china resources land limited -...

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2010 Interim Results Review

August 2010

CHINA RESOURCES LAND LIMITED

Agenda

Business Strategy

Completion Schedule

Land Bank

Financial Review

Highlights

2

HighlightsH

IGH

LIG

HTS

n Net profit in 1H 2010 rose 168.5% yoy to HK 3,461.8 mn on the back of 267.5% yoy increase in revenue

(HK12,412.5mn vs. HK3,377.9mn) and margin improvement in residential development;

n Overall margin stayed flat at 38.9%, (vs. 39.0% for 1H 2009). While IP gross margin remained high at

69.0%, development margin rose to 38.5% (vs. 34.7% for 1H 2009);

n On an adjusted basis, basic EPS in1H 2010 rose 156.7% yoy (HK 69.1 vs. HK 26.9 cents);

n Development operation saw a respective yoy growth of 368.6% in revenue and 419.4% in gross profit;

n IP sustained its strong underlying performance, with 24.0% and 20.9% yoy growth in revenue and gross

profit;

n We added 2.5 mn sqm GFA in new land bank this year as of August 22nd at a total cost of Rmb 6.0 bn,

thus further enhancing its strong earnings growth profile;

n As at August, 22nd, the Group had locked in a total of Rmb 29.3 bn contracted but unbooked sales

(including Rmb 19.1 bn sales contracted in 2009), of which Rmb16.6 bn is to be recognized in 2010;

n Differentiated business model, unparalleled parent supports, strong balance sheet and low funding costs put

the Group in an unrivalled position to deliver strong and sustained growth.

3

Income statementF I N

A N

C I A

L R E

V I E

W

Net Profit grew 168.5% yoy, driven by a rise in revenue and improvement in development margin

6 Months Ended 30 Jun (HK$ mn) % of % of

Sales Sales

Turnover 12,412.5 3,377.9 267.5% Development 11,061.7 89.1% 2,360.8 69.9% 368.6% Investment Property 749.2 6.0% 604.4 17.9% 24.0%

Gross Profit 4,823.9 38.9% 1,315.9 39.0% 266.6% Development 4,254.0 38.5% 819.0 34.7% 419.4% Investment Property 516.9 69.0% 427.5 70.7% 20.9%

IP Revaluation Gain 2,600.7 1,238.7Taxation -2,041.7 -628.9Minority Interest -1,115.6 -244.3

Attributable Net Profit 3,461.8 27.9% 1,289.5 38.2% 168.5% Core Profit 1,970.9 15.9% 581.8 17.2% 238.8% IP Revaluation Gain 1,513.8 688.0 One-off Items -22.9 19.7

EPS - Basic (HK$) 0.691 0.269 156.7%EPS - Fully Diluted (HK$) 0.687 0.268 156.8%DPS (HK$) 0.095 0.054 75.9%

1H 20101H

2009(Restated)YOY

Change

Agenda

Business Strategy

Completion Schedule

Land Bank

Financial Review

Highlights

5

Adjusted Net Profit and EPS Adjusted for Apple-to-Apple ComparisonF I N

A N

C I A

L R E

V I E

W

Underlying net profit growth was strong at 174.4% with core net profit growth at 238.8%

6 Months Ended 30 Jun (HK$ mn)

Reported Attributable Net Profit 3,461.8 1,289.5 168.5%Reported EPS (HK$) - Basic 0.691 0.269 156.7% - Fully Dilluted 0.687 0.268 156.8%

Adjustments for Non-recurrent or Non-comparable Items Less: Mark-to-market gains/(loss) on IRS (22.9) 19.7

Adjusted Underlying Attributable Net Profit 3,484.6 1,269.7 174.4%of which, Core net profit 1,970.8 581.7 238.8% Revaluation gain, net of deferred taxation+ MI 1,513.8 688.0Adjusted Underlying EPS (HK$) - Basic 0.695 0.271 156.5% - Fully Dilluted 0.692 0.269 157.2%

1H 20101H

2009(Restated)YOY

Change

6

Booking of property development income

F I N

A N

C I A

L R E

V I E

W

Development revenue rose 368.5%strongly on the back of 234.4% yoy growth in GFA booked

HK$mn sqm

Eco Living 509.8 29,100

Phonenix City 3.7 262

Oak Bay 789.7 51,369

Others 16.4 168

Shanghai Oak Bay 36.7 837

Shenzhen Park Lane 540.7 12,177

Chengdu Jade City 255.4 38,046

Chengdu Phonenix City 430.6 47,612

Chengdu Twenty-Four City 2.2 126

Wuhan Phonenix City 3.8 596

Wuhan Central Park 397.6 33,709

Hefei Frech Annecy 3.4 619

Hefei Park Lane Manor 418.4 65,296

Hangzhou MIXc Residence 3,171.1 99,633

Wuxi Taihu Int'l Community 201.7 24,492

Dalian Oriental Xanadu 2,059.4 60,414

Dalian Maritime 630.8 77,631

Changsha Phoenix City 448.2 110,177 Suzhou Villa 328.4 8,390 Chongqing Twenty-Four City 813.7 153,116 1H 2010 Total 11,062 813,770

1H 2009 Total 2,361 243,358

YOY Change, % 368.5% 234.4%

GFATurnover6 Months Ended 30 Jun

7

Sales contracted in 2010 (As of 22nd August)

C O

M P

L E

T I O

N S

C H

E D

U L

E

Beijing Oak Bay 616,757 294,943 8,582 238

Eco Living 217,490 122,353 166 7

Others 240 240 1

Shanghai The Bund Side 189,776 100,061 1,492 151

Oak Bay 230,795 61,712 8,644 346

Shenzhen Park Lane Manor 110,000 96,499 1,147 46

Chengdu Jade City 1,063,542 908,256 78,760 903

Twenty-four City 1,640,000 454,456 84,752 866

Phoenix City 694,576 361,106 93,299 761

Oak Bay 523,511 5,022 5,022 38

Wuhan Central Park 346,696 144,767 53,617 603

Hefei Park Lane Manor 195,004 169,529 31,292 225

Ziyunfu Project 223,771 91,343 91,343 599

Wuxi Taihu Int'l Commu. 1,017,698 332,116 24,349 283

Ningbo Tuscany Lake 130,352 98,967 8,443 268

Central Park Phase 284,348 104,495 38,055 619

City ProjectTotal GFA

Overgroud(sqm)

Accumulated GFASold as of August

22nd (sqm)

GFA Sold in2010 (sqm)

ContractedValue (RMB

mn)

8C O

M P

L E

T I O

N S

C H

E D

U L

E

Together with Rmb19.1bn sales contracted in 2009, the Group has a total of Rmb29.3bn contracted but unbooked sales as of Aug 22nd, 2010, of which Rmb16.6bn is to be recognized in 2010.

Sales contracted in 2010 (As of 22nd August)

Dalian Oriental Xanadu 166,137 156,514 6,285 237

Maritime 1,309,592 197,350 98,169 830

Suzhou Suzhou Villa 67,595 15,466 2,956 125

Changsha Phoenix City 1,198,040 308,495 106,725 458

Chongqing Twenty-four City 1 1,951,620 273,240 120,124 806

Shenyang The Arch 280,000 84,434 23,895 240

Oak Bay 891,434 23,360 23,360 259

Fuzhou Oak Bay 603,108 72,183 72,183 902

Others Car Park etc. 65,838 344

Total : 1,048,738 10,155

ProjectCityTotal GFA

Overgroud(sqm)GFA Sold in2010 (sqm)

Accumulated GFASold as of August

22nd (sqm)

ContractedValue (RMB

mn)

9

Average Selling Price of Key Projects

F I N

A N

C I A

L R E

V I E

W

Weighted avg. price rose 10.3% in 1H 2010 yoy while Jul. & Aug. prices stayed at 1H levels

RMB/sqm 1H 10 1H 09 YOY %July & August

2010Recent PriceChange %

Beijing Eco Living 36,681 16,456 122.9% 42,000-50,000 14.0%

Ningbo Tuscany Lake Phase II 31,798 14,977 112.3% 33,842 6.4%

Shanghai Oak Bay 39,961 20,554 94.4% 40,800 3.7%

Chengdu Jade City Phase IV 12,244 6,700 82.7% - -

Dalian Maritime 13,810 7,113 94.2% 8,119 -

Wuxi Taihu Int'l Community 11,963 6,461 85.2% 11,000 -8.0%

Beijing Oak Bay 27,713 14,905 85.9% 33,000 19.1%

Chengdu 24 City PhaseII 10,210 6,298 62.1% 10,406 1.9%

Chengdu Jade City Phase V 11,443 6,752 69.5% 11,549 0.9%

Chongqing 24 City 6,544 4,587 42.7% 7,272 11.1%

Suzhou Villa 42,920 29,950 43.3% - -

Hefei Park Lane Manor 7,508 5,122 46.6% 7,300 -2.8%

Dalian Oriental Xanadu 40,738 30,075 35.5% - -

Ningbo Central Park 15,851 10,352 53.1% 17,055 7.6%

Chengdu Phoenix City Phase I&II 8,118 5,704 42.3% 8,166 0.6%

Wuhan Central Park Phase I&II 11,145 8,387 32.9% 11,418 2.5%

Shenyang China Resources Arch 8,409 9,310 10.7%

Hunan Phoenix Phase II 4,309 3,445 25.1% 4,235 -1.7%

Shenzhen Park Lane 40,376 - -

Chengdu Oak Bay Phase I 7,599 - -

Hefei Ziyunfu Project 6,508 7,002 7.6%

Shenyang Oak Bay 10,807 12,892 19.3%

Fuzhou Oak Bay (Townhouse) 18,917 25,052 32.4%

Fuzhou Oak Bay (Apartment) 9,187 10,856 18.2%

Shanghai The Bund Side 34,482 175.5% 100,000

Shanghai Oak Bay 38,105 31.2% 40,000-50,000

Hangzhou Mixc Residential 31,562 42.6% 45,000

Weighted average price for contracted sales 9,735 8,824 10.3%

10

Income from IP + Property ManagementF I N

A N

C I A

L R E

V I E

W

IP sustained its strong momentum with a 23.4% yoy growth in revenue

Beijing China Resources Building 80.7 78.4 3.0% 97.4% 93.9% 3.5%

Beijing Other Investment Properties 68.5 50.8 34.8% 93.0% 95.5% -2.5%

Shanghai CR Times Square 102.5 92.9 10.4% 98.2% 92.5% 5.7%

Shenzhen City Crossing 362.4 287.6 26.0% 96.7% 99.0% -2.3%

Hangzhou MIXc 15.5 N/A N/A 85.4% N/A N/A

Property Management 116.1 94.7 22.5% N/A N/A N/A

Total Rental Income: 745.8 604.4 23.4%

Turnover HK$ mn Occupancy Rate %

1H 2010 1H 2009YOY

Change1H 2010 1H 2009

YOYChange6 Months Ended 30 Jun (HK$ mn)

11

MarginsF I N

A N

C I A

L R E

V I E

W

Development margin continued to rise with underlying IP margin stayed high at >80%

* Excluding revenue portion from residential management fee, gross margin from pure IP stayed high at >80%(83.2% for 1H10 vs. 84.5% for 1H09)


Turnover

Development 11,061.7 2,360.8 368.6%

Investment & Others 749.2 604.4 24.0%

Gross Profit

Development 4,254.0 819.0 419.4%

Investment & Others 516.0 427.5 20.7%

Gross Profit Margin 38.9% 39.0% -0.1%

Development 38.5% 34.7% 3.8%

Investment & Others 69.0%* 70.7%

1H 2010 1H 2009 YOY Change

12

Finance costsF I N

A N

C I A

L R E

V I E

W

Ready access to low cost debt funding offers CRL a unique competitive advantage


Interest on Bank Loans 344.7 302.2 14.1%

Less: Capitalisation -282.6 -243.2 16.2%

Finance Costs on P/L 62.1 59.0 5.3%

Average Interest Rate (p.a.) 2.23% 3.20% -30.3%


13

Financial positionF I N

A N

C I A

L R E

V I E

W

Balance sheet remains strong


Total Borrowings 34,355.8 16,648.0 106.4%

% in HK$ 70.4% 58.5%

% in RMB 29.6% 41.5%

Cash On Hand 15,471.8 9,543.4 62.1%

% in HK$ 37.9% 32.5%

% in RMB 62.1% 67.5%

Net Borrowings 18,884.0 7,104.6 165.8%

% in HK$ 97.0% 93.4%

% in RMB 3.0% 6.6%

Equity 40,984.1 37,810.0 8.4%

Net Debt to Equity Ratio 46.1% 19.7% N.A.

Book Value (HK$) 8.14 7.52 8.3%


Agenda

Business Strategy

Completion Schedule

Lank Bank

Financial Review

Highlights

New Land Bank Added in 2010 (as of August 22nd)

Hefei 2010-3-3 Res.+Comm. 882,000 100% 882,000 1,867 1,689

Zhengzhou 2010-2-5 MIXc 404,058 100% 404,058 586 1,452

Shanghai 2010-7-1 Comm. 335,000 50% 167,500 1,012 6,042

Tianjin 2010-7-24 Res. 708,630 100% 708,630 1,939 2,737

Yangzhou 2010-7-23 Res. 200,260 100% 200,260 554 4,700

Grand Total: 2,529,948 2,362,448 5,958

CityAcquisition

Date

Total GFAOvergroud

(sqm)

AV(RMB/sqm)

InterestAttributableGFA (sqm)

AttributableLand Cost(RMB mn)

Use

16

Land Bank: residential development

L A

N D

B A

N K

City Project Property TypeTotal GFA

Overgroud (sqm)

Beijing Eco Living High density 188,390

Oak Bay High density 389,142

Mengtougou Project Mid-low density 286,121

Daxing Plot 17 project Mixed density 227,323

Hongtong Tech.Building High density 37,344

Others 202,126

Shanghai The Bund Side High density 109,571

Oak Bay Mixed density 181,217

Jiading Nanxiang Project Mixed density 467,197

Songjiang Project Mid-low density 121,719

Shenzhen Park Lane High density 9,489

Chengdu Jade City Mixed density 286,048

Phoenix City High density 379,157

24 City High density 1,347,017

Oak Bay Mixed density 523,511

Qingyang Project High density 336,420

Wukuaishi Project High density 84,483

Donghu Project High density 71,716

Wuhan Phoenix City High density 7,998

MO+ Mixed density 41,231

Central Park Mixed density 312,987

Hefei French Annecy Mixed density 9,085

Park Lane Manor Mixed density 112,327

Ziyunfu Project High density 199,500

Zhengwu District Project High density 618,000

Hangzhou MIXc Residence Mixed density 6,156

MIXc Residence Serviced Apart. 91,622

Zhijiang Project High density 181,279

17L A

N D

B A

N K

Land bank sufficient to meet development needs in the next few years

Land Bank: residential development (continued)

City Project Property TypeTotal GFA

Overgroud (sqm)

Wuxi Taihu Int'l Commu. Mixed density 830,349

Ningbo Tuscany Lake Valley Mid-low density 80,577

Central Park High density 284,348

Dalian Maritime High density 1,231,961

Oriental Xanadu Mixed density 105,723

Changsha Phoenix City High density 992,243

Hanpu Project High density 460,296

Suzhou Suzhou Villa Mid-low density 59,205

Xiangchen Project Mixed density 337,543

Chongqing 24 City High density 1,554,551

Central Park High density 572,665

Shenyang Oak Bay Mixed density 890,476

City Corssing High density 150,083

The Arch High density 280,000

CR Plaza High density 247,040

Xiamen Oak Bay High density 307,826

Fuzhou Oak Bay Mixed density 603,108

Tianjin Xiangweidi Project Mixed density 151,541

Huaming Project Mixed density 708,630

Mianyang Central Park Mixed density 672,063

Anshan Education Bureau Project High density 360,200

Carrefour North Project High density 190,200

Nantong Nengda Commerical Zone Proj. Mixed density 415,200

Qingdao Submarine School Project High density 372,700

Zhengzhou The MIXc High density 224,000

Yangzhou Jiangwang Project Mid-low density 200,260

Total GFA: 19,110,964

Attributable GFA: 18,661,908

18

Land Bank: Up-and-running investment properties L A

N D

B A

N K

Substantial IP assets solidify future earnings while mitigating earnings risks

City Project Property Type

Total GFA

Overgroud(sqm)

City Project Property Type

Total GFA

Overgroud(sqm)

Beijing Oak Bay (west) retail 35,006 Wuxi Taihu Int'l Commu. 8,117

Oak Bay (east) retail 83,900 Taihu Int'l Commu. 41,000

Hongtong Tech.Building Project retail 10,000 Taihu Int'l Commu. hotel 74,000

Hongtong Tech.Building Project office 30,000 Taihu Int'l Commu. office 30,000

Hongtong Tech.Building Project hotel 35,000 Dalian Orintal Xanadu hotel 76,138

CR Plaza retail 23,645 Suzhou Xiangcheng Distric project supermarket+retail 25,000

CR Plaza office 44,520 Chongqing 24 City shopping mall 116,344

CR Plaza serviced apartment 20,498 24 City hotel 50,000

Shanghai The Bundside Ph.2 serviced apartment 22,859 24 City office 50,000

Wuzhong Project shopping mall 146,000 24 City retail 27,610

Wuzhong Project serviced apartment 161,500 Shengyang City Crossing shopping mall 156,396

Wuzhong Project office 27,500 City Crossing office 59,697

Chendou City Crossing Shopping mall 239,524 City Crossing hotel 57,040

City Crossing office 73,650 The Landmark shopping mall 140,000

24 City retail 196,826 The Landmark office 40,000

Donghu commercial retail 13,880 The Landmark hotel 18,000

Others retail 77,919 Mianyang Central park retail 50,794

Hefei Park lane retail 45,000 Central park 53,004

Park lane office 60,000 Anshan Education Bureau project supermarket+retail 36,000

Zhengwu District project shopping mall 200,000 Qindao City Crossing hotel 172,700

Zhengwu District project 64,000 City Crossing office 50,000

Hangzhou MIXc Residence retail 14,344 City Crossing 150,000

MIXc Residence office 75,888 Zhengzhou City Crossing shopping mall 140,000

City Crossing 36,018 City Crossing office 40,000

City Crossing 99,362

Grand Total: 3,498,679 Attributable GFA: 3,131,548

19LAN

D-B

AN

K

Remaining Land Bank held by CRH

Wuhan Apr. 2007 476,000 Residence 476,000 1,621 3,405

Wuhan Sep. 2007 433,650 Commercial 433,650 2,692 6,208

Wuxi Nov. 2007 260,000 Residence 260,000 1,278 4,915

Nanning Dec. 2007 569,000 Commercial 312,950 524 1,676

Changzhou Jun. 2009 1,345,903 Residence 1,345,903 1,811 1,345

Nanjing Sep. 2009 277,793 Residence 277,793 2,220 7,992

kunshan Nov.2009 285,987 Residence 285,987 2,160 7,545

Shenzhen Bay Dec. 2008 330,000 Re+Office 330,000 N.A. N.A.

Shenzhen Dachong - 1,760,000 Re+Comm.+Office 1,760,000 N.A. N.A.

Hainan Shimei Bay Jun. 2000 700,000 Residence 700,000 2,467 3,446

Grand Total: 6,438,333

Attributable GFA: 6,182,283

CityAcquisition

Date

Total GFAOvergroud

(sqm)Use

AV(RMB/sqm)

AttributableGFA (sqm)

AttributableLand Cost(RMB mn)

Agenda

Business Strategy

Completion Schedule

Land Bank

Financial Review

Highlights

21

Schedule for bookable areas for 2009- post 2012

C O

M P

L E

T I O

N S

C H

E D

U L

E

2010E 2011E 2012E

Beijing Phoenix City 3,458 -

Oak Bay 46,512 71,689 48,676

Eco Living 28,456 160,006 29,028

Mentougou Project - - 174,790

Daxing Project #17 - - 45,124

Hongtong Tech. Building - - -

Others - - -

Shanghai The Bund Side 156 102,099 -

Oak Bay 54,800 56,760 59,475

Jiading Project - - 179,400

Songjiang Project - - 71,549

Nantong Project - 19,226 96,131

Shenzhen Park Lane Manor 2,000 - -

Chengdu Jade City 168,000 50,528 -

Twenty-four City 78,406 300,100 159,186

Phoenix City 170,766 - 195,020

Oak Bay 60,304 - 202,804

Central Park - 115,180 117,447

Wukuaishi Project - - 84,483

Qingyang Project - - 112,140

Wuhan Phoenix City 4,470 - -

Central Park 122,668 117,644 106,383

Mo+ (Mingzhu Road) - 41,231 -

Oak Bay (Incubated) - 113,042 115,817

Hefei French Annecy 4,736 - -

Park Lane Manor 174,564 - -

Ziyun Manor - 199,500 -

Projected Schedule For Bookable Area (sqm)City Project

22

Schedule for bookable areas for 2009- post 2012(continued)

C O

M P

L E

T I O

N S

C H

E D

U L

E

2010E 2011E 2012EHangzhou MIXc Residence 105,285 - -

Zhijiang Project - - -

Wuxi Taihu Int'l Community 158,802 320,103 237,213

Industry School Proj. - - 55,459

Changzhou Int'l Comm. - 227,436 241,782

Nanjing Suojie Project - - -

Ningbo Tuscany Lake 46,460 - 33,640

Central Park - 125,623 -

Dalian Maritime 214,453 - 192,783

Oriental Xanadu 69,457 - 22,760

Changsha Phoenix City 95,574 223,481 167,893

Hanpu Project - - 152,400

Suzhou Suzhou Villa 17,175 23,652 13,655

Xiangcheng project - - 104,368

Kunshan Projcect - - 56,150

Chongqing Twenty-four City 158,085 204,385 155,682

Jiangbei Project - - 407,701

Shenyang China Resources Arch - 88,048 191,953

The Landmark - - 89,154

Oak Bay - 131,086 124,740

City Crossing - - 150,083

Anshan Education Bureau project - - 97,400

Anshan North Carryfour project - - 92,400

Fuzhou Oak Bay - 50,655 129,489

Xiamen Oak Bay - - 199,052

Qingdao Shandong Rd.#10 Project - - -

Tianjin Xinjiayuan Project - 14,934 -

Nanning Park Lane Manor - - -

Total bookable : 1,784,587 2,756,408 4,713,210

City Project Projected Schedule For Bookable Area (sqm)

23

Schedule for IP for 2009- post 2012

C O

M P

L E

T I O

N S

C H

E D

U L

E

Project Use Completion Data Operation Data Rentable Area

Rentable area in operation at the end-Jun 10 550,000

Beijing Landmark Square A# Office Dec-09 Apr-10 30,863

Hangzhou Mixc Shopping Mall Dec-09 Apr-10 94,541

Chengdu 24 City Retail Aug-10 1,440

Chongqing 24 City Retail Dec-09 Jun-10 438

Chengdu Jade City Retail Oct-10 20,590

Total rentable area to be added in 2010 147,872

Chengdu Oak Bay Ph.1 Retail Jan-11 6,375

Wuhan Central Park Retail Jan-11 6,941

Shengyang Mixc Shopping Mall Nov-10 Apr-11 114,584

Beijing Shangdi Commerc

Property(Oak Bay)(West)Retail Jun-11 25,086

Wuhan MO+ Retail Jun-11 4,163

Beijing Oak Bay (West) Shopping Mall Mar-11 Jul-11 25,467

Beijing Landmark Square FH# Office Jun-11 Jul-11 42,739

Beijing Landmark Square G# Serviced Apart. Jun-11 Sep-11 19,678

Beijing Landmark Square Others Jun-11 Dec-11 23,188

Shengyang City Crossing Ph.1 Office Jul-11 Oct-11 54,325


Shanghai Bundside #EF Serviced Apart. Oct-11 Jan-12 17,391

Chongqing 24 City Ph.1B Retail Sep-11 Jan-12 5,557

Chengdou Mixc Shopping Mall Jan-12 Mar-12 82,963

Chengdou Mixc Office Jan-12 Mar-12 73,650

Nanning Mixc Shopping Mall Sep-12 Oct-12 111,234

Nanning Mixc Office Jul-12 Oct-12 107,940


Agenda

Business Strategy

Completion Schedule

Land Bank

Financial Review

Highlights

Hefei

25

Major corporate developments in 2010:

n The MIXcⅠ& Ⅱ(万象城一期、二期)

n China Resources Building(华润大厦)

n Grand Hyatt

(君悦酒店)

China Resources

Time Square(华润

时代广场)

Shanghai Chengdu

100%

Construction operation

Decoration operation

CRH

100%

100% 60%

China Resources (Beijing) Building

(北京华润大厦)

Beijing

Hangzhou MIXc

(杭州万象城)

100%

Dalian

96% 100%/55%100% 100% 100%

The Company

63%

Furniture operation

Beijing China

Resources Hotel Site

(北京华润店饭)

100%

100%

100%

100%

100%

Commercial in Shenyang,

Chengdu, Zhengzhou, Qingdao …

(商业在沈阳

、成都、郑州、青岛…)

Shenzhen Hefei

Xiamen

Nantong

100%

Anshan

60%100% 100% 100%

Chongqing

Ningbo

Changsha Wuhan

100%

Tianjin Suzhou

98% 100%100% 100% 60%

Shenyang Wuxi

Qingdao

Mianyang

100%

YangzhouFuzhou

100% 100%98% 100%

HangzhouZhengzhou

100%

※We have accessed into 23 cities’ real estate markets.

ResidentialDevelopment

Value-added Services

• Vertical integration to better cater for rising demand for one-stop/value-added solution

• Improved cost/quality control

• Enhance EPS and improve corporate governanceü The pilot projects of Storage

Space Total Solution have been successful, now being popularized nationwide.

Investment Property Holding

• Recurrent & stable earning but slow growth

• Effectiveness to withstand risks

• Potential long term gains in asset value

＋＋

Business model refined to strengthen CRL’s“differentiation” competitive strength

• High earning growth• But earning subject to high

volatility and regulatory changes

uTo balance long-term and short-term return

uTo balance the cash flow

uTo reduce the development risk

uTo guarantee the growth and stability of long-term gains

china resources land limited -...

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