GUARANTEE OF LOAN MADE BY BIG WILL INVESTMENTS LIMITED TO R&F PROPERTIES (HK) COMPANY LIMITED

Transcription

1 Hong Kong Exchanges Clearing Limited The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualifi cation under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company does not intend to make any public offering of securities in the United States. Not for publication or distribution, directly or indirectly, in or into the United States. (a joint stock limited company incorporated in the People s Republic of China with limited liability) (Stock Code: 2777) GUARANTEE OF LOAN MADE BY BIG WILL INVESTMENTS LIMITED TO R&F PROPERTIES (HK) COMPANY LIMITED The Issuer proposes to conduct an international offering of RMB senior notes USD senior notes. The Notes will be unconditionally irrevocably guaranteed on a joint several basis by the Borrower the subsidiaries of the Company organized outside the PRC will have the benefit of security over certain collateral. Upon completion of the Proposed Notes Issue, the entire gross proceeds from the Proposed Notes Issue will immediately be on-lent by the Issuer, without any deduction, to the Borrower in the form of a loan. The due payment of all sums expressed to be payable by the Borrower under the Loan shall be unconditionally irrevocably guaranteed by the Company, subject to certain restrictions. Details of the Proposed Notes Issue, including the aggregate principal amount, the offer price for the Notes interest rates, will be determined through a book building exercise conducted by Credit Suisse Goldman Sachs as the joint global coordinators, Credit Suisse, Goldman Sachs, Citi Morgan Stanley as the joint lead managers the joint bookrunners. Upon finalising the terms of the Notes, Credit Suisse, Goldman Sachs, Citi, Morgan Stanley, the Issuer the Company, among others, will enter into the Purchase Agreement. The Borrower intends to use the net proceeds of the Loan to finance offshore expansion opportunities, repay existing debt up to approximately US$200 million, to fund the interest reserve accounts as required by the terms of the Notes for general corporate purposes. The pricing completion of the Proposed Notes Issue is subject to market conditions investor interests. Credit Suisse, Goldman Sachs, Citi Morgan Stanley as the joint lead managers joint bookrunners are managing the Proposed Notes Issue. 1

2 Application has been made for the listing of the Notes on the SGX-ST. Admission of the Notes to the SGX-ST is not to be taken as an indication of the merits of the Issuer or the Notes. The Company will make further announcement about the Proposed Notes Issue the Loan should the Purchase Agreement be signed. As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue the Loan from the Issuer may or may not materialise. Investors shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. THE PROPOSED NOTES ISSUE Introduction The Issuer proposes to conduct an international offering of RMB senior notes USD senior notes. The Notes will be unconditionally irrevocably guaranteed on a joint several basis by the Borrower the subsidiaries of the Company organized outside the PRC will have the benefit of security over certain collateral. Upon completion of the Proposed Notes Issue, the entire gross proceeds from the Proposed Notes Issue will be immediately on-lent by the Issuer, without any deduction, to the Borrower in the form of a loan. The due payment of all sums expressed to payable by the Borrower under the Loan shall be unconditionally irrevocably guaranteed by the Company, subject to certain restrictions. Details of the Proposed Notes Issue, including the aggregate principal amount, the offer price for the Notes interest rates, will be determined through a book building exercise conducted by Credit Suisse Goldman Sachs as the joint global coordinators, Credit Suisse, Goldman Sachs, Citi Morgan Stanley as the joint lead managers the joint bookrunners. Upon finalising the terms of the Notes, Credit Suisse, Goldman Sachs, Citi, Morgan Stanley, the Issuer the Company, among others, will enter into the Purchase Agreement. The Borrower intends to use the net proceeds of the Loan to finance offshore expansion opportunities, repay existing debt up to approximately US$200 million, to fund the interest reserve accounts as required by the terms of the Notes for general corporate purposes. The pricing completion of the Proposed Notes Issue is subject to market conditions investor interests. Credit Suisse, Goldman Sachs, Citi Morgan Stanley as the joint lead managers joint bookrunners are managing the Proposed Notes Issue. In connection with the Proposed Notes Issue, the Company will provide certain institutional investors with recent corporate information regarding the Group which include information that has not been previously made public. Such information that the Company considers to be material is attached to this announcement. Upon finalising the terms of the Notes, Credit Suisse, Goldman Sachs, Citi, Morgan Stanley, the Company the Issuer, among others, will enter into the Purchase Agreement. The Company will make further announcement in respect of the Proposed Notes Issue the Loan upon the execution of the Purchase Agreement. 2

3 The Notes have not been, will not be, registered under the Securities Act. The Proposed Notes Issue will only be offered outside the United States in compliance with Regulations S under the Securities Act. None of the Notes will be offered to the public in Hong Kong none of the Notes will be placed to any connected persons of the Company. Reason for the Proposed Notes Issue the Loan The Group is one of the largest property developers in China. The Proposed Notes Issue the on-loan of the entire gross proceeds of the issue of the Notes by the Issuer to the Borrower is being undertaken to finance offshore expansion opportunities, repay existing debt up to approximately US$200 million for general corporate purposes. The Company may adjust its acquisition development plans in response to changing market conditions thus, reallocate the use of proceeds in accordance with the requirements of the Company. Listing Application has been made for the listing of the Notes on the SGX-ST. Admission of the Notes to the SGX-ST is not to be taken as an indication of the merits of the Issuer or the Notes. No listing of the Notes has been sought in Hong Kong. GENERAL As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue the Loan from the Issuer may or may not materialise. Investors shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. The Company will make further announcement about the Proposed Note Issue the Loan should the Purchase Agreement be signed. DEFINITIONS In this announcement, the following expressions shall have the meanings set out below unless the context requires otherwise: Board Borrower Citi CNY the board of Directors R&F Properties (HK) Company Limited, a wholly owned subsidiary of the Company Citigroup Global Markets Limited /or its affiliates, one of the joint lead managers joint bookrunners in respect of the offer sale of the Notes Renminbi, the lawful currency of the PRC 3

4 Company connected person Credit Suisse Directors Goldman Sachs Group Hong Kong Issuer Listing Rules Loan Morgan Stanley Notes PRC Proposed Notes Issue Purchase Agreement ( R&F Properties Co., Ltd.), a joint stock company incorporated in the PRC with limited liability, the H-Shares of which are listed on the main board of the Stock Exchange has the meaning ascribed to it under the Listing Rules Credit Suisse (Hong Kong) Limited, one of the joint global coordinators, joint lead managers joint bookrunners in respect of the offer sale of the Notes the directors of the Company Goldman Sachs (Asia) L.L.C., one of the joint global coordinators, joint lead managers joint bookrunners in respect of the offer sale of the Notes the Company its subsidiaries the Hong Kong Special Administrative Region of the PRC Big Will Investments Limited, a company incorporated in the British Virgin Isls, the issuer of the Notes which will become a wholly owned subsidiary of the Company the Rules Governing the Listing of Securities on the Stock Exchange the loan to be extended by the Issuer to the Borrower, comprising the entire gross proceeds of the Proposed Notes Issue, which will be on-lend, without any deduction, by the Issuer to the Borrower Morgan Stanley & Co. International plc, one of the joint lead managers joint bookrunners in respect of the offer sale of the Notes RMB senior notes US$ senior Notes to be issued by the Issuer the People s Republic of China excluding Hong Kong, the Macau Special Administrative Region of the PRC Taiwan the proposed issue of the Notes by the Issuer the agreement proposed to be entered into between, among others, the Issuer, the Company, Credit Suisse, Goldman Sachs, Citi Morgan Stanley in relation to the Proposed Notes Issue 4

5 Securities Act SGX-ST Stock Exchange US$ the United States Securities Act of 1933, as amended Singapore Exchange Securities Trading Limited The Stock Exchange of Hong Kong Limited United States dollars, the lawful currency of the United States of America By order of the Board R&F Properties Co., Ltd. Li Sze Lim Chairman Hong Kong, 18 April 2011 As at the date of this announcement, the executive directors of the Company are Li Sze Lim, Zhang Li, Zhou Yaonan Lu Jing, the non-executive directors of the Company are Zhang Lin Li Helen, the independent non-executive directors of the Company are Huang Kaiwen, Dai Feng Lai Ming, Joseph. * for identifi cation purpose only 5

6 ANNEX MATERIAL UPDATED INFORMATION 1. Financial information of R&F Properties (HK) Company Limited ( R&F HK ) The following table presents the selected unaudited financial other data of R&F HK. The summary consolidated income statement data for the years ended 31 December 2008, the summary consolidated balance sheet data as of 31 December 2008, set forth below have been derived from the consolidated financial statements for the years ended 31 December , which have been reviewed by PricewaterhouseCoopers, Certified Public Accountants, in accordance with Hong Kong Stard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified Public Accountants. The financial statements of R&F HK have been prepared presented in accordance with HKFRS, which differ in certain respects from generally accepted accounting principles in other jurisdictions. Summary Unaudited Consolidated Income Statement Data Year ended 31 December CNY CNY CNY US$ (in thouss) Revenue 212, ,794 1,343, ,592 Cost of sales (183,401) (407,500) (637,811) (96,638) Gross profit 28, , , ,954 Other gains net 31, , ,741 94,052 Selling marketing costs (20,965) (67,514) (68,370) (10,359) Administrative expenses (129,778) (152,331) (132,435) (20,066) Other operating income/ (expenses) 211 (12,374) (9,209) (1,395) Operating (loss)/profit (90,274) 525,639 1,116, ,186 Finance costs (130,337) (163,359) (253,672) (38,435) Share of results of jointly (2,378) 11,439 1,733 controlled entities Share of results of associates (4,849) 32,072 48,937 7,415 (Loss)/profit before income tax (225,460) 391, , ,899 Income tax benefit/(expense) 52,265 (134,993) (316,215) (47,911) (Loss)/profit for the year (173,195) 256, ,115 91,988 (Loss)/profit to: Owners of the parent (135,816) 209, ,624 81,307 Non-controlling interests (37,379) 47,629 70,491 10,681 (173,195) 256, ,115 91,988 6

7 Summary Unaudited Consolidated Balance Sheet Data Year ended 31 December CNY CNY CNY US$ (in thouss) ASSETS NON-CURRENT ASSETS L use rights 390, , ,600 45,546 Property, plant equipment 2,047,560 1,726,959 1,609, ,937 Investment properties 3,007,018 3,123,359 3,574, ,632 Intangible assets 9,545 8,539 7,532 1,141 s in jointly 382, ,315 1,562, ,715 controlled entities s in associates 201, , ,276 43,375 Deferred income tax assets 49,937 65,638 72,109 10,926 Trade other receivables prepayments 1,393 1, ,087,829 5,855,803 7,415,025 1,123,490 CURRENT ASSETS Properties under development 95, , ,214 17,760 properties held for 21,020 41,538 6,294 sale Inventories 30,661 10,201 7,571 1,147 Trade other receivables 1,077,370 1,155,926 2,424, ,421 prepayments Tax prepayments 7,034 13,827 29,786 4,513 Restricted cash 6,941 4, Cash 91,949 1,449, ,487 25,983 1,302,048 2,764,066 2,796, ,787 assets 7,389,877 8,619,869 10,212,018 1,547,277 EQUITY Equity to owners of the parent Share capital Retained earnings 1,224,291 1,433,643 1,970, ,525 Non-controlling interests 329, , ,480 67,800 TOTAL EQUITY 1,553,661 1,810,642 2,417, ,327 7

8 Summary Unaudited Consolidated Balance Sheet Data (Continued) Year ended 31 December CNY CNY CNY US$ (in thouss) LIABILITIES NON-CURRENT LIABILITIES Long-term borrowings 1,255,000 2,925,521 3,769, ,069 Deferred income tax liabilities 447, , ,441 91,582 1,702,462 3,402,190 4,373, ,651 CURRENT LIABILITIES Accruals other payables 3,553,574 2,655,885 1,351, ,797 Deposits received on sale of 95, , ,134 53,051 properties Current income tax liabilities 63, ,780 27,391 Short-term bank loans 484, ,499 1,438, ,908 Current portion of long-term bank loans 100,000 15,152 4,133,754 3,407,037 3,420, ,299 liabilities 5,836,216 6,809,227 7,794,261 1,180,950 equity liabilities 7,389,877 8,619,869 10,212,018 1,547,277 Net current liabilities (2,831,706) (642,971) (623,772) (94,512) TOTAL ASSETS LESS CURRENT LIABILITIES 3,256,123 5,212,832 6,791,253 1,028,978 8

9 2. Details of property projects at R&F Garden 2 R&F Villa 3 R&F Tianxing Yuexiu building 4 Xiatang project Yuexiu 5 R&F Court Liwan 6 R&F Square Liwan West 7 R&F Square Liwan North 8 R&F Tianli Court 9 R&F Fortune Yuexiu Garden 10 R&F King s Liwan Court 11 R&F Sunny Sky Court 12 R&F American Baiyun Dream Isl Property s Properties Under Sold Under under Presold (As of Held 8,610 22,188 22,188 19,000 19, % 14,145 48,361 48,361 42,000 42, % 2,132 18,600 18,600 10,000 10, % 2,780 7,700 7,700 6,000 6, % 26, , ,796 85,000 85, % 75, , , , , % 7,478 38,333 38,333 31,000 31, % 23,929 94,671 94,671 84,000 84, % 12,673 99,342 99,342 52,000 42, % 6,926 48,553 48,553 39,000 38, % 66, , , , , % 51, , , , , % 9

10 2. Details of property projects at 2011 (continued) Property s Properties Under Sold Under under Presold Held 13 R&F Green River Garden 14 R&F Artist Garden 15 R&F Aristocratic House Phase 1 16 R&F Tycoon Place 17 R&F Eastern Dynasty 18 R&F Modern Plaza 19 R&F Science Center 20 R&F Aristocratic House Phase 2 21 R&F West Garden 22 R&F Peach Garden 1 23 R&F Cairnhill Garden 24 R&F Oasis Court 25 R&F Edinburgh International Apartment Baiyun Haizhu Haizhu Yuexiu Yuexiu Haizhu Haizhu Liwan Liwan Haizhu Haizhu 24,908 87,123 87,123 74,000 70, % 35, , , , , % 30, , , , , % 19,223 94,483 94,483 82,000 81, % 21, , , , , % 73, , , , , % Office 6,072 60,428 60,428 42,000 38, % Retail Office Office 8,639 88,343 88,343 77,000 75, % 38, , , , , % 117, , , , ,682 85% Office Office 3,669 26,456 26,456 23,000 22, % 4,010 26,802 26,802 24,000 23, % Office 5,856 52,103 52,103 39,000 37, % 10

11 2. Details of property projects at 2011 (continued) Property s Properties Under Sold Under under Presold Held 26 R&F Ying Long Plaza 27 R&F Peninsula Garden 28 R&F Prosperous Place 29 R&F Yingli Building 30 R&F Center 31 R&F Shengyue Court 32 R&F Gr Hyatt Hotel office 33 R&F Ritz-Carlton Hotel 34 R&F Modern Plaza Phase II 35 R&F Jubilee Garden 36 R&F Yingtai Plaza 37 R&F Square South 38 R&F Peach Garden Phase II Liwan Liwan Haizhu Haizhu Liwan Liwan Office 8, , ,256 90,000 84, % 135, , , , , % Office 21, , , , , % 9,082 93,567 93,567 63,000 56, % Office 8, , , , % 14, , , ,000 86, % Hotel Office 10, , ,498 78,000 30, % Hotel 6, , ,322 76, % 15,634 36,732 36,732 32,000 31, % 32, , , , , % Office 14, , , ,000 94, % 27, , ,387 83,000 83, % 137, , , , , % 11

12 2. Details of property projects at 2011 (continued) Property s Properties Under Sold Under under Presold Held 39 R&F Cambridge Court 40 Yingfeng Plaza 41 Golden Jubilee Garden 42 Yingxin Plaza 43 R&F City 44 R&F Jin Gang City (including Holiday Inn Airport Hotel ) 45 R&F Junhu Palace 46 R&F Garden Pearl River Park View (formerly R&F Ying Zun Plaza) 47 R&F International Apartment (formerly R&F Ying Cheng Plaza) Liwan Haizhu Baiyun Modern Avenue, Huadu Huadu Shou Yue West, Liu Hua Road, Liwan Zone M, Pearl River New Zone M, Pearl River New 36, , , , , % Apartment 8,328 83,138 83,138 71,000 64, % Office 13, , , , , % Office 7, , ,499 94,037 82, % 227, , , , , % Industrial Storage 1,119,211 1,525, , , , , , , , % 38, ,459 43,767 37,139 32, ,692 80,678 4, % Apartment Apartment 13, , , ,922 95, % 11, , ,235 79,735 42, % 12

13 2. Details of property projects at 2011 (continued) 48 R&F Ying Kai Plaza 49 R&F Spring World 50 R&F Jinyu Garden 51 R&F Tangning Garden 52 Huadu Huawei Co. Project 53 Lie De Project 54 Asian Games City Project 55 Haizhu Cheng Project Zone J, Pearl River New Hot Spring Village, Hot Spring Conghua City Zone F, Jin Sha Zhou, Baiyun North of Xi Wan Road, Liwan Modern Avenue, HuaDu Lie De Village, Li De Road, Asia Game City, Panyu Southwest of the Interchange of Jiang Nan Xi Road Jiang Nan Avenue, Haizhu Office Property s Properties Under Sold Under under Presold Held 7, , , ,084 87% 808, ,000 38,244 38,244 32, , ,175 18, , % 101, , , , % 71, , ,678 96, % Industrial Storage Apartment, Office Office 142, , , , % 114, , , ,230 33% 2,639,520 4,380,000 1,066, , ,600 3,313,500 20% 18, , , % 13

14 2. Details of property projects at 2011 (continued) 56 R&F Ying Tong Plaza (B1-3) 57 R&F International Center 58 R&F Yangji Project 59 Huizhou R&F Ligang Center 60 Huizhou Longquan Project (including Hilton Huizhou Longmen Huizhou Resort) 61 Huizhou Boluo Project 62 Huizhou Fumao Venice Bay East of Hua Xia Road, Zone J, Pearl River New Yangji Village, Yuexiu Jiangbei Huizhou Ma Qiao Re Shui Village, Yong Han Longmen County Hui Bo Yan Jiang Exit, Luoyang Boluo County Dapu Tun, Renshan Rendong County Property s Properties Under Sold Under under Presold Held Office 7, , , % Office Retail Hotel Hotel 7, , , % 62, , , % 47, , , , ,807 67,126 67, % 930, , , , % 73, ,408 78,495 61, , % 741,868 1,508,918 85,990 82,938 1,422,929 50% 14

15 2. Details of property projects at 2011 (continued) 63 Hainan R&F Bay Shore 64 Hainan R&F Yingxi Valley 65 Hainan R&F Mangrove Bay (including Doubletree Resort by Hilton Haikou-Chengmai) 66 Chongqing R&F Modern Plaza 67 Chongqing R&F Ocean Plaza (including Hyatt Hotel Chongqing) 68 Chongqing R&F City (including Holiday University City Chongqing) 69 Chongqing Nanshan Villa Zone B, Xiang Shui Bay, Lingshui Sanya Na Jia Po, Xiuying West Coast, Haikou San Lin Exit, Huan Dao West Line Highway, Chengmai Town Jiangbei Chongqing Yang He New Area (the former Yang He Reservoir), Guan Yin Qiao Street, Jingbei Xi Yong Unit, Sha Ping Ba No.99 Nan Shan Road, Nan an Hotel Property s Properties Under Sold Under under Presold Held 1,242, , , ,896 97,393 98,957 77,822 14, , % 453, ,000 16,793 16,793 16,321 54,541 54,178 32,794 99, % Hotel 4,352, ,158 60,412 52,600 26, , % 78, , , , , % Hotel Hotel 39, , , , , ,573 70,242 24, % 1,981,995 6,862, , , , , , ,165 6,060, % 79,583 31,540 31, % 15

16 2. Details of property projects at 2011 (continued) 70 Chengdu Pa City Phase 1 71 Chengdu R&F Pa City Phase II R&F Palace (including Ritz-Carlton Chengdu) 72 Chengdu R&F Peach Garden 73 Shanghai R&F Bay Shore Phase I 74 Shanghai R&F Bay Shore Phase II 75 Shanghai R&F Peach Garden 76 Shanghai R&F California Place/ Square 77 Nanjing Qi Lin Science & Technology Parks Project Qingyang Chengdu Shun Cheng Street, Qingyang South of Zhen Hai Du Road West, Xin Du Town West of Wan Yuan Road, Dian Shan Lake Kunshan West of Wan Yuan Road, Dian Shan Hu Kunshan Qingpu Industrial Zone, Qingpu New Jiangwan Yangpu Qi Lin Science & Technology Parks, Jiangning Nanjing Apartment, Shopping Mall Hotel Property s Properties Under Sold Under under Presold Held 29, , , ,060 8, % 16, , , ,813 14,449 98, % 186,650 1,081,774 67,532 67,532 34, , ,647 59, , % 921, , , ,221 90,593 86,982 86,982 21, , % 142,390 34,946 34, % 231, ,933 50,621 50,621 49,645 97,600 87,999 38, , %, Office Hotel Office Hotel 142, , ,419 50% 571, , , % 16

17 2. Details of property projects at 2011 (continued) Property s Properties Under Sold Under under Presold Held 78 Beijing R&F City Chaoyang Beijing 79 Beijing R&F Edinburgh Apartment 80 Beijing R&F American Dream Isl 81 Beijing R&F Xinran Court/Plaza (including Express by Holiday Inn temple of Heaven Beijing) 82 Beijing R&F Festival City 83 Beijing R&F Bay Shore 84 Beijing R&F Peach Garden Chaoyang Beijing Chaoyang Beijing Area, No.35 Court, Nan Wei Road, Xuanwu North of Da Lu Dian, Douge Village, Chaoyang Man Po Shunyi Zone East III, High Building Material City, Xi San Qi, De Sheng Men Wai, Shunyi, Office Hotel Retail Office 394,431 1,507,397 1,507,397 1,190,000 1,052, % 20, , , , , % 87, , , , , %, Hotel Office 51, , , , ,873 8,199 6, % 341,249 1,123, , , , , ,684 97, , % 226, ,000 80,295 80,295 79,189 77,705 33,636 33, % 125, , , , ,561 38,508 21, , % 17

18 2. Details of property projects at 2011 (continued) Property s Properties Under Sold Under under Presold Held 85 Beijing R&F Danish Town Jin Nan Green Ecology Community, West of the Zone, Pang Ge Village, Daxing 86 Beijing R&F No.10 No.10, Guang Qu Men Wai, Chaoyang 87 Beijing R&F Golden Jubilee Garden (Luhe Mingyuan) 88 Beijing Yizhuang Old Donggong Project 89 Tianjin R&F City (including Complex) 90 Tianjin R&F Bay Shore South of Xincheng Street, Tongzhou No.4 Yizhuang Old Dongong, Daxing South of Bei Ma Road, West of Dong Ma Road, Nankai Wang Chun Village, Zhong Bei Xiqing 607, ,130 89,532 89,241 89, , , , , % 32,300 94,500 94,500 77,385 67, % 44, ,185 24,767 22,210 20, , % Hotel 88, , , % 180, , , , ,326 89,142 89,142 56, , % 101, , , , , ,506 40,629 39, % 18

19 2. Details of property projects at 2011 (continued) 91 Tianjin R&F Peach Garden 92 Tianjin R&F Jinmen Lake North of Li Shuang Road, West of Wei Shan Road, Shuang Gang Jinan West of You Yi Nan Road, Hexi 93 Tianjin R&F Center East of 94 Tianjin R&F Guangdong Building 95 Tianjin Jinnan Xincheng Project Nan Chang Road, Hexi South of Tuo Chang Road, West of Bin He Xi Road, Tanggu Tianjin Shui Gu Jinnan Property s Properties Under Sold Under under Presold Held 166, , , , , , , , , % 930,932 1,574, , , , , , , , % Apartment Office Apartment Office, Office, Hotel Shopping Mall 9, , , ,997 21, % 23, , ,875 91, , % 1,289,227 3,010, , ,000 2,690,901 25% 19

20 2. Details of property projects at 2011 (continued) 96 Xi an R&F City (including R&F Holiday Inn Xi an) South of North Ring Road, Chang an 97 Taiyuan R&F City No.3, Jin An East Street, Xin Hua Ling 98 Taiyuan R&F Modern Plaza 99 Taiyuan R&F Peach Garden 100 Taiyuan Kuang Ji Project 101 Shenyang Xianhu Project South of Dong Er Xiang, Yi Jing Xi Road, West of He Ping Nan Road, Xiaodian No.5, Jin An Dong Street, Xing Hua Ling No.9 Jiefang Road North Huang Shan Village, Tao Xian Dongling Hotel, Office Property s Properties Under Sold Under under Presold Held 381,814 1,038, , , , , ,661 76, , % 1,056,200 2,112, , , , , , ,916 1,400, % 87, ,840 71,240 71,240 71, , , , % 195, , , % 237, , , % 373, ,015 35,091 35,091 30, , ,410 11,183 47, % 25,901,987 46,502,387 14,646,347 12,678,272 11,490,425 8,590,226 7,195,375 2,415,777 23,265,814 20