2013 annual results presentation - todayir · cash flow generation and ensure capital adequacy and...
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2013 Annual Results
Presentation
June 2014
2
Overview 1 3
Financial Highlights 2 8
Business Operations 3 14
Appendix 4 25
Contents
1. Overview
3
4
Contracted sales for 2013 hit a record high of RMB10.04bn, representing YoY growth of approximately 91%, which exceeds the revised full year contracted sales target of RMB8.5bn by approximately 118%. Contracted sales ASP was RMB9,364 per sqm, representing a YoY growth of approximately 50%
In 2013, the regional diversification strategy continued to pay off. Sales of 14 projects outperformed internal targets while 3 projects had respective contracted sales in excess of RMB1 billion
Strong growth momentum from 2013 is expected to continue into 2014, with total salable area for 2014 expected to reach 3.02m sqm
Robust sales in 2013
In 2013, revenue was RMB5,729.3m, representing YoY growth of approximately 45%; gross profit was RMB1,758.6m, representing YoY growth of approximately 48%; core net profit (excluding after tax fair value gain on investment properties and non-recurring income) was RMB672.9m, representing YoY growth of approximately 344%
Total cash and cash equivalent (including restricted cash) was RMB4,711.6m, with RMB2,750.0m of banking facilities were unutilized; net gearing was 64%
Proposed final dividend of RMB8.0 cents per share, maintaining a stable dividend policy
Outstanding financial performance
In 2013, China Aoyuan successfully acquired 8 high quality residential and commercial projects in Guangzhou, Chongqing, Foshan, Jiangmen, Yangjiang and Meizhou with total GFA of 2.13m sqm for RMB4.68 bn with an average price of RMB2,197 per sqm. The Group continued to expand and optimize the land bank to ensure a sustainable growth going forward
3 of the above projects have already commenced presales, while the other projects are expected to contribute to 2014 contracted sales
As Guangzhou Province continued to promote works on the “transformation of the three olds”, through strategic cooperation we had successfully developed 2 such new projects in 2013
Strategic land bank expansion
Key performance highlights
5
Debut issuance of 5-year, US$125m bond in November 2012 (maturing in 2017), followed by a tap of an additional US$100m in January 2013, raising US$225m in total. The successful and well received debut bond issuance set the foundation of a strong track record for Aoyuan in the capital markets
Continued to tap on the conducive capital markets by issuing a new 5-year, US$300m bond in January 2014 (maturing in 2019). The proceeds raised will further optimize the Company’s debt structure, while extending the debt maturity profile and providing additional financial flexibility
Established diversified funding sources by maintaining excellent long term cooperative relationships with both Chinese and foreign banks while keeping stable credit ratings: Moody’s (B2, stable outlook), S&P (B, stable outlook) and Fitch (B+, stable outlook)
Optimized capital structure
Continually optimizing management structure and actively recruiting leading talents in the industry, to lay a firm foundation for the new phase of rapid growth
Hired a new vice president responsible for corporate finance and investor relations to take the lead in further diversifying financing channels, establish effective management of investor relations, ensure a high degree of corporate transparency, develop a mutually beneficial long term relationship with capital markets and consolidating Aoyuan’s shareholder base
Aoyuan Commercial Group formally established and hired a new assistant to the president and a president, while attracting the elite in the industry with extensive commercial property experience. These recruitment initiatives are target towards enhancing Commercial Group's management and operational standards
Separately established a Product Experience and Project Management department, amongst others, as part of a broader strategy to introduce industry best practices in terms of product experience and project management into Aoyuan
Outstanding management team
Key performance highlights (cont.)
6
91%
9%
68%
32%
97%
3%
87%
13%
2007 2008 2009 2010 2011 2012
Increased residential property sales Gradual expansion of commercial property development amid tightened macro policy on residential properties, mitigating impact on overall selling price
Residential properties Salable commercial properties
2013
64%
36%
63%
37%
Well-defined strategy of developing commercial and residential properties in parallel to diversify income sources in order to respond adequately to macro economic changes
Flexible adjustment of commercial and residential mix to actively respond to changing customer demands and market conditions
Precise product positioning and customer targeting
61%
39%
Market Strategy: Developing commercial and residential properties in parallel
(Recognized property sales breakdown by product types)
Characteristics
Product positioning
Target customers
Apartments: Key Tier-1, Tier-2 and Tier-3 cities with strong inelastic residential demand
Houses: Urban or suburban areas Convenient transportation with comprehensive supporting
facilities
Mostly located in the planned CBD areas in Tier-1, Tier-2 and Tier-3 cities; mainly for sale, with a small portion held for leasing purposes
Convenient transportation and high foot traffic Mixed-used properties, key products including high-rise commercial
apartments and street retail shops
Medium-income class individuals or households
Small- and medium-sized enterprises and self-employed entrepreneurs
Focusing on inelastic residential demand, which is less affected
by purchase restrictions
Robust demand not subjected to macro policies
Residential (including residential apartments and low density residential) Commercial (including commercial apartments and shops)
7
We achieve rapid development and rapid sales cycle through adopting a standardized development model. We strive to commence property development and presales within one year of land acquisition to expedite cash flow generation and ensure capital adequacy and flexibility
Implementation of “Aoyuan standardized project development strategy” which covers investment, positioning, overall planning, tendering, construction, marketing, building of display area, sales, property management, and properties delivery
Fair use of standardized products, including positioning standardization, display area standardization, property projects and garden standardization
Presale began only within six months of land acquisition for Chongqing Aoyuan The Metropolis, Guangzhou Aoyuan City Plaza, Guangzhou Aoyuan Health Plaza and Zhongshan Aoyuan Jinyu
Indicative development timetable for a single-phase project Aoyuan’s Development Strategy of “rapid development and rapid sales”
Recent examples on projects with rapid development and rapid sales cycle
Months 1 2 3 4 5 6-11 12-17 18-29 30~
Land acquisition
Planning and pre-work
Design
Construction
Pre-sale
Delivery and after-sale services
Cash flow-back within 12 months
Chongqing Aoyuan The Metropolis
Dec 2012 Mar Apr May Jun Jul Aug
Dec 2012 Land auction
Jun 2013 Pre-sale license obtained
Jun 2013 Pre-sale started
Guangzhou Aoyuan City Plaza
Jan 2013 Feb Dec 2012 Mar Apr May Jun Jul Aug
Dec 2012 Land auction
Jul 2013 Pre-sale license obtained
Jul 2013 Pre-sale started
Jan 2013 Feb
Market Strategy: Rapid development and rapid sales
2. Financial Highlights
8
9
(For the year ended December 31)
(RMB '000) 2013 2012 % change
Turnover 5,729,267 3,943,205 +45%
Gross profit 1,758,550 1,186,540 +48%
Gross profit margin 30.7% 30.1% +0.6p.p.
Core net profit¹ 672,881 151,527 +344%
Core net profit margin¹ 11.7% 3.8% +7.9p.p.
Final dividend per share (RMB cents)
8.0 5.2 +54%
Note:
1 excluding after tax fair value gain on investment properties and gain on disposal of a subsidiary/ a joint venture
Key income statement highlights
10
(RMB '000) 31 Dec 2013² 30 Jun 2013 31 Dec 2012
Total cash¹ 4,711,565 3,412,990 3,143,464
Total assets 29,931,506 23,465,379 20,813,041
Total assets less current liabilities
14,968,209 12,645,101 10,708,435
Equity attributable to owners of the Company
7,219,046 6,613,733 6,951,335
Total equity 7,523,856 6,946,426 7,103,685
Key balance sheet highlights
Note:
1 Total cash = Cash and cash equivalents + restricted bank deposits
2 As at 31 Dec 2013, banking facilities amounted to approximately RMB14.29 bn, of which approximately RMB2.75 bn were unutilized
11
31 Dec 2013 30 Jun 2013 31 Dec 2012
Net debt / Total equity¹ 64.0% 44.8% 25.1%
Net debt / Total capital² 16.1% 13.3% 8.5%
Net debt / EBITDA³ 4.2 2.0 1.3
Total debt / Total assets 74.9% 70.4% 65.9%
Liquidity ratio⁴ 1.8 1.9 1.7
Key financial ratios
Note:
1 Net debt = Total debt - total cash
2 Total capital = Total debt + total equity
3 EBITDA = Profit before tax + finance costs – revaluation on investment properties – other income and gains + depreciation + amortization (EBITDA for 30 Jun 2013 is based on the LTM EBITDA prior to 30 Jun 2013)
4 Liquidity ratio = Current assets / Current liabilities
12
Onshore bank
borrowings 50% Trust loans
28%
Senior notes 14%
Offshore bank
borrowings
8%
56%
34% 25%
23%
18% 39%
11%
41%
33%
10% 7% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013
< 1 year 1-2 years 2-5 years > 5 years
(as at 31 Dec 2013)
Debt maturity Debt breakdown by type
Debt profile
(as at 31 Dec 2013)
2011
13
31.4
47.1
81.3
63.4 1.0 6.7 -42.5
-44.5
-8.1 -5.9
-8.3 -4.7
-22.7
0
20
40
60
80
100
120
140
160
180
200
Div
idend p
aym
ents
Aoyuan adheres to the principle of prudent financial management by recycling capital through rapid presales and diversification of financing channels
2013 Cash flow Cash collection ratio
81.3
100.4
0
20
40
60
80
100
120
81%
(RMB 100 million) (RMB 100 million)
Cash flow and financial management
Openin
g c
ash
bala
nce
Opera
ting c
ash
flo
w
New
debt
rais
ed
Oth
er
cash
flo
w
Pro
ceeds
from
senio
r note
s is
suance
Land a
cquis
itio
ns
Const
ruct
ion e
xpense
s
Tax e
xpense
s
Opera
ting e
xpense
s
Inte
rest
expense
s
Debt
repaym
ent
Endin
g c
ash
bala
nce
Cash received in 2013
2013 Contracted
sales
3. Business Operations
14
15
Contracted sales and recognized sales (GFA)
Contracted sales and recognized sales (Value)
Contracted sales and recognized sales (ASP)
836
1,072
487
816
0
200
400
600
800
1,000
1,200
2012 2013
5,251
10,038
3,865
5,600
0
2,000
4,000
6,000
8,000
10,000
12,000
2012 2013
6,283
9,364
7,938
6,866
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2012 2013
Contracted sales and recognized sales
(000's sqm) (RMB m) (RMB per sqm)
Contracted sales GFA
Recognized sales GFA
Contracted sales value
Recognized sales value
Contracted sales ASP
Recognized sales ASP
16
Maintain strong growth momentum 2014
Contracted sales exceed revised full year target 2013
Contracted sales exceed full year target 2012
204
325 378
303
575 524
155 270
680
561 499
776
234 333
564
363 492
1,754
675
455
781
1,036
1,350
2,001
977
405
707
519
817
0
500
1,000
1,500
2,000
2,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Co
ntr
acte
d s
ale
s (
RM
B m
illi
on
)
2012 2013 2014
Strong contracted sales performance
17
Contracted sales breakdown (by region)
2013 contracted sales GFA: 1,072,000 sqm 2013 contracted sales value: RMB10.04 bn
Guangzhou 45%
Guangdong (ex-Guangzhou)
15%
Shenyang 11%
Chongqing 10%
Jiangsu 4%
Guangxi 2% Hunan
12%
Jiangxi 1%
Guangzhou 23%
Guangdong (ex-Guangzhou)
22%
Shenyang 15%
Chongqing 8%
Jiangsu 5%
Guangxi 5%
Hunan 19%
Jiangxi 3%
18
Recognized sales breakdown (by region)
2013 recognized GFA: 815,600 sqm 2013 recognized sales: RMB5.60 bn
Guangzhou 31%
Guangdong (ex-Guangzhou)
25%
Shenyang 24%
Chongqing 12%
Jiangsu 6%
Guangxi 2%
Guangzhou 18%
Guangdong (ex-Guangzhou)
32%
Shenyang 29%
Chongqing 10%
Jiangsu 7%
Guangxi 4%
19
Residential apartments
49%
Commercial apartments
9%
Retail shops and others
28%
Low density residential
14%
Residential apartments
56%
Commercial apartments
12%
Retail shops and others
26%
Low density residential
6%
Recognized sales breakdown (by product)
2012 recognized sales: RMB3.87 bn 2013 recognized sales: RMB5.60 bn
20
Project commencement and completion (by GFA)
Project commencement and completion
1,691
2,335
792
1,141
0
500
1,000
1,500
2,000
2,500
2012 2013
(000's sqm)
New project commencement Projects completion
21
Project name Area Status Product
type GFA
(sqm) %
owned
1 Guangzhou Aoyuan Plaza Panyu, Guangzhou Leased C, S 80,500 100%
2 Guangzhou Aoyuan Panyu, Guangzhou Leased C, S 8,600 100%
3 Guangzhou Aoyuan Health Plaza Panyu, Guangzhou Leasing C, S 6,100 100%
4 Shenyang Aoyuan The Metropolis Shenyang, Liaoning Leased H 6,900 100%
5 Shenyang Aoyuan Convention Plaza Shenyang, Liaoning Leasing C, S 114,200 100%
6 Guangzhou Aoyuan City Plaza Panyu, Guangzhou Leasing C, CH 27,700 100%
7 Guangzhou Aoyuan Kangwei Plaza Zengcheng, Guangdong Leasing C, S 60,000 51%
8 Yangjian Aoyuan Cental Parkview Yangjiang, Guangdong Leasing C 10,000 80%
9 Guangzhou Luogang Aoyuan Plaza Luogang, Guangzhou Leasing C 30,000 60%
10 Chongqing Aoyuan The Metropolis Chongqing Leasing C 18,900 100%
Total 362,900
Rental income mainly generated from investment property operation, which provides stable cash flow to the company
Investment properties include shopping mall, clubhouse, office, hotel, etc
As of Dec 2013, major investment property portfolio amounted to 362,900 sqm
80,500 sqm high-end shopping mall in Aoyuan Plaza in Panyu opened in Dec 2012
– Attracted many international brands, including H&M, Zara, Vanguard, etc
Investment properties business
Major investment properties overview
Renowned tenants at Guangzhou
Aoyuan Plaza
Diversified revenue streams
To further diversify our income sources and reduce volatility in revenue, Aoyuan will continue to develop investment properties and other businesses
Note: 1. C = Commercial; S = Retail shop; CH = Club house; H = Hotel
22 2,0
49
1,7
72
1,5
98
1,6
42
718
338
111
81
0
500
1,000
1,500
2,000
2,500
Guangzh
ou
Chongqin
g
Jiangsu
Hunan
Guangdong
Liaonin
g
Jiangxi
Guangxi
(RM
B p
er
sq
m)
Liaoning Guangzhou
Chongqing
Guangxi
Jiangxi
Guangxi
Guangdong
Jiangxi Chongqing
Jiangsu
Liaoning
Breakdown by land bank
Hunan
Jiangsu
Kunshan Aoyuan 185,000
Chongqing Aoyuan City of Health 71,100 Chongqing Aoyuan Jinyu 27,500 Chongqing Aoyuan The Metropolis 271,100 Chongqing Aoyuan Shuiyunjian 125,100 Chongqing Aoyuan City Plaza 313,500
Total 808,300
Jiangxi Aoyuan 513,500
Shenyang Aoyuan The Metropolis 1,207,600
Shenyang Aoyuan Convention Plaza 776,800
Total 1,984,400
Hunan
Zhuzhou Aoyuan Edinburgh 84,200 Zhuzhou Aoyuan Shennong Health City 393,300 Zhuzhou Aoyuan Plaza 429,700
Total 907,200
Guangdong (ex-Guangzhou)
Guangzhou Nanguo Aoyuan 149,500 Guangzhou Aoyuan 22,200 Guangzhou Panyu Aoyuan 52,500 Guangzhou Guo Ao Investment Development Centre
51,500
Guangzhou Nansha Aoyuan 48,000 Guangzhou Aoyuan Hai Jing Cheng 74,200 Guangzhou Aoyuan Plaza 158,000 Guangzhou Aoyuan Health Plaza 48,300
Guangzhou Aoyuan Beyond Era 133,800 Guangzhou Aoyuan International Center 248,100 Guangzhou Aoyuan Spring Garden 124,200 Guangzhou Aoyuan City Plaza 251,800 Guangzhou Aoyuan Kangwei Plaza 379,400 Guangzhou Luogang Aoyuan Plaza 300,000
Total 2,041,500
Fogang Aoyuan 1,272,400 Qingyuan Aoyuan 149,800 Jiangmen Aoyuan 11,800 Jiangmen Aoyuan Waitan 181,500 Jiangmen Aoyuan Yicheng International Plaza 207,300 Zhongshan Aoyuan 402,000 Zhongshan Aoyuan Jinyu 162,800 Nanhai Aoyuan 182,400 Foshan Aoyuan Central Parkview 285,600
Yangjiang Aoyuan Central Parkview 362,100 Meizhou Aoyuan Peninsula View 259,500
Total 3,477,200
Yulin Aoyuan 398,400 Yulin Aoyuan City of Health 867,100
Total 1,265,500
Average land cost: RMB1,090 per sqm
Average cost of land bank by region
Land bank and project overview
As of 31 Dec 2013, we had 39 projects with a total land bank of 11.18m sqm of GFA located in Guangdong, Chongqing, Shenyang, Hunan, Jiangsu, Guangxi and Jiangxi etc. The current reserve will sufficient to meet the development needs of the Group in the next five to seven years.
Project name GFA (sqm) Project name GFA (sqm)
Guangzhou
18%
Guangdong
(ex-Guangzhou)
31% Liaoning
18%
Chongqing
7%
Jiangsu
2%
Guangxi
11%
Hunan
8%
Jiangxi
5%
23
(as at 31 Dec 2013)
Land bank and project overview (cont.)
Total land bank: 11.18m sqm
(Breakdown by type)
Total land bank: 11.18m sqm
(Breakdown by status)
(as at 31 Dec 2013)
Residential apartments
68%
Commercial 24%
Investment properties
4%
Low density residential
1%
Auxiliary facilities
3%
Held for future
development
55% Under
development 34%
Completed and held for
sale
6%
Completed and sold, to be delivered/
auxiliary facilities 5%
24
High quality projects successfully acquired in 2013
Projects and land bank Prudent land bank acquisition strategy
With a prudent and conservative land acquisition philosophy, Aoyuan has a track record of capturing the attractive expansion opportunities
In 2013, Aoyuan continued to acquire high quality projects at attractive costs in Guangzhou, Chongqing, Foshan, Jiangmen and Yangjiang, laying a good foundation for future growth
Maintain the strategy of “rapid development and rapid sales” to achieve the goal of rapid growth
Continue to pursue the strategy of “developing commercial and residential properties in parallel” and to develop products that meet market needs
Implement the "quick and balanced growth" model to support Aoyuan's expansion
No. of projects
17 24 32 39
7.8 8.6
10.0
11.2
0
5
10
15
2010 2011 2012 2013
(m s
qm
)
Land bank expansion with high quality projects
Note: 1 R = Residential; C = Commercial
Name City Type Approach Acquired
Date Status %
interest
GFA
(sqm)
Consideration
(RMBm)
Avg cost
(RMB/sqm)
1 Guangzhou Aoyuan Kangwei Plaza Zengcheng,
Guangzhou C Equity acquisition Jan 2013 Dec 2013 launched for sale 51% 379,409 601 1,584
2 Chongqing Aoyuan Shuiyunjian Nanan,
Chongqing C, R Land auction Feb 2013 Nov 2013 launched for sale 100% 125,186 435 3,475
3 Foshan Aoyuan Central Parkview Nanhai,
Foshan C, R Land auction Feb 2013 Mar 2014 open for sale 100% 182,705 727 3,979
4 Jiangmen Aoyuan Yicheng International Plaza
Jiangmen C, R Equity acquisition Mar 2013 Oct 2013 launched for sale 51% 207,272 198 955
5 Yangjiang Aoyuan Central Parkview Jiangcheng,
Yangjiang C, R Equity acquisition Jul 2013 Oct 2014 open for sale 80% 362,053 266 735
6 Chongqing Aoyuan City Plaza Nanan,
Chongqing C, R Land auction Aug 2013 June 2014 open for sale 100% 313,525 970 3,094
7 Guangzhou Luogang Aoyuan Plaza Luogang,
Guangzhou C, R Land auction Aug 2013 June 2014 open for sale 60% 300,019 1,306 4,353
8 Meizhou Aoyuan Peninsula View Meizhou C, R Land auction Aug 2013 July 2014 open for sale 100% 259,500 175 674
Total: 2,129,669 4,678 2,197
4. Appendix
25
26
Company structure
Commercial operations
Operations management
Property investment
Property development
Guo Zi Wen/Guo Zi Ning1
Approx. 47%
Cathay Capital Group
Approx. 11%
Public
Approx. 42%
Note:
1 Deemed interest
27
1996-2002 Inception stage
2003-2006 Growth stage
2007-2011 Expansion stage
2009: Shenyang Aoyuan The Metropolis 1 project, with GFA of over 2m sqm, was signed, which marked the beginning of large-scale integrated projects development by Aoyuan
2011: Took advantage of the growth in the Yangtze River Delta Region and successfully expanded into the Jiangsu market
2007: China Aoyuan Property Group Limited (Stock code: 3883HK) was listed on the main board of SEHK
2007: Geographical reach extended beyond Guangdong Province by entering into Guangxi, Shenyang and Chongqing, paving the way for Aoyuan to become a leading regional developer
2006: Commencement of development of Jiangxi Aoyuan
2006: Commencement of development of Nanguo Aoyuan
2010-2011: Obtained a HK$990m loan from a consortium of Nanyang Commercial Bank and Bank of China (Macao Branch) for general working capital purpose
2006: Cathay Capital Group invested in Aoyuan as a pre-IPO strategic investor
2012-Now New Growth stage
2013: Successful acquired new land parcels in Guangdong and Chongqing , and established operation in Yangjiang and Meizhou in Guangdong
2012- 2013: Aoyuan issued its debut USD Bond in late 2012 and subsequently tapped the same bond in early 2013, raising an aggregate of USD$225m
2013: Raised full year contracted sales target from RMB 7.5bn to 8.5bn, and surpassed RMB10bn by Dec 2013
2012: Surpassed full year contract sales target of RMB 5.0bn
2012: Successfully sold Beijing project for HK$3.2bn, reaping a substantial one-off gain of HK$1.1bn
2014: Successfully issued US$300m senior notes, with oversubscription of 4.2x, establishing recognition from international capital markets
Corporate milestones
Through successful replication of previous projects, Aoyuan has grown from a leading regional developer in Guangdong to a leading player with established presences in five major economic regions including Pearl River Delta, Yangtze River Delta, Bohai Rim, Beibuwan, and Central & Western China
Aoyuan instituted a clear strategy of “a leader in the real estate complex and an operator of the urban development in the future”
1997: Aoyuan’s first project Jinye Villa Garden achieved successful sales
1997: Zi Ye was established in PRC, which marked the beginning of Aoyuan Group Chairman Guo Zi Wen introduced the "Sports+Property" development concept, and subsequently the “exercise starts from home" concept which became hugely popular
1999-2001: Successful sales of Guangzhou Aoyuan and Panyu Aoyuan
Source: Company information Note: 1. The project was subsequently divided into two projects, Shenyang Aoyuan The Metropolis and Shenyang Aoyuan Convention Plaza
28
Board of Directors
Outstanding management team
Experienced management with excellent track record in the China real estate market, stable and prudent operating principles, excellent compliance in corporate governance and high transparency to ensure
sustainable development of the Company
4 Executive Directors, 1 Non-executive Director, and 3 Independent Non-executive Directors
Audit committee, Remuneration committee, and Nomination committee
Xin Zhu
Executive Director, Executive Vice
President
Yang Zhong
Executive Director, COO
Guo Zi Ning
Vice Chairman, CEO
Guo Zi Wen
Chairman, Group Founder
Paul Steven Wolansky
Non-executive Director
Cheung Kwok Keung
Independent Non-executive Director
Tsui King Fai
Independent Non-executive Director
Hu Jiang
Independent Non-executive Director
Senior Management
Commercial properties
Capital markets
and investor relations
Funds management
Financial
management and control
Operations management
Engineering, design and R&D
Investment management
Brand and sales marketing
Miao Si Hua
Assistant to President
Jacky Chan
Vice President
Xin Zhu
Executive Director, Executive Vice
President
Zhong Ping
CFO
Yang Zhong
Executive Director, COO
Lv Zhen Qiu
Assistant to President
Guo Zi Ning
Vice Chairman, CEO
Wang Shu Yu
Vice President
29
Company HQ Aoyuan Mansion, No.108, Huangpu Avenue
West, Tianhe, Guangzhou
HK office Unit 1901-02, 19/F, One Peking,
No.1 Peking Road, T.S.T, Hong Kong
Jacky Chan
Vice President – Head of Corporate Finance and Investor Relations
HK: (852) 2180 9599
China: (86 20) 3868 6666
Email: [email protected]
Investor Relations Contact
Joyce Ho
Company Secretary
HK: (852) 2180 6979
China: (86 20) 3868 6666
Email: [email protected]
Hanry Gao
Assistant Investor Relations Manager
HK: (852) 2180 9599
China: (86 20) 3868 6666
Email: [email protected]
30
This presentation was prepared by China Aoyuan Property Group Limited (the “Group” or the “Company”) for reference only. This presentation may not be reproduced or redistributed to any persons without explicit authorization from the Company. Neither the Company nor any of its respective subsidiaries, directors, employees or advisors, directly or indirectly, gives any representation or warranty as to the completeness and accuracy of all the information contained in this presentation (including all forward-looking statements). The information contained in this presentation should be considered in the context of the circumstances prevailing at the time of presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. This presentation contains statements that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the Company’s operations and factors which are beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. The Company expressly disclaims all the liabilities (in negligence or otherwise) for any loss incurred or sustained by the participants of this presentation, their employers, entities, agents or any of their related parties as a result of using the information contained in this presentation. The materials and information in this presentation are for informational purposes only and do not constitute an offer or solicitation for the purchases or sale of any securities or financial instruments or to provide any investment service or investment advice.
Disclaimer
31
Thank you!
31