RemeGen Co., Ltd. — Proxy Solicitation & Information Statement 2018

Oct 25, 2018

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your licensed securities dealer, a bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in Overseas Chinese Town (Asia) Holdings Limited (the “Company”), you should at once hand this circular and the accompanying form of proxy to the purchaser or the transferee, or to the bank, licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or the transferee(s).

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and 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 circular.

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Overseas Chinese Town (Asia) Holdings Limited 華僑城（亞洲）控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03366)

MAJOR TRANSACTION SUBSCRIPTION IN YUZHOU PROPERTIES COMPANY LIMITED

26 October 2018

CONTENTS

			Page
DEFINITIONS	. . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
**LETTER FROM **	THE BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		3
APPENDIX I	–	FINANCIAL INFORMATION OF THE GROUP. . . . . . . .	10
APPENDIX II	–	FINANCIAL INFORMATION OF YUZHOU
		PROPERTIES GROUP . . . . . . . . . . . . . . . . . . . . . . . . . .	13
APPENDIX III	–	UNAUDITED PRO FORMA FINANCIAL
		INFORMATION OF THE GROUP . . . . . . . . . . . . . . . . .	153
APPENDIX IV	–	GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . .	161

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DEFINITIONS

In this circular, the following expressions shall have the meanings set out below unless the context requires otherwise:–

• “Board” the board of Directors of the Company; “City Legend” City Legend International Limited (華昌國際有限公司), a company incorporated in Hong Kong with limited liability and is wholly-owned by the Company;

• “Company” Overseas Chinese Town (Asia) Holdings Limited, an exempted company incorporated in the Cayman Islands with limited liability, the shares of which are listed on the main board of the Stock Exchange (stock code: 03366);

• “Completion” completion of the Subscription;

• “controlling shareholder(s)” has the meaning ascribed to in the Listing Rules;

• “Director(s)” the director(s) of the Company;

• “Group” the Company and its subsidiaries;

• “HK$” Hong Kong dollars, the lawful currency of Hong Kong;

• “Hong Kong” the Hong Kong Special Administrative Region of the PRC;

• “Independent Third Party(ies)” parties independent of and not connected with the Company and its connected persons;

• “Latest Practicable Date” 23 October 2018, being the latest practicable date prior to the printing of this circular for ascertaining information contained in this circular;

• “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange;

• “Long Stop Date” 31 December 2018 (or such other date as the parties to the Subscription Agreement may agree in writing);

• “Pacific Climax”

• Pacific Climax Limited, a company incorporated in the British Virgin Islands with limited liability, which is a controlling shareholder of the Company;

• “percentage ratio(s)”

has the meaning ascribed to in the Listing Rules;

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DEFINITIONS

“PRC” the People’s Republic of China excluding Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan for the purposes of this circular; “RMB” Renminbi, the lawful currency of the PRC; “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); “Share(s)” Share(s) of the Company; “Shareholders” holders of the Share(s);

• “Stock Exchange” The Stock Exchange of Hong Kong Limited; “Subscription” the subscription of the Subscription Shares by City Legend from Yuzhou Properties pursuant to the Subscription Agreement;

• “Subscription Agreement” the subscription agreement entered into between City Legend and Yuzhou Properties on 31 August 2018;

• “Subscription Price” HK$3.96 per Subscription Share;

• “Subscription Shares” 460,489,606 new shares to be allotted and issued by Yuzhou Properties to City Legend pursuant to the Subscription Agreement;

• “Yuzhou Properties” Yuzhou Properties Company Limited (禹洲地產股份有限 公司), a company incorporated in the Cayman Islands with limited liability whose shares are listed on the Main Board of the Stock Exchange (stock code: 1628);

• “Yuzhou Properties Group” Yuzhou Properties and its subsidiaries; and “%” per cent.

In this circular, the English names of the PRC entities or enterprises are translations of their Chinese names. In the event of any inconsistency, the Chinese names shall prevail.

For the purpose of this circular and solely for the purpose of illustration, the conversion of RMB into HK$ is based on the exchange rate of HK1.00 = RMB0.88. Such rate is for the purpose of illustration only and does not constitute a representation that any amount in question in RMB or HK$ has been or could have been or may be converted at such or another rate or at all.

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LETTER FROM THE BOARD

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Overseas Chinese Town (Asia) Holdings Limited 華僑城（亞洲）控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03366)

Executive Directors: Mr. He Haibin (Chairman) Ms. Xie Mei (Chief Executive Officer) Mr. Lin Kaihua

Non-executive Director:

Mr. Zhang Jing

Registered Office: Clifton House 75 Fort Street PO Box 1350 GT George Town Grand Cayman Cayman Islands

Independent Non-Executive Directors: Mr. Lu Gong Ms. Wong Wai Ling Professor Lam Sing Kwong Simon

Head Office and Principal Place of Business: Suites 3203-3204, Tower 6 The Gateway, Harbour City Canton Road Tsim Sha Tsui Kowloon Hong Kong

26 October 2018

To the Shareholders

Dear Sir or Madam,

MAJOR TRANSACTION SUBSCRIPTION IN YUZHOU PROPERTIES COMPANY LIMITED

INTRODUCTION

Reference is made to the announcement of the Company dated 31 August 2018.

On 31 August 2018 (after trading hours), City Legend (as subscriber), entered into the Subscription Agreement with Yuzhou Properties (as issuer), pursuant to which City Legend agreed to subscribe the Subscription Shares at the aggregate Subscription Price of HK$1,823,538,839.76.

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LETTER FROM THE BOARD

The purpose of this circular is to provide Shareholders with further details of the Subscription Agreement and the transactions contemplated thereunder and such other information as required by the Listing Rules.

SUBSCRIPTION AGREEMENT

Principal terms of the Subscription Agreement are set out as follows:

Date

31 August 2018 (after trading hours)

Parties

• (1) City Legend, as subscriber; and

• (2) Yuzhou Properties, as issuer.

Subject Matter

Pursuant to the Subscription Agreement, City Legend agreed to subscribe and Yuzhou Properties agreed to allot and issue 460,489,606 Subscription Shares at the Subscription Price of HK$3.96 per Subscription Share. The Subscription Shares shall be free of encumbrances and rank pari passu in all respects with all the other shares of Yuzhou Properties in issue on the date of allotment.

Consideration and payment

The Subscription Price of HK$3.96 per Subscription Share represents a discount of 19.68% to the net assets per share of RMB4.34 (equivalent to HK$4.93 per share) of Yuzhou Properties as at 30 June 2018. The aggregate Subscription Price payable by City Legend under the Subscription Agreement (being the Subscription Price multiplied by the number of the Subscription Shares) amounts to HK$1,823,538,839.76. City Legend shall settle the aggregate Subscription Price in cash on the Completion date by way of bank transfer.

Basis of Consideration

The aggregate Subscription Price was agreed between the parties to the Subscription Agreement after arm’s length negotiations. In determining whether the aggregate Subscription Price is fair and reasonable and whether the Group should enter into the Subscription Agreement, the Board has considered the financial reports and other information of Yuzhou Properties published on the website of the Stock Exchange and the following factors:

(i) Closing price of the shares of Yuzhou Properties

The Subscription Price of HK$3.96 per Subscription Share represents:

• (a) a discount of approximately 5.04% to the closing price of HK$4.17 per share of Yuzhou Properties as quoted on the Stock Exchange on the date of the Subscription Agreement;

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LETTER FROM THE BOARD

• (b) a discount of approximately 2.56% to the average closing price of approximately HK$4.064 per share of Yuzhou Properties for the last five consecutive trading days immediately prior to the date of the Subscription Agreement; and

• (c) a discount of approximately 1.30% to the average closing price of approximately HK$4.012 per share of Yuzhou Properties for the last 10 consecutive trading days immediately prior to the date of the Subscription Agreement;

which is lower than the market price of the shares of Yuzhou Properties and in line with market practice.

(ii) Current market position of Yuzhou Properties in the PRC property industry

Yuzhou Properties was listed on the Main Board of the Stock Exchange in 2009 with first-rank qualifications for both real estate development and property management. Since 2018, Yuzhou Properties has been included in the “Hang Seng Integrated Large and Medium-Cap Index”, the Hong Kong Stock Connect trading list under the Shanghai-Hong Kong Stock Connect and was awarded “2018 Top 50 China Real Estate Listed Companies with Strongest Comprehensive Strengths” from China Real Estate Association, Shanghai E-house China R&D Institute and China Real Estate Appraisal.

(iii) Prospect of Yuzhou Properties’ future development.

Yuzhou Properties has a relatively good profitability and stable financial position. Yuzhou Properties strives to achieve remarkable development in the first-and second-tier cities and the surrounding core satellite cities in Yangtze River Delta Region, Bohai Rim Region, Bay Area, West Strait Economic Zone, Southwest Region and Central China Region. It has maintained a sufficient land reserve which lays a solid foundation for its future sustainable development.

The aggregate Subscription Price was financed by internal resources of the Group and bank borrowings.

Having considered the above information, the Board is of the view that Yuzhou Properties is an outstanding property developer in the PRC and believes the Subscription is a good investment opportunity to the Group and compatible with the Company’s development strategy.

To the best knowledge, belief and information of the Company and having made references to the previous subscription transactions made by the Group and other precedents available in the market, the Board believes the price determination process of the Subscription Agreement was in line with market practice.

In light of the size of the Subscription, the Board believes the Group has obtained all information it could reasonably obtain and the decision making process above conforms to the market practice and is also in compliance with the relevant rules and regulations.

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LETTER FROM THE BOARD

Conditions precedent

Completion of the Subscription Agreement is conditional upon all of the following conditions having been satisfied:

• (a) the Listing Committee of the Stock Exchange having granted and have not revoked the listing of, and permission to deal, in the Subscription Shares;

• (b) the Subscription Agreement and the transactions contemplated thereunder having been approved by the Shareholders by way of written shareholders’ approval in accordance with the requirements of Rule 14.44 of the Listing Rules (or if the Stock Exchange determines that Rule 14.44 of the Listing Rules is not applicable, being approved at a general meeting of the Company);

• (c) all necessary governmental and regulatory approvals and consents regarding the Subscription having been obtained by Yuzhou Properties and the Company;

• (d) no person having threatened or commenced any proceedings to prohibit or otherwise challenge the Subscription or the transactions contemplated under the Subscription Agreement;

• (e) no legislation, rule or regulation being proposed or passed that would prohibit or materially restrict the implementation of the Subscription Agreement; and

• (f) the respective representations and warranties of City Legend and Yuzhou Properties in the Subscription Agreement remaining accurate and true in all respects and not misleading in any respect up to and including the Completion date.

If any of the above conditions have not been fulfilled before on or before the Long Stop Date, the Subscription Agreement shall terminate and be of no further effect, and the parties shall be released and discharged from their respective obligations thereunder.

Completion

Pursuant to the Subscription Agreement, Completion shall take place within five business days after fulfillment of all conditions precedent of the Subscription Agreement.

As all conditions precedent of the Subscription Agreement were fulfilled, Completion of the Subscription took place on 14 September 2018 accordingly. On 14 September 2018, City Legend paid the aggregate Subscription Price of HK$1,823,538,839.76 to Yuzhou Properties and Yuzhou Properties issued and allotted 460,489,606 Subscription Shares to City Legend, representing 9.9% of the enlarged issued share capital of Yuzhou Properties.

After Completion of the Subscription, Yuzhou Properties has not become a subsidiary of the Company and its financial results has not been consolidated into the Group.

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LETTER FROM THE BOARD

INFORMATION OF THE COMPANY AND CITY LEGEND

The principal business activity of the Company is investment holding. The Group is principally engaged in the comprehensive development business and investment in the new urbanization industrial ecosphere business.

City Legend is a wholly-owned subsidiary of the Company, which is incorporated under the laws of Hong Kong with limited liability. It is principally engaged in investment holding.

INFORMATION OF YUZHOU PROPERTIES

Yuzhou Properties is a company incorporated in the Cayman Islands with limited liability whose shares are listed on the Main Board of the Stock Exchange (stock code: 1628). It principally engages in property development, property investment, property management and hotel operations in the PRC and Hong Kong.

To the best information, knowledge and belief of the Directors after having made all reasonable enquiries, Yuzhou Properties and its ultimate beneficial owners are Independent Third Parties.

The audited financial information of Yuzhou Properties for the two years ended 31 December 2016 and 2017 prepared in accordance with Hong Kong Financial Reporting Standards are as follows:

			Year ended 31 December	Year ended 31 December
			2016	2017
			(RMB’000)	(RMB’000)
Net	profit	(before tax)	4,196,760	6,190,060
Net	profit	(after tax)	2,088,486	3,127,069
			As at 31 December
			2016	2017
			(RMB’000)	(RMB’000)
Net	Assets		11,672,736	17,443,236

REASONS FOR AND BENEFIT OF ENTERING INTO THE SUBSCRIPTION AGREEMENT

Having considered that (i) Yuzhou Properties enjoys advantages in respect of market position, operational strength and regional brand awareness, it has a good profitability and stable financial status; (ii) the Company is engaged in comprehensive development and operation of multi-format real estate business, including residential, commercial and hotel, while as Yuzhou Properties is engaged in business such as property development, property management, hotel, etc., the businesses of the Company and Yuzhou Properties share certain

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LETTER FROM THE BOARD

degree of similarity, and that although the Company only acquires a minority interest in Yuzhou Properties, the two companies will seek cooperation opportunities in the future to jointly acquire and/or develop real estate projects, hence to form complementary advantages, bring synergy effect to the existing business of the Group and promote the future development of the Group; and (iii) the Group’s investment in Yuzhou Properties is expected to broaden the profit channel of the Company and is in the interest of the Group, the Directors are of the view that the terms of the Subscription Agreement are on normal commercial terms that are fair and reasonable, and the Subscription is in the interests of the Company and the Shareholders as a whole.

FINANCIAL EFFECTS OF THE SUBSCRIPTION

Upon Completion of the Subscription, Yuzhou Properties will become an associate of the Company and its results will be equity accounted for in the consolidated financial statements of the Company. Based on the unaudited pro forma financial information of the Group as set out in Appendix III of this circular, assuming the Subscription had completed on 30 June 2018, (i) the total assets of the Group would be approximately RMB22,365 million; (ii) the total liabilities of the Group would be approximately RMB9,408 million; (iii) the adjusted net asset value of the Group would be approximately RMB12,957 million; and (iv) there would be a net gain of approximately RMB41 million arising from the Subscription.

LISTING RULES IMPLICATIONS

As one or more of the relevant applicable percentage ratios calculated pursuant to the Listing Rules in respect of the Subscription Agreement is/are more than 25% but less than 100%, the Subscription Agreement and the transactions contemplated thereunder constitute a major transaction of the Company for the purpose of the Listing Rules and are subject to the announcement and Shareholders’ approval requirement under Chapter 14 of the Listing Rules.

In accordance with Rule 14.67(6)(a)(i) of the Listing Rules, the circular of the Company should include an accountant’s report on Yuzhou Properties. In addition, in accordance with Rule 5.02 of the Listing Rules, the circular of the Company should include a valuation on the property interest of Yuzhou Properties, as Yuzhou Properties is principally engaged in the business of property development in the PRC.

Given that the shares of Yuzhou Properties are listed on the Stock Exchange, the Company is exempted from including the accountants report on Yuzhou Properties and the valuation of the property interests of Yuzhou Properties in this circular under Rule 4.01(3) and Rule 5.02A(3) of the Listing Rules.

SHAREHOLDERS’ WRITTEN APPROVAL

As no Shareholder has material interest in the Subscription Agreement and the transactions contemplated thereunder, none of the Shareholders is required to abstain from voting if the Company were to convene a general meeting for the approval of the Subscription

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LETTER FROM THE BOARD

Agreement and the transactions contemplated thereunder. The Company has obtained a written approval from Pacific Climax, the controlling shareholder of the Company holding 530,894,000 Shares as at the Latest Practicable Date (representing approximately 70.94% of the issued share capital of the Company), for the approval of the Subscription Agreement and the transactions contemplated thereunder. As such, no extraordinary general meeting will be convened by the Company to approve the Subscription Agreement and the transactions contemplated thereunder.

RECOMMENDATION

The Board (including the independent non-executive Directors) considers that the terms of the Subscription Agreement are fair and reasonable and the transaction contemplated thereunder is in the best interests of the Company and the Shareholders as a whole.

ADDITIONAL INFORMATION

Your attention is also drawn to the additional information contained in the appendices to this circular.

By order of the Board Overseas Chinese Town (Asia) Holdings Limited He Haibin Chairman

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FINANCIAL INFORMATION OF THE GROUP

APPENDIX I

1. AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP

The Company is required to set out in this circular the financial information for the last three financial years with respect to the profits and losses, financial record and position, set out as a comparative table and the latest published audited statement of financial position together with the notes on the annual accounts for the last financial year for the Group.

The audited consolidated financial statements of the Group for the year ended 31 December 2015 has been set out in pages 59 to 138 of the annual report 2015 of the Company which was posted on 7 April 2016 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0407/LTN20160407369.pdf).

The audited consolidated financial statements of the Group for the year ended 31 December 2016 has been set out in pages 77 to 172 of the annual report 2016 of the Company which was posted on 26 April 2017 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0426/LTN20170426481.pdf).

The audited consolidated financial statements of the Group for the year ended 31 December 2017 has been set out in pages 77 to 178 of the annual report 2017 of the Company which was posted on 13 April 2018 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0413/LTN20180413403.pdf).

The unaudited consolidated financial statements of the Group for the six months ended 30 June 2018 has been set out in pages 28 to 72 of the interim report 2018 of the Company which was posted on 12 September 2018 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0912/LTN20180912604.pdf).

2. INDEBTEDNESS STATEMENT

As at the close of business on 31 August 2018, being the date of this indebtedness statement prior to the printing of this circular, the Group had a total borrowings of approximately RMB7,218.99 million, comprising secured and guaranteed bank and related party loans of approximately RMB1,810.33 million, secured bills payable of approximately RMB0.20 million, and unsecured bank and related party loans of approximately RMB5,408.46 million.

As at 31 August 2018, the Group’s secured and guaranteed bank loans and bills payable were secured by pledged deposits with total carrying values of approximately RMB750.91 million, and guarantee provided by an intermediate parent of the Company.

As at 31 August 2018, save for the guarantees of approximately RMB824.97 million given to financial institutions for mortgage loan facilities granted to purchasers of the Group’s properties, the Group had no other material contingent liabilities.

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FINANCIAL INFORMATION OF THE GROUP

APPENDIX I

Foreign currency amounts have been, for the purposes of this indebtedness statement, translated into Renminbi at the approximate rates of exchange applicable at the close of business on 31 August 2018.

Save as aforesaid and apart from intra-group liabilities and normal trade payables in the ordinary course of business, at the close of business on 31 August 2018, the Group did not have any other outstanding mortgages, charges, debentures or other loan capital, bank overdrafts or loans, other similar indebtedness, finance lease or hire purchase lease commitments, liabilities under acceptance or acceptance credit, guarantees or other material contingent liabilities.

3. WORKING CAPITAL

The Directors are of the opinion that, taking into account the financial resources available to the Group including the internally generated funds and the present available bank facilities, and taking into account the impact of the Subscription, the Group will have sufficient working capital for its requirements for at least the next 12 months from the date of this circular.

4. FINANCIAL AND TRADING PROSPECT OF THE GROUP

For the year ended 31 December 2017, the Group realised revenue of approximately RMB4,905 million, representing a year-on-year decrease of approximately 8.5%. For the year ended 31 December 2017, profit attributable to equity holders of the Group was approximately RMB1,107 million, representing a significant year-on-year increase of approximately 187.1%. For the year ended 31 December 2017, gross profit margin of the Group was approximately 34.0%, representing a year-on-year increase of approximately 3.3 percentage points. As at 31 December 2017, total assets and total equity of the Group amounted to approximately RMB23,746 million and approximately RMB13,313 million, representing a year-on-year increase of approximately 15.6% and approximately 96.7% respectively.

Looking forward, for the comprehensive development businesses, the Group will pay close attention to the real estate policies stipulated by the central and local governments and optimise its development strategies based on market conditions. The Group will also continue to adhere to advanced development philosophy and clear market orientation, continuously cultivating the urbanisation project with a focus on culture & tourism, hot spring and health, and stay on the outlook for diversified investment opportunities. More quality lands of low cost will be acquired and the project reserve pool will be expanded through mergers and acquisitions, cooperation, investment and other approaches, with the aim of propelling the growth of the Company’s comprehensive development business.

Shanghai Suhewan, as a riverside city comprehensive project featuring a fusion of cultural heritage, art, fashion, commercial and residential properties as well as urban recreational facilities, will continue the sales activities of waterfront multi-storey residential properties and high-rise residential towers that have highly sought-after landscape resources. It will also launch a new apartment project, Bulgari Residence for lease while at the same time roll out the leasing of commercial properties. The much anticipated Bulgari Hotel has

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FINANCIAL INFORMATION OF THE GROUP

APPENDIX I

commenced operation in June 2018. Regarding the Chengdu OCT Project, high-end customised villas in the only eyot of the Chengdu downtown will be launched, and sales activities of low-density residential properties and high-end office products will proceed along as well. With combined location advantages and integrated surrounding resources, the Group will continue to proactively research innovative development modes for existing industrial lands, in order to explore and push forward timely planning, development and construction of idle lands.

Overseas Chinese Town Enterprises Company (“OCT Group”), the controlling shareholder of the Group, has confirmed that it participates in the national new urbanisation construction with the development mode of “Culture + Tourism + Urbanisation”, the compensation mode of “Tourism + Internet + Finance”, and through its five industries focus, namely “Cultural Industry System, Tourism Industry System, New Urbanization, Financial Investment, and Electronic Industry System”.

Looking forward, as OCT Group’s only offshore listed platform, the Group’s new development mode will be “comprehensive development and investment in the new urbanisation industrial ecosphere”. The Group will develop the comprehensive development business with added vigor and on a larger scale by fully leveraging OCT’s brand equity and financial strength, and by securing high-quality projects from the areas of prime cities and OCT urbanisation projects. The Group’s investment business will focus on areas such as cultural tourism, education, healthcare and urbanization. It will also actively leverage the domestic and overseas capital markets along with financial products, helping OCT Group to create a new urbanisation industrial ecosphere through domestic and overseas investments, mergers and acquisitions, industrial funds, financial leasing and others methods.

The Board is very confident about the future development prospects of the Group. With the support of OCT Group, the Group will continue to forge ahead with innovative development and endeavor to generate ideal investment returns for shareholders.

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contents in this appendix are references to or extracts of the text of Yuzhou Properties’ annual reports and interim report which covers, among others, the historical financial information of Yuzhou Properties Group for the three years ended 31 December 2015, 2016 and 2017 and the six months ended 30 June 2018, which were prepared by the management of Yuzhou Properties and published on the website of the Stock Exchange and Yuzhou Properties. For the avoidance of doubt, references to “the Company”, “the Group”, “we”, “us”, “our” in this appendix are to Yuzhou Properties or Yuzhou Properties Group and not to the Company or the Group.

The financial Information on Yuzhou Properties Group was not prepared for the Company or its shareholders, nor for the purpose of incorporation in this circular. Neither Yuzhou Properties nor its reporting accountants shall take or assume any responsibility or liability for the contents of the financial information on Yuzhou Properties Group as reproduced in this circular towards the Company, its Shareholders or any other persons making use of this circular.

The contents of the financial information on Yuzhou Properties Group has also not been independently verified by the Group or any of its affiliates, advisers, agents, directors, employees, officers or representatives. Neither the Group nor any of its affiliates, advisers, agents, directors, employees, officers or representatives make any representation as to the accuracy, completeness or fairness of the contents of the financial information on Yuzhou Properties Group, nor shall take or assume any responsibility for the contents of the financial information on Yuzhou Properties Group.

A. FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

The audited consolidated financial information of Yuzhou Properties Group prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for each of the years ended 31 December 2015, 2016 and 2017 and the six months ended 30 June 2018 has been disclosed in its relevant annual reports and interim report on the websites of the Stock Exchange (www.hkexnews.hk) and Yuzhou Properties (www.yuzhou-group.com).

The audited consolidated financial information of Yuzhou Properties Group for each of the years ended 31 December 2015, 2016 and 2017 and unaudited financial information of Yuzhou Properties Group for the six months ended 30 June 2018 is incorporated by reference into this circular and forms part of this circular.

The audited consolidated financial statements of Yuzhou Properties Group for the year ended 31 December 2015 has been set out in pages 197 to 330 of the annual report 2015 of Yuzhou Properties which was posted on 26 April 2016 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0426/LTN201604261115.pdf).

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The audited consolidated financial statements of Yuzhou Properties Group for the year ended 31 December 2016 has been set out in pages 144 to 301 of the annual report 2016 of Yuzhou Properties which was posted on 27 April 2017 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0427/LTN20170427331.pdf).

The audited consolidated financial statements of Yuzhou Properties Group for the year ended 31 December 2017 has been set out in pages 167 to 321 of the annual report 2017 of Yuzhou Properties which was posted on 26 April 2018 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0426/LTN201804262254.pdf).

The unaudited financial statements of Yuzhou Properties Group for the six months ended 30 June 2018 has been set out in pages 78 to 126 of the interim report 2018 of Yuzhou Properties which was posted on 17 September 2018 on the Stock Exchange’s website (http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0917/LTN20180917709.pdf).

B. MANAGEMENT DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS OF YUZHOU PROPERTIES GROUP

Set out below is the management discussion and analysis of Yuzhou Properties Group’s results and financial position for each of the years ended 31 December 2015, 2016 and 2017 and the six months ended 30 June 2018 extracted from the relevant annual reports and interim report of Yuzhou Properties.

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

FOR THE YEAR ENDED 31 DECEMBER 2015

MARKET AND BUSINESS REVIEW

In 2015, China rolled out numerous policy supports for the real estate sector, such as interest rate and reserve requirement ratio (RRR) cut, lowered down payment ratio, taxes expense reduction & exemption and launch of Housing Provident Funds etc., which helped unleash market demand and promoted a sustained rebound in the real estate market from its lows in the first quarter of 2015, lifting the sector from the negative growth territory in 2014. According to China Index Academy, GFA of commodity housing sold in China rose by 6.5% year-on-year to 1.28 billion sq.m. in 2015 and sales value increased by 14.4% year-on-year to RMB8,700 billion, hitting a record high.

As one of the pillars to the economy in mainland China, real estate investment in China totaled RMB9,600 billion in 2015, marking a 1.0% nominal growth compared with 2014 (or actual growth of 2.8% after excluding prices factor) and keeping positive growth. However, we noted increasing market divergence. Tier 1 and 2 cities real estate market enjoyed sufficient demand potential and attracted real estate investment with its net population inflow and advantages in healthcare, education and employment. This was also reflected in housing prices, as tier 1 cities witnessed rising housing prices and transaction volume and tier 2 cities saw steady development, especially those with healthy supply-demand conditions in the real estate market i.e. Xiamen, Hefei and Nanjing. Meanwhile, tier 3 and 4 cities lagged far behind tier 1 and 2 cities in both housing prices and transaction volume due to heavy inventory pressure.

市場及業務回顧

2015年，多項針對房地產行業的利好政策頻出， 包括：降息降準、下調首付比率、減免稅項及住 房公積金等措施，市場需求持續釋放，令房地產 市場由第一季的低潮期持續回暖。行業擺脫2014 年的負增長態勢，根據中國指數研究院數據， 2015年，全國商品房銷售面積為12.8億平方米， 同比增長6.5%；商品房銷售金額為人民幣8.7萬 億元，創歷史新高，同比增長14.4%。

作為內地經濟支柱產業之一，2015年，全國房 地產開發投資為人民幣9.6萬億元，比2014年名 義增長1.0%（扣除價格因素實際增長2.8% ）， 維持增長態勢。我們留意到，市場分化趨勢愈發 明顯，一、二線城市受惠於人口淨流入、醫療、 教育及就業等配套的支持，房地產市場充滿需求 潛力，吸引房地產投資，這同時見於房價表現之 上，一線城市價量飆升，二線城市平穩發展，尤 其是部分房地產供需關係健康的城市，包括：廈 門、合肥及南京。至於三、四線城市，由於庫存壓 力較大，價格及成交表現遠遠落後於一、二線城 市。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Going with the favorable market conditions, the Group adopted flexible strategies for project development and marketing during the year, and strengthened the launch of projects targeting upgrade demand and high-value-added products, which helped the Group exceed its full year target for contracted sales and consolidate its market share in Xiamen (ranking No.1 for the tenth consecutive year) and Hefei (ranking Top-3). In addition to mature businesses in Xiamen and Hefei, the Group accelerated expansion in Shanghai and Nanjing with an view on their strong market potential, Yuzhou Bustling Center in Shanghai and Yuzhou The Jiqing in Nanjing launched sales at end-2015 and early-2016 with decent performance. Besides, with an investment principle focusing on execution, sell-through rate and profitability, the Group timely expanded its land bank to support development in the two new key cities. Looking ahead, the Group will continue to follow the strategy of expanding along coastal tier 1 and 2 cities to support its sustainable development.

During the year, the Group ranked 36th in the “2015 China Top 100 Real Estate Developers” selected by the Enterprise Research Institute of Development Research Center of the State Council, Institute of Real Estate Studies of Tsinghua University and China Index Academy. The Group was also awarded “2015 Top 50 China Real Estate Listed Companies with Strongest Comprehensive Strengths” from China Real Estate Research Association, China Real Estate Association and China Real Estate Appraisal, ranking 37th. This consistently makes us a well recognised brand identity.

OVERALL PERFORMANCE

During the year, revenue of the Group was recorded high of RMB10,375.50 million, representing an increase of 32.40% as compared with last year, which was mainly attributed to the increase in GFA of properties delivered during the period. Gross profit increased by 30.39% to RMB3,709.32 million and gross profit margin dropped by 0.55 percentage points to 35.75% as compared with last year. Profit attributable to owners of the parent increased by 32.08% to RMB1,656.85 million, with basic earnings per share up by 25.00% to RMB45 cents. Core profit attributable to owners of the parent increased by 57.99% to RMB1,619.95 million, with core basic earnings per share up by 46.67% to RMB44 cents. Dividend of the year increased by 12.50% to HK18 cents per share from 2014, representing a payout ratio of 35.54% of core net profit for the year of 2015.

年內，集團成功把握的機遇，採取靈活的項目開 發和銷售策略，加大力度推出多個針對改善型需 求市場及高附加值的產品，超額完成全年合約銷 售目標，同時鞏固廈門及合肥的市場佔有率，在 廈門連續十年名列第一，在合肥排名首三位。除 了以上兩個發展較成熟的業務城市，見於上海及 南京市場的潛力，集團加快在當地的發展，上海 禹洲‧老城里及南京禹洲‧吉慶里之住宅項目 於2015年底及2016年初開售，獲得令人滿意的 成績。同時集團亦以「執行力、去化率及利潤率」 為投資原則，適時增添土地儲備，以支持此兩大 新核心城市的發展。展望未來，集團將繼續奉行 於沿海一二線城市拓展的策略，支持集團可持續 發展。

年內，本集團繼續榮膺由國務院發展研究中心企 業所、清華大學房地產研究所和中國指數研究院 共同頒發的「2015中國房地產百強企業」的第36 名，以及榮膺由中國房地產研究會、中國房地產 業協會和中國房地產測評中心頒發的「2015中 國房地產上市公司百強綜合實力50強」的第37 名，持續打造廣受認可的品牌知名度。

整體表現

年內，本集團的收入為人民幣103億7,550萬元， 較去年上升32.40%，創歷史新高，主要由於期內 交付物業建築面積增加。毛利為人民幣37億932 萬元，較去年上升30.39%。毛利率為35.75%，同 比下降0.55個百分點。母公司擁有人應佔盈利為 人民幣16億5,685萬元，上升32.08%；每股基本 盈利為人民幣45分，上升25.00%。母公司擁有 人應佔核心盈利為人民幣16億1,995萬元，上升 57.99%；每股核心基本盈利為人民幣44分，上 升46.67%。全年每股股息為港幣18仙，較2014 年增加12.50%，派息率為2015年核心淨利潤的 35.54%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SALE OF PROPERTIES

物業銷售

In 2015, the revenue of property sales by the Group rose by 32.25% year-on-year to RMB10,157.50 million, accounting for 97.90% of the total revenue. As of 31 December 2015, the Group delivered total GFA of approximately 1,107,416 sq.m, increased by 50.49% as compared with last year. The average selling price of the properties delivered and recognised as property sales was RMB9,172 per sq.m, representing a decrease of 12.12% as compared with 2014.

2015年，本集團的物業銷售收入達人民幣101億 5,750萬元，按年上升32.25%，佔集團總收入的 97.90%。截至2015年12月31日止，交付的物業 總建築面積約為1,107,416平方米，較去年上升 50.49%。而2015年交付及確認銷售的物業平均 銷售價格，為每平方米9,172元人民幣，較2014 年下降12.12%。

As a leading real estate developer in West Strait Economic Zone, the Group’s market share ranked No. 1 in Xiamen for ten consecutive years, and has been in excellent brand identity and on the leading edge. Property sales in Xiamen area accounted for 42.42% (2014: 71.11%) of the Group’s overall revenue of property sales during the year. Meanwhile, with the completion and delivery of some projects in Hefei area, i.e. Yuzhou Jade Lakeshire and Yuzhou Central Plaza stepping into the phase of completion and delivery in 2015, the revenue of property sales in Hefei accounted for 33.21% of the Group’s overall revenue of property sales (2014: 18.02%), as compared to revenue recognised only from Yuzhou Skyline Project in the past. Going forward, delivery procedures will be completed successively for the sold properties in different cities. With continuous revenue growth, property sales are expected to remain the dominant source of revenue for the Group in the future.

作為海西地區的領先房地產發展商，集團連續 10年在廈門市場佔有率排名第一，在廈門建立 卓越的品牌地位及擁有領先優勢，年內，廈門 地區佔整體物業銷售收入的42.42%（2014年： 71.11% ）。同時，隨著合肥地區部分項目竣工及 完成交付，合肥地區由過往只有禹洲‧天境項 目帶來確認收入，2015年禹洲 • 翡翠湖郡及禹 洲 • 中央廣場步入竣工及完成交付階段，合肥 地區佔整體物業銷售收入的33.21%（2014年： 18.02% ）。未來，不同城市的已銷售的物業將陸 續完成交房步驟，集團的物業銷售收入規模將保 持增長，預期物業銷售在未來仍是集團最主要的 收入來源。

Recognised Property Sales 已確認的物業銷售

Recognised GFA & ASP 已確認銷售建築面積及銷售均價

==> picture [184 x 157] intentionally omitted <==

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人民幣百萬元RMB million 10,158
6,740
7,681
7,349
3,847
6,374
3,834
3,418
2H
下半年
1H
975
上半年
2013 2014 2015
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----- Start of picture text -----

10,437
9,247 9,172
1,107,416
794,730
735,881
2013 2014 2015
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognised sales and GFA sold of each project in 2015 are set out in the following table:

下表載列各項目於2015年的確認銷售金額及面 積：

Name of Project City 項目名稱 城市 West Strait Economic Zone 海西經濟區 Yuzhou Golf Xiamen 禹洲•高爾夫 廈門 Yuzhou Shoreline Xiamen 禹洲•尊海 廈門 Yuzhou Central Coast Xiamen 禹洲•中央海岸 廈門 Yuzhou Riverside City Town Xiamen 禹洲•溪堤尚城 廈門 Yuzhou Cloud Top International Xiamen 禹洲•雲頂國際 廈門 Yuzhou Gushan No. One Fuzhou 禹洲•鼓山一號 福州 Yuzhou Oriental Venice Fuzhou 禹洲•東方威尼斯 福州 Yuzhou City Plaza Quanzhou 禹洲城市廣場 泉州 Yuzhou Castle above City Longyan 禹洲•城上城 龍岩 Others Xiamen 其他 廈門 Sub-total小計

Amount Saleable GFA Average Selling Price (after tax) 金額 可供銷售的 建築面積 稅後平均售價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 90,307 5,221 17,297 579,359 24,797 23,364 2,423,107 146,081 16,587 559,697 48,950 11,434 650,643 18,650 34,887 185,832 10,484 17,725 707,829 74,769 9,467 878,760 151,297 5,808 116,170 16,281 7,135 5,550 672 8,259

6,197,254 497,202 12,464

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Name of Project City 項目名稱 城市 Yangtze River Delta Region 長三角經濟區 Yuzhou Jinqiao International Shanghai 禹洲•金橋國際 上海 Yuzhou City Plaza Shanghai 禹洲城市廣場 上海 Yuzhou Skyline Hefei 禹洲•天境 合肥 Yuzhou Jade Lakeshire Hefei 禹洲•翡翠湖郡 合肥 Yuzhou Central Plaza Hefei 禹洲•中央廣場 合肥 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country Tianjin 禹洲•尊府 天津 Sub-total小計 Total總計	Amount Saleable GFA Average Selling Price (after tax) 金額 可供銷售的 建築面積 稅後平均售價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 28,695 2,882 9,957 46,006 4,333 10,618 1,354,467 205,017 6,607 1,086,924 157,800 6,888 932,274 161,025 5,790
	3,448,366 531,057 6,493
	511,884 79,157 6,467
	511,884 79,157 6,467
	10,157,504 1,107,416 9,172

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognised sales and GFA sold of each project in 2014 are set out in the following table:

下表載列各個項目於2014年的確認銷售金額及 面積：

Name of Project City 項目名稱 城市 West Strait Economic Zone 海西經濟區 Yuzhou University City Xiamen 禹洲•大學城 廈門 Yuzhou Castle above City Xiamen 禹洲•城上城 廈門 Yuzhou Golf Xiamen 禹洲•高爾夫 廈門 Yuzhou Shoreline Xiamen 禹洲•尊海 廈門 Yuzhou Central Coast Phase I Xiamen 禹洲•中央海岸一期 廈門 Yuzhou Central Coast Phase II Xiamen	Amount Saleable GFA Average Selling Price (after tax) 金額 可供銷售的 建築面積 稅後平均售價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 73,235 20,976 3,491 87,703 12,215 7,180 191,251 14,888 12,846 1,022,716 65,105 15,709 337,728 32,846 10,282 2,450,237 192,279 12,743
禹洲•中央海岸二期 廈門 Yuzhou Riverside City Town Xiamen 禹洲•溪堤尚城 廈門 Yuzhou Cloud Top International Xiamen 禹洲•雲頂國際 廈門 Yuzhou Gushan No. One Fuzhou 禹洲•鼓山一號 福州 Yuzhou Oriental Venice Phase II Fuzhou 禹洲•東方威尼斯二期 福州 Yuzhou City Plaza Phase I and II Quanzhou 禹洲城市廣場一期及二期 泉州 Others Xiamen 其他 廈門 Sub-total小計	314,979 30,446 10,345 929,898 28,348 32,803 199,500 12,447 16,028 12,993 658 19,746 453,262 83,878 5,404 54,094 6,294 8,595
	6,127,596 500,380 12,246

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Name of Project City 項目名稱 城市 Yangtze River Delta Region 長三角經濟區 Yuzhou Jinqiao International Shanghai 禹洲•金橋國際 上海 Yuzhou Skyline Phase I Hefei 禹洲•天境一期 合肥 Yuzhou Skyline Phase II Hefei 禹洲•天境二期 合肥 Yuzhou Skyline Phase III Hefei 禹洲•天境三期 合肥 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country Tianjin 禹洲•尊府 天津 Sub-total小計 Total總計	Amount Saleable GFA Average Selling Price (after tax) 金額 可供銷售的 建築面積 稅後平均售價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 41,430 3,885 10,664 39,696 4,361 9,102 59,766 5,990 9,978 1,284,967 201,213 6,386
	1,425,859 215,449 6,618
	127,206 20,052 6,344
	127,206 20,052 6,344
	7,680,661 735,881 10,437

– 21 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CONTRACTED SALES IN 2015

The Group had set a contracted sales target of RMB13,500 million for 2015. During the year, the Group successfully seized the opportunity of the recovery in real estate market driven by favourable policies, overachieved the year’s contracted sales target with the contracted sales totaling a record high of RMB14,018.01 million, representing an increase of 16.80% year-on-year, and accomplished 103.84% of contracted sales target for the year. The total of contracted sales GFA amounted to 1,402,197 sq.m., representing an increase of 16.50% year-on-year. The average contracted selling price was approximately RMB9,997 per sq.m., substantially in line with last year. In addition, the sales of properties subscribed for but not contracted totaled approximately RMB423 million.

Xiamen is the cradle for the Group’s development. For ten consecutive years, the market share of Yuzhou Properties ranked first in the real estate market in Xiamen, maintaining its leading position. In 2015, contracted sales valued at RMB5,780.16 million were achieved in Xiamen, accounting for 41.21% (2014: 51.54%) of the total contracted sales of the Group. Located at Jimei District and close to Xinglin Bridge, Yuzhou Central Coast contributed a total of RMB1,621.70 million to contracted sales in 2015. In Xiamen, residential properties of high quality closed to the sea are rather scarce, leading to a rise in the property price in 2015. In respect of the average selling price, the average contracted selling price of Yuzhou Central Coast (including apartment, SOHO and car park) was RMB18,985 per sq.m., representing an increase of 21.66% compared to last year. During the year, the new phases launched by Yuzhou Riverside City Town and the opening of new projects Yuzhou Lucca Town and Chunjiang Central in the second half of the year have maintained the Group’s leading position in Xiamen.

2015 年合約銷售

集團為2015年定下人民幣135億元的合約銷售 目標，年內集團成功把握利好政策令房地產市 場回暖的機會，超額完成年度合約銷售目標，累 積合約銷售金額為人民幣140億1,801萬元，創下 歷史新高，按年上升16.80%，完成全年合約銷售 目標的103.84%。年內累計合約銷售建築面積為 1,402,197平方米，按年上升16.50%。合約銷售 均價約每平方米人民幣9,997元，與去年大致持 平。另外，累計的認購未簽約金額約為人民幣4 億2,300萬元。

廈門是本集團發展的搖籃，禹洲地產在銷售方 面，連續10年在廈門房地產市場保持市場佔有 率排名第一的領導者地位。2015年廈門地區完 成合約銷售金額人民幣57億8,016萬元，佔總合 同銷售金額的41.21%（2014年：51.54% ）。位於 廈門集美區，緊鄰杏林大橋的禹洲‧中央海岸 於2015年共貢獻合約銷售金額人民幣16億2,170 萬元，臨海優質住宅物業在廈門甚為稀缺，而廈 門2015年房價亦水漲船高，在銷售均價方面，禹 洲‧中央海岸合約銷售均價（含住宅、SOHO及 車位）為每平方米人民幣18,985元，較去年上升 21.66%。禹洲 • 溪堤尚城於年內推售全新地段、 而新盤禹洲 • 盧卡小鎮及春江酈城亦於下半年 開盤，令集團在廈門地區保持領先地位。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Having established a presence in Hefei for years, Yuzhou Properties ranked among the city’s top three property developers in terms of market share in 2015, with contracted sales amounted to RMB4,239.13 million. Yuzhou Skyline and Yuzhou Central Plaza both achieved excellent sales records of over RMB1 billion, demonstrating the recognition of our brand by Hefei residents and such recognition will in turn enhance our market share in Hefei property market. Located at Xinzhan District, Yuzhou Central Town recorded an sell-through rate up to 80% for the first day of its grand opening in November, reaching remarkable sales amounted to RMB400 million. In 2015, the average contracted selling price of this project was RMB8,279 per sq.m., setting a new benchmark for the average selling price in Xinzhan District.

禹洲地產深耕合肥多年，2015年在合肥市場佔 有率位列首三大開發商，合約銷售金額人民幣 42億3,913萬元。禹洲‧天境及禹洲‧中央廣場 項目均帶來逾人民幣10億元的銷售佳績，足見 集團在合肥居民心中已建立品牌認受性，有助 鞏固集團在合肥房地產的市佔率。位於新站的 禹洲 • 中央城於11月份首度開盤，首日去化率達 8成，勁銷人民幣4億元，項目2015年合約銷售均 價為每平方米人民幣8,279元，為新站區立下均 價新標竿。

In 2015, Yuzhou Bustling Center which is a project located at Jiading District, Shanghai, and developed for residential purpose only, created an excellent sales record of RMB500 million just within two hours following its opening. Furthermore, Yuzhou The Jiqing, our first project in Nanjing Yuhuatai region has also launched sale in early January 2016. Looking forward, our development in Shanghai, Nanjing and Fuzhou is expected to accelerate and these three cities together with Xiamen and Hefei will become the top five cities for core business of the Group.

2015年集團位於上海嘉定區的純住宅項目禹 洲‧老城里開售，創下開盤2小時勁銷人民幣5億 元的佳績。另外，位於南京雨花台首個項目，吉 慶里也於2016年1月初開售。展望未來，上海、南 京及福州的發展步伐將會加快，連同廈門及合肥 成為集團的五大核心業務城市。

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Contracted Sales
合約銷售
(2013 VS. 2014 VS. 2015)
14,018
12,001 8,281
10,959
6,691
5,260
5,699 5,310 5,737 2H
下半年
1H
上半年
2013 2014 2015
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2015 are set out in the following table:

下表載列各個項目於2015年的合約銷售金額及 面積：

Name of Project City 項目名稱 城市 West Strait Economic Zone 海西經濟區 Yuzhou Golf Xiamen 禹洲•高爾夫 廈門 Yuzhou Shoreline Xiamen 禹洲•尊海 廈門 Yuzhou Central Coast Xiamen 禹洲•中央海岸 廈門 Yuzhou Riverside City Town Xiamen 禹洲•溪堤尚城 廈門 Yuzhou Cloud Top International Xiamen 禹洲•雲頂國際 廈門 Haicang Dream Town Xiamen 海滄萬科城 廈門 Yuzhou Lucca Town Xiamen 禹洲•盧卡小鎮 廈門 Chunjiang Central Xiamen 春江酈城 廈門 Yuzhou Gushan No. One Fuzhou 禹洲•鼓山一號 福州 Yuzhou Oriental Venice Phase I and II Fuzhou 禹洲•東方威尼斯一、二期 福州 Yuzhou Oriental Venice Phase III Fuzhou 禹洲•東方威尼斯三期 福州 Yuzhou Cambridge Town Fuzhou 禹洲•劍橋學苑 福州 Yuzhou City Plaza Quanzhou 禹洲城市廣場 泉州 Yuzhou Castle above City Longyan 禹洲•城上城 龍岩 Others Xiamen 其他 廈門 Sub-total小計

Amount of Contracted Sales GFA of Contracted Sales Average Contracted Selling Price 合約銷售金額 合約銷售面積 合約銷售均價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 8,880 511 17,370 140,621 4,298 32,716 1,621,699 85,422 18,985 1,127,254 108,850 10,356 413,207 10,947 37,746 1,014,490 61,339 16,539 481,463 22,733 21,179 953,513 44,112 21,615 21,550 2,075 10,386 10,845 606 17,892 819,030 79,000 10,368 547,449 60,839 8,998 483,691 79,353 6,095 580,526 99,607 5,828 19,032 1,798 10,581

8,243,250 661,490 12,462

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Name of Project City 項目名稱 城市 Yangtze River Delta Region 長三角經濟區 Yuzhou Jinqiao International Shanghai 禹洲•金橋國際 上海 Yuzhou City Plaza Shanghai 禹洲城市廣場 上海 Yuzhou Commercial Plaza Shanghai 禹洲商業廣場 上海 Yuzhou Bustling Center Shanghai 禹洲•老城里 上海 Yuzhou Skyline Hefei 禹洲•天境 合肥 Yuzhou Jade Lakeshire Hefei 禹洲•翡翠湖郡 合肥 Yuzhou Central Plaza Hefei 禹洲•中央廣場 合肥 Yuzhou Town Hefei 禹洲城 合肥 Yuzhou Royal Seal Hefei 禹洲•天璽 合肥 Yuzhou Central Town Hefei 禹洲•中央城 合肥 Yuzhou Prince Lakeshire Bengbu 禹洲•龍子湖郡 蚌埠 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country Tianjin 禹洲•尊府 天津 Yuzhou Royal Lakeshire Tianjin 禹洲•御湖郡 天津 Sub-total小計 Total總計	Amount of Contracted Sales GFA of Contracted Sales Average Contracted Selling Price 合約銷售金額 合約銷售面積 合約銷售均價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 13,517 758 17,824 87,747 9,600 9,141 206,062 15,878 12,978 656,331 28,740 22,837 1,007,087 147,403 6,832 744,476 101,630 7,325 1,031,722 156,616 6,588 422,692 43,961 9,615 616,557 90,936 6,780 416,591 50,317 8,279 131,856 31,014 4,251
	5,334,638 676,853 7,882
	275,430 41,559 6,627 164,696 22,295 7,387
	440,126 63,854 6,893
	14,018,014 1,402,197 9,997

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2014 are set out in the following table:

下表載列各個項目於2014年的合約銷售金額及 面積：

Name of Project City 項目名稱 城市 West Strait Economic Zone 海西經濟區 Yuzhou Golf Xiamen 禹洲•高爾夫 廈門 Yuzhou Shoreline Xiamen 禹洲•尊海 廈門 Yuzhou Central Coast Phase I (with car parks) Xiamen 禹洲•中央海岸一期（含車位） 廈門 Yuzhou Central Coast Phase II Xiamen 禹洲•中央海岸二期 廈門 Yuzhou Central Coast Phase III Xiamen 禹洲•中央海岸三期 廈門 Yuzhou Riverside City Town Xiamen 禹洲•溪堤尚城 廈門 Yuzhou Cloud Top International Xiamen 禹洲•雲頂國際 廈門 Haicang Dream Town Xiamen 海滄萬科城 廈門 Yuzhou Gushan No. One Fuzhou 禹洲•鼓山一號 福州 Yuzhou Oriental Venice Phase II Fuzhou 禹洲•東方威尼斯二期 福州 Yuzhou Oriental Venice Phase III Fuzhou 禹洲•東方威尼斯三期 福州 Yuzhou City Plaza Phase I Quanzhou 禹洲城市廣場一期 泉州 Yuzhou Castle above City Longyan 禹洲•城上城 龍岩 Others Xiamen 其他 廈門 Sub-total小計

Amount GFA of Contracted Sales Average Contracted Selling Price 金額 合約銷售 建築面積 平均銷售均價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 196,268 12,744 15,401 1,150,988 58,236 19,764 208,152 22,300 9,334 200,789 19,022 10,556 1,300,306 68,211 19,063 806,184 71,628 11,255 815,319 22,710 35,901 1,416,409 94,282 15,023 207,188 10,328 20,061 22,970 1,252 18,347 300,601 30,436 9,877 587,122 86,822 6,762 398,653 73,215 5,445 91,801 18,551 4,949

7,702,750 589,737 13,061

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Name of Project City 項目名稱 城市 Yangtze River Delta Region 長三角經濟區 Yuzhou Land Dream Shanghai 禹洲•藍爵 上海 Yuzhou City Plaza Shanghai 禹洲城市廣場 上海 Yuzhou Commercial Plaza Shanghai 禹洲商業廣場 上海 Yuzhou Skyline Phases I and II (including shops) Hefei 禹洲•天境一、二期（含商鋪） 合肥 Yuzhou Skyline Phases III Hefei 禹洲•天境三期 合肥 Yuzhou Jade Lakeshire Hefei 禹洲•翡翠湖郡 合肥 Yuzhou Central Plaza Hefei 禹洲•中央廣場 合肥 Yuzhou Town Hefei 禹洲城 合肥 Yuzhou Royal Seal Hefei 禹洲•天璽 合肥 Yuzhou Prince Lakeshire Bengbu 禹洲•龍子湖郡 蚌埠 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country Tianjin 禹洲•尊府 天津 Yuzhou Royal Lakeshire Tianjin 禹洲•御湖郡 天津 Sub-total小計 Total總計	Amount GFA of Contracted Sales Average Contracted Selling Price 金額 合約銷售 建築面積 平均銷售均價 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 61,780 7,074 8,733 58,457 5,303 11,023 86,597 4,407 19,650 71,623 6,152 11,642 1,142,912 155,404 7,354 854,372 116,642 7,325 1,082,592 177,009 6,116 205,619 23,406 8,785 160,520 25,485 6,299 222,345 45,078 4,932
	3,946,817 565,960 6,974
	274,620 39,083 7,027 77,106 8,781 8,781
	351,726 47,864 7,348
	12,001,293 1,203,561 9,971

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

INVESTMENT PROPERTIES

In 2015, the income from investment properties of the Group was approximately RMB79.65 million, representing a growth of approximately 54.53% year-on-year. The Group’s flagship investment properties recorded decent occupancy rate: World Trade Center (nearby the Xiamen train station) in Xiamen has made an adjustment on its tenant combination and brands in 2015, prominent brands such as MUJI, China Film Digital Cinema and Yourtime Books were introduced, and traffic flow was enhanced through various online and offline marketing; for office buildings, Shanghai Yuzhou Plaza and Xiamen Yuzhou Plaza started operation at end-2014 recorded decent occupancy rate with most of the tenants coming from finance, apparel, insurance, trade, engineering, investment management, IT, service, securities, electromechanical and real estate sectors. The Group’s investment properties portfolio will be expanded further when the projects in Shanghai and Hefei are completed.

物業投資

2015年，本集團來自物業投資的收入約為人民 幣7,965萬元，較2014年增長54.53%。集團旗下 旗艦投資物業出租情況理想，其中位於廈門火車 站旁的禹洲 • 世貿商城於2015年其針對租戶組 合及品牌做出調整，引入無印良品、中影數字院 線及杭州芸苔書舍等知名品牌，並透過各種線上 線下的宣傳方法，提升商城的客流量；至於辦公 樓項目方面，上海禹洲廣場及廈門禹洲廣場自 2014年底投入使用，目前出租情況理想，入駐客 戶主要分佈在金融、服飾、保險、貿易、工程、投 資管理、IT、服務、證券、機電、房地產等領域。 未來隨著上海、合肥等多個商業物業陸續完工， 集團投資物業規模將進一步壯大。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

HOTEL OPERATION

The expansion into the hotel industry would broaden the source of the Group’s revenue. The Yuzhou Camelon Hotel Apartment in Xiamen contributed a hotel income of RMB16.21 million during the year, representing a 0.18% increase year-on-year. It was a frontrunner among 4/5-star hotels in Xiamen on online rating websites. Most hotels of the Group are still under development and construction, including Wyndham Grand Plaza Royale Hotel and Howard Johnson Residence in Wuyuan Bay of Xiamen as well as hotels in Tong’an District of Xiamen and Hui’an District of Quanzhou.

PROPERTY MANAGEMENT

In 2015, Yuzhou Properties Management was awarded China Top 100 Property Management Companies, ranking No.44. To improve customer satisfaction, Yuzhou Properties Management renovated old facilities and equipment in its projects, conducted return visit to home owners on a sampled basis and carried out analysis of complaints and training of relevant property management rules based on results from the return visiting to enhance staff’s professional knowledge and skills. In order to provide customised and smart community services, the Group launched Community O2O Service Platform – “You Life” on WeChat in the first half of 2015, which features a range of “butler” services including community notice, fees payment, engineering repair, community group purchase. In addition, the Group reached strategic cooperation with “Didi” in December 2015 and launched Xiamen’s first “Didi” station in Yuzhou Lucca Town, which gained sound feedback and facilitate promotion effect, provided convenience for residents and signaled a new operating model of online property management for the Group. In 2015, the property management companies of the Group recorded a property management fee income of RMB122.13 million, up by 38.40% year-on-year. With an increase in the area of delivered properties, the property management companies managed an aggregate GFA of approximately 4.85 million sq.m. in China as of 31 December 2015.

酒店營運

酒店營運為集團業務之一，有助擴大收入來源， 年內位於廈門湖里區中心區的禹洲‧嘉美倫酒 店公寓為本集團帶來收入人民幣1,621萬元，較 2014年同期增長0.18%，於旅遊網站之滿意度評 分位居廈門四五星級酒店前列。集團旗下有多所 酒店正在興建，包括：位於廈門五緣灣的禹洲‧ 溫德姆至尊豪廷大酒店+豪生行政公寓、位於廈 門同安區之酒店及泉州惠安區之酒店。

物業管理

2015年，禹洲物業獲得百強的榮譽，排名第44 位。為了提高客戶滿意度，禹洲物業對各項目老 舊設施設備逐步進行改造，同時進行業主抽樣回 訪，針對回訪結果開展相關投訴分析及物業法 規的培訓，提高員工專業知識及技能。本集團於 2015年上半年推出社區O2O服務平台－禹佳生 活，通過微信平台作為切入點，為大眾提供社區 公告、費用繳納、工程報修、社區團購等多項「管 家」服務，旨在為業主量身打造智慧社區專屬服 務。另一方面，2015年12月與「滴滴打車」達成 戰略合作，將廈門首個滴滴車站落地在禹洲‧盧 卡小鎮，取得了良好的社會效應和行銷效果，也 為業主出行帶來便利，表明禹洲正式開啟線上物 業的運營新模式。2015年，本集團物業管理服務 公司錄得物業管理費收入為人民幣1億2,213萬 元，較2014年增加38.40%。隨著集團已交付物 業面積增加，截至2015年12月31日，本集團的物 業管理服務公司於中國內地管理的總建築面積 約485萬平方米。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

LAND RESERVES

土地儲備

Adhering consistently to its strategic guideline of “Based in West Strait and Expand Nationwide Coverage in China” and by leveraging its brand reputation, the Group will accelerate its development in the Yangtze River Delta to capture opportunities from cities enjoying strong potential and rapid growth, in addition to consolidating its deployment in West Strait Economic Zone. Therefore, the Group speeded up its deployment in Shanghai and Nanjing in 2015. On the principle of “Establishing strong foundation in every city entered”, the Group selected strategic locations with high potential for project development to save cost and create brand premium.

集團貫徹「立足海西，建樹中國」的戰略方針， 憑藉良好的品牌聲譽，集團將鞏固在海西經濟區 佈局的同時，加快在長三角區域的發展，以把握 部分具潛力的城市快速發展機遇，因此今年集團 加快在上海及南京的城市佈局。集團以「每進入 一個城市就深耕一個城市」為原則，於具發展潛 力的市場以多盤聯動為策略，從而達到節省成本 及創造品牌溢價的效果。

As of 31 December 2015, the aggregate salable GFA of land reserves of the Group was 8.56 million sq.m., with over 50 projects located in eleven cities in West Strait Economic Zone, Yangtze River Delta, Bohai Rim region and Hong Kong; the average land cost was approximately RMB3,053 per sq.m.. The Group believes that its land reserves currently held and managed are sufficient for its development over the next four or five years.

截至2015年12月31日，本集團的土地儲備總可 供銷售建築面積達856萬平方米，逾50個項目， 分別分佈於海西、長三角、環渤海地區及香港 共11個城市，平均樓面成本每平方米約人民幣 3,053元。本集團相信現在持有及管理的土地儲 備足夠本集團未來四至五年的發展需求。

2015 Land bank breakdown (By GFA) 2015 年土地儲備分佈（按建築面積）

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----- Start of picture text -----

4%
8%
22% Xiamen
廈門
Fuzhou
福州
Quanzhou
泉州
Longyan
龍岩
Zhangzhou
26% 6% 漳州
Shanghai
上海
Nanjing
南京
Hefei
13% 合肥
Bengbu
蚌埠
Tianjin
5% 天津
3%
10% 3%
----- End of picture text -----

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Salable GFA of Land Reserves (sq.m.) (As at 31 December 2015)

土地儲備的可供銷售建築面積（平方米） （於2015年12月31日）

Region 地區 West Strait Economic Zone 海西經濟區 Xiamen 廈門 Fuzhou 福州 Quanzhou 泉州 Longyan 龍岩 Zhangzhou 漳州 Sub-total 小計 Yangtze River Delta Region 長三角經濟區 Shanghai 上海 Nanjing 南京 Hefei 合肥 Bengbu 蚌埠 Sub-total 小計 Bohai Rim Region 環渤海經濟區 Tianjin 天津 Sub-total 小計 Offshore 離岸 Hong Kong 香港 Sub-total 小計 Total 總計	Number of Projects Area 項目數量 面積 (sq.m.) （平方米） 24 1,858,749 3 517,991 1 1,104,210 1 296,049 1 255,000
	30 4,031,999
	8 860,784 5 456,044 7 2,184,334 1 668,333
	21 4,169,495
	2 351,447
	2 351,447
	1 2,214
	1 2,214
	54 8,555,155

In 2015, the Group acquired eight new parcels of quality land, which are located in Xiamen, Hefei, Shanghai and Nanjing respectively, providing an aggregate stable GFA of new land reserves of 1,024,139 sq.m., at an average land cost of approximately RMB8,417 per sq.m., with a total land premium of approximately RMB8,620 million. The newly acquired land parcels are expected to generate satisfactory returns for the Group over the next three to four years.

2015年本集團新增8塊優質土地儲備，分別位於 廈門、合肥、上海及南京，新增土地儲備的總可 售建築面積達1,024,139平方米，平均土地成本 為約每平方米人民幣8,417元，總地價合共約人 民幣86億2,000萬元，預計可於未來三至四年為 本集團提供滿意的回報。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Particulars of the land parcels are set out in the following table:

下表載列該地塊的詳情：

Name of Project City 項目名稱 城市 West Strait Economic Zone 海西經濟區 Yuzhou Jimei Project Xiamen 禹洲集美項目 廈門 Yangtze River Delta Region 長三角區域 Yuzhou Xinzhan Project Hefei 禹洲新站項目 合肥 Yuzhou Xuhang Project Shanghai 禹洲徐行項目 上海 Yuzhou Fengxian Project Shanghai 禹洲奉賢項目 上海 Yuzhou Yuhuatai Project Nanjing 禹洲雨花台項目 南京 Jiangning Project G59 Nanjing 江寧項目G59 南京 Jiangning Project G57 Nanjing 江寧項目G57 南京 Jiangning Project G58 Nanjing 江寧項目G58 南京 Total總計

Acquisition Cost GFA Land Cost 收購成本 建築面積 土地成本 (RMB’000) (sq.m.) (RMB/sq.m.) （人民幣千元） （平方米）（人民幣╱平方米） 2,740,000 305,160 8,979 700,055 144,923 4,831 510,280 56,051 9,104 2,315,000 174,826 13,242 420,000 30,957 13,567 500,000 134,520 3,717 1,010,000 61,626 16,389 425,000 116,076 3,661

8,620,335 1,024,139 8,417

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

REVENUE

收入

The revenue of the Group mainly came from four business categories, namely property sales, rental of investment properties, property management and hotel operation. In 2015, the revenue of the Group was RMB10,375.50 million, hitting a record high by representing an increase of 32.40% over last year, mainly because of the increase in property sales income recognised driven by the increase in aggregate GFA of properties delivered. Specifically, the property sales income was approximately RMB10,157.50 million, up by 32.25% compared to last year, which accounted for 97.90% of the total income; the rental income from investment properties was approximately RMB79.65 million, up by 54.53% compared to last year; the property management income was about RMB122.13 million, up by 38.40% compared to last year; the income from hotel operation was approximately RMB16.21 million, up by 0.18% compared to last year.

本集團的收入主要來自物業銷售、投資物業租 金收入、物業管理收入及酒店運營業務四大業 務範疇。2015年，本集團的收入為人民幣103億 7,550萬元，同比上升32.40%，創歷史新高，主 要原因是交付物業總建築面積增加令物業銷售 確認收入的有所上升。其中，物業銷售收入約為 人民幣101億5,750萬元，較去年上升32.25%， 佔整體收入的97.90%；投資物業租金收入約為 人民幣7,965萬元，較去年上升54.53%；物業管 理收入約為人民幣1億2,213萬元，較去年上升 38.40%；酒店運營收入約為人民幣1,621萬元， 較去年上升0.18%。

Analysis of Revenues By Category Over the Years 歷年收入分佈概覽

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RMB million
人民幣百萬元
7,837 10,376
0.2% 0.1%
1.1% 1.2%
0.7% 0.8%
98.0% 97.9% Sales of properties
物業銷售收入
Rental income
租金收入
Property management fees income
物業管理費收入
Hotel operation income
酒店運營收入
2014 2015
----- End of picture text -----

COST OF SALES

銷售成本

The cost of sales of the Group encompassed land cost, construction cost and capitalised interest. In 2015, the cost of sales of the Group was RMB6,666.18 million, up by 33.54% from RMB4,991.86 million in 2014. The increase in the cost of sales was mainly due to the increase in GFA of properties delivered of the Group.

銷售成本包括本集團的土地成本、建築成本及資 本化利息。2015年，本集團的銷售成本為人民幣 66億6,618萬元，同比2014年人民幣49億9,186 萬元，上升33.54%。銷售成本上升主要是隨本集 團交付的物業建築面積增加所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

GROSS PROFIT AND GROSS PROFIT MARGIN

The gross profit of the Group was RMB3,709.32 million in 2015, rising at a rate of 30.39% year on year. Gross profit margin was 35.75%, down by 0.55 percentage points year on year, staying at a healthy level in the industry. The decrease in gross profit margin was primarily attributed to the rising proportion of mid-priced delivered properties.

FAIR VALUE GAIN ON INVESTMENT PROPERTIES

In 2015, the Group recorded a fair value gain on investment properties of RMB202.94 million (2014: RMB487.13 million), which was mainly attributed to the fair value gain on investment properties from Xiamen Yuzhou Plaza and Shanghai Yuzhou Plaza.

OTHER INCOME AND GAINS

In 2015, other income and gains increased by 212.88% to RMB235.38 million. The increase was mainly due to the acquisition of remaining interest of a joint venture company Fujian Big World Huaxia Real Estate Development Co., Ltd. (the “Fujian Big World Huaxia”) which generated a gain of RMB128.36 million (disclosed as gain on bargain purchase of a subsidiary, net of loss on remeasurement of a pre-existing interest in a joint venture). After the acquisition, Fujian Big World Huaxia became a wholly-owned subsidiary of the Group.

SELLING AND DISTRIBUTION EXPENSES

Selling and distribution expenses of the Group increased by 50.66% from RMB191.54 million in 2014 to RMB288.57 million in 2015, which accounted for 2.06% (2014: 1.60%) of total contracted sales. Such increase was mainly due to additional expenses incurred for developing new markets including Nanjing and Shanghai, but remained at a mid-to-lower level in the industry. With the changes of people’s ways of receiving information and the consumption pattern, the Group invested more resources in the Internet marketing and expanded more diversified marketing channels in 2015, which achieved a breakthrough in innovation. On top of various means of traditional marketing, the Group enhanced promotion via new media (e.g. WeChat). For example, Yourtime Books were introduced to Xiamen Yuzhou Lucca Town,

毛利及毛利率

本集團2015年的毛利為人民幣37億932萬元， 按年上升30.39%。毛利率為35.75%，同比下降 0.55個百分點，仍處於行業健康水平。毛利率下 降，主要是由於已交付的物業中中端價格的比例 提升。

投資物業公允值收益

本集團於2015年錄得投資物業公允值收益人 民幣2億294萬元（2014年：人民幣4億8,713萬 元），主要來自位於廈門的禹洲廣場和上海的禹 洲廣場所帶來的投資物業公允值收益。

其他收入及收益

2015年其他收入及收益為人民幣2億3,538萬 元，上升212.88%，主要由於本期集團收購一間 合營公司福建大世界華夏房地產有限公司（「福 建大世界華夏」）剩餘權益，而產生人民幣1億 2,836萬元收益（按議價收購一間附屬公司之收 益扣除重新計算於一間合營公司已有權益之虧 損披露）。於收購後福建大世界華夏成為本集團 全資附屬公司。

銷售及分銷成本

本集團的銷售及分銷成本由2014年的人民幣1億 9,154萬元，增加50.66%，至2015年的人民幣2億 8,857萬元，2015年的銷售及分銷開支佔合約銷 售總額2.06%（2014年：1.60% ），上升主要由於 開拓南京及上海等新市場等的投入，但仍處於行 業中較低水平。本集團於2015年隨居民接收資訊 及消費模式的轉變，投入更多資源互聯網營銷， 並拓展更多元化的營銷渠道，在創新上取得突 破。在各類型傳統營銷的基礎上，加強微信新媒 體宣傳，例如：在廈門禹洲‧盧卡小鎮引入「芸 台書舍」，把售樓處成咖啡館+書店+互聯網，打 造廈門首個咖啡藝術館行銷中心，同時引入VR

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

where there is a coffee shop and bookstore and internet available in the sales office, with an aim to build the first sales office with a coffee and art shop in Xiamen. And other innovative experience marketing activities like Virtual Reality (VR) in our sample houses were also introduced. Yuzhou Properties introduced the product concept of Boutique Building 3.5 (精築3.5) this year, which added more elements like arts, humanities, experiences and services to property development.

ADMINISTRATIVE EXPENSES

The Group’s administrative expenses grew by 29.82% from approximately RMB228.08 million in 2014 to approximately RMB296.10 million in 2015. In 2015, the proportion of administrative expenses to total contracted sales increased to 2.11% (2014: 1.90%), due to the business expansion of the Group and the increase in number of staff.

OTHER EXPENSES

Other expenses reduced by 42.55% from RMB127.19 million in 2014 to approximately RMB73.07 million in 2015. In 2014, other expenses included RMB119.83 million of net loss on deemed disposal of subsidiaries upon loss of control, while no such loss incurred in 2015.

FINANCE COSTS

Finance costs of the Group increased by 98.95% from RMB175.44 million in 2014 to RMB349.04 million in 2015. The increase was mainly because the Group has early redeemed a senior notes of USD250 million with coupon rate of 11.75% in the year. The redemption has generated a loss of RMB196.77 million.

SHARE OF PROFITS AND LOSSES OF JOINT VENTURES

Share of profits and losses of joint ventures is from approximately RMB0.36 million gain in 2014 to RMB41.97 million loss in 2015. The loss was mainly due to our joint ventures, Fujian Big World Huaxia and Yuzhou Properties (Hefei) Eastern Town Co. Ltd (“Yuzhou Properties (Hefei) Eastern Town”) which generated a fair value loss, net of deferred tax of RMB87.52 million during the year. Fujian Big World Huaxia and Yuzhou Properties (Hefei) Eastern Town became wholly-owned subsidiaries of the Group during the year.

虛擬實境樣板區體驗的創新體驗營銷。今年禹洲 地產還發佈了精築3.5價值體系，在物業開發上 加入更多藝術、人文、體驗、服務等元素。

行政開支

本集團的行政開支由2014年約人民幣2億2,808 萬元，上升29.82%至2015年約人民幣2億9,610 萬元，2015年的行政開支佔總合約銷售之比例 上升至2.11%（2014年：1.90% ），原因是集團業 務擴張及人員上升所致。

其他開支

其他開支由2014年的人民幣1億2,719萬元，下 降42.55%至2015年約人民幣7,307萬元。於2014 年，其他開支包括一筆人民幣1億1,983萬元由於 失去控制權時視作出售附屬公司的淨虧損，相關 虧損並未有於2015年出現。

融資成本

本集團的融資成本由2014年的人民幣1億7,544 萬元，上升98.95%至2015年的人民幣3億4,904 萬元，主要由於本集團於年內提前贖一筆2.5億 美元票面息率11.75%的高息票據，因而產生人 民幣1億9,677萬元的虧損。

應佔合營公司損益額

應佔合營公司損益由2014年收益約人民幣36萬 元，轉為2015年的人民幣4,197萬元虧損。有關 虧損主要由於年內我們的合營公司福建大世界 華夏及禹洲置業（合肥）東城有限公司（「禹洲置 業（合肥）東城」）剩餘權益所產生除遞延稅後公 允值虧損人民幣8,752萬元。年內福建大世界華 夏及禹洲置業合肥東城成為本集團全資附屬公 司。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

INCOME TAX

Income tax of the Group increased by 11.05% from approximately RMB1,328.51 million in 2014 to approximately RMB1,475.29 million in 2015. Such increase was mainly attributable to the increase in the revenue and profit during the year. During the year, the previous year over provided LAT of approximately RMB120.36 million and the deferred income tax asset related to the over provided LAT of RMB30.09 million were reversed.

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT

For the year ended 31 December 2015, the profit attributable to owners of the parent was approximately RMB1,656.85 million, representing an increase of 32.08% compared to RMB1,254.38 million in 2014 mainly due to the above mentioned factors. Core profit attributable to owners of the parent increased by 57.99% from RMB1,025.34 million in 2014 to RMB1,619.95 million in 2015.

所得稅

本集團的所得稅由2014年約人民幣13億2,851萬 元，上升11.05%，至2015年約人民幣14億7,529 萬元。所得稅費用上升主要由於本年收入及利潤 上升所致，而一筆上一年度多計提的土地增值稅 約人民幣1億2,036萬元及對應的遞延所得稅資 產人民幣3,009萬元亦於年內撥回。

母公司擁有人應佔利潤

截至2015年12月31日止年度，母公司擁有人應 佔利潤約為人民幣16億5,685萬元，較2014年度 人民幣12億5,438萬元，上升32.08%，主要是由 於以上提及因素。2015年母公司擁有人應佔核 心利潤則為人民幣16億1,995萬元，比2014年的 人民幣10億2,534萬元，上升57.99%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

BASIC EARNINGS PER SHARE AND CORE EARNINGS PER SHARE

每股基本盈利和每股核心盈利

Core earnings per share are calculated by dividing the core profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period. The calculation of basic and core earnings per share are based on the following data:

每股核心盈利的計算方法為母公司擁有人應佔 核心利潤除以期內已發行普通股加權平均數目。 每股基本及核心盈利按以下資料計算：

Profit attributable to owners of the parent 母公司擁有人應佔利潤 Less: Fair value gain on investment properties, net of deferred tax 減：除遞延稅後投資物業 公允值收益 Less: Fair value gain on derivative financial instruments 減：衍生金融工具公允值收益 Less: Gain on bargain purchase of a subsidiary net of loss on remeasurement of a pre-existing interest in a joint venture 減：議價收購一間附屬公司 收益扣除重新計算於一間 合營公司已有權益之虧損 Plus: Loss on deemed disposal of a subsidiary upon loss of control 加：失去控制權時視作出售 一間附屬公司的虧損 Plus: Realised fair value gains on investment properties disposed, net of deferred tax 加：出售投資物業中除遞延 稅後的已實現投資物業 公允值收益 Plus: Equity-settled share option expenses 加：以股權結算購股權開支 Plus: Loss on redemption of financial liabilities 加：贖回金融負債產生虧損 Plus: Share of fair value loss on acquisition of remaining interests in joint ventures, net of deferred tax 加：收購合營公司餘下權益 除遞延稅後產生應佔 公允值虧損 Core profit attributable to owners of the parent 母公司擁有人應佔核心利潤 Weighted average number of ordinary shares in issue (’000) 已發行普通股加權平均數 （以千計） Basic earnings per share (RMB per share) 每股基本盈利 （每股人民幣元） Core earnings per share (RMB per share) 每股核心盈利 （每股人民幣元）	2015 2014 (RMB’000) (RMB’000) （人民幣千元） （人民幣千元） 1,656,853 1,254,384 152,207 365,348 44,583 6,334 128,356 – – 119,825 – 19,923 3,959 2,886 196,771 – 87,516 –
	1,619,953 1,025,336
	3,677,918 3,456,000 0.45 0.36
	0.44 0.30

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Profit attributable to Owners of the Parents 母公司擁有人應佔利潤

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----- Start of picture text -----

Profit attributable to Owners of the Parents Core Profit
母公司擁有人應佔利潤 核心利潤
RMB million RMB million
人民幣百萬元 1,657 人民幣百萬元 1,620
1,471
1,015 1,068
1,320 1,254
1,090
695 1,025
995
539
642 2H 552 2H
559 下半年 486 下半年
1H 1H
151 上半年 95 上半年
2013 2014 2015 2013 2014 2015
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LIQUIDITY AND FINANCIAL RESOURCES

The Group has adopted a prudent financial policy and strived to maintain a healthy debt level amid its fast expansion to support sustainable development. Meanwhile, the Group continued to explore varied channels of financing, kept an close eye on capital market’s financing window and take reducing overall financing cost as a goal. As China opened its domestic corporate bond market in 2015, the Group grasped the bond issuance opportunities, via a wholly-owned subsidiary, Xiamen Yuzhou Grand Future Real Estate Development Company Limited（廈門禹洲鴻圖地產開發 有限公司）, RMB2 billion of 3-year private corporate bond with a coupon rate of 6.7% on 16 October 2015 and RMB3 billion of 5-year public corporate bond with a coupon rate of 5.1% on 10 December 2015. As assessed by Golden Credit Rating International Co., Ltd. the credit rating of the corporate bonds are both AA, and the credit rating of Yuzhou Grand Future is AA. In addition, the Group redeemed USD250 million senior notes due in 2017 with a coupon rate of 11.75% on 26 October 2015, and early repaid HK$521 million and USD35 million syndicated loan in Hong Kong due in April 2016. Thanks to these, the Group’s overall financing cost dropped from 8.49% at the end of 2014 to 7.00% at the end of 2015. The series of corporate financing measures further replenished the Group’s cash flow in support of business development, extended the average maturing term of the Group’s debt portfolio and optimised debt structure, which helped lower the Group’s overall financing cost.

流動資金及財務資源

集團奉行審慎的財務政策，在集團快速發展的同 時，致力把負債維持在健康水平，以支持集團可 持續發展。同時集團持續探索各類型的融資渠 道，時刻對資本市場的融資窗口保持敏銳觸覺， 並以降低整體融資成本為目標。2015年，境內公 司債市場開放，本集團透過全資附屬公司－廈門 禹洲鴻圖地產開發有限公司，成功把握資本市場 的發債窗口，於2015年10月16日及2015年12月 10日，分別發行人民幣20億元的私募公司債券 及人民幣30億元的公募公司債券，年期分別為3 年期及5年期，票面息率分別為6.7%及5.1%。經 東方金誠國際信用評估有限公司評定，公司債券 及廈門禹洲鴻圖的信用評級均為AA級。另一方 面，集團於2015年10月26日提早悉數贖回2017 年到期，金額為2.5億美元，票面息率為11.75% 的美元優先票據，以及提早償還2016年4月份到 期的5億2,100萬港元及3,500萬美元之香港銀團 貸款，令集團的整體融資成本，由2014年底的 8.49%，降低至2015年底的7.00%。一系列的企 業融資措施進一步充實集團的現金流以支持業 務發展，延長公司債務組合的平均年限及優化債 務結構，降低集團整體融資成本。

In respect of bank loans, the Group maintained good cooperative relationships with commercial banks. As of 31 December 2015, the unused credit facilities given by domestic and foreign commercial banks to the Group totaled RMB4,848.87 million.

至於銀行貸款融資方面，本集團與各商業銀行保 持良好的合作關係，截至2015年12月31日，境內 外商業銀行給予本集團的未提用貸款額度為人 民幣48億4,887萬元。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

BORROWINGS

借款

As of 31 December 2015, the Group’s has total bank and other borrowings of RMB14,616.24 million, which were secured by the investment properties, properties held for sale and properties under development of the Group with an aggregate carrying value of RMB18,649.03 million. The outstanding balance of senior notes was RMB5,466.88 million. In 2015, the Group’s bank and other borrowings and outstanding balance of senior notes totaled RMB20,083.12 million, with the repayment periods set out as follows:

於2015年12月31日，本集團的銀行和其他貸款 合共為人民幣146億1,624萬元，由本集團帳面總 值為人民幣186億4,903萬元的投資物業，持作銷 售用途的物業及在建物業作抵押。而優先票據 餘額為人民幣54億6,688萬元。2015年本集團的 銀行和其他貸款及高息票據餘額合共為人民幣 200億8,312萬元，還款期如下：

Maturity 還款時間 Bank and other borrowings 銀行和其他借款 Within 1 year or on demand 於1年之內或應要求 In the second year 於第2年 In the third to fifth years, inclusive 於第3至第5年 （包括首尾兩年） Beyond five years 5年後 Senior Notes 優先票據 In the third to fifth years, inclusive 於第3年至第5年 （包括首尾兩年） Total 合共	31 December 2015 31 December 2014 2015年12月31日 2014年12月31日 (RMB’000) (RMB’000) （人民幣千元） （人民幣千元） 3,987,373 3,805,451 1,665,505 1,818,074 8,845,312 2,882,673 118,050 159,650
	14,616,240 8,665,848
	5,466,883 6,738,562
	20,083,123 15,404,410

Debt Profile by Maturity 債務簡介（按期限）

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1%
20%
Within 1 year
1年內
1 to 2 year
8% 1-2年
3 to 5 year
3-5年
Over 5 year
5年以上
71%
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CASH POSITION

現金狀況

As of 31 December 2015, the Group had RMB11,948.79 million of cash and cash equivalents and restricted cash, up by 22.12% from RMB9,784.74 million as at 31 December 2014.

截至2015年12月31日止，本集團的現金及現金 等價物和受限制現金為人民幣119億4,879萬元， 較2014年12月31日的人民幣97億8,474萬元，上 升22.12%。

Cash Position 現金狀況

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RMB million
人民幣百萬元
11,949
9,785
3,884
2013 2014 2015
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GEARING RATIO

資本負債比率

As of 31 December 2015, the Group’s gearing ratio (calculated as the interest-bearing bank and other borrowings and senior notes less cash and cash equivalents and restricted cash and divided by total equity) was 79.43%, up by 19.58 percentage points when compared to 59.85% as at 31 December 2014. The increase was mainly attributable to the payment of land premium during the year.

截至2015年12月31日止，本集團的資本負債比 率為79.43%，較2014年12月31日的59.85%，上 升了19.58百分點（淨負債比率為計息銀行及其 他借貸及優先票據減現金及現金等值項目及受 限制現金除以權益總額），上升主要由於年內支 付地價所致。

Net Gearing Ratio 淨負債比率

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%
100
78 79
80
64 62 60
60
42
40
20
0
2010 2011 2012 2013 2014 2015
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

PROCEEDS FROM ISSUE OF NEW SHARES UNDER GENERAL MANDATE

As at 12 May 2015, the Company placed 360 million new shares, which represent approximately 10.42% of the issued shares of 3,456 million of the Company, at the placing price of HK$2.20 per placing share. Placees included entities controlled by Taiwan Life Insurance Co., Ltd., and TransGlobe Life Insurance Inc, respectively. The net proceeds from the placing was approximately HK$779 million. The Company intends to use the net proceeds for possible investments in the future when opportunities arise. As of 31 December 2015, all the net proceeds from the placing has been utilised in accordance with the intended use.

CURRENCY RISK

As of 31 December 2015, among the RMB20,083.12 million of total borrowings of the Group, approximately 62.01% was denominated in RMB and 37.99% was denominated in Hong Kong dollars and United States dollars. In 2015, the Group successfully tapped the onshore funding source – issuance of onshore corporate debt and optimised the debt structure and reduced the foreign exchange risk of the company through early redemption of the costly senior notes in United States dollars and early repayment of syndicated loan in Hong Kong.

根據一般授權發行新股現金狀況

於2015年5月12日，本公司以每股配售股份港幣 2.20元之配售價配售新股3.6億股，相當於本公 司已發行股份34.56億股之約10.42%，承配人包 括台灣人壽保險股份有限公司及全球人壽保險 股份有限公司所控制的實體。配售所得款項淨額 約為7億7,900萬港元，擬於機會出現時用作未來 可能投資。截至2015年12月31日，所有配售所得 款淨額已按擬定用途使用。

貨幣風險

截至2015年12月31日止，集團總借貸人民幣200 億8,312萬元中，約有62.01%為人民幣計值及 37.99%為港元及美元計值。2015年集團成功於 境內開拓新融資渠道－發行境內公司債，並透過 提早贖回較高成本的美元優先票據及提早償還 香港銀團貸款，以優化債務結構，及降低匯兌風 險。

Debt Profile by Currency 債務簡介（按貨幣）

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29%
US$
美元
HK$
港幣
RMB
62% 人民幣
9%
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The proportions of bank and other borrowings, senior notes and cash balance of the Group in terms of currencies were as follows:

本集團的銀行及其他借款、優先票據及現金結餘 的各種貨幣比例如下：

Bank and Other

HK$ 港幣 RMB 人民幣 US$ 美元 SG$ 新加坡元 Others 其他 Total 合計	Borrowings and Senior Notes Balance Cash Balance 銀行及其他借款、 優先票據結餘 現金結餘** (RMB’000) (RMB’000) （人民幣千元） （人民幣千元） 1,722,914 1,878,651 12,453,203 10,009,044 5,907,006 59,801 – 1,221 – 76
	20,083,123 11,948,793

• Including restricted cash

• 包含受限制現金

COMMITMENT

承擔

As at 31 December 2015, the Group had commitments in respect of development expenditure on real estate of approximately RMB5,351.10 million (31 December 2014: RMB3,363.41 million). The Group is also committed to the payment of land premium in respect of land acquisition of approximately RMB2,098.79 million (31 December 2014: RMB4,029.97 million) and in respect of acquisition of a project company of approximately RMB179.46 million (31 December 2014: RMB221.46 million).

截至2015年12月31日止，本集團就房地產開發 開支的承擔約人民幣53億5,110萬元（2014年 12月31日：人民幣33億6,341萬元）。本集團亦 承諾就土地收購支付的土地出讓金約人民幣 20億9,879萬元（2014年12月31日：人民幣40億 2,997萬元）和就收購項目公司支付約人民幣1億 7,946萬元（2014年12月31日：人民幣2億2,146 萬元）。

CONTINGENT LIABILITIES

或然負債

The Group provides buy-back guarantees to banks, which offered mortgages to domestic properties buyers in Mainland China of the Group. As at 31 December 2015, outstanding buy-back guarantees amounted to RMB9,239.47 million (31 December 2014: RMB6,573.78 million).

本集團提供購回保證予向本集團旗下中國內地物 業買家提供住房按揭融資的銀行。於2015年12月 31日，未到期的購回保證為人民幣92億3,947萬 元（2014年12月31日：人民幣65億7,378萬元）。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES

Except for i) the acquisition of the remaining interest of joint ventures, Fujian Big World Huaxia and Yuzhou Properties (Hefei) Eastern Town, from independent third parties on April 2015 and November 2015 respectively, which became wholly-owned subsidiaries of the Group, and ii) the acquisition of remaining 20% non-controlling interest of Xiamen Yuzhou Seaview Property from an independent third party on December 2015, which became a wholly-owned subsidiary of the Group, the Group had no material acquisitions and disposals of subsidiaries and affiliated companies during the period.

HUMAN RESOURCES

The Group is led by an experienced and professional management team. Since the establishment of the Group in 1994, the Group has been undergoing rapid development and expansion under the leadership of the Board. Senior management is very experienced in properties development industry with over 11 years’ experience for most of the senior executives. With the strong leadership as well as effective execution, together with strict implementation of the best international practices according to the actual situation of the Company, the Group has become one of the strongest real estate developers in the PRC.

We believed that the competence of human resources, particularly the senior executives and professional project management team, is of critical importance to maintaining the strong competitive strengths of the Group. The Group aims to achieve and exceed the international standard of outstanding performance through compliance with the best international practice in respect of strict management system and corporate governance. As at 31 December 2015, the Group had 2,981 (2014: 2,596) staff in total.

收購及出售附屬公司及聯營公司

除i)於2015年4月及2015年11月向獨立第三方收 購合營公司福建大世界華夏及禹洲置業合肥東 城餘下權益，並成為集團全資附屬公司，及ii)於 2015年12月向獨立第三方收購廈門禹洲海景城 房地產餘下20%之非控股權益外，本集團於期內 並無任何收購及出售附屬公司及聯營公司的重 大項目。

人力資源

本集團由經驗豐富的專業管理層團隊領導。董事 會自本集團於1994年成立以來一直帶領本集團 快速發展及拓展，高級管理層於房地產發展行業 具有豐富經驗。大部分高級行政人員於此行業平 均擁有超過11年經驗。通過管理層強而有力的領 導及有效的執行力，以及結合公司實際情況嚴謹 地實行國際最佳慣例，本集團已成為中國最具實 力的房地產開發商之一。

我們相信本集團的人力資源實力，尤其是高級行 政人員及專業項目管理團隊，這對維持本集團的 強大競爭優勢非常重要。本集團銳意通過遵從嚴 格的管理程式及企業管治的國際最佳慣例，以達 成及超越國際優秀表現的水平。於2015年12月 31日，本集團共有2,981名僱員（2014年：2,596 名）。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

ANNUAL GENERAL MEETING

The 2016 annual general meeting of the Company (the “AGM”) will be held on 31 May, 2016. A notice convening the AGM has been published and dispatched to the shareholders of the Company together with the annual report.

FINAL DIVIDEND

At the board meeting of the Company held on 30 March 2016, the board of directors proposed a final dividend of HK18 cents per share for the year ended 31 December 2015, which is subject to the approval of the shareholders of the Company at the upcoming AGM. The final dividend is proposed to be paid on or about 5 July 2016 to shareholders whose names appear on the register of members of the Company at the close of business on 15 June 2016.

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company will be closed from 27 May 2016 to 31 May 2016 (both dates inclusive), during which period no transfer of shares of the Company will be registered in order to determine the identities of shareholders entitled to attend and vote at the AGM. In order to be entitled to attend and vote at the AGM, all transfers (accompanied by the share certificates, as applicable) must be lodged with the Company’s branch share registrar and transfer office in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, not later than 4:30 p.m. on 26 May 2016 for registration.

In addition, the register of members of the Company will be closed from 13 June 2016 to 15 June 2016 (both days inclusive), during which period no transfer of shares of the Company will be registered in order to determine the identities of shareholders entitled to the proposed final dividend. In order to qualify for the proposed final dividend, all transfers (accompanied by the share certificates, as applicable) must be lodged with Computershare Hong Kong Investor Services Limited not later than 4:30 p.m. on 10 June 2016 for registration.

股東週年大會

本公司2016年股東週年大會（「股東週年大會」） 將於2016年5月31日舉行。召開股東週年大會的 通告已連同此年報刊登並寄發予本公司股東。

末期股息

本公司董事會於2016年3月30日舉行之董事會會 議上，建議派發截至2015年12月31日止年度末 期股息每股港幣18仙，惟須獲本公司之股東於 應屆股東週東大會上批准後，方可作實。末期股 息擬於2016年7月5日或前後派發予於2016年6月 15日營業時間結束時名列本公司股東名冊之股 東。

暫停辦理股份過戶登記手續

本公司將於2016年5月27日至2016年5月31日 （包括首尾兩日）暫停辦理本公司之股份過戶登 記手續，期間本公司所有股份將暫停過戶，以確 定有權出席股東大會及於該會上投票之股東之 身份。為了符合資格獲出席股東大會及於該會上 投票的資格，股東必須於2016年5月26日下午4 時30分前將所有過戶文件（連同股票（如適用）） 送交本公司香港股份登記及過戶分處香港中央 證券登記有限公司，地址為香港灣仔皇后大道東 183號合和中心17樓1712-1716室。

本公司將於2016年6月13日至2016年6月15日 （包括首尾兩日）暫停辦理本公司之股份過戶登 記手續，期間本公司所有股份將暫停過戶，以確 定有權獲派發建議末期股息之股東之身份。為符 合資格獲派發建議末期股息，股東必須於2016 年6月10日下午4時30分前將所有過戶文件（連 同股票（如適用））送交香港中央證券登記有限 公司登記。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the year, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

MODEL CODE FOR DIRECTORS’ SHARE DEALINGS

The Company has adopted a Code of Conduct on Directors’ Securities Transactions (the “Securities Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listing Issuers contained in Appendix 10 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The directors have confirmed that they have complied with the requirements set out in the Securities Code throughout the year ended 31 December 2015.

CORPORATE GOVERNANCE

The Board of Directors (“Board”) and the management of the Group are committed to the maintenance of good corporate governance practices and procedures. The corporate governance principles of the Group emphasise a quality Board, sound internal controls, and transparency and accountability to all shareholders.

During the year, the Group had adopted, applied and complied with the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange except the following deviation:

購買、出售或贖回本公司上市 證券

年內，本公司或其任何附屬公司概無購入、出售 或贖回任何本公司的上市證券。

董事進行股份交易的標準守則

本公司已採納一套嚴謹程度不低於香港聯合交 易所有限公司證券上市規則附錄十上市發行人 董事進行證券交易的標準守則所訂標準的董事 進行證券交易的行為守則（「證券守則」）。董事 已確認於截至2015年12月31日止，一直遵守證 券守則的規定。

企業管治

本集團董事會（「董事會」）及管理層致力維持良 好的企業管治常規及程序。本集團所遵行的企業 管治原則著重高質素之董事會、健全之內部監 控，以及對全體股東之透明度及問責性。

年內，本集團一直採用、應用及遵守聯交所證券 上市規則附錄十四所載的企業管治守則，惟以下 偏離除外：

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Code provision A2.1 stipulates that the roles of Chairman and Chief Executive Officer should be separate and should not be performed by the same individual. Mr. Lam Lung On has been assuming the roles of both the Chairman and the Chief Executive Officer of the Group since 1 January 2012. Although these two roles are performed by the same individual, certain responsibilities are shared with executive directors to balance the power and authority. In addition, all major decisions are made in consultation with members of the board as well as senior management. The Board has three independent non-executive directors who offer different independent perspectives. Therefore, the Board is of the view that there are adequate balances of power and safeguards in place. The Board would review and monitor the situation on a regular basis and would ensure that the present structure would not impair the balance of power in the Group.

SHARE OPTION SCHEME

The board of directors of the Company announces that on 20 January 2015, the Company has granted share options under its share option scheme adopted on 24 May 2010 to certain directors and employees of the Group which, subject to the acceptance of the Grantees, entitles the Grantees to subscribe for an aggregate of 16,445,000 new shares of HK$0.10 each in the share capital of the Company at the exercise price per share of HK$1.892.

REVIEW OF ACCOUNTS

The Company’s Audit Committee has reviewed the accounting policies adopted by the Group and the consolidated financial statements of the Group for the year ended 31 December 2015.

守則條文A2.1條規定主席與行政總裁的角色應 有區分，並不應由一人同時兼任。林龍安先生從 2012年1月1日起承擔本集團主席及行政總裁權 責。儘管此兩角色均由同一位人士所擔任，其部 分責任由執行董事分擔以平衡權利。而且所有重 大決定均經由董事會及高級管理層商議後才作 出。另董事會包含三位獨立非執行董事帶來不同 獨立的觀點。因此，董事會認為已具備足夠的權 力平衡及保障。董事會將定期進行檢討及監督， 確保目前結構不會削弱本集團的權力平衡。

購股權計劃

本公司董事會宣佈，於2015年1月20日，本公司 已根據其於2010年5月24日採納的購股權計劃 向本集團若干董事及僱員授出購股權，待承授 人接納後，可供承授人認購本公司股本中合共 16,445,000股每股面值港幣0.10元的新股份，每 股股份行使價港幣1.892元。

賬目審閱

本公司審核委員會已審閱本集團採納的會計政 策以及本集團截至2015年12月31日止的綜合財 務報表。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

DEVELOPMENT STRATEGIES AND PROSPECT

2016 will mark the first year of the 13th Five-Year-Plan and mainland China’s economy is entering a new normal that shift from fast expansion to stable growth with high quality. On the 11th meeting of the Leading Group for Financial and Economic Affairs, President XI Jinping said that, ‘In addition to appropriately expanding demand, China should also focus on strengthening supply-side structural reform and improving the quality and efficiency of the supply system to boost sustainable economic momentum.’ Besides, he also called for ‘capacity cut, destocking, deleveraging, cost cut and shoring up weak spots’, which will bring new challenges and opportunities for the overall economy and the real estate sector. However, we believe relevant policy environment will stay loosen in the coming year as the real estate sector is one of the key economic pillars for China’s development and China is promoting urbanisation. The central government has set a policy goal of steady consumption and stronger demand and establishment of a long term market mechanism and further regional integration. Local governments are expected to take more proactive approach on policy adjustments and further loosened control on property market accordingly. This should facilitate transforming the sector from policy-driven to market-driven.

Corporate concentration and regional divergence is a set trend for the real estate sector. Amid this background, the Group will adhere to its strategic guideline of “Based in West Strait and Expand Nationwide Coverage in China”. The Group will continue to cultivate and root in the West Strait Economic Zone market, and accelerate deployment in the Yangtze River Delta Region to realise the prudent strategic expansion “from the core cities to the regions and the whole country”. The Group will cultivate Xiamen, Hefei, Shanghai, Fuzhou and Nanjing with the goal to grow business in these core cities, so that a regional strong scale can be formed and brand synergy could be generated. In addition, the Group will also expand to tier 1 and 2 cities with great development potentials. The Group will increase land reserve in these cities at a fair price when appropriate, and strive to strengthen resource consolidation. We expect housing prices in tier 1 and 2 cities in general and in Xiamen, Hefei, Shanghai, Nanjing and Fuzhou in particular will rise steadily on the back of demand, while performance in tier 3 and 4 cities may be lackluster due to oversupply. Adhering to government policy of destocking, the Group will also speed up destocking of its limited housing resources in tier 3 and 4 cities.

發展策略與展望

2016年是「十三五」規劃的開局之年，內地經濟 進入新常態，由高速發展期步向追求平穩而具質 量的增長。在中共中央財經領導小組第11次會 議上，國家主席習近平表示：「在適度擴大總需 求的同時，著力加強供給側結構性改革，著力提 高供給體系質量和效率，增強經濟持續增長動 力。」並以「去產能、去庫存、去杠杆、降成本、 補短板」為重點手段，這對整體經濟和房地產行 業帶來新的挑戰及機遇。但我們相信，房地產行 業作為國家發展的重要經濟支柱之一，加上城鎮 化國策方向，未來一年相關的政策環境將維持寬 鬆，中央定調穩消費、促需求，推動長效機制建 立健全和區域一體化進程邁進；地方政策調整更 趨靈活主動，寬鬆化力度順勢加強。有利於行業 由政策主導向市場主導邁進。

企業集中化及區域表現分化無疑是房地產行業 的發展趨勢，在此市場背景下，集團將繼續執行 「立足海西，建樹中國」的大戰略，深耕、植根海 西區域市場的同時加快佈局長三角區域，實現 「由核心城市帶動區域，由區域覆蓋全國」的穩健 戰略擴張。深耕廈門、合肥、上海、福州、南京， 目標打造這5個核心城市，形成區域強效規模，建 立品牌聯動效應，同時物色有潛力的沿海一、二 線城市拓展。在這些地方以合理價格適時適當地 增加當地的土地儲備，並且加強資源整合。我們 預期一、二線城市，尤其是我們的業務所在地， 廈門、合肥、上海、南京及福州的房價因需求將 會穩定上升，而供過於求的三、四線城市則可能 表現乏力，本集團亦將秉承去庫存的國策，加快 集團少量三、四線城市房源的去化。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

In response to the general development of the property sector and continuous adjustment of the market, the Group will transform itself from a simplex developer to an integration of developer, operator and service provider by leveraging on its resources. In 2015, the Group launched its online community O2O platform – You Life, marking its breakthroughs in housing development, community service and other aspects in the Internet Age, and its efforts to seek new business growth drivers. As the Group’s property development scales up, more quality investment properties are adding to our portfolio. Looking ahead, the Group will still focus on property sales and selectively hold investment properties including mall, hotels and office building situated at prime locations in tier 1 and 2 cities. What’s more, the Group will also actively explore fundraising opportunities through innovative financing channels and collaborations to reduce finance cost in different ways.

The Group is prudently optimistic about the prospects of the property market in China in 2016, with its 2016 contracted sales target at RMB16,000 million, representing an increase of 14.1% from RMB14,018.01 million in 2015. The Group has geared up for the sales campaign for all our projects in a bid to seize opportunities brought by market changes. The Group is confident in maintaining sound property development business and providing more considerate product and services to our clients, and aims to take the Group’s development into a new level.

隨著行業整體發展和市場的不斷調整，集團將因 時順勢，發揮資源集成優勢，從單一的開發商走 向集開發商、運營商及服務提供商於一體，今年 推出線上社區O2O平台－禹佳生活，象徵集團在 互聯網時代在房屋開發主業、社區服務或其他方 面的突破性思維，尋求新的業務增長點。隨著集 團物業開發規模的不斷壯大，我們亦會把更多高 質投資物業加入組合中，集團未來仍以物業銷售 為主，適當持有一、二線核心城市核心路段的商 業、酒店、寫字樓等投資物業。另一方面，本集團 也將密切關注創新融資渠道，探索合作機會，以 多種途徑目標降低融資成本。

本集團對2016年的中國房地產市場之前景審慎 樂觀，本集團2016年銷售目標定為人民幣160 億元，較2015年的人民幣140億1,801萬元上升 14.1%。集團各項目已做好銷售準備，把握市場 變化之時機。集團有信心把物業開發主業造好的 時候，為我們的業主提供更貼心的產品及服務， 目標把集團發展提升至一個新台階。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

FOR THE YEAR ENDED 31 DECEMBER 2016

MARKET AND BUSINESS REVIEW

In 2016, China’s economy followed an L-shaped path and China’s policy was shifted from steady growth to risk prevention and reform promotion. In December 2016, the Central Economic Working Conference put forward “the house is for living instead of speculation”, and stressed that “people are linked to land”, “increasing land supply”, “Megacities may boost the development of small and medium cities around”, predicating that we are stepping into the liquidity recovery cycle and the real estate industry has been maturing.

According to the National Bureau of Statistics of China, in 2016, gross floor area (“GFA”) of commodity housing sold in China increased by 22.5% year-on-year to 1.57 billion sq.m., of which GFA of commodity residential housing sold in China increased by 22.4% year-on-year to 1.38 billion sq.m.; the sales value of commodity housing was RMB11,800 billion, representing a yearon-year growth of 34.8%, while the sales value of commodity residential housing was RMB9,900 billion, representing a year-onyear growth of 36.1%. As of the end of 2016, the saleable area of commodity housing was 695 million sq.m., increased by 4.44 million sq.m. as compared with the end of November 2016. In particular, the saleable area of residential housing was down by 2.00 million sq.m.. The investment in property development amounted to RMB10,300 billion, which represented a 6.9% increase in nominal terms or a 7.5% increase in real terms (excluding inflation) yearon-year. In 2016, the reliance of economy growth on real estate industry picked up. The real estate industry increased by 8.6%, and its contribution to GDP rose from 2.7% in 2015 to 7.8% in 2016.

OVERALL PERFORMANCE

During the year, revenue of the Group was RMB13,671.83 million, representing a year-on-year increase of 31.77%. Gross profit was RMB4,958.91 million, representing a year-on-year increase of 33.69%. Gross profit margin was 36.27%, representing a yearon-year increase of 0.52 percentage points. Profit for the year increased by 25.19% year-on-year to approximately RMB2,088.49 million in 2016. Core profit attributable to the owners of the parent increased by 26.37% year-on-year to approximately RMB2,047.13 million. Core earnings per share was RMB0.54, representing a year-on-year increase of 21.80%. The Board proposed a final dividend of HK22 cents per share, representing a payout ratio of 36.24%.

市場及業務回顧

2016年經濟以L型收官，中國政策從穩增長轉向防風險 和促改革。2016年12月中央經濟工作會議提出「房子 是用來住的，不是用來炒的」，強調「人地掛鈎」、 「增加土地供給」、「特大城市帶動周邊中小城市發 展」，預示著我們正步入流動性回收週期、房地產行 業日漸成熟。

根據國家統計局數據顯示，2016年，全國商品房實現 銷售面積15.7億平方米，按年增長22.5%，其中商品住 宅銷售面積13.8億平方米，按年增長22.4%，商品房銷 售額11.8萬億元人民幣，按年增長34.8%，商品住宅銷 售額人民幣9.9萬億元，按年增長36.1%。截至2016年 底，商品房待售面積6.95億平方米，比2016年11月末 增加444萬平方米。其中，住宅待售面積減少200萬平 方米。房地產開發投資額為人民幣10.3萬億元，按年名 義增長6.9%（扣除價格因素實際增長7.5%）；2016年 經濟增長對房地產業的依賴程度有所回升，房地產業 增長8.6%，對GDP增長的貢獻率從2015年的2.7%上升 到2016年的7.8%。

整體表現

年內，本集團的營業額為人民幣136億7,183萬元，按 年上升31.77%。毛利為人民幣49億5,891萬元，按年 上升33.69%，毛利率為36.27%，按年上升0.52個百 分點。年度利潤按年上升25.19%至2016年的約人民 幣20億8,849萬元。股東應佔核心利潤為人民幣20億 4,713元，按年上升26.37%。每股核心基本盈利為人民 幣0.54元，按年上升21.80%。董事會擬派發末期股息 每股22港仙，派息率為2016年股東應佔核心淨利潤的 36.24%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SALE OF PROPERTIES

In 2016, the revenue of property sales by the Group rose by 31.39% year-on-year to RMB13,345.45 million, accounting for 97.61% of the total revenue. As of December 31, 2016, the Group delivered total GFA of approximately 1,482,804 sq.m., increased by 33.90% as compared with last year. The average selling price of the properties delivered and recognized as property sales was RMB9,000 per sq.m., substantially in line with last year.

物業銷售

2016年，本集團的物業銷售收入達人民幣133億4,545 萬元，按年上升31.39%，佔集團總收入的97.61%。 截至2016年12月31日止，交付的物業總建築面積約為 1,482,804平方米，較去年上升33.90%。交付及確認銷 售的物業平均銷售價格，為每平方米人民幣9,000元， 與去年大致持平。

The Group bases in Yangtze River Delta and leads West Strait Economic Zone. Our brand is outstanding in Xiamen, and has maintained a leading position in Xiamen for 11 consecutive years. Property sales in Xiamen area accounted for 44.22% (2015: 42.42%) of the Group’s overall revenue of property sales during the year. Meanwhile, with the completion and delivery of some projects in Hefei area, i.e. Yuzhou Jade Lakeshire and Yuzhou Central Plaza have stepped into the phase of completion and delivery since 2015, the revenue of property sales in Hefei accounted for 29.19% of the Group’s overall revenue of property sales (2015: 33.21%), as compared to revenue recognized only from Yuzhou Skyline Project in the past. Going forward, delivery procedures will be completed successively for the sold properties in different cities. With continuous revenue growth, property sales are expected to remain the dominant source of revenue for the Group in the future.

集團立足長三角，引領海西地區。集團在廈門品牌地 位卓越，已連續11年在廈門保持領先地位。年內， 廈門地區佔整體物業銷售收入的44.22%（2015年： 42.42%）。同時，隨著合肥地區部分項目竣工及完成 交付，合肥地區由過往只有禹洲‧天境項目帶來確認 收入，自2015年起禹洲‧翡翠湖郡及禹洲‧中央廣場 已步入竣工及完成交付階段，合肥地區佔整體物業銷 售收入的29.19%（2015年：33.21%）。未來，不同 城市的已銷售物業將陸續完成交房步驟，集團的物業 銷售收入規模將保持增長，預期物業銷售在未來仍是 集團最主要的收入來源。

�������������������������� 已確認的物業銷售

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RMB million
人民幣百萬元
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��������������������� 已確認銷售建築面積及銷售均價

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RMB/sq.m.
人民幣╱平方米
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– 50 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognized sales and GFA sold of each project in 2016 are set out in the following table:

下表載列各項目於2016年的確認銷售金額及建築面 積：

				Average
			Saleable	Selling Price
Name of Project	City	Amount	GFA	(after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone
海西經濟區
Yuzhou Shoreline	Xiamen	155,891	6,122	25,464
禹洲‧尊海	廈門
Yuzhou Central Coast	Xiamen	605,619	37,728	16,052
禹洲‧中央海岸	廈門
Yuzhou Riverside City Town	Xiamen	1,790,871	174,240	10,278
禹洲‧溪堤尚城	廈門
Yuzhou Cloud Top International	Xiamen	57,271	1,484	38,592
禹洲‧雲頂國際	廈門
Chunjiang Central	Xiamen	2,923,368	141,305	20,688
春江酈城	廈門
Yuzhou Lucca Town	Xiamen	308,480	19,443	15,866
禹洲‧盧卡小鎮	廈門
Yuzhou Gushan No. One	Fuzhou	70,505	3,440	20,496
禹洲‧鼓山一號	福州
Yuzhou Oriental Venice	Fuzhou	1,106,085	103,445	10,692
禹洲‧東方威尼斯	福州
Yuzhou City Plaza	Quanzhou	410,667	100,059	4,104
禹洲城市廣場	泉州
Yuzhou Castle above City	Longyan	500,523	93,224	5,369
禹洲‧城上城	龍岩
Others	Xiamen	59,973	4,693	12,779
其他	廈門
Sub-total小計		7,989,253	685,183	11,660

– 51 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

				Average
			Saleable	Selling Price
Name of Project	City	Amount	GFA	(after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Jinqiao International	Shanghai	6,833	631	10,829
禹洲‧金橋國際	上海
Yuzhou City Plaza	Shanghai	10,973	739	14,848
禹洲城市廣場	上海
Yuzhou Skyline	Hefei	879,755	107,210	8,206
禹洲‧天境	合肥
Yuzhou Jade Lakeshire	Hefei	829,573	106,653	7,778
禹洲‧翡翠湖郡	合肥
Yuzhou Central Plaza	Hefei	2,186,523	324,143	6,746
禹洲‧中央廣場	合肥
Yuzhou Prince Lakeshire	Bengbu	666,159	150,394	4,429
禹洲‧龍子湖郡	蚌埠
Sub-total小計		4,579,816	689,770	6,640
Bohai Rim Region
環渤海區域
Yuzhou Palace Country	Tianjin	251,244	36,829	6,822
禹洲‧尊府	天津
Yuzhou Royal Lakeshire	Tianjin	525,137	71,022	7,394
禹洲‧御湖郡	天津
Sub-total小計		776,381	107,851	7,199
Total總計		13,345,450	1,482,804	9,000

– 52 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognized sales and GFA sold of each project in 2015 are set out in the following table:

下表載列各個項目於2015年的確認銷售金額及建築面 積：

				Average
			Saleable	Selling Price
Name of Project	City	Amount	GFA	(after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone
海西經濟區
Yuzhou Golf	Xiamen	90,307	5,221	17,297
禹洲‧高爾夫	廈門
Yuzhou Shoreline	Xiamen	579,359	24,797	23,364
禹洲‧尊海	廈門
Yuzhou Central Coast	Xiamen	2,423,107	146,081	16,587
禹洲‧中央海岸	廈門
Yuzhou Riverside City Town	Xiamen	559,697	48,950	11,434
禹洲‧溪堤尚城	廈門
Yuzhou Cloud Top International	Xiamen	650,643	18,650	34,887
禹洲‧雲頂國際	廈門
Yuzhou Gushan No.One	Fuzhou	185,832	10,484	17,725
禹洲‧鼓山一號	福州
Yuzhou Oriental Venice	Fuzhou	707,829	74,769	9,467
禹洲‧東方威尼斯	福州
Yuzhou City Plaza	Quanzhou	878,760	151,297	5,808
禹洲城市廣場	泉州
Yuzhou Castle above City	Longyan	116,170	16,281	7,135
禹洲‧城上城	龍岩
Others	Xiamen	5,550	672	8,259
其他	廈門
Sub-total小計		6,197,254	497,202	12,464

– 53 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

				Average
			Saleable	Selling Price
Name of Project	City	Amount	GFA	(after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Jinqiao International	Shanghai	28,695	2,882	9,957
禹洲‧金橋國際	上海
Yuzhou City Plaza	Shanghai	46,006	4,333	10,618
禹洲城市廣場	上海
Yuzhou Skyline	Hefei	1,354,467	205,017	6,607
禹洲‧天境	合肥
Yuzhou Jade Lakeshire	Hefei	1,086,924	157,800	6,888
禹洲‧翡翠湖郡	合肥
Yuzhou Central Plaza	Hefei	932,274	161,025	5,790
禹洲‧中央廣場	合肥
Sub-total小計		3,448,366	531,057	6,493
Bohai Rim Region
環渤海區域
Yuzhou Palace Country	Tianjin	511,884	79,157	6,467
禹洲‧尊府	天津
Sub-total小計		511,884	79,157	6,467
Total總計		10,157,504	1,107,416	9,172

– 54 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CONTRACTED SALES IN 2016

In 2016, the Group revised up the contracted sales target set in early this year to RMB22,000 million. During the year, the Group successfully seized the opportunity of the prosperity in real estate market driven by favorable polices and strong demand, overachieved the year’s adjusted contracted sales target with the contracted sales totaling a record high of RMB23,205.73 million, representing an increase of 65.54% year-on-year, and accomplished 105.48% of revised contracted sales target for the year. The total of contracted sales GFA amounted to 1,828,857 sq.m., representing an increase of 30.43% year-on-year. The average selling price was approximately RMB12,689 per sq.m., representing an increase of 26.93% year-on-year. In addition, the sales of properties subscribed but not contracted totaled approximately RMB1,269 million.

During the period, the Group constantly developed and strengthened market penetration in different regions, and enhanced geographical decentralization, thereby reducing its dependence on specific markets. In addition to continue to record a satisfactory sales performance in Xiamen, its cradle and Hefei, a place of strategic importance, the Group recorded contracted sales amounted to RMB3.2 billion in Nanjing which we entered into in 2014, accounting for 14% of the total contracted sales. The Nanjing market achieved an extraordinary sale from the beginning of 2016 for a single property project to the end of 2016 four property projects for sale. Benefiting from the increasingly robust housing demands in eastern cities, our projects in Shanghai, Hefei, Nanjing, Xiamen and Fuzhou enjoyed great sales and the total contracted sales recorded RMB19,865 million, accounting for 86% of the total contracted sales of the Group.

2016年合約銷售

2016年，集團上調年初設定的全年合約銷售目標至 人民幣220億元。年內，集團在利好政策及強勁需求 的驅動下，成功把握房地產市場繁榮的機遇，超額完 成年度調整後的合約銷售目標並創下歷史新高，最終 實現合約銷售金額人民幣232億573萬元，按年上升 65.54%，完成全年合約銷售目標的105.48%。年內累 計合約銷售建築面積為1,828,857平方米，按年上升 30.43%。合約銷售均價約每平方米人民幣12,689元， 按年上升26.93%。另外，累計的認購未簽約金額約為 人民幣12億6,900萬元。

期內，集團持續發展並加強不同地區的市場滲透，增 強地域分散性，從而減少對特定市場的依賴。集團除 了在大本營廈門以及重鎮合肥繼續錄得不俗的銷售業 績外，亦在2014年新進的城市——南京，錄得全年合約 銷售金額人民幣32億元，佔總合約銷售金額14%，實 現了從2016年初的單盤到年底的四盤聯動，閃耀金陵 的佳績。受益於東部城市住房需求持續旺盛，集團位 於上海、合肥、南京、廈門、福州的項目銷情火爆， 該五個城市共錄得合約銷售額達人民幣198億6,500萬 元，佔集團總合約銷售額的86%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Xiamen is the cradle for the Group’s development. For 11 consecutive years, we have maintained a leading position in Xiamen. In 2016, contracted sales valued at RMB6,588.52 million were achieved in Xiamen area, accounting for 28.39% (2015: 41.21%) of the total contracted sales of the Group.

Having established a presence in Hefei for more than a decade, Yuzhou Properties has a leading position in terms of market share in 2016, with contracted sales amounted to RMB5,252.66 million. Yuzhou Central Plaza and Yuzhou Royal Seal both achieved excellent sales records of over RMB1.0 billion, demonstrating the supreme recognition of our brand by Hefei residents and such recognition will in turn enhance our market share in Hefei property market.

In 2016, Yuzhou Bustling Center which is a project located at Jiading District, Shanghai, and developed for residential purpose only, created an excellent sales record of RMB2,451.31 million. Furthermore, Yuzhou The Jiqing (禹洲‧吉慶里), our first project in Nanjing Yuhuatai region has also launched sale in January 2016, contributed a total of RMB2,633.97 million to contracted sales in the whole year and the average contracted selling price of this project was RMB34,377 per sq.m., setting a new benchmark for the average selling price in the region. The Group launched three new projects: Yuzhou Lakeside, Yuzhou Moon Riverside and King’s Garden in the last quarter of 2016, which further solidified the Group’s presence in Nanjing. Looking forward, our development in Shanghai, Nanjing, Suzhou, Hangzhou, Fuzhou and Tianjin is expected to accelerate and these six cities together with Xiamen and Hefei will become the core eight cities of the Group.

廈門是本集團發展的搖籃，我們連續11年在廈門保 持領先地位。2016年廈門地區完成合約銷售金額達 人民幣65億8,852萬元，佔總合同銷售金額的28.39% （2015年：41.21%）。

禹洲地產深耕合肥十多年，2016年在合肥市場佔有 領先地位，合約銷售金額達人民幣52億5,266萬元。 禹洲‧中央廣場及禹洲‧天璽均帶來逾人民幣10億元 的銷售佳績，足見集團在合肥居民心中已建立卓越的 品牌美譽度，這將有助鞏固集團在合肥房地產的市佔 率。

2016年，集團位於上海嘉定區的純住宅項目禹洲‧老 城里開售，創下人民幣24億5,131萬元的銷售佳績。 另外，位於南京雨花台首個項目，禹洲‧吉慶里也 於2016年1月開售，為全年合約銷售帶來人民幣26億 3,397萬元的貢獻，且此項目的合約銷售均價為每平方 米人民幣34,377元，為該區銷售均價樹立了新標杆。 集團於2016年第四季度推出三個新項目：禹洲‧濱湖 里、禹洲‧映月溪山及金陵銘著，進一步鞏固了本集 團於南京的地位。展望未來，上海、南京、蘇州、杭 州、福州及天津的發展步伐將會加快，該六個城市連 同廈門及合肥成為集團的八大核心業務城市。

– 56 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2016 are set out in the following table:

下表載列各個項目於2016年的合約銷售金額及建築面 積：

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone
海西經濟區
Yuzhou Central Coast	Xiamen	239,139	16,870	14,175
禹洲‧中央海岸	廈門
Yuzhou Riverside City Town	Xiamen	831,896	61,536	13,519
禹洲‧溪堤尚城	廈門
Yuzhou Cloud Top International	Xiamen	66,875	1,631	41,002
禹洲‧雲頂國際	廈門
Haicang Dream Town	Xiamen	1,582,884	73,798	21,449
海滄萬科城	廈門
Yuzhou Lucca Town	Xiamen	1,356,338	64,438	21,049
禹洲‧盧卡小鎮	廈門
Chunjiang Central	Xiamen	2,306,971	99,297	23,233
春江酈城	廈門
Yuzhou Gushan No. One	Fuzhou	70,415	3,228	21,814
禹洲‧鼓山一號	福州
Yuzhou Oriental Venice Phase III	Fuzhou	970,238	79,881	12,146
禹洲‧東方威尼斯三期	福州
Yuzhou Cambridge Town	Fuzhou	628,800	65,867	9,547
禹洲‧劍橋學苑	福州
Yuzhou City Plaza	Quanzhou	735,339	125,690	5,850
禹洲城市廣場	泉州
Yuzhou Castle above City	Longyan	677,034	114,195	5,929
禹洲‧城上城	龍岩
Others	Xiamen	204,414	10,706	19,093
其他	廈門
Sub-total小計		9,670,343	717,137	13,485

– 57 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Jinqiao International	Shanghai	13,697	623	21,986
禹洲‧金橋國際	上海
Yuzhou City Plaza	Shanghai	6,193	302	20,507
禹洲城市廣場	上海
Yuzhou Commercial Plaza	Shanghai	493,129	41,393	11,913
禹洲商業廣場	上海
Yuzhou Bustling Center	Shanghai	2,451,306	78,575	31,197
禹洲‧老城里	上海
Yuzhou Beautiful Garden Life	Shanghai	158,941	5,126	31,007
禹洲‧丁香里	上海
Yuzhou Skyline	Hefei	787,909	98,788	7,976
禹洲‧天境	合肥
Yuzhou Jade Lakeshire	Hefei	542,182	64,142	8,453
禹洲‧翡翠湖郡	合肥
Yuzhou Central Plaza	Hefei	1,470,824	184,016	7,993
禹洲‧中央廣場	合肥
Yuzhou Town	Hefei	76,347	6,883	11,092
禹洲城	合肥
Yuzhou Royal Seal	Hefei	1,444,023	159,715	9,041
禹洲‧天璽	合肥
Yuzhou Central Town	Hefei	931,374	90,008	10,348
禹洲‧中央城	合肥
Yuzhou The Jiqing	Nanjing	2,633,969	76,620	34,377
禹洲‧吉慶里	南京
Yuzhou Lakeside	Nanjing	306,007	25,515	11,993
禹洲‧濱湖里	南京
Yuzhou Moon Riverside	Nanjing	58,695	2,085	28,151
禹洲‧映月溪山	南京
King’s Garden	Nanjing	232,287	7,591	30,600
金陵銘著	南京
Yuzhou Prince Lakeshire	Bengbu	447,194	94,836	4,715
禹洲‧龍子湖郡	蚌埠
Sub-total小計		12,054,077	936,218	12,875

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Bohai Rim Region
環渤海區域
Yuzhou Palace Country	Tianjin	878,857	104,495	8,411
禹洲‧尊府	天津
Yuzhou Royal Lakeshire	Tianjin	602,450	71,007	8,484
禹洲‧御湖郡	天津
Sub-total小計		1,481,307	175,502	8,440
Total總計		23,205,727	1,828,857	12,689

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2015 are set out in the following table:

下表載列各個項目於2015年的合約銷售金額及建築面 積：

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone
海西經濟區
Yuzhou Golf	Xiamen	8,880	511	17,370
禹洲‧高爾夫	廈門
Yuzhou Shoreline	Xiamen	140,621	4,298	32,716
禹洲‧尊海	廈門
Yuzhou Central Coast	Xiamen	1,621,699	85,422	18,985
禹洲‧中央海岸	廈門
Yuzhou Riverside City Town	Xiamen	1,127,254	108,850	10,356
禹洲‧溪堤尚城	廈門
Yuzhou Cloud Top International	Xiamen	413,207	10,947	37,746
禹洲‧雲頂國際	廈門
Haicang Dream Town	Xiamen	1,014,490	61,339	16,539
海滄萬科城	廈門
Yuzhou Lucca Town	Xiamen	481,463	22,733	21,179
禹洲‧盧卡小鎮	廈門
Chunjiang Central	Xiamen	953,513	44,112	21,615
春江酈城	廈門
Yuzhou Gushan No. One	Fuzhou	21,550	2,075	10,386
禹洲‧鼓山一號	福州
Yuzhou Oriental Venice
Phase I and II	Fuzhou	10,845	606	17,892
禹洲‧東方威尼斯一、二期	福州
Yuzhou Oriental Venice Phase III	Fuzhou	819,030	79,000	10,368
禹洲‧東方威尼斯三期	福州
Yuzhou Cambridge Town	Fuzhou	547,449	60,839	8,998
禹洲‧劍橋學苑	福州
Yuzhou City Plaza	Quanzhou	483,691	79,353	6,095
禹洲城市廣場	泉州
Yuzhou Castle above City	Longyan	580,526	99,607	5,828
禹洲‧城上城	龍岩
Others	Xiamen	19,032	1,798	10,581
其他	廈門
Sub-total小計		8,243,250	661,490	12,462

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Jinqiao International	Shanghai	13,517	758	17,824
禹洲‧金橋國際	上海
Yuzhou City Plaza	Shanghai	87,747	9,600	9,141
禹洲城市廣場	上海
Yuzhou Commercial Plaza	Shanghai	206,062	15,878	12,978
禹洲商業廣場	上海
Yuzhou Bustling Center	Shanghai	656,331	28,740	22,837
禹洲‧老城里	上海
Yuzhou Skyline	Hefei	1,007,087	147,403	6,832
禹洲‧天境	合肥
Yuzhou Jade Lakeshire	Hefei	744,476	101,630	7,325
禹洲‧翡翠湖郡	合肥
Yuzhou Central Plaza	Hefei	1,031,722	156,616	6,588
禹洲‧中央廣場	合肥
Yuzhou Town	Hefei	422,692	43,961	9,615
禹洲城	合肥
Yuzhou Royal Seal	Hefei	616,557	90,936	6,780
禹洲‧天璽	合肥
Yuzhou Central Town	Hefei	416,591	50,317	8,279
禹洲‧中央城	合肥
Yuzhou Prince Lakeshire	Bengbu	131,856	31,014	4,251
禹洲‧龍子湖郡	蚌埠
Sub-total小計		5,334,638	676,853	7,882

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		Amount of	GFA of	Average
		Contracted	Contracted	Contracted
Name of Project	City	Sales	Sales	Selling Price
		合約銷售	合約銷售
項目名稱	城市	金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Bohai Rim Region
環渤海區域
Yuzhou Palace Country	Tianjin	275,430	41,559	6,627
禹洲‧尊府	天津
Yuzhou Royal Lakeshire	Tianjin	164,696	22,295	7,387
禹洲‧御湖郡	天津
Sub-total小計		440,126	63,854	6,893
Total總計		14,018,014	1,402,197	9,997

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

INVESTMENT PROPERTIES

In 2016, the income from investment properties of the Group was approximately RMB124.15 million, representing a growth of approximately 55.87% year-on-year, which is mainly due to the increase in rental area and rental rate of the properties. During the period under review, Xiamen Yuzhou Plaza and Shanghai Yuzhou Plaza continued to record a remarkable operating performance, of which, Xiamen Yuzhou Plaza has taken the leading position in the office building market in Xiamen in term of occupancy rate and unit price of rental, with the occupancy rate of 92.5%, gathering the tenants from the world’s top 500 enterprises such as PetroChina, Industrial and Commercial Bank of China, Coca-Cola, China Minsheng Bank, Ping An Group.

For retail commercial development and operation, the Group opened the first complex business center with a GFA of more than 140,000 sq.m. in Shanghai in July, recruiting 82 brands with the occupancy rate of up to 95%, and attracting more than 100,000 people to visit on the day of opening. This project has become the landmark commercial building in Huinan area of Shanghai, thereby enhancing the brand recognition of Yuzhou commercial development sector. Yuzhou World Trade Center, the landmark building in Xiamen, is the most mature large-scale modern shopping mall in Xiamen, which completed the optimization of its tenant structure by the end of 2016 by introducing well-known brands such as China film Digital Cinema, King of the Children, H&M and achieved the occupancy rate of more than 96%. Through strategic cooperation with Alipay and Ffan App to guide online customers towards the offline direction and in collaboration with various industry such as Didi Dache (滴滴打車) and Riyuegu Hot Spring Resort (日月谷溫泉度假村) to enrich the activities in the shopping mall, thereby achieving the average daily customer traffic of 60,000 people.

物業投資

2016年，本集團來自物業投資的收入約為人民幣1億 2,415萬元，按年增長55.87%，主要由於相關出租面積 及租金單價上升所致。回顧期內，廈門禹洲廣場和上 海禹洲廣場，繼續錄得令人矚目的營運表現。其中， 廈門禹洲廣場項目的出租率和租金單價一直引領著廈 門的寫字樓市場，其出租率達92.5%，匯聚如中石油、 中國工商銀行、可口可樂、民生銀行、平安集團等世 界五百強企業等。

在零售商業開發與運營方面，7月份集團在上海開發的 第一個複合型商業中心，建築面積超14萬平米，引進 82個品牌，入駐率達95%以上，開業當天客流量超10 萬人次。該項目現已成為上海惠南地區的地標性商業 建築，提升了禹洲商業的品牌認知度。廈門的地標性 建築禹洲‧世貿中心，為廈門最成熟的大型現代化商 城，已於2016年底全部完成業態調整，引入了中影數 字聖諦影院、孩子王、H&M等多家行業知名品牌，出 租率達96%以上；並通過與支付寶、飛凡網APP戰略合 作，進行線下引流，滴滴打車、日月谷溫泉度假村等 不同行業合作以豐富商場活動，每日平均客流為6萬人 次。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Based on the strategic guideline of “Based in the Yangtze River Delta and lead West Strait”, Yuzhou business focuses on regional shopping malls, and radiates the landmark business projects by giving priority to the Yangtze River Delta region and West Strait Economic Zone such as Shanghai, Hefei, Hangzhou and Xiamen. Leveraging on its own advantages in residential development, the Group has made the artistic combination of commercial and residential housing to form “the 4+1 service system in Yuzhou” under the two-wheel driving model of giving priority to residential development supplemented by commercial development. The 4+1 service system in Yuzhou represents that 4 is for 4 segments, namely intelligent operation and management, brand marketing and promotion, analysis and adjustment of tenants mix and quality property service, and 1 is for an intelligent shopping mall. With a focus on the intelligent shopping mall, the core services of four segments will provide strong support for enhancing customer experience, creating tenants value, and refining commercial operation, thereby achieving the meticulous and intelligent management of the shopping mall. Meanwhile, By relying on the existing community management advantage and various diversified resources, Yuzhou business builds an intelligent community service platform “Your Life” with close connection with professional platforms, especially ffan.com and rongyi.com to build the intelligent shopping navigation catering for consumers for providing one-stop operation management services to merchants, providing consumers with more quality and convenient shopping experience, and establishing a business ecosystem consisting of “consumer, merchant and operator” so as to form cohesion stronger than the combination of merchants and shopping mall.

2015 to 2018 are the peak years for new openings of the Group’s investment properties. The Group will continue to enhance the development and operation efficiency of investment properties for sustainable growth in recurrent rental income, further strengthen the Group’s double-engine competitive edge to improve profitability and investment return.

禹洲商業以「立足長三角，引領海西區」為戰略指導 方針，以區域型購物中心為主，打造以上海、合肥、 杭州、廈門等長三角及海西地區重點城市，輻射全 國標誌性商業項目。利用自身在住宅地產開發的優 勢，集團將商業與住宅巧妙結合，實現「以住宅開發 為主，商業為輔」雙輪驅動，形成「禹洲4+1服務體 系」——「4」為智能運營管理、品牌營銷推廣、招商 分析調整和品質物業服務四個模塊，「1」為智能購物 中心，即以智能購物中心為核心，通過四大模塊的核 心服務，為提升顧客體驗、創造商戶價值、精細化商 業運營提供有力支撐，實現購物中心精細化和智能化 運營管理。同時，禹洲商業依託現有的社區管理優勢 及多項豐富資源，打造智能社區服務平台「禹佳生活 館」，與專業平台緊密結合，如與飛凡網、容易網聯 合打造針對消費者設計的智能購物導航，為商戶提供 一站式運營管理服務，為消費者打造更優質、便捷的 購物體驗，構建「消費者、商戶、運營商」的商業生 態系統，形成商戶與購物中心1+1>2的聚合力。

2015至2018年是集團新建投資物業投入運營的高峰 期，本集團將進一步提升投資物業的開發及營運效 率，以確保租金收入持續穩定增長，強化本集團雙引 擎發展的競爭優勢，持續提升盈利能力和回報水平。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

HOTEL OPERATION

The expansion into the hotel industry would broaden the source of the Group’s revenue. In 2016, the hotel revenue was approximately RMB20.40 million, representing a growth of 25.85% year-onyear. According to the Group’s development strategies and the future development trend of the hotel industry, we have positioned our hotel business to 1) focus on the development of service apartments as well as medium to high-end business hotel to establish premium hotel brands; 2) properly develop resort hotels and improve the existing hotel portfolio to strengthen the core competitiveness of the brands. Most hotels of the Group are still under development and construction, including Wyndham Grand Plaza Royale Hotel and Howard Johnson Residence in Wuyuan Bay of Xiamen.

PROPERTY MANAGEMENT

During the year, the property management companies of the Group recorded a property management fee income of RMB181.83 million, representing an increase of 48.87% year-on-year. With the succession in the area of delivered properties, as of December 31, 2016, the Group has served approximately 56,000 households of owners and residents in total across the country.

The property management service of the Group has achieved high rankings in customer satisfaction surveys for consecutive years, which reflects that the market has unanimously recognized and acknowledged our unrelenting pursuit of high quality of product and service. Through our own efforts, we hope to gradually transform our customers’ level of product satisfaction into loyalty to the “Yuzhou” brand. In 2016, the Group seized upon the great opportunity to improve products and services and maintained customer loyalty by listening to customers’ feedback and suggestions through our customer service centers and numerous other channels, and have conducted a comprehensive review of Yuzhou property owners’ major concerns. We listened to their thoughts and needs in all areas, including landscape planning, residence design, material quality, construction technique, product preservation, and benchmarked ourselves against leading industry standards so as to satisfy the different requirements of our property owners to the largest extent.

酒店營運

拓展至酒店營運有助擴大集團收入來源。2016年，酒 店收入約為人民幣2,040萬元，按年增長25.85%。根 據集團的發展戰略及未來酒店業的發展趨勢，我們將 酒店業務定位為1）重點發展服務式公寓和中高端商 務酒店，全力打造精品酒店品牌；2）適度發展度假 酒店，以完善現有的酒店組合，增強品牌的核心競爭 力。集團旗下有多所酒店正在興建，包括：位於廈門 五緣灣的禹洲‧溫德姆至尊豪廷大酒店及豪生行政公 寓。

物業管理

年內，本集團物業管理服務公司錄得物業管理費收入 為人民幣1億8,183萬元，按年上升48.87%。集團已交 付物業面積持續增加，截至2016年12月31日，合共服 務全國約5.6萬戶業主。

集團的物業管理服務連續幾年在客戶滿意度調查中獲 得的優異成績，反映了我們對於產品及服務的不懈追 求得到了市場的一致肯定與認同。我們也希望通過自 身的努力，將客戶對產品的滿意度逐步轉化為對「禹 洲」品牌的忠誠度。2016年集團通過客戶服務中心等 多種渠道，將客戶的意見和建議視為提升產品和服務 及維護客戶忠誠度的良好契機，全面搜集禹洲業主所 關注的重點，聽取他們對於各個方面的想法和需求， 其中包括景觀規劃、戶型設計、材料品質、施工工 藝、成品保護，並參照行業內領先的標準進行改進， 以最大程度滿足業主的不同需求。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

LAND RESERVES

Adhering consistently to its strategic deployment of “Based in Yangtze River Delta, Lead West Strait and Expand Nationwide Coverage in China”and by leveraging its renowned brand reputation, the Group has accelerated its development in the Yangtze River Delta on the basis of strengthening its leading position in West Strait Economic Zone. With its keen insight and judgment, the Group wisely place emphasis on the development of Shanghai, Hefei, Nanjing, Suzhou, and Hangzhou, the top five core cities that possess the potential of development in Yangtze River Delta, and successfully gain several additional development projects with high potential. On the principle of “Establishing strong foundation in every city entered”, the Group selected strategic locations with high potential for project development to save cost and create brand premium. Besides, our Group took the execution, sell-through rate and profitability as its indications of performance and strictly manages its risk, so as to ensure the sustainable development of the Group.

As of December 31, 2016, the aggregate salable GFA of land reserves of the Group was approximately 9.54 million sq.m., with over 68 projects located in 14 cities in West Strait Economic Zone, Yangtze River Delta, Bohai Rim region, Central Region and Hong Kong; the average land cost was approximately RMB5,072 per sq.m.. The Group believes that its land reserves currently held and managed are sufficient for its development over the next four or five years.

土地儲備

堅持「立足長三角，引領海西區，建樹全中國」的戰 略部署，憑藉卓越的品牌聲譽，本集團除了鞏固在海 西經濟區的領先地位以外，亦加快在長三角區域的佈 局，以精準的眼光，鎖定上海、合肥、南京、蘇州、 杭州五大具潛力的長三角核心城市，成功新增多個具 有高價值潛力的發展項目。堅持「進入一個城市深耕 一個城市」的發展原則，本集團挑選了具有高價值潛 力的戰略位置進行項目發展，以節省成本、創造品 牌溢價。本集團以「執行力」、「去化率」及「利潤 率」為指標，嚴格管控風險，以實現集團可持續性發 展目標。

截至2016年12月31日，本集團的土地儲備總可供銷售 建築面積達約954萬平方米，逾68個項目，分別分佈於 海西、長三角、環渤海地區、華中地區及香港共14個 城市，平均樓面成本每平方米約人民幣5,072元。本集 團相信現在持有及管理的土地儲備足夠集團未來四至 五年的發展需求。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SALABLE GFA OF LAND RESERVES (SQ.M.) 土地儲備的可供銷售建築面積（平方米） (As at December 31, 2016) （於2016年12月31日）

			Number
Region		of Projects		Area
地區			項目數量	面積
				(sq.m.)
				（平方米）
West Strait Economic Zone	海西經濟區
Xiamen	廈門		25	1,412,018
Fuzhou	福州		4	548,516
Quanzhou	泉州		1	1,031,465
Longyan	龍岩		1	202,822
Zhangzhou	漳州		1	255,000
Sub-total	小計		32	3,449,821
Yangtze River Delta Region	長三角經濟區
Shanghai	上海		9	891,984
Nanjing	南京		6	517,196
Hangzhou	杭州		1	298,733
Suzhou	蘇州		2	452,810
Hefei	合肥		11	2,397,447
Bengbu	蚌埠		1	517,938
Sub-total	小計		30	5,076,108

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		Number
Region		of Projects	Area
地區		項目數量	面積
			(sq.m.)
			（平方米）
Bohai Rim Region	環渤海經濟區
Tianjin	天津	4	416,492
Sub-total	小計	4	416,492
Central Region	華中地區
Wuhan	武漢	1	598,179
Sub-total	小計	1	598,179
Offshore	離岸
Hong Kong	香港	1	2,214
Sub-total	小計	1	2,214
Total	總計	68	9,542,814

In 2016, the Group acquired 14 new parcels of quality land, which are located in Xiamen, Fuzhou, Shanghai, Hefei, Hangzhou, Suzhou, Nanjing, Tianjin and Wuhan respectively, providing an aggregate GFA of new land reserves of 2,647,724 sq.m., at an average land cost of approximately RMB9,872 per sq.m., with a total attributable land premium of approximately RMB16,888.60 million.

2016年本集團新增14塊優質地塊，分別位於廈門、福 州、上海、合肥、杭州、蘇州、南京、天津及武漢， 新增土地儲備的總可售建築面積達2,647,724平方米， 平均土地成本為約每平方米人民幣9,872元，權益地價 合共約人民幣168億8,860萬元。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Particulars of the land parcels are set out in the following table:

下表載列該地塊的詳情：

		The
		Group’s
		equity		Total	Attributable
Name of Project	City	interest	GFA	Consideration	Consideration	Land Cost
項目名稱	城市	本集團所佔權益	建築面積	總代價	本集團應佔代價	土地成本
			(sq.m.)	(RMB’000)	(RMB’000)	(RMB/sq.m.)
			（平方米）	（人民幣千元）	（人民幣千元）（人民幣╱平方米）
West Strait Economic Zone
海西經濟區
Yuzhou Radiance Central Mansion	Fuzhou	66%	137,409	1,730,000	1,141,800	12,590
禹洲‧金輝里	福州
Yuzhou Jimei Guankou Project	Xiamen	51%	85,300	2,800,000	1,428,000	32,825
禹洲集美灌口項目	廈門
Yangtze River Delta Region
長三角經濟區
Yuzhou Country	Shanghai	40%	90,776	2,630,000	1,052,000	28,972
禹洲府	上海
Yuzhou Yuhuatai Project G71	Nanjing	100%	61,152	710,000	710,000	11,610
禹洲雨花台項目G71	南京
Yuzhou Langxi Community	Hefei	50%	234,889	2,388,764	1,194,382	10,170
禹洲‧郎溪上里	合肥
Yuzhou Jade Green Bay	Hefei	50%	59,263	718,312	359,156	12,121
禹洲‧瓏玥灣	合肥
Yuzhou Galaxy Park	Hefei	49%	357,069	1,821,006	892,293	5,100
禹洲‧銀河Park	合肥
Yuzhou Moon Lake Mansion	Hefei	36%	100,981	1,119,460	403,006	11,086
禹洲‧平湖秋月	合肥
Yuzhou Riverside Sapphire	Hangzhou	49%	297,000	4,104,000	2,010,960	13,818
禹洲‧濱之江	杭州
Yuzhou Gaoxin Project	Suzhou	100%	221,847	1,967,000	1,967,000	8,866
禹洲高新項目	蘇州
Yuzhou Xiangcheng Project	Suzhou	100%	230,963	1,521,000	1,521,000	6,585
禹洲相城項目	蘇州

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		The
		Group’s
		equity		Total	Attributable
Name of Project	City	interest	GFA	Consideration	Consideration	Land Cost
項目名稱	城市	本集團所佔權益	建築面積	總代價	本集團應佔代價	土地成本
			(sq.m.)	(RMB’000)	(RMB’000)	(RMB/sq.m.)
			（平方米）	（人民幣千元）	（人民幣千元）（人民幣╱平方米）
Bohai Rim Region
環渤海區域
Yuzhou Xiqing Project	Tianjin	40%	96,600	700,000	280,000	7,246
禹洲西清項目	天津
Yuzhou Joy Country	Tianjin	100%	76,296	340,000	340,000	4,456
禹洲‧悅府	天津
Central Region
華中地區
Yuzhou Wuhan Project	Wuhan	100%	598,179	3,589,000	3,589,000	6,000
禹洲武漢項目	武漢
Total總計			2,647,724	26,138,542	16,888,597	9,872

– 70 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

REVENUE

The revenue of the Group mainly arised from four business categories, including property sales, rental of investment properties, property management and hotel operation. In 2016, the revenue of the Group was RMB13,671.83 million, hitting a record high by representing an increase of 31.77% over last year, mainly because of the increase in property sales income recognized driven by the increase in aggregate GFA of properties delivered. Specifically, the property sales income was approximately RMB13,345.45 million, up by 31.39% year-on-year, which accounted for 97.61% of the total income; the rental income from investment properties was approximately RMB124.15 million, up by 55.87% year-on-year; the property management fee income was about RMB181.83 million, up by 48.87% year-on-year; the income from hotel operation was approximately RMB20.40 million, up by 25.85% year-on-year.

COST OF SALES

The cost of sales of the Group mainly encompassed land cost, construction cost and capitalized interest. In 2016, the cost of sales of the Group was RMB8,712.92 million, increased by 30.70% from RMB6,666.18 million in 2015. The increase in the cost of sales was mainly due to the increase in GFA of properties delivered.

GROSS PROFIT AND GROSS PROFIT MARGIN

The gross profit of the Group was RMB4,958.91 million in 2016, increased by 33.69% year-on-year. Gross profit margin was 36.27%, up by 0.52 percentage points year-on-year. The increase in gross profit margin was primarily due to the recognition of a portion of properties presold during the market recovery period since 2015.

FAIR VALUE GAIN ON INVESTMENT PROPERTIES

In 2016, the Group recorded a fair value gain on investment properties of RMB97.39 million (2015: RMB202.94 million), which was mainly attributable to the fair value gain on investment properties located in Xiamen and Shanghai.

收入

本集團的收入主要來自包括物業銷售、投資物業租金 收入、物業管理收入及酒店運營業務在內的四大業務 範疇。2016年，本集團的收入為人民幣136億7,183萬 元，按年上升31.77%，創歷史新高，主要原因是交付 物業總建築面積增加令物業銷售確認收入有所上升。 其中，物業銷售收入約為人民幣133億4,545萬元，按 年上升31.39%，佔整體收入97.61%；投資物業租金 收入約為人民幣1億2,415萬元，按年上升55.87%； 物業管理費收入約為人民幣1億8,183萬元，按年上升 48.87%；酒店運營收入約為人民幣2,040萬元，按年 上升25.85%。

銷售成本

銷售成本主要包括本集團的土地成本、建築成本及資 本化利息。2016年，本集團的銷售成本為人民幣87億 1,292萬元，同比2015年人民幣66億6,618萬元，上升 30.70%。銷售成本上升主要是隨交付的物業建築面積 增加所致。

毛利及毛利率

本集團2016年的毛利為人民幣49億5,891萬元，按年 上升33.69%。毛利率為36.27%，按年上升0.52個百分 點。毛利率上升，主要是由於確認自2015年起市場復 甦期間預售的部分物業。

投資物業公允值收益

本集團於2016年錄得投資物業公允值收益為人民幣 9,739萬元（2015年：人民幣2億294萬元），主要來 自位於廈門和上海的投資物業公允值收益。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

OTHER INCOME AND GAINS

In 2016, other income and gains increased by 27.88% year-onyear to RMB300.99 million. The increase in other income and gains was mainly due to the gain from disposal of investment properties in Shanghai, which amounted to RMB172 million. The gain from disposal of investment properties was arising from the sales and delivery of approximately 58,000 sq.m. of investment properties with contracted amount of approximately RMB718 million, minus cost of investment properties sold of approximately RMB546 million. Among the cost of investment properties sold, approximately RMB89 million was arising from revaluation gain recognized in previous years.

SELLING AND DISTRIBUTION EXPENSES

Selling and distribution expenses of the Group increased by 1.59% year-on-year from RMB288.57 million in 2015 to RMB293.15 million in 2016, which accounted for 1.26% (2015: 2.06%) of total contracted sales. With an effective cost control measure, the Group continued to invest in the online marketing and expanded more diversified marketing channels in 2016.

ADMINISTRATIVE EXPENSES

The Group’s administrative expenses grew by 36.06% year-on-year from approximately RMB296.10 million in 2015 to approximately RMB402.88 million in 2016, mainly due to the business expansion of the Group and the increase in number of staff, especially for new cities the Group entered during the year, for instance Hangzhou, Suzhou and Wuhan, and relocated the headquarter to Shanghai. In 2016, the proportion of administrative expenses to total contracted sales decreased to 1.74% (2015: 2.11%), mainly due to the effective cost control measures by the Group.

OTHER EXPENSES

Other expenses increased by 160.48% year-on-year from approximately RMB73.07 million in 2015 to approximately RMB190.33 million in 2016. The increase was mainly due to the impairment of goodwill of approximately RMB164.27 million recognized during the year, arising from business acquisition in previous years.

其他收入及收益

2016年其他收入及收益為人民幣3億99萬元，按年上 升27.88%。其他收入及收益增加主要由於是出售上海 的投資物業，其收益為人民幣1億7,200萬元。出售投 資物業收益來自銷售及交付約58,000平方米的投資物 業，合約金額約人民幣7億1,800萬元，扣除已售投資 物業成本約人民幣5億4,600萬元。其中，已售投資物 業成本約人民幣8,900萬元因過往年度確認的重估收益 而產生。

銷售及分銷成本

本集團的銷售及分銷成本由2015年的人民幣2億8,857 萬元，按年上升1.59%至2016年的人民幣2億9,315萬 元，佔合約銷售總額的1.26%（2015年：2.06%）。 2016年，本集團透過有效的成本控制措施，持續投放 資源於互聯網營銷，擴展至更加多元化的營銷渠道。

行政開支

本集團的行政開支由2015年的約人民幣2億9,610萬 元，按年上升36.06%至2016年的約人民幣4億288萬 元，主要由於集團業務擴張及員工人數增加（尤其是 本集團年內進軍了杭州、蘇州及武漢等新城市並把總 部遷至上海）。2016年的行政開支佔總合約銷售之比 例下降至1.74%（2015年：2.11%），主要得益於集團 有效的成本控制措施。

其他開支

其他開支由2015年的約人民幣7,307萬元，按年上升 160.48%至2016年的約人民幣1億9,033萬元。有關增 加主要由於年內確認過往年度業務收購引起的約人民 幣1億6,427萬元商譽減值所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

FINANCE COSTS

Finance costs of the Group increased by 26.90% year-on-year from RMB349.04 million in 2015 to RMB442.95 million in 2016. The increase was mainly due to the early redemption of a bond of HK$1.5 billion with coupon rate of 10% and a senior notes of USD300 million with coupon rate of 8.75% during the year in order to reduce the financing cost of the Group. The redemptions generated a loss of approximately RMB197.22 million.

SHARE OF PROFITS AND LOSSES OF JOINT VENTURES

Share of profits and losses of joint ventures recorded profits of approximately RMB91.79 million in 2016, as compared to losses of approximately RMB41.97 million in 2015. The profit was mainly arising from the sharing of profit of a joint venture project located in Xiamen which delivered a portion of presold properties during the year.

INCOME TAX

Income tax of the Group increased by 42.91% year-on-year from approximately RMB1,475.29 million in 2015 to approximately RMB2,108.27 million in 2016. Such increase was mainly attributable to the increase in the revenue and profit during the year.

PROFIT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

For the year ended December 31, 2016, the profit attributable to non-controlling interests increased by approximately 26.7 times to RMB313.57 million. The increase was mainly due to the share of profit arising from a non-wholly owned project located in Xiamen, which has delivered a portion of presold properties during the year.

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT

For the year ended December 31, 2016, the profit attributable to owners of the parent was approximately RMB1,774.91 million, representing an increase of 7.13% compared to RMB1,656.85 million in 2015 mainly due to the above mentioned factors. Core profit attributable to owners of the parent increased by 26.37% from RMB1,619.95 million in 2015 to RMB2,047.13 million in 2016.

融資成本

本集團的融資成本由2015年的人民幣3億4,904萬元， 按年上升26.90%至2016年的人民幣4億4,295萬元，主 要由於集團於年內提前贖回一筆票面利率為10%的15 億港元債券及一筆票面利率為8.75%的3億美元高息票 據，以降低本集團的融資成本，因而產生約人民幣1億 9,722萬元的虧損。

應佔合營公司損益額

應佔合營公司損益額由2015年的虧損約人民幣4,197萬 元，轉為2016年的溢利約人民幣9,179萬元。溢利主要 來自分佔位於廈門的一個合營公司項目（該項目於年 內交付部分預售物業）的溢利。

所得稅

本集團的所得稅由2015年的約人民幣14億7,529萬元， 按年上升42.91%，至2016年約人民幣21億827萬元。 所得稅費用上升主要由於本年度收入及利潤的上升。

非控股權益應佔溢利

截至2016年12月31日止之年度，非控股權益應佔溢利 增加約26.7倍至人民幣3億1,357萬元。有關增加主要 來自分佔位於廈門的一個非全資擁有項目（該項目於 年內交付部分預售物業）產生的溢利。

母公司擁有人應佔利潤

截至2016年12月31日止年度，母公司擁有人應佔利 潤約為人民幣17億7,491萬元，較2015年度人民幣16 億5,685萬元，上升7.13%，主要是由於以上提及之因 素。2016年母公司擁有人應佔核心利潤則為人民幣20 億4,713萬元，比2015年的人民幣16億1,995萬元，上 升26.37%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

BASIC EARNINGS PER SHARE AND CORE EARNINGS PER SHARE

Core earnings per share is calculated by dividing the core profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year. The calculation of basic and core earnings per share are based on the following data:

每股基本盈利和每股核心盈利

每股核心盈利的計算方法為母公司擁有人應佔核心利 潤除以年內已發行普通股加權平均數目。每股基本及 核心盈利按以下資料計算：

		2016	2015
		(RMB’000)	(RMB’000)
		（人民幣千元）	（人民幣千元）
Profit attributable to owners of the parent	母公司擁有人應佔利潤	1,774,914	1,656,853
Less: Fair value gain on investment properties,	減：除遞延稅後投資物業公允值
net of deferred tax	收益	73,044	152,207
Less: Fair value gain on derivative financial
instruments	減：衍生金融工具公允值收益	85,458	44,583
Less: Gain on bargain purchase of a subsidiary	減：議價收購一間附屬公司收益
net of loss on remeasurement of a	扣除重新計算於一間合營
pre-existing interest in a joint venture	公司已有權益之虧損	–	128,356
Plus: Realised fair value gains on investment	加：出售投資物業中除遞延稅後的
properties disposed, net of deferred tax	已實現投資物業公允值收益	66,879	–
Plus: Equity-settled share option expenses	加：以股權結算購股權開支	2,352	3,959
Plus: Loss on redemption of financial liabilities	加：贖回金融負債產生虧損	197,218	196,771
Plus: Impairment of goodwill	加：商譽減值	164,265	–
Plus: Share of fair value loss on acquisition of	加：收購合營公司餘下權益除
remaining interests in joint ventures,	遞延稅後產生應佔公允值
net of deferred tax	虧損	–	87,516
Core profit attributable to owners of the parent	母公司擁有人應佔核心利潤	2,047,126	1,619,953
Weighted average number of ordinary shares in	已發行普通股加權平均數
issue (’000)	（以千計）	3,815,999	3,677,918
Basic earnings per share (RMB per share)	每股基本盈利（每股人民幣元）	0.47	0.45
Core earnings per share (RMB per share)	每股核心盈利（每股人民幣元）	0.54	0.44

– 74 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

LIQUIDITY AND FINANCIAL RESOURCES

The Group has adopted a prudent financial policy and strived to maintain a healthy debt level amid its fast expansion to support sustainable development. Meanwhile, the Group continued to explore varied channels of financing, kept a close eye on capital market’s financing window and take reducing overall borrowing cost as a goal. Thanks to these, the Group’s overall borrowing cost dropped from 7.00% at the end of 2015 to 6.08% at the end of 2016. The series of corporate financing measures further replenished the Group’s cash flow in support of business development, extended the average maturing term the Group’s debt portfolio and optimized debt structure, which helped lower the Group’s overall borrowing cost.

流動資金及財務資源

集團奉行審慎的財務政策，在集團快速發展的同時， 致力把負債維持在健康水平，以支持集團可持續發 展。同時集團持續探索各類型的融資渠道，時刻對資 本市場的融資窗口保持敏銳觸覺，並以降低整體融資 成本為目標。透過該等舉措，本集團的整體融資成本 由2015年年底的7.00%降至2016年年底的6.08%。一 系列的企業融資措施進一步充實集團的現金流以支持 業務發展，延長公司債務組合的平均年限及優化債務 結構，降低集團整體融資成本。

Details of new indebtedness: 新債務詳情：

		Public/	Carrying		Coupon	Credit
Issuer	Type	Private	Amount	Maturity	Rate	Rating
發行人	類別	公募╱私募	賬面金額	到期情況	票面利率	信貸評級
Xiamen Yuzhou Grand Future	Onshore	Private	RMB2.0 billion	Three years	6.28%	AA
Real Estate Development	corporate bond
Company Limited
廈門禹洲鴻圖地產	境內公司	私募	人民幣	三年	6.28%	AA
開發有限公司	債券		20億元
Yuzhou Properties Company	Onshore	Private	RMB3.0 billion	Three years	5.30%	AA+
Limited	corporate bond
禹洲地產股份有限公司	境內公司	私募	人民幣	三年	5.30%	AA+
	債券		30億元
Yuzhou Properties Company	Term loan facility		US$400 million	Three and half	3.85%+Libor	N/A
Limited				years
禹洲地產股份有限公司	定期貸款		4億美元	三年半	3.85%	不適用
	融資				+倫敦銀行
					同業拆息
Yuzhou Properties Company	Offshore senior		US$250 million	Seven years	6.00%	BB-/B1
Limited	notes
禹洲地產股份有限公司	境外優先		2.5億美元	七年	6.00%	BB-/B1
	票據

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Details of early redemption of indebtedness:

提前贖回債務詳情：

		Public/	Carrying		Coupon	Credit
Issuer	Type	Private	Amount	Maturity	Rate	Rating
發行人	類別	公募╱私募	賬面金額	到期情況	票面利率	信貸評級
Yuzhou Properties Company	Guaranteed	Private	HK$1.5 billion	6 years	10.00%	N/A
Limited	corporate bond
禹洲地產股份有限公司	擔保公司債	私募	15億港元	六年	10.00%	N/A
Yuzhou Properties Company	Offshore senior		US$300 million	5 years	8.75%	BB-/B1
Limited	notes
禹洲地產股份有限公司	境外優先票據		3.0億美元	五年	8.75%	BB-/B1

CREDIT RATINGS

In September and December 2016, Standard & Poor’s and Moody’s upgraded our issuer’s credit rating outlook to “B+” (“Positive” outlook) and “B1” (“Positive” outlook) respectively. Meanwhile, Fitch maintained our issuer’s credit rating at “BB-” (“Stable” outlook).

信貸評級

於2016年9月及12月，標準普爾（給予發行人評級為 「B+」）及穆迪（給予發行人評級為「B1」）分別調 升我們的前景至「正面」。同時，惠譽（給予發行人 評級為「BB－」）將我們維持在前景「穩定」。

– 76 –

FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

BORROWINGS

As of December 31, 2016, the Group’s has total bank and other borrowings of RMB20,281.41 million, which were secured by the investment properties, properties held for sale and properties under development of the Group with an aggregate carrying value of RMB16,292.02 million. The outstanding balance of senior notes was RMB5,505.39 million. In 2016, the Group’s bank and other borrowings and outstanding balance of senior notes totaled RMB25,786.79 million, with the repayment periods set out as follows:

借款

於2016年12月31日，本集團的銀行和其他貸款合共為 人民幣202億8,141萬元，由本集團賬面總值為人民幣 162億9,202萬元的投資物業，持作銷售用途的物業及 在建物業作抵押。而優先票據餘額為人民幣55億539萬 元。2016年，本集團的銀行和其他貸款及高息票據餘 額合共為人民幣257億8,679萬元，還款期如下：

		December 31	December 31
Maturity	還款時間	2016	2015
		2016年	2015年
		12月31日	12月31日
		(RMB’000)	(RMB’000)
		（人民幣千元）	（人民幣千元）
Bank and other borrowings	銀行和其他借款
Within 1 year or on demand	於1年之內或應要求	4,807,778	3,987,373
In the second year	於第2年	6,894,017	1,665,505
In the third to fifth years, inclusive	於第3至第5年（包括首尾兩年）	8,539,162	8,845,312
Beyond five years	5年後	40,450	118,050
		20,281,407	14,616,240
Senior Notes	優先票據
In the third to fifth years, inclusive	於第3年至第5年（包括首尾兩年）	3,793,277	5,466,883
Beyond five years	5年後	1,712,109	–
		5,505,386	5,466,883
Total	合共	25,786,793	20,083,123

CASH POSITION

As of December 31, 2016, the Group had RMB17,417.53 million of cash and cash equivalents and restricted cash, up by 45.77% from RMB11,948.79 million as at December 31, 2015.

現金狀況

截至2016年12月31日止，本集團的現金及現金等價物 和受限制現金為人民幣174億1,753萬元，較2015年12 月31日的人民幣119億4,879萬元，上升45.77%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

NET GEARING RATIO

As of December 31, 2016, the Group’s net gearing ratio (calculated as the interest-bearing bank and other borrowings and senior notes less cash and cash equivalents and restricted cash and divided by total equity) was 71.70%, down by 7.73 percentage points when compared to 79.43% as at December 31, 2015. The decrease was mainly attributable to the collection of contracted sales proceeds during the year.

資本負債比率

截至2016年12月31日止，本集團的資本負債比率為 71.70%，較2015年12月31日的79.43%，下降了7.73 個百分點（淨負債比率為計息銀行及其他借貸及優先 票據減現金及現金等值項目及受限制現金除以權益總 額），主要由於年內合約銷售回款增加。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CURRENCY RISK

As of December 31, 2016, among the RMB25,786.79 million of total borrowings of the Group, approximately 63.2% was denominated in RMB and 36.8% was denominated in Hong Kong dollars and United States dollars. In 2016, the Group successfully tapped the onshore funding source – issuance of onshore corporate debt and optimized the debt structure and reduced the foreign exchange risk of the company through early redemption of the costly senior notes in United States dollars and early repayment of guaranteed bonds with high coupon rate in Hong Kong dollars.

貨幣風險

截至2016年12月31日止，集團總借貸人民幣257億 8,679萬元中，約有63.2%為人民幣計值及36.8%為港 元及美元計值。2016年集團成功於境內開拓新融資渠 道發行境內公司債，並透過提早贖回較高成本的美元 優先票據及提早償還港幣高息率有擔保債券，以優化 債務結構，及降低匯兌風險。

Starting in 2016, the Group entered into certain structured forward currency contracts with a bank to hedge the foreign exchange exposure. All structured forward currency contracts have a maturity term of one year. As at December 31, 2016, the aggregate notional amount of structured forward currency contracts is approximately US$370 million (December 31, 2015: Nil).

自2016年起，本集團與一間銀行訂立若干份結構性遠 期外匯合約，以對沖外匯敝口。所有結構性遠期貨幣 合約的到期期限為一年。於2016年12月31日，總結構 性遠期貨幣之總名義面值約3.7億美元（2015年12月31 日：無）

The proportions of bank and other borrowings, senior notes and cash balance of the Group in terms of currencies were as follows:

本集團的銀行及其他借款、優先票據及現金結餘的各 種貨幣比例如下：

		Bank
		and Other
		Borrowings
		and Senior
		Notes Balance
		銀行及其他	Cash
		借款、優先	Balance*
		票據結餘	現金結餘*
		(RMB’000)	(RMB’000)
		（人民幣千元）	（人民幣千元）
HK$	港幣	891,133	577,017
RMB	人民幣	16,293,573	13,954,681
US$	美元	8,602,087	2,879,969
Others	其他	–	5,867
Total	合計	25,786,793	17,417,534

• Including restricted cash

• 包含受限制現金

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

COMMITMENTS

As at December 31, 2016, the Group had commitments in respect of development expenditure on real estate of approximately RMB4,479.38 million (December 31, 2015: RMB5,351.10 million). The Group is also committed to the payment of land premium in respect of land acquisition of approximately RMB2,992.49 million (December 31, 2015: RMB2,098.79 million) and in respect of acquisition of project companies of approximately RMB3,547.22 million (December 31, 2015: RMB179.46 million).

CONTINGENT LIABILITIES

The Group provides buy-back guarantees to banks, which offered mortgages to domestic properties buyers in Mainland China of the Group. As at December 31, 2016, outstanding buy-back guarantees amounted to RMB15,228.70 million (December 31, 2015: RMB9,239.47 million). The Group provides guarantees to bank and other lenders in connection with facilities granted to joint ventures amounted to RMB4,032.01 million (December 31, 2015: Nil).

ACQUISITIONS AND DISPOSALS OF

承擔

截至2016年12月31日止，本集團就房地產開發開支的 承擔約人民幣44億7,938萬元（2015年12月31日：人 民幣53億5,110萬元）。本集團亦承諾就土地收購支付 的土地出讓金約人民幣29億9,249萬元（2015年12月 31日：人民幣20億9,879萬元）和就收購項目公司支付 約人民幣35億4,722萬元（2015年12月31日：人民幣1 億7,946萬元）。

或然負債

本集團提供購回保證予向本集團旗下中國內地物業買 家提供住房按揭融資的銀行。於2016年12月31日，未 到期的購回保證為人民幣152億2,870萬元（2015年12 月31日：人民幣92億3,947萬元）。本集團就合營企業 獲授的融資向銀行及其他貸款人提供的擔保金額為人 民幣40億3,201萬元（2015年12月31日：無）。

收購及出售附屬公司及聯營公司

SUBSIDIARIES AND AFFILIATED COMPANIES

• i) In July 2016, the Group entered into an equity transfer agreement with independent third parties to acquire the entire equity interest and shareholders’ loan in a property development company which hold three parcels of land located at the southwest side of Hangzhou, Zhejiang Province, the PRC at a consideration of RMB2,330 million for the entire equity interests and RMB1,774 million for the shareholders’ loan.

• ii) In December 2016, the Group entered into an equity transfer agreement with an independent third party for the disposal of a 51.5% equity interests of a subsidiary, which hold three parcels of land located at the southwest side of Hangzhou, the PRC for a consideration of RMB1,200 million.

Except for the above, the Group had no material acquisitions and disposal of subsidiaries and affiliated companies during the year.

• i) 於2016年7月，本集團與獨立第三方公司簽訂股 權轉讓合同收購一間房地產開發公司，包括三塊 位於中國浙江省杭州西南面之土地的全部股權及 其股東貸款。有關全部股權的收購金額為人民幣 23億3,000萬元及有關股東貸款的收購金額為人 民幣17億7,400萬元。

• ii) 於2016年12月，本集團與一間獨立第三方公司簽 訂股權轉讓合同出售一間全資附屬公司51.5%的 股權，而有關全資附屬公司的資產包括三塊位於 中國杭州西南面的土地。有關出售金額為人民幣 12億元。

• 除以上事項，本集團於年內並無任何重大收購及出售 附屬公司及聯營公司項目。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

HUMAN RESOURCES

The Group is led by an experienced and professional management team. Since the establishment of the Group in 1994, the Group has been undergoing rapid development and expansion under the leadership of the Board. Senior management is very experienced in properties development industry with over 12 years’ experience in average for most of the senior executives. With the strong leadership and international insight of the management as well as excellent execution, together with strict implementation of the best international practices according to the actual situation of the Company, the Group has developed as one of the leading real estate developers in China.

2016 was a significant year for the Group’s strategic upgrade, our headquarters has been established in Shanghai and the human resources management system has been upgraded comprehensively. In 2016, the Group has updated the“Yuzhou Young Talents” management trainee program, the outstanding graduates from domestic key universities and overseas wellknown universities became the focus of recruitment as the key reserve talents for Yuzhou to manage its cadres cultivation in the future. Furthermore, the Group has successively recruited a number of outstanding mid-to-senior level management personnel from domestic first-tier real estate developers and established a core reserve mechanism of such to upgrade the organization construction of Yuzhou’s elites with the combination of the building of internal talent supply chain and the introducing of external talents.

We believed that human resources, particularly the senior executives and professional project management team, are of critical importance to maintaining the competitive strengths of the Group. The Group aims to achieve the international standard of outstanding performance through compliance with the best international practice in respect of strict management system and corporate governance. As at December 31, 2016, the Group had 3,401 (2015: 2,981) staff in total.

In addition to basic salaries and other staff benefits, discretionary bonuses and share options may be awarded to employees who display outstanding performance and contributions to the Group.

人力資源

本集團由經驗豐富的專業管理層團隊領導。董事會自 本集團於1994年成立以來一直帶領本集團快速發展， 高級管理層於房地產發展行業具有豐富經驗。大部分 高級行政人員擁有平均超過12年的行業經驗。管理層 具備出色的領導能力、國際視野及卓越的執行力，結 合公司實際情況嚴謹地按照國際最佳慣例踐行，本集 團已發展成為中國最具實力的房地產開發商之一。

2016年作為集團戰略升級的重要一年，上海總部落 地，人力資源管理體系全面選代升級。2016年集團升 級禹苗管培生項目，招募對象以國內重點高校及海外 知名高校的優秀畢業為主，作為未來禹洲管理幹部培 養的重點後備人才。集團並先後引入一批來自國內一 線地產開發商的優秀中高級管理人員，建立核心中高 管後備機制，於內部人才供應鏈打造及外部優秀人才 引入雙管齊下，助推禹洲精英組織建設。

我們相信，人力資源，尤其是高級行政人員及專業項 目管理團隊，對保持本集團的競爭優勢至關重要。本 集團旨在通過遵守嚴格的管理制度及企業管治的最佳 國際慣例，實現卓越績效的國際標準。於2016年12 月31日，本集團共有3,401名僱員（2015年：2,981 名）。

除基本薪酬及其他員工福利外，表現優秀且為本集團 作出貢獻的僱員亦可獲獎勵酌情花紅及購股權。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

PAYMENT OF DIVIDEND

The Board recommends the payment of a final dividend of HK22 cents per share for the year ended December 31, 2016, subject to the approval by the shareholders on the forthcoming annual general meeting of the Company to be held on June 6, 2017 (“AGM”).

CLOSURE OF REGISTER OF MEMBERS

In order to establish entitlements to attend and vote at the AGM, the register of members of the Company will be closed from June 2, 2017 to June 6, 2017, both days inclusive, during which period no transfer of shares will be registered. All transfer of shares of the Company accompanied by the relevant share certificates must be lodged with the branch share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on June 1, 2017.

Subject to the approval of shareholders at the AGM, the final dividend will be paid on or about July 5, 2017. For determining the entitlement to the proposed final dividend, the register of members of the Company will be closed from June 19, 2017 to June 21, 2017, both days inclusive, during which period no transfer of shares will be registered. In order to qualify for the entitlement to the proposed final dividend, all transfer of shares of the Company accompanied by the relevant share certificates must be lodged with the branch share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on June 16, 2017.

股息派發

截至2016年12月31日止年度，董事會建議派發末期股 息每股22港仙，須待股東於2017年6月6日舉行之應屆 本公司股東週年大會（「股東週年大會」）批准後， 方可作實。

暫停辦理股份過戶手續

為確定出席股東週年大會及於會上投票的權利，本公 司將於2017年6月2日至2017年6月6日（包括首尾兩 日）暫停辦理本公司的股份過戶登記手續，期間所有 股份將暫停過戶。所有本公司過戶文件連同相關股票 須於不遲於2017年6月1日下午四時三十分送交本公司 位於香港證券登記分處香港中央證券登記有限公司， 地址為香港灣仔皇后大道東183號合和中心17樓17121716室，以作登記。

待股東於股東週年大會上批准，末期股息將於2017年7 月5日或前後派付。為確定享有擬派末期股息的權利， 本公司將於2017年6月19日至2017年6月21日（包括首 尾兩日）暫停辦理本公司的股份過戶登記手續，期間 所有股份將暫停過戶。為合資格享有擬派末期股息的 權利，所有本公司過戶文件連同相關股票須於不遲於 2017年6月16日下午四時三十分送交本公司位於香港證 券登記分處香港中央證券登記有限公司，地址為香港 灣仔皇后大道東183號合和中心17樓1712-1716室，以 作登記。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the year, the Company redeemed in full the 8.75% senior notes due 2018, which were listed on The Stock Exchange of Hong Kong Limited, at a redemption amount of US$313,000,000, representing 104.375% of its principal amount plus accrued and unpaid interest.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

MODEL CODE FOR DIRECTORS’ SHARE DEALINGS

The Company has adopted a Code of Conduct on Directors’ Securities Transactions (the “Securities Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listing Issuers contained in Appendix 10 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The directors have confirmed that they have complied with the requirements set out in the Securities Code throughout the year ended December 31, 2016.

購買、出售或贖回本公司上市證券

年內，本公司已悉數贖回於香港證券交易所上市之 於 2018 年到期之 8.75% 優先票據，贖回價為美元 313,000,000相等於基金金額之104.375%，另加應計 及未支付之利息。

除上文所披露者外，本公司或其任何附屬公司概無購 入、出售或贖回任何本公司的上市證券。

董事進行股份交易的標準守則

本公司已採納一套嚴謹程度不低於香港聯合交易所有 限公司證券上市規則附錄十上市發行人董事進行證券 交易的標準守則所訂標準的董事進行證券交易的行為 守則（「證券守則」）。董事已確認於截至2016年12 月31日止，一直遵守證券守則的規定。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CORPORATE GOVERNANCE

The Board of Directors (“Board”) and the management of the Group are committed to the maintenance of good corporate governance practices and procedures. The corporate governance principles of the Group emphasize a quality Board, sound internal controls, and transparency and accountability to all shareholders.

During the year, the Group had adopted, applied and complied with the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange except the following deviation:

Code provision A2.1 stipulates that the roles of Chairman and Chief Executive Officer should be separate and should not be performed by the same individual. Mr. Lam Lung On has been assuming the roles of both the Chairman and the Chief Executive Officer of the Group since January 1, 2012. Although these two roles are performed by the same individual, certain responsibilities are shared with executive directors to balance the power and authority. In addition, all major decisions are made in consultation with members of the board as well as senior management. The Board has three independent non-executive directors who offer different independent perspectives. Therefore, the Board is of the view that there are adequate balances of power and safeguards in place. The Board would review and monitor the situation on a regular basis and would ensure that the present structure would not impair the balance of power in the Group.

SHARE OPTION SCHEME

The board of directors of the Company announces that on January 27, 2016, the Company has granted share options under its share option scheme adopted on May 24, 2010 to certain directors and employees of the Group which, subject to the acceptance of the Grantees, entitles the Grantees to subscribe for an aggregate of 19,790,000 new shares of HK$0.10 each in the share capital of the Company at the exercise price per share of HK$1.812.

REVIEW OF ACCOUNTS

The Company’s Audit Committee has reviewed the accounting policies adopted by the Group and the consolidated financial statements of the Group for the year ended December 31, 2016.

企業管治

本集團董事會（「董事會」）及管理層致力維持良好 的企業管治常規及程序。本集團所遵行的企業管治原 則著重高質素之董事會、健全之內部監控，以及對全 體股東之透明度及問責性。

年內，本集團一直採用、應用及遵守聯交所證券上市 規則附錄十四所載的企業管治守則，惟以下偏離除 外：

守則條文A2.1條規定主席與行政總裁的角色應有區 分，並不應由一人同時兼任。林龍安先生從2012年1月 1日起承擔本集團主席及行政總裁權責。儘管此兩角色 均由同一位人士所擔任，其部分責任由執行董事分擔 以平衡權利。而且所有重大決定均經由董事會及高級 管理層商議後才作出。另董事會包含三位獨立非執行 董事帶來不同獨立的觀點。因此，董事會認為已具備 足夠的權力平衡及保障。董事會將定期進行檢討及監 督，確保目前結構不會削弱本集團的權力平衡。

購股權計劃

本公司董事會宣佈，於2016年1月27日，本公司已根據 其於2010年5月24日採納的購股權計劃向本集團若干 董事及僱員授出購股權，待承授人接納後，可供承授 人認購本公司股本中合共19,790,000股每股面值港幣 0.10元的新股份，每股股份行使價港幣1.812元。

賬目審閱

本公司審核委員會已審閱本集團採納的會計政策以及 本集團截至2016年12月31日止的綜合財務報表。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

DEVELOPMENT STRATEGIES AND PROSPECT

For 2017, the global economic outlook is still not optimistic. With the decline of the global potential growth rate, the financial market becomes more fragile, the growth of trade and investment is weak and the anti-globalization trend becomes more obvious. These factors will curb the strong, sustainable, balanced and inclusive growth in the global economy. The domestic economy continues to stay at the bottom of the long cycle and there is still downward pressure for economy. However, more favorable factors emerged, such as the speed-up of structural reform, more conservative monetary policy, the stabilized demand level and positive growth in corporates’ earnings. This shift will drive funds back to the real economy and establish a foundation for economic recovery in a medium-term.

發展策略與展望

展望2017，世界經濟形勢依然不容樂觀，全球潛在增 長率下降，金融市場更加脆弱，貿易投資增長乏力， 反全球化趨勢日益明顯。這些因素將抑制世界經濟強 勁、可持續、平衡和包容增長。國內經濟繼續處於長 週期的底部，經濟仍有下行壓力，但積極因素增多， 結構性改革提速、貨幣政策更加保守、需求水平回穩 而企業盈利維持正增長態勢。這種轉變有助於推動資 金回流實體經濟，為中期經濟回暖積蓄能量。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The Central Economic Working Conference convened in midDecember 2016 expressly put forward that the economic growth in 2017 will focus on “stability” and monetary policy should be steady and moderate, which have a significant impact on expectations on the development of China’s real estate market. As a result of the steady and moderate monetary policy, comprehensive loose monetary environment will no longer exists in 2017. Taking into consideration the impact from expectations on U.S. dollar rate increases, the central bank may moderately tighten the domestic RMB liquidity to balance the stability of RMB. For policies of the property sector, in addition to strengthen the efforts that recovering the properties to residence, China will promote the construction of the housing system through taking policies appropriate to local conditions, precise control and long-term effective mechanism for mid-and-long term.

In 2017, it is expected that the tier 1 and 2 cities in the Group’s strategic layout, such as Shanghai, Nanjing, Hangzhou, Hefei, Xiamen, Fuzhou and other core strategic cities, will maintain the leading economic growth rate in China. Those cities have active fundamentals, therefore have attracted a number of population inflow. In June 2016, the National Development and Reform Commission issued the “Development Planning of Yangtze River Delta City Agglomeration” (《長江三角洲城市群發展規劃》), which pointed out that the Yangtze River Delta city agglomeration is one of the regions where have the most dynamic economy, the highest degree of openness and the strongest innovation ability and have absorbed the largest expatriate population in China. It is also the important intersection of “One Belt, One Road” and Yangtze River Economic Belt and it play an important strategic position in national modernization and all-round development. We entered Wuhan in 2016 for the first time. Wuhan was enrolled as National Central City at the end of 2016, which bear the responsibilities to lead the development of other cities in this region, promote the economic and social development in this region. It further manifests our strategic insight and accurate timing to enter Central China market. In addition, with the introduction of the two-child policy will also stimulate the demand of updaters.

2016年12月中旬召開的中央經濟工作會議明確提出 2017年經濟增長「穩」為主基調，貨幣政策「穩健中 性」，這對中國房地產市場的發展預期具有重要的影 響。其中貨幣政策的「穩健中性」決定了2017年貨 幣環境全面寬鬆不再，並且考慮到美元加息預期的影 響，央行或將適度收緊國內人民幣的流動性，以平衡 人民幣幣值的穩定。房地產政策方面，在強化房屋回 歸居住屬性的同時，通過因城施策、精準調控和中長 期的長效機制來推進住房體制建設。

2017年，預期一二線城市，如集團重點佈局的上海、 南京、杭州、合肥、廈門和福州等幾大核心戰略城 市，將一直保持著全國領先的經濟增長速度，基本面 活躍，吸納大量人口流入。2016年6月，國家發改委 印發的《長江三角洲城市群發展規劃》指出，長江三 角洲城市群是中國經濟最具活力、開放程度最高、創 新能力最強、吸納外來人口最多的區域之一，是「一 帶一路」與長江經濟帶的重要交匯帶，在國家現代化 建設大局和全方位開發格局中具有舉足輕重的戰略地 位。而我們於2016年首進的武漢，於年底成功入圍 國家中心城市，擔負著帶領區域內其他城市發展的職 責，促進區域經濟社會的發展。這進一步彰顯了集團 進入華中市場的戰略眼光與精準節奏。另外，隨着二 胎政策的出台，也將刺激改善型住宅的需求。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Following the adjustment to the strategic layout of the Group during 2016 and the relocation of our headquarters to Shanghai, the Group will strive to plan higher level developments from a higher starting point on the back of the regional edge of Shanghai as a national or even a global hub for finance, talents and information exchange. In future, the Group will continue to adhere to the major strategy of “Based in the Yangtze River Delta, lead West Strait Economic Zone and Expand Nationwide Coverage in China (立足 長三角，引領海西區，建樹全中國)”, with a focus on core cities, including Shanghai, Hefei, Nanjing, Hangzhou, Suzhou, Tianjin, Xiamen, Fuzhou and Wuhan, accelerate and improve its layout in the Yangtze River Delta region and continue to consolidate its leading position in the West Strait Economic Zone , accelerate the development in Bohai Rim and Central China and actively explore Pearl River Delta region and Hong Kong markets. With the sound growth in contracted sales and financing costs continuing to fall, we will continuously strengthen its mode of operation, and try to achieve optimal investment returns and cash flows with appropriate turnover modes for different projects in various cities to attain stable debts, and inventory management and release, as well as the balanced growth in profits and business scale. The Group will continue to be customer-oriented, promote the upgrading of its products and services, and expand its scope of business.

In addition, by further strengthening cash management, adopting sound financial policies, and actively and effectively communicating with various institutions in the domestic and international capital markets, the Group will continue to establish long-term, stable and amicable relations with them, integrate financial resources, improve investment efficiency through innovative financing, experiment with financial instruments including securitized assets, and provide new momentum for its business reforms through financial innovations.

隨著2016年集團戰略佈局的調整，禹洲總部遷至上 海，依託上海作為全國乃至全球金融、人才、資訊交 流中心的區位優勢，冀在更高起點上謀劃更高水平的 發展。未來，集團將繼續秉承「立足長三角，引領海 西區，建樹全中國」的大戰略，聚焦核心城市－－上 海、合肥、南京、杭州、蘇州、天津、廈門、福州及 武漢，加速並提升長三角區域佈局，繼續鞏固海西龍 頭地位，加速發展環渤海及華中市場，積極開拓珠三 角區域及香港市場。隨著合約銷售的強勁增長及融資 成本持續降低，我們將不斷強化經營模式，在不同的 城市、不同的項目，運用適當的周轉模式來實現最佳 的投資回報及現金流狀況，達到穩負債、庫存管理與 釋放節奏並重，利潤與規模同步增長。集團將繼續堅 持以客戶為中心，不斷推動產品、服務升級，拓展事 業版圖。

此外，集團將繼續加強現金管理及穩健的財務政策， 積極與國際國內資本市場各類機構保持有效溝通，建 立長期且穩定的良性關係，整合金融資源，通過融資 創新提高投資效率，嘗試包括資產證券化在內的金融 工具，通過金融創新為業務革新提供助力。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Meanwhile, by strictly controlling investment risks, the Group will continue to adhere to the strategy of developing projects in regions with mature city functions, auxiliary facilities, and enough population. By deploying in key cities in advance, the Group will lay a good foundation for future businesses, and through continued cooperation and innovation, the Group will give full play to its professional competence and brand reputation and actively look for strategic cooperation opportunities. Through products innovation, the Group will explore all kinds of products and develop well-diversified industry-leading products. We believe that these operational strategies can help the Group maintain its competitiveness in the ever-changing market and reduce risks to ensure its sustainable development and maintain its steady growth, high profits and high dividend levels to maximize the value for our shareholders.

同時，我們將繼續嚴控投資風險，堅持在城市功能和 配套成熟、具有人口支持力的地區發展項目，對重點 城市提前佈局，為後續開展更多業務打下基礎；堅持 合作創新，充分發揮自身的專業能力和品牌信譽優 勢，積極尋找戰略合作機會；堅持產品創新，探索不 同類型的產品，打造行業領先的多元化產品。我們相 信這些營運策略能使集團在不斷變化的市場環境下保 持競爭力及降低風險，從而確保本集團的可持續發 展，保持一貫穩增長、高利潤及高派息水平，為股東 創造最大價值。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

FOR THE YEAR ENDED 31 DECEMBER 2017

MARKET AND BUSINESS REVIEW

China’s national economy continued to flourish with its growth trend showing steady progress in 2017, a better-than-expected overall situation. During the year, it maintained its keynote real estate policy that “houses are built to be inhabited instead of for speculation”, under which clusters of cities became the focus of local real estate regulatory policies. According to statistics from China Index Academy, the regulatory focus was on a cluster of cities, which started from central cities and extended to the surrounding third- and fourth-tier cities during 2017. Local governments were aggressive in stepping up their real estate regulatory policies. As at the end of December 2017, regulatory policies were introduced in 90 cities at prefecture level or above (approximately 200 sets of policies) and 35 counties (approximately 41 sets of policies). In general, this round of regulations has lasted longer and involves more cities, and its positive results are beginning to be seen. Industry concentration has continued to increase, with mergers and acquisitions becoming the trend, consequently quality real estate enterprises with large-scale, high profitability and low finance costs will usher in broader space for development. This indicates that China’s real estate market is gradually becoming well-developed and can facilitate more healthy and sustainable development for the whole industry.

In 2017, total investment in real estate development across the country amounted to RMB10,979.9 billion, up by 7.0% year-on-year, which is 0.1 percentage point faster than in the previous year. Of this total, investment in residential development amounted to RMB7,514.8 billion, up by 9.4% year-on-year. The newly-started property area amounted to 1,786.54 million sq.m., up by 7.0% year-on-year, of which the newlystarted residential area increased by 10.5% year-on-year. The total area of commodity housing sold in China was 1,694.08 million sq.m., up by 7.7% year-on-year, of which the residential sales area increased by 5.3% year-on-year. The total contracted sales from commodity housing across the country was RMB13,370.1 billion, up by 13.7% year-on-year, of which the residential sales revenue increased by 11.3% year-on-year. Real estate developers acquired 255.08 million sq.m. of land, an increase of 15.8% year-on-year. As at the end of December, the total area of commodity housing held for sale across the country was 589.23 million sq.m., a decline of 15.3% year-on-year. During the year, funds available to real estate developers totalled RMB15,605.3 billion, an increase of 8.2% year-on-year.

市場及業務回顧

2017年國民經濟延續了穩中有進、穩中向好的發 展態勢，整體形勢好於預期。全年房地產政策堅 持「房住不炒」基調，地方以城市群為調控主場。 中國指數研究院的統計資料顯示，2017年全年，以 城市群為調控主場，從中心城市向周邊三四線城 市逐步擴圍。各地政府積極深化房地產政策調控， 截至2017年12月底，90個地級以上城市（約200項政 策）和35個縣市（約41項政策）出台調控政策。此輪 調控總體上表現為持續時間更長、涉及城市更多， 調控效果逐步顯現。行業集中度持續提高，收併 購成為潮流，規模大、盈利水平高、融資成本低的 優質房地產企業將迎來更大的發展空間。這些預 示著中國的房地產市場將逐步走向成熟，整個行 業將更加健康可持續發展。

2017年，全國房地產開發投資人民幣109,799億元， 比上年增長7.0% ，增速比上年加快0.1個百分點， 其中住宅投資人民幣75,148億元，比上年增長 9.4% 。房屋新開工面積178,654萬平方米，比上年增 長7.0% ，其中住宅新開工面積增長10.5% 。全國商 品房銷售面積169,408萬平方米，比上年增長7.7% ， 其中住宅銷售面積增長5.3% 。全國商品房銷售額 133,701億元，比上年增長13.7% ，其中住宅銷售額 增長11.3% 。房地產開發企業土地購置面積25,508 萬平方米，比上年增長15.8% 。12月末，全國商品 房待售面積58,923萬平方米，比上年下降15.3% 。全 年房地產開發企業到位資金人民幣156,053億元， 比上年增長8.2% 。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

OVERALL PERFORMANCE

During the year, total revenue of the Group was RMB21,700.67 million, representing a year-on-year increase of 58.73%. Gross profit was RMB7,683.05 million, a year-on-year increase of 54.93%. Gross profit margin was 35.40%, a year-on-year decrease of 0.87 percentage points. Profit for the year increased by 49.73% year-on-year to approximately RMB3,127.07 million in 2017. Core profit attributable to the owners of the parent increased by 42.83% year-on-year to approximately RMB2,923.99 million. Core earnings per share were RMB0.74, representing a year-on-year increase of 37.04%. The Board proposed a final dividend of HK21.5 cents per share, which in aggregate with the interim dividend paid of HK8.5 cents per share, represents a payout ratio of approximately 36% of core profit attributable to owners of the parent.

整體表現

年內，本集團的總營業額為人民幣217億67萬元， 按年上升58.73% 。毛利為人民幣76億8,305萬元，按 年上升54.93% ，毛利率為35.40% ，按年下降0.87個 百分點。年度利潤按年上升49.73%至2017年的約人 民幣31億2,707萬元。母公司擁有人應佔核心利潤 為人民幣29億2,399萬元，按年上升42.83% 。每股核 心盈利為人民幣0.74元，按年上升37.04% 。董事會 擬派發末期股息每股21.5港仙，連同已付中期股息 每股8.5港仙，派息比率約為2017年母公司擁有人 應佔核心利潤的36% 。

RECOGNISED PROPERTY SALES 已確認的物業銷售

RMB million 人民幣百萬元

RECOGNISED GFA & ASP 已確認銷售建築面積及銷售均價

RMB /sq.m. 人民幣／平方米

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1H 2H
上半年 下半年
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Regconised GFA
已確認銷售建築面積
Regconised ASP
已確認銷售均價
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SALE OF PROPERTIES

In 2017, the revenue from property sales by the Group rose by 58.96% year-on-year to RMB21,213.38 million, accounting for 97.75% of the total revenue. As at 31 December 2017, the Group delivered total gross floor area (“GFA”) of approximately 1,502,611 sq.m., an increase of 1.34% as compared with last year. The average selling price of the properties delivered and recognized as property sales was RMB14,118 per sq.m., representing an increase of 56.87% year-on-year.

Headquartered in the Yangtze River Delta, the Group continued to extend its nationwide footprint and diversify its revenue streams from property sales. With an outstanding brand position in Xiamen where it has a stronghold, the Group has maintained a leading position in the city for 12 consecutive years. Xiamen contributed 35.05% (2016: 44.22%) to the Group’s total revenue from property sales during the year. According to CRIC’s statistics, the Group ranked in the top 10 in Shanghai where the Group is headquartered, and property sales in Shanghai contributed 16.71% (2016: 0.13%) to the Group’s total revenue during the year. Meanwhile, a number of projects were completed and delivered in Hefei, which contributed 10.31% (2016: 29.19%) to the Group’s total revenue from property sales. During the year, Yuzhou The Jiqing in Nanjing contributed RMB3,391.18 million in revenue of property sales. As procedures for the delivery of properties of the Group already sold will be completed in more cities in future, the Group will continue to see steady growth in revenue from property sales, which are expected to remain the largest contributor to its revenue.

物業銷售

2017年，本集團的物業銷售收入達人民幣212億 1,338萬元，按年上升58.96% ，佔集團總收入的 97.75% 。截至2017年12月31日止，交付的物業總建 築面積約為1,502,611平方米，較去年上升1.34% 。 交付及確認銷售的物業平均銷售價格為每平方米 人民幣14,118元，按年上升56.87% 。

集團立足長三角，全國佈局持續深化，物業銷售 收入來源進一步多樣化。集團在大本營廈門品牌 地位卓越，已連續12年在廈門保持領先地位，年 內，廈門地區佔整體物業銷售收入的35.05%（2016 年：44.22% ）。根據克爾瑞統計數據，集團於總部 所在地上海地區年內進入前10強，上海地區佔整 體物業銷售收入的16.71%（2016年：0.13% ）。同 時，隨著合肥地區數個項目竣工及完成交付，該 區佔整體物業銷售收入的10.31%（2016年： 29.19% ）。南京地區吉慶里項目年內貢獻人民幣33 億9,118萬元物業銷售收入。未來，本集團將於多 個城市交付物業，集團的物業銷售收入規模將保 持增長，預期物業銷售在未來仍是集團最主要的 收入來源。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognised sales and GFA sold of each project in 2017 are set out in	The recognised sales and GFA sold of each project in 2017 are set out in	下表載列各項目於2017年的確認銷售金額及建築	下表載列各項目於2017年的確認銷售金額及建築	下表載列各項目於2017年的確認銷售金額及建築
the following table:		面積：
				Average Selling
Name of Project	City	Amount	Saleable GFA	Price (after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
	（人民幣千元）		（平方米）（人民幣╱平方米）
West Strait Economic Zone 海西經濟區 Yuzhou Shoreline 禹洲‧尊海 Yuzhou Central Coast 禹洲‧中央海岸 Yuzhou Riverside City Town 禹洲‧溪堤尚城 Yuzhou Golf 禹洲‧高爾夫 Chunjiang Central 春江酈城 Yuzhou Lucca Town 禹洲‧盧卡小鎮 Yuzhou Gushan No. One 禹洲‧鼓山一號 Yuzhou Oriental Venice 禹洲‧東方威尼斯 Yuzhou Cambridge Town 禹洲‧劍橋學苑 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Castle above City 禹洲‧城上城 Others	Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Fuzhou 福州 Fuzhou 福州 Fuzhou 福州 Quanzhou 泉州 Longyan 龍岩 Xiamen	186,093 156,847 2,382,390 212,676 2,097,537 2,393,861 95,543 1,073,141 1,177,695 537,159 1,159,704 7,011	9,552 11,930 146,773 11,534 84,877 112,392 5,639 70,147 131,562 94,297 197,666 1,638	19,482 13,147 16,232 18,439 24,713 21,299 16,943 15,298 8,952 5,696 5,867 4,280
其他	廈門
Sub-total小計		11,479,657	878,007	13,075

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

				Average Selling
Name of Project	City	Amount	Saleable GFA	Price (after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region 長三角經濟區 Yuzhou Bustling Center 禹洲‧老城里 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Skyline 禹洲‧天境 Yuzhou Jade Lakeshire 禹洲‧翡翠湖郡 Yuzhou Royal Seal 禹洲‧天璽 Yuzhou Central Plaza 禹洲‧中央廣場 Yuzhou The Jiqing 禹洲‧吉慶里 Yuzhou Prince Lakeshire 禹洲‧龍子湖郡 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country 禹洲‧尊府 Yuzhou Royal Lakeshire 禹洲‧御湖郡 Sub-total小計 Guangdong-Hong Kong-Macao Bay Area 粵港澳大灣區 Yuzhou Wujing The Scenery	Shanghai 上海 Shanghai 上海 Hefei 合肥 Hefei 合肥 Hefei 合肥 Hefei 合肥 Nanjing 南京 Bengbu 蚌埠 Tianjin 天津 Tianjin 天津 Huizhou	3,063,577 481,815 45,943 9,650 1,606,975 525,435 3,391,180 129,772 9,254,347 12,477 360,978 373,455 105,916	110,360 36,803 5,416 634 230,474 50,494 111,799 24,946 570,926 1,627 41,629 43,256 10,422	27,760 13,092 8,483 15,221 6,972 10,406 30,333 5,202 16,209 7,669 8,671 8,634 10,163
禹洲‧五經山水大觀	惠州
Sub-total小計		105,916	10,422	10,163
Total總計		21,213,375	1,502,611	14,118

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The recognised sales and GFA sold of each project in 2016 are set out in	The recognised sales and GFA sold of each project in 2016 are set out in	下表載列各個項目於2016年的確認銷售金額及建	下表載列各個項目於2016年的確認銷售金額及建	下表載列各個項目於2016年的確認銷售金額及建
the following table:		築面積：
				Average Selling
Name of Project	City	Amount	Saleable GFA	Price (after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
	（人民幣千元）		（平方米）（人民幣╱平方米）
West Strait Economic Zone 海西經濟區 Yuzhou Shoreline 禹洲‧尊海 Yuzhou Central Coast 禹洲‧中央海岸 Yuzhou Riverside City Town 禹洲‧溪堤尚城 Yuzhou Cloud Top International 禹洲‧雲頂國際 Chunjiang Central 春江酈城 Yuzhou Lucca Town 禹洲‧盧卡小鎮 Yuzhou Gushan No. One 禹洲‧鼓山一號 Yuzhou Oriental Venice 禹洲‧東方威尼斯 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Castle above City 禹洲‧城上城 Others	Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Fuzhou 福州 Fuzhou 福州 Quanzhou 泉州 Longyan 龍岩 Xiamen	155,891 605,619 1,790,871 57,271 2,923,368 308,480 70,505 1,106,085 410,667 500,523 59,973	6,122 37,728 174,240 1,484 141,305 19,443 3,440 103,445 100,059 93,224 4,693	25,464 16,052 10,278 38,592 20,688 15,866 20,496 10,692 4,104 5,369 12,779
其他	廈門
Sub-total小計		7,989,253	685,183	11,660

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

				Average Selling
Name of Project	City	Amount	Saleable GFA	Price (after tax)
			可供銷售的
項目名稱	城市	金額	建築面積	稅後平均售價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region 長三角經濟區 Yuzhou Jinqiao International 禹洲‧金橋國際 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Skyline 禹洲‧天境 Yuzhou Jade Lakeshire 禹洲‧翡翠湖郡 Yuzhou Central Plaza 禹洲‧中央廣場 Yuzhou Prince Lakeshire 禹洲‧龍子湖郡 Sub-total小計 Bohai Rim Region 環渤海區域 Yuzhou Palace Country 禹洲‧尊府 Yuzhou Royal Lakeshire	Shanghai 上海 Shanghai 上海 Hefei 合肥 Hefei 合肥 Hefei 合肥 Bengbu 蚌埠 Tianjin 天津 Tianjin	6,833 10,973 879,755 829,573 2,186,523 666,159 4,579,816 251,244 525,137	631 739 107,210 106,653 324,143 150,394 689,770 36,829 71,022	10,829 14,848 8,206 7,778 6,746 4,429 6,640 6,822 7,394
禹洲‧御湖郡	天津
Sub-total小計		776,381	107,851	7,199
Total總計		13,345,450	1,482,804	9,000

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CONTRACTED SALES IN 2017

The Group revised its annual contracted sales target for 2017 to RMB40,000 million. During the year, the Group took a proactive approach to developing a strategy for the first- and second-tier domestic cities and their surrounding satellite cities with convenient rail transit, and launched high-quality residential products that met the demand from spending upgraders in line with the market. The Group overachieved its adjusted contracted sales target for the year with contracted sales hitting a record high of RMB40,305.96 million, representing an increase of 73.69% year-on-year. Total contracted sales GFA amounted to 2,380,943 sq.m., representing an increase of 30.19% year-on-year. The contracted average selling price was approximately RMB16,929 per sq.m., an increase of 33.41% year-on-year.

During the year, the Group continued to adhere to its development strategy of “leading with locality development”. While expanding across the country, it continued to increase the scale of its developments in each city it entered, so as to take a leading position in each local market.

We have maintained a leading position for 12 consecutive years in Xiamen, the cradle of the Group’s development. In 2017, contracted sales of RMB8,169.53 million were achieved in Xiamen, accounting for 20.27% (2016: 28.39%) of the total contracted sales of the Group. Yuzhou Riverside City Town recorded sales of over RMB3,000 million, and contracted sales of Yuzhou Chunjiang Central, Yuzhou Lucca Town and Yuzhou Haicang Dream Town achieved over RMB1,000 million each. The development of Yuzhou has been closely linked with the rising of Xiamen. As a major market player in Xiamen, Yuzhou has participated in the revitalising and development of Xiamen, and helped created what the Company is today.

In 2017, the Company marked its 14th year of entering the Shanghai market. Since the relocation of its headquarters to Shanghai in 2016, the Company has benefited from the city as a national economic center in terms of funds, competent people, management and innovation, to support its strategic development plans across the country. In 2017, the contracted sales in Shanghai amounted to RMB6,993.41 million, according for 17.35% of the total contracted sales (2016: 28.39%). In 2017, Yuzhou Noble Mansion, a prime residential project in Fengxian district, Shanghai, was opened for sale and hit record contracted sales of RMB2,393 million; the contracted sales of Yuzhou Beautiful Garden Life in Jiading district, Shanghai amounted to RMB1,751.64 million; and Yuzhou Mansion in Minhang district and the acquired Yuzhou East Bund in Chongming Island, Shanghai, recorded contracted sales of RMB1,000 million. For the first time during the Period under Review, the Group ranked among the top 10 in terms of contracted sales in the city.

2017年合約銷售

2017年，集團經上調後的全年合約銷售金額目標 為人民幣400億元。年內，集團積極佈局全國一二 線核心城市及其周邊軌道交通便捷的衛星城，適 應市場推出符合現代消費升級需求的優質住宅產 品，超額完成年度調整後的合約銷售目標並創下 歷史新高，最終實現合約銷售金額人民幣403億596 萬元，按年上升約73.69% 。年內累計合約銷售建築 面積為2,380,943平方米，按年上升30.19% 。合約銷 售均價約每平方米人民幣16,929元，按年上升 33.41% 。

年內，集團始終堅持「區域深耕，全國領先」的發展 戰略，在全國擴張的同時，在已進駐城市持續深 耕，以達到當地市場的領先水平。

廈門是本集團的發源地，我們連續12年在廈門市 場保持領先地位。2017年廈門地區合約銷售金額 達人民幣81億6,953萬元，佔總合約銷售金額的 20.27%（2016年：28.39% ）。禹洲‧溪堤尚城單盤銷 售超過人民幣30億元，春江酈城、禹洲‧盧卡小 鎮、海滄萬科城單盤銷售皆超過人民幣10億元規 模。禹洲的發展已與廈門的騰飛深深血脈相連， 禹洲作為重要的一份子參與創造了廈門城市的革 新，廈門的發展，同時也成就了禹洲的今日。

2017年是禹洲進入上海市場的第十四年，公司已 於2016年將總部移至上海，在資金、人才、管理及 創新各方面享受全國經濟中心的地域紅利，以支 持集團全國佈局的戰略佈局。上海2017年貢獻合約 銷售金額達人民幣69億9,341萬元，佔總合約銷售 金額的17.35%（2016年：28.39% ）。2017年，位於上 海奉賢區的優質住宅項目禹洲‧雍賢府開售，創 下人民幣23億9,300萬元的合約銷售佳績；位於上 海嘉定區的禹洲‧丁香里單盤合約銷售金額達人 民幣17億5,164萬元。位於上海閔行區的禹洲府及 位於崇明島的收購項目禹洲‧東灘雍禧的單盤銷 售額均約人民幣10億元。年內，本集團於上海地區 首次進入銷售前十強。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Since entering Nanjing in November 2014, the Company has rolled out nine successive projects in just three-and-a-half years by virtue of its “rapid, precise and prudent” approach to land acquisition. It had six projects on sale there during the year, which contributed aggregate contracted sales of RMB6,941.52 million to the Group in 2017, accounting for 17.22% of the total contracted sales of the Group. Yuzhou King’s Garden and Yuzhou Times together recorded contracted sales of more than RMB1,700 million, while Yuzhou The Jiqing and Yuzhou Lakeside each recorded contracted sales of more than RMB1,000 million. These six residential projects further consolidated the Group’s position in Nanjing.

With more than a decade’s in-depth development in Hefei, Yuzhou Properties continued to rank among the top five property developers in the Hefei market in 2017, with contracted sales of RMB5,378.11 million, accounting for 13.34% of the Group’s total contracted sales. Six residential projects were rolled out in Hefei altogether, namely Yuzhou Central Plaza, Yuzhou Moon Lake Mansion, Yuzhou Royal Seal, Yuzhou Sky Aqua Mall, Yuzhou Central Town and Yuzhou Town. Among these, Yuzhou Royal Seal and Yuzhou Central Plaza each contributed contracted sales of over RMB2,000 million. This synergy allowed the Group not only to reduce costs effectively, but also to build strong brand awareness in the local market to underpin the Group’s position as a leading market player.

In addition, projects in Hangzhou, Suzhou and Huizhou contributed contracted sales to the Group for the first year. Yuzhou Riverside Sapphire in Hangzhou created a sales boom, while The Absolute became a residential landmark project in Suzhou. As at the date of this annual report, the Group had a total of nine projects in Suzhou, which will be a new growth driver in 2018. The Huizhou project marked as a milestone as the Company moved for the first time into the Guangdong-Hong Kong-Macao Bay Area.

禹洲自2014年11月首次進入南京，雖然只有短短三 年半時間，憑藉「快‧準‧穩」的拿地節奏，連落九 子。2017年全年共有六個在售項目，為集團貢獻了 人民幣69億4,152萬元的合約銷售金額，佔集團總 體合約銷售金額的17.22% 。禹洲‧金陵銘著及禹 洲‧時光印象單盤合約銷售額超過人民幣17億元， 禹洲‧吉慶里和禹洲‧濱湖里的單盤合約銷售額 超過人民幣10億元。六盤聯動進一步鞏固了本集 團於南京的地位。

禹洲地產深耕合肥十多年，2017年在合肥市場依 然位列前五強的領先地位，合約銷售金額達人民 幣53億7,811萬元，佔集團總體合約銷售金額的 13.34% 。禹洲‧中央廣場、禹洲‧平湖秋月、禹 洲‧天璽、禹洲‧天河茂、禹洲‧中央城及禹洲城 項目六盤聯動。其中，天璽項目及中央城項目全 年單盤合約銷售均超過人民幣20億元。協同效應 不但能有效降低集團成本，更可以在當地形成強 大的品牌知名度，這將進一步鞏固集團保持於當 地市場的領先地位。

此外，杭州、蘇州及惠州三城首年為集團貢獻合 約銷售金額，位於杭州的禹洲‧濱之江項目在當 地引起銷售熱潮；禹洲‧招商拾鯉花園項目成為 蘇州當地區域標桿性項目，截至本年報日，集團 在蘇州共有九個項目，2018年將成為新的增長極； 惠州項目為公司進入大灣區的首個項目，具有里 程碑式的意義。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2017 are set out in the following table:

下表載列各個項目於2017年的合約銷售金額及建 築面積：

the following table:		築面積：
				Average
		Amount of	GFA of	Contracted
Name of Project	City	Contracted Sales	Contracted Sales	Selling Price
			合約銷售
項目名稱	城市	合約銷售金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone 海西經濟區 Yuzhou Central Coast 禹洲‧中央海岸 Yuzhou Riverside City Town 禹洲‧溪堤尚城 Haicang Dream Town 海滄萬科城 Yuzhou Lucca Town 禹洲‧盧卡小鎮 Chunjiang Central 春江酈城 Yuzhou Gushan No. 1 禹洲‧鼓山一號 Yuzhou Oriental Venice 禹洲‧東方威尼斯三期 Yuzhou Cambridge Town 禹洲‧劍橋學苑 Yuzhou Reliance Central Mansion 禹洲‧金輝里 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Castle above City 禹洲‧城上城 Others	Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Fuzhou 福州 Fuzhou 福州 Fuzhou 福州 Fuzhou 福州 Quanzhou 泉州 Longyan 龍岩 Xiamen	131,716 3,071,270 1,053,679 1,376,511 1,677,829 218,910 2,554,113 98,891 1,037,027 1,670,735 185,917 858,520	7,114 158,386 52,991 47,409 57,671 8,929 133,042 8,712 36,769 263,586 21,197 32,399	18,515 19,391 19,884 29,035 29,093 24,517 19,198 11,351 28,204 6,338 8,771 26,498
其他	廈門
Sub-total小計		13,935,118	828,205	16,826

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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----- Start of picture text -----

Average
Amount of GFA of Contracted
Name of Project City Contracted Sales Contracted Sales Selling Price
合約銷售
項目名稱 城市 合約銷售金額 建築面積 合約銷售均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣千元） （平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou City Plaza Shanghai 541,041 36,197 14,947
禹洲城市廣場 上海
Yuzhou Commercial Plaza Shanghai 93,950 6,035 15,568
禹洲商業廣場 上海
The Bustling Center Shanghai 145,175 3,475 41,774
禹洲‧老城里 上海
Beautiful Garden Life Shanghai 1,751,640 55,437 31,597
禹洲‧丁香里 上海
Yuzhou Noble Mansion Shanghai 2,393,000 70,555 33,917
禹洲‧雍賢府 上海
Yuzhou Mansion Shanghai 993,525 21,949 45,266
禹洲府 上海
Yuzhou Dongtan Grace Mansion Shanghai 1,075,074 30,936 34,752
禹洲‧東灘雍禧 上海
Yuzhou Central Plaza Hefei 846,343 99,184 8,533
禹洲‧中央廣場 合肥
Yuzhou Town Hefei 74,217 7,340 10,111
禹洲城 合肥
Yuzhou Royal Seal Hefei 2,151,157 207,940 10,345
禹洲‧天璽 合肥
Yuzhou Central Town Hefei 2,163,803 145,830 14,838
禹洲‧中央城 合肥
Yuzhou Moon Lake Mansion Hefei 50,937 2,975 17,124
禹洲‧平湖秋月 合肥
Yuzhou Sky Aqua Mall Hefei 91,655 6,524 14,048
禹洲‧天河茂 合肥
Yuzhou The Jiqing Nanjing 1,139,522 32,169 35,423
禹洲‧吉慶里 南京
Yuzhou Lakeside Nanjing 1,223,238 98,392 12,432
禹洲‧濱湖里 南京
Yuzhou Moon Riverside Nanjing 755,244 30,270 24,950
禹洲‧映月溪山 南京
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

					Average
			Amount of	GFA of	Contracted
Name of Project		City	Contracted Sales	Contracted Sales	Selling Price
				合約銷售
項目名稱		城市	合約銷售金額	建築面積	合約銷售均價
			(RMB’000)	(sq.m.)	(RMB/sq.m.)
			（人民幣千元）	（平方米）（人民幣╱平方米）
Yangtze River Delta Region 長三角經濟區
Yuzhou King’s Garden		Nanjing	1,861,176	61,454	30,286
禹洲‧金陵銘著		南京
Redsun Yuzhou The Times		Nanjing	1,708,041	135,187	12,635
弘陽禹洲時光印象		南京
Redsun Yuzhou The Spring		Nanjing	254,296	11,114	22,881
弘陽禹洲時光春曉		南京
Yuzhou Riverside Sapphire		Hangzhou	3,153,245	108,273	29,123
禹洲‧濱之江		杭州
Yuzhou Zhaoshang The Absolute		Suzhou	531,433	35,957	14,779
禹洲‧招商拾鯉花園		蘇州
Yuzhou Prince Lakeshire		Bengbu	1,160,835	189,655	6,121
禹洲‧龍子湖郡		蚌埠
Sub-total小計			24,158,547	1,396,848	17,295
Guangdong — Hong Kong
— Macao Bay Area
粵港澳大灣區
Yuzhou Wujing The Scenery		Huizhou	219,427	20,637	10,632
禹洲‧五經山水大觀		惠州
Sub-total小計			219,427	20,637	10,632
Bohai Rim Region
環渤海區域 Yuzhou Palace Country 禹洲‧尊府 Yuzhou Royal Lakeshire 禹洲‧御湖郡 Yuzhou Lianfa Red Shire	Tianjin 天津 Tianjin 天津 Tianjin		305,975 373,029 1,313,860	33,384 38,125 63,744	9,165 9,784 20,611
禹洲‧聯發紅郡	天津
Sub-total小計			1,992,864	135,253	14,734
Total總計			40,305,956	2,380,943	16,929

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in 2016 are set out in the following table:

下表載列各個項目於2016年的合約銷售金額及建 築面積：

the following table:		築面積：
				Average
		Amount of	GFA of	Contracted
Name of Project	City	Contracted Sales	Contracted Sales	Selling Price
			合約銷售
項目名稱	城市	合約銷售金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
West Strait Economic Zone 海西經濟區 Yuzhou Central Coast 禹洲‧中央海岸 Yuzhou Riverside City Town 禹洲‧溪堤尚城 Yuzhou Cloud Top International 禹洲‧雲頂國際 Haicang Dream Town 海滄萬科城 Yuzhou Lucca Town 禹洲‧盧卡小鎮 Chunjiang Central 春江酈城 Yuzhou Gushan No. One 禹洲‧鼓山一號 Yuzhou Oriental Venice Phase III 禹洲‧東方威尼斯三期 Yuzhou Cambridge Town 禹洲‧劍橋學苑 Yuzhou City Plaza 禹洲城市廣場 Yuzhou Castle above City 禹洲‧城上城 Others	Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Xiamen 廈門 Fuzhou 福州 Fuzhou 福州 Fuzhou 福州 Quanzhou 泉州 Longyan 龍岩 Xiamen	239,139 831,896 66,875 1,582,884 1,356,338 2,306,971 70,415 970,238 628,800 735,339 677,034 204,414	16,870 61,536 1,631 73,798 64,438 99,297 3,228 79,881 65,867 125,690 114,195 10,706	14,175 13,519 41,002 21,449 21,049 23,233 21,814 12,146 9,547 5,850 5,929 19,093
其他	廈門
Sub-total小計		9,670,343	717,137	13,485

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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Average
Amount of GFA of Contracted
Name of Project City Contracted Sales Contracted Sales Selling Price
合約銷售
項目名稱 城市 合約銷售金額 建築面積 合約銷售均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣千元） （平方米）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Jinqiao International Shanghai 13,697 623 21,986
禹洲‧金橋國際 上海
Yuzhou City Plaza Shanghai 6,193 302 20,507
禹洲城市廣場 上海
Yuzhou Commercial Plaza Shanghai 493,129 41,393 11,913
禹洲商業廣場 上海
Yuzhou Bustling Center Shanghai 2,451,306 78,575 31,197
禹洲‧老城里 上海
Yuzhou Beautiful Garden Life Shanghai 158,941 5,126 31,007
禹洲‧丁香里 上海
Yuzhou Skyline Hefei 787,909 98,788 7,976
禹洲‧天境 合肥
Yuzhou Jade Lakeshire Hefei 542,182 64,142 8,453
禹洲‧翡翠湖郡 合肥
Yuzhou Central Plaza Hefei 1,470,824 184,016 7,993
禹洲‧中央廣場 合肥
Yuzhou Town Hefei 76,347 6,883 11,092
禹洲城 合肥
Yuzhou Royal Seal Hefei 1,444,023 159,715 9,041
禹洲‧天璽 合肥
Yuzhou Central Town Hefei 931,374 90,008 10,348
禹洲‧中央城 合肥
Yuzhou The Jiqing Nanjing 2,633,969 76,620 34,377
禹洲‧吉慶里 南京
Yuzhou Lakeside Nanjing 306,007 25,515 11,993
禹洲‧濱湖里 南京
Yuzhou Moon Riverside Nanjing 58,695 2,085 28,151
禹洲‧映月溪山 南京
Yuzhou King’s Garden Nanjing 232,287 7,591 30,600
禹洲‧金陵銘著 南京
Yuzhou Prince Lakeshire Bengbu 447,194 94,836 4,715
禹洲‧龍子湖郡 蚌埠
Sub-total小計 12,054,077 936,218 12,875
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

				Average
		Amount of	GFA of	Contracted
Name of Project	City	Contracted Sales	Contracted Sales	Selling Price
			合約銷售
項目名稱	城市	合約銷售金額	建築面積	合約銷售均價
		(RMB’000)	(sq.m.)	(RMB/sq.m.)
		（人民幣千元）	（平方米）（人民幣╱平方米）
Bohai Rim Region 環渤海區域 Yuzhou Palace Country 禹洲‧尊府 Yuzhou Royal Lakeshire	Tianjin 天津 Tianjin	878,857 602,450	104,495 71,007	8,411 8,484
禹洲‧御湖郡	天津
Sub-total小計		1,481,307	175,502	8,440
Total總計		23,205,727	1,828,857	12,689

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

INVESTMENT PROPERTIES

In 2017, total income from investment properties of the Group was approximately RMB140.29 million, representing an increase of approximately 13.00% year-on-year, mainly due to the rise in rental area and rental rate of the properties.

In January, Yuzhou Commercial Plaza opened in Quanzhou, with customer traffic and sales both hitting a record high on the first day of opening in the local market. Since its opening, it has become well received by the residents in Hui’an, making it a commercial landmark in the county. Its current occupancy rate is 83.3%, with daily customer traffic of 30,000 visits. Various well-known brands have been brought into the Plaza, including Wanda Cinemas, Yonghui Superstores (green label), W Kids’ World, Sanjianke Fitness, McDonald’s and Watsons. It attracted 200,000 consumer visits during the first two days after opening, making it the largest commercial center in Hui’an and a business icon in the south district.

Yuzhou Central Plaza, the first commercial property of the Group in Hefei, officially opened in December and became the largest modern one-stop urban complex in Dongcheng, Hefei. The property comprises Yonghui Superstores, Wanda Cinemas, The Voice KTV and 5STAR. CN, with an occupancy rate of 98.8%. It set a super high figure of 400,000 consumer visits and RMB14 million sales on the first three days of opening, which earned high recognition from by the government of Feidong county.

At present, Yuzhou Commercial Company has 22 projects in preparation or operation in Shanghai, Xiamen, Hefei, Quanzhou, Wuhan, Nanjing and Hangzhou, with a total commercial space of more than 2 million sq.m. Supported by a professional 563-strong business management team, it has a variety of commercial offerings covering shopping malls, office buildings and street malls.

For the future development of commercial projects, Yuzhou Commercial Company will focus on community-based consumption, targeting a GFA of approximately 50,000 to 60,000 sq.m. to cater for one-stop consumption. In 2017, Yuzhou Commercial Company stepped up its expansion across China, entering Hangzhou, Nanjing, Wuhan, Suzhou and Yangzhou. It is accelerating its pace with projects already operational in Xiamen, Shanghai, Quanzhou and Hefei, and will roll out more projects in future.

物業投資

2017年，本集團來自物業投資的收入約為人民幣1 億4,029萬元，按年增長約13.00% ，主要由於相關物 業出租面積及租金單價上升所致。

1月，泉州禹洲商業廣場盛大開業，開業首日客流 及銷售均創新高，項目自開業以來，深受惠安人 民喜愛，成為惠安縣商業標桿；目前出租率達 83.3% ，每日平均客流3萬人次，引進了萬達影城、 永輝超市（綠標）、W兒童王國、三劍客健身、麥當 勞、屈臣氏等知名品牌，開業前兩日客流達20萬人 次，成為惠安最大商業中心，城南的商業名片。

12月，合肥首個商業項目禹洲中央廣場正式開門 迎客，為合肥東城目前最大的現代化一站式城市 綜合體。項目有永輝超市、萬達影院、好聲音 KTV 、五星電器等業態，出租率達98.8% ，開業三 天更是創下40萬客流量及人民幣1,400萬元營業額 的超高記錄，肥東縣政府對禹洲中央廣場高度肯 定。

目前，禹洲商業在上海、廈門、合肥、泉州、武 漢、南京、杭州等地，籌備及運營共有22個項目， 打造商業面積超過200萬平方米，擁有專業的商管 團隊563人，商業產品覆蓋了購物中心、寫字樓、 街區商業等多種業態。

對禹洲商業來說，未來商業項目的開發將面向社 區消費，面積在5至6萬平方米左右，滿足一站式消 費。 2017年禹洲商業快速發展，加快佈局，拓展全 國，已佈局杭州、南京、武漢、蘇州、揚州等城 市。禹洲商業正在提速，目前在運營的項目為廈 門、上海、泉州、合肥等地的項目，未來還會有更 多項目推出市場。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

More newly-established investment properties of the Group will come into operation in 2018. The Group will further enhance the development and operational efficiency of its investment properties to secure robust and speedy growth. Meanwhile, it will refine its market and product mix, focusing on community-based consumption while ensuring diversification through four product lines including high-end office buildings and shopping parks. Based on the features of each product line, different business management standards and systems will be assigned to them, and different operating methods will be employed to develop and operate the projects. Each project will be given unique features to ensure the continuous and steady growth of rental income as an ongoing contributor to the Group.

HOTEL OPERATION

Yuzhou’s hotel segment is meticulously and proactively carrying out its operations, taking one step at a time. In 2017, revenue from the hotel segment was approximately RMB18.49 million, down by 9.36% year-onyear. We have positioned our hotel business to 1) focus on the development of serviced apartments as well as medium- to high-end business hotels to build a premium hotel brand; and 2) develop resort hotels in an appropriate way so as to improve the existing hotel portfolio and strengthen the core competitiveness of the brand. We have Yuzhou Camelon Hotel Apartment already in operation and Yuzhou Wyndham Grand Plaza Royale Hotel in Xiamen and Camelon Spa Hotel in Tong’an under construction. Camelon Business Hotel in Hui’an, Feidong Hotel in Hefei and Prince Lake Hotel in Wuhan are also planned for construction. The “Wyndham Grand Plaza Royale + Howard Johnson Jinghope Serviced Residence” complex in Xiamen will draw upon its diverse functions to meet different market needs and ensure effective and complementary use of resources. This four-star spa business hotel is situated near the studio zone at Wuxian Town, Tongan District, Xiamen, enjoying unique access to the natural landscape, cultural ambience and public facilities.

PROPERTY MANAGEMENT

During the year, the Group’s property management companies received RMB328.52 million in income from property management fees, representing an increase of 80.68% year-on-year. Driven by an increase in the delivered property area, they managed a total GFA of approximately 10 million sq.m. in China as at 31 December 2017, and served approximately 100,000 home owners across the country.

2018年，集團將有更多新建投資物業投入運營，本 集團將進一步提升投資物業的開發及營運效率， 取得穩健而快速發展的同時，禹洲商業細化並優 化市場產品結構，兼顧高端寫字樓、購物公園等 四條產品線多元化發展，並根據每個產品線的特 性，配置不同的商業管理標準和體系，用不同的 運作手法去開發運營項目，賦予每個項目獨有的 特色，以確保租金收入持續穩定增長，為集團貢 獻持續性收入。

酒店營運

禹洲酒店板塊精心運營，積極籌備，一步一腳印。 2017年，酒店收入約為人民幣1,849萬元，按年下降 9.36% 。禹洲酒店業務定位為1）重點發展服務式公 寓和中高端商務酒店，全力打造精品酒店品牌； 和2）適度發展度假酒店，以完善現有的酒店組合， 增強品牌的核心競爭力。現運營的酒店為廈門嘉 美倫酒店公寓，處於籌備期的酒店項目為廈門禹 洲溫德姆至尊豪廷大酒店、同安嘉美倫溫泉酒店； 待建項目為惠安嘉美倫商務酒店、合肥肥東酒店 項目、武漢太子湖酒店項目等。其中廈門「溫德姆 至尊豪廷酒店+豪生行政公寓」的組合，實現產品 功能多元化，以滿足不同的市場需求，形成資源 的有效互補。另外，四星級商務溫泉酒店同安酒 店位於廈門同安區五顯鎮影視城附近，具有得天 獨厚的自然資源、濃厚的人文氣息和優越的資源 配套。

物業管理

年內，本集團物業管理服務公司取得物業管理費 收入為人民幣3億2,852萬元，較去年增長80.68% 。 隨著集團已交付物業面積增加，截至2017年12月31 日，本集團於中國內地管理的總建築面積約1,000 萬平方米，服務全國約10萬戶業主。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

During the year, Yuzhou’s nationwide “400 customer monitoring hotlines” were officially launched, adding one more communication channel between property owners and property managers. A “Yu housemanager model” was launched to carry out online housekeeping management, breaking the traditional customer service approach by offering customers more intuitive and intimate services. Based on its extensive experience in community cultural activities over the years, catering to home owners’ needs and seasonal characteristics, various events and community activities with Yuzhou features were organized, such as “Spring in Yuzhou”, “Exciting Summer”, “Golden Autumn” and “Sunshine in Winter”, to diversify the leisure life of home owners and continuously enhance their satisfaction.

Upholding the concept of “refinement, professionalism, integrity and harmony”, Yuzhou Property Management made continual improvements to its service and management systems, and established a quality policy of “sincere services, pursuit of excellence, management in a regulated way and innovation in a scientific manner”. It constantly delivered mindful services, which won customers’ praise and appreciation through its actions.

LAND RESERVES

Adhering to its strategic deployment of “having a nationwide footprint and being a regional leader” and by virtue of its outstanding brand reputation, the Group is carrying out significant development by focusing on five clusters of cities in the Yangtze River Delta, West Strait Region, Bohai Rim Region, Guangdong-Hong Kong-Macao Bay Area, and Central Region. While continuing to penetrate into new cities, we adhere to our development principles. Led by the management, the Group’s investment arm accurately makes forward-looking plans for undervalued locations, and enhances cooperation with peers to acquire land parcels through bidding and auction at reasonable and attractive prices. Capturing the current window period for industry consolidation, the Group is expanding its long-established strengths in mergers and acquisitions and looking for merger and acquisition projects, laying a solid foundation for its RMB100 billion contracted sales target.

As at 31 December 2017, the Group had land reserves amounting to approximately 11.84 million sq.m. of aggregate salable GFA, with 92 projects located in 19 cities in the West Strait Region, Yangtze River Delta, Bohai Rim Region, Central China and Guangdong-Hong KongMacao Bay Area; the average land cost was approximately RMB5,697 per sq.m.. The Group believes that its land reserves currently held and managed are sufficient for its development over the next three to four years.

年內，禹洲全國400客戶監督電話正式上線，此舉 增加了業主和物業溝通的渠道。推行「禹管家」模 式，進行管家網格化管理，打破傳統的客戶服務， 給客戶更直觀、貼心的服務。禹洲物業憑藉近年 來所積累的豐富的社區文化活動經驗，根據社區 業主的實際需要和季節性特徵，制定了「春在禹 洲」、「繽紛夏日」、「金色秋日」、「冬日暖陽」及項 目的有禹洲特色的社區活動，豐富業主的業餘生 活，不斷提升業主滿意度。

禹洲物業始終堅持「精細、專業、誠信、和諧」的理 念，不斷改進和完善服務、管理體系，制定「真誠 服務，追求卓越，管理規範，科學創新」的品質方 針，持續輸出走心服務，贏得客戶的口碑與讚譽。

土地儲備

堅持「全國佈局‧區域領先」的戰略部署，憑藉卓 越的品牌聲譽，本集團著重在長三角城市群、海 西城市群、環渤海城市群、大灣區城市群及中原 城市群這五大城市群的進行長足發展。在不斷拓 展新進入城市的同時，亦堅持「進入一個城市，深 耕一個城市」的發展原則，本集團投資部門在集團 管理層的帶領下，以精準的眼光提前佈局價值窪 地，加強同業之間的項目合作，以合理且富有吸 引力的價格通過招拍掛拿地；同時把握行業整合 的窗口期，發揮集團一直以來收併購經驗豐富的 優勢，積極尋找收併購項目，為集團千億征途奠 定堅實的基礎。

截至2017年12月31日，本集團的土地儲備總可供銷 售建築面積約1,184萬平方米，92個項目，分別分佈 於海西、長三角、環渤海地區、華中地區及粵港澳 大灣區共19個城市，平均樓面成本每平方米約人 民幣5,697元。本集團相信現在持有及管理的土地 儲備足夠本集團未來三至四年的發展需求。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SALABLE GFA OF LAND RESERVES SQ.M.

(As at 31 December 2017)

土地儲備的可供銷售建築面積 （平方米） （於2017年12月31日）

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Number of
Region Projects Area
地區 項目數量 面積
(sq.m.)
（平方米）
West Strait Economic Zone 海西經濟區
Xiamen 廈門 26 1,097,347
Fuzhou 福州 4 346,144
Quanzhou 泉州 1 937,168
Longyan 龍岩 1 22,774
Zhangzhou 漳州 4 1,029,740
Sub-total 小計 36 3,433,173
Yangtze River Delta Region 長三角經濟區
Shanghai 上海 10 812,369
Nanjing 南京 10 916,046
Hangzhou 杭州 2 448,502
Suzhou 蘇州 7 1,087,177
Hefei 合肥 11 1,965,404
Bengbu 蚌埠 1 492,992
Yangzhou 揚洲 1 174,100
Zhoushan 舟山 1 230,471
Sub-total 小計 43 6,127,061
Bohai Rim Region 環渤海經濟區
Tianjin 天津 7 597,404
Qingdao 青島 1 72,772
Tangshan 唐山 1 608,789
Sub-total 小計 9 1,278,965
Central Region 華中地區
Wuhan 武漢 1 598,179
Sub-total 小計 1 598,179
Guangdong — Hong Kong — Macao Bay Area 粵港澳大灣區
Hong Kong 香港 1 2,214
Huizhou 惠州 2 404,485
Sub-total 小計 3 406,699
Total 總計 92 11,844,077
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

In 2017, the Group acquired 23 new parcels of quality land primarily in Xiamen, Shanghai, Hangzhou, Suzhou, Nanjing and Tianjin, providing a total saleable GFA of new land reserves of 3,793,493 sq.m., at an average land cost of approximately RMB6,787 per sq.m., with a total attributable land premium of approximately RMB14,906 million.

2017年本集團新增23塊優質地塊，主要位於廈門、 上海、杭州、蘇州、南京及天津，新增土地儲備的 總可售建築面積達3,793,493平方米，平均土地成本 為約每平方米人民幣6,787元，總歸屬地價約人民 幣149億600萬元。

Particulars of the land parcels are set out in the following table:

下表載列該地塊的詳情：

		The Group’s		Total	Attributable
Name of Project	City	Equity Interest	GFA	Consolidation	Consideration	Land Cost
		本集團			本集團
項目名稱	城市	所佔權益	建築面積	總代價	應佔代價	土地成本
			(sq.m.)	(RMB’million)	(RMB’million)	(RMB/sq.m.)
West Strait Economic Zone 海西經濟區 Yuzhou Zhangzhou Project 2017P04 禹洲漳州項目2017P04 Yuzhou Zhangzhou Project 2017P07 禹洲漳州項目2017P07 Yuzhou Tongan Project 2017T03 禹洲同安項目2017T03 Yuzhou Zhangzhou Project	Zhangzhou 漳州 Zhangzhou 漳州 Xiamen 廈門 Zhangzhou	51% 40% 100% 25%	（平方米）（人民幣百萬元）（人民幣百萬元）（人民幣╱平方米） 94,434 1,020 520 10,801 116,425 1,257 503 10,797 42,800 1,349 1,349 31,519 563,881 956 239 1,695
禹洲漳州項目	漳州

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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----- Start of picture text -----

The Group’s Total Attributable
Name of Project City Equity Interest GFA Consolidation Consideration Land Cost
本集團 本集團
項目名稱 城市 所佔權益 建築面積 總代價 應佔代價 土地成本
(sq.m.) (RMB’million) (RMB’million) (RMB/sq.m.)
（平方米）（人民幣百萬元）（人民幣百萬元）（人民幣╱平方米）
Yangtze River Delta Region
長三角經濟區
Yuzhou Wujiang Project 2017020 Suzhou 51% 66,679 863 440 12,943
禹洲吳江項目2017020 蘇州
Yuzhou Jurong Guozhuang Project Nanjing 60% 182,307 706 424 3,873
禹洲句容郭莊項目 南京
Yuzhou Xiaoshan Shushan F-01 Project Hangzhou 100% 149,769 3,004 3,004 20,058
禹洲蕭山區蜀山F-01項目 杭州
Yuzhou Xiangcheng Wangtingzhen Suzhou 51% 58,282 488 249 8,373
Project 2017WG14
禹洲相城望亭鎮項目2017WG14 蘇州
Yuzhou Lishui Project 2017G09 Nanjing 51% 83,157 585 298 7,035
禹洲溧水項目2017G09 南京
Yuzhou Hanjiang Jiulonghu Project Yangzhou 40% 174,100 320 128 1,838
禹洲邗江九龍湖項目 揚州
Yuzhou Chongming Chenjiazhen Project Shanghai 80% 54,593 1,050 840 19,233
禹洲崇明陳家鎮項目 上海
Yuzhou Wuzhong Taihusudi Suzhou 33% 346,506 3,259 1,075 9,405
Project 2017WG23
禹洲吳中太湖蘇地項目2017WG23 蘇州
Yuzhou Wuzhong Taihusudi Suzhou 51% 51,742 486 248 9,393
Project 2017WG26
禹洲吳中太湖蘇地項目2017WG26 蘇州
Yuzhou Lishui Project 2017G19 Nanjing 20% 146,554 1,150 230 7,847
禹洲溧水項目2017G19 南京
Yuzhou Taichang Gaoxin District Suzhou 23% 111,157 1,019 234 9,167
Project WG2017191
禹洲太倉高新區項目WG2017191 蘇州
Yuzhou Xinchen Jingjishan Zhoushan 50% 230,471 2,074 1,037 8,999
Project LC090210
禹洲新城金雞山項目LC090210 舟山
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

		The Group’s		Total	Attributable
Name of Project	City	Equity Interest	GFA	Consolidation	Consideration	Land Cost
		本集團			本集團
項目名稱	城市	所佔權益	建築面積	總代價	應佔代價	土地成本
			(sq.m.)	(RMB’million)	(RMB’million)	(RMB/sq.m.)
			（平方米）（人民幣百萬元）（人民幣百萬元）（人民幣╱平方米）
Bohai Rim Region 環渤海區域 Yuzhou Tianjin 07 Project Tianjin 禹洲天津07項目 天津 Yuzhou Tianjin 08 Project Tianjin 禹洲天津08項目 天津 Yuzhou Tianjin 05 Project Tianjin 禹洲天津05項目 天津 Yuzhou Qingdao Jiangshannan Road Project Qingdao 禹洲青島江山南路項目 青島 Yuzhou Fengnan District Project Tangshan 禹洲豐南區項目 唐山 Guangdong-Hong Kong-Macao Bay Area 粵港澳大灣區 Yuzhou Wujing The Scenery Huizhou 禹洲五經山水大觀項目 惠州 Yuzhou Huizhou Dongrun Project Huizhou		42% 100% 40% 35% 90% 51% 70%	54,524 95,215 74,429 72,772 608,789 191,159 223,748	758 1,325 970 709 1,300 702 395	318 1,325 388 248 1,170 358 277	13,902 13,916 13,033 9,743 2,135 3,672 1,765
禹洲惠州東潤項目	惠州
Total總計			3,793,493	25,745	14,902	6,787

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

REVENUE

The revenue of the Group mainly arose from four business categories, namely property sales, rental of investment properties, property management and hotel operation. In 2017, the total revenue of the Group was a record high RMB21,700.67 million, up by 58.73% year-onyear. This was mainly due to an increase in recognized property sales revenue, driven by an increase in aggregate GFA of the properties delivered as well as an increase in the average selling price. Specifically, property sales revenue was approximately RMB21,213.38 million, up by 58.96% year-on-year, accounting for 97.75% of the total revenue; rental income from investment properties was approximately RMB140.29 million, up by 13.00% year-on-year; property management fee income was approximately RMB328.52 million, up by 80.68% year-on-year; and income from hotel operations was approximately RMB18.49 million, down by 9.36% year-on-year.

COST OF SALES

The cost of sales of the Group mainly encompassed land cost, construction cost and capitalized interest. In 2017, the cost of sales of the Group was RMB14,017.62 million, increased by 60.88% from RMB8,712.92 million in 2016. The increase in the cost of sales was mainly due to the increase in GFA of properties delivered.

GROSS PROFIT AND GROSS PROFIT MARGIN

The gross profit of the Group was RMB7,683.05 million in 2017, a 54.93% year-on-year increase. Gross profit margin was 35.40%, a slight decrease of 0.87 percentage points year-on-year.

FAIR VALUE GAIN ON INVESTMENT PROPERTIES

In 2017, the Group recorded a fair value gain on investment properties of RMB380.07 million (2016: RMB97.39 million), which was mainly attributable to the fair value gain on investment properties located in Hefei, Xiamen and Shanghai.

收入

本集團的收入主要來自包括物業銷售、投資物業 租金收入、物業管理收入及酒店運營業務在內的 四大業務範疇。2017年，本集團的總收入為人民幣 217億67萬元，按年上升58.73% ，創歷史新高，主 要原因是交付物業總建築面積增加及平均銷售單 價上升，令物業銷售確認收入有所上升。其中，物 業銷售收入約為人民幣212億1,338萬元，按年上升 58.96% ，佔整體收入的97.75%；投資物業租金收入 約為人民幣1億4,029萬元，按年上升13.00%；物業 管理費收入約為人民幣3億2,852萬元，按年上升 80.68%；酒店運營收入約為人民幣1,849萬元，按年 下降9.36% 。

銷售成本

銷售成本主要包括本集團的土地成本、建築成本 及資本化利息。2017年，本集團的銷售成本為人民 幣140億1,762萬元，同比2016年人民幣87億1,292萬 元，上升60.88% 。銷售成本上升主要是隨交付的物 業建築面積增加所致。

毛利及毛利率

本集團2017年的毛利為人民幣76億8,305萬元，按年 上升54.93% 。毛利率為35.40% ，按年稍微下降0.87 個百分點。

投資物業公允值收益

本集團於2017年錄得投資物業公允值收益為人民 幣3億8,007萬元（2016年：人民幣9,739萬元），主要 來自位於合肥、廈門、上海的投資物業公允值收 益。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

OTHER INCOME AND GAINS

In 2017, other income and gains decreased by 47.65% year-on-year to RMB202.31 million. The decrease in other income and gains was mainly due to a decline in the gain from disposal of investment properties, which amounted to RMB4.02 million (2016: RMB171.59 million).

SELLING AND MARKETING EXPENSES

Selling and marketing expenses of the Group increased by 67.41% yearon-year from RMB293.15 million in 2016 to RMB490.77 million in 2017, accounting for 1.22% (2016: 1.26%) of total contracted sales. Deploying effective cost control measures, the Group continued to invest in online marketing and expanded into more diversified marketing channels in 2017.

ADMINISTRATIVE EXPENSES

The Group’s administrative expenses grew by 24.08% year-on-year from approximately RMB402.88 million in 2016 to approximately RMB499.88 million in 2017, mainly due to the business expansion of the Group and the increase in number of staff, especially for several new cities the Group entered into during the year. In 2017, the proportion of administrative expenses to total contracted sales was 1.24% (2016: 1.74%), mainly due to the Group’s effective cost control measures.

OTHER EXPENSES

Other expenses increased by 53.89% year-on-year from approximately RMB190.33 million in 2016 to approximately RMB292.89 million in 2017. The increase was mainly due to realised and unrealised losses on derivative financial instruments of approximately RMB134.73 million (2016: fair value gain of RMB85.46 million included in other income and gains).

FINANCE COSTS

Finance costs of the Group increased by 59.91% year-on-year from RMB442.95 million in 2016 to RMB708.34 million in 2017. The increase was mainly due to the increase in the amount of total borrowings and change in capitalised interest during the year.

其他收入及收益

2017年其他收入及收益為人民幣2億231萬元，按年 下降47.65% 。其他收入及收益下降主要由於出售 投資物業收益減少，其合約金額為人民幣402萬元 （2016年：人民幣1億7,159萬元）。

銷售及營銷成本

本集團的銷售及營銷成本由2016年的人民幣2億 9,315萬元，按年上升67.41%至2017年的人民幣4億 9,077萬元，佔合約銷售總額的1.22%（2016年： 1.26% ）。2017年，本集團透過有效的成本控制措 施，持續投放資源於互聯網營銷，擴展至更加多 元化的營銷渠道。

行政開支

本集團的行政開支由2016年的約人民幣4億288萬 元，按年上升24.08%至2017年的約人民幣4億9,988 萬元，主要由於集團業務擴張及員工人數增加（尤 其是本集團年內數個新進入城市）。2017年的行政 開支佔總合約銷售之比例為1.24%（2016年： 1.74% ），主要得益於集團有效的成本控制措施。

其他開支

其他開支由2016年的約人民幣1億9,033萬元，按年 上升53.89%至2017年的約人民幣2億9,289萬元。有 關增加主要由於衍生金融工具引起的約人民幣1億 3,473萬元已實現及未實現虧損（2016年：公允值收 益人民幣8,546萬元計入其他收入及收益）所致。

融資成本

本集團的融資成本由2016年的人民幣4億4,295萬 元，按年上升59.91%至2017年的人民幣7億834萬 元。融資成本上升乃主要由於本集團於年內總借 貸金額上升及資本化利息金額變化所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SHARE OF PROFITS AND LOSSES OF JOINT VENTURES

Share of losses of joint ventures was approximately RMB64.72 million in 2017, compared with a share of profits of RMB91.79 million in 2016. The losses were primarily attributable to the rising number of projects under development of the joint ventures, which are in the development stage before contributing profits to the Group in the coming years.

INCOME TAX

Income tax of the Group increased by 45.28% year-on-year from approximately RMB2,108.27 million in 2016 to approximately RMB3,062.99 million in 2017. This increase was mainly attributable to the increase in the revenue and profit during the year.

PROFIT ATTRIBUTABLE TO NON CONTROLLING INTERESTS

For the year ended 31 December 2017, the profit attributable to noncontrolling interests increased by approximately RMB23.45 million to RMB337.02 million. The increase was mainly due to the share of profit arising from a non-wholly-owned project in Xiamen, which delivered a portion of presold properties during the year.

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT

For the year ended 31 December 2017, the profit attributable to owners of the parent was approximately RMB2,790.05 million, an increase of 57.19% compared with RMB1,774.91 million in 2016, mainly due to the above-mentioned factors. Core profit attributable to owners of the parent increased by 42.83% from RMB2,047.13 million in 2016 to RMB2,923.99 million in 2017.

應佔合營公司損益額

應佔合營公司損益由2016年溢利約人民幣9,179萬 元，轉為2017年應佔虧損約人民幣6,472萬元。該虧 損主要歸因於合營公司發展中項目數目不斷增加， 而有關項目仍處於早期開發階段將於以後年度為 本集團帶來利潤。

所得稅

本集團的所得稅由2016年的約人民幣21億827萬 元，按年上升45.28% ，至2017年約人民幣30億6,299 萬元。所得稅費用上升主要由於本年度收入及利 潤的上升。

非控股權益應佔利潤

截至2017年12月31日止之年度，非控股權益應佔利 潤增加約2,345萬元至人民幣3億3,702萬元。有關增 加主要來自分佔位於廈門的一個非全資擁有項目 （該項目於年內交付部分預售物業）產生的利潤。

母公司擁有人應佔利潤

截至2017年12月31日止年度，母公司擁有人應佔利 潤約為人民幣27億9,005萬元，較2016年度人民幣17 億7,491萬元，上升57.19% ，主要是由於以上提及之 因素。2017年母公司擁有人應佔核心利潤則為人 民幣29億2,399萬元，比2016年的人民幣20億4,713萬 元，上升42.83% 。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

BASIC EARNINGS PER SHARE AND CORE EARNINGS PER SHARE

Core earnings per share is calculated by dividing the core profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year. The calculation of basic and core earnings per share is based on the following data:

每股基本盈利和每股核心盈利

每股核心盈利的計算方法為母公司擁有人應佔核 心利潤除以年內已發行普通股加權平均數目。每 股基本及核心盈利按以下資料計算：

	2017 2017年 (RMB’000) （人民幣千元）		2016 2016年 (RMB’000) （人民幣千元）
Profit attributable to owners of the parent 母公司擁有人應佔利潤 Less: Fair value gain on investment properties, net of deferred tax 減： 除遞延稅後投資物業 公允值收益 Less: Fair value gain on derivative financial instruments 減： 衍生金融工具公允值收益 Less: Exchange gain 減： 匯兌收益 Plus: Realised fair value gains on investment properties disposed, net of deferred tax 加： 出售投資物業中除遞延稅後 的已實現投資物業公允值 收益 Plus: Equity-settled share option expenses 加： 以股權結算購股權開支 Plus: Loss on redemption of financial liabilities 加： 贖回金融負債產生虧損 Plus: Impairment of goodwill 加： 商譽減值 Plus: Fair value loss on derivative financial instruments 加： 衍生金融工具公允值虧損 Plus: Realised loss on derivative financial instruments 加： 衍生金融工具已實現虧損 Plus: Loss on deemed disposal of subsidiaries upon loss of control 加： 失去控制權時視作出售 一間附屬公司的虧損 Core profit attributable to owners of the parent 母公司擁有人應佔核心利潤 Weighted average number of ordinary shares in issue (’000) 已發行普通股加權平均數 （以千計） Basic earnings per share (RMB per share) 每股基本盈利（每股人民幣元） Core earnings per share (RMB per share) 每股核心盈利（每股人民幣元）	2,790,047		1,774,914 73,044 85,458 — 66,879 2,352 197,218 164,265 — — — 2,047,126 3,815,999 0.47 0.54
	285,052
	—
	66,262
	16,347
	4,636
	211,664
	100,401
	61,549
	73,180
	17,479
	2,923,989
	3,937,250
	0.70
	0.74

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

LIQUIDITY AND FINANCIAL RESOURCES

The Group adopts a prudent financial policy in an effort to balance financial risk and reduce finance costs. During the year, the Group successfully issued five-year senior notes in an aggregate amount of US$350 million with a coupon rate of 6.00% and senior perpetual securities in an aggregate amount of US$300 million with an initial distribution rate of 5.375%.

流動資金及財務資源

本集團採用審慎的財務政策，致力於平衡財務風 險及降低資金成本。年內，本集團成功發行總額 為3.5億美元的五年期優先票據，票面利率為 6.00%；並發行總額為3億美元的高級永續證券，初 始分派率為5.375% 。

In addition, the Group early redeemed in full the US$300 million 8.625% senior notes and US$250 million 9.00% senior notes, both due in 2019. This series of refinancing measures further decreased the Group’s average finance costs. As at 31 December 2017, the Group recorded a weighted average finance cost of 6.02%, down by 0.06 percentage points when compared with 6.08% as at 31 December 2016.

此外，本集團提早悉數贖回了2019年到期，利率為 8.625%的3億美元的優先票據；並提前悉數贖回了 2019年到期，利率為9.00%的2.5億美元的優先票 據。透過一系列再融資舉措，本集團平均融資成 本進一步下降。於2017年12月31日，本集團錄得加 權平均融資成本為6.02% ，較2016年12月31日的 6.08%下降0.06個百分點。

Details of new indebtedness:

新債務詳情：

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Issuer Type Public/Private Carrying Amount Maturity Coupon Rate Credit Rating
發行人 類別 公募╱私募 賬面金額 到期情況 票面利率 信貸評級
Yuzhou Properties Company Limited Offshore senior notes Public US$350 million Five years 6.00% BB-/B1
禹洲地產股份有限公司 境外優先票據 公募 3.5億美元 五年 6.00% BB-/B1
Yuzhou Properties Company Limited Offshore perpetual securities Public US$300 million N/A 5.375% B1
禹洲地產股份有限公司 境外永續證券 公募 3億美元 不適用 5.375% B1
Yuzhou Properties Company Limited Term loan facilities N/A US$258 million and Three and 3.55% plus LIBOR/ N/A
HK$334 million half years HIBOR
禹洲地產股份有限公司 定期貸款融資 不適用 2.58億美元及 三年半 3.55% +倫敦╱香港 不適用
港幣3.34億元 銀行同業拆息
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Details of early redemption of indebtedness:

提前贖回債務詳情：

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----- Start of picture text -----

Issuer Type Public/Private Carrying Amount Maturity Coupon Rate Credit Rating
發行人 類別 公募╱私募 賬面金額 到期情況 票面利率 信貸評級
Yuzhou Properties Company Limited Offshore senior notes Public US$300 million Five years 8.625% B/B2
禹洲地產股份有限公司 境外優先票據 公募 3億美元 五年 8.625% B/B2
Yuzhou Properties Company Limited Offshore senior notes Public US$250 million Five years 9.00% B/B1
禹洲地產股份有限公司 境外優先票據 公募 2.5億美元 五年 9.00% B/B1
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CREDIT RATINGS

In September 2017, Standard & Poor’s and Moody’s upgraded the Group’s issuer’s credit rating to “BB-” and “Ba3” respectively. In November 2017, Fitch maintained its issuer’s credit rating at “BB-” (“Stable” outlook).

BORROWINGS

As at 31 December 2017, the Group had total bank and other borrowings, corporate bonds and senior notes of RMB27,567.49 million, in aggregate, of which certain bank loans were secured by the investment properties, properties held for sale and properties under development of the Group with an aggregate carrying value of RMB7,581.32 million.

CASH POSITION

As of 31 December 2017, the Group had RMB17,498.21 million of cash and cash equivalents and restricted cash, up by 0.46% from RMB17,417.53 million as at 31 December 2016.

NET GEARING RATIO

As of 31 December 2017, the Group’s net gearing ratio (calculated as the interest-bearing bank and other borrowings, corporate bonds and senior notes less cash and cash equivalents and restricted cash and divided by total equity) was 57.73%, a decrease of 13.97 percentage points as compared with 71.70% as at 31 December 2016.

信貸評級

於2017年9月，標準普爾調升發行人評級至「 BB- 」 及穆迪調升評級至「 Ba3」。於2017年11月，惠譽（給 予發行人評級為「 BB- 」）將我們維持在前景「穩 定」。

借款

於2017年12月31日，本集團的銀行和其他貸款、公 司債券及優先票據合共為人民幣275億6,749萬元， 其中若干銀行貸款由本集團賬面總值為人民幣75 億8,132萬元的投資物業，持作銷售用途的物業及 在建物業作抵押。

現金狀況

截至2017年12月31日止，本集團的現金及現金等價 物和受限制現金為人民幣174億9,821萬元，較2016 年12月31日的人民幣174億1,753萬元，上升0.46% 。

淨資本負債比率

截至2017年12月31日止，本集團的淨資本負債 比率為57.73% ，較2016年12月31日的71.70% ，下降了 13.97個百分點（淨資本負債比率為計息銀行及其他 借貸及公司債券及優先票據減現金及現金等值項目 及受限制現金除以權益總額）。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

CURRENCY RISK

As of 31 December 2017, among the RMB27,567.49 million of total borrowings, corporate bonds and senior notes of the Group, approximately 65.14% was denominated in RMB and 34.86% was denominated in Hong Kong dollars and United States dollars.

貨幣風險

截至2017年12月31日止，集團總借貸、公司債券及 優先票據合共人民幣275億6,749萬元中，約有 65.14%為人民幣計值及34.86%為港元及美元計值。

The proportions of bank and other borrowings, corporate bonds, senior notes and cash balance of the Group in terms of currencies were as follows:

本集團的銀行及其他借款、公司債券、優先票據 及現金結餘的各種貨幣比例如下：

及現金結餘的各種貨幣比例如 notes and cash balance of the Group in terms of currencies were as follows:	及現金結餘的各種貨幣比例如 notes and cash balance of the Group in terms of currencies were as follows:	下：
Bank and Other Borrowings, Corporate Bonds and Senior Notes Balance 銀行及其他借款、 公司債券、優先 票據結餘 (RMB’000) （人民幣千元）		Cash Balance 現金結餘** (RMB’000) （人民幣千元）
HK$ 港幣 RMB 人民幣 US$ 美元 Others 其他 Total 合計	1,104,381 17,956,423 8,506,682 — 27,567,486	162,062 16,367,335 965,985 2,826 17,498,208

• Including restricted cash

• 包含受限制現金

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

COMMITMENT

As of 31 December 2017, the Group had commitments in respect of development expenditure on real estate of approximately RMB3,992.77 million (31 December 2016: RMB4,479.38 million). The Group is also committed to the payment of land premium in respect of acquisition of project companies of approximately RMB148.85 million (31 December 2016: RMB3,547.22 million). The Group has no commitments in respect of land acquisition (31 December 2016: RMB2,992.49 million).

CONTINGENT LIABILITIES

The Group provides buy-back guarantees to banks that offer mortgages to domestic properties buyers in Mainland China of the Group. As at 31 December 2017, outstanding buy-back guarantees amounted to RMB12,501.28 million (31 December 2016: RMB15,228.70 million). The Group also provides guarantees to bank and other lenders in connection with facilities granted to joint ventures and an associate, which amounted to RMB5,299.68 million (31 December 2016: RMB4,032.01 million) and RMB350.00 million (31 December 2016: Nil) respectively.

ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES

In May 2017, the Group entered into an equity transfer agreement with an independent third party for the acquisition of a 100% equity interest in a company, which held two parcels of land located in Hanyang District, Wuhan, for a consideration of approximately RMB3,589.07 million.

Except for the above, the Group had no material acquisitions and disposal of subsidiaries and affiliated companies during the year.

HUMAN RESOURCES

The Group is led by an experienced and professional management team. Since being established in 1994, the Group has been undergoing rapid development and expansion under the leadership of the Board. The senior management team is very experienced in the property development industry with senior executives having over 13 years’ experience in average. This strong leadership, international insight and capable execution and management of projects, coupled with strict implementation of best international practices according to prevailing circumstances, has enabled the Group to become one of the leading real estate developers in China.

承擔

截至2017年12月31日止，本集團就房地產開發開支 的承擔約人民幣39億9,277萬元（2016年12月31日： 人民幣44億7,938萬元）。本集團亦承諾就收購項目 公司支付土地出讓金約人民幣1億4,885萬元（2016 年12月31日：人民幣35億4,722萬元）。本集團並無 有關土地收購的承擔（2016年12月31日：人民幣29 億9,249萬元）。

或然負債

本集團提供購回保證予向本集團旗下中國內地物 業買家提供住房按揭融資的銀行。於2017年12月31 日，未到期的購回保證為人民幣125億128萬元 （2016年12月31日：人民幣152億2,870萬元）。本集 團分別就合營及聯營企業獲授的融資向銀行及其 他貸款人提供的擔保金額為人民幣52億9,968萬元 （2016年12月31日：人民幣40億3,201萬元）及人民幣 3億5,000萬元（2016年12月31日：無）。

收購及出售附屬公司及聯營公司

於2017年5月，本集團與一間獨立第三方公司簽訂 股權轉讓合同收購一間公司100%的股權，而有關 公司的資產包括兩塊位於中國武漢漢陽區的土地。 有關收購金額約為人民幣35億8,907萬元。

除以上事項，本集團於年內並無任何重大收購及 出售附屬公司及聯營公司項目。

人力資源

本集團由經驗豐富的專業管理層團隊領導。董事 會自本集團於1994年成立以來一直帶領本集團快 速發展，高級管理層於房地產發展行業具有豐富 經驗。大部分高級行政人員擁有平均超過13年的 行業經驗。管理層具備出色的領導能力、國際視 野及卓越的執行力，結合公司實際情況嚴謹地按 照國際最佳慣例踐行，本集團已發展成為中國最 具實力的房地產開發商之一。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

To provide more solid human resources support to achieving the Group’s contracted sales goal of RMB100 billion, the human resources department carried out comprehensive optimizations and upgrades across the Group’s organizational development, recruitment and staffing, training and development, remuneration, performance assessment and personnel management systems in 2017. It also implemented a triple incentive mechanism covering rewards, options and co-investments, in which the reward mechanism includes an award specially set up by the Chairman as well as rewards for different positions such as investment, financing and operations. The option plan covers key middle and senior employees; the follow trade plan has gone through several discussions and review and is expected to be launched in the second half of 2018, providing real-time incentives at different stages of projects in accordance with the rule of benefit accounting. We believe that the Group’s human resources, particularly its senior executives and professional project management team, are of critical importance to maintaining its competitive strengths. The Group aims to achieve and outperform international standards for performance through compliance with best international practices in strict management systems and corporate governance. In addition, Yuzhou Business School was formally established, which aims to become the West Point Military Academy of the real estate industry. It is positioned to establish three platforms: cementing cohesion of the Yuzhou corporate culture, fostering performance-oriented organizational capability, and cultivating outstanding and competent people in the real estate industry. It will also help to create an ecosystem among employees, the organization and society to fuel sustainable development of the Company.

At the end of 2017, the Group worked with Hewitt, a world-renowned human resources consultant, to launch “Power of Growth”, an employee survey with strategic significance which is designed to identify the drivers to employee engagement. Based on this authoritative data, we derived the key contributors to employee engagement from group interviews and analysis, and put forward an action plan for effectively improving the workplace and forging a top employer brand.

As at 31 December, 2017, the Group had 4,190 (2016: 3,401) staff in total.

In addition to basic salaries and other staff benefits, discretionary bonuses and share options may be awarded to employees with outstanding performance and contributions to the Group.

為了有效促進集團千億目標的實現，提供更為堅 實的人力資源保障，2017年人力資源部門對集團 組織發展、招聘與員工配置、培訓開發、薪酬績效 以及人事管理等體系進行了全面的優化升級。我 們同時實施獎勵、期權和跟投的三重激勵機制。 其中，獎勵特別設置了董事長特別獎項，並對投 資、融資、運營等不同崗位進行獎勵；期權計劃覆 蓋中高層骨幹員工；跟投計劃已完成多輪討論及 審核，預期將於18年下半年推出，按照效益核算規 則，在項目的不同節點進行即時激勵。我們相信， 人力資源，尤其是高級行政人員及專業項目管理 團隊，對保持本集團的競爭優勢至關重要。本集 團旨在通過遵守嚴格的管理制度及企業管治的最 佳國際慣例，實現並超越卓越績效的國際標準。 此外禹洲商學院正式掛牌成立，致力於成為地產 行業的西點軍校，定位打造禹洲文化凝聚力、構 建績效導向的組織能力及培育地產精英三大平台， 構建員工與組織、社會之間的生長生態環境，成 為禹洲業務持續發展的驅動力。

2017年底，禹洲集團與世界知名人力諮詢公司翰 威特合作，展開「聽禹聲、匯禹力 — Power of Growth 」的員工敬業調研行動，這是摸底員工敬業 度驅動因素而進行的一項具有里程碑意義的工作。 從真實的調研資料作為切入口，開展焦點小組訪 談、分析得出影響員工敬業度的關鍵因數，提出 行動計劃，真正的改善企業氛圍，打造最佳雇主 品牌。

於2017年12月31日，本集團共有4,190名僱員（2016 年：3,401名）。

除基本薪酬及其他員工福利外，表現優秀且為本 集團作出貢獻的僱員亦可獲獎勵酌情花紅及購股 權。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

PAYMENT OF DIVIDEND

The Board recommends the payment of a final dividend of HK21.5 cents per share for the year ended 31 December, 2017 to shareholders whose names appear on the register of members of the Company on 21 June 2018, subject to approval by the shareholders at the forthcoming Annual General Meeting (“AGM”) of the Company to be held on 5 June, 2018.

CLOSURE OF REGISTER OF MEMBERS

In order to determine the entitlement to attend and vote at the AGM, the register of members of the Company will be closed from 31 May, 2018 to 5 June, 2018, both days inclusive, during which period no transfer of shares will be registered. All transfer documents of the Company accompanied by the relevant share certificates must be lodged with the branch share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 17121716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on 30 May, 2018.

Subject to the approval of shareholders at the AGM, the final dividend will be paid on or about 5 July, 2018. For determining the entitlement to the proposed final dividend, the register of members of the Company will be closed from 19 June, 2018 to 21 June, 2018, both days inclusive, during which period no transfer of shares will be registered. In order to qualify for the entitlement to the proposed final dividend, all transfer documents of the Company accompanied by the relevant share certificates must be lodged with the branch share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on 15 June, 2018.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the year, the Company redeemed in full the 8.625% senior notes due in 2019 and 9.00% senior notes due in 2019, which were listed on The Stock Exchange of Hong Kong Limited, at redemption amounts of US$312,937,500 and US$272,500,000 respectively, representing 104.3125% and 104.5% of their principal amounts plus accrued and unpaid interest.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

股息派發

董事會建議派發截至2017年12月31日止年度末期股 息每股21.5港仙予於2018年6月21日名列股東名册的 股東，須待股東於2018年6月5日舉行之應屆本公司 股東週年大會（「股東週年大會」）批准後，方可作 實。

暫停辦理股份過戶手續

為確定出席股東週年大會及於會上投票的權利， 本公司將於2018年5月31日至2018年6月5日（包括首 尾兩日）暫停辦理本公司的股份過戶登記手續，期 間所有股份將暫停過戶。所有本公司過戶文件連 同相關股票須於不遲於2018年5月30日下午四時 三十分送交本公司位於香港證券登記分處香港中 央證券登記有限公司，地址為香港灣仔皇后大道 東183號合和中心17樓1712–1716室，以作登記。

待股東於股東週年大會上批准，末期股息將於2018 年7月5日或前後派付。為確定享有擬派末期股息的 權利，本公司將於2018年6月19日至2018年6月21日 （包括首尾兩日）暫停辦理本公司的股份過戶登記 手續，期間所有股份將暫停過戶。為合資格享有 擬派末期股息的權利，所有本公司過戶文件連同 相關股票須於不遲於2018年6月15日下午四時三十 分送交本公司位於香港證券登記分處香港中央證 券登記有限公司，地址為香港灣仔皇后大道東183 號合和中心17樓1712–1716室，以作登記。

購買、出售或贖回本公司上市證券

年內，本公司已悉數贖回於香港證券交易所上市 之於2019年到期之8.625%優先票據及2019年到期之 9.00%優先票據，贖回價分別為312,937,500美元及 272,500,000美元，相等於本金金額之104.3125%及 104.5% ，另加應計及未支付之利息。

除上文所披露者外，本公司或其任何附屬公司概 無購入、出售或贖回任何本公司的上市證券。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

MODEL CODE FOR DIRECTORS’ SHARE DEALINGS

The Company has adopted a Code of Conduct on Directors’ Securities Transactions (the “Securities Code”) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listing Issuers contained in Appendix 10 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The directors have confirmed that they have complied with the requirements set out in the Securities Code throughout the year ended 31 December 2017.

CORPORATE GOVERNANCE

The Board and the management of the Group are committed to the maintenance of good corporate governance practices and procedures. The corporate governance principles of the Group emphasize a quality Board, sound internal controls, and transparency and accountability to all shareholders.

During the year, the Group adopted, applied and complied with the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange except for the following deviation:

Code provision A2.1 stipulates that the roles of Chairman and Chief Executive Officer should be separate and should not be performed by the same individual. Mr. Lam Lung On has been assuming the roles of both the Chairman and the Chief Executive Officer of the Group since January 1 2012. Although these two roles are performed by the same individual, certain responsibilities are shared with executive directors to balance power and authority. In addition, all major decisions are made in consultation with members of the Board as well as senior management. The Board has three independent non-executive directors who offer different independent perspectives. Therefore, the Board is of the view that there are adequate balances of power and safeguards in place. The Board will review and monitor the situation on a regular basis and ensure that the present structure will not impair the balance of power in the Group.

董事進行股份交易的標準守則

本公司已採納一套嚴謹程度不低於香港聯合交易 所有限公司證券上市規則附錄十上市發行人董事 進行證券交易的標準守則所訂標準的董事進行證 券交易的行為守則（「證券守則」）。董事已確認於 截至2017年12月31日止，一直遵守證券守則的規 定。

企業管治

本集團董事會（「董事會」）及管理層致力維持良好 的企業管治常規及程序。本集團所遵行的企業管 治原則著重高質素之董事會、健全之內部監控， 以及對全體股東之透明度及問責性。

年內，本集團一直採用、應用及遵守聯交所證券 上市規則附錄十四所載的企業管治守則，惟以下 偏離除外：

守則條文A2.1條規定主席與行政總裁的角色應有 區分，並不應由一人同時兼任。林龍安先生從2012 年1月1日起承擔本集團主席及行政總裁權責。儘管 此兩角色均由同一位人士所擔任，其部分責任由 執行董事分擔以平衡權利。而且所有重大決定均 經由董事會及高級管理層商議後才作出。另董事 會包含三位獨立非執行董事帶來不同獨立的觀點。 因此，董事會認為已具備足夠的權力平衡及保障。 董事會將定期進行檢討及監督，確保目前結構不 會削弱本集團的權力平衡。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

SHARE OPTION SCHEME

The Board announced that on January 26 2017, the Company had granted share options under its share option scheme adopted on May 24 2010 to certain directors and employees of the Group which entitled the grantees to subscribe for an aggregate of 22,690,000 new shares of HK$0.10 each in the share capital of the Company at the exercise price per share of HK$2.62.

On 21 July 2017, the Company granted 2,500,000 share options with an exercise price of HK$4.55 under its share option scheme to certain directors of the Company.

REVIEW OF ACCOUNTS

The Company’s Audit Committee has reviewed the accounting policies adopted by the Group and the consolidated financial statements of the Group for the year ended December 31 2017.

DEVELOPMENT STRATEGIES AND PROSPECTS

Looking ahead, China will continue to maintain the continuity and stability of its real estate policy in the short term, and tend to adhere to its tightened principal policies as usual. This will establish a housing development pattern emphasizing that “there is housing supply to the high-end market, support to the medium-end market and an assurance for the low-end market”. In the medium and long run, a long-term mechanism will be gradually established and improved. Since it was pointed out at the meeting of the Political Bureau of the Central Committee that it was necessary to accelerate the reform of the housing system and establish a long-term mechanism, the establishment of such a long-term mechanism will be further accelerated in 2018. We expect that the real estate market will usher in a consolidation period in the coming year. As the restrictive policies and the long-term mechanism combine, housing prices in most cities will tend to remain stable and differential regulatory measures are expected to continue. Considering that these measures will become effective only gradually, it appears unlikely that China could step up these measures substantially. The rapid and diversified development of the “new economy”, such as the education and healthcare sectors, will also benefit the real estate industry. Market demand, for real estate and improved housing, especially rigid demand, will remain very stable. With their escalating income and consumption levels, urban residents have become increasingly demanding of the quality of life.

購股權計劃

董事會宣佈，於2017年1月26日，本公司已根據其 於2010年5月24日採納的購股權計劃向本集團若干 董事及僱員授出購股權，可供承授人認購本公司 股本中合共22,690,000股每股面值港幣0.10元的新股 份，每股股份行使價港幣2.62元。

於2017年7月21日，本公司已根據購股權計劃向本 公司若干董事授出2,500,000份購股權，購股權行使 價為港幣4.55元。

賬目審閱

本公司審核委員會已審閱本集團採納的會計政策 以及本集團截至2017年12月31日止的綜合財務報 表。

發展策略與展望

展望未來，房地產政策短期將堅持政策的連續性 穩定性，主體政策收緊趨勢不變，形成「高端有市 場、中端有支持、低端有保障」的住房發展格局。 中長期逐步構建並完善長效機制，中央政治局會 議指出要加快住房制度改革和長效機制建設，2018 年長效機制落實將進一步加快。我們預計2018年房 地產市場將迎來盤整期，通過限制性政策與長效 機制相結合，多數城市房價將趨於平穩，差別化 調控將延續，但考慮調控已漸見成效，大幅加碼 概率較小。加上「新經濟」產業，如教育、醫療保健 等行業的快速和多元化發展，也將對房地產行業 帶來利好，市場對於房地產，尤其是剛需和改善 型的住房需求依然十分穩定。隨著收入及消費水 平的提升，城市居民對於生活素質要求也越來越 高。

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APPENDIX II

Looking forward, we will continue to expand our geographical reach to the first- and second-tier cities and their surrounding satellite cities with growth potential. While carrying out horizontal expansion, we will uphold the philosophy of “focus on in-depth development in the city we entered”. As always, we will spare no efforts to become a leading player in the cities we have entered.

On the investment and land acquisition front, we will maintain our strategy that combines “mergers and acquisitions” with “bidding and auctions”. During the window period of increased consolidation in the industry, we will step up acquisitions and draw upon our expertise in property development and operation to make plans in advance for undervalued locations, in a drive to replenish our land reserves and lay a solid foundation for our RMB100 billion contracted sales target.

On the financing front, Yuzhou Properties has maintained diversified and stable financial channels. In 2018, we will continue to closely monitor market liquidity, maintain a prudent management system for ample cash flows, and look for more innovative quality financing channels including various asset securitization instruments and trust investment funds. We will maintain a sound relationship with various institutions in the international and domestic capital markets, and continue to maintain finance costs at a reasonable level, so that we can injecting a strong driving force into Yuzhou’s speedy future growth and ensure that we will attain the RMB100 billion contracted sales target.

To meet market demand, residential product upgrades are always our top priority. On product innovation, we will continue to deepen and promote our three product lines in 2018, namely, the “Royale” (雍禧系) targeting high-end individuals with improved housing needs, the “Langham”(朗廷 系) for individuals with improved housing needs and the “Honor” (嘉譽 系) for first-time buyers. Over the past year, these three product lines have been launched in Shanghai, Nanjing and Hangzhou, among other cities. In future, the Group will specify an operational system for product standardization, centralized procurement and tender invitations. This will result in increased development speed and efficiency, a shortened project development cycle and a significantly increased the turnover rate, thereby significantly increasing the return on investment.

未來，集團將會繼續把我們的版圖拓展至擁有發 展潛力的一二線城市及其周邊衛星城，在橫向擴 張的同時，秉承「進入一座城，深耕一座城」的理 念，集團將一如既往的不遺餘力，致力成為於已 佈局城市的領先房企。

在投資拿地方面，禹洲地產將繼續「收併購」及「公 開市場招拍掛」並舉的策略。在行業集中度提升的 窗口期，加大收併購力度，充分利用集團在物業 開發運營上的專業優勢，提前佈局價值窪地，補 充充足的土地儲備，為公司實現千億目標奠定堅 實基礎。

在融資方面，禹洲地產一直保持著多元穩定的融 資渠道。2018年禹洲將繼續嚴密監控市場流動性 環境，保持穩健充裕的現金流管控體系，積極探 索創新優質的融資管道，包括各類資產證券化的 金融工具及信託投資基金等，與國際國內資本市 場各方機構保持良好關係，持續維持合理的財務 成本，為禹洲地產未來的高速增長注入強勁動力， 並為千億目標保駕護航。

禹洲地產始終將住宅產品的升級更新放在首要位 置，以順應市場需求。在產品創新上，2018年禹洲 將繼續深化並推廣三大產品體系，即瞄準了高端 改善人群的「雍禧系」、改善型人群的「朗廷系」和 以及首次購房者需求的「嘉譽系」。過去一年中，三 大產品系已在上海、南京、杭州多個城市項目中 落地推廣。未來，集團將進一步明確產品標準化 運營體系，集中採購招標，提高開發速度和效率， 縮短項目開發週期，大幅度提高周轉率，從而大 幅度提高投資回報率。

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APPENDIX II

To retain outstanding and competent staff, the Group will continue to upgrade its management and process systems in line with its strategic target of RMB100 billion contracted sales. By constantly updating its ongoing development plan, the Group will optimize its management positioning, powers and duties between the headquarters and the subsidiaries in various cities and establish a benefit-sharing mechanism to provide organizational and human resources support for its rapid future business expansion in the future.

As always, we place emphasis on corporate social responsibility, with a commitment to the concept of “From the Community, For the Community” and to striking a balance between the three “carriages”, namely, business scale, profit and risk control. Taking the long-term practical interests of shareholders as our top priority, and under the guidance of the new spirit of “Integration, Development and Innovation”, we will expand our strengths and strive to attain the RMB100 billion contracted sales target as early as possible.

人才儲備方面，為匹配公司的千億目標戰略，集 團將繼續在發展升級的管理制度及流程體系，根 據公司不斷發展的新情況，優化集團總部與各城 市公司之間的管理定位及權責介面，建立利益共 用機制，為集團未來業務的快速擴張提供組織保 障及人才驅動力。

我們一如既往的重視企業社會責任，秉承「取諸社 會，用諸社會」的理念，秉持「規模」、「利潤」及「風 險控制」三駕馬車共同驅動的原則，以股東的長久 實際利益為最高出發點，在「融合、發展、創新」新 精神指導下，發揮自身優勢，力爭早日實現千億 目標！

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APPENDIX II

FOR SIX MONTHS ENDED 30 JUNE 2018

MARKET AND BUSINESS REVIEW

In the first half of 2018, the Gross Domestic Product (“GDP”) of China grew by 6.8% year-on-year. China’s national economy maintained its development momentum of improvement while ensuring stability overall, with significant results achieved in its transformation and upgrade, and accelerated growth of new driving forces. China continued to build a system featuring a combination of long- and short-term regulations after entering a new phase of “overall and differentiated regulation” in respect of real estate regulatory policies. The Central Government has made it clear that regulation should be reinforced by, on one hand, continuously suppressing irrational demands, and on the other hand, focusing on the adjustment to mid- and long-term supply structures. In March, it was further emphasized in the government report of the National People’s Congress and the Chinese People’s Political Consultative Conference that “Houses are for living instead of speculation”, and differentiated regulation was continuously implemented. In May, the Ministry of Housing and Urban-Rural Development issued a notice restating that real estate

市場及業務回顧

2018 上半年，中國國內生產總值 （「GDP」）同比增長6.8%，國民經濟延續 總體穩中向好的發展態勢，轉型升級成效 明顯，新動能加快成長。中國房地產政策 調控進入了「全面調控、差異化調控」的新 階段，繼續構建長短期調控結合的制度體 系。中央明確表態調控不放鬆，一方面繼 續積極抑制非理性需求，另一方面重點 調整中長期供給結構。3月，兩會政府工 作報告進一步強調「房子是用來住的、不 是用來炒的」，繼續實行差別化調控。5 月，住建部印發通知，從住房發展規劃、 住房和土地供應、資金管控等方面重申堅 持房地產調控不放鬆。地方房地產政策調

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APPENDIX II

regulation should be reinforced in respect of development plan for houses, housing and land supply, funds management, etc. Local real estate regulatory policies were extensively introduced with equal stresses on enhancement and coverage expansion. Meanwhile, the “talents quest” has been growing more intense. In fact, house purchase restriction has been eased with many fiscal subsidies on rental, house purchase, etc.

In respect of land market, in the first half of 2018, the first-tier cities and popular second-tier cities continued to see tight supply. Nevertheless, with continuous effort to increase the land supply in the third- and fourth-tier cities, the overall transaction scale in the market saw a significant increase year-on-year.

In respect of monetary policy, the keynote remained stable and neutral. The Central Government has reiterated that more emphasis should be placed on preventing and resolving financial risks. Given the increasingly stringent supervision of shadow banking coupled with the introduction of new regulations on asset management since the beginning of the year, it would be more difficult for companies to seek refinancing. It is expected that an increasing number of small-sized real estate enterprises will encounter financing difficulties under such an environment, while the medium- and large-sized ones will enjoy incomparable advantages due to their diversified financing channels and sound credit ratings. This will further increase the industry concentration.

控強化與擴圍並存，政策密集出台。與此 同時，「搶人大戰」愈演愈烈，事實上鬆綁 限購，還有租賃、購房等多項財政補貼。

土地市場方面，2018上半年，一線城市 及部分熱點二線城市的供應持續縮緊，但 在三四線城市的土地供應持續發力推動 下，土地市場整體的成交規模同比依舊顯 著上漲。

貨幣政策方面，穩健中性的主基調未變， 中央多次表態，將防範化解金融風險工作 提到更高層次。年初以來，影子銀行監管 趨嚴、資管新規出爐，再融資難度增加， 預期未來會有越來越多的小房企將陷入融 資困境，而大中型企業受益於多元化的融 資管道及良好的信貸評級，將具有難以比 擬的優勢，從而導致行業集中度進一步提 升。

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In respect of industry performance, total investment in real estate development across the country amounted to RMB5,553.1 billion, representing an increase of 9.7% in nominal terms year-onyear, of which the investment in residential property amounted to RMB3,899.0 billion, representing an increase of 13.6% yearon-year and accounting for 70.2% of the total investment in real estate development. The newly-started property covered an area of 958.17 million sq.m., up by 11.8% year-on-year, of which the newly-started residential property occupied an area of 706.11 million sq.m., up by 15.0% year-on-year. The total area of completed housing was 371.31 million sq.m., down by 10.6% year-on-year, of which the area of completed residential property was 259.62 million sq.m., down by 12.8% year-on-year. The total area of commodity housing sold was 771.43 million sq.m., up by 3.3% year-on-year, of which the area of residential property sold increased by 3.2% year-on-year. The residential sales revenue increased by 14.8% year-on-year.

During the Period, Yuzhou Properties has been keeping in step with the policy trend, keeping abreast of the market sentiment, securing land at attractive value and capturing the window period for financing, thereby achieving remarkable results throughout the cycle.

Overall Performance

During the Period, revenue of the Group was RMB9,242.62 million, representing an increase of 27.54% as compared to the corresponding period last year of RMB7,246.75 million. Gross profit was RMB2,914.09 million, representing an increase of 22.03% year-on-year. Gross profit margin was 31.53%, remaining at a relatively high level in the industry. Profit attributable to the owners of the parent increased by 69.33% year-on-year from RMB785.57 million in the first half of 2017 to RMB1,330.23 million in the first half of 2018. Core profit attributable to the owners of the parent increased by 25.90% year-on-year to RMB1,158.06 million. Core earnings per share were RMB27.67 cents, up by 14.86% year-on-year. Basic earnings per share were RMB30.55 cents, representing an increase of 48.52% as compared to RMB20.57 cents for the corresponding period in 2017.

行業表現方面，全國房地產開發投資為人 民幣55,531億元，同比名義增長9.7%。 其中，住宅投資達人民幣38,990億元， 同比增長13.6%。住宅投資佔房地產開發 投資的比重為70.2%。房屋新開工面積 95,817萬平方米，同比增長11.8%。其 中，住宅新開工面積70,611萬平方米， 同比增長15.0%。房屋竣工面積37,131 萬平方米，同比下降10.6%。其中，住 宅竣工面積25,962萬平方米，同比下降 12.8%。商品房銷售面積77,143萬平方 米，同比增長3.3%。其中，住宅銷售面 積同比增長3.2%，住宅銷售額同比增長 14.8%。

期內，禹洲地產一如既往地與政策相向而 行，把握市場脈搏，搶佔價值窪地，爭取 融資窗口，從而贏得穿越週期的優良表 現。

整體表現

期內，本集團的收入為人民幣92億4,262 萬元，較2017年同期的人民幣72億4,675 萬元，同比上升 27.54% 。毛利為人民 幣29億1,409萬元，較2017年同期上升 22.03%，毛利率為31.53%，仍維持在 行業較高水平。母公司擁有人應佔利潤 由2017上半年的人民幣7億8,557萬元， 同比上升 69.33% 至 2018 年上半年的人 民幣13億3,023萬元。母公司擁有人應佔 核心利潤同比上升25.90%至人民幣11億 5,806萬元。每股核心利潤為人民幣27.67 分，同比上升14.86%。每股基本盈利為 人民幣30.55分，較2017年同期的人民幣 20.57分上升48.52%。

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APPENDIX II

Sale of Properties

During the Period, the Group’s revenue of property sales increased by 27.32% year-on-year to RMB8,972.99 million, accounting for 97.08% of the total revenue of the Group. The Group delivered an aggregate gross floor area (“GFA”) of approximately 691,667 sq.m., an increase of 9.96% year-on-year. The increase of revenue from property sales was mainly attributable to the growth of delivered areas and higher average selling price in the Period. The average selling price of the properties delivered and recognized as property sales in the first half of 2018 was RMB12,574 per sq.m., an increase of 12.23% year-on-year. The increase is mainly attributable to an increase in delivery of GFA of projects in the Yangtze River Delta Region, especially in Shanghai and Nanjing during the Period, which has a higher average selling price than other cities.

As for geographic distribution, metropolitan areas including the Yangtze River Delta Region, West Strait Economic Zone, Bohai Rim Region and the Bay Area contributed 63.46%, 24.10%, 11.62% and 0.82% to recognized revenue respectively. The Group believes that it will further implement the strategy of nationwide cultivation in the future and facilitate simultaneous development of various regions. The diverse streams of revenue can cushion the impacts brought about by industrial regulatory policies, leading to a sustainable and balanced development of the Group.

物業銷售

期內，本集團的物業銷售收入達人民幣 89億7,299萬元，同比上升27.32%，佔 集團總收入的 97.08% 。交付的物業總 建築面積約為 691,667 平方米，同比上 升9.96%，物業銷售收入上升主要是由 於期內物業交付面積增加和平均售價上 升所致。2018上半年交付及確認銷售的 物業平均銷售價格，為每平方米人民幣 12,574元，同比上升12.23%，主要由於 長三角地區（尤其是上海及南京）於期內交 付之建築面積增多，而這些物業的銷售均 價相對於其他城市物業較高所致。

在區域分佈上，長三角、海西、環渤海、 粵港澳大灣區都市圈分別貢獻確認銷售 金額的 63.46% 、 24.10% 、 11.62% 及 0.82%。集團相信未來全國深耕的戰略將 進一步深化，多區域並行發展。收入來源 城市更加多元可緩衝行業調控政策帶來的 影響，且有助於本集團的可持續及均衡發 展。

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APPENDIX II

The recognized sales and area sold of each project in the first half of 2018 are set out in the following table:

下表載列各項目於2018上半年的確認銷 售金額及面積：

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Average
Saleable Selling Price
Name of Project City Amount GFA (after tax)
可供銷售的 稅後
項目名稱 城市 金額 建築面積 平均售價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣╱
（人民幣千元） （平方米） 平方米）
West Strait Economic Zone 海西經濟區
Yuzhou Riverside City Town 禹洲 • 溪堤尚城 Xiamen 廈門 425,457 34,440 12,354
Yuzhou Golf 禹洲 • 高爾夫 Xiamen 廈門 293,939 10,544 27,877
Chunjiang Central 春江酈城 Xiamen 廈門 97,472 8,140 11,974
Yuzhou Lucca Town 禹洲 • 盧卡小鎮 Xiamen 廈門 175,526 7,889 22,249
Yuzhou Gushan No.One 禹洲 • 鼓山一號 Fuzhou 福州 96,052 5,628 17,067
Yuzhou Oriental Venice 禹洲 • 東方威尼斯 Fuzhou 福州 526,348 27,707 18,997
Yuzhou Cambridge Town 禹洲 • 劍橋學苑 Fuzhou 福州 50,017 5,937 8,425
Yuzhou City Plaza 禹洲城市廣場 Quanzhou 泉州 298,767 52,676 5,672
Yuzhou Castle above City 禹洲 • 城上城 Longyan 龍岩 81,195 25,928 3,132
Others 其他 Xiamen 廈門 51,509 8,168 6,306
Sub-total 小計 2,096,282 187,057 11,207
Yangtze River Delta Region 長三角區域
Yuzhou Bustling Center 禹洲 • 老城里 Shanghai 上海 165,631 5,248 31,561
Yuzhou City Plaza 禹洲城市廣場 Shanghai 上海 80,146 6,695 11,971
Yuzhou Beautiful Garden Life 禹洲 • 丁香里 Shanghai 上海 1,372,434 48,667 28,201
Yuzhou Skyline 禹洲 • 天境 Hefei 合肥 2,796 317 8,820
Yuzhou Jade Lakeshire 禹洲 • 翡翠湖郡 Hefei 合肥 3,742 249 15,058
Yuzhou Royal Seal 禹洲 • 天璽 Hefei 合肥 1,119,519 106,165 10,545
Yuzhou Central Plaza 禹洲 • 中央廣場 Hefei 合肥 43,614 3,494 12,483
Yuzhou Central Town 禹洲 • 中央城 Hefei 合肥 1,973,056 162,844 12,116
Yuzhou The Jiqing 禹洲 • 吉慶里 Nanjing 南京 10,824 437 24,769
Yuzhou Moon Riverside 禹洲 • 映月溪山 Nanjing 南京 730,504 32,540 22,449
Yuzhou Prince Lakeshire 禹洲 • 龍子湖郡 Bengbu 蚌埠 16,705 7,457 2,240
Sub-total 小計 5,518,971 374,113 14,752
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APPENDIX II

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Average
Saleable Selling Price
Name of Project City Amount GFA (after tax)
可供銷售的 稅後
項目名稱 城市 金額 建築面積 平均售價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣╱
（人民幣千元） （平方米） 平方米）
Bohai Rim Region 環渤海區域
Yuzhou Palace Mansion 禹洲 • 尊府 Tianjin 天津 882,889 109,556 8,059
Yuzhou Royal Lakeshire 禹洲 • 御湖郡 Tianjin 天津 127,682 13,805 9,249
Sub-total 小計 1,010,571 123,361 8,192
Guangdong-Hong Kong-Macao 粵港澳大灣區
Big Bay Area
Yuzhou Wujing The Scenery 禹洲 • 五經山水大觀 Huizhou 惠州 71,493 7,136 10,019
Sub-total 小計 71,493 7,136 10,019
Total sales recognized at 確認於某時點的
a point of time 銷售總計 8,697,317 691,667 12,574
Total sales recognized over time 確認於一段時間的銷售總計 275,670
Total sales of properties recognized 已確認物業銷售總計 8,972,987
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APPENDIX II

The recognized sales and area sold of each project in the first half of 2017 are set out in the following table:

下表載列各項目於2017上半年的確認銷 售金額及面積：

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Average
Saleable Selling Price
Name of Project City Amount GFA (after tax)
可供銷售的 稅後
項目名稱 城市 金額 建築面積 平均售價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣╱
（人民幣千元） （平方米） 平方米）
West Strait Economic Zone 海西經濟區
Yuzhou Riverside City Town 禹洲 • 溪堤尚城 Xiamen 廈門 146,614 12,684 11,559
Chunjiang Central 春江酈城 Xiamen 廈門 40,545 2,124 19,089
Yuzhou Lucca Town 禹洲 • 盧卡小鎮 Xiamen 廈門 94,258 2,870 32,843
Yuzhou Gushan No. One 禹洲 • 鼓山一號 Fuzhou 福州 23,774 1,407 16,897
Yuzhou Oriental Venice 禹洲 • 東方威尼斯 Fuzhou 福州 650,017 45,121 14,406
Yuzhou City Plaza 禹洲城市廣場 Quanzhou 泉州 242,773 42,337 5,734
Yuzhou Castle above City 禹洲 • 城上城 Longyan 龍岩 1,110,404 193,018 5,753
Others 其他 Xiamen 廈門 31,099 2,759 11,272
Sub-total 小計 2,339,484 302,320 7,738
Yangtze River Delta Region 長三角區域
Yuzhou Bustling Center 禹洲 • 老城里 Shanghai 上海 2,986,874 108,464 27,538
Yuzhou City Plaza 禹洲城市廣場 Shanghai 上海 306,846 22,983 13,351
Yuzhou Skyline 禹洲 • 天境 Hefei 合肥 15,393 3,448 4,464
Yuzhou Royal Seal 禹洲 • 天璽 Hefei 合肥 909,468 130,753 6,956
Yuzhou Central Plaza 禹洲 • 中央廣場 Hefei 合肥 358,098 36,271 9,873
Yuzhou Prince Lakeshire 禹洲 • 龍子湖郡 Bengbu 蚌埠 122,742 23,815 5,154
Sub-total 小計 4,699,421 325,734 14,427
Bohai Rim Region 環渤海區域
Yuzhou Palace Mansion 禹洲 • 尊府 Tianjin 天津 8,479 953 8,897
Sub-total 小計 8,479 953 8,897
Total 總計 7,047,384 629,007 11,204
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APPENDIX II

Contracted Sales

During the Period, the Group’s accumulated contracted sales amounted to RMB21,494.23 million. The contracted sales area amounted to 1,577,755 sq.m. and the contracted average selling price was approximately RMB13,623 per sq.m.. In addition, the accumulated sales of properties subscribed for but not contracted was approximately RMB290.23 million.

The Yangtze River Delta Region remained an important source of contracted sales of the Company in the first half of 2018. During the Period, the aggregate contracted sales achieved in Shanghai, Nanjing, Hefei, Suzhou, Hangzhou, Bengbu and Zhoushan amounted to RMB10,505.31 million, accounting for 48.88% of the Group’s total contracted sales.

In 2018, the Company marked its 14th year of entering the Shanghai market. Headquartered in Shanghai, the Group has benefited from the city in terms of funds, talents, management and cost control, to support its strategic development plans across the country. During the Period, contracted sales of RMB1,842.89 million were achieved in Shanghai, accounting for 8.57% of the Group’s total contracted sales. In 2018, Yuzhou Noble Mansion, a prime residential project in Fengxian District, Shanghai, hit a record of contracted sales of RMB1,222.92 million.

Since entering Nanjing for less than four years, Yuzhou has launched nine projects, creating the story of “in-depth cultivation” in this ancient capital city. In the first half of 2018, four projects were launched in Nanjing together, which contributed aggregate contracted sales of RMB2,446.38 million, accounting for 11.38% of the Group’s total contracted sales.

With more than a decade’s in-depth cultivation in Hefei, the Group continued to rank ahead among the peers in the Hefei market in the first half of 2018, with contracted sales of RMB1,576.88 million, accounting for 7.34% of the Group’s total contracted sales. Six residential projects were launched in Hefei, namely Yuzhou Central Plaza, Yuzhou Moon Lake Mansion, Yuzhou Royal Seal, Yuzhou Fragrance & Elegance Mansion (禹洲 • 香緹雅居), Yuzhou Central Town and Yuzhou Town. In the second half of 2018, the Company will launch several new residential projects in the Hefei market in an effort to further strengthen its brand awareness and underpin its leading market position.

合約銷售

期內，集團累積合約銷售金額為人民 幣 214 億 9,423 萬元。合約銷售面積為 1,577,755平方米，合約銷售均價約為每 平方米人民幣13,623元。另外，累計的 認購未簽約金額約為人民幣2億9,023萬 元。

2018上半年，長三角仍然是禹洲合約銷 售金額的重要「糧倉」。期內，上海、南 京、合肥、蘇州、杭州、蚌埠及舟山共 貢獻合約銷售金額達人民幣105億531萬 元，佔集團整體合約銷售金額的48.88%。

2018 年是禹洲進入上海市場的第十四 年。上海作為集團的總部，在資金、人 才、管理及成本控制各方面支持集團全國 佈局的戰略。期內，上海貢獻的合約銷售 金額達人民幣18億4,289萬元，佔總合約 銷售金額的8.57%。2018年，位於上海 奉賢區的優質住宅項目禹洲 • 雍賢府， 創下人民幣12億2,292萬元的合約銷售佳 績。

禹洲進入南京不到四年，連落九子，在金 陵古都創造了「進入一座城，深耕一座城」 的佳話。2018上半年，南京四盤聯動， 為集團貢獻了人民幣24億4,638萬元的合 約銷售金額，佔集團總體合約銷售金額的 11.38%。

集團深耕合肥十多年，2018上半年在合 肥市場繼續名列前茅，合約銷售金額達人 民幣15億7,688萬元，佔集團總合約銷售 金額的7.34%。禹洲 • 中央廣場、禹洲 • 平湖秋月、禹洲 • 天璽、禹洲 • 香緹雅 居、禹洲 • 中央城及禹洲城六盤聯動。 2018下半年，禹洲將在合肥市場推出數 個新盤，進一步強化品牌知名度，鞏固市 場領先地位。

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APPENDIX II

Since entering Suzhou at the end of 2016, the Group has rolled out eight projects along the “one horizontal and one vertical” development path for Suzhou in 14 months, with a land bank of over 1 million sq.m.. In the second half of 2018, Yuzhou will launch eight projects in Suzhou, which certainly will generate new growth for the Group’s performance in 2018.

In addition, Yuzhou Riverside Sapphire in Hangzhou recorded contracted sales of RMB1,661.84 million, accounting for 7.73% of the Group’s total contracted sales; the aggregate contracted sales of Yuzhou New Inner City and Yuzhou Prince Lakeshire in Bengbu amounted to RMB1,959.05 million, accounting for 9.11% of the Group’s total contracted sales.

The Group will continue forging ahead with determination to consolidate its leading position in the West Strait Economic Zone, the cradle of the Group. It achieved remarkable results in Xiamen, Fuzhou, Quanzhou, Zhangzhou and Longyan. The contracted sales amounted to RMB5,032.69 million in the West Strait Economic Zone, accounting for 23.41% of the Group’s total contracted sales.

Leveraging on our strong industry experience and outstanding quality, the Group has rapidly developed the markets in the metropolitan areas covering the Bohai Rim Region, with eight projects in eight years in Tianjin. We have constructed regional benchmarks, such as Yuzhou Palace Mansion and Yuzhou Royal Lakeshire, and tapped into Tanggu Bay New City, the most potential market in Binhai New District. Following the acquisition of the asset package from Coastal Greenland, we first entered Beijing and Shenyang, and further acquired quality land parcels in Beichen District, Tianjin. During the Period, Tianjin, Tangshan and Shenyang contributed aggregate contracted sales of over RMB3,510.30 million, accounting for 16.33% of the Group’s total contracted sales.

During the Period, Wuhan, the core city of Central China Region, has made its first contribution to the Group’s total contract sales. By acquisition of Silo City and Lingjiao Hu Project in the early of 2018, Wuhan recorded a contracted sales of RMB2,381.95 million, representing 11.08% of the Group’s total contracted sales. In the second half of 2018, Wuhan Taizihu Project, with favorable location and extensive types of property, including residential, commercial, apartment, conceptual hotel and ecooffice, will be launched grandly.

集團於 2016 年底首進蘇州，歷時 14 個 月，沿著蘇州「一橫一縱」的發展軌跡連落 八子，土地儲備超過100萬平方米。2018 下半年，集團將在蘇州八盤聯動，勢必將 為2018年業績貢獻新的增長點。

此外，杭州禹洲 • 濱之江單盤銷售達人民 幣16億6,184萬元，佔集團總合約銷售金 額的7.73%；蚌埠禹洲 • 新城里及禹洲 • 龍子湖郡，共貢獻合約銷售金額達人民幣 19億5,905萬元，佔集團總合約銷售金額 的9.11%。

海西區域作為禹洲的發源地，集團將繼續 銳意進取，鞏固其領先的市場地位。廈 門、福州、泉州、漳州及龍岩均錄得不俗 表現，海西區域合約銷售金額達人民幣 50億3,269萬元，佔集團整體合約銷售金 額的23.41%。

憑藉深厚的行業積澱和卓越品質，本集團 於環渤海都市圈迅速開疆拓土，進津八 年，八盤聯動。從禹洲 • 尊府、禹洲 • 御 湖郡等區域標杆著作，再佈局濱海，挺進 最具發展潛力的塘沽灣新城。通過收購沿 海綠色家園資產包項目，首次進入北京及 沈陽，並補充了天津北辰區的優質地塊。 期內，天津、唐山及沈陽共貢獻合約銷售 金額逾人民幣35億1,030萬元，佔集團總 合約銷售金額的16.33%。

期內，華中地區的核心城市武漢首次貢獻 合約銷售收入，憑藉年初收購的賽洛城 項目及菱角湖項目，錄得約人民幣23億 8,195萬元合約銷售金額，佔集團總合約 銷售金額的11.08%。2018下半年，武漢 太子湖項目將閃亮登場，其地理位置優 越，業態豐盛，囊括住宅、商街、公寓、 概念酒店、生態辦公等。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in the first half of 2018 are set out in the following table:

下表載列各個項目於2018上半年的合約 銷售金額及面積：

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Total
Amount of GFA of Average
Contracted Contracted Contracted
Project City Sales Sales Selling Price
總合約 合約銷售 合約銷售
項目 城市 銷售金額 面積 均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣千元） （平方米）（元╱平方米）
West Strait Economic Zone 海西經濟區
Yuzhou Central Coast 禹洲 • 中央海岸 Xiamen 廈門 46,065 3,042 15,143
Yuzhou Riverside City Town 禹洲 • 溪堤尚城 Xiamen 廈門 270,324 14,242 18,981
Haicang Dream Town 海滄萬科城 Xiamen 廈門 84,740 3,274 25,883
Yuzhou Lucca Town 禹洲 • 盧卡小鎮 Xiamen 廈門 48,684 1,808 26,927
Chunjiang Central 春江酈城 Xiamen 廈門 81,060 3,690 21,967
Yuzhou Gushan No.One 禹洲 • 鼓山一號 Fuzhou 福州 187,550 7,545 24,858
Yuzhou Oriental Venice 禹洲 • 東方威尼斯 Fuzhou 福州 480,112 27,419 17,510
Yuzhou Cambridge Town 禹洲 • 劍橋學苑 Fuzhou 福州 23,518 1,441 16,321
Yuzhou Radiance Central Mansion 禹洲 • 金輝里 Fuzhou 福州 786,884 25,679 30,643
Yuzhou Royale Riverside Mansion 禹洲 • 御江府 Fuzhou 福州 35,000 1,413 24,770
Yuzhou City Plaza 禹洲城市廣場 Quanzhou 泉州 1,960,691 236,591 8,287
Yuzhou Castle above City 禹洲 • 城上城 Longyan 龍岩 666,364 103,347 6,448
Yuzhou Royale The Bay 禹洲 • 雍禧瀾灣 Zhangzhou 漳州 63,821 1,821 35,047
Others 其他 Xiamen 廈門 297,880 10,109 29,467
Sub-total 小計 5,032,693 441,421 11,401
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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Total
Amount of GFA of Average
Contracted Contracted Contracted
Project City Sales Sales Selling Price
總合約 合約銷售 合約銷售
項目 城市 銷售金額 面積 均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣千元） （平方米）（元╱平方米）
Yangtze River Region 長三角區域
Yuzhou City Plaza 禹洲城市廣場 Shanghai 上海 7,500 621 12,077
Yuzhou Beautiful Garden Life 禹洲 • 丁香里 Shanghai 上海 118,977 3,804 31,277
Yuzhou Noble Mansion 禹洲 • 雍賢府 Shanghai 上海 1,222,920 31,864 38,379
Yuzhou Mansion 禹洲府 Shanghai 上海 90,000 1,983 45,386
Yuzhou Dongtan Grace Mansion 禹洲 • 東灘雍禧 Shanghai 上海 132,467 3,669 36,104
Yuzhou The Bustling Center 禹洲 • 老城里 Shanghai 上海 271,024 8,572 31,617
Yuzhou Central Plaza 禹洲 • 中央廣場 Hefei 合肥 590,333 56,549 10,439
Yuzhou Central Town 禹洲 • 中央城 Hefei 合肥 558,096 47,321 11,794
Yuzhou Fragrance & Elegance 禹洲 • 香緹雅居 Hefei 合肥
Mansion 91,645 7,059 12,983
Yuzhou Moon Lake Mansion 禹洲 • 平湖秋月 Hefei 合肥 270,061 16,140 16,732
Yuzhou Royal Seal 禹洲 • 天璽 Hefei 合肥 30,393 3,443 8,827
Languang Yuzhou Town 藍光禹洲城 Hefei 合肥 36,347 3,975 9,144
Yuzhou The Jiqing 禹洲 • 吉慶里 Nanjing 南京 99,212 2,845 34,872
Redsun Yuzhou The Times 弘陽禹洲時光印象 Nanjing 南京 93,300 7,051 13,232
Redsun Yuzhou The Spring 弘陽禹洲時光春曉 Nanjing 南京 647,393 27,990 23,129
Yuzhou Hechang Golden East 禹洲 • 和昌金域東方 Nanjing 南京 1,606,480 70,704 22,721
Yuzhou Riverside Sapphire 禹洲 • 濱之江 Hangzhou 杭州 1,661,839 54,946 30,245
Yuzhou Majestic Mansion 禹洲 • 金宸府 Zhoushan 舟山 207,762 11,873 17,499
Yuzhou Zhaoshang The Absolute 禹洲 • 招商拾鯉花園 Suzhou 蘇州 810,505 56,561 14,330
Yuzhou Prince Lakeshire 禹洲 • 龍子湖郡 Bengbu 蚌埠 601,693 75,756 7,943
Yuzhou New Inner City 禹洲 • 新城里 Bengbu 蚌埠 1,357,359 183,377 7,402
Subtotal 小計 10,505,306 676,103 15,538
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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Total
Amount of GFA of Average
Contracted Contracted Contracted
Project City Sales Sales Selling Price
總合約 合約銷售 合約銷售
項目 城市 銷售金額 面積 均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣千元） （平方米）（元╱平方米）
Central China Region 華中區域
Coastal Silo City 沿海賽洛城 Wuhan 武漢 1,310,200 106,614 12,289
Coastal Lingjiao River No. One 沿海菱角湖一號 Wuhan 武漢 1,071,750 43,570 24,598
Subtotal 小計 2,381,950 150,184 15,860
Guangdong-Hong Kong-Macao 粵港澳大灣區
Big Bay Area
Yuzhou Wujing The Scenery 禹洲 • 五經山水大觀 Huizhou 惠州 63,974 5,805 11,020
Subtotal 小計 63,974 5,805 11,020
Bohai Rim Region 環渤海區域
Yuzhou Lianfa Red Shire 禹洲 • 聯發紅郡 Tianjin 天津 539,344 25,898 20,826
Yuzhou Joy Mansion 禹洲 • 悅府 Tianjin 天津 601,596 48,967 12,286
Yuzhou Fengnan New Town 禹洲 • 豐南新城 Tangshan 唐山 1,500,921 154,586 9,709
Shenyang Yuzhou Plaza 瀋陽禹洲廣場 Shenyang 沈陽 868,442 74,791 11,612
Subtotal 小計 3,510,303 304,242 11,538
Total 總計 21,494,226 1,577,755 13,623
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

The contracted sales and GFA sold of each project in the first half of 2017 are set out in the following table:

下表載列各個項目於2017上半年的合約 銷售金額及面積：

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Amount of GFA of Average
Contracted Contracted Contracted
Name of Project City Sales Sales Selling Price
項目名稱 城市 合約銷售金額 合約銷售面積 合約銷售均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣╱
（人民幣千元） （平方米） 平方米）
West Strait Economic Zone 海西經濟區
Yuzhou Central Coast 禹洲 • 中央海岸 Xiamen 廈門 96,659 5,191 18,620
Yuzhou Riverside City Town 禹洲 • 溪堤尚城 Xiamen 廈門 2,001,882 103,134 19,410
Haicang Dream Town 海滄萬科城 Xiamen 廈門 849,404 38,446 22,093
Yuzhou Lucca Town 禹洲 • 盧卡小鎮 Xiamen 廈門 1,234,523 40,713 30,323
Chunjiang Central 春江酈城 Xiamen 廈門 1,506,620 51,080 29,495
Yuzhou Gushan No.One 禹洲 • 鼓山一號 Fuzhou 福州 74,330 3,189 23,308
Yuzhou Oriental Venice 禹洲 • 東方威尼斯 Fuzhou 福州 978,453 55,300 17,694
Yuzhou Cambridge Town 禹洲 • 劍橋學苑 Fuzhou 福州 69,734 6,718 10,380
Yuzhou Radiance Central Mansion 禹洲 • 金輝里 Fuzhou 福州 352,982 12,513 28,209
Yuzhou City Plaza 禹洲城市廣場 Quanzhou 泉州 697,405 114,245 6,104
Yuzhou Castle above City 禹洲 • 城上城 Longyan 龍岩 78,586 9,003 8,729
Others 其他 Xiamen 廈門 247,022 10,754 22,970
Sub-total 小計 8,187,600 450,286 18,183
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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----- Start of picture text -----

Amount of GFA of Average
Contracted Contracted Contracted
Name of Project City Sales Sales Selling Price
項目名稱 城市 合約銷售金額 合約銷售面積 合約銷售均價
(RMB’000) (sq.m.) (RMB/sq.m.)
（人民幣╱
（人民幣千元） （平方米） 平方米）
Yangtze River Delta Region 長三角區域
Yuzhou City Plaza 禹洲城市廣場 Shanghai 上海 337,568 20,161 16,744
Yuzhou Commercial Plaza 禹洲商業廣場 Shanghai 上海 93,950 6,035 15,568
Yuzhou Bustling Center 禹洲 • 老城里 Shanghai 上海 109,960 2,766 39,754
Yuzhou Beautiful Garden Life 禹洲 • 丁香里 Shanghai 上海 886,277 28,147 31,487
Yuzhou Noble Mansion 禹洲 • 雍賢府 Shanghai 上海 1,162,511 35,000 33,215
Yuzhou Mansion 禹洲府 Shanghai 上海 313,056 6,822 45,889
Yuzhou Central Plaza 禹洲 • 中央廣場 Hefei 合肥 552,436 56,338 9,806
Yuzhou Town 禹洲城 Hefei 合肥 46,309 4,196 11,036
Yuzhou Royal Seal 禹洲 • 天璽 Hefei 合肥 1,822,465 175,151 10,405
Yuzhou Central Town 禹洲 • 中央城 Hefei 合肥 872,894 59,676 14,627
Yuzhou The Jiqing 禹洲 • 吉慶里 Nanjing 南京 1,005,778 28,305 35,534
Yuzhou Lakeside 禹洲 • 濱湖里 Nanjing 南京 1,137,944 94,594 12,030
Yuzhou Moon Riverside 禹洲 • 映月溪山 Nanjing 南京 660,631 25,681 25,725
Yuzhou King’s Garden 禹洲 • 金陵銘著 Nanjing 南京 1,861,176 61,454 30,286
Yuzhou Riverside Sapphire 禹洲 • 濱之江 Hangzhou 杭州 635,660 22,645 28,071
Yuzhou Prince Lakeshire 禹洲 • 龍子湖郡 Bengbu 蚌埠 667,497 119,576 5,582
Sub-total 小計 12,166,112 746,547 16,297
Bohai Rim Region 環渤區域
Yuzhou Palace Mansion 禹洲 • 尊府 Tianjin 天津 291,992 31,283 9,334
Yuzhou Royal Lakeshire 禹洲 • 御湖郡 Tianjin 天津 280,770 28,565 9,829
Yuzhou Lianfa Red Shire 禹洲 • 聯發紅郡 Tianjin 天津 560,960 26,610 21,081
Sub-total 小計 1,133,722 86,458 13,113
Total 總計 21,487,434 1,283,291 16,744
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Investment Properties

During the Period, total income from investment properties of the Group was approximately RMB102.19 million, representing an increase of approximately 42.58% year-on-year, mainly due to the rise in rental area and rental rate of the properties.

物業投資

報告期內，本集團來自物業投資的收入 約為人民幣 1 億 219 萬元，同比增長約 42.58%，主要由於相關物業出租面積及 租金單價上升所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

At present, Yuzhou Commercial Company has 27 projects in preparation or operation in Shanghai, Xiamen, Hefei, Quanzhou, Nanjing, Wuhan, Hangzhou, etc., with a total commercial area of more than 2 million sq.m.. Supported by a professional management team with 534 talents, it has a variety of commercial offerings covering shopping malls, office buildings and street malls.

Adhering to the operating philosophy of “refined system, regulated management, procedural operation and friendly service”, Yuzhou Commercial Company continues carrying out original and enriched corporate activities to drive the sales of the entire shopping mall while ensuring comfortable and premium experience for its consumers with an improved shopping environment and more reasonable and complete product offerings.

Furthermore, Yuzhou Commercial Company will make bold forays into long-term rental apartments, shared-offices and other sectors, and combine with the features of specific project for rational deployment, to generate greater commercial effects; and aim at innovating in diversified business management models through provision of external commercial management services and conducting of light-asset management for some projects.

Hotel Operation

Hotel operation, as one of the Group’s business arms, helps broaden the Group’s revenue streams, enrich its commercial offerings and shape a sound brand image. During the Period, Yuzhou Camelon Hotel Apartment located at core area of Huli District, Xiamen posted an occupancy rate of 79.44% and recorded a revenue of RMB8.64 million, representing a decrease of 2.63% year-on-year. It is still ranking ahead among the four-star and five-star hotels in Xiamen in terms of customer satisfaction on tourism websites. Yuzhou Wyndham Grand Plaza Royale Hotel and Howard Johnson Jinghope Serviced Residence in Wuyuan Bay of Xiamen as well as hotels in Tong’an District of Xiamen and Hui’an District of Quanzhou are still in construction.

Property Management

During the Period, the Group’s property management companies received RMB158.31 million from property management fees, representing an increase of 35.18% year-on-year. Driven by an increase in the delivered property area, we managed a total GFA of approximately 12 million sq.m. in the Mainland of China as at 30 June 2018, and served approximately 100,000 owners across the country.

目前，禹洲商業在上海、廈門、合肥、泉 州、南京、武漢、杭州等地，籌備運營共 有27個項目，打造商業面積超過200萬平 方米，擁有專業的商管團隊534人，商業 產品覆蓋了購物中心、寫字樓、街區商業 等多種業態。

秉承「制度健全化、管理規範化、運營流 程化、服務親善化」的經營理念，禹洲商 業除了以更加完善的購物環境和更為合理 齊備的購物業態為顧客提供舒適、超值的 消費體驗外，也不斷提供原創的、豐富的 企劃活動來帶動整個商城的購物風味。

此外，禹洲商業還將在長租公寓、聯合辦 公等業態進行大膽嘗試，結合項目特點進 行合理佈局，產生更大的商業效益；同時 對外接受商業管理輸出和部分項目進行輕 資產管理，爭取在商業管理模式上多樣化 創新。

酒店營運

酒店營運為集團業務之一，有助擴大收 入來源、豐富集團業態及塑造優質的品 牌形象。期內位於廈門湖里中心區的禹 洲 • 嘉美倫酒店公寓入住率達79.44%， 收入為人民幣864萬元，較去年同期下降 2.63%，於旅遊網站之滿意度評分仍位居 廈門四五星級酒店前列。位於廈門五緣灣 的禹洲 • 溫德姆至尊豪廷大酒店及豪生行 政公寓、位於廈門同安區之酒店及泉州惠 安區之酒店正在興建。

物業管理

期內，本集團物業管理服務公司錄得物業 管理費收入為人民幣1億5,831萬元，較 去年同期增加35.18%。隨著集團已交付 物業面積增加，截至2018年6月30日，本 集團的物業管理服務公司於中國內地管理 的總建築面積約1,200萬平方米，合共服 務全國約10萬戶業主。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

At the beginning of 2018, Yuzhou Property Management launched the “Royal Service” luxury service system, which was themed with “Relax your mind by comfortable experience, enjoy the moment with our consistent service”, at all high-end project sites across the country. Such customer-oriented system aimed at offering memorable, comfortable, enjoyable and consistent onsite experience to privileged customers. Featured displays were made to enable customers experience the premium services of Yuzhou Property Management in advance. Royal Service was categorized into two major serials, namely Royal-Comfortable Service and Royal-Privileged Service, and was delivered in three forms including house keeper service, layer service and refined service. Yuzhou Property Management continued its services including 5-meter parking guidance, 1.5-meter smiles and salutes, reception once entering, drink offering in five minutes, responses within 60 seconds, etc. to deliver royal experience to its privileged customers.

Upholding the management concept of “Refinement, Professionalism, Integrity and Harmony” and the philosophy of “Customer First, Service Oriented”, Yuzhou Property Management proactively made continual improvements to its service and management systems by referring to leading industry standards, with a view to catering for, to the largest extent, the varied needs of owners. It constantly delivered mindful services, which won customers’ appreciation through our actions.

Product Lines and Design

The real estate industry has shifted to a product-oriented stage. Regulations of the real estate market and the rational consumption of consumers all pose certain requirements on real estate developers. In the first half of 2018, on the basis of its three-layer product line, namely Royale, Langham and Honor, the Group sorted out the competitive advantages of its product lines in four aspects including construction planning, landscape, fine decoration and smart mechanical and electrical products, with regard to four dimensions including comfort, health, intelligence and safety, which aimed at analyzing the needs of four customer groups, i.e. the single, the married with no kid, the married with kids, and the elites. It has completed the preliminary sorting of the value points of its three-layer product line, and developed the standardized modules for landscape, buildings and mechanical & electrical products with a simultaneous resource bank. Yuzhou will demonstrate its brand concept of “Building Cities with Heart, Building Homes with Love” by virtue of its sound strengths in products.

2018年初，禹洲物業首創以「馨體驗 • 心享受，尊享一刻 • 始終如一」為主題的 「御 • 服務」尊貴服務體系，落地全國各高 端案場。該體系以客戶為中心，致力於為 客戶打造值得回味的服務體驗，讓客戶在 案場體驗到溫馨、享受、尊貴、如一的服 務，通過特色展示，讓客戶提前感知禹洲 物業的優質服務。「御 • 服務」分為「御 • 馨享」、「御 • 尊享」兩大系列，管家服 務、圈層服務、精細服務三種形式。通過 持續輸出5米引導停車、1.5米微笑敬禮、 進門即接待、5分鐘奉送飲品、60秒服務 回應等動作，給客戶以皇家儀式般的尊貴 體驗。

禹洲物業始終堅持「精細、專業、誠信、 和諧」的管理理念，以「客戶至上，服務第 一」為宗旨，不斷改進和完善服務、管理 體系。參照行業內領先的標準積極予以改 進，以最大程度滿足業主的不同需求。持 續向客戶輸出走心服務，用行動贏得客戶 的口碑與讚譽。

產品線及設計

房地產行業已經邁向產品主義時期，地產 市場的規範以及消費者的理性消費觀等 都對房地產開發企業提出了一定要求。 2018上半年，集團按照雍禧、朗廷、嘉 譽三檔產品線，由建築規劃、景觀園林、 精裝家居、機電智慧四個方面，從舒適、 健康、智慧、安全四個維度對產品線競爭 優勢進行梳理，分析單身一族、成家立 業、家有兒女、社會精英四段不同人生旅 程的需求，完成三檔產品線價值點的初步 梳理，建立了景觀、建築、機電標準化模 組並同步建立了標準做法資源庫。禹洲將 憑藉愈發強大的產品實力，詮釋了「以誠 建城 • 以愛築家」的品牌理念。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Land Reserves

Adhering to its strategic deployment of “A Journey to 100 Billion with Nationwide Cultivation”, the Group follows up the market dynamics and extensively develops, with reasonable and attractive land costs, the six clusters of cities in the Yangtze River Delta, West Strait Economic Zone, Bohai Rim Region, the Bay Area, Central China Region and Southwest Region. In the meantime, fully leveraging on its strengths in merger and acquisition and by virtue of its outstanding brand reputation and industryleading profitability, the Group captures the boom of industry consolidation by looking for acquisition projects and seeking cooperation, so as to ensure a sufficient land bank for the Group.

On 15 January 2018, the Group and Coastal Greenland Limited entered into a sale and purchase agreement in relation to the proposed purchase of 7 projects, including 4 projects available for sale and 3 quality land parcels, from Coastal Group. The projects available for sale included Wuhan Lingjiao Hu Project, Wuhan Silo City Project, Shenyang Coastal International Center Project and Foshan Coastal Garden Project, while the quality land parcels included Tianjin Beichen Project, Shenyang Sujiatun Project and Beijing Beishi Project. The total consideration was approximately RMB3.8 billion, with an attributable saleable GFA of over 3.10 million sq.m. and attributable saleable resources of over RMB40 billion. Through this acquisition, Yuzhou Properties first entered Beijing, Foshan and Shenyang, and secured quality land parcels and projects in Tianjin, Wuhan and Shenyang, which further consolidated its position in the metropolitan areas covering Bohai Rim Region, the Bay Area and Central China Region, and meanwhile Yuzhou Properties also extended its footprint into the core area of Northeast China, speeding up its pace of profound national deployment, which facilitated the cross-regional development of Yuzhou. Furthermore, through this acquisition, the Company also secured rare investment properties, such as office buildings and shopping malls, in several core areas, among which there were three shopping centers at the prime locations of Beijing, Wuhan and Shenyang respectively, which could provide ongoing source of capital to the Group, increase its diversified revenue streams, and further enrich its product mix.

土地儲備

堅持「千億征程 • 全國深耕」的戰略部署， 追蹤市場動向，以合理並具有吸引力的地 價在長三角、海西、環渤海、粵港澳大灣 區、華中及西南這六大都市圈進行深耕佈 局。同時，充分發揮集團收併購的優勢， 藉助品牌美譽度和行業領先的利潤水平， 抓住行業整合的浪潮，積極收購與尋求合 作，以保證本集團的土地儲備維持充足水 平。

2018年1月15日，集團與沿海綠色家園有 限公司訂立買賣協議，擬購買沿海集團旗 下7個項目，其中4個為在售項目以及3塊 優質土地。在售項目為武漢菱角湖項目、 武漢賽洛城項目、瀋陽沿海國際中心項目 及佛山沿海馨庭項目；優質地塊包括天津 北辰項目、瀋陽蘇家屯項目及北京北實項 目。總代價約為人民幣38億元，權益可 售建築面積逾310萬平方米，權益貨值超 人民幣400億元。通過此次收購，禹洲地 產首次進入北京、佛山及瀋陽三城，並獲 取天津、武漢、瀋陽的優質地塊及項目， 進一步夯實環渤海都市圈、大灣區都市圈 及華中都市圈，首進東北核心區域，加速 全國縱深佈局，為禹洲跨地域的發展提供 路徑。同時，此次收購亦包含數個地處核 心區域的稀缺性投資物業，如辦公樓及商 場等，其中擁有3個分別位於北京、武漢 及瀋陽黃金地段的商業中心，可為集團提 供持續性現金流，增加多元化的收入來 源，進一步豐富禹洲的產品結構。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

On 8 May 2018, the Group and China Aerospace Construction Group duly entered into a cooperation agreement on Aerospace Smart Hi-Tech City in Chengde, pursuant to which both parties would conduct in-depth cooperation in respect of the research and development and application of the new aerospace technology leveraging the natural resources and geographical advantages of Shuangqiao District, Chengde, with an aim to jointly develop an “Aerospace Smart Hi-Tech City” integrating agriculture, industry, tourism and residence, with a site area of over 2.7 million sq.m..

2018年5月8日，集團與中國航天建設集 團正式簽定了承德航天智慧科技城合作協 議，雙方將依託承德雙橋區自然資源、地 理優勢，在新型航天科學技術研發和應用 的基礎上進行深入合作，共同打造集綜合 農業、產業、旅遊、居住為一體的「航天 智慧科技城」，項目佔地面積超過270萬 平方米。

As at 30 June 2018, the Group had land reserves amounting to approximately 17.25 million sq.m. of aggregate salable GFA, with 118 projects located in 25 cities in the six metropolitan areas; the average land cost was approximately RMB4,995 per sq.m.. The Group believes that its land reserves currently held and managed are sufficient for its development over the next three to four years.

截至2018年6月30日，本集團的土地儲備 總可供銷售建築面積約1,725萬平方米， 118個項目，分別分佈於六大都市圈共25 個城市，平均樓面成本約為每平方米人民 幣4,995元。本集團相信現在持有及管理 的土地儲備足夠本集團未來三至四年的發 展需求。

Saleable GFA of Land Reserves (sq.m.)

(As at 30 June 2018)

土地儲備的可供銷售建築面積（平方米） （於2018年6月30日）

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Number of
Region Projects Area
地區 項目數量 面積
(sq.m.)
（平方米）
West Strait Economic Zone 海西經濟區
Xiamen 廈門 27 1,222,263
Fuzhou 福州 5 373,088
Quanzhou 泉州 3 1,077,276
Longyan 龍岩 1 21,226
Zhangzhou 漳州 4 1,029,740
Sub-total 小計 40 3,723,593
Yangtze River Delta Region 長三角區域
Shanghai 上海 10 763,270
Nanjing 南京 13 1,428,403
Hangzhou 杭州 4 626,422
Suzhou 蘇州 9 1,365,417
Hefei 合肥 11 1,692,335
Bengbu 蚌埠 2 813,141
Bozhou 毫州 1 113,400
Yangzhou 揚州 1 174,100
Zhoushan 舟山 1 230,471
Sub-total 小計 52 7,206,959
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

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Number of
Region Projects Area
地區 項目數量 面積
(sq.m.)
（平方米）
Bohai Rim Region 環渤海區域
Tianjin 天津 8 1,470,044
Beijing 北京 1 39,000
Qingdao 青島 1 72,772
Tangshan 唐山 1 608,789
Shenyang 瀋陽 2 1,970,000
Sub-total 小計 13 4,160,605
Central China Region 華中區域
Wuhan 武漢 3 746,179
Zhengzhou 鄭州 1 258,370
Sub-total 小計 4 1,004,549
Guangdong-Hong Kong-Macao 粵港澳大灣區
Big Bay Area
Hong Kong 香港 1 2,214
Huizhou 惠州 4 449,297
Foshan 佛山 1 8,500
Sub-total 小計 6 460,011
Southwest Region 西南區域
Chongqing 重慶 3 692,463
Sub-total 小計 3 692,463
Total 總計 118 17,248,180
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During the Period, the Group successfully acquired 16 new quality parcels at an aggregate attributable reserve land premium of approximately RMB5,523.79 million by ways of bidding and auction for sale as well as merger and acquisition, providing an aggregate attributable GFA of over 1,216,690 sq.m. at an average land cost of RMB5,297 per sq.m..

期內，集團通過公開招拍掛以及收併購的 方式，斬獲16幅優質地塊，權益土地儲 備地價合共約人民幣55億2,379萬元，權 益歸屬總建築面積逾1,216,690平方米， 平均樓面價為人民幣5,297元╱平方米。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Particulars of these 16 new parcels of land as at 30 June 2018 are set out in the following table:

下表載列該16幅地塊於2018年6月30日 的詳情：

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The Group’s Total Attributable
Name of Project City interest GFA Consideration Consideration Land Cost
本集團 本集團
項目名稱 城市 權益佔比 總建築面積 總代價 應佔代價 土地成本
% (sq.m.) (RMB’000) (RMB’000) (RMB/sq.m.)
（人民幣╱
% （平方米）（人民幣千元）（人民幣千元） 平方米）
West Strait Economic Zone 海西經濟區
Quanzhou Nan’an Xiamei 2017P18 泉州南安霞美2017P18 Quanzhou 泉州 100% 52,419 161,000 161,000 3,071
Anxi Guanqiaozhen 2013-21 Project 安溪官橋鎮2013-21地塊 Quanzhou 泉州 100% 140,365 225,000 225,000 1,603
Fuzhou Gaoxin 2018-01 Project 福州高新2018-01項目 Fuzhou 福州 100% 58,491 559,080 559,080 9,558
Yangtze River Delta Region 長三角區域
Suzhou WG58 Project 蘇州WG58項目 Suzhou 蘇州 20% 76,466 1,032,290 206,458 13,500
Suzhou WG59 Project 蘇州WG59項目 Suzhou 蘇州 19% 201,774 2,753,940 523,249 13,649
Jinhua Puguo 2018-6 Project 金華浦國2018-6地塊 Hangzhou 杭州 34% 122,060 922,163 313,535 7,555
Nanjing Gaochun 2018G02-03 Project 南京高淳區2018G02-03項目 Nanjing 南京 20% 143,901 577,000 115,400 4,010
Nanjing Gaochun 2018G04-06 Project 南京高淳區2018G04-06項目 Nanjing 南京 49% 266,923 972,000 476,280 3,641
Jinhua Shuanglongnan Street Project 金華雙龍南街地塊 Hangzhou 杭州 49% 55,860 857,445 420,148 15,350
Guoyang GY2017-92 Project 渦陽GY2017-92地塊 Bozhou 亳州 50% 113,400 284,220 142,110 2,506
Southwest Economic Zone 西南區域
Chongqing Beibei Project 重慶北碚區項目 Chongqing 重慶 100% 250,970 1,290,000 1,290,000 5,140
Chongqing Bishan Project 重慶璧山項目 Chongqing 重慶 51% 53,816 72,500 36,975 1,347
Chongqing Liangjiang 18040 Project 重慶兩江18040號地 Chongqing 重慶 49% 387,677 1,589,480 778,845 4,100
Central China 華中區域
Xinxiang 2018-2 Project 新鄉市2018-2號地塊 Zhengzhou 鄭州 51% 258,370 326,000 166,260 1,262
GHM Bay Area 粵港澳大灣區
Huizhou GZK2018-1 Project 惠州GZK2018-1地塊 Huizhou 惠州 51% 15,775 37,590 19,171 2,383
Huizhou GZK2018-3 Project 惠州GZK2018-3地塊 Huizhou 惠州 51% 36,173 177,020 90,280 4,894
Total 總計 2,234,440 11,836,728 5,523,791 5,297
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Revenue

The revenue of the Group mainly derived from four business categories, including property sales, rental of investment properties, property management and hotel operation. For the six-month period ended 30 June 2018, the total revenue of the Group was a record high RMB9,242.62 million, up by 27.54% year-on-year. This was mainly due to an increase in recognized property sales revenue, driven by an increase in aggregate GFA of the properties delivered as well as an increase in the average selling price during the Period. Specifically, property sales revenue was approximately RMB8,972.99 million, up by 27.32% compared to the corresponding period last year, accounting for 97.08% of the total revenue; rental income from investment properties was approximately RMB102.19 million, up by 42.58% compared to the corresponding period last year; property management fee income was approximately RMB158.31 million, up by 35.18% compared to the corresponding period last year; and hotel operation income was approximately RMB8.64 million, down by 2.63% year-on-year.

Cost of Sales

The cost of sales of the Group mainly encompassed land cost, construction cost and capitalized interest. For the six-month period ended 30 June 2018, the cost of sales of the Group was RMB6,328.53 million, up by 30.25% from RMB4,858.77 million in the corresponding period in 2017. The increase in the cost of sales was mainly due to the increase in GFA of properties delivered during the Period.

Gross Profit and Gross Profit Margin

The gross profit of the Group was RMB2,914.09 million in the first half of 2018, an increase of 22.03% year-on-year. Gross profit margin was 31.53%, a slight decrease of 1.42 percentage points compared to the corresponding period last year. The decrease in gross profit margin was mainly due to changes in product mix delivered during the Period.

Fair Value Gain on Investment Properties

During the first half of 2018, the Group recorded a fair value gain on investment properties of RMB86.29 million (first half of 2017: RMB39.36 million), which was mainly attributable to the increase in fair value gain on investment properties located in Xiamen.

收入

本集團的收入主要來自物業銷售、投資物 業租金收入、物業管理收入及酒店運營業 務四大業務範疇。截至2018年6月30日止 六個月，本集團的總收入為人民幣92億 4,262萬元，較去年同期上升27.54%，創 歷史新高，主要原因是交付物業總建築面 積增加及平均銷售單價上升，令物業銷售 確認收入有所上升。其中，物業銷售收入 約為人民幣89億7,299萬元，較去年同期 上升27.32%，佔總收入的97.08%；投資 物業租金收入約為人民幣1億219萬元， 較去年同期上升42.58%；物業管理收入 約為人民幣1億5,831萬元，較去年同期 上升35.18%；酒店運營收入約為人民幣 864萬元，較去年同期下降2.63%。

銷售成本

銷售成本主要包括本集團的土地成本、建 築成本及資本化利息。截至2018年6月30 日止六個月，本集團的銷售成本為人民幣 63億2,853萬元，比2017年同期人民幣48 億5,877萬元上升30.25%。銷售成本上升 主要是隨著期內本集團交付的物業建築面 積增加所致。

毛利及毛利率

本集團2018上半年的毛利為人民幣29億 1,409萬元，同比上升22.03%。毛利率 為31.53%，與去年同期相比，輕微下降 1.42個百分點，主要是由於期內交付項目 的產品結構發生變化所致。

投資物業公允值收益

本集團於2018上半年錄得投資物業公允 值收益人民幣8,629萬元（2017上半年： 人民幣3,936萬元），主要是由於廈門的投 資物業的公允值收益增加所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Other Income and Gains

Other income and gains decreased by about 19.96% from approximately RMB102.71 million in the first half of 2017 to RMB82.21 million in the first half of 2018. The decrease in other income and gains was mainly due to a decline in bank interest income and rental income from properties held for sale.

Selling and Distribution Expenses

Selling and distribution expenses of the Group increased by 10.57% from approximately RMB175.64 million in the first half of 2017 to approximately RMB194.21 million in the first half of 2018, accounting for 0.90% (first half of 2017: 0.82%) of total contracted sales. With an effective cost control measures, the Group continued to invest in online marketing and expanded into more diversified marketing channels in the first half of 2018.

Administrative Expenses

Administrative expenses of the Group grew by 46.18% from approximately RMB202.94 million in the first half of 2017 to approximately RMB296.66 million in the first half of 2018, mainly due to the business expansion of the Group and the increase in number of staff, especially for several new cities the Group entered into during the Period. In the first half of 2018, the proportion of administrative expenses to total contracted sales was 1.38% (first half of 2017: 0.94%).

Other Expenses

Other expenses decreased by 29.15% from approximately RMB70.15 million in the first half of 2017 to approximately RMB49.70 million in the first half of 2018, which was mainly due to the decrease in realized and unrealized losses on derivative financial instruments of approximately RMB23.27 million (first half of 2017: RMB47.71 million) during the Period.

Finance Costs

Finance costs of the Group increased by 25.17% from approximately RMB224.12 million in the first half of 2017 to approximately RMB280.53 million in the first half of 2018. The increase was mainly due to the increase in the amount of total borrowings and change in capitalized interest during the Period.

其他收入及收益

其他收入及收益從2017上半年的約人民 幣1億271萬元，下降約19.96%至2018上 半年的人民幣8,221萬元。其他收入及收 益下降主要由於本集團的銀行利息收入及 持作銷售用途的物業之租金收入減少所 致。

銷售及分銷成本

本集團的銷售及分銷成本由2017上半年 的約人民幣1億7,564萬元，上升10.57% 至 2018 上半年的約人民幣 1 億 9,421 萬 元，佔合約銷售總額的0.90%（2017上半 年：0.82%）。本集團採納有效的成本控 制措施，並於2018上半年投放更多資源 於互聯網營銷及開拓更加多元化的銷售渠 道。

行政開支

本集團的行政開支由2017上半年約人民 幣2億294萬元，上升46.18%至2018上 半年約人民幣2億9,666萬元，主要由於 本集團的業務擴張及僱員人數的增加（尤 其是本集團期內數個新進入城市）。2018 上半年的行政開支佔總合約銷售之比為 1.38%（2017上半年：0.94%）。

其他開支

其他開支由2017上半年的約人民幣7,015 萬元，同比下降29.15%至2018上半年的 約人民幣4,970萬元。有關下降主要是由 於期內衍生金融工具引起的已實現及未實 現虧損減少，約人民幣2,327萬元（2017 上半年：人民幣4,771萬元）所致。

融資成本

本集團的融資成本由2017上半年約人民 幣2億2,412萬元，上升25.17%至2018上 半年約人民幣2億8,053萬元。融資成本 上升主要是由於本集團於期內總借貸金額 上升及資本化利息金額變化所致。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Share of Profits and Losses of Joint Ventures

Share of profits of joint ventures was approximately RMB403.14 million in the first half of 2018, compared with a share of losses of approximately RMB29.26 million in the first half of 2017. Share of profits of joint ventures for the six-month period ended 30 June 2018 includes gains on remeasurement of equity interests in joint ventures of approximately RMB386.98 million.

Income Tax

Income tax of the Group increased by 18.96% from approximately RMB1,065.32 million in the first half of 2017 to approximately RMB1,267.35 million in the first half of 2018. The increase in income tax was mainly due to the increase in revenue and profit during the Period.

Profit Attributable to Non-controlling Interests

For the six-month period ended 30 June 2018, the profit attributable to non-controlling interests increased by approximately RMB87.94 million to RMB60.42 million. The increase was mainly due to the share of profit arising from non-wholly-owned projects in Xiamen and Hefei, which delivered a portion of presold properties during the Period.

Profit Attributable to Owners of the Parent

Profit attributable to owners of the parent increased by 69.33% from approximately RMB785.57 million for the six-month period ended 30 June 2017 to approximately RMB1,330.23 million for the six-month period ended 30 June 2018, mainly due to the above mentioned factors. Core profit attributable to owners of the parent increased by 25.90% from approximately RMB919.83 million for the first half of 2017 to approximately RMB1,158.06 million for the first half of 2018.

應佔合營公司損益

應佔合營公司損益由2017上半年虧損約 人民幣2,926萬元增至2018上半年溢利約 人民幣4億314萬元。期內應佔合營公司 溢利包括合營公司權益重估增值約人民幣 3億8,698萬元。

所得稅

本集團的所得稅由2017上半年約人民幣 10億6,532萬元，上升18.96%至2018上 半年約人民幣12億6,735萬元。所得稅費 用上升主要由於期內收入及利潤增長所 致。

非控股權益應佔利潤

截至2018年6月30日止六個月，非控股權 益應佔利潤增加約人民幣8,794萬元至人 民幣6,042萬元。有關增加主要來自分佔 位於廈門及合肥的非全資擁有項目（該項 目於期內交付部分預售物業）產生的利潤。

母公司擁有人應佔利潤

截至2018年6月30日止六個月期間，母公 司擁有人應佔利潤約為人民幣13億3,023 萬元，較去年同期約人民幣7億8,557萬 元上升69.33%，主要由於以上提及因素 所致。2018上半年母公司擁有人應佔核 心利潤則約為人民幣11億5,806萬元，比 2017上半年的人民幣9億1,983萬元，上 升25.90%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Basic Earnings per Share and Core Earnings per Share

Core earnings per share is calculated by dividing the core profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the Period. The calculation of basic and core earnings per share are based on the following data:

每股基本盈利和每股核心盈利

每股核心盈利的計算方法為母公司擁有人 應佔核心利潤除以期內已發行普通股加權 平均數目。每股基本及核心盈利按以下資 料計算：

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Six-month period ended
截至下列日期止六個月期間
30 June 2018 30 June 2017
2018年6月30日 2017年6月30日
(RMB’000) (RMB’000)
人民幣千元 人民幣千元
Profit attributable to ordinary equity 母公司普通股權益持有人
holder of the parent 應佔利潤 1,330,229 785,570
Less: Fai r value gain of investment 減：除遞延稅後投資物業
properties, net of deferred tax 公允值收益 64,715 29,523
Less: Un realised fair value gain arising 減：由合營公司權益重估
from remeasurement of equity 引起的未實現的公允值收益
interests in joint ventures 213,559 –
Add: Fa ir value loss on derivative 加：衍生金融工具公允值虧損
financial instruments 16,307 47,705
Add: Re alised loss on derivative 加：衍生工具引起的已實現虧損
financial instruments 6,964 –
Add: Lo ss on deemed disposal of a 加：於失去控制權時視作
subsidiary upon loss of control 出售附屬公司的虧損 – 8,392
Add: Eq uity-settled share 加：以股權結算購股權開支
option expense 6,019 3,316
Add: Exchange loss 加：滙兌損失 76,819 –
Add: Lo ss on redemption of 加：贖回金融負債產生虧損
financial liabilities – 104,371
Core profit attributable to ordinary 母公司普通股權益
equity holder of the parent 持有人應佔核心利潤 1,158,064 919,831
Weighted average number of ordinary 已發行普通股加權平均數（以千計）
shares in issue (’000) 4,185,450 3,819,007
Basic earnings per share 每股基本盈利
(RMB cents per share) （每股人民幣分） 30.55 20.57
Core earnings per share 每股核心盈利
(RMB cents per share) （每股人民幣分） 27.67 24.09
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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Liquidity and Financial Resources

The Group adopts a prudent financial policy in an effort to balance the financial risk and reduce the finance costs. During the Period, the Group successfully issued three-year senior notes in an aggregate amount of US$375 million with a coupon rate of 6.375% in February 2018; in May 2018, the Group successfully issued the thee-year senior notes in an aggregate amount of US$200 million with a coupon rate of 7.9%. As at 30 June 2018, the Group recorded a weighted average finance cost of 6.52%.

流動資金及財務資源

本集團採用審慎的財務政策，致力於平 衡財務風險及降低資金成本。期內，本 集團於2018年2月成功發行總額為3.75 億美元的三年期優先票據，票面利率為 6.375%；於2018年5月，本集團成功發 行總額為2億美元的三年期優先票據，票 面利率為7.9%。於2018年6月30日，本 集團錄得加權平均融資成本為6.52%。

Details of new indebtedness

新債務詳情

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Public/ Carrying Coupon Credit Rating
Issuer Type Private Amount Maturity Rate (Fitch/S&P)
信貸評級
發行人 類別 公募/私募 賬面金額 到期情況 票面利率 （惠譽╱標普）
Yuzhou Properties
Company Limited Offshore senior notes Public US$375 million Three years 6.375% BB-/B+
禹洲地產股份有限公司 境外優先票據 公募 3.75億美元 三年
Yuzhou Properties
Company Limited Offshore senior notes Public UD$200 million Three years 7.9% BB-/B+
禹洲地產股份有限公司 境外優先票據 公募 2億美元 三年
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Credit Ratings

As of 30 June 2018, Moody’s maintained the Group’s issuer’s credit rating as “Ba3” (“Stable” outlook); Standard & Poor’s maintained the Group’s issuer’s credit rating as “BB-” (“Stable” outlook); Fitch maintained the Group’s issuer’s credit rating as “BB-” (“Stable” outlook).

信貸評級

截至2018年6月30日，穆迪維持本公司之 發行人評級為「Ba3」（展望「穩定」）；標準 普爾維持本公司之發行人評級為「BB-」（展 望「穩定」）；惠譽維持本公司之發行人評 級為「BB-（展望「穩定」）。」

Borrowings

As at 30 June 2018, the Group had total bank and other borrowings, corporate bonds and senior notes of RMB36,547.54 million, in aggregate, of which certain bank loans were secured by certain investment properties, properties held for sale and properties under development of the Group.

借款

於2018年6月30日，本集團的銀行及其他 貸款、公司債券以及優先票據餘額合共為 人民幣365億4,754萬元，其中若干銀行 貸款以本集團若干投資物業、持作銷售用 途的物業及在建物業作抵押。

Cash Position

As at 30 June 2018, the Group had RMB25,087.29 million of cash and cash equivalents and restricted cash, up by 43.37% from RMB17,498.21 million as at 31 December 2017.

現金狀況

於2018年6月30日，本集團的現金及現 金等價物和受限制現金為人民幣250億 8,729萬元，較2017年12月31日的人民幣 174億9,821萬元，上升43.37%。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Net Gearing Ratio

As at 30 June 2018, the Group’s net gearing ratio (calculated as the interest-bearing bank and other borrowings, corporate bonds and senior notes less cash and cash equivalents and restricted cash and divided by total equity) was 62.96%, an increase of 5.23 percentage points as compared with 57.73% as at 31 December 2017.

淨資產負債比率

截至2018年6月30日，本集團的淨負債 比率為62.96%，較2017年12月31日的 57.73%，上升了5.23個百分點。（淨資產 負債比率為計息銀行及其他借貸、公司 債券及優先票據減現金及現金等價物及 受限制現金除以權益總額）

Currency Risk

The proportions of bank and other borrowings, corporate bonds, senior notes and cash balance of the Group in terms of the following currencies:

貨幣風險

本集團的銀行及其他借款、公司債券、 優先票據及現金結餘的各種貨幣比例如 下：

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Bank and
other
borrowings,
corporate
bonds, and
senior notes
balance Cash balance
銀行及
其他借款、
公司債券以及
優先票據結餘 現金結餘
(RMB’000) (RMB’000)
（人民幣千元） （人民幣千元）
HK$ 港幣 1,116,730 1,714,474
RMB 人民幣 22,913,061 18,931,205
US$ 美元 12,517,744 4,440,815
Others 其他 – 800
Total 合計 36,547,535 25,087,294
----- End of picture text -----

• Including restricted cash

• 包含受限制現金

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

COMMITMENT

As of 30 June 2018, the Group had contracted commitments in respect of development expenditure on real estate of approximately RMB2,414.44 million (31 December 2017: RMB3,992.77 million). The Group is also committed to the payment of land premium in respect of land acquisition of approximately RMB557.29 million (31 December 2017: Nil) and in respect of acquisition of project companies of approximately RMB1,600.00 million (31 December 2017: RMB148.85 million).

CONTINGENT LIABILITIES

The Group provides buy-back guarantees to banks that offer mortgages to properties buyers in Mainland China of the Group. As at 30 June 2018, outstanding buy-back guarantees amounted to RMB13,140.99 million (31 December 2017: RMB12,501.28 million). The Group also provides guarantees to bank and other lenders in connection with facilities granted to joint ventures and an associate, which amounted to RMB8,153.30 million (31 December 2017: RMB5,299.68 million) and RMB850.00 million (31 December 2017: RMB350.00 million), respectively.

HUMAN RESOURCES

The Group is led by an experienced and professional management team. Since being established in 1994, the Group has been undergoing rapid development and expansion under the leadership of the Board. The senior management team is very experienced in the property development industry with senior executives having over 14 years’ experience in average. This strong leadership, international insight and capable execution and management of projects, coupled with strict implementation of best international practices according to prevailing circumstances, has enabled the Group to become one of the leading real estate developers in China.

In terms of the optimization of staff benefits, Yuzhou Group improved partial staff benefit standards in the first half of 2018, including overseas work-related benefits, birthday and other benefits; raised the awareness of employees’ health and strengthened annual physical examination standards; carried out various cultural activities for employees and emphasized care for employees.

承擔

截至2018年6月30日止，本集團就房地產 開發開支的已訂約的承擔約人民幣24億 1,444萬元（2017年12月31日：人民幣39 億9,277萬元）。本集團亦承諾就土地收 購支付的土地出讓金約人民幣5億5,729 萬元（2017年12月31日：無）和就收購項 目公司支付約人民幣16億元（2017年12月 31日：人民幣1億4,885萬元）。

或然負債

本集團提供購回保證予向本集團旗下中國 內地物業買家提供住房按揭融資的銀行。 於2018年6月30日，未到期的購回保證為 人民幣131億4,099萬元（2017年12月31 日：人民幣125億128萬元）。本集團就合 營及聯營企業獲授的融資向銀行及其他貸 款人提供的擔保金額為人民幣81億5,330 萬元（ 2017 年 12 月 31 日：人民幣 52 億 9,968萬元）及人民幣8億5,000萬元（2017 年12月31日：人民幣3億5,000萬元）。

人力資源

本集團由經驗豐富的專業管理層團隊領 導。董事會自本集團於1994年成立以來 一直帶領本集團快速發展，高級管理層於 房地產開發行業具有豐富經驗。大部分高 級行政人員擁有平均超過14年的行業經 驗。管理層具備出色的領導能力、國際視 野及卓越的執行力，結合公司實際情況嚴 謹地按照國際最佳慣例踐行，本集團已發 展成為中國最具實力的房地產開發商之 一。

在進一步優化員工福利方面，2018上半 年禹洲集團提升部分員工福利標準，如駐 外相關福利、生日福利等；加強對員工健 康的重視度，增加年度體檢標準；開展了 多項員工文化活動，加強員工關懷。

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FINANCIAL INFORMATION OF YUZHOU PROPERTIES GROUP

APPENDIX II

Regarding the retention of the core talent and incentive measures, we conducted research and revision on three systems containing performance system, co-investments mechanism and key milestones incentives in the first half of 2018. To improve the incentive mechanism covering wages system, bonus system, special rewards and penalties as well as the mid to longterm incentive mechanism, the Group established an incentive mechanism that covered the short-term and mid to long-term period. Moreover, the Group accomplished tasks of relevant rules and regulations, agreements and project testing in connection with the project co-investment mechanism.

For further enhancement in training system, to enable new recruits to better integrate into the group, we established a new recruits management model targeting positions at different levels, created a comprehensive inclusion management system, launched an E-learning platform with a view to accumulating internal tacit knowledge and enhancing training efficiency. The training system, proved to be multi-angle and omni-directional, covered strategic level, middle and senior levels and executive level.

With respect to the corporate culture, the workshop of “Grow with Yuzhou with a Shared Vision” expanded its presence into 17 subsidiaries in various cities to promote our organizational culture at the new phase. To enhance employees’ engagement, activities for employee care during holidays and festivals, such as Qingming Festival, Labor Festival, International Children’s Festival and the Dragon Boat Festival, had been arranged in the first half of 2018 to be in line with traditional Chinese holidays and festivals.

在對核心關鍵人才的保留與激勵舉措方 面，2018上半年進行了績效體系、跟投 機制、項目節點激勵等三項制度的研究和 修訂。完善激勵機制，包括工資體系、獎 金體系、專項獎罰以及中長期激勵機制 等，建立集團兼顧短期、中長期的激勵機 制。此外，已經完成項目跟投機制相關細 則、協議以及項目測算工作。

在進一步加強培訓體系建設方面，為了新 員工更好的融入集體，建立針對不同層級 的新入職管理模式，打造全方位的融入管 理體系，搭建了電子學習平台，積累內部 隱形知識，提升培訓效率。涵蓋戰略層、 中高層、執行層，可謂多角度全方位。

在企業文化方面，「共啟願景－禹化之路」 工作坊走進17個城市公司，傳播新階段 的組織精神文化，2018上半年結合中國 傳統節假日，組織了清明、勞動節、國際 兒童節、端午等節假日員工關懷活動，助 力敬業度提升。

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

• (A) UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP FOLLOWING THE SUBSCRIPTION IN YUZHOU PROPERTIES COMPANY LIMITED (THE “TARGET COMPANY”)

1. Introduction

The following is a summary of illustrative unaudited pro forma financial information of the Group in connection with the subscription in the Target Company (the “Subscription”) as described in the Section headed “Letter from the Board” in this circular. The unaudited pro forma financial information presented below is prepared to illustrate the effect of the Subscription on the Group’s financial position as at 30 June 2018 as if the Subscription had been completed on 30 June 2018 (the “Unaudited Pro Forma Financial Information”).

The Unaudited Pro Forma Financial Information is prepared by the directors of the Company in accordance with Paragraph 4.29 of the Listing Rules and has been prepared by the Directors of the Company for the purpose of illustrating the effect of the Subscription.

Narrative descriptions of the unaudited pro forma adjustments that are directly attributable to the Subscription and factually supportable are summarised in the accompanying notes to the Unaudited Pro Forma Financial Information.

The Unaudited Pro Forma Financial Information has been prepared for illustrative purposes only and because of its hypothetical nature, it may not give a true picture of the financial position of the Group had the Subscription been completed as of the specified dates or any other dates.

The Unaudited Pro Forma Financial Information of the Group is based upon the consolidated statement of financial position of the Group at 30 June 2018, which has been extracted from the Company’s interim financial report for the six months ended 30 June 2018 and adjusted on a pro forma basis to reflect the effect of the Subscription. These pro forma adjustments are directly attributable to the Subscription and not relating to other future events and decisions.

The Unaudited Pro Forma Financial Information of the Group should be read in conjunction with the historical financial information of the Group as set out in the published interim financial report of the Company for the six months ended 30 June 2018 and other financial information included elsewhere in this circular.

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

2. Unaudited Pro Forma Consolidated Statement of Assets and Liabilities of the Group as at 30 June 2018

(Expressed in Renminbi)

Non-current assets Investment property Other property, plant and equipment Interests in leasehold land held for own use Intangible assets Goodwill Interests in associates Interests in a joint venture Other financial assets Deferred tax assets Current assets Inventories and other contract costs Trade and other receivables Cash and cash equivalents Assets of disposal groups classified as held for sale Current liabilities Trade and other payables Contract liabilities Bank and other loans Related party loans Current taxation	The Group as at 30 June 2018 Pro forma adjustments Notes RMB’000 RMB’000 2,902,727 3,192,251 470,910 6,565,888 1,423 570 2,678,223 1,629,090 (b) 10,270 1,810,230 172,480 11,239,084 - - - - - - - - - - - - 6,537,546 430,671 4,104,364 (1,588,394) (a) 11,072,581 12,916 11,085,497 - - - - - - - - - - - - 2,144,493 242,936 3,391,228 1,945,700 626,324 8,350,681 - - - - - - - - - - - -	Unaudited pro forma consolidated statement of assets and liabilities of the Group RMB’000 2,902,727 3,192,251 470,910
		6,565,888 1,423 570 4,307,313 10,270 1,810,230 172,480
		12,868,174 - - - - - - - - - - - - 6,537,546 430,671 2,515,970
		9,484,187 12,916
		9,497,103 - - - - - - - - - - - - 2,144,493 242,936 3,391,228 1,945,700 626,324
		8,350,681 - - - - - - - - - - - -

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

Net current assets Total assets less current liabilities Non-current liabilities Bank and other loans Deferred tax liabilities NET ASSETS	The Group as at 30 June 2018 Pro forma adjustments Notes RMB’000 RMB’000 2,734,816 - - - - - - - - - - - - 13,973,900 - - - - - - - - - - - - 861,758 195,382 1,057,140 - - - - - - - - - - - - 12,916,760 40,696	Unaudited pro forma consolidated statement of assets and liabilities of the Group RMB’000 1,146,422 - - - - - - - - - - - -
		14,014,596 - - - - - - - - - - - -
		861,758 195,382
		1,057,140 - - - - - - - - - - - -
		12,957,456

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

3. Notes to the Unaudited Pro Forma Financial Information of the Group

• (a) The adjustments represent the consideration of HK$1,823,538,839.76 (equivalent to approximately RMB1,588,394,000 converting with the exchange rate of HK$1 to RMB0.87105) paid by the Group on 14 September 2018 for the Subscription pursuant to the Subscription Agreement.

• (b) Upon completion of the Subscription, the Group is expected to own as to 9.9% of the enlarged issued share capital of the Target Company. The Group would be able to exercise significant influence over the relevant activities of the Target Company and then the Target Company is accounted for as an associate of the Group.

The investment in the Target Company is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair value of the identifiable net assets of Target Company and its subsidiaries (collectively referred to as the “Target Group”) over the cost of the investment under the equity method.

For the purpose of the Unaudited Pro Forma Financial Information, the fair value of identifiable assets and liabilities of the Target Group as at 30 June 2018 was assumed to be the carrying amount of identifiable assets and liabilities of the Target Group as at 30 June 2018.

The Group’s share of the acquisition-date fair value of the identifiable assets and liabilities of the Target Group are as follows:

Cash consideration paid for 9.9% equity interest of the Target Company Less: The Group’s 9.9% share of the pro forma fair value of identifiable assets and liabilities of the Target Group attributable to the shareholders of the Target Company as at 30 June 2018 (Note i) The Group’s share of pro forma fair value of identifiable assets and liabilities of the Target Group in excess of consideration paid

RMB’000 1,588,394 (1,629,090) (40,696)

• Note i: For the purpose of the Unaudited Pro Forma Financial Information, it is assumed that the pro forma fair values of the identifiable assets and liabilities of the Target Group as at 30 June 2018 approximately equal to their carrying amounts as at 30 June 2018 which are extracted from the consolidated statement of financial position of the Target Group as at 30 June 2018 included in interim report 2018 of Target Company which was posted on 17 September 2018 on the Stock Exchange’s website. Accordingly, the Group’s 9.9% share of the pro forma fair value of identifiable assets and liabilities of the Target Group attributable to the shareholders of the Target Company as at 30 June 2018 is determined as follows:

	RMB’000
Carrying amounts of the identifiable assets and liabilities
of the Target Group as at 30 June 2018	18,202,304
Less: Senior perpetual securities	(1,911,986)
Less: Non-controlling interests	(1,423,262)
Add: Cash received for issuing of 460,489,606 Subscription
Shares of the Target Company	1,588,394

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

RMB’000

Fair value of the identifiable assets and liabilities attribute
to shareholders of the Target Company	16,455,450
The Group’s 9.9% share of the pro forma fair value of
identifiable assets and liabilities of the Target Company
attributable to the shareholders of the Target Company	1,629,090

No adjustment has been made to the Unaudited Pro Forma Financial Information for acquisition-related costs as the directors determined that such costs are insignificant.

Based on the consideration and the Group’s share of pro forma fair value of the identifiable assets and liabilities of the Target Group set out above, the Group will recognise a gain of RMB40,696,000 upon the completion of the Subscription. Such gain on Subscription is not expected to have a continuing effect to the Group.

Since the fair value of the identifiable assets and liabilities of the Target Group as at the date of completion may be different from their pro forma fair value used in the preparation of the above Unaudited Pro Forma Financial Information, the actual amount of the Group’s share of fair value of the identifiable assets and liabilities of the Target Group in excess of the consideration paid may be different from the pro forma amount shown in this Appendix. Consequently, the carrying amount of the investment in associates will be different from the amount stated in the Unaudited Pro Forma Financial Information.

• (c) Apart from the adjustments as stated above, no adjustment has been made to the Unaudited Pro Forma Financial Information to reflect any trading results or other transactions of the Group entered into subsequent to 30 June 2018.

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

(B) INDEPENDENT REPORTING ACCOUNTANTS’ ASSURANCE REPORT ON THE COMPILATION OF PRO FORMA FINANCIAL INFORMATION

The following is the text of a report received from the reporting accountants, KPMG, Certified Public Accountants, Hong Kong, in respect of the Group’s pro forma financial information for the purpose in this circular.

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INDEPENDENT REPORTING ACCOUNTANTS’ ASSURANCE REPORT ON THE COMPILATION OF PRO FORMA FINANCIAL INFORMATION

To the directors of Overseas Chinese Town (Asia) Holdings Limited

We have completed our assurance engagement to report on the compilation of pro forma financial information of Overseas Chinese Town (Asia) Holdings Limited (the “Company”) and its subsidiaries (collectively the “Group”) by the directors of the Company (the “Directors”) for illustrative purposes only. The pro forma financial information consists of the unaudited pro forma consolidated statement of assets and liabilities as at 30 June 2018 and related notes as set out in Part A of Appendix III to the circular dated 26 October 2018 (the “Circular”) issued by the Company. The applicable criteria on the basis of which the Directors have compiled the pro forma financial information are described in Part A of Appendix III to the Circular.

The pro forma financial information has been compiled by the Directors to illustrate the impact of the subscription in Yuzhou Properties Company Limited (the “Subscription”) on the Group’s financial position as at 30 June 2018 as if the Subscription had taken place on 30 June 2018. As part of this process, information about the Group’s financial position as at 30 June 2018 has been extracted by the Directors from the interim financial report of the Company for the six months ended 30 June 2018, on which no review report has been published.

Directors’ Responsibilities for the Pro Forma Financial Information

The Directors are responsible for compiling the pro forma financial information in accordance with paragraph 4.29 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and with reference to Accounting Guideline 7 “Preparation of Pro Forma Financial Information for Inclusion in Investment Circulars” (“AG 7”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

Our Independence and Quality Control

We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the HKICPA, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

The firm applies Hong Kong Standard on Quality Control 1 “Quality Control for Firms That Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements” issued by the HKICPA and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Reporting Accountants’ Responsibilities

Our responsibility is to express an opinion, as required by paragraph 4.29(7) of the Listing Rules, on the pro forma financial information and to report our opinion to you. We do not accept any responsibility for any reports previously given by us on any financial information used in the compilation of the pro forma financial information beyond that owed to those to whom those reports were addressed by us at the dates of their issue.

We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements (“HKSAE”) 3420 “Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus” issued by the HKICPA. This standard requires that the reporting accountants plan and perform procedures to obtain reasonable assurance about whether the Directors have compiled the pro forma financial information in accordance with paragraph 4.29 of the Listing Rules, and with reference to AG 7 issued by the HKICPA.

For purpose of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the pro forma financial information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the pro forma financial information.

The purpose of pro forma financial information included in an investment circular is solely to illustrate the impact of a significant event or transaction on the unadjusted financial information of the Group as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration. Accordingly, we do not provide any assurance that the actual outcome of the events or transactions at 30 June 2018 would have been as presented.

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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE GROUP

APPENDIX III

A reasonable assurance engagement to report on whether the pro forma financial information has been properly compiled on the basis of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the Directors in the compilation of the pro forma financial information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about whether:

• the related pro forma adjustments give appropriate effect to those criteria; and

• the pro forma financial information reflects the proper application of those adjustments to the unadjusted financial information.

The procedures selected depend on the reporting accountants’ judgement, having regard to the reporting accountants’ understanding of the nature of the Group, the event or transaction in respect of which the pro forma financial information has been compiled, and other relevant engagement circumstances.

The engagement also involves evaluating the overall presentation of the pro forma financial information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion:

• (a) the pro forma financial information has been properly compiled on the basis stated;

• (b) such basis is consistent with the accounting policies of the Group, and

• (c) the adjustments are appropriate for the purposes of the pro forma financial information as disclosed pursuant to paragraph 4.29(1) of the Listing Rules.

KPMG

Certified Public Accountants Hong Kong

26 October 2018

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GENERAL INFORMATION

APPENDIX IV

1. RESPONSIBILITY STATEMENT

This circular, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this circular is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this circular misleading.

2. DISCLOSURE OF INTERESTS

Directors’ and chief executives’ interests and short positions in securities of the Company and its associated corporations

As at the Latest Practicable Date, no interests and short positions in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) were held by the Directors and chief executives of the Company which have been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have under such provisions of the SFO) or have been entered in the register maintained by the Company pursuant to section 352 of the SFO, or otherwise have been notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies (the “ Model Code ”).

Persons who have interests or short positions which are discloseable under Divisions 2 and 3 of Part XV of the SFO

As at the Latest Practicable Date, as far as is known to the Directors, the following persons (not being a Director or chief executive of the Company) had interests or short positions in the Shares or underlying Shares of the Company which fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:

			Approximate
			% of issued
Name of Substantial		Number of	share capital of
Shareholder	Capacity/Nature	Shares held	the Company
Pacific Climax Limited (Note 1)	Beneficial owner	530,894,000	70.94%
		(long position)
Overseas Chinese Town (HK)	Interest of a controlled	530,894,000	70.94%
Company Limited	corporation (Note 2)	(long position)
(“OCT (HK)”)

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GENERAL INFORMATION

APPENDIX IV

			Approximate
			% of issued
Name of Substantial		Number of	share capital of
Shareholder	Capacity/Nature	Shares held	the Company
Shenzhen Overseas Chinese Town	Interest of a controlled	530,894,000	70.94%
Holding Company Limited	corporation (Note 3)	(long position)
(“OCT Ltd.”)
Overseas Chinese Town	Interest of a controlled	530,894,000	70.94%
Enterprises Company	corporation (Note 4)	(long position)
(“OCT Group”)

Notes:

• (1) Ms. Xie Mei and Mr. Lin Kaihua, both being executive Directors, and Mr. Zhou Ping, being a non-executive Director, are also directors of Pacific Climax.

• (2) OCT (HK) is the beneficial owner of all the issued share capital in Pacific Climax. Therefore, OCT (HK) is deemed, or taken to be interested in all the Shares beneficially held by Pacific Climax for the purpose of the SFO. Mr. He Haibin and Ms. Xie Mei, both being executive Directors, and Mr. Zhang Jing, being a non-executive Director, are also directors of OCT (HK).

• (3) OCT Ltd. is the beneficial owner of all the issued share capital of OCT (HK), which is in turn the beneficial owner of all the issued share capital of Pacific Climax. Therefore, OCT Ltd. is deemed, or taken to be interested in all the Shares which are beneficially owned by OCT (HK) and Pacific Climax for the purpose of the SFO. OCT Ltd. is a company incorporated in the PRC, the shares of which are listed on the Shenzhen Stock Exchange. OCT Ltd. is a subsidiary of OCT Group.

• (4) OCT Group is the beneficial owner of 46.99% of the issued shares of OCT Ltd., which is the beneficial owner of all the issued shares of OCT (HK) and in turn, the beneficial owner of all the issued share capital of Pacific Climax. Therefore, OCT Group is deemed, or taken to be interested in all the Shares which are beneficially owned by OCT Ltd., OCT (HK) and Pacific Climax for the purpose of the SFO.

Save as disclosed above, no other interests required to be recorded in the register kept under section 336 of the SFO have been notified to the Company as at the Latest Practicable Date.

3. COMPETING INTERESTS

As at the Latest Practicable Date, so far as the Directors are aware, none of the Directors or their respective close associates has any interest in any business which competes or is likely to compete with the businesses of the Group.

4. SERVICE CONTRACTS

As at the Latest Practicable Date, none of the Directors has a service contract with any member of the Group which was not determinable by the Group within one year without payment of compensation (other than statutory compensation).

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GENERAL INFORMATION

APPENDIX IV

5. INTEREST IN THE GROUP’S ASSETS OR CONTRACTS OR ARRANGEMENTS SIGNIFICANT TO THE GROUP

As at the Latest Practicable Date, none of the Directors had any interest, direct or indirect, in any assets which have been, since 31 December 2017 (being the date to which the latest published audited accounts of the Company were made up), acquired or disposed of by or leased to any member of the Group, or are proposed to be acquired or disposed of by or leased to any member of the Group.

As at the Latest Practicable Date, none of the Directors was materially interested in any contract or arrangement entered into by any member of the Group subsisting at the date of this circular and which is significant in relation to the businesses of the Group.

6. MATERIAL ADVERSE CHANGE

As at the Latest Practicable Date, the Directors were not aware of any material adverse change in the financial or trading position of the Group since 31 December 2017 (being the date to which the latest published audited accounts of the Company were made up).

7. EXPERTS AND CONSENTS

• (a) The following is the qualification of the expert which have given their opinions which are contained in this circular:

Name Qualification KPMG Certified Public Accountants

• (b) As at the Latest Practicable Date, KPMG did not have any shareholding in any member of the Group or any right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for securities in any member of the Group.

• (c) KPMG has given and has not withdrawn its written consent to the issue of this circular with the inclusion of its report and references to its name in the form and context in which they are included.

• (d) The report given by KPMG is given as of the date of this circular for incorporation in this circular.

As at the Latest Practicable Date, KPMG is not beneficially interested in the share capital of any member of the Group nor had any interest, direct or indirect, in any assets which have been, since 31 December 2017 (being the date to which the latest published audited accounts of the Company were made up), acquired or disposed of by or leased to any member of the Group, or are proposed to be acquired or disposed of by or leased to any member of the Group.

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GENERAL INFORMATION

APPENDIX IV

8. MATERIAL CONTRACTS

The following contracts (not being contracts entered into in the ordinary course of business of the Group) had been entered into by members of the Group within the two years immediately preceding the Latest Practicable Date and are or may be material:

• (a) the Shenzhen Capital Fortune Investment New Industries Investment Enterprise (LLP) (深圳遠致富海新興產業投資企業(有限合夥)) (“Limited Partnership”) agreement entered into among Shenzhen Huayou Investment Co., Ltd. (深圳市華 友投資有限公司), Shenzhen Tongbao Haina Investment Enterprise (LLP)* (深圳通 寶海納投資企業(有限合夥)) and the other partners on 30 September 2016 in relation to the establishment of the Limited Partnership;

• (b) the limited partnership agreement dated 19 December 2016 entered into among Shenzhen Huayou Investment Co., Ltd. (深圳市華友投資有限公司), an indirectly wholly-owned subsidiary of the Company, Shenzhen Capital Fortune Investment Investment Management Co., Ltd. (深圳市遠致富海投資管理有限公司), Shenzhen Jiahe Investment Management Enterprise (LLP) (深圳佳合投資管理企業(有限合 夥) and Shenzhen Capital Fortune Investment Merger and Acquisition Investment Fund Enterprise (LLP) (深圳遠致富海併購投資基金合夥企業(有限合夥)) in relation to the establishment of Shenzhen Capital Fortune Investment No. 10 Investment Enterprise (LLP)* (深圳遠致富海十號投資企業(有限合夥) with an aggregate capital of RMB206 million;

• (c) the investment agreement entered by City Legend on 28 December 2016 with the NCI Fund, pursuant to which City Legend agreed to invest US$50,000,000 into the NCI Funds for 500,000 fund units of US$100 each;

• (d) the cornerstone investment agreement dated 6 March 2017 entered into among City Legend, Minsheng Education Group Company Limited (民生教育集團有限公司), Citigroup Global Markets Asia Limited and Macquarie Capital Limited, pursuant to which City Legend agreed to to subscribe for 332,000,000 shares of Minsheng Education Group Company Limited at the offer price as part of the international offering Minsheng Education Group Company Limited;

• (e) the equity transfer agreement dated 20 September 2017 entered into between Barwin Development Company Limited, a wholly-owned subsidiary of the Company, and Shanghai Huiyang Industry Co., Ltd. (上海匯陽實業有限公司) in relation to the disposal of 100% equity interest in Shanghai Huali Packaging Co., Ltd. (上海華勵 包裝有限公司) by Barwin Development Company Limited;

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GENERAL INFORMATION

APPENDIX IV

• (f) the sale and purchase agreement (the “Sale and Purchase Agreement”) dated 9 November 2017 entered into among the Company, Capital Converge Holdings Limited and New China Fund (on behalf of New China Fund SP 1) in relation to the disposal of 51 shares and 51% of the shareholder’s loan in Capital Converge Holdings Limited by the Company to New China Fund (on behalf of New China Fund SP 1);

• (g) the supplemental agreement to the Sale and Purchase Agreement dated 15 November 2017 entered into among the Company, Capital Converge Holdings Limited and New China Fund (on behalf of New China Fund SP 1);

• (h) the equity transfer agreements (together with the supplemental agreement thereto) entered into between City Legend and Suzhou Wancheng Shengda Travel Development Co., Ltd.* (蘇州萬程晟達旅遊發展有限公司) on 10 May 2018 in relation to the acquisition of 10,607,948 shares in Tongcheng-Elong Holdings Limited by City Legend;

• (i) the cornerstone investment agreement entered into among City Legend, E-House (China) Enterprise Holdings Limited and China International Capital Corporation Hong Kong Securities Limited on 5 July 2018 in relation to the acquisition of 73,371,900 shares in E-House (China) Enterprise Holdings Limited;

• (j) the Subscription Agreement; and

• (k) the acquisition agreement and leaseback agreement both dated 11 September 2018 entered into between OCT Financial Leasing Co., Ltd, a wholly-owned subsidiary of the Company, and Yibin Grace Co., Ltd, pursuant to which OCT Financial Leasing Co., Ltd agreed to acquire certain equipment from Yibin Grace Co., Ltd at the consideration of RMB300 million and leaseback such equipment to Yibin Grace Co., Ltd.

9. LITIGATION

As at the Latest Practicable Date, neither the Company nor any member of the Group was engaged in any litigation or arbitration or claim of material importance and no litigation or claim of material importance is known to the Directors to be pending or threatened by or against the Company or any member of the Group.

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GENERAL INFORMATION

APPENDIX IV

10. GENERAL

• (a) The company secretary and the qualified accountant of the Company is Mr. Fong Fuk Wai, who is a fellow member of the Hong Kong Institute of Certified Public Accountants.

• (b) The Company’s registered office is at Clifton House, PO Box 1350 75 Fort Street, Grand Cayman, Cayman Islands. The head office and principal place of business is at Suites 3203-3204, Tower 6, The Gateway, Harbour City, Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong.

• (c) The Hong Kong branch share registrar and transfer office of the Company is Computershare Hong Kong Investor Services Ltd. at Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong.

• (d) The English text of this circular shall prevail over the Chinese text.

11. DOCUMENTS AVAILABLE FOR INSPECTION

A copy of the following documents are available for inspection during normal business hours except on Saturday, Sunday and public holidays at 59/F., Bank of China Tower, 1 Garden Road, Hong Kong from the date of this circular up to and including a date which in any event is not less than 14 days from the date of this circular:

• (a) the memorandum and articles of association of the Company;

• (b) the annual reports of the Company for the three years ended 31 December 2017;

• (c) the report on the unaudited pro forma financial information of the Group, the text of which is set out in Appendix III of this circular;

• (d) the material contracts referred to in the paragraph headed “Material Contracts” in this appendix;

• (e) the written consents referred to in the paragraph headed “Experts and Consents” in this appendix;

• (f) this circular.

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