Interim Results Presentation 2019 August 2019 Disclaimer

Home , COCO Park, Dapeng New District, Xiaoping station

This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of the Kaisa Group Holdings Limited (the “Company”) and factors beyond the Company's control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from these forward-looking statements. The Company undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates. The information in this presentation should be considered in the context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. The slides forming part of this presentation have been prepared solely as a support for discussion about background information about the Company. This presentation also contains information and statistics relating to the China and property development industry. The Company has derived such information and data from unofficial sources, without independent verification. The Company cannot ensure that these sources have compiled such data and information on the same basis or with the same degree of accuracy or completeness as are found in other industries. You should not place undue reliance on statements in this presentation regarding the property development industry. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Information and opinion contained in this presentation may be based on or derived from the judgment and opinion of the management of the Company. Such information is not always capable of verification or validation. None of the Company or financial adviser of the Company, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. It shall not to be construed as a solicitation or an offer or invitation to buy or sell any securities or related financial instruments. No part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation may not be copied or otherwise reproduced. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities or financial instruments or to provide any investment service or investment advice, and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This presentation shall not be reproduced or circulated.

2 Contents

1. Major Achievements in 1H2019 4 2. Operation Review 9 3. Development Strategies for 2H2019 19 4. Financial Performance 27 5. Appendix 35

3 1. Major Achievements in 1H2019 Strategies for Development in 1H2019

Positioned as a city services provider, Kaisa continues to focus on its core property business with quality development. In addition to reinforcing its mainstay business, the Group also aims to enhance synergy amongst its newly developed and major businesses. This can enhance the Group’s core competence to provide high quality services for good living.

5 Operation and Competitive advantages

Strong Growth in Contracted Sales ✓ Contracted sales achieved RMB34.7 bn, 37% YoY ✓ Contracted GFA reached 1.96 mn sq. m., 38% YoY ✓ URP¹ contributed 33% of total contracted sales ✓ Greater Bay Area accounts for 58%, while Shenzhen accounts for 30% High Quality Land Bank ✓ Land bank of nearly 26 mn sq. m. (87% attributable) ✓ Saleable resources over RMB500 bn, of which approx. 70% in Greater Bay Area and over 30% in Shenzhen ✓ 76% is strategically located in Tier 1 & Tier 2 cities, while 55% is in Greater Bay Area Over RMB2 Trillion URPs in Greater Bay Area

✓ Site area² of 32 mn sq. m. URP pipeline, of which Shenzhen and Guangzhou account for approx. 30% each ✓ Converted URPs with saleable area of 730,000 sq. m. with saleable resources of RMB40.4 bn recently ✓ Successfully converted the largest urban village project in Shanghai

¹.Urban Renewal Project ² Not yet included in the land bank, plot ratio not yet calculated 6 Profitability and Dividend

Growing Revenue ✓ Revenue achieved RMB20.1 bn, 34% YoY ✓ Advanced Proceeds Received from Customers reached RMB45.3 bn, 16% from 2018 year end

Healthy Profitability

✓ Gross Profit of RMB6.71 bn, 42% YoY ✓ GP margin reached 33.4%, 1.8 ppts YoY ✓ Net profit of RMB2.78 bn, 24% YoY ✓ Profit attributable to owners of the Company of RMB2.84 bn, 67% YoY ✓ Core net profit attributable to owners of the Company reached RMB2.75 bn, 55% YoY

Dividend

✓ Proposed interim dividend of 3 HK cents per share (1H2018: 3 HK cents per share)

7 Repayment and Refinancing

Improving Debt Servicing Capability

✓ Net gearing 45 ppts from 2018 year end to 191% ✓ Quick ratio remained at a healthy level of 1.3× ✓ Cash on hand 31% from 2018 year end to RMB30.0 bn ✓ Total equity 24% from 2018 year end to RMB44.9 bn

Expanding Funding Channels

✓ International credit rating: Moody's B1/ S&P B/ Fitch B, outlook “Stable” ✓ Onshore ABS issuance: obtain quota of RMB9.8 bn, issued RMB1.7 bn through 3 transactions

Proactive Liability Management

✓ Repurchased senior notes of USD560 mn in 3 times, reducing principle amount due in 2019 to USD140 mn

8 2. Operation Review Strong Presence in T1 & T2 Cities with High Quality Land Bank

◆ Nearly 26.0 mn sq. m. land bank by GFA with attributable portion of 87% ◆ 76% located in T1 & major T2 cities ◆ 55% located in Greater Bay Area Western China Pan Bohai Rim ◆ GFA of around 7.3 mn sq. m. from URPs, accounting 28% of GFA: 3.01 mn sq. m. GFA: 4.06 mn sq. m. total land bank % of total by GFA: 11.7% % of total by GFA: 15.7% ◆ RMB200 bn, or 40% of saleable resources from URP Central China GFA: 2.39 mn sq. m. Land Bank by Development Status and Land Use % of total by GFA: 9.3%

Completed, Completed and Industrial Commercial Sold, yet Unsold 6% 3% Recognized 11% Shenyang 2%

Dalian Held for Future Residential Qingdao Under Development 86% 42% Nanjing Development Zhengzhou 50% Xuzhou

Saleable Chongqing Suzhou GFA Wuhan % Resources % Chengdu Shaoxing (’000 sq. m.) Changsha (RMB mn) Greater Bay Area Foshan Guangzhou Greater Bay Area 14,068 54.6% 345,325 68.9% Huizhou Shenzhen 3,249 12.6% 162,447 32.4% Zhongshan Shenzhen GFA: 14.07 mn sq. m. Dongguan Zhuhai Guangzhou 1,637 6.4% 73,671 14.7% % of total by GFA: 54.6% Huizhou 5,569 21.6% 52,903 10.6% (Shenzhen: 3.25 mn sq. m., Sanya Dongguan/Zhuhai/Z 3,613 14.0% 56,305 11.2% % of total by GFA: 12.6%) hongshan/Foshan Yangtze River Delta Yangtze River Delta 2,164 8.4% 43,290 8.6% Hainan GFA: 2.16 mn sq. m. Central China 2,390 9.3% 40,623 8.1% GFA : 0.09 mn sq. m. % of total by GFA: 8.4% Western China 3,005 11.7% 28,105 5.4% % of total by GFA: 0.3% Pan Bohai Rim 4,058 15.7% 40,576 8.1% Hainan 87 0.3% 4,172 0.8% Total 25,772 100.0% 501,032 100.0% 10 Land Acquisition through Diversified Channels

Newly Acquired Land by Attributable GFA Newly Acquired Land by Attributable Consideration ◆ Land acquisition through bidding M&A and urban renewal Western Pan Bohai Rim China Urban Central 4% ◆ Further penetration into the Greater 4% Renewal China 22% Bay Area with 60% of the new 13% Bidding projects in the Greater Bay Area 43%

◆ Attributable GFA of 2.46 mn sq. m. Yangtze (attributable portion: 91%) with an River Delta average land cost of RMB6,600 per 19% Greater M&A Bay Area 35% sq. m. in 1H 2019 60%

◆ Land Acquisition in 1H2019

Attributable Attributable Attributable Site Area GFA Region City GFA Consideration Land Cost (sq. m.) (sq. m.) (sq. m.) (RMB mn) (RMB/sq. m.) Shenzhen, Guangzhou, Greater Bay Area Dongguan, Huizhou, 481,154 1,542,775 1,483,328 8,758 5,904 Foshan, Qingyuan Yangtze River Shanghai, Hangzhou, 317,488 547,568 456,493 5,543 12,145 Delta Suzhou, Nanjing Central China Wuhan, Xiaogan 275,715 404,829 326,056 585 1,794

Western China Chongqing 41,724 104,311 104,311 1,050 10,066

Pan Bohai Rim Dalian 24,334 85,169 85,169 270 3,170

Total 1,140,415 2,684,652 2,455,357 16,206 6,600

11 旧改项目转为土储 Continuously Unlock the Value of URPs

URPs URP Pipeline Conversion of UPRs into Land Bank Development and Sales

• Site area of over 32 mn sq. m. URPs is • Recently Converted URPs • URPs accounted for 33% of not yet included in the land bank and ✓ Shenzhen Futian Border the total sales in 1H2019 plot ratio is not yet calculated Project ✓ Shenzhen Kaisa Yantian ✓ Shanghai Xuhang Town City Plaza • All located in Greater Bay Area with 1/3 Project ✓ Shenzhen Pinghu Kaisa in Shenzhen, 30% in Guangzhou and ✓ Guangzhou Xiaoping Plaza Zhongshan each Village Project ✓ Shenzhen Kaisa Future ✓ Provide saleable GFA of City Site Area1 730,000 sq. m. with ✓ Shenzhen Bantian Kaisa # of Projects (‘000 sq. m.) saleable value of RMB40.4 City Plaza Cities not included in UPR as % of the land bank bn ✓ Others total

10,256 • Expected Conversion in • URPs account for 31% of the Shenzhen 88 (31.9%) 2H2019 total saleable value in 2H2019 9,510 Guangzhou 12 ✓ Shenzhen Futian Dongshan (29.6%) Project 8,500 Zhongshan 18 ✓ Shenzhen Nanmendun (26.4%) Project 3,430 Huizhou 4 (10.7%) ✓ Shenzhen Bailingda Project Zhuhai, 480 ✓ To provide saleable GFA of Dongguan, 6 (1.4%) 500,000 sq. m. with Foshan saleable value of RMB33.2 32,176 Total 128 bn (100.0%) 1.Not yet included in the land bank, plot ratio not yet calculated

Target to Convert 800,000 to 1,000,000 sq. m. from URP Every Year 12 Strong Pre-sale Performance of URPs

Shenzhen Yantian Kaisa City Plaza Shenzhen Kaisa Future City Shenzhen Pinghu Kaisa Plaza

• Longgang, Shenzhen • Yantian, Shenzhen • Longgang, Shenzhen • Adjacent to Pinghu • Adjacent to Yantian • Adjacent to Longcheng West Location Station which is under Road Station which is Station which is under construction on under construction on construction on Shenzhen Location Location Shenzhen Metro Line Shenzhen Metro Line Metro Line No. 16 No. 10 and to a hub of No.8 and to Yantian Type of URP • Old factory high-speed rail in Port; 30-minute drive Pinghu from CBD of Luohu GFA (sq. m.) • 280,000 Time of project Dec 2017 Type of URP • Old village Type of URP • Old village launch •

GFA (sq. m.) • 690,000 GFA (sq. m.) • 480,000 ASP (RMB/sq. m.) • 49,000 (residential) Time of project • Oct 2018 Time of project launch • Nov 2018 Accumulated sales launch 5,850 (RMB mn) • • 44,000 (residential) ASP (RMB/sq. m.) • 49,000 (residential) ASP (RMB/sq. m.) • Ranked 1st in Longgang, • 35,000 (apartment) Shenzhen and 2nd in Shenzhen Accumulated sales city by the number of new Accumulated sales 6,650 • 2,000 (RMB mn) • residential units sold in 1H2018 (RMB mn) Awards/Remarks st • Ranked 1 by the number of • Ranked 3rd in charts of • Largest urban nd residential units sold and 2 by property sales in Awards/Remarks redevelopment project property transaction value in Awards/Remarks in Yantian Longgang, Shenzhen in Shenzhen in Oct 2018 Dec 2018

New phase launch • 2Q2019 (Phase 2) New phase launch New phase launch • 3Q2019 3Q2019 time • 4Q2019 (Phase 3) time time •

URPs (Residential) with Higher Margin Recorded Strong Sales 13 Ready-to-Presale URPs

Shenzhen Dongmendao Project • Dongmen CBD, Luohu, Shenzhen Location • Adjacent to Shaibu Station on Shenzhen Metro Line No. 3 Type of URP • Distressed assets Conversion time • 2H2018 Saleable GFA (sq. m.) • 30,000 Saleable value (RMB mn) • 1,950 ASP of nearby projects • 65,000 (apartment) Launching time • 4Q2019

Zhuhai Lakeview Waldorf (Phase 2) • Shangsha street, Wanzai, Xiangzhou Location District, Zhuhai, close to Zhuhai Wanchai Border and Macau Type of URPs • Old village Conversion time • 2H2018 Saleable GFA (sq. m.) • 40,000 Saleable value (RMB mn) • 1,400 ASP of nearby projects • 35,000 (residential) Launching time • 3Q2019

URPs in Prime Location Are Ready for Pre-sale

14 Recently Converted URPs

Shanghai Xuhang Town Project Guangzhou Xiaoping Village Project Shenzhen Futian Border Project

Xuhang Town, Jiading • Western Extension of Baiyun New At the intersection of Location • • District, Shanghai City in Guangzhou; adjacent to Honghua Road and Location Xiaoping Station which is scheduled Xiangzhang Road in to open at the end of 2019 on Site area (sq. m.) 126,923 Futian, Shenzhen • Guangzhou Metro Line No.8 and to Location the Baiyun Railway Station under Type of URP • Old village construction which will serve as a Site area (sq. m.) • 9,500 transportation hub Baiyun Mountain, which is a Saleable GFA (sq. • 210,000 national-level 5A-grade landscape is m.) • nearby Type of URP • Old factory Saleable value 8,400 Site area (sq. m.) • 179,000 (RMB mn) • Type of URP • Old village Saleable GFA (sq. • 20,000 • A residential property Saleable GFA (sq. m.) project with facilities for • 500,000 Planned Use m.) commerce to be developed in four phases Saleable value Saleable value • 30,000 2,000 (RMB mn) (RMB mn) • • Largest urban village redevelopment project in • The large-scale integrated project Shanghai will be developed in three phases • A residential project with and will consist of high-end Planned Use Shanghai’s first urban Planned Use facilities for commerce • residential flats, a star-rated hotel, redevelopment project Significance an office building, apartments for that involved a civilian- business and a commercial complex owned enterprise • Kaisa obtained a quality land through the • Kaisa’s first urban village • Kaisa’s first urban village Significance redevelopment project in acquisition of Shenzhen Significance redevelopment project in marine group Shanghai Guangzhou

730,000 sq. m. of Salable GFA, RMB40.4 bn of Saleable Value 15 Potential Value of Urban Renewal

URPs in Land Bank URPs Pipeline

GFA: 7.3 mn sq. m. Site Area (before plot ratio): 32.0 mn sq. m.

Construction cost for RMB197.6 bn RMB2,000.0 bn resettlement units Huge gap between Book value market value and land cost Huge gap between RMB21.7 bn Land premium paid to market Cost of URP Saleable resources government value and land cost Construction cost for Saleable Average land resettlement units Book value resources GFA cost(1) (RMB mn) (RMB mn) (‘000 sq. m.) (RMB/sq. m.) Book value Greater Bay Area 18,948 189,023 7,039 2,692 Shenzhen 10,748 121,371 2,427 4,428 Guangzhou 4,235 25,383 508 8,342 RMB19.6 bn Dongguan 2,496 13,320 832 2,998 Cost of URP Expected saleable resources Zhuhai 138 3,951 146 945 Huizhou 1,331 24,999 3,125 426 ◆ Limited investment in early stage, huge potential for unlocking Shanghai 2,790 8,541 214 3,067 value Total 21,738 197,564 7,252 2,998 ◆ Track record of steady conversion of URPs into land bank

Note: (1) Before construction cost for resettlement units

URPs (both in land bank and pipelines) are recorded at cost, leaving a huge gap between market value and book value

16 Expansion of New Businesses to Enhance Synergy

◆ Kaisa’s cultural activity and sports group undertook 4 projects, namely the sports complex at the Fenglin College under the Fudan University, the Huang Feihong Memorial Hall in Foshan and the Indoor Tennis Court in Luohu and Liudong Sports Center in Liuzhou, Guangxi

◆ Kaisa successfully organized the opening ceremony of The Chinese Football Association Super League in 2019, thus promoting its brand image internationally

◆ Construction of Kaisa’s Hi-tech Industrial City at the Airport in Xiaogan, Hubei is in full swing

Market Expansion by Kaisa’s Cultural Activity and Sports Group

All kinds of sports event organized by Kaisa Kaisa’s Hi-tech Industrial City at the Airport in Xiaogan, Hubei 17 Social Responsibility in Poverty Alleviation

◆Kaisa fulfills its society responsibility through poverty alleviation

◆Kaisa carried out its work in Longmen, Huizhou for more than 600 days, turning poverty-stricken villages into exemplary rural villages that have been lifted out of poverty. The company has been granted the title of “Outstanding collective for poverty alleviation work in Guangdong Province from 2016 to 2018” and rated as one of “The Top 10 Civilian-owned Enterprises that Made Outstanding Contribution to the Revival of Rural Economy”

18 3. Development Strategies for 2H2019 Strategies for development in 2H2019

Steady Growth Structure Improvement

Accelerate urban redevelopment Speed up property sales projects conversion

Maintain momentum of business Optimize investment in strategically- development focused regions

Deleveraging Seize New Opportunities

Optimize capital structure and reduce Capitalize on the advantages in Greater financing cost Bay Area and opportunities arisen from Shenzhen’s development into the Pilot Demonstration Area

Accelerate cash collection The trinity of property, urban renewal and industries as growth drivers

20 Expected Saleable Value in 2H2019

Saleable Value in 2H2019 Saleable Area in 2H2019

Tier 3 Tier 3 Tier 1 7% 18% 19%

Tier 1 49% Tier 2 44%

Tier 2 63%

RMB120 bn Saleable Value in 2H2019 6.6 mn sq. m. Saleable Area in 2H2019

Hainan Hainan 1% 3% Greater Greater Bay Pan Bohai Rim Bay Area Pan Bohai Rim Area 10% 61% 4% 44% Central China 5% Central China 9% Western China 13% Western China Yangtze River Delta Yangtze River Delta 23% 14% 13%

~60% Saleable Value from Greater Bay Area

21 URPs to Be Converted in 2H2019

Shenzhen Futian Dongshan Project Shenzhen Bailingda Project Shenzhen Nanmendun Project

• Close to Coco Park, • Hangcheng Street, • Central of Buji transportation hub , Location Binhe Road, Futian Location Bao’an District, Location District, Shenzhen Shenzhen Longgang District, Shenzhen Type of UPR • Old residential Type of UPR • Old industrial Type of URP • Old urban village Saleable GFA Saleable GFA Saleable GFA • 105,000 • 150,000 230,000 (sq. m.) (sq. m.) (sq. m.) • Saleable Saleable Saleable Value 12,600 • Value • 7,950 Value • 12,650 (RMB mn) (RMB mn) (RMB mn) • GFA of 47,000 sq. • Confirmed by Development Development • Confirmed by Development m. under implementation, Stage Stage Stage development implementation under demolition • Environmental • Residential with Future Plan • High-end residential Future Plan Future Plan residence commercial facilities

High Quality Land Bank Contribution from T1 Cities Nearly 500,000 sq. m. Saleable GFA, and RMB32.2 bn Saleable Value

22 Steady Conversion of URPs into Land Bank

URPs converted and to-be-converted into land bank in 2019 ASP of Nearby Expected Saleable Area Project Location Type Projects Saleable Value Stage (’000 sq. m.) (RMB/sq. m.) (RMB mn) Residential & Shanghai Xuhang Town Project Jiading, Shanghai 210 40,000 8,400 Converted Commercial Shenzhen Futian Border Project Futian, Shenzhen Residential 20 100,000 2,000 Converted Converted in 1H2019 230 10,400 Shenzhen Futian Dongshan Project¹ Futian Shenzhen Residential 105 120,000 12,600 To be converted in 2H2019 Shenzhen Bailingda Project Bao’an, Shenzhen Residential 150 53,000 7,950 To be converted in 2H2019 Shenzhen Nanmendun Project Longgang, Shenzhen Residential 230 55,000 12,650 To be converted in 2H2019 To be converted in 2H2019 485 33,200 Full year conversion in 2019 715 43,600

¹ GFA of 47,000 sq. m. has been under construction URPs to be converted into land bank in short term (1-2 years) ASP of Nearby Expected Saleable Saleable Area* Project Location Type Projects Value (’000 sq. m.) (RMB/sq. m.) (RMB mn) Shenzhen Xiaxue Village Project Longgang, Shenzhen Residential 230 53,000 12,190

Shenzhen Dapeng No.2 Industrial Zone Dapeng, Shenzhen Industrial 200 45,000 9,000

Shenzhen Shangxue Project Longgang, Shenzhen Industrial 180 54,000 9,720

Shenzhen Antaiyuan Project Longgang, Shenzhen Residential 10 53,000 530

Shenzhen Xinli Factroy Project Longgang, Shenzhen Industrial 250 48,000 12,000

Shenzhen Jianda Factory Project Longgang, Shenzhen Industrial 530 45,000 23,850 Shenzhen Pinghu Hongzhuling Project Longgang, Shenzhen Residential 300 53,000 15,900

Shenzhen Pinghu Xuri Project Longgang, Shenzhen Residential 590 48,000 28,320

Shenzhen Longhua Meiqi Industrial Project Longhua, Shenzhen Industrial 80 35,000 2,800

Expected conversion in short term 2,370 114,310

* Subject to government’s final approval and demolition & compensation arrangement 23 Steady Conversion of URPs into Land Bank

UPRs to be converted into land bank in mid-term (3-5 years) ASP of Nearby Expected Saleable Area* Project Location Type Projects Saleable Value (‘000 sq. m.) (RMB/sq. m.) (RMB mn) Shenzhen Xiangjiaotang Project Longgang, Shenzhen Residential 580 55,000 31,900 Shenzhen Banxuegang 08 Project Longgang, Shenzhen Residential 1,100 55,000 60,500 Shenzhen Makengshan Porject Longgang, Shenzhen Residential 70 55,000 3,850 Shenzhen Henggang Anliang Project Longgang, Shenzhen Residential 1,050 50,000 52,500 Shenzhen Bantian 35 Wan Project Longgang, Shenzhen Residential 60 55,000 3,300 Shenzhen Xixiang Project Bao’an, Shenzhen Residential 600 65,000 39,000 Shenzhen Guangming Central Area Guangming, Shenzhen Residential 740 55,000 40,700 Shenzhen Guanlan Project Longhua, Shenzhen Residential 350 50,000 17,500 Shenzhen Yangmei Village Project Longgang, Shenzhen Residential 105 58,000 6,090 Shenzhen Banxuegang 04 Project Longgang, Shenzhen Residential 620 44,000 27,280 Guangzhou Shixi Village Project Haizhu, Guangzhou Residential 900 53,000 47,700 Guangzhou Lianbian Village Project Baiyun, Guangzhou Residential 1,000 52,000 52,000 Guangzhou Yagang Village Project Baiyun, Guangzhou Residential 680 52,000 35,360 Expected conversion in mid-term 7,855 417,680

URPs to be converted into land bank in long term (Over 5 years) Site Area Project Location (’000 sq. m.) Greater Bay Area Shenzhen All Administrative Districts 4,600 Guangzhou Haizhu, Baiyun, Zengcheng, Panyu 4,600 Zhongshan Shaxi, Dachong, Shiqi, Henglan 8,500 Huizhou Huicheng 3,430 Zhuhai Doumen 127 Dongguan Changping 220 Foshan Lishui 133 Expected conversion in long term 21,610

* Subject to government’s final approval and demolition & compensation arrangement 24 Strategies for Deleveraging in 2H2019

300% 2017.12.31 258% 2018.6.30 236% 2018.12.31 191% 2019.6.30 Cash is king, and expedite cash collection

Enhance operation efficiency

Optimize capital structure and lower gearing

25 Shenzhen Has Been Destined to Be the Model City for China

◆Kaisa is well-positioned to capitalize this favorable government policy as an international model city

A new hub – Kaisa’s marine group Building a new image - Kaisa’s has ships that ply the busy routes in cultural activity and sports group the Greater Bay Area, assisting introduces international sports events Shenzhen in building a hub for air, into Shenzhen, contributing to the maritime and road transport in a city’s prosperity and enhancing its new era. image as a modern metropolis.

Focus on Property Business

Scaling new heights – Kaisa’s Building new living space – Kaisa’s property amusement park business will development business will leverage its 20 years construct an exemplary zone for ocean of experience in urban redevelopment to build theme cultural tourism. new living spaces for the citizens in Shenzhen.

26 4. Financial Performance Strong Growth in Contracted Sales

Contracted Sales (RMB mn) Contracted GFA ('000 sq. m.) Contracted ASP (RMB/sq. m.）

70,059 18,261 17,880 17,686 3,837 16,048 13,150 44,714 2,786 34,690 2,269 29,843 1,961 25,319 1,416

FY2016 FY2017 FY2018 1H2018 1H2019 FY2016 FY2017 FY2018 1H2018 1H2019 FY2016 FY2017 FY2018 1H2018 1H2019

Recognized Sales (RMB mn) Recognized GFA ('000 sq. m.) Recognized ASP (RMB/sq. m.)

36,081 2,241 2,097 17,209 16,580 31,206 16,092 1,867 13,923

18,502 16,739 1,116 8,968 13,985 869

FY2016 FY2017 FY2018 1H2018 1H2019 FY2016 FY2017 FY2018 1H2018 1H2019 FY2016 FY2017 FY2018 1H2018 1H2019

Strong Growth in Contracted Sales and Recognized Sales

28 Contracted Sales

1H2018 1H2019 Yangtze Central Yangtze River Delta Central China River Delta China Western 21% 8% 8% 14% China Western China 5% 7% Pan Bohai Pan Bohai Rim Rim 8% 15% Greater Bay Greater Bay Area Area 56% 58%

RMB25,319 mn in 1H2018 RMB34,690 mn in 1H2019

1H2018 1H2019

Tier 3 Tier 3 5% 3%

Tier 2 Tier 2 44% Tier 1 49% Tier 1 51% 48%

RMB25,319 mn in 1H2018 RMB34,690 mn in 1H2019

~50% Tier 1 Cities Sales Contribution ~60% Contracted Sales from Greater Bay Area

29 Recognized Sales

1H2018 1H2019

Yangtze Western China Central China River Delta 10% 9% Pan Bohai Rim 21% Central 7% China13% Yangtze River Delta 8% Western China Greater Bay 7% Area Pan Bohai Rim 66% 2% Greater Bay Area 57% RMB13,985 mn in 1H2018 RMB18,502 mn in1H 2019 1H2018 1H2019

Tier 2 Tier 3 Tier 2 Tier 3 37% 5% 30% 2%

Tier 1 Tier 1 58% 68%

RMB13,985 mn in 1H2018 RMB18,502 mn in 1H2019

~70% Recognized Sales Contribution from Tier 1 Cities ~60% Recognized Sales Contribution from Greater Bay Area

30 Financial Highlights in 1H2019

Strong Growth Solid Profitability Improving Credit

Revenue Gross Profit Interest Coverage Ratio(1)

(RMB mn) (RMB mn) 1.7x 1.7x 1.7x 11,129 38,705 1.2x 32,779 8,934 6,708 20,106 4,736 15,028

FY2017 FY2018 1H2018 1H2019 FY2017 FY2018 1H2018 1H2019 FY2017 FY2018 1H2018 1H2019

Total Assets Net Profit Attributable to Owners of the Company(2) Net Debt/EBITDA(3)

(RMB bn) (RMB mn) 9.1x 259 229 229 213 4,185 5.6x 6.0x 2,753 5.3x 1,776 1,412

FY2017 FY2018 1H2018 1H2019 FY2017 FY2018 1H2018 1H2019 FY2017 FY2018 1H2018 1H2019

Strong Growth, Solid Profitability and Improving Credit

(1) Interest Coverage Ratio = EBITDA / Interest Expense; (2) Core Net Profit = Net profit excluding net gain on repurchase of senior notes, net fair value gain on financial assets at FVTPL, fair value gain on investment properties, net of deferred tax and net exchange gains/ losses (3) Net Debt / EBITDA = (Short-term Borrowings + Long-term borrowings – Restricted Cash – Short term Bank Deposits – Long-term Bank Deposits – Cash and Cash Equivalents ) / EBITDA

31 Financial Highlights in 1H2019

P&L and Profitability (RMB mn) Balance Sheet and Credit Metrics (RMB bn)

1H2019 1H2018 %Change 1H2019 FY2018 %Change

Revenue 20,106 15,028 34% Total assets 259 229 13%

Total equity 45 36 25% Recognized revenue 18,502 13,985 32% from property sales Total borrowings 116 109 6% Gross profit 6,708 4,736 42%

Net borrowings 86 86 - Gross profit margin 33.4% 31.5% 2 ppts

Net gearing 191% 236% 45 ppts EBITDA¹ 8,129 6,981 16% Interest coverage 1.7X 1.7X - Profit attributable to ratio² 2,837 1,704 owners of the 67% company Net debt/EBITDA³ 5.3X 5.6X 0.3X Core net profit attributable to owners 2,753 1,776 55% Quick ratio4 1.3X 1.3X - of the company

◼ Strong Growth Momentum ◼ Improved Credit Metrics ◼ Healthy Profit Margin ◼ Improved Liquidity ◼ Scale Expansion

(1) EBITDA = Profit or loss for the period, changes in fair value of investment properties, changes in fair value of financial derivatives, net fair value change on financial assets at FVTPL, waiver of other payables, net gain on repurchase of senior notes, net finance cost (excluding net exchange gains/losses), net exchange gains/losses, impairment loss on interest in an associate, provisions for expected credit loss, capitalized interest charged to cost of sales, income tax expense, depreciation, amortization of intangible assets, amortization of land use rights, share-based payments and write down of completed properties held for sale and provisions for properties under development, write off of intangible assets (2) Interest Coverage Ratio = EBITDA / Interest Expense (3) Net debt/EBITDA = (Short-term Borrowings + Long-term Borrowings - Restricted Cash – Short-term Bank Deposits – Cash and Cash Equivalents) / EBITDA (4) Quick Ratio = (Restricted Cash + Short-term Bank Deposits + Cash and Cash Equivalents) / Short-term Borrowings

32 Liability Management and Funding Channel Expansion

Proactive Liability Management ◆ Issuer Rating: Moody’s B1/S&P B/Fitch B, Outlook Stable ◆ Repurchased USD560 mn senior notes year to date, reducing the outstanding principal amount of notes due in 2019 to USD140 mn ✓ USD250 mn 7.25% senior notes due Jun 2020 ✓ USD160 mn 12.0% senior notes due Dec 2019 ✓ USD150 mn 6.1% senior notes due Dec 2019 ◆ Further expand investor base, lower funding cost, extend maturity profile

Expand Onshore Financing Channels

◆ Issued ABS to diversify onshore funding channel AA+ (RMB mn) Quota Issued Size Supply Payables 5,000 550 Long-term Rental Apartments 3,000 In preparation Mortgage Balloon Payments 1,340 690 Shipping Business 480 475 Total 9,820 1,720

33 Debt Structure and Maturity

Debt Structure Debt Maturity Profile

Onshore Bank FY2018 1H2019 Borrowings 50% 38% 42.9% Offshore 34.5% Senior ◆ Total Borrowing 40% RMB115.5 bn 31.7% 30.4% Notes 30% 40% ◆ Onshore: 58% 19.4% 22.3% ◆ Offshore: 42% 20% 15.6%

Onshore 10% 3.2% Offshore Non-Bank 0% Bank Borrowings Borrowings Within 1 year Between 1-2 Between 2-5 Over 5 years 2% 20% years years

Net Gearing (RMB 1 - 2 2 - 5 Funding 350% < 1 Year > 5 Years Total bn) Years Years Cost 308% 300% 300% Onshore 14.1 33.5 15.5 3.6 66.7 8.16% 250% 236%

200% Offshore 8.3 6.4 34.1 - 48.8 9.31% 191%

150% Total 22.4 39.9 49.6 3.6 115.5 8.60% 100% FY2016 FY2017 FY2018 1H2019

34 5. Appendix 1H2019 Earnings

(RMB bn) 1H2019 1H2018 %Change

Revenue 20.11 15.03 +33.8% -Sales of properties 18.50 13.98 +32.3% -Rental income 0.19 0.13 +46.2% -Property management services 0.38 0.20 +90.0% -Hotel and catering operations 0.10 0.11 -9.1% -Cinema, department store and cultural center operations 0.14 0.11 +27.3% -Water-way passenger and cargo transportation 0.39 0.36 +8.3% -Others 0.40 0.14 +185.7% Cost of sales 13.40 10.29 +30.2% Gross profit 6.71 4.74 +41.6% Gross profit margin 33.4% 31.5% +1.9 ppts Net profit 2.78 2.23 +24.7% Net profit margin 14% 15% -1.0 ppts Profit attributable to owners of the Company 2.84 1.70 +67.1% Core net profit(1) 2.69 2.30 +17% Core net profit attributable to owners of the Company 2.75 1.78 +55.0%

(1) Core Net Profit = Net profit excluding net gain on repurchase of senior notes, net fair value gain on financial assets at FVTPL, fair value gain on investment properties, net of deferred tax and net exchange gains/ losses

36 Balance Sheet

(RMB bn) 1H2019 FY2018 %Change

Total assets 259.0 229.0 +13%

Total liabilities 214.1 192.7 +11%

Net current asset 65.5 66.7 -2%

Total equity 44.9 36.3 +24%

Cash and bank deposits 30.0 22.9 +31%

Quick ratio(1) 1.3X 1.3X -

Leverage ratio(2) 33% 38% -5 ppts

Net gearing ratio(3) 191% 236% -45 ppts

(1) Quick ratio equals to cash and bank balances, short-term bank deposits and restricted cash over short-term borrowings (2) Leverage ratio equals to net debt (total borrowings net of cash and bank balances, short-term bank deposits, long-term bank deposits and restricted cash ) over total assets (3) Net gearing ratio equals to net debt (total borrowings net of cash and bank balances, short-term bank deposits, long-term bank deposits and restricted cash ) over total equity

37 Land Acquisition in 1H2019

Attributable Attributable Time of Attributable Site Area GFA Way of Location GFA Consideration Type Acquisition Interest (sq. m.) (sq. m.) Acquisition (sq. m.) (RMB mn) Residential 1 Feb-19 Huizhou, Guangzhou 100% 11,199 33,597 33,597 90 M&A Commercial 2 Feb-19 Suzhou, Jiangsu 100% 32,006 48,008 48,008 891 Residential Bidding

3 Feb-19 Hangzhou, Zhejiang 50% 19,175 38,350 19,175 316 Residential Bidding

4 Apr-19 Qingyuan, Guangdong 100% 343,749 1,183,327 1,183,327 4,661 Residential M&A

5 Apr-19 Xiaogan, Hubei 70% 218,814 262,577 183,804 47 Industrial Bidding

6 Apr-19 Dalian, Liaoning 100% 24,334 85,169 85,169 270 Residential M&A

7 Apr-19 Nanjing, Jiangsu 100% 65,698 144,535 144,535 940 Residential M&A

8 Apr-19 Nanjing, Jiangsu 51% 73,686 103,160 52,612 607 Residential Bidding

9 May-19 Dongguan, Guangdong 51% 38,096 95,238 48,572 529 Residential Bidding

10 May-19 Chongqing 100% 41,724 104,311 104,311 1,050 Residential Bidding

11 Jun-19 Guangzhou, Guangdong 100% 47,626 94,960 94,960 1,485 Residential Bidding

12 Jun-19 Foshan, Guangdong 100% 31,017 93,052 93,052 1,163 Residential Bidding

13 Jun-19 Wuhan, Hubei 100% 56,901 142,252 142,252 538 Residential Bidding

14 Jun-19 Shenzhen, Guangdong 70% 9,467 42,600 29,820 830 Residential Urban Renewal

15 Jun-19 Shanghai 90% 126,923 213,515 192,164 2,790 Residential Urban Renewal

Total 1,140,415 2,684,652 2,455,357 16,206

38 A Pioneer in Great Bay Area

Favorable policies on the development of the Greater Bay Area and Shenzhen

Issued in Documents Issued by Effects on the property markets in the region

Feb 2019 Outline Development Plan for the Guangdong- Central Committee of CPC, State 1. Facilitating the upgrading and transformation of Hong Kong-Macao Greater Bay Area Council industries, boosting both the land value and demand for land July 2019 Opinions on how to implement the “Outline Provincial Committee of the CPC 2. Conducive to exchange of ideas and Development Plan for the Guangdong-Hong and Provincial Government of cooperation among the talents, leading to Kong-Macao Greater Bay Area” Guangdong convergence of population in certain areas 3. Presenting opportunities to commerce and July 2019 Three-year Action Plan for Guangdong-Hong Guangdong Provincial Work Group industries in the area such as logistics, retail, Kong-Macao Greater Bay Area from 2018 to for Promoting the Development of cultural tourism, entertainment, transportation, 2020 the Guangdong-Hong Kong-Macau high technology industry, financial service and Greater Bay Area trading, etc. Aug 2019 Opinions on Supporting Shenzhen’s Central Committee of CPC, State 4. Stimulating development of the market for Development into the Pilot Demonstration Area Council residential properties along the high-speed rail of Socialism with Chinese Characteristics or near to important infrastructure projects

Guangzhou: a hub of international Eastern bank of Pearl River commerce, a hub of transport and Delta: a zone for electronics logistics in southern China, an and information technology international metropolis industries Shenzhen Zhaoqing Guangzhou Longgang Huizhou Guangming Longhua Western bank of Pearl River Pingshan Delta: a zone for high-end Foshan Dongguan Bao’an Pinghu equipment manufacturing Bantian Shenzhen: a technological Henggang Dapeng Zhongshan Shenzhen innovation centre of Buji international standing Nanshan Luohu Yantian Hong Kong Nan’ao Jiangmen Zhuhai Futian Macau

Guangzhou-Shenzhen-Hong Kong Express Rail Link (in operation / a 48- Guangzhou–Dongguan–Shenzhen intercity railway(to be put into operation on 30 Sept 2019 / Land bank minute journey / a 14-minute drive between Hong Kong and Shenzhen) a 60-minute journey) Shenzhen-Zhongshan Bridge (to be put into operation in Hong Kong-Zhuhai-Macau Bridge(in operation/ a 30-minute journey) Urban redevelopment projects in the pipeline 2024 / a 30-minute journey) Human Bridge (in operation) Nansha Bridge (in operation / reducing the travel distance between Dongguan and Panyu by 10km and the journey by 30 minutes) 39 URPs with Low Cost Secure Healthy Margin

Land Cost of URPs in Land Bank Shenzhen Residential Land Auction in June 2019 (RMB/sq. m.) Land Cost per Saleable GFA (RMB/sq. m.)

GFA: 7.3 m sq. m.

67,000 Average Residential ASP in Shenzhen ~RMB50,000/ sq. m. Construction cost of resettlement 56,000 units

Avg. cost of securing land-URP 42,000 42,800

8,900 7,500 15,230 4,500 4,500 3,000 4,400 URP Shenzhen URP Bao'an Longhua Guangming small plot Guangming big plot Pingshan

Source: Shenzhen government website

Avg. Selling Price of Existing URPs URPs Ensure Healthy Gross Profit Margin

(RMB/sq. m.)

Shenzhen URP land cost 8,900 ASP of Shenzhen URPs: 33.4% 31.5% – Bantian Residential 53,000 27.3% 28.8% Apartment 40,000 – Future City Residential 49,000 – Yantian Residential 49,000 13.0% – Pinghu Residential 44,000 Apartment 35,000 2016 2017 2018 1H2018 1H2019

40 Seize the Opportunities Arisen in Shenzhen Market

Goals of Shenzhen’s development into a model city Kaisa’s Operational Data in Shenzhen as of June 2019 of socialism with Chinese characteristics

◆ Land bank in Shenzhen accounted for 13% of the Group’s total land bank To become a competitive, ◆ Saleable resources of land bank in Shenzhen To become a To become a innovative accounted for 32% of the Group’s total land bank modern, model city of and saleable resources international a strong, influential city and modernized, of an ◆ Site area of Shenzhen URPs accounted for 32% innovative socialist state international of the total site area¹ of URP pipeline city by 2025 by 2035 standing by mid-century ◆ Kaisa ranked² 3rd by contracted GFA sold in Shenzhen in 1H2019 ¹Not yet included in the land bank ²CRIC’s charts of TOP 20 property developers by GFA sold for Jan-Jun of 2019 in Shenzhen. Vanke ranked first and Overseas Chinese Town Holdings Company ranked second

Strategic positioning of Shenzhen as a model city of socialism with Chinese characteristics Shenzhen City Overview (data as of 2018) ◆ Shenzhen has a permanent population of 13.03 million A model of high-quality ◆ Shenzhen ranked first among China’s four first-tier cities by development the net inflow of migrant population, at almost 500,000 ◆ In 2018, Shenzhen’s GDP was about RMB2.422 trillion, less only than those of Shanghai and Beijing but already exceeded A pioneer of An example of sustainability law and order that of Hong Kong. Shenzhen ranked first in Greater Bay Area by GDP ◆ Shenzhen ranked first in China and fifth in the world by competitive strength³ A sample of An model of societal civilisation ◆ Shenzhen’s four pillar industries are hi-tech industry (the satisfaction fastest-growing one), financial service, modern logistics and cultural industry

Source: Statistics about Shenzhen’s economic and social developments in 2018 ³Global Urban Competitiveness Report 2018-2019 jointly publicized by NATIONAL ACADEMY OF ECONOMIC STRATEGY, CASS and The United Nations Human Settlements Programme

41 Abundant Premium Projects in Shenzhen

Projects in land bank (21)

Major URPsTransportation in pipeline Link (88) in Shenzhen

Inno Park Major transportation hubs in Shenzhen 云创谷

Kaisa E Cube 光明区佳兆业E立方 Guangming District 龙岗区龙华区 Longgang District Longhua District Pinghu Kaisa Plaza 平湖佳兆业广场 Kaisa Future City 佳兆业未来城 Bailingda Project 坪山区百灵达项目 Shangxue Project Pinghu Pingshan District 宝安机场宝安区上雪项目平湖 Bao’an Airport Bao’an District 坂田 Henggang Bantian Kaisa City Plaza 大鹏新区 Bantian 横岗 Yantian Kaisa City Plaza Inno City 坂田佳兆业城市广场盐田佳兆业城市广场 Dapeng New District 云创城 Luohu Dongmen Project 盐田区 North Station 罗湖东门项目 Yantian 深圳北站 Nanmendun Project Kaisa Golden Bay International District Park Kaisa Financial Center 南门墩项目南山区佳兆业金沙湾国际乐园佳兆业金融中心罗湖区 Nanshan Luohu District District 盐田港 Yantian Port Futian Dongshan Project 福田区福田东山项目沙头角口岸 Futian District 罗湖口岸 Shatoujiao 前海 Futian Border Project Luohu Checkpoint Checkpoint Qianhai 福田口岸项目皇岗口岸福田口岸 Huanggang 深圳湾 Futian Checkpoint Shenzhen Bay Checkpoint Checkpoint Nan’ao Project 香港南澳项目蛇口港 Hong Kong Shekou Port

Land Bank – GFA URP Pipeline Site Area¹ As of 30 June 2019 (‘000 sq. m.) (‘000 sq. m.) Shenzhen 3,249 10,256

¹not in land bank; plot ratio is not yet calculated

42 Metro-accessible Projects in Shenzhen

◆ Has 8 metro-accessible projects in Shenzhen, occupying prime locations ◆ Strategic project location reserves great potential for value appreciation

Mid to long term planning of railway transit in Shenzhen

Niuhu Pinghu (expected to (expected to pen in June Pinghu Kaisa Kaisa E Cude open in 2020) 2020) &Pinghu Railway Station Plaza (For Sale) (For Sale) Changzhen (expected to open in2020) & Guangmingcheng High Speed Rail Station Dayun (existing) & Xuexiang & Gangtou Nam Tai Inno (existing) Longcheng Park (expected to open in Kaisa Future City Park (Under (expected to open in June 2020) Construction) 2022) (For Sale)

Yantian Road Bantian Kaisa (expected to open Yantian Kaisa in May 2020) City Plaza City Plaza (For Sale) (For Sale) Shaibu

Kaisa Financial Dongmendao Center Science Project (Under Museum (Under Construction) Construction)

43 Track Record of URPs Conversion

◆ In the past 10 years (2008-2018), converted GFA of approximately 940,000 sq. m. every year ◆ Successfully converted over 12 million sq. m. urban renewal projects since established

GFA No. of URPs Year Projects Locations Type converted converted (‘000 sq. m.) 1999 Shenzhen Woodland Height Longgang, Shenzhen Residential 580 1 2001 Shenzhen Mocha Town Longgang, Shenzhen Residential 735 1 2004 Shenzhen Kaisa Center Futian, Shenzhen Residential 98 1 2005 Guangzhou Kaisa Plaza Tianhe, Guangzhou Commercial 233 1 2006 Shenzhen Jincui Garden Luohu, Shenzhen Residential 106 1 Zhuhai Lake view Waldorf Garden (phase 1-2) Xiangzhou, Zhuhai Residential 2007 655 2 Shenzhen Kaisa Financial Center Futian, Shenzhen Commercial 2008 Huizhou Kaisa Riverbank New Town Boluo county, Huizhou Residential 4,326 1 Shenzhen Metro City Longgang, Shenzhen Residential 2010 1,209 2 Shenzhen Kaisa City Plaza Longgang, Shenzhen Residential 2011 Dongguan Le Grand Bleu Shatian town, Dongguan Residential 717 1 2012 Shenzhen Marriott Hotel Golden Bay Dapeng, Shenzhen Commerical 78 1 2013 Shenzhen Dapeng Kaisa Peninsula Resort Dapeng, Shenzhen Commercial 186 1 2014 Shenzhen Yantian Kaisa City Plaza Yantian, Shenzhen Residential 694 1 Dongguan Riverside Woods Palace Fenggang town, Dongguan Residential 2015 358 2 Dongguan Riverside Hillview Palace Fenggang town, Dongguan Residential Shenzhen Pinghu Kaisa Plaza Longgang, Shenzhen Residential 2016 754 2 Shenzhen Kaisa Future City Longgang, Shenzhen Residential Shenzhen Inno Park Guangming, Shenzhen Industrial 2017 538 2 Shenzhen Inno City Bao'an, Shenzhen Industrial Guangzhou Xiaoping Village Baiyun, Guangzhou Residential 2018 Shenzhen Dongmen Project Luohu, Shenzhen Commercial & Residential 595 3 Zhuhai Lake View Waldorf Garden (phase 3) Xiangzhou, Zhuhai Residential Shanghai Xuhang Town Project Jiading, Shanghai Residential 1H2019 223 2 Shenzhen Futian Border Project Futian Shenzhen Residential 12,085 25

44 Shareholding Structure (As of 30 June 2019)

• Founder and chairman • 20 years of industry experience • Responsible for overall strategy, investment planning and human resources strategy

Funde Sino Life Kwok Family Other public investors Insurance Co., Ltd. 25.29% 39.37% 35.34%

Hotel and catering Sales of properties Rental income Property management Others operations

◼ Generate revenue from ◼ Management and ◼ Provide property ◼ Operation of five-star ◼ Cultural & leisure, sale of residential operation of management services hotels, boutique shipping business, properties, villas, commercial properties ◼ Accounting for 2.0% of business hotel chains, health care and service apartments, to generate income revenue as end of and serviced technology to bring commercial and ◼ Accounting for 1.0% of 1H2019 apartments synergy for future integrated commercial revenue as end of ◼ Accounting for 0.5% of property development buildings etc, 1H2019 revenue as end of ◼ Accounting for 4.5% of ◼ Accounting for 92.0% 1H2019 revenue as end of of revenue as 1H2019 1H2019

Property Related Businesses Contribute 95.5% of Total Revenue in 1H2019