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Yuexiu Property Exercises Call Option on Luogang Yunpu Project to Capitalize on Guangzhou’S Recovering Real Estate Market and Drive Sales Growth

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Yuexiu Property Exercises Call Option on Luogang Yunpu Project to Capitalize on Guangzhou’S Recovering Real Estate Market and Drive Sales Growth [For Immediate Release] Yuexiu Property Exercises Call Option on Luogang Yunpu Project to Capitalize on Guangzhou’s Recovering Real Estate Market and Drive Sales Growth (12 June 2015 – Hong Kong) Yuexiu Property Company Limited (“Yuexiu Property” or the “Company”) (HKEx Stock Code: 00123) announces that it has acquired a 45% equity interest in a project company at a consideration of approximately RMB2.45 billion from its joint venture partner, which is an investment fund. The project company holds a land parcel in Yunpu Industrial Zone, Luogang District, Guangzhou City (“Luogang Yunpu Project”). Since the beginning of 2015, the government has introduced a series of favorable policies that promotes healthy development of the real estate market. The move has also led to a rebound in Guangzhou’s property market. The sales of properties in the Luogang Yunpu Project is expected to start soon after the Company has exercised the call option. The Company is able to capitalize on the current recovery of the real estate market in Guangzhou with this practice, which help the Company to accelerate the turnaround of projects and to drive its sales growth and cash return. The total consideration for exercising the call option on the Luogang Yunpu Project is approximately RMB2.45 billion. According to the valuation of the project by an independent valuer, the consideration of the call option represents an approximately discount of 0.18% to the fair value of the joint venture partner’s 45% holding in the project company. After the acquisition, Yuexiu Property’s subsidiary will own a 50% equity stake in the project company, while the remaining 50% equity stake is owned by Guangdong Poly Property Development Limited. Located at Yunpu Industrial Zone, Luogang District, Guangzhou City, the land parcel enjoys convenient transportation and a scenic environment. The land has a good prospect because it has been planned to be part of the Guangzhou Eastern Landscape New Town, and will become a primary area where the increased population of Guangzhou will be resettled in the future. The investment value of the project has been rising since its acquisition in October 2013. According to the valuation by an independent valuer, the fair value of the property was approximately RMB5.692 billion as at 31 March 2015, representing an appreciation in value of approximately RMB757 million. After comprehensive consideration and sufficient deliberation, the Company believes that this project has a promising prospect of development with satisfactory economic return. The timely acquisition now will help the Company to grasp the opportunities that arise from the current rebound of the real estate market and to maximize return on the investment. This is the second time Yuexiu Property has exercised such a call option to acquire a project from a joint venture partner since the call option that it exercised on Foshan Chancheng Project last year. Such moves have manifested the unique advantages of cooperating with an investment fund in land acquisition and development. Firstly, the Company has been integrating resources when acquiring lands. This has enhanced its financial flexibility and enabled it to obtain quality land reserve while maintaining a relatively low gearing ratio. Secondly, through the arrangement of call option, the Company is able to effectively shorten the projects’ production cycle, and thus accelerate their asset turnover rate. Thirdly, sales of properties in the Luogang Yunpu Project are expected to start this year. This will increase the Company’s contracted sales and cash flow and help it achieve economies of scale. In the future, Yuexiu Property will continue to improve the model of cooperating with investment funds and explore new means of developing projects, adding impetus to the company’s development. - End - About Yuexiu Property Yuexiu Property Company Limited (HKEx Stock Code: 00123) was listed in Hong Kong in December 1992. The Company’s main business is property development with its operations mainly concentrated in the Guangzhou area. It is gradually expanding its business to Pearl River Delta, and branching out to select locations in the Yangtze River Delta, Bohai Rim Economic Zone and Central Region. As of 31 December 2014, the Company’s combined GFA of properties under development and undeveloped properties was approximately 14.31 million sq.m.. Media Contacts Yuexiu Property Company Limited Swan Wan Tel: (852) 2593 2326 Fax: (852) 2511 0832 Email: [email protected] iPR Ogilvy & Mather Callis Lau/ James Wong/ Molisa Lau/ Natalie Tang Tel: (852) 2136 6952/ 3920 7642/ 2136 6953/ 3920 7640 Fax: (852) 3170 6606 Email: [email protected] .
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