CIFI Holdings (Group) Co. Ltd.

2015 Annual Results Presentation

March 2016

Innovative Breakthrough, Fast Growth

2

Disclaimer

2

This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of

assumptions about the operations of CIFI Holdings (Group) Co. Ltd. (the “Company”) and factors beyond the Company's control and

are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from these forward-looking

statements. The Company undertakes no responsibility to update these forward-looking statements of events or circumstances that

occur subsequent to such dates. The information in this presentation should be considered in the context of the circumstances

prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur

after the date of this presentation. The slides forming part of this presentation have been prepared solely as a support for oral

discussions about background information about the Company.

This presentation also contains information and statistics relating to the China real estate industry. The Company has derived such

information and data from unofficial sources, without independent verification. The Company cannot ensure that these sources have

compiled such data and information on the same basis or with the same degree of accuracy or completeness as are found in other

industries. You should not place undue reliance on statements in this presentation regarding the China real estate industry. 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 any information or opinion contained herein. It should not be regarded by recipients as a substitute for

the exercise of their own judgment. Information and opinion contained in this presentation may be based on or derived from the

judgment and opinion of the management of the Company. 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, agents or advisers

shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in

this presentation or otherwise arising in connection therewith. This presentation does not take into consideration the investment

objectives, financial situation or particular needs of any particular investor. It shall not to be construed as a solicitation or an offer or

invitation to buy or sell any securities or related financial instruments. No part of it shall form the basis of or be relied upon in

connection with any contract or commitment whatsoever. This presentation may not be copied or otherwise reproduced.

3

I. 2015 Annual Results Highlights

II. 2015 Operating Performance

III. 2015 Financial Performance

IV. 2016 Outlook

V. Appendix

Table of Contents

3

4

I. 2015 Annual Results Highlights

2015 Annual Results Highlights

Substantial Contracted Sales Growth,

Outperforming Industry Peers

Core profit: RMB2.21 billion (2014: RMB1.94 billion), up 14%

Recognized revenue: RMB18.23 billion (2014: RMB16.18 billion), up 13%

Final dividend of RMB0.0935 (approx. HK$0.11) per share with script option and

interim dividend bring full year dividend to approx. HK$0.14 per share (2014:

HK$0.11), up 27%

Payout ratio: 35% of core net profit

Consistent Growth in Core Profit and Dividend

Dividend

(Equiv. to HK cents per share)

4

7

11

14

2012 2013 2014 2015

2015: +27%

9,544

15,319

21,200

30,210

2012 2013 2014 2015

Contracted Sales (RMB million)

2015: +43%

5

Contracted sales: RMB30.2 billion, up 43%, exceeding full year target of RMB25

billion by 21%

ASP reached RMB14,700/sq.m. (2014: RMB12,200/sq.m.), up 20%

Contracted sales in 2H 2015 accounted for 65% of the FY total, capturing

benefits of rising property prices

6

2015 Annual Results Highlights

6

In May 2015, raised US$170 million by placement of 600 million shares

at HK$2.2 per share

Seized opportunities and repurchased 109 million shares at HK$1.34-

1.45

In Oct-Nov 2015, issued RMB4 billion onshore public bonds at 4.95%

(3+2 years maturity) and 5.96% (5 years maturity) respectively

In Jan 2016, issued RMB2 billion onshore private bonds at 4.99% (1+1

years maturity)

Repaid ahead of maturity the entire US$156 million principal value of

Offshore Syndicated Loan due 2016 and repurchased US$40.8 million

principal value of 2018 Due USD Bonds

Non-RMB denominated debts: 44% of total debt (2015.6.30: 52%)

Gross profit margin and core net profit margin: 24.1% and 12.1%

respectively, remained stable

Weighted average funding cost lowered to 7.2% (2014: 8.3%), further

decline expected in 2016

Net debt ratio: 59% (2014: 63%, assuming onshore perpetual

instruments treated as debts)

Cash-on-hand: RMB14.9 billion

Healthy

Financial Ratios

Completed

Share Placement,

Onshore Bonds;

Reduced USD Exposure

7

2015 Annual Results Highlights

7

Enhanced

Product Capabilities,

Brand Recognition

& Industry Status

Acquired 25 projects in 1st- and 2nd-tier cities in 2015; 80% of the projects

are upgraders’ products, with committed attributable land cost of RMB13.1

billion

92% in 1st-tier and robust 2nd-tier cities

Abundant saleable resources to support 2016 and 2017 sales plans

Reduce land purchase and retain cash in 2016, waiting for the next

window of opportunity for replenishing land bank

Premium “Park Mansion” products received overwhelming responses

Formed first JV with Hongkong Land, expanded partnerships with

established developers, including Henderson China, Vanke, Greenland,

Longfor, Beijing Capital Land and Beijing North Star

In 2015, CIFI was ranked amongst China’s Top 25 Developers in terms of

contracted sales*

Seized Ideal Land-banking

Window in 2015,

Abundant Saleable

Resources in Next 2 Yrs

* According to “China’s Real Estate Enterprises TOP100 Sales Ranking in 2015” published by CRIC Information Group

and China Real Estate Appraisal Center

8

II. 2015 Operating Performance

53%

43% 42% 40%

30% 28%

25% 23% 22%

13% 11%

9%

4% 2% 1% 1% 0% 0%

-1%

-5%

-9%

Evengran

de

CIFI

BC

L

Jinm

ao

Futu

re Land

CO

LI

Poly H

on

g Ko

ng

CR

Land

Van

ke

Yuexiu

Lon

gfor

Co

un

try Gard

en

SUN

AC

Wan

da C

om

m.

Sino

-Ocean

Land

CC

RE

R&

F

Agile

2015 Contracted Sales YoY Growth of

Hong Kong Listed China Property Developers

KWG

Shim

ao

Green

tow

n

CIF

I

9 9

Ranked Among Top Developers by 2015

Contracted Sales Growth

Source: Listed company announcements

1,026

1,438

1,733

2,056

2012 2013 2014 2015

10 10

CIFI’s contracted sales in 2015 up by 43% and exceeded annual target (RMB25 billion) by 21%

Contracted GFA and ASP increased 19% and 20%, respectively

Recorded most contracted sales in 2H, capturing the rising price trend and maximized profit

Upgraders’ products accounted for over 50% of residential property sales

9,544

2012 2013 2014 2015

+43% YoY

*including joint ventures and associate companies

Contracted Sales: Up by 43%

Contracted Sales

(RMB million)

Contracted GFA

(’000 sq.m.)

+19% YoY

9,300

10,725

12,235

14,700

2012 2013 2014 2015

Contracted ASP

(RMB/sq.m.)

+20% YoY

15,319

21,200

30,210

2,210

810

2,250

1,510 1,420

1,990

1,530 1,5101,520

1,9802,160 2,180

1,510

530

1,660 1,830 2,070

2,930

1,360

2,400

3,010

4,020 4,050

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

2014 2015 2016

12,920 13,670 12,900

11,400 11,330

9,65010,820

12,060

11,70014,500 14,400

12,500

13,700

12,65011,300

12,500 13,16011,770

14,200 14,40015,100

14,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 201611

Monthly Contracted Sales

Monthly Contracted ASP

1,1420

4,856

21,100

Contracted Sales: Record Highs in MoM

and YoY Monthly Sales Growth and ASP

(RMB million)

(RMB/sq.m.)

18,100 18,600

1,710

3,300

12

Shanghai 29%

Suzhou 18%

Hangzhou 14%

Beijing 11%

Tianjin 6%

Hefei 6%

Nanjing 5%

Changsha 4%

Wuhan 2%

Chongqing 1%

Shenyang 1%

Langfang 1%

Zhenjiang 1%

Jiaxing 1%

Shanghai 33%

Suzhou 12%

Hangzhou 11%

Beijing 11%

Tianjin 10%

Hefei 5%

Chongqing 5%

Changsha 5%

Wuhan 1%

Shenyang 1%

Langfang 2% Zhenjiang

2% Jiaxing 2%

12

Contracted Sales Breakdown

2015 2014

First-tier Cities 39%

Second-tier Cities 58%

Third-tier Cities 3%

Total 100%

Yangtze River Delta 72%

Pan Bohai 21%

Central Western Region 7%

Total 100%

RMB21.21 billion

Contracted ASP: RMB12,235/sq.m.

RMB30.21 billion

Contracted ASP: RMB14,692/sq.m.

* including joint ventures and associated companies

First-tier Cities 44%

Second-tier Cities 50%

Third-tier Cities 6%

Total 100%

Yangtze River Delta 65%

Pan Bohai 24%

Central Western Region 11%

Total 100%

Subsidiaries

58%

Joint Ventures/

Associated Companies

42%

Upgraders’ Residential

46%

First-time Purchasers’ Residential

44%

13

CIFI’s Attributable

Interest in 2015

13

Subsidiaries v.s.

Non-consolidated JVs

in 2015

Contracted Sales Breakdown (Cont’d)

Office/Commercial

10%

Product Mix in 2015

Attrib. to

CIFI

66%

Attrib. to

Joint Venture

Partners

34%

*including joint ventures and associated companies

14

Focused on 1st-tier and 2nd-tier cities in China

As of 31 December 2015,

Total GFA: 12.5M/sq.m.; Attributable GFA: 8.5M/sq.m.

Overall land cost: Approx. RMB 5,900/sq.m.

Positioning

Acquisition

Pace

Land

Acquisitions

in 2015

14

Pan Bohai

Rim

Tianjing Beijing

Changsha

Wuhan

Shenyang

Yangtze River

Delta

Chongqing

Central

Western

Region

Guangzhou

Pearl River

Delta

Hefei

Suzhou Nanjing Shanghai

Hangzhou

Attributable land cost: RMB13.1 billion

Average land cost: RMB 6,683/sq.m

City No. Attrib. RMB % of Total

Shanghai 4 1.7B 13%

Suzhou 3 2.4B 18%

Hangzhou 5 1.7B 13%

Nanjing 2 1.9B 14%

Hefei 1 1.1B 9%

Beijing 4 1.7B 13%

YRD Region 15 8.8B 67%

Pan Bohai 7 2.7B 21%

CW Region/Others 3 1.6B 12%

Seized ideal land-banking window in 2015

Abundant new saleable resources for next 2 years

Expanded into Southern China: Entering Guangzhou

with low land price

Nationwide, High-Quality &

Low-Risk Land-bank

15 15

Land Acquisitions in 2015

Shanghai 13%

Beijing 13%

Suzhou 18%

Hangzhou 13%

Nanjing 14%

Hefei 9%

Tianjin 6%

Wuhan 4%

Chongqing 5%

Shenyang 2%

Guangzhou 3%

By City

(% of Total Attrib.

Land Costs)

By Tier of City

(% of Total

Attrib. Land Costs)

Focus on 1st-tier and 2nd-tier Cities: YRD Region accounted for 67% of total attributable land costs

1st-tier and Robust 2nd-tier cities: Over 90%; upgraders’ residential projects: over 80%

By Project Type

(% of Total

Attrib. Land Costs)

Robust 2nd-tier

Cities: 67%

1st-tier

Cities:

26%

Other 2nd-tier

Cities: 7%

Upgraders’

Residential: 80%

Mass Market

Residential: 15%

Office/

Commercial: 5%

30.2

36.5

2015 201616 16

High Quality and Adequate

Saleable Resources in 2016

+21%

2016 Contracted

Sales Target (RMB Bil.)

Balanced supply of saleable resources in 1H & 2H 2016

New launches of at least 14 projects; actively selling over 30 projects throughout 2016

Accelerating sell-through, expediting construction, realizing saleable resources at high prices

Shanghai Songjiang Jiuting Project

Suzhou North Star CIFI No.1 Courtyard

Suzhou CIFI Park Mansion Lakeside

Nanjing North Star CIFI Park Mansion Jinling

Nanjing CIFI Park Mansion Qinhuai

Hangzhou CIFI Times City

Hangzhou Shunfa CIFI Honor Mansion (New)

New Project Launches in 2016

Hefei Luyang Project

Beijing Daxing Pangge Zhuang Project

Beijing Daxing Huangcun Project

Beijing No.26 Block

Wuhan Yulong CIFI Peninsula

Chongqing CIFI Jiangshan Yue

Shenyang CIFI Jin Court

Shanghai 25%

Suzhou 15%

Beijing 14% Hangzhou

9%

Nanjing 7%

Hefei 5%

Wuhan 5%

Tianjin 5%

Chongqing 6%

Changsha 4%

Shenyang 2%

Jiaxing 1% Zhenjiang

1%

Langfang 1%

Breakdown of 2016

Saleable Resources

by Value

Actual Target

Completed in May 2015

At HK$2.2 per share

Raised US$170M

Replaced Higher-cost Debts

Public Domestic Corporate Bonds

Financing & Liability Management:

Dual Onshore & Offshore Funding Platforms

Completed share placement in 1H 2015: Strengthened equity & improved stock liquidity

Repurchased shares at market weakness, enhancing shareholders’ value

Issued Domestic Corporate Bonds, proactively replacing higher-cost debts with low-cost funding

In Aug-Sep 2015 and Jan

2016, repurchased 109M

shares from the market at

HK$1.34-1.45 per share

Received an “AA” Onshore Rating in Oct-Nov 2015

Issued RMB 4B Domestic Public Corporate Bonds in Two Tranches

First Tranche: RMB 3.5B with a maturity of 3+2 years at 4.95%

Second Tranche: RMB 500M with a maturity of 5 years at 5.96%

Fully redeemed all higher-cost onshore

non-bank loans and onshore perpetual

capital instruments

Repaid ahead of maturity the entire

US$156M principal value of Offshore

Syndicated Loan due 2016

Repurchased US$40.8M principal

value of 2018 Due USD Bonds

In Jan 2016, received approval

for the issuance of RMB 6.0B

Domestic Private Corporate

Bonds

First Tranche: RMB 2.0B with a

maturity of 1+1 years at 4.99%

Private Domestic

Corporate Bonds

17

Share Buybacks

Share Placement

18 18

Shanghai Park Mansion Riverside Shanghai Park Mansion West Suzhou Park Mansion

Enhanced Product Capabilities,

Overwhelming Success in High-End “Park Mansion” Products

Established “CIFI Product Research Center” in 2014, substantially improved capabilities in fully-fitted

residential products

Jointly established “Tsinghua University CIFI Joint Research Center for Sustainable Residential

Developments” with Tsinghua University of China in 2015

Overwhelming market responses to the launches of three new high-end “Park Mansion” residential projects

in Shanghai and Suzhou in 2015

18

III. 2015 Financial Performance

19

20 20

2015 Annual Results

(RMB million) 2015 2014 YoY change

Recognized revenue 18,231 16,179 + 13%

- Property sales 17,047 15,654 + 9%

- Rental, property management and other incomes 1,184 525

Gross profit (reported) 4,144 4,187 - 1%

Gross profit (adjusted, excluding the accounting effects due to increase of equity interests in certain projects)

4,387 4,187 + 5%

Other incomes, gains and losses 542 247

Fair value changes 128 245

SG&A (980) (849)

Attributable to joint ventures and associate companies 173 (119)

Finance costs (203) (386)

Income tax (1,334) (1,325)

Non-controlling interests (337) (103)

Interests attributable to perpetual capital instruments (38) (36)

Net profit attributable to equity owners 2,095 1,861 + 13%

Core Net Profit Attributable to Equity Owners* 2,210 1,939 + 14%

21

* Core profit for 2015 excluded fair value gain in investment properties (RMB 128 m), net exchange loss (RMB 302 m), expenses

relating to share option grants (RMB 50M), loss on repurchase of senior notes (RMB21 m), and share of fair value gain (2015:

RMB465 m) and net exchange loss (RMB 176 m) at joint ventures and associate companies, with relevant deferred taxes

deducted and other adjustments (RMB 159 m).

** EBITDA consists of profit from operating activities before fair value gains on the investment properties, interest expenses (incl.

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.

2015 Annual Results

(RMB million) 2015 2014 change

Net Profit Attributable to Equity Owners 2,095 1,861 + 13%

Core Net Profit Attributable to Equity Owners* 2,210 1,939 + 14%

Basic EPS, in RMB cents 32 31

Basic Core EPS, in RMB cents* 34 32 + 6%

EBITDA ** 5,228 4,316 + 21%

Gross profit margin (adjusted) 24.1% 25.9% - 1.8 pp

Core net profit margin * 12.1% 12.0% + 0.1 pp

EBITDA margin ** 28.7% 26.7% + 2.0 pp

22 22

Key Balance Sheet Figures

RMB million 31 Dec 2015 31 Dec 2014 YoY change

Bank balances and cash 14,905 7,124 +109.2%

Pledged bank deposits 32 30

Total assets 67,452 43,539 + 54.9%

Total equity 15,283 11,583 + 31.9%

- Non-controlling interests 2,456 792

- Perpetual capital instruments (onshore) - 586

- Equity attributable to equity owners 12,827 10,205 + 25.7%

Total indebtedness (1) 23,955 13,861 + 72.8%

Guaranteed indebtedness attributable to

associated companies by the Group (off-

balance sheet)

2,744 1,997

Unpaid land premium, attributable to the

Group (off-balance sheet) 3,226 2,854

23 23

Key Balance Sheet Figures

RMB million 31 Dec 2015 31 Dec 2014

YoY

change

Net debt-to-equity ratio (2) 59.2% 58.2% + 1 pp

Net debt-to-equity ratio (2)

(onshore perpetual instruments treated as debt)

59.2% 63.2% - 4 pp

Weighted average costs of indebtedness (p.a.) (3) 7.2% 8.3% - 1.1 pp

Onshore - Average costs of bank loans 6.6% 7.0% -0.4 pp

- Average costs of corporate bonds 5.0% - n.a

Offshore - Average costs of bank loans 4.5% 6.0% -1.5 pp

- Average cost of senior notes 9.8% 11.0% -1.2 pp

Note:

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

3. Weighted average cost of indebtedness = Weighted average of interest costs of all indebtedness outstanding as at end of

year (p.a.)

4

7

11

14

2012 2013 2014 2015

24 24

8,144

2012 2013 2014 2015

11,909

921

1,519

1,939

2,210

2012 2013 2014 2015

Recognized Revenue

(RMB million)

Core Net Profit

(RMB million)

Full-Year Dividend

(Equiv. to HK Cents per Share)

2015: +13% YoY 2015: +14% YoY

2015: +27% YoY

Recognized Revenue,

Core Net Profit & Dividend

16,179

18,231

1st-tier Cities 45%

2nd-tier Cities 49%

3rd-tier Cities 6%

Total 100%

25

Recognized property sales in FY2015 was contributed by 35 projects in 13 cities

Recognized revenue: RMB17.05 billion; recognized ASP: RMB12,873/sq.m.

Shanghai 37%

Beijing 21%

Suzhou 17%

Tianjin 5%

Hefei 5%

Chongqing 4%

Changsha 5%

Langfang 4%

Zhenjiang 1%

Jiaxing 1%

Yangtze

River Delta 65%

Pan Bohai 27%

Central-

Western 8%

Total 100%

RMB 17.05 billion

Recognized ASP︰RMB 12,873/sqm.

RMB 15.65 billion

Recognized ASP︰RMB 11,047/sqm.

2015 2014

Residential 89%

Office &

Commercial 11%

Total 100%

Yangtze

River Delta 60%

Pan Bohai 30%

Central-

Western 10%

Total 100%

1st-tier Cities 58%

2nd-tier Cities 37%

3rd-tier Cities 5%

Total 100%

Residential 82%

Office &

Commercial 18%

Total 100%

Recognized Revenue –

Property Sales in 2015

Shanghai 29%

Beijing 16%

Suzhou 17%

Tianjin 9%

Hefei 9%

Hangzhou 5%

Wuhan 4%

Changsha 4%

Shenyang 1%

Langfang 1% Zhenjiang

1% Jiaxing

4%

26 26

Stable Profit Margins

• Gross Margin adjusted to exclude impact of re-measurement of fair

value due to acquisition of interests in project companies

** EBITDA consists of profit from operating activities before fair value

gains on the investment properties, interest expenses (incl.

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

23.7%

25.8% 25.9% 24.1%

2012 2013 2014 2015

11.3%

12.8% 12.0% 12.1%

2012 2013 2014 2015

23.1%

27.2% 26.7%

28.7%

2012 2013 2014 2015

EBITDA Margin ** Gross Margin *

Core Net Profit Margin

27 27

Debt structure 31 December 2015 31 December 2014

RMB

million

% of

total debt

RMB

million

% of

total debt

By loan type

Onshore bank loans 9,169 38% 7,759 56%

Onshore corporate bonds 4,021 17% - -

Onshore other loans - - 810 6%

Offshore bank loans 2,489 10% 935 7%

Offshore senior notes 8,276 35% 4,357 31%

By collateral

Unsecured 15,024 63% 5,292 38%

Secured 8,931 37% 8,569 62%

By maturity

Due within 1 year 2,794 12% 3,035 22%

Due between 1-2 years 3,569 15% 4,136 30%

Due between 2-3 years 6,890 29% 1,761 13%

Due between 3 to over 5 years 10,702 44% 4,929 35%

Debt Structure: Continued Improvements

28 28

10.0%

9.2%

8.3%

7.2%

2012.12.31 2013.12.31 2014.12.31 2015.12.31

-1.1 pp

Weighted Average Interest Cost

38%

22% 22%

12%

2012.12.31 2013.12.31 2014.12.31 2015.12.31

-10 pp

Proportion of Debts Due within 1 Year

31%

38%

51%

44%

2013.12.31 2014.12.31 2015.6.30 2015.12.31

-7 pp

Proportion of Offshore Debts Proportion of Unsecured Debts

4%

31% 38%

63%

2012.12.31 2013.12.31 2014.12.31 2015.12.31

+25 pp

Debt Structure:

Continued Improvements (Cont’d)

2.7x 3.1x

3.5x 3.2x

2012 2013 2014 2015

29 29

62.5% 67.6%

63.2% 59.2%

2012.12.31 2013.12.31 2014.12.31 2015.12.31

4.7x

4.1x

3.2x

4.6x

2012.12.31 2013.12.31 2014.12.31 2015.12.31

17% 18%

16%

2012.12.31 2013.12.31 2014.12.31 2015.12.31

* Only used to compare net gearing ratio, accounting onshore perpetual instruments as debt

** Interest Coverage Ratio = EBITDA over Interest Expenses

Prudent Financial Management

Net Gearing Ratio* Cash/Total Assets Ratio

Debt-to-EBITDA Ratio Interest Coverage Ratio**

22%

27.2

30.2

Cash Collection* Contracted sales*

90%

30

2015 Operating Cash Flow & 2016 Guidance

Focus on 1st- and 2nd-tier cities where end-users find it easier to obtain mortgage loans

Abundant liquidity from domestic banks

Among top property developers in terms of annual contracted sales growth & cash collection ratio

Cash Collection Ratio in 2015

(RMB billion) 2015

(Actual)

2016

(Guidance)

Operating cash outflow

Committed land acquisition (attrib. to CIFI) 12.7 4.0

Land acquisition budget ** (attrib. to CIFI) - 6.0

Construction CAPEX (attrib. to CIFI) 6.5 7.5

Taxes 2.4 2.8

Interests 1.6 1.6

SG&A 1.0 1.1

24.2 23.0

CAPEX & Cash Outflow in 2015 & 2016

(RMB billion)

* Contacted sales included those at JV and associate companies’ projects

** Expenditure on committed land acquisition in 2016 included unpaid committed land premium as at 31 December 2015 and

further commitments to land purchases before results announcement in 2016

31

IV. 2016 Outlook

32

2016 Market Outlook

Loose monetary policies and lower financing cost favour listed property developers

Facilitating inventory clearance in property sector

Overheated property markets in some cities may imply “appropriate policy action”

Policy Trends

Physical Market

Land Market

Overall transaction volume will grow steadily in 2016

Uneven market performance by city and by region will persist

Transaction volume and prices in most 1st- and 2nd-tier cities will be steady

Recovery in 3rd-tier cities remains most uncertain

Heated up land markets in most 1st- and 2nd-tier cities

Land price in certain cities have already exceeded prevailing housing prices

33 33

CIFI’s Targets and Strategies for 2016

Pursues strategy of “sustainable, balanced and quality growth”

Emphasizes growths in both scale and profitability

Favorable Policies,

Loose Monetary Environment

Aggressive Sales,

Improving Profitability

Accelerating Sell-through

& Inventory Clearance

Prudent Investments,

Preserving Cash

High asset turnover and high profitability, in parallel

Adopts operating models with appropriate asset turnover ratios according

to differences in cities and projects to achieve optimal investment return

and cash flow

Improves sell-through rate and accelerates inventory clearance

Balanced launches of projects in both 1H & 2H 2016 and realizes saleable

resources at high prices

Further enhances product capabilities

Increases the proportion of higher-end residential products

Reduces land investments to well-position for the next land-banking window

Controls risk, preserves cash and selectively acquires lands with good value

Strategies

Operating Model

Operating Rhythm

Product Capabilities

Land Acquisition

34

V. Appendix

35 35

Appendix: Land Acquisitions in 2015

Date of

AcquisitionCity Project

CIFI’s

Equity

(%)

Intended

Primary Use

Total

Planned GFA

(excl.

carparks,

sq.m.)

Total Consideration

(RMB)

Attributable

Consideration

(RMB)

Average Land

Cost (RMB/sqm) JV Partners

2015-3 Tianjin CIFI Yannan Garden 100.00 Residential 208,500 672,100,000 672,100,000 3,224 N/A

2015-3 Shanghai BCL CIFI The Great City 40.00 Residential 246,200 1,332,000,000 532,800,000 5,410 首创

2015-3 Beijing Vanke World 26.50 Office /

Commercial 94,800 763,000,000 202,195,000 8,049 万科/首开 等

2015-4 Suzhou Henderson CIFI City 50.00 Residential 394,100 1,400,000,000 700,000,000 3,552 恒基

2015-4 Shanghai Shangkun CIFI Villa 50.00 Residential 61,800 780,000,000 390,000,000 12,621 上坤

2015-4 Hangzhou Longfor CIFI Chunjiang City 35.00 Residential 109,800 823,886,000 288,360,100 7,504 龙湖/顺发

2015-4 Hangzhou Shunfa CIFI Honor Mansion 30.00 Residential 98,300 1,084,100,000 325,230,000 11,028 顺发/北辰

2015-4 Beijing CIFI No.26 Block 10.00 Office /

Commercial 206,700 1,380,000,000 138,000,000 6,676 龙湖/金地/远洋/首创 等

2015-6 Suzhou North Star CIFI No.1 Courtyard 50.00 Residential 180,500 960,000,000 480,000,000 5,319 北辰

2015-6 BeijingDaxing District Yinghai Town

Jiangchang Cun Project 59.50 Residential 19,000 225,000,000 133,875,000 11,842 汇璟/鑫起达/中金广大

2015-6 BeijingDaxing District Pangge Zhuang

Town Project 49.00

Residential /

Office /

Commercial

266,200 2,410,000,000 1,180,900,000 9,053 天恒

36 36

Appendix: Land Acquisitions in 2015 (Cont’d)

Date of

AcquisitionCity Project

CIFI’s

Equity

(%)

Intended

Primary Use

Total

Planned GFA

(excl.

carparks,

sq.m.)

Total Consideration

(RMB)

Attributable

Consideration

(RMB)

Average Land

Cost (RMB/sqm) JV Partners

2015-6 Chongqing CIFI Jiangshan Yue 30.00 * Residential 635,700 2,329,000,000 698,700,000 3,664 平安不动产/东原

2015-6 Shanghai CIFI Park Mansion West 38.30 Residential 60,700 897,660,000 343,354,950 14,788 新安亭国际汽车城/

颖奕集团

2015-6 Suzhou CIFI Park Mansion Lakeside 40.00 Residential 209,700 3,100,000,000 1,240,000,000 14,783 平安不动产

2015-8 Nanjing CIFI Park Mansion Qianhuai 100.00 Residential 80,400 1,150,000,000 1,150,000,000 14,303 N/A

2015-8 Shenyang CIFI Jin Court 100.00 Residential 70,100 294,590,000 294,590,000 4,203 N/A

2015-9 Tianjin Jinnan District No.2013-26 Project 20.00 Residential 147,900 431,550,000 86,310,000 2,918 首创/华远/金地 等

2015-9 Wuhan Yulong CIFI Peninsula 55.00 Residential 289,000 909,090,909 500,000,000 3,146 钰龙

2015-9 Hangzhou CIFI Times City 100.00 Residential 129,800 337,430,000 337,430,000 2,600 N/A

2015-9 Hangzhou Xiaoshan District Baolong Project 33.00 Residential 143,900 735,515,151 242,720,000 5,111 万科/润和

2015-9 NanjingNorth Star CIFI Park Mansion

Jinling 49.00 Residential 70,700 1,500,000,000 735,000,000 21,216 北辰

2015-10 Shanghai

Songjiang District, Jiuting Town,

Unit A, No. 11A-01A/15A-01A

Project

34.00 Office /

Commercial 227,100 1,236,000,000 420,240,000 5,443 金地/宝龙

2015-12 Heifei Luyang District, 212 acres Project 50.00 Residential 239,000 2,253,030,000 1,126,515,000 9,427 北辰

2015-12 HangzhouXiao Shan District, Olympic Park

FG16-04 Project 100.00 Residential 86,400 522,000,000 522,000,000 6,042 N/A

2015-12 Guangzhou

Liwan District No.111, Baihua

Road, Bai Hua Xiang Liao Chang

Project

19.00 * Residential 143,600 2,011,030,000 382,095,700 14,004 保利/中铁建 等

2015 In Total 4,419,900 29,536,982,060 13,122,415,750 6,683