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Shimao Property Holdings Limited

2018 Interim Results

(Stock Code: 813) www.shimaoproperty.com

28 August 2018 Results Highlights Financial Highlights Content Business Review Future Outlook Conclusions Appendix Results Highlights Effective Strategies Lead to Substantial Growth in Results

60% Surge in Sales in 1H2018, Robust Growth in 1 Business Performance

Maintained Quality Business Development and 2 Industry-leading Profitability

Continuously Deepened Regional Development with 3 Sufficient and Ample Reserve of Saleable Resources

4 1 Strong Growth of Contracted Sales R 1H2017 1H2018

Contracted y-o-y Growth of Contracted Sales Sales RMB 45.12 60.3% RMB 72.32 billion billion

Achieving 51.7% of the full- year sales target of RMB140 billion

Contracted Rose from 16th in 2017 to Sales th Ranking 14 in Improved by 2 1H2018 Places

1H2017 1H2018

Contracted y-o-y Growth of Contracted GFA GFA 2,708,767 66.5% 4,509,043 sq. m sq. m

5 2 Steady Increase in Revenue, Gross Profit and GPM R Gross profit margin increased significantly by 1.4 p.p. y-o-y Growth of 18.8% RMB13.21 billion

Revenue 14 Revenue RMB10.59 billion 13 31.0% 12 RMB 35.82 billion RMB 42.57 billion 11 29.6% 11 10 10 9 9 1H2017 1H2018 8 8 7 7 6 6  Income from hotels, rentals and investment 5 5 properties rose 14.7% y-o-y. 4 4 3 3 Income from Hotels, Rentals and Investment Properties 2 2 1 1 RMB1.90 billion RMB1.66 billion 0 0

1H2017 1H2018

Gross profit markedly 1H2017 1H2018 increased by 24.7% y-o-y 6 3 Substantial Growth in Core Profit Attributable to RShareholders with Outstanding Profit Margin

 Operating Profit

 Core Profit Attributable to Shareholder RMB y-o-y 11.94 Growth of billion 36.3% RMB y-o-y 4.40 Growth of billion 20.2%  Profit Attributable to Shareholders

RMB y-o-y 4.27 Growth of billion 10.1%  Core Net Profit Margin

y-o-y  Earnings Per Share Growth of 14.3% y-o-y 0.9 p.p. RMB Growth of 1.266 10.2%

7 4 Steady Increase in Dividend R

1H2018 1H2017

y-o-y HK40 cents HK50 cents Growth of per share per share 25%

8 5 Continuously Deepened Regional Development with Sufficient Rand Ample Reserve of Saleable Resources

Total land bank was approximately 51.62 million sq. m., 1H2018 attributable new with average land cost land acquisitions of RMB5,325/ sq. m. amounted to RMB29.6 billion, including strategic land parcels such as Pingshan.

Active participation in the development of Guangdong-Hong Kong-Macao Greater Bay Area, Bay Area, Taiwan Straits Economic Zone and the Belt and Road Initiative.

9 6 Steady Growth in Revenue of Shimao R

In 1H2018, contracted sales of Shanghai Shimao grew 60% by 60% y-o-y to RMB16.00 billion 20% In 1H2018, revenue of 3% Shanghai Shimao rose sharply by 20% y-o-y to RMB12.15 billion

In 1H2018, profit attributable to Shanghai Shimao’s shareholders increased by 3% y-o-y to RMB1.44 billion

Note: 1. All the data above are excerpted from Shanghai Shimao’s results announcement prepared according to PRC GAAP. 2. The Group holds 58.92% equity interest in Shanghai Shimao.

10 Financial Highlights Prudent Financial Management with Outstanding Financial Metrics

Increase in Cash Collection, Sufficient Capital 1 on Hand

Maintaining Solid Capital Structure through 2 Prudent Financial Policy

3 Stable Gearing Ratio and Credit Ratings

Responding to the Changing Environment Via 4 Multiple Financing Channels

12 1 Increase in Cash Collection, Sufficient Capital on Hand R

RMB55.0 billion Management of Cash Collection

RMB36.0 Cash  Contracted sales in June was approximately billion Collection RMB20.74 billion, hitting single-month historical up 52.8% high. Cash collection will be reflected in 2H2018. y-o-y  The Group improved cash collection through enhancing the management of cash collection by regional companies and actively assessing receivables to ensure sufficient capital for 1H2017 1H2018 Cash Collection Cash Collection stable development. Ratio 80% Ratio 76%

Capital Reserve as at 30 June 2018

Unutilized Bank Credit Facility approximately RMB20.0 billion Cash on Hand RMB36.0 billion up  Sufficient capital lays a solid foundation by compared 9.2% for the Group’s sustainable and stable to the end of 2017 business development in the future. 13 2 Solid Debt Structure R

RMB29.2 billion short-term borrowings, accounting for 30% of total

RMB 98.5 RMB billion 30% 87.5 billion Balance of Borrowings The structure of 12.5% short- and long-term Up borrowings has remained healthy

70%

RMB69.3 billion long-term End-2017 End-June 2018 borrowings, accounting for 70% of total

14 3 Stable Net Gearing Ratio R

100%

90%  Net gearing ratio was 62.7%, 3.8 p.p.

80% higher than at the end of 2017. 3.8 p.p. 70%  The Group has entered a rapid 62.7% development phase as it secured 58.9% 60% premium land parcels in strategic locations. To support the Group’s quality 50% development, net gearing ratio increased

40% accordingly.

30%  Net gearing ratio remained at a relatively healthy level, laying a solid foundation for 20% sustainable development of the Group amidst a complicated economic and 10% changing financial environment.

0 End-2017 End-June 2018

Note 1: Net gearing ratio = Net debt (Total borrowings – Total cash and cash equivalents (including restricted cash)) / Total equity (excluding perpetual capital instruments). Note 2: If total equity includes revaluation increment of hotels, adjusted net gearing ratio should be 54.2%, 3.7 p.p. higher than end-2017.

15 4 Increased Scale of Assets R

Total Assets Fixed Assets* Total Equity

RMB’ billion RMB’ billion RMB’ billion

333.6 307.6

103.6 96.7

56.8 55.7

End-2017 End-June End-2017 End-June End-2017 End-June 2018 2018 2018 * Fixed assets = property and equipment + land use rights + investment properties. Through professional valuation, the market value of major investment properties and hotels reached RMB71.6 billion (end-2017: RMB68.9 billion)

16 5 Responding to the Changing Environment Via Multiple RFinancing Channels

Issue of US$500 Million Senior Notes in January 2018 Issue of ’s First Housing Lease Shelf Rental ABS in July 2018  Issued US$500 million senior notes in January 2018 before market fluctuations;  In July 2018, the “Shimao-Huaneng-Kaiyuan  Coupon rate: 5.2% Housing Lease Trust Beneficiary Rights Asset- Multiple backed Project” was issued on Shanghai Stock Issue of RMB950 Million “Dim Financing Channels Exchange; Sum Bonds” in March 2018 to Avoid Financial  China’s first housing lease shelf rental ABS; Risks  Issued “dim sum bonds” for the first time. The  Shelf size: RMB1 billion; First issue: RMB500 good response reflected the confidence of the million; Maturity: 20 years. Coupon rate: 5.6% capital market in the Group’s business performance and future prospects;  Coupon rate: 5.75%;  Increased RMB debt to avoid foreign exchange exposure.

Issue of RMB1.2 Billion “Dim Sum Early Redemption of High-yield Bonds” in June 2018 Senior Notes in January 2018

 Tap-issued RMB1.2 billion “dim sum bonds” in June 2018;  US$600 million senior nots were redeemed early  Combined with the RMB950 milion “dim sum bonds” issued in in January 2018; March, and formed a single series;  Early redemption of high-yield senior notes to  Coupon rate: 5.75%; further lower average financing cost.  Increased RMB debt to avoid foreign exchange exposure.

Multiple financing cost control measures help the Group maintain stable financing costs. Blended financing cost was 5.6% in 1H2018. 17 6 Stable Credit Ratings R

Issuer Ratings of Shimao Property – Offshore Issuer Ratings of Shimao Property – Onshore

BB+ Stable AAA

Ba2 Stable

BBB- Stable AAA (I.G.)

Issuer Ratings of Shimao Jianshe – Onshore Issuer Ratings of Shanghai Shimao – Onshore

AAA AAA AAA

18 Business Review 1 Revenue Breakdown R

Revenue Breakdown Recognized Sales by City* – RMB40.67 billion

RMB’ million

45,000 42,571 632 386 880 6.0% 6.0% 40,000 40,673 467 Shanghai 4.8% 35,822 377 6.4% 35,000 811 4.2% 34,167 Pingtan 3.3% 30,000 6.9% 3.0% 25,000 Zhangjiagang 3.0%

20,000 2.9% 7.1%

15,000 2.7%

Chengdu 2.4% 10,000 2.3%

5,000

Quanzhou 22.6% 0 1H2018 1H2017 Other 21 cities 16.4%

Property sales Rental income

Income from hotel operation Others

* Excluding attributable revenue from joint ventures & associated companies 20 Breakdown of Income from Hotel Operation and 2 RInvestment Properties

For the 6 Months Ended 30 June Turnover from Hotel Operation and Investment Properties

RMB’ million RMB’ million 2018 2017 Change(%) 2,000 1,898 1,800 1,655 Income from hotel operation 880 811 +8.5% 1,600 33% 1,400 28% Rental income 386 377 +2.4% 1,200 21% 1,000 23% Others 632 467 +35.3% 800

600 Total 1,898 1,655 +14.7% 46% 400 49% 200 Excluding the impact of 0 Shanghai International Plaza 1,745 1,445 +20.7% 1H2018 1H2017 and Le Royal Méridien Hotel Income from Rental income Others hotel operation

 Income from hotel operation, rentals and others rose by 14.7% y-o-y. As Shanghai Shimao International Plaza was suspended for renovation, rental income from Shanghai Shimao International Plaza and the adjacent Le Royal Méridien Hotel showed a slight decrease y-o-y. If such impact is excluded, income from hotel operation, rentals and others rose by 20.7% y-o-y.

21 3 Investment Properties – Hotel Operation R

Number of Date of Turnover (RMB’ million) EBITDA (RMB’ million) Hotel Rooms Commencement 1H2018 1H2017 1H2018 1H2017 The Yuluxe Sheshan, Shanghai 325 Nov 2005 78 76 30 31 Le Royal Méridien Shanghai 770 Sep 2006 149 175 59 74 Hyatt on the Bund Shanghai 631 Jun 2007 194 188 79 76 Mudanjiang Holiday Inn 265 Dec 2010 15 14 3 2 Shaoxing Shimao Holiday Inn 284 Sep 2011 15 13 6 5 Hilton Nanjing Riverside 411 Dec 2011 47 45 14 12 DoubleTree by Hilton Hotel Wuhu 442 Oct 2013 32 29 7 6 Intercontinental Fuzhou 318 Jan 2014 46 47 14 15 Crowne Plaza Shaoxing 453 Mar 2014 46 34 13 8 Yuluxe Hotel Taizhou 262 Aug 2014 16 13 2 0 Hilton Tianjin Eco City 301 Apr 2015 27 20 0 -4 DoubleTree by Hilton Chunxiao 220 Dec 2015 10 10 -2 1 Hilton Wuhan Riverside 338 Jul 2016 54 44 16 10 Conrad Xiamen 241 Aug 2016 74 62 25 17 Double Tree by Hilton Ningbo Beilun 379 Dec 2016 25 16 4 0 Hilton 252 Aug 2017 25 - 1 - Hilton 329 Jan 2018 24 - 1 - Others* 174 3 25 -2 4 Total 6,395 880 811 270 257 1Total (Excluding Le Royal Méridien Shanghai) 731 636

 Turnover from the hotels under the Group amounted to RMB880 million in 2018 1H, representing a y-o-y increase of 8.5%. The increase in turnover was primarily derived from the newly opened hotels in the past two years. Affected by the renovation work of Shanghai International Plaza, hotel income from Le Royal Méridien Shanghai decreased by 14.9% y-o-y. Excluding Le Royal Méridien Shanghai, the turnover from hotels increased by 14.9% y-o-y in 1H2018.  EBITDA of the hotel operation amounted to RMB270 million, representing a y-o-y increase of 5.1% from RMB257 million. EBITDA margin was 30.7%. 22 4 Investment Properties – Commercial and Office Premises R

Turnover (RMB’ million) EBITDA (RMB’ million) Commercial and Total GFA Date of Office Premises (m2) Commencement 1H2018 1H2017 1H2018 1H2017

Phase I – Dec 2004 Shanghai Shimao International Plaza 71,239 5 36 0 8 Phase II – May 2007 Changshu Shimao The Centre 43,357 Commercial – 2009 1Q 12 13 5 6 Shimao Tower 70,175 Jul 2009 82 77 55 48 Wuhu Shimao Riviera Garden (Commercial) 19,963 Sep 2009 2 3 0 1 Shanghai Shimao Shangdu Tower 9,584 Nov 2010 19 19 11 11 Shaoxing Shimao Dear Town 181,605 May 2010 50 55 33 36 Suzhou Shimao Canal Scene 49,993 Jun 2010 21 17 7 6 Kunshan Shimao Plaza 88,249 Apr 2012 26 22 15 14 Shimao Dongdu (Commercial) 59,471 Jan 2012 6 6 3 4 Jinan Shimao International Plaza 280,641 May 2014 80 57 49 36 Nanjing Strait City (Commercial) 65,719 Dec 2014 16 16 10 10 Shishi Shimao Skyscraper City 156,335 Jan 2017 18 20 8 9 Xiamen Shimao Straits Mansion (Commercial) 37,261 Jan 2017 21 13 12 5 Other rental Income 28 23 4 3 Total 386 377 212 197

Total (Excluding Shanghai Shimao 381 341 International Plaza)

 Rental income from investment properties merely increased by 2.4% to RMB386 million, mainly due to the suspension and renovation of Shanghai International Plaza since 2017, causing a temporary rental decline of RMB31 million y-o-y. Excluding the impact, rental income increased by 11.7% y-o-y.  EBITDA of the commercial and office premises amounted to RMB212 million, representing a y-o-y increase of 7.6% (1H2017: RMB197 million). EBITDA margin was 55%. 23 5 Nationwide Quality Land Reserve R Land reserve in 84 cities, 213 projects, covers a gross GFA of 51.62 million sq. m (as at 30 June 2018). The Group has sufficient reserves of saleable resources in hot regions nationwide valued over RMB880 billion to meet the continually growing demand in the future.

Western Northern China District District

Chengdu Longquanyi Yinchuan Luxury Mansion Beijing Shangzhuang Beijing Xitieying Project Qingdao Shimao Noble Town Jinan Baimashan

Chongqing Runyijiang Project Chongqing Luxury Mansion Beijing Tongzhou Yangzhuang Project Tianjin Wuqing Luxury Mansion• Jinan Shimao Skyscraper City Jinan Xiaoya Parcel 60 Mu Yinchuan Gongxiang Garden East Parcel Beijing Daxing District Yinghai Town Tianjin Jinnan Project Jinan New Jinan Huaiyin District No.4 Middle School Parcel Meili Road Parcel Gu’an Luxury Mansion Project Beijing Fengtai District Xiaowayao Central China District Jinan Jiyang Chengbo Lake Honglian Lake

Wuhan Shimao Carnival Jinan Zhangqiu District Wuhan Caidian Parcel •Mudanjiang Nangaobu Parcel (46#, 1-3 parcel, new parcel) Plaza

Hefei Gaoxin Project Chaoyangzhou Nanjing and Central District Jade Mansion Wuhan Shimao Splendid River Nanjing Shimao Bund New City Nanjing Jianye Jiangdong No.5

Wuhan Shimao Cloud Value Changsha Zhengyuan Nanjing Jiangpu G24 Project Guancheng District •Shenyang Xuzhou Shimao Dongdu Jinluowan Project • Southern China District •Beijing Nanjing Straits City •Tianjin Shenzhen Qianhai Shimao Shenzhen Pingshan Center Financial Centre Zengcheng •Yantai Jiangsu and Shanghai District •Jinan Shenzhen Longgang Project •Yinchuan •Qingdao Guangdong Huidong Qingyuan Shanghai Luodian Project Shanghai Songjiang Project Guangzhou Finance City Shanghai Luojing Project mixed-use project

Fujian District •Xuzhou SZ Bronze Swallow Terrace Huzhou Lianshi Town Centre •Xi’an Primary School South Parcel •Nanjing Shishi Shimao Skyscraper City Pingtan Straits Future City Shanghai Zhangjiagang Jiyang Lake Palace •Hefei Yixing Economic Development Xiamen Jimei Fuzhou Lianpan •Wuhan •Wuhu •Hangzhou Suzhou Shimao Shihu Bay Zone Project •Ningbo •Chengdu Quanzhou Luojiang Fuzhou Licuoshan Project •Chongqing •Nanchang Zhejiang District Quanzhou Quangang Project Fuzhou Changle Jinfeng No.3&4 Parcels •Changsha Jiaxing Science & Tech City Shaoxing Qingdian Lake Project Fuzhou 01, 03 Parcels Fuzhou Yongtai Project •Fuzhou •Quanzhou Shaoxing Didang Lake No.1 Hangzhou Born with Legend Quanzhou Nan’an Fanhua Project Fuzhou Jinrong Street Project •Xiamen Hangzhou Pengbu Project Shaoxing Renmin Road Jinjiang Dongshi Parcel Xiamen Xiang’an XP13, XP14 Project •Nanning •Guangzhou •Shenzhen Pingyang Binjiang Taizhou Jiaojiang District Changtai Longrenguqin Fuzhou Guihu Longtou Yuan Parcel •Hong Kong Center Zhang’an Project Cultural Village Parcel Quanzhou Bridge Parcel Ningbo Sunjia Quanzhou Nan’an Guanqiao Aileyufu Xiamen Tong’an T2017P01, 04 Parcels Project HKSAR Fuzhou City 108 Building Project Fuzhou Jin’an Houlong Community • Kowloon Tai Wo Ping Tung Chung Project Quanzhou Jinjiang Project Quanzhou Taiwanese Investment Zone New Kowloon Island Lot S2017-06 (Baiqi Lake) Fuzhou Jin’an 2017-57 and 58 Remarks: Only the key projects are listed above. Group HQ No.6549 Parcel 24 6 Land Acquisitions in 1H2018 R

Total Attributable Month of Group’s New Land Parcels Usage Land Cost Land Cost Total GFA AV Acquisition Interest (RMB’ million) (RMB’ million) (m2) (RMB/ m2 )

1. Block 3, Unit 19 of Shenzhen Qianhai Shenzhen-Hong Kong Jan 2018 Commercial and Office 2,250 2,250 100% 73,500 30,612 Cooperation Zone 2. Tianjin Wuqing No.2016-70 Parcel Jan 2018 Residential, Commercial 3,199 3,199 100% 266,485 12,004 Service, Science and Education 3. Zhengzhou Guancheng Jan 2018 Commercial and 1,692 863 51% 451,113 3,750 District Jinluowan Project residential 4. Shenzhen Pingshan Centre Jan 2018 Commercial Service 1,873 1,124 60% 182,000 10,291 5. Fuzhou 2017-49 (Sanjiangkou) Jan 2018 Residential 1,646 560 34% 187,910 8,760 6. Shanghang Honors Project Jan 2018 Residential 245 125 51% 60,750 4,031 7. Fuzhou Jin’an 2017-57 and 58 Jan 2018 Residential 1,405 1,405 100% 151,397 9,280 8. Taizhou Jiaojiang District Jan 2018 Residential and 1,004 341 34% 222,292 4,517 Zhang’an Project Commercial 9. Zhangzhou 2017P08 Residential, ( Minnan Jan 2018 Commercial service and 3,600 1,836 51% 333,826 10,784 Water Town 05 Parcel) Retirement 10. Zhangzhou 2017P11 (Longwen Jan 2018 Residential and 148 148 100% 72,957 2,029 District An’deguang Parcel) Commercial Service 11. Beijing Fengtai District Jan 2018 Residential 3,125 1,531 49% 76,160 41,032 Xiaowayao Parcel 12. Ningbo Zhenhai District Feb 2018 Residential and 707 353 50% 81,200 8,706 Luotuo Project Commercial 13. Zhangzhou Danxia Parcel Feb 2018 Integrated Commercial and 524 157 30% 95,347 5,500 Residential 14. Luquan Parcel Feb 2018 Residential 181 145 80% 38,297 4,725 15. Quanzhou Yuexin Phase 2 Mar 2018 Commercial Service 274 167 61% 108,381 2,530 16. Jinan Jiyang Chengpo Lake Mar 2018 Residential and 601 421 70% 419,711 1,432 Commercial

25 6 Land Acquisitions in 1H2018 (cont’d) R

Total Attributable Month of Group’s New Land Parcels Usage Land Cost Land Cost Total GFA AV Acquisition Interest (RMB’ million) (RMB’ million) (m2) (RMB/ m2 )

17. Lianhua Mountain Mar 2018 Residential 407 254 63% 496,289 819 92, 94, 98, 99, 102 18. Guangdong Huidong Qingyun Mar 2018 Residential and 456 456 100% 152,545 2,993 Commercial 19. Quanzhou Taiwanese Investment Mar 2018 Commercial/ 1,476 870 59% 482,412 3,060 Zone S2017-06 (Baiqi Lake) Residential 20. Longyan S2018Pai-1 Mar 2018 Residential 136 136 100% 63,085 2,156 (Dongshan B08) 21. Compound Mar 2018 Commercial Retail 725 410 57% 152,258 4,762 and Residential 22. Quanzhou Jinjiang P2017-22 Apr 2018 Commercial/ 857 857 100% 268,632 3,190 (Xintang) Residential 23. Fuzhou 2018-01 Lot Apr 2018 Ordinary Commodity 3,312 662 20% 231,902 14,282 Housing, Mall and Restaurant 24. Fuzhou 2018-03 Lot Apr 2018 Ordinary Commodity 590 590 100% 51,009 11,567 Housing 25. High-speed Railway Apr 2018 Commercial and 102 102 100% 125,629 811 New District B6-1 (2018-PaiJ03) Residential 26. Nanping 2011-J-07, Parcel B Apr 2018 Other Ordinary Commodity 213 64 30% 170,414 1,250 Phase 2 (13-1-50-2) (Yongsen) Housing 27. Xiamen X2017P07 Apr 2018 Residential 903 903 100% 45,880 19,682 (Xiang’an Xinwei) 28. Nanping Apr 2018 Other Ordinary Commodity 95 95 100% 67,680 1,404 2018-J-1 Housing 29. Deyang 60 acres Apr 2018 R21 (Residential, 651 651 100% 132,441 4,918 excluding Commercial) 30. Fuzhou Fuqing 2018Pai-15 May 2018 Commercial Service 1,202 1,202 100% 299,976 4,007 and Residential

26 6 Land Acquisitions in 1H2018 (cont’d) R

Total Attributable Month of Group’s New Land Parcels Usage Land Cost Land Cost Total GFA AV Acquisition Interest (RMB’ million) (RMB’ million) (m2) (RMB/ m2 )

31. Jiaxing Pinghu May 2018 Urban Residential 1,322 1,322 100% 146,971 8,996 2018Ping-No.29 Project 32. Fuzhou Minqing New City May 2018 Commercial and 423 85 20% 120,934 3,498 Residential 33. Quanzhou Julong Town May 2018 Commercial/ 968 494 51% 255,737 3,785 Residential 34. Wenzhou Pingyang Ao’jiang May 2018 Urban Residential, 804 804 100% 120,016 6,703 Binjiang Centre Wholesale and Retail F-01-01 Parcel 35. Wenzhou Pingyang Ao’jiang May 2018 Urban Residential, 793 262 33% 116,716 6,794 Binjiang Centre F-02-01 Parcel Wholesale and Retail 36. Jinjiang 2017-38 May 2018 Commercial/ 145 36 25% 137,104 1,058 (Neikeng) Residential 37. Jinan Zhangqiu Fukang May 2018 Residential 349 349 100% 75,623 4,610 38. Quanzhou 2018-2 May 2018 Commercial/ 556 556 100% 110,762 5,020 (Licheng) Residential 39. Xiamen 2018HP01 (Haicang Jun 2018 Residential and 2,910 727 25% 116,000 25,086 Maluan Bay) Commercial Service 40. Zibo Honglian Lake Jun 2018 Residential 423 191 45% 108,000 3,921 41. Fu’an Wanyu Jinlan Bay Jun 2018 Residential 119 59 50% 132,898 895 42. Changxing Road D-2 Jun 2018 Other Ordinary 217 217 100% 68,341 3,171 Commodity Housing 43. Wenzhou Pingyang Ao’jiang Jun 2018 Urban Residential 337 169 50% 54,770 6,156 Binjiang Centre G-07-03 Parcel

27 6 Land Acquisitions in 1H2018 (cont’d) R

Total Attributable Month of Group’s New Land Parcels Usage Land Cost Land Cost Total GFA AV Acquisition Interest (RMB’ million) (RMB’ million) (m2) (RMB/ m2 )

44. Huzhou Lianshi Town Centre Jun 2018 Urban Residential 415 415 100% 127,692 3,250 Primary School South Parcel 45. Yixing Economic Development Zone, North of Qingyuan Avenue Jun 2018 Urban Residential 546 546 100% 87,838 6,216 and East of Xuefu Road 46. Yinchuan Gongxiang Garden Jun 2018 Residential 178 178 100% 42,150 4,220 East Parcel 47. Changsha Zhengyuan Jun 2018 Commercial and 1,602 881 55% 259,994 6,162 Residential 48. Ji’an Guhou River Project Jun 2018 Type II Residential 405 405 100% 85,943 4,708

Total 46,111 29,573 7,728,967 5,966

Note: Data as at 30 Jun 2018.

28 7 Nationwide Quality Land Reserve R

m2 As at 30 June 2018 Saleable Value of Reserve in Popular Regions District Total GFA Attributable GFA Saleable Value Popular Region Key Cities Northern China District 9,193,871 8,015,541 (RMB’ billion) Zhejiang District 3,889,696 2,613,411 Yangtze River Delta 220 Shanghai, Hangzhou, Shandong District 2,031,556 1,228,827 Region Nanjing, Suzhou, Ningbo Jiangsu and Shanghai District 4,448,066 2,461,581 Guangdong-Hong Kong 200 Hong Kong, Shenzhen, Macao Great Bay Area Guangzhou, Foshan Nanjing District 2,132,048 1,518,201 200 Fuzhou, Xiamen, Quanzhou Central China District 2,594,154 2,027,292 Northern China Region 160 Beijing, Tianjin, NE China Western District 3,844,316 3,318,998 Others 100 Chengdu, Xian, Wuhan, Fujian District 11,531,786 8,561,433 Hefei etc Southern China District 3,335,008 2,570,610 Total 880 Sub-total (Districts directly 43,000,502 32,315,895 under Shimao Property) Shanghai Shimao (823) 4,163,573 3,529,035 Joint Venture 4,460,538 1,196,130 Total 51,624,612 37,041,060

At as 30 June 2018 (million m2) Northern China Properties under construction 24.18 Yangtze Future developments 27.44 River Delta

Total GFA 51.62 Fujian Average attributable land cost (RMB/m2) 5,325 Guangdong- Hong Kong- Macao

29 8 2H2018 Saleable Resources R

Key Projects Available for Sale in 2H2018 worth over RMB1.0 billion  The Group achieved contracted sales GFA of 4.51 million sq. m during 1H 2018, and saleable resources during 2H2018 are Saleable Area (m2) Districts (directly under Shimao Property) expected to reach 10.88 million sq. m. Therefore, 2018 saleable Fuzhou Lianpan 108,053 resources are expected to reach 15.39 million sq. m (including Fujian District Fuzhou Cangshan Sanjiangkou Project 187,924 Xiamen Xiang’an Xinwei 44,600 contributions from new land acquisitions in 2018). Assuming a Quanzhou Nan’an Fanhua Project 127,391 conservative ASP of RMB17,000/sq. m, the total value of saleable Beijing Shangzhuang 91,438 resources would be RMB 261.6 billion. Based on an expected Northern China District Beijing Xitieying 108,235 sell-through rate of 55%, the Group is likely to exceed the annual Tianjin Jinnan Project 98,880 sales target of 2018. Shanghai Songjiang Project 42,751 Jiangsu and Shanghai Zhangjiagang Jiyang Lake Palace 145,073  In the second half of the year, the supply structure will be further District Railway Station 140,805 optimized, with supply from first & second-tier cities accounting for Hangzhou Qinglong Project 27,924 over 60%. New projects valued over RMB1 billion will be Jiaxing Economic Development Zhejiang District concentrated in key focus cities. Zone Project 69,503 Shaoxing Didang Lake No.1 57,000 Southern China District Foshan Green Island Lake 43,265 Historical Saleable GFA & Sell-through Rates Central China District Wuhan Dragon Bay New City 178,708 Jinan Shimao Skycraper City 124,419 million sq. m. Shandong District Jinan Xisha Project 60,677 Qingdao Noble Town 78,140 20 70% Chengdu Longquanyi 197,983 18 60% Western District Xian Beichen Project 248,258 16 Chongqing Runyijiang 142,631 14 50% Nanjing G24 Project 29,281 Nanjing and Central Nanjing G11 Project 98,650 12 40% District Zhengzhou Jinluowan Project 147,742 10 Nanjing Bund New City 36,054 30% Shanghai Shimao (823) Quanzhou Taiwanese Investment 96,000 8 15.39 Baiqi Lake Project 6 20% 10.17 9.52 Sub-total (Key projects above) 3,331,387 4 9.30 8.47 6.06 10% Projects (below RMB1 million) available for sale in 2H2018 4,561,792 2 5.55 4.92 30 Completed inventory 1,297,271 Projects available for sale as of June 2018 1,688,993 0 0% 2015 2016 2017 2018E Total 10,879,443 Saleable resources Contracted GFA Sell through rate 30 Introduction of Commercial Project under Shimao Group 9 Rto Commence Operation in 2018 (1):

Shanghai Shimao Plaza (to be opened in September 2018)

Highlight 1: A Trendy Hub in Shanghai

Shanghai Shimao Plaza is situated on Nanjing East Road, a prime location in Shanghai. Determined to develop into a trendy hub in Shanghai, the project targets consumers aged between 20 and 35 who keep up with the latest trends and style.

31 9 Introduction of Commercial Project under Shimao Group Rto Commence Operation in 2018 (2):

Shanghai Shimao Plaza (to be opened in September 2018)

Highlight 2: The first large indoor Hello Kitty-themed pavilion in China

The project is jointly developed by Shimao and Sanrio and is the only project that has obtained the official license from Japan. With “Time Travel” as the theme, the project showcases Shanghai in three different eras.

32 9 Introduction of Commercial Project under Shimao Group Rto Commence Operation in 2018 (3):

Shanghai Shimao Plaza (to be opened in September 2018)

Highlight 3: Gathering of Flagship Stores of Internationally- renowned Brands

Houses NIKE’s global flagship store, M&M’s World’s only flagship store in Asia, SEPHORA’s first new concept store in Asia, LEGO’s second flagship store in Asia, Starbucks Reserve Roastery, etc.

33 10 Introduction of Hotel under Shimao Group RCommencing Operation in 2018 (1):

InterContinental Shanghai Wonderland (to be opened in October 2018)

Highlight 1: The bottom-up “Negative Building” Concept

Carved into the edge of a former quarry and set among waterfalls, the project is the world’s only hotel located in a canyon that bridges a “natural gap.” Securing a number of patents for its design, the project has been recognized as an architectural wonder that one must visit in one’s lifetime.

34 10 Introduction of Hotel under Shimao Group RCommencing Operation in 2018 (2):

InterContinental Shanghai Wonderland (to be opened in October 2018)

Highlight 2: Amazing Underwater Guestrooms

The balconies of the guestrooms face the waterfall and guests in underwater guestrooms can watch fish swimming through the glass window.

35 Introduction of Hotel under Shimao Group 10 RCommencing Operation in 2018 (3):

InterContinental Shanghai Wonderland (to be opened in October 2018)

Highlight 3: The Most Exciting Hotel in Shanghai

Guests can participate in various entertainment programs such as rock climbing and water sports. Adjacent to InterContinental Shanghai Wonderland in Shenshan, Shanghai, the City of Elves Theme Park is divided into three major zones, namely the Blue Elves Zone, Max Wonder Zone and Secret Wonderland Zone.

Drone Laser show Helicopter Tour

Outdoor Rock Climbing Canoeing

36 Future Outlook - Sales 1 Review of 1H2018 Sales Performance R

Contracted sales surged by 60% y-o-y to RMB72.3 billion in 1H2018. Monthly contracted sales exceeded RMB10 billion in four single months. Contracted sales in 1H2018 reached 52% of full year target. As of now, the Group has reached the full-year contracted sales of 2017 and sales have exceeded RMB100 billion.

Growth Trend of Contracted Sales Contracted Sales

RMB billion RMB billion  Jan / Mar / May 10+ Jan to Aug  Jun 20+ 15.0+ 100.0+ (up >100% y-o-y) 12.5 2018 72.3 140.0 (up >100% y-o-y) 52% 72.3 +60%

2017 45.1 100.8

45%

1H Jul Aug Half Year Annual Contracted Sales Annual Target 38 1 Review of 1H2018 Sales Performance R

The Group put more effects to implement the “De-stocking and Accelerated New Supply” strategy in early 2018. Overall sell-through rate rose 2 p.p. to 62% y-o-y in 1H2018. As at the end of June 2018, inventory aged over one year decreased by 22%. The structure of inventory continued to improve.

Structure of Contracted Sales in 1H2018 Structure of Inventory

RMB billion RMB billion Contracted Sales: 72.3 51.0 Overall Sell-through Rate: 62% +2 p.p. y-o-y Contracted Sales Contracted Sales of 41.2 of Inventory: 21.5 New Supply: 50.8

Sell-through Rate: 47% +50% y-o-y +7 p.p. y-o-y 34.8 68% 46% 19.2

Proportion 1Q2018: 13.5 1Q2018: 19.0 decreases 2Q2018: 8.0 2Q2018: 31.8 by 22%

54% 22.0 16.2 32%

Saleable value at Saleable value at beginning of 2018 end-June 2018 Over One Year Within One Year 39 1H2018 Results Highlights Cash Collection 2 R

In 1H2018, amidst banks’ tighter mortgage policies and restrictions on contract filings in more cities, the Group’s cash collection rose by 53% y-o-y to RMB55.0 billion, of which the percentage of cash payment increased by 14 p.p. to 65%.

Growth Trend of Cash Collection Increased % of Cash Payment

RMB billion RMB billion

2018 55.0 112.0 Cash 49% 51% Payment 14 p.p. +53% Higher 65%

2017 36.0 80.7

45% 49% 35%

1H2017 1H2018 Half Year Annual Collection Annual Target Mortgage Cash 40 Plan for 2H2018 Supply and Target of Operations 3 R

With around RMB190 billion saleable resources in 2H2018, the Group is on course to reach its annual sales target with just a sell-through rate of 36%. By actively increasing the sell-through rate/ASP/new land, the Group is confident of reaching a higher target.

RMB261.6 Billion Saleable Resources for the Year (Based on ASP of RMB17,000)

RMB189.3 billion Saleable Resources in 2H2018 New Saleable +… GFA from new Annual Target land acquisitions RMB140 billion

+RMB4.0 Annual ASP billion > RMB17,000 Contracted RMB72.3 billion + +RMB36.0 2H2018 Sell- Sell- Sell- through Rate through through billion Rate Rate ≥ 55% 62% 36% RMB68+ billion

1H2018 2H2018

41 4 2018 Sales Strategy RStrategy 1: Deployment in Key Cities

In 2H2018, the Group plans its contracted sales across the board, with a focus of over 60% on 1st and 2nd tier cities with healthy supply and demand dynamics, as well as 3rd and 4th tier cities with better sell-through rates in 1H2018, in order to enhance overall defensiveness in the market. In 2H2018, over RMB60 billion contracted sales are expected to be contributed by 9 core cities. The Group will focus on its strategic core cities, ensuring both sales and profit targets will be met.

2H2018 Planned Contracted Sales by City Tier Core Cities 2H2018 Sales Amount RMB60 bn+

Beijing RMB13.0 bn+ Guangzhou/ RMB12.0 bn+ 3rd and 4th Tier Shenzhen 35% Fuzhou RMB10.0 bn+ Planned Nanjing RMB5.0 bn+ 45% 2nd Tier Contracted Xiamen RMB5.0 bn+ Sales Quanzhou RMB5.0 bn+ 20% Tianjin RMB5.0 bn+ 1st Tier Shanghai RMB5.0 bn+ ……

42 4 2018 Sales Strategy RStrategy 2: Continued Advancement of Product Competitiveness and Marketing Capability

In 2018, the standard product lines have increased to 117 projects, covering 81% of projects. The ultra luxury product lines “Glory” and “Royal” will be launched in 2H2018, which can boost Shimao’s brand awareness in the market, resulting in higher product price premiums and improved competitiveness.

Product Launch Events Expanded Coverage of Product Lines (Shimao’s Ultra Luxury Product Lines)

2017 Standard Product Lines 2018 Standard Product Lines July October 52% of All Projects 81% of All Projects

19%

Supreme High-end 48% 52% Villas Apartments “Royal” “Glory” 81% Note: Standard product lines includes “Cloud”(云), “Shine”(璀璨), “Classic Chinese Chic”(国风), Non-standard Products Standard Products “Glory”(天誉), “Royal”(龙胤), etc. 43 2018 Sales Strategy 4 RShimao Ultra Luxury ‘Royal’ Series Global Press Conference

Beijing Shimao ‘Royal’ Series Press Conference Beijing Shimao ‘Royal’ Series Press Conference Stunning 42m Circular Screen Zhang Guoil as an Embodiment of National Treasure

“Embracing ancient and modern culture”/ The press conference was held at Spirit totem of Shimao ‘Royal’ series – “Twin Dragons Stamp”: bridges Diaoyutai State Guest House with the presentation at the highest standard from ancient to modern culture

Beijing Shimao ‘Royal’ Series Press Conference Beijing Shimao ‘Royal’ Series Press Conference Presented the Value of ‘Royal’ Series Launching Ceremony

The ‘Royal’ luxury residence is launched, boosted by the strong brand A magnificent twin dragon seal was shown on the ice screen to effect and the booming times symbolize and convey the renaissance of Chinese culture 44 2018 Sales Strategy 4 RShowcase of Ultra Luxury ‘Royal’ Series – Beijing Shimao Xishan Royal

Beijing Xishan Royal Beijing Xishan Royal Garden Gate Clubhouse

Replica of Lizheng Gate in Chengde Mountain Resort (Authorized by The Highest-standard Fengrui Wanshou Gate / Finest Craftsmanship / 5,000m2 Imperial Palace) and 1:1 bronze lions in front of Hall of Great Harmony supreme social space

Beijing Xishan Royal Beijing Xishan Royal Double Crane Library Pleasure Pavilion

Inspired by one of the 40 famous scenes of Yuan Ming Yuan / the cultural Inspired by literary giant Su Shi’s prose theme of cranes from Auspicious Cranes 45 2018 Sales Strategy 4 RShowcase of Ultra Luxury ‘Royal’ Series – Beijing Shimao Xishan Royal

Beijing Xishan Royal Beijing Xishan Royal Jiude Jade Seal Wind Four-sided Pavilions

Carved from a single piece of Afghan celadon jade / Exclusive exquisite Inspired by the Elegant Color of the Western Peaks, one of the forty jiude seal print for the ‘Royal’ Series in Xishan scenes of Yuanmingyuan / The Pavilions enlighten visitors attaining a State of Tranquil Acceptance

Beijing Xishan Royal Beijing Xishan Royal Peaceful Retreat in the Garden Exquisite Interior Design Takes inspiration from the “Elegant Gathering in the Western Garden” / Inspired by the “Basket of Flowers”, A Collection of the Palace Museum / Reflects the literary pursuits and refined interests of scholar-officials of the A panorama of French Windows overlooking Xishan 46 4 2018 Sales Strategy RFurther Implements Shimao’s “Big Brand Strategy”

Under its “Big Brand Strategy”, Shimao will promote multiple aspects of its brand through several key events and enhance its influence in 2H2018.

Integrated Brand Promotion from Presenting a Series of Key Mind-blowing Events in 2018 4 Companies and 9 Regions

September October December

Commercial

Hotels Trial-run of Trial-run of Re-opening of Launch of Opening of Shanghai InterContinental Shanghai “Glory” Shanghai Theme Shimao City of Shanghai Shimao Plaza Product Hello Kitty Elves Theme Wonderland Parks Line Land Park

Adopts Self- Architectural Traffic of over 1 International IP, Property Presenting developed and Wonder Million; Landmark New Trendy Metropolitan Internationally- Attracting Global Management in Shanghai Spot in Luxury & renowned Attention; to Nanjing Road; Shanghai; New Aesthetic Animation IP, Become a New Commercial Tourist Quality Best Spot to see Landmark in 9 Regions Landmark in Attraction Shanghai the Quarry Shanghai

47 Conclusions Conclusions - 1H2018 Results Highlights

Income from Core Profit Hotel Cash Cash on Attributable Operation Sales Dividend Collection Hand to and Shareholders Investment Properties

4.4 72.3 55.0 36.0 50 HK 1.90 billion 1H2018 billion billion billion cents per billion 14.3% share

60% 53% 64% 20% 25% 15%

45.1 36.0 22.0 3.7 40 HK 1.66 billion cents per 1H2017 billion billion billion billion 13.4% share

49 Conclusions - Sufficient Land Bank and Optimized Capital Allocation

Net Gearing Ratio The Group has entered a rapid growth phase as it secured premium land parcels in strategic locations. To support the Group’s quality growth, net gearing ratio increased accordingly. 62.7% up by 3.8 p.p. as compared with the end of 2017

Guangdong- Taiwan The Belt Hong Kong- Hangzhou Straits and Road Macao Bay Economic Initiative Blended Funding Cost Greater Bay Zone Area

 In 1H2018, the Group replenished 48 land parcels with 5.6% a total GFA of approximately 7.73 million sq. m. up by 0.3 p.p. as compared with  Total land bank was approximately 51.62 million sq. m. 2017  Saleable resources of land bank exceeded RMB880 billion.  Income from hotel operation and investment properties will increase significantly in the next 2-3 years. 50 Conclusions - 2H2018 Outlook

The Group’s contracted sales are expected to exceed Annual RMB100 billion by the end of August sales Jan-Aug sales surged by Sales CompositeJuly and August Financing have increased Cost by over 100% target: 70%+ y-o-y y-o-y for two consecutive months RMB140 billion

The overall cumulative ASP in 2 Average July and August: RMB19,750/m The annual ASP target: Selling Price Composite Financing Cost Increased 23% as compared with 1H2018 RMB17,000+/m2

2018 saleable resources >RMB260 billion 2H2018 Saleable With the sell-through rate of 62% in 1H2018, the Group is on Composite Financing Cost supply target Resources course to reach its annual sales target with just a sell-through RMB180+ billion rate of 36% in 2H2018

The number and GFA of new land acquired in 2018 to be Through base-price JVs more than double Landbanking and acquisitions, seize Strategy Composite Financing Cost the opportunity of land The annual land investment budget at par with 2017 price decline in some 1st- and 2nd-tier cities Accelerate supply in the 1st and 2nd tier cities. Accelerate sales in the 3rd and 4th tier cities Sales Accelerate turnover to Strategy CompositeMost of the Financing price restricted Cost projects are now open for sale ensure manageable risk

51 Conclusions - Group Management Strategies

The Group is closely monitoring and actively responding to the Sino-US trade war and the risk of RMB depreciation.

 Overall market sales are expected to reach RMB13 trillion in 2018. Policies on the 1st and 2nd tier cities will be relatively loose while the 3rd and 4th tier cities relatively tight.  The following metrics will continue to improve in 2H2018:

Dividend

Gross profit and core profit Along with the growth in core profit, attributable to shareholders the dividend is expected to increase.

Gross profit and core profit attributable to shareholders in 2H2018 are expected to exceed 1H2018.

Effective hedge against RMB Continue to strengthen the execution of share repurchase program under By 2020, sales from Hong Kong appropriate circumstances properties and hotel assets in Hong Kong could cover 90% of foreign debt, Share Repurchase naturally hedging the FX exposure 52 Appendix Property Sales – Recognized Sales in 1H2018

Area Recognized Sales ASP (Excluding Tax) Project (m2) (RMB billion) (m2 / RMB) (a) Shimao Property

Qingdo Shimao Noble Town 160,306 1.975 12,320 Shanghai Zhoupu Shimao Cloud Atlas 36,190 1.932 53,385 Quanzhou Jinjiang Shimao Dragon Bay 225,527 1.804 7,999 Xiamen Shimao Royal Villa 79,177 1.344 16,975 Fuzhou Pingtan Straits Future City 105,676 1.326 12,548 Wuhan Baishazhou Shimao Cloud Value 109,934 1.300 11,825 Fuzhou Shimao Shine City 103,550 1.214 11,724 Zhangjiagang Shimao Lake Palace 76,858 1.200 15,613 Yinchuan Shiyue Mansion 195,328 1.135 5,811 Yinchuan Yuehai No.1 172,887 1.098 6,351 Quangang Shimao Shine City 189,259 1.084 5,728 Suzhou Shimao Shihu Bay 42,006 1.024 24,377 Fuqing Shimao Shine City 83,426 0.993 11,903 Tianjin Shimao Wetland Century 64,573 0.978 15,146 Chengdu Shimao City 95,846 0.935 9,755 Chongqing Shimao Luxury Mansion 56,639 0.924 16,314 Shaoxing Shimao Works of Time 37,518 0.763 20,337 Wuhan Shimao Splendid River 34,883 0.667 19,121 Jinan Shimao The Capital of Yuanshan 54,251 0.640 11,797 Hefei Shiao Classic Chinese Chic 36,387 0.618 16,984 Quanzhou Shimao Hi Dream 60,838 0.585 9,616 Jiaxing Shimao Shine City 31,866 0.533 16,726 Quanzhou Shimao Zimao Mansion 28,066 0.459 16,354 54 Property Sales – Recognized Sales in 1H2018

Area Recognized Sales ASP (Excluding Tax) Project (m2) (RMB billion) (m2 / RMB) (a) Shimao Property (cont’d)

Hangzhou Shimao Born with Legend 8,349 0.431 51,623 Beijing Yidu Qingqing Town 28,145 0.429 15,242 Fuzhou Shimao Cloud Guling 14,715 0.386 26,232 Shenyang Shimao Wulihe 25,817 0.295 11,427 Mudanjiang Shimao Holiday Landscape 56,709 0.276 4,867 Hainan Wenchang Shimao Blooming Sea 31,351 0.266 8,485 Putian Shimao Cloud 33,224 0.242 7,284 Xuzhou Shimao Dongdu 20,787 0.234 11,257 Yinchuan Maoyue Mansion 25,646 0.201 7,837 Nanjing Straits City 4,264 0.196 45,966 Fuzhou Lianpan Shimao Shine City 2,953 0.191 64,680 Suzhou Shimao Canal Scene 6,455 0.176 27,266 Ningbo Yaojiang Jinmao Mansion 7,169 0.175 24,411 Dalian Shimao Dragon Bay 25,275 0.172 6,805 Hefei Shimao Jade Mansion 9,600 0.146 15,208 Nanjing Jiangning Higher Education Mega Centre 6,490 0.128 19,723 Hangzhou Shimao Riviera Garden 4,968 0.107 21,538 Yantai Shimao No.1 The Harbour 6,136 0.069 11,245 Xi’an Shimao City 7,519 0.053 7,049 Beijing Tongzhou World Chamber of Commerce Centre 1,605 0.051 31,776 Dalian Shimao Glory City 8,899 0.051 5,731 Changzhou Shimao Champagne Lake 2,020 0.047 23,267

55 Property Sales – Recognized Sales in 1H2018

Area Recognized Sales ASP (Excluding Tax) Project (m2) (RMB billion) (m2 / RMB) (a) Shimao Property (cont’d)

Wuhan Shimao Lake Island 4,531 0.044 9,711 Jiangyin Shimao Dragon Bay 3,676 0.044 11,970 Ningbo Shimao Dragon Bay 4,142 0.042 10,140 Nanning Shimao Luxury Mansion 3,478 0.041 11,788 Fuzhou Minhou Shimao Dragon Bay 2,759 0.039 14,136 Wuhu Shimao Riviera Garden 2,659 0.028 10,530 Xiamen Shimao Classic Chinese Chic 553 0.028 50,633 Chengdu Shimao Royal Bay 1,720 0.022 12,791 Hangzhou Shimao Above the Lake 720 0.020 27,778 Hangzhou Shimao East No.1 798 0.019 23,810 Yinchuan Flourishing Mansion 2,629 0.012 4,564 Nanjing Shimao Glory Villa 519 0.011 21,195 Total (a) 2,447,271 29.203 11,933

56 Property Sales – Recognized Sales in 1H2018

Area Recognized Sales ASP (Excluding Tax) Project (m2) (RMB billion) (m2 / RMB) (b) Shanghai Shimao

Quanzhou Shimao Shine City 189,967 3.028 15,940 Quanzhou Shishi Shimao Skyscraper City 248,547 2.250 9,053 Xiamen Shimao Shine City 32,484 1.249 38,450 Wuhan Shimao Carnival 48,413 0.867 17,908 Shenzhen Qianhai Shimao Financial Centre 8,575 0.801 93,411 Jinan Shimao Skyscraper City 51,822 0.772 14,897 Nanjing Yuhuatai Project 10,663 0.458 42,952 Nanchang Shimao APM 42,004 0.453 10,785 Qingdao Shimao International Plaza 35,971 0.422 11,732 Nanjing Shimao Bund New City 11,141 0.299 26,838 Jinan Shimao International Plaza 13,492 0.276 20,457 Tianjin Wuqing Shimao Luxury Mansion 19,589 0.219 11,180 Ningbo Shimao Riviera Garden 5,329 0.115 21,580 Changshu Shimao The Centre (Commercial) 13,003 0.110 8,460 Qingdao Shimao Noosa Bay 2,333 0.054 23,146 Ningbo Shimao Sunlake Centre 5,110 0.051 9,980 Changzhou Shimao Champagne Lake (Commercial) 3,914 0.025 6,387 Xuzhou Shimao Dongdu (Commercial) 2,299 0.014 6,090 Suzhou Shimao Canal Scene (Commercial) 728 0.007 9,615 Total (b) 745,384 11.470 15,388 Sub-total (a) + (b) 3,192,655 40.673 12,740

57 Disclaimer

This document has been prepared by Shimao Property Holdings Limited (the “Company”). By accepting this document, you agree to maintain absolute confidentiality regarding the information disclosed in this document.

The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company nor any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document contains statements that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances.

This document contains proprietary information and no part of it may be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization / firm) or published, in whole or in part, for any purpose.

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