CIFI Holdings (Group) Co. Ltd Annual Results Presentation Innovative Breakthrough, Fast Growth March 2016

Transcription

1 CIFI Holdings (Group) Co. Ltd Annual Results Presentation Innovative Breakthrough, Fast Growth March 2016

2 Disclaimer This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of CIFI Holdings (Group) Co. Ltd. (the Company ) and factors beyond the Company's control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from these forward-looking statements. The Company undertakes no responsibility to update these forward-looking statements of events or circumstances that occur subsequent to such dates. The information in this presentation should be considered in the context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. The slides forming part of this presentation have been prepared solely as a support for oral discussions about background information about the Company. This presentation also contains information and statistics relating to the China real estate industry. The Company has derived such information and data from unofficial sources, without independent verification. The Company cannot ensure that these sources have compiled such data and information on the same basis or with the same degree of accuracy or completeness as are found in other industries. You should not place undue reliance on statements in this presentation regarding the China real estate industry. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Information and opinion contained in this presentation may be based on or derived from the judgment and opinion of the management of the Company. Such information is not always capable of verification or validation. None of the Company or financial adviser of the Company, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. It shall not to be construed as a solicitation or an offer or invitation to buy or sell any securities or related financial instruments. No part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation may not be copied or otherwise reproduced. 2

3 Table of Contents I Annual Results Highlights II. III Operating Performance 2015 Financial Performance IV Outlook V. Appendix 3

4 I Annual Results Highlights 4

5 2015 Annual Results Highlights Substantial Contracted Sales Growth, Outperforming Industry Peers Contracted sales: RMB30.2 billion, up 43%, exceeding full year target of RMB25 billion by 21% ASP reached RMB14,700/sq.m. (2014: RMB12,200/sq.m.), up 20% Contracted sales in 2H 2015 accounted for 65% of the FY total, capturing benefits of rising property prices Contracted Sales (RMB million) 2015: +43% 21,200 15,319 9,544 30, Core profit: RMB2.21 billion (2014: RMB1.94 billion), up 14% Recognized revenue: RMB18.23 billion (2014: RMB16.18 billion), up 13% Consistent Growth in Core Profit and Dividend Final dividend of RMB (approx. HK$0.11) per share with script option and interim dividend bring full year dividend to approx. HK$0.14 per share (2014: HK$0.11), up 27% Payout ratio: 35% of core net profit Dividend (Equiv. to HK cents per share) : +27%

6 2015 Annual Results Highlights Healthy Financial Ratios Gross profit margin and core net profit margin: 24.1% and 12.1% respectively, remained stable Weighted average funding cost lowered to 7.2% (2014: 8.3%), further decline expected in 2016 Net debt ratio: 59% (2014: 63%, assuming onshore perpetual instruments treated as debts) Cash-on-hand: RMB14.9 billion Completed Share Placement, Onshore Bonds; Reduced USD Exposure In May 2015, raised US$170 million by placement of 600 million shares at HK$2.2 per share Seized opportunities and repurchased 109 million shares at HK$ In Oct-Nov 2015, issued RMB4 billion onshore public bonds at 4.95% (3+2 years maturity) and 5.96% (5 years maturity) respectively In Jan 2016, issued RMB2 billion onshore private bonds at 4.99% (1+1 years maturity) Repaid ahead of maturity the entire US$156 million principal value of Offshore Syndicated Loan due 2016 and repurchased US$40.8 million principal value of 2018 Due USD Bonds Non-RMB denominated debts: 44% of total debt ( : 52%) 6

7 2015 Annual Results Highlights Seized Ideal Land-banking Window in 2015, Abundant Saleable Resources in Next 2 Yrs Acquired 25 projects in 1 st - and 2 nd -tier cities in 2015; 80% of the projects are upgraders products, with committed attributable land cost of RMB13.1 billion 92% in 1 st -tier and robust 2 nd -tier cities Abundant saleable resources to support 2016 and 2017 sales plans Reduce land purchase and retain cash in 2016, waiting for the next window of opportunity for replenishing land bank Enhanced Product Capabilities, Brand Recognition & Industry Status Premium Park Mansion products received overwhelming responses Formed first JV with Hongkong Land, expanded partnerships with established developers, including Henderson China, Vanke, Greenland, Longfor, Beijing Capital Land and Beijing North Star In 2015, CIFI was ranked amongst China s Top 25 Developers in terms of contracted sales* * According to China s Real Estate Enterprises TOP100 Sales Ranking in 2015 published by CRIC Information Group and China Real Estate Appraisal Center 7

8 II Operating Performance 8

9 Ranked Among Top Developers by 2015 Contracted Sales Growth 53% 2015 Contracted Sales YoY Growth of Hong Kong Listed China Property Developers 43% 42% 40% 30% 28% 25% 23% 22% 13% 11% 9% 4% 2% 1% 1% 0% 0% KWG Shimao Greentown Evengrande CIFI BCL Jinmao Future Land COLI Poly Hong Kong CR Land Vanke Yuexiu Longfor Country Garden SUNAC Wanda Comm. Sino-Ocean Land CCRE R&F Agile -1% -5% -9% Source: Listed company announcements 9

10 Contracted Sales: Up by 43% CIFI s contracted sales in 2015 up by 43% and exceeded annual target (RMB25 billion) by 21% Contracted GFA and ASP increased 19% and 20%, respectively Recorded most contracted sales in 2H, capturing the rising price trend and maximized profit Upgraders products accounted for over 50% of residential property sales Contracted Sales (RMB million) Contracted GFA ( 000 sq.m.) Contracted ASP (RMB/sq.m.) +43% YoY 30, % YoY 2, % YoY 14,700 1,733 12,235 21,200 1,438 10,725 15,319 1,026 9,300 9, *including joint ventures and associate companies

11 Contracted Sales: Record Highs in MoM and YoY Monthly Sales Growth and ASP (RMB million) Monthly Contracted Sales 4,856 4,020 4,050 3,300 2,210 1, ,710 2,250 1,660 1,830 2,070 1,510 1,420 2,930 1,990 1,530 1,360 2,400 1,510 1,520 3,010 1,980 2,160 2,180 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec (RMB/sq.m.) 18,100 18,600 Monthly Contracted ASP 14,500 21,100 1, ,500 13,700 12,920 13,670 12,650 12,900 12,500 13,160 11,30011,400 11,330 9,650 11,770 10,820 14,200 14,400 12,060 15,100 11,700 14,500 14,400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

12 Contracted Sales Breakdown Changsha 4% Nanjing 5% Hefei 6% Tianjin 6% Chongqing 1% Wuhan 2% Beijing 11% Shenyang 1% Hangzhou 14% Langfang 1% Shanghai 29% Suzhou 18% Jiaxing 1% Zhenjiang 1% Langfang Shenyang 2% Zhenjiang 1% 2% Jiaxing Wuhan 2% 1% Changsha 5% Chongqing 5% Hefei 5% Tianjin 10% Beijing 11% Hangzhou 11% Shanghai 33% Suzhou 12% Yangtze River Delta 72% First-tier Cities 39% Yangtze River Delta 65% First-tier Cities 44% Pan Bohai 21% Second-tier Cities 58% Pan Bohai 24% Second-tier Cities 50% Central Western Region 7% Third-tier Cities 3% Central Western Region 11% Third-tier Cities 6% Total 100% Total 100% Total 100% Total 100% RMB30.21 billion Contracted ASP: RMB14,692/sq.m. * including joint ventures and associated companies RMB21.21 billion Contracted ASP: RMB12,235/sq.m. 12

13 Contracted Sales Breakdown (Cont d) Subsidiaries v.s. Non-consolidated JVs in 2015 CIFI s Attributable Interest in 2015 Product Mix in 2015 Office/Commercial 10% Joint Ventures/ Associated Companies 42% Subsidiaries 58% Attrib. to Joint Venture Partners 34% Attrib. to CIFI 66% First-time Purchasers Residential 44% Upgraders Residential 46% *including joint ventures and associated companies 13

14 Nationwide, High-Quality & Low-Risk Land-bank Positioning Focused on 1st-tier and 2nd-tier cities in China As of 31 December 2015, Total GFA: 12.5M/sq.m.; Attributable GFA: 8.5M/sq.m. Overall land cost: Approx. RMB 5,900/sq.m. Acquisition Pace Land Acquisitions in 2015 Seized ideal land-banking window in 2015 Abundant new saleable resources for next 2 years Expanded into Southern China: Entering Guangzhou with low land price Attributable land cost: RMB13.1 billion Average land cost: RMB 6,683/sq.m City No. Attrib. RMB % of Total Shanghai 4 1.7B 13% Suzhou 3 2.4B 18% Hangzhou 5 1.7B 13% Nanjing 2 1.9B 14% Hefei 1 1.1B 9% Beijing 4 1.7B 13% YRD Region B 67% Pan Bohai 7 2.7B 21% CW Region/Others 3 1.6B 12% Central Western Region Chongqing Pan Bohai Rim Beijing Changsha Guangzhou Tianjing Shenyang Nanjing Suzhou Hefei Shanghai Wuhan Hangzhou Yangtze River Delta Pearl River Delta 14

15 Land Acquisitions in 2015 Focus on 1 st -tier and 2 nd -tier Cities: YRD Region accounted for 67% of total attributable land costs 1 st -tier and Robust 2 nd -tier cities: Over 90%; upgraders residential projects: over 80% By Tier of City (% of Total Attrib. Land Costs) Other 2nd-tier Cities: 7% 1st-tier Cities: 26% Robust 2nd-tier Cities: 67% Guangzhou Shenyang 3% 2% Chongqing 5% Wuhan 4% By City (% of Total Attrib. Land Costs) Shanghai 13% By Project Type (% of Total Attrib. Land Costs) Mass Market Residential: 15% Office/ Commercial: 5% Tianjin 6% Hefei 9% Beijing 13% Upgraders Residential: 80% Nanjing 14% Hangzhou 13% Suzhou 18% 15

16 High Quality and Adequate Saleable Resources in 2016 Balanced supply of saleable resources in 1H & 2H 2016 New launches of at least 14 projects; actively selling over 30 projects throughout 2016 Accelerating sell-through, expediting construction, realizing saleable resources at high prices 2016 Contracted Sales Target (RMB Bil.) +21% Actual Target New Project Launches in 2016 Shanghai Songjiang Jiuting Project Suzhou North Star CIFI No.1 Courtyard Suzhou CIFI Park Mansion Lakeside Nanjing North Star CIFI Park Mansion Jinling Nanjing CIFI Park Mansion Qinhuai Hangzhou CIFI Times City Hangzhou Shunfa CIFI Honor Mansion (New) Breakdown of 2016 Saleable Resources by Value Chongqing 6% Tianjin 5% Shenyang 2% Changsha 4% Wuhan 5% Hefei 5% Nanjing 7% Hangzhou 9% Hefei Luyang Project Beijing Daxing Pangge Zhuang Project Beijing Daxing Huangcun Project Beijing No.26 Block Wuhan Yulong CIFI Peninsula Chongqing CIFI Jiangshan Yue Shenyang CIFI Jin Court Jiaxing 1% Zhenjiang 1% Langfang 1% Shanghai 25% Suzhou 15% Beijing 14% 16

17 Financing & Liability Management: Dual Onshore & Offshore Funding Platforms Completed share placement in 1H 2015: Strengthened equity & improved stock liquidity Repurchased shares at market weakness, enhancing shareholders value Issued Domestic Corporate Bonds, proactively replacing higher-cost debts with low-cost funding Share Placement Completed in May 2015 At HK$2.2 per share Raised US$170M Public Domestic Corporate Bonds Received an AA Onshore Rating in Oct-Nov 2015 Issued RMB 4B Domestic Public Corporate Bonds in Two Tranches First Tranche: RMB 3.5B with a maturity of 3+2 years at 4.95% Second Tranche: RMB 500M with a maturity of 5 years at 5.96% Share Buybacks In Aug-Sep 2015 and Jan 2016, repurchased 109M shares from the market at HK$ per share Replaced Higher-cost Debts Fully redeemed all higher-cost onshore non-bank loans and onshore perpetual capital instruments Repaid ahead of maturity the entire US$156M principal value of Offshore Syndicated Loan due 2016 Repurchased US$40.8M principal value of 2018 Due USD Bonds Private Domestic Corporate Bonds In Jan 2016, received approval for the issuance of RMB 6.0B Domestic Private Corporate Bonds First Tranche: RMB 2.0B with a maturity of 1+1 years at 4.99% 17

18 Enhanced Product Capabilities, Overwhelming Success in High-End Park Mansion Products Established CIFI Product Research Center in 2014, substantially improved capabilities in fully-fitted residential products Jointly established Tsinghua University CIFI Joint Research Center for Sustainable Residential Developments with Tsinghua University of China in 2015 Overwhelming market responses to the launches of three new high-end Park Mansion residential projects in Shanghai and Suzhou in 2015 Shanghai Park Mansion Riverside Shanghai Park Mansion West Suzhou Park Mansion 18 18

19 III Financial Performance 19

20 2015 Annual Results (RMB million) YoY change Recognized revenue 18,231 16, % - Property sales 17,047 15, % - Rental, property management and other incomes 1, Gross profit (reported) 4,144 4,187-1% Gross profit (adjusted, excluding the accounting effects due to increase of equity interests in certain projects) 4,387 4, % Other incomes, gains and losses Fair value changes SG&A (980) (849) Attributable to joint ventures and associate companies 173 (119) Finance costs (203) (386) Income tax (1,334) (1,325) Non-controlling interests (337) (103) Interests attributable to perpetual capital instruments (38) (36) Net profit attributable to equity owners 2,095 1, % Core Net Profit Attributable to Equity Owners* 2,210 1, % 20

21 2015 Annual Results (RMB million) change Net Profit Attributable to Equity Owners 2,095 1, % Core Net Profit Attributable to Equity Owners* 2,210 1, % Basic EPS, in RMB cents Basic Core EPS, in RMB cents* % EBITDA ** 5,228 4, % Gross profit margin (adjusted) 24.1% 25.9% pp Core net profit margin * 12.1% 12.0% pp EBITDA margin ** 28.7% 26.7% pp * Core profit for 2015 excluded fair value gain in investment properties (RMB 128 m), net exchange loss (RMB 302 m), expenses relating to share option grants (RMB 50M), loss on repurchase of senior notes (RMB21 m), and share of fair value gain (2015: RMB465 m) and net exchange loss (RMB 176 m) at joint ventures and associate companies, with relevant deferred taxes deducted and other adjustments (RMB 159 m). ** EBITDA consists of profit from operating activities before fair value gains on the investment properties, interest expenses (incl. capitalized interest), income tax expenses, depreciation and amortization expenses, net exchange loss and other non-cash items. EBITDA is not a standard measure under IFRS. 21

22 Key Balance Sheet Figures RMB million 31 Dec Dec 2014 YoY change Bank balances and cash 14,905 7, % Pledged bank deposits Total assets 67,452 43, % Total equity 15,283 11, % - Non-controlling interests 2, Perpetual capital instruments (onshore) Equity attributable to equity owners 12,827 10, % Total indebtedness (1) 23,955 13, % Guaranteed indebtedness attributable to associated companies by the Group (offbalance sheet) Unpaid land premium, attributable to the Group (off-balance sheet) 2,744 1,997 3,226 2,854 22

23 Key Balance Sheet Figures RMB million 31 Dec Dec 2014 YoY change Net debt-to-equity ratio (2) 59.2% 58.2% + 1 pp Net debt-to-equity ratio (2) (onshore perpetual instruments treated as debt) 59.2% 63.2% - 4 pp Weighted average costs of indebtedness (p.a.) (3) 7.2% 8.3% pp Onshore - Average costs of bank loans 6.6% 7.0% -0.4 pp - Average costs of corporate bonds 5.0% - n.a Offshore - Average costs of bank loans 4.5% 6.0% -1.5 pp Note: - Average cost of senior notes 9.8% 11.0% -1.2 pp 1. Total indebtedness includes bank and other loans, onshore bonds and offshore senior notes 2. Net debt-to-equity = (Total indebtedness Cash (incl. Restricted Cash)) divided by Total Equity 3. Weighted average cost of indebtedness = Weighted average of interest costs of all indebtedness outstanding as at end of year (p.a.) 23

24 Recognized Revenue, Core Net Profit & Dividend Recognized Revenue (RMB million) Core Net Profit (RMB million) Full-Year Dividend (Equiv. to HK Cents per Share) 2015: +13% YoY 18, : +14% YoY 16,179 1,939 2, : +27% YoY ,909 1, ,

25 Recognized Revenue Property Sales in 2015 Recognized property sales in FY2015 was contributed by 35 projects in 13 cities Recognized revenue: RMB17.05 billion; recognized ASP: RMB12,873/sq.m Shenyang 1% Zhenjiang Jiaxing % Changsha 4% Wuhan 4% Hangzhou 5% Hefei 9% Tianjin 9% Langfang Suzhou 17% 1% Shanghai 29% Beijing 16% 4% Langfang Changsha 4% 5% Chongqing 4% Hefei 5% Tianjin 5% Suzhou 17% Zhenjiang 1% Beijing 21% Jiaxing 1% Shanghai 37% Yangtze River Delta 65% Pan Bohai 27% Central- Western 8% Total 100% 1 st -tier Cities 45% 2 nd -tier Cities 49% 3 rd -tier Cities 6% Total 100% Residential 89% Office & Commercial RMB billion Recognized ASP.. RMB 12,873/sqm. 11% Total 100% Yangtze River Delta 60% Pan Bohai 30% Central- Western 10% Total 100% 1 st -tier Cities 58% 2 nd -tier Cities 37% 3 rd -tier Cities 5% Total 100% RMB billion Recognized ASP.. RMB 11,047/sqm. Residential 82% Office & Commercial 25 18% Total 100%

26 Stable Profit Margins Gross Margin * EBITDA Margin ** 23.7% 25.8% 25.9% 24.1% 23.1% 27.2% 26.7% 28.7% Core Net Profit Margin Gross Margin adjusted to exclude impact of re-measurement of fair value due to acquisition of interests in project companies 11.3% 12.8% 12.0% 12.1% ** EBITDA consists of profit from operating activities before fair value gains on the investment properties, interest expenses (incl. capitalized interest), income tax expenses, depreciation and amortization expenses, net exchange loss and other non-cash items. EBITDA is not a standard measure under IFRS

27 Debt Structure: Continued Improvements Debt structure 31 December December 2014 By loan type RMB million % of total debt RMB million % of total debt Onshore bank loans 9,169 38% 7,759 56% Onshore corporate bonds 4,021 17% - - Onshore other loans % Offshore bank loans 2,489 10% 935 7% Offshore senior notes 8,276 35% 4,357 31% By collateral Unsecured 15,024 63% 5,292 38% Secured 8,931 37% 8,569 62% By maturity Due within 1 year 2,794 12% 3,035 22% Due between 1-2 years 3,569 15% 4,136 30% Due between 2-3 years 6,890 29% 1,761 13% Due between 3 to over 5 years 10,702 44% 4,929 35% 27

28 Debt Structure: Continued Improvements (Cont d) Weighted Average Interest Cost Proportion of Debts Due within 1 Year 10.0% 9.2% 8.3% -1.1 pp 7.2% 38% 22% 22% -10 pp 12% Proportion of Unsecured Debts Proportion of Offshore Debts +25 pp 63% 51% -7 pp 44% 31% 38% 31% 38% 4%

29 Prudent Financial Management Net Gearing Ratio* Cash/Total Assets Ratio 62.5% 67.6% 63.2% 59.2% 17% 18% 16% 22% Debt-to-EBITDA Ratio Interest Coverage Ratio** 4.7x 4.1x 3.2x 4.6x 2.7x 3.1x 3.5x 3.2x * Only used to compare net gearing ratio, accounting onshore perpetual instruments as debt ** Interest Coverage Ratio = EBITDA over Interest Expenses 29

30 2015 Operating Cash Flow & 2016 Guidance Focus on 1 st - and 2 nd -tier cities where end-users find it easier to obtain mortgage loans Abundant liquidity from domestic banks Among top property developers in terms of annual contracted sales growth & cash collection ratio Cash Collection Ratio in 2015 (RMB billion) % Cash Collection* Contracted sales* (RMB billion) CAPEX & Cash Outflow in 2015 & 2016 Operating cash outflow 2015 (Actual) 2016 (Guidance) Committed land acquisition (attrib. to CIFI) Land acquisition budget ** (attrib. to CIFI) Construction CAPEX (attrib. to CIFI) Taxes Interests SG&A * Contacted sales included those at JV and associate companies projects ** Expenditure on committed land acquisition in 2016 included unpaid committed land premium as at 31 December 2015 and further commitments to land purchases before results announcement in

31 IV Outlook 31

32 2016 Market Outlook Policy Trends Loose monetary policies and lower financing cost favour listed property developers Facilitating inventory clearance in property sector Overheated property markets in some cities may imply appropriate policy action Physical Market Overall transaction volume will grow steadily in 2016 Uneven market performance by city and by region will persist Transaction volume and prices in most 1 st - and 2 nd -tier cities will be steady Recovery in 3 rd -tier cities remains most uncertain Land Market Heated up land markets in most 1 st - and 2 nd -tier cities Land price in certain cities have already exceeded prevailing housing prices 32

33 CIFI s Targets and Strategies for 2016 Strategies Operating Model Operating Rhythm Product Capabilities Land Acquisition Pursues strategy of sustainable, balanced and quality growth Emphasizes growths in both scale and profitability High asset turnover and high profitability, in parallel Adopts operating models with appropriate asset turnover ratios according to differences in cities and projects to achieve optimal investment return and cash flow Improves sell-through rate and accelerates inventory clearance Balanced launches of projects in both 1H & 2H 2016 and realizes saleable resources at high prices Further enhances product capabilities Increases the proportion of higher-end residential products Reduces land investments to well-position for the next land-banking window Controls risk, preserves cash and selectively acquires lands with good value Favorable Policies, Loose Monetary Environment Accelerating Sell-through & Inventory Clearance Aggressive Sales, Improving Profitability Prudent Investments, Preserving Cash 33

34 V. Appendix 34

35 Appendix: Land Acquisitions in 2015 Date of Acquisition City Project CIFI s Equity (%) Intended Primary Use Total Planned GFA (excl. carparks, sq.m.) Total Consideration (RMB) Attributable Consideration (RMB) Average Land Cost (RMB/sqm) JV Partners Tianjin CIFI Yannan Garden Residential 208, ,100, ,100,000 3,224 N/A Shanghai BCL CIFI The Great City Residential 246,200 1,332,000, ,800,000 5,410 首创 Beijing Vanke World Office / Commercial 94, ,000, ,195,000 8,049 万科 / 首开等 Suzhou Henderson CIFI City Residential 394,100 1,400,000, ,000,000 3,552 恒基 Shanghai Shangkun CIFI Villa Residential 61, ,000, ,000,000 12,621 上坤 Hangzhou Longfor CIFI Chunjiang City Residential 109, ,886, ,360,100 7,504 龙湖 / 顺发 Hangzhou Shunfa CIFI Honor Mansion Residential 98,300 1,084,100, ,230,000 11,028 顺发 / 北辰 Beijing CIFI No.26 Block Office / Commercial 206,700 1,380,000, ,000,000 6,676 龙湖 / 金地 / 远洋 / 首创等 Suzhou North Star CIFI No.1 Courtyard Residential 180, ,000, ,000,000 5,319 北辰 Beijing Daxing District Yinghai Town Jiangchang Cun Project Residential 19, ,000, ,875,000 11,842 汇璟 / 鑫起达 / 中金广大 Beijing Daxing District Pangge Zhuang Town Project Residential / Office / Commercial 266,200 2,410,000,000 1,180,900,000 9,053 天恒 35

36 Appendix: Land Acquisitions in 2015 (Cont d) Date of Acquisition City Project CIFI s Equity (%) Intended Primary Use Total Planned GFA (excl. carparks, sq.m.) Total Consideration (RMB) Attributable Consideration (RMB) Average Land Cost (RMB/sqm) JV Partners Chongqing CIFI Jiangshan Yue * Residential 635,700 2,329,000, ,700,000 3,664 平安不动产 / 东原 Shanghai CIFI Park Mansion West Residential 60, ,660, ,354,950 14,788 新安亭国际汽车城 / 颖奕集团 Suzhou CIFI Park Mansion Lakeside Residential 209,700 3,100,000,000 1,240,000,000 14,783 平安不动产 Nanjing CIFI Park Mansion Qianhuai Residential 80,400 1,150,000,000 1,150,000,000 14,303 N/A Shenyang CIFI Jin Court Residential 70, ,590, ,590,000 4,203 N/A Tianjin Jinnan District No Project Residential 147, ,550,000 86,310,000 2,918 首创 / 华远 / 金地等 Wuhan Yulong CIFI Peninsula Residential 289, ,090, ,000,000 3,146 钰龙 Hangzhou CIFI Times City Residential 129, ,430, ,430,000 2,600 N/A Hangzhou Xiaoshan District Baolong Project Residential 143, ,515, ,720,000 5,111 万科 / 润和 Nanjing North Star CIFI Park Mansion Jinling Residential 70,700 1,500,000, ,000,000 21,216 北辰 Shanghai Songjiang District, Jiuting Town, Unit A, No. 11A-01A/15A-01A Project Office / Commercial 227,100 1,236,000, ,240,000 5,443 金地 / 宝龙 Heifei Luyang District, 212 acres Project Residential 239,000 2,253,030,000 1,126,515,000 9,427 北辰 Hangzhou Xiao Shan District, Olympic Park FG16-04 Project Residential 86, ,000, ,000,000 6,042 N/A Guangzhou Liwan District No.111, Baihua Road, Bai Hua Xiang Liao Chang * Residential 143,600 2,011,030, ,095,700 14,004 保利 / 中铁建等 Project 2015 In Total 4,419,900 29,536,982,060 13,122,415,750 6,683 36