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Greentown China Holdings Limited (stock code: 3900) July 2007 1 Disclaimer This document has been prepared for general information purposes, and is not, and should not be construed as an offer to sell, or a solicitation of an offer to buy any securities. Information contained and opinions expressed herein have been complied in good faith by Greentown China Holdings Limited from sources believed by it to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. All opinions and estimates contained in this document are provided in good faith but without any legal liability and are subject to changes without notice. Neither Greentown China or any of its subsidiaries or affiliates, nor any of its or their officers or persons, accepts any responsibility or liability whatsoever from any actions or claims arising from any use or interpretation of the information contained herein. 2 Agenda Company overview Financial highlight Operational update Future outlook and strategies 3 Company overview 4 A leading property developer in China National presence: property projects in 22 cities and over 1,300 employees High quality products: targeting middle 齐齐哈尔 High quality products: targeting middle 哈尔滨 and high income bracket Greentown Urumqi 长春 Greentown 沈阳 乌鲁木齐 Nanjing Greentown Beijing Greentown Qingdao High profit margin and growth: 2003— 大连 Greentown High profit margin and growth: 2003— 北京 Nantong 2006 net profit CAGR of 154% and 2006 天津 2006 net profit CAGR of 154% and 2006 烟台 gross profit margin of 42% Greentown gross profit margin of 42% 青岛 Shanghai Greentown Zhengzhou 郑州 南京 Greentown Large and diversified land bank: 12.1 南通 Tonglu Large and diversified land bank: 12.1 Greentown Hefei 合肥 上海 昆山 苏州 mn sqm site area and 14.3 mn sqm total 武汉 Greentown mn sqm site area and 14.3 mn sqm total Haining 重庆 Greentown Kunshan GFA* 浙江 Greentown Changsha Greentown Zhoushan Market leader: No.1 property developer Greentown Market leader: No.1 property developer Ningbo in Zhejiang Province and one of the top 10 developers in the nation Greentown 10 developers in the nation Shangyu Greentown Qiandaohu Greentown Linan Greentown Brand equity: One of the 10 most Greentown Deqing Xinchang valuable property brands in China for 3 Greentown Hangzhou valuable property brands in China for 3 Greentown Greentown Shaoxing consecutive years Wenzhou * As at June 30, 2007, including the land reserves under land acquisition contractual arrangements 5 Corporate Milestones From Hangzhou to nationwide “Greentown” has become the most well-known property developer in China Land bank reached total GFA of 14.3 mn sqm nationwide Total revenue reached RMB Successful CB offering of Established in National expansion into 6,400mm, 152% increased US$ 300 million Hangzhou as a private Shanghai, Beijing, Hefei One of top 10 real estate from 2005 Successful share real-estate developer and other strategic cities players in China Successful high yield notes placement of US$ 300 One of 10 most valuable issue of US$ 400 million million property brands in China Initial Public Offering, listed on HKSE, raised US$357 million 1995 2000 2003 2006 2007 6 High-quality project development capability The foundation of high-quality products Expert panel International partnership Strict quality control Customer supervision Five expert panels led by Long term partnership with Among the first in China’s Established customer the Chairman—planning, leading design companies, real estate industry to services quality control design, landscape, interior construction firms and introduce ISO9000 since group and project quality decoration and unit plan suppliers 1999 control group Hangzhou Green Deep Blue Plaza Shanghai Greentown Changsha Guihua City Garden China Architectural “Magnolia Award” of Best Property Art Award (Residential) Shanghai in Changsha “QianJiang Award” of Hangzhou 7 1 Proven Replicable Mature Product Series Proven and mature product series can be quickly replicated in the new markets, which minimizes cost and production time Low-rise High-rise Integrated Villas apartment buildings apartment buildings residential complexes Shanghai Rose Garden, Beijing Lilly Apartment, Shanghai Greentown, Existing projects Guihua City, Tao Hua Yuan, Hangzhou Dangui Hangzhou Green examples Hefei Guihua Garden Jiuxi Rose Garden Apartment Garden “National Classic “National Classic “Gold Award for Quality Representative Residential Architecture “Regional Landmark “Gold Award for Quality “Landmark Residential Representative Residential Architecture “Regional Landmark Residential Property in “Landmark Residential awards Property” Residential Property in Project in China” awards Award—for Classic Property” Project in China” Shanghai” Villas” Beijing Qinglongqiao, Chun Jiang Hua Yue, Hunan Qingzhu Garden Jade City, Changsha Guihua Ningbo Green Garden, Shanghai Rose Garden, Greentown Lanting, New projects Garden, Hangzhou New Xinjiang Rose Garden, Haining Lilly New City, Shangyu Guihua Green Garden, Nanjing Rose Garden Qingdao Project Garden Deep Blue Plaza Greentown conducts post-modern review for every project, summarizes the pros and cons, and improves on the next project 8 Value of national branding Pricing premium Strong sales & customer loyalty Leverage on brand equity Pricing premium over High pre-sale rate before Foster strategic other properties in the project completion partnership: same location Repeated and referred ─Local government Higher margin customers ─Land owners ─Financial investors Brand premium, high sales growth and low cost land bank contribute to continuous high profit margin 9 Financial highlight 10 Results Highlights For the year ended 31 December Growth RMB million 2006 2005 (%) Sales 6,400 2,535 +152% Gross profit 2,689 895 +200% LAT provision 132 5 +2540% Change in fair value of CB 234 N/A - Profit attributable to equity holders 1,269 623 +104% Profit attributable to equity holders 1,503 623 +141% excluding change in fair value of CB EPS (RMB) 1.09* 0.62 +76% DPS (HK cents) 36 N/A - Note: * Post-adjusted by CB fair value 11 Property Revenue Analysis For the year ended 31 December 2006 2005 Growth (%) Property revenue (RMB mm) 6,341 2,442 +159% GFA sold (‘000 sqm) 785 449 +75% Average selling price (RMB) 8,077 5,440 +48% Property revenue and GFA sold and growth Average selling price and growth growth Property revenue (RMB mm) GFA sold (‘000 sqm) Average price (RMB) 8% 7,000 1,000 % 10,000 4 % 6,341 75 = 9 th 5 = w 8,077 6,000 1 th 785 ro = 800 w 8,000 G ro th G 5,000 w ro 600 6,000 5,440 4,000 G 449 3,000 2,442 400 4,000 2,000 200 2,000 1,000 0 0 0 2005 2006 2005 2006 2005 2006 12 Strong Profitability Gross Profit and Margin Net Profit and Margin* Gross profit (RMB mm) Gross margin Net profit (RMB mm) Net margin 3,000 50% 2,689 1,600 1,503 30% 2,500 42% 40% 1,400 1,200 24% 2,000 35% 23% 20% 32% 30% 1,000 1,500 800 16% 20% 587 1,000 882 895 600 446 10% 400 10% 500 200 0 0% 0 0% 2004 2005 2006 2004 2005 2006 • Improving gross margin from 35% to 42% • Net margin increased from 23% to 24% • High ROE of 34% Greentown brand continues to command premium pricing and drive strong sales Note: * Net profit and margin are pre-adjusted for fair value of CB 13 Strengthening Financial Position For the year ended 31 December RMB million 2006 2005 Growth (%) Cash on Hand 3,249 859 +278% Pledged Bank Deposits 630 277 +127% Total Assets 17,838 12,582 +42% Total Debt 7,372 4,879 +51% Net Debt 3,493 3,743 -7% Shareholders equity1 4,739 863 +449% Total Capitalization2 12,120 5,742 +111% Net Debt/Equity 74% 434% -360% Net Debt/Total Asset 20% 30% -10% Total Debt/Total Capitalization 61% 85% -24% Total Debt/EBITDA 2.8x 5.5x -2.7x Note: 1 Include share capital, reserves and minority interest 2 Include total debt, share capital, reserves and minority interest 14 Operational update 15 New land Acquired in 2007 In May 2007, we completed share placement and issue of convertible bond, worth USD 300mn each acquired 0.97 mn GFA sqm of land in 2007 via public auction Location Site Area Total GFA Landcost per sqm (sqm) (sqm) (RMB) Zhoushan Project Zhoushan, Zhejiang 48,381 120,952 3,806 Qianjiang New City Project Hangzhou, Zhejiang 84,255 296,799 11,759 Shanghai 59,254 100,731 12,509 New Jiangwan City Project Keqiao Project Shaoxing, Zhejiang 124,113 451,640 3,144 Total 316,003 970,122 — acquired 0.94 mn GFA sqm of land in 2007 through acquisition Location Site Area Total GFA Interest to us (sqm) (sqm) Deqing Baihe Apartment Deqing, Zhejiang 103,120 209,922 24.5% Deqing Guihua City Deqing, Zhejiang 166,734 303,786 46.55% Zhengzhou Baihe Apartment Zhengzhou, Henan 219,458 426,021 37.73% Total 489,312 939,729 — 16 Large and diversified land bank Total site area of 12.1mn sqm and GFA of approximately 14.3mn sqm GFA by geographic region GFA by project type Hangzhou Other cities in Zhejiang Villa Low-rise Shanghai Beijing High-rise Complex Jiangsu Anhui Changsha Henan Commercial Urumqi Qingdao 12.6% 8.2% 10.5% 0.3% 25.3% 3.0% 12.3% 3.9% 4.1% 30.6% 2.6% 5.2% 7.7% 38.4% 35.3% Diversified land bank for development in the next 5 years Note: Land bank information including the land reserves under land acquisition contractual arrangements 17 Projects to be Completed in 2007 GFA Pre-sold Total (‘000 sqm) GFA salable GFA Interest as at June Pre-sold Projects1 Location (‘000 sqm) (%) 30, 2007 (%) Jiuxi Rose Garden Holiday Village Hangzhou 3 100% ** Taohuayuan South Phase I (partial) Hangzhou 66 51% 37 56% Taohuayuan West(partial) Hangzhou 4 100% 1 27%