China Property. China / Hong Kong Monthly Chart Book. (Issue No. 73) Expect quality large caps to outperform. DBS Group Research. Equity 10 June 2016

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1 (Issue No. 73) DBS Group Research. Equity 1 June 216 Refer to important disclosures at the end of this report Epect quality large caps to outperform In the past month, the China property sector underperformed HSI by 5.3% as policy tightening in Tier 1 cities starts to impact property sales in these cities Among big and mid cap stocks, COLI (688 HK), CR Land (119 HK) and China Jinmao (817 HK) outperformed peers as they were supported by resilient sales performance. The appointment of a new Chairman for Jinmao from Sinochem was also a reason for outperformance. Amid the weakening Rmb and a moderation in property sales growth in May/June, we epect the sector s performance to be flat in the near term Our top picks are: COLI, CR Land, CIFI and Longfor for their strong sales outlook; China Jinmao and Vanke may face downside pressure given their recent outperformance. Jinmao s latest acquisition of land king may add further pressure on its share price while the overhang on asset restructuring is likely to affect Vanke s near term performance. HSI: 21,43 Analyst Ken HE, CFA ken_he@hk.dbsvickers.com Andy YEE, CFA (852) andy_yee@hk.dbsvickers.com Danielle WANG, CFA (852) Carol WU (852) carol_wu@hk.dbsvickers.com Developers 1 month share price performance % (5) (1) (15) (2) Minmetals Land China South City CIFI Holdings China Overseas CR Land China Jinmao Hldgs MSCI China Greenland Hang Seng Inde Ying Li C C Land Sunac China China SCE Property GZ R&F KWG Sino-Ocean China Vanke 'H' BJ Cap. Land Zhong An First Sponsor Country Garden Poly HK Large-cap players Greentown Mid-cap players Longfor Properties Overall average Shui On Land Small-cap players COGO Yanlord Land Shenzhen Inv SOHO China Dalian Wanda Lai Fung Powerlong Yuzhou Properties Central China Yueiu Property BJ North Star Wuzhou Int'l Evergrande Shimao Property Road King Hopson Dev Agile Property SRE Group Renhe Commercial Glorious Property Hydoo Int'l Source: Thomson Reuters ed - JS / sa- DL

2 Developers outperformance and valuations Last Price Mkt Price performance PE 1-J un Cap 1-mth YTD vs YTD low 16F 17F Avg since 211 HK$ US$bn % % % chg Large-cap play ers China Overseas 688 HK (12.5) CR Land 119 HK (16.5) China Vanke 'H' 222 HK (2.) Country Garden 27 HK (3.8) Longfor Properties 96 HK (1.2) (13.7) Dalian Wanda 3699 HK (3.) Evergrande 3333 HK (5.) (22.1) Shimao Property 813 HK (5.7) (28.2) Average (.3) (13.4) Mid-cap players China South City 1668 HK (12.6) China Jinmao Hldgs 817 HK (21.9) Sunac China 1918 HK (18.5) GZ R&F 2777 HK KWG 1813 HK (17.8) Sino-Ocean 3377 HK (34.) Poly HK 119 HK (2.9) Greentown 39 HK (.6) (3.3) Shui On Land 272 HK (1.5) (9.4) COGO 81 HK (2.1) (28.4) Yanlord Land YLLG SP (2.1) Shenzhen Inv 64 HK (2.2) (16.) SOHO China 41 HK (2.9) (3.5) Yueiu Property 123 HK (4.7) (23.9) Agile Property 3383 HK (8.7) (1.) Average# (.7) (14.8) Small-cap play ers Minmetals Land 23 HK CIFI Holdings 884 HK Greenland 337 HK (9.3) Ying Li YINGLI SP (15.7) 12.7 n.a. n.a C C Land 1224 HK (12.8) China SCE Property 1966 HK (5.1) BJ Cap. Land 2868 HK (24.5) Zhong An 672 HK.7.2. (12.3) 4.4 n.a. n.a. 8.2 First Sponsor FSG SP (4.8) Lai Fung 1125 HK.1.2 (3.3) (1.) n.a. 5.5 Powerlong 1238 HK (3.6) (1.2) Yuzhou Properties 1628 HK (3.8) (2.4) Central China 832 HK (4.1) (12.3) BJ North Star 588 HK (4.7) (12.9) Wuzhou Int'l 1369 HK.8.2 (4.8) (2.5) Road King 198 HK (6.) (9.8) 2. n.a. n.a. 5.8 SRE Group 127 HK.2.6 (9.2) (4.3) 8.3 n.a. n.a. 1.4 Renhe Commercial 1387 HK (1.5) (38.3).4 n.a. n.a. 6.5 Glorious Property 845 HK.7.7 (11.1) (2.) Hydoo Int'l 1396 HK.9.5 (13.8) (13.) 18.5 n.a. n.a. 3.8 Average** (2.1) (11.5) Average (Overall)@ (1.3) (13.) Hang Seng Inde 4. (4.) 1.7 MSCI China 4.6 (4.8) 15.7 Source: Thomson Reuters, DBS Vickers Page 2

3 TABLE OF CONTENTS How did shares perform? 4 Who has the highest sales lock-in? 11 Who sold the most? 12 Who sold at the highest price? 13 Who was the most aggressive in land acquisition? 14 Who entered into Hong Kong main board? 15 Where was the funding from? 16 Where was the funding from? (Cont d) 22 Where was the funding from? (Cont d) 25 What was the sales trend of each company? 27 Which city grew the fastest in price? 3 What were the trends of ASP and sales volume in each city? 31 What were the trends of ASP and no. of units sold in each city? 37 Are there enough to sell? 43 Is it affordable? 46 Will people buy now? 48 What were the trends of affordability in each city? 49 How about secondary market transactions? 54 What about office? 55 What about retail? 56 What about hotel? 56 What do the national figures tell us? 57 Where does the launch of policies drive share prices to? 59 How about macro economic growth? 11 Which developers are most diversified? 13 A glance of financial forecasts for developers 18 Page 3

4 How did shares perform? Share performance Sector inde vs HSI Jan/8 Aug/8 Apr/9 Dec/9 Aug/1 Mar/11 Nov/11 Jul/12 Mar/13 Nov/13 Jun/14 Feb/15 Oct/15 Jun/16 China property share price inde HSI Source: Thomson Reuters; DBS Vickers Sector inde vs HSI (6 month) Rebased (27 Oct 15 = 1) Oct/15 Dec/15 Jan/16 Mar/16 Apr/16 Jun/16 China property share price inde HSI Source: Thomson Reuters; DBS Vickers Page 4

5 Valuation comparison 3-mth daily Net Disc/ 1-Jun Mkt trading 12-m EPS gth PE PE Yield Yield ROE ROE Gearing P/Bk NAV (Prem) Price Cap value Recom target 16F 17F 16F 17F 16F 17F 16F 17F 15A 15A to NAV Company Name Code HK$ US$bn US$m HK$ % % % % % % % HK$ % Large cap China Overseas* 688 HK BUY 3.3 (5) Country Garden* 27 HK BUY 3.7 (2) CR Land* 119 HK BUY 27.4 (11) China Vanke 'H'* 222 HK HOLD Dalian Wanda 'H' 3699 HK NR n.a. (38) n.a. n.a. Evergrande* 3333 HK HOLD Longfor 96 HK NR n.a. (9) n.a. n.a. Shimao Property* 813 HK BUY (2) Ave ra ge (8) Mid cap Agile Property* 3383 HK HOLD China South City*^^ 1668 HK HOLD COGO* 81 HK BUY China Jinmao Hldgs* 817 HK BUY 2.66 (8) Greentown 39 HK NR n.a Guangzhou R&F 2777 HK NR n.a Hopson Dev 754 HK NR n.a. (18) (12) n.a. n.a n.a. n.a. KWG Property 1813 HK NR n.a. (7) Poly (Hong Kong) 119 HK NR n.a. (19) Shenzhen Inv 64 HK NR n.a. () n.a. n.a. Shui On Land* 272 HK HOLD (64) Sino-Ocean Land* 3377 HK HOLD Soho China* 41 HK HOLD 3.6 (7) Sunac China 1918 HK NR n.a n.a. n.a. Yanlord Land*^ YLLG SP BUY 1.35 (11) Yueiu Property* 123 HK HOLD Average# Small cap BJ Cap Land 'H' 2868 HK NR n.a. (42) n.a. n.a. BJ North Star 'H' 588 HK NR n.a n.a. n.a. C C Land* 1224 HK Hold (79) (16.6) Central China* 832 HK BUY 1.52 (18) China SCE 1966 HK NR n.a n.a. n.a. CIFI Holdings 884 HK NR n.a n.a. n.a. First Sponsor*^ FSG SP Buy (47) Glorious Property 845 HK NR n.a. (18) Hydoo Int'l 1396 HK NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cash.7 n.a. n.a. Kaisa Group 1638 HK NR n.a n.a n.a. n.a. Lai Fung* 1125 HK NR n.a. (73) n.a. 6.8 n.a Minmetals Land 23 HK NR n.a n.a. n.a. n.a. n.a n.a. n.a. Powerlong 1238 HK NR n.a. (29) n.a. n.a. Renhe Commercial 1387 HK NR n.a. n.a. n.a. n.a. n.a. 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 n.a. n.a. Greenland* 337 HK BUY 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. Wuzhou Int'l 1369 HK NR n.a. (177) n.a. n.a n.a. n.a. Ying Li^ YINGLI SP NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Yuzhou Properties* 1628 HK NR n.a 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. Average** (16) Average (Overall)@ ~ ^ Denominated in SGD for price ~ Simple average discount to NAV; Market cap weighted average NAV = 34% # Eclude Soho China & Shui On Land ** Eclude Greenland, First Sponsor & Lai Eclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers Page 5

6 PE valuations, 27 to 215 trough (based on earnings forecasts) 1-Jun Mkt 16F 17F PE Compa ny Na me Code Price HK$ Ca p US$bn PE PE Trough 27 Trough 28 Trough 29 Trough 21 Trough 211 Trough 212 Trough 213 Trough 214 Trough 215 China Overseas* 688 HK Country Garden* 27 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Dalian Wanda 'H' 3699 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.3 Evergrande* 3333 HK n.a. n.a. n.a Longfor 96 HK n.a. n.a Shimao Property* 813 HK Average Agile Property* 3383 HK China South City*^^ 1668 HK n.a. n.a COGO* 81 HK n.a. n.a. n.a. n.a China Jinmao Hldgs* 817 HK Greentown 39 HK Guangzhou R&F 2777 HK Hopson Dev 754 HK KWG Property 1813 HK Poly (Hong Kong) 119 HK n.a Shenzhen Inv 64 HK Shui On Land* 272 HK Sino-Ocean Land* 3377 HK Soho China* 41 HK Sunac China 1918 HK n.a. n.a. n.a Yanlord Land*^ YLLG SP Yueiu Property* 123 HK Average# BJ Cap Land 'H' 2868 HK BJ North Star 'H' 588 HK C C Land* 1224 HK n.a n.a. n.a Central China* 832 HK n.a China SCE 1966 HK n.a. n.a. n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a. n.a. n.a First Sponsor*^ FSG SP n.a. n.a. n.a. n.a. n.a. n.a. n.a Glorious Property 845 HK n.a. n.a Hydoo Int'l 1396 HK.94.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Kaisa Group 1638 HK n.a. n.a. n.a Lai Fung* 1125 HK n.a Minmetals Land 23 HK n.a Powerlong 1238 HK n.a. n.a Renhe Commercial 1387 HK n.a. n.a. n.a Road King 198 HK n.a. n.a Greenland* 337 HK SRE Group 127 HK.22.6 n.a. n.a Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Ying Li^ YINGLI SP.14.3 n.a. n.a. n.a. n.a Yuzhou Properties* 1628 HK n.a. n.a Zhong An 672 HK.71.2 n.a. n.a. n.a Average** Average (Overall)@ ^ Denominated in SGD for price # Eclude Soho China & Shui On Land for 16F & 17F PE ** Eclude Greenland, First Sponsor & Lai Fung for 16F & 17F Eclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers Page 6

7 PE valuations, 27 to 215 peak (based on earnings forecasts) 1-Jun Mkt 16F 17F PE () Compa ny Na me Code Price HK$ Ca p US$bn PE PE Peak 27 Peak 28 Peak 29 Peak 21 Peak 211 Peak 212 Peak 213 Peak 214 Peak 215 China Overseas* 688 HK Country Garden* 27 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Dalian Wanda 'H' 3699 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Evergrande* 3333 HK n.a. n.a. n.a Longfor 96 HK n.a. n.a Shimao Property* 813 HK Average Agile Property* 3383 HK China South City*^^ 1668 HK n.a. n.a COGO* 81 HK n.a. n.a. n.a. n.a China Jinmao Hldgs* 817 HK Greentown 39 HK Guangzhou R&F 2777 HK Hopson Dev 754 HK KWG Property 1813 HK Poly (Hong Kong) 119 HK n.a Shenzhen Inv 64 HK Shui On Land* 272 HK Sino-Ocean Land* 3377 HK Soho China* 41 HK Sunac China 1918 HK n.a. n.a. n.a Yanlord Land*^ YLLG SP Yueiu Property* 123 HK Average# BJ Cap Land 'H' 2868 HK BJ North Star 'H' 588 HK C C Land* 1224 HK n.a. n.a. n.a. n.a Central China* 832 HK n.a China SCE 1966 HK n.a. n.a. n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a. n.a. n.a First Sponsor*^ FSG SP n.a. n.a. n.a. n.a. n.a. n.a. n.a Glorious Property 845 HK n.a. n.a Hydoo Int'l 1396 HK.94.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Kaisa Group 1638 HK n.a. n.a. n.a Lai Fung* 1125 HK n.a Minmetals Land 23 HK n.a n.a Powerlong 1238 HK n.a. n.a Renhe Commercial 1387 HK n.a. n.a. n.a Road King 198 HK n.a. n.a Greenland* 337 HK SRE Group 127 HK.22.6 n.a. n.a Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Ying Li^ YINGLI SP.14.3 n.a. n.a. n.a. n.a Yuzhou Properties* 1628 HK n.a. n.a Zhong An 672 HK.71.2 n.a. n.a. n.a Average** Average (Overall)@ ^ Denominated in SGD for price # Eclude Soho China & Shui On Land for 16F & 17F PE ** Eclude Greenland, First Sponsor & Lai Fung for 16F & 17F Eclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers Page 7

8 PE valuations, 27 to 215 trough (based on reported earnings) 1-Jun 3-mth daily Mkt trading FY16F FY17F PE () Price Cap value PE PE Avg Trough Trough Trough Trough Trough Trough Trough Trough Trough Company Name Code HK$ US$bn US$m PE () China Overseas* 688 HK Country Garden* 27 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a. n.a Dalian Wanda 'H' 3699 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Evergrande* 3333 HK n.a. n.a Longfor 96 HK n.a. n.a Shimao Property* 813 HK Average Agile Property* 3383 HK China South City*^^ 1668 HK n.a. n.a. n.a. n.a COGO* 81 HK (3.5) China Jinmao Hldgs* 817 HK Greentown 39 HK Guangzhou R&F 2777 HK Hopson Dev 754 HK KWG Property 1813 HK Poly (Hong Kong) 119 HK (2.5) Shenzhen Inv 64 HK Shui On Land* 272 HK Sino-Ocean Land* 3377 HK Soho China* 41 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Sunac China 1918 HK n.a. n.a. n.a. n.a Yanlord Land*^ YLLG SP Yueiu Property* 123 HK (4.6) Average# BJ Cap Land 'H' 2868 HK BJ North Star 'H' 588 HK C C Land* 1224 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.2 Central China* 832 HK n.a China SCE 1966 HK n.a. n.a. n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a. n.a First Sponsor*^ FSG SP n.a. n.a. n.a. n.a. n.a. n.a. n.a Glorious Property 845 HK n.a. n.a (2.2) (1.3) Hydoo Int'l 1396 HK n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a Kaisa Group 1638 HK n.a. n.a n.a. 2.4 Lai Fung* 1125 HK n.a. 5.8 n.a Minmetals Land 23 HK Powerlong 1238 HK n.a. n.a Renhe Commercial 1387 HK n.a. n.a. n.a. n.a (3.6) (3.2) (2.2) Road King 198 HK n.a. n.a Greenland* 337 HK (1.1) SRE Group 127 HK n.a. n.a (1.6) (.6) Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a (5.7) Ying Li^ YINGLI SP n.a. n.a n.a Yuzhou Properties* 1628 HK n.a. n.a Zhong An 672 HK n.a. n.a Average** Average (Overall)@ HSI Inde HSI ^ Denominated in SGD for price # Eclude Soho China & Shui On Land for 16F & 17F PE ** Eclude Greenland, First Sponsor & Lai Fung for 16F & 17F Eclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers Page 8

9 PE valuations, 27 to 215 peak (based on reported earnings) 1-Jun 3-mth daily Mkt trading FY16F FY17F PE () Price Cap value PE PE Avg Peak Peak Peak Peak Peak Peak Peak Peak Peak Company Name Code HK$ US$bn US$m PE () China Overseas* 688 HK Country Garden* 27 HK CR Land* 119 HK China Vanke 'H'* 222 HK n.a. n.a. n.a. n.a. n.a. n.a Dalian Wanda 'H' 3699 HK n.a. n.a. n.a. n.a. n.a. n.a. n.a Evergrande* 3333 HK n.a. n.a Longfor 96 HK n.a. n.a Shimao Property* 813 HK Avera ge Agile Property* 3383 HK China South City*^^ 1668 HK n.a. n.a. n.a. n.a COGO* 81 HK n.a China Jinmao Hldgs* 817 HK Greentown 39 HK Guangzhou R&F 2777 HK Hopson Dev 754 HK KWG Property 1813 HK n.a Poly (Hong Kong) 119 HK (6.8) Shenzhen Inv 64 HK Shui On Land* 272 HK Sino-Ocean Land* 3377 HK Soho China* 41 HK n.a Sunac China 1918 HK n.a. n.a. n.a. n.a Yanlord Land*^ YLLG SP Yueiu Property* 123 HK n.a Average# BJ Cap Land 'H' 2868 HK BJ North Star 'H' 588 HK C C Land* 1224 HK n.a. n.a Central China* 832 HK n.a China SCE 1966 HK n.a. n.a. n.a CIFI Holdings 884 HK n.a. n.a. n.a. n.a. n.a First Sponsor*^ FSG SP n.a. n.a. n.a. n.a. n.a. n.a. n.a Glorious Property 845 HK n.a. n.a (3.8) (2.1) Hydoo Int'l 1396 HK n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a Kaisa Group 1638 HK n.a. n.a n.a. 3. Lai Fung* 1125 HK n.a. 5.8 n.a Minmetals Land 23 HK Powerlong 1238 HK n.a. n.a Renhe Commercial 1387 HK n.a. n.a. n.a. n.a (8.4) (5.5) (6.9) Road King 198 HK n.a. n.a Greenland* 337 HK (1.8) SRE Group 127 HK n.a. n.a (13.9) (2.7) Wuzhou Int'l 1369 HK n.a. n.a. n.a. n.a. n.a. n.a (15.) Ying Li^ YINGLI SP n.a. n.a n.a Yuzhou Properties* 1628 HK n.a. n.a Zhong An 672 HK n.a. n.a Avera ge** Avera ge (Ove rall)@ HSI Inde HSI ^ Denominated in SGD for price # Eclude Soho China & Shui On Land for 16F & 17F PE ** Eclude Greenland, First Sponsor & Lai Fung for 16F & 17F Eclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE ^^ FY15: 16F; FY16: FY17F; FY17: FY18F Source: Thomson Reuters, *DBS Vickers Page 9

10 Share price performance Price Performance 27 1-wk 2-wk 1-mth 2-mth 3-mth 4-mth 5-mth 6-mth YTD 1-yr high % % % % % % % % % % % % % % % % Tier 1 players China Overseas 688 HK (1.) (5.) (8.6) (12.5) (11.2) (9.7) 78. (5.6) Country Garden 27 HK (.6) (1.9). (1.3) (6.4) (3.8) (1.3) (2.3) (32.8) 2.6 (76.3) CR Land 119 HK (.9) (3.6) (3.3) 4.4 (5.3) (13.1) (16.5) (22.7) (12.1) 69.1 (8.9) (8.9) China Vanke 'H' 222 HK (1.9) (1.8) (7.1) (12.1) (2.) (9.3) n.a. n.a. n.a. n.a n.a. Dalian Wanda 3699 HK (.4) (3.) (3.) (31.5) n.a. n.a. n.a. n.a. (8.6) n.a. Evergrande 3333 HK (5.) (6.3) (6.2) 4.9 (13.) (1.3) (22.1) 1.2 (14.8) 32. (3.4) n.a. Longfor Properties 96 HK (1.8) (1.4) (1.2) (11.2) (2.7) 5.2 (6.2) (7.9) (13.7) (18.3) (18.9) 72.9 (28.6) (7.8) 15.7 n.a. Shimao Property 813 HK (5.7) (1.2) (13.2) (4.8) (17.8) (25.5) (28.2) (39.9) (43.5) (2.7) (2.5) (65.9) Average (.1) 1.1 (.3) (3.5) (3.4) (8.3) (13.4) (16.6) (16.9) 69.8 (6.1) (4.2) 21.8 (31.1) Tier 2 players Agile Property 3383 HK (8.7) (1.) (5.6) 6.3 (3.5) (8.5) (1.) (33.2) (39.2) 56.6 (23.8) (46.9) (2.) (8.2) China South City 1668 HK (2.5) (7.3) (7.8) (12.6) (43.5) (32.) (5.6) n.a. COGO 81 HK (2.1) (1.3) (2.1) (6.7) (9.6) (6.7) (19.) (16.4) (28.4) (41.) (2.7) (46.7) (16.8) (48.3) China Jinmao Hldgs 817 HK (6.3) (7.2) 5.1 (3.7) (4.6) 6.2 (13.4) (17.5) (21.9) (28.9) (35.9) 85.9 (3.2) (17.4) 19.4 (66.8) Greentown 39 HK.4.2 (.6) (7.9) (23.8) (1.5) (24.) (34.4) (3.3) (47.6) (6.8) (16.6) (35.). (72.5) GZ R&F 2777 HK (1.9) (.8) 1.4 (7.5) (44.8) 11.1 (12.1) (16.3).6 (76.6) Hopson Dev 754 HK (.4) (1.6) (6.7) (12.1) (16.7) (7.) (5.2) (6.2) (11.8) (12.2) (51.8) 27.2 (24.6) (24.) 8.7 (78.2) KWG 1813 HK (3.) (1.6) 1.4 (8.8) (7.7) (4.9) (7.4) (18.1) (17.8) (3.1) (55.8) (26.1) (65.3) Poly HK 119 HK (1.5).5. (4.3) (12.3) (1.5) (12.7) (17.) (2.9) (5.6) (55.7) 79.8 (31.7) (22.9) (2.7) (82.5) Shenzhen Inv 64 HK (4.4) (1.6) (2.2) (4.7) (4.4) (9.2) (16.) (22.8) (48.7) (7.) (23.6) 62.8 (6.7) Shui On Land 272 HK 1. (2.) (1.5) (7.7) (4.) 6. (2.) (7.2) (9.4) (13.5) (36.9) 58.9 (31.1) (23.1) 16.4 (8.4) Sino-Ocean 3377 HK (9.6) (1.6) (16.1) (24.9) (34.8) (34.) (37.9) (29.3) 6.8 (12.1) (13.4) 12.7 (78.1) SOHO China 41 HK (2.9) (5.5) (4.7) (3.5) (29.4) (1.6) (18.) (31.4) (69.5) Sunac China 1918 HK (6.) (1.4) 5.6 (1.6) (11.6) (18.5) (43.5) (42.1) (22.5) 69.7 (24.) n.a. Yanlord Land YLLG SP (4.5) (6.5) (2.1) (5.7) (3.3) (43.2) 59.2 (19.4) (15.1) (3.4) (72.5) Yueiu Property 123 HK. 5.2 (4.7) (7.3) (8.9) (7.3) (17.7) (22.1) (23.9) (41.) (46.2) (22.) (16.8) (1.1) (64.6) Average (.6).6 (.7) (6.9) (7.5).5 (5.9) (11.4) (14.8) (28.9) (34.) (11.1) (9.7) (1.6) (71.2) Tier 3 players BJ Cap. Land 2868 HK (12.4) (1.4) (2.2) (17.5) (18.3) (24.5) (55.6) (41.2) 11.5 (18.) (64.1) BJ North Star 588 HK (1.8) 1.4 (4.7) (7.5) (5.5).5 (1.4) (11.2) (12.9) (35.9) (45.5) 82.6 (16.7) (71.7) C C Land 1224 HK (3.2) (1.6) (14.2) (12.1) (12.8) (1.4) (12.8) 5. (45.) 88.9 (28.3) (3.8) 79.3 (87.4) Central China 832 HK (4.1) (4.1) (5.3) (9.) (12.3) (41.6) (31.2) 76.8 (12.8) (26.8) (7.4) n.a. China SCE Property 1966 HK (2.9) (3.5) (2.4) (5.1) (2.9) (27.7) (12.4) 8. n.a. CIFI Holdings 884 HK (.5) (1.6) (6.6) n.a. n.a (6.1) 12.3 n.a. First Sponsor FSG SP. (.8). (.8) (1.6) (2.4) (3.2) (4.) (4.8) (5.5) n.a. n.a. n.a. n.a..8 n.a. Glorious Property 845 HK (4.) (8.9) (11.1) (2.9) (15.3) (7.7) (17.2) (5.3) (2.) (31.4) (49.1) (28.1) (25.) n.a. Hydoo Int'l 1396 HK (6.9) (4.1) (13.8) (9.6) (8.7) 6.8 (12.1) (1.5) (13.) (36.1) n.a. n.a. n.a. (13.5) (44.) n.a. Kaisa Group 1638 HK (42.) (36.4) (1.9) n.a. Lai Fung 1125 HK 1.7 (.8) (3.3).. (7.9) (11.4) (5.6) (1.) (39.1) (47.3) 25.5 (5.3) (19.9) (17.2) (74.9) Minmetals Land 23 HK (17.4) (53.4) 7.7 (19.5) (13.6) 1.1 (75.7) Powerlong 1238 HK (3.6) (3.) (1.2) (16.5) (59.1) (34.3) 5.5 n.a. Renhe Commercial 1387 HK (3.9) (3.5) (1.5) (27.2) (32.7) (29.5) (31.7) (36.6) (38.3) (7.) (34.6) (8.9) (38.9) (28.1) 5.9 n.a. Road King 198 HK.3 1. (6.) (1.6) (3.9) (2.6) (8.1) (7.9) (9.8) (18.1) (36.9) (11.7) 3.1 (64.4) Greenland 337 HK (11.9) (9.3) (59.) (66.1) (18.3) (1.9) (63.3) SRE Group 127 HK (9.2) 4.3 (12.8) (19.3) (39.4) (38.6) (4.3) (7.9) (55.7) 24.2 (32.9) (2.8) 73.8 (93.6) Wuzhou Int'l 1369 HK. (1.3) (4.8) 2.6. (6.). (3.7) (2.5) (4.2) n.a. n.a. n.a. 14. (44.9) n.a. Ying Li YINGLI SP (1.4) (2.8) 6.9 (1.8) (11.4) (15.7) (42.9) (41.4) (38.) (32.2) (88.3) Yuzhou Properties 1628 HK (1.1) (8.5) (3.8) (1.) (2.4) (2.8) (18.6) n.a. Zhong An 672 HK (1.4) 2.9. (2.7) (1.1) (1.4) (11.3) (12.3) (12.3) (31.7) (43.9) (2.8) (28.9) (87.7) Average (1.1) 1.2 (2.) (3.5) (2.6) 1.8 (7.7) (7.8) (11.5) (29.5) (43.4) (14.6) 3. (77.1) Average (Overall) (.8) 1. (1.2) (4.7) (3.7) 2.5 (6.3) (9.2) (13.) (27.) (35.5) 78.8 (4.9) (11.2) 4.7 (67.6) Hang Seng Inde (3.) (4.) (21.2) (2.) (7.2) (33.5) MSCI China (4.2) (4.8) (26.5) (2.4) (1.1) (45.7) Source: Thomson Reuters Page 1

11 Who has the highest sales lock-in? Contracted sales in 4M16 RMB mn 35, 3, 25, 2, 15, 1, 5, 48% 49% 44% 44% 45% 51% 5% 35% 39% 42% Average=35% 39% 37% 36% 39% 36% 4% 32% 32% 32% 33% 26% 28% 3% 24% 25%25% 21% 21% 2% 2% 6% 1% % 216 Pre-sales target (RHS) 4M16 Pre-sales (LHS) Pre-sales lock-in ratio Average lockin ratio ^ convert from HKD to RMB. Source: Companies; DBS Vickers Page 11

12 Who sold the most? Contracted sales in 4M16 RMB mn 15, 573% 6% 5% 1, 4% 5, -5, 94% 98% 167% 73% 63% 11% 24% 66% -42% 85% 59% 222% 2% 56% 196% 1%54% 3% 291% 3% 2% 163% 12% 57% 1% 2% 3% 17% 11% 23% % -2% -1% -2% 4M16 Pre-sales Y-o-Y growth ^ convert from HKD to RMB. Source: Companies; DBS Vickers Page 12

13 Who sold at the highest price? ASP of contracted sales in 4M16 vs. 215 RMB/sm 6, 4, 2, (2,) (4,) (6,) -4% -11% % 1% 3% 4% 6% 7% 8% 8% 9% 1% 11% 12%12%13% 16% 18% -1% -41% -18% Shui On Land Re corded ASP drops Franshion R&F COGO^ Yueiu Property Sunac Powerlong Shimao Poly HK Poly CN CR Land Vanke Yanlord Re corded ASP increases Central China Longfor 4M16 ASP 215 ASP % change Evergrande Greenland HK COLI^ Agile Sino-Ocean CIFI 2% 24%3% 32% 38% Country Garden Yuzhou Beijing Capital Land Shenzhen Investment Fantasia 12% 1% 8% 6% 4% 2% % -2% -4% -6% -8% -1% -12% ^ convert from HKD to RMB. Source: DBS Vickers; companies Page 13

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

15 Who entered into Hong Kong main board? Property IPOs Announcement Date Pricing Date Ticker Issuer Name Offer Price (HK$) Deal V alue* (HK$ mn) 3/11/211 3/22/ Top Spring ,558 4/11/211 4/29/ Huiian 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 12/1/213 12/2/ Longan Property 2.1 1,484 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 1/14/215 1/23/ China Overseas Property Holdings B to H (By way of introduction) * Before eercising greenshoe ^ Deal value converted from RMB to HKD Source: HK Stock Echange; DBS Vickers Page 15

16 Where was the funding from? Senior notes Event Ticker Company Date Coupon / Cost Amount (mn) Other details Senior notes 3333 Evergrande Jan-1 13.% US$75 Due 215 Guaranteed Senior notes 1638 Kaisa Apr % US$35 Due 215 Senior notes 3333 Evergrande Apr-1 13.% US$6 Due 215 Senior notes 27 Country Garden Apr % US$55 Due 217 Guaranteed Senior notes 3383 Agile Apr % US$65 Due 217 Senior notes YLLG SP Yanlord Apr-1 9.5% US$3 Due 217 Senior notes 1777 Fantasia May-1 14.% US$12 Due 215 Senior notes 1387 Renhe May % US$3 Due 215 Senior notes 813 Shimao J ul % US$5 Due 217 Senior notes 1813 KWG Aug % US$25 Due 217 Senior notes 27 Country Garden Aug-1 1.5% US$4 Due 215 Senior notes 1238 Powerlong Sep % US$2 Due 215 Senior notes 832 Central China Oct % US$3 5-years Senior notes 845 Glorious Oct-1 13.% US$3 5-years Guaranteed Senior notes 688 COLI Nov-1 5.5% US$1, Due 22 Senior notes 1628 Yuzhou Properties Dec % US$2 5-years Senior notes 272 Shui On Land Dec % Rmb3, US$ settled; Due 213 Senior notes 1966 China SEC Jan % Rmb2, 5 years; Senior notes 3333 Evergrande Jan % Rmb5,55 Due 214 Senior notes 3333 Evergrande Jan % Rmb3,7 Due 216; The two notes raised totally US$1,379.7Mn Senior notes 1668 China South City Jan % US$25 5 years; Senior notes 754 Hopson Jan % US$3 5 years; Senior notes 272 Shui On Land Jan % Rmb3,5 Due 215 Senior notes 27 Country Garden Feb % US$9 Due 218 Senior notes 813 Shimao Mar % US$35 Due 218 Senior notes 1238 Powerlong Mar % Rmb75 Due 214;US$settled Senior notes 337 Greenland HK Mar % US$2 Due in 216; US$ denominated Senior notes YLLG SP Yanlord Mar % US$4 Due 218 Senior notes 1813 KWG Mar % US$35 US$ denominated; 5 year; Senior notes 96 Longfor Apr % US$75 Due 216 Senior notes 817 Franshion Apr % US$5 Due 221 Senior notes 2777 Guangzhou R&F Apr-11 7.% Rmb2,612 Due 214 Senior notes 2777 Guangzhou R&F Apr % US$15 Due 216 Senior notes 119 CR Land May % US$ % principal; Due 216 Senior notes 1638 Kaisa May % US$3 Due 215 Senior notes 119 CR Land Aug % US$ % principal; Due 216 Senior notes 1238 Powerlong Sep % HK$1, Due 214 Senior notes 272 Shui On Land Jan-12 8.% SGD25 Due 215 Senior notes 688 COLI Feb % US$25 Due 217 Senior notes 272 Shui On Land Feb % US$475 Due 215 Senior notes 3383 Agile Mar % US$7 Due 217; Offering price: 99.9% of the principal amount Senior notes 1813 KWG Mar % US$4 Due 217; Offering price: % of the principal amount Senior notes 832 Central China Apr % SGD175 Due 216 Senior notes 272 Shui On Land J ul % US$4 Due 215 Senior notes 2777 Guangzhou R&F Aug % US$15 Due 216 Senior notes 1777 Fantasia Sep % US$25 Due 217 Source: Companies; DBS Vickers Page 16

17 Senior notes Event Ticker Company Date Coupon / Cost Amount Other details (mn) Senior notes 1638 Kaisa Sep % US$25 Due 217 Senior notes 1918 Sunac Oct % US$4 Due 217 Senior notes 96 Longfor Oct % US$4 Due 219 Senior notes 1668 China South City Oct % US$125 Due 217 Senior notes 1628 Yuzhou Properties Oct % US$25 Due 217 Senior notes 817 Franshion Oct % US$5 Due 217 Senior notes 41 SOHO China Oct % US$6 Due 217 Senior notes 41 SOHO China Oct % US$4 Due 222 Senior notes 1966 China SCE Nov % US$2 Due 217 Guaranteed Senior 688 COLI Nov % US$7 Due 222 Guaranteed Senior 688 COLI Nov % US$3 Due 242 Senior notes 3883 China Aoyuan Nov % US$125 Due 217 Senior notes 2868 Beijing Capital Land Nov % CNY2, Due 215 Senior notes 1638 Kaisa Jan % US$5 Due 22 Senior notes 27 Country Garden Jan % US$75 Due 223 Senior notes 813 Shimao Jan % US$8 Due 22 Senior notes 754 Hopson Jan % US$3 Due 218 Senior notes 1777 Fantasia Jan % US$25 Due 22 Senior notes 2777 Guangzhou R&F Jan % US$4 Due 22 Senior notes 832 Central China Jan-13 8.% US$2 Due 22 Senior notes 96 Longfor Jan % US$5 Due 223 Senior notes 13 Future Land Jan % US$2 Due 218 Senior notes (Retap) 1966 China SCE Jan % US$15 Due 217 Senior note (Retap) 3883 Aoyuan Jan % US$1 Due 217 Senior notes 656 Fosun Jan % US$4 Due 22 Senior notes 1238 Powerlong Jan % US$25 Due 218 Senior notes 846 Mingfa Jan % US$1 Due 218 Senior notes 39 Greentown Jan % US$4 Due 218 Senior notes 1813 KWG Jan % US$3 Due 22 Senior notes 2777 Guangzhou R&F Jan % US$2 Due 22 Senior notes 884 CIFI Group Feb-13 n.a n.a Withdrawn Senior notes 845 Glorious Feb % US$25 Due 218 Senior notes 1638 Kaisa Mar % US$55 Due 218 Senior notes 845 Glorious Mar % US$15 Due 218 Senior notes 39 Greentown Mar % US$3 Due 218 Senior notes 1918 Sunac Mar % US$5 Due 218 Senior notes 884 CIFI Group Apr % US$275 Due 218 Senior notes 1638 Kaisa Apr % Rmb1,8 Due 216 Senior notes 13 Future Land Apr % Rmb1,5 Due 216 Senior notes 1225 Lai Fung Apr % Rmb1,8 Due 218 Senior notes 39 Greentown May % Rmb2,5 Due 216 Senior notes YLLG SP Yanlord May % Rmb2, Due 216 Senior notes 119 Poly HK May % US$5 Due 218 Senior notes 1238 Powerlong May % Rmb8 Due 216 Senior notes 1777 Fantasia May % Rmb1, Due 216 Senior notes 832 Central China May % US$4 Due 218 Guaranteed Senior 817 Franshion Aug % US$2 Due 222 Source: Companies; DBS Vickers Page 17

18 Senior notes Event Ticker Company Date Coupon / Cost Amount Other details (mn) Senior notes 2777 Guangzhou R&F Jan % US$1, Due 219 Senior notes 1638 Kaisa Jan % US$5 Due 218 Senior notes 1813 KWG Jan % US$6 Due 219 Senior notes 1369 Wuzhou International Jan % US$1 Due 218 Senior notes 3883 China Aoyuan Jan % US$3 Due 219 Senior notes 813 Shimao Jan % US$6 Due 221 Senior notes 117 Modern Land Jan % Rmb1,1 Due 217 Senior notes 1777 Fantasia Jan % US$3 Due 219 Senior notes 1628 Yuzhou Properties Jan % US$3 Due 219 Senior notes 884 CIFI Group Jan % US$2 Due 219 Senior notes 1668 China South City Jan % US$4 Due 219 Senior notes 1238 Powerlong n.a n.a n.a Withdrawn Senior notes 337 Greenland HK Jan % Rmb1,5 Due 218 Guaranteed Senior 81 COGO Jan % US$4 Due 219 Senior notes 3383 Agile Feb % US$5 Due 219 Senior notes 272 Shui On Land Feb % Rmb2,5 Due 217 Senior notes 3383 Agile Feb % Rmb2, Due 217 Senior notes 119 CR Land Feb % US$4 Due 219 Senior notes 119 CR Land Feb-14 6.% US$7 Due 224 Guaranteed Senior 817 Franshion Mar % US$5 Due 219 Senior notes YLLG SP Yanlord Mar-14 n.a n.a Withdrawn Senior notes 1233 Times Properties Mar % US$225 Due 219 Senior notes 1233 Times Properties Mar % US$8 Due 219 Senior notes YLLG SP Yanlord Apr % SGD4 Due 217 Senior notes 272 Shui On Land Apr % US$ Due 218 Senior notes 272 Shui On Land Apr % US$87.2 Due 22 Senior notes 1668 China South City Apr % Rmb1, Due 219 Guaranteed notes 688 COLI May % US$55 Due 219 Guaranteed notes 688 COLI May % US$45 Due 224 Senior notes 27 Country Garden May % US$25 Due 219 Senior notes 27 Country Garden May % US$5 Due 219 Senior notes 119 CR Land May % US$35 Due 219 Senior notes 832 Central China May % S$2 Due 217 Senior notes 96 Longfor May % Rmb2, Due 218 Senior notes 338 Logan prop Jun % US$3 Due 219 Senior notes 272 Shui On Land Jun % US$55 Due 219 Senior notes 1638 Kaisa Jun-14 9.% US$4 Due 219 Senior notes 688 COLI Jun % US$25 Due 219 Senior notes 688 COLI Jun % US$25 Due 224 Senior notes 1233 Times Properties Jul % Rmb9 Due 217 Senior notes 13 Future Land Jul % US$35 Due 219 Senior notes 268 Sunshine 1 Jul-14 TBC USD TBC Guaranteed notes 3377 Sino Ocean Land Jul % US$5 Due 219 Guaranteed notes 3377 Sino Ocean Land Jul-14 6.% US$7 Due 224 Senior notes 117 Modern Land Jul % US$125 Due 219 Senior notes 1622 Redco Property Jul % US$125 Due 219 Guaranteed notes 1813 KWG Jul % US$4 Due 219 Senior notes 1862 Jingrui Aug % US$15 Due 219 Senior notes 1238 Powerlong Sep % Rmb1,5 Due 217 Senior notes 268 Sunshine 1 Sep % US$115 Due 217 Senior notes 1233 Times Properties Oct % Rmb9 Due 217 Senior notes 272 Shui On Land Nov % US$5 Due 217 Senior notes 884 CIFI Group Dec % US$2 Due 219 Senior notes 1628 Yuzhou Properties Dec-14 9.% US$25 Due 219 Source: Companies; DBS Vickers Page 18

19 Senior notes Event Ticker Company Date Coupon / Cost Amount (mn) Other details Corporate bond (on-shore) 1668 China South City Apr-15 7.% Rmb1,5 Due 221 Corporate bond (on-shore) 2868 Beijing Capital Land May % Rmb3, Due 22 Corporate bond (on-shore) 3333 Evergrande Jun % Rmb5, Due 22 Corporate bond (on-shore) 96 Longfor Jul % Rmb2, Due 22 Corporate bond (on-shore) 3333 Evergrande Jul % 6.98% Rmb6,8 Rmb8,2 Due 219 Due 222 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 Jul % 4.2% Rmb2, Rmb2, Due 22 Due 222 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 % 5.7% Rmb2,5 Rmb2,5 Due 222 Corporate bond (on-shore) 338 Logan prop Aug-15 5.% Rmb2,5 Due 22 Corporate bond (on-shore) 338 Logan prop Aug % Rmb1, Due 219 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 % 5.16% Rmb2, Rmb2, Due 22 Due 222 Corporate bond (on-shore) 813 Shimao Sep % Rmb6, 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) 1233 Times Properties Oct % Rmb3, Due 218 Corporate bond (on-shore) 27 Country Garden TBC TBC Rmb4, TBC Corporate bond (on-shore) 1528 RS Macalline TBC TBC TBC TBC Corporate bond (on-shore) 2329 Guorui ppt Oct-15 TBC <Rmb3, TBC Corporate bond (on-shore) 1966 China SEC Oct % Rmb2, Due 22 Corporate bond (on-shore) 13 Future Land Oct-15 TBC (3.5%- 5.%) Rmb2, Due 22 Corporate bond (on-shore) 96 Longfor Nov % Rmb2, Due 222 Source: Companies; DBS Vickers Page 19

20 Senior notes Event Ticker Company Date Coupon / Cost Amount (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 Dec % Rmb3, Due 22 Properties Corporate bond (on-shore) 1966 China SEC Dec % Rmb1,5 Due 22 Corporate bond (on-shore) 117 Modern Land Dec-15 3.%- Rmb1, TBC 4.5% 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) 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 Senior notes 338 Logan prop Jan % US$26 Due 22 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) 1668 China South City Jan % Rmb3, Due 219 Corporate bond (on-shore) 268 Sunshine 1 Jan % Rmb1,46 Due 221 Corporate bond (on-shore) 1369 Wuzhou Jan-16 TBC Rmb1,6 TBC International 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) 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 Source: Companies; DBS Vickers Page 2