CIFI Holdings (Group) Co. Ltd. · 2020-03-27 · CIFI Holdings (Group) Co. Ltd. ... were delivered...

2019 Annual Results Presentation

March 2020

CIFI Holdings (Group) Co. Ltd.

This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number ofassumptions about the operations of CIFI Holdings (Group) Co. Ltd. (the “Company”) and factors beyond the Company'scontrol and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from theseforward-looking statements. The Company undertakes no responsibility to update these forward-looking statements ofevents or circumstances that occur subsequent to such dates. The information in this presentation should be considered inthe context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated toreflect material developments which may occur after the date of this presentation. The slides forming part of thispresentation have been prepared solely as a support for oral discussions about background information about theCompany.

This presentation also contains information and statistics relating to the China real estate industry. The Company hasderived such information and data from unofficial sources, without independent verification. The Company cannot ensurethat these sources have compiled such data and information on the same basis or with the same degree of accuracy orcompleteness as are found in other industries. You should not place undue reliance on statements in this presentationregarding the China real estate industry. No representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. Itshould not be regarded by recipients as a substitute for the exercise of their own judgment. Information and opinioncontained in this presentation may be based on or derived from the judgment and opinion of the management of theCompany. Such information is not always capable of verification or validation.

None of the Company or financial adviser of the Company, or any of their respective directors, officers, employees, agentsor advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of theinformation contained in this presentation or otherwise arising in connection therewith. This presentation does not take intoconsideration the investment objectives, financial situation or particular needs of any particular investor. It shall not to beconstrued as a solicitation or an offer or invitation to buy or sell any securities or related financial instruments. No part of itshall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation maynot be copied or otherwise reproduced.

DISCLAIMER

1

Our Response

to COVID-19

2

重庆 | 铂悦·澜庭

We Are United to Fight COVID-19

31 Jan26 Jan

28 Feb7 Feb28 Jan

10 Feb 29 Feb

6 Mar

225,000 pairs of medical gloveswere delivered to three hospitals,including the Childen's Hospitalof Fudan University andShanghai Tongji Hospital

10,000 isolation gowns weredelivered to medical units suchas Shanghai Medical College ofFudan University, HuashanHospital and Zhongshan Hospital

The 4th batch of 20,000 isolationgowns were delivered to WuhanWuzhan Modular and MakeshiftHospital, Hongshan StadiumModular and Makeshift Hospital,etc.

The 3rd batch of 2 units of respirators,5 units of defibrillators, 100 units ofinjection pumps, 500,000 pairs ofmedical gloves and 2,000 units ofN95-masks were delivered to thefrontline in Wuhan

The 1st batch of 744,000 pairs ofmedical gloves arrived in WuhanUnion Hospital, Wuhan No.3Hospital and Wuhan No.9 Hospital

43,000 units of medical masks and4,000 isolation gowns were sent toShanghai Municipal Center forDisease Control & Prevention andrelated institutions etc.

Donated RMB20M toestablish a fund topurchase medical suppliesfor Wuhan and subsidizemedical workers

The 2nd batch of 650,000 pairs ofmedical gloves, 6,500 units ofmedical masks, 240 pairs of nursesurgical shoes and 960 pairs ofprotective goggles arrived at 8medical institutions in Wuhan

3

12%

31%

61%

86% 92%

2.17-2.23 2.24-3.1 3.2-3.8 3.9-3.15 3.16-3.22

Sales OfficesReopen Rate

95%

Sales OfficeFoot Traffic

Back To Normal

92%*

Timely Resumption On Construction

94%

High Return RateOf Workers

90%

Business in Strong Recovery

4

76%89% 95% 95% 95%

3.1 3.8 3.15 3.22 3.26

46%

77%90% 91% 94%

3.1 3.8 3.15 3.22 3.26

26%

59%80% 86% 90%

3.1 3.8 3.15 3.22 3.26

• * compared to weekly average foot traffic of 2019

03

Outlook

01

2019 Annual Results

Highlights

04

Appendices

02

Financial

Performance

Table of

Contents5

01

Annual Results

Highlights

6

4 7 11 14 17

23 30

38

2012 2013 2014 2015 2016 2017 2018 2019

921 1,519 1,939 2,210

2,824 4,082

5,536 6,903

2012 2013 2014 2015 2016 2017 2018 2019

8,144 11,909 16,179 18,231 22,224 31,824

42,368 54,766

2012 2013 2014 2015 2016 2017 2018 2019（RMB M）

20.0% 20.6% 19.2% 20.3%22.8% 23.8% 24.8%

2013 2014 2015 2016 2017 2018 2019

26,857 39,106 43,539 67,452 88,481 151,757

241,061 322,700

2012 2013 2014 2015 2016 2017 2018 2019

6,941 9,155 11,583 15,283 17,283

34,270

49,446 67,216

2012 2013 2014 2015 2016 2017 2018 2019

Steady Growth Since IPO

Revenue

CAGR 31%

Attributable Core Net Profit

CAGR 33%

Core ROE

Average over 21%

（HK cents）

Total Assets

CAGR 43%

Net Assets

CAGR 38%

*

＊included special dividend of HK4 cents for the 20th

anniversary of the Group

（RMB M）（RMB M）

Dividend Per ShareAccumulated Distributions of

HK$1.44 > IPO price

7

（RMB M）

Quality Contracted Sales

• Contracted sales of RMB200.6B in 2019, up 32% YoY

• 88% contributed by 1st , 2nd & quasi-2nd tier cities

• Quality sales and strong execution with 92% cash collection

• Regional penetration: Jiangsu & Zhejiang exceeded RMB30B

Strong Dividend Growth

• Proposed final dividend of HK24 cents/share and special dividend

of HK4 cents/share to mark the 20th anniversary of the Group

• Together with paid interim dividend of HK10 cents/share, total

dividend of the year amounted to HK38 cents/share

• Steady earning growth for 7 consecutive years, accumulated

distributions of HK$1.44/share, exceeding IPO price

Strengthen Confidence

Products & Services

• Products: In 2019, we received 10 international awards

and 57 Kinpan awards, Double Gold Medals and other 27

awards in Real Estate Industry Awards and Tien-yow

Jeme Prize for Park Mansion Series

• Services: Customer satisfaction continued to increase;

Ever Sunshine Lifestyle Services serves as a reliable

smart community service provider and we built a

Transparent Factory”

Stable Profitability

• Stable GPM at 25.1%, adjusted GPM at 30.0%

• Core NPM: 12.6%, maintained at industry's top level

• Core net profit: RMB 6.9B, up 25% YoY

• Core ROE was 24.8%, over 21% on average since IPO

Diversified Land AcquisitionPrudent Financing

• Stable average funding cost at 6.0%

• Net gearing ratio was 68.5% with 20.4% of short-term debt;

cash / short-term debt ratio remained high at 2.7 times

• High financial resilience with RMB57.6B cash on hand

Quality Refinement &

Efficiency Enhancement• Regional integration to enhance efficiency

• Attributable contracted sales per capita increased by 25% YoY

• 6.6 months on average from land acquisition to pre-sale

• Construction cycle shortened by 4 months on average by

implementation of CIFI construction 2.0

2019 Results Highlights

• Saleable resources exceed RMB380B in 2020

• Focus on 1st & 2nd tier cities (89%)with population inflow

• Confident to achieve the FY sales target of RMB230B, up15%

• Total land bank approx. 65.4M sq.m.

• Total saleable resources of RMB988B, 87% located in 1st, 2nd

and quasi-2nd tier cities

• 33% new land acquired through diversified channels

• 87% of newly acquired land located in 1st and 2nd tier cities

• Attributable interest continued to increase to 65%

• Total GFA of newly acquired land amounted to 15.2M sq.m.

with average land cost at RMB5,425/sq.m. (32% of current

ASP)

8

18,200

16,500 15,900

16,700

0

5,000

10,000

15,000

20,000

2016 2017 2018 2019

Contracted Sales and Cash Collection Ratio

53,000

104,000

152,000

200,600

2016 2017 2018 2019

(RMB M)

Contracted Sales

RMB200.6B

+32%

85%87%

92%

2017 2018 2019

Note: Including contracted sales from joint ventures and associated companies

2019 Contracted sales amounted to RMB200.6B, exceeding full-year target of RMB190.0B by approx. 6%

Full-year cash collection ratio was 92%, maintaining the leading position in the industry

Cash collection in Jan & Feb 2020 was RMB17.6B, reflecting the sales quality and strong execution of CIFI

Cash Collection

92%

+5 p.p.

Contracted ASP

RMB16,700/sq.m.

+5%

(RMB/sq.m.)

9

+32%+5 p.p. +5%

Focus on 1st &2nd tier cities

with population inflow and

sustainable development

Note: Quasi-2nd tier cities: include Yantai, Wuxi, Changzhou, Xuzhou, Nantong, Dongguan, Foshan and Wenzhou

Including contracted sales from joint ventures and associated companies

Yangtze River Delta

48%Pan-Bohai

Region24%

Central & Western China

23%

Southern China5%

2018

Yangtze River Delta

48%

Pan-Bohai Region25%

Central & Western China

18%

Southern China9%

2019

Over RMB30B sales:

Zhejiang, Jiangsu

Over RMB10B sales:

Beijing, Shanghai, Xi’nan,

Shangdong, Wan’gan

1st tier cities13%

2nd tier cities63%

Quasi-2nd tier cities

14%

3rd & 4th tier cities10%

2018

10

1st tier cities15%

2nd tier cities59%


14%


2019

Contracted Sales: Penetration in 1st &2nd Tier Cities

Balanced Coverage

Regional Penetration

Northern China + Northeast China

15%

Zhejiang15%

Shandong11%

Shanghai Metropolitan

11%

Greater Bay Area + Fujian11%

Southwest China10%

Jiangsu10%

Central China10%

Northwest China7%

1st tier cities9%

2nd tier cities64%

Quasi-2nd cities16%


380B+

RMB230B

2020 Contracted Sales

Target

+15%

60+

(By Value)

Number of Cities

89%

1st, 2nd and quasi-2nd tier cities

(By Value)

Abundant Saleable Resources

2020 Saleable Resources

11

1st &2nd Tier Cities

Over RMB22B New saleable resources

acquired since 2020 with high

attributable interests and low premium

Strong Focus

87%

2020

Pan-Bohai Rim

Shenyang Qingdao

Acquired land in Huanggudistrict and Huangdao district

Penetrate in Northern China Region

Capture the window period to replenish

multiple quality lands

Central & Western

ChinaChangsha KunmingXi’an Chongqing

Entered at reasonable prices

Yangtze River Delta

Southern China

Suzhou Wuxi Changzhou Hefei Nanchang Ningbo

Further penetrated in Yangtze River Delta metropolitan area

Partnerships and Urban redevelopment

Acquired 2.5m sq.m.land plot in open

market for primary and secondary development

Taiyuan

Chengdu

Acquired mixed-use lands at reasonable price

Fuzhou Zhangzhou

Re-entered into Fujian

Greater Bay Area

New Land Acquisitions in 2019

Data of 1 Jan 2019 to 31 Dec 2019 12

GFA 15.2M sq.m.

Attributable Land Premium 53.2B

New Saleable Resources 240.7B

Average Land Cost RMB5,425/sq.m.

2019 New Land Acquisition

Public Channels89%

M&As11%

2nd tier cities69%


12%

3rd tier cities13%

1st tier cities6%

65%

Attributable

Interests

By attributable GFA

Public Channels67%

M&As21%

Urban Redevelopment+Mixed-use Land Application

12%

First-time buyers and upgraders

80%

Premium upgraders

15%

Commercial & office5%

76%*

Consolidation

New projects to be

consolidated

58%65%

2018 2019

Advance penetration in

2rd, quasi-2rd and strong 3rd cities

Product design cater to first-time

buyers and upgraders and

mainstream market demand

New Land Acquisitions in 2019

*By Value of Saleable Resources

Optimized Composition

Higher Attributable Interests and Consolidation Ratio

13

Diversified Channels

20192018

• By Attributable Land Cost

Primary-Secondary Joint Development Projects

Diversified Channels Landbank Replenishment

✓ Mega size projects to optimize land bank composition

✓ RMB50B saleable resources

✓ Increasing market share in high potential cities

✓ GFA3.4M sq.m. converted through Primary-Secondary

joint development during the year

✓ Launch City Integrated Operation Strategy

Eco-friendly and Smart City International Standards

GFA 2.52M sq.m.Saleable Resources(E)

RMB34.4B

Taiyuan

Primary-Secondary Joint

Development Project

(First Batch)

Shijiazhuang

Chang’an District

294 Project

Mega Size ProjectCore Districts

GFA 450,000 sq.m.Saleable Resources(E)

RMB9.2B

Changsha

Yuelu District

Xiangyin Project

Landmark at City CentreBoutique Project


RMB1.7B

Luoyang Xigong District

Shijiatun Project

(First Batch)

Acquired in Early 2020Premium Quality, Core District


RMB1.6B 14

Mixed-Use Land Application Projects + M&As

M&As Profitability Protection

✓ Integrated comprehensive operational capability with

good reputation on co-operation

✓ avoided fierce competition in the open market

Commercial + Residential

GFA 270,000 sq.m.

Land Cost RMB2,261/sq.m.

Changsha Yuelu District

Meixi Lake Project

Internet + Industry Integrated

GFA 230,000 sq.m.Estimated ASP/Land cost ~3.0X

Shenzhen

Pingshan Project

Strategic Partnership with Developer in the GBAReasonable Land Cost

GFA 230,000 sq.m.First Project in Shenzhen

Chengdu

Xindu District Mixed-use Project

Mixed-Use Land ApplicationAdvantages

✓ ~40 land plots in 1st and 2nd tier cities

✓ 6M sq.m. New Landbank

✓ Locked in ~RMB100B saleable resources

15

Northern China + Northeast China

15%

Central China14%

Zhejiang14%

Jiangsu11%

Greater Bay Area + Fujian

10%

Shanghai Metropolitan

10%

Southwest China10%

Shandong9%

Northwest China

7%

Land Bank

By total saleable resources with approved land use rights as of 29 Feb 2020

Total Land Bank

Total GFA

65.4M sq.m. *

Saleable Resources

RMB988B

• *Sum of land bank with approved land use rights and urban redevelopment projects contracted subject to government listings, in which 50.66Msq.m. land bank obtained land use rights

1st, 2nd and quasi-2nd tier cities

87%

1st tier cities10%

2nd tier cities61%

Quasi-2nd cities16%


16

KINPAN AWARD

詹天佑奖

贵阳|旭辉·观云年度设计专项金奖苏州|都会上品双面神国际设计大奖

重庆|江山青林半金盘奖最佳设计奖合肥|铂悦·庐州府詹天佑环境单项优秀奖

International and China Renown Rewards

2019

2019 Real Estate Industry AwardsDouble Gold Medals and

27 Awards

10 Major International

Design Awards

Kinpan Awards57 Awards

Ranked 1st consecutively

Tien-yow Jeme PrizeHefei Bowyer Luzhou Mansion

First CIFI-6 Product

Nanchang·Chenyue Jiangyuyuan

2019 CIFI-6发布会现场

南昌|宸悦·江语院实景图

Our Product —— Launch of CIFI-6

17

5 Product IPs

FINE QUALITY MODERN & STYLISH

EXPERIENCE

ALL AGE GROUP SMART TECH

Our Product —— Five Concepts

18

Our Product —— 5G Era

Smart Travel

Smart Health Smart Living

Smart Security

Smart Service

Advanced Smart Interconnection Platform

CIFI joined hands with Alibaba

Smart ElderlyCare

Facial recognition

Entrance monitoring

Elevator control from home

Guest reservation system

Smart street lighting

Smart gym and community health center

Smart audio-visual interaction

Outdoor environment monitoring

Smart sprinkle, insect repellant spray

Smart electrical switch and

wireless module

Scenario and equipment control

module

Safe and user-friendly module

Family entertainment module

Smart security camera and door lock

Smart parking system

Smart police calling function and outdoor locating system

Community property management

Smart community platform to

disseminate information

Smart delivery and vending

Smart charging

Smart signage

Human activity detection

Mattress pressure monitoring

Smart remote controller to adjust

lighting and temperature and smart

alarm prevent from falling

Entrance Facial Recognition

Guest Reservation System

Smart Gym

A Smart and Caring Community19

•Fine quality with details on mind

Deliver better landscaping than promised Reshape old communities to reward our customers

"All age group" model to bring happiness to families

南京|铂悦·秦淮青岛|铂悦·灵犀湾

Our principal： Good Product + Good Service + Good Community

重庆|铂悦·澜庭 Nanjing | Eastern Area 1

Our Brand —— Bring Happiness to Our Customers

20

材料透明

检验透明

Transparent Standards Materials Transparency Transparent Process Transparent Inspection Transparent Service

Transparent standards

of craftsmanship

Strict quality control

Constructed with

quality assurance

Materials from

traceable origin

Stringent selection

Green building for

better health

Open and

transparent

construction

progress

Quality inspection

Tripartite data

supervision

Inspection by a team

of professionals

Caring Yuexin Service

Always by your side

Improve House Quality

Enhance Construction Efficiency

Transparency Brings Trust

Our Brand —— Building a "Transparent Factory"

21

Customer service ambassador to provide full cycle one-stop service

6 services steps, 30 experience simulation, 88 standard gestures

House-viewing Contract signing Peaceful waiting Contract signing Move in Settle down

CIFI Family DayCustomer Service

Ambassador37ºC Space

8 great communal living space

in 6 districtsExclusive for CIFI's property owners,

attracted over 70,000 participants in 25 cities111 ambassadors covering 112

projects in 17 regions

▪ Full Cyle Project Quality Enhancement and Risk Control

▪ 2019 overall customer satisfaction —— 87 points, up 3 points

▪ Better service among the enterprises with 100B market capitalization

Our Brand —— Yuexin Service System

Yuexin

Service

System

22

Awarded “China’s Best Employer” by Aon Hewitt for 3 consecutive years, employee engagement

continues to increase

StreetathonOrganized in 7 regions and 9 cities in 2019, nearly 20,000 runners

to devote a caring heart with footsteps imprinted in the city

CIFI Family DayHeld every year in June, providing employees, property-owners

and learners of the education group a stage to perform

The Shining CIFIers“The Shining CIFIers” award is presented at the Group’s annual

conference, integrating multiple awards

Our Brand —— “China’s Best Employer” for 3 Years

23

2018 2019 2018 2019

Regional Integration to Optimize Efficiency

Quality Refinement & Efficiency Enhance “big platform + small group + project cluster”

No. of Approval Application from

Regional Groups to HQ

Average Time of Approval Process

2018 2019 2018 2019

Efficiency Per Capita

+25%+20%

Frontline DelegationOptimize Efficiency

Attributable Contracted Sales

Per Capita

Core ProfitPer Capita

-51%-63%

24

材料透明

检验透明

High Efficiency

High Quality

Eco-friendly

• *As at the end of 2019, 49 projects were implemented CIFI 2.0

CIFI Construction 2.0 Shortened by 4 months on average in 2019 *

Refinement in Project Launch and Construction Cycle

2019 New Acquired ProjectsAverage 6.6 months

from Land Acquisition to Launch

Strategic

Planning

Product

Standardization

Advanced

Planning

25

Ever Sunshine Lifestyle Services

Daily supplies delivery

Door-to-door “zero-touch” groceries delivery

Contracted GFA of approx. 110M sq.m., covering 10 major regions

Innovative value-added services and diversified businesses advanced together

Innovative caring service to fight the COVID-19

城市综合体URBAN COMPLEX

公众物业PUBLIC PROPERTIES

商业办公COMMERCIAL

AND OFFICE BUILDINGS

高端住宅HIGH-END RESIDENCE

一专多精

多业态，多元化

A Reliable Smart Community Life Service Provider

26

3 Major Trending Commercial Product Lines

• As at the end of 2019, total GFA of approx. 600,000sq.m. commenced operation (including Jiaxing redevelopment project)

• Rental income in 2019 amounted to RMB530 M, up 125% YoY

• Commercial project reserve with over 600,000 sq.m. of retails and office space in 1st & 2nd tier cities to be launched

CIFI Commercial——Delightful Living Experience

To Launch in 2020

上海|恒基·旭辉天地

嘉兴改造项目

旭辉广场C

IFI P

LA

ZA

旭辉里C

IFI L

IFE

旭辉市集C

IFI M

AR

T

上海|LCM置汇旭辉广场

上海|宝山旭辉U天地上海|LCMart生鲜市集

Established in 2019

Boutique commercial project

located in Xintiandi commercial district

Designed by Pritzker Architecture Prize-winning Jean Nouvel

Regeneration of the project

Transform and rejuvenate the city of Jiaxing27

CIFI Commercial—— Increasing Rental Income

CityGFA

（sq.m.）No. of

Projects

Launched 595,400 12

Shanghai 340,900 7

Chongqing 46,400 1

Changsha 53,900 1

Xi’an 39,100 1

Wuhan 32,600 1

Jiaxing 82,500 1

UnderConstruction

662,200 12

Shanghai 164,300 3

Beijing 58,800 2

Chengdu 132,900 2

Chongqing 50,000 1

Tianjin 38,100 1

Hefei 79,500 1

Taiyuan 95,000 1

Jinhua 43,600 1

Total 1,257,600* 24

Chengdu Xindu Project Shanghai Huanchuang Business Centre

Shanghai Changshou Road Project Hefei Feixi Project

• * Including commercial complex and office buildings both in operation and under development by CIFI28

02

Financial

Performance

29

(RMB M) 2019 2018 YoY

Recognized revenue 54,766 42,368 +29%

- Property sales 50,644 39,014 +30%

- Rental income 533 237 +125%

- Other incomes 3,589 3,117 +15%

Gross profit (GAAP) 13,754 10,613 +30%

Gross profit (excluding accounting effect of financial consolidation

of subsidiaries)16,410 14,682 +12%

Other incomes, gains and losses 1,424 2,066 -31%

Change in fair values of investment properties 198 106 +87%

SG&A (4,648) (3,275) +42%

Share of results of joint ventures and associate companies 3,556 2,175 +63%

Financing costs (728) (369) +97%

Income tax (4,515) (4,199) +8%

Non-controlling interests (2,382) (1,494) +59%

Perpetual capital instruments (222) (215) +3%

Core net profit attributable to equity owners(1) 6,903 5,536 +25%

2019 Annual Results: P&L

30

Remarks:

(1) Core net profit excludes fair value gains / losses, net exchange loss, expenses relating to share option grants, loss on early redemption of senior notes,

and share of fair value gains / losses and net exchange losses at joint ventures and associate companies, net of deferred taxes

(2) EDBITA consists of profit from operating activities before fair value gains / losses, interest expenses (including capitalized interest), income tax

expenses, depreciation and amortization expenses, net exchange loss and other non-cash items. EBITDA is not a standard measure under IFRS

(RMB M) 2019 2018 YoY

Core net profit attributable to equity owners(1) 6,903 5,536 +25%

Basic core EPS, in RMB cents(1) 89 72 +24%

EBITDA (2) 20,521 16,652 +23%

Gross profit margin (GAAP) 25.1% 25.0% +0.1 p.p.

Gross profit margin (non-GAAP, adjusted) 30.0% 34.7% -4.7 p.p.

Core net profit margin(1) 12.6% 13.1% -0.5 p.p.

EBITDA margin (2) 37.5% 39.3% -1.8 p.p.

2019 Annual Results: P&L (con‘t)

31

42

57

72

89

2016 2017 2018 2019

22,224

31,824

42,368

54,766

2016 2017 2018 2019

2,824

4,082

5,536

6,903

2016 2017 2018 2019

54.8 B

• (RMB M)

• （HK$ cent）• Total dividend payout of HK$1.44 since IPO, 108% of issue price

Steady Earnings Growth

CAGR +35% CAGR +35%

Recognized Revenue

RMB89 cents

CAGR +28% CAGR +31%

Core Net Profit

HK$38 cents/share

6.9B

Core EPS Dividends

• (RMB M)

• (RMB cent) 32

*

* Special dividend of HK4 cents for the 20th Anniversary of the Group

1723

30

38

2016 2017 2018 2019

34

4*

31.4% 32.6%

39.3% 37.5%

2016 2017 2018 2019

20.3%22.8% 23.8% 24.8%

2016 2017 2018 2019

+1.0 p.p.

12.7% 12.8% 13.1% 12.6%

2016 2017 2018 2019

25.4% 27.1% 25.0% 25.1%

2016 2017 2018 2019

+0.1 p.p.

Gross Profit Margin

25.1%

-1.8 p.p.

EBITDAMargin

37.5%

-0.5 p.p.

Core Net Profit Margin

12.6%Core ROE

24.8%

Stable Profitability

*EBITDA consists of profit from operating activities before fair value gains / losses, interest expenses (including capitalized interest), income tax expenses, depreciation

and amortization expenses, net exchange loss and other non-cash items33

(RMB M) 2019.12.31 2018.12.31 Change

Bank balances & cash (with restricted bank deposits) 57,642 44,618 +29%

Restricted bank deposits 389 1,290

Total assets 322,700 241,061 +34%

Total equity 67,216 49,446 +36%

- Equity attributable to equity owners 30,165 25,604 +18%

- Non-controlling interests 33,167 19,959 +66%

- Perpetual capital instruments 3,884 3,884 -

Total indebtedness(1) 103,699 77,865 +33%

Net debt-to-equity ratio(2) 68.5% 67.2% +1.3百分点

Net debt-to-equity ratio(2) (including perpetual securities) 78.9% 81.5% -2.6百分点

67,45288,480

151,758

241,061

322,700

2015 2016 2017 2018 2019

15,283 17,283

34,270

49,446

67,216

2015 2016 2017 2018 2019

+34%

Total Assets

322.7B

• （RMB M） • （RMB M）

+36%

Net Assets

67.2B

Key Balance Sheet Figures

Notes:

(1) Total indebtedness includes bank and other loans, onshore bonds and offshore senior notes

(2) Net debt-to-equity = (total indebtedness –cash (incl. restricted cash)) divided by total equity

34

42% 40%

58% 60%

2018.12.31 2019.12.31

Non-RMB Debt

RMB Debt

Stable Domestic & International Ratings

S&P | BB Stable

Moody’s | Ba3 Positive

Fitch | BB Stable

Lianhe Credit Rating

Lianhe Rating

CCXI CCX Credit

AAA Stable

68.5%

Net Gearing Ratio

6.0%

Weighted Average Funding Cost

Within 1 Year

20.4%

Debt Management

-2 p.p.

Within 1 year

20%

1-2 years

28%

2-3 years

33%

Over 3 years

19%

35

50.4% 50.9%

67.2% 68.5%70.0%

81.5% 78.9%

2016.12.31 2017.12.31 2018.12.31 2019.12.31

Excluding Perpetual Including Perpetual

4.24.6 4.7

5.1

2016.12.31 2017.12.31 2018.12.31 2019.12.31

4.4 4.7 4.4

3.5

2016 2017 2018 2019

68.5%

Net Gearing Ratio

2.7X

Cash/ST-Debt Ratio

3.5X

Interest Coverage Ratio**

5.1X

Debt-to-EBITDA Ratio**

4.6

2.5

3.3 2.7

2016.12.31 2017.12.31 2018.12.31 2019.12.31

*

*

*

Key Financial Ratios

*Only used to compare net gearing ratio, perpetual instruments is considered as debt

** Interest coverage ratio = EBITDA over interest expenses. Ratio as at 31 Dec 2019 was calculated using 12-month trailing EBITDA divided by pro forma interest

cost based on debt structure

36

6.0% 6.0%

5.1%

6.0% 6.1%5.6%

Off-shore

Average

Off-shore

Bonds

Off-shore

Loans

On-shore

Average

On-shore

Loans

On-shore

Corporate

Bonds

6.0%

Weighted AverageInterest Cost

5.5%5.2%

5.8% 6.0%

2016 2017 2018 2019

Off-shore

Bank Loans

17%

On-shore Bank Loans

and Other Loans

46%

On-shore

Corporate Bonds

11%

Off-shore

Senior Notes

26%

Diversified financing channels

Debt Structure

Debt Structure and Funding Cost

In Jan 2020, the Company issued the 6.0% coupon, 5.5-year maturity USD bonds due 2025 with a principal amount of USD567m.

37

Focusing on 1st-, 2nd- and leading 3rd-tier cities, above average growth in the industry in terms of sales and cash collection

Contracted sales prioritized cash collection and operating cash flow

In 2019, CIFI’s cash collection ratio was 92%

(RMB B)2019

(Actual)

2020

(Guidance)

Operating cash inflow (attrib. contracted sales, plus

other revenues)96.0 112.0

Operating cash outflow

- Land acquisition (attrib. to CIFI) (55.0) (57.0)

- Capex for construction (attrib. to CIFI) (24.0) (29.0)

- Taxes (11.0) (14.0)

- Interests (5.4) (5.6)

- SG&A (4.6) (6.4)

Operating Cash Flow (4.0) -

Operating Cash Flow Guidance

Operating Cash Flow

38

Environmental

ESG：Green Building and Green Innovation

52% EPC Application Rate in 2019 New Projects

New Technology guaranteed and improved housing quality

Interspersion of work enhanced efficiency

15 green building certifications In 2019

CIFI Hechang Metropolis Mansion received a 4-star BREEAM certification

2 healthy housing certifications in 2019

Promoting energy saving and emission reduction in commercial projects

Providing green renovation manuals to tenants

Reusable Mobile Sales Offices

new prefabricated andmodular construction methods

"Green Supply Chain in Real Estate Industry in China“

Eco-friendly building materials

Awarded the Elite Habitat Green Chain Enterprise Award in 2019

adopted a transparent construction system in 52.3% of its construction

sites nationwide

Building Technique

Commercial ProjectGreen Operations

Green Innovation

Green Building

Transparent Construction

Green Procurement

39

Occupational Safety & Health

Social Responsibility

• Implement Full Cycle Quality Control in accordance with ISO9001 Standard

• Promoted BIM application in construction to refine quality and enhance efficiency.

• Set quantitative targets for Occupational Safety and Health

• No Major Safety and Quality Accidents in 2019

• 34 projects were awarded the Demonstration Sites from the Government

• Honored “China’s Best Employer” by Aon Hewitt for 3 consecutive years since 2017

Governance

ESG：A Long-term Commitment

• The Group donated nearly RMB300M to support public welfares as at 2019

Put altruism into practice

ESG Committee

• ESG management committee

• ESG task force

• Systematic and StandardizedManagement of Sustainable Development

CIFI Integrity

Risk Management

• “The Advanced Unit" for National Anti-Fraud Work

• WeChat Public Account

• Fortune China - Top 50 Board of Directors

• Institutional Investor- Best Corporate Governance

• Institutional Investor- Best ESG/SRI Metrics

• Institutional Investor-Best CEO

• Institutional Investor-Best Investor Relations

• Risk Management Committee

• Regular Director compliance training

• Regular Auditing & Annual Risk Assessment

Market Recognition

40

03

Outlook

41

Full-year contracted sales is expected to fall by about 7-10% YoY. The growth rate of property developers will be slower

than that of 2019.

Property development and investment, new construction areas and land acquisition of the year will decrease, compared

with that of 2019 while the housing price will increase steadily.

Cash flow is tight, with more bankruptcy among SMEs, higher market concentration and more M&A opportunities.

Sales performance in 1st, 2rd and leading 3rd cities is better than in 3rd and 4th cities. Performance in 2H will be better than

that in 1H.

The Government’s housing policies are less tightened and property market remains basically stable.

Financing regulations in the property market remain benign onshore financing cost to trend down.

Total demand will be stable, and the dividend of urbanization will remain while customer demand will be

changing: increasing demand in upgrading and higher emphasis on quality.

Products will be updated and upgraded, leading the way to building healthy and smart residentials and

humanistic communities for healthy-living. The functional space will improve. New generation of digitalized

office and commercial project will emerge.

Cities will be further differentiated. Market performance of the cities with large influx of people, remarkable

industrial development and good governance capabilities will be stronger.

Developers will be further differentiated, with an accelerating reshuffle of the industry.

Development model of developers will change, with a strong focus on quality growth, strong financial position,

online business operation, diversified business and digitalization transformation.

The industry will evolve from the era of land bank to the era of operational efficiency and enter into the era of

branding in the future.

Sh

ort-te

rm

Imp

act

Med

ium

an

d

Lo

ng

-term

Imp

act

Industry Overview and Outlook

42

Stay optimistic and proactive to seize opportunities

Maintain a healthy cash flow by optimizing cash in and out

Strengthen marketing with transformation and innovation: empower frontline staff in, all-

out strategy and focus on online marketing

Cater for consumers’ needs and speed up product upgrading

Enhance efficiency by reducing costs; maintain high asset turnover with standardized and

refined product quality at lower cost

Diversify channels of land acquisition to lower land cost

Reduce financing gearing and inventory, accumulate quality land bank with increasing

attributable interest to foster growth

CIF

I Stra

teg

ies

Med

ium

to L

on

g-te

rm

Develo

pm

en

t

Stra

teg

ies

Adhere to the quality development model to maintain growth;

Sustain quality growth with an operating efficiency-oriented approach.

Increase core competitiveness by acquired resources, operational excellence and

customers’ trust.

Promote organizational change and talent development;

accelerate regional integration, empower to vitalize organization and talents.

Speed up the digitalization transformation and promote change on management culture.

Create a property ecosystem focusing on the four new demands.

Implement brand strategy to improve the quality of product and service

Increase brand popularity, reputation and loyalty.

Operating and Development Strategies

43

05

Q&A Session

44

04

Appendix

45

Appendix：Land Acquisitions in 2019

本集團規劃建築面積

城市項目主要規劃用途所佔权益佔地面積 (不含停車位) 地价总额集团应占地价平均土地成本

City Project Intended The Group's Planned GFA Total Consideration Attributable (Average

Primary Use equity interest Site Area (excluding consideration land cost

carparks)

（人民幣╱

(%) （平方米）（平方米）（人民币）（人民币）平方米）

(sq.m.) (sq.m.) (RMB) (RMB) (RMB/sq.m.)

1 蘇州吳中區胥口鎮2018-WG-32號孫武路項目住宅 100.00 45,200 76,800 719,130,000 719,130,000 9,368

Suzhou Wuzhong District, Xukou Town, No. 2018-WG-32 Sunwu

Road ProjectResidential

2 蘇州吳中區木瀆鎮2018-WG-41號金貓路項目住宅 70.00 46,600 102,600 1,455,600,000 1,018,920,000 14,194

Suzhou Wuzhong District, Mudu Town, No. 2018-WG-41 Jinmao

Road ProjectResidential

3 蘇州吳中區甪直鎮2018-WG-43號堰裡北項目住宅 100.00 45,100 99,200 1,113,220,000 1,113,220,000 11,217

SuzhouWuzhong District, Luzhi Town, No. 2018-WG-43 North

Yanli ProjectResidential

4 武漢漢陽區曙光村項目住宅 84.00 100,100 521,600 4,056,920,000 3,407,810,000 7,784

Wuhan Hanyang Village, Shuguang Village Project Residential

5 長沙長沙縣081號項目住宅 50.00 63,900 191,600 764,620,000 382,310,000 3,990

Changsha Changsha County, No. 081 Project Residential

6 瀋陽皇姑區車輛段西項目住宅 100.00 6,500 19,600 85,110,000 85,110,000 4,350

Shenyang Huanggu District, West Rail Yard Project Residential

7 上海浦東新區洋涇社區C000204項目商業 50.00 3,700 3,000 61,900,000 30,950,000 20,870

ShanghaiPudong New Area, Yangjing Subdistrict, C000204 Project

Commercial

8 昆明經開區KCJ2018-5項目住宅 51.00 71,800 179,500 425,490,000 217,000,000 2,371

KunmingEconomic and Technological Development Zone, KCJ2018-

5 ProjectResidential

9 天津濱海新區塘沽灣項目住宅 50.00 41,600 62,400 333,000,000 166,500,000 5337

Tianjin Binhai New Area, Tanggu Bay Project Residential

10 南昌紅谷灘新區2019003項目住宅 50.00 96,100 211,500 605,590,000 302,800,000 2,864

Nanchang Honggutan New District, 2019003 Project Residential46





carparks)

（人民幣╱



11 上海浦東新區浦江華僑城項目寫字樓/商業 30.00 38,100 95,900 1,237,100,000 371,130,000 12,900

Shanghai Pudong New Area, Pujiang Overseas Chinese Town Project Office/Commercial

12 合肥肥西縣2018-26號項目住宅╱商業 100.00 142,100 307,100 1,766,120,000 1,766,120,000 5,751

Hefei Feixi County, No. 2018-26 Project Residential/Commercial

13 合肥新站區XZQTD237項目住宅 50.00 54,800 82,200 534,140,000 267,070,000 6,500

Hefei Xinzhan District, XZQTD237 Project Residential

14 天津西青區精武鎮賓水西道項目住宅╱商業 51.00 142,400 287,800 3,638,000,000 1,855,380,000 12,640

Tianjin Xiqing District, Jinwu Town, West Binshui Road Project Residential/Commercial

15 青島黃島區古鎮口靈犀灣項目住宅╱商業 51.00 232,500 302,200 1,094,860,000 558,380,000 3,623

Qingdao Huangdao District, Guzhenkou, Lingxi Bay Project Residential/Commercial

16 天津寧河區糧庫項目住宅 50.00 28,700 57,300 269,000,000 134,500,000 4,692

Tianjin Ninghe District, Liangku Project Residential

17 天津濱海新區塘沽灣7號項目住宅 50.00 34,500 51,800 262,400,000 131,200,000 5,067

Tianjin Binhai New Area, Tanggu Bay No. 7 Project Residential

18 西安未央區浐灞一路項目住宅 100.00 92,000 299,800 1,234,000,000 1,234,000,000 4,117

Xi'an Weiyang District, Chanba Road 1 Project Residential

19 成都新都區123畝項目住宅╱商業 100.00 82,500 273,800 619,030,000 619,030,000 2,261

Chengdu Xindu District, 123 acres Project Residential/Commercial

20 成都簡陽市河東新區77畝項目住宅 60.00 51,700 206,600 1,161,250,000 696,750,000 5,620

Chengdu Jianyang City, Hedong New Area, 77 acres Project Residential

21 合肥濱湖區2019-12號項目住宅 50.00 50,600 119,000 1,730,750,000 865,380,000 14,550

Hefei Binhu Area, No. 2019-12 Project Residential


47





carparks)

（人民幣╱



22 合肥瑤海區E1805號項目住宅 33.00 49,500 109,000 650,300,000 214,600,000 5,966

Hefei Yaohai District, No. E1805 Project Residential

23 太原尖草坪區三給片區SP1919-SP1928項目住宅 35.00 672,700 2,520,000 4,845,000,000 1,695,750,000 1,923

Taiyuan Jiancaoping District,Sanji Area, SP1919-SP1928

ProjectResidential

24 福州晉安區前嶼村項目住宅 70.00 30,600 79,600 988,000,000 691,600,000 12,405

Fuzhou Jinan District, Qianyu Village Project Residential

25 寧波鄞州區瞻岐鎮ZQ01-02-h2a、 ZQ01-02-h4項目住宅 100.00 61,200 97,900 422,800,000 422,800,000 4,320

Ningbo Yinzhou District, Zhanyu Town ZQ01-02-h2a,

ZQ01-02-h4 Project

Residential

26 常州經開區蔚藍天地西項目住宅 100.00 58,400 133,300 1,170,000,000 1,170,000,000 8,779

Changzhou Jingkai District, Weilan Tiandi West Project Residential

27 常州經開區名桂坊西項目住宅 100.00 26,700 58,800 480,000,000 480,000,000 8,169

Changzhou Jingkai District, West Minguifang West Project Residential

28 無錫江陰市尚海薈項目住宅 100.00 16,400 32,800 315,370,000 315,370,000 9,624

Wuxi Jiangyin City, Shanghaihui Project Residential

29 漳州龍海市角美鎮2019P01項目住宅 70.00 23,900 71,600 718,000,000 502,600,000 10,030

Zhangzhou Longhai City, Jiaomei Town, 2019P01 Project Residential

30 重慶空港工業園19049項目住宅 50.00 94,700 134,500 739,200,000 369,600,000 5,500

Chongqing Airport Development Area, 19049 Project Residential

31 重慶空港工業園19058項目住宅 50.00 50,400 70,500 387,780,000 193,890,000 5,500

Chongqing Airport Development Area, 19058 Project Residential

32 鎮江句容市2019-J1-1-01至06項目住宅 100.00 257,700 496,600 2,276,160,000 2,276,160,000 4,583

Zhenjiang Jurong City, 2019-J1-1-01 to 06 Project Residential


48





carparks)

（人民幣╱



50

33 長沙嶽麓區037號項目住宅╱商業 70.00 27,900 147,900 409,790,000 286,850,000 2,771

Changsha Yuelu District, No. 037 Project Residential/Commercial

34 台州椒江區下陳項目住宅 100.00 103,400 186,100 708,200,000 708,200,000 3,805

Taizhou Jiaojiang District, Xiachen Project Residential

35 石家莊長安區2019-018項目住宅 100.00 213,400 452,800 3,501,000,000 3,501,000,000 7,732

Shijiazhuang Changan District, 2019-018 Project Residential

36 石家莊長安區17畝項目住宅 100.00 11,400 32,600 245,400,000 245,400,000 7,527

Shijiazhuang Changan District, 17 acres Project Residential

37 長春汽開區東風大街南-1項目住宅╱商業 30.00 120,100 240,200 788,760,000 236,630,000 3,284

Changchun Qikai District, Dongfeng Street South-1 Project Residential/Commercial

38 長春汽開區東風大街南-2項目住宅╱商業 30.00 92,000 184,000 612,190,000 183,660,000 3,327

Changchun Qikai District, Dongfeng Street South-2 Project Residential/Commercial

39 青島膠州市北三50畝項目住宅 100.00 33,200 53,100 163,690,000 163,690,000 3,082

Qingdao Jiaozhou City, North-3 50 acres Project Residential

40 武漢東西湖區碧雲天項目住宅 45.00 35,700 124,800 1,008,070,000 453,630,000 8,075

Wuhan Dongyun Lake District, Biyuntian Project Residential

41 貴陽清鎮市QZ-19-023號項目住宅╱商業 100.00 67,800 169,500 239,100,000 239,100,000 1,410

Guiyang Qingzhen City, No. QZ-19-023 Project Residential/Commercial

42 無錫江陰市城西大賣場C6-C7項目住宅 100.00 73,400 190,800 1,608,070,000 1,608,070,000 8,590

Wuxi Jiangyin City, Chengxi Outlet, C6-C7 Project Residential

43 開封航空港區南港2019-A12至16號項目住宅 100.00 203,900 554,000 635,720,000 635,720,000 1,147

KaifengSouthern Zone of Airport Area, No. 2019-A12 to 16

ProjectResidential


49





carparks)

（人民幣╱



51

44 眉山東坡區120畝項目住宅 100.00 80,600 201,500 434,000,000 434,000,000 2,154

Meishan Dongpo District, 120 Acres Project Residential

45 溫州濱江商務區桃花島T05-14項目住宅 32.00 39,600 134,700 1,741,000,000 557,120,000 12,928

Wenzhou Binjiang Business District, Taohua Island, T05-14 Project Residential

46 瀋陽大東區榆林安置房1-2項目住宅 100.00 82,200 164,500 937,640,000 937,640,000 5,700

ShenyangDadong District,

Yulin resettlement housing 1-2 ProjectResidential

47 青島黃島區博觀星海三期項目住宅 100.00 20,100 50,200 170,000,000 170,000,000 3,388

Qingdao Huangdao District, Boguanxinghai Phase III Project Residential

48 青島西海岸新區城市陽臺項目住宅 35.00 19,400 52,900 235,730,000 82,510,000 4,459

Qingdao The West Coast New Area, Chengshiyangtai Project Residential

49 福州倉山區金浦舊廠房出讓項目住宅 100.00 12,800 31,900 349,000,000 349,000,000 10,939

Fuzhou Cangshan District, Jinpu Old Factory Transfer Project Residential

50 大連金普區小窯灣C區項目住宅 100.00 40,000 99,900 249,740,000 249,740,000 2,500

Dalian Jinpu District, Xiaoyaowan District C Project Residential

51 溫州龍灣區龍灣永中B-18項目住宅 24.50 47,800 86,100 827,400,000 202,710,000 9,613

Wenzhou Longwan District, Longwanyongzhong B-18 Project Residential

52 無錫錫山區東北塘項目住宅 20.00 101,700 183,000 1,291,000,000 258,200,000 7,055

Wuxi Xishan District Dongbeitang Project Residential

53 濟寧任城區E1-E2項目住宅╱商業 80.00 58,000 127,600 450,430,000 360,340,000 3,531

Jining Rencheng District E1-E2 Project Residential/Commercial

54 銀川金鳳區平伏橋243畝項目住宅 75.00 162,100 259,300 593,350,000 445,010,000 2,228

Yinchuan Jinfeng District Pingfuqiao 243 Project Residential


50





carparks)

（人民幣╱



55 福州倉山區奧體2019-48號項目住宅 70.00 94,700 178,100 2,218,000,000 1,552,600,000 12,452

Fuzhou Cangshan District Olympic Sports 2019-48 Project Residential

56 惠州惠城區馬鞍鎮GP2019-36項目住宅 40.00 155,600 369,400 2,032,000,000 812,800,000 5,501

Huizhou Huicheng District, Ma’an Town, GP2019-36 Project Residential

57 石家莊橋西區第一職中項目住宅 51.00 8,600 19,200 167,000,000 85,170,000 8,709

ShijiazhuangQiaoxi District, No.1 Vocational Specialized Secondary

School ProjectResidential

58 深圳坪山區江山一期項目住宅 50.00 88,200 229,200 2,023,590,000 1,011,800,000 8,949

Shenzhen Pingshan District, Jiangshan Phase 1 Project Residential

59 青島西海岸新區小珠山項住宅 87.00 73,000 146,000 536,350,000 466,620,000 3,673

Qingdao The West Coast New Area, Xiaozhushan Project Residential

60 寧波杭州灣康樂宜居9-10號項目住宅 40.00 209,500 390,900 809,000,000 323,600,000 2,069

Ningbo Hangzhou Bay, Kangleyiju No. 9-10 Project Residential

61 杭州蕭山區浦陽鎮中心項目住宅 100.00 77,300 139,200 632,280,000 632,280,000 4,541

Hangzhou Xiaoshan District, Puyang Town Centre Project Residential

62 合肥肥西縣2019-18號項目住宅 100.00 119,500 239,000 1,807,050,000 1,807,050,000 7,560

Hefei Feixi County, No. 2019-18 Project Residential

63 烏魯木齊沙依巴克區老滿城項目住宅 100.00 70,500 118,800 466,000,000 466,000,000 3,921

Ürümqi Saybag District, Laoman City Project Residential

64 濰坊高新區G17項目住宅 100.00 61,800 154,500 566,450,000 566,450,000 3,666

Weifang Hi-Tech Zone, G17 Project Residential

65 上海閔行區浦江鎮浦江拓展大型居住社區39-01項目住宅 51.00 30,200 60,400 980,000,000 499,800,000 16,232

ShanghaiMinhang District, Pujiang Town, Pujiang Major Residential

Area Expansion 39-01 ProjectResidential


51





carparks)

（人民幣╱



66 鄭州鞏義市2019-139號項目住宅 51.00 60,700 145,800 291,550,000 148,690,000 2,000

Zhengzhou Gongyi City, No. 2019-139 Project Residential

67 武漢礄口區花樣年漢正街項目住宅╱商業 50.00 50,400 239,800 3,750,000,000 1,875,000,000 15,635

Wuhan Qiaokou District, Fantasia Hanzheng Street Project Residential/Commercial

68 洛陽伊濱區2019-55號項目住宅 50.00 73,200 219,500 749,620,000 374,810,000 3,422

Luoyang Yibin District, No. 2019-55 Project Residential

69 長沙長沙縣人民東路項目住宅 34.00 72,700 216,600 400,150,000 136,050,000 1,847

Changsha Changsha County, Renmin East Road Project Residential

70 北京順義區順義新城項目住宅 33.00 66,500 133,000 4,500,000,000 1,485,000,000 33,847

Beijing Shunyi District, Shunyi New Town Project Residential

71 福州晉安區廈坊村2019-34/36號項目住宅 100.00 31,900 84,500 852,000,000 852,000,000 10,083

Fuzhou Jinan District, Xiafang Country, No.2019-34/36 Project Residential

72 蘇州太倉高新區2019-WG-9-2項目住宅 100.00 58,500 117,000 987,000,000 987,000,000 8,431

Suzhou Taicang High-tech Zone, 2019-WG-9-2 Project Residential

73 鄭州鞏義市2019-025項目住宅 100.00 67,800 149,100 401,000,000 401,000,000 2,687

Zhengzhou Gongyi City, 2019-025 Project Residential

74 溫州鹿城區A19項目住宅 34.00 37,800 124,300 2,236,000,000 760,240,000 17,994

Wenzhou Lucheng District, A19 Project Residential

75 舟山定海區臨城新城13-03-26項目住宅 51.00 27,400 74,100 662,000,000 337,620,000 8,935

Zhoushan Dinghai, District, Linhai New Town, 13-03-26 Project Residential

76 貴陽清鎮市19-022號項目住宅╱商業 50.00 29,000 72,600 112,000,000 56,000,000 1,538

Guiyang Qingzhen City, No.19-022 Project Residential/Commercial


52





carparks)

（人民幣╱



77 煙台高新區南寨項目住宅╱商業 75.00 64,800 172,300 495,000,000 371,250,000 2,873

Yantai High-tech Zone, Nanzhai Project Residential/Commercial

78 長沙嶽麓區梅溪湖A-09項目住宅╱商業 34.30 56,400 225,500 1,053,000,000 361,180,000 4,671

Changsha Yuelu District, Meixihu A-09 Project Residential/Commercial

79 淄博張店區金鑫園三期項目住宅 60.00 38,300 95,800 366,000,000 219,600,000 3,819

Zibo Zhangdian District, Jinxinyuan, No.3 Project Residential

2019年1-12月合共

12M 2019 15,197,900 82,452,160,000 53,172,890,000 5,425

二零二零年一月至二月

Land acquisition from January to February 2020

1 杭州臨安區經濟開發區中部項目住宅 100.00 32,700 81,800 1,007,200,000 1,007,200,000 12,311

Hangzhou Lin'an District, Central Economic Development

Zone Project

Residential

2 洛陽西工區史家屯項目住宅 100.00 42,600 149,000 312,980,000 312,980,000 2,100

Luoyang Xigong District, Shijiatun Project Residential

3 上海嘉定區安亭鎮03-01A項目住宅 100.00 29,600 68,100 953,000,000 953,000,000 14,000

Shanghai Jiading District, Anting Town, 03-01A Project Residential

4 長沙雨花區115號項目住宅 100.00 122,400 489,600 2,546,000,000 2,546,000,000 5,200

Changsha Yuhua District, No. 115 Project Residential

5 重慶沙坪壩區F-2/03項目住宅╱商業 50.00 3,100 10,200 58,000,000 29,000,000 5,737

Chongqing Shapingba District, F-2/03 Project Residential/Commercial

Appendix：Land Acquisitions in 2019-2020

53





carparks)

（人民幣╱



6 福州晉安區後浦村2020-02項目住宅 100.00 20,700 45,500 542,000,000 542,000,000 11,903

Fuzhou Jin’an District, Houpu Country 2020-02 Project Residential

7 南寧五象綜保區銀海大道147畝項目住宅 100.00 98,200 392,700 1,532,000,000 1,532,000,000 3,900

Nanning Wuxiang Zongbao District, Yin Hai Da Dao 147 Acres

Project

Residential

8 溫州甌江口新區半島起步區A-02項目住宅 100.00 30,100 87,400 339,000,000 339,000,000 3,878

Wenzhou The Oujiang River Estuary Area, Bandao Qibu District,

A-02 Project

Residential

9 蘇州太倉高新區科教新城2020-WG-1-1項目住宅 100.00 63,700 114,600 1,147,000,000 1,147,000,000 10,006

Suzhou Taicang High-tech Zone, Science and Education New

Town,

Residential

2020年1-2月合共

2M 2020 1,438,900 8,437,180,000 8,408,180,000 5,864

54


In Feb 2019, issued US$300M senior notes at a coupon rate of 7.625% due 2023

In Feb 2019, redeemed the remaining convertible bonds of aggregate outstanding principal amount of

HK$1.024B

In Mar 2019, issued US$255M senior notes at a coupon rate of 6.55% due 2024

In Jul 2019, issued additional US$300M senior notes at a coupon rate of 6.55% due 2024

In Jul 2019, issued RMB1.6B bonds at a coupon rate of 6.70% due 2022

In Aug 2019, completed the redemption of US$400M senior notes at a coupon rate of 7.75% due 2020

In August 2019, completed an unsecured 3.5-year US/Hong Kong dollar club loan of the final principal

amount of approximately US$468M with an interest rate of LIBOR/HIBOR + 3.1% per annum.

In Oct 2019, issued 5-year US$400M senior notes at a coupon rate of 6.45% due 2024

In Nov 2019, issued additional 5-year US$100M senior notes at a coupon rate at 6.45% due 2024

In 2H 2019, completed bi-lateral of unsecured 1-year/3.5-year US/Hong Kong dollar loan facilities with an

aggregate principal amount of HK$1.0 billion(approximately US$127 million) with interest rates ranging

from LIBOR/HIBOR + 3.1% to 3.96% per annum.

Major Onshore & Offshore Financing Activities in 2019 & 2020

55

In Jan 2020, issued 5.5-year US$400M senior notes at a coupon rate at 6.0% due 2025

In Jan 2020, issued additional 5.5-year US$167M senior notes at a coupon rate of 6.0% due 2025

In Feb 2020, issued 1-year RMB661M supply chain asset-backed securities at a coupon rate of 3.80%

In Feb 2020, issued 1-year RMB290M supply chain asset-backed securities at a coupon rate of 3.63%

Major Onshore & Offshore Financing Activities in 2019 & 2020

56

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