2014 Annual Results Announcement - TodayIR · 2015. 4. 10. · HIGHLIGHTS OF 2014 ANNUAL RESULTS...

25 March 2015

2014 Annual Results Announcement

2

ABOUT YUZHOU PROPERTIES (01628. HK)

KEY FOCUS

CORE STRENGTH

LAND BANK

A leading property developer in West Strait Economic Zone with footprints in Xiamen, Fuzhou and Quanzhou, the Top 3 largest cities in Fujian Province

Successful expansion into Hong Kong, Shanghai, Nanjing, Hefei, Tianjin, Longyan, Bengbu and Zhangzhou

Well-established market leader in Xiamen with nearly 1.82 million sq.m. of saleable land bank as at December 2014

Defensive land cost through smart land acquisitions : weighted average unit cost of land bank is 2,232 RMB/sq.m., accounting for 22% of FY2014 contracted ASP

Sustainable high profit margin and low gearing compared to peers

Total saleable GFA * as at December 2014 : over 8.70million sq.m.

49% in West Strait Economic Zone, 46% in Yangtze River Delta and 5% in Pan-Bohai Rim

Acquired approx. 2.66m sq.m. of saleable GFA in 2013 and 1.01m sq.m. in 2014

ABOUT PRESENTERS

3

Mr. LAM, Lung OnFounder,

Chairman and Executive Director

Mr. Steve CHIUVice President

Chief Financial Officer and Company Secretary

Ms. Venus ChiuHead of

Corporate Finance & Investor Relations

Mr. CAI Minghui Excecutive President

TABLE OF CONTENTS

4

II. BUSINESS REVIEW

III. FUTURE PERSPECTIVES

I. FINANCIAL HIGHLIGHTS

IV. APPENDIX

5

FINANCIAL HIGHLIGHTS

6

HIGHLIGHTS OF 2014 ANNUAL RESULTS

FINANCIAL HIGHLIGHTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2014

Compared with FY2013

Compared with the end of Dec 2013

Recognized revenue: RMB7,837 million

Gross profit: RMB2,845 million

Core profit attributable to owners of parent: RMB1,025 million

(+RMB366 million or +5%)

(+RMB526 million or +23%)

(-RMB65 million or -6%)

(+RMB1,918 million or +26%)

(+RMB5,901 milliom or +152%)

(-18.13 percentage points)

Total equity: RMB9,390 million

Cash on hand: RMB9,785 million

Net gearing ratio: 59.85%

7

FY2014 KEY PROFIT&LOSS ITEMS

RMB million

Revenue* Gross Profit

Profit attributable to shareholder Core Profit

* After 5.55% Business Taxes

RMB million

RMB million RMB million

431 331

1,416 1,112

1,988

1,429 1,543

2,319

2,845

FY2012 FY2013 FY2014

2H

1H

955 1,032 3,924 2,939

6,439

3,913 3,894

7,471 7,837

FY2012 FY2013 FY2014

2H

1H

105 151 559

621

1,320 695 726

1,471 1,254

FY2012 FY2013 FY2014

2H

1H

161 95

486

649 995

539

810

1,090 1,025

FY2012 FY2013 FY2014

2H

1H

(RMB’000) FY2014 FY2013 Change

Hotel operation income

16,183 1,390 +1,064%

Property management fees

88,245 71,220 +24%

Rental income 51,544 49,163 +5%

Sales of properties 7,680,661 7,348,835 +3%

Total 7,836,633 7,470,608 +5%

FY2014 REVENUE BREAKDOWN

8

98.0% 98.3%

0.7%0.7%

1.1% 1.0%0.2% 0.0%

90%

92%

94%

96%

98%

100%

FY2014 FY2013

Sales of properties Rental income

Property management fees Hotel operation income

100%=RMB 7,471 million100%=RMB 7,837 million

9

ANALYSIS ON FY2014 RECOGNIZED PROPERTY SALES

Recognized Property Sales* Recognized GFA & ASP

RMB million

Recognized GFA by City

%

* After 5.55% Business Taxes

GFA (sq.m.) ASP (RMB/sq.m.)

Recognized Sales by City

%

898 975 3,834 2,886

6,374

3,847 3,784

7,349 7,681

FY2012 FY2013 FY2014

2H

1H

70 3

6

1

18 2

Xiamen

Fuzhou

Quanzhou

Shanghai

Hefei

Tianjin

55

211

1

29

3

Xiamen

Fuzhou

Quanzhou

Shanghai

Hefei

Tianjin

501,618

794,730 735,881

7,544

9,247 10,437

0

3,000

6,000

9,000

12,000

0

200,000

400,000

600,000

800,000

1,000,000

FY2012 FY2013 FY2014

FY2014 KEY BALANCE SHEET ITEMS

10

RMB millionRMB million

Cash Position Total Debt

Total Asset Total Equity

RMB millionRMB million

3,729 3,884

9,785

FY2012 FY2013 FY20142,479 1,984

3,805

5,030 7,726

11,599 7,509 9,710

15,404

FY2012 FY2013 FY2014

Long-term

Short-term

22,278 27,362

39,075

FY2012 FY2013 FY2014

6,001

7,472 9,390

FY2012 FY2013 FY2014

49

11

40

US$

HK$

RMB

FY2014 STABLE FINANCIAL POSITION

%

Net Gearing Ratio

Debt Profile by Currency

Debt Profile by Maturity

Debt Profile by Type

%

%

%

Total Debt = RMB15,404 million

17

42

64 62

78

60

0

20

40

60

80

100

2009 2010 2011 2012 2013 2014

25

12

62

1

Within 1 year

1 to 2 year

2 to 5 year

Over 5 year

66

34

Fixedinterest rate

Floatinginterest rate

11

12

BUSINESS REVIEW

18.6 24.7

5.6

35.3 27.4 28.7

13.4 14.4 0

1020304050

Xiamen Fuzhou Quanzhou Longyan Shanghai Hefei Bengbu Tianjin

10.7 15.3

17.7 11.8

16.6 17.0 17.3 22.4

0.0

10.0

20.0

30.0

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

13

SNAPSHOT OF LAND BANK

8.70 million sq.m. as at Dec 2014*

Unit Cost of Land Bank as % FY2014 Contracted ASP

% %

22.4

Unit Cost of Land Bank as % Contracted ASP

16.1

Tianjin

Hefei Shanghai

Fuzhou Longyan Quanzhou

Xiamenzhangzhou

West Strait Econimic Zone

City

Saleable GFA

(‘000 sq.m.)No. of

projects

Average Land Cost

（RMB/sq.m.）

% of saleable

GFA

Bohai Rim Region

Tianjin 431 2 1,061 5

YangtzeRiver Delta

Shanghai 637 6 3,378 7

Nanjing 113 1 16,657 1

Hefei 2,599 6 2,002 30

Bengbu 668 1 660 8

West Strait EconimicZone

Xiamen 1,824 23 2,972 21

Fuzhou 603 3 3,115 7

Quanzhou 1,256 3 379 14

Longyan 312 1 1,921 4

Zhangzhou 255 1 2,400 3

Offshore Hong Kong 2 1 135,140 0

TOTAL 8,701 48 2,232 100

Bengbu Nanjing

Hong Kong

14

MARKET LEADERSHIP IN XIAMEN, FUJIAN PROVINCE

Million sq.m.

Largest Land Bank* in Xiamen (As at Dec 2014)

%

Residential Market Share in Xiamen#

1

6

3 4

5

Quanzhou

Fuzhou

Xiamen

Selected projects in Xiamen

2 Yuzhou Plaza

Yuzhou Riverside City Town5

1 Yuzhou World Trade Center

Yuzhou Central Coast

8 Xiang’an New Project

Under developmentCompleted Held for development

8

2

3 Yuzhou Shoreline

Yuzhou Cloud Top Int’l4 6

7 Yuzhou Lucca Town

1.82

1.53 1.10

0.65 0.53

0.45 0.39 0.38 0.34 0.26

-

0.40

0.80

1.20

1.60

2.00

Yuzhou Vanke Shimao BCDC CR Land SCE Longfor MingfaPowerlong COLI

7.1%

9.1% 9.5%8.0%

9.3% 10.0% 9.4%

0%

5%

10%

15%

2008 2009 2010 2011 2012 2013 2014

* Source : Database from CRIC, as at 31 Dec 2014Xiamen Municipal Land, Resources & Housing Administrative Bureau

# Note: In terms of GFA sold

Longyan

Zhangzhou

9

9 Jimei New Project

7

3,799 5,699 5,310

2,730

5,260 6,691 6,529

10,959 12,001

FY2012 FY2013 FY2014

2H

1H

15

FY2014 CONTRACTED SALES

Contracted Sales (FY2012 vs. FY2013vs. FY2014)

RMB million

# ProjectCity

Interest in Project

Contracted Sales As of Total

Contracted GFA

Contracted ASP

% (RMB mn) (%) (sq.m.) (RMB/sq.m.)1 Yuzhou Golf Xiamen 100% 196 2% 12,744 15,400 2 Yuzhou Shoreline Xiamen 100% 1,151 10% 58,236 19,764

3Yuzhou Central Coast Phase I(incl. car parks)

Xiamen 80% 208 2% 22,300 9,334

4 Yuzhou Central Coast Phase II Xiamen 80% 201 2% 19,022 10,556 5 Yuzhou Central Coast Phase III Xiamen 80% 1,300 11% 68,211 19,063 6 Yuzhou Riverside City Town Xiamen 100% 806 7% 71,628 11,255 7 Yuzhou Cloud Top International Xiamen 100% 815 7% 22,710 35,901 8 Haicang Dream Town Xiamen 20% 1,416 12% 94,282 15,023 9 Yuzhou Gushan No.One Fuzhou 60% 207 2% 10,328 20,061

10 Yuzhou Oriental Venice Phase II Fuzhou 45% 23 0% 1,252 18,347 11 Yuzhou Oriental Venice Phase III Fuzhou 45% 301 3% 30,436 9,877 12 Yuzhou City Plaza Phase I Quanzhou 100% 587 5% 86,822 6,762 13 Yuzhou Castle above City Longyan 100% 399 3% 73,215 5,445 14 Others Xiamen 100% 92 1% 18,551 4,949

West Strait Economic Zone 7,702 64% 589,736 13,061 15 Land Dream Shanghai 100% 62 1% 7,074 8,733 16 Yuzhou City Plaza Shanghai 100% 58 0% 5,303 11,024 17 Yuzhou Commercial Plaza Shanghai 100% 87 1% 4,407 19,648

18Yuzhou Skyline Phase I &II(incl. retail shops)

Hefei 100% 72 1% 6,152 11,643

19 Yuzhou Skyline Phase III Hefei 100% 1,143 10% 155,404 7,354 20 Yuzhou Jade lakeshire Hefei 100% 854 7% 116,642 7,325 21 Yuzhou Central Plaza Hefei 65% 1,083 9% 177,009 6,116 22 Yuzhou Town Hefei 100% 206 2% 23,406 8,785 23 Yuzhou Royal Seal Hefei 49% 161 1% 25,485 6,299 24 Yuzhou Prince lakeshire Bengbu 100% 222 2% 45,078 4,932

Yangtze River Delta 3,947 33% 565,959 6,974 25 Yuzhou Palace Country Tianjin 100% 275 2% 39,083 7,027 26 Yuzhou Royal Lakeshire Tianjin 100% 77 1% 8,781 8,781

Bohai Rim Region 352 3% 47,864 7,348 Total 12,001 1,203,559 9,972

FY2012 FY2013 FY2014

# of Cities 6 7 8

# of Projects 17 20 26

ASP (RMB/sq.m.)

8,951 10,499 9,972

16

MONTHLY CONTRACTED SALES IN 2013 vs. 2014

Monthly Contracted Sales ( Jan 2013 – Dec 2014)

797 716

2,410

492 599

685

1,263

917 890 822

577

791 819 678 704 709

879

1,521

536 606

1,036

1,417

1,113

1,983

8,432

8,687

11,501

10,531

8,576

13,799

9,815

13,407

12,655

9,867 9,302

10,094

13,417

14,642

11,108

9,337

9,488

9,263

8,988

9,486

10,458

10,665

9,604

8,671

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

500

1,000

1,500

2,000

2,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Contracted Sales in 2013 Contracted Sales in 2014 ASP in 2013 ASP in 2014

ASP(RMB/sq.m.)

Contracted Sales(RMB’million)

61

73

64

73 69

36 33

52

76

50

77 76

67 65

55 51

37

63

0

20

40

60

80

Shoreline CentralCoast

RiversideCity Town

Cloud TopInt'l

DeamTown

OtherXiamenprojects

Fuzhouprojects

City Plaza Castleabove

City

Shanghaiprojects

Skyline JadeLakeshire

CentalPlaza

OtherHefei

projects

PrinceLakeshire

PalaceCountry

RoyalLakeshire

Average

17

FY2014 SELL-THROUGH RATE REACHED 63%

The Average Sell-through Rate is 63%

%

City Xiamen Xiamen Xiamen Xiamen Xiamen Xiamen Fuzhou Quanzhou Longyan Shanghai Hefei Hefei Hefei Hefei Bengbu Tianjin Tianjin Total

GFA Launched (sq.m.)

95,150 150,911 112,375 31,194 136,723 87,093 125,823 166,966 95,971 33,327 210,760 153,307 263,454 75,382 82,158 77,217 23,604 1,921,415

GFA Sold (sq.m.)

58,236 109,532 71,628 22,710 94,282 31,295 42,016 86,822 73,215 16,785 161,555 116,642 177,009 48,891 45,078 39,083 8,781 1,203,559

18

LAND REPLENISHMENT IN 2014

Date of Acquisition

City Project Type MethodologySite Area

(sq.m.)

Saleable GFA

(sq.m.)

Total Land Cost

(RMB mn)

Average Land Cost

(RMB/sq.m.)

Estimated ASP

(RMB/sq.m.)

2014.01 Quanzhou Resi/Retail Public Auction 61,481 110,666 85 769 7,000+

2014.02 Fuzhou Resi/Retail Plot Ratio Increasing 367,173 193,754 650 3,357 11,000+

2014.05 Hefei Resi/Com Public Auction 36,387 109,160 426 3,900 12,000+

2014.08 Hong Kong Resi/Retail M&A 278 2,214 299 135,140 300,000

2014.11 Hefei Resi/Retail Public Auction 97,467 341,135 1,462 4,286 12,000+

2014.11 Nanjing Resi/Retail Public Auction 41,494 112,865 1,880 16,657 28,000+

2014.12 Fuzhou Resi/Retail Public Auction 54,507 136,268 580 4,256 11,000+

Total 328,001 1,006,062 5,382 5,350 N/A

Quanzhou Yuzhou City Plaza Phase III

Quanzhou City Hall

City Plaza Phase III

City Plaza Phase I

City Plaza Phase I

Fuzhou Oriental Venice Phase III

Yuzhou Central Plaza

Hefei City

Center

Yuzhou Skyline

Yuzhou Jade Lakeshire

Yuzhou Royal Seal

Yuzhou Shushan New Project (2014.05)

Hefei 2 New Projects

Fuzhou City

Center

Yuzhou Oriental Venice Phase III (2014.02)

Hong Kong New Project

Yuzhou Hong Kong New Project (2014.08)

Nanjing New Project

Yuzhou Nanjing New Project (2014.11)

Yuzhou Xinzhan New Project (2014.11)

Yuzhou Gushan No. One

Yuzhou Fuzhou New Project (2014.12)

19

LAND REPLENISHMENT IN 2015

Date of Acquisition

City Project Type MethodologySite

Area(sq.m.)Saleable GFA

(sq.m.)

Total Land Cost

(RMB mn)

Average Land Cost

(RMB/sq.m.)

Estimated ASP

(RMB/sq.m.)

January 2015 Xiamen Resi/ComBidding and

Auction70,109 305,160 2,740 8,979 20,000+

Xiamen Jimei Project

Xiamen Island

Xiamen

Airport

Xiamen Jimei Project(2015.01)

Yuzhou Central Coast

Yuzhou University City

Yuzhou Golf

Xiamen Metro Line 1

( Planning)

Xiamen Jimei

Project

Jimei CBD

Xiamen Garden

Show Park

Jimei School Village

Residential Area

Residential Area

20

ABILITY TO OBTAIN SUSTAINABLE PROJECT FINANCE

The weighted average interest rate of onshore and offshore fundings is 8.34%

Lending Banks City Usefull Credit Facilities Used Facilities Remaining Facilities

(as of Dec,2014, RMB mn) (as of Dec,2014, RMB mn) (as of Dec,2014, RMB mn)CCB Xiamen 1,246 1,058 188 CCB Longyan 500 230 270 CCB Hefei 395 390 5 ICBC Xiamen 1,502 2 1,500 ICBC Tianjin 183 150 32 BOC Xiamen 538 538 -BOC Shanghai 470 450 20 BOC Hefei 300 300 -BOC Longyan 250 250 -BOC Quanzhou 75 56 19 ABC Xiamen 937 902 35 Bank of Shanghai Shanghai 442 417 25 CMBC Hefei 700 700 -CMSB Hefei 150 80 70 Xiamen Bank Xiamen 280 280 -Xiamen Bank Quanzhou 48 48 1 SGB Tianjin 300 172 128 Ningbo Bank Shanghai 168 168 -CITIC Bank Xiamen 150 - 150 Industrial Bank Shanghai 46 40 6 BEA Shanghai 28 28 -Sub-total 8,707 6,259 2,448 Club Loan Hong Kong/Macau 561 562 -OCBC Hong Kong 372 268 104 HSBC Hong Kong 274 150 124 BOC Macau 182 182 -Fubon Bank Hong Kong 47 47 -Sub-total 1,436 1,208 228 Total 10,143 7,467 2,676

Cash onHand

CashInflow

CashOutflow

21

FY 2014 CASH FLOW POSITION

RMB BnFY2013

(A)FY2014

(A)FY2015

(E)

Cash on Hand (at the beginning) 3.73 3.88 9.78

Cash Proceeds from Contracted Sales 8.04 9.55 12.64

Rental, Management Fee & Other Income 0.27 0.23 0.35

Net Proceeds from Cooperation - 2.53 1.34

New Debt Drawdown 6.16 8.16 5.00

Paid Land Premium 4.51 4.56 6.30

Construction Cost Capex 3.24 3.97 4.76

Other Expenses - Interest, Tax, Dividend and Others 2.61 3.58 4.29

Debt Repayment 3.69 2.46 3.81

Cash on Hand (at the ending) 3.88 9.78 9.95

Cash on Hand3.88

Rental, Management Fee & Other Income

0.23

Contracted Sales Cash Proceeds

9.55

New Debt Drawdown

8.16

Construction Cost Capex

3.97

Other Expenses

3.58

Debt Repayment

2.46

(Unaudited) RMB Bn

Total Inflow20.47

Total Outflow14.57

Paid Land Premium

4.56

Net Cooperation Income

2.53

22

FUTURE PERSPECTIVES

MARKET OUTLOOK

23

2014

2015

Future Consolidation will continue Strategic development in diverse aspects and adopting the "Internet Thinking"

Government are establishing a “long-term mechanism” for property market adjustment Urbanization and the growth of disposable income will drive the long-term demand

Overall downturn in the market in 1H and obvious discrepancy between different cities Central government adopted market-oriented way to release the rigid demand

24

OUR STRATEGIES TO WEATHER THE MARKET

Diversify product mix to fulfill the user-oriented demand,

better catered to current market

Flexible pricing strategy in line with market expectations to

boost sales volumes

Product and Pricing Flexibility

Observe Investment Discipline

Experienced Management

Stable Cashflow

Highly experienced management team with strong

execution capabilities and deep industry insights

Effective marketing strategy, humanized design &

excellent cost control

Sell-through rate: stable cash flow and fast development cycle

Profit margin: sustainable development

Executive power: good corporate governance and stable

operation

Keep cautious in land acquisition

Maintain the net gearing ratio at a manageable level

Strengthen cooperation with investment funds and other

developers

organizes various financing channels to further optimize

its financial structure

25

FY2015: DETAILED LAUNCH TABLE# Project Name City Product Type Launch Type

Planned Sales GFA for 1H 2015


Planned Sales GFA for FY2015

Percentage of Planned Sales GFA

(%)(sq.m.) (sq.m.) (sq.m.)

1 Yuzhou Golf

Xiamen

Apartment Existing 2,023 - 2,023 0%Villa Existing 6,216 - 6,216 0%

Car Parks Existing 7,608 - 7,608 0%

2 Yuzhou Shoreline

Apartment Existing 1,691 - 1,691 0%Villa Existing 8,867 - 8,867 0%

Retail Existing 915 915 0%Car Parks Existing 32,306 - 32,306 1%

Apartment Existing 1,094 - 1,094 0%

3 Yuzhou Central Coast I&II SOHO Existing 4,804 - 4,804 0%Car Parks Existing 24,619 - 24,619 1%

4 Yuzhou Central Coast IIIApartment Existing 36,944 - 36,944 1%

SOHO Existing 5,499 - 5,499 0%Car Parks New Launch 8,721 12,435 21,156 1%

5 Yuzhou Riverside City Town

Villa Existing 18,193 15,856 34,049 1%Apartment Existing 80,971 107,520 188,491 8%

Retail Existing 7,480 33,800 41,280 2%Car Parks New Launch 13,398 13,398 26,796 1%

6 Yuzhou Cloud Top Int'l Apartment Existing 7,980 - 7,980 0%

7 Haicang Deam Town

Apartment Existing 26,223 24,530 50,753 2%Retail Existing 6,968 859 7,827 0%SOHO Existing 14,768 - 14,768 1%

Car Parks Existing 19,495 12,480 31,975 1%

8 Yuzhou Lucca TownApartment New Launch - 82,246 82,246 3%

Villa New Launch - 25,496 25,496 1%

9 OthersApartment Existing 1,882 5,497 7,379 0%Car Parks Existing 4,913 10,317 15,230 1%

10 Yuzhou Zhangzhou Project Zhangzhou Apartment New Launch - 37,612 37,612 1%

11 Yuzhou City Plaza QuanzhouApartment Existing 73,368 62,674 136,042 5%

Retail Existing 4,421 8,243 12,664 1%Car Parks Existing 5,436 6,000 11,436 0%

12 Yuzhou Gushan No.One

Fuzhou

Villa Existing 20,540 - 20,540 1%

13 Yuzhou Oriental VeniceApartment Existing 53,486 66,425 119,911 5%

Villa Existing 7,065 5,000 12,065 0%Car Parks Existing 2,757 - 2,757 0%

14 Yuzhou Lianjiang Project Apartment New Launch - 51,263 51,263 2%

15 Yuzhou Castle above City LongyanApartment Existing 52,671 50,857 103,528 4%

Retail New Launch - 8,830 8,830 0%West Strait Economic Zone 563,324 641,338 1,204,662 48%

26

FY2015: DETAILED LAUNCH TABLE (Cont’d)

# Project Name City Product Type Launch Type



Planned Sales GFA for FY2015

Percentage of Planned Sales GFA

(%)(sq.m.) (sq.m.) (sq.m.)

West Strait Economic Zone 563,324 641,338 1,204,662 48%

16 Yuzhou Jinqiao Int'l

Shanghai

Office Existing 100 - 100 0%

Retail Existing 12,920 - 12,920 1%

Car Parks Existing 15,314 - 15,314 1%

17 Yuzhou City PlazaOffice Existing 12,369 17,727 30,096 1%


18 Yuzhou Commercial PlazaOffice Existing 28,093 - 28,093 1%


19 Yuzhou Jiading Project Apartment New Launch - 30,944 30,944 1%

20 Yuzhou Skyline

Hefei

Apartment Existing 63,775 71,900 135,675 5%

Retail Existing 20,777 9,000 29,777 1%

Car Parks Existing - 11,278 11,278 0%

21 Yuzhou Jade Lakeshire Apartment Existing 92,870 75,882 168,752 7%

22 Yuzhou Central PlazaApartment Existing 118,194 129,911 248,105 10%

Retail New Launch 16,100 21,478 37,578 1%

23 Yuzhou Town


Retail New Launch 11,312 3,209 14,522 1%

Office New Launch - 30,528 30,528 1%

Car Parks New Launch - 434 434 0%

24 Yuzhou Royal SealApartment Existing 61,389 68,328 129,717 5%

Retail New Launch - 5,652 5,652 0%

25 Yuzhou Xinzhan Project Apartment New Launch - 59,594 59,594 2%

26 Yuzhou Prince Lakeshire Bengbu Apartment New Launch 57,620 48,109 105,729 4%

27 Yuzhou Yuhuatai Project Nanjing Apartment New Launch - 56,400 56,400 2%

Yangtze River Delta 543,942 651,711 1,195,653 48%

28 Yuzhou Palace Country

Tianjin


29 Yuzhou Royal LakeshireApartment Existing 14,823 24,913 39,737 2%

Villa New Launch 1,004 - 1,004 0%

Bohai Rim Region 53,962 58,830 112,792 4%

Total 1,161,228 1,351,878 2,513,106 100%

Existing76

New Launch

24

Existing

New Launch

Apartment76

Retail7

Car Parks8

SOHO1

Villa4

office4 Apartment

Retail

Car Parks

SOHO

Villa

office

Xiamen27

Fuzhou8

Quanzhou6

Longyan4

Zhangzhou1

Shanghai5

Hefei36

Bengbu4

Nanjing2

Tianjin4 Xiamen

Fuzhou

Quanzhou

Longyan

Zhangzhou

Shanghai

Hefei

Bengbu

Nanjing

Tianjin

FY2015: LAUNCH BREAKDOWN

100% = 2,513,106 sq.m.

By City%

By Launch Type

By PeriodBy Project Type

%

% %

27

1H46

2H54

1H

2H

28

MAJOR CONTRIBUTING PROJECTS IN 2015

Hefei Yuzhou Skyline(合肥禹洲．天境)

Xiamen Yuzhou Riverside City Town(廈門禹洲．溪堤尚城)

Located at the center of Tong’an, surrouned by national wetland park

High-rise residential units, commercial and garden houses

Land cost: RMB 1,696/s.qm.,

Current ASP:RMB 11,000/sq.m

Adjacent to the Govern-ment Office of Hefei

A community of 1.2 million sq.m. offers high-rises, low-rises residential units, retail and school

Land cost: RMB 377/sq.m.,

Current ASP: RMB 7,300/sq.m.

Quanzhou Yuzhou City Plaza(泉州禹洲城市廣場)

Nearby the planning new City Hall of Huian district

High-rises low-rises residential units, retail and Shopping mall

Land cost: RMB 338/sq.m.,

Current ASP:RMB 6,500/sq.m.

Hefei Yuzhou Central Plaza(合肥禹洲．中央廣場)

Located at the East New Town with total saleable GFA of 1 million sq.m

High-rise residential units with variety product type

Land cost: RMB 1,421/s.qm.,

Current ASP:RMB 6,500/sq.m

29

LAND BANKING STRATEGY

Guangdong

Hunan

Jiangxi Zhejiang

Pearl RiverDelta (PRD)

West StraitEconomic Zone

Yangtze RiverDelta (YRD)

Shanghai

Taiwan

FujianFuzhou

Xiamen

Taipei

Fujian

Focus on the West Strait Economic Zone A new strategic focus and growth engine in China promoted by the State Council

Penetrate further into the regionTo solidify the long-time market leadership by expanding into nearby cities

Stick to our core competencyTo acquire land through Public Auction and Merger & Acquisition

Xiamen23%

Fuzhou7%

Quanzhou14%

Longyan4%

Zhangzhou3%

Shanghai7%

Nanjing1%

Hefei29%

Bengbu7%

Tianjin5%

Land bank chart as at March 2015

West Strait Economic Zone

(51%)

30

APPENDIX

509

1,823

3,894

1,073

6,055

6,743

2,247

4,883

1,258

2,040

2,723 3,174 3,159

1,041

4,109

2,274 2,472

4,543 4,490

3,124

828

3,229

5,726 4,032 4,348 3,810 3,397 2,701

11,276 11,532

4,744 6,601

9,708 9,891 8,854

11,600

13,973 12,863

15,701

19,231

0

5,000

10,000

15,000

20,000

25,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Land Supply (GFA)for Residential Properties 000sq.m. Transaction Volume of Residential Properties 000sq.m. Per GFA Land Cost RMB/sq.m. ASP of Residential Properties RMB/sq.m.

'000 sq.m. RMB/sq.m.

XIAMEN PROPERTY MARKET OVERVIEW

Residential Land Supply and Property Transactions in Xiamen

Monthly Transaction Volume and ASP of Residential Properties

31

Source：Database from CRIC; Land Supply Data for Residential Properties Supply(excluding social housing)

Source：Database from CRIC; Data Only for Commodity Housing(excluding social housing)

519 345

795

402 548

459 441 338 300 256

93 30

610

222 292 168 193 213 225 225 191 243 267 278

13,819 13,985 15,191

17,259 16,014 15,260

18,361 16,242 16,768 16,176

14,627

9,915

17,973 18,215 17,690

20,624 22,199 22,550 23,630

20,511 18,412 19,422

20,815 20,013

0

5,000

10,000

15,000

20,000

25,000

0

100

200

300

400

500

600

700

800

900

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

RMB/sq.m.'000sq.m.

Monthly Transaction Volume of Residential Properties ‘000sq.m. ASP of Residential Properties RMB/sq.m.

3,159

2,577

1,185

820

1,308

3,623

2,905

1,000

2,016

1,224

696 870 975

1,327

4,261

1,877 1,875

2,524 2,764

2,410

1,333 2,346

5,405

3,839 4,214 4,841 5,376 5,241 5,225

6,046 3,477

4,126

7,590 7,557 8,164

11,942

14,231 14,188

16,372 16,552

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014



FUZHOU PROPERTY MARKET OVERVIEW

Residential Land Supply and Property Transactions in Fuzhou



32


236 205

382

224 213 267

164 184 104

221 313

252 280

155 208

161 130 140 152 204 167

242 216

355

15,294 15,990 15,874 16,560 16,063 18,160 18,120 17,247 17,724

15,294 16,028 15,679

18,44616,804 16,417 17,091 17,024 17,835 17,252

15,384 15,629 15,474 15,787 16,110

0

5,000

10,000

15,000

20,000

0

50

100

150

200

250

300

350

400

450


RMB/sq.m.'000sq.m.


34,809

23,421

17,776

7,514 8,972

14,565 16,914

11,440 14,031

9,704

17,941 16,151

20,128

8,779

18,999

9,897 7,287

9,377

12,820

9,713

355 712 2,121

3,215

7,944 6,632

3,996 4,852

5,845

9,084 7,767 9,655 10,556

13,971 16,039

21,728 22,278 22,502 24,177

27,212

0

5,000

10,000

15,000

20,000

25,000

30,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014



SHANGHAI PROPERTY MARKET OVERVIEW

Residential Land Supply and Property Transactions in Shanghai


Source: Database from CRIC; Land Supply Data for Residential Properties Supply(excluding social housing)

33

Source: Database from CRIC; Data Only for Commodity Housing(excluding social housing)

1,010

540

1,518

902 944 1,123

772 901

1,433 1,398 1,282 978

699 418

930 761

595 714 685 645 773 1,092 1,032

1,368

23,149 24,903

23,159 24,020 23,448 24,133 24,908 23,512 24,541 25,005 25,062 25,476 25,730 25,751 25,840 25,95127,651 26,551 26,512 26,335 27,645 27,554 27,770

30,032

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

200

400

600

800

1,000

1,200

1,400

1,600


RMB/sq.m.'000sq.m.


4,540

2,379

10,256

4,879

9,619 8,900 9,403

11,371 12,664

15,443

5,374 5,833

9,531

7,754

10,684

6,256 5,413

8,439

10,765 11,624

1,201 729 782 1,024

1,649 2,166

1,621 1,456 1,495

2,686 2,799 2,874 3,154

4,100 4,635

6,007 6,259 6,351

6,986 7,190

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014



HEFEI PROPERTY MARKET OVERVIEW

Residential Land Supply and Property Transactions in Hefei



34


957 628

1,756

1,170 1,077 1,019 1,213 1,225 1,084 1,152 1,309

1,483 1,196

1,010 1,257

1,061 908 848 847 948 785 808

1,032 924

6,377 6,139 6,474 6,438 6,380 6,326 6,565 6,281 6,581 6,654 6,593 6,893 6,772 6,5857,020 7,123 7,312 7,279 7,355 7,461 7,382 7,227 7,393 7,662

0

2,000

4,000

6,000

8,000

10,000

0

500

1,000

1,500

2,000


RMB/sq.m.'000sq.m.


7,927

11,391

3,864

5,913

11,651 12,791

9,417

13,116

15,570

12,109

10,232

4,873

12,075

5,810

4,036

7,621

9,912

8,305

1,107 2,309 2,054

3,160

4,842

2,733 3,806

5,953

4,128 4,394 5,459

6,376 7,348

10,688 10,775 10,929

12,305 13,521

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2006 2007 2008 2009 2010 2011 2012 2013 2014



NANJING PROPERTY MARKET OVERVIEW

Residential Land Supply and Property Transactions in Nanjing



35


779 515

1,027 1,019 806 724

884 819 805 802 880 940 871

490 658 733

591 504 501 633 585

853 1,052 1,145

11,501 12,532

10,720 11,350 11,840 12,479 13,03612,250

13,21712,183 12,758

13,57914,475

11,73712,911 13,311 13,730 13,682 13,436 13,009

13,902 13,321 14,737 15,148

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

200

400

600

800

1,000

1,200

1,400




DETAILED LAND BANK TABLE

36

Project Site Area LocationUnit Land

Cost Total GFA Total Saleable GFA

Sold and Delivered Saleable GFA

Pre-sold Saleable GFA

Held for Sale Only Held for Investment

Only Land Reserve

Interest in the Project

(sq.m.) (RMB/sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) %

Completed Projects

Yuzhou Overseas City 27,703 Xiamen 830 239,627 236,745 235,644 - - 1,101 1,101 100%

Yuzhou Shuilian Manor 12,909 Xiamen 910 29,126 27,325 27,325 - - - - 100%

Yuzhou Hai Tian Plaza 6,316 Xiamen 396 65,104 64,575 63,093 266 355 861 1,482 100%

Yuzhou Harbour City 20,089 Xiamen 761 191,649 186,013 186,013 - - - - 60%

Yuzhou New City 25,610 Xiamen 647 93,473 90,770 87,144 - 262 3,364 3,626 100%

Yuzhou Garden 27,345 Xiamen 586 92,888 92,119 89,751 291 385 1,692 2,368 100%

Yuzhou Galaxy Garden 26,367 Xiamen 1,718 93,925 91,689 91,463 - 226 - 226 100%

Yuzhou New Manor 45,619 Xiamen 493 118,892 118,652 118,590 - 62 - 62 100%

Yuzhou World Trade Center 19,454 Xiamen 845 204,476 182,640 131,872 1,177 491 49,100 50,768 100%

Yuzhou Golden Seacoast 70,793 Xiamen 1,590 245,073 226,679 187,427 7,602 - 31,650 39,252 100%

Yuzhou University City 90,750 Xiamen 932 480,252 467,112 444,818 160 15,038 7,096 22,294 100%

Yuzhou Castle above City 52,715 Xiamen 1,273 235,984 231,017 166,522 51,772 9,965 2,758 64,495 100%

Yuzhou Sunshine City 22,868 Xiamen 1,301 72,733 72,278 59,314 - 12,964 - 12,964 100%

Yuzhou Golf 55,986 Xiamen 1,165 129,187 114,574 68,390 4,376 41,808 - 46,184 100%

Yuzhou Shoreline 107,622 Xiamen 3,560 473,184 421,316 301,420 19,531 85,965 14,400 119,896 100%

Yuzhou Cloud Top International 15,652 Xiamen 3,174 98,294 71,214 28,348 11,786 7,980 23,100 42,866 100%

Yuzhou Plaza 3,333 Xiamen 2,417 60,130 57,861 - - - 57,861 57,861 100%

Yuzhou Jinqiao International 49,738 Shanghai 1,242 234,484 230,955 169,369 24,997 3,874 32,715 61,586 100%

Yuzhou Plaza 6,818 Shanghai 2,620 35,837 28,624 - - - 28,624 28,624 100%

Yuzhou Gushan No. One 234,160 Fuzhou 1,831 88,287 79,923 50,501 8,963 20,459 - 29,422 60%

Sub-total 921,847 1,476 3,282,605 3,092,081 2,507,004 130,921 199,834 254,322 585,077

Projects Under Development

Yuzhou International Hotel 60,018 Xiamen 1,175 125,221 102,142 - - - 102,142 102,142 100%

Yuzhou Central Coast 123,240 Xiamen 2,557 563,730 535,000 368,426 87,620 53,954 25,000 166,574 80%

Yuzhou Riverside City Town 284,414 Xiamen 1,696 512,600 512,600 65,550 63,705 302,845 80,500 447,050 100%

Haicang Vanke City (JV Project) 189,752 Xiamen 2,921 517,690 517,690 99,954 315,820 101,916 - 417,736 20%

Yuzhou Lucca Town 54,323 Xiamen 12,059 136,000 136,000 - - 136,000 - 136,000 100%

Yuzhou Commercial Plaza 40,911 Shanghai 2,367 135,880 110,460 - 4,407 80,202 25,851 110,460 100%

Yuzhou City Plaza 50,628 Shanghai 1,445 100,489 98,494 - 5,303 57,914 35,277 98,494 100%

Yuzhou Skyline 446,757 Hefei 377 1,230,259 1,222,859 750,319 88,332 286,908 97,300 472,540 100%

Yuzhou Jade Lakeshire 95,978 Hefei 1,755 352,268 287,934 - 118,157 169,777 - 287,934 100%

Yuzhou Central Plaza 279,535 Hefei 1,421 918,698 918,698 - 177,009 641,689 100,000 918,698 65%

Yuzhou Royal Seal 156,667 Hefei 2,825 470,000 470,000 - 25,485 444,515 - 470,000 49%

Yuzhou Town 36,387 Hefei 3,900 109,160 109,160 - 23,406 42,090 43,664 109,160 100%

Yuzhou Prince Lakeshire 133,667 Bengbu 660 668,333 668,333 - 45,078 623,255 - 668,333 100%

Yuzhou Oriental Venice 706,397 Fuzhou 2,846 559,266 549,185 111,631 74,464 347,357 15,733 437,554 45%

Yuzhou Palace Country 135,173 Tianjin 1,060 320,374 319,748 20,052 69,087 230,609 - 299,696 100%

Yuzhou Royal Lakeshire 109,090 Tianjin 1,062 130,908 130,908 - 8,781 122,127 - 130,908 100%

Yuzhou Castle above City 100,878 Longyan 1,921 312,330 312,330 - 89,392 208,338 14,600 312,330 100%

Yuzhou City Plaza Phase I 125,000 Quanzhou 338 491,800 491,800 170,359 38,050 283,391 - 321,441 100%

Yuzhou City Plaza Phase II 241,707 Quanzhou 343 878,525 823,400 - 88,380 576,300 158,720 823,400 100%

Sub-total 3,370,522 1,620 8,533,531 8,316,741 1,586,291 1,322,476 4,709,187 698,787 6,730,450

Projects Held for Future Development

Yuzhou Xiang'an Com/Offi Project 8,264 Xiamen 3,013 89,300 89,300 - - - 89,300 89,300 100%

Yuzhou Lianjiang Project 54,507 Fuzhou 4,256 136,268 136,268 - - 136,268 - 136,268 100%

Yuzhou City Plaza Phase III 61,481 Quanzhou 769 110,666 110,666 - - 110,666 - 110,666 100%

Yuzhou Caine Road Project 278 Hong Kong 135,140 2,886 2,214 - - 2,214 - 2,214 100%

Yuzhou Jinshan Project 174,814 Shanghai 1,324 211,418 211,418 - - 211,418 - 211,418 100%

Yuzhou Jiading Project 55,017 Shanghai 10,405 126,540 126,540 - - 126,540 - 126,540 100%

Yuzhou Xinzhan Project 97,467 Hefei 4,286 341,135 341,135 - - 341,135 - 341,135 100%

Yuzhou Yuhuatai Project 41,494 Nanjing 16,657 112,865 112,865 - - 112,865 - 112,865 100%

Yuzhou Zhangzhou Project 100,057 Zhangzhou 2,400 279,309 255,000 - - 255,000 - 255,000 100%

Sub-total 593,379 4,897 1,410,387 1,385,406 - - 1,296,106 89,300 1,385,406

Total 4,885,748 1,940 13,226,523 12,794,228 4,093,295 1,453,397 6,205,127 1,042,409 8,700,933

2014 KEY FINANCIALS

For the year ended 31 Dec

37

FY2014 FY2013 Change (%)

Revenue (RMB’000) 7,836,633 7,470,608 +5%

Gross Profit (RMB’000) 2,844,773 2,319,081 +23%

Gross Profit Margin (%) 36.3% 31.0% +5.3pp

Core Profit (RMB’000) 1,025,336 1,089,922 -6%

Core Profit Margin (%) 13.1% 14.6% -1.5pp

EPS (RMB/share) 0.36 0.43 -16%

CEPS (RMB/share) 0.30 0.32 -6%

38

(RMB’000) As at 31 Dec 2014 As at 31 Dec 2013 Change (%)

Total current assets 29,559,864 21,847,267 +35%

Total non-current assets 9,515,143 5,515,054 +73%

Total current liabilities 17,278,610 11,483,173 +50%

Total non-current liabilities 12,406,598 8,407,243 +48%

Total equity 9,389,799 7,471,905 +26%

Cash and bank balances 9,784,742 3,883,626 +152%

Restricted Cash 488,765 375,686 +30%

Short Term Debt 3,805,451 1,984,444 +92%

Long Term Debt 11,598,959 7,725,838 +52%

Net Debt 5,619,668 5,826,656 -4%

Net Gearing Ratio(%) 59.8% 78.0% -18.2pp

2014 KEY FINANCIALS

These materials have been prepared by Yuzhou Properties Company Limited (the “Company”) solely for informationaluse during its presentation to current and/or prospective investors to provide an update on the business performanceand development of the Company.

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 the information or opinions contained herein. It is not the intention toprovide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’sfinancial or trading position or prospects. The information contained in these materials should be considered in thecontext of the circumstances prevailing at the time and is subject to change without notice and has not been, and willnot be, updated to reflect material developments which may occur after the date of the presentation. None of theCompany nor any of its respective directors, officers, employees, affiliates, advisors or representatives shall have anyliability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of thesematerials or their contents or otherwise arising in connection with these materials.

These materials and subsequent discussions may contain certain statements which would constitute "forward-lookingstatements”. Such forward-looking statements involve risks, uncertainties, future events, our future financial,operational, business or other performance and are subject to a number of uncertainties and factors that may causethe actual results, performance or achievements of the Company to be materially different from those expressed by, orimplied by the forward-looking statements in these materials. There can be no assurance that the results and eventscontemplated by the forward-looking statements contained in these materials will in fact occur. You should not placeundue reliance on these forward-looking statements, which reflect our belief only as of the date of this presentation.These forward-looking statements are based on our own information and on information from other sources webelieve to be reliable. Past performance cannot be relied on as a guide to future performance.

This document does not constitute an offer or invitation to purchase or subscribe for any securities of the Company orany holding company or any of its subsidiaries or an inducement to enter into any investment activity. No part of thesematerials, or the fact of its distribution or use, shall form the basis of or be relied upon in connection with any contract,commitment or investment decision in relation thereto.

DISCLAIMER

39

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