Appendix Iii Property Valuation

THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

The following is the text of a letter, summary of values and valuation certificates, prepared for the purpose of incorporation in this document received from Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an independent valuer, in connection with its valuation as at 31 August 2015 of the properties held by the Group.

Jones Lang LaSalle Corporate Appraisal and Advisory Limited 6/F Three Pacific Place 1 Queen’s Road East Hong Kong tel +852 2846 5000 fax +852 2169 6001 Licence No.: C-030171

[●] 2015

The Board of Directors Jiayuan International Group Limited Suite 1403, 9 Queen’s Road Central Central, Hong Kong

Dear Sirs,

In accordance with your instructions to value the property interests held by Jiayuan International Group Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) in the People’s Republic of China (the “PRC”) and Hong Kong, we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the market values of the property interests as at 31 August 2015 (the “valuation date”).

Our valuation is carried out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

We have valued the property interests in Groups I, III and V by direct comparison approach assuming sale of the property interests in their existing state with the benefit of immediate vacant possession and by making reference to comparable sales transactions as available in the relevant market.

In valuing the property interests in Group II which were under development as at the valuation date, we have assumed that they will be developed and completed in accordance with the latest development proposal provided to us by the Group. In arriving at our opinion of value, we have adopted the direct comparison approach by making reference to comparable sales evidence as available in the relevant market and have also taken into account the accrued construction cost and professional fees relevant to the stage of construction as at the valuation date and the remainder of the cost and fees expected to be incurred for completing the development.

For the purpose of our valuation, real estate developments under development are those the Construction Work Commencement Permits have been issued while the Construction Work Certified Reports or Certificates of Completion of the buildings thereof are not issued.

We have valued the property interests in Group IV by income approach by taking into account the net rental income of the properties derived from the existing leases and/or achievable in the existing market with due allowance for the reversionary income potential of the leases, which have been then capitalized to determine the market value at an appropriate capitalization rate.

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APPENDIX III PROPERTY VALUATION

Our valuation has been made on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests.

No allowance has been made in our report for any charge, mortgage or amount owing on any of the property interests valued nor for any expense or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their values.

In valuing the property interests, we have complied with all requirements contained in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited; the RICS Valuation — Professional Standards published by the Royal Institution of Chartered Surveyors; the HKIS Valuation Standards published by the Hong Kong Institute of Surveyors; and the International Valuation Standards published by the International Valuation Standards Council.

We have relied to a very considerable extent on the information given by the Group and have accepted advice given to us on such matters as tenure, planning approvals, statutory notices, easements, particulars of occupancy, lettings, and other relevant matters.

We have been shown copies of various title documents including State-owned Land Use Rights Certificate, Building Ownership Certificate and official plans relating to the property interests and have made relevant enquiries. Where possible, we have examined the original documents to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the advice given by the Company’s PRC legal advisers — Jingtian & Gongcheng, concerning the validity of the property interests in the PRC.

We have caused searches to be made at the Hong Kong Land Registry. However, we have not searched the original documents to verify the ownership or to ascertain any amendment.

We have not carried out detailed measurements to verify the correctness of the areas in respect of the properties but have assumed that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been taken.

We have inspected the exterior and, where possible, the interior of the properties. However, we have not carried out investigation to determine the suitability of the ground conditions and services for any development thereon. Our valuation has been prepared on the assumption that these aspects are satisfactory and that no unexpected cost and delay will be incurred during construction. Moreover, no structural survey has been made, but, in the course of our inspection, we did not note any serious defect. We are not, however, able to report whether the properties are free of rot, infestation or any other structural defect. No tests were carried out on any of the services.

Inspection of the properties was carried out in April 2015 by Mr. Jerry Shen, Mr. Joseph Zhou, Mr. Sifan Liu, Mr. Edward Yang, Ms. Wody Ding, Ms. Evelyn Xu and Ms. Xaviera. Mr. Jerry Shen and Mr. Joseph Zhou are China Real Estate Appraisers and Mr. Sifan Liu has 7 years’ experience and Ms. Wody Ding and Ms. Evelyn Xu have 2 years’ experience in the valuation of properties in the PRC. Ms. Xaviera Lui is a probationer of the Royal Institution of Chartered Surveyors and has 3 years’ experience in the valuation of properties in Hong Kong.

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APPENDIX III PROPERTY VALUATION

We have had no reason to doubt the truth and accuracy of the information provided to us by the Group. We have also sought confirmation from the Company that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to arrive at an informed view, and we have no reason to suspect that any material information has been withheld.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB). The exchange rate adopted in our valuations is approximately HK$1 = RMB0.82442 which was approximately the prevailing exchange rate as at the valuation date.

Our valuation is summarized below and the valuation certificates are attached.

Yours faithfully, for and on behalf of Jones Lang LaSalle Corporate Appraisal and Advisory Limited Eddie T. W. Yiu MRICS MHKIS RPS (GP) Director

Note: Eddie T.W. Yiu is a Chartered Surveyor who has 21 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

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APPENDIX III PROPERTY VALUATION

SUMMARY OF VALUES

GroupI—Property interests held for sale by the Group in the PRC

Market value in existing state as at No. Property 31 August 2015 RMB

1. The remaining unsold portion of Jiayuan Centurial Garden 32,075,000 located at No. 8 North Longchuan Road Jiangdu District Yangzhou City Jiangsu Province The PRC

2. The remaining unsold portion of Jiayuan Centurial Villa 80,219,000 located at No. 208 Longcheng Road Jiangdu District Yangzhou City Jiangsu Province The PRC

3. The remaining unsold portion of 7,658,000 Elite International Garden located at the northern side of Huishanhu Road and eastern side of Wenhui Lane Sucheng District Suqian City Jiangsu Province The PRC

4. The remaining unsold portion of 65,371,000 Suqian Park Number One located at No. 10 Yingmati Road Suqian City Jiangsu Province The PRC

5. The remaining unsold portion of Paris Metropolis Phase I 61,504,000 located at the eastern side of Taoyuan Road, the northern side of Zhongxing Road and the western side of Fanrong Road Siyang County Suqian City Jiangsu Province The PRC

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APPENDIX III PROPERTY VALUATION

Market value in existing state as at No. Property 31 August 2015 RMB

6. The remaining unsold portion of Rome Metropolis Phase I 114,700,000 located at the intersection of Huaihai Road and Xi’an Road Siyang County Suqian City Jiangsu Province The PRC

7. The remaining unsold portion of Oriental Bright City 134,000,000 located at No. 99, Middle Ren Min Road, Jiangyan District Taizhou City Jiangsu Province The PRC

8. The remaining unsold portion of Oriental Paris City 29,000,000 located at No. 99, North Gulou Road Jiangyan District Taizhou City Jiangsu Province The PRC

9. The remaining unsold portion of Quexiandao Number One 90,000,000 located at No.1 Shuiqing Road, Qintong Town Jiangyan District Taizhou City Jiangsu Province The PRC

10. The remaining unsold portion of Jiayuan New World 105,000,000 located at No. 9, East Da Qing Road, Taixing City Jiangsu Province The PRC

11. The remaining unsold portion of Venice Metropolis 29,000,000 located at No. 333, North Gulou Road Taixing City Jiangsu Province The PRC

12. The remaining unsold portion of Qiangxi Garden 139,000,000 located at No. 9, East Da Qing Road, Taixing City Jiangsu Province The PRC

– III-5 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Market value in existing state as at No. Property 31 August 2015 RMB

13. The remaining unsold portion of Huangqiao Jiayuan Central Plaza 65,004,000 Lot S2 located at No. 68, the western side of Dinghui Road Huangqiao Town Taixing City Jiangsu Province The PRC

Sub-total: 952,531,000

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APPENDIX III PROPERTY VALUATION

Group II — Property interests held under development by the Group in the PRC

Market value in existing state as at No. Property 31 August 2015 RMB

14. Zijin Mansion Phase I and II under construction 4,058,000,000 located at Gujiaying Road, Xuanwu District Nanjing City Jiangsu Province The PRC

15. Xueyan Jiayuan Central Plaza Phase I,II and III 538,000,000 under construction located at the southern side of Xingzheng Road and eastern side of Taibei Road Panjia Village, Xueyan Town Wujin District Changzhou City Jiangsu Province The PRC

16. Jiayuan Centurial Villa under construction 94,085,000 located at No. 208 Longcheng Road Jiangdu District Yangzhou City Jiangsu Province The PRC

17. Huangqiao Jiayuan Central Plaza Lot S1 and S2 under construction 377,000,000 located at No. 68, the western side of Dinghui Road Huangqiao Town Taixing City Jiangsu Province The PRC

18. Suqian Park Number One Phase III under construction 569,054,000 located at No. 10 Yingmati Road Suqian City Jiangsu Province The PRC

19 Paris Metropolis Phase II and III under construction 423,000,000 located at the eastern side of Taoyuan Road, the northern side of Zhongxing Road and the western side of Fanrong Road Siyang County Suqian City Jiangsu Province The PRC

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APPENDIX III PROPERTY VALUATION

Market value in existing state as at No. Property 31 August 2015 RMB

20. Rome Metropolis Phase II and III under construction 559,000,000 located at the intersection of Huaihai Road and Xi’an Road Siyang County Suqian City Jiangsu Province The PRC

21. Venice Metropolis under construction 1,270,000,000 located at No. 333, North Gulou Road Taixing City Jiangsu Province The PRC

22. Jiayuan New World Phase I and II under construction 1,706,000,000 located at No. 9 East Da Qing Road Taixing City Jiangsu Province The PRC

23. Oriental Paris City under construction 144,000,000 located at No. 99, North Gulou Road Jiangyan District Taizhou City Jiangsu Province The PRC

Sub-total: 9,738,139,000

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APPENDIX III PROPERTY VALUATION

Group III — Property interests held for future development by the Group in the PRC

Market value in existing state as at No. Property 31 August 2015 RMB

24. A parcel of land known as Zijin Mansion Phase III 1,386,000,000 located at Gujiaying Road Xuanwu District Nanjing City Jiangsu Province The PRC

25. A parcel of land known as Huangqiao Jiayuan Central Plaza 150,213,000 Lot S2 located at No. 68, the western side of Dinghui Road Huangqiao Town Taixing City Jiangsu Province The PRC

26. A parcel of land known as Guxi Jiayuan Central Plaza 94,000,000 located at the southern side of Dongfangsi Road, the eastern side of Gudonggang and the northern side of Qiankun Road Guxi Town Taixing City Jiangsu Province The PRC

27. A parcel of land known as Taizhou Jiayuan Central Plaza 21,000,000 Phase I located at former Grinding Wheel Factory of Suzhong area Qintong Town Taizhou City Jiangsu Province The PRC

28. A parcel of land known as 37,861,000 Suqian Park Number One Phase IV Located at No. 10 Yingmati Road Suqian City Jiangsu Province The PRC

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APPENDIX III PROPERTY VALUATION

Market value in existing state as at No. Property 31 August 2015 RMB

29. A parcel of land known as Paris Metropolis Phase IV 665,169,000 located at the eastern side of Taoyuan Road, the northern side of Zhongxing Road and the western side of Fanrong Road Siyang County Suqian City Jiangsu Province The PRC

30. A parcel of land known as Rome Metropolis Phase IV 174,000,000 located at the intersection of Huaihai road and Xi’an Road Siyang County Suqian City Jiangsu Province The PRC

31. A parcel of land known as Venice Metropolis 2,619,000,000 located at No. 333, North Gu Lou Road Taixing City Jiangsu Province The PRC

32. A parcel of land known as Oriental Paris City 411,000,000 located at No. 99, North Gu Lou Road Jiangyan District Taizhou City Jiangsu Province The PRC

Sub-total: 5,558,243,000

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APPENDIX III PROPERTY VALUATION

Group IV — Property interests held for investment by the Group in the PRC

Market value in existing state as at No. Property 31 August 2015 RMB

33. A commercial building of Yangzhou Park Number One 6,057,000 located at Intersection of Middle Wenchang Road and Jiangdu Road Jiangdu District Yangzhou City Jiangsu Province The PRC

34. Retail units of Jiayuan Centurial Garden 48,721,000 located at No. 8 North Longchuan Road Jiangdu District Yangzhou City Jiangsu Province The PRC

35. Portion of retail units of Jiayuan Centurial Villa 16,910,000 located at No. 208 Longcheng Road Jiangdu District Yangzhou City Jiangsu Province The PRC

36. A commercial building known as Jiayuan Centurial Scenery Park 6,716,000 located at No. 618 Huangshan Road Jiangdu District Yangzhou City Jiangsu Province The PRC

37. Portion of retail units of Rome Metropolis Phase III 220,687,000 located at the intersection of Huaihai Road and Xi’an Road Siyang County Suqian City Jiangsu Province The PRC

38. Portion of retail units of Oriental Bright City 410,000,000 located at No. 99, Middle Ren Min Road Jiangyan District Taizhou City Jiangsu Province The PRC

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APPENDIX III PROPERTY VALUATION

Market value in existing state as at No. Property 31 August 2015 RMB

39. Portion of retail units and a hotel of Quexiandao Number One 89,000,000 located at No.1 Shui Qing Road Qintong Town Jiangyan District Taizhou City Jiangsu Province The PRC

40. Portion of retail units of Jiayuan New World Phase I 271,000,000 located at No. 9, East Daqing Road Taixing City Jiangsu Province The PRC

41. Portion of retail units of Huangqiao Jiayuan Central Plaza Lot S2 207,460,000 located at No. 68, the western side of Dinghui Road Huangqiao Town Taixing City Jiangsu Province The PRC

Sub-total: 1,276,551,000

Group V — Property interests held for occupation by the Group in Hong Kong

Market value in existing state as at No. Property 31 August 2015 RMB

42. Suite 1403 on 14th Floor 82,689,000 “Nine Queen’s Road Central”, No. 9 Queen’s Road Central, Hong Kong

Sub-total: 82,689,000

Grand total: 17,608,153,000

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

GroupI—Property interests held for sale by the Group in the PRC

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

1. The remaining unsold The property comprises 13 unsold The property was vacant as 32,075,000 portion of Jiayuan retail units of Jiayuan Centurial at the valuation date. Centurial Garden Garden which were completed in located at No. 8 various stages between 2006 and North Longchuan Road 2008. Jiangdu District Yangzhou City The property is located at the western Jiangsu Province side of North Longchuan Road and The PRC the southern side of New City Government in Jiangdu District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area with retail stores and commercial buildings.

The property has a total gross floor area of approximately 4,316.71 sq.m.

The land use rights of the property have been granted for a term with the expiry date on 8 January 2044 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 1 December 2003 entered into between Land and Resources Bureau of Yangzhou City Jiangdu Branch and Yangzhou Guangyuan Property Development Co., Ltd. (“Yangzhou Guangyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 233,342 sq.m. (including the land use rights of the property) were contracted to be granted to Yangzhou Guangyuan with the particulars as follows:

Site Area : 233,342 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : 1.5 Land Premium : RMB175,025,000

2. Pursuant to a Construction Land Planning Permit — No. 2004003, permission towards the planning of a parcel of land with a site area of approximately 364 mu (including the land use right of the property) has been granted to Yangzhou Guangyuan.

3. Pursuant to 21 State-owned Land Use Rights Certificates, the land use rights of the land of the property with a total site area of 1,436.53 sq.m., have been granted to Yangzhou Guangyuan for a term with the expiry date on 8 January 2044 for commercial use.

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APPENDIX III PROPERTY VALUATION

4. Pursuant to 2 Construction Work Planning Permits issued by Planning Bureau of Yangzhou City in favour of Yangzhou Guangyuan, the construction works of the property with a total planned gross floor area of approximately 26,357 sq.m. (including the property) have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

2006036 Commercial Centre 25,277 18 August 2006 2000056 Xiazhufang Social Center 1,080 24 October 2006

Total: 26,357

5. Pursuant to a Construction Work Commencement Permit — No. 2006(069) issued by Bureau of Housing & Construction of Jiangdu in favour of Yangzhou Guangyuan, the commencement of the construction work with a total gross floor area of approximately 17,000 sq.m. (including the property) has been permitted.

6. Pursuant to 3 Pre-sales Permits — Jiang Fang Xiao Zheng Di Nos. 200622, 200639 and 200749 in favour of Yangzhou Guangyuan, the Group is freely entitled to sell portions of the property with a total gross floor area of approximately 42,327.6 sq.m. (including the property) to local and overseas purchasers.

7. Pursuant to 3 Construction Completion and Inspection Certificates issued by Construction Bureau of Jiangdu in favour ofYangzhou Guangyuan, Jiayuan Centurial Garden (including the property) has been approved to be complied with the urban and rural planning requirements with the details as follows:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 2008-059 Commercial Centre 25,277.00 15 September 2006 No. 2010-052 Qiu Ju Fang 7,613.77 11 September 2007 No. 2012-028 Xia Zhu Fang 1,144.16 8 December 2006

Total: 34,034.93

8. Pursuant to 21 Building Ownership Certificates, the property with a total gross floor area of approximately 4,316.71 sq.m. is owned by Yangzhou Guangyuan.

9. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB5,700/sq.m. to RMB8,000/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB7,431/sq.m. for the subject property.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property.

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APPENDIX III PROPERTY VALUATION

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit Yes f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate Yes

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

2. The remaining unsold The property comprises 2 unsold The property was vacant as 80,219,000 portion of Jiayuan commercial buildings of Jiayuan at the valuation date. Centurial Villa located Centurial Villa known as South and at No. 208 Longcheng North Club which were completed in Road Jiangdu District various stages between 2012 and Yangzhou City 2013 and an unsold residential Jiangsu Province property, which was completed in The PRC 2015.

The property is located at two sides of West Longcheng Road in Jiangdu District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area.

The property has a total gross floor area of approximately 9,516.51 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 271.08 Commercial 9,245.43

Total: 9,516.51

The land use rights of the property have been granted for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 18 January 2004 entered into between Land and Resources Bureau of Yangzhou City Jiangdu Branch and Yangzhou Guangyuan Property Development Co., Ltd. (“Yangzhou Guangyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 391,578 sq.m. (including the land use rights of the property) were contracted to be granted to Yangzhou Guangyuan with the particulars as follows:

Site Area : 391,578 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : 0.4 to 0.8 Land Premium : RMB205,850,000

2. Pursuant to a Construction Land Planning Permit — No. 2005031, permission towards the planning of a parcel of land with a site area of approximately 587.3 mu including the land of the property has been granted to Yangzhou Guangyuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to a State-owned Land Use Rights Certificate — Jiang Guo Yong (2007) Di No. 23300, the land use rights of a parcel of land with a site area of approximately 39,071.3 sq.m. (including the land use right of the property), on which the property is situated, have been granted to Yangzhou Guangyuan for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

4. Pursuant to 3 Construction Work Planning Permits — Jian Zi Di Nos. 2006033 and 2009068 issued by Planning Bureau of Jiangdu City in favour of Yangzhou Guangyuan, the construction works of the property with a total planned gross floor area of approximately 28,281 sq.m. have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 2006033 South Club 6,335 11 May 2006 No. 2009068 North Club B 3,683 12 October 2009 No. 2012045 #137 (North) 18,263 22 May 2012

Total: 28,281

5. Pursuant to 3 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Jiangdu in favour of Yangzhou Guangyuan, the commencement of the construction works (including the property) of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

2006(061) South 30, 31, 198 6,335 28 May 2006 3210882009110200001A North 37-38, 40-43, 22,103 2 November 2009 45-53, 55-63, 65-71, 168 321088020120048 North 136-138 55,212 18 August 2012

Total: 83,650

6. Pursuant to 2 Construction Work Completion and Inspection Tables issued by Housing and Urban-rural Construction Bureau of Yangzhou Jiangdu, No. 137 and 168, 169, 172, 173, 181, 182 of Jiayuan Centurial Villa has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 2 Pre-sales Permits — Jiang Fang Xiao Zheng Di No. 200717 and No. 201238 in favour of Yangzhou Guangyuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 58,183.01 sq.m. to local and overseas purchasers.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB7,600/sq.m. to RMB9,500/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB8,550/sq.m. for the subject property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

3. The remaining unsold The property comprises an unsold The property was vacant as 7,658,000 portion of Elite residential unit and a 3-storey at the valuation date. International Garden commercial building which was located at the completed in 2011. northern side of Huishanhu Road and The property is located at the eastern side of northern side of Huishanhu Road and Wenhui Lane Eastern side of Wenhui Lane in Sucheng District Sucheng District and well-served by Suqian City various facilities and public Jiangsu Province transportation along the main roads. The PRC The property has a total gross floor area of approximately 861.96 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 207.74 Commercial 654.22

Total: 861.96

The land use rights of the property have been granted for terms expiring on 2 August 2080 for residential use and on 2 August 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 14 August 2009, the land use rights of a parcel of land (including the land use rights of the property) were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 53,807.0 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 3.5 Land Premium : RMB122,679,960

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 321300200910111, permission towards the planning of a parcel of land with a site area of approximately 53,807.0 sq.m. including the land of the property has been granted to Suqian Jia Yuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a site area of approximately 53,970.0 sq.m. (including the land use rights of the property), on which the property is situated, have been granted to Suqian Jia Yuan as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Su Guo Yong (2009) 27,261.0 Residential 17 November 2079 24 November 2009 Di No. 0553 Commercial 17 November 2049 Su Guo Yong (2011) 26,709.0 Residential 2 August 2080 27 January 2011 Di No. 694 Commercial 2 August 2050

Total: 53,970.0

4. Pursuant to 2 Construction Work Planning Permits issued by Planning Bureau of Suqian City in favour of Suqian Jia Yuan, the construction works of the property with a total planned gross floor area of approximately 97,790.0 sq.m. including the property have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

321300201010014 12#, 13#, 16#, 12# and 46,371.71 17 March 2010 15# 321300201010023 17#-20#, 16#, 18#, 15#, 51,418.29 13 May 2010 17#, 19#, 18#, 20#

Total: 97,790.00

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Suqian in favour of Suqian Jia Yuan, the commencement of the construction works including the property of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3213002010053100004A 12#, 13#, 18# Buildings 46,371.71 3 May 2010 3213002010061300001A 17#-20#, 16#, 18#, 15#, 51,441.30 2 November 2009 17#-20#, 17#, 19# Buildings

Total: 97,813.01

6. Pursuant to a Construction Work Completion and Inspection Table issued by Suqian housing and urban-rural construction bureau, Jia Yuan Elite International Garden (including the property) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 4 Pre-sales Permits — (Su Fang Shou) Nei Xiao Zhun Zi Di No. 2010055, 2010065, 2011028 and 2012027, in favour of Suqian Jia Yuan, the Group is freely entitled to sell the property to local and overseas purchasers.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB5,800/sq.m. to RMB7,800/sq.m for residential properties and from RMB14,000/sq.m. to RMB16,900/sq.m. for retail properties of the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB6,400/sq.m. for the subject residential property and RMB9,500/sq.m. for commercial properties.

– III-19 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

– III-20 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

4. The remaining unsold The property comprises 32 unsold The property was vacant as 65,371,000 portion of Suqian Park residential units and 10 unsold at the valuation date. Number One located at commercial units of Suqian Park No. 10 Yingmati Road Number One residential building Suqian City which was completed in 2014. Jiangsu Province The PRC The property is located at the northern side of Yanggong Road in Sucheng District and well-served by various facilities and public transportation along the main roads.

The property has a total gross floor area of approximately 9,276.36 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 4,277.05 Commercial 4,999.31

Total: 9,276.36

The land use rights of the property have been granted for a term of 70 years expiring on 18 May 2081 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 14 August 2009, the land use rights of the property were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 127,333.0 sq.m. Land Use : Residential Land Term : 70 years for residential use Plot Ratio : Lower than 2.5 Land Premium : RMB181,449,525

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 3211300201010012, permission towards the planning of a parcel of land with a site area of approximately 127,333.0 sq.m. including the land of the property has been granted to Suqian Jia Yuan.

– III-21 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 126,182.9 sq.m. including the land use rights of the property were contracted to be granted to Suqian Jia Yuan with the particulars as follows

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Su Guo Yong (2011) 50,925.9 Residential 18 May 2081 1 June 2011 Di No. 6343 Su Guo Yong (2011) 75,257.0 Residential 18 May 2081 20 May 2011 Di No. 6007

Total: 126,182.9

4. Pursuant to 4 Construction Work Planning Permits issued by Construction and Planning Bureau of Suqian City in favour of Suqian Jia Yuan, the construction works of the property as follows have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. No. 28-33 60,897.0 11 November 2011 321300201110080-1 Jiayuan Park Number One (Suqian) Jian Zi Di No. No. 35-38 34,413.2 26 November 2012 321300201110080-2 Jiayuan Park Number One (Suqian) Jian Zi Di No. No. 18, 19, 22, 23, 27 63,617.7 11 July 2011 321300201110036 Jiayuan Park Number One (Suqian) Jian Zi Di No. No. 20, 21, 25, 26 50,033.0 8 October 2011 321300201110055 Jiayuan Park Number One (Suqian)

Total: 208,960.9

5. Pursuant to 4 Construction Work Commencement Permits issued by Construction and Planning Bureau of Suqian City in favour of Suqian Jia Yuan, the commencement of the construction works including the property of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

321300020110052 No. 18, 19, 22, 23, 27 63,617.7 24 October 2011 Building 321300020110056 No. 20, 21, 25, 26 50,033.0 4 November 2011 Building 321300020120056 No. 28-33 Building 60,897.0 12 September 2012 321300020120094 No. 35-38 Building 34,413.2 28 December 2012

Total: 208,960.9

6. Pursuant to a Construction Completion and Inspection Table issued by Suqian housing and urban-rural construction bureau, Suqian Park Number One Phase I,and II (including the property) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 4 Pre-sales Permit — (Su Fang Shou) Nei Xiao Zhun Zi Di Nos. 2011056, 20111057, 2013020 and 2013057 in favour of Suqian Jia Yuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 64,498.14 sq.m to local and overseas purchasers.

– III-22 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB5,500/sq.m. to RMB5,800/sq.m for residential units and from RMB14,000/sq.m. to RMB16,900 sq.m. for retail units of the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB5,600/sq.m. for the subject residential property and RMB8,300/sq.m. for retail properties.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

– III-23 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

5. The remaining unsold The property comprises 4 unsold The property was vacant as 61,504,000 portion of Paris commercial units, an unsold at the valuation date. Metropolis Phase I commercial building and 2 unsold located at the eastern residential units known as Paris side of Taoyuan Road, Metropolis Phase I which was the northern side of completed in 2013. Zhongxing Road and the western side of The property is located at the eastern Fanrong Road side of Taoyuan Road, the northern Siyang County side of Zhongxing Road, the western Suqian City side of Fanrong Road in Siyang Jiangsu Province County and well-served by good The PRC facilities and convenient traffic along the main roads.

The property has a total gross floor area of approximately 5,309.11 sq.m.

Gross Usage Floor Area (sq.m.)

Commercial 5,018.32 Residential 290.79

Total: 5,309.11

The land use rights of the property have been granted for terms with the expiry date on 22 March 2080 for residential use and 22 March 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 30 August 2009, the land use rights of the property were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 173,931 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.5 Land Premium : RMB300,030,975

2. Pursuant to a Construction Land Planning Permit — Di Zi No. 321323201000023, permission towards the planning of a parcel of land with a site area of approximately 260.8 mu (including the land of property) sq.m. has been granted to Suqian Jia Yuan.

– III-24 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 173,000 sq.m. (including the property) have been granted to Suqian Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2011) 60,515 Residential 22 March 2080 10 August 2011 Di No. 1116031 Commercial 22 March 2050 Si Guo Yong (2011) 112,485 Residential 22 March 2080 23 August 2011 Di No. 1116032 Commercial 22 March 2050

Total: 173,000

4. Pursuant to a Construction Work Planning Permit — Jian Zi Di No. 321323201000100 issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Suqian Jia Yuan, the construction works of the property with a total planned gross floor area of approximately 27,433 sq.m. (including the property) have been approved.

5. Pursuant to 2 Construction Work Commencement Permits issued by Housing and Urban-rural Construction Bureau of Siyang County in favor of Suqian Jia Yuan, the commencement of the construction works of the following (including the property) has been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3213232011080900001A A3, A5, A9, A10 and 17,891 10 August 2011 underground car park 321323020110006 A12,A13 and 1# 10,702 2 November 2011

Total: 28,593

6. Pursuant to 3 Construction Work Completion and Inspection Tables issued by Siyang County housing and urban-rural construction bureau, Paris Metropolis Phase I (including the property) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 2 Pre-sales Permits — Si Fang Zhun Yu (2012) No. 053 and Si Fang Zhun Yu (2015)005 in favour of Suqian Jia Yuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 13,941.41 sq.m. (including the property) to purchasers.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB5,500/sq.m. to RMB6,000/sq.m for residential properties and from RMB12,000/sq.m. to RMB14,000 sq.m. for retail properties of the first floor. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB5,620/sq.m. for the subject residential property and RMB12,900/sq.m. for retail properties.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

– III-25 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

6. The remaining unsold The property comprises various The property was vacant as 114,700,000 portion of Rome unsold commercial and residential at the valuation date. Metropolis Phase I units of block A5, A6, A9 and A15 located at the known as Rome Metropolis Phase I intersection of which was completed in various Huaihai Road and stages between 2014 and 2015. Xi’an Road Siyang County The property is located at the Suqian City intersection of Huaihai Road and Jiangsu Province Xi’an Road in Siyang County and The PRC well-served by various facilities and public transportation along the main roads.

The property has a total gross floor area of approximately 27,599.78 sq.m.

Gross Usage Floor Area (sq. m.)

Residential 22,322.48 Commercial 5,277.30

Total: 27,599.78

The land use rights of the property have been granted for terms with the expiry date between 12 October 2082 and 21 January 2083 for residential use and between 12 October 2052 and 21 January 2053 for commercial use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contract dated 10 April 2012, 5 December 2012, the land use rights of the property (together with the land use rights of the property no. 20, 30 and 37), were contracted to be granted to Siyang Fengyuan , an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3213232012CR0174 Commercial 14,707 40 years, ≤4.0 22,060,500 Residential 70 years 3213232012CR0023 Commercial 47,171 40 years, ≤4.0 89,153,190 Residential 70 years

Total: 61,878 111,213,690

2. Pursuant to a Construction Land Planning Permit — Di Zi No. 321323201200071, 321323201200106 permission towards the planning of the aforesaid land parcel with a site area of approximately 61,824 sq.m. has been granted to Siyang Fengyuan.

– III-26 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately sq.m. (together with the land use rights of property nos. 20 and 37) have been granted to Siyang Fengyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2014) 46,219 Commercial/ 10 July 2054 22 August 2014 Di No. 3480 residential 10 July 2084 Si Guo Yong (2013) 14,707 Commercial/ 21 January 2053 30 January 2013 Di No.509 residential 21 January 2083

Total 60,926

4. Pursuant to 2 Construction Work Planning Permits issued by Planning Bureau of Siyang City in favour of Siyang Branch, the construction works of the following including the property have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. No. A9, A10, A15, A16, 76,458.20 6 November 2012 321323201200105 A17 Jian Zi Di No. No. A5, A6 48,556.27 28 October 2014 321323201300035

Total: 125,014.47

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Construction Management of Siyang City in favor of Siyang Fengyuan, the commencement of the construction works of the following including the property have been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

321323020140015 No. A1 43,780.18 27 February 2014 321323020120035 No. A5, A6, A9, A10, 130,000.00 22 April 2013 A15-17

Total: 173,780.18

6. Pursuant to 6 Construction Work Completion and Inspection Tables issued by Siyang County housing and urban-rural construction bureau, Rome Metropolis Phase I (including the property) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 2 Pre-sales permits — Si Fang Huai Yu (2012) No. 054 and Si Fang Huai Yu (2013)021 in favour of Siyang Fengyuan, the Group is freely entitled to sell the commercial portions of the property with a total gross floor area of approximately 114,473.13 sq.m. to local and overseas purchasers.

– III-27 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB7,000/sq.m. to RMB8,500/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB7,800/sq.m. for the subject property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Siyang Fengyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

– III-28 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

7. The remaining unsold The property comprises 29 unsold The property was vacant as 134,000,000 portion of Oriental commercial units and 121 unsold at the valuation date. Bright City residential units of Oriental Bright located at No. 99, Eastern City which were completed Middle Ren Min Road in 2012. Jiangyan District Taizhou City The property is located at the No. 99 Jiangsu Province Middle Renmin Road in Jiangyan The PRC District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area with some retail stores and commercial buildings.

The property has a total gross floor area of approximately 18,754.13 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 13,386.09 Commercial 5,368.04

Total: 18,754.13

The land use rights of the property have been granted for terms with the expiry date on 22 September 2078,18 February 2079, 28 February 2078 for residential use and 18 February 2049,18 February 2049,22 September 2048, 28 February 2048 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 15 August 2008, the land use rights of the property were contracted to be granted to Taizhou Jia Yuan Property Development Co., Ltd. (“Taizhou Jia Yuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 79,483.0 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use/40 years for commercial use Plot Ratio : Lower than 3.5 Land Premium : RMB441,130,000

2. Pursuant to a Construction Land Planning Permit — Gui Zi Di No.200912, permission towards the planning of the aforesaid land parcel with a site area of approximately 68,094 sq.m. has been granted to Taizhou Jia Yuan.

– III-29 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 6 State-owned Land Use Rights Certificates, the land use rights of 6 parcels of land with a total site area of approximately 84,540.4 sq.m. including the land use right of the property have been granted to Taizhou Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2008) 11,389.4 Commercial 28 February 2048 7 March 2008 Di No. 11759 Residential 28 February 2078 Jiang Guo Yong (JI16) 12,437.0 Commercial 22 September 2048 22 September 2008 Di No. 11733 Residential 22 September 2078 Jiang Guo Yong (JI16) 8,017.0 Commercial 22 September 2048 22 September 2008 Di No. 11732 Residential 22 September 2078 Jiang Guo Yong (JI16) 15,272.0 Commercial 18 February 2049 23 March 2009 Di No. 11641 Residential 18 February 2079 Jiang Guo Yong (JI16) 22,906.0 Commercial 18 February 2049 23 March 2009 Di No. 11642 Residential 18 February 2079 Jiang Guo Yong (JI16) 14,519.0 Commercial 18 February 2048 15 December 2011 Di No. 41104 Residential 18 February 2078

Total: 84,540.4

4. Pursuant to 5 Construction Work Planning Permits issued by Planning Bureau of Taizhou City in favour of Taizhou Jia Yuan, the construction works including the property of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. 2011018 No. 1, 2, 5, 8, 9 59,140.66 27 June 2011 Jian Zi Di No. 2011015 No. 3, 11, 12, 15 78,788.92 5 April 2012 Jian Zi Di No. No. 7, 17 70,027.61 8 July 2014 321200201441066 Jian Zi Di No. 2010031 No. 6 26,792.07 4 August 2010 Jian Zi Di No. 2010036 No. 7, 13, 16, 17 100,993.29 1 April 2010

Total: 335,742.55

5. Pursuant to 5 Construction Work Commencement Permits issued by Building Construction Management of Jiangyan District Taizhou City in favor of Taizhou Jia Yuan, the commencement of the construction works of the following have been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3212842008101600001A No. 6, 10 30,020.92 16 October 2008 321284200907072400001A No. 1, 8, 9 43,780.18 24 July 2009 3212842009072800001A No. 2, 5 15,360.48 28 July 2009 3212842009111900001A No. 3, 11, 12, 15 79,716.53 19 November 2009 3212842010081300001A No. 7, 13, 16, 17 100,993.29 13 August 2010

Total: 269,871.40

6. Pursuant to 6 Pre-sales Permits — Jiang Fang Xiao Zheng Di Nos.(2011)047, (2012)015, (2012)032, (2014)022, (2010) and (2013)062 in favour of Taizhou Jia Yuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 174,545.8 sq.m. to local and overseas purchasers.

7. Pursuant to 9 Construction Completion and Inspection Certificates issued by Project Quality Supervison Institution of Taizhou City, Jiayuan Group Bright Eastern City (including the property) has been approved to be complied with the urban and rural planning requirements.

– III-30 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB5,700/sq.m. to RMB6,300/sq.m for residential properties and RMB9,000/sq.m. to RMB10,500/sq.m. for commercial properties. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB6,067/sq.m. for the subject residential properties and RMB9,759/sq.m for the subject commercial properties.

9. Pursuant to 2 Mortgage Contracts, the land use rights and building ownership rights of the property (together with property no. 8) are subject to a mortgage in favor of Jiangyan Rural Commercial Bank (“the Bank”) and Huarong Asset Management Co., Ltd Zhejiang Branch (“Huarong”), as a security to guarantee the principal obligation under the loan contract entered into between the Bank and Huarong and Taizhou Jia Yuan for an amount of RMB508,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

– III-31 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

8. The remaining unsold The property comprises 9 unsold The property was vacant as 29,000,000 portion of Oriental residential units, 10 unsold at the valuation date. Paris City located at commercial units and 200 No. 99, North Gulou underground car parking spaces Road Jiangyan District which were completed in various Taizhou City stages between 2010 and 2012. Jiangsu Province The PRC The property is located at the southern side of 328 State Way, western side of Jianghuang River, Jiangyan District and well-served by good facilities and convenient traffic along the main roads. The surrounding environment is a residential and commercial area with retail stores and commercial buildings.

The units of the property have a total gross floor area of approximately 4,547.2 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 1,202.31 Commercial 844.89 Underground car parking spaces 2,500.00

Total: 4,547.20

The land use rights of the property have been granted for terms with the expiry date on 28 February 2078, 18 February 2079, 17 September 2079, 7 April 2080 for residential use and 28 February 2048, 18 February 2049, 17 September 2049, 7 April 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 30 June 2008, the land use rights of the property were contracted to be granted to Taizhou Jia Yuan Property Development Co., Ltd. (“Taizhou Jia Yuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 133,993 sq.m. Land Use : Residential complex Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 3.5 Land Premium : RMB120,590,000

2. Pursuant to 4 Construction Land Planning Permits — Di Zi Di No.2008030, 2012023, 2012024 and 2012031, permission towards the planning of the aforesaid land parcel with a site area of approximately 172,769 sq.m. including the land of the property has been granted to Taizhou Jia Yuan.

– III-32 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 4 State-owned Land Use Rights Certificates, the land use rights of 4 parcels of land with a total site area of approximately 151,705 sq.m. including the property have been granted to Taizhou Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2008) 53,333 Commercial 28 February 2048 1 March 2008 Di No. 11758 Residential 28 February 2078 Jiang Tu Guo Yong (Ji 16) 50,571 Commercial 18 February 2049 23 March 2009 Di No. 11640 Residential 18 February 2079 Jiang Tu Guo Yong (Ji 16) 19,489 Commercial 28 February 2048 27 September 2012 Di No. 42111 Residential 28 February 2078 Jiang Tu Guo Yong (Ji 16) 28,312 Commercial 7 April 2050 20 July 2012 Di No. 41182 Residential 7 April 2080

Total: 151,705

4. Pursuant to 3 Construction Work Planning Permits issued by Planning Bureau of Taizhou City in favour of Taizhou Jia Yuan, the construction works including the property of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. 2011046 Xiang No.1-3, 9-10, 41,266.47 17 September 2012 16-19 Jian Zi Di No. Wei No.16,17 36,617.32 9 April 2013 321200201341008 Jian Zi Di No. Ao No.1,2,3,5 70,221.86 24 November 2014 321200201441108

Total: 148,105.65

5. Pursuant to 3 Construction Work Commencement Permits issued by Building Construction Management of Jiangyan District Taizhou City in favor of Taizhou JiaYuan, the commencement of the construction works including the property of the following have been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3212842010081300002A Ao No.1,2,3,5 70,308.58 13 August 2010 3212842010082400001A Xiang No.1-3,8-11,15-19 63,239.38 24 August 2010 321284201003240001A Wei No.1-3, 5, 8-11, 77,961.12 24 March 2010 15-17

Total: 211,509.08

6. Pursuant to 4 Pre-sales Permit — Jiang Fang Xiao Zheng Di (2011) No. 099, Jiang Fang Xiao Zheng Di (2012) No. 036, Jiang Fang Xiao Zheng Di (2013) Nos. 008, 014, in favour of Taizhou Jia Yuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 136,737.91 sq.m. to local and overseas purchasers.

7. Pursuant to 8 Building Ownership Certificates, the property with a total gross floor area of approximately 8,351.24 sq.m. including portion of the property is owned by Taizhou Jia Yuan.

8. Pursuant to 2 Construction Completion and Inspection Certificates issued by Project Quality Supervision Institution of Taizhou City, Jiayuan Group Eastern Paris City (including the property) has been approved to be complied with the urban and rural planning requirements.

– III-33 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

9. Pursuant to a Mortgage Contract, the land use rights and building ownership rights of the property (together with property no. 7) are subject to a mortgage in favor of Jiangyan Rural Commercial Bank (“the Bank”), as a security to guarantee the principal obligation under the loan contract entered into between the Bank and Taizhou Jia Yuan for an amount of RMB8,000,000.

10. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB4,200/sq.m. to RMB5,000/sq.m for residential property and from RMB8,000/sq,m. to RMB9,500/sq.m. for commercial property. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB5,000/sq.m. for the subject residential property and RMB8,966/sq.m. for the subject commercial property.

11. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

12. A summary of major certificates/approvals is shown as follows:

– III-34 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

9. The remaining unsold The property comprises 1 unsold The property was vacant as 90,000,000 portion of Jiayuan units of detached villa, 40 unsold at the valuation date. Group Quexiandao units of townhouse which were Number One located at completed in 2013. No.1 Shuiqing Road Qintong Town The property is located at No.1 Shui Jiangyan District Qing Road, Qin Tong Town, Jiang Taizhou City Yan District and well-served by good Jiangsu Province facilities and convenient traffic along The PRC the main roads. The surrounding environment is a tourism resort area.

The units of the property have a total gross floor area of approximately 9,715.15 sq.m.

Gross Usage Floor Area (sq.m.)

Detached villa 435.89 Town house 9,279.26

Total: 9,715.15

The land use rights of the property have been granted for terms with the expiry date on 23 March 2080 for residential use and 23 March 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 23 March 2010, a supplementary agreement for the State-owned Land Use Rights Grant Contract, a change of transferee circular, the land use rights of the property (together with the land use rights of property no. 39) were contracted to be granted to Taizhou Mingyuan Property Development Co., Ltd. (“Taizhou Mingyuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 68,330.39 sq.m. Land Use : Residential complex Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 1.5 Land Premium : RMB62,522,310

2. Pursuant to a Construction Land Planning Permit — Di Zi Jiang Gui Cun No. 2010049, permission towards the planning of the aforesaid land parcel with a site area of approximately 68,330 sq.m. including the land of the property has been granted to Taizhou Mingyuan.

– III-35 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 68,330.4 sq.m. including the land use right of the property have been granted to Taizhou Mingyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2010) 62,899.1 Commercial 23 March 2050 12 November 2010 Di No. 5851 Residential 23 March 2080 Jiang Guo Yong (2010) 5,431.3 Commercial 23 March 2050 12 November 2010 Di No. 5850 Residential 23 March 2080

Total: 68,330.4

4. Pursuant to a Construction Work Planning Permit — Jian Zi Di No. 321200201345062 issued by Planning Bureau of Taizhou City in favour of Taizhou Mingyuan, the construction works of the property with a total planned gross floor area of approximately 37,461.24 sq.m. have been approved.

5. Pursuant to a Construction Work Commencement Permit — 321284120110002 issued by Construction Management Bureau of Jiangyan District Taizhou City in favour of Taizhou Mingyuan, the commencement of the construction works of the property with a total gross floor area of approximately 36,217.68 sq.m. has been permitted.

6. Pursuant to a Pre-sales Permit — Jiang Fang Yu Zheng Di (2011) No.80 in favour of Taizhou Mingyuan, the Group is freely entitled to sell the property to local and overseas purchasers.

7. Pursuant to a Construction Completion and Inspection Certificates issued by Project Quality Supervision Institution of Taizhou City, Jiayuan Group Quexiandao Number One (including the property) has been approved to be complied with the urban and rural planning requirements.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB9,000/sq.m. to RMB11,000/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB9,267/sq.m. for the detached villa and RMB9,730/sq.m. for town house.

9. Pursuant to 4 Mortgage Contracts, the land use rights and building ownership rights of the property (together with property no. 39) are subject to a mortgage in favor of Taizhou Rural Commercial Bank (“Taizhou Bank”) and Jiangsu Bank Taizhou Jiangyan Branch (“Jiangsu Bank”), as a security to guarantee the principal obligation under the loan contracts entered into between Taizhou Bank and Taizhou Jia Yuan and Jiangsu Bank and Taizhou Jia Yuan for an amount of RMB63,050,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Mingyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

– III-36 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

10. The remaining unsold The property comprises 22 unsold The property was vacant as 105,000,000 portion of Jiayuan New units of commercial units which were at the valuation date. World located at No. 9, completed in 2015. East Da Qing Road Taixing City The property is located at No. 9, East Jiangsu Province Da Qing Road, Taixing City and The PRC well-served by good facilities and convenient traffic along the main roads.

The units of the property have a total gross floor area of approximately 5,666.15 sq.m.

The land use rights of the property have been granted for terms with the expiry date on 23 March 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Rights Grant Contract dated 7 January 2011, the land use rights of the property were contracted to be granted to Taixing Guangyuan Property Development Co., Ltd. (“Taixing Guangyuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 121,316 sq.m. Land Use : Residential complex Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Above 1.0 and lower than 3.61 Land Premium : RMB1,123,580,000

2. Pursuant to a Construction Land Planning Permit — Tai Gui Hua Di Zi Di No. 321283201110012, permission towards the planning of a parcel of land with a site area of approximately 121,316 sq.m. has been granted to Taixing Guangyuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 61,353.00 sq.m. including the land of the property have been granted to Taixing Guangyuan with the particulars as follows:

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Tai Guo Yong (2014) No. 44,062.50 Residential 10 December 2082 26 June 2014 4009 Commercial 10 December 2052 Tai Guo Yong (2014) No. 17,290.50 Residential 10 December 2082 26 June 2014 4010 Commercial 10 December 2052

Total: 61,353.00

4. Pursuant to a Construction Work Planning Permit Tai Gui Hua Jian Zi Di No. 321283201210070 issued by Planning Bureau of Taixing City in favour of Taixing Guangyuan, the construction works with a total gross floor area of approximately 60,782 sq.m. including the property have been approved.

– III-37 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Taixing in favor of Taixing Guangyuan, the commencement of the construction works of the following (including the property) have been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

321283020140065 buban No. 2, 3 45,857 16 May 2015 321283020140066 buban No. 1, Basement 2,470 19 September 2013

Total: 48,327

6. Pursuant to 1 Pre-sales Permit — (Tai) Fang Xiao Zheng Di Yu Shou Zheng No. 343 in favour Taixing Guangyuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 48,184.58 sq.m. to local and overseas purchasers.

7. Pursuant to 3 Mortgage Contracts, the land use rights of the property (together with property nos. 22 and 40) are subject to a mortgage in favor of CITIC Trust Co., Ltd. (“CITIC”) and Bank of China Taixing Branch(the “Bank”), as a security to guarantee the principal obligation under the loan contracts entered into between Taixing Guangyuan and CITIC, and Nanjing Xinhaoning and CITIC, for an amout of RMB3,080,000,000.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB7,300/sq.m. to RMB8,700/sq.m. for residential properties and from RMB12,000/sq.m. to RMB18,500/sq.m for commercial property. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB16,990/sq.m. for the subject commercial property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from mortgagee within the mortgagee period.

10. A summary of major certificates/approvals is shown as follows:

– III-38 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

11 The remaining unsold The property comprises 10 unsold The property was vacant as 29,000,000 portion of Venice residential units of Venice Metropolis at the valuation date. Metropolis located at which were completed in 2014. No. 333, North Gulou Road Taixing City The property is located at No. 333, Jiangsu Province North Gu Lou Road, Taixing City, The PRC Jiangsu Province and well-served by various facilities.

The property has a total gross floor area of approximately 2,419.70 sq.m.

Gross Usage Floor Area (sq.m.)

Apartment 938.56 Villa 1,481.14

Total: 2,419.70

The land use rights of the property have been granted for terms with the expiry date on 25 September 2080 for residential use, 25 September 2050 for commercial use and 25 September 2050 for office use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 21 June 2010, the land use rights of the property were contracted to be granted to Taixing Guangyuan Property Development Co., Ltd. (“Taixing Guangyuan”), an indirect wholly-owned subsidiary of the Company including the land use rights of the property with the particulars as follows:

Site Area : 112,197 sq.m. Land Use : Residential, commercial and office Land Term : 70 years for residential use, 40 years for commercial use and 50 years for office Plot Ratio : Lower than 3.2 for S1, lower than 2.2 for S2, lower than 2 for S3 Land Premium : RMB186,780,000

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 321283201310025, permission towards the planning of a parcel of land with a site area of approximately 119,249 sq.m. including the property has been granted to Taixing Guangyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2010) Di No. 438434, the land use rights of a parcel of land with a site area of approximately 62,833 sq.m including the land of the property were granted to Taixing Guangyuan, for a term expiring on 25 September 2080 for residential use, 25 September 2050 for commercial use and 25 September 2050 for office use.

4. Pursuant to a Construction Work Planning Permit — Tai Gui Hua Jian Zi Di No. 321283201110076 issued by Planning Bureau of Taixing City in favour of Taixing Guangyuan, the construction works of the property with a total planned gross floor area of approximately 81,819 sq.m. including the property have been approved.

– III-39 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to a Construction Work Commencement Permit — 3212832011051200001A issued by Housing and Urban-rural Construction Bureau of Taixing City in favour of Taixing Guangyuan, the commencement of the construction works of the property with a total gross floor area of approximately 46,637 sq.m. has been permitted.

6. Pursuant to 3 Pre-sales Permits — (Tai) Fang Xiao Zheng Di No. Yu Shou Zheng 289, 309 and 419, in favour of Taixing Guangyuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 105,949.8 sq.m. to local and overseas purchasers.

7. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB11,000/sq.m. to RMB15,000/sq.m for residential properties. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB14,349/sq.m. for the subject residential property.

8. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

9. A summary of major certificates/approvals is shown as follows:

– III-40 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

12. The remaining unsold The property comprises one unsold The property is currently 139,000,000 portion of Qiangxi residential unit, 45 units of vacant. Garden located at commercial units which were No. 9, East Da Qing completed at 15 January 2015. Road, Taixing City The property is located at No. 9, East Jiangsu Province Da Qing Road, Taixing City and The PRC well-served by good facilities and convenient traffic along the main roads.

The units of the property have a total gross floor area of 7,870.76 sq.m.

Gross Usage Floor Area (sq.m.)

Residential 131.12 Commercial 7,739.64

Total: 7,870.76

The land use rights of the property have been granted for terms with the expiry date on 14 July 2081 for residential use and 14 July 2051 for commercial use.

Notes:

Site Area : 69,486 sq.m. Land Use : Residential complex Land Term : 70 years for residential/40 years for commercial Plot Ratio : Lower than 1.0 and higher than 3.6 Land Premium : RMB476,480,000

2. Pursuant to a Construction Land Planning Permit Tai Gui Hua Di Zi Di No. 321283201110013, permission towards the planning of the aforesaid land parcel with a site area of approximately 69,486 sq.m. has been granted to Taixing Guangyuan.

3. Pursuant to a State-owned Land Use Rights Certificate Tai Guo Yong (2011) Di No. 434388, the land use rights of a parcel of land with a site area of approximately 69,486 sq.m., have been granted to Taixing Guangyuan for terms with the expiry date on 14 July 2081 for residential use and 14 July 2051 for commercial use.

4. Pursuant to 2 Construction Work Planning Permits Tai Gui Hua Jian Zi Di No. 321283201210027 and 321283201310041 issued by Planning Bureau of Taixing City in favor of Taixing Guangyuan, the construction works of the property with a total planned gross floor area of approximately 238,354 sq.m. have been approved.

– III-41 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 5 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Taixing in favour of Taixing Guangyuan, the commencement of the construction works of the following (including the property) have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

321283020120045 No. 1, 3 40,429.00 30 May 2012 321283020120046 No. 5, C1 Basement 45,032.00 30 May 2012 321283020120047 No. 2, 6 37,978.00 30 May 2012 321283020130073 No. 11, 12 41,381.62 28 November 2012 321283020130074 No. 13, 15, 16 42,292.85 20 November 2012

Total: 207,113.47

6. Pursuant to 7 Construction Completion and Inspection Certificates issued by Project Quality Supervision Institution of Taizhou City, Qiangxi Garden Phase I (including the property) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 2 Pre-sales Permits (Tai) Fang Xiao Zheng Di Yu Shou Zheng Nos. 350 and 385 in favour Taixing Guangyuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 236,094.17 sq.m. to local and overseas purchasers.

8. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB7,300/sq.m. to RMB8,700/sq.m for residential property and from RMB12,000/sq.m. to RMB18,500/sq.m. for commercial property. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB8,500/sq.m. for residential property and RMB16,990/sq.m. for commercial property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

– III-42 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

13. The remaining unsold The property comprises 2 unsold The property was vacant as 65,004,000 portion of Huangqiao commercial units of Huangqiao at the valuation date. Jiayuan Central Plaza Jiayuan Central Plaza Lot S2 which Lot S2 located at No. were completed in 2015. 68, the western side of Dinghui Road The property is located at No. 68, the Huangqiao Town western side of Dinghui Road, Taixing City Jiangsu Huangqiao Town in Taixing City and Province The PRC is well-served by various facilities and public transportation along the main roads.

The property has a total gross floor area of 7,960.21 sq.m.

The land use rights of the property have been granted for a term with the expiry date on 1 April 2053 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 10 January 2013, the land use rights of the property (together with the land use rights of property nos. 17, 25 and 41) were contracted to be granted to Taixing Hengyuan Property Development Co., Ltd. (“Taixing Hengyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 81,886 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.7 and higher than 1.0 Land Premium : RMB123,810,000

2. Pursuant to a Construction Land Planning Permit — Huang Jian Di Zi Di No. 321283201320005, permission towards the planning of a parcel of land with a site area of approximately 81,886 sq.m. (together with the land use rights of property nos. 17, 25 and 41) has been granted to Taixing Hengyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2015) Di No. 4505, the land use rights of a parcel of land with a site area of approximately 35,208 sq.m. (together with the land use rights of property no. 41), on which the property is situated, have been granted to Taixing Hengyuan for terms with the expiry date on 1 April 2083 for residential use and 1 April 2053 for commercial use.

4. Pursuant to a Construction Work Planning Permit — Tai Huang Gui Hua Jian Zi Di No. 321283201330022 issued by Taixing Huangqiao Peoples’ Government in favour of Taixing Hengyuan, the construction works of the property with a total planned gross floor area of approximately 68,904.94 sq.m. (including the property together with the construction work planning permits of property nos. 17 and 41) have been approved.

– III-43 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 2 Construction Work Commencement Permits issued by Taixing Housing and Urban Construction Bureau in favour of Taixing Hengyuan, the commencement of the construction works of the following (together with the construction work commencement permits of property nos. 17 and 41) have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321283020130094 Building No. 1, 11, 51,348.42 21 October 2013 Bu Ban bell tower and basement A No. 321283020130095 Building No. 2, 9 63,834.92 21 October 2013

Total: 115,183.34

6. Pursuant to a Construction Completion and Inspection Table issued by Construction Bureau of Huangqiao Town in favour of Taixing Hengyuan, Huangqiao Jiayuan Central Plaza Lot S2 (including the property together with the construction completion and inspection table of property no. 41) has been approved to be complied with the urban and rural planning requirements.

7. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from RMB7,000/sq.m. to RMB10,000/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB8,700/sq.m. for the subject property.

8. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Hengyuan has obtained the land use rights of the property; and

b. Taixing Hengyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property.

9. A summary of major certificates/approvals is shown as follows:

– III-44 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group II — Property interests held under development by the Group in the PRC

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

14. Zijin Mansion Phase I The property comprises two parcels The property was under 4,058,000,000 and II under of land with a total site area of construction as at the construction located at approximately 269,794.6 sq.m., valuation date. Gujiaying Road residential buildings and retail shops Xuanwu District known as Zijin Mansion which were Nanjing City being constructed thereon as at the Jiangsu Province valuation date. The PRC The property is located at Gujiaying Road, Xuanwu District and is well-served by public facilities.

The development is scheduled to be completed in November 2017. Upon completion, the development will have a total gross floor area of approximately 379,958.0 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 172,285.0 Commercial 69,922.0 Underground 100,116.0 car-parking spaces Ancillary 37,635.0

Total: 379,958.0

As advised by the Group, the total development cost is estimated to be approximately RMB3,524,000,000, of which RMB2,095,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 7 December 2079 for residential use and 7 December 2049 for commercial use.

– III-45 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 13 July 2005, a supplementary agreement for the State-owned Land Use Rights Grant Contract, a change of transferee circular, the land use rights of the property (together with the land use rights of property no. 24) were contracted to be granted to Nanjing Xinhaoning Property Development Co., Ltd. (“Nanjing Xinhaoning”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 424,537.6 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 1.35 for residential use and lower than 0.7 for commercial use Land Premium : RMB650,000,000

2. Pursuant to a Construction Land Planning Permit- Di Zi Di No.32010221211294, permission towards the planning of a parcel of land with a site area of approximately 425,280.0 sq.m. (including the land of the property) has been granted to Nanjing Xinhaoning.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 269,794.6 sq.m. have been granted to Nanjing Xinhaoning with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Ning Xuan Guo Yong 142,255.6 Residential 7 December 2079 17 August 2012 (2012) Di No. 06759 Commercial 7 December 2049 Ning Xuan Guo Yong 127,539.0 Residential 7 December 2079 17 August 2012 (2012) Di No. 06758 Commercial 7 December 2049

Total: 269,794.6

4. Pursuant to 6 Construction Work Planning Permits issued by Nanjing Municipal Bureau of Planning in favour of Nanjing Xinhaoning, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. Zijin Mansion Plot A 99,364.5 27 January 2014 320102201410038 Jian Zi Di No. Zijin Mansion North Area 57,121.7 5 March 2014 320102201410082 Jian Zi Di No. Zijin Mansion North Area 19,867.6 16 April 2014 320102201410196 Jian Zi Di No. Zijin Mansion North Area 19,785.6 14 May 2014 320102201410268 (No. 36-37, No. 42-43) Jian Zi Di No. Zijin Mansion North Area 23,906.8 3 June 2014 320102201410328 Jian Zi Di No. Zijin Mansion Plot A 26,217.8 29 December 2014 320102201410920 Phase VI

Total: 246,264.0

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APPENDIX III PROPERTY VALUATION

5. Pursuant to 6 Construction Work Commencement Permits issued by Nanjing Municipal Commission of Housing and Urban-rural Development in favour of Nanjing Xinhaoning, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 320100020140077 No. 39, 40, 46-49, 99,364.5 23 April 2014 Basement No. 320100020140239 No. 27-34, 38, 44, 45 57,121.7 11 November 2014 No. 320100020140240 No. 35-37, 41-43, 39,653.2 11 November 2014 Basement No. 320100020150122 No. 8, 9, 20, Basement II 23,906.8 29 April 2015 No. 320100020150120 No. 50-54 31,925.6 29 April 2015 No. 320102201509220101 No. 01-07,10-19,21-26 28,735.8 22 September 2015

Total: 280,707.60

6. Pursuant to 7 Pre-sales Permits — Ning Fang Xiao Di Nos. 2014100047, 2014100064, 2014100190, 2014100164, 2015100048, 2015100083, 2015100110 in favour of Nanjing Xinhaoning, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 124,733.01 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of 111,512.75 sq.m. have been pre-sold sold to various third parties at a total consideration of RMB2,298,386,790. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB5,733,000,000. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB17,000 to RMB23,000/sq.m. for residential use and RMB30,000 to RMB35,000/sq.m. for commercial use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to 2 Mortgage Contracts, the land use rights and the construction of the property are subject to a mortgage in favor of CITIC Trust (the “Trust”), as a security to guarantee the principal obligation under the loan contract entered into between the Trust and Nanjing Xinhaoning for an amount of RMB2,680,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Nanjing Xinhaoning has obtained the land use rights of the property; and

b. Nanjing Xinhaoning is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

c. Nanjing Xinhaoning has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Portion d. Construction Work Commencement Permit Portion e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-47 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

15. Xueyan Jiayuan Central The property comprises a parcel of The property was under 538,000,000 Plaza Phase I, II and III land with a site area of approximately construction as at the under construction 58,601.0 sq.m., various residential valuation date. located at the southern buildings, retail shops, hotel and mall side of Xingzheng Road known as Xueyan Jiayuan Central and eastern side of Plaza Phase I, II, III which were Taibei Road being constructed thereon as at the Panjia Village valuation date. Xueyan Town Wujin District The property is located at the Changzhou City southern side of Xingzheng Road and Jiangsu Province eastern side of Taibei Road, Panjia The PRC Village, Xueyan Town, Wujin District and well-served by public facilities.

The development is scheduled to be completed in September 2017. Upon completion, the development will have a total gross floor area of approximately 187,915.0 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 75,354.0 Commercial 78,462.0 Underground 30,321.0 Ancillary 3,778.0

Total: 187,915.0

As advised by the Group, the total development cost is estimated to be approximately RMB627,000,000, of which RMB322,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 30 August 2083 for residential use and 30 August 2053 for commercial use.

– III-48 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 1 August 2013, a supplementary agreement for the State-owned Land Use Rights Grant Contract, the land use rights of the property were contracted to be granted to Changzhou Jinyuan Property Development Co., Ltd. (“Changzhou Jinyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 58,601.0 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.9 and higher than 1.0 Land Premium : RMB70,321,200

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 320400201370143, permission towards the planning of a parcel of land with a site area of approximately 58,601.0 sq.m. has been granted to Changzhou Jinyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Wu Guo Yong (2013) Di No. 22441, the land use rights of a parcel of land with a site area of approximately 58,601.0 sq.m., on which the property is situated, have been granted to Changzhou Jinyuan for terms with the expiry date on 30 August 2083 for residential use and 30 August 2053 for commercial use.

4. Pursuant to 6 Construction Work Planning Permits issued by Changzhou Municipal Bureau of Planning in favour of Changzhou Jinyuan, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. Phase I 62,544.32 4 December 2013 320400201370167 Jian Zi Di No. No. 5-2-B 2,572.14 12 November 2014 320400201470151 Jian Zi Di No No. 2 16,196.66 19 March 2015 320400201570027 Jian Zi Di No No. 1, 3, Basement 51,473.00 27 April 2015 320400201570056 Jian Zi Di No No. 11, 12, Zone C 31,806.10 27 April 2015 320400201570057 Carpark Jian Zi Di No No. 13, 14 23,323.70 29 April 2015 320400201570058

Total: 187,915.92

5. Pursuant to 5 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Wujin in favour of Changzhou Jinyuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 320483201312310201 Phase I 62,871.29 31 December 2013 No. 320483201412030101 No. 5-2#-B 2,572.14 3 December 2014 No. 320483201504230101 No. 2# 16,193.66 2 April 2015 No. 320483201505290201 No. 1, 3, Basement 50,928.00 29 May 2015 No. 320483201506050101 No. 11, 12 Zone C 31,865.00 5 June 2015 Basement

Total: 164,430.09

6. Pursuant to 4 Pre-sales Permits — Chang Wu (2014) Fang Yu Shou Zheng Di Nos. (055), (136) and Chang Wu (2015) Fang Yu Shou Zheng Di No. 041, No. 061 in favour of Changzhou Jinyuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 87,537.27 sq.m. to local and overseas purchasers.

– III-49 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

7. As advised by the Group, portions of the property comprising a total gross floor area of 44,868.83 sq.m. have been pre-sold to various third parties at a total consideration of RMB278,489,600. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB967,753,000. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB4,400 to RMB5,200/sq.m. for residential use and RMB8,300 to RMB9,200/sq.m. for commercial use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Changzhou Jinyuan has obtained land use rights of the property;

b. Changzhou Jinyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property; and

c. Changzhou Jinyuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Portion e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-50 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

16. Jiayuan Centurial Villa The property comprises a parcel of The property was under 94,085,000 under construction land with a total site area of construction as at the located at No. 208 approximately 13,135.0 sq.m. and a valuation date. Longcheng Road high-rise residential building known Jiangdu District as Jiayuan Centurial Villa which were Yangzhou City being constructed thereon as at the Jiangsu Province valuation date. The PRC The property is located at two sides of West Longcheng Road in Jiangdu District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area.

The development is scheduled to be completed in October 2015. Upon completion, the development will have a total gross floor area of approximately 22,811.2 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 18,561.2 Underground 4,250.0 car-parking spaces

Total: 22,811.2

The total development cost is estimated to be approximately RMB71,682,000 of which RMB68,252,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry date on 17 January 2074 for residential use.

– III-51 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 18 January 2004 entered into between Land and Resources Bureau of Jiangdu City and Yangzhou Guangyuan Property Development Co., Ltd. (“Yangzhou Guangyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 391,578 sq.m. including the land use rights of the property (together with the land use rights of property nos. 2 and 35) were contracted to be granted to Yangzhou Guangyuan with the particulars as follows:

Site Area : 391,578 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 0.8 and higher than 0.4 Land Premium : RMB205,850,000

2. Pursuant to a Construction Land Planning Permit — No.2005031, permission towards the planning of a parcel of land with a site area of approximately 391,533.3 sq.m. including the land of the property has been granted to Yangzhou Guangyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Jiang Guo Yong (2007) Di No. 23300, the land use rights of a parcel of land with a site area of approximately 39,071.3 sq.m., on which the property is situated, have been granted to Yangzhou Guangyuan for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

4. Pursuant to 2 Construction Work Planning Permits issued by Construction Bureau of Jiangdu City in favour of Yangzhou Guangyuan, the construction works of the following have been approved:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No.2012046 Zone North 138 18,563 22 May 2012 Jian Zi Di No.2012047 The Basement of Zone 6,225 22 May 2012 North 136-138

Total: 24,788

5. Pursuant to 2 Construction Work Commencement Permits issued by Construction Bureau of Jiangdu City in favour of Yangzhou Guangyuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321088020120049 The Basement of 6,250 17 August 2012 Zone North 136-138 No. 321088020120048 Zone North 136-138 55,212 18 August 2012

Total: 61,462

6. Pursuant to 3 Pre-sales Permits — (Jiang) Fang Xiao Zheng Zi Di No.201228, 201238 and 201317 in favour of Yangzhou Guangyuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 18,376.62 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of 16,060.09 sq.m. have been pre-sold to various third parties at a consideration of RMB85,724,195. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

– III-52 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB101,922,000. In our valuation, we have identified and analysed various relevant sales evidence/asking prices of similar residential development in the locality which have similar characters as the subject property. The unit price of these comparables range from RMB5,200/sq.m. to RMB6,300/sq.m. for residential properties. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of RMB3,914/sq.m.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Guangyuan has obtained the land use rights of the property;

b. Yangzhou Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property; and

c. Yangzhou Guangyuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

10. A summary of major certificates/approvals is shown as follows:

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

17. Huangqiao Jiayuan The property comprises a parcel of The property was under 377,000,000 Central Plaza Lot S2 land with a site area of approximately construction as at the under construction 23,372 sq.m. and several residential valuation date. located at No. 68, and commercial buildings known as the western side of Huangqiao Jiayuan Central Plaza Lot Dinghui Road S2 which were being constructed Huangqiao Town thereon as at the valuation date. Taixing City Jiangsu Province The property is located at No. 68, the The PRC western side of Dinghui Road, Huangqiao Town in Taixing City and well-served by public facilities.

The developments is scheduled to be completed between June 2016 and November 2017. Upon completion, the development will have a total gross floor area of approximately 100,551.84 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 82,028.28 Commercial 5,011.56 Underground 11,748.00 Car-parking spaces Ancillary 1,764.00

Total: 100,551.84

As advised by the Group, the total development cost is estimated to be approximately RMB269,070,000 of which RMB233,633,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 1 April 2083 for residential use and 1 April 2053 for commercial use.

– III-54 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 10 January 2013, the land use rights of the property (together with the land use rights of property nos. 13, 25 and 41) were contracted to be granted to Taixing Hengyuan Property Development Co., Ltd. (“Taixing Hengyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 81,886 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.7 and higher than 1.0 Land Premium : RMB123,810,000

2. Pursuant to a Construction Land Planning Permit — Huang Jian Di Zi Di No. 321283201320005, permission towards the planning of a parcel of land with a total site area of approximately 81,886 sq.m. (including the land of the property together with the land use rights of property nos. 13, 25 and 41) has been granted to Taixing Hengyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2015) Di No. 4504, the land use rights of a parcel of land with a site area of approximately 23,372 sq.m., on which the property is situated, have been granted to Taixing Hengyuan for terms with the expiry date on 1 April 2083 for residential use and 1 April 2053 for commercial use.

4. Pursuant to 2 Construction Work Planning Permits issued by Taixing Huangqiao Government in favour of Taixing Hengyuan, the construction works of the property with a total planned gross floor area of approximately 169,294.78 sq.m. (together with the construction work planning permits of property nos. 13 and 41) have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Tai Huang Gui Hua Jian No. 1, 2 and bell tower 68,904.94 3 July 2013 Zi Di No. 321283201330022 Tai Huang Gui Hua Jian No. 8, 9, 10, 11 and 100,389.84 6 September 2013 Zi Di No. basement A 321283201330028

Total: 169,294.78

5. Pursuant to 3 Construction Work Commencement Permits issued by Taixing Housing and Urban Construction Bureau in favour of Taixing Hengyuan, the commencement of the construction works of the following (together with the construction work commencement permits of property nos. 13 and 41) have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321283020130094 Bu No. 1, 11, bell tower and 51,348.42 21 October 2013 Ban basement A No. 321283020130095 No. 2, 9 63,834.92 21 October 2013 No. 321283020140028 No. 8, 10 54,111.44 3 April 2014

Total: 169,294.78

6. Pursuant to 2 Pre-sales Permits — (Tai) Fang Xiao Zheng Di Yu Shou Zheng Nos. 429 and 411 in favour of Taixing Hengyuan, the Group is freely entitled to sell the residential and commercial portions of the property with a total gross floor area of approximately 86,192.40 sq.m. to local and overseas purchasers.

– III-55 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

7. As advised by the Group, portions of the property comprising a total gross floor area of 49,909.5 sq.m. have been pre-sold to various third parties at a total consideration of RMB234,574,288. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB410,125,640. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB4,200 to RMB5,200/sq.m. for residential use and RMB6,600 to RMB11,000/sq.m. for commercial use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to a Mortgage Contracts, the land use rights of the property (including property nos 25, 41) are subject to a mortgage in favor of Zhonghang Trust Co., Ltd., (“the Trust”), as a security to guarantee the principal obligation under the loan contract entered into between the Trust and Taixing Hengyuan, for an amount of RMB350,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Hengyuan has obtained the land use rights of the property;

b. Taixing Hengyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

c. Taixing Hengyuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-56 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

18. Suqian Park Number The property comprises a parcel of The property was under 569,054,000 One Phase III&IV land with a site area of approximately construction as at the under construction 36,893.05 sq.m. and various valuation date. located at No. 10 residential buildings known as Suqian Yingmati Road Park Number One which were being Suqian City constructed thereon as at the Jiangsu Province valuation date. The PRC The property is located at the northern side of Yanggong Road in Sucheng District and is well-served by various facilities and public transportation along the main roads.

The development is scheduled to be completed in December 2015. Upon completion, the development will have a total gross floor area of approximately 140,204.1 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 111,103.5 Commercial 12,351.0 Underground 15,073.6 Ancillary 1,676.0

Total: 140,204.1

As advised by the Group, the total development cost is estimated to be approximately RMB620,320,000 of which RMB325,275,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry date on 18 May 2081 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 14 August 2009, the land use rights of a parcel of land were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), a non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 127,333.0 sq.m. Land Use : Residential use Land Term : 70 years for residential use Plot Ratio : Lower than 2.5 Land Premium : RMB181,449,525

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APPENDIX III PROPERTY VALUATION

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 321300201010012, permission towards the planning of a parcel of land with a site area of approximately 127,333.0 sq.m. has been granted to Suqian Jia Yuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a site area of approximately 126,182.9 sq.m. (including the land use rights of the property), on which the property is situated, have been granted to Suqian Jia Yuan as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Su Guo Yong (2011) 50,925.9 Residential 18 May 2081 1 June 2011 Di No. 6343 Su Guo Yong (2011) 75,257.0 Residential 18 May 2081 20 May 2011 Di No. 6007

Total: 126,182.9

4. Pursuant to 4 Construction Work Planning Permits issued by Construction and Planning Bureau of Suqian City in favour of Suqian Jia Yuan, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. No. 1, 2, 4 Jiayuan Park 520.0 4 May 2014 321300201410022 Number One (Suqian) Jian Zi Di No. No. 6, 7 Jiayuan Park 22,360.0 4 February 2015 32130020150004 Number One (Suqian) Jian Zi Di No. No. 8-13,15-17 Jiayuan 78,050.0 15 March 2015 321300201310023 Park Number One (Suqian) Jian Zi Di No. No. 1, 2, 5 Jiayuan Park 35,985.89 11 May 2015 321300201510021 Number One (Suqian)

136,915.89

5. Pursuant to 5 Construction Work Commencement Permits issued by Construction and Planning Bureau of Suqian City in favour of Suqian Jia Yuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321302201506290101 No. 6, 7, 8 Basement 13,112 29 June 2015 No. 321300020150003 Fundamental Project 0 22 January 2015 (pile foundation) No. 321300020150019 No. 6, 7 22,360.0 13 March 2015 No. 321300020130070 No. 8-13, 15-17 and 99,614.0 31 May 2013 basement No. 321302201506100101 No. 1, 2, 5 35,985.9 10 June 2015

Total: 171,071.9

6. Pursuant to 5 Pre-sales Permits — (Su Fang Shou) Nei Xiao Zhun Zi Di Nos. 2013088, 2014027, 2015025, 2015033-1 and 2015033-2 in favour of Suqian Jia Yuan, the Group is freely entitled to sell portions of the property with a total gross floor area of approximately 118,047.1 sq.m. to local and overseas purchasers.

– III-58 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

7. As advised by the Group, portions of the property comprising a total gross floor area of 73,729.91 sq.m. have been pre-sold to various third parties at a total consideration of RMB389,215,209. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB712,976,000. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB5,500 to RMB5,800 sq.m. for residential use and RMB7,600 to RMB11,000 sq.m. for commercial use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan has obtained the land use rights of the property;

b. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property; and

c. Suqian Jia Yuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Portion d. Construction Work Commencement Permit Yes e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-59 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in Tenure and existing state as at No. Property description Particulars of occupancy 31 August 2015 RMB

19. Paris Metropolis The property comprises a parcel of The property was under 423,000,000 Phase II and III under land with a site area of approximately construction as at the construction 17,368.5 sq.m. and various residential valuation date. located at the eastern and commercial buildings known as side of Taoyuan Road, Paris Metropolis Phase II and III the northern side of which were being constructed thereon Zhongxing Road and as at the valuation date. the western side of Fanrong Road The property is located at the eastern Siyang County side of Taoyuan Road, the northern Suqian City side of Zhongxing Road, the western Jiangsu Province side of Fanrong Road in Siyang The PRC County and well-served by various facilities and public transportation along the main roads.

The development is scheduled to be completed in November 2015. Upon completion, the development will have a total gross floor area of approximately 135,257.80 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 95,096.60 Commercial 12,734.86 Underground 27,426.34 car-parking spaces

Total: 135,257.80

As advised by the Group, the total development cost is estimated to be approximately RMB379,412,000 of which RMB299,261,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 22 March 2080 for residential use and 22 March 2050 for commercial use.

– III-60 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 30 August 2009, the land use rights of the property were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 173,931 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.5 Land Premium : RMB300,030,975

2. Pursuant to a Construction Land Planning Permit — Di Zi No. 321323201000023, permission towards the planning of a parcel of land with a site area of approximately 173,953.60 (together with the land use rights of property nos. 5 and 29) sq.m. has been granted to Suqian Jia Yuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 173,000 sq.m.(together with the land use rights of property nos. 5 and 29) have been granted to Suqian Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2011) 60,515 Residential 22 March 2080 10 August 2011 Di No.1116031 Commercial 22 March 2050 Si Guo Yong (2011) 112,485 Residential 22 March 2080 23 August 2011 Di No.1116032 Commercial 22 March 2050

Total: 173,000

4. Pursuant to 3 Construction Work Planning Permits issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Suqian Jia Yuan, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. No. A1-2, A6-7, 599,893.00 20 November 2012 321323201200105T B1,B3,B5,C5-C10, C17-C23, C25-C27 Jian Zi Di No. No. A3,A5,A9-A13, 27,433.00 26 November 2010 321323201000100 Square, Basement Jian Zi Di No. A1-A2 28,155.41 3 July 2015 321323201500049

Total: 655,481.41

– III-61 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 3 Construction Work Commencement Permits (together with Construction Work Planning Permits of property nos. 5 and 29) issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Suqian Jia Yuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3213232011080900001A A3, A5, A9, A10 and 17,891 10 August 2011 underground car park 321323020110006 A12,A13 and 1# 10,702 2 November 2011 321323020120035A A1, A2, A6, A7, B1-B3, 599,893 4 December 2013 B5, B6, C5-C10, C17-C23, C25-C27

Total: 628,486

6. Pursuant to 6 Pre-sales Permits — Si Fang Huai Yu (2014) No. 086, 002, 071, 033 and (2015) 005, 038 in favour of Suqian Jia Yuan, the Group is freely entitled to sell portions of the property with a total gross floor area of approximately 123,422.84 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of 51,450.25 sq.m. have been pre-sold to various third parties at a total consideration of RMB251,682,979. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB624,450,733. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB11,000/sq.m. to RMB14,000/sq.m. for commercial use and RMB12,000/sq.m. to RMB4,900/sq.m. for residential use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to a Mortgage Contract, the land use rights of the property (including property 29) are subject to a mortgage in favour of China Huarong Asset Management Co., Ltd. (Zhejiang branch). (“China Huarong”), as a security to guarantee the principal obligation under the loan contract entered into between China Huarong and Suqian Jia Yuan for an amount of RMB500,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan has obtained the land use rights of the property;

b. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-62 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

20. Rome Metropolis The property comprises a parcel of The property was under 559,000,000 Phase II, III and IV land with a site area of approximately construction as at the under construction 73,825.93 sq.m. and various valuation date. located at the residential and commercial buildings intersection known as Rome Metropolis Phase II, of Huaihai Road and III and IV which were being Xi’an Road constructed thereon as at the Siyang County valuation date. Suqian City Jiangsu Province The property is located at the The PRC intersection of Huaihai Road and Xi’an Road, in Siyang County and well-served by various facilities and public transportation along the main roads.

The development is scheduled to be completed in November 2016. Upon completion, the development will have a total gross floor area of approximately 179,696.42 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 150,169.00 Commercial 11,482.42 Underground 18,045.00 car-parking spaces

Total: 179,696.42

As advised by the Group, the total development cost is estimated to be approximately RMB463,266,000 of which RMB286,328,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates between 21 January 2083 and 17 September 2085 for residential use and between 21 January 2053 and 17 September 2055 for commercial use.

– III-63 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to 4 State-owned Land Use Rights Grant Contracts entered into between State-owned Land Resources Bureau of Siyang County and Siyang Fengyuan Property Development Co., Ltd (“Siyang Fengyuan”), an indirect wholly-owned subsidiary of the company, the land use rights of the property (together with the Construction Land Planning Permits of property nos. 30 and 37) were contracted to be granted to Siyang Fengyuan with the particulars as follows:

No. Land Use Site Area Land Term Plot Ratio Land Premium (sq.m.)

3213232013CR0128 Commercial 35,026 40 years ≤4.0 52,539,000 Residential 70 years 3213232013CR0290 Commercial 4,999 40 years ≤4.0 5,998,800 Residential 70 years 3213232013CR0294 Commerical 46,219 40 years ≤4.0 55,462,800 Residential 70 years 3213232014CR0169 Commercial 8,654 40 years ≤4.0 12,981,000 Residential 70 years

Total: 94,898 126,981,600

2. Pursuant to 4 Construction Land Planning Permits — 321323201300141, 321323201300185 — 187, permission towards the planning of a parcel of land with a site area of approximately 92,669.00 sq.m. (including the land of the property together with the Construction Land Planning Permit of property nos. 30 and 37) has been granted to Siyang Fengyuan.

3. Pursuant to 4 State-owned Land Use Rights Certificates, the land use rights of 4 parcels of land with a total site area of approximately 94,898 sq.m. (including the land use rights of the property together with the land use rights of property nos. 30 and 37) have been granted to Siyang Fengyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2013) 35,026 Commercial 8 October 2053 15 October2013 Di No. 5294 Residential 8 October 2083 Si Guo Yong (2014) 4,999 Commercial 14January2054 18 January 2014 Di No. 571 Residential 14January 2084 Si Guo Yong (2014) 46,219 Commercial 10 July 2054 22 August 2014 Di No. 3480 Residential 10 July 2084 Si Guo Yong (2015) 8,654 Commercial 17 September 2055 18 September 2015 Di No. 5183 Residential 17 September 2085

Total: 94,898

– III-64 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

4. Pursuant to 5 Construction Work Planning Permits issued by issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Siyang Fengyuan, the construction works of the following (together with the land use rights of property nos. 6,30 and 37) have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. A1 23,763.00 28 February 2014 321323201400010 Jian Zi Di No. B7, B8, B11, B12, B17, 118,020.00 25 October 2013 321323201300106T B18 Jian Zi Di No. Commercial Street, 17,277.71 23 April 2015 321323201500037 Basement B Jian Zi Di No. B17, B18 221,196.55 18 May 2015 321323201500041 Jian Zi Di No. D6, D10, D13, D18, D19 34,310.86 17 August 2015 321323201500057

Total: 414,568.12

5. Pursuant to 4 Construction Work Commencement Permits issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Siyang Fengyuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321323020140015 A1 23,763 22 April 2013 No. 321323020131109001A B7, B8, B11, B12, B17, 166,020 28 July 2012 B18 Shoppig Mall No. 3213230201507240201 B17, B18 21,887 24 July 2015 No. 321323201509110101 D6, D10-D13, D18, D19 33,787 11 September 2015

Total: 245,457

6. Pursuant to 2 Pre-sales Permits — Si Fang Huai Yu (2014) No. 017, and (2015) 016 in favour of Siyang Fengyuan, the Group is freely entitled to sell the residential and commercial portions of the property with a total gross floor area of approximately 44,854.23 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of approximately 161,651.42 sq.m. have been pre-sold to various third parties at a total consideration of RMB111,610,357. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB12,928,489. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential/commercial developments in the locality which are in the region of RMB7,000 to RMB8,500 sq.m. for commercial use and RMB3,500 to RMB4,000 sq.m. for commercial use. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to 2 Mortgage Contracts, the land use rights of the property (including property no. 30) are subject to a mortgage in favour of AVIC Trust Co., LTD., (the “Trust”), as a security to guarantee the principal obligation under the loan contract entered into between the Trust and Siyang Fengyuan for an amount of RMB540,000,000.

– III-65 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Siyang Fengyuan has obtained the land use rights of the property;

b. Siyang Fengyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

c. Siyang Fengyuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit Portion f. Construction Work Completion and Inspection Certificate/Table N/A

– III-66 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

21. Venice Metropolis The property comprises two parcels The property was under 1,270,000,000 under construction of land with a total site area of construction as at the located at No. 333, approximately 171,547 sq.m., various valuation date. North Gulou Road residential and buildings known as Taixing City Venice Metropolis which were being Jiangsu Province commercial constructed thereon as at The PRC the valuation date.

The property is located at No.333, North Gulou Road, Taixing City, Jiangsu Province and is well-served by various facilities.

The development is scheduled to be completed in June 2017. Upon completion, the development will have a total gross floor area of approximately 441,729.39 sq.m. and the details are set out as follows:

Planned Gross Floor Usage Area (sq.m.)

Residential 365,754.76 Commercial 7,028.40 Underground 64,420.65 Ancillary 4,525.58

Total: 441,729.39

As advised by the Group, the total development cost is estimated to be approximately RMB1,467,000,000 of which RMB527,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 25 September 2080 and 6 February 2082 for residential use, 6 February 2052 for commercial use.

– III-67 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts entered into between Taixing Land and Resources Bureau and Taixing Guangyuan Property Development Co., Ltd. (“Taixing Guangyuan”), the land use rights of the property (together with the land use rights of property no. 31 were contracted to be granted to Taixing Guangyuan with the particulars as follows:

No. Land Use Site Area Land Term Plot Ratio Land Premium (sq.m.)

3212832010CR0065 Residential 99,083 70 years ≤2.2 140,880,000 Commercial 40 years 3212832011CR0040 Residential 140,378 70 years ≥1, ≤2.364 248,660,000 Commercial 40 years

Total: 239,461 389,540,000

2. Pursuant to 2 Construction Land Planning Permits — Tai Gui Hua Di Zi Di Nos. 321283201310025, 321283201010062, permission towards the planning of a parcel of land with a site area of approximately 497,317.1 sq.m. including the land of the property has been granted to Taixing Guangyuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 142,205.3 sq.m. including the land use rights of the property have been granted to Taixing Guangyuan with the particulars as follows.

Land Use Right Certificate Site area Usage Expiry Date Issued Date (sq.m.)

Tai Guo Yong (2010) 99,083.0 Residential 25 September 2080 30 September 2010 Di No.438436 Tai Guo Yong (2012) 43,122.3 Residential 6 February 2082 10 February 2012 Di No.1730 Commercial 6 February 2052 Office 6 February 2062

Total: 142,205.3

4. Pursuant to 2 Construction Work Planning Permits issued by Planning Bureau of Taixing City in favour of Taixing Guangyuan, the construction works including the property of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Tai Gui Hua Jian Zi Di No. 1-9 20,618 13 May 2014 No. 321283201410028 Tai Gui Hua Jian Zi Di No. 10-18 79,187 12 June 2014 No. 321283201410050

Total: 99,805

– III-68 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 5 Construction Work Commencement Permits issued by Taixing Municipal Commission of Housing and Urban-rural Development in favour of Taixing Guangyuan, the commencement of the construction works including the property of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321283020140043 No. 1-3, 5-9, Basement 28,292.0 30 May 2014 No. 321283020140131 No. 10, 11, 15, 16 45,744.0 18 December 2014 No. 321283020140130 No. 12, 13, 17, 18 44,282.0 18 December 2014 Underground carpark No. 321283201505290101 Sheng No. 1-3, 5-9, 202,363.0 29 May 2015 Commercial No. 1-2 & Underground carpark No. 321283201507090101 Wei No. 19-26, 2# 124,279.2 9 July 2015 Basement, Air-raid basement, Ancillary

Total: 444,960.2

6. Pursuant to 2 Pre-sales Permits — Tai Fang Xiao Zheng Di Yu Shou Zheng No. 415, 464 in favour of Taixing Guangyuan, the Group is freely entitled to sell the property with a total gross floor area of approximately 63,148.92 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of approximately 31,878.37 sq.m. have been pre-sold to various third parties at a total consideration of RMB168,871,970. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB2,679,174,527. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential developments in the locality which are in the region of RMB6,300 to RMB7,400 per sq.m.. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to a Mortgage Contract, the land use rights of the property (including property no. 31) are subject to a mortgage in favour of China Huangrong Asset Management Co., Ltd. (Zhejiang Branch) (“China Huarong”), as a security to guarantee the principal obligation under the loan contract entered into between China Huarong and Taixing Guangyuan, Taixing Jiayuan, Haiyan Jiayuan, Suqian Jiayuan for an amount of RMB340,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan has obtained the land use rights of the property;

b. Taixing Guangyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

c. Taixing Guangyuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

11. A summary of major certificates/approvals is shown as follows:

– III-69 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

22. Jiayuan New World The property comprises 2 parcels of The property was under 1,706,000,000 Phase I under commercial land with a total site area construction as at the construction located at of approximately 121,316 sq.m., valuation date. No. 9 East Daqing Road various residential and commercial Taixing City buildings known as Jiayuan New Jiangsu Province World Phase I which were being The PRC constructed thereon as at the valuation date.

The property is located at No. 9, East Daqing Road, Taixing City, and is well-served by various facilities.

The development is scheduled to be completed in December 2017. Upon completion, the development will have a total gross floor area of approximately 349,022.66 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 82,873.00 Commercial 152,575.66 Underground 110,192.00 Ancillary 3,382.00

Total: 349,022.66

As advised by the Group, the total development cost is estimated to be approximately RMB1,717,000,000 of which RMB1,150,000,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry dates on 10 December 2082 for residential use and 10 December 2052 for commercial use.

– III-70 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 7 January 2011, the land use rights of the property were contracted to be granted to Taixing Guangyuan Property Development Co., Ltd. (“Taixing Guangyuan”) with the particulars as follows:

Site Area : 121,316 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 3.6 and higher than 1 Land Premium : RMB1,123,580,000

2. Pursuant to a Construction Land Planning Permit- Tai Gui Hua Di Zi Di No. 321283201110012, permission towards the planning of a parcel of land with a site area of approximately 121,316 sq.m. has been granted to Taixing Guangyuan.

3. Pursuant to 4 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 121,316 sq.m. have been granted to Taixing Guangyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Tai Guo Yong (2012) Di 2,003,0 Residential 10 December 2082 12 December 2012 No.11609 Commercial 10 December 2052 Tai Guo Yong (2012) Di 57,960.0 Residential 10 December 2082 12 December 2012 No.11610 Commercial 10 December 2052 Tai Guo Yong (2014) Di 44,062.5 Residential 10 December 2082 26 June 2014 No.4009 Commercial 10 December 2052 Tai Guo Yong (2014) Di 17,290.5 Residential 10 December 2082 26 June 2014 No.4010 Commercial 10 December 2052

Total: 121,316.0

4. Pursuant to 3 Construction Work Planning Permits issued by Planning Bureau of Taixing City in favour of Taixing Guangyuan, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Tai Gui Hua Jian Zi Di Model Area 1#, 2#, 3# 48,327 (above ground) 21 December 2012 No. 321283201210070 12,455 (underground) Tau Gui Hua Jian Zi Di 5#-13# 56,703 (above ground) 13 July 2015 No. 321283201500054 33,297 (underground) Tai Gui Hua Jian Zi Di 32-floor Building 137,460 (above ground) 23 July 2015 No. 321283201500060 30,241 (underground)

Total: 318,483

– III-71 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

5. Pursuant to 3 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Taixing in favour of Taixing Guangyuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321283020140065 Bu Ban No. 2, 3 45,857 1 August 2014 No. 321283020140066 Bu Ban No. 1 2,470 1 August 2014 No. 321283201509080101 Commercial No.5-13 & 90,000 8 September 2015 Basement

Total: 138,327

6. Pursuant to a Pre-sales Permit — (Tai) Fang Xiao Zheng Di Yu Shou Zheng No. 343,in favour Taixing Guangyuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 48,184.58 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of 337.35 sq.m. have been pre-sold to various third parties at a total consideration of RMB7,384,002. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

8. The market value of the property as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB3,080,994,000. In the course of valuation, reference has been made to sale evidence/asking prices of similar commercial development in the locality which are in the region of RMB12,000/sq.m. to RMB19,000/sq.m. for retail. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to 2 Mortgage Contracts, the land use rights of the property (including property no. 40) are subject to a mortgage in favor of Bank of China Taixing Branch (“the Bank”) and CITIC Trust (the “Trust”), as a security to guarantee the principal obligation under the loan contracts entered into between the Bank, the Trust and Taixing Guangyuan, for an amount of RMB3,080,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan has obtained the land use rights of the property;

11. A summary of major certificates/approvals is shown as follows:

– III-72 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

23. Oriental Paris City The property comprises a parcel of The property was under 144,000,000 under construction land with a total site area of construction as at the located at approximately 19,480.5 sq.m., valuation date. No. 99, North Gulou various residential buildings which Road, were being construction thereon as at Jiangyan District the valuation date. Taizhou City Jiangsu Province The property is located at No. 99, The PRC North Gulou Road, Jiangyan District Taizhou City and is well-seved by various facilities.

The development is scheduled to be completed in April 2016. Upon completion, the development will have a total gross floor area of approximately 31,073.24 sq.m.

As advised by the Group, the total development cost is estimated to be approximately RMB135,530,900, of which RMB125,041,000 had been incurred as at the valuation date.

The land use rights of the property have been granted for terms with the expiry date on 7 April 2080 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 30 June 2008, the land use rights of the property (together with the land use rights of property nos. 8) were contracted to be granted to Taizhou Jia Yuan Property Development Co., Ltd (“Taizhou Jia Yuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 133,993 sq.m. Land Use : Residential and commercial use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 3.5 Land Premium : RMB120,590,000

2. Pursuant to 4 Construction Land Planning Permits — Di Zi Di Nos. 2008030, 2012023, 2012024 and 2012031, permission towards the planning of a parcel of land with a site area of approximately 172,769 sq.m. including the land of the property has been granted to Taizhou Jia Yuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 4 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 173,069 sq.m. including the land use rights of the property have been granted to Taizhou Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Tu Guo Yong (Ji 16) 50,571 Residential 18 February 2079 23 March 2009 Di No.11640 Commercial 18 February 2049 Jiang Tu Guo Yong (Ji 16) 24,771 Residential 17 September 2079 9 October 2014 Di No.42475 Commercial 17 September 2049 Jiang Tu Guo Yong (Ji 16) 28,312 Residential 7 April 2080 20 June 2012 Di No.41181 Commercial 7 April 2050 Jiang Tu Guo Yong (Ji 16) 69,415 Residential 7 April 2080 20 June 2012 Di No.41182 Commercial 7 April 2050

Total: 173,069

4. Pursuant to 2 Construction Work Planning Permits issued by Planning Bureau of Jiangyan City in favour of Taizhou Jia Yuan, the construction works including the property of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. 2010085 Xiang No. 12 63,239.38 19 July 2010 Jian Zi Di No. Dan No. 3, 5, 6 and 30,066.28 25 February 2014 321200201441021 Underground carpark

Total: 93,305.66

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Construction Management of Jiangyan City in favour of of Taizhou Jia Yuan, the commencement of the construction works including the property of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

3212842010082400001A Xiang No. 1–3, 8–11, 63,239.38 24 August 2010 15–19 and basement 321284120140028 Dan No. 3, 5, 6, Ao 30,066.28 30 April 2014 No. 6 and underground carpark

Total: 93,305.66

6. Pursuant to 2 Pre-sales Permits — Jiang Fang Xiao Zheng Di (2014) Nos. 032, 018, in favour of Taizhou Jia Yuan, the Group is freely entitled to sell the residential, commercial portions of the property with a total gross floor area of approximately 33,237.08 sq.m. to local and overseas purchasers.

7. As advised by the Group, portions of the property comprising a total gross floor area of approximately 6,698.05 sq.m. have been pre-sold to various third parties at a total consideration of RMB22,997,158. Such portions of the property have not been legally and virtually transferred and therefore we have included the portions in our valuation. In arriving at our opinion on the market value of the property, we have taken into account the contracted prices of such portions of the property.

– III-74 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

8. The market value of the property, as if completed as at the valuation date according to the development proposal as described above and which can be freely transferred in the market, would be RMB145,628,000. In the course of valuation, reference has been made to sales evidence/asking prices of similar residential developments in the locality which are in the region of RMB4,200/sq.m. to RMB5,000/sq.m.. Appropriate adjustments are made to the differences in location, size, time and other characters between the comparables and the subject property.

9. Pursuant to a Mortgage Contract, the land use rights of the property are subject to a mortgage in favor of Huarong Asset Management Co., Ltd. (Zhejiang Branch) (“Huarong”), as a security to guarantee the principal obligation under the loan contract entered into between Huarong and Taizhou Jia Yuan for an amount of RMB120,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Jia Yuan has obtained the land use rights of the property;

b. Taizhou Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the land use rights of the property upon the consent from the mortgagee within the mortgage period; and

c. Taizhou Jia Yuan has obtained all the requested construction approvals of the construction of the property and has rights to develop the property according to the permitted scope of these approvals.

11. A summary of major certificates/approvals is shown as follows:

– III-75 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group III — Property interests held for future development by the Group in the PRC

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

24. A parcel of land known The property comprises a parcel of The property was vacant as 1,386,000,000 as Zijin Mansion land with a site area of approximately at the valuation date. Phase III located at 69,213.0 sq.m. which is planned to be Gujiaying Road developed into a residential Xuanwu District development. Nanjing City Jiangsu Province The property is located at Gujiaying The PRC Road, Xuanwu District of Nanjing City and well-served by various facilities.

The development is scheduled to be commenced in October 2015. Upon completion, the development will have a total gross floor area of approximately 123,747.0 sq.m. and the details are set out as following:

Gross Usage Floor Area (sq.m.)

Residential 92,354.0 Underground 30,309.0 car-parking spaces Ancillary 1,084.0

Total: 123,747.0

As advised by the Group, the total development cost is estimated to be approximately RMB770,000,000.

The land use rights of the property have been granted for a term with the expiry date on 7 December 2079 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 13 July 2005, a supplementary agreement for the State-owned Land Use Rights Grant Contract and a change of transferee circular, the land use rights of the property (together with the land use rights of property no. 13) were contracted to be granted to Nanjing Xinhaoning Property Development Co., Ltd. (“Nanjing Xinhaoning”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 424,537.6 sq.m. Land Use : Residential and commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 1.35 for residential use and 0.7 for commercial use Land Premium : RMB650,000,000

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 32010221211294, permission towards the planning of a parcel of land with a site area of approximately 425,280.0 sq.m. (including the Land of the property) has been granted to Nanjing Xinhaoning.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to a State-owned Land Use Rights Certificate — Ning Qi Guo Yong (2012) Di No. 07541, the land use rights of a parcel of land with a site area of approximately 69,213.0 sq.m. have been granted to Nanjing Xinhaoning for a term with the expiry date on 7 December 2079 for residential use.

4. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc. as the subject property. The accommodation value of these comparables range from RMB12,022/sq.m. to RMB15,455/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB14,837/sq.m. for the subject property.

5. Pursuant to a Mortgage Contract, the land use rights of the property are subject to a mortgage in favor of CITIC Trust, (the “Trust”), as a security to guarantee the principal obligation under the loan contract entered into between the Trust and Nanjing Xinhaoning, and the Trust and Taixing Guangyuan for an amount of RMB2,680,000,000.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Nanjing Xinhaoning has obtained the land use rights of the property; and

b. Nanjing Xinhaoning is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit N/A d. Construction Work Commencement Permit N/A e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table N/A

– III-77 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

25. A parcel of land known The property comprises a parcel of The property was vacant as 150,213,000 as Huangqiao Jiayuan land with a site area of approximately at the valuation date. Central Plaza Lot S1 65,359.6 sq.m. which is planned to be and S2 located at No. developed into a residential use 68, the western side of development. Dinghui Road Huangqiao Town The property is located at No. 68, the Taixing City western side of Dinghui Road, Jiangsu Province Huangqiao Town of Taixing City and The PRC well-served by various facilities and public transportation along the main roads.

The development is scheduled to be commenced in the first half of 2016. Upon completion, the development will have a total gross floor area of approximately 174,217.11 sq.m. and the details are set out as following:

Gross Portion Floor Area (sq.m.)

Residential 118,907.62 Retail 31,116.09 Underground 22,907.57 Ancillary 1,285.83

Total: 174,217.11

The land use rights of the property have been granted for terms with the expiry date on 1 April 2083, 27 April 2084 for residential use and 1 April 2053, 27 April 2054 for commercial use.

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts dated 10 January 2013 and 28 October 2013, the land use rights of the property (together with the land use rights of property nos. 12, 16 and 41) were contracted to be granted to Taixing Hengyuan Property Development Co., Ltd. (“Taixing Hengyuan”) and Taixing Mingyuan Property Development Co., Ltd. (“Taixing Mingyuan”), two indirect wholly-owned subsidiaries of the Company with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3212832013CR0009 Residential/ 81,886.0 70 years Lower than 2.7 and 123,810,000 commercial 40 years higher than 1.0

3212832013CR0197 Residential/ 42,053.6 70 years Lower than 2.2 and 68,000,000 commercial 40 years higher than 1.0

Total: 123,939.6 191,810,000

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APPENDIX III PROPERTY VALUATION

2. Pursuant to 2 Construction Land Planning Permits — Huang Jian Di Zi Di No.321283201320005 and Tai Huang Gui Hua Di Zi Di No.321283201430068, permission towards the planning of a parcel of land with a site area of approximately 123,939.6 sq.m. (including the land of the property together with the land use rights of property nos.12, 16 and 41) has been granted to Taixing Hengyuan and Taixing Mingyuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates — Tai Guo Yong (2015) Di No.4503 and Tai Guo Yong (2014) Di No. 001, the land use rights of a parcel of land with a site area of approximately 65,359.6 sq.m., on which the property is situated, have been granted to Taixing Hengyuan and Taixing Mingyuan with the particulars as follows:

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Tai Guo Yong (2014) Di 42,053.6 Residential 27 April 2084 13 August 2014 No. 5040 commercial 27 April 2054 Tai Guo Yong (2015) Di 23,306.0 Residential 1 April 2083 24 July 2015 No. 4503 commercial 1 April 2053

Total: 65,359.6

4. Pursuant to 3 Mortgage Contracts, the land use rights of the property are subject to a mortgage in favor of AVIC Trust Co., Ltd. (“AVIC”) , Founder Bea Trust Co., Ltd. (“Founder Bea”) and Huarong Asset Management Co., Ltd Zhejiang Branch (“Huarong”), as a security to guarantee the principal obligation under the loan contracts entered into between AVIC and Taixing Hengyuan, and Founder Bea and Wuyi Guangyuan Porperty Development Co., Ltd, and Huarong and Taixing Mingyuan for an amout of RMB1,030,000,000.

5. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc. as the subject property. The accommodation value of these comparables range from RMB945/sq.m. to RMB983/sq.m. for residential use and RMB906/sq.m. to RMB1,146/sq.m. for commercial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB958/sq.m. for residential use and RMB1,127/sq.m. for commercial use for the subject property.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Hengyuan and Taixing Mingyuan have obtained the land use rights of the property; and

b. Taixing Hengyuan and Taixing Mingyuan are entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

7. A summary of major certificates/approvals is shown as follows:

– III-79 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

26. A parcel of land known The property comprises a parcel of The property was vacant as 94,000,000 as Guxi Jiayuan Central land with a site area of approximately at the valuation date. Plaza located at the 83,048 sq.m. which is planned to be southern side of developed into a mixed-use Dongfangsi Road, the development. eastern side of Gudonggang and The property is located at the the northern side of southern side of Dongfangsi Road, Qiankun Road the eastern side of Gudonggang, the Guxi Town northern side of Qiankun Road, Guxi Taixing City Town of Taixing City and well-served Jiangsu Province by various facilities and public The PRC transportation along the main roads.

The development is scheduled to be commenced in August 2015. Upon completion, the development has a total planned gross floor area of approximately 148,320.29 sq.m. and the details are set out as following:

Gross Portion Floor Area (sq.m.)

Residential 85,335.06 Retail 53,980.58 Underground 4,862.00 Others 4,142.65

Total: 148,320.29

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts dated 28 February 2014, the land use rights of the property were contracted to be granted to Taixing Hengyuan Property Development Co., Ltd. (“Taixing Hengyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3212832014CR0079 Residential 33,956 70 years Lower than 1.6 and 22,180,000 Commercial 40 years higher than 1.0 3212832014CR0078 Residential 49,092 70 years Lower than 2.5 and 43,160,000 Commercial 40 years higher than 1.0

Total: 83,048 65,340,000

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APPENDIX III PROPERTY VALUATION

2. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc. as the subject property. The accommodation value of these comparables range from RMB409/sq.m. to RMB462/sq.m. for residential use and RMB880/sq.m. to RMB910/sq.m. for commercial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB412/sq.m. for residential use and RMB880/sq.m. for commercial use for the subject property.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Hengyuan has not obtained the land use rights of the property; and

b. Taixing Hengyuan is not entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

4. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate No b. Construction Land Planning Permit No c. Construction Work Planning Permit N/A d. Construction Work Commencement Permit N/A e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table N/A

– III-81 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

27. A parcel of land known The property comprises a parcel of The property was vacant as 21,000,000 as Taizhou Jiayuan land with a site area of approximately at the valuation date. Central Plaza Phase I 15,702.2 sq.m. which is planned to be located at former developed into a mixed-use Grinding Wheel Factory development. of Suzhong area Qintong Town The property is located at former Taizhou City Grinding Wheel Factory of Suzhong Jiangsu Province area, Qintong Town of Taixing City The PRC and well-served by various facilities and public transportation along the main roads.

As advised by the Group, there is no specific development schedule as at the valuation date.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 23 March 2010, the land use rights of the property were contracted to be granted to Taizhou Mingyuan Property Development Co., Ltd. (“Taizhou Mingyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 15,702.2 sq.m. Land Use : Commercial use and residential use Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 1.0 Land Premium : RMB19,549,240

2. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc. as the subject property. The accommodation value of these comparables range from RMB995/sq.m. to RMB1,890/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB1,331/sq.m. for the subject property.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Mingyuan has not obtained the land use rights of the property; and

b. Taizhou Mingyuan is not entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

4. A summary of major certificates/approvals is shown as follows:

– III-82 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

28. A parcel of land known The property comprises a parcel of The property was vacant as 37,861,000 as Suqian Park Number land with a site area of approximately at the valuation date. One Phase IV 11,225.55 sq.m., which is planned to Located at No. 10 be developed into a mixed-use Yingmati Road development. Suqian City Jiangsu Province The property is located at the The PRC northern side of Yanggong Road in Sucheng District and is well-served by various facilities and public transportation along the main roads.

The development is scheduled to be commenced in July 2015. Upon completion, the development will have a total gross floor area of approximately 34,827.5 sq.m. and the details are set out as follows:

Planned Gross Usage Floor Area (sq.m.)

Residential 18,027.4 Commercial 4.230.5 Underground 12,569.6

Total: 34,827.5

The land use rights of the property have been granted for a term of 70 years expiring on 18 May 2081 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 14 August 2009, the land use rights of a pared of land (including the land use rights of the property), were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 127,333.0 sq.m. Land Use : Residential Land Term : 70 years for residential use Plot Ratio : Lower than 2.5 Land Premium : RMB181,449,525

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 3211300201010012, permission towards the planning of a parcel of land with a site area of approximately 127,333.0 sq.m. (including the land of the property), has been granted to Suqian Jia Yuan.

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APPENDIX III PROPERTY VALUATION

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Su Guo Yong (2011) Di 50,925.9 Residential 18 May 2081 1 June 2011 No. 6343 Su Guo Yong (2011) Di 75,257.0 Residential 18 May 2081 20 May 2011 No. 6007

Total: 126,182.9

4. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc.as the subject property. The accommodation value of these comparables range from RMB1,571/sq.m. to RMB2,550/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB1,701/sq.m. for the subject property.

5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan has obtained the land use rights of the property; and

b. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property.

6. A summary of major certificates/approvals is shown as follows:

– III-84 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

29. A parcel of land known The property comprises a parcel of The property was vacant as 665,169,000 as Paris Metropolis land with a site area of approximately at the valuation date. Phase IV located at the 155,631.5 sq.m. which is planned to eastern side of Taoyuan be developed into a mixed-use Road, the northern side development. of Zhongxing Road and the western side of The property is located at the eastern Fanrong Road side of Taoyuan Road, the northern Siyang County side of Zhongxing Road, the western Suqian City side of Fanrong Road in Siyang Jiangsu Province County and is well-served by various The PRC facilities and public transportation along the main roads.

The development is scheduled to be commenced in December 2015. Upon completion, the development has a total planned gross floor area of approximately 475,337.2 sq.m. and the details are set out as following:

Planned Gross Usage Floor Area (sq.m.)

Residential 250,035.75 Commercial 119,162.98 Underground 102,014.47 car-parking spaces Auxiliary 4,124.00

Total: 475,337.20

The land use rights of the property have been granted for terms with the expiry date on 22 March 2080 for residential use and 22 March 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 30 August 2009, the land use rights of the property (together with the land use rights of the property no. 5 and 19), were contracted to be granted to Suqian Jia Yuan Property Development Co., Ltd. (“Suqian Jia Yuan”), an indirect non-wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 173,931 sq.m. Land Use : Residential Land Term : 70 years for residential use Plot Ratio : Lower than 2.5 Land Premium : RMB300,030,975.00

2. Pursuant to a Construction Land Planning Permit — Di Zi No. 321323201000023, permission towards the planning of a parcel of land with a site area of approximately 260.8 mu (including the land of the property and together with the property nos. 5 and 18) has been granted to Suqian Jia Yuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 173,000 sq.m. (including the land use rights of property and together with nos. 5 and 19) have been granted to Suqian Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2011) Di No. 60,515 Commercial 22 March 2050 10 August 2011 1116031 Residential 22 March 2080 Si Guo Yong (2011) Di No. 112.485 Commercial 22 March 2050 23 August 2011 1116032 Residential 22 March 2080

Total 173,000

4. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The accommodation value of these comparables range from RMB1,000/sq.m. to RMB1,714/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of a RMB1,500/sq.m. for the subject property.

5. Pursuant to a Mortgage Contract, the land use rights of the property (including property 19) are subject to a mortgage in favour of China Huarong Asset Management Co., LTD. Zhejiang branch. (the “Huarong”), as a security to guarantee the principal obligation under the loan contracts entered into between the Bank and Suqian Jia Yuan for an amount of RMB500,000,000 with the security term from 1 January 2015 to 21 February 2017.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Suqian Jia Yuan has obtained the land use rights of the property; and

b. Suqian Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

7. A summary of major certificates/approvals is shown as follows:

– III-86 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

30. A parcel of land known The property comprises a parcel of The property was vacant as 174,000,000 as Rome Metropolis land with a site area of approximately at the valuation date. Phase II located at the 49,839.07 sq.m. which is planned to intersection of be developed into a mixed-use Huaihai Road and development. Xi’an Road Siyang County The property is located at the Suqian City intersection of Huaihai road and Jiangsu Province Xi’an road, in Siyang County and is The PRC well-served by various facilities and public transportation along the main roads.

The development is scheduled to be commenced in August 2015. Upon completion, the development has a total planned gross floor area of approximately 102,077 sq.m. and the details are set out as following:

Planned Gross Usage Floor Area (sq.m.)

Residential 74,732 Commercial 9,902 Underground 16,573 Auxiliary 870

Total: 102,077

The land use rights of the property have been granted for terms with the expiry date on 21 January 2083, 8 October 2083 and 10 July 2084 for residential use and on 21 January 2053, 8 October 2053 and 10 July 2054 for commercial use.

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APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to 3 State-owned Land Use Rights Grant Contract dated 10 April 2012, 5 December 2012, 6 June 2013, 20 September 2013, 27 December 2013, 10 October 2014, the land use rights of the property (together with the land use rights of the property nos. 20, 37), were contracted to be granted to Siyang Fengyuan Property Development Co., Ltd (“Siyang Fengyuan”) , a wholly-owned subsidiary of the Company with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3213232012CR0174 Commercial 14,707 40 years ≤4.0 22,060,500 Residential 70 years 3213232013CR0128 Commercial 35,026 40 years ≤4.0 52,539,000 Residential 70 years 3213232013CR0294 Commercial 46,219 40 years ≤4.0 55,462,800 Residential 70 years

Total: 95,952 130,062,300

2. Pursuant to 3 Construction Land Planning Permits — Di Zi Nos.321323201300185, 321323201300187 and 321323201400143, permission towards the planning of a parcel of land with a site area of approximately 61,323.00 sq.m. (together with the land use rights of the property nos. 20, 37) has been granted to Siyang Fengyuan.

3. Pursuant to 3 State-owned Land Use Rights Certificates, the land use rights of 3 parcels of land with a total site area of approximately 95,952sq.m. (together with the land use rights of property nos. 20, 37) have been granted to Siyang Fengyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2014) Di No. 46,219 Commercial 10 July 2054 22 August 2014 3480 residential 10 July 2084 Si Guo Yong (2013) Di No. 35,026 Commercial 8 October 2053 15 October 2013 5294 residential 8 October 2083 Si Guo Yong (2013) Di 14,707 Commercial 21 January 2053 30 January 2013 No.509 residential 21 January 2083

Total 95,952

4. Pursuant to 2 Construction Work Planning Permits issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Siyang Fengyuan, the construction works of the following have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No. Building No. B7、B8、 118,020.00 25 October 2013 321323201300106T B11、B12、B17、 B18 Jian Zi Di No. Building No. D6、 34,370.56 19 August 2015 321323201500057 D10-D13、D18、 D19

Total: 152,390.56

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APPENDIX III PROPERTY VALUATION

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Construction Management of Jiangyan City in favour of of Jiangyan Jiayuan, the commencement of the construction works of the following have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.) 321323020131109001A Building No. B7、B8、 166,020 9 November 2013 B11、B12、B17、 B18 and Commercial Building 321323201509110101 Building No. D6、 33,787 11 September 2015 D10-D13、D18、 D19

Total: 199,807

6. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The accommodation value of these comparables range from RMB857/sq.m. to RMB1,000/sq.m. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB875/sq.m. for the subject property.

7. Pursuant to 2 Mortgage Contracts, the land use rights of the property (together with property nos. 20 and 37) are subject to a mortgage in favor of AVIC Trust Co., Ltd. (“AVIC”) and Wanxiang Trust Co., Limited. (“Wanxiang”), as a security to guarantee the principal obligation under the loan contracts entered into between AVIC and Zhejiang Jia Yuan, and Wanxiang and Shanghai Xiangyuan Property Development Co. Limited for an amout of RMB540,000,000.

8. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Siyang Fengyuan has obtained the land use rights of the property; and

b. Siyang Fengyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

9. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table N/A

– III-88-i – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

31. A parcel of land known The property comprises a parcel of The property is vacant as at 2,619,000,000 as Venice Metropolis land with a site area of approximately the valuation date. located at No. 333, 367,720 sq.m., which is planned to be North Gu Lou Road developed into a mixed-use Taixing City development. Jiangsu Province The PRC The property is located at No. 333, North Gu Lou Road, Taixing City and is well-served by various facilities.

The development is scheduled to be commenced in October 2015. Upon completion, the development will have a total gross floor area of approximately 1,145,051 sq.m. and the details are set out as following:

Planned Gross Usage Floor Area (sq.m.)

Residential 764,793 Commercial 166,101 Ancillary 207,133 Underground 7,024

Total: 1,145,051

The land use rights of the property have been granted for terms with the expiry date on 25 September 2080, 1 January 2082, 6 February 2082 for residential use, on 25 September 2050, 1 January 2052, 6 February 2052 for commercial use and on 25 September 2060, 1 January 2062, 6 February 2062 for office use.

Notes:

1. Pursuant to 5 State-owned Land Use Rights Grant Contracts dated 21 June 2010, the land use rights of the property (including the property No. 11 and 20) were contracted to be granted to Taixing Guangyuan Property Development Co., Ltd. (“Taixing Guangyuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3212832010CR0063 Residential 44,435 70 years ≤3.2 84,180,000 Commercial 40 years ≤3.2 3212832010CR0064 Residential 84,779 70 years ≤3 154,780,000 Commercial 40 years ≤3 Office 50 years ≤3

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APPENDIX III PROPERTY VALUATION

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3212832010CR0066 Residential 112,197 70 years 186,780,000 Commercial 40 years Office 50 years 3212832011CR0039 Residential 119,249 70 years ≤2.98, ≥1 261,980,000 Commercial 40 years ≤2.98, ≥1 Office 50 years ≤2.98, ≥1 3212832011CR0040 Residential 140,378 70 years ≤2.364, ≥1 248,660,000 Commercial 40 years ≤2.364, ≥1 Office 50 years ≤2.364, ≥1

Total: 501,038 936,380,000

2. Pursuant to 3 Construction Land Planning Permits — Tai Gui Hua Di Zi Di Nos. 321283201310025, 321283201010062 and 32128320110032, permission towards the planning of a parcel of land with a site area of approximately 637,695.06 sq.m. (including the property no. 11 and 21) has been granted to Taixing Guangyuan.

3. Pursuant to 10 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 390,370.7 sq.m.(including the land use rights of the property) have been granted to Taixing Guangyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (Sq.m)

Tai Guo Yong (2010) Di 44,435.00 Residential 25 September 2080 30 September2010 No. 438433 Commercial 25 September 2050 Tai Guo Yong (2010) Di 21,946.00 Residential 25 September 2080 30 September2010 No. 438435 Commercial 25 September 2050 Office 25 September 2060 Tai Guo Yong (2010) Di 44,652.00 Residential 25 September 2080 30 September2010 No. 438438 Commercial 25 September 2050 Office 25 September 2060 Tai Guo Yong (2014) Di 27,020.00 Residential 25 September 2080 5 November2014 No. 6611 Commercial 25 September 2050 Office 25 September 2060 Tai Guo Yong (2014) Di 35,813.00 Residential 25 September 2080 5 November 2014 No. 6610 Commercial 25 September 2050 Office 25 September 2060 Tai Guo Yong (2012) Di 26,856.60 Residential 6 February 2082 10 February 2012 No. 1764 Commercial 6 February 2052 Office 6 February 2062 Tai Guo Yong (2012) Di 18,344.50 Residential 6 February 2082 10 February 2012 No. 1727 Commercial 6 February 2052 Office 6 February 2062 Tai Guo Yong (2012) Di 52,054.60 Residential 6 February 2082 10 February 2012 No. 1768 Commercial 6 February 2052 Office 6 February 2062 Tai Guo Yong (2013) Di 46,785.00 Residential 1 January 2082 25 December 2013 No. 11959 Commercial 1 January 2052 Office 1 January 2062 Tai Guo Yong (2014) Di 72,464.00 Residential 1 January 2082 26 December 2013 No. 11972 Commercial 1 January 2052 Office 1 January 2062

Total: 390,370.7

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APPENDIX III PROPERTY VALUATION

4. Pursuant to 3 Mortgage Contracts, the land use rights of the property (together with the property no. 21) are subject to a mortgage in favor of CITIC Trust Co., Ltd. (“CITIC”) and Huarong Asset Management Co., Ltd Zhejiang Branch (“Huarong”), as a security to guarantee the principal obligation under the loan contracts entered into between Nangjing Xinhaoning and CITIC, and Taixing Guangyuan and CITIC, and Taixing Guangyuan, Taizhou Jia Yuan, Haiyan Jia Yuan, Suqian Jia Yuan and Huarong for an amout of RMB3,020,000,000.

5. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc. as the subject property. The accommodation value of these comparables range from RMB2,322/sq.m. to RMB2,692/sq.m for residential use and from RMB1,869/sq.m. to RMB2,751 sq.m for commercial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB2,751/sq.m. for the subject property.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan has obtained the land use rights of the property; and

b. Taixing Guangyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

7. A summary of major certificates/approvals is shown as follows:

– III-91 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

32. A parcel of land known The property comprises a parcel of The property is vacant as at 411,000,000 as Oriental Paris City land with a site area of approximately the valuation date. located at No. 99, 97,727 sq.m., which is planned to be North Gu Lou Road developed into a mixed-use Jiangyan District development known as Oriental Paris Taizhou City City. Jiangsu Province The PRC The property is located No. 99, North Gulou Road, Jiangyan District, Taizhou City and is well-served by various facilities and public transportation along the main roads.

The development is scheduled to be commenced in August 2015. Upon completion, the development will have a total gross floor area of approximately 214,999.40 sq.m. and the details are set out as following:

Planned Gross Usage Floor Area (sq.m.)

Residential 150,499.58 Commercial 64,499.82

Total: 214,999.40

The land use rights of the property have been granted for various terms expiring on 28 February 2048, 7 April 2050 for commercial use and expiring on 28 February 2078, 7 April 2080 for residential use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 18 March 2010, the land use rights of the property were contracted to be granted to Taizhou Jia Yuan Property Development Co., Ltd. (“Taizhou Jia Yuan”), a wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 97,727 sq.m. Land Use : Residential and commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Lower than 2.2 Land Premium : RMB90,000,000

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No.2010030, permission towards the planning of a parcel of land with a site area of approximately 97,727 sq.m., has been granted Taizhou Jia Yuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 122,748 sq.m. including the land use right of the property have been granted to Taizhou Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2008) Di 53,333 Residential 28 February 2078 1 March 2008 No. 11758 Commercial 28 February 2048 Jiang Tu Guo Yong(Ji 16) 69,415 Residential 7 April 2080 20 June 2012 Di No. 41181 Commercial 7 April 2050

Total: 122,748

4. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar uses, transaction dates, size etc.as the subject property. The accommodation value area of these comparables range from RMB1,754/sq.m. to RMB2,322/sq.m for residential use and from RMB1,869/sq.m. to RMB2,751/sq.m. for commercial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed accommodation value of RMB1,913/sq.m. for the subject property.

5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Jia Yuan has obtained the land use rights of the property; and

b. Taizhou Jia Yuan is entitled to occupy, use, lease, transfer or otherwise dispose of the land use rights of the property.

6. A summary of major certificates/approvals is shown as follows:

– III-93 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group IV — Property interests held for investment by the Group in the PRC

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

33. A commercial building The property comprises a 2-storey The property was rented to 6,057,000 of Yangzhou Park commercial building which was one party for commercial Number One completed in 2012. use as at the valuation date. located at Intersection of Middle The property is located at the Wenchang Road and intersection of Middle Wenchang Jiangdu Road Road and Jiangdu Road, Jiangdu Jiangdu District District of Yangzhou City and is Yangzhou City well-served by various facilities and Jiangsu Province public transportation along the main The PRC roads.

The property has a total gross floor area of approximately 720.78 sq.m.

The land use rights of the property have been granted for a term expiring on 4 December 2079 and 2080 for residential use and 4 December 2049 for commercial use.

Notes:

1. Pursuant to 3 State-owned Land Use Rights Grant Contracts dated 3 March 2009 and a supplementary contract entered into between Land and Resources Bureau of Yangzhou City and Yangzhou Mingyuan Property Development Co., Ltd. (“Yangzhou Mingyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a total site area of approximately 71,594 sq.m. (including the land use rights of the property) were contracted to be granted to Yangzhou Mingyuan with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3210012009CR0024 Residential 29,840 70 years ≤1.6 89,520,000 Commercial 40 years 3210012009CR0025 Residential 23,946 70 years ≤1.6 71,838,000 3210012009CR0026 Residential 17,808 70 years ≤1.6 53,424,000

Total: 71,594 214,782,000

2. Pursuant to a State-owned Land Use Rights Certificate — Jiang Guo Yong (2009) Di No. 0413, the land use rights of a parcel of land with a site area of approximately 17,808.5 sq.m. (including the land use rights of the property), on which the property is situated, have been granted to Yangzhou Mingyuan for terms with the expiry dates on 4 December 2079 and 2080 for residential use and 4 December 2049 for commercial use.

3. Pursuant to a Construction Work Planning Permit — No. 321000201000597 issued by Planning Bureau of Yangzhou City in favour of Yangzhou Mingyuan, the construction works of the property (including the property) with a total planned gross floor area of approximately 8,856.52 sq.m. have been approved.

4. Pursuant to a Construction Work Completion and Inspection Certificate, the property has been approved to be complied with the urban and rural planning requirements.

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APPENDIX III PROPERTY VALUATION

5. Pursuant to a Tenancy Agreement, a total lettable area of approximately 720.78 sq.m. of the property was rented to an independent third party for a term with the expiry date on 31 August 2019 at a total annual passing rent of RMB194,107 exclusive of management fees, water and electricity charges.

6. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail developments in the locality which are in the region of RMB0.6 to RMB1.5 per sq.m. per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3% to 4%.

7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Mingyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

8. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit No c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table No g. Building Ownership Certificate No

– III-95 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

34. Portion of retail units of The property comprises various retail The property was rented to 48,721,000 Jiayuan Centurial units of a composite development various parties for Garden located at No. 8 which were completed in various commercial use as at the North Longchuan Road stages between 2006 and 2008. valuation date. Jiangdu District Yangzhou City The property is located at the western Jiangsu Province side of North Longchuan Road and The PRC the southern side of the New City Government in Jiangdu District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area with retail stores and commercial buildings.

The property has a total gross floor area of approximately 8,616.46 sq.m.

The land use rights of the property have been granted for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 11 June 2007 entered into between Land and Resources Bureau of Yangzhou City Jiangdu Branch and Yangzhou Guangyuan Property Development Company Limited (“Yangzhou Guangyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 233,342sq.m. (including the land use rights of the property) were contracted to be granted to Yangzhou Guangyuan with the particulars as follows:

Site Area : 233,342 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential/40 years for commercial Plot Ratio : 1.5 Land Premium : RMB1,750,250,000

2. Pursuant to a Construction Land Planning Permit — No.2004003, permission towards the planning of a parcel of land with a site area of approximately 233,342 sq.m (including the land of property). has been granted to Yangzhou Guangyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Jiang Guo Yong (2004) Di 0017, the land use rights of a parcel of land with a site area of approximately 120,027 sq.m. (including the land use rights of the property), on which the property is situated, have been granted to Yangzhou Guangyuan for terms with the expiry date on 8 January 2074 for residential use and 8 January 2044 for commercial use.

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APPENDIX III PROPERTY VALUATION

4. Pursuant to 6 Construction Work Planning Permits issued by Planning Bureau of Yangzhou City in favour of Yangzhou Guangyuan, the construction works of the property with a total planned gross floor area of approximately 284,372 sq.m. (including the property) have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.) 2005025 Centurial Garden East Gate 1,410 15 June 2005 2006021 Centurial Garden Kindergarten 2,400 13 April 2004 2006036 Commercial Center 25,277 18 August 2006 2000056 Xia Zhu Fang 1,080 24 October 2006 2007035 67#, 68#, 70#, 71#, 73-76#, 49,223 22 August 2007 78-81#, 64#, 65#, 4#, 5#, 10# under ground carpark, 130AB Retail 2008021 Dong Mei Fang 2,112 7 August 2008

Total: 81,502

5. Pursuant to 3 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Jiangdu in favour of Yangzhou Guangyuan, the commencement of the construction works of the following (including the property) have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.) 046 32# East Gate 2,905 27 June 2005 2006(036) 16# Kindergarten 6,600 7 June 2006 2006(069) Commercial Center 17,000 15 September 2006 3210882008062500002A 83#, 84#, 88#, 94#, 100#, 11# 40,968 26 June 2008 Car Park, 93#, 97#, 99#, 104#, 105# hall

Total 67,473

6. Pursuant to 3 Construction Completion and Inspection Certificates issued by Construction Bureau of Jiangdu in favour of Yangzhou Guangyuan, the property has been approved to be complied with the urban and rural planning requirements

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 2008-059 Commercial Centre 25,277.00 15 September 2006 No. 2010-052 Qiu Ju Fang 7,613.77 11 September 2007 No. 2012-028 Xia Zhu Fang 1,144.16 8 December 2006

Total: 34,034.93

7. Pursuant to 10 Building Ownership Certificates, the property with a total gross floor area of approximately 6,477.94 sq.m. is owned by Yangzhou Guangyuan.

8. Pursuant to 13 Tenancy Agreements, portions of the property with a total lettable area of approximately 8,616.46 sq.m. were rented to various parties for various terms with the expiry date between 31 July 2016 and 30 December 2020 at a total annual passing rent of RMB568,383 exclusive of management fees, water and electricity charges.

9. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail developments in the locality which are in the region of RMB0.78 to RMB1.67 per sq.m. per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3% to 4.5%.

10. Pursuant to a Mortgage Contract, the land use rights and building ownership rights of the property are subject to a mortgage in favor of Nanjing Bank Yangzhou Branch (“the Bank”), as a security to guarantee the principal obligation under the loan contract entered into between the Bank and Yangzhou Guang Ming building materials Co., Ltd for an amount of RMB32,530,000.

11. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Guangyuan n is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property, upon the consent from the mortagagee within the mortgage period.

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APPENDIX III PROPERTY VALUATION

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate Portion

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

35. Portion of retail units of The property comprises 3 unsold The property was rented to 16,910,000 Jiayuan Centurial Villa retail units which were completed in various parties for located at No. 208 various stages between 2010 and commercial use as at the Longcheng Road 2012. valuation date. Jiangdu District Yangzhou City The property is located at two sides Jiangsu Province of West Longcheng Road in Jiangdu The PRC District. This area is well-served by various facilities and public transportation along the main roads. The surrounding environment is a residential area.

The property has a total gross floor area of approximately 2,993.10 sq.m.

The land use rights of the property have been granted for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

Notes:

Site Area : 391,578 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : 0.4 to 0.8 Land Premium : RMB205,850,000

2. Pursuant to a Construction Land Planning Permit — No.2005031, permission towards the planning of a parcel of land with a site area of approximately 587.3 mu (including the land of the property) has been granted to Yangzhou Guangyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Jiang Guo Yong (2007) Di No.23300, the land use rights of a parcel of land with a site area of approximately 39,071.3 sq.m., on which the property is situated, have been granted to Yangzhou Guangyuan for terms with the expiry date on 17 January 2074 for residential use and 17 January 2044 for commercial use.

4. Pursuant to 2 Construction Work Planning Permits — Jian Zi Di Nos.2006033 and 2009068 issued by Planning Bureau of Jiangdu City in favour of Yangzhou Guangyuan, the construction works of the property with a total planned gross floor area of approximately 10,018 sq.m. including the property have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 2006033 South Club 6,335 11 May 2006 No. 2009068 North Club B 3,683 12 October 2009

Total: 10,018

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APPENDIX III PROPERTY VALUATION

5. Pursuant to 2 Construction Work Commencement Permits issued by Bureau of Housing & Construction of Jiangdu in favour of Yangzhou Guangyuan, the commencement of the construction works of the following (including the property) have been permitted:

Permit No. Building Gross Floor Area Issued Date (sq.m.)

2006(061) South 6, 30, 31, 198 6,335 28 May 2006 3210882009110200001A North 37–38, 40–43, 45–53, 22,103 21 June 2010 55–63, 65–71, 168

Total: 28,438

6. Pursuant to a Construction Work Completion and Inspection Certificate, the property has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 3 Tenancy Agreements, the property with a total lettable area of approximately 2,993.10 sq.m. was rented to various parties for various terms with the expiry dates on 31 December 2015, 31 January 2016 and 31 August 2024 at a total annual passing rent of RMB118,367 exclusive of management fees, water and electricity charges.

8. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail developments in the locality which are in the region of RMB0.68 to RMB1.3 per sq.m. per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3% to 4.5%.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Guangyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate No

– III-100 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

36. A commercial building The property comprises a commercial The property was rented to 6,716,000 known as Jiayuan building which were completed in one party for commercial Centurial Scenery Park 2012. use as at the valuation date. located at No. 618 Huangshan The property is located at two sides Road of West Longcheng Road in Jiangdu Jiangdu District District. This area is well-served by Yangzhou City various facilities and public Jiangsu Province transportation along the main roads. The PRC The surrounding environment is a residential area.

The property has a total gross floor area of approximately 915.18 sq.m.

The land use rights of the property have been granted for terms with the expiry date on 2 September 2079 and 12 April 2080 for residential use and 2 September 2049 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract entered into between Land and Resources Bureau of Yangzhou City Jiangdu Branch andYangzhou Hengyuan Property Development Co., Limited (“Yangzhou Hengyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 61,014 sq.m. were contracted to be granted to Yangzhou Hengyuan with the particulars as follows:

Site Area : 61,014 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Land Premium : RMB116,100,000

2. Pursuant to a Construction Land Planning Permit — Di Zi Di No. 2009001, permission towards the planning of a parcel of land with a site area of approximately 61,014 sq.m. has been granted to Yangzhou Hengyuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates — Jiang Guo Yong (2009) Di No. 5966 and Jiang Guo Yong (2010) Di No. 3863, the land use rights of a parcel of land with a site area of approximately 60,972.3 sq.m., have been granted to Yangzhou Hengyuan for terms with the expiry date on 2 September 2079, 12 April 2080 for residential use and 2 September 2049 for commercial use.

Land Use Rights Certificate Site Area Usage Expiry Date Issue Date (sq.m.)

Jiang Guo Yong (2009) Di 43,245.1 Residential 2 September 2079 2 September 2009 No. 5966 Commercial 2 September 2049 Jiang Guo Yong (2010) Di 17,727.2 Residential 12 April 2080 21 April 2010 No. 3863

Total: 60,972.3

– III-101 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

4. Pursuant to a Tenancy Agreement, the property with a total lettable area of approximately 915.18 sq.m. was rented to one party for a term with the expiry date on 31 March 2016 with a total annual passing rent of RMB60,540 exclusive of management fees, water and electricity charges.

5. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail developments in the locality which are in the region of RMB0.68 to RMB1.2 per sq.m./per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3% to 4.5%.

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Yangzhou Hengyuan is entitled to occupy, use, lease, transfer, mortgage or otherwise dispose of the property.

7. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit No c. Construction Work Planning Permit No d. Construction Work Commencement Permit No e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table No g. Building Ownership Certificate No

– III-102 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

37. Portion of retail units of The property comprises a 5-storey The property was rented to 220,687,000 Rome Metropolis commercial building, an auditorium various independent third Phase III located at the and a children’s playground which parties for commercial use intersection of Huaihai were completed in 2015. as at the valuation date. Road and Xi’an Road Siyang County The property is located at the Suqian City intersection of Huaihai road and Jiangsu Province Xi’an road, in Siyang County and The PRC well-served by good facilities and convenient traffic along the main roads.

The property has a total gross floor area of approximately 51,591.7 sq.m. The details are set out as follows:

Gross Floor Floor Area (sq.m.)

JiaYuan Mall 43,885.70 Children’s 6,125.00 Playground: Auditorium: 1,581.00

Total: 51,591.70

The land use rights of the property have been granted for a term expiring on 21 October 2053 and 10 July 2054 for commercial use.

– III-103 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

Notes:

1. Pursuant to 2 State-owned Land Use Rights Grant Contracts entered into between State-owned Land Resources Bureau of Siyang County and Siyang Fengyuan Property Development Co., Limited (“Siyang Fengyuan”), an indirect wholly-owned subsidiary of the Company, the land use rights of the property (together with the land use rights of property nos. 6, 20 and 30) were contracted to be granted to Siyang Fengyuan with the particulars as follows:

Land No. Land Use Site Area Land Term Plot Ratio Premium (sq.m.)

3213232013CR0178 Commercial 8,080 40 years ≤4.0 9,696,000 3213232013CR0294 Commercial 46,219 40 years ≤4.0 55,462,800 Residential 70 years

Total: 54,299 65,158,800

2. Pursuant to 2 Construction Land Planning Permits — Di Zi Nos. 321323201300148 and 321323201300187, permission towards the planning of a parcel of land with a site area of approximately 20.72 mu (including the land of the property) has been granted to Siyang Fengyuan.

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of 2 parcels of land with a total site area of approximately 54,299 sq.m. (together with the land use rights of property nos. 6, 20 and 30) have been granted to Siyang Fengyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Si Guo Yong (2014) Di No. 46,219 Commercial 10 July 2054 22 August 2014 3480 Residential 10 July 2084 Si Guo Yong (2013) Di No. 8,080 Commercial 21 October 2053 31 October 2014 5694 Total 54,299

4. Pursuant to a Construction Work Planning Permit — Jian Zi Di No. 321323201300107T issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Siyang Fengyuan, the construction works of the property with a total planned gross floor area of approximately 48,000 sq.m. have been approved.

5. Pursuant to a Construction Work Commencement Permit — 321323020120035A issued by Housing and Urban-rural Construction Bureau of Siyang County in favour of Siyang Fengyuan, the commencement of the construction works of the property with a total gross floor area of approximately 166,020 sq.m. (including the property and together with Construction Work Commencement Permit of property nos 6, 20 and 30) has been permitted.

6. Pursuant to 8 Tenancy Agreements, portions of the property with a total lettable area of approximately 49,242.7 sq.m. were rented to various parties for various terms with the expiry dates between 30 September 2022 and 31 March 2030 at a total annual passing rent of RMB4,658,658.88 exclusive of management fees, water and electricity charges.

7. In the course of valuation, reference has been made to rental evidence/asking rent of similar commercial development in the locality which are in the region of RMB0.2 to RMB1.6 per sq.m. per day. The assumed market yield is 3% and 4% which is in line with the market yield of this property sector in the region of 3.0% to 4.5%.

8. Pursuant to 2 Mortgage Contracts, the land use rights of the property (together with property nos. 20 and 30) are subject to a mortgage in favor of AVIC Trust Co., Ltd. (“AVIC”) and Wanxiang Trust Co., Limited. (“Wanxiang”), as a security to guarantee the principal obligation under the loan contracts entered into between AVIC and Zhejiang Jia Yuan, and Wanxiang and Shanghai Xiangyuan Property Development Co. Limited for an amout of RMB540,000,000.

9. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Siyang Fengyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property, upon the consent from the mortgagee within the mortgage period.

– III-104 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

10. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table No g. Building Ownership Certificate No

– III-105 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

38. Portion of retail units of The property comprises various The property were rented to 410,000,000 Oriental Bright City commercial units which were various independent third located at completed in various stages between parties for commercial use No. 99, Middle Ren 2010 and 2012. as at the valuation date. Min Road Jiangyan District The property is located at the at No. Taizhou City 99, Middle Renmin Road, Jiangyan Jiangsu Province District Taizhou City and well-served The PRC by good facilities.

The property has a total gross floor area of approximately 50,344.75 sq.m. The details are set out as following:

Gross Site Floor Area (sq.m.)

No. 3_ 201 1,300.00 No. 6_192–194, 212.48 196–197, 282, 351, 3160 No. 1_401 2,919.50 No. 3_123, 11,640.51 125–133, 201 No. 3_201–1, 201–2 2,989.27 No. 3_201(5F) 2,709.18 No. 6_401 3,567.57 No. 2_101–103, 839.65 105, 107, 249–252, 258, 262 No. 5_257, 259 No. 7_1001, 1101, 24,166.59 1201, 1301, 1501, 1601, 501, 601, 701, 801, 901, 130, 201, 301, 401, 128, 129, 101, 117, 118

Total: 50,344.75

The land use rights of the property have been granted for a term expiring on 18 February 2049 and 22 September 2048 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 15 August 2008, the land use rights of the property (together with property no. 7) were contracted to be granted to Taizhou Jia Yuan Property Development Co., Ltd. (“Taizhou Jia Yuan”), a wholly-owned subsidiary of the Company with the particulars as follows.

Site Area : 79,483 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Low than 3.5 Land Premium : RMB441,130,000

– III-106 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

2. Pursuant to a Construction Land Planning Permit — Gui Zi Di Nos. 200912, 2008026, permission towards the planning of a parcel of land with a site area of approximately 69,483 sq.m.(including the land of the property), has been granted to Taizhou Jia Yuan.

3. Pursuant to 3 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 43,360 sq.m. (including the land use rights of the property), have been granted to Taizhou Jia Yuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Tu Guo Yong(Ji 16) 12,437 Commercial 22 September 2048 22 September 2008 No. 11733 Residential 22 September 2078 Jiang Tu Guo Yong(Ji 16) 8,017 Commercial 22 September 2048 22 September 2008 No. 11732 Residential 22 September 2078 Jiang Tu Guo Yong(Ji 16) 22,906 Commercial 18 February2049 23 March 2009 No. 11642 Residential 18 February2079

Total: 43,360

4. Pursuant to 4 Construction Work Planning Permits — Jian Zi Nos.2011018, 2012015, 2010031 and 321200201441066 issued by the Planning Bureau of Jiangyan City in favor of Taizhou Jia Yuan, the construction works of the following including the property have been approved.

Permit No. Building Gross Floor Area Issued Date (sq.m.)

Jian Zi Di No.2011018 Nos. 1,2,5,8,9 59,140.66 27 July 2011 Jian Zi Di No.2012015 Nos. 3, 11, 12, 15 78,788.92 5 April 2012 Jian Zi Di No.2010031 No. 6 26,792.07 4 August 2010 Jian Zi Di Nos. 7, 17 70,027.61 5 July 2014 No.321200201441066

Total: 234,749.26

5. Pursuant to 5 Construction Work Commencement Permits issued by Construction Engineering Administration Bureau of Jiangyan City in favor of Taizhou Jia Yuan, the commencement of the construction works of the following including the property have been permitted.

Permit No. Building Gross Floor Area Issued Date (sq.m.) 321284200907072400001A No. 1, 8, 9 43,780.18 24 July 2009 3212842009072800001A No. 2, 5 15,360.48 28 July 2009 3212842009111900001A No. 3, 11, 12, 15 79,716.53 19 January 2009 3212842008101600001A No. 6, 10 30,020.92 16 October 2008 3212842010081300001A Nos. 7, 17, 13, 16 100,993.29 13 August 2010

Total: 269,871.40

6. Pursuant to a Construction Work Completion and Inspection Certificate, the property has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 12 Tenancy Agreements, portion of the property with a total lettable area of approximately 27,025.42 sq.m. were rented to various parties for various terms with the expiry dates between 31 January 2016 and 30 April 2030 at a total annual passing rent of RMB4,702,935 exclusive of management fees, water and electricity charges.

8. In the course of valuation, reference has been made to rental evidence/asking rent of similar commercial development in the locality which are in the region of RMB1.20 to RMB3.00 per sq.m. per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3%–4.5%.

– III-107 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

9. Pursuant to a Mortgage Contract, the land use rights and the building ownership rights of the property (together with property no. 7) are subject to a mortgage in favor of Huarong Assets Management Zhejiang Branch (“Huarong”), as a security to guarantee the principal obligation under the loan contract entered into between Huarong and Suqian Jia Yuan for an amount of RMB500,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The property was mortgaged; and

b. Taizhou Jia Yuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgagee within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate No

– III-108 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

39. Portion of retail units The property comprises a 5-storey The property was rented to 89,000,000 and a hotel of hotel and various retail units which various independent third Quexiandao Number were completed in 2011. parties for commercial use One located at No.1 as at the valuation date. Shui Qing Road The property is located at No.1 Shui Qintong Town Qing Road, Qin Tong Town, Jiang Jiangyan District Yan District, Taizhou City and Taizhou City well-served by good facilities. Jiangsu Province The PRC The property has a total gross floor area of approximately 10,332.63 sq.m. The details are set out as following:

Gross Building Floor Area (sq.m.)

Hotel 5,404.83 Retail shops 4,927.80

Total: 10,332.63

The land use rights of the property have been granted for a term expiring on 23 March 2050 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 23 March 2010, the land use rights of the property (together with the property no. 9) were contracted to be granted to Taizhou Mingyuan Property Development Co., Ltd.(“Taizhou Mingyuan”), a wholly-owned subsidiary of the Company with the particulars as follows.

Site Area : 68,330.39 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Low than 1.5 Land Premium : RMB62,522,310

2. Pursuant to a Construction Land Planning Permit — Di Zi Jiang Gui Cun No.2010049, permission towards the planning of a parcel of land with a site area of approximately 68,330 sq.m. (including the land of the property no. 9) has been granted to Taizhou Mingyuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a total site area of approximately 68,330.1 sq.m. (including the land use right of the property no. 9) have been granted to Taizhou Mingyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2010) Di 62,899.1 Commercial 23 March 2050 12 November 2010 No.5851 Jiang Guo Yong (2010) Di 5,431.0 Commercial 23 March 2050 12 November 2010 No.5850

Total: 68,330.1

5. Pursuant to a Construction Work Commencement Permit — 321284120110002 issued by Construction Engineering Administration Bureau of Jiangyan City in favour of Taizhou Mingyuan, the commencement of the construction works of the property with a total gross floor area of approximately 36,217.68 sq.m. (including the property) has been permitted.

6. Pursuant to a Construction Work Completion and Inspection Certificate, the property has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 4 Tenancy Agreements, portion of the property with a total lettable area of approximately 10,121.23 sq.m. was rented to various parties for various terms with the expiry dates between 31 August 2017 and 31 August 2021 at a total annual passing rent of RMB2,527,071 exclusive of management fees, water and electricity charges.

8. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail commercial development in the locality which are in the region of RMB1.00 to RMB1.8 per sq.m. per day. The assumed market yield is 4.0% which is in line with the market yield of this property sector in the region of 3.0% to 4.5%.

9. Pursuant to 4 Mortgage Contracts, the land use rights and building ownership rights of the property (together with property no. 9) are subject to a mortgage in favor of Taizhou Rural Commercial Bank (“Taizhou Bank”) and Jiangsu Bank Taizhou Jiangyan Branch (“Jiangsu Bank”), as a security to guarantee the principal obligation under the loan contracts entered into between Taizhou Bank and Taizhou Jia Yuan, and Jiangsu Bank and Taizhou Jia Yuan for an amout of RMB63,050,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taizhou Mingyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgage within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate No

– III-110 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

40. Portion of retail units of The property comprises various retail The property was rented to 271,000,000 Jiayuan New World units which were completed in 2014. various independent third Phase I located at No. parties for commercial use 9, The property is located at No. 9, East as at the valuation date. East Daqing Road Da Qing Road, Taixing City and Taixing City well-served by various facilities. Jiangsu Province The PRC The property has a total gross floor area of approximately 20,266.10 sq.m. The details are set out as following:

Gross Building Floor Area (sq.m.)

No. 3_ 501 3,423.97 No. 2_318 2,009.70 No. 3_136, 221, 317 6,947.35 No. 2 401, 501 4,029.65 No. 3_401 3,855.43

Total: 20,266.10

The land use rights of the property have been granted for a term expiring on 10 December 2052 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 7 January 2011, the land use rights of the property (together with the property nos. 10 and 22) were contracted to be granted to Taixing Guangyuan Property Development Co., Ltd.(“ Taixing Guangyuan”), a wholly-owned subsidiary of the Company with the particulars as follows.

Site Area : 121,316 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : ≤2.3 Land Premium : RMB1,123,580,000

2. Pursuant to a Construction Land Planning Permits — Tai Gui Hua Di Zi Di No. 321283201110012, permission towards the planning of a parcel of land with a site area of approximately 121,316 sq.m. (including the land of the property nos. 10 and 22) has been granted to Taixing Guangyuan.

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APPENDIX III PROPERTY VALUATION

3. Pursuant to 2 State-owned Land Use Rights Certificates, the land use rights of a parcel of land with a site area of approximately 61,353 sq.m. (including the land use right of the property) were granted to Taixing Guangyuan with the particulars as follows.

Land Use Right Certificate Site Area Usage Expiry Date Issued Date (sq.m.)

Jiang Guo Yong (2014) Di 44,062.5 Commercial 10 December 2052 26 June 2014 No. 4009 Jiang Guo Yong (2014) Di 17,290.5 Commercial 10 December 2052 26 June 2014 No. 4010

Total: 61,353.0

4. Pursuant to a Construction Work Planning Permit — Tai Gui Hua Jian Zi No. 32128301210070 issued by Planning Bureau of Taixing City in favor of Taixing Guangyuan, the construct works of the property with a total planned gross floor area of approximately 48,327 sq.m. (including the property and together with property nos. 10 and 22) have been approved.

5. Pursuant to a Construction Work Commencement Permit — No. 321283020140065 Bu Ban issued by Taixing Housing and Urban-rural Development Committee in favour of Taixing Guangyuan, the commencement of the construction works with a total planned gross floor area of approximately 45,857 sq.m. (including the property and together with property nos. 10 and 22) have been permitted.

6. Pursuant to a Construction Work Completion and Inspection Certificate, the property has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 5 Tenancy Agreements, the property with a total lettable area of approximately 20,266.1 sq.m. was rented to various parties for various terms with the expiry dates between 31 May 2022 and 30 September 2029 at a total annual passing rent of RMB9,656,455, exclusive of management fees, water and electricity charges.

8. In the course of valuation, reference has been made to rental evidence/asking rent of similar commercial development in the locality which are in the region of RMB1.50 to RMB3.00 per sq.m. per day. The assumed market yield is 3.5% which is in line with the market yield of this property sector in the region of 3.0% to 4.5%.

9. Pursuant to 3 Mortgage Contracts, the land use rights of the property (together with property nos. 10 and 22) are subject to a mortgage in favor of CITIC Trust Co., Ltd. (“CITIC”) and Bank of China Taixing Branch (the “Bank”), as a security to guarantee the principal obligation under the loan contracts entered into between Taixing Guangyuan and CITIC, and Nanjing Xinhaoning and CITIC, for an amout of RMB3,080,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Guangyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from the mortgage within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate No

– III-112 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

41. Portion of retail units of The property comprises two 4-storey The property was rented to 207,460,000 Huangqiao Jiayuan commercial buildings which were various independent third Central Plaza Lot S2 completed in May 2015. parties for commercial use located at No. 68, as at the valuation date. the western side of The property is located at No. 68, the Dinghui Road western side of Dinghui Road, Huangqiao Town Huangqiao Town in Taixing City and Taixing City well-served by good facilities and Jiangsu Province less convenient traffic along the main The PRC roads.

The property has a total gross floor area of approximately 48,735.75 sq.m. The details are set out as follows:

Gross Usage Floor Area (sq.m.)

Commercial 47,586.23 Underground 1,149.52

Total: 48,735.75

The land use rights of the property have been granted for a term expiring on 1 April 2083 for residential use and 1 April 2053 for commercial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Grant Contract dated 10 January 2013, the land use rights of the property (together with the land use rights of property nos. 13, 17 and 25) were contracted to be granted to Taixing Hengyuan Property Development Co., Ltd. (“Taixing Hengyuan”), an indirect wholly-owned subsidiary of the Company with the particulars as follows:

Site Area : 81,886 sq.m. Land Use : Residential/commercial Land Term : 70 years for residential use and 40 years for commercial use Plot Ratio : Low than 2.7 and higher than 1.0 Land Premium : RMB123,810,000

2. Pursuant to a Construction Land Planning Permit — Huang Jian Di Zi Di No. 321283201320005, permission towards the planning of a parcel of land with a site area of approximately 81,886 sq.m. (together with the land use rights of property nos. 13, 17 and 25) has been granted to Taixing Hengyuan.

3. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2015) Di No. 4505, the land use rights of a parcel of land with a site area of approximately 35,208 sq.m. (together with the land use rights of property no. 13), on which the property is situated, have been granted to Taixing Hengyuan for terms with the expiry date on 1 April 2083 for residential use and 1 April 2053 for commercial use.

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APPENDIX III PROPERTY VALUATION

Permit No. Building Gross Floor Area Issued Date (sq.m.)

No. 321283020130094 Building No. 1, 11, 51,348.42 21 October 2013 Bu Ban bell tower and basement A No. 321283020130095 Building No. 2, 9 63,834.92 21 October 2013

Total: 115,183.34

6. Pursuant to a Construction Completion and Inspection Table issued by Construction Bureau of Huangqiao Town in favour of Taixing Hengyuan, Huangqiao Jiayuan Central Plaza Lot S2 (including the property together with the construction completion and inspection table of property no. 12) has been approved to be complied with the urban and rural planning requirements.

7. Pursuant to 4 Tenancy Agreements, portion of the property with a total lettable area of approximately 11,238.89 sq.m. was rented to various parties for various terms with the expiry dates between 31 March 2023 and 31 May 2025 at a total passing annual rent of RMB695,414, exclusive of management fees, water and electricity charges.

8. In the course of valuation, reference has been made to rental evidence/asking rent of similar retail commercial development in the locality which are in the region of RMB0.6 to RMB1.5 per sq.m. per day. The assumed market yield is 4.0% which is in line with the market yield of this property sector in the region of 3.0% to 4.5%.

9. Pursuant to a Mortgage Contracts, the building ownership of the property (together with property nos. 17 and 25) are subject to a mortgage in favor of AVIC Trust Co., Ltd. (“AVIC”), as a security to guarantee the principal obligation under the loan contract entered into between the Trust and Taixing Hengyuan for an amount of RMB350,000,000.

10. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Taixing Hengyuan is entitled to occupy, use, lease, transfer, re-mortgage or otherwise dispose of the property upon the consent from mortgage within the mortgage period.

11. A summary of major certificates/approvals is shown as follows:

a. State-owned Land Use Rights Certificate Yes b. Construction Land Planning Permit Yes c. Construction Work Planning Permit Yes d. Construction Work Commencement Permit Yes e. Pre-sales Permit N/A f. Construction Work Completion and Inspection Certificate/Table Yes g. Building Ownership Certificate No

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APPENDIX III PROPERTY VALUATION

VALUATION CERTIFICATE

Group V — Property interests held for occupation by the Group in Hong Kong

Market value in existing state as at No. Property Description and tenure Particulars of occupancy 31 August 2015 RMB

42. Suite 1403 The property comprises an office unit The property was 82,689,000 on 14th Floor on the 14th floor of a 37-storey office owner-occupied as office at “Nine Queen’s Road building plus 2-level basement the valuation date. Central”, completed in 1991. No. 9 Queen’s Road Central, The property has a saleable area of Hong Kong approximately 2,187 sq.ft (203.18 sq.m.). 120/500 of 500/23,086th shares of The property is held under and in the Remaining Government Lease for a term of 999 Portion of Section A of years commencing from 16 Marine Lot No. 102, November 1855. Section C of Marine Lot No. 103, the Remaining Portion of Marine Lot No. 101, the Remaining Portion of Inland Lot No. 514, Section A of Marine Lot No. 101, Section B of Marine Lot No. 101 and the Remaining Portion of Section C of Marine Lot No. 101

Notes:

1. The registered owner of the property is Hong Kong Jia Yuan Holdings Limited vide Memorial No. 14031400530052 dated 7 March 2014.

2. According to the Central District Outline Zoning Plan No. S/H4/14 dated 9 April 2013, the site of the property is zoned as Commercial.

3. Pursuant to the land search record, the property is subject to, inter alia, the following encumbrances:

i) Deed of Grant of Easements vide Memorial No. UB5697986 dated 30 June 1993 (Re.: The building erected thereon incl. Edingburg Tower & Portions of The Atrium, The Landmark).

ii) Deed of Mutual Covenant and Management Agreement in favour of HKL (Nine Queen’s Road Central) Management Limited “the Manager” vide Memorial No. UB5711938 dated 30 June 1993.

iii) Deed of Grant of Easements vide Memorial No. UB8614256 dated 21 January 2002.

iv) Mortgage in favour of Hang Seng Bank Limited vide Memorial No. 14070701410012 dated 23 June 2014 for all moneys.

v) Rental Assignment in favour of Hang Seng Bank Limited Memorial No. 14070701410026 dated 23 June 2014.

4. In our valuation, we have identified and analysed various relevant sales evidence in the locality which have similar characteristic as the subject property. The unit price of these comparables range from HKD39,396/sq.ft. to HKD46,154/sq.ft on saleable basis. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the subject property to arrive at an assumed unit rate of HKD45,841/sq.ft. for the subject property.

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