RMB1,668 million in 2018 (excl. rental income from the disposed Sky SOHO)

• Gross margin of 82% in 2019, compared with 75% in 2018

• Net profit of RMB1,331 million in 2019, compared with RMB1,233 million in 2018 (excl. non-recurring profit from the disposal of Sky SOHO)

2018 2019

RMB million RMB million 2,000 2,000 1,847 1,721 53 1,510 Gross margin 82% 1,500 1,285 1,500 Gross margin 75% 1,000 1,000 1,668 500 500

0 0 Revenue Gross Profit Revenue Gross Profit Rental income from Sky SOHO 凌空SOHO租金收入

10 Healthy Debt Structure – Low Financial and Forex Risk

• Long-term asset matched with long-term debt, which accounted for 85% of total debt – low financial risk

• Offshore debt only accounting for 4% of total debt – low foreign-exchange risk

96% 85%

Long-term Debt Onshore Debt Development Loan Offshore Debt Others 11% 4% 4% The development loan of Gubei SOHO was replaced with long term debts in Mar 2020

11 Net Gearing and Funding Cost Low at 43% and 4.8% respectively

RMB million 31 Dec 2019

Cash 2,430

Interest-Bearing Debt 17,999

Equity Attributable to Shareholders 36,071

Net Gearing Ratio 43%

12 Leading Office Services – World’s 1st Batch Bringing 5G into Office Buildings

• Completed the laying out of 5G networks in all of SOHO China’s projects in Beijing

• 5G based censors widely used in SOHO property management system, allowing more efficient and intelligent management

• Built a brand new SOHO China 5G lab at Leeza SOHO with a hope to build the lab into an open platform, inviting more products and services to our 5G environment to test and demonstrate applications as a way to promote industry progress

13 ESG Practitioner – 7 Retained Properties Achieved LEED Gold Rating

• In 2019, SOHO China’s energy management platform achieved outstanding results, with a total of 277,000 tasks on equipment and facilities completed, with completion rate of 99.8%; Cumulative energy saving reached 82 million kWh, achieving an energy saving rate of 22.3%

12 ESG Practitioner – Long-Term Commitment to Educational Poverty Alleviation

15 Newly Completed Project December 2019 Leeza SOHO

16 Newly Completed Project Leeza SOHO

Total leasable GFA: 137,470 sqm

Completion Year: Dec 2019

Located in the center of Lize Business District, with five Subway lines converge here: Line 11, 14, and 16, as well as the Airport Express Line, and the Lize Business District Financial Street connection Line

Connected to downtown check-in station and Airport Express to the new airport in south Beijing

Lize Financial Business District to be developed as Beijing’s next financial district, an extension of Financial Street

17 Appendix

18 Financial Results Summary – Income Statement

RMB million 2019 2018 YoY Change

Revenue 1,847 1,721

- Revenue excluding rental income from the disposed Sky SOHO 1,847 1,668 11%

Gross Profit 1,510 1,285

Gross Margin 82% 75%

Net Profit 1,331 1,925

- Net profit excluding non-recurring profit from Sky SOHO disposal 1,331 1,233 8%

19 Financial Results Summary – Balance Sheet

RMB million 31 Dec 2019 31 Dec 2018

Investment Properties 61,903 58,338

Total Cash [1] 2,430 5,696

Total Debt [1] 17,999 20,694

Total Asset 69,729 70,999

Equity Attributable to Shareholders 36,071 34,747

Net Gearing Ratio 43% 43%

Note: 1. Decrease in Total Cash and Total Debt was mainly due to the repayment of Wangjing corporate bond of RMB 3 billion in 2019 20 Property Portfolio

Attributable Total GFA Office Retail Leasable GFA # Project Name City sqm sqm sqm sqm

1 Qianmen Avenue Beijing 54,691 54,543 - 54,543 2 Galaxy/Chaoyangmen SOHO Beijing 56,634 45,375 15,365 30,010 3 Wangjing SOHO T1&T2 Beijing 15,351 15,406 9,686 5,720 4 Wangjing SOHO T3 Beijing 157,318 133,766 123,568 10,198 5 Guanghualu SOHO II Beijing 117,179 94,279 63,308 30,971 6 SOHO Fuxing Plaza Shanghai 124,068 88,234 46,344 41,890 7 Bund SOHO Shanghai 104,122 72,826 51,317 21,509 8 SOHO Tianshan Plaza Shanghai 156,991 97,751 74,497 23,254 9 Gubei SOHO Shanghai 146,692 112,176 54,749 57,427 10 Leeza SOHO Beijing 150,324 137,470 124,032 13,438 Others [1] Beijing/Shanghai 252,043 64,352 29,353 34,999 1,335,413 916,178 592,219 323,959 11 Commune by the Great Wall Beijing 29,666 29,666 12 Boao Canal Village Hainan 8,669 8,669 Total 1,373,748 954,513 592,219 323,959

Note: 1. Others represent unsold units of projects previously developed by the Company

21 Qianmen Avenue

Location Qianmen ,Tiananmen South, Beijing Transportation Subway lines 1 & 2 All-in Cost RMB 1.86 billion Total GFA Retail 54,691 sq.m. Leasable GFA Retail 54,543 sq.m. Design Firm Fei Chang Jian Zhu

22 Wangjing SOHO Tower 3

Location Wangjing, Beijing Transportation Subway lines 13 & 15; Airport Express Land Cost RMB 1.4 billion Development Cost RMB 2.0 billion Total GFA 157,318 sq.m. Leasable GFA 133,766 sq.m. Office 123,568 sq.m. Retail 10,198 sq.m. Completion Date Sep 2014 Design Firm Architects

23 SOHO Fuxing Plaza

Location Near Xintiandi, Puxi, Shanghai Transportation Subway lines 10 & 13 Land Cost RMB 2.6 billion Development Cost RMB 1.8 billion Total GFA 124,069 sq.m. Leasable GFA 88,234 sq.m. Office 46,344 sq.m. Retail 41,890 sq.m. Completion Date Sep 2014 Design Firm GMP

24 Guanghualu SOHO II

Location Central Business District, Beijing Transportation Subway lines 1 & 10 Land Cost RMB 1.3 billion Development Cost RMB 1.2 billion Total GFA 117,179 sq.m. Leasable GFA 94,279 sq.m. Office 63,308 sq.m. Retail 30,971 sq.m. Completion Date Nov 2014 Design Firm GMP

25 Bund SOHO

Location Bund, Shanghai Transportation Bund's transportation hub Land Cost RMB 2.3 billion Development Cost RMB 1.5 billion Total GFA 104,122 sq.m. Leasable GFA 72,826 sq.m. Office 51,317 sq.m. Retail 21,509 sq.m. Completion Date Aug 2015 Design Firm GMP

26 SOHO Tianshan Plaza

Location Hongqiao Foreign Trade Center, Shanghai

Transportation Subway line 2

Land Cost RMB 1.9 billion Est. Construction Cost RMB 1.9 billion

Total GFA 156,991 sq.m.

Leasable GFA 97,751 sq.m.

Completion Time Dec 2016

Design Firm KPF

27 Gubei SOHO

Location Hongqiao Foreign Trade Center, Shanghai Transportation Subway line 10 Land Cost RMB 3.3 billion Construction Cost RMB 1.4 billion Total GFA 146,692 sq.m. Leasable GFA 112,176 sq.m. Completion Time Jan 2019 Design Firm KPF

28 Leeza SOHO

Location Between Southwest 2nd & 3rd Ring Road, lines 11, 14 & 16; New Airport line; Lize Business Transportation District Financial Street connection line (in planning) Land Cost RMB 1.98 billion Construction Cost RMB 1.8 billion Total GFA 150,324 sq.m. Leasable GFA 137,470 sq.m. Completion Time Dec 2019 Design Firm

29 THANK YOU