China Propertiesproperties

ChinaChina PropertiesProperties

NovemberNovember 28,28, 20072007 Disclaimer

Wheelock (Stock code: 20) & Wharf (Stock code: 4) Group Presentation

Disclaimer

All information and data are provided for information purposes only. All opinions included herein constitute Wheelock and Wharf’s judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties of any kind to user and/or any third party including warranties as to accuracy, timeliness, completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information and data contained herein. China Properties

2 Presentation Outline Introduction

Flagship Projects - Shanghai Wheelock Square, Shanghai - Wuxi Super Tower, Wuxi - Suzhou Super Tower, Suzhou - Hongxing Lu, Chengdu

。IFC

。IFC Tiandi

Residential Projects China Properties - Wholly-owned -J/V

Outlook 3 China Macro Economic Environment

Government revenue rose by 30% Vs last year

Foreign exchange reserves ~ US$1,400B at Q3 2007

Low foreign debts ~ about 12% of GDP as at end of 2006

Inflation rate ~ 4.4% (Jan – Oct 2007) China Properties

4 Market Outlook China Property Market

Robust economic growth and steady wealth creation process with increasing domestic demand in housing in China → continue to benefit its real estate developments

Robust economic growth – 8-9% GDP growth p.a. and even higher in certain cities (11% in 2007)

Growth in private enterprise formation ~ over 16% for 2006, ie. about 5 million private enterprises in mainland now (for 10-year up to 2005, the annual growth rate was about 30%!)

Growth in automobile sales ~ over 20% p.a. (2007- as of October - automobile sales: 7.15 million vehicles)

High personal saving rates ~ over 30% in 2006 for urban households China Properties

Urbanization: - About 577 million urban population as at end 2006 - Another 300 million people is expected to move into the city area in the next 20 years and directly effect demand on housing 5 Development Strategies

Execution Plan:

Geographic focus on 1st & 2nd tier cities. Currently covered 11 cities in China

Two regional teams located in (i) YRD (Wuxi / Suzhou) & (ii) Chengdu

Two principal offices established in Beijing & Shanghai

Joint ventures to speed up growth and mitigate risks (China Merchants / China Overseas / Green Town / Jindu)

Portfolio expansion anchored on financial solidarity China Properties - financial model based on (i) appreciating RMB and (ii) land portion being financed by HK$ where interest differential gain against RMB interest rate is currently at about 2% p.a.

Disclaimer: All information contained herein is subject to final plans Development Strategies

Execution plan:

Focused on CBDs and new CBDs

Brand building & management experience for city center properties (Harbour City / Times Square)

Balanced approach on investment & development properties; investment properties to be less than 30% of total China Properties

Disclaimer: All information contained herein is subject to final plans Land Bank: Current & Target (attributable) Overall Group Perspective:

Aiming for up to 50% of total Group asset value to derive from China portfolio in 5 years (subject to suitable opportunities)

Current:

Total attributable plot ratio GFA: about 75M sq ft - Acquired in 2007: about 45M sq ft - Acquired since 2005: about 68M sq ft

11 cities

26 sites / projects China Properties Aim:

100 million sq ft (plot ratio GFA) as the initial milestone

Disclaimer: All information contained herein is subject to final plans China Project List (Post-2005)

Property Name Ownership Project Nature Plot Ratio GFA Attributable AV Completion (s.f.) Plot Ratio (RMB psf) (s.f.) POST 2005 – INVESTMENT PROPERTIES IFC / IFC Tiandi (Chengdu) 100% Office / Retail / Hotel / Residential 4.7M 4.7M 1,533 2010-2012 • 194 metres • Arquitectonica design Wuxi Super Tower (Wuxi) 100% Office / Retail / Hotel 3.0M 3.0M 58 2012-2014 • 339 metres • SOM design Sub Total: 7.7M 7.7M Suzhou Super Tower (Suzhou) HCDL 80% JV Office / Hotel / Residential 3.8M 3.0M 93 2013 • 420 metres • KPF design Sub Total: 3.8M 3.0M POST 2005 – FOR SALE / MIXED Suzhou Ind’l Park Lot 68210 (Suzhou) 100% Residential 2.2M 2.2M 578 2008-2010 Tian Fu Times Square (Chengdu) * 100% Office / Retail / Hotel / Residential 4.4M 4.4M 169 2009-2011 No. 10 Gaoxin District (Chengdu) 100% Office / Residential 4.4M 4.4M 187 2009-2011 Shuangliu Development Zone (Chengdu) 100% Office / Retail / Hotel / Residential 9.8M 9.8M 32 Under Planning Taihu Plaza Project – Residential (Wuxi) 100% Residential 9.0M 9.0M 145 2011-2014 Sub Total: 29.8M 29.8M Lot 37, 38, 43 & 44 Hangzhou (Hangzhou) Wharf 50% JV Residential & O/A 4.0M 2.0M 778 2011-2013 Lot 24 Suzhou Ind’l Park(Suzhou) Wharf 50% JV Residential 1.8M 0.9M 556 2011-2013 Danzishi (Chongqing) Wharf 40% JV Office / Retail / Apartment / Residential 22.6M 9.0M 332 Under planning Wharf JV Total: 28.4M 11.9M HCDL China Properties Hangzhou CBD (Hangzhou) HCDL 40% JV Residential/Hotel 3.2M 1.3M 1,092 2009-2012 Zone B of Jiangbei City (Chongqing) HCDL 55% JV Residential 4.6M 2.5M 554 2011-2012 Suzhou Ind’l Park Lot 82044-82047 (Suzhou) HCDL 80% JV Residential 9.8M 7.8M 279 2013 HCDL JV Total: 17.6M 11.6M WPL Wharf + HCDL JV Total: 46.0M 23.5M Foshan 06H (Foshan) WPL 50% JV Residential 4.9M 2.5M 196 2011 Foshan 07-005 (Foshan) WPL 50% JV Residential 2.9M 1.5M 521 2011 WPL JV Total: 7.8M 4.0M 9 * Project partly sold (floor areas shown exclude sold portion) JV Total: 53.8M 27.5M27.5M Disclaimer: All information contained herein is subject to final plans Total (Post-2005) : 68.0M China Project List (Pre-2005)

Property Name Ownership Project Nature Plot Ratio GFA Attributable AV Completion (s.f.) Plot Ratio GFA (RMB psf) (s.f.)

PRE 2005 – INVESTMENT PROPERTIES Shanghai Times Square (Shanghai) 100% Office / Retail / Apartment 0.9M 0.9M 462 1999

Chongqing Times Square (Chongqing)* 100% Office / Retail / Apartment 0.5M 0.5M 213 2004 Wuhan Times Square (Wuhan)* 100% Retail / Hotel 0.4M 0.4M 45 2008 Dalian Times Square (Dalian) 100% Retail 0.2M 0.2M 132 2009 Sub Total: 2.0M 2.0M Beijing Capital Times Square (Beijing) 87.5% JV Office / Retail 0.9M 0.8M 546 1999 Shanghai Wheelock Square (Shanghai) 98% JV Office / Retail 1.2M 1.2M 549 2009 • 270 metres • KPF design

Sub Total: 2.1M 2.0M PRE 2005 – FOR SALE

Wuhan Times Square (Wuhan)* 100% Residential 0.7M 0.7M 45 2007 Dalian Times Square (Dalian) 100% Residential 1.3M 1.3M 132 2009 Sub Total: 2.0M 2.0M

Wellington Garden (Shanghai)* 59% JV Residential 0.2M 0.1M 391 2007

No. 1 Xin Hua Road (Shanghai) 85% JV Residential 0.2M 0.2M 1,121 2009 China Properties Jingan Garden (Shanghai) 55% JV Residential 0.8M 0.4M 385 2011 Sub Total: 1.2M 0.7M WPL Tung Fung Lu (Guangzhou) 70% JV Residential / Retail 0.36M 0.3M 495 2010 * Project partly sold (floor areas shown exclude sold portion) Sub Total: 0.36M 0.3M

Total (Pre-2005) : 7.0M 10 GRAND TOTAL (Post-2005 + Pre-2005) : 75.0M Disclaimer: All information contained herein is subject to final plans Flagship Projects

Shanghai Wheelock Square, Shanghai (1717 Nanjng Xi Lu)

Wuxi Super Tower, Wuxi

Suzhou Super Tower, Suzhou

Hongxing Lu, Chengdu -IFC China Properties - IFC Tiandi

11 Flagship Projects: Shanghai Wheelock Square, Shanghai China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Shanghai Wheelock Square, Shanghai

Location: Nanjing Xi Lu, Jingan District (靜安區南京西路) at Yan An Expressway exit to Nanjing Xi Lu Site area: 136,432 sq ft Project nature: Investment property - office Plot ratio GFA: 1.2M sq ft AV: RMB 549 psf Target completion: 2009 Ownership: 98%-owned by Wharf 2%-owned by 利偉地產有限公司 China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Shanghai Wheelock Square, Shanghai China Properties

14 Flagship Projects: Shanghai Wheelock Square, Shanghai

The only Grade A supply in 2009 in Puxi prime location Strong office market in Shanghai: - WTO factor: growth in services and office demand from banking, securities, law, accounting, etc - Multinationals continue to set up regional headquarters due to rapid economic development - Demand > supply: upward rental spiral for 6 years since 2001 Prime location – Nanjing Xi Lu: - Adjacent to metro line 2, Jingansi station, with a direct access to (i) Shanghai prime shopping area and CBD; (ii) Pudong airport via airport line; and

(iii) easy access to inner-ring highway China Properties - at Yan An Expressway exit to Nanjing Xi Lu 270-metre Grade A office tower with top specs Designed by KPF

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Shanghai Wheelock Square, Shanghai China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Wuxi Super Tower China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Wuxi Super Tower

Wuxi Super Tower China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Wuxi Super Tower

Location: Taihu Plaza, Nanchang District (南長區太湖廣場) Site area: 313,867 sq ft Project nature: Investment property Plot ratio GFA: 3.0M sq ft AV: RMB 58 psf Target completion: 2012-2014 Ownership: 100%-owned by Wharf China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Wuxi Super Tower China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Wuxi Super Tower

Foreseeable strong demand on commercial facilities in Wuxi, a top 2nd tier city and a rapidly-growing manufacturing base in Yangtze River Delta

Prime location: - Taihu Plaza, New Wuxi CBD - Well-connected infrastructure: well-served by express railways to Wuxi; a metro line to be completed by 2008 and 2010 respectively - Panoramic view of Wuxi City & Taihu

339-metre super tower - New tallest landmark of Wuxi, centre of new CBD - Designed by SOM

Grade A office / deluxe serviced apartment / 5-star hotel China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Suzhou Super Tower China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Suzhou Super Tower

Location: Xinghu Jie (星湖街), in the heart of Suzhou’s new CBD area Site area: 229,069 sq ft Plot ratio GFA: 3.8M sq ft AV: RMB 93 psf Target completion: 2013 Ownership: J/V project – 80%-owned by HCDL / 20%-owned by Zhong Xin Suzhou Industrial (中新蘇州工業園區置業) China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Suzhou Super Tower

星現代大道 Xiandai Ave 湖街

yuan Lu Suzhou Super 園路 Cui 翠 Tower Times Square

金雞湖

Jinji Lake China Properties

蘇州市新中央商業區 Suzhou New CBD 25

Disclaimer: All information contained herein is subject to final plans Flagship Projects: Suzhou Super Tower

420-metre skyscraper - New tallest landmark development and future CBD centre of Suzhou - Designed by KPF

Prime Location: - Suzhou: a leading commerce and trade centre in Yangtze River Delta - Jinji Lake CBD - new Suzhou CBD and close to the future city government cluster - Well-established transportation network: will be connected to two nearby Metro Line One stations

Adjacent to Times Square multiplex comprising prominent retail and office towers China Properties

Grade A office / 5-star hotel / deluxe serviced apartment

Disclaimer: All information contained herein is subject to final plans Flagship Projects: IFC / IFC Tiandi, Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: IFC / IFC Tiandi, Chengdu

Location: Hongxing Lu, Jinjiang District (錦江區紅星路) Site area: 590,481 sq ft Project nature: Investment property Plot ratio GFA: 4.7M sq ft AV: RMB 1,533 psf Target completion: 2010-2012 Ownership: 100%-owned by Wharf China Properties

Disclaimer: All information contained herein is subject to final plans Flagship Projects: IFC / IFC Tiandi, Chengdu

紅星路商業區 Hongxing Lu Comm. Dis.

市政府 Municipal Government

紅星路項目 Hongxing Lu China Properties Project

省政府 Provincial Government

Disclaimer: All information contained herein is subject to final plans Flagship Projects: IFC / IFC Tiandi, Chengdu

Chengdu - the dynamic centre of West China

Prime location: - Heart of Chengdu’s most vibrant commercial and business centre - Connect to metro lines 2 & 3 - With 5 prominent department stores including Isetan, Pacific, Parkson, Top City and Wangfujing nearby Mega investment property project: - Single largest plot in core city centre, GFA equals to 2.5 x Times Square in HK; Retail component at 80% of Harbour City (2M sq ft) - Designed as Wharf’s flagship and the premier complex in West China - IFC Tiandi will house renowned international retail names Æ comparable to Harbour City’s Canton Road / Peking Road concept China Properties - Designed by Arquitectonica

Disclaimer: All information contained herein is subject to final plans ResidentialGFA Projects Wholly-owned projects:

Taihu Plaza Project - Residential, Wuxi (Plot ratio GFA: 9.0M sq ft ; AV: RMB 145 psf)

Shuangliu Development Zone, Chengdu (Plot ratio GFA: 9.8M sq ft ; AV: RMB 32 psf)

Suzhou Industrial Park Lot 68210, Suzhou (Plot ratio GFA : 2.2M; AV : 578 psf)

Tian Fu Times Square, Chengdu (Mixed development; Plot ratio GFA : 4.4M; AV : 169 psf)

No. 10 Gaoxin District, Chengdu (Plot ratio GFA : 4.4M; AV : 187 psf)

Major J/V projects:

80% of Suzhou Industrial Park Lot 82044-82047, Suzhou

(Plot ratio GFA: 9.8M sq ft; AV: RMB 279 psf) China Properties

40% of Danzishi, Chongqing (Plot ratio GFA: 22.6M sq ft, AV: RMB 332 psf)

Disclaimer: All information contained herein is subject to final plans Residential Projects: Taihu Plaza Project – Residential, Wuxi China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Taihu Plaza Project – Residential, Wuxi Location: In between Yunhe West Road and Zhongnan Road, Nanchang District (南長區運河西路及中南路之間) Site area: 3.3M sq ft Project nature: Residential project for sale Plot ratio GFA: 9.0M sq ft AV RMB 145 psf Target completion: 2011-2014 Ownership: 100%-owned by Wharf Located close to Group’s Wuxi Super Tower with residential community nearby China Properties Well-connected infrastructure: with comprehensive public transportation network including express railways and a metro line Residential development: high-rise and medium-rise apartment

Disclaimer: All information contained herein is subject to final plans Residential Projects: Taihu Plaza Project – Residential, Wuxi China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu China Properties

Bird’s eye view of outlet mall

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu

Location: Shuangliu Development Zone (雙流發展區) Site area: 3.5M sq ft Project nature: Residential with hotel / retail portion for long-term investment Plot ratio GFA: 9.8M sq ft AV RMB 32 psf Target completion: Under planning Ownership: 100%-owned by Wharf China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu

11 Km China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu

Close to Shuangliu Modern Trade Centralised Development Zone (雙流縣現代商貿集中發展區 ) 11 km from the city centre Convenient access to Chengdu airport (6 km) Developed transportation system: linked up with Chuanzang highway (川藏公路) , Chengya expressway(成雅高速) , Airport expressway and Chengdu Around-the-city expressway (繞城高速公路) A mixed-use development comprising residential, commercial and hotel space Popular retail concept: an outlet mall (Qingpu outlet near Shanghai developed by the Group is a success) China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Shuangliu Development Zone, Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Tian Fu Times Square, Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Tian Fu Times Square, Chengdu Location: No. 11 Dong Da Jie, Jinjiang District (錦江區東大街) Site area: 761,521 sq ft Project nature: Mixed development Plot ratio GFA: 4.4M sq ft AV: 169 psf Target completion: 2009-2011 Ownership: 100%-owned by Wharf Located in Jinjiang District (錦江區) at the heart of Chengdu city centre Retail, office, hotel and residential development that will be linked to a major subway station China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: No. 10 Gaoxin District, Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: No. 10 Gaoxin District, Chengdu

Location: Gaoxin District, Chengdu (高新區) Site area: 884,459 sq ft Project nature: Residential project Plot ratio GFA: 4.4M sq ft AV RMB 187 psf Target completion: 2009-2011 Ownership: 100%-owned by Wharf Located 200m from a new subway station With the municipal government’s upcoming relocation to the vicinity, the district is expected to become the new civic centre of Chengdu China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Suzhou Industrial Park Lot 68210, Suzhou China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Suzhou Industrial Park Lot 68210, Suzhou

Location: Suzhou Industrial Park (蘇州工業園區) Site area: 3.7M sq ft Project nature: Residential project Plot ratio GFA: 2.2M sq ft AV RMB 578 psf Target completion: 2008-2010 Ownership: 100%-owned by Wharf Superbly-located between Jinji Lake (金雞湖) and Dushu Lake (獨墅湖) in the eastern side of the city next to a 27-hole golf club Premier deluxe low density residences China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Suzhou Industrial Park Lot 82044-82047

Location: Xiandai Da Dao (現代大道), Suzhou Industrial Park Site area: 5.4M sq ft Project nature: Residential Plot ratio GFA: 9.8M sq ft AV RMB 279 psf Target completion: 2013 Ownership: J/V project – 80%-owned by HCDL and 20%-owned by Zhong Xin Suzhou Industrial

(中新蘇州工業園區置業) China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Suzhou Industrial Park Lot 82044-82047

Shanghai

SITE Wuxi CBD

Proposed Line 1 light rail China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Suzhou Industrial Park Lot 82044-82047

Enjoys picturesque scenery of Baitang Park (白塘公園) in the neighbourhood Well-developed community facilities nearby: e.g. Suzhou Kowloon Hospital and Suzhou Singapore International School Convenient location: a short walk from Metro Line One station and close to Light rail no. 1 Terminus Mega residential development China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Danzishi, Chongqing

Location: Danzishi, Nanan District (南岸區彈子石) Site area: 6.1M sq ft Project nature: Mega residential development with retail / office portion Plot ratio GFA: 22.6M sq ft AV RMB 332 psf Target completion: Under planning Ownership: J/V project: 40%-owned by Wharf and 60%-owned by China Overseas Group (中國海外發展集團 ) China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Danzishi, Chongqing China Properties

Disclaimer: All information contained herein is subject to final plans Residential Projects: Danzishi, Chongqing

Future CBD of Chongqing: Jiangbei City (江北城), Jiefangbei (解放碑) and Danzishi form an integral part of the “Golden Triangle” Comprehensive transportation network nearby: - Nanbin Road (南濱路) and Chaotianmen Bridge (朝天門大橋) are under construction, providing a quick link to most commercial centres in Chongqing - Light rail tram and metro line stations will be built shortly Enjoys awesome Yangtze River view Potential upsurge of residential prices in Chonqging with expected rapid economic growth China Properties

Disclaimer: All information contained herein is subject to final plans HKDCNY

HKDCNY

1.2500 RENMINBI Movements 1.1256

0.9523

1.0000

x = - 4.36% ? 0.754 0.7500 China Properties 0.7532

0.6708

0.5000

55 26/10/1990 26/10/1991 26/10/1992 26/10/1993 26/10/1994 26/10/1995 26/10/1996 26/10/1997 26/10/1998 26/10/1999 26/10/2000 26/10/2001 26/10/2002 26/10/2003 26/10/2004 26/10/2005 26/10/2006 26/10/2007 26/10/2008 26/10/2009 26/10/2010 26/10/2011 26/10/2012 26/10/2013 Disclaimer: All information contained herein is subject to final plans Recap

Positive outlook of China’s economy & property market

Overall Group Perspective: aiming for up to 50% of total Group asset value to derive from China portfolio in 5 years

Experience in planning & building high-end commercial and residential developments, and brand building & management of large scale high-end investment properties

Multi-pronged acquisition / development strategies to speed up growth & mitigate risks

- Focus on 1st & 2nd tier cities, CBDs and new CBDs

- Wholly-owned + J/V China Properties - Current land bank: about 75 million sq ft (plot ratio GFA) in 11 cities at competitive cost - Aim: 100 million sq ft (plot ratio GFA) as initial milestone

Disclaimer: All information contained herein is subject to final plans GFA

EndEnd ofof PresentationPresentation China Properties