China / Hong Kong Company Guide

China Jinmao Holdings Version 9 | Bloomberg: 817 HK EQUITY | Reuters: 0817.HK Refer to important disclosures at the end of this report

DBS Group Research . Equity 9 Aug 2017

HOLD Positives largely in the price Last Traded Price ( 8 Aug 2017):HK$3.48 (HSI : 27,855) Price Target 12-mth: HK$3.20 (8% downside) (Prev HK$2.40) Becoming a high beta stock. China Jinmao has raised its medium sales Analyst target; raised 2019 target from Rmb80bn to Rmb100bn. Parentco’s Ken HE CFA, +86 21 6888 3375 [email protected] support and more potential from its primary land business will diversify Carol WU +852 2863 8841 [email protected] its landbanking channels while co-investment scheme at project level Danielle WANG CFA, +852 2820 4915 [email protected] will drive property sales. Yet, we are also seeing rising risks for its Trista QIN +852 2863 8820 [email protected] residential business. The company is still chasing high turnover, despite What’s New the high-end positioning of its projects. In addition, its net gearing is high (108% if treating perpetual bonds as debt). Any slowdown in  Fast landbanking coupled with co-investment property sales could put pressure on its cash flow and margins. The scheme has led to higher medium-term sales stock is trading at 8.8x FY18F PE and we believe potential positives are target largely in the price.

 More channels to access land, but further More landbanking channels and higher sales target. The company acquisitions could stretch balance sheet expects more synergies with parentco and has been granted an option  Earnings largely from land sales, which is to acquire one project incubated by parentco. In addition, it expects unstable; also highly leveraged more primary land opportunities in cities like Fuzhou, Xiamen, Qingdao, Nanjing, Guangzhou, and Wenzhou, to extract synergies between  HOLD with TP raised to HK$3.20, after rolling over primary land development and property development. The management is confident of achieving Rmb58bn sales in 2017 and to FY18F EPS expects to record Rmb80bn/Rmb100bn in 2018/2019 respectively. Blended gross margin is guided at 30-35% in the medium-term, vs. our Price Relative and consensus’ projection of 35%+ over FY17-19F. HK$ Relative Index 218

3.6 198 Strong 1H17 results and special dividends was well-anticipated. Core 178 3.1 158 earnings grew 121% y-o-y, mainly driven by primary land business. Yet, 138 2.6 gross margin for its residential projects remains low at 21%. Special 118 98 dividend of 8.17HK cents for its 10-year listing implies 2.3% yield, but 2.1 78 this was largely anticipated by the market. Net gearing went up to 1.6 58 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 108% if treating perpetual bonds as debt, and has not factored in

China Jinmao Holdings (LHS) Relative HSI (RHS) unpaid land premium at end-1H17 (c.Rmb10.6bn) and leverage at JV Forecasts and Valuation levels. Profitability could be diluted due to higher finance costs (lower FY Dec (HK$ m) 2015A 2016A 2017F 2018F captalisation ratio due to more JV projects) and higher minority Turnover 22,110 30,796 36,769 47,723 EBITDA 6,816 9,278 9,289 12,543 interests (perpetual bonds). Pre-tax Profit 7,973 9,351 8,069 11,557 Net Profit 3,473 2,581 3,656 4,221 Valuation: Core Profit 2,557 2,383 3,656 4,221 We revised up our TP to HK$3.20, based on 8.0x FY18F PE, on par with Core Profit Gth (%) (22.3) (6.8) 53.4 15.4 its historical average since 2011. The share is currently trading at 8.8x EPS (HK$) 0.35 0.24 0.34 0.40 FY18F PE. EPS (HK$) 0.35 0.24 0.34 0.40 EPS Gth (%) (35.8) (30.8) 41.7 15.4 Key Risks to Our View: PE (X) 10.0 14.4 10.2 8.8 Better-than-expected sales/earnings growth could be a potential risk to P/Cash Flow (X) 5.8 nm nm 36.1 our HOLD rating. EV/EBITDA (X) 13.3 10.6 11.3 8.5

DPS (HK$) 0.08 0.09 0.14 0.16 Div Yield (%) 2.3 2.6 3.9 4.5 At A Glance Issued Capital (m shrs) 10,672 Net Gearing (%) 55.3 49.4 51.4 47.7 ROE (%) 9.8 7.9 10.3 11.1 Mkt. Cap (HK$m/US$m) 37,140 / 4,749 Book Value (HK$) 3.30 3.06 3.32 3.57 Major Shareholders P/Book Value (X) 1.1 1.1 1.0 1.0 Sinochem Corporation (%) 54.0 New China Life Insurance Company Ltd. (%) 9.9 Earnings Rev (%): Nil Nil GIC Private Limited (%) 5.9 Consensus EPS (HK$) 0.32 0.40 Free Float (%) 30.2 Other Broker Recs: B: 11 S: 1 H: 5 3m Avg. Daily Val. (US$m) 11.1 Source of all data on this page: Company, DBSV, Thomson Reuters, HKEX ICB Industry : Financials / Real Estate

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Company Guide

China Jinmao Holdings

Results vs. expectations

Value (growth) % of our estimate % of consensus forecast Below or above expectation

Revenue 104.0% 48.4% 45.0% In line Core earning 121.3% 65.3% 58.9% In line

1H17 1H16 Up/Down Below or above expectation Gross margins 35.9% 40.0% Down Below SG&A as % of contracted sales 4.8% 5.6% Down In line

1H17 End-16 Up/Down Below or above expectation Cash level (HK$ bn) 21,561 20,374 Up In line Net debt ratio 69.6% 49.4% Up In line

1H17 1H16 Yield Below or above expectation DPS (HK$) 0.0817 nil 2.3% In line

Source: Company, DBS Vickers

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Company Guide China Jinmao Holdings

Summary of 1H17 results FY Dec (Rmb mn) 1H17 1H16 y-o-y % 1H17 Comments (Restated) Revenue 17,837 8,739 104% Property sales 15,818 6,971 127% more booking from property/land sales Property leasing 679 642 6% Hotel operations 1,031 922 12% Others 461 365 26% Cost of goods sold (11,428) (5,243) 118% Gross profit 6,410 3,496 83% mainly driven by primary land Other income and gains (43) 294 n/m SG&A (1,401) (1,004) 39% Operating profit 4,966 2,785 78% Other non-core gains 109 5 2310% Fair value gains on IPs 438 404 9% Interest income 404 207 95% Finance costs (728) (221) 230% increase in total debt while lower interest capitalisation rate Share of loss of JCEs 15 (69) n/m Pretax profit 5,205 3,111 67% - Income Tax (1,666) (826) 102% - LAT (155) (368) -58% Tax (1,821) (1,194) 53% Minority interests (884) (432) 105% Reported profit 2,499 1,485 68% Reported core earning 2,216 1,034 114% DBS calculated core earning 2,121 959 121%

Gross profit margin (%) 35.9% 40.0% ↓ 4 ppts Reported profit margin (%) 14.0% 17.0% ↓ 3 ppts Reported core profit margin (%) 12.4% 11.8% ↑ 1 ppts Core profit margin (%) 11.9% 11.0% ↑ 1 ppts SG&A as % of top line (%) 7.9% 11.5% ↓ 4 ppts SG&A as % of presales (%) 4.8% 3.9% ↑ 1 ppts Effective tax rate (%) 35.0% 38.4% ↓ 3 ppts EPS (RMB) 0.2342 0.1214 93% Core EPS (RMB) 0.2076 0.0969 114% DPS (HK$) 0.0817 - n/m special dividends for 10-year listing

1H17 End-FY16 Net debt ratio 69.6% 49.4% ↑ 20 ppts Net debt ratio (adjusted by perpetuals) 108.2% 56.8% ↑ 51 ppts Cash level 21,561 20,374 6%

Source: Company, DBS Vickers

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Company Guide

China Jinmao Holdings

Operating cash flow projection

1H17 2H17 FY17E Inflow 26.6 27.2 53.8 Property sales 24.7 25.3 50.0 Rental & hotel 1.9 1.9 3.8

Outflow 29.7 20.7 31.6 Committed land premium 3.0 10.6 10.2 New land acquisitions 15.4 Construction capex 4.2 6.8 11.0 SG&A 1.3 1.3 2.6 Tax 4.4 0.6 5.0 Interest 1.4 1.4 2.8

Net cash flow (3.1) 6.5 22.2

Source: Company, DBS Vickers

Unbooked property sales

(Rmb bn) As of end-1H17 Unbooked residential sales 49.6 - to be booked in 2H17 c.30%

Source: Company, DBS Vickers

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Company Guide China Jinmao Holdings

CRITICAL FACTORS TO WATCH Contracted sales Critical Factors Rmb m % More access to landbanking. The company was granted an 60,000 90 80 option to acquire parentco’s project in Tianjin and expects more 50,000 70 such synergies to surface ahead, which could diversify its 40,000 60 landbanking channels, which is positive. In addition, 50 30,000 management expects more primary land projects to be signed in 40 20,000 30 2H17. However, its net gearing was already high as at end- 20 10,000 1H17 and further acquisitions could further stretch its balance 10 sheet. 0 0 FY11 FY12 FY13 FY14 FY15 FY16 Looking at higher sales target in the mid-term. The company is Gross margins now looking at sales of Rmb100bn in 2019 vs. previous target 60% of Rmb80bn. Management is confident of achieving its 2017 50% sales target despite a relatively low sales lock-in ratio of 41%, vs. 40% sector average of 56%. Management indicated that there will be more launches in 2H17, especially in tier 1 cities and more 30% lands for sale in Changsha and Nanjing. Sell-through stayed 20% high at 73% in 1H17. We believe the company may be able to 10% achieve the higher target, while attributable percentage is a key. 0% FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Aiming at 30-35% gross margin in the medium-term, vs. our SG&A as % of contracted sales and consensus’ gross margin projection of 35%+ in FY17-19F. But, residential development hasn’t seen pick-up in gross 16% margins. Gross margin of property development business 14% (excluding land sales) was relatively low at 21% in 1H17. The 12% low gross margin could add risks to its high turnover model for 10% 8% its high-end positioning. 6%

4% Items to dilute profitability below gross profit. The company has 2% more JV projects and net gearing could be even higher 0% including those debts at JV levels. In addition, interests related FY11 FY12 FY13 FY14 FY15 FY16 to unconsolidated projects cannot be captalised, which could Average funding costs drive up future finance cost. In fact, its finance costs went up 8% 230% y-o-y, due to the build-up in total debt and lower captalisation ratio (53% in 1H17 vs. 81% in 1H16). In addition, 6% it has Rmb11bn perpetual bonds, which could drive up minority interests and dilute profit attributable to shareholders. 4%

Meixi Land phase 2 is uncertain. According to management, 2% local government may change part of the planning for Meixi

Land phase 2 in Changsha. As a result, we have not included 0% revenue/profit contribution from Meixi Land phase 2 in our FY11 FY12 FY13 FY14 FY15 FY16 estimates. Effective tax rate 50%

40%

30%

20%

10%

0% FY11 FY12 FY13 FY14 FY15A FY16A FY17E FY18E Source: Company, DBS Vickers

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Company Guide

China Jinmao Holdings

Balance Sheet: Leverage & Asset Turnover (x) Highly leveraged. Reported net gearing (on total equity) was 0.3 0.90 70% as at end-1H17. If treating perpetual bonds as debts, net 0.80 gearing on total equity and on attributable equity was 108% 0.70 0.3 and 165% respectively, based on our calculation. This has not 0.60 factored in unpaid land premium of Rmb10.6bn (attributable). 0.50 0.2 0.40 0.30 0.2 Special dividends is positive. The company announced a special 0.20 dividend of HK8.17cents, representing a 2.3% dividend yield 0.10 0.00 0.1 based on last close. Management indicated that it intends to 2014A 2015A 2016A 2017F 2018F maintain its 40% dividend payout (excluding special dividends) Gross Debt to Equity (LHS) Asset Turnover (RHS) in the medium-term. Capital Expenditure HK$m 0.0 Share Price Drivers: -500.0 Better-than-expected earnings growth could drive share price -1,000.0 performance. Strong sales pick up in 2H17 and better-than- -1,500.0 -2,000.0 expected earnings growth might serve as a re-rating catalyst. -2,500.0

-3,000.0

-3,500.0 Key Risks: 2014A 2015A 2016A 2017F 2018F Further land king acquisitions could affect its balance sheet. Capital Expenditure (-) Aggressive landbanking in 2016/1H17 and government cooling measures in key tier 1/2 cities could undermine its ROE pricing strategy, thus potential affecting its turnover and 14.0% margins. 12.0%

10.0%

Company Background 8.0%

China Jinmao Holdings Group Ltd. (previously known as 6.0%

Franshion Properties) is a PRC-based developer focusing on 4.0% high-end residential and commercial properties in tier 1/2 2.0% cities. It has positioned as Sinochem Group’s flagship property 0.0% company and also owns another platform – Jinmao 2014A 2015A 2016A 2017F 2018F Investment, which is a business trust with a sizeable portfolio Forward PE Band of high-end hotels and offices. It was listed on HKEx on 17 x August 2007. 30 25

20 15 +1SD: 13.3x 10 Avg: 8.8x 5 -1SD: 4.3x 0

Jul-14 Jan-11 Oct-12 Apr-16 Dec-17 Aug-07 May-09

PB Band x 3.5 3.0 2.5 2.0 1.5 +1SD: 1.3x 1.0 Avg: 0.9x 0.5 -1SD: 0.5x 0.0

Jul-14 Jan-11 Oct-12 Apr-16 Dec-17 Aug-07 May-09 Source: Company, DBS Vickers

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Company Guide China Jinmao Holdings

Key Assumptions FY Dec 2017F 2018F

Property price growth 0.0% 0.0% Rental for office 5.0% 5.0%

Rental for retail 0.0% 0.0% ADR growth for hotel 0.0% 0.0%

Source: Company, DBS Vickers

Segmental Breakdown (HK$ m)

FY Dec 2014A 2015A 2016A 2017F 2018F Revenues (HK$ m) Property and land development 25,545 17,897 26,611 32,249 43,083 Property leasing 1,398 1,491 1,438 1,509 1,585 Hotel operations 2,127 2,257 2,132 2,394 2,439 Others 478 465 616 616 616 Total 29,548 22,110 30,796 36,769 47,723 Source: Company, DBS Vickers

Income Statement (HK$ m) FY Dec 2014A 2015A 2016A 2017F 2018F Turnover 29,548 22,110 30,796 36,769 47,723 Cost of Goods Sold (17,989) (13,561) (19,286) (24,368) (30,771) Gross Profit 11,559 8,549 11,510 12,400 16,952 Other Opg (Exp)/Inc (2,419) (2,012) (2,541) (3,569) (4,183) Operating Profit 9,140 6,538 8,969 8,831 12,769 Associates Inc (33) (106) (81) 49 (656) Net Interest (Exp)/Inc (854) (44) (419) (810) (557) Exceptional Gain/(Loss) 2,286 1,586 883 0 0 Pre-tax Profit 10,540 7,973 9,351 8,069 11,557 Tax (3,884) (2,871) (4,193) (2,893) (4,785) Minority Interest (1,360) (1,313) (2,299) (1,453) (2,551) Net Profit 4,980 3,473 2,581 3,656 4,221 Core Profit 3,293 2,557 2,383 3,656 4,221

Sales Gth (%) 42.6 (25.2) 39.3 19.4 29.8 Net Profit Gth (%) 27.3 (30.3) (25.7) 41.7 15.4 Core Profit Gth (%) 27.0 (22.3) (6.8) 53.4 15.4 Gross Mgn (%) 39.1 38.7 37.4 33.7 35.5 Core Profit Margin (%) 11.1 11.6 7.7 9.9 8.8 Tax Rate 36.9 36.0 44.8 35.9 41.4

Source: Company, DBS Vickers

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Company Guide

China Jinmao Holdings

Balance Sheet (HK$ m) FY Dec 2014A 2015A 2016A 2017F 2018F

Fixed Assets 49,742 49,863 55,772 55,675 55,245 Invts in Assocs & JVs 1,861 2,897 6,064 6,112 5,456 Other LT Assets 30,764 32,378 29,098 30,797 30,797 Cash & ST Invts 14,053 16,417 22,980 19,150 19,096 Other Current Assets 41,606 57,345 74,339 63,154 77,910 Total Assets 138,026 158,900 188,252 174,889 188,504

ST Debt 4,072 8,575 14,600 14,600 14,600 Creditors 23,239 36,452 49,592 31,181 39,486 Other Current Liab 6,592 9,179 16,321 16,321 16,321 LT Debt 42,687 40,403 39,455 39,455 39,455 Other LT Liabilities 5,103 5,388 5,411 5,411 5,411 Minority Interests 18,682 18,860 27,203 32,530 35,081 Shareholder’s Equity 37,650 40,043 35,671 35,392 38,150 Total Capital 138,026 158,900 188,252 174,889 188,504

Share Capital (m) 9,154 9,938 10,672 10,672 10,672 Net Cash/(Debt) (32,707) (32,561) (31,075) (34,904) (34,959) Working Capital 11,775 11,714 8,426 15,652 22,102 Net Gearing (%) 58.1 55.3 49.4 51.4 47.7

Source: Company, DBS Vickers

Cash Flow Statement (HK$ m) FY Dec 2014A 2015A 2016A 2017F 2018F

Profit Before Tax 10,540 7,973 9,351 8,069 11,557 Assoc. & JV Inc/(loss) 33 106 81 (49) 656 Tax Paid (2,465) (2,772) (3,283) (2,893) (4,785) Depr/Amort 329 385 390 409 430 Chg in Wkg.Cap. (15,910) 4,624 (7,816) (7,539) (6,450) Other Non-Cash (4,012) (4,342) (3,346) (127) (380) Operating CF (11,485) 5,973 (4,622) (2,129) 1,028 Net chg in inv. (110) (174) (261) (1,700) 0 Assoc, MI, Invsmt (9,813) (11,480) 412 424 380 Investing CF (9,923) (11,654) 152 (1,275) 380 Net Chg in Debt 15,680 3,616 8,692 0 0 New Capital (208) 4,357 (1,624) (3,273) 0 Dividend (870) (1,227) (814) (960) (1,463) Other Financing CF 4,812 141 6,110 3,808 0 Financing CF 19,414 6,887 12,363 (426) (1,463) Chg in Cash (2,035) 671 7,228 (3,830) (55) Chg in Net Cash (11,694) 146 1,486 (3,830) (55)

Source: Company, DBS Vickers

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Company Guide China Jinmao Holdings

Discount to NAV Discount to NAV band

% HK$ (20) 5.50 (30) 5.00 +1SD -43.4% 4.50 (40) Avg: -51.9% 4.00 -21% 3.50 (50) 3.00 -35% (60) 2.50 -48% -1SD -60.4% 2.00 -61% (70) 1.50 1.00 -74% (80) 13 09 10 16 17 11 12 14 15 ------11 12 13 14 15 09 10 16 17 ------Jul Jul Oct Oct Sep Nov Nov Jul Jul Aug Aug Oct Oct Sep Nov Nov Aug Aug Source: Thomson Reuters, DBS Vickers Source: Thomson Reuters, DBS Vickers

PE chart PB chart

x x 30 3.5

25 3.0 2.5 20 +1SD: 13.3x 2.0 15 +1SD: 1.3x 1.5 Avg: 8.8x 10 1.0 Avg: 0.9x 5 0.5 -1SD: 4.3x -1SD: 0.5x 0 0.0 09 09 11 11 17 17 14 14 12 12 16 16 07 07 ------Jul Jul Jan Jan Oct Oct Apr Apr Dec Dec Aug Aug May May Source: Thomson Reuters, DBS Vickers Source: Thomson Reuters, DBS Vickers

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Company Guide

China Jinmao Holdings

Valuation comparison

3-mth daily Net Disc/ 8-Aug Mkt trading 12-m EPS gth PE PE Yield Yield ROE ROE Gearing P/Bk NAV (Prem) Price Cap value Recom target 17F 18F 17F 18F 17F 18F 17F 18F 16A 16A to NAV Company Name Code HK$ US$bn US$m HK$ % % x x % % % % % x HK$ % Large cap China Overseas* 688 HK 26.6 37.3 68.0 BUY 26.15 (17) 8 8.9 8.2 3.4 3.6 14.0 13.8 7.3 1.2 26.0 (2.2) CR Land* 1109 HK 23.95 21.3 29.4 BUY 24.98 (2) 15 8.7 7.6 3.1 3.6 15.4 15.9 23.8 1.4 28.0 14.6 China Vanke 'H'* 2202 HK 23 36.7 44.6 BUY 25.00 17 17 8.9 7.6 4.9 5.8 20.3 20.9 25.9 1.9 23.0 (0.2) Country Garden* 2007 HK 10.1 27.6 48.0 HOLD 6.75 16 32 13.6 10.2 2.3 3.0 19.0 21.8 48.7 2.7 9.3 (8.2) Evergrande* 3333 HK 19.38 32.6 126.5 HOLD 15.48 144 115 18.4 8.6 3.9 5.8 25.8 47.2 119.8 5.1 18.3 (5.9) Longfor* 960 HK 19.2 14.5 14.1 BUY 22.61 8 28 9.6 7.6 3.7 4.7 15.4 17.7 53.9 1.6 22.7 15.2 Average 28 36 11.3 8.3 3.5 4.4 18.3 22.9 46.6 2.3 2.2 Mid cap Agile Property* 3383 HK 9.08 4.6 13.5 HOLD 6.28 64 22 8.1 6.7 6.5 6.8 8.9 10.4 49.1 0.7 16.3 44.4 BJ Cap Land 'H' 2868 HK 4.05 2.6 1.4 NR n.a. (20) 34 6.5 4.8 5.9 7.9 19.3 22.8 132.3 0.6 n.a. n.a. China J inmao Hldgs* 817 HK 3.48 4.8 10.9 HOLD 3.20 42 15 10.2 8.8 3.9 4.5 10.3 11.1 49.4 1.1 4.6 25.1 CIFI Holdings 884 HK 4.2 3.7 10.3 NR n.a. 28 22 6.7 5.5 5.2 6.2 22.1 22.9 50.4 1.6 n.a. n.a. Greentown 3900 HK 11 3.0 7.8 NR n.a. 27 5 10.7 10.1 1.9 1.8 7.5 6.3 58.1 0.8 19.9 44.6 Guangzhou R&F 2777 HK 15.04 6.2 14.3 NR n.a. 18 7 5.3 4.9 7.5 8.2 16.0 16.6 159.9 1.0 19.0 20.9 Hopson Dev 754 HK 7.2 2.1 0.6 NR n.a. (80) 10 20.9 18.9 1.4 1.6 n.a. n.a. 68.1 0.3 n.a. n.a. Kaisa Group 1638 HK 3.18 2.2 6.6 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 332.6 1.1 n.a. n.a. KWG Property 1813 HK 5.57 2.3 8.8 NR n.a. (1) 13 4.2 3.7 8.6 9.6 15.1 14.9 66.8 0.6 10.8 48.3 Logan Property 3380 HK 6.72 4.7 10.0 NR n.a. (11) 30 8.0 6.2 4.6 5.9 18.5 20.7 76.2 1.7 7.5 10.4 Shimao Property* 813 HK 14.46 6.3 10.0 HOLD 11.20 (11) 10 7.9 7.2 6.8 7.5 10.0 10.5 50.7 0.8 28.5 49.3 Sino-Ocean Land* 3377 HK 4.3 4.1 4.8 BUY 4.45 11 10 6.8 6.1 5.1 5.6 9.0 9.2 43.5 0.6 7.7 44.1 Soho China* 410 HK 4.15 2.8 6.7 BUY 4.30 (57) (10) 47.1 52.2 0.0 0.0 1.2 1.1 31.7 0.5 7.2 42.1 Sunac China 1918 HK 19.34 10.2 79.3 NR n.a. 2 120 22.9 10.4 1.5 2.4 14.5 16.0 121.5 2.8 16.9 (14.2) Yanlord Land*^ YLLG SP 1.815 2.6 3.1 BUY 2.25 (4) 16 6.7 5.8 2.6 2.8 11.7 12.3 16.3 0.8 3.2 42.4 Yuexiu Property* 123 HK 1.44 2.3 5.9 HOLD 1.23 (14) 20 11.6 9.7 3.4 4.1 4.2 4.9 53.1 0.5 2.7 47.3 Yuzhou Properties 1628 HK 4.58 2.2 4.7 NR n.a. 41 23 6.0 4.9 5.9 7.2 20.5 21.0 71.7 1.4 5.0 8.4 Average# 6 24 9.4 7.5 4.8 5.6 13.2 14.1 84.1 1.0 30.9 Small cap

BJ North Star 'H' 588 HK 3.11 1.3 0.8 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 92.3 0.5 n.a. n.a. C C Land 1224 HK 1.78 0.9 0.3 HOLD 2.06 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (56.1) 0.4 2.8 35.7 Central China* 832 HK 2.50 0.8 0.8 HOLD 1.80 106 13 6.3 5.6 4.8 5.4 12.4 12.8 45.4 0.8 5.0 49.7 China SCE 1966 HK 3.76 1.6 6.2 NR n.a. (17) 45 6.5 4.4 4.6 6.7 18.2 23.8 96.7 1.3 n.a. n.a. China South City*^^ 1668 HK 1.66 1.7 4.4 FV 1.34 (83) 16 17.7 15.3 3.0 3.5 2.6 3.0 92.7 0.5 2.0 16.0 COGO* 81 HK 4.4 1.3 3.5 BUY 3.47 36 32 7.2 5.5 0.0 0.0 10.8 12.6 97.8 0.8 7.2 38.8 First Sponsor*^ FSG SP 1.37 0.6 0.1 NR 1.57 (38) 13 14.9 13.2 1.2 1.2 5.9 6.4 7.4 0.4 4.1 66.5 Glorious Property 845 HK 0.87 0.9 0.4 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 310.6 0.4 5.9 85.2 Greenland 337 HK 2.82 1.0 1.7 BUY 4.97 29 16 4.7 4.0 2.8 4.9 17.4 18.4 120.6 0.8 5.7 50.8 Hydoo Int'l 1396 HK 0.9 0.5 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 65.6 0.6 n.a. n.a. Modern Land (China) 1107 HK 1.46 0.5 0.2 NR n.a. 11 12 3.7 3.3 7.2 8.3 18.6 20.0 114.9 0.7 n.a. n.a. Poly (Hong Kong) 119 HK 4.03 1.9 5.3 NR n.a. 373 56 38.8 24.9 0.2 0.9 1.3 2.4 108.4 0.6 7.1 43.5 Powerlong 1238 HK 3.49 1.8 1.7 NR n.a. (7) 21 5.2 4.3 5.1 6.0 11.8 12.6 76.6 0.5 n.a. n.a. Renhe Commercial 1387 HK 0.182 1.0 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (21.0) 1.0 2.7 93.3 Shui On Land* 272 HK 1.92 2.0 2.8 HOLD 2.05 36 (49) 9.0 17.5 3.4 3.4 3.9 2.0 68.2 0.4 5.1 62.5 SRE Group 1207 HK 0.181 0.5 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 74.5 0.5 n.a. n.a. Sunshine 100 China 2608 HK 3.28 1.0 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 290.1 1.1 n.a. n.a. Times Property 1233 HK 6.12 1.4 3.0 NR n.a. 9 37 4.2 3.1 7.3 10.0 22.6 25.4 73.4 1.0 n.a. n.a. Wuzhou Int'l 1369 HK 0.66 0.2 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 209.2 0.8 n.a. n.a. Ying Li^ YINGLI SP 0.145 0.3 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 81.6 0.5 0.9 84.2 Zhong An 672 HK 2.6 1.0 3.0 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 62.8 0.8 n.a. n.a. Average 37 12 10.2 9.7 3.4 4.3 11.1 11.8 90.5 0.7 56.2 Average (Overall)# 21 22 10.0 8.4 4.1 4.9 13.3 14.9 82.6 1.0 35.3~

^ Denominated in SGD for price ~ Simple average discount to NAV; Market cap weighted average NAV = 12% # Exclude Soho China ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers

Page 10

Company Guide China Jinmao Holdings

PE valuations, 2008 to 2016 trough (based on earnings forecasts)

8-Aug Mkt 17F 18F PE (x) Price Cap PE PE Trough Trough Trough Trough Trough Trough Trough Trough Trough Company Name Code HK$ US$bn x x 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 26.60 37.3 8.9 8.2 9.7 11.1 12.8 6.5 7.1 7.8 6.1 6.7 5.8 CR Land* 1109 HK 23.95 21.3 8.7 7.6 15.9 13.1 14.4 7.2 10.1 11.9 7.1 8.2 7.0 China Vanke 'H'* 2202 HK 23.00 36.7 8.9 7.6 n.a. n.a. n.a. n.a. n.a. n.a. 6.3 6.8 6.5 Country Garden* 2007 HK 10.10 27.6 13.6 10.2 3.6 5.2 10.7 5.2 5.8 6.5 4.0 4.2 4.9 Evergrande* 3333 HK 19.38 32.6 18.4 8.6 n.a. n.a. 3.8 2.9 3.3 4.2 3.4 4.3 6.4 Longfor* 960 HK 19.20 14.5 9.6 7.6 n.a. 17.8 13.8 6.3 5.6 7.4 5.3 5.4 5.5 Average 11.3 8.3 9.7 11.8 11.1 5.6 6.4 7.6 5.4 5.9 6.0 Agile Property* 3383 HK 9.08 4.6 8.1 6.7 1.5 4.2 7.6 2.5 3.4 3.6 2.2 2.7 3.0 BJ Cap Land 'H' 2868 HK 4.05 2.6 6.5 4.8 1.6 3.1 5.1 1.9 2.0 3.3 2.6 3.1 3.5 China J inmao Hldgs* 817 HK 3.48 4.8 10.2 8.8 5.6 7.0 14.8 6.0 5.9 7.3 4.8 5.1 5.1 CIFI Holdings 884 HK 4.20 3.7 6.7 5.5 n.a. n.a. n.a. n.a. n.a. 3.8 3.2 2.7 2.8 Greentown 3900 HK 11.00 3.0 10.7 10.1 1.9 2.3 6.3 2.0 1.5 3.3 2.3 3.1 3.4 Guangzhou R&F 2777 HK 15.04 6.2 5.3 4.9 2.4 4.8 6.8 3.2 3.2 4.7 3.8 3.1 3.5 Hopson Dev 754 HK 7.20 2.1 20.9 18.9 1.0 2.2 4.9 2.8 2.8 5.6 3.9 10.7 12.1 Kaisa Group 1638 HK 3.18 2.2 n.a. n.a. n.a. n.a. 3.5 3.7 2.9 2.8 1.9 1.7 1.9 KWG Property 1813 HK 5.57 2.3 4.2 3.7 2.1 2.8 7.8 3.0 2.8 3.6 2.8 3.1 3.0 Logan Property 3380 HK 6.72 4.7 8.0 6.2 n.a. n.a. n.a. n.a. n.a. n.a. 3.5 3.6 3.7 Shimao Property* 813 HK 14.46 6.3 7.9 7.2 3.7 4.2 8.5 3.6 3.9 6.4 4.3 3.3 3.1 Sino-Ocean Land* 3377 HK 4.30 4.1 6.8 6.1 4.7 9.0 11.3 4.1 5.4 6.7 6.0 5.9 5.1 Soho China* 410 HK 4.15 2.8 47.1 52.2 4.5 3.1 3.6 7.0 3.5 4.9 6.9 12.3 14.0 Sunac China 1918 HK 19.34 10.2 22.9 10.4 n.a. n.a. 4.5 1.4 1.4 3.1 2.2 2.7 3.1 Yanlord Land*^ YLLG SP 1.82 2.6 6.7 5.8 4.1 6.6 9.3 5.0 6.7 9.3 7.5 7.1 7.0 Yuexiu Property* 123 HK 1.44 2.3 11.6 9.7 1.9 2.9 8.9 4.5 4.5 5.8 5.9 6.3 5.3 Yuzhou Properties 1628 HK 4.58 2.2 6.0 4.9 n.a. 9.6 5.5 2.7 3.6 3.6 2.4 2.1 3.3 Average# 9.4 7.5 2.8 4.7 7.2 3.6 3.6 4.9 4.0 4.7 5.0

BJ North Star 'H' 588 HK 3.11 1.3 n.a. n.a. 3.5 5.0 7.5 3.6 6.5 4.0 3.8 5.0 5.6 C C Land 1224 HK 1.78 0.9 n.a. n.a. 18.4 n.a. n.a. 5.1 3.9 6.7 3.4 5.2 7.6 Central China* 832 HK 2.50 0.8 6.3 5.6 1.3 1.5 3.9 2.8 2.8 3.5 2.6 2.5 2.3 China SCE 1966 HK 3.76 1.6 6.5 4.4 n.a. n.a. 4.7 3.7 2.9 2.4 5.6 4.5 3.7 China South City*^^ 1668 HK 1.66 1.7 17.7 15.3 n.a. 17.7 6.9 4.3 5.9 4.3 5.1 5.7 5.8 COGO* 81 HK 4.40 1.3 7.2 5.5 n.a. n.a. n.a. 3.6 5.0 6.3 3.1 3.1 2.7 First Sponsor*^ FSG SP 1.37 0.6 14.9 13.2 n.a. n.a. n.a. n.a. n.a. n.a. 29.9 13.4 13.6 Glorious Property 845 HK 0.87 0.9 n.a. n.a. n.a. 12.9 6.4 2.8 2.8 4.8 4.4 3.6 17.3 Greenland 337 HK 2.82 1.0 4.7 4.0 0.7 1.1 3.6 1.2 1.0 0.6 11.7 8.0 4.8 Hydoo Int'l 1396 HK 0.90 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.6 2.3 2.3 7.0 Modern Land (China) 1107 HK 1.46 0.5 3.7 3.3 n.a. n.a. n.a. n.a. n.a. n.a. 2.4 2.4 2.0 Poly (Hong Kong) 119 HK 4.03 1.9 38.8 24.9 10.0 3.8 14.9 4.2 4.9 5.2 3.9 5.4 13.0 Powerlong 1238 HK 3.49 1.8 5.2 4.3 n.a. 4.7 5.3 1.5 1.6 3.6 2.8 3.2 2.7 Renhe Commercial 1387 HK 0.18 1.0 n.a. n.a. 10.5 5.7 5.4 3.2 2.7 4.7 7.7 7.7 7.7 Shui On Land* 272 HK 1.92 2.0 9.0 17.5 1.7 3.4 9.4 5.6 6.5 9.1 10.6 5.8 6.5 SRE Group 1207 HK 0.18 0.5 n.a. n.a. 1.0 1.5 2.0 2.3 0.9 1.1 1.1 1.1 1.1 Sunshine 100 China 2608 HK 3.28 1.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.7 5.8 5.3 Times Property 1233 HK 6.12 1.4 4.2 3.1 n.a. n.a. n.a. n.a. n.a. n.a. 2.5 2.2 1.9 Wuzhou Int'l 1369 HK 0.66 0.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.3 5.2 22.3 Ying Li^ YINGLI SP 0.15 0.3 n.a. n.a. n.a. 64.8 22.4 6.9 4.7 7.8 4.1 5.1 9.5 Zhong An 672 HK 2.60 1.0 n.a. n.a. 1.7 2.9 7.8 3.0 9.9 5.3 8.3 8.3 8.3 Average 10.2 9.7 4.3 9.0 7.4 3.5 3.8 4.6 5.9 5.0 7.0 Average (Overall)# 10.0 8.4 4.2 7.5 7.8 3.8 4.1 5.1 5.1 5.0 6.1

^ Denominated in SGD for price # Exclude Soho China ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers

Page 11

Company Guide

China Jinmao Holdings

PE valuations, 2008 to 2016 peak (based on earnings forecasts)

8-Aug Mkt 17F 18F PE (x) Price Cap PE PE Peak Peak Peak Peak Peak Peak Peak Peak Peak Company Name Code HK$ US$bn x x 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 26.60 37.3 8.9 8.2 22.7 25.0 17.0 12.1 12.4 11.2 8.5 9.9 8.7 CR Land* 1109 HK 23.95 21.3 8.7 7.6 28.6 30.4 21.1 15.2 17.6 16.2 10.7 12.8 9.7 China Vanke 'H'* 2202 HK 23.00 36.7 8.9 7.6 n.a. n.a. n.a. n.a. n.a. n.a. 9.0 11.8 11.3 Country Garden* 2007 HK 10.10 27.6 13.6 10.2 19.8 20.3 16.7 11.6 9.2 10.0 6.4 7.3 8.8 Evergrande* 3333 HK 19.38 32.6 18.4 8.6 n.a. n.a. 9.1 8.9 6.1 6.4 4.6 14.2 13.2 Longfor* 960 HK 19.20 14.5 9.6 7.6 n.a. 24.4 21.7 14.2 11.9 10.4 6.9 8.7 8.2 Average 11.3 8.3 23.7 25.0 17.1 12.4 11.4 10.8 7.7 10.8 10.0 Agile Property* 3383 HK 9.08 4.6 8.1 6.7 14.5 19.0 12.4 10.0 6.4 6.9 3.9 5.1 5.6 BJ Cap Land 'H' 2868 HK 4.05 2.6 6.5 4.8 9.5 15.9 9.6 5.9 4.7 5.3 3.3 6.3 5.9 China J inmao Hldgs* 817 HK 3.48 4.8 10.2 8.8 22.5 22.1 19.3 16.6 10.2 9.2 6.9 8.4 8.2 CIFI Holdings 884 HK 4.20 3.7 6.7 5.5 n.a. n.a. n.a. n.a. n.a. 5.9 4.3 5.1 5.4 Greentown 3900 HK 11.00 3.0 10.7 10.1 9.7 18.3 10.2 6.1 6.3 6.6 4.5 6.1 7.8 Guangzhou R&F 2777 HK 15.04 6.2 5.3 4.9 16.6 17.8 10.5 8.0 7.4 8.1 4.8 4.8 6.0 Hopson Dev 754 HK 7.20 2.1 20.9 18.9 9.6 10.3 7.5 6.4 16.0 13.7 16.1 24.6 22.4 Kaisa Group 1638 HK 3.18 2.2 n.a. n.a. n.a. n.a. 8.4 10.0 6.9 5.9 3.9 2.3 8.9 KWG Property 1813 HK 5.57 2.3 4.2 3.7 12.1 21.6 13.9 9.6 6.4 6.4 5.0 6.0 4.5 Logan Property 3380 HK 6.72 4.7 8.0 6.2 n.a. n.a. n.a. n.a. n.a. n.a. 3.8 6.6 6.0 Shimao Property* 813 HK 14.46 6.3 7.9 7.2 14.8 18.3 13.2 9.6 9.5 8.8 6.0 6.1 5.6 Sino-Ocean Land* 3377 HK 4.30 4.1 6.8 6.1 13.2 24.8 15.7 10.3 12.1 11.4 7.8 9.9 8.0 Soho China* 410 HK 4.15 2.8 47.1 52.2 11.4 8.5 6.1 13.7 4.8 6.0 9.1 18.9 46.7 Sunac China 1918 HK 19.34 10.2 22.9 10.4 n.a. n.a. 5.8 3.5 5.5 4.9 5.1 6.3 12.4 Yanlord Land*^ YLLG SP 1.82 2.6 6.7 5.8 14.5 19.8 14.5 10.5 15.0 14.4 9.8 12.7 9.4 Yuexiu Property* 123 HK 1.44 2.3 11.6 9.7 11.0 25.5 15.7 11.0 9.1 9.5 7.9 11.1 10.6 Yuzhou Properties 1628 HK 4.58 2.2 6.0 4.9 n.a. 11.7 9.9 5.8 6.5 6.5 3.3 5.2 5.2 Average# 9.4 7.5 13.2 18.4 11.7 8.8 8.7 8.4 6.1 8.1 8.3 BJ North Star 'H' 588 HK 3.11 1.3 n.a. n.a. 20.6 18.0 12.7 10.5 8.9 7.0 8.2 13.0 10.9 C C Land 1224 HK 1.78 0.9 n.a. n.a. n.a. n.a. n.a. 17.5 12.7 10.8 6.4 8.6 7.6 Central China* 832 HK 2.50 0.8 6.3 5.6 10.8 9.4 6.6 5.6 6.3 5.2 3.8 4.4 3.9 China SCE 1966 HK 3.76 1.6 6.5 4.4 n.a. n.a. 6.9 5.5 3.5 6.6 5.6 5.6 7.6 China South City*^^ 1668 HK 1.66 1.7 17.7 15.3 n.a. 19.6 20.4 12.3 6.6 6.9 11.8 9.5 10.8 COGO* 81 HK 4.40 1.3 7.2 5.5 n.a. n.a. n.a. 9.8 9.8 10.0 5.1 6.1 6.3 First Sponsor*^ FSG SP 1.37 0.6 14.9 13.2 n.a. n.a. n.a. n.a. n.a. n.a. 31.3 13.9 13.6 Glorious Property 845 HK 0.87 0.9 n.a. n.a. n.a. 17.7 10.8 7.3 6.3 11.0 9.1 41.0 19.0 Greenland 337 HK 2.82 1.0 4.7 4.0 9.3 11.9 6.7 3.2 7.6 44.8 28.2 21.6 8.6 Hydoo Int'l 1396 HK 0.90 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.5 5.9 7.8 7.0 Modern Land (China) 1107 HK 1.46 0.5 3.7 3.3 n.a. n.a. n.a. n.a. n.a. n.a. 2.9 5.8 5.8 Poly (Hong Kong) 119 HK 4.03 1.9 38.8 24.9 30.0 51.0 25.2 16.1 9.8 9.9 6.4 27.9 Powerlong 1238 HK 3.49 1.8 5.2 4.3 n.a. 7.0 8.2 6.5 5.6 6.7 3.8 4.6 5.3 Renhe Commercial 1387 HK 0.18 1.0 n.a. n.a. 12.5 10.7 7.2 7.0 9.4 23.9 7.7 7.7 7.7 Shui On Land* 272 HK 1.92 2.0 9.0 17.5 16.2 21.3 16.6 17.6 12.6 17.6 13.8 87.1 11.7 SRE Group 1207 HK 0.18 0.5 n.a. n.a. 4.2 4.6 3.7 2.9 1.4 1.1 1.1 1.1 1.1 Sunshine 100 China 2608 HK 3.28 1.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.7 7.4 8.0 Times Property 1233 HK 6.12 1.4 4.2 3.1 n.a. n.a. n.a. n.a. n.a. n.a. 3.5 3.2 3.6 Wuzhou Int'l 1369 HK 0.66 0.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12.4 29.6 22.3 Ying Li^ YINGLI SP 0.15 0.3 n.a. n.a. n.a. 196.2 331.2 42.9 13.0 16.1 14.7 16.4 15.3 Zhong An 672 HK 2.60 1.0 n.a. n.a. 8.8 22.3 13.8 12.3 14.9 10.3 8.3 8.3 8.3 Average 10.2 9.7 12.2 28.1 32.2 11.9 8.2 11.1 8.9 14.5 8.8 Average (Overall)# 10.0 8.4 14.0 23.8 21.6 10.7 8.8 10.0 7.7 11.7 8.8

^ Denominated in SGD for price # Exclude Soho China ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers

Page 12

Company Guide China Jinmao Holdings

PE valuations, 2008 to 2016 trough (based on reported earnings)

3-mth daily 8-Aug Mkt trading F Y17F F Y18F Price Cap value PE PE Avg Trough Trough Trough Trough Trough Trough Trough Trough Trough Company Name Code HK$ US$bn US$m x x PE (x) 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 26.6 37.3 68.0 8.9 8.2 9.6 9.9 10.0 8.9 5.3 5.3 6.4 5.1 6.1 5.6 CR Land* 1109 HK 23.95 21.3 29.4 8.7 7.6 11.4 13.1 8.5 10.6 4.9 6.4 7.3 5.3 6.8 6.0 China Vanke 'H'* 2202 HK 23.00 36.7 44.6 8.9 7.6 8.8 n.a. n.a. n.a. n.a. n.a. 6.5 6.3 8.6 6.6 Country Garden* 2007 HK 10.1 27.6 48.0 13.6 10.2 13.9 11.3 9.2 6.3 4.3 5.2 5.8 4.4 4.9 4.4 Evergrande* 3333 HK 19.38 32.6 126.5 18.4 8.6 5.3 n.a. 42.7 3.0 2.4 3.6 2.7 2.7 3.9 10.9 Longfor* 960 HK 19.2 14.5 14.1 9.6 7.6 6.4 n.a. 11.8 7.2 4.5 5.1 5.8 4.7 4.9 4.9 Average 11.3 8.3 11.4 16.4 7.2 4.3 5.1 5.7 4.7 5.9 6.4 Agile Property* 3383 HK 9.08 4.6 13.5 8.1 6.7 6.9 1.2 4.2 3.6 2.9 3.5 4.2 2.6 8.6 5.0 BJ Cap Land 'H' 2868 HK 4.05 2.6 1.4 6.5 4.8 7.0 2.3 2.4 3.6 2.3 2.0 2.8 2.5 2.7 3.3 China J inmao Hldgs* 817 HK 3.48 4.8 10.9 10.2 8.8 8.7 8.4 12.3 12.6 4.4 4.8 5.2 3.3 5.0 7.4 CIFI Holdings 884 HK 4.2 3.7 10.3 6.7 5.5 3.7 n.a. n.a. n.a. n.a. 2.4 2.9 3.6 3.7 2.8 Greentown 3900 HK 11 3.0 7.8 10.7 10.1 10.0 4.2 2.8 6.6 1.7 0.9 3.9 6.7 18.8 6.2 Guangzhou R&F 2777 HK 15.04 6.2 14.3 5.3 4.9 6.9 3.3 6.3 6.6 3.7 2.7 3.4 4.0 3.3 3.1 Hopson Dev 754 HK 7.2 2.1 0.6 20.9 18.9 6.0 1.1 0.8 2.3 4.6 2.1 3.9 5.1 7.0 3.7 Kaisa Group 1638 HK 3.18 2.2 6.6 n.a. n.a. 3.4 n.a. 16.2 1.6 2.8 2.5 2.2 n.a. n.a. (11.3) KWG Property 1813 HK 5.57 2.3 8.8 4.2 3.7 6.7 5.8 3.5 6.0 2.2 2.0 2.6 2.2 3.2 3.1 Logan Property 3380 HK 6.72 4.7 10.0 8.0 6.2 3.7 n.a. n.a. n.a. n.a. n.a. 3.6 3.6 3.6 2.2 Shimao Property* 813 HK 14.46 6.3 10.0 7.9 7.2 9.3 11.4 3.1 6.6 2.7 3.0 4.9 4.8 4.9 4.6 Sino-Ocean Land* 3377 HK 4.3 4.1 4.8 6.8 6.1 10.0 4.5 8.3 9.5 5.2 4.1 5.1 5.4 11.6 5.2 Soho China* 410 HK 4.15 2.8 6.7 47.1 52.2 15.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25.3 14.8 Sunac China 1918 HK 19.34 10.2 79.3 22.9 10.4 4.6 n.a. n.a. n.a. 1.3 1.5 3.8 3.1 3.6 5.3 Yanlord Land*^ YLLG SP 1.815 2.6 3.1 6.7 5.8 9.2 4.1 4.2 7.9 4.7 4.9 7.3 6.8 5.8 3.4 Yuexiu Property* 123 HK 1.44 2.3 5.9 11.6 9.7 8.0 3.4 (4.6) 8.0 1.1 2.5 4.2 4.9 12.6 6.4 Yuzhou Properties 1628 HK 4.58 2.2 4.7 6.0 4.9 4.0 n.a. 2.6 3.6 2.6 4.2 2.8 3.4 3.0 3.0 Average# 9.4 7.5 4.3 4.7 6.0 3.0 2.8 3.9 4.1 6.4 3.5 BJ North Star 'H' 588 HK 3.11 1.3 0.8 n.a. n.a. 7.9 1.6 1.9 4.6 2.3 3.1 5.4 5.8 7.8 7.3 C C Land 1224 HK 1.78 0.9 0.3 n.a. n.a. 24.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.2 (14.2) Central China* 832 HK 2.50 0.8 0.8 6.3 5.6 5.2 1.1 2.4 5.1 3.7 3.3 3.8 3.9 3.7 6.5 China SCE 1966 HK 3.76 1.6 6.2 6.5 4.4 4.8 n.a. n.a. 4.0 4.1 5.1 4.4 4.5 4.6 2.2 China South City*^^ 1668 HK 1.66 1.7 4.4 17.7 15.3 6.1 n.a. n.a. n.a. 3.6 2.9 3.1 4.3 3.6 2.5 COGO* 81 HK 4.4 1.3 3.5 7.2 5.5 7.8 32.9 (3.5) 2.9 2.9 4.0 5.3 6.8 5.9 5.0 First Sponsor*^ FSG SP 1.37 0.6 0.1 14.9 13.2 2.4 n.a. n.a. n.a. n.a. n.a. n.a. 13.8 8.8 8.1 Glorious Property 845 HK 0.87 0.9 0.4 n.a. n.a. 4.5 n.a. 6.7 3.7 2.9 5.7 23.6 (2.2) (1.4) (1.1) Greenland 337 HK 2.82 1.0 1.7 4.7 4.0 9.5 2.4 1.0 2.9 1.2 (1.1) 71.8 22.8 13.0 4.0 Hydoo Int'l 1396 HK 0.9 0.5 0.2 n.a. n.a. 11.9 n.a. n.a. n.a. n.a. n.a. n.a. 10.1 5.1 5.0 Modern Land (China) 1107 HK 1.46 0.5 0.2 3.7 3.3 3.5 n.a. n.a. n.a. n.a. n.a. 2.5 2.9 3.1 2.4 Poly (Hong Kong) 119 HK 4.03 1.9 5.3 38.8 24.9 12.1 11.4 5.0 11.5 2.9 4.2 5.2 11.1 (2.5) 85.5 Powerlong 1238 HK 3.49 1.8 1.7 5.2 4.3 2.6 n.a. 2.6 2.8 1.1 1.8 3.2 2.4 1.8 1.8 Renhe Commercial 1387 HK 0.182 1.0 0.2 n.a. n.a. n.a. 7.8 4.8 6.0 2.5 5.2 (3.6) (3.2) (2.3) (0.5) Shui On Land* 272 HK 1.92 2.0 2.8 9.0 17.5 8.9 1.6 2.1 4.2 1.9 5.1 5.9 6.5 13.1 10.3 SRE Group 1207 HK 0.181 0.5 0.1 n.a. n.a. 7.0 3.2 1.5 3.6 2.7 3.8 6.7 (10.6) (0.6) (12.9) Sunshine 100 China 2608 HK 3.28 1.0 0.3 n.a. n.a. 12.9 n.a. n.a. n.a. n.a. n.a. n.a. 5.7 8.3 30.8 Times Property 1233 HK 6.12 1.4 3.0 4.2 3.1 2.9 n.a. n.a. n.a. n.a. n.a. 3.6 3.2 2.5 2.0 Wuzhou Int'l 1369 HK 0.66 0.2 0.2 n.a. n.a. 10.3 n.a. n.a. n.a. n.a. n.a. 3.7 18.4 (5.7) 32.1 Ying Li^ YINGLI SP 0.145 0.3 0.3 n.a. n.a. n.a. 1.8 32.6 18.6 7.8 6.8 18.4 9.5 12.1 18.4 Zhong An 672 HK 2.6 1.0 3.0 n.a. n.a. 10.8 4.2 3.4 8.6 5.5 4.2 5.1 5.2 3.6 10.1 Average 10.2 9.7 5.7 4.7 6.1 3.2 4.0 9.2 6.2 4.3 9.0 Average (Overall)# 10.0 8.4 5.7 6.4 6.2 3.3 3.7 6.6 5.3 5.3 6.7 HSI Index HSI 9.1 9.0 10.3 7.8 8.8 9.4 9.3 10.4 8.9

^ Denominated in SGD for price # Exclude Soho China ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers

Page 13

Company Guide

China Jinmao Holdings

PE valuations, 2008 to 2016 peak (based on reported earnings)

3-mth daily 8-Aug Mkt trading F Y17F F Y18F Price Cap v alue PE PE Av g Peak Peak Peak Peak Peak Peak Peak Peak Peak Company Name Code HK$ US$bn US$m x x PE (x) 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 26.6 37.3 68.0 8.9 8.2 9.6 25.2 20.6 11.6 9.4 10.1 8.7 6.9 9.3 7.6 CR Land* 1109 HK 23.95 21.3 29.4 8.7 7.6 11.4 35.6 21.6 14.5 10.2 11.5 9.3 7.8 10.9 8.4 China V anke 'H'* 2202 HK 23.00 36.7 44.6 8.9 7.6 8.8 n.a. n.a. n.a. n.a. n.a. 9.9 10.5 12.5 10.8 Country Garden* 2007 HK 10.1 27.6 48.0 13.6 10.2 13.9 86.8 25.3 10.6 9.0 8.2 9.5 7.2 8.6 7.0 Evergrande* 3333 HK 19.38 32.6 126.5 18.4 8.6 5.3 n.a. 52.1 7.0 6.6 6.3 4.5 3.9 9.9 15.7 Longfor* 960 HK 19.2 14.5 14.1 9.6 7.6 6.4 n.a. 14.8 11.7 9.2 10.2 8.7 6.3 8.3 7.0 Average 11.3 8.3 49.2 26.9 11.1 8.9 9.3 8.4 7.1 9.9 9.4 Agile Property* 3383 HK 9.08 4.6 13.5 8.1 6.7 6.9 7.9 20.9 6.1 9.6 5.9 7.2 5.7 17.3 7.2 BJ Cap Land 'H' 2868 HK 4.05 2.6 1.4 6.5 4.8 7.0 21.7 13.2 6.3 5.4 4.7 4.0 3.3 7.1 4.6 China J inmao Hldgs* 817 HK 3.48 4.8 10.9 10.2 8.8 8.7 33.1 24.9 17.0 9.6 9.5 6.8 5.1 9.3 11.0 CIFI Holdings 884 HK 4.2 3.7 10.3 6.7 5.5 3.7 n.a. n.a. n.a. n.a. 2.6 4.6 4.7 7.2 5.5 Greentown 3900 HK 11 3.0 7.8 10.7 10.1 10.0 30.5 18.9 10.7 5.2 4.3 6.2 12.7 42.0 9.5 Guangzhou R&F 2777 HK 15.04 6.2 14.3 5.3 4.9 6.9 28.6 20.6 10.2 8.3 6.0 5.2 6.0 5.3 5.7 Hopson Dev 754 HK 7.2 2.1 0.6 20.9 18.9 6.0 16.2 4.1 3.9 11.7 7.3 8.2 7.1 14.0 5.0 Kaisa Group 1638 HK 3.18 2.2 6.6 n.a. n.a. 3.4 n.a. 20.2 3.2 7.0 4.8 3.9 n.a. n.a. (11.3) KWG Property 1813 HK 5.57 2.3 8.8 4.2 3.7 6.7 n.a. 18.2 11.0 6.4 4.5 4.5 4.3 5.8 4.2 Logan Property 3380 HK 6.72 4.7 10.0 8.0 6.2 5.7 n.a. n.a. n.a. n.a. n.a. 3.7 4.5 5.5 3.8 Shimao Property* 813 HK 14.46 6.3 10.0 7.9 7.2 9.3 63.7 14.2 9.6 6.7 7.4 7.6 6.8 10.1 6.7 Sino-Ocean Land* 3377 HK 4.3 4.1 4.8 6.8 6.1 10.0 25.5 22.5 16.2 12.8 8.5 8.3 7.3 20.1 8.7 Soho China* 410 HK 4.15 2.8 6.7 47.1 52.2 15.5 n.a. 6.7 7.9 8.0 2.4 3.8 7.2 52.1 23.4 Sunac China 1918 HK 19.34 10.2 79.3 22.9 10.4 4.6 n.a. n.a. n.a. 3.2 5.4 6.0 6.9 9.8 8.2 Yanlord Land*^ YLLG SP 1.815 2.6 3.1 6.7 5.8 9.2 27.4 17.6 11.0 11.6 8.0 10.4 8.1 8.3 5.1 Yuexiu Property* 123 HK 1.44 2.3 5.9 11.6 9.7 8.0 20.2 n.a. 12.0 2.5 5.7 6.8 6.5 22.2 9.3 Yuzhou Properties 1628 HK 4.58 2.2 4.7 6.0 4.9 4.0 n.a. 3.2 4.7 4.6 7.1 4.1 4.5 5.0 5.5 Average# 9.4 7.5 26.9 16.3 9.3 7.4 6.1 6.1 6.2 12.5 5.8

BJ North Star 'H' 588 HK 3.11 1.3 0.8 n.a. n.a. 7.9 12.7 6.1 6.9 5.2 5.7 7.7 9.8 15.5 10.2 C C Land 1224 HK 1.78 0.9 0.3 n.a. n.a. 24.7 n.a. n.a. 36.3 26.6 13.5 15.9 4.7 5.8 (18.3) Central China* 832 HK 2.50 0.8 0.8 6.3 5.6 5.2 6.7 11.0 7.4 6.6 6.3 6.1 5.9 7.1 9.7 China SCE 1966 HK 3.76 1.6 6.2 6.5 4.4 4.8 n.a. n.a. 5.9 6.1 6.3 5.8 5.9 6.2 3.8 China South City*^^ 1668 HK 1.66 1.7 4.4 17.7 15.3 6.1 n.a. n.a. n.a. 5.8 4.3 7.0 9.7 8.6 3.5 COGO* 81 HK 4.4 1.3 3.5 7.2 5.5 7.8 188.9 n.a. 4.9 8.0 8.9 9.2 13.3 14.1 7.3 First Sponsor*^ FSG SP 1.37 0.6 0.1 14.9 13.2 2.4 n.a. n.a. n.a. n.a. n.a. n.a. 16.6 9.7 9.2 Glorious Property 845 HK 0.87 0.9 0.4 n.a. n.a. 4.5 n.a. 8.8 6.3 8.5 10.1 39.2 (3.8) (2.3) (2.2) Greenland 337 HK 2.82 1.0 1.7 4.7 4.0 9.5 39.3 7.2 4.9 4.2 (1.8) 364.4 48.0 36.7 7.2 Hydoo Int'l 1396 HK 0.9 0.5 0.2 n.a. n.a. 11.9 n.a. n.a. n.a. n.a. n.a. n.a. 28.2 12.4 11.5 Modern Land (China) 1107 HK 1.46 0.5 0.2 3.7 3.3 3.5 n.a. n.a. n.a. n.a. n.a. 3.4 3.7 6.5 6.2 Poly (Hong Kong) 119 HK 4.03 1.9 5.3 38.8 24.9 12.1 59.7 40.1 18.6 10.8 8.3 9.1 16.4 (6.8) 121.8 Powerlong 1238 HK 3.49 1.8 1.7 5.2 4.3 2.6 n.a. 3.0 3.7 3.2 3.1 5.4 4.0 3.5 3.7 Renhe Commercial 1387 HK 0.182 1.0 0.2 n.a. n.a. n.a. 9.3 9.1 9.4 5.7 17.4 (8.4) (5.5) (7.3) (0.9) Shui On Land* 272 HK 1.92 2.0 2.8 9.0 17.5 8.9 11.7 7.8 6.3 4.7 9.1 10.4 9.6 24.7 14.4 SRE Group 1207 HK 0.181 0.5 0.1 n.a. n.a. 7.0 20.7 4.7 4.8 6.7 6.8 13.3 (13.9) (2.7) (24.3) Sunshine 100 China 2608 HK 3.28 1.0 0.3 n.a. n.a. 12.9 n.a. n.a. n.a. n.a. n.a. n.a. 7.9 13.0 38.5 Times Property 1233 HK 6.12 1.4 3.0 4.2 3.1 2.9 n.a. n.a. n.a. n.a. n.a. 3.7 3.9 3.8 3.1 Wuzhou Int'l 1369 HK 0.66 0.2 0.2 n.a. n.a. 10.3 n.a. n.a. n.a. n.a. n.a. 4.2 32.2 (15.0) 35.8 Ying Li^ YINGLI SP 0.145 0.3 0.3 n.a. n.a. n.a. 4.8 112.2 33.8 17.6 11.5 26.6 17.7 27.1 26.6 Zhong An 672 HK 2.6 1.0 3.0 n.a. n.a. 10.8 29.4 15.4 12.4 10.4 7.2 9.1 16.6 6.1 13.2 Average 10.2 9.7 33.1 19.8 11.2 8.4 7.8 26.5 10.8 8.0 12.2 Average (Overall)# 10.0 8.4 32.4 19.5 10.5 8.1 7.3 16.1 8.7 9.8 9.5 HSI Index HSI 23.1 18.2 13.6 11.7 11.0 11.3 11.1 14.3 11.7

^ Denominated in SGD for price # Exclude Soho China ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers

Page 14

Company Guide China Jinmao Holdings

Share price performance

Price Performance 2007 1-wk 2-wk 1-mth 2-mth 3-mth 4-mth 5-mth 6-mth YTD 1-yr 2012 2013 2014 2015 2016 high %%%%%%%% % % %%%%% % Tier 1 players China Overseas 688 HK 0.4 3.9 14.7 11.1 22.6 15.9 8.8 10.4 29.4 (0.2) 78.0 (5.6) 5.7 21.5 (24.4) 41.7 CR Land 1109 HK (3.4) 0.0 7.2 2.1 18.9 7.6 12.2 15.4 37.3 15.7 69.1 (8.9) 6.4 14.2 (22.8) 15.7 China Vanke 'H' 2202 HK 1.1 4.1 (2.3) 8.5 18.9 7.0 7.5 13.9 29.9 19.9 n.a. n.a. n.a. 32.4 (22.7) n.a. Country Garden 2007 HK (3.8) 6.3 13.5 2.4 37.2 36.5 58.3 95.7 132.7 199.7 46.4 15.3 (32.8) 2.6 36.5 (21.8) Evergrande 3333 HK (7.7) 9.5 25.2 16.3 154.3 134.9 218.8 233.6 301.2 245.5 32.0 (30.4) 6.1 117.2 (29.2) n.a. Longfor Properties 960 HK (1.0) 2.0 9.6 22.9 50.5 42.6 49.3 58.7 95.1 71.1 72.9 (28.6) (7.8) 15.7 (14.9) n.a. Average (2.4) 4.3 11.3 10.6 50.4 40.8 59.1 71.3 104.3 92.0 59.7 (11.6) (4.5) 33.9 (12.9) 11.9 Tier 2 players Agile Property 3383 HK 0.6 5.6 20.7 23.7 41.0 29.7 53.9 108.3 129.9 90.4 56.6 (23.8) (46.9) (2.0) (8.6) (53.9) BJ Cap. Land 2868 HK (0.2) (1.9) 4.9 9.2 20.2 9.2 13.8 21.3 39.2 21.6 110.5 (18.0) 11.4 20.7 (18.0) (45.7) China J inmao Hldgs 817 HK (2.5) 0.3 13.7 34.4 50.0 35.9 42.6 43.2 66.5 54.7 85.9 (3.2) (17.4) 19.4 (21.1) (44.3) CIFI Holdings 884 HK (0.7) 10.5 20.3 35.9 59.1 40.5 55.0 74.3 101.0 95.3 n.a. 17.1 (6.1) 12.3 20.8 n.a. Greentown 3900 HK 6.6 10.7 9.6 27.5 57.6 43.4 44.0 59.9 75.2 84.3 321.4 (16.6) (35.0) 0.0 (18.4) (43.8) GZ R&F 2777 HK 8.5 11.4 23.1 17.0 26.2 15.7 23.9 36.5 60.3 21.9 110.1 (12.1) (16.3) 0.6 (1.8) (65.3) Hopson Dev 754 HK (4.3) (5.3) (1.5) (3.2) 2.7 (2.8) 0.3 (0.3) 4.2 (0.3) 207.2 (24.6) (24.0) 8.7 (10.5) (77.0) Kaisa Group 1638 HK 6.4 (1.9) 17.8 15.6 42.6 14.0 103.8 103.8 103.8 103.8 79.1 4.2 (36.4) (1.9) 0.0 n.a. KWG 1813 HK (1.9) (0.7) 3.5 0.2 2.2 (3.3) 11.6 13.9 26.6 11.2 122.2 (26.1) 33.5 13.1 (17.8) (56.0) Logan Property 3380 HK (0.7) 0.6 16.3 32.5 56.6 52.7 96.5 101.8 129.4 110.0 n.a. n.a. 10.0 9.1 11.4 n.a. Shimao Property 813 HK (3.0) (2.3) 3.7 2.0 21.9 11.6 15.1 27.1 42.6 35.1 120.5 21.9 (2.7) (20.5) (26.4) (50.2) Sino-Ocean 3377 HK 0.7 3.6 9.7 9.7 20.8 12.3 1.9 18.5 23.9 22.9 60.8 (12.1) (13.4) 12.7 (30.2) (71.3) SOHO China 410 HK (1.2) (1.4) 3.5 6.4 0.2 (1.2) 2.0 2.0 8.6 5.3 20.3 7.4 (18.0) (31.4) 1.6 (65.2) Sunac China 1918 HK (3.8) 4.0 30.7 36.2 95.7 64.5 128.3 165.3 199.8 252.3 272.7 (22.5) 69.7 (24.0) 7.5 n.a. Yanlord Land YLLG SP 2.0 0.8 4.3 (3.7) (2.4) (5.9) 5.5 28.6 37.9 52.9 59.2 (19.4) (15.1) (3.4) 31.3 (56.9) Yuexiu Property 123 HK (0.7) (0.7) 5.9 3.6 19.0 8.3 6.7 18.0 35.8 38.5 118.8 (22.0) (16.8) (10.1) (20.9) (50.0) Yuzhou Properties 1628 HK 2.7 1.8 2.7 10.1 33.5 35.9 67.2 67.2 69.6 83.2 37.1 2.9 1.0 7.7 28.6 n.a. Average 0.4 2.0 10.6 13.8 30.6 20.2 37.5 49.8 64.9 60.6 119.3 (9.1) (8.1) 4.1 (4.8) (56.5) Tier 3 players BJ North Star 588 HK (2.5) 0.6 (4.6) (5.8) 4.0 (4.3) 5.4 19.2 30.7 25.4 82.6 (16.7) 41.1 3.6 (7.0) (60.6) C C Land 1224 HK (1.7) 2.9 (2.2) (7.8) (7.3) (12.7) (20.4) (24.4) (20.1) (13.2) 88.9 (28.3) (30.7) 79.2 (6.6) (89.2) Central China 832 HK 7.8 4.6 25.6 37.4 36.6 30.2 32.3 43.7 47.9 54.3 76.8 (12.8) (26.8) (7.4) 4.3 n.a. China SCE Property 1966 HK (1.3) 0.3 4.2 22.5 31.9 27.0 27.5 41.9 61.4 116.1 20.2 16.2 (12.4) 8.0 33.1 n.a. China South City 1668 HK (2.4) (2.4) 7.1 12.2 11.4 5.7 1.8 1.8 2.5 (0.6) 17.0 88.0 60.9 (50.6) (7.4) n.a. COGO 81 HK (1.1) (0.7) 0.0 (6.4) 22.2 8.4 39.7 52.8 73.9 88.8 105.6 (20.7) (46.7) (16.8) (22.9) (3.1) First Sponsor FSG SP 0.7 0.7 0.7 3.0 1.5 3.0 2.6 3.4 2.6 8.3 n.a. n.a. n.a. 0.8 6.0 n.a. Glorious Property 845 HK (1.1) (8.4) 4.8 1.2 (1.1) (4.4) (5.4) 11.5 14.5 11.5 7.4 14.4 (28.1) (25.0) (15.6) n.a. Greenland 337 HK (0.4) (1.1) (1.1) (3.1) 15.1 0.4 30.6 52.4 46.1 20.5 53.5 90.4 (18.3) (1.9) (36.1) (62.3) Hydoo Int'l 1396 HK (1.1) 1.1 (1.1) 0.0 38.5 32.4 26.8 30.4 55.2 0.0 n.a. n.a. (13.5) (44.0) (46.3) n.a. Modern Land (China) 1107 HK 0.0 1.4 11.5 15.0 18.7 8.1 15.0 21.7 41.7 53.7 n.a. n.a. 1.6 98.4 (53.2) n.a. Poly HK 119 HK (0.2) 7.2 8.3 19.9 40.4 24.8 16.5 16.8 56.8 83.2 79.8 (31.7) (22.9) (20.7) 1.6 (64.8) Powerlong 1238 HK (1.1) (3.1) 6.1 3.6 (0.3) 10.1 31.7 40.2 53.1 87.6 58.7 0.6 (34.3) 50.5 39.0 n.a. Renhe Commercial 1387 HK 5.8 4.6 4.0 (8.1) (8.5) (7.1) (12.9) (9.9) (8.5) (13.7) (8.9) (38.9) (28.1) 5.9 (44.7) n.a. Shui On Land 272 HK (1.0) 0.0 4.3 1.6 13.6 9.7 8.5 12.9 15.0 (9.4) 58.9 (31.1) (23.1) 16.4 (21.6) (80.5) SRE Group 1207 HK (0.5) (0.5) (1.1) (3.7) (1.6) (7.7) (9.0) (10.0) (9.0) (21.6) 24.2 (32.9) (20.8) 73.8 (45.5) (94.7) Sunshine 100 China 2608 HK 3.1 2.5 25.7 1.2 3.5 (3.5) (0.6) 9.3 (11.4) 5.1 n.a. n.a. n.a. 21.7 4.8 n.a. Times Property 1233 HK (6.0) (4.4) 15.3 20.2 18.8 8.3 17.9 40.7 61.5 86.6 n.a. n.a. (5.7) (18.2) 40.4 n.a. Wuzhou Int'l 1369 HK (1.5) (12.0) (18.5) (12.0) (15.4) (19.5) (15.4) (15.4) (15.4) (15.4) n.a. n.a. 14.0 (44.9) (3.7) n.a. Ying Li YINGLI SP 1.4 3.6 5.1 6.6 1.4 (7.6) (10.5) (11.0) (2.7) 5.1 45.1 6.8 (38.0) (32.2) (10.2) (87.9) Zhong An 672 HK 4.8 4.8 32.7 185.7 282.4 300.0 288.1 293.9 306.3 251.4 7.5 26.3 (20.8) (28.9) (21.0) (55.0) Average 0.1 0.6 6.4 12.7 21.8 17.7 21.8 29.5 38.7 40.0 48.1 0.8 (13.5) 2.3 (7.9) (63.0) Average (Overall) (0.1) 1.6 8.6 12.8 28.7 21.5 32.4 42.3 56.7 54.2 78.8 (4.9) (10.4) 6.9 (7.4) (51.9)

Hang Seng Index 1.1 3.7 9.9 6.9 13.3 14.8 17.1 18.6 26.6 23.8 22.9 2.9 1.3 (7.2) 0.4 (12.0) MSCI China 1.2 3.7 11.2 8.2 18.4 19.7 22.8 25.8 36.9 35.4 18.7 0.4 4.7 (10.1) (1.4) (22.9)

Source: Thomson Reuters

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Target Price & Ratings History

S.No. Date Closing 12-mth Rating HK$ Price Target 4.0 1 3 Price 5 1: 24-Aug-16 HK$2.45 HK$3.20 Buy 3.5 4 2 2: 18-Oct-16 HK$2.26 HK$3.20 Buy 3.0 3: 7-Feb-17 HK$2.26 HK$2.39 Hold 4: 29-Mar-17 HK$2.61 HK$2.39 Hold 2.5 5: 21-Apr-17 HK$2.60 HK$2.40 Hold 2.0

1.5

1.0 Jul-17 Jan-17 Jun-17 Oct-16 Feb-17 Sep-16 Apr-17 Dec-16 Nov-16 Mar-17 Aug-16 Aug-17 May-17

Source: DBS Vickers Analyst: Ken HE CFA,

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DBSVHK recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

Completed Date: 9 Aug 2017 08:42:25 (HKT) Dissemination Date: 9 Aug 2017 09:33:41 (HKT)

Sources for all charts and tables are DBS Vickers unless otherwise specified.

GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSV HK”). This report is solely intended for the clients of DBS Bank Ltd., DBS Bank (Hong Kong) Limited (DBS HK), DBSV HK, and DBS Vickers Securities (Singapore) Pte Ltd. (“DBSVS”), its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSV HK.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., DBS HK, DBSV HK, DBSVS, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies.

Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report.

This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer.

The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.

Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report.

DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making.

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Company Guide

China Jinmao Holdings

ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in China Overseas Land & Investment Limited (688 HK), China Resources Land Limited (1109 HK), China Vanke Company Limited 'H' (2202 HK) and Sino- Ocean Land Holdings Limited (3377 HK) recommended in this report as of 04 Aug 2017.

DBS Bank Ltd, DBS HK, DBSVS, DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in Yanlord Land Group Limited (YLLG SP) and Ying Li International Real Estate Limited (YINGLI SP) recommended in this report as of 31 Jul 2017.

2. Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.

3. Compensation for investment banking services: DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from China Jinmao Holdings (817 HK), Yanlord Land Group Limited (YLLG SP), Yuexiu Property Company Limited (123 HK), Central China Real Estate Limited (832 HK), China South City Holdings Limited (1668 HK) and China Overseas Grand Oceans Group (81 HK) as of 30 Jun 2017.

DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA, within the next 3 months, will receive or intend to seek compensation for investment banking services from China Jinmao Holdings (817 HK) as of 30 Jun 2017.

4. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for China Jinmao Holdings (817 HK), Yanlord Land Group Limited (YLLG SP), Yuexiu Property Company Limited (123 HK), China South City Holdings Limited (1668 HK) and China Overseas Grand Oceans Group (81 HK) in the past 12 months, as of 30 Jun 2017.

DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

5. Disclosure of previous investment recommendation produced: DBS Bank Ltd, DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA in the preceding 12 months.

1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

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Company Guide China Jinmao Holdings

RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be

contrary to law or regulation. Australia This report is being distributed in Australia by DBS Bank Ltd. (“DBS”) or DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”). DBS holds Australian Financial Services Licence no. 475946. DBSVS is exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSVHK is regulated by the Securities and Futures Commission of Hong Kong under the laws of Hong Kong, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

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Wong Ming Tek, Executive Director, ADBSR Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from,

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Company Guide

China Jinmao Holdings

United States This report was prepared by DBSVHK. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should

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Company Guide China Jinmao Holdings

DBS Regional Research Offices HONG KONG MALAYSIA SINGAPORE DBS Vickers (Hong Kong) Ltd AllianceDBS Research Sdn Bhd DBS Bank Ltd Contact: Carol Wu Contact: Wong Ming Tek (128540 U) Contact: Janice Chua 18th Floor Man Yee Building 19th Floor, Menara Multi-Purpose, 12 Marina Boulevard, 68 Des Voeux Road Central Capital Square, Marina Bay Financial Centre Tower 3 Central, Hong Kong 8 Jalan Munshi Abdullah 50100 Singapore 018982 Tel: 852 2820 4888 Kuala Lumpur, Malaysia. Tel: 65 6878 8888 Fax: 852 2863 1523 Tel.: 603 2604 3333 Fax: 65 65353 418 e-mail: [email protected] Fax: 603 2604 3921 e-mail: [email protected] Participant of the Stock Exchange of Hong Kong Ltd e-mail: [email protected] Company Regn. No. 196800306E

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