Logan Property Holdings Company Limited March 2018 Content I Results Highlights II Strategy & Land Bank III Outlook IV Appendix Results Highlights 8 Key Highlights: Annual Results 2017

High  Proposed final dividend of HK19 cents High  Contract sales RMB43,420mn Dividend (include special dividend of HK2 cents) Growth (up 51.2%) Payout  FY dividend HK41 cents, dividend payout ratio is 40%

1 High  Core profit RMB4,620mn (up 48.7%) Abundant  RMB520bn saleable resources (135  Core profit margin 16.7% (up 1.6p.p.) projects) with >80% located in the GBA Earnings Land Bank  EPS RMB117.03 cents (up 44.4%)  Average land cost ≈27% of ASP

High  Credit rating upgraded to the highest High  Revenue RMB27,690mn (up 34.8%)  Credit AAA level by both Chengxin Gross Profit Gross profit RMB9,517mn (up 45.1%)  GP margin 34.4% (up 2.5p.p.) Rating Securities Rating & United Credit Rating

 Issued a total of USD1,106mn senior Strong  Cash collection rate 90%, cash on hand notes with coupon @5.125% - 5.75% Strong Financing RMB22,408mn, net gearing decreased  Weighted average cost of borrowing Cash Flow Capability 3.5p.p. to 67.9% reduced from 6.1% to 5.8%

4 Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax, and share of changes in fair value of Investment properties at an associate Strong Contract Sales Growth

Contract Sales GFA1 Contract Sales Average Selling Price2

(000’ sqm) (RMB mn) (RMB/sqm) 43,421 17,096 2,426 1.5% 2,416 +51.2% +44.0% 2.5% 45.8% 5.0% 2,298 16.5% 11,870 9.2% 18.0% 8,194 33.0% 28,716 20.3% 20.7% 5.4% 21.3% 20,510 11.4% 3.8% 21.2% 27.7% 25.8% 22.9% 2015 2016 2017 19.3% 14.6% 21.0% 16.2% 3 16.7% Leader in Core Markets 22.6% 17.4% 40.1% 36.4% : Top 1 with 4,416 units sold 44.1% 43.6% 26.1% 49.7% 43.2% 16.1% Shenzhen: Top 2 with 260,000 sqm sold

2015 2016 2017 2015 2016 2017 : Top 1 with RMB9bn sales Other Regions 121 212 60 Other Regions 786 1,543 644 Region 435 467 802 Nanning Region 2,997 3,268 7,179 Acesite Mansion : Top 2 with 598 units sold Shantou Region 516 636 626 Shantou Region 4,309 6,590 8,980 Other GBA 466 384 548 Other GBA 3,563 4,651 9,185 Nanning, Zhuhai, : Top 10 Shenzhen Region 878 599 390 Shenzhen Region 8,855 12,664 17,433 Note 1: Contract sales GFA excludes area for car parking spaces. 5 Note 2: Average selling price excludes car parking spaces. Note 3: Info from Hope Fluent Research (Zhuhai), Shenzhen Home, E-House, CRIC & internal data Lockup Future Profit

Unrecognized Sales as of 28 Feb 2018 Cash Collection Rate Maintained at 90% or Above

1H FY Shenzhen Region 100% 45.8% Other GBA 22% 46% 93% 92% 90% 90% 87% 85% 85%

Total 80% RMB 35.1bn 70% 43.6% 49.7%

60%

Nanning Region 20% 50% Other Regions Shantou Region 2015 2016 2017 1% 11% 6 Sustainable Profitability Revenue Profit Margin Core Profit1

(RMB mn) (RMB mn) GP Margin Core Profit Margin 34.4% 30,000 6,000 27,690 31.9% 30.4% +34.8% 30% 4,620.0 24,000 +48.7% 20,539 4,000 18,000 20% 3,106.7 14,574 16.7% 15.1% 13.5% 12,000 1,973.6 2,000 10% 6,000

0 0% 0 2015 2016 2017 2015 2016 2017 2015 2016 2017

Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax, and share of changes in fair value of Investment properties at an associate 7 Increased Revenue from Property Development

Recognized GFA1 Recognized Sales ASP of Recognized Sales2

(000’ sqm) (RMB mn) (RMB/ sqm) 26,951 6.4% 45.8% 11,093 2,241 2,294 10.6% 10,810 0.9% 21,105 9.3% 3.0% 16.6% 1,859 5.4% 15.8% 19.5% 32.7% 8.3% 15,247 1.4% 27.9% 22.4% 21.5% 16.5% 7,100 33.0% 8.0% 11.0% 13.7% 31.1% 25.4% 12.4% 52.7% 39.3% 19.8% 45.1% 48.7% 25.8% 43.6% 49.7% 15.8%

2015 2016 2017 2015 2016 2017 Other Regions 21 101 213 Other Regions 213 634 1,728 Nanning Region 374 518 447 Nanning Region 2,509 3,335 2,848 Shantou Region 185 578 757 Shantou Region 1,219 4,726 8,819 Other GBA 481 368 286 Other GBA 3,876 2,895 2,961 2015 2016 2017 Shenzhen Region 1,180 294 591 Shenzhen Region 7,430 9,515 10,595

Note 1: Recognized GFA excludes area for car parking spaces. Note 2: Average selling price of recognized sales excludes car parking spaces. 8 Optimized Debt Structure Lowered Finance Cost

Debt Structure Weighted Average Cost of Borrowing

10% Offshore Senior Notes Onshore Bank 8.8% 22% Borrowings 9% 43% 8% 6.8% 7% 6.1% 5.8% Offshore 6% Bank Weighted Average 5% Borrowings Cost of Borrowing 5% 4% 5.8% 3% 2% 1%  Total Borrowing: RMB40.84bn 0% Onshore Corporate Bonds  Onshore: 73% 2014.12.31 2015.12.31 2016.12.31 2017.12.31 30%  Offshore: 27%

9 Dividend

Total Dividend Per Share Dividend Payout Ratio1

(HK cents) Interim Final Special Annuual Special 40 50% 5

40% 30 5.0% 5.0% 17

3 30% 20 20% 33.1% 35.0% 35.0% 22 10 19 25.0% 21.6% 14 10% 11 11

0 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Note 1: Dividend payout ratio = Total dividend per share/core profit

10 Strategy & Land Bank Greater Bay Area – A World Class Hub

Greater Bay Area

New York Bay Tokyo Bay San Francisco Bay

12 Greater Bay Area – A World Class Hub

Comparison with Other Greater Bay Area San Francisco GDP Forecast for Greater Bay Area & Other Bay Areas Tokyo Bay New York Bay Global Bay Areas (2016) (9+2) Bay (USD, Trillion) Land Area (sqkm) 56,086 36,500 34,493 18,040 3.5 Population (Million) Surpass Surpass New 68.00 35.03 23.69 7.68 3.0 Tokyo Bay York Bay by 2016 GDP (USD, Trillion) 1.39 1.70 1.91 0.77 by 2020 2025 1.54 2017 GDP (USD, Trillion) 2.5 (12% of National - - - GDP) Average Land Area Owned 825 1,042 1,456 2,348 2.0 Per Person (sqm) Population Density 1,212 960 687 426 1.5 (No. of people/ sqkm) 20,415（2016） GDP Per Capita (USD) 48,410 80,426 100,674 22,647（2017） 1.0 Production Value of Region 24.75 46.46 55.24 42.88 (USD, Million/ sqkm) 0.5 Port Container Throughput 62,640 7,730 6,250 2,370 (Thousands TEUs) 0.0 Airport Passengers Traffic 186 117 130 76 (Million) Technology Financial Services Innovation Advanced Property Technology Industry Financial Services Manufacturing Medical, Innovation Manufacturing Healthcare Greater Bay Area New York Bay Tokyo Bay San Francisco Bay % of Third Industry 62% 82% 89% 83% (3) Global Financial Centres San Francisco Shenzhen (20) Tokyo (5) New York (2) Index 2017 Ranking (16) (32) ： Source 2016 Government Register. Data are 2016 figures. Conclusion: GBA’s Population & Economic Cluster Possess Bigger Room for Growth 13 Asset Value benefit from GBA development

 2017 GDP in GBA exceeded RMB10 trillion, accounting for ~12% of national GDP

 Average GDP growth rate surpassed national level at 7.5% 2017 GDP Growth Rate 2,244bn Shenzhen 8.8% Guangzhou 7.0% 2,150bn Foshan 8.6% 8.2%

220bn 758bn 7.4% 955bn Guangzhou 383bn 6.6%

Dongguan 8.1% Foshan Huizhou Zhuhai 9.2% 2,663bn1 Zhaoqing 5.2% 345bn Shenzhen HongKong 3.8% 269bn Zhongshan Macao 9.1% Jiangmen 257bn Hong Kong1 Zhuhai 330bn

Macau 14 Note 1: Data in HKD Focus on 9+2+6+Eastern & Western

Greater Bay Area Greater Bay Area (25.06mn sqm)

9 Cities +2 HK/ + 6 extensive regions + Eastern & Western Guangdong Shenzhen 33.9% 176.2bn

Huizhou 15.7% 81.6bn

Zhuhai 9.4% 48.9bn 韶关 Foshan 6.0% 31.3bn South 清远南部 Zhongshan 5.0% 26.1bn 2.9% 14.9bn Heyuan 潮州 Hong Kong 2.4% 12.5bn Huizhou 河源城区 Eastern Zhaoqing Guangzhou 惠州 肇庆 广州 JieyangGuangdongShantou Dongguan 2.4% 12.4bn Dongguan 揭阳 汕头 东莞 Foshan Nansha Zhaoqing 2.2% 11.5bn 佛山 南沙 汕尾沿海 1.1% 5.6bn 云浮 Shenzhen 前海 深圳 Subtotal 81.0% 421bn 翠亨 SZ-ZS Channel Zhongshan 中山 Other Regions (11.13mn sqm) Jiangmen SZ Bay Bridge East Zhuhai Core Area Nanning Region 9.3% 48.4bn Yangjiang 江门东 HK 茂名 阳江沿海 珠海 in GBA Shantou Region 5.2% 26.9bn Western Hengqing HK-ZH-Macau 横琴 Bridge Guangdong Other Regions 2.1% 10.7bn

Zhanjiang Macau Singapore 2.4% 12.4bn 湛江 Subtotal 19.0% 98.4bn Total 519.4bn (As of 2017.12.31） 15 Focus in Core City with the Best Value  A total of 11 projects metro properties  Ranked no. 1 in terms of no. of units sold (4,416 units)

Mid to Long Term Planning of Railway Transit in Shenzhen Baolong Station Acesite Park (宝龙站) Logan City (玖龙臺) Guanguang (龙光城) Station Logan City Fuyong Project 1 (观光站) Station (福永项目1) (龙光城站) Tangwei Station Fuyong Project 2 (塘尾站) Hongshan The Masterpiece (福永项目2) Station (玖云著) (红山站) Logan Carat Baishilong Complex (玖钻) Station (白石龙站) Acesite Mansion Baohua (玖龙玺) Station (宝华站) Century Center Qiaocheng East (世纪大厦) Station Fubao Project Lixiang Station (侨城东站) (荔香站) (福保项目) Shekou Free-trade Fubao Station Zone Project (福保站) Qiaocheng East (蛇口自贸区项目) Project (侨城东项目)

16 Timely & Diverse Land Acquisition

 Accurately timed the onshore and offshore land market via diverse channels  Secured highly profitable projects with minimum cost through M&A and urban renewal channels 1. Timely invested RMB31bn on 4 projects (Acesite Mansion, Logan Carat Complex, The Masterpiece, Acesite Park) atop of/ along metro stations in Shenzhen before the ASP rally, with total saleable resources of >RMB100bn. Average GP margin above 40%. 2. Achieved RMB16.8bn sales in 2017. Rank No. 1 in terms of no. of units sold (4,416 units) in 2017.

1. Founded in Shantou and remains as the market leader for over 15 consecutive years. 2. Ranked no. 1 with nearly RMB9bn sales achieved in 2017.

2014- 2014- 2H2016- 1996-1996-2001 2002-2007 2007- 2007-2013 2016下半年 2001 2013 2016上半年1H2016 -2017 2017

1. Acquired Logan City project in Huizhou (total GFA: 1. Obtained >RMB300bn saleable resources via M&A and urban 5mn sqm) in 2007, with average land cost of renewal channels (>90% in the Greater Bay Area) when the public RMB300/sqm. land market was at a relatively high side of the cycle. 2. Logan City continues to generate high return with 2. Focused on HK luxury residential market and seized the bottom of GP margin of over 60%. >RMB30bn saleable the Singapore’s property market cycle – invested RMB14.4bn on 3 resources remained. projects in return for RMB24.9bn saleable resources 17 Abundant Land Bank  M&A & Urban Renewal Projects in a pipeline and are key generators for future earnings

GFA1 (sqm) %

Shenzhen 2,095,165 7.6% Other Region Singapore 4% 3% Huizhou/ Dongguan 5,856,874 21.4% Nanning Region Shenzhen 26% Guangzhou/ Foshan/ 4,018,862 14.7% 11% M&A & Urban Zhaoqing Renewal Zhuhai/ Zhongshan/ 2,556,558 9.3% Jiangmen Total Saleable (on the pipeline) Shantou Region Land Bank 65% 35% Heyuan/ Yangjiang 3,015,857 11.0% 7% Land Bank Resources1 337.1bn 182.3bn Hong Kong & Macau 70,606 0.3% RMB HK/ Macau 4% 27.43mn sqm RMB 8.76mn sqm Greater Bay Area – 17,613,922 64.2% 337.1bn Subtotal 519.4bn Heyuan/ Shantou Region 2,770,223 10.1% Yangjiang 6% Huizhou/ Nanning Region 5,652,065 20.6% Dongguan 17%

2 Other Regions 1,204,328 4.4% Zhuhai/ Zhongshan/ Guangzhou/ Foshan/ Singapore 189,909 0.7% Jiangmen 12% Zhaoqing 10% Total 27,430,447 - Land Cost3 (persqm) RMB 4,086 - Land Cost3 (excluding RMB 3,231 - HK& Singapore, per sqm)

Note 1: As of 31 Dec 2017, saleable resources are classified as attributable saleable resources. Both saleable resources and GFA are based on internal estimation. Note 2: Other regions are Chengdu and Hainan. 18 Note 3: The land cost is the total land cost divided by GFA Outlook 2018: High Quality Growth

 Accelerating sales: 2018 attributable contract sales target RMB66bn, up >50% y-o-y  Expect to launch over 30 new projects

Heyuan/ Yangjiang Singapore Zhuhai/ 3% 2% Zhuhai: Acesite Mansion (玖龙玺), Acesite Lake Zhongshan (玖龙湖), Acesite Centrium (玖龙汇) 9% Nanning Region 18% Nanning: Acesite Park (玖珑臺), Acesite Glory Zhongshan: Acesite Bay (玖龙湾) Mansion (玖誉府) etc.

Foshan/ Guangzhou/ Zhaoqing Other Regions2 15% Saleable 3% 1 Foshan: Acesite Park (玖龙府), Acesite Resources Glory Mansion (玖誉府) etc. Over Zhaoqing: Acesite Lake (玖龙湖), Acesite Bay (玖龙湾) RMB130bn Shantou Region Shantou: Celestial Palace (御海天宸), Sunshine 13% Palace (阳光御府), Sunshine Garden (阳光禧 园), Sunshine Terrace (阳光悦府)

Shenzhen: Logan Carat Complex (玖钻), Acesite Park Shenzhen/ Huizhou (玖龙臺), Acesite Mansion (玖龙玺) 37% Huizhou: Logan City (龙光城), Acesite Bay (玖龙湾), Acesite Mount (玖龙山), Acesite Park (玖龙臺) etc.

Note 1: Figures are based on internal estimation. 20 Note 2: Other regions include Chengdu and Hainan Next 3-5 years: Top Player in the GBA

 Attributable contract sales to grow at CAGR >50% during 2018-2020  Become the top property player in the Greater Bay Area

Actual/ Expected Contract Sales 2016-2020E

(RMB bn)

CAGR >50% 100.0

66.0

43.4 28.7

2016 2017 2018E 2019E 2020E 2016 2017 2018E 2019E 2020E

21 New 3-5 years: Top 10 in terms of Core Profit

Actual/ Expected Core Profit Growth Trend 2016-2020E

(RMB mn)

4,620 3,107

2016 2017 2018E 2019E 2020E 2016 2017 2018E 2019E 2020E

22 Appendix Income Statement Highlights

As a % of As a % of 2017 2016 Change Revenue Revenue (RMB mn) Revenue 27,690 100.0% 20,539 100.0% 34.8% Gross Profit 9,517 34.4% 6,560 31.9% 45.1% Net Profit for the Year 7,008 25.3% 5,200 25.3% 34.8% Core Profit1 4,620 16.7% 3,107 15.1% 48.7% Profit Attributable to Equity Shareholders 6,527 23.6% 4,488 21.9% 45.4% of the Company EPS - Basic (RMB cents) 117.03 - 81.06 - 44.4% - Diluted (RMB cents) 115.39 - 80.82 - 42.8% Interim Dividend per Share (HK cents) 19 - - - - Special Dividend per Share (HK Cents) 5 - 3 - - Proposed Final Dividend per Share (HK cents) 17 - 22 - - Total Dividend per Share (HK cents) 41 - 25 - 64.0%

Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax, and share of changes in fair value of Investment properties at an associate 24 Balance Sheet Highlights

As at 31 Dec 2017 As at 31 Dec 2016 Change

(RMB mn)

Total Asset 111,871 86,502 29.3% Equity Attributable to the Equity Shareholders 23,306 19,427 20.0% Total Equity1 27,164 25,751 5.5% Cash and Bank Balance2 22,408 14,797 51.4% Receipts in Advance 19,615 16,049 22.2% Total Borrowing 40,841 33,187 23.1% Net Gearing Ratio 67.9% 71.4% (3.5%p.p.)

Note 1: Include non-controlling interests and perpetual capital securities Note 2: Include restricted and pledged deposits

25 M&A & Urban Renewal Projects (within Land Bank)

Site Area Expected Total Average # Projects Location Status (sqm) GFA1 (sqm) Land Cost2

Land use rights certificate obtained, 1 Sunshine Waterfront, CZ (潮州阳光水岸) Chaoan (潮安区) 71,000 367,446 1,442 pending for the construction permit

2 Acesite Lake, ZQ (肇庆玖龙湖) Dawang High Tech Zone (大旺高新区) Land use rights certificate obtained 58,000 187,000 2,674

3 Acesite Bay, HZ (惠州玖龙湾) Daya Bay (大亚湾) Under construction 101,000 357,700 1,705

4 Acesite Park, HZ (惠州玖龙府) Daya Bay (大亚湾) Under design and planning 57,000 218,600 1,949

5 Acesite Mount, HZ (惠州玖龙山) (惠阳区) Under design and planning 78,000 253,400 1,310

6 Acesite Lake, HZ (惠州玖龙湖) Huiyang District (惠阳区) Under design and planning 104,000 224,128 1,919

7 Qiaocheng East Project, SZ (深圳侨城东) Nanshan District (南山区) Under design and planning 37,000 218,000 39,576

8 Acesite Centrium, ZH (珠海玖龙汇) Baoshui District (保税区) Under construction 49,000 329,200 5,202

9 Acesite Mansion, ZH (珠海玖龙玺) Hengqing Free-Trade Zone (横琴自贸区) Reached presales standard 51,000 162,300 10,313

10 Acesite Lake, ZH (珠海玖龙湖) (斗门区) Launched for sales 47,000 108,894 4,268

11 Logan City, HY (河源龙光城) Yuancheng District (源城区) Under design and planning 812,000 2,219,061 1,104

12 Acesite Park, HY (河源玖龙府) Yuancheng District (源城区) Under design and planning 61,000 172,796 2,315

13 Acesite Bay, ZS (中山玖龙湾) County (小榄镇) Launched for sales 67,000 260,022 2,232

14 Acesite Park, ZS (中山玖龙府) Xiaolan County (小榄镇) Under construction 32,000 93,087 1,936

15 Shenwang Project, ZS (中山神湾项目) County (神湾镇) Under design and planning 682,000 1,209,981 3,141

16 Huayuan Project, CD (成都花源镇项目) Xinjin District (新津区) Under construction 82,000 234,950 1,898

Total 6,616,565 26 Note 1: As of 31 Dec 2017. Figures are based on internal estimation. Note 2: Average land cost is total land cost divided by total GFA. Land Acquisition 2018 (Public Market)1

GFA on Attributable Average Site Area Total GFA # Project Acquisition Time Plot Ratio Basis Land Cost Land Cost2 (sqm) (sqm) (sqm) (RMB mn) (RMB/ sqm)

Shantou East Coast A Project 1 2018-01-02 12,992 66,707 51,968 553 10,641 (汕头东海岸A组团项目) Nanning Lengtang Project 2 2018-01-05 35,854 201,003 143,415 269 3,750 (南宁楞塘项目) Nanning Gaoxing Project 3 2018-01-24 49,272 245,915 172,452 345 3,999 (南宁高新区项目) Zhuhai Qianshan Project 4 2018-02-06 13,633 48,365 35,446 908 25,616 (珠海前山项目) Zhongshan Guer Village Project 5 2018-02-07 71,385 264,442 214,156 642 6,000 (中山古二村项目) Zhongshan Dongfeng Project 6 2018-02-07 26,038 85,002 65,095 204 6,270 (中山东风镇项目) Foshan Shunde Project 7 2018-03-02 20,778 205,932 149,397 470 6,292 (佛山顺德新城项目) Foshan Nanhai Project 8 2018-03-20 72,700 185,353 139,600 1,124 8,053 (佛山南海项目)

Total 1,302,719 971,529 4,515 6,634 Note 1: As of 21 March 2018. Note 2: Average land cost is the total land cost divided by GFA on plot ratio basis. 27 Key Projects 2018 – Shenzhen

Logan Carat Complex (玖钻) Acesite Park (玖龙臺)

 Hongshan Station (红山站) of Metro  Guanguang Station (观光站) of Metro Location Location Lines No. 4 & 6 Lines No. 6 & 13

Type  Complex Type  Residential & Commercial

Site Area  Approx. 87,000 sqm Site Area  Approx. 152,000 sqm

Total GFA  Approx. 840,000 sqm Total GFA  Approx. 720,000 sqm

 Atop of dual metro lines at Hongshan  Atop of dual metro lines at Guanguang Project Value Project Value Station (红山站) Station (观光站)

28 Key Projects 2018 – Huizhou

Logan City (龙光城) Acesite Mount (玖龙山)

 Daya Bay (大亚湾) & adjacent to Location Location  Huiyang District (惠阳区) Shenzhen border

Type  Residential & Commercial Type  Residential & Commercial

Site Area  Approx. 1.7mn sqm Site Area  Approx. 78,000 sqm

Total GFA  Approx. 5.03mn sqm Total GFA  Approx. 260,000 sqm  Logan’s biggest and flagship project.  Access to various ancillary facilities. Hotel,  Close to Shenzhen and is near to the catering & entertainment facilities, Project Value Project Value metro station in plan. Various choices of commercial center, schools are under transportation that connect to Shenzhen planning

29 Key Projects 2018 – Zhuhai

Acesite Mansion (玖龙玺) Acesite Lake (玖龙湖)

Location  Hengqing Port Location  Doumen District

Type  Residential Type  Residential

Site Area  Approx. 50,000 sqm Site Area  Approx. 47,000 sqm

Total GFA  Approx. 160,000 sqm Total GFA  Approx. 110,000 sqm  Adjacent to a commercial complex, 400m away from the Hengqing Station, and is  Access to various educational, Project Value close to the Main Avenue “Hong Kong Project Value vacational & ecological resources and Macau Avenue” enjoy transport convenience

30