China / Hong Kong China Property Weekly Digest

(Issue No. 215) Refer to important disclosures at the end of this report DBS Group Research . Equity 29 March 2017

Inventory starts to build up in key HSI: 24,392 cities ANALYST Trista QIN +852 2863 8820  More Tier I/II cities, including Beijing, Xiamen and [email protected] Hangzhou, escalated tightening policies in the past Carol WU +852 2863 8841 week. Some banks in Beijing and Guangzhou have [email protected] Danielle Wang, CFA +852 2820 4915 narrowed interest rate discount for first home [email protected] purchase from 10% to 5% Ken HE CFA, +86 21 6888 3375 [email protected]  For the week of 20 Mar to 26 Mar, overall gross Andy YEE CFA, +852 2971 1773 floor area (GFA) sold increased by 7.1% w-o-w; [email protected] GFA sold in Tier I/II/III cities reported changes of 7%/0%/38% w-o-w. Year-to-date, GFA sold in Tier Weekly sales performance of major cities (Mar 20 –Mar 26)

I/II/III cities changed by -33%/-14%/10% y-o-y YTD vs YTD vs w-o-w 2016 2015  Overall ASP slipped by 0.8% w-o-w. ASPs in Tier Avg weekly GFA sold ↑ 9.0% ↓ 22.3% ↓ 7.9% I/II/III cities changed by 7%/1%/-1% w-o-w ASP ↑ 1.7% ↑ 7.7% ↑ 18.2%  Inventory levels in key cities edged up to 40 weeks; Inventory (no. of weeks) ↑ 1.0 ↓ 3.3 ↓ 18.8 sell-through rate of newly launched projects in Tier vs same vs same I&II cities grew to 92%. period period 2016 2015

Inventory (no. of weeks of sales) of 16 cities* YTD GFA sold ↓ 12.9% ↑ 24.9%

100 YTD share price performance 90 80 CC Land Kaisa 70 Renhe Sector avg: +27% 60 Zhong An First Sponsor 50 China South City 40 SRE Ying Li 30 Hopson 20 Shui On Land Minmetals 10 HSI Index 0 Greenland HK MSCI China COLI SOHO

Jan-11 Jan-17 Small caps Jun-13 Nov-15 Mar-12 Aug-14 Sino-Ocean Inventory (no. of weeks) 26 weeks rolling avg Glorious BJ North Star Yuexiu New launches in 10 major cities and sell-through rate Vanke Yuzhou 25,000 100% CR Land BJ Cap Land 90% Shimao 20,000 80% Mid caps 70% Lai Fung China SCE 15,000 60% Poly HK 50% Large caps 10,000 40% Evergrande 30% Yanlord GZ R&F 5,000 20% KWG 10% Longfor 0 0% Greentown Powerlong CIFI Sunac

2W15 1W16 C Garden

32W12 50W12 14W13 32W13 50W13 18W14 35W14 19W15 36W15 18W16 35W16 52W16 COGO Total units launched (LHS) Agile Sell-through rate (RHS) -20% 0% 20% 40% 60% 80% 100% 6 mths average sell-Through (RHS) Source: Bloomberg Finance L.P., CREIS, Fang.com, DBS Vickers

Source: CREIS, Fang.com, DBS Vickers * Rolling 26 weeks inventory

ed-JS / sa- AH

China / Hong Kong China Property Weekly Digest

Share price performance

YTD Share price performance

CC Land Kaisa Renhe Sector avg: +27% Zhong An First Sponsor China South City SRE Ying Li Hopson Shui On Land Minmetals HSI Index Greenland HK MSCI China COLI SOHO Small caps Sino-Ocean Glorious BJ North Star Yuexiu Vanke Yuzhou CR Land BJ Cap Land Shimao Mid caps Lai Fung China SCE Poly HK Large caps Evergrande Yanlord GZ R&F KWG Longfor Greentown Powerlong CIFI Sunac C Garden COGO Agile -20% 0% 20% 40% 60% 80% 100% Daily trading volume (Mar 20 – Mar 24)

100 90 80 70 60 50 40 30 20 10 0 CIFI SRE COLI Agile KWG Sunac SOHO Vanke Renhe Ying Li COGO Yuexiu GZ R&F GZ Poly HK Shimao Yuzhou Hopson Longfor Yanlord Lai Fung CR Land CC Land Glorious C Garden Zhong An Zhong China SCE Minmetals Powerlong Evergrande Greentown Sino-Ocean BJ Cap Land Cap BJ First Sponsor BJ North Star Shui On Land Shui Greenland HK China South City South China Source: Bloomberg Finance L.P, DBS Vickers

Page 2

China / Hong Kong China Property Weekly Digest

Average weekly trading volume US$ mn 450 400 350 300 250 200 150 100 50 0 CIFI SRE COLI Agile Kaisa KWG Sunac SOHO Vanke Renhe Ying Li Ying COGO Yuexiu GZ R&F GZ Poly HK Shimao Yuzhou Hopson Longfor Yanlord CR Land Lai Fung CC Land CC Glorious C Garden Zhong An Zhong China SCE Minmetals Powerlong Evergrande Greentown Sino-Ocean BJ Cap Land Cap BJ First Sponsor First BJ North Star Shui On Land On Shui Greenland HK

YTD 2016 2015 China SouthCity

Source: Bloomberg Finance L.P, DBS Vickers

New projects launched (Mar 20 – Mar 26):

49 projects were launched in Major Tier I&II cities. Total of 13k units were launched in Major Tier I&II cities. 13 projects were launched in Wuhan Average sell-through rate for new launches increased to 92%

Unit 25,000 100% 14 100% 90% 20,000 80% 12 70% 10 15,000 60% 8 50% 10,000 40% 6 30% 4 5,000 20% 10% 2 0 0% 0 80% 2W15 1W16 32W12 50W12 14W13 32W13 50W13 18W14 35W14 19W15 36W15 18W16 35W16 52W16 Tianjin Beijing Wuhan

Nanjing Total units launched (LHS) Shanghai Chengdu Shenzhen Hangzhou Sell-through rate (RHS) Chongqing Guangzhou Launches (LHS) Sell-through rate (RHS) 6 mths average sell-Through (RHS)

Source: CREIS, DBS Vickers Source: CREIS, DBS Vickers

Page 3

China / Hong Kong China Property Weekly Digest

Weekly sales performance of major cities

Tier I cities

Tier I cities: Weekly GFA sales of key cities

GFA % change as compared to Avg of Last week previous 4 Cit y (000 sm) w-o-w y-o-y weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Beijing 112 -3% -44% 9% -39% -49% -40% -55% -55% Shanghai 330 -6% -60% -3% -22% -24% 5% -4% 19% Shenzhen 15 -2% -85% -31% -82% -89% -81% -83% -80% Guangzhou 357 29% 15% 29% 33% 72% 125% 76% 73% Tier I total 814 7% -43% 1% -27% -22% 2% -16% -11% Source: CREIS, DBS Vickers

Tier I cities: Weekly ASP of key cities

ASP % change as compared to Avg of Last week previous Cit y (Rmb/sm) w-o-w y-o-y 4 weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Beijing 42,666 9% 16% 8% 18% 59% 67% 82% 107% Shanghai 30,272 25% 2% 40% 14% 31% 61% 63% 94% Shenzhen 56,322 -3% 9% 1% 4% 71% 139% 155% 201% Guangzhou 16,488 -4% 8% 3% 0% 9% 11% 29% 37% Tier I total 36,437 7% 8% 13% 9% 42% 70% 82% 110% Source: CREIS, DBS Vickers

Tier I cities: YTD GFA sales of key cities Tier I cities: Avg ASP of key cities

000 sm Yoy (%) RMB/sm Yoy (%) 7,000 40% 60,000 16% 6,000 20% 14% 50,000 12% 5,000 0% 10% 40,000 4,000 -20% 8% 6% 3,000 -40% 30,000 4% 2,000 -60% 20,000 2% 0% 1,000 -80% 10,000 -2% 0 -100% -4% 0 -6% Beijing Beijing Shanghai Shenzhen Shanghai Shenzhen Guangzhou 2017 (LHS) 2016 (LHS) Guangzhou 2017 avg (LHS) 2016 avg (LHS) Yoy (RHS)

Source: CREIS, DBS Vickers Source: CREIS, DBS Vickers

Page 4

China / Hong Kong China Property Weekly Digest

Tier II cities

Tier II cities: Weekly GFA sales of key cities

GFA % change as compared to Avg of Last week previous Cit y (000 sm) w-o-w y-o-y 4 weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Tianjin n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Hangzhou 115 -21% -53% -19% -27% -1% 41% 30% -31% Suzhou 27 -3% -91% -62% -84% -88% -83% -82% -88% Xiamen n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Changsha 209 -9% n.a. -20% -54% -30% -23% -36% -34% Ningbo 300 90% 41% 118% 114% 196% 263% 224% 279% Wuhan 612 -2% -23% 20% -8% 24% 51% 62% 89% Chengdu 173 17% -25% 22% -9% 1% -3% -18% -7% Chongqing n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Qingdao 368 -19% -9% -12% -6% 44% 107% 58% 113% Xi'an 284 -13% -36% -4% -19% 3% 25% 21% 53% Nanjing 87 -16% -82% -18% -69% -63% -43% -55% -42% Dalian 83 16% 16% 32% 32% 47% 90% 44% 88% Fuzhou 28 -16% -67% -13% -46% -45% -33% -37% -39% Wuxi n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shenyang 423 29% 74% 51% 44% 62% 74% 30% 92% Jinan 158 -25% -60% -36% -52% -23% 10% 5% n.a. Nanchang 114 -7% -29% -8% -18% 3% 8% 48% 44% Hefei n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shijiazhuang n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Changchun 178 12% -8% 20% 4% 18% 29% 22% 50% Harbin n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Haikou n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Nanning 235 -31% 20% 22% 15% 47% 113% 117% 191% Lanzhou n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Kunming 285 7% 31% 15% 46% 45% 30% 35% 110% Guiyang n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Wenzhou 120 17% -32% 19% 11% 67% 95% 86% 247% Sanya 89 -44% 11% -53% 84% 189% 230% 194% 347% Tier II total 3,890 0% -18% 4% -2% 26% 52% 39% 81% Source: CREIS, DBS Vickers

Tier II cities: Weekly ASP of key cities

ASP % change as compared to Avg of Last week previous Cit y (Rmb/sm) w-o-w y-o-y 4 weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Tianjin n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Ningbo 19,299 7% 49% 19% 38% 44% n.a. n.a. n.a. Chongqing n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Xi'an 7,503 -4% 11% 0% 7% 6% -3% 3% 11% Wuxi n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shenyang 7,385 -5% 13% 0% 8% 17% 7% 6% 12% Lanzhou n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Sanya 21,827 8% 13% 3% 13% 11% -4% -3% -9% Tier II total 14,004 1% 22% 5% 16% 20% 0% 2% 5%

Source: CREIS, DBS Vickers

Page 5

China / Hong Kong China Property Weekly Digest

Tier II cities: YTD GFA sales of key cities

000 sm Yoy (%) 8,500 120% 7,500 100% 6,500 80% 5,500 60% 4,500 40% 20% 3,500 0% 2,500 -20% 1,500 -40% 500 -60% (500) -80% (1,500) -100% Xian Wuxi Sanya Dalian Haikou Fuzhou Ningbo Wuhan Suzhou Nanjing Nanning Qingdao Kunming Chengdu Wenzhou Shenyang Changsha Changsha Nanchang Hangzhou Chongqing Changchun 2017 (LHS) 2016 (LHS) Yoy (RHS)

Source: CREIS, DBS Vickers

Tier II cities: Avg ASP of key cities

RMB/sm Yoy (%) 9,000 30% 8,000 25% 7,000 6,000 20% 5,000 15% 4,000 3,000 10% 2,000 5% 1,000 0 0% Xian Shenyang Shenyang Changsha Chongqing 2017 avg (LHS) 2016 avg (LHS) Yoy (RHS)

Source: CREIS, DBS Vickers

Page 6

China / Hong Kong China Property Weekly Digest

Tier III cities

Tier III cities: Weekly GFA sales of key cities

GFA % change as compared to Avg of Last week previous 4 Cit y (000 sm) w-o-w y-o-y weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Dongguan 86 25% -61% -13% -51% -55% -20% -40% -24% Weifang n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Baotou 72 16% 11% 26% 9% 29% 30% 35% 2% Guilin n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Xuzhou 695 138% 128% 129% 139% 230% 283% 249% 378% Bengbu 64 37% -20% 8% -9% 91% 74% 46% 172% Yangzhou 95 -17% 44% -12% 47% 106% 138% 68% 190% Huizhou 97 12% -39% 29% -4% 41% 88% 51% 53% Lianyungang 162 23% 14% -5% 30% 61% 89% 50% 82% Shantou 128 -5% 192% 5% 109% 268% 598% 487% 577% Zhongshan n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Dandong n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. J iujiang n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shaoguan 31 0% -36% 18% -16% 35% 58% 48% 100% Luzhou n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Nanchong n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Zhoushan 40 12% -1% 7% 44% 77% 145% 95% 229% Dongying 57 6% 95% 34% 55% 57% 74% 17% 112% Huaian 117 8% -30% -10% -38% -7% 20% 6% 26% Wuhu 66 9% -23% 21% -26% 42% 68% 53% 20% Guan n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. J iaozuo 22 112% 106% -26% 12% 22% 133% 9% 4% Zhaoqing 84 -2% 65% 13% 65% 105% 210% 154% 156% Tier III total 1,815 38% 28% 15% 24% 74% 133% 89% 139% Source: CREIS, DBS Vickers

Tier III cities: Weekly ASP of key cities

ASP % change as compared to Avg of Last week previous Cit y (Rmb/sm) w - o- w y - o- y 4 weeks Avg 2016 Avg 2015 Avg 2014 Avg 2013 Avg 2012 Dongguann.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a. Weifangn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a. Baotou 5,136 -1% n.a. -2% 1% 0% 0% 0% 11% Bengbu n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a. Shantou 8,652 3% 3% -1% 5% 7% 7% -3% 22% Dandong n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. J iujiang n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shaoguan 5,206 -5% 110% -4% 16% 3% -1% -4% -1% Dongyingn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a. Huaian 5,017 -3% 15% 0% 16% 20% 15% 15% 24% Jiaozuo n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a. Zhaoqing 6,039 3% 12% 4% 12% 16% 6% 1% 16% Tier III total 6,010 -1% 35% -1% 10% 9% 6% 2% 15%

Source: CREIS, DBS Vickers

Page 7

China / Hong Kong China Property Weekly Digest

Tier III cities: YTD GFA sales of key cities

000 sm Yoy (%) 5,400 200% 4,400 150% 3,400 100% 2,400 50% 1,400 0% 400 -50% (600) -100% Wuhu Wuhu Huaian Baotou Jiujiang Xuzhou Bengbu Huizhou Shantou Shaoxing Zhaoqing Dongying Zhoushan Shaoguan Yangzhou Dongguan

Lianyungang 2017 (LHS) 2016 (LHS) Yoy (RHS)

Source: CREIS, DBS Vickers

Tier III cities: Avg ASP of key cities

RMB/sm Yoy (%) 15,000 25% 20% 10,000 15% 10% 5,000 5% 0% 0 -5% Baotou Jiujiang Shaoxing Zhaoqing Shaoguan

2017 avg (LHS) 2016 avg (LHS) Yoy (RHS)

Source: CREIS, DBS Vickers

Page 8

China / Hong Kong China Property Weekly Digest

Inventory level

No. of weeks to digest inventory

90 80 70 60 Avg = 40 50 40 30 20 10 0 Beijing Fuzhou Ningbo Suzhou Nanjing Huizhou Nanning Shanghai Dongying Zhoushan Shenzhen Hangzhou

Guangzhou Source: CREIS, DBS Vickers

Trend: No. of weeks to digest inventory

weeks 140 120 Tier 3 100 80 60 Tier 1 40 20 Tier 2 0 Jan-17 Jan-11 Jun-13 Nov-15 Mar-12 Aug-14 Tier I average Tier II average Tier III average

Source: CREIS, DBS Vickers

Notes: 1. Based on 26 weeks average sales

2. Only Huizhou, Jiujiang, Nanchong, Zhoushan and Dongying are included in Tier III cities

Page 9

China / Hong Kong China Property Weekly Digest

Share price performance and peer valuations

Valuation comparison

3-mth daily Net Disc/ 29-Mar 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 1H16 1H16 to NAV Company Name Code HK$ US$bn US$m HK$ % % x x%% % % % xHK$ % Large cap China Overseas* 688 HK 22.55 31.8 66.9 BUY 26.15 (17) 8 7.5 7.0 4.0 4.3 14.0 13.8 (4.2) 1.1 26.0 13.4 Country Garden* 2007 HK 7.14 19.6 21.6 HOLD 6.75 16 32 9.9 7.4 3.2 4.2 19.0 21.8 51.4 2.0 9.3 23.5 CR Land* 1109 HK 21.55 19.2 39.7 BUY 24.98 (2) 15 7.9 6.8 3.4 4.0 15.4 15.9 27.9 1.3 28.0 23.1 China Vanke 'H'* 2202 HK 21.15 33.2 16.9 HOLD 20.20 16 12 8.9 7.9 4.9 5.5 19.5 19.4 15.2 2.1 22.7 6.9 Evergrande* 3333 HK 6.95 12.3 25.2 HOLD 6.43 79 98 9.3 4.7 8.4 10.7 20.1 35.5 93.0 1.7 9.6 27.5 Longfor* 960 HK 13 9.8 10.1 BUY 15.23 (1) 22 7.3 6.1 4.8 5.8 14.2 15.7 62.7 1.1 22.7 42.6 Shimao Property* 813 HK 12.7 5.5 8.1 HOLD 10.83 21 9 7.2 6.6 5.7 6.2 9.9 10.2 55.7 0.7 28.5 55.5 Ave ra ge 16 28 8.1 7.0 4.9 5.8 16.0 18.9 37.7 1.4 27.5 Mid cap Agile Property* 3383 HK 6.84 3.4 9.2 FV 4.99 30 27 7.9 6.2 6.7 7.2 7.1 8.7 57.2 0.7 14.9 54.0 China South City*^^ 1668 HK 1.62 1.7 4.4 FV 1.30 38 n.a. 11.7 n.a. 4.7 0.0 4.1 0.0 83.9 0.5 2.6 37.1 COGO* 81 HK 3.94 1.2 2.1 BUY 3.47 36 32 6.5 4.9 0.0 0.0 10.8 12.6 23.2 0.7 7.2 45.2 China Jinmao Hldgs* 817 HK 2.57 3.5 2.2 HOLD 2.39 24 16 7.5 6.5 3.3 3.8 9.0 9.7 56.1 0.8 4.6 44.7 Greentown 3900 HK 7.45 2.1 4.6 NR n.a. 11 9 8.4 7.7 2.3 2.1 7.0 6.0 70.0 0.6 18.5 59.7 Guangzhou R&F 2777 HK 12.32 5.1 11.9 NR n.a. 10 12 4.7 4.2 8.6 9.2 15.8 16.5 154.4 0.8 18.1 31.9 Hopson Dev 754 HK 7.15 2.0 0.6 NR n.a. 12 10 20.7 18.8 1.5 1.6 n.a. n.a. 68.8 0.3 n.a. n.a. KWG Property 1813 HK 5.71 2.2 7.6 NR n.a. 0 10 4.4 4.0 7.8 8.9 14.9 14.9 65.4 0.7 10.8 47.2 Logan Property 3380 HK 3.75 2.7 1.7 NR n.a. 25 21 4.6 3.8 6.7 8.3 21.5 23.8 69.8 1.1 n.a. n.a. Poly (Hong Kong) 119 HK 3.3 1.6 5.4 NR n.a. 314 93 36.3 18.8 0.8 1.1 1.7 2.9 118.7 0.5 13.1 74.8 Shui On Land* 272 HK 1.78 1.8 3.3 HOLD 1.98 (53) 30 24.6 18.7 2.8 2.9 1.4 1.8 77.3 0.3 4.9 64.0 Sino-Ocean Land* 3377 HK 3.88 3.8 4.2 BUY 4.61 22 8 6.0 5.6 5.8 6.3 9.1 9.3 52.2 0.6 7.8 50.4 Soho China* 410 HK 4.26 2.9 3.3 HOLD 4.16 (67) 21 65.7 54.3 0.0 0.0 0.9 1.1 36.4 0.5 8.1 47.2 Sunac China 1918 HK 10.26 5.1 21.5 NR n.a. 48 61 12.9 8.0 1.7 2.6 11.6 15.6 85.1 1.6 n.a. n.a. Yanlord Land*^ YLLG SP 1.815 2.5 2.9 BUY 2.21 (12) 9 7.4 6.7 2.3 2.4 10.8 10.7 1.6 0.8 2.9 37.8 Yuexiu Property* 123 HK 1.34 2.1 4.9 HOLD 1.23 (14) 20 11.2 9.3 3.6 4.3 4.2 4.9 48.6 0.5 2.7 51.0 Average# 37 24 8.7 7.1 4.1 4.3 9.9 10.6 65.2 0.7 48.5 Small cap BJ Cap Land 'H' 2868 HK 3.58 2.3 2.5 NR n.a. (20) 45 5.9 4.1 6.5 8.7 19.3 22.8 95.2 0.7 n.a. n.a. BJ North Star 'H' 588 HK 2.93 1.3 1.2 NR n.a. 50 n.a. 7.2 n.a. 2.3 n.a. 6.6 n.a. 83.8 0.5 n.a. n.a. C C Land* 1224 HK 2.04 1.0 0.4 Hold 2.06 6 (79) 4.7 22.5 4.3 0.9 7.4 1.5 (23.2) 0.4 2.8 26.3 Central China* 832 HK 1.85 0.6 0.4 HOLD 1.80 106 13 4.8 4.3 6.2 7.0 12.4 12.8 21.0 0.6 6.1 69.4 China SCE 1966 HK 2.96 1.3 3.0 NR n.a. (21) 32 5.5 4.2 5.4 7.2 17.9 18.9 99.5 1.2 n.a. n.a. CIFI Holdings 884 HK 3.02 2.6 5.1 NR n.a. 28 19 5.0 4.2 7.0 8.3 22.0 22.1 57.5 1.3 n.a. n.a. First Sponsor*^ FSG SP 1.36 0.6 0.1 NR 1.57 13 n.a. 13.1 n.a. 1.2 0.0 6.4 0.0 0.0 0.9 4.1 66.8 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. 207.2 0.6 5.9 85.2 Hydoo Int'l 1396 HK 0.66 0.3 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 67.9 0.5 n.a. n.a. Kaisa Group 1638 HK 2.77 1.8 127.8 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Lai Fung* 1125 HK 0.219 0.5 0.3 NR n.a. (73) n.a. 12.8 n.a. 1.5 0.0 2.0 0.0 18.8 0.3 0.5 55.8 Minmetals Land 230 HK 0.99 0.4 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (14.9) 0.5 n.a. n.a. Modern Land (China) 1107 HK 1.31 0.4 0.4 NR n.a. 24 13 3.1 2.7 8.4 9.8 20.7 19.8 119.1 0.4 n.a. n.a. Powerlong 1238 HK 3.07 1.6 1.8 NR n.a. (21) 26 5.5 4.4 5.0 5.8 11.8 12.3 75.1 0.5 n.a. n.a. Renhe Commercial 1387 HK 0.199 1.1 0.4 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 34.3 1.1 2.7 92.7 Greenland* 337 HK 2.13 0.8 1.3 BUY 4.97 70 n.a. 1.9 n.a. 0.0 0.0 13.8 0.0 191.9 0.7 5.7 62.8 SRE Group 1207 HK 0.197 0.5 0.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 78.9 0.5 n.a. n.a. Sunshine 100 China 2608 HK 3.3 1.0 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 257.0 0.9 n.a. n.a. Times Property 1233 HK 5.33 1.2 2.4 NR n.a. 3 43 3.9 2.7 8.0 11.1 22.8 25.4 81.0 1.5 n.a. n.a. Wuzhou Int'l 1369 HK 0.77 0.2 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 138.7 0.9 n.a. n.a. Ying Li^ YINGLI SP 0.157 0.3 1.2 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 79.0 0.5 0.9 82.9 Yuzhou Properties 1628 HK 3.29 1.6 2.9 NR n.a. 43 24 4.4 3.5 8.4 10.5 21.6 22.7 75.4 1.1 5.0 34.2 Zhong An 672 HK 0.65 0.2 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 62.8 0.2 n.a. n.a. Average** 20 15 5.0 5.8 6.2 7.7 16.2 17.6 76.8 0.7 61.1 Average (Overall)@ 27.2 22 7.3 6.7 4.9 5.5 13.2 14.0 62.6 0.8 46.5~ ^ Denominated in SGD for price ~ Simple average discount to NAV; Market cap weighted average NAV = 28% # Exclude Soho China & Shui On Land ** Exclude Greenland, First Sponsor & Lai Fung @ Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers

Page 10

China / Hong Kong China Property Weekly Digest

PE valuations, 2007 to 2016 trough (based on earnings forecasts)

29-Mar Mkt 17F 18F PE (x) Price Ca p PE PE Trough Trough Trough Trough Trough Trough Trough Trough Trough Compa ny Na me Code HK$ US$bn x x 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 22.55 31.8 7.5 7.0 9.7 11.1 12.8 6.5 7.1 7.8 6.1 6.7 5.8 Country Garden* 2007 HK 7.14 19.6 9.9 7.4 3.6 5.2 10.7 5.2 5.8 6.5 4.0 4.2 4.9 CR Land* 1109 HK 21.55 19.2 7.9 6.8 15.9 13.1 14.4 7.2 10.1 11.9 7.1 8.2 7.0 China Vanke 'H'* 2202 HK 21.15 33.2 8.9 7.9 n.a. n.a. n.a. n.a. n.a. n.a. 6.3 6.8 6.5 Evergrande* 3333 HK 6.95 12.3 9.3 4.7 n.a. n.a. 3.8 2.9 3.3 4.2 3.4 4.3 6.4 Longfor* 960 HK 13.00 9.8 7.3 6.1 n.a. 17.8 13.8 6.3 5.6 7.4 5.3 5.4 5.5 Shimao Property* 813 HK 12.70 5.5 7.2 6.6 3.7 4.2 8.5 3.6 3.9 6.4 4.3 3.3 3.1 Average 8.1 7.0 8.2 10.3 10.7 5.3 6.0 7.4 5.2 5.5 5.6 Agile Property* 3383 HK 6.84 3.4 7.9 6.2 1.5 4.4 7.9 2.6 3.6 3.8 2.3 2.8 3.1 China South City*^^ 1668 HK 1.62 1.7 11.7 n.a. n.a. 17.7 6.9 4.3 5.9 4.3 5.1 5.7 5.8 COGO* 81 HK 3.94 1.2 6.5 4.9 n.a. n.a. n.a. 3.6 5.0 6.3 3.1 3.1 2.7 China Jinmao Hldgs* 817 HK 2.57 3.5 7.5 6.5 5.5 6.9 15.0 6.1 6.0 7.3 4.8 5.1 5.1 Greentown 3900 HK 7.45 2.1 8.4 7.7 1.9 2.3 6.3 2.0 1.5 3.3 2.3 3.1 3.4 Guangzhou R&F 2777 HK 12.32 5.1 4.7 4.2 2.4 4.8 6.8 3.2 3.2 4.7 3.8 3.1 3.5 Hopson Dev 754 HK 7.15 2.0 20.7 18.8 1.0 2.2 4.9 2.8 2.8 5.6 3.9 10.7 12.1 KWG Property 1813 HK 5.71 2.2 4.4 4.0 2.1 2.9 8.0 3.1 2.8 3.7 2.9 3.2 3.1 Logan Property 3380 HK 3.75 2.7 4.6 3.8 n.a. n.a. n.a. n.a. n.a. n.a. 3.5 3.6 3.8 Poly (Hong Kong) 119 HK 3.30 1.6 36.3 18.8 10.0 3.8 14.9 4.2 4.9 5.2 3.9 5.4 13.0 Shui On Land* 272 HK 1.78 1.8 24.6 18.7 1.7 3.4 9.4 5.6 6.5 9.1 10.6 5.8 6.5 Sino-Ocean Land* 3377 HK 3.88 3.8 6.0 5.6 4.7 9.0 11.3 4.1 5.4 6.7 6.0 5.9 5.1 Soho China* 410 HK 4.26 2.9 65.7 54.3 4.9 3.4 3.9 7.6 3.8 5.3 7.5 13.4 15.4 Sunac China 1918 HK 10.26 5.1 12.9 8.0 n.a. n.a. 4.5 1.4 1.4 3.1 2.2 2.7 3.1 Yanlord Land*^ YLLG SP 1.82 2.5 7.4 6.7 4.1 6.6 9.3 5.0 6.7 9.3 7.5 7.1 7.0 Yuexiu Property* 123 HK 1.34 2.1 11.2 9.3 1.9 2.9 8.9 4.5 4.5 5.8 5.9 6.3 5.3 Average# 8.7 7.1 3.4 5.6 8.6 3.6 4.2 5.4 4.2 4.9 5.5 BJ Cap Land 'H' 2868 HK 3.58 2.3 5.9 4.1 1.6 3.1 5.1 1.9 2.0 3.3 2.6 3.1 3.5 BJ North Star 'H' 588 HK 2.93 1.3 7.2 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 2.04 1.0 4.7 22.5 18.4 n.a. n.a. 5.1 3.9 6.7 3.4 5.2 7.6 Central China* 832 HK 1.85 0.6 4.8 4.3 1.3 1.5 3.9 2.8 2.8 3.5 2.6 2.5 2.3 China SCE 1966 HK 2.96 1.3 5.5 4.2 n.a. n.a. 4.7 3.7 2.9 2.4 5.6 4.5 3.7 CIFI Holdings 884 HK 3.02 2.6 5.0 4.2 n.a. n.a. n.a. n.a. n.a. 3.8 3.2 2.7 2.8 First Sponsor*^ FSG SP 1.36 0.6 13.1 n.a. 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 Hydoo Int'l 1396 HK 0.66 0.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.6 2.3 2.3 7.0 Kaisa Group 1638 HK 2.77 1.8 n.a. n.a. n.a. n.a. 3.5 3.7 2.9 2.8 1.9 1.7 1.9 Lai Fung* 1125 HK 0.22 0.5 12.8 n.a. 0.8 3.2 6.7 3.1 2.6 4.0 4.0 4.0 4.0 Minmetals Land 230 HK 0.99 0.4 n.a. n.a. 0.8 2.2 6.9 3.8 2.3 4.2 3.6 4.5 7.5 Modern Land (China) 1107 HK 1.31 0.4 3.1 2.7 n.a. n.a. n.a. n.a. n.a. n.a. 2.4 2.4 2.0 Powerlong 1238 HK 3.07 1.6 5.5 4.4 n.a. 4.7 5.3 1.5 1.6 3.6 2.8 3.2 2.7 Renhe Commercial 1387 HK 0.20 1.1 n.a. n.a. 10.5 5.7 5.4 3.2 2.7 4.7 7.7 7.7 7.7 Greenland* 337 HK 2.13 0.8 1.9 n.a. 0.7 1.1 3.6 1.2 1.0 0.6 11.7 8.0 4.8 SRE Group 1207 HK 0.20 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 3.30 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 5.33 1.2 3.9 2.7 n.a. n.a. n.a. n.a. n.a. n.a. 2.5 2.2 1.9 Wuzhou Int'l 1369 HK 0.77 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 0.16 0.3 n.a. n.a. n.a. 64.8 22.4 6.9 4.7 7.8 4.1 5.1 9.5 Yuzhou Properties 1628 HK 3.29 1.6 4.4 3.5 n.a. 9.6 5.5 2.7 3.6 3.6 2.4 2.1 3.3 Zhong An 672 HK 0.65 0.2 n.a. n.a. 1.7 2.9 7.8 3.0 9.9 5.3 8.3 8.3 8.3 Average** 5.0 5.8 4.4 9.9 6.5 3.3 3.5 4.2 4.0 4.0 6.2 Average (Overall)@ 7.3 6.7 5.1 5.7 12.2 4.2 4.4 5.7 5.4 5.8 6.1

^ Denominated in SGD for price # Exclude Soho China & Shui On Land for 16F & 17F PE ** Exclude Greenland, First Sponsor & Lai Fung for 16F & 17F PE @ Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers

Page 11

China / Hong Kong China Property Weekly Digest

PE valuations, 2007 to 2016 peak (based on earnings forecasts)

29-Mar Mkt 17F 18F PE (x) Price Ca p PE PE Peak Peak Peak Peak Peak Peak Peak Peak Peak Compa ny Na me Code HK$ US$bn x x 2008 2009 2010 2011 2012 2013 2014 2015 2016 China Overseas* 688 HK 22.55 31.8 7.5 7.0 22.7 25.0 17.0 12.1 12.4 11.2 8.5 9.9 8.7 Country Garden* 2007 HK 7.14 19.6 9.9 7.4 19.8 20.3 16.7 11.6 9.2 10.0 6.4 7.3 8.8 CR Land* 1109 HK 21.55 19.2 7.9 6.8 28.6 30.4 21.1 15.2 17.6 16.2 10.7 12.8 9.7 China Vanke 'H'* 2202 HK 21.15 33.2 8.9 7.9 n.a. n.a. n.a. n.a. n.a. n.a. 9.0 11.8 11.3 Evergrande* 3333 HK 6.95 12.3 9.3 4.7 n.a. n.a. 9.1 8.9 6.1 6.4 4.6 14.2 13.2 Longfor* 960 HK 13.00 9.8 7.3 6.1 n.a. 24.4 21.7 14.2 11.9 10.4 6.9 8.7 8.2 Shimao Property* 813 HK 12.70 5.5 7.2 6.6 14.8 18.3 13.2 9.6 9.5 8.8 6.0 6.1 5.5 Average 8.1 7.0 21.5 23.7 16.5 11.9 11.1 10.5 7.4 10.1 9.3 Agile Property* 3383 HK 6.84 3.4 7.9 6.2 15.1 19.7 12.9 10.4 6.7 7.2 4.0 5.4 5.8 China South City*^^ 1668 HK 1.62 1.7 11.7 n.a. n.a. 19.6 20.4 12.3 6.6 6.9 11.8 9.5 10.8 COGO* 81 HK 3.94 1.2 6.5 4.9 n.a. n.a. n.a. 9.8 9.8 10.0 5.1 6.1 6.3 China Jinmao Hldgs* 817 HK 2.57 3.5 7.5 6.5 22.9 21.8 19.1 16.8 10.3 9.3 6.8 8.4 8.1 Greentown 3900 HK 7.45 2.1 8.4 7.7 9.7 18.3 10.2 6.1 6.3 6.6 4.5 6.1 7.7 Guangzhou R&F 2777 HK 12.32 5.1 4.7 4.2 16.6 17.8 10.5 8.0 7.4 8.1 4.8 4.8 6.0 Hopson Dev 754 HK 7.15 2.0 20.7 18.8 9.6 10.3 7.5 6.4 16.0 13.7 16.1 24.6 22.4 KWG Property 1813 HK 5.71 2.2 4.4 4.0 12.4 22.1 14.2 9.9 6.6 6.6 5.2 6.2 4.6 Logan Property 3380 HK 3.75 2.7 4.6 3.8 n.a. n.a. n.a. n.a. n.a. n.a. 3.8 6.6 6.0 Poly (Hong Kong) 119 HK 3.30 1.6 36.3 18.8 30.0 51.0 25.2 16.1 9.8 9.9 6.4 27.9 Shui On Land* 272 HK 1.78 1.8 24.6 18.7 16.2 21.3 16.6 17.6 12.6 17.6 13.8 87.1 11.7 Sino-Ocean Land* 3377 HK 3.88 3.8 6.0 5.6 13.2 24.8 15.7 10.3 12.1 11.4 7.8 9.9 8.0 Soho China* 410 HK 4.26 2.9 65.7 54.3 12.5 9.4 6.7 15.1 5.2 6.5 10.0 20.8 51.2 Sunac China 1918 HK 10.26 5.1 12.9 8.0 n.a. n.a. 5.8 3.5 5.5 4.9 5.1 6.3 12.4 Yanlord Land*^ YLLG SP 1.82 2.5 7.4 6.7 14.5 19.8 14.5 10.5 15.0 14.4 9.8 12.7 9.4 Yuexiu Property* 123 HK 1.34 2.1 11.2 9.3 11.0 25.5 15.7 11.0 9.1 9.5 7.9 11.1 10.6 Average# 8.7 7.1 15.0 22.1 13.9 10.0 9.3 9.3 7.1 10.4 9.1 BJ Cap Land 'H' 2868 HK 3.58 2.3 5.9 4.1 9.5 15.9 9.6 5.9 4.7 5.3 3.3 6.3 5.9 BJ North Star 'H' 588 HK 2.93 1.3 7.2 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 2.04 1.0 4.7 22.5 n.a. n.a. n.a. 17.5 12.7 10.8 6.4 8.6 7.6 Central China* 832 HK 1.85 0.6 4.8 4.3 10.8 9.4 6.6 5.6 6.3 5.2 3.8 4.4 3.9 China SCE 1966 HK 2.96 1.3 5.5 4.2 n.a. n.a. 6.9 5.5 3.5 6.6 5.6 5.6 7.6 CIFI Holdings 884 HK 3.02 2.6 5.0 4.2 n.a. n.a. n.a. n.a. n.a. 5.9 4.3 5.1 5.4 First Sponsor*^ FSG SP 1.36 0.6 13.1 n.a. 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 Hydoo Int'l 1396 HK 0.66 0.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.5 5.9 7.8 7.0 Kaisa Group 1638 HK 2.77 1.8 n.a. n.a. n.a. n.a. 8.4 10.0 6.9 5.9 3.9 2.3 8.9 Lai Fung* 1125 HK 0.22 0.5 12.8 n.a. 7.8 11.1 17.4 19.0 4.9 4.0 4.0 4.0 4.0 Minmetals Land 230 HK 0.99 0.4 n.a. n.a. 3.4 13.2 20.1 n.a. 7.1 6.6 5.9 7.6 7.5 Modern Land (China) 1107 HK 1.31 0.4 3.1 2.7 n.a. n.a. n.a. n.a. n.a. n.a. 2.9 5.8 5.8 Powerlong 1238 HK 3.07 1.6 5.5 4.4 n.a. 7.0 8.2 6.5 5.6 6.7 3.8 4.6 5.3 Renhe Commercial 1387 HK 0.20 1.1 n.a. n.a. 12.5 10.7 7.2 7.0 9.4 23.9 7.7 7.7 7.7 Greenland* 337 HK 2.13 0.8 1.9 n.a. 9.3 11.9 6.7 3.2 7.6 44.8 28.2 21.6 8.6 SRE Group 1207 HK 0.20 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 3.30 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 5.33 1.2 3.9 2.7 n.a. n.a. n.a. n.a. n.a. n.a. 3.5 3.2 3.6 Wuzhou Int'l 1369 HK 0.77 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 0.16 0.3 n.a. n.a. n.a. 196.2 331.2 42.9 13.0 16.1 14.7 16.4 15.3 Yuzhou Properties 1628 HK 3.29 1.6 4.4 3.5 n.a. 11.7 9.9 5.8 6.5 6.5 3.3 5.2 5.2 Zhong An 672 HK 0.65 0.2 n.a. n.a. 8.8 22.3 13.8 12.3 14.9 10.3 8.3 8.3 8.3 Average** 5.0 5.8 10.0 27.8 32.6 10.5 7.6 8.3 6.1 9.4 8.2 Average (Overall)@ 7.3 6.7 15.5 33.8 23.0 11.2 8.4 8.0 6.8 9.4 8.1

Page 12

China / Hong Kong China Property Weekly Digest

PE valuations, 2007 to 2016 trough (based on reported earnings)

3-mth daily 29-Mar Mkt trading FY17F FY18F 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 22.55 31.8 66.9 7.5 7.0 9.8 9.9 10.0 8.9 5.3 5.3 6.4 5.1 6.1 5.6 Country Garden* 2007 HK 7.14 19.6 21.6 9.9 7.4 13.9 11.3 9.2 6.3 4.3 5.2 5.8 4.4 4.9 4.5 CR Land* 1109 HK 21.55 19.2 39.7 7.9 6.8 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 21.15 33.2 16.9 8.9 7.9 8.8 n.a. n.a. n.a. n.a. n.a. 6.5 6.3 8.6 7.1 Evergrande* 3333 HK 6.95 12.3 25.2 9.3 4.7 5.6 n.a. 42.7 3.0 2.4 3.6 2.7 2.7 3.9 11.2 Longfor* 960 HK 13 9.8 10.1 7.3 6.1 6.7 n.a. 11.8 7.2 4.5 5.1 5.8 4.7 4.9 5.1 Shimao Property* 813 HK 12.70 5.5 8.1 7.2 6.6 9.3 11.4 3.1 6.6 2.7 3.0 4.9 4.8 4.9 6.5 Average 8.1 7.0 9.4 11.4 14.2 7.1 4.0 4.8 5.6 4.7 5.7 6.6 Agile Property* 3383 HK 6.84 3.4 9.2 7.9 6.2 6.8 1.2 4.2 3.6 2.9 3.5 4.2 2.6 8.6 5.2 China South City*^^ 1668 HK 1.62 1.7 4.4 11.7 n.a. 6.0 n.a. n.a. n.a. 3.6 2.9 3.1 4.3 3.6 13.8 COGO* 81 HK 3.94 1.2 2.1 6.5 4.9 7.9 32.9 (3.5) 2.9 2.9 4.0 5.3 6.8 5.9 5.0 China Jinmao Hldgs* 817 HK 2.57 3.5 2.2 7.5 6.5 8.8 8.4 12.3 12.6 4.4 4.8 5.2 3.3 5.0 6.5 Greentown 3900 HK 7.45 2.1 4.6 8.4 7.7 9.6 4.2 2.8 6.6 1.7 0.9 3.9 6.7 18.8 6.3 Guangzhou R&F 2777 HK 12.32 5.1 11.9 4.7 4.2 7.0 3.3 6.3 6.6 3.7 2.7 3.4 4.0 3.3 3.2 Hopson Dev 754 HK 7.15 2.0 0.6 20.7 18.8 7.1 1.1 0.8 2.3 4.6 2.1 3.9 5.1 7.0 20.8 KWG Property 1813 HK 5.71 2.2 7.6 4.4 4.0 6.8 5.8 3.5 6.0 2.2 2.0 2.6 2.2 3.2 3.2 Logan Property 3380 HK 3.75 2.7 1.7 4.6 3.8 4.2 n.a. n.a. n.a. n.a. n.a. 3.6 3.6 3.6 3.2 Poly (Hong Kong) 119 HK 3.3 1.6 5.4 36.3 18.8 12.2 11.4 5.0 11.5 2.9 4.2 5.2 11.1 (2.5) 85.5 Shui On Land* 272 HK 1.78 1.8 3.3 24.6 18.7 9.8 1.6 2.1 4.2 1.9 5.1 5.9 6.5 13.1 10.6 Sino-Ocean Land* 3377 HK 3.88 3.8 4.2 6.0 5.6 10.1 4.5 8.3 9.5 5.2 4.1 5.1 5.4 11.6 5.7 Soho China* 410 HK 4.26 2.9 3.3 65.7 54.3 15.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25.3 15.3 Sunac China 1918 HK 10.26 5.1 21.5 12.9 8.0 5.2 n.a. n.a. n.a. 1.3 1.5 3.8 3.1 3.6 8.2 Yanlord Land*^ YLLG SP 1.815 2.5 2.9 7.4 6.7 9.3 4.1 4.2 7.9 4.7 4.9 7.3 6.8 5.8 3.4 Yuexiu Property* 123 HK 1.34 2.1 4.9 11.2 9.3 8.0 3.4 (4.6) 8.0 1.1 2.5 4.2 4.9 12.6 6.6 Average# 8.7 7.1 8.3 6.5 3.5 6.7 3.1 3.2 4.4 5.0 7.9 12.3 BJ Cap Land 'H' 2868 HK 3.58 2.3 2.5 5.9 4.1 7.1 2.3 2.4 3.6 2.3 2.0 2.8 2.5 2.7 3.4 BJ North Star 'H' 588 HK 2.93 1.3 1.2 7.2 n.a. 7.9 1.6 1.9 4.6 2.3 3.1 5.4 5.8 7.8 7.5 C C Land* 1224 HK 2.04 1.0 0.4 4.7 22.5 25.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.2 4.7 Central China* 832 HK 1.85 0.6 0.4 4.8 4.3 5.2 1.1 2.4 5.1 3.7 3.3 3.8 3.9 3.7 6.7 China SCE 1966 HK 2.96 1.3 3.0 5.5 4.2 5.2 n.a. n.a. 4.0 4.1 5.1 4.4 4.5 4.6 2.3 CIFI Holdings 884 HK 3.02 2.6 5.1 5.0 4.2 3.8 n.a. n.a. n.a. n.a. 2.4 2.9 3.6 3.7 2.9 First Sponsor*^ FSG SP 1.36 0.6 0.1 13.1 n.a. 2.4 n.a. n.a. n.a. n.a. n.a. n.a. 13.8 8.8 13.0 Glorious Property 845 HK 0.87 0.9 0.4 n.a. n.a. 10.6 n.a. 6.7 3.7 2.9 5.7 23.6 (2.2) (1.4) n.a. Hydoo Int'l 1396 HK 0.66 0.3 0.1 n.a. n.a. 11.1 n.a. n.a. n.a. n.a. n.a. n.a. 10.1 5.1 n.a. Kaisa Group 1638 HK 2.77 1.8 127.8 n.a. n.a. 4.5 n.a. 16.2 1.6 2.8 2.5 2.2 n.a. n.a. 2.7 Lai Fung* 1125 HK 0.219 0.5 0.3 12.8 n.a. 7.7 2.1 1.6 5.6 2.4 1.5 3.2 10.6 1.8 1.8 Minmetals Land 230 HK 0.99 0.4 0.3 n.a. n.a. 8.8 2.2 6.1 6.3 3.8 9.0 7.1 6.5 8.4 4.6 Modern Land (China) 1107 HK 1.31 0.4 0.4 3.1 2.7 3.2 n.a. n.a. n.a. n.a. n.a. 2.5 2.9 3.1 2.5 Powerlong 1238 HK 3.07 1.6 1.8 5.5 4.4 2.7 n.a. 2.6 2.8 1.1 1.8 3.2 2.4 1.8 1.9 Renhe Commercial 1387 HK 0.199 1.1 0.4 n.a. n.a. n.a. 7.8 4.8 6.0 2.5 5.2 (3.6) (3.2) (2.3) n.a. Greenland* 337 HK 2.13 0.8 1.3 1.9 n.a. 9.8 2.4 1.0 2.9 1.2 (1.1) 71.8 22.8 13.0 2.8 SRE Group 1207 HK 0.197 0.5 0.2 n.a. n.a. 7.0 3.2 1.5 3.6 2.7 3.8 6.7 (10.6) (0.6) n.a. Sunshine 100 China 2608 HK 3.3 1.0 0.1 n.a. n.a. 8.7 n.a. n.a. n.a. n.a. n.a. n.a. 5.7 8.3 n.a. Times Property 1233 HK 5.33 1.2 2.4 3.9 2.7 3.0 n.a. n.a. n.a. n.a. n.a. 3.6 3.2 2.5 2.0 Wuzhou Int'l 1369 HK 0.77 0.2 0.1 n.a. n.a. 10.2 n.a. n.a. n.a. n.a. n.a. 3.7 18.4 (5.7) n.a. Ying Li^ YINGLI SP 0.157 0.3 1.2 n.a. n.a. 28.8 1.8 32.6 18.6 7.8 6.8 18.4 9.5 12.1 18.3 Yuzhou Properties 1628 HK 3.29 1.6 2.9 4.4 3.5 4.0 n.a. 2.6 3.6 2.6 4.2 2.8 3.4 3.0 3.1 Zhong An 672 HK 0.65 0.2 0.1 n.a. n.a. 10.8 4.2 3.4 8.6 5.5 4.2 5.1 5.2 3.6 n.a. Average** 5.0 5.8 8.5 2.8 5.9 5.5 3.2 3.7 8.7 5.6 4.1 4.9 Average (Overall)@ 7.3 6.7 8.6 5.7 6.4 6.2 3.3 3.7 6.6 5.3 5.7 8.3 HSI Index HSI 9.1 9.0 10.3 7.8 8.8 9.4 9.3 10.4 9.3

Page 13

China / Hong Kong China Property Weekly Digest

PE valuations, 2007 to 2016 peak (based on reported earnings)

3-mth daily 29-Mar Mkt trading FY17F FY18F Price Cap value PE PE Avg 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 22.55 31.8 66.9 7.5 7.0 9.8 25.2 20.6 11.6 9.4 10.1 8.7 6.9 9.3 7.6 Country Garden* 2007 HK 7.14 19.6 21.6 9.9 7.4 13.9 86.8 25.3 10.6 9.0 8.2 9.5 7.2 8.6 7.2 CR Land* 1109 HK 21.55 19.2 39.7 7.9 6.8 11.4 35.6 21.6 14.5 10.2 11.5 9.3 7.8 10.9 8.4 China Vanke 'H'* 2202 HK 21.15 33.2 16.9 8.9 7.9 8.8 n.a. n.a. n.a. n.a. n.a. 9.9 10.5 12.5 11.6 Evergrande* 3333 HK 6.95 12.3 25.2 9.3 4.7 5.6 n.a. 52.1 7.0 6.6 6.3 4.5 3.9 9.9 16.3 Longfor* 960 HK 13 9.8 10.1 7.3 6.1 6.7 n.a. 14.8 11.7 9.2 10.2 8.7 6.3 8.3 7.2 Shimao Property* 813 HK 12.70 5.5 8.1 7.2 6.6 9.3 63.7 14.2 9.6 6.7 7.4 7.6 6.8 10.1 9.5 Average 8.1 7.0 9.4 52.8 24.8 10.8 8.5 9.0 8.3 7.1 9.9 9.7 Agile Property* 3383 HK 6.84 3.4 9.2 7.9 6.2 6.8 7.9 20.9 6.1 9.6 5.9 7.2 5.7 17.3 7.5 China South City*^^ 1668 HK 1.62 1.7 4.4 11.7 n.a. 6.0 n.a. n.a. n.a. 5.8 4.3 7.0 9.7 8.6 18.8 COGO* 81 HK 3.94 1.2 2.1 6.5 4.9 7.9 188.9 n.a. 4.9 8.0 8.9 9.2 13.3 14.1 7.3 China Jinmao Hldgs* 817 HK 2.57 3.5 2.2 7.5 6.5 8.8 33.1 24.9 17.0 9.6 9.5 6.8 5.1 9.3 9.6 Greentown 3900 HK 7.45 2.1 4.6 8.4 7.7 9.6 30.5 18.9 10.7 5.2 4.3 6.2 12.7 42.0 9.7 Guangzhou R&F 2777 HK 12.32 5.1 11.9 4.7 4.2 7.0 28.6 20.6 10.2 8.3 6.0 5.2 6.0 5.3 5.9 Hopson Dev 754 HK 7.15 2.0 0.6 20.7 18.8 7.1 16.2 4.1 3.9 11.7 7.3 8.2 7.1 14.0 28.3 KWG Property 1813 HK 5.71 2.2 7.6 4.4 4.0 6.8 n.a. 18.2 11.0 6.4 4.5 4.5 4.3 5.8 4.3 Logan Property 3380 HK 3.75 2.7 1.7 4.6 3.8 4.4 n.a. n.a. n.a. n.a. n.a. 3.7 4.5 5.5 5.5 Poly (Hong Kong) 119 HK 3.3 1.6 5.4 36.3 18.8 12.2 59.7 40.1 18.6 10.8 8.3 9.1 16.4 (6.8) 121.8 Shui On Land* 272 HK 1.78 1.8 3.3 24.6 18.7 9.8 11.7 7.8 6.3 4.7 9.1 10.4 9.6 24.7 14.9 Sino-Ocean Land* 3377 HK 3.88 3.8 4.2 6.0 5.6 10.1 25.5 22.5 16.2 12.8 8.5 8.3 7.3 20.1 9.4 Soho China* 410 HK 4.26 2.9 3.3 65.7 54.3 15.3 n.a. 6.7 7.9 8.0 2.4 3.8 7.2 52.1 24.1 Sunac China 1918 HK 10.26 5.1 21.5 12.9 8.0 5.2 n.a. n.a. n.a. 3.2 5.4 6.0 6.9 9.8 12.6 Yanlord Land*^ YLLG SP 1.815 2.5 2.9 7.4 6.7 9.3 27.4 17.6 11.0 11.6 8.0 10.4 8.1 8.3 5.1 Yuexiu Property* 123 HK 1.34 2.1 4.9 11.2 9.3 8.0 20.2 n.a. 12.0 2.5 5.7 6.8 6.5 22.2 9.6 Average# 8.7 7.1 8.3 39.2 18.0 10.3 7.8 6.5 7.0 8.0 15.5 17.9 BJ Cap Land 'H' 2868 HK 3.58 2.3 2.5 5.9 4.1 7.1 21.7 13.2 6.3 5.4 4.7 4.0 3.3 7.1 4.7 BJ North Star 'H' 588 HK 2.93 1.3 1.2 7.2 n.a. 7.9 12.7 6.1 6.9 5.2 5.7 7.7 9.8 15.5 10.5 C C Land* 1224 HK 2.04 1.0 0.4 4.7 22.5 25.0 n.a. n.a. 36.8 27.0 13.7 16.1 4.7 5.9 6.1 Central China* 832 HK 1.85 0.6 0.4 4.8 4.3 5.2 6.7 11.0 7.4 6.6 6.3 6.1 5.9 7.1 10.1 China SCE 1966 HK 2.96 1.3 3.0 5.5 4.2 5.2 n.a. n.a. 5.9 6.1 6.3 5.8 5.9 6.2 3.9 CIFI Holdings 884 HK 3.02 2.6 5.1 5.0 4.2 3.8 n.a. n.a. n.a. n.a. 2.6 4.6 4.7 7.2 5.7 First Sponsor*^ FSG SP 1.36 0.6 0.1 13.1 n.a. 2.4 n.a. n.a. n.a. n.a. n.a. n.a. 16.6 9.7 14.7 Glorious Property 845 HK 0.87 0.9 0.4 n.a. n.a. 10.6 n.a. 8.8 6.3 8.5 10.1 39.2 (3.8) (2.3) n.a. Hydoo Int'l 1396 HK 0.66 0.3 0.1 n.a. n.a. 11.1 n.a. n.a. n.a. n.a. n.a. n.a. 28.2 12.4 n.a. Kaisa Group 1638 HK 2.77 1.8 127.8 n.a. n.a. 4.5 n.a. 20.2 3.2 7.0 4.8 3.9 n.a. n.a. 2.7 Lai Fung* 1125 HK 0.219 0.5 0.3 12.8 n.a. 7.7 15.2 5.9 7.8 5.4 2.5 5.7 14.1 3.4 2.8 Minmetals Land 230 HK 0.99 0.4 0.3 n.a. n.a. 8.8 16.4 38.4 12.1 9.5 15.6 11.8 8.5 15.4 6.7 Modern Land (China) 1107 HK 1.31 0.4 0.4 3.1 2.7 3.2 n.a. n.a. n.a. n.a. n.a. 3.4 3.7 6.5 6.4 Powerlong 1238 HK 3.07 1.6 1.8 5.5 4.4 2.7 n.a. 3.0 3.7 3.2 3.1 5.4 4.0 3.5 3.8 Renhe Commercial 1387 HK 0.199 1.1 0.4 n.a. n.a. n.a. 9.3 9.1 9.4 5.7 17.4 (8.4) (5.5) (7.3) n.a. Greenland* 337 HK 2.13 0.8 1.3 1.9 n.a. 9.8 39.3 7.2 4.9 4.2 (1.8) 364.4 48.0 36.7 5.0 SRE Group 1207 HK 0.197 0.5 0.2 n.a. n.a. 7.0 20.7 4.7 4.8 6.7 6.8 13.3 (13.9) (2.7) n.a. Sunshine 100 China 2608 HK 3.3 1.0 0.1 n.a. n.a. 8.7 n.a. n.a. n.a. n.a. n.a. n.a. 7.9 13.0 n.a. Times Property 1233 HK 5.33 1.2 2.4 3.9 2.7 3.0 n.a. n.a. n.a. n.a. n.a. 3.7 3.9 3.8 3.1 Wuzhou Int'l 1369 HK 0.77 0.2 0.1 n.a. n.a. 10.2 n.a. n.a. n.a. n.a. n.a. 4.2 32.2 (15.0) n.a. Ying Li^ YINGLI SP 0.157 0.3 1.2 n.a. n.a. 28.8 4.8 112.2 33.8 17.6 11.5 26.6 17.7 27.1 26.4 Yuzhou Properties 1628 HK 3.29 1.6 2.9 4.4 3.5 4.0 n.a. 3.2 4.7 4.6 7.1 4.1 4.5 5.0 5.7 Zhong An 672 HK 0.65 0.2 0.1 n.a. n.a. 10.8 29.4 15.4 12.4 10.4 7.2 9.1 16.6 6.1 n.a. Average** 5.0 5.8 8.5 17.5 17.7 10.3 8.2 7.2 25.6 9.7 7.5 7.2 Average (Overall)@ 7.3 6.7 8.6 32.4 19.1 10.4 8.1 7.2 15.9 8.7 10.7 12.1 HSI Index HSI 23.1 18.2 13.6 11.7 11.0 11.3 11.1 14.3 12.3

Page 14

China / Hong Kong China Property Weekly Digest

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 (7.4) (9.4) (5.6) (1.7) 11.1 0.7 (6.4) (15.9) 9.7 (5.8) 78.0 (5.6) 5.7 21.5 (24.4) 20.2 Country Garden 2007 HK 8.2 5.6 28.4 60.1 65.3 67.2 74.1 70.8 64.5 134.1 46.4 15.3 (32.8) 2.6 36.5 (44.7) CR Land 1109 HK (2.3) (1.6) 1.7 11.4 24.6 14.0 10.7 (4.2) 23.6 10.6 69.1 (8.9) 6.4 14.2 (22.8) 4.1 China Vanke 'H' 2202 HK (6.0) (5.8) 8.5 6.8 21.0 (9.6) 5.0 2.9 19.5 14.4 n.a. n.a. n.a. 32.4 (22.7) n.a. Evergrande 3333 HK 7.6 0.6 19.2 28.0 44.2 29.9 33.4 28.5 43.9 15.8 32.0 (30.4) 6.1 117.2 (29.2) n.a. Longfor Properties 960 HK (5.1) (3.7) 4.7 15.9 34.2 29.7 24.5 7.8 32.1 23.3 72.9 (28.6) (7.8) 15.7 (14.9) n.a. Shimao Property 813 HK (6.3) (3.3) 14.0 21.6 26.7 24.3 21.6 18.5 25.2 6.0 120.5 21.9 (2.7) (20.5) (26.4) (56.3) Average (1.6) (2.5) 10.1 20.3 32.4 22.3 23.3 15.5 31.2 28.4 69.8 (6.1) (4.2) 26.2 (14.9) (19.2) Tier 2 players Agile Property 3383 HK (3.7) 5.7 33.6 64.4 74.5 56.5 61.7 50.3 73.2 62.9 56.6 (23.8) (46.9) (2.0) (8.6) (65.3) China South City 1668 HK (2.4) (1.2) 0.0 (3.0) 0.0 (10.5) (6.4) (6.9) 0.0 3.2 17.0 88.0 60.9 (50.6) (7.4) n.a. COGO 81 HK (7.5) (6.0) 36.8 51.5 56.3 34.9 39.7 56.3 55.7 56.3 105.6 (20.7) (46.7) (16.8) (22.9) (13.3) China Jinmao Hldgs 817 HK (0.8) (1.9) 6.6 12.2 25.4 23.0 19.5 3.6 23.0 21.8 85.9 (3.2) (17.4) 19.4 (21.1) (58.8) Greentown 3900 HK (12.5) (8.0) 5.1 16.2 21.7 16.2 17.7 12.4 18.6 17.3 321.4 (16.6) (35.0) 0.0 (18.4) (61.9) GZ R&F 2777 HK (5.1) (7.4) 14.9 23.4 35.2 24.3 12.4 (0.5) 31.3 15.1 110.1 (12.1) (16.3) 0.6 (1.8) (71.6) Hopson Dev 754 HK (4.7) (7.0) 1.6 4.1 4.1 1.4 1.4 (7.0) 3.5 (12.1) 207.2 (24.6) (24.0) 8.7 (10.5) (77.1) KWG 1813 HK (2.9) 6.5 16.5 27.5 33.1 29.5 26.9 9.2 29.8 20.4 122.2 (26.1) 33.5 13.1 (17.8) (54.9) Logan Property 3380 HK 1.9 5.3 11.9 18.7 30.2 23.4 19.0 6.8 28.0 34.4 n.a. n.a. 10.0 9.1 11.4 n.a. Poly HK 119 HK (1.5) (6.5) 1.2 8.9 31.5 32.0 31.5 27.9 28.4 57.1 79.8 (31.7) (22.9) (20.7) 1.6 (71.2) Shui On Land 272 HK (3.3) (4.8) 2.3 8.5 9.2 (2.7) (6.8) (17.2) 6.6 (12.3) 58.9 (31.1) (23.1) 16.4 (21.6) (82.0) Sino-Ocean 3377 HK (6.1) (9.3) 0.5 15.5 15.5 15.5 17.9 4.9 11.8 8.7 60.8 (12.1) (13.4) 12.7 (30.2) (74.1) SOHO China 410 HK 0.5 2.7 6.0 8.1 11.8 4.7 5.2 (3.2) 11.5 15.1 20.3 7.4 (18.0) (31.4) 1.6 (64.3) Sunac China 1918 HK 7.2 10.6 27.1 48.3 59.3 74.5 94.7 81.3 59.1 93.6 272.7 (22.5) 69.7 (24.0) 7.5 n.a. Yanlord Land YLLG SP 2.0 3.4 24.7 31.0 36.0 31.0 31.0 28.3 37.5 44.6 59.2 (19.4) (15.1) (3.4) 31.3 (57.0) Yuexiu Property 123 HK (0.7) (2.9) 6.3 17.5 27.6 20.7 19.6 9.8 26.4 19.6 118.8 (22.0) (16.8) (10.1) (20.9) (53.5) Average (2.3) (1.4) 11.9 21.5 28.6 22.4 22.9 14.7 27.0 27.2 113.9 (11.1) (8.5) (0.9) (8.4) (61.4) Tier 3 players BJ Cap. Land 2868 HK (5.0) (8.2) 6.9 16.2 24.7 18.5 18.9 9.1 23.0 14.4 110.5 (18.0) 11.4 20.7 (18.0) (52.0) BJ North Star 588 HK (5.2) (4.9) 5.4 19.1 22.6 13.6 12.3 8.5 23.1 24.2 82.6 (16.7) 41.1 3.6 (7.0) (62.9) C C Land 1224 HK (1.9) (1.4) (12.7) (12.3) (6.3) (5.1) (1.9) 0.9 (8.4) (9.6) 88.9 (28.3) (30.7) 79.2 (6.6) (87.6) Central China 832 HK (2.6) 1.1 5.7 6.9 8.2 8.8 6.3 (0.5) 9.5 30.3 76.8 (12.8) (26.8) (7.4) 4.3 n.a. China SCE Property 1966 HK (0.3) (1.3) 5.0 18.9 28.1 16.1 25.4 56.6 27.0 77.2 20.2 16.2 (12.4) 8.0 33.1 n.a. CIFI Holdings 884 HK (2.6) (2.6) 16.2 37.9 45.9 36.7 30.7 19.8 44.5 68.7 n.a. 17.1 (6.1) 12.3 20.8 n.a. First Sponsor FSG SP 1.1 1.9 2.3 1.9 1.9 2.3 5.0 3.8 1.9 12.4 n.a. n.a. n.a. 0.8 6.0 n.a. Glorious Property 845 HK (6.5) (7.4) (2.2) 17.6 14.5 (26.3) (9.4) (17.1) 14.5 7.4 7.4 14.4 (28.1) (25.0) (15.6) n.a. Hydoo Int'l 1396 HK (1.5) (5.7) (10.8) 0.0 4.8 (8.3) (15.4) (17.5) 13.8 (37.1) n.a. n.a. (13.5) (44.0) (46.3) n.a. Kaisa Group 1638 HK 77.6 77.6 77.6 77.6 77.6 77.6 77.6 77.6 77.6 77.6 79.1 4.2 (36.4) (1.9) 0.0 n.a. Lai Fung 1125 HK (3.5) (0.5) 4.3 14.1 38.6 34.4 36.9 32.7 36.0 79.5 25.5 (5.3) (19.9) (17.2) 23.8 (53.1) Minmetals Land 230 HK (3.9) (6.6) 3.1 6.5 6.5 1.0 1.0 0.0 6.5 28.6 70.7 (19.5) (13.6) 1.1 3.3 (73.3) Modern Land (China) 1107 HK 0.8 (7.1) 7.4 12.0 31.0 27.2 21.3 17.0 27.2 (13.8) n.a. n.a. 1.6 98.4 (53.2) n.a. Powerlong 1238 HK (6.4) 0.7 18.1 34.1 36.4 29.5 19.5 18.1 34.6 94.3 58.7 0.6 (34.3) 50.5 39.0 n.a. Renhe Commercial 1387 HK (4.3) (4.3) (9.5) 0.5 0.0 1.5 (1.5) 1.0 0.0 (35.8) (8.9) (38.9) (28.1) 5.9 (44.7) n.a. Greenland 337 HK (2.3) (4.1) (4.1) 23.1 8.7 3.9 6.5 (7.0) 10.4 (5.3) 53.5 90.4 (18.3) (1.9) (36.1) (71.5) SRE Group 1207 HK (2.5) (4.4) (1.5) 0.5 (4.8) (12.1) (12.1) (22.7) (1.0) (17.2) 24.2 (32.9) (20.8) 73.8 (45.5) (94.2) Sunshine 100 China 2608 HK 1.2 3.1 (4.3) 13.0 1.5 4.1 1.5 4.8 (10.8) (5.2) n.a. n.a. n.a. 21.7 4.8 n.a. Times Property 1233 HK (2.2) (0.2) 14.4 32.3 36.7 44.8 48.1 47.2 40.6 67.1 n.a. n.a. (5.7) (18.2) 40.4 n.a. Wuzhou Int'l 1369 HK (1.3) (2.5) (1.3) (1.3) (1.3) (2.5) (3.8) 0.0 (1.3) (2.5) n.a. n.a. 14.0 (44.9) (3.7) n.a. Ying Li YINGLI SP 0.0 (1.9) (1.9) (1.9) 3.3 1.9 (5.4) 9.0 5.4 12.9 45.1 6.8 (38.0) (32.2) (10.2) (86.9) Yuzhou Properties 1628 HK 0.6 8.6 21.9 29.0 26.1 15.8 13.4 15.4 21.9 72.3 37.1 2.9 1.0 7.7 28.6 n.a. Zhong An 672 HK 0.0 (3.0) 0.0 6.6 0.0 (4.4) (9.7) (15.6) 1.6 (8.5) 7.5 26.3 (20.8) (28.9) (21.0) (88.7) Average 1.2 1.4 6.5 16.2 18.6 13.2 12.6 11.6 18.3 24.1 48.9 0.9 (13.5) 6.9 (4.5) (71.7)

Average (Overall) (0.4) (0.2) 8.9 18.6 24.1 17.8 17.8 13.2 23.2 25.8 78.8 (4.9) (10.4) 6.9 (7.4) (59.0)

Hang Seng Index 0.3 2.5 2.7 4.4 11.9 7.3 6.3 2.7 10.9 19.8 22.9 2.9 1.3 (7.2) 0.4 (22.9) MSCI China 0.0 2.2 3.3 6.9 15.2 9.4 7.9 4.4 14.3 21.2 18.7 0.4 4.7 (10.1) (1.4) (35.6)

Source: Thomson Reuters

Page 15

China / Hong Kong China Property Weekly Digest

Historical valuations

NAV discount / (premium) (%) PE (x) PB (x) 29-Mar Compa ny Code Price Curre nt Hist + 1 - 1 Curre nt Hist + 1 - 1 s.d. Curren Hist + 1 - 1 name HK$ avg s.d. s.d. (FY17) avg s.d. t avg s.d. s.d. Agile Property 3383 HK 6.84 54.0 54.8 33.4 76.3 7.9 6.8 8.9 4.7 0.7 1.2 2.1 0.4 C C Land 1224 HK 2.04 26.3 57.1 36.2 78.1 4.7 25.0 192.6 (142.5) 0.4 0.8 3.0 (1.4) Central China 832 HK 1.85 69.4 67.5 60.6 74.3 4.8 5.2 6.5 3.9 0.6 0.7 0.9 0.5 China Overseas 688 HK 22.55 13.4 13.8 (2.6) 30.3 7.5 9.8 14.5 5.0 1.1 1.7 2.5 1.0 China Vanke-H 2202 HK 21.15 6.9 14.7 6.7 22.7 8.9 5.2 6.5 3.9 2.1 0.7 0.9 0.5 China Vanke-A* 000002 CH 21.01 (2.6) (11.6) (36.0) 12.9 10.0 9.8 14.5 5.0 2.1 1.7 2.5 1.0 COGO 81 HK 3.94 45.2 53.1 35.1 71.1 6.5 7.9 18.6 (2.9) 0.7 0.8 1.3 0.2 Country Garden 2007 HK 7.14 23.5 29.9 8.9 50.9 9.9 13.9 31.8 (3.9) 2.0 1.9 3.4 0.3 CR Land 1109 HK 21.55 23.1 29.3 15.2 43.3 7.9 11.4 18.1 4.8 1.3 1.3 1.7 0.8 Evergrande 3333 HK 6.95 27.5 53.9 42.1 65.7 9.3 5.6 8.3 2.9 1.7 1.2 1.6 0.8 First Sponsor FSG SP 1.36 66.8 n.a. n.a. n.a. 13.1 2.4 2.7 2.1 0.9 0.4 2.2 (1.4) China Jinmao 817 HK 2.57 44.7 52.5 44.5 60.5 7.5 8.8 13.3 4.2 0.8 0.9 1.3 0.5 Shimao Property 813 HK 12.70 55.5 42.3 24.8 59.8 7.2 9.3 18.2 0.4 0.7 1.2 1.8 0.6 Shui On Land 272 HK 1.78 64.0 57.4 47.4 67.4 24.6 9.8 14.8 4.9 0.3 0.7 1.1 0.3 Sino-Ocean Land 3377 HK 3.88 50.4 41.0 20.7 61.3 6.0 10.1 15.1 5.1 0.6 0.8 1.2 0.4 SOHO China 410 HK 4.26 47.2 38.4 17.9 58.9 65.7 15.3 32.3 (1.7) 0.5 0.9 1.3 0.5 Greenland 337 HK 2.13 62.8 44.0 14.4 73.6 1.9 9.8 18.8 0.8 0.7 0.9 1.5 0.4 Yanlord Land^ YLLG SP 1.82 37.8 41.9 25.5 58.3 7.4 9.3 14.7 4.0 0.8 1.1 1.9 0.3 Yuexiu Property 123 HK 1.34 51.0 58.1 52.1 64.2 11.2 8.0 12.9 3.1 0.5 0.6 0.8 0.4 Sector average 46.5** 46.3~ 39.7~ 52.9~ 7.3 6.8~ 7.9~ 5.8~ 0.8 0.8~ 0.9~ 0.6~ ^ Share price denominated in SGD

** Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung

~ 2010-YTD

Source: Thomson Reuters, DBS Vickers

Page 16

China / Hong Kong China Property Weekly Digest

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: 29 Mar 2017 16:45:57 (HKT) Dissemination Date: 29 Mar 2017 17:11:02 (HKT)

GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSVHK”). This report is solely intended for the clients of DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd. (“DBSVS”) and DBSVHK, 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 DBSVHK.

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., DBSVS and DBSVHK, 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.

Page 17

China / Hong Kong China Property Weekly Digest

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 DBSVHK and its subsidiaries do not have a proprietary position in the securities recommended/mentioned in this report as of 28 Mar 1. 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., DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from China South City Holdings Limited (1668 HK), China Overseas Grand Oceans Group (81 HK), Yanlord Land Group Limited (YLLG SP), Yuexiu Property Company Limited (123 HK) and Central China Real Estate Limited (832 HK) as of 28 Feb 2017.

DBS Bank Ltd., DBSVS, DBSVHK, 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 Overseas Grand Oceans Group (81 HK) and China Jinmao Holdings (817 HK) as of 28 Feb 2017.

DBS Bank Ltd., DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for China South City Holdings Limited (1668 HK), China Overseas Grand Oceans Group (81 HK), China Jinmao Holdings (817 HK), Yanlord Land Group Limited (YLLG SP) and Yuexiu Property Company Limited (123 HK) in the past 12 months, as of 28 Feb 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.

4. 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.

Page 18

China / Hong Kong China Property Weekly Digest

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”) or DBS Vickers (Hong Kong) Limited (“DBSVHK”), which are 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. Hong Kong This report is being distributed in Hong Kong by DBSVHK which is licensed and regulated by the Hong Kong Securities and

Futures Commission.

Indonesia This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia. Malaysia This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

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,

or in connection with the report. Thailand This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only

intended for institutional clients only and no other person may act upon it. United This report is produced by DBSVHK which is regulated by the Securities and Futures Commission of Hong Kong. Kingdom This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd (“DBSVUK”). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, 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 DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters

relating to investments should not rely on this communication. Dubai This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act

upon it. 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

contact DBSVUSA directly and not its affiliate. Other In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified,

jurisdictions professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers (Hong Kong) Limited 18th Floor Man Yee building, 68 Des Voeux Road Central, Central, Hong Kong Tel: (852) 2820-4888, Fax: (852) 2868-1523 Company Regn. No. 31758

Page 19