China Property. China / Hong Kong Monthly Chart Book. (Issue No. 92)

Transcription

1 Times Property Country Garden* China Aoyuan Hopson Dev China Merchants Land Shimao Property* Evergrande* Yuzhou Properties Future Land Central China* Kaisa Group CR Land* Large-cap players China SCE Sino-Ocean Land* Guangzhou R&F China Vanke 'H'* Powerlong Mid-cap players Overall average Longfor* Sunac China CIFI Holdings Road King Small-cap players Shenzhen Inv Greenland China Overseas* Minmetals Land Sunshine 1 China Zhong An Wuzhou Int'l Shui On Land* SRE Group Greentown China South City*^^ KWG Property China Jinmao Hldgs* BJ Cap Land 'H' LVGEM Hang Seng Index MSCI China Gemdale Props China / Hong Kong Monthly Chart Book (Issue No. 92) Refer to important disclosures at the end of this report DBS Group Research. Equity Be selective Over the past month, the China property sector mildly recovered 4.2% m-o-m, while HSI and MSCI China respectively declined by 2.4% and 3.%. Particularly, share prices of the top picks named in our 1 st March report - Country Garden, CIFI, and Yuzhou - have outperformed the sector and saw 1-15% increase in share price during the past month. Average southbound shareholding fell moderately to 5.67%. Following the end of the NPC and CPPCC, differentiated housing policy adjustments according to cities continued. Tightening measures were imposed in selected cities in the form of restrictive selling, purchasing and credit measures, while Shanghai have recently granted presales permits to c.1 high-end projects. Top 5 developers posted 12% y-o-y presales growth in March despite a persisted y-o-y declining sales trend in major cities. Meanwhile,following post-results earning revisions, the sector s FY18 PE is lowered to 7.x from 1 st March's 7.5x. Taking into consideration the overall stock market risk, we recommend investors to focus on quality players such as COLI, Country Garden, Shimao and Yuzhou. 4 Apr 218 HSI: 3,18 ANALYST Danielle WANG CFA, danielle_wang@dbs.com Carol WU carol_wu@dbs.com Ken HE CFA, ken_he@dbs.com Jason LAM jasonlamch@dbs.com Developers 1 month share price performance 4 % 2 (2) Based on closing prices as at 28 Feb 18 Source: Thomson Reuters ed-th / sa- AH

2 TABLE OF CONTENTS How did shares perform? 3 How s the change in southbound shareholding? 1 Who has the highest sales lock-in? 17 Who sold the most? 18 Who sold at the highest price? 19 Who was the most aggressive in land acquisition? 2 Who entered into Hong Kong main board? 23 Where was the funding from? 24 Where was the funding from? (Cont d) 29 Where was the funding from? (Cont d) 3 What was the sales trend of each company? 34 Which city grew the fastest in price? 37 What were the trends of ASP and sales volume in each city? 38 What were the trends of ASP and no. of units sold in each city? 44 Are there enough to sell? 5 Is it affordable? 53 Will people buy now? 55 What were the trends of affordability in each city? 56 How about secondary market transactions? 61 What about office? 62 What about hotel? 63 What do the national figures tell us? 64 Where does the launch of policies drive share prices to? 66 How about macro economic growth? 135 A glance of financial forecasts for developers 136 Page 2

3 How did shares perform? Share performance Sector index vs HSI Jan/13 Apr/13 Jul/13 Oct/13 Jan/14 Apr/14 Jul/14 Oct/14 Jan/15 Apr/15 Jul/15 Oct/15 Jan/16 Apr/16 Jul/16 Oct/16 Jan/17 Apr/17 Jul/17 Oct/17 Jan/18 Jul/17 Oct/17 Jan/18 Mar/18 China property share price index HSI Source: Thomson Reuters; DBS Vickers Sector index vs HSI (6 month) Rebased (14 Jul 17 = 1) China property share price index HSI Source: Thomson Reuters; DBS Vickers Page 3

4 Valuation comparison 3-mth daily Net Disc/ 3-A pr Mkt trading 12-m EPS gth PE PE Yield Yield ROE ROE Gearing P/Bk NAV (Prem) Price Cap v alue Recom target 18F 19F 18F 19F 18F 19F 18F 19F 1H17A 1H17 to NAV Company Name Code HK$ US$bn US$m HK$ % % x x % % % % % x HK$ % Large cap China Overseas* 688 HK BUY (8) CR Land* 119 HK BUY China Vanke 'H'* 222 HK BUY (53.6) Country Garden* 27 HK BUY Evergrande* 3333 HK BUY Longfor* 96 HK BUY (7) Sunac China 1918 HK NR n.a n.a. n.a. Av erage Mid cap Agile Property* 3383 HK BUY BJ Cap Land 'H' 2868 HK NR n.a n.a. n.a n.a. n.a. n.a. China Jinmao Hldgs* 817 HK HOLD n.a n.a CIFI Holdings 884 HK NR n.a n.a. n.a. Future Land 13 HK NR n.a n.a. n.a. Greentown 39 HK NR n.a n.a. n.a. Guangzhou R&F 2777 HK NR n.a. (53) n.a. n.a. Kaisa Group 1638 HK NR n.a n.a. n.a n.a. n.a. n.a. KWG Property 1813 HK NR n.a n.a. n.a. Shenzhen Inv 64 HK NR n.a. (31) n.a. n.a. Shimao Property* 813 HK BUY Sino-Ocean Land* 3377 HK BUY 6.68 (7) Av erage# Small cap China Aoyuan 3883 HK NR n.a n.a. n.a. Central China* 832 HK BUY 3.87 (7) China Merchants Land 978 HK NR n.a n.a. n.a. n.a. China SCE 1966 HK NR n.a. (14) n.a. n.a. China South City*^^ 1668 HK BUY n.a. n.a. COGO* 81 HK BUY Gemdale Props 535 HK NR n.a n.a. n.a. Greenland 337 HK NR n.a n.a. n.a n.a. n.a. Hopson Dev 754 HK NR n.a. (76) n.a. n.a n.a. n.a. LVGEM 95 HK NR n.a. (4) n.a. n.a n.a. n.a. Minmetals Land 23 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. Modern Land (China) 117 HK NR n.a n.a. n.a. Powerlong 1238 HK NR n.a. n.a n.a. n.a. Road King 198 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4.2 n.a. n.a. n.a. Shui On Land* 272 HK HOLD 2.5 (49) n.a n.a SRE Group 127 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. Sunshine 1 China 268 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. Times Property 1233 HK NR n.a n.a. n.a. Wuzhou Int'l 1369 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. Yuzhou Properties* 1628 HK BUY Zhong An 672 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. Av erage# Av erage (Ov erall)# ~ ^ Denominated in SGD for price ~ Simple average discount to NAV; Market cap weighted average NAV = 5% # Exclude outliners ~~Gross Gearing ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers Page 4

5 PE valuations, 29 to 217 trough (based on earnings forecasts) 3-A pr Mk t 18F 19F Price Cap PE PE T rough T rough T rough T rough T rough T rough T rough T rough T rough Company Name Code HK$ US$bn x x China Overseas* 688 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a Country Garden* 27 HK Evergrande* 3333 HK n.a Longfor* 96 HK Sunac China 1918 HK n.a A v erage Agile Property* 3383 HK BJ Cap Land 'H' 2868 HK China Jinmao Hldgs* 817 HK n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a Future Land 13 HK n.a. n.a. n.a. n.a Greentown 39 HK Guangzhou R&F 2777 HK Kaisa Group 1638 HK n.a KWG Property 1813 HK Shenzhen Inv 64 HK Shimao Property* 813 HK Sino-Ocean Land* 3377 HK A v erage# China Aoyuan 3883 HK Central China* 832 HK China Merchants Land 978 HK n.a. n.a. n.a. n.a China SCE 1966 HK n.a China South City*^^ 1668 HK COGO* 81 HK n.a. n.a Gemdale Props 535 HK n.a. n.a. n.a. n.a Greenland 337 HK Hopson Dev 754 HK LVGEM 95 HK n.a. n.a. n.a. n.a. n.a. n.a Minmetals Land 23 HK n.a. n.a Modern Land (China) 117 HK n.a. n.a. n.a. n.a. n.a Powerlong 1238 HK Road King 198 HK n.a. n.a Shui On Land* 272 HK n.a SRE Group 127 HK.19.5 n.a. n.a Sunshine 1 China 268 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Times Property 1233 HK n.a. n.a. n.a. n.a. n.a Wuzhou Int'l 1369 HK.77.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a Yuzhou Properties* 1628 HK Zhong An 672 HK.57.4 n.a. n.a A v erage# A v erage (Ov erall)# ^ Denominated in SGD for price # Exclude outliners ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers Page 5

6 PE valuations, 29 to 217 peak (based on earnings forecasts) 3-A pr Mk t 18F 19F Company Name Code Price HK$ Cap US$bn PE x PE x Peak 29 Peak 21 Peak 211 Peak 212 Peak 213 Peak 214 Peak 215 Peak 216 Peak 217 China Overseas* 688 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a Country Garden* 27 HK Evergrande* 3333 HK n.a Longfor* 96 HK Sunac China 1918 HK n.a A v erage Agile Property* 3383 HK BJ Cap Land 'H' 2868 HK China Jinmao Hldgs* 817 HK n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a Future Land 13 HK n.a. n.a. n.a. n.a Greentown 39 HK Guangzhou R&F 2777 HK Kaisa Group 1638 HK n.a KWG Property 1813 HK Shenzhen Inv 64 HK Shimao Property* 813 HK Sino-Ocean Land* 3377 HK A v erage# China Aoyuan 3883 HK Central China* 832 HK China Merchants Land 978 HK n.a. n.a. n.a. n.a China SCE 1966 HK n.a China South City*^^ 1668 HK COGO* 81 HK n.a. n.a Gemdale Props 535 HK n.a. n.a. n.a. n.a Greenland 337 HK Hopson Dev 754 HK LVGEM 95 HK n.a. n.a. n.a. n.a. n.a. n.a Minmetals Land 23 HK n.a. n.a n.a Modern Land (China) 117 HK n.a. n.a. n.a. n.a. n.a Powerlong 1238 HK Road King 198 HK n.a. n.a Shui On Land* 272 HK n.a SRE Group 127 HK.19.5 n.a. n.a Sunshine 1 China 268 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Times Property 1233 HK n.a. n.a. n.a. n.a. n.a Wuzhou Int'l 1369 HK.77.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a Yuzhou Properties* 1628 HK Zhong An 672 HK.57.4 n.a. n.a A v erage# A v erage (Ov erall)# ^ Denominated in SGD for price # Exclude outliners ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers Page 6

7 PE valuations, 29 to 217 trough (based on reported earnings) 3-mth daily 3-A pr Mk t trading F Y18F F Y19F Price Cap v alue PE PE T rough T rough T rough T rough T rough T rough T rough T rough Company Name Code HK$ US$bn US$m x x China Overseas* 688 HK CR Land* 119 HK China Vanke 'H'* 222 HK Country Garden* 27 HK Evergrande* 3333 HK Longfor* 96 HK Sunac China 1918 HK n.a A v erage Agile Property* 3383 HK BJ Cap Land 'H' 2868 HK China Jinmao Hldgs* 817 HK n.a CIFI Holdings 884 HK n.a. n.a. n.a Future Land 13 HK n.a. n.a. n.a Greentown 39 HK Guangzhou R&F 2777 HK Kaisa Group 1638 HK n.a. n.a. n.a. KWG Property 1813 HK Shenzhen Inv 64 HK Shimao Property* 813 HK Sino-Ocean Land* 3377 HK A v erage# China Aoyuan 3883 HK Central China* 832 HK China Merchants Land978 HK n.a. n.a..7 n.a China SCE 1966 HK n.a China South City*^^ 1668 HK COGO* 81 HK n.a Gemdale Props 535 HK n.a Greenland 337 HK n.a Hopson Dev 754 HK LVGEM 95 HK n.a Minmetals Land 23 HK n.a. n.a Modern Land (China) 117 HK n.a. n.a. n.a. n.a Powerlong 1238 HK Road King 198 HK n.a. n.a Shui On Land* 272 HK n.a SRE Group 127 HK n.a. n.a n.a. n.a. n.a. Sunshine 1 China 268 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Times Property 1233 HK n.a. n.a. n.a. n.a Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a n.a Yuzhou Properties* 1628 HK Zhong An 672 HK n.a. n.a A v erage# A v erage (Ov erall)# HSI Index HSI ^ Denominated in SGD for price # Exclude outliners ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers Page 7

8 PE valuations, 29 to 217 peak (based on reported earnings) 3-mth daily 3-A pr Mk t trading F Y18F F Y19F Price Cap v alue PE PE Peak Peak Peak Peak Peak Peak Peak Peak Company Name Code HK$ US$bn US$m x x China Overseas* 688 HK CR Land* 119 HK China Vanke 'H'* 222 HK Country Garden* 27 HK Evergrande* 3333 HK Longfor* 96 HK Sunac China 1918 HK n.a A v erage Agile Property* 3383 HK BJ Cap Land 'H' 2868 HK China Jinmao Hldgs* 817 HK n.a CIFI Holdings 884 HK n.a. n.a. n.a Future Land 13 HK n.a. n.a. n.a Greentown 39 HK Guangzhou R&F 2777 HK Kaisa Group 1638 HK n.a. n.a. n.a. KWG Property 1813 HK Shenzhen Inv 64 HK Shimao Property* 813 HK Sino-Ocean Land* 3377 HK A v erage# China Aoyuan 3883 HK Central China* 832 HK China Merchants Land978 HK n.a. n.a. 1.6 n.a China SCE 1966 HK n.a China South City*^^ 1668 HK COGO* 81 HK n.a Gemdale Props 535 HK n.a Greenland 337 HK n.a Hopson Dev 754 HK LVGEM 95 HK n.a Minmetals Land 23 HK n.a. n.a Modern Land (China) 117 HK n.a. n.a. n.a. n.a Powerlong 1238 HK Road King 198 HK n.a. n.a Shui On Land* 272 HK n.a SRE Group 127 HK n.a. n.a n.a. n.a. n.a. Sunshine 1 China 268 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Times Property 1233 HK n.a. n.a. n.a. n.a Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a n.a Yuzhou Properties* 1628 HK Zhong An 672 HK n.a. n.a A v erage# A v erage (Ov erall)# HSI Index HSI ^ Denominated in SGD for price # Exclude outliners ^^ FY16: 17F; FY17: FY18F; FY18: FY19F Source: Thomson Reuters, *DBS Vickers Page 8

9 Share price performance Price Performance 27 1-wk 2-wk 1-mth 2-mth 3-mth 5-mth 6-mth YT D 1-y r high % % % % % % % % % % % % % % % % T ier 1 play ers China Overseas 688 HK (1.8)..2 (1.3) (5.6) (24.4) CR Land 119 HK (.7) (9.4) (8.9) (22.8) China Vanke 'H' 222 HK (7.2) (3.2) (22.7) Country Garden 27 HK (3.1) (.6) 15.9 (3.6) (32.8) Evergrande 3333 HK (2.8) (2.8) 8.8 (4.4) (13.) (15.4) (16.7) (8.3) (3.4) (29.2) 458. n.a. Longfor Properties 96 HK (6.4). 2.2 (9.9) (28.6) (7.8) 15.7 (14.9) 99. n.a. Sunac China 1918 HK (5.4) (4.1) 2.1 (19.3) (18.9) (21.6) (22.2) (1.) (22.5) 69.7 (24.) n.a. A v erage (2.1) (9.2) (12.) (1.) T ier 2 play ers Agile Property 3383 HK (23.8) (46.9) (2.) (8.6) 2.3 (18.9) BJ Cap. Land 2868 HK (2.7) (8.2) (5.1) (7.8) (18.) (18.) 39.5 (37.) China Jinmao Hldgs 817 HK (2.6) (6.7) (4.9) (14.2) (3.2) (17.4) 19.4 (21.1) 64.6 (28.4) CIFI Holdings 884 HK (3.7) (12.8) 2. (6.8) n.a (6.1) n.a. Future Land 13 HK (3.6) (6.8) 7.1 (9.8) n.a. (38.3) (21.7) n.a. Greentown 39 HK (6.8) (9.4) (3.8) (16.7) (16.6) (35.). (18.4) 6.2 (42.5) GZ R&F 2777 HK (2.6) (8.2) 3.6 (13.6) (1.1) (12.1) (16.3).6 (1.8) 87.8 (55.8) Kaisa Group 1638 HK 1.6 (4.4) 5.8 (11.9) (9.9) (1.5) (25.9) (1.4) (36.4) (1.9) n.a. KWG 1813 HK (1.5) (12.3) (4.1) (18.2) (26.1) (17.8) 17.5 (14.3) Shenzhen Inv 64 HK (.9) (1.2).3 (4.9) (.9) (3.8) (6.7) 2.5 (5.7) (7.) (23.6) 62.8 (14.3) 4.2 (57.2) Shimao Property 813 HK (7.6) (2.7) (2.5) (26.4) 67.7 (24.4) Sino-Ocean 3377 HK.9 (2.7) 4. (9.9) (2.) (12.1) (13.4) 12.7 (3.2) 55.3 (61.7) A v erage (1.2) (4.8) 3. (7.5) (11.1) (13.1) 13.3 (6.4) 96. (39.7) T ier 3 play ers China Aoyuan 3883 HK (.9) (2.5) (24.5) (.9) Central China 832 HK (2.2) (6.7) (2.8) (1.4) 1.2 (4.4) (12.8) (26.8) (7.4) n.a. China Merchants Land 978 HK (4.) 36.8 (28.2) 28.6 (62.7) China SCE Property 1966 HK (1.9) (9.3) 5.1 (4.9) (12.4) n.a. China South City 1668 HK (2.7) (5.8) (3.8) (21.2) (16.4) (14.4) (24.9) (13.2) (5.6) (7.4) 26.5 n.a. COGO 81 HK (9.7) (13.6) (7.6) (2.9) (16.9) (16.2) (25.4) (12.9) (8.6) 15.6 (2.7) (46.7) (16.7) (22.9) 69.2 (17.9) Gemdale Props 535 HK. (6.2) (9.) (23.5) (28.6) 4. (8.7) Greenland 337 HK (3.1) (3.3).3 (12.9) (18.3) (1.9) (36.1) 61.1 (49.4) Hopson Dev 754 HK (3.4) (5.2) (6.6) (24.6) (24.) 8.7 (1.5) 1.9 (72.8) LVGEM 95 HK (2.2) (6.3) (6.6) (2.8) (1.2) Minmetals Land 23 HK (1.4) (2.) (.7) (19.5) (13.6) (6.9) Modern Land (China) 117 HK (4.3) (17.6) (21.) (23.4) (11.5) (9.4) (6.7) (8.3) 29.3 n.a. n.a (53.2) 79.5 n.a. Powerlong 1238 HK.7 (1.2) 2.8 (5.5) (34.3) n.a. Road King 198 HK (2.1) (6.2) 1.2 (2.6) (11.7) 3.1 (4.6) 19.3 (9.1) Shui On Land 272 HK (3.2) (4.9) (3.2) (15.9) (4.5) (1.9) (31.1) (23.1) 16.4 (21.6) 29.3 (78.5) SRE Group 127 HK (2.) (7.2) (3.5) (9.9) (4.) (4.5) (5.4) (3.5) (1.5) 24.2 (32.9) (2.8) 73.8 (45.5). (94.4) Sunshine 1 China 268 HK (1.5) (5.2) (.9) 3.5 (5.2) (1.1) (16.7) (6.3).6 n.a. n.a. n.a (5.1) n.a. Times Property 1233 HK n.a. n.a. (5.7) (18.2) n.a. Wuzhou Int'l 1369 HK (1.3) (1.3) (2.5) (1.5) (11.5) (17.2) (15.4) (11.5) (1.3) n.a. n.a. 14. (44.9) (3.7) 11.5 n.a. Yuzhou Properties 1628 HK (6.) n.a. Zhong An 672 HK (5.) (16.2) (1.7) (26.) (38.7) (5.4) (5.) (38.) (2.8) (28.9) (21.) (8.3) A v erage (2.1) (5.2).9 (7.) (8.4) 8.3 (4.6) 6.4 (14.) A v erage (Ov erall) (1.8) (4.1) 2.4 (7.5) (6.6) 12.8 (6.) 93.2 (13.3) Source: Thomson Reuters Page 9

10 How s the change in southbound shareholding? Southbound shareholding China Overseas Southbound shareholding CR Land 2.4% 2.2% 2.% 1.8% 1.6% 1.4% 1.2% 2.5% 2.% 1.5% 1.%.5% 1.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Southbound shareholding China Vanke H Source: HKEx; DBS Vickers Southbound shareholding Evergrande 1.% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 2-Mar-17 2-Apr-17 2-May-17 2-Jun-17 2-Jul-17 2-Aug-17 2-Sep-17 2-Oct-17 2-Nov-17 2-Dec-17 2-Jan Mar % 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 1

11 Southbound shareholding Longfor Southbound shareholding Shimao Property 4.5% 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 1.%.9%.8%.7%.6%.5%.4%.3%.2%.1%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mar Jan Apr May Jun Jul Aug Sep Mar Oct Nov Dec Jan Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Southbound shareholding Agile Southbound shareholding COGO 2.6% 6.% 2.4% 2.2% 2.% 5.% 4.% 1.8% 1.6% 1.4% 3.% 2.% 1.2% 1.% 1.%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 11

12 Southbound shareholding Greentown Southbound shareholding Guangzhou R&F 13.% 12.% 11.% 1.% 9.% 8.% 1.% 9.% 8.% 7.% 6.% 7.% 6.% 5.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 5.% 4.% 17-Mar Apr May Mar Jun Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Mar Apr Jul May Jun Jul Aug Sep Oct Nov Dec Aug Jan Sep Oct Mar Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Southbound shareholding KWG Property Southbound shareholding China Jinmao 9.% 1.% 8.% 9.% 7.% 8.% 6.% 5.% 4.% 3.% 2.% 1.%.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% Source: HKEx; DBS Vickers Page 12

13 Southbound shareholding CIFI Holdings Southbound shareholding Yuzhou Properties 9.% 4.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Southbound shareholding Powerlong Southbound shareholding China South City 1.6% 12.% 1.4% 1.2% 1.%.8% 1.% 8.% 6.%.6% 4.%.4%.2%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 2.%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 13

14 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 China / Hong Kong Monthly Chart Book Southbound shareholding Kaisa Group Southbound shareholding China SCE 2.5% 2.% 5.% 4.5% 4.% 1.5% 3.5% 3.% 1.% 2.5% 2.%.5%.% 1.5% 1.%.5%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Southbound shareholding Greenland Southbound shareholding BJ North Star H 3.5% 3.% 2.5% 24.% 22.% 2.% 2.% 18.% 1.5% 16.% 1.%.5%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar % 12.% 1.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 14

15 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 China / Hong Kong Monthly Chart Book Southbound shareholding Country Garden Southbound shareholding Hopson Dev 2.5% 2.% 1.5% 1.%.5%.% 1.8% 1.6% 1.4% 1.2% 1.%.8%.6%.4%.2%.% Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Southbound shareholding Sunac Southbound Shareholding SOHO China 3.% 25.% 2.% 15.% 1.% 5.% 6.% 5.% 4.% 3.% 2.% 1.%.%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Mar-17 7-Apr Apr May-17 9-Jun-17 3-Jun Jul Aug-17 1-Sep Sep Oct-17 3-Nov Nov Dec-17 5-Jan Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 15

16 Southbound shareholding Renhe Commercial 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 17-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar-18 Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers Page 16

17 Who has the highest sales lock-in? Contracted sales in 2M218 RMB mn 9, 8, 7, 6, 29% 33% 23% A verage=14% 35% 3% 25% 5, 4, 3, 2, 1, 15% 17% 9% 15% 15% 12% 12% 1% 11% 1% 8% 11% 16% 7% 8% 11% 1% 8% 6% 2% 15% 1% 5% % 218 Pre-sales target (RHS) 2M18 Pre-sales (LHS) Pre-sales lock-in ratio ^ convert from HKD to RMB. Source: Companies; DBS Vickers Page 17

18 Who sold the most? Contracted sales in 2M218 RMB mn 13, 12, 11, 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, 137% 42% 2% 85% 126% 22% 655% 2% 88% 1% 11% 99% 66% 58% 19% 41% 58% 14% 3% 15% 14% 3% -28% 7% 65% 6% 55% 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % -5% -1% 2M18 Pre-sales Y-o-Y growth ^ convert from HKD to RMB. Source: Companies; DBS Vickers Page 18

19 Who sold at the highest price? ASP of contracted sales in 2M218 vs. 217 RMB/sm 6, 4, 2, (2,) (4,) (6,) R e corded ASP Drop -11% -27%-19% -4%-31% R e corded ASP Increase -7% -6% -5%-1% -1% % % 1% 3% 3% 3% 5% 7% 8% 15% 18% 21% 12% 1% 8% 6% 4% 2% % -2% -4% -6% -8% -1% -12% Powerlong China SCE Yuzhou Future Land CIFI Beijing Capital Land Greenland HK Fantasia Sunac Longfor Country Garden Shimao Poly CN R&F Vanke Evergrande Central China COLI^ Sino-Ocean Agile CR Land COGO^ 217 ASP 2M18ASP % change ^ convert from HKD to RMB. Source: DBS Vickers; companies Page 19

20 Who was the most aggressive in land acquisition? YTD Land acquisition by total consideration YTD Land acquisition by GFA RMB mn 45, 4, 35, 3, 25, 2, 15, 1, 5, sm 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, Source: Companies; DBS Vickers Source: Companies; DBS Vickers Average accommodation value of the land purchased RMB/sm 12, 1, 8, 6, 4, 2, Source: Companies; DBS Vickers Page 2

21 Land bank size ' sqm 3, 25, 2, 15, 1, 5, - 6% 5% 4% 3% 2% 1% % -1% 1H17 FY16 Growth Source: DBS Vickers; Companies Land bank breakdown 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Tier 1&2 Others Source: DBS Vickers; Companies Page 21

22 Land bank breakdown by HPR and non-hpr 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % KWG Vanke Yuzhou CIFI Sunac COLI Sino Ocean CR Land R&F Longfor Agile Shimao Country Garden Central China Evergrande Greenland HK COGO HPR Non HPR Source: DBS Vickers; Companies Developers land acquisitions 1H17 contracted sales Land acq. as % of contracted sales 1H17 land Rmb m acquisit ion 3333 HK Evergrande 137, ,9 57% 1918 HK Sunac 37,345 18,86 34% 3383 HK Agile 17,897 4,39 44% 39 HK Greentown 16,1 59,5 27% 222 HK Vanke 59, ,18 21% 2777 HK R&F 31,644 38,814 82% 813 HK Shimao 24,728 45,12 55% 81 HK COGO 4,549 16,63 28% 1628 HK Yuzhou 8,44 21,487 37% 3377 HK Sino Ocean 14,368 3,5 47% 27 HK Country Garden 129,5 283,3 46% 272 HK Shui On Land 2,1 4,397 48% 688 HK COLI 42,2 11,696 38% 119 HK CR Land 27,458 63,219 43% 96 HK Longfor 38,3 92,63 41% 832 HK Central China 4,251 13,884 31% 1813 HK KWG 26,11 14, % 817 HK China J inmao 19,244 24,18 8% 884 HK CIFI 3,137 47,151 64% T otal 695,316 1,568,483 44% Note: land acquisition cost is on attributable basis while contracted sales is on total basis Source: DBS Vickers; Companies Page 22

23 Who entered into Hong Kong main board? Property IPOs A nnouncement Dat e Pricing Dat e T ick er Issuer Name Offer Price (HK$) Deal V alue* (HK$ mn) 3/11/211 3/22/ Top Spring ,558 4/11/211 4/29/ Huixian REIT^ Rmb5.24 1,254 6/29/211 7/12/ Zall Development Cayman Holding Co ,517 7/12/211 7/21/ Sino Harbour Property Group Ltd /13/212 11/22/ CIFI Group ,629 11/19/212 11/28/ Future Land ,56 12/31/212 1/16/ Golden Wheel Tiandi /31/213 6/11/ Wuzhou International ,392 6/28/213 7/12/ Modern Land /21/213 1/3/ J ingrui ,316 11/25/213 12/5/ Spring REIT /29/213 12/4/ Times Properties 3.6 1,441 1/21/214 1/29/ Redco properties 2.5 1, 2/27/214 3/12/ Sunshine ,873 2/28/214 3/1/ Haichang Holdings ,45 6/25/214 6/25/ Vanke 6/17/214 6/27/ Colour Life /23/214 6/27/ Guorui Properties ,483 6/17/214 7/1/ China Newcity /13/214 8/22/ China Vast /12/214 12/22/ Wanda ,31 6/16/215 6/25/ Red Star Macalline ,96 1/14/215 1/23/ China Overseas Property Holdings B to H (By way of introduction) 12/31/215 1/13/ Ronshine China ,72 6/29/216 7/14/ China Logistics Property ,25 1/27/215 11/6/ Clifford Modern Living Holdings Ltd /26/217 1/9/ Zhengro Properties Group Limited 4.8 4,8 T ot al 69,379 * Before excising greenshoes ^ Deal value converted to from RMB to HKD Source: HK Stock Exchange; DBS Vickers Page 23

24 Where was the funding from? Senior notes Ev ent T ick er Company Date Coupon / Cost A mount (mn) Other details Senior notes 3377 Sino Ocean Land Feb % US$5 Due 227 Senior notes 3377 Sino Ocean Land Feb % US$7 Due 22 Senior notes 813 Shimao Feb % US$8 Due 222 Senior notes 3333 Evergrande Feb % US$1, Due 22 Senior notes 39 Greentown Feb-15 8.% US$2 Due 219 Senior notes 1233 Times Properties Mar % US$28 Due 22 Senior notes 813 Shimao Mar % US$3 Due 222 Senior notes 3883 China Aoyuan Apr % US$1 Due 218 Senior notes 832 Central China Apr % US$3 Due 221 Senior notes 1862 Jingrui Apr % US$15 Due 218 Senior notes 16 Landsea ppt Apr % US$1 Due 218 Senior notes 3383 Agile May-15 9.% US$5 Due 22 Senior notes 3883 China Aoyuan May % US$25 Due 218 Corporate bond (on-shore) 2868 Beijing Capital Land May % Rmb3, Due 22 Senior notes 884 CIFI Group May % US$4 Due 22 Senior notes 1777 Fantasia May % US$2 Due 218 Corporate bond (on-shore) 3333 Evergrande J un % Rmb5, Due 22 Senior notes 1966 China SEC Jun-15 1.% US$35 Due 22 Senior notes 1369 Wuzhou International Jun % US$1 Due 218 Corporate bond (on-shore) 96 Longfor Jul % Rmb2, Due 22 Corporate bond (on-shore) 3333 Evergrande J ul % Rmb6,8 Due 219 Corporate bond (on-shore) 2777 Guangzhou R&F Jul % Rmb6,5 Due 22 Corporate bond (on-shore) 1233 Times property Jul % Rmb2, Due 22 Corporate bond (on-shore) 2868 Beijing Capital Land Jun % Rmb3, Due 22 Corporate bond (on-shore) 222 Vanke Jul-15 TBC Rmb9, Due 22 Corporate bond (on-shore) 3883 China Aoyuan Jul % Rmb2,4 Due 218 Corporate bond (on-shore) 96 Longfor J ul % Rmb2, Due 22 Corporate bond (on-shore) 2777 Guangzhou R&F Jul-15 TBC <Rmb13, < 22 Corporate bond (on-shore) 27 Country Garden Jul % Rmb3, Due 218 Corporate bond (on-shore) 27 Country Garden Aug % Rmb3, Due 218 Corporate bond (on-shore) 1918 Sunac Aug % Rmb2,5 Due 222 Corporate bond (on-shore) 1918 Sunac Aug % Rmb1, Due 222 Corporate bond (on-shore) 39 Greentown Aug % Rmb3, Due 22 Corporate bond (on-shore) 1777 Fantasia Sep % Rmb2, Due 22 Corporate bond (on-shore) 39 Greentown Sep % Rmb2, Due 22 Corporate bond (on-shore) 813 Shimao Sep % Rmb6, Due 22 Corporate bond (on-shore) 3333 Evergrande Oct % Rmb17,5 Due 22 Corporate bond (on-shore) 1628 Yuzhou Properties Oct % Rmb2, Due 218 Corporate bond (on-shore) 884 CIFI Group Oct % Rmb3,495 Due 22 Corporate bond (on-shore) 813 Shimao Oct % Rmb1,4 Due 222 Corporate bond (on-shore) 268 Sunshine 1 Oct % Rmb1,5 Due 218 Corporate bond (on-shore) 3883 China Aoyuan Oct % Rmb1,5 Due 218 Corporate bond (on-shore) 588 Beijing North Star Oct-15 TBC <Rmb6, <7 years Corporate bond (on-shore) 1233 Times Properties Oct % Rmb3, Due 218 Corporate bond (on-shore) 1966 China SEC Oct % Rmb2, Due 22 Corporate bond (on-shore) 13 Future Land Nov % Rmb3, Due 22 Corporate bond (on-shore) 96 Longfor Nov % Rmb2, Due 222 Source: Companies; DBS Vickers Page 24

25 Senior notes (continued) Ev ent T ick er Company Date Coupon / Cost A mount (mn) Other details Senior notes 13 Future Land Nov % USD25 Due 217 Corporate bond (on-shore) 13 Future Land Nov-15 6.% Rmb2, Due 218 Corporate bond (on-shore) 2777 Guangzhou R&F Nov-15 TBC <Rmb3, Due 225 Corporate bond (on-shore) 27 Country Garden Nov % Rmb4, Due 219 Corporate bond (on-shore) 884 CIFI Group Nov % Rmb5 Due 22 Corporate bond (on-shore) 1528 RS Macalline Nov % Rmb 5, Due 22 Corporate bond (on-shore) 2329 Guorui ppt Nov % Rmb2, Due 22 Senior notes 1238 Powerlong Nov % USD2 Due 218 Corporate bond (on-shore) 817 China Jinmao Dec % Rmb2,2 Due 22 Senior notes 1396 Hydoo Dec % US$1 Due 218 Corporate bond (on-shore) 27 Country Garden Dec % Rmb4, Due 219 Corporate bond (on-shore) 1628 Yuzhou Properties Dec % Rmb3, Due 22 Corporate bond (on-shore) 1966 China SEC Dec % Rmb1,5 Due 22 Corporate bond (on-shore) 117 Modern Land Dec-15 3.%-4.5% Rmb1, TBC Corporate bond (on-shore) 1813 KWG Dec % Rmb2,5 Due 221 Corporate bond (on-shore) 1813 KWG Dec % Rmb8 Due 222 Corporate bond (on-shore) 2329 Guorui ppt Dec % Rmb1, Due 22 Corporate bond (on-shore) 27 Country Garden Dec % Rmb1, Due 22 Corporate bond (on-shore) 1777 Fantasia Jan % Rmb1,1 Due 221 Corporate bond (on-shore) 41 SOHO China Jan % RMB3, Due 219 Corporate bond (on-shore) 96 Longfor Jan % Rmb2,3 Due 221 Corporate bond (on-shore) 96 Longfor Jan % Rmb1,8 Due 224 Corporate bond (on-shore) 27 Joy City Jan % Rmb3, Due 221 Senior notes 3333 Evergrande Jan % US$4 Due 219 Senior notes 3333 Evergrande Jan-16 8.% US$3 Due 219 Corporate bond (on-shore) 3383 Agile Jan % Rmb1,6 Due 216 Corporate bond (on-shore) 813 Shimao Jan % Rmb4, Due 221 Corporate bond (on-shore) 1233 Times Properties Jan % Rmb3, Due 219 Corporate bond (on-shore) 268 Sunshine 1 Jan % Rmb1,46 Due 221 Corporate bond (on-shore) 1369 Wuzhou International Jan-16 TBC Rmb1,6 TBC Corporate bond (on-shore) 41 SOHO China Jan % Rmb3, Due 219 Corporate bond (on-shore) 884 CIFI Group Jan % Rmb2, Due 218 Corporate bond (on-shore) 3833 Aoyuan Feb % Rmb5 Due 22 Corporate bond (on-shore) 27 Country Garden Mar % Rmb4, Due 221 Corporate bond (on-shore) 96 Longfor Mar % Rmb2,5 Due 222 Corporate bond (on-shore) 96 Longfor Mar % Rmb1,5 Due 226 Corporate bond (on-shore) 1813 KWG Mar % Rmb6 Due 222 Corporate bond (on-shore) 1813 KWG Mar % Rmb1,6 Due 226 Corporate bond (on-shore) 27 Country Garden Mar % Rmb4, Due 22 Corporate bond (on-shore) 13 Future Land Mar % Rmb1,85 Due 219 Corporate bond (on-shore) 13 Future Land Mar % Rmb1,15 Due 219 Corporate bond (on-shore) 1813 KWG Apr % Rmb1, Due 223 Corporate bond (on-shore) 1813 KWG Apr % Rmb5,5 Due 223 Corporate bond (on-shore) 832 Cental China Apr-16 6.% Rmb3, Due 221 Senior notes 39 Greentown Mar % US$4 Due 219 Corporate bond (on-shore) 832 Central China Apr-16 6.% Rmb3, Due 221 Senior notes 3883 China Aoyuan Apr % US$25 Due 219 Source: Companies; DBS Vickers Page 25

26 Senior notes (continued) Ev ent T ick er Company Date Coupon / Cost A mount (mn) Other details Senior notes 1777 Fantasia Apr % Rmb6 Due 219 Corporate bond (on-shore) 3377 Sino Ocean Land May % Rmb4, Due 221 Corporate bond (on-shore) 1813 KWG May-16 TBC <Rmb13, TBC Corporate bond (on-shore) 3699 Wanda commercial May % Rmb5, Due 221 Corporate bond (on-shore) 2777 Guangzhou R&F May % RMB1,4 Due 218 Corporate bond (on-shore) 3699 Wanda commercial Jun % Rmb3, Due 221 Corporate bond (on-shore) 1628 Yuzhou Properties Jun % Rmb2, Due 219 Corporate bond (on-shore) 817 China Jinmao Jun % Rmb2, Due 219 Corporate bond (on-shore) 1918 Sunac Jun-16 TBC <Rmb4, TBC Corporate bond (on-shore) 96 Longfor Jul % RMB7 Due 221 Corporate bond (on-shore) 96 Longfor Jul % RMB3, Due 223 Corporate bond (on-shore) 1813 KWG Jul % RMB2, Due 221 Corporate bond (off-shore) 337 Greenland HK Jul %/4.125% 45 Due 219 Corporate bond (on-shore) 3699 Wanda commercial Jul % RMB2, Due 221 Corporate bond (on-shore) 1813 KWG Jul % RMB1,3 Due 221 Corporate bond (on-shore) 3383 Agile Jul % RMB3, Due 22 Corporate bond (on-shore) 27 Country Garden Aug % RMB1, Due 221 Corporate bond (on-shore) 688 COLI Aug % <RMB6, Due 221 Senior notes 1238 Powerlong Sep % US$2 Due 221 Corporate bond (on-shore) 688 COLI Sep % Rmb6, Due 221 Corporate bond (on-shore) 2777 Guangzhou R&F Sep % RMB1,4 Due 22 Senior notes 27 Country Garden Sep % US$65 Due 223 Corporate bond (on-shore) 1628 Yuzhou Properties Sep % Rmb3, Due 219 Corporate bond (on-shore) 3383 Agile Sep % RMB1,8 Due 221 Corporate bond (on-shore) 3383 Agile Sep % RMB1,2 Due 223 Corporate bond (on-shore) 1813 KWG Sep %-5.8% RMB8 Due 223 Corporate bond (on-shore) 884 CIFI Group Sep %/5.5% RMB4, Due 219/221 Senior notes 1777 Fantasia Sep % US$4 Due 221 Senior notes 272 Shui On Land Oct % US$25 Due 219 Senior notes 117 Modern Land Oct % US$35 Due 219 Senior notes 1628 Yuzhou Properties Oct-16 6.% US$25 Due 223 Coporate bond (on-shore) 13 Future Land Oct % Rmb2,5 Due 221 Coporate bond (on-shore) 27 Country Garden Oct % Rmb1, Due 22 Coporate bond (on-shore) 27 Country Garden Oct % Rmb2, Due 223 Senior notes 832 Central China Nov % US$2 Due 221 Senior notes 331 Ronshine Dec % US$175 Due 219 Senior notes 27 Country Garden Dec % US$35 Due 226 Senior notes 1813 KWG Dec-16 6.% US$25 Due 222 Senior notes 2777 Guangzhou R&F Dec % US$725 Due 222 Senior notes 117 Modern Land Dec % US$15 Due 219 Senior notes 1233 Times Properties Jan % US$375 Due 22 Senior notes 1628 Yuzhou Properties Jan-17 6.% US$35 Due 222 Senior notes 272 Shui On Land Jan % US$5 Due 221 Green bond 96 Longfor Feb %/4.67% Rmb3,4 Due 222/225 Source: Companies; DBS Vickers Page 26

27 Senior notes (continued) Ev ent T ick er Company Date Coupon / Cost A mount (mn) Other details Senior notes 925 Beijing Properties Mar % US$3 Due 22 Senior notes 1813 KWG Mar-17 6.% US$4 Due 222 Senior notes 1966 China SEC Mar % US$2 Due 222 Senior notes 3333 Evergrande Mar % US$1, Due 224 Senior notes 1813 KWG Mar-17 6.% US$1 Due 222 Senior notes 1777 Fantasia Jun % US$35 Due 218 Senior notes 3333 Evergrande Jun % US$5 Due 221 Senior notes 3333 Evergrande Jun % US$1, Due 223 Senior notes 3333 Evergrande Jun % US$2,3 Due 225 Senior notes 1638 Kaisa Jun % US$285 Due 22 Senior notes 1638 Kaisa Jun % US$82 Due 222 Senior notes 1638 Kaisa Jun % US$2,12 Due 224 Senior notes 337 Greenland HK Jun % US$2 Due 218 Senior notes 96 Longfor Jul % US$45 Due 222 Senior notes 27 Country Garden Jul % US$6 Due 222 Coporate bond (on-shore) 222 Vanke Jul % Rmb3, Due 222 Senior notes 1918 Sunac Aug % US$4 Due 22 Senior notes 1918 Sunac Aug % US$6 Due 222 Coporate bond (on-shore) 222 Vanke Aug % Rmb1, Due 222 Senior notes 1638 Kaisa Aug % US$5 Due 22 Senior notes 1638 Kaisa Aug % US$12 Due 222 Senior notes 1638 Kaisa Aug % US$115 Due 224 Senior notes 3383 Agile Aug % US$2 Due 222 Senior notes 3883 China Aoyuan Sep % US$25 Due 222 Senior notes 1813 KWG Sep % US$25 Due 222 Senior notes 268 Sunshine 1 Sep % US$235 Due 22 Coporate bond (on-shore) 1813 KWG Oct-17 8.% Rmb84 Due 222 Coporate bond (on-shore) 1813 KWG Oct % Rmb2,16 Due 22 Senior notes 1638 Kaisa Nov % US$3 Due 22 Senior notes 1638 Kaisa Nov % US$1 Due 221 Senior notes 1638 Kaisa Nov % US$215 Due 222 Senior notes 1638 Kaisa Nov % US$274 Due 224 Senior notes 1813 KWG Nov % US$3 Due 224 Senior notes 1813 KWG Nov % US$1 Due 224 Senior notes 1622 Redco Property Nov-17 7.% US$25 Due 218 Senior notes 2777 Guangzhou R&F Nov % US$5 Due 223 Senior notes 1233 Times Properties Nov % US$3 Due 223 Senior notes 1813 KWG Nov-17 6.% US$15 Due 222 Senior notes 813 Shimao Dec % US$4 Due 222 Senior notes 2777 R&F Properties Jan % US$1 Due 223 Senior notes 96 Longfor Jan % US$3 Due 223 Senior notes 96 Longfor Jan % US$5 Due 228 Senior notes 1233 Times Properties Jan % US$5 Due 221 Senior notes 27 Country Garden Jan % US$25 Due 223 Senior notes 27 Country Garden Jan % US$6 Due 225 Senior notes 884 CIFI Group Jan % US$3 Due 223 Senior notes 813 Shimao Jan % US$5 Due 225 Senior notes 331 Ronshine China Jan % US$325 Due 221 Source: Companies; DBS Vickers Page 27

28 Senior notes (continued) Ev ent T ick er Company Date Coupon / Cost A mount (mn) Other details Senior notes 268 Sunshine 1 8.5% US$165 Due 22 Senior notes 331 Ronshine China 8.25% US$1 Due 221 Senior notes 1622 Redco Group 6.38% US$3 Due 219 Senior notes 832 Central China 6.5% US$3 Due 221 Senior notes 272 Shui On Land 6.88% RMB1,6 Due221 Senior notes 1628 Yuzhou Properties 6.38% US$375 Due 221 Senior notes 117 Modern Land 7.95% US$35 Due 221 Senior notes 1777 Fantasia Mar % US$35 Due 221 Senior notes 1628 Yuzhou Properties Mar % US$375 Due221 Senior notes 117 Modern Land Mar % US$35 Due221 Senior notes 817 China Jinmao Mar % RMB125 Due221 Senior notes 813 Shimao Mar % CNY95 Due221 Senior notes 331 Ronshine China Mar % US$425 Due 221 Source: Companies; DBS Vickers Page 28