2016 ANNUAL RESULTS PRESENTATION. February 2017

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1 2016 ANNUAL RESULTS PRESENTATION February 2017

2 Disclaimers These materials have been prepared by Future Land Development Holdings Limited and its subsidiaries (the Group ) and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. The Group will not accept any liability whatsoever for any loss however arising from any information presented or contained in these materials. The information presented or contained in these materials is current as of the date hereof, unless indicated otherwise, and is subject to change without notice and its accuracy is not guaranteed. The Group does not provide any undertaking to update any such information subsequent to the date hereof. These materials contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Group or its officers with respect to future events. These statements can be recognized by the use of words such as expects, plans, will, estimates, projects, intends, or words of similar meaning. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. You should not place undue reliance on any forward-looking statements. The Group has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Group, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. 1

3 2016 Annual Results Highlights

4 2016 Annual Results Highlights Financial Results Contracted Sales Contracted sales 1 : RMB65.06 bn, up 104%, exceeded 2016 full year revised target of RMB52 bn (original RMB40 bn) by 125% Aggregated contracted GFA 1 : 5.75 mn sq.m., up 66% Average contracted ASP 1, 2 : RMB12,090 per sq.m., up 22% Cash collection: > 90%, leading among peers Revenue & Earnings Recorded total revenue: RMB28.23 bn, up 18.4% Gross profit: RMB6.61 bn, up 36.1% Gross profit margin: 23.4%, up 300 bps Net profit attributable to the equity holders: RMB1,384.0 mn, up 34.3% Core earnings attributable to equity holders 3 : RMB1,156.0 mn, up 59.7% Recommended final dividend of RMB0.05 per share Notes: (1) Including join ventures and associates projects (2) Excluding car parks (3) Core earnings attributable to equity holders is mainly adjusted for after-tax (a) fair value gains or losses on investment properties; (b) disposal gains or losses on investment properties; (c) disposal gains or losses on subsidiaries. 3

5 2016 Annual Results Highlights Financial Results Finance Costs Net debts to total equity ratio: 88.7 % Weighted average finance costs: Dropped to 5.7% Ratings Upgrade The only China property developer that achieved two rating upgrades in 2016 Fitch: BB- corporate & senior unsecured bonds ratings with positive outlook Standard & Poor's: BB- corporate rating with stable outlook Moody s: Ba3 corporate rating with stable outlook Financing Activities Obtained total new bank credit lines of RMB15 bn from 2 banks in the PRC in January Approved by CSRC for share placement of A Shares of Future Land Holdings 1 (capped at RMB3.8 bn) Issued RMB8 billion worth of corporate bonds during the year, the weighted average finance cost was 4.74% Total funds available 2 : RMB59.8 bn Notes: (1) Future Land Holdings Co., Ltd ( SH) (2) including total cash of RMB13.7 bn and RMB46.1 bn unutilized banking facilities 4

6 2016 Annual Results Highlights Land Reserved Land Bank Total land bank GFA: mn sq.m. with the average land cost of RMB 2,627 / sq.m. Newly acquired total of 40 land parcels, representing an additional buildable GFA of approximately mn sq.m. Total land bank along the Yangtze River Delta is accounted for 66% as at 31 December 2016 (2015: 76%) Partnership Cooperation with other leading real estate developers, such as China Vanke, China Poly Group, CMPD and Country Garden Setup industry fund of RMB 10bn with Ping An Bank to co-invest in real estate projects 5

7 2016 Annual Results Highlights Key Achievements Light-asset Model Sold Qingpu Injoy Plaza to Shanghai Orient Securities Asset Management Limited of a total consideration of RMB1.05 bn Export commercial management model, obtained full management control of Zhuji Yongli Injoy Plaza and Qingdao Injoy Plaza Financial Industry Led and formed Guofeng Life Insurance Co., Ltd with 6 large enterprises to seek investment opportunities with growth potential Diversified business To develop 10 new IMAX theatres with IMAX Corporation and IMAX China in Injoy Plazas Investment Formed Jiangsu Minying Investment Holdings Co., Ltd. with 10 large enterprises in Jiangsu in respect of joint development of 4 major business platforms, namely financial holding, industry consolidation, asset management, and international cooperation. 6

8 Operation Performance

9 Overview of Contracted Sales Contracted Sales Contracted GFA & ASP 1 (RMB million) 70,000 ( 000 sq.m.) 7,000 (ASP:RMB) 14,000 12,090 60,000 6,000 12,000 50,000 5,000 10,310 9,184 10,045 9,516 9,948 10,000 40,000 4,000 8,000 30,000 65,060 3,000 5,750 6,000 20,000 10,000 13,996 16,135 20,624 24,510 31,929 2,000 1,000 1,423 1,856 2,206 2,769 3,460 4,000 2, Contracted GFA ASP of Contracted Sales Note 1: ASP of contracted sales excludes car parks 8

10 Contracted Sales by Geographic Regions Total = RMB63, mn 1 Total = RMB31, mn % Suzhou 13.4% Nanjing FY % Shanghai 6.7% Hangzhou 4.9% 4.2% Suzhou Nanjing Shanghai Hangzhou Changzhou Zhenjiang Qingdao Wuhan Ningbo Tongxiang Haikou Nanchang Wuxi Taizhou 21.1% Suzhou 17.7% Nanjing FY % Shanghai 16.7% Changzhou 10.0% 1.9% 1.9% 2.1% 2.2% 2.4% 2.5% 2.7% 3.6% 3.7% 2.9% 2.9% Quzhou Jinan Chengdu Shengzhou Anqing Changchun Others 5.2% 1.7% 1.7% 2.0% 1.4% 2.4% 2.4% 4.1% 4.1% 3.3% The Group continued to diversify its geographical span, contracted sales contributed from 27 cities, the Group is no longer dependent on one single city Suzhou, Nanjing, Shanghai and Hangzhou accounted for about 52% of total contracted sales, Suzhou contributed more than RMB10 bn sales Contracted sales from joint venture projects: RMB17,085 mn, representing 26.3% of total contracted sales Note (1): including joint ventures, associates projects 9

11 Contracted Sales by Region & Monthly Sales Breakdown Contracted Sales by Region 1 FY % 7.9% 3.1% Yangtze River Delta FY % 4.99% 2.36% Central & Western China 81.0% Bohai Rim Pearl River Delta 84.36% 10,573 9,715 Monthly Contracted Sales 2 and ASP 3 Breakdown 13,579 12,707 11,780 11,040 10,625 10,887 10,659 14,959 single-month sales & ASP record 14,107 13,623 4,287 2,052 5,071 5,371 4,176 7,090 5,413 4,964 7,104 9,341 5,264 4,927 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Contracted Sales ASP (RMB million) (RMB /sq.m.) Notes: (1) Contracted sales by region excluding car parks (2) Contracted sales included joint ventures and associates projects and car parks (3) The calculations of ASP included joint ventures and associates projects but excluding car parks 10

12 Land Bank Breakdown Total Land Bank (1) mn sq.m. Average Cost RMB2,627 / sq.m. Yangtze River Delta Chengdu Changsha Pan Bohai Rim Central Western Region Tianjin Zhenjiang Taizhou Nanjing Nantong Yangzhou Jintan Changzhou Wuxi Shanghai Suzhou Jiaxing Anqing Hangzhou Ningbo Shaoxing Shaoxing Ningbo Jinhua Quzhou Yiwu Quzhou Wenzhou Taizhou Wuhan Hefei Nanchang Kunming Haikou Pearl River Delta Foshan Qingdao Changchun Linyi Jinan Quanzhou Completed & Pre-sold but not recognized (2) ( 000 sq.m.) Investment Property ( 000 sq.m.) Under Development ( 000 sq.m.) Under Planning ( 000 sq.m.) 4,632 1,230 13,074 16,387 Notes: (1) The total land bank is presented from the perspective of Future Land Holdings ( SH) and the GFA attributable to the Group. is 19.9 mn sq.m. (2) Majority is pre-sold but not yet delivered Source: Company information 11

13 Land Bank by Geographic Regions Land Bank by city in FY2016 Land Bank by city in FY2015 Quzhou, 0.99% Shaoxing, 2.71% Haikou, 1.05% Jiaxing, 2.50% Ningbo, 2.04% Jinan, 3.03% Wuxi, 0.98% Wuhan, 3.73% Changchun, 1.19% Chengdu, 1.95% Chengdu, 3.0% Jintan, 2.0% Haikou, 2.0% Qingdao, 10.62% Zhenjiang, 3.67% Hangzhou, 4.50% Changzhou, 9.28% Shanghai, 5.05% Suzhou, 17.99% 其他 s, 20.82% Anqing, 2.07% Nantong, 1.63% Nanchang, 1.10% Changsha, 1.81% Taizhou, 1.54% Tianjin, 3.47% Jintan, 0.67% Jinhua, 1.22% Quanzhou, 0.91% Taizhou, 1.87% Kunming, 1.39% Yangzhou, 1.31% Foshan, 1.63% Linyi, 0.97% Hefei, 0.73% Wenzhou, 0.57% Changchun, 3.0% Nanchang, 2.0% Ningbo, 3.0% Wuhan, 4.0% Qingdao, 3.0% Hangzhou, 4.0% Zhenjiang, 5.0% Changzhou, 12.0% Others, 25.0% Suzhou, 15.0% Nanjing, 8.0% Shanghai, 9.0% Nanjing, 5.81% Land bank covers 33 cities, laying a foundation for the Group s geographical expansion across China 12

14 Land Bank Acquired in FY2016 City Land Parcels Land Use Attributable Interest Site Area (sq.m.) Total GFA 1 (sq.m.) Land Premium (RMB mn) Changzhou Located in the west of Tianmu West Road of Xinbei District, Changzhou 67.70% 24,716 94, Foshan Located in Huachong Village, Shishan Town, Nanhai District, Foshan City Residential 68.27% 144, ,020 4,274 Located in Jianggan District, Hangzhou City (Chang Mu Unit No.R21-02) Residential 44.38% 75, , Hangzhou No.Hangzhengchuchu Land [2016] No.8 located in Jianggan District, Hangzhou City (Chang Mu District R21-01B) Residential 23.89% 39, , Hangzhengchuchu Land [2016] No.8 Residential 17.07% 19,012 70, Hefei Jiaxing No.CF201608, located in the west of Fuyang North Road and south of Jinjiang Road at Shuangfeng Development Zone of Hefei City Residential 65.69% 58, , No. E1612 located at the north of Xinanjiang Road in Hefei City Residential 68.27% 26,707 76, Located at the north of Shiji Avenue Luoxing Sub-district 68.27% 59, ,474 1,055 No.1 located in Pinghu city of Zhejiang Province 68.27% 58, , No.2 located in Pinghu city of Zhejiang Province 68.27% 67, , Jinan No.B-2-2 located in Tianyuan New Town Area, Licheng District Residential 68.27% 106, , Jurong Located at Baohua Town in Jurong city Complex 65.69% 129, , No. KCWH2016-1, KCWH and KCWH located in Wuhua Kunming Complex 68.27% 101, , District Linyi No , located in the west of the middle section of Dongxing Road Complex 68.27% 91, , Nanjing No. 2016G59, located at Kirin Science and Technology Innovation Park of Jiangning District No.2016G60, located in Qinglong Sub-district, Ditie Xiaozhen, Jiangning District 22.33% 67, ,932 4, % 74, ,098 3,390 Nantong No. GJ2013_175# located in Rugao City Complex 68.27% 78, , Qingdao Shanghai No.23 located in Jiaozhou city of Qingdao Located in Qingdao Red Island Economic Zone 68.27% 809,200 1,367,951 1, % 747,593 1,648,646 4,184 No. 7 in Laozhen Area, Zhoupu Town, Pudong New District Residential 33.50% 61, ,440 1,340 No , located in, Liangchengxincun Subdistrict, Hongkou District Residential 33.50% 19,960 82,877 3,700 Note(1):Total GFA includes underground areas 13

15 Land Bank Acquired in FY2016 City Land Parcels Land Use Attributable Interest Site Area (sq.m.) Total GFA 1 (sq.m.) Land Premium (RMB mn) Shaoxing No. R/B & 20 in South New District, Shengzhou City Suzhou Located in Huxi Section of Suzhou Industrial Park to the West of Xinggui Street 68.27% 102, , % 8,637 94, No. WJ-J located in Wujiang District 68.27% 40,028 40, Located at the southwest side of the cross of Jiang Lin East Road and Songshan River of Wujiang District Located at the northwest side of the cross of Jishi West Road and Songshan River of Wujiang District Located in Shunxian Road in the south and Huanhu North Road of Yangchenghu and Sixian Road in the west No.2016-WG-62, located in the south of Nantiancheng Road and the west of Chengyang Road, Xiangcheng District Taixing No TX and TX located in Taizhou, Jiangsu province Tianjin No.01-32,33 and 34 and Unit located in Baodi District of Tianjin City Residential 23.89% 66, ,776 1,460 Residential 23.89% 66, ,937 1,455 Complex 34.14% 191, ,911 1, % 350,761 1,757,835 10, % 172, , % 271, ,481 3,740 No located in Jinnan District Complex 47.79% 167, , Wenzhou No.A -1 of Area C, Anyang, Rui an Complex 68.27% 45, , Wuhan No.P(2016)024 located at Jianecun in Hongshan District, Wuhan 61.44% 102, ,166 2,494 Yangzhou No.GZ012 located in Yangzhou city of Jiangsu province Complex 54.62% 161, , Zhangjiagang Zhenjiang No.2014-B40-A located in the south of Zhenxing Road, Yangshe Town, Zhangjiagang City Residential 68.27% 219, , No.G1531 located in Danyang City Complex 67.59% 41, , No.G1602 located in Danyang City Complex 67.59% 1,760 6,160 5 No.G1603 located in Danyang City Complex 67.59% 4,460 15, Note(1):Total GFA includes underground areas 14

16 Financial Highlights

17 Income statement highlights (RMB mn) % Change Revenue 28, , % Gross Profit ( GP ) 6, , % GP Margin 23.4% 20.4% +300 bps EBITDA (1) 5, , % Net Profit Attributable to Equity Holders 1, , % Core Earnings Attributable to Equity Holders (2) 1, % Earnings Per Share (RMB) % Notes (1) EBITDA refers to net profit plus income tax expense, depreciation, amortization and finance costs (including capitalized interest under cost of sales), but excluding fair value gains on the investment properties and other net gains or losses (2) Core earnings attributable to equity holders is mainly adjusted for after-tax (a) fair value gains or losses on investment properties; (b) disposal gains or losses on investment properties; (c) disposal gains or losses on subsidiaries Source: Company information 16

18 Revenue and GFA Delivered Revenue GFA Delivered and ASP (RMB mn) 28,000 1,182 (ASP: RMB) (GFA delivered: 000 sq.m.) 24,000 20, ,500 3,000 2,500 7,652 9,069 8,251 8,518 8,153 8,836 10,000 8,000 16,000 27,050 2,000 6,000 12,000 8, ,342 20,422 20,216 22,973 1,500 1,000 1,912 2,475 2,373 2,818 3,061 4,000 4,000 10, ,397 2, Sales of Properties Property Management & Others GFA Delivered ASP 17

19 Recognized Sales of Properties by Geographic Regions Sales of Property Property Projects Delivered Total = RMB27,050 mn City Project Revenue ( RMB mn ) GFA Delivered (sq.m.) Average Selling Price (RMB/ sq.m.) Others, 9.90% Nanjing, 17.73% Anqing, 3.29% Shanghai, 16.26% Changchun, 5.11% FY2016 (by city) Suzhou, 12.95% Nanchang, 6.12% Hangzhou, 5.25% Changzhou, 8.24% Wuxi, 1.84% Zhenjiang, 4.05% Nantong, 3.12% Haikou, 6.14% Nanjing Nanjing Longwan Garden 3, ,237 17,636 Jintan Jintan Injoy Plaza 1, ,480 7,067 Suzhou Zhangjiagang Injoy Plaza 1, ,375 7,847 Haikou Haikou Injoy Plaza 1, ,896 11,541 Nanchang Nanchang Injoy Plaza 1, ,530 9,026 Nanjing Nanjing Xiangyue Lanshan 1, ,130 10,397 Changchun Changchun Injoy Plaza 1, ,600 8,667 Shanghai Changzhou Suzhou Shanghai Future Royal Fame Changzhou Future Land Emporium Suzhou Future Mangrove Bay 1, ,131 30,144 1, ,111 11,003 1, ,802 10,116 Shanghai Shanghai Fragrant Jade 1, ,856 19,073 Shanghai Shanghai Fragrant Metropolitan 1, ,468 17,093 Anqing Anqing Injoy Plaza ,313 5,722 Nantong Nantong Future France ,659 5,192 Hangzhou Hangzhou Leisure Land ,885 15,177 Others 5, ,782 5,666 Total 27, ,061,255 8,836 18

20 Cost of Sales and Gross Profit Average Cost per sq.m. 1 GP and GP Margin (RMB) 7,000 6,000 6, , , , , (RMB mn) 7,000 6,500 6,000 5,500 6,607 50% 45% 40% 5,000 4,000 4, ,170 2,105 1,928 2,384 2,267 2,522 5,000 4,500 4, % 3,930 4,683 3,874 4,856 35% 30% 3,000 3,500 3,000 2,500 3, % 22.5% 18.7% 20.40% 23.4% 25% 20% 2,000 1, ,019 3,677 3,639 3,322 3,479 3, construction cost land use right cost capitalised interest 2,000 1,500 1, GP GP Margin 15% 10% 5% 0% Notes1:Average cost per sq.m = Average cost of sales (excluding the Group s leasing and property management), divide GFA delivered by construction cost, land use right cost and capitalized interest of the year. 19

21 Net Profit and Core Earnings Net Profit Core Earnings 2,200 (RMB mn) 2,115 2,500 (RMB mn) 2,467 2,000 1,800 1,689 2,000 1,500 1, , ,717 1, , ,083 1,600 1,400 1,200 1,000 1, , , , , ,026 1,031 1, , Attributable to Equity Holders Non-controlling Interests Attributable to Equity Holders Non-controlling Interests 20

22 Consolidated Balance Sheet Highlights RMB mn % Change Total Cash & Bank Balances 13,756 7, % - Restricted Cash 2,048 1, % - Cash & Cash Equivalents 11,708 6, % Borrowings 27,212 18, % Net Debts 1 13,456 11, % Total Equity 15,175 13, % Net Debt / Total Equity 88.7% 83.3% +540 bps Total Assets 104,879 70, % Note (1): Net debts includes total borrowings and total cash & bank balances (i.e., restricted cash and cash & cash equivalents). 21

23 Sufficient liquidity and prudent debt management Loan Profile Onshore / Offshore Loan Maturity More than 5 years 0.39% Bank Loans, 30.06% Offshore 15.10% Within a year 37.39% Domestic Corporate Bonds, 54.83% Senior Notes, 15.10% Onshore 84.90% 1-5 years 62.22% Total funds available as of 31 December 2016 was about RMB59.8 bn (including RMB13.76 bn of cash and cash equivalents). Source: Company information 22

24 Outlook Continuously implement favorable policies Market consolidations Diversification of businesses Improving profit margins and liquidity Improving inventory turnover 23

25 Q&A

2017 ANNUAL RESULTS PRESENTATION

2017 ANNUAL RESULTS PRESENTATION March 2018 Disclaimers These materials have been prepared by Future Land Development Holdings Limited and its subsidiaries (the Group ) and have not been independently