25 Jan 2021 Real Estate Weekly: 95 real estate developers have over RMB 700 bln debts come due.

This weekly report is available on Thomson China vs HK Real Estate Stock Performance Reuter Research Bank, Bloomberg, Standard & Poors' Capital IQ, Dow Jones Factiva, CSI 300 CSI 300 Property HSI HSP Proquest, FactSet and other licensed trading 25% platforms and terminals. For enquiry, please email to [email protected] 20% 15%

Key Indicators (Dec) Value MoM% 10%

Real Estate Climate Index 100.76 0.21 5% Real Estate Investment 2,202 22.11 0% Funds (RMB bln) Real Estate Development 1,195 -7.62 -5% Investment (RMB bln) -10% The-first-house Mortgage Rate 5.23 -0.19 10/9 10/23 11/6 11/20 12/4 12/18 2021/1/8 1/22 Data source: China Knowledge

Data source: China Knowledge, SSE, SZSE, HKEx Contents l Industry News Highlights Notes: CSI - China Securities Index; CSI 300 Property - Real Estate Stocks from CSI 300; HSI-Hang Seng Index; HSP- Real Estate Stocks from HSI. l Company Announcements l Onshore Bond l Offshore USD Bond Real Estate Industry’s P/E and P/B in Major Markets l Land Acquisition

l Industry Performance 0 5 10 15 20 l Land Market

l Land Acquisition by Real Estate Companies HK

l Real Estate Developers’ Fund Utilization US - Monthly Capital Inflows

- Monthly Capital Outflow AU

- Fund Utilization in the Past 12 mths JP l Gross Floor Area Sold by Real Estate Companies CN l Selling Price of New and Resale Housing

l Rental Market 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 - Premium Office Rental Price and Vacancy Rate PB PE in key cities - Residential Rental Price of 100 Major Cities Data source: China Knowledge l Foreign Investment

- Foreign Institutional Investors' Holdings Performance of Global Real Estate Sector

- No. of A+, A, B, C and D-rated Companies

- QFII’s Holding Institution of Real Estate Industry HK (Q3 2020)

- SH/SZ-HK Stock Connect Holding of Real Estate US Companies AU l Weekly Shares Price in SSE/SZSE & Q3 Financial Performance JP l Weekly Shares Price in HKEx

Global Distribution: Ted Worley CN Email: [email protected] -2% -1% 0% 1% 2% Asia Help Desk: Catherine Yap Email: [email protected] TEL: (86) 21 8033 6883 Data source: China Knowledge

China Real Estate Weekly 1 25 Jan 2021

Industry News Highlights

95 real estate developers have over RMB 700 bln debts come due Bonds due in 2021 will exceed RMB 700 bln, the highest in history for the industry. There are two main reasons: one is due to the recent depreciation of the U.S. dollar and further loosening of global liquidity, and the other from the pressure to rely on new debts to repay the on-going debts. According to incomplete statistics, 95 large-size real estate developers have combined RMB 722.381 bln of bonds due in 2021, a YoY increase of 22.45%. Among them, domestic issued bonds increased by 5.77% YoY to RMB 418.889 bln, and overseas issued bonds upped by 56.52% YoY to RMB 303.492 bln.

Land prices countrywide rose steadily in Q4 2020 The China National Land Survey and Planning Institute of the Ministry of Natural Resources has released the figures on land prices in major cities across the country for the Q4 2020. The Q4 figures in major cities show the growth rates of commercial, residential, and industrial land prices were up 0.24%, 0.96%, and 0.40%, respectively. Commercial- and residential-use land prices increased by 0.11, 0.05 percentage points from the previous quarter.

Development and Reform Commission: The effect of urbanization of the migrant population from agriculture sector saw over 100 mln settled in urban areas On Jan 19, Zhao Chenxin, Secretary-General of the National Development and Reform Commission, said at a press conference that the effect of urbanization was obvious. Cities with a permanent population of less than 3 mln in urban areas have basically lifted the restrictions on resettlement, and more than 100 mln migrants from agriculture sector have moved and settled in urban areas. The system on residence permit has been implemented in an orderly manner. More than 100 mln residence permits have been issued to these migrant.

China Real Estate Weekly 2 25 Jan 2021

Company Announcements

R&F Properties (2777) Blackstone Group has announced that its Blackstone Real Estate Opportunity Fund has completed the acquisition of a majority stake in the logistics park of R&F Properties. On Jan 20, Blackstone Group said has completed a USD 1.1 bln acquisition of the largest urban logistics park in the --Macao Greater Bay Area from R&F Group. The Blackstone Real Estate Opportunity Fund will hold 70% of the logistics park’s stake. R&F Properties, a wholly-owned subsidiary of R&F Group, will hold the remaining 30% equity. After the completion of the transaction, the Blackstone Group's logistics investment portfolio in China has substantially expanded by nearly a third to 53 mln sqf.

Sunac China (1918) According to China’s disclosure to the HKEx, on Jan 21, the company’s affiliated guarantors will engage HSBC, Morgan Stanley, Barclays, China CITIC Bank (Intn’l), CITIC Construction Invt Intn’l, Citigroup, Credit Suisse and Guotai Junan Intn’l to enter into a purchase agreement for the issuance of USD 1.1 bln senior notes, including USD 600 mln 5.95% senior notes due in 2024 (Apr 2024 notes) and 2026 USD 500 mln 6.50% senior notes (Jan 2026 notes).

Vanke A (000002) A has issued an announcement that China Vanke Enterprise Co Ltd (the "issuer") will issue a public offerings to qualified investors with a total face value of no more than RMB 3 bln No. 319" Special Corporate Bonds for housing leasing after approved by the China Securities Regulatory Commission.

China Real Estate Weekly 3 25 Jan 2021

Onshore Bond Dec 2020

Announcement Issue Size Maturity Coupon Code Company Name Type Date (RMB bln) (Years) Rate (%)

600048 29-Dec 0.23 18.01 0.00 Asset-backed Security (ABS)

600048 Poly Real Estate 29-Dec 2.03 18.01 4.75 Asset-backed Security (ABS)

600415 Zhejiang China 24-Dec 1.00 0.08 2.70 Commercial Paper (CP)

Commodities City Group

Co.,Ltd

900932 Lujiazui Finance 22-Dec 1.50 0.25 2.60 Commercial Paper (CP)

and Trade Zone

Development

600266 Bj Urban Construction 21-Dec 1.50 0.38 3.59 Commercial Paper (CP)

600823 Shimao 17-Dec 0.02 18.01 0.00 Asset-backed Security (ABS)

600823 Shimao 17-Dec 2.43 18.01 5.10 Asset-backed Security (ABS)

600266 Bj Urban Construction 16-Dec 1.00 3.00 4.20 Private Publication Note (PPN)

000002 Vanke 16-Dec 1.34 1.00 0.00 Asset-backed Security (ABS)

001979 Merchants Shekou 16-Dec 1.60 3.00 3.76 Medium-term Note (MTN)

600657 Xinda Real Estate 15-Dec 0.98 3.00 5.00 Medium-term Note (MTN)

002305 Langold Real Estate 11-Dec 0.56 5.00 0.00 Asset-backed Security (ABS)

002305 Langold Real Estate 11-Dec 0.90 5.00 4.80 Asset-backed Security (ABS)

002305 Langold Real Estate 11-Dec 0.35 5.00 5.20 Asset-backed Security (ABS)

002146 Risesun Dev 9-Dec 1.38 3.00 7.20 Medium-term Note (MTN)

000656 Jinke 8-Dec 0.06 2.00 0.00 Asset-backed Security (ABS)

002244 Binjiang Gp 8-Dec 0.87 1.00 4.12 Commercial Paper (CP)

000402 Financial Street 8-Dec 2.53 5.00 3.97 Medium-term Note (MTN)

000656 Jinke 8-Dec 1.05 2.00 6.50 Asset-backed Security (ABS)

600415 Zhejiang China 8-Dec 1.00 0.25 2.45 Commercial Paper (CP)

Commodities City Group

Co.,Ltd

600736 Hi-Tech 7-Dec 0.10 3.00 4.00 Private Publication Note (PPN)

600533 Chixia Dev 2-Dec 0.30 5.00 5.00 corporate bond

600376 Capital Dev 2-Dec 0.09 2.00 0.00 Asset-backed Security (ABS)

001979 Merchants Shekou 2-Dec 1.80 5.00 4.60 Asset-backed Security (ABS)

001979 Merchants Shekou 2-Dec 2.05 5.00 0.00 Asset-backed Security (ABS)

600376 Capital Dev 2-Dec 1.60 2.00 4.80 Asset-backed Security (ABS)

001979 Merchants Shekou 2-Dec 0.30 5.00 5.20 Asset-backed Security (ABS)

Data source: China Knowledge

China Real Estate Weekly 4 25 Jan 2021

Offshore USD Bond Dec 2020

Issue Size Maturity Coupon Rate Stock Code Company Name Value Date (USD bln) (Years) (%)

1777 18-Dec 0.15 1 6.95%

0059 SKYFAME REALTY 16-Dec 0.08 3 13%

601155 Seazen Holdings 15-Dec 0.45 4 4.8%

0095 Lvgem (China) Real Estate 15-Dec 0.00736 0.99 6%

3380 Logan Property 14-Dec 0.3 6 4.85%

2048 E-House 10-Dec 0.2 2.5 7.6%

600466 Languang Dev 9-Dec 0.3 2.25 10.4%

1638 Kaisa Group 8-Dec 0.15 1 6.5%

1638 Kaisa Group 8-Dec 0.25 1 6.5%

3301 Ronshine China 4-Dec 0.15 1 5.25%

2019 Dexin China 3-Dec 0.2 2 9.95%

6968 GANGLONG CHINA 2-Dec 0.15 1 13.5%

PROPERTRES GROUP Data source: China Knowledge

China Real Estate Weekly 5 25 Jan 2021

Land Acquisition Dec 2020

Land Area land price Owner- Floor Area per floor Code Company Name Date City Land Use ship (%) (thousand Ratio area (RMB sqm) /sqm)

02768 Jiayuan Int'L 30 Dec Tongxiang Urban Residence- 100.00 47.6 2.3 4,936 land for ordinary commercial housing

02007 28 Dec Harbin Residence and 100.00 58.1 2.0 4,081 commercial facilities

02007 Country Garden 25 Dec Jiaxing Urban Residence- 100.00 48.3 2.2 5,864 land for ordinary commercial housing

600466 Languang Dev 22 Dec Wenling Commercial and 100.00 11.3 2.7 11,721 Residential Use

600466 Languang Dev 18 Dec Jiaxing Urban Residence- 100.00 34.1 2.2 8,180 land for ordinary commercial housing

600466 Languang Dev 17 Dec Kunming Urban Residence 70.00 14.5 3.7 3,834

600466 Languang Dev 17 Dec Kunming Urban Residence 70.00 8.5 3.7 4,458

600466 Languang Dev 17 Dec Kunming Urban Residence 70.00 8.1 3.7 4,330

002133 Cosmos Group 14 Dec Qingdao Urban Residence 100.00 47.5 2.5 3,961

601155 Seazen Holdings 14 Dec Changde Urban Residence- 100.00 77.0 2.7 1,398 land for ordinary commercial housing

601155 Seazen Holdings 14 Dec Changde Urban Residence- 100.00 63.9 2.8 1,402 land for ordinary commercial housing

601155 Seazen Holdings 14 Dec Changde Urban Residence- 100.00 67.1 2.8 1,579 land for ordinary commercial housing

601155 Seazen Holdings 14 Dec Hai'an Urban Residence- 100.00 49.6 3.5 1,240 land for ordinary commercial housing

601155 Seazen Holdings 14 Dec Changde Urban Residence- 100.00 53.6 3.5 1,374 land for ordinary commercial housing

002133 Cosmos Group 09 Dec Multistory Middle- 100.00 105.4 2.3 1,710 and High-Rise Residential Buildings

002133 Cosmos Group 08 Dec Shantou Urban Residence- 100.00 96.2 4.0 4,323 land for ordinary commercial housing

000002 Vanke 02 Dec Haimen Urban Residence- 100.00 42.4 1.8 11,942 land for ordinary commercial housing Data source: China Knowledge

China Real Estate Weekly 6 25 Jan 2021

Industry Performance

Last week, real estate ranked 24, down 1.2%.

10%

5%

0%

-1.2%

-5%

Utility Media Military Mining Banking Telecom Chemicals Computer Agriculture Health Care ElectronicsAutomobile Iron & Steel Commerce Real Estate Conglomerate Light Industry Transportation Leisure Service Textile & Apparel Home Appliance Non-ferrous Metal Food & Beverage Non-bank Finance Electrical Equipment Machinery Equipment Construction Materials

Architecture & Interior Design

Data source: China Knowledge, SSE, SZSE Land Market Land Transactions in Key Cities Sold Floor Area Supplied Floor Area thousand sqm 90,000 Sold floor area reported 8.98 mln sqm. The 75,000

scale of the land market is expected to increase 60,000 steadily, and the relationship between supply and 45,000 30,000 demand will continue to balance. "City-based 15,000

policies" have been normalized with improved 0

3/15 4/19 5/24 6/28 9/13 11/1 12/13 1/24 2020/1/26 2020/8/2 policy stability. The land market is expected to

further develop into policy-oriented market.

元/平方米 Avg Land Bid Price Premium Rate RMB/sqm % Avg land bid price stood at RMB 2,485 per 7,500 35 30 6,000 sqm, with avg premium rate 11.18%. 25 4,500 20 3,000 15 10 1,500 5

0 0

3/15 4/19 5/24 6/28 9/13 11/1 12/13 1/24 2020/1/26 2020/8/2

Note: Avg Land Bid Price = total land price / total floor area Data source: National Bureau of Statistics of China

万/平方米

China Real Estate Weekly 7 25 Jan 2021

Land Acquisition by Real Estate Companies Dec 2020

We tracked the land acquisition of listed real estate developers. The following is the order of the area of land acquired in November from highest to lowest. Among them, Future Land (1030) ranked first in the area of land acquisition in December, reaching 311.2 thousand sqm, and the total land acquisition price was 1,311.3 mln.

Land Area Floor Area Bid Price Company Code Company Name No. of Land (thousand sqm) (thousand sqm) (RMB mln)

1030 Future Land 5 311.2 936.0 1,311.3

00689 Cosmos Group 3 249.1 745.9 2,547.6

00688 Country Garden 2 106.5 222.6 1,098.0

600466 Languang Dev 5 67.1 186.6 1,306.4

2768 Jiayuan Int'L 1 47.6 109.4 540.0

000002 Vanke 1 42.4 76.4 912.1

Data source: China Knowledge

China Real Estate Weekly 8 25 Jan 2021

Real Estate Developers’ Fund Utilization

Monthly Capital Inflows：Dec 2020 Amount for this month (RMB) Avg Amount for past 12 mths (RMB) 0.17 11 14 0.1

Domestic Loan: 242 bln Domestic Loan: 241 bln Use of Foreign Funds: 4 bln 30 54 Use of Foreign Funds: 2 bln 58 % Internal Funding: 671 bln % 33 Internal Funding: 575 bln Income Receipts: 1,285 bln Income Receipts: 942 bln

Notes: Income Receipts mainly refer to down payment, advance receipts, personal mortgage loans.

Monthly Capital Outflow：Dec 2020

Amount for this month (RMB) Avg Amount for past 12 mths (RMB)

12 12 5 Residential: 936 bln 6 Residential: 861 bln 9 10 Commercial Housing: 119 bln Commercial Housing: 118 bln % Offices: 71 bln % Offices: 59 bln Others: 157 bln 72 Others: 145 bln 74

Fund Utilization in the Past 12 mths

RMB bln Cash Inflow Cash Outflow 3,000

2,000

1,000

0 Dec Feb-20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Data source: China Knowledge, National Bureau of Statistics of China

China Real Estate Weekly 9 25 Jan 2021

Gross Floor Area Sold by Real Estate Companies Dec 2020

The following are total Gross Floor Area (GFA) sold by 21 SZSE, SSE and HKEx listed real estate companies. Dec GFA YTD GFA YTD YoY Company Code Company Name (mln sqm) Dec YoY(%) (mln sqm) (%)

3333 China Evergrande 5.10 177.43% 80.86 38.30%

2007 Country Garden 1.47 1.59% 67.33 7.95%

1918 Sunac 3.51 -11.66% 35.85 -6.36%

0688 China Overseas 2.03 28.57% 19.17 6.85%

0813 2.14 14.08% 17.13 16.85%

000961 Zhongnan Cons 2.22 11.13% 16.85 9.39%

0960 Longfor Group 1.78 63.94% 16.16 13.51%

3883 China Aoyuan 1.91 21.56% 12.88 10.24%

001979 Merchants Shekou 1.73 10.90% 12.44 6.34%

002146 Risesun Dev 2.30 3.74% 11.74 6.96%

2777 R&F Properties 1.60 19.48% 11.53 -8.10%

3383 Agile Group 1.61 132.95% 10.25 15.03%

3900 1.84 130.00% 8.25 58.05%

1966 China Sce Group 0.91 12.66% 7.37 16.49%

1628 Yuzhou Ppt 0.25 -54.44% 6.26 26.02%

1638 Kaisa Group 0.95 70.86% 6.16 32.80%

1238 Powerlong 0.63 100.52% 5.33 41.40%

600376 Capital Dev 0.68 -24.03% 3.82 -7.28%

0123 0.44 -36.20% 3.79 8.67%

1777 Fantasia Holdings 0.36 -22.55% 3.35 4.33%

2868 Bj Capital Land 0.62 34.42% 2.93 -7.46%

Data source: China Knowledge

China’s Total Gross Floor Area Sold Dec 2019 - Dec 2020

mln sqm GFA YoY 280 30%

240 15% 200

160 0%

120 -15% 80 -30% 40

0 -45% Dec Feb-20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Data source: China Knowledge,

China Real Estate Weekly 10 25 Jan 2021

Selling Price of New Residential Property Dec 2020

Following are the average selling prices of new residential properties in 70 major cities. Price change in Shenyang ranked highest, exceeded 11.3% YTD. Price MoM YoY YTD Price MoM YoY YTD City City (RMB/sqm) % % % (RMB/sqm) % % %

Shenyang 12,603 -1.1 11.6 11.3 Changchun 10,446 -1.9 -0.8 -1.1

Dandong 6,912 2.0 10.1 10.1 Haikou 19,382 8.1 -2.5 -1.1

Jilin 7,335 0.7 10.0 8.6 Shaoguan 5,863 -0.9 -1.9 -1.3

Tangshan 10,446 1.6 8.6 8.3 17,085 4.3 -1.5 -1.6

Ganzhou 9,781 10.8 6.3 7.1 Lanzhou 10,750 3.2 -2.1 -1.9

Jiujiang 8,233 11.1 6.6 6.8 Luzhou 6,581 1.5 -2.1 -2.2

Wuxi 17,931 -3.9 7.2 6.3 Anqing 7,751 2.8 -2.5 -2.5

Yinchuan 7,781 0.0 6.5 6.1 Fuzhou 17,524 -1.7 -1.8 -2.5

Xi'an 14,774 4.3 6.9 5.6 Jining 7,136 -7.1 -2.4 -2.5

Huizhou 12,249 2.5 5.9 5.6 Zunyi 5,789 0.9 -2.7 -2.6

Yangzhou 14,459 4.9 4.9 4.8 Guilin 6,822 5.6 -2.7 -2.7

Hangzhou 29,222 7.6 3.9 4.5 Urumqi 9,421 -0.3 -3.0 -2.7

Pingdingshan 5,946 0.6 3.7 4.1 Zhanjiang 10,149 1.1 -3.7 -2.7

Guangzhou 32,982 1.9 2.8 4.0 Jinan 13,660 0.2 -5.8 -2.8

Jinzhou 5,021 8.6 3.8 3.8 Quanzhou 8,387 -4.3 -3.0 -2.8

Nanning 13,174 4.6 4.2 3.5 19,083 1.8 -3.4 -2.9

Xining 9,507 1.5 3.5 3.5 Xiangyang 8,689 0.6 -3.1 -3.4

Chengdong 13,363 2.0 3.3 3.4 Guiyang 10,168 2.8 -3.1 -3.6

Hohhot 11,559 0.2 3.0 2.8 Beihai 8,424 0.3 -2.9 -3.8

Shijiazhuang 14,298 -0.7 2.8 2.6 Yichang 6,908 -8.3 -4.1 -3.8

Wenzhou 19,345 0.9 4.1 2.4 Changde 6,172 4.5 -4.6 -4.3

Dalian 14,858 -7.4 2.4 1.8 Nanchang 12,722 -1.5 -5.7 -4.8

Yantai 9,721 -2.7 2.2 1.7 Zhengzhou 12,616 -4.6 -4.9 -5.0

Bangbu 7,426 2.1 1.7 1.6 Qinhuangdao 11,231 0.3 -5.6 -5.4

Jinhua 16,220 -0.7 2.3 1.3 Qingdao 14,688 -3.1 -5.6 -5.5

Baotou 7,600 1.8 1.6 1.2 Sanya 31,562 -1.4 -5.6 -5.7

Ningbo 16,942 -0.9 -0.3 0.4 Taiyuan 11,425 -0.2 -6.3 -6.1

Yueyang 7,463 5.2 -0.7 0.3 Xuzhou 8,189 -4.8 -5.0 -6.3

Kunming 12,603 -6.3 -1.0 0.0 Xiamen 28,364 -10.5 -7.1 -6.9

Mudanjiang 4,908 -2.4 -0.1 -0.1 54,819 0.8 -8.3 -8.4

Changsha 10,406 3.3 -0.3 -0.3 Zhongqing 11,485 0.7 -9.2 -8.7

Hefei 14,494 -1.2 -0.5 -0.4 Nanchong 7,364 0.0 -9.4 -9.3

Nanjing 23,249 1.8 -1.3 -0.7 Dali 11,676 -2.3 -10.3 -9.4

Hadongbin 12,468 -0.8 0.2 -0.7 Luoyang 6,759 -14.1 -13.9 -13.6

Shanghai 51,726 0.3 -0.8 -0.8 42,164 -9.5 -14.4 -14.5

Data source: China Knowledge

China Real Estate Weekly 11 25 Jan 2021

Selling Price of Resale Residential Property Dec 2020

Following are avg selling prices of resale residential properties in 70 major cities. Price change in Qinhuangdao ranked highest, exceeded 12.5% YTD.

Price MoM YoY YTD Price MoM YoY YTD City City (RMB/sqm) % % % (RMB/sqm) % % %

Qinhuangdao 11,832 1.1 9.7 12.5 Hefei 16,007 1.5 0.0 -0.1

Xining 10,344 0.9 10.2 10.9 Shanghai 55,724 0.5 2.3 -0.2

Shenzhen 72,277 4.5 10.4 10.6 Guiyang 9,065 0.7 -2.3 -0.3

Ningbo 25,187 -0.5 14.3 10.2 Shenyang 11,259 1.5 -1.0 -0.3

Pingdingshan 5,784 -1.0 5.6 9.9 Hadongbin 10,384 -1.8 -5.7 -0.4

Jinzhou 5,562 -0.8 6.0 9.2 Zhongqing 12,037 1.3 -1.7 -0.4

Jining 8,172 -0.1 9.4 9.0 Luoyang 9,809 2.4 -0.4 -0.4

Dandong 7,023 0.5 4.8 8.4 Nanchang 12,572 -0.6 1.9 -0.6

Jilin 7,577 -0.6 4.4 8.2 Wenzhou 21,823 -1.7 0.4 -0.7

Yinchuan 6,872 -0.1 2.5 7.4 Yichang 7,988 -0.9 -3.6 -0.7

Xiamen 49,847 0.9 6.9 7.4 Yueyang 6,628 -0.8 -1.0 -0.8

Baotou 8,068 0.9 5.3 7.3 Changchun 9,799 -0.3 -1.9 -1.2

Hangzhou 30,892 0.5 1.2 6.0 Shijiazhuang 14,726 -1.4 -0.8 -1.3

Quanzhou 13,164 0.7 8.2 5.6 Chengdong 15,596 0.5 -3.3 -1.5

Ganzhou 8,447 1.0 0.0 5.5 Nanning 12,086 0.7 -1.3 -2.0

Changde 6,622 -0.1 2.7 4.8 Wuxi 15,815 0.9 -0.2 -2.1

Yantai 9,799 -1.5 2.1 4.6 Luzhou 6,199 -1.4 -0.8 -2.4

Guangzhou 36,673 0.8 2.5 4.2 Shaoguan 6,041 -1.8 -3.2 -2.4

Huizhou 10,712 0.1 3.0 4.1 Urumqi 8,462 0.0 -3.2 -2.7

Xiangyang 9,131 -0.3 1.7 4.0 Zunyi 5,967 -1.1 -1.8 -3.3

Changsha 10,902 1.7 0.0 3.8 Dali 13,317 0.1 -0.1 -3.3

Lanzhou 12,979 0.8 3.4 2.5 Zhengzhou 13,758 0.6 -2.2 -3.6

Anqing 8,378 -1.0 3.3 2.5 Xi'an 14,285 -1.5 -3.3 -3.6

Bangbu 7,889 -0.5 3.5 2.4 Fuzhou 25,375 2.8 -2.6 -3.9

Jinhua 17,485 0.5 1.6 2.0 Guilin 6,767 -1.0 -4.2 -5.2

Kunming 13,943 0.6 2.7 1.4 Zhanjiang 9,268 0.1 -3.1 -5.4

Wuhan 17,897 -1.4 -2.8 1.3 Beijing 61,039 1.9 -3.1 -6.2

Mudanjiang 5,485 -1.8 0.3 1.2 Taiyuan 11,404 -0.1 -5.0 -6.5

Yangzhou 14,188 0.8 1.9 0.9 Jinan 15,347 -0.7 -14.0 -7.0

Xuzhou 11,036 -0.3 3.2 0.6 Tangshan 11,832 -1.0 -7.2 -7.6

Jiujiang 7,744 -1.0 0.0 0.6 Beihai 6,301 -0.6 -8.5 -8.6

Haikou 15,403 0.4 1.6 0.5 Qingdao 18,854 -0.6 -15.6 -9.8

Hohhot 11,739 -0.4 3.3 0.3 Nanchong 6,611 1.1 -10.1 -10.3

Dalian 15,778 1.2 0.3 0.1 Sanya 32,719 4.4 -11.1 -13.0

Nanjing 30,840 0.8 -0.8 0.0 Tianjin 23,076 1.3 -12.4 -15.0

Data source: China Knowledge

China Real Estate Weekly 12 25 Jan 2021

Rental Market

Premium Office Rental Price and Vacancy Rate in Key Cities Q3 2020 The following are the rental and vacancy rates of high-quality office buildings in 15 cities, ranked according to the rent change rate in the Q3 2020, from high to low. Rental Price Rental Price Vacancy Rate Vacancy Rate City （RMB/sqm/mth） QoQ% % QoQ%

Qingdao 89.9 2.6 24.3 -12.6

Hangzhou 116.7 -0.1 19.9 4.2

Ningbo 69.5 -0.1 17.1 -5.0

Dalian 89.0 -0.3 20.3 -3.8

Shenzhen 194.3 -0.4 20.1 -3.8

Chengdong 82.4 -0.4 21.1 -

Zhongqing 77.5 -0.4 29.6 -2.0

Guangzhou 163.8 -0.5 7.8 -1.3

Wuhan 90.3 -0.8 40.6 2.8

Nanjing 119.4 -0.8 17.0 136.1

Suzhou 79.5 -0.9 30.2 -5.6

Beijing 416.1 -1.0 17.7 14.2

Shanghai 279.0 -1.1 0.0 -100.0

Tianjin 97.6 -1.3 44.7 -4.7

Wuxi 59.7 -1.6 31.1 2.0 Data source: China Knowledge, National Bureau of Statistics of China Notes: Premium office buildings refer to those which have above average levels of development, facilities and tenant profile.

Residential Rental Price of 100 Major Cities Dec 2020 Following are avg residential rental price in 100 major cities.

City Rental Price MoM % City Rental Price MoM % （RMB/sqm/mth） （RMB/sqm/mth） Zunyi 17.4 7.5 Fuzhou 36.5 1.9

Mudanjiang 14.6 4.2 Xining 25.3 1.9

Jilin 19.9 3.4 Wenzhou 36.7 1.9

Jinhua 27.5 3.3 Suqian 16.5 1.8

Xiangtan 14.2 3.1 Baoding 15.0 1.8

Zhanjiang 23.9 2.9 Nanchang 24.5 1.8

Weihai 19.1 2.4 Yangzhou 22.7 1.7

Shenzhen 79.2 2.1 Xuzhou 18.4 1.4

Hangzhou 52.3 2.1 Huaian 17.8 1.4

Ganzhou 21.3 2.1 Zibo 16.6 1.4

Anqing 15.3 2.1 Yichang 21.9 1.3

Zhangjiakou 15.9 2.0 Weifang 14.6 1.2

Data source: China Knowledge

China Real Estate Weekly 13 25 Jan 2021

Rental Price Rental Price City MoM % City MoM % （RMB/sqm/mth） （RMB/sqm/mth）

Zhuhai 35.3 1.2 Dandong 18.5 -0.6

Dongguan 29.2 1.2 Changsha 27.8 -0.6

Hohhot 20.7 1.1 Shaoguan 17.2 -0.6

Baotou 17.8 1.1 Qinhuangdao 17.7 -0.7

Nantong 22.5 1.1 Quanzhou 24.7 -0.8

Shantou 32.4 1.1 Dalian 32.1 -0.8

Shanghai 78.7 1.0 Taiyuan 21.1 -0.8

Shaoxing 24.3 0.9 Yueyang 20.7 -1.1

Chengdong 33.6 0.8 Taizhou 19.3 -1.1

Yantai 19.0 0.8 Urumqi 14.5 -1.1

Guiyang 23.7 0.7 Urumqi 24.2 -1.3

Luoyang 18.0 0.7 Wuxi 26.6 -1.3

Taizhou 30.8 0.6 Zhongqing 27.7 -1.3

Jiangmen 24.7 0.6 Qingdao 28.1 -1.4

Changzhou 23.7 0.6 Zhenjiang 19.1 -1.4

Lanzhou 28.1 0.5 Guilin 19.0 -1.4

Yinchuan 16.4 0.5 Hadongbin 26.4 -1.4

Guangzhou 50.9 0.4 Hohhot 23.1 -1.5

Luzhou 17.5 0.4 Sanya 44.9 -1.5

Foshan 26.6 0.4 Hefei 27.6 -1.6

Haikou 32.2 0.3 Zhongshan 22.8 -1.6

Suzhou 30.4 0.3 Changde 20.8 -1.6

Lianyungang 19.5 0.3 Kunming 27.2 -1.6

Jinan 26.2 0.2 Ningbo 34.6 -1.9

Lishui 30.0 0.1 Zhoushan 30.9 -2.0

Huizhou 23.8 0.1 Changchun 25.7 -2.1

Xiangyang 18.9 0.1 Dali 24.7 -2.1

Langfang 18.8 0.0 Bangbu 15.6 -2.1

Jiaxing 25.0 0.0 Maanshan 16.9 -2.1

Tangshan 17.3 -0.1 Pingdingshan 15.0 -2.3

Nanning 28.0 -0.3 Mianyang 16.1 -2.5

Nanjing 45.5 -0.3 Jiujiang 19.5 -2.6

Xiamen 47.8 -0.4 Shijiazhuang 21.9 -2.7

Shenyang 24.1 -0.4 Jinzhou 18.3 -2.9

Nanchong 14.8 -0.4 Wuhan 32.6 -4.3

Beijing 88.4 -0.5 Xi'an 28.9 -4.6

Huzhou 28.7 -0.6 Tianjin 37.5 -4.8

Zhengzhou 26.0 -0.6 Beihai 14.8 -5.9

Data source: China Knowledge

China Real Estate Weekly 14 25 Jan 2021

Foreign Investment Foreign Institutional Investors' Holdings by Industry

Data source: China Knowledge In Q3 the market capitalization of A-shares held by foreign investors increased to 2.9% of entire A-shares. The top 3 industries with largest share of foreign investment were home appliance, electronics and Food&Beverage. Mining industry was still placed on the least popular with merely 0.29%. No. of A+,A, B, C and D-rated Companies by Industry

Data source: China Knowledge Ratings Definition The ratings definition is to provide user(s) a quantitative and qualitative analysis on foreign institutional investors’ trading activities on a listed company in China. As part of China’s liberalization of its stock markets we also factor in foreign investor relations performance metrics and management interaction with foreign investors. The rating results do not constitute a long/short recommendation. Please read the disclaimers below before applying or constitute our rating in your investment decision. A+: To make it to the highest rating, a company must have foreign investment proportion higher than the average of all A-shares and its industry’s average. Its latest quarter should see an increase of more than 10% in foreign investment over previous quarter, or a net growth rate higher than A-shares’ average over a period most current 4 quarters. On the qualitative aspects we assigned foreign investor relations performance metrics to the overall scoring. We find companies rated A+ in most current quarter as sound investment for foreign institutional investors. Only 203 among 3,461 companies rated here make it to A+ for Q3 2020’s rating. A: The company’s proportion of foreign investment is either higher than the A-shares average or its industry’s average. It must see positive net growth over the latest 4 quarters. 308 companies are rated A for Q3 2020’s rating. B: Its foreign investment is lower than the average of all A-shares and its industry’s. Its latest quarter has either declined or remained the same level. Performance on foreign investor relations’ metrics has little impact on overall scoring due to very small proportion of foreign investors and the total sum invested. 320 companies are rated B for Q3 2020’s rating. C: This rating shows little or almost no foreign investment. Its proportion of foreign investments is below all A-shares’ average and industry’s average in its latest 4 quarters. Scoring on foreign investor relations’ performance metrics is insignificance if the FIIs are not participating in investing the company. D: This lowest rating is given to company that failed to meet all 5 core benchmarks. It shows zero or no foreign investment, has poor coverage in both domestic and foreign news, and very few Chinese or English analysts’ reports. Its IR management does not meet professional standards.

China Real Estate Weekly 15 25 Jan 2021

QFII’s Holding Institution of Real Estate Industry Q3 2020 As of December 14, the total market value of QFII holdings in the real estate industry was 948 mln. Compared with the second quarter, the market value of holdings increased by 160.04%. Stock Holding Value Stock Company Free-float Holding Rank Region （RMB mln） Code Name (%) Institution

1 000609 Zodi Inv 10.74 0.71 CH UBS

2 600665 Tande 12.17 0.40 AU Vanguard Aus

3 002314 Nanshan Holding 26.36 0.55 HK Credit Suisse (Hong Kong)

4 600658 Electronic Zone 36.60 0.60 US MorganLimited Stanley

5 000797 China Wuyi 33.86 0.62 US JPMorgan Chase Bank,

6 601155 Seazen Holdings 339.12 0.43 MO MonetaryNationalAssociation Authority of Macao

7 000402 Financial Street 118.35 0.61 TW Fubon Life

8 600515 Hna Infrastructure 370.95 2.52 CH UBS

Data source: China Knowledge, SSE, SZSE

SH/SZ-HK Stock Connect Holding of Real Estate Companies

Stock Holding Value Rank Stock Code Company Name Change(%) Free-float(%) (RMB mln)

1 000560 5I5J 19.0 70.8 1.8

2 601155 Seazen Holdings 231.3 29.9 2.3

3 000918 China Calxon 5.4 10.5 0.7

4 600325 Huafa 23.3 7.0 1.8

5 601588 North Star 7.1 6.9 1.1

6 600663 Lujiazui 9.3 6.8 0.3

7 000732 Tahoe Group 7.9 6.2 1.0

8 000718 Suning Universal 12.8 4.9 1.1

9 600466 Languang Dev 16.0 4.7 1.2

10 000961 Zhongnan Cons 78.5 4.0 2.5

11 000090 Tagen Gp 9.9 4.0 0.9

12 002285 Slh 9.4 3.8 1.0

13 600094 Greattown 17.7 3.7 2.0

14 600648 Waigaoqiao 7.5 3.5 0.6

15 000031 Grandjoy 9.6 2.8 0.5

16 600748 Shang Ind Dev 13.9 2.8 1.6

17 600641 Wanye Ent 42.1 2.2 2.7

18 600848 Shanghai Lingang 28.4 2.1 1.2

19 600376 Capital Dev 13.2 2.0 0.9

20 600708 Bright Real Estate 1.7 1.4 0.3

21 000046 17.0 1.4 1.0

22 600162 Heungkong Holding 2.6 1.0 0.4

China Real Estate Weekly 16 25 Jan 2021

Rank Stock Code Company Name Stock Holding Value Change(%) Free-float(%)

(RMB mln)

23 000002 Vanke 1,769.6 0.9 6.2

24 600736 Suzhou Hi-Tech 1.1 0.7 0.2

25 000402 Financial Street 25.7 0.5 1.4

26 000656 Jinke 167.8 0.5 4.4

27 000069 Overseas Chinese Town 118.8 -0.2 2.1

28 600007 China World Trade 13.8 -0.2 1.1

29 000540 Zhongtian Financial 19.3 -0.7 1.0

30 000671 Yango 43.8 -1.0 1.6

31 000797 China Wuyi 0.8 -1.3 0.2

32 600048 Poly Real Estate 778.4 -1.5 4.4

33 600177 Youngor 58.9 -1.5 1.8

34 600606 Greenland Holdings 142.1 -1.6 2.0

35 600649 Chengtou Holding 1.5 -2.7 0.1

36 002314 Nanshan Holding 1.9 -3.2 0.2

37 600639 Pudong Jinqiao 10.9 -3.4 1.1

38 600895 Zhangjiang Hi-Tech 26.5 -3.5 1.0

39 000537 Guangyu Dev 8.7 -3.5 0.8

40 600208 Xinhu Zhongbao 31.1 -3.9 1.2

41 001979 Merchants Shekou 212.5 -4.0 2.1

42 002146 Risesun Dev 50.5 -4.1 1.8

43 600565 Dima 7.3 -4.2 1.2

44 000517 Rong An Property 4.7 -4.3 0.5

45 600657 Xinda Real Estate 8.3 -5.2 1.4

46 600675 Cecl 8.1 -5.3 1.1

47 600223 Lushang Development 2.5 -8.0 0.2

48 002016 Shirong Zhaoye 1.4 -9.3 0.3

49 002244 Binjiang Gp 21.7 -9.9 1.6

50 600383 Gemdale 122.0 -10.9 2.3

51 600823 Shimao 35.1 -13.0 2.1

52 000620 Macrolink 2.8 -13.8 0.7

53 600340 China Fortune 137.0 -14.9 3.2

54 600185 Gree Real Estate 57.6 -15.6 4.4

55 001914 China Merchants Property 27.3 -15.8 1.2

56 000006 Shen Zhenye 2.7 -18.3 0.4

57 600622 Everbright Jiabao 3.0 -22.2 0.6

58 000667 Myhome Real Estate 2.9 -68.3 0.6

Data source: China Knowledge, SSE, SZSE

China Real Estate Weekly 17 25 Jan 2021

Weekly Shares Price in SSE/SZSE & Financial Performance (2020 Q3) Stock Company % Closing Revenue Revenue Net Profit Net Profit

Code Name Change Price (RMB mln) YoY (%) (RMB mln) YoY (%)

1 601155 Seazen Holdings 23.9 44.5 70,090.5 137.1 4,736.1 26.9

2 600732 Aiko Solar 10.0 19.1 6,256.1 49.5 374.1 -24.9

3 000671 Yango 3.7 6.5 38,063.9 18.9 2,742.1 21.6

4 600095 Hhtg 2.1 13.7 496.7 30.5 357.2 5.2

5 000069 Overseas Chinese Town 1.2 6.9 33,393.6 11.8 5,247.7 -12.5

6 000656 Jinke 1.0 7.2 47,725.6 10.5 4,436.9 11.5

7 000961 Zhongnan Cons 0.9 8.1 45,856.6 12.0 3,684.5 62.7

8 600606 Greenland Holdings 0.9 5.8 320,901.4 9.1 12,041.4 1.9

9 600663 Lujiazui -0.3 10.5 8,700.9 -17.0 2,291.9 -8.1

10 600208 Xinhu Zhongbao -0.6 3.1 8,025.1 -27.5 2,734.0 11.3

11 600848 Shanghai Lingang -0.8 19.7 3,027.7 -7.1 1,216.2 1.1

12 002146 Risesun Dev -1.7 6.4 43,661.5 12.4 4,404.5 -9.9

13 600177 Youngor -1.8 7.3 8,660.4 26.1 5,584.2 81.5

14 000002 Vanke -2.3 29.3 241,491.5 7.8 19,862.8 8.9

15 001979 Merchants Shekou -3.1 12.8 50,117.8 96.2 2,191.8 -57.0

16 600383 Gemdale -3.6 12.0 40,205.4 -4.9 4,992.2 -8.0

17 600048 Poly Real Estate -4.4 14.8 117,404.1 5.1 13,203.6 2.9

18 600895 Zhangjiang Hi-Tech -4.6 17.1 602.3 -26.2 1,007.1 113.7

19 600340 China Fortune -6.4 11.0 56,733.6 -11.8 7,280.1 -25.3 Data source: China Knowledge, SSE, SZSE Notes: Above real estate companies have mkt cap more than RMB 25bln;

Stock Company % Closing Revenue Revenue Net Profit Net Profit

Code Name Change Price (RMB mln) YoY (%) (RMB mln) YoY (%)

1 000558 Lander 23.4 3.2 97.3 16.9 -21.8 63.8

2 000560 5I5J 18.8 4.4 6,751.3 -22.3 244.1 -61.9

3 000691 Yatai Industrial 18.3 4.9 177.2 1,404.0 20.7 416.5

4 600225 Tianjin Songjiang 12.2 1.4 661.7 -12.8 -456.2 -69.6

5 000534 Wedge 11.7 15.2 372.1 -7.1 69.6 -14.5

6 600223 Lushang Development 10.9 10.5 7,035.5 0.4 412.8 123.1

7 000615 Kinghand 10.5 10.9 1,461.2 -15.7 -96.2 -125.6

8 000918 China Calxon 10.5 4.5 645.6 -50.8 -1,001.9 -127.7

9 000732 Tahoe Group 9.0 3.1 2,807.0 -86.8 -1,972.8 -193.0

10 002305 Langold Real Estate 9.0 2.5 2,928.8 -26.9 -384.4 -1,383.8

11 002147 Neoglory 6.9 0.9 1,189.5 -11.1 -1,011.9 -279.8

12 000668 Rongfeng Holding 6.6 14.2 44.0 -88.2 -20.8 -131.8

13 601588 North Star 6.4 2.3 4,825.4 -52.1 128.7 -90.1 Data source: China Knowledge, SSE, SZSE

China Real Estate Weekly 18 25 Jan 2021

Stock Company % Change Closing Revenue Revenue Net Profit Net Profit

Code Name Price (RMB mln) YoY (%) (RMB mln) YoY (%)

14 600638 Nhpigcl 5.4 7.2 642.9 4.2 83.7 125.4

15 000863 Sanxiang Impression 5.4 5.1 3,376.8 107.6 174.6 -49.5

16 600890 Cred Holding 5.1 3.7 0.3 -35.0 -21.8 -0.2

17 600393 Yuetai 4.9 1.9 2,994.3 -31.0 201.3 -47.9

18 000608 Yang Guang 4.8 3.1 127.1 -22.6 -80.3 -81.3

19 600773 Tibet Urban Inv 4.5 8.8 977.6 4.2 71.2 -0.4

20 000506 Zhongrun Resources 3.8 2.2 289.5 12.1 -73.5 -347.1

21 002208 Hefei Urban Cons 3.6 8.5 4,260.8 166.9 471.7 56.8

22 000014 Shahe 3.5 8.1 230.3 153.7 13.8 223.2

23 600683 Metro Land 3.4 3.9 3,089.2 137.4 96.5 490.4

24 000631 Shunfa Hengye 3.4 3.1 524.8 -64.1 194.5 -63.8

25 600791 Beh-Property 2.3 4.4 147.1 -81.9 -66.6 -365.8

26 600684 Pearl River Ind 2.2 2.8 1,978.9 -5.0 -13.1 -128.4

27 002968 New Dazheng Ppt 2.0 54.6 892.7 18.6 90.0 15.8

28 600675 China Enterprise Company 1.8 3.3 5,967.2 -42.9 628.6 -66.3

29 600647 Tongda Venture 1.7 10.4 166.6 980.3 3.6 -82.4

30 600708 Bright Real Estate 1.6 2.5 4,964.0 -41.8 -78.0 -113.7

31 000609 Zodi Inv 1.5 4.2 93.3 317.2 -29.3 62.8

32 600463 Airport 1.5 5.6 681.3 9.2 -26.8 12.0

33 000616 Hna Investment 1.4 2.3 42.0 -75.9 -33.5 -518.4

34 600568 Zhongzhu Healthcare 1.3 1.6 498.2 31.6 -46.1 -62.0

35 600162 Heungkong Holding 1.1 1.9 1,644.6 -37.3 -8.9 -103.0

36 000620 Macrolink 0.9 2.2 3,555.6 -36.8 -680.4 -516.9

37 601512 CSSD 0.9 9.4 2,502.6 -44.8 957.4 -9.5

38 600736 Suzhou Hi-Tech 0.7 4.5 2,659.3 -59.9 153.8 -46.3

39 000046 Oceanwide Holdings 0.6 3.1 958.0 11.0 -612.0 -124.5

40 000736 Cccg Real Estate 0.6 6.5 8,027.2 74.8 286.1 75.1

41 600641 Wanye Ent 0.4 16.3 563.9 -67.9 223.0 -61.5

42 000573 Yue Winnerway 0.4 2.7 530.0 -28.8 -7.9 -105.8

43 600748 Shang Ind Dev 0.0 4.7 5,294.2 -2.8 446.9 3.1

44 600239 Yunnan Metropolitan 0.0 2.5 3,705.0 -23.6 -1,038.6 2.3

45 600716 Phoenix -0.3 3.9 274.4 -72.3 61.3 56.3

46 600067 Citychamp Dartong -0.3 3.5 5,602.8 6.4 386.7 56.2

47 002377 Guochuang Hi-Tech -0.3 3.5 3,054.9 -17.6 92.0 -60.9

48 000965 Tianbao Infrastructure -0.3 3.0 716.3 258.0 101.1 435.5

49 000056 Wongtee Int'L -0.4 2.8 517.7 -31.9 29.7 -74.9

50 600648 Waigaoqiao -0.4 13.7 6,202.2 -9.2 446.9 -39.4

Data source: China Knowledge, SSE, SZSE

China Real Estate Weekly 19 25 Jan 2021

Stock Company % Closing Revenue Revenue Net Profit Net Profit

Code Name Change Price (RMB mln) YoY (%) (RMB mln) YoY (%)

51 600266 Bj Urban Construction -0.4 4.8 5,808.6 -45.5 845.0 -53.0

52 000981 Yinyi -0.4 2.3 6,273.6 19.8 35.4 105.4

53 600325 Huafa -0.5 6.1 28,761.7 48.0 1,754.6 1.4

54 000036 Udc -0.5 3.9 2,524.5 12.0 532.1 -12.6

55 000809 Tieling Newcity -0.5 1.8 17.5 -77.5 -68.8 -35.5

56 600622 Everbright Jiabao -0.6 3.2 3,021.8 -10.2 297.8 -1.7

57 000679 Dalian Friendship -0.7 3.0 115.7 -80.1 27.9 119.6

58 000540 Zhongtian Financial -0.7 2.9 6,003.4 15.0 800.3 -46.7

59 000718 Suning Universal -0.8 3.7 2,479.4 -2.0 848.5 5.3

60 000090 Tagen Gp -0.8 5.9 9,960.6 64.2 1,374.6 451.4

61 600376 Capital Dev -0.9 5.8 24,406.6 -17.4 1,375.4 -42.1

62 600743 Huayuan Property -1.0 2.1 2,755.2 -12.8 290.0 -3.0

63 002133 Cosmos Group -1.0 2.9 3,878.7 22.0 143.0 -32.3

64 600052 Zhejiang Guangsha -1.0 2.8 176.7 118.8 11.3 -99.1

65 000402 Financial Street -1.1 6.2 10,517.9 -21.2 909.5 -33.9

66 600724 Ningbo Fuda -1.2 3.4 1,667.5 -26.9 258.4 -33.6

67 600215 Changchun Jingkai -1.2 5.1 111.0 -31.2 85.1 26.9

68 600533 Chixia Dev -1.3 3.0 2,607.8 54.8 283.0 -42.7

69 000797 China Wuyi -1.3 3.0 1,825.9 -36.1 -88.5 -149.0

70 600322 Tian Realty Dev -1.4 2.1 1,946.6 -39.9 30.5 -86.0

71 000838 Casin Development -1.5 2.6 3,221.5 245.0 53.8 77.7

72 600565 Dima -1.5 2.6 6,397.0 0.3 328.2 -42.3

73 600657 Xinda Real Estate -1.6 3.8 12,241.9 40.6 1,103.1 79.7

74 002016 Shirong Zhaoye -1.6 6.1 1,861.1 -14.1 646.1 -13.8

75 000514 Yukaifa -1.6 3.6 144.1 -27.9 26.0 131.8

76 600665 Tande -1.6 3.0 1,541.2 -37.6 132.2 -46.9

77 600094 Greattown -1.8 3.9 9,510.8 28.3 326.2 -29.4

78 600082 Hi-Tech Dev -1.8 2.7 295.9 -40.0 -38.8 -327.1

79 002244 Binjiang Gp -2.0 4.5 12,899.8 29.8 888.7 3.2

80 600604 Shibei Hi-Tech -2.0 6.3 956.1 193.2 56.5 165.7

81 600159 Dalong Real Estate -2.0 2.4 483.1 79.3 40.4 226.9

82 600007 China World Trade -2.1 12.2 2,234.8 -14.1 612.5 -17.1

83 000897 Jinbin -2.1 2.3 1,195.2 642.9 182.1 643.6

84 000031 Grandjoy -2.1 4.1 17,804.1 -20.3 760.4 -67.7

85 600503 Deluxe Family -2.2 3.6 976.2 387.1 219.0 710.5

86 600658 Electronic Zone -2.2 4.9 2,355.8 146.3 432.3 211.7

87 600466 Languang Dev -2.2 4.4 31,375.7 12.5 2,670.5 5.4

88 000006 Shen Zhenye -2.3 5.2 1,603.5 -18.3 510.4 13.0

Data source: China Knowledge, SSE, SZSE

China Real Estate Weekly 20 25 Jan 2021

Stock Company % Closing Revenue Revenue Net Profit Net Profit

Code Name Change Price (RMB mln) YoY (%) (RMB mln) YoY (%)

89 000926 Fuxing -2.3 4.7 4,087.3 -28.5 209.0 -48.6

90 000011 Shen Properties -2.3 11.0 1,753.7 18.5 192.4 7.8

91 600064 Nanjing Gaoke -2.4 10.0 2,407.5 96.5 1,812.2 23.7

92 600639 Pudong Jinqiao -2.4 11.9 2,407.4 21.3 686.3 15.8

93 000537 Guangyu Dev -2.5 5.8 13,738.3 5.0 1,910.3 -22.3

94 600649 Chengtou Holding -2.6 5.2 182.1 -91.3 291.5 -40.8

95 002314 Nanshan Holding -2.8 3.5 3,643.6 17.8 -150.0 -291.3

96 600692 Yatong -2.8 6.0 214.1 -63.3 -7.7 -142.4

97 002285 Slh -2.9 4.6 4,478.8 -4.2 -68.7 -204.5

98 600515 Hna Infrastructure -3.1 5.9 3,675.5 -44.0 813.6 45.1

99 000042 Centralcon Holding -3.6 8.9 5,707.3 50.1 98.1 -89.4

100 600510 Black Peony -4.0 6.5 6,731.2 10.2 712.0 11.2

101 600173 Wolong Real Estate -4.0 4.8 947.7 -24.6 204.9 -37.3

102 600246 Wantong Real Estate -4.1 6.9 1,031.6 45.1 45.8 -80.9

103 600807 Tyan -4.5 3.7 663.5 -36.2 -55.1 -524.3

104 600823 Shimao -4.5 4.5 12,011.1 -20.3 1,081.4 -30.0

105 603506 Nacity Property -4.8 21.2 1,017.3 12.8 105.1 21.3

106 000517 Rong An Property -5.3 2.9 4,059.5 60.8 728.5 12.0

107 000502 Lvjing Holding -6.3 7.8 12.2 2.6 -7.1 -295.3

108 000909 Soyea Tech -6.5 7.2 661.8 -15.0 20.5 1.4

109 600077 Sundy -7.8 2.7 3,518.7 185.8 166.3 341.5

110 000029 Shen Estate -8.7 7.2 1,217.7 -36.0 198.8 -54.8

111 001914 China Merchants Ppt -10.7 22.0 5,973.6 52.5 327.3 136.6

112 600185 Gree Real Estate -15.6 6.3 4,250.1 23.8 597.3 19.0

113 000667 Myhome Real Estate -40.9 2.0 2,185.3 19.4 -143.2 -288.1

Data source: China Knowledge, SSE, SZSE

China Real Estate Weekly 21 25 Jan 2021

Weekly Shares Price in HKEx

Stock Code Company Name % Change Closing Price

1 1030 Seazen Group Limited 21.0 7.4

2 0754 Hopson Dev Hold 10.9 22.4

3 0884 Cifi Hold Gp 10.7 7.1

4 1813 Kwg Group 10.0 11.7

5 0688 China Overseas 9.6 18.7

6 3333 China Evergrande 9.2 15.7

7 1918 Sunac 8.1 32.8

8 1109 China Res Land 7.4 33.5

9 3380 Logan Group 4.9 12.8

10 0960 Longfor Group 4.3 44.5

11 0813 Shimao Property 3.9 24.0

12 0012 Henderson Land 3.0 32.3

13 0017 New World Dev 2.1 37.1

14 2007 Country Garden 1.7 10.1

15 0683 Kerry Ppt 1.4 21.2

16 2202 Vanke 1.0 29.6

17 3383 Agile Group 0.8 10.1

18 0016 Shk Ppt 0.4 109.0

19 2777 R&F Properties 0.2 9.9

20 1113 Ck Asset 0.1 40.8

21 0247 Tst Properties 0.0 24.5

22 0083 Sino Land -0.6 10.4 Data source: China Knowledge, HKEx Notes: Above real estate companies have market cap more than HKD 30bln.

Stock Company % Closing Stock Company % Closing Code Name Change Price Code Name Change Price

1 0726 Dit Group Limited 28.3 1.2 14 3883 China Aoyuan 7.0 7.8

2 2088 Xiwang Property 27.0 0.1 15 1107 Modern Land 6.7 1.0

3 0496 Kasen 22.2 0.9 16 0563 Sh Ind Urban 6.7 0.8

4 0760 Talent Ppt Gp 21.1 0.0 17 2103 Sinic Holdings 5.6 4.3

5 0115 Grand Field Gp 9.2 0.1 18 0034 Kowloon Dev 4.9 8.7

6 0230 Minmetals Land 9.2 1.0 19 0185 Zensun Ent 4.9 0.4

7 2892 Million Cities Holdings 9.1 1.2 20 1238 Powerlong 4.8 5.4

8 1862 Jingrui Hldgs 9.0 2.3 21 0588 Beijing N Star 4.8 1.5

9 1663 S Harbourhold 8.4 0.2 22 1207 Sre Group 4.7 0.0

10 0258 Tomson Group 8.1 2.1 23 3900 Greentown China 4.6 11.5

11 3616 Ever Reach Group Holdings 7.5 1.4 24 0272 4.4 1.2

12 1638 Kaisa Group 7.3 4.1 25 1996 Redsun Properties 4.1 2.8

13 0535 Gemdale Ppt 7.1 1.2 26 0337 Greenland Hk 3.8 2.4

Data source: China Knowledge, HKEx

China Real Estate Weekly 22 25 Jan 2021

Stock Company % Closing Stock Company % Closing

Code Name Change Price Code Name Change Price

27 0081 Ch Ovs G Oceans 3.5 4.2 62 0938 Man Sang Int'L 0.0 0.4

28 1224 3.4 1.8 63 0627 Fullsun Int'L 0.0 0.0

29 6166 China Vast 3.3 3.1 64 0313 Richly Field 0.0 0.0

30 1966 China Sce Group 3.3 3.1 65 1369 Wuzhou Int'L 0.0 0.0

31 0672 Zhongan Group 3.3 0.3 66 0275 Master Glory Group 0.0 0.3

32 0124 Gd Land 3.0 1.0 67 9968 Huijing Holdings -0.5 2.0

33 1908 C&D Intl Group 2.4 12.9 68 2768 Jiayuan Int'L -0.6 3.1

34 0035 Fe Consort Intl 2.2 2.8 69 0173 K. Wah Int'L -0.8 3.7

35 3301 Ronshine China 2.2 5.6 70 3688 Top Spring -0.9 1.2

36 0095 Lvgem (China) Real Estate 2.2 2.4 71 1176 Zhuguang Hold -0.9 1.1

37 1232 Gw Tiandi 2.0 0.5 72 2699 Xinming China -1.1 0.1

38 0655 Hk Chinese Ltd 1.5 0.7 73 2019 Dexin China -1.3 2.9

39 1233 Times China 1.4 11.2 74 1124 Coastal Gl -1.4 0.1

40 2329 Guorui Ppt 1.3 0.8 75 1622 Redco Group -1.4 2.8

41 3377 Sino-Ocean Gp 1.2 1.7 76 3990 Midea Real Estate -1.5 17.3

42 0604 Shenzhen Invest 1.1 2.7 77 0832 Central China -1.7 3.4

43 0369 Wing Tai Ppt 1.1 3.7 78 1628 Yuzhou Group -1.8 2.8

44 0212 Nanyang Holdings 0.7 42.5 79 1838 China Properties -1.9 0.5

45 2868 Bj Capital Land 0.7 1.4 80 0845 Glorious Ppt H -2.0 0.3

46 2772 Zhongliang Holdings 0.6 5.0 81 0183 Winfull Gp -2.0 0.0

47 1427 China Tianbao Gp 0.6 3.4 82 0298 Chuang'S China -2.4 0.4

48 0160 Hon Kwok Land 0.4 2.6 83 1278 China New Town -2.5 0.2

49 2118 Tian Shan Dev 0.4 2.8 84 1240 Cnqc Int'L -2.6 0.7

50 0026 China Motor Bus 0.2 97.7 85 0299 Glory Sun Land -3.4 0.3

51 0194 Liu Chong Hing 0.1 7.1 86 0798 Ceovu -3.4 0.4

52 0123 Yuexiu Property 0.0 1.6 87 0147 Ib Settlement -3.5 0.1

53 0119 0.0 2.3 88 1282 Glory Sun Fin -4.5 0.3

54 1777 Fantasia Holdings 0.0 1.3 89 1570 Weiye Holdings -5.7 3.3

55 0978 Chi Mer Land 0.0 1.2 90 0755 Shanghai Zendai -5.8 0.1

56 3639 Yida China 0.0 2.2 91 1195 Kingwell Gp -6.7 0.0

57 1902 Yincheng International 0.0 2.4 92 2286 Chen Xing Development -7.8 1.4

Holding

58 0680 Nan Hai Corp 0.0 0.0 93 2349 China City Infrastructure -9.7 0.1

59 0367 Chuang'S Int'L 0.0 1.0 94 1246 Boill Healthcare -10.5 0.2

60 0216 Chinney Inv 0.0 1.7 95 0846 Mingfa Group -57.1 0.8

61 1329 Capital Grand 0.0 0.9

Data source: China Knowledge, HKEx

China Real Estate Weekly 23 25 Jan 2021

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China Real Estate Weekly 24 25 Jan 2021