dbs bank - china / hong kong monthly chart book …...source: thomson reuters; dbs vickers china /...

ed – CK / sa- JY

Which cities may loosen further?

• Although overall inventory level is declining, some cities’ inventory levels are still high – including Qingdao, Changsha, Tianjin, Yuncheng, Nanping, Putian and Zhoushan

• We expect them to follow Shenyang and Shijiazhuang to further loosen restrictions for destocking purpose

• COLI, Country Garden, Longfor, R&F, Sino Ocean, China Jinmao and Evergrande may benefit from improved sales sentiment if such cities loosen restrictions in the property market

Destocking trend remains; Tier 2 cities had been more effective in clearing inventory. While the weekly data shows that inventory (in terms of no. of weeks’ sales) had been going up YTD in 2016, we believe that this is mainly distorted by the slower weekly sales around Chinese New Year (CNY). Overall, inventory in GFA terms is still on a decreasing trend (see page 2). Among the 31 major cities we track, Tier 2 cities had been more effective in destocking in the past 12 months and saw inventory fall by 5.3 months on average, vs Tier 1 and Tier 3 cities’ average of 3.6 months. However, the average inventory of 11.3 months among Tier 2 cities is still high compared with Tier 1 cities’ 8.3 months.

Some cities may have chance to loosen further to speed up destocking. Over the past month, some cities, like Shenyang and Shijiazhuang, have unveiled loosening measures to lower down-payment requirements and lower transaction fees to stimulate destocking in the property sector. Apart from cities that have loosened policies, the inventory level of Qingdao, Changsha, Tianjin, Yuncheng, Nanping and Putian and Zhoushan are the highest among the Tier 2/3 cities, we believe they have the potential to unveil further loosening policies in the coming months. Developers with high land bank exposure to these cities (i.e. COLI, Country Garden, Longfor, R&F, Sino Ocean, China Jinmao and Evergrande) will likely benefit from the improvement in sales sentiment if such cities launch more loosening measures.

Big-cap developers remain attractive. The sector is now trading at an attractive FY16F PE of 6.5x. Property counters had a good run since last week, and we believe that good buying opportunities would emerge in the coming results season if the sector valuation remains below 6x PE post-earnings revision. Our top picks remains in the big cap space, i.e. COLI and CR Land.

HSI: 19,984 Analyst Ken HE, CFA +86 21 6888 3375 [email protected] Andy YEE, CFA (852) 2971 1773· [email protected] Danielle WANG, CFA · (852) 2820 4915· danielle_wang @hk.dbsvickers.com Carol WU (852) 2863 8841· [email protected]

Residential market Inventory level

02468101214161820

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000Ja

n-09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

000 sm

Volume (LHS)No. of months to digest the inventory (RHS)*

no. of months

Major developers with exposure to the cities with potential to loosen

m sm T ianjin Changsha Qingdao Total T ianjin Changsha Qingdao TotalR&F 10.4% 8.3% 0.0% 18.7% 4,132 3,299 0 7,431Evergrande 1.6% 2.3% 0.0% 3.9% 2,282 3,318 0 5,600COLI 3.2% 1.6% 3.8% 8.5% 1,401 686 1,678 3,765Sino Ocean 23.3% 0.0% 0.9% 24.1% 3,532 0 132 3,664China J inmao 0.0% 25.3% 8.9% 34.2% 0 2,419 853 3,273CountryGarden

0.7% 1.5% 0.5% 2.7% 554 1,257 375 2,187

Longfor 0.0% 3.4% 3.0% 6.4% 0 1,141 991 2,131Shimao 1.4% 1.4% 2.5% 5.3% 494 504 874 1,872CR Land 1.3% 2.5% 1.2% 5.0% 480 899 438 1,817Agile 1.7% 2.7% 0.0% 4.4% 656 1,042 0 1,698KWG 6.9% 0.0% 0.0% 6.9% 737 0 0 737Yanlord 13.3% 0.0% 0.0% 13.3% 541 0 0 541

% of landbank GF A ('000 sm)

Source: NBS, Company, DBS Vickers

DBS Group Research . Equity 10 March 2016

China / Hong Kong Monthly Chart Book

China Property (Issue No. 71) Refer to important disclosures at the end of this report


China Property

Major cities inventory

Ja n-16 Ja n-15 Cha nge Ja n-16 Ja n-15 Cha ngeTie r 1 c i ti e sBeijing 10.3 13.3 -3.0 9,558 10,730 -11%Guangzhou 9.8 13.6 -3.8 8,938 9,546 -6%Shenzhen 7.7 11.2 -3.6 4,161 4,267 -2%Shanghai 5.2 9.1 -4.0 10,045 12,939 -22%Ave ra ge -3.6 -11%

Tie r 2 c i ti e sQingdao 18.4 26.0 -7.6 18,361 19,570 -6%Changsha 16.0 19.8 -3.8 18,217 17,449 4%Tianjin 15.5 25.3 -9.8 18,074 19,973 -10%Xi'an 14.8 22.2 -7.4 18,073 21,956 -18%Wuhan 13.9 18.9 -5.0 27,038 28,750 -6%Fuzhou 13.5 21.1 -7.6 2,866 3,890 -26%Ningbo 11.9 18.5 -6.6 5,658 6,392 -11%Chengdu 11.2 11.1 0.0 8,193 8,662 -5%Xiamen 11.0 14.5 -3.5 3,194 3,112 3%Chongqing 10.1 11.6 -1.5 14,458 17,228 -16%Hangzhou 9.3 15.4 -6.1 4,141 4,909 -16%Nanjing 5.2 11.0 -5.8 5,486 7,054 -22%Suzhou 4.4 11.8 -7.4 4,504 8,158 -45%Hefei 3.7 5.7 -2.1 3,322 5,113 -35%Ave ra ge -5.3 -15%

Tie r 3 /4 c i ti e sYuncheng 43.8 28.6 15.1 3,539 2,904 22%Nanping 41.1 45.6 -4.5 1,111 1,118 -1%Putian 19.9 23.6 -3.7 3,460 3,110 11%Zhoushan 19.3 20.6 -1.3 1,658 1,696 -2%Dongying 18.9 29.8 -10.9 2,894 3,720 -22%Wenzhou 15.9 19.8 -4.0 4,903 5,389 -9%Zhanjiang 15.5 26.5 -11.0 1,140 1,518 -25%Wuhu 15.0 16.3 -1.4 3,090 2,847 9%Xuzhou 14.9 21.0 -6.1 11,430 13,376 -15%Jiujiang 10.7 13.3 -2.6 2,354 2,669 -12%Sanming 8.7 17.8 -9.0 484 459 6%Nanchang 7.7 9.8 -2.1 3,661 3,865 -5%Huizhou 6.6 12.0 -5.4 2,118 2,797 -24%Ave ra ge -3.6 -5%

Inve ntory (no. of months )* Inve ntory ('000 sm)

Source: Soufun; DBS Vickers


China Property

TABLE OF CONTENTS

How did shares perform? 4

Who sold the most? 11

Who sold at the highest price? 12

Who was the most aggressive in land acquisition? 13

Who entered into Hong Kong main board? 14

Where was the funding from? 15

Where was the funding from? (Cont’d) 20

Where was the funding from? (Cont’d) 23

What was the sales trend of each company? 25

Which city grew the fastest in price? 28

What were the trends of ASP and sales volume in each city? 29

What were the trends of ASP and no. of units sold in each city? 35

Are there enough to sell? 41

Is it affordable? 44

Will people buy now? 46

What were the trends of affordability in each city? 47

How about secondary market transactions? 52

What about office? 53

What about retail? 54

What about hotel? 54

What do the national figures tell us? 55

Where does the launch of policies drive share prices to? 57

How about macro economic growth? 97

Which developers are most diversified? 99

A glance of financial forecasts for developers 104


China Property

How did shares perform?

Share performance

Sector index vs HSI

10

30

50

70

90

110

130

Jan

/08

Au

g/0

9

Ap

r/11

No

v/1

2

Jul/1

4

Mar

/16

China property share price index HSI

Source: Thomson Reuters; DBS Vickers

Sector index vs HSI (6 month)

60 65 70 75 80 85 90 95

100 105 110

Au

g/1

5

Sep

/15

Oct

/15

No

v/1

5

Dec

/15

Jan

/16

Feb

/16

Mar

/16

China property share price index HSI

Rebased (04 Aug 15 = 100)

Source: Thomson Reuters; DBS Vickers


China Property

Valuation comparison

3- mt hdaily Net Disc /

M k t t rad ing 12- m EPS g t h PE PE Y ield Y ield RO E RO E G earing P/Bk NA V (Prem)Pric e Cap v alue Recom t arget 16F 17F 16F 17F 15F 16F 16F 17F 1H15 1H15 t o NA V

Company Name Code HK $ US$bn US$m HK $ % % x x % % % % % x HK $ %Large capChina Ov erseas* 688 HK 25.05 31.8 72.1 Buy 30.30 9 11 7.4 6.6 2.5 2.8 15.8 15.5 13.0 1.3 28.1 10.7Country Garden* 2007 HK 3.27 9.4 7.7 Buy 3.66 7 11 5.9 5.3 5.2 5.6 14.7 14.9 54.1 1.0 4.4 25.6CR Land* 1109 HK 19.5 17.4 33.7 Buy 26.01 14 8 8.9 8.2 2.7 3.0 11.3 11.3 39.4 1.2 27.5 29.1China V anke 'H'* 2202 HK 18.1 39.5 33.2 Hold 19.60 17 5 8.4 8.0 3.6 4.2 18.6 17.3 15.8 1.9 22.4 19.1Dalian Wanda 'H' 3699 HK 34.4 20.1 13.8 NR n.a. 19 17 6.2 5.3 3.9 4.5 12.7 13.5 73.7 0.8 n.a. n.a.Evergrande* 3333 HK 5.66 10.0 24.2 Hold 6.45 18 11 8.4 7.6 5.0 6.0 13.1 13.6 85.8 1.3 9.6 41.0Longfor 960 HK 10.26 7.7 5.4 NR n.a. 13 12 6.1 5.4 3.4 3.8 14.6 14.6 61.1 1.0 n.a. n.a.Shimao Property* 813 HK 11.4 5.1 9.8 Buy 16.53 9 8 5.1 4.7 6.4 7.1 12.3 12.4 57.5 0.7 28.5 60.0A v erage 13 11 7.0 6.4 4 .1 4 .6 14.1 14.1 50.1 1 .1 30.9

M id capAgile Property * 3383 HK 4.12 2.1 2.3 Hold 3.66 (10) 7 4.3 4.1 6.4 5.8 7.4 7.5 72.4 0.4 16.6 75.2China South City*^^ 1668 HK 1.65 1.7 2.0 Hold 1.94 45 69 12.6 7.5 3.0 4.4 4.2 6.9 65.3 0.6 3.6 53.8COGO* 81 HK 2.6 0.8 0.6 Buy 3.50 53 15 3.0 2.6 1.9 1.9 13.6 13.7 81.4 0.5 7.7 66.1China J inmao Hldgs* 817 HK 2.17 3.0 3.2 Buy 2.83 30 22 6.4 5.2 3.4 4.7 8.8 10.0 49.5 0.6 4.8 55.2Greentown 3900 HK 7.05 2.0 4.1 NR n.a. 9 9 4.5 4.2 3.4 3.9 9.6 10.2 78.0 0.5 18.5 61.9Guangzhou R&F 2777 HK 9.89 4.1 7.3 NR n.a. 10 9 4.4 4.1 6.7 7.0 13.4 14.1 119.4 0.7 18.1 45.4Hopson Dev 754 HK 8.18 2.3 0.8 NR n.a. 17 (12) 13.6 15.3 0.0 0.0 2.0 2.0 73.5 0.3 n.a. n.a.KWG Property 1813 HK 5.12 2.0 4.9 NR n.a. (7) 14 4.0 3.5 6.8 7.5 13.5 14.1 69.8 0.6 10.8 52.7Poly (Hong Kong) 119 HK 2.28 1.1 2.9 NR n.a. 34 25 17.0 13.7 1.5 1.7 1.9 2.3 109.2 0.3 13.1 82.6Shenzhen Inv 604 HK 2.86 2.7 6.3 NR n.a. 24 21 6.5 5.4 5.5 6.7 9.7 10.5 57.7 0.6 n.a. n.a.Shui On Land* 272 HK 2.01 2.1 2.8 Hold 2.07 (105) n.a. n.a. 50.2 3.6 1.5 (0.3) 0.7 86.9 0.3 5.2 61.1Sino-Ocean Land* 3377 HK 3.67 3.6 14.2 Hold 6.70 16 21 6.5 5.4 4.4 4.9 7.9 9.0 62.6 0.5 7.9 53.4Soho China* 410 HK 3.81 2.6 3.3 Hold 3.60 (70) 39 102.8 73.8 21.8 0.6 0.4 0.6 26.4 0.4 9.0 57.6Sunac China 1918 HK 5.46 2.4 6.8 NR n.a. 14 16 3.7 3.1 4.4 4.9 20.2 19.4 70.7 0.9 n.a. n.a.Yanlord Land*^ YLLG SP 1.2 1.7 1.7 Buy 1.35 (11) 20 8.4 7.0 1.2 1.2 6.2 7.0 39.2 0.5 1.9 38.3Yuexiu Property* 123 HK 1.12 1.8 2.4 Hold 1.00 6 8 10.8 10.0 4.2 3.7 3.6 3.8 65.5 0.4 2.5 55.1A v erage# 16 17 7.6 6.5 3 .8 4 .2 8.7 9.3 72.5 0 .5 58.2

Small c apBJ Cap Land 'H' 2868 HK 2.99 1.6 1.4 NR n.a. (0) 25 4.1 3.3 6.8 7.3 12.9 14.5 155.3 0.6 n.a. n.a.BJ North Star 'H' 588 HK 2.36 1.0 0.4 NR n.a. 14 n.a. 6.2 n.a. 3.0 3.0 n.a. n.a. 84.7 0.4 n.a. n.a.C C Land* 1224 HK 2.46 0.8 0.5 Hold 2.06 6 (79) 5.6 27.1 2.0 3.6 7.4 1.5 19.9 0.4 2.8 11.1Central China* 832 HK 1.40 0.4 0.2 Buy 1.89 8 9 3.5 3.2 7.8 8.5 11.2 11.3 66.9 0.4 6.1 76.9China SCE 1966 HK 1.66 0.7 0.5 NR n.a. 7 44 4.5 3.1 5.2 10.1 15.1 18.2 62.0 0.7 n.a. n.a.CIF I Holdings 884 HK 1.78 1.5 1.3 NR n.a. 20 19 3.7 3.1 6.2 7.3 19.2 19.7 72.5 0.8 n.a. n.a.F irst Sponsor*^ FSG SP 1.215 0.5 0.1 Buy 1.57 45 (47) 6.2 11.7 3.0 2.8 12.3 6.4 n.a. 0.8 4.1 70.3Glorious Property 845 HK 0.85 0.9 0.2 NR n.a. 58 34 18.8 14.0 0.0 0.0 1.9 2.5 142.5 0.4 5.9 85.5Hydoo Int'l 1396 HK 1.03 0.5 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 60.4 0.8 n.a. n.a.Kaisa Group 1638 HK 1.56 1.0 0.0 NR n.a. 13 23 2.2 1.8 11.7 n.a. 16.4 14.9 70.4 0.3 n.a. n.a.Lai Fung* 1125 HK 0.117 0.2 0.1 NR n.a. (73) n.a. 6.8 n.a. 2.8 2.8 2.0 0.0 24.3 0.1 0.5 76.4Minmetals Land 230 HK 0.81 0.3 0.1 NR n.a. n.a. 7 5.4 5.1 n.a. n.a. n.a. n.a. 45.4 0.3 n.a. n.a.Powerlong 1238 HK 1.37 0.7 0.3 NR n.a. 19 12 3.2 2.9 6.6 7.7 9.4 9.1 68.3 0.2 n.a. n.a.Renhe Commercial 1387 HK 0.33 1.9 0.8 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 26.0 0.4 2.7 87.9Road King 1098 HK 6.34 0.6 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 81.8 0.4 n.a. n.a.Greenland* 337 HK 2.35 0.8 1.6 Buy 4.97 268 96.9 2.6 1.4 0.0 0.0 10.9 17.4 193.0 0.7 6.4 63.1SRE Group 1207 HK 0.25 0.7 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 182.3 0.2 n.a. n.a.Wuzhou Int'l 1369 HK 0.79 0.5 0.7 NR n.a. 61 51 8.3 5.5 0.0 0.0 n.a. n.a. 81.4 0.8 n.a. n.a.Ying Li YINGLI SP 0.144 0.3 0.6 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.4 0.9 84.3Yuzhou Properties* 1628 HK 1.82 0.9 0.9 NR n.a. 31 39 3.2 2.3 7.3 9.6 18.3 21.7 69.0 0.6 5.0 63.6Zhong An 672 HK 0.79 0.2 0.0 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 75.2 0.3 n.a. n.a.A v erage** 22 17 5.7 3.4 5 .2 5 .7 12.4 12.6 80.2 0 .5 68.2

A v erage (O v erall)@ 17 15 6.5 5.6 4 .3 4 .8 11.2 11.5 71.3 0 .6 53 .7~

10- M ar

^ Denominated in SGD for price

~ Simple average discount to NAV; Market cap weighted average NAV = 32% # Exclude Soho China & Shui On Land

** Exclude Greenland, First Sponsor & Lai Fung

@ Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung

^^ FY15: 16F; FY16: FY17F; FY17: FY18F

Source: Thomson Reuters, *DBS Vickers


China Property

PE valuations, 2007 to 2015 trough (based on earnings forecasts)

10- M ar M k t 16F 17F PE

Company Name CodePric eHK $

CapUS$bn

PEx

PEx

T rough2007

T rough2008

T rough2009

T rough2010

T rough2011

T rough2012

T rough2013

T rough2014

T rough2015

China Overseas* 688 HK 25.05 31.8 7.4 6.6 14.1 9.7 11.1 12.8 6.5 7.1 7.8 6.1 6.7Country Garden* 2007 HK 3.27 9.4 5.9 5.3 25.7 3.6 5.2 10.7 5.2 5.8 6.5 4.0 4.2CR Land* 1109 HK 19.50 17.4 8.9 8.2 22.6 15.9 13.1 14.4 7.2 10.1 11.9 7.1 8.1China V anke 'H'* 2202 HK 18.10 39.5 8.4 8.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.3 6.8Dalian Wanda 'H' 3699 HK 34.40 20.1 6.2 5.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.3Evergrande* 3333 HK 5.66 10.0 8.4 7.6 n.a. n.a. n.a. 3.8 2.9 3.3 4.2 3.4 4.3Longfor 960 HK 10.26 7.7 6.1 5.4 n.a. n.a. 17.8 13.8 6.3 5.6 7.4 5.3 5.4Shimao Property* 813 HK 11.40 5.1 5.1 4.7 14.7 3.8 4.2 8.6 3.6 3.9 6.4 4.3 3.3A v erage 7 .0 6 .4 19.3 8 .2 10 .3 10.7 5 .3 6 .0 7 .4 5 .2 5 .9

Agile Property* 3383 HK 4.12 2.1 4.3 4.1 11.7 1.6 4.7 8.5 2.7 3.8 4.0 2.4 3.0China South City*^^ 1668 HK 1.65 1.7 12.6 7.5 n.a. n.a. 17.7 6.9 4.3 5.9 4.3 5.1 5.7COGO* 81 HK 2.60 0.8 3.0 2.6 n.a. n.a. n.a. n.a. 3.6 5.0 6.3 3.1 3.1China J inmao Hldgs* 817 HK 2.17 3.0 6.4 5.2 29.6 5.5 6.9 15.0 6.1 6.0 7.3 4.8 5.0Greentown 3900 HK 7.05 2.0 4.5 4.2 8.1 1.9 2.3 6.3 2.0 1.5 3.3 2.3 3.1Guangzhou R&F 2777 HK 9.89 4.1 4.4 4.1 12.2 2.4 4.8 6.8 3.2 3.2 4.7 3.8 3.1Hopson Dev 754 HK 8.18 2.3 13.6 15.3 9.1 1.0 2.2 4.9 2.8 2.8 5.6 3.9 9.8KWG Property 1813 HK 5.12 2.0 4.0 3.5 7.0 2.1 2.9 8.0 3.1 2.8 3.7 2.9 3.2Poly (Hong Kong) 119 HK 2.28 1.1 17.0 13.7 n.a. 10.0 3.8 14.9 4.2 4.9 5.2 3.9 5.4Shenzhen Inv 604 HK 2.86 2.7 6.5 5.4 9.1 2.1 4.2 6.5 3.8 4.6 6.2 5.3 5.4Shui On Land* 272 HK 2.01 2.1 n.a. 50.2 13.3 1.7 3.4 9.4 5.2 6.5 9.1 10.6 6.4Sino-Ocean Land* 3377 HK 3.67 3.6 6.5 5.4 28.1 4.7 9.0 11.3 4.1 5.4 6.7 6.0 6.0Soho China* 410 HK 3.81 2.6 102.8 73.8 13.8 5.7 4.0 4.6 9.0 4.5 6.3 8.8 15.8Sunac China 1918 HK 5.46 2.4 3.7 3.1 n.a. n.a. n.a. 4.5 1.4 1.4 3.1 2.2 2.8Yanlord Land*^ YLLG SP 1.20 1.7 8.4 7.0 7.2 4.1 6.6 9.3 5.0 6.7 9.3 7.5 7.1Yuexiu Property* 123 HK 1.12 1.8 10.8 10.0 12.5 1.9 2.9 8.9 4.5 4.5 5.8 5.9 6.3A v erage# 7.6 6 .5 13 .5 3 .4 5 .7 8 .6 3 .6 4 .2 5 .4 4 .2 4 .9

BJ Cap Land 'H' 2868 HK 2.99 1.6 4.1 3.3 6.7 1.6 3.1 5.1 1.9 2.0 3.3 2.6 3.0BJ North Star 'H' 588 HK 2.36 1.0 6.2 n.a. 18.6 3.5 5.0 7.5 3.6 6.5 4.0 3.8 5.0C C Land* 1224 HK 2.46 0.8 5.6 27.1 n.a. 18.7 n.a. n.a. 5.2 3.9 6.7 3.5 4.0Central China* 832 HK 1.40 0.4 3.5 3.2 n.a. 1.3 1.5 3.9 2.8 2.8 3.5 2.6 2.5China SCE 1966 HK 1.66 0.7 4.5 3.1 n.a. n.a. n.a. 4.7 3.7 2.9 2.4 5.6 4.5CIF I Holdings 884 HK 1.78 1.5 3.7 3.1 n.a. n.a. n.a. n.a. n.a. n.a. 3.8 3.2 2.7F irst Sponsor*^ FSG SP 1.22 0.5 6.2 11.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 29.9 13.4Glorious Property 845 HK 0.85 0.9 18.8 14.0 n.a. n.a. 12.9 6.4 2.8 2.8 4.8 4.4 3.6Hydoo Int'l 1396 HK 1.03 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.6 2.3 2.3Kaisa Group 1638 HK 1.56 1.0 2.2 1.8 n.a. n.a. n.a. 3.5 3.7 2.9 2.8 1.9 1.7Lai Fung* 1125 HK 0.12 0.2 6.8 n.a. 7.1 0.8 3.2 6.7 3.1 2.6 4.0 4.0 4.0Minmetals Land 230 HK 0.81 0.3 5.4 5.1 n.a. 0.8 2.2 6.9 3.8 2.3 4.2 3.6 4.5Powerlong 1238 HK 1.37 0.7 3.2 2.9 n.a. n.a. 4.7 5.3 1.5 1.6 3.6 2.8 3.2Renhe Commercial 1387 HK 0.33 1.9 n.a. n.a. n.a. 10.5 5.7 5.4 3.2 2.7 4.7 7.7 7.7Road King 1098 HK 6.34 0.6 n.a. n.a. 6.0 1.1 4.4 5.4 2.2 2.4 6.5 6.8 6.8Greenland* 337 HK 2.35 0.8 2.6 1.4 6.7 0.7 1.1 3.6 1.2 1.0 0.6 11.7 8.0SRE Group 1207 HK 0.25 0.7 n.a. n.a. 3.1 1.0 1.5 2.0 2.3 0.9 1.1 1.1 1.1Wuzhou Int'l 1369 HK 0.79 0.5 8.3 5.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.3 5.2Ying Li^ YINGLI SP 0.14 0.3 n.a. n.a. n.a. n.a. 64.8 22.4 6.9 4.7 7.8 4.1 5.1Yuzhou Properties* 1628 HK 1.82 0.9 3.2 2.3 n.a. n.a. 9.6 5.5 2.7 3.6 3.6 2.4 2.1Zhong An 672 HK 0.79 0.2 n.a. n.a. n.a. 1.7 2.9 7.8 3.0 9.9 5.3 8.3 8.3A v erage** 5.7 3 .4 8 .6 4 .5 9 .9 6 .5 3 .3 3 .5 4 .2 4 .1 4 .1

A v erage (O v erall)@ 6.5 5 .6 13 .7 4 .6 8 .2 8 .1 3 .8 4 .2 5 .2 4 .3 4 .7


# Exclude Soho China & Shui On Land for 16F & 17F PE ** Exclude Greenland, First Sponsor & Lai Fung for 16F & 17F PE

@ Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE

^^ FY15: 16F; FY16: FY17F; FY17: FY18F



China Property

PE valuations, 2007 to 2015 peak (based on earnings forecasts)

10- M ar M k t 16F 17F PE (x )

Company Name CodePric eHK $

CapUS$bn

PEx

PEx

Peak2007

Peak2008

Peak2009

Peak2010

Peak2011

Peak2012

Peak2013

Peak2014

Peak2015

China Overseas* 688 HK 25.05 31.8 7.4 6.6 37.3 22.7 25.0 17.0 12.1 12.4 11.2 8.5 9.9Country Garden* 2007 HK 3.27 9.4 5.9 5.3 50.2 19.8 20.3 16.7 11.6 9.2 10.0 6.4 7.3CR Land* 1109 HK 19.50 17.4 8.9 8.2 69.0 28.6 30.4 21.1 15.2 17.6 16.2 10.7 12.8China V anke 'H'* 2202 HK 18.10 39.5 8.4 8.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9.0 11.8Dalian Wanda 'H' 3699 HK 34.40 20.1 6.2 5.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14.5Evergrande* 3333 HK 5.66 10.0 8.4 7.6 n.a. n.a. n.a. 9.1 8.9 6.1 6.4 4.6 14.2Longfor 960 HK 10.26 7.7 6.1 5.4 n.a. n.a. 24.4 21.7 14.2 11.9 10.4 6.9 8.7Shimao Property* 813 HK 11.40 5.1 5.1 4.7 30.0 14.9 18.4 13.3 9.7 9.5 8.8 6.1 6.2A v erage 7.0 6 .4 46 .6 21 .5 23 .7 16.5 11.9 11.1 10 .5 7 .4 10.7

Agile Property * 3383 HK 4.12 2.1 4.3 4.1 36.9 16.1 21.0 13.7 11.1 7.1 7.6 4.3 5.7China South City *^^ 1668 HK 1.65 1.7 12.6 7.5 n.a. n.a. 19.6 20.4 12.3 6.6 6.9 11.8 9.5COGO* 81 HK 2.60 0.8 3.0 2.6 n.a. n.a. n.a. n.a. 9.8 9.8 10.0 5.1 6.1China J inmao Hldgs* 817 HK 2.17 3.0 6.4 5.2 48.2 22.9 21.8 19.1 16.8 10.3 9.3 6.8 8.4Greentown 3900 HK 7.05 2.0 4.5 4.2 15.7 9.7 18.3 10.2 6.1 6.3 6.6 4.5 6.1Guangzhou R&F 2777 HK 9.89 4.1 4.4 4.1 41.2 16.6 17.8 10.5 8.0 7.4 8.1 4.8 4.8Hopson Dev 754 HK 8.18 2.3 13.6 15.3 21.0 9.6 10.3 7.5 6.4 16.0 13.7 16.1 24.6KWG Property 1813 HK 5.12 2.0 4.0 3.5 34.3 12.4 22.1 14.2 9.9 6.6 6.6 5.2 6.2Poly (Hong Kong) 119 HK 2.28 1.1 17.0 13.7 n.a. 30.0 51.0 25.2 16.1 9.8 9.9 6.4 30.2Shenzhen Inv 604 HK 2.86 2.7 6.5 5.4 22.8 10.4 14.9 9.5 9.0 8.6 11.8 8.0 10.0Shui On Land* 272 HK 2.01 2.1 n.a. 50.2 25.0 16.2 21.3 16.6 16.2 12.6 17.6 13.8 87.1Sino-Ocean Land* 3377 HK 3.67 3.6 6.5 5.4 82.2 13.2 24.8 15.7 10.3 12.1 11.4 7.8 9.9Soho China* 410 HK 3.81 2.6 102.8 73.8 21.0 14.7 11.0 7.9 17.7 6.2 7.7 11.8 24.4Sunac China 1918 HK 5.46 2.4 3.7 3.1 n.a. n.a. n.a. 5.8 3.5 5.5 4.9 5.1 6.3Yanlord Land*^ YLLG SP 1.20 1.7 8.4 7.0 28.7 14.5 19.8 14.5 10.5 15.0 14.4 9.8 12.7Yuexiu Property* 123 HK 1.12 1.8 10.8 10.0 31.9 11.0 25.5 15.7 11.0 9.1 9.5 7.9 11.1A v erage# 7.6 6 .5 36 .3 15 .1 22 .3 14.0 10.0 9.3 9 .3 7 .4 10.8

BJ Cap Land 'H' 2868 HK 2.99 1.6 4.1 3.3 18.8 9.5 15.9 9.6 5.9 4.7 5.3 3.3 6.3BJ North Star 'H' 588 HK 2.36 1.0 6.2 n.a. 49.9 20.6 18.0 12.7 10.5 8.9 7.0 8.2 13.0C C Land* 1224 HK 2.46 0.8 5.6 27.1 n.a. n.a. n.a. n.a. 17.4 12.7 10.9 6.4 8.7Central China* 832 HK 1.40 0.4 3.5 3.2 n.a. 10.8 9.4 6.6 5.6 6.3 5.2 3.8 4.4China SCE 1966 HK 1.66 0.7 4.5 3.1 n.a. n.a. n.a. 6.9 5.5 3.5 6.6 5.6 5.6CIF I Holdings 884 HK 1.78 1.5 3.7 3.1 n.a. n.a. n.a. n.a. n.a. n.a. 5.9 4.3 5.1F irst Sponsor*^ FSG SP 1.22 0.5 6.2 11.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 31.3 13.9Glorious Property 845 HK 0.85 0.9 18.8 14.0 n.a. n.a. 17.7 10.8 7.3 6.3 11.0 9.1 41.0Hydoo Int'l 1396 HK 1.03 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.5 5.9 7.8Kaisa Group 1638 HK 1.56 1.0 2.2 1.8 n.a. n.a. n.a. 8.4 10.0 6.9 5.9 3.9 2.3Lai F ung* 1125 HK 0.12 0.2 6.8 n.a. 7.9 7.8 11.1 17.4 19.0 4.9 4.0 4.0 4.0Minmetals Land 230 HK 0.81 0.3 5.4 5.1 n.a. 3.4 13.2 20.1 n.a. 7.1 6.6 5.9 7.6Powerlong 1238 HK 1.37 0.7 3.2 2.9 n.a. n.a. 7.0 8.2 6.5 5.6 6.7 3.8 4.6Renhe Commercial 1387 HK 0.33 1.9 n.a. n.a. n.a. 12.5 10.7 7.2 7.0 9.4 23.9 7.7 7.7Road King 1098 HK 6.34 0.6 n.a. n.a. 11.0 10.3 7.2 7.3 7.0 7.6 7.3 6.8 6.8Greenland* 337 HK 2.35 0.8 2.6 1.4 14.0 9.3 11.9 6.7 3.2 7.6 44.8 28.2 21.6SRE Group 1207 HK 0.25 0.7 n.a. n.a. 8.8 4.2 4.6 3.7 2.9 1.4 1.1 1.1 1.1Wuzhou Int'l 1369 HK 0.79 0.5 8.3 5.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12.4 29.6Ying Li^ YINGLI SP 0.14 0.3 n.a. n.a. n.a. n.a. 196.2 331.2 42.9 13.0 16.1 14.7 16.4Yuzhou Properties* 1628 HK 1.82 0.9 3.2 2.3 n.a. n.a. 11.7 9.9 5.8 6.5 6.5 3.3 5.2Zhong An 672 HK 0.79 0.2 n.a. n.a. n.a. 8.8 22.3 13.8 12.3 14.9 10.3 8.3 8.3A v erage** 5.7 3 .4 22 .1 10 .0 27 .8 32.6 10.5 7 .7 8 .3 6 .4 10.1

A v erage (O v erall)@ 6.5 5 .6 35 .4 14 .5 24 .8 22.3 10.6 8 .9 9 .1 6 .9 10.5




^^ FY15: 16F; FY16: FY17F; FY17: FY18F



China Property

PE valuations, 2007 to 2015 trough (based on reported earnings)

3- mt h dailyM k t t rad ing F Y 16F F Y 17F PE (x )

Pric e Cap v alue PE PE A v g T rough T rough T rough T rough T rough T rough T rough T rough T rough

Company Name Code HK $ US$bn US$m x x PE (x ) 2008 2008 2009 2010 2011 2012 2013 2014 2015China Overseas* 688 HK 25.05 31.8 72.1 7.4 6.6 10.0 12.5 9.9 10.0 8.9 5.3 5.3 6.4 5.1 6.6Country Garden* 2007 HK 3.27 9.4 7.7 5.9 5.3 14.6 19.6 11.3 9.2 6.3 4.3 5.2 5.8 4.4 4.9CR Land* 1109 HK 19.5 17.4 33.7 8.9 8.2 12.0 18.5 13.1 8.5 10.6 4.9 6.4 7.3 5.3 9.1China V anke 'H'* 2202 HK 18.10 39.5 33.2 8.4 8.0 9.0 n.a. n.a. n.a. n.a. n.a. n.a. 6.5 6.3 8.6Dalian Wanda 'H' 3699 HK 34.4 20.1 13.8 6.2 5.3 9.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.7 9.2Evergrande* 3333 HK 5.66 10.0 24.2 8.4 7.6 4.9 n.a. n.a. 42.7 3.0 2.4 3.6 2.7 2.7 5.5Longfor 960 HK 10.26 7.7 5.4 6.1 5.4 6.9 n.a. n.a. 11.8 7.2 4.5 5.1 5.8 4.7 5.7Shimao Property* 813 HK 11.40 5.1 9.8 5.1 4.7 9.2 7.6 11.4 3.1 6.6 2.7 3.0 4.9 4.8 4.7A v erage 7 .0 6 .4 9 .5 14.5 11.4 14.2 7 .1 4 .0 4 .8 5 .6 4 .9 6 .8

Agile Property* 3383 HK 4.12 2.1 2.3 4.3 4.1 6.3 8.7 1.2 4.2 3.6 2.9 3.5 4.2 2.6 3.2China South City *^^ 1668 HK 1.65 1.7 2.0 12.6 7.5 7.6 n.a. n.a. n.a. n.a. 3.6 2.9 3.1 4.3 17.7COGO* 81 HK 2.6 0.8 0.6 3.0 2.6 7.5 3.3 32.9 (3.5) 2.9 2.9 4.0 5.3 6.8 3.9China J inmao Hldgs* 817 HK 2.17 3.0 3.2 6.4 5.2 9.0 2.6 8.4 12.3 12.6 4.4 4.8 5.2 3.3 6.6Greentown 3900 HK 7.05 2.0 4.1 4.5 4.2 8.7 14.9 4.2 2.8 6.6 1.7 0.9 3.9 6.7 3.6Guangzhou R&F 2777 HK 9.89 4.1 7.3 4.4 4.1 7.3 7.9 3.3 6.3 6.6 3.7 2.7 3.4 4.0 3.2Hopson Dev 754 HK 8.18 2.3 0.8 13.6 15.3 6.0 6.6 1.1 0.8 2.3 4.6 2.1 3.9 5.1 9.9KWG Property 1813 HK 5.12 2.0 4.9 4.0 3.5 7.8 4.6 6.2 3.8 6.4 2.3 2.2 2.8 2.4 3.2Poly (Hong Kong) 119 HK 2.28 1.1 2.9 17.0 13.7 14.3 5.7 11.4 5.0 11.5 2.9 4.2 5.2 11.1 19.0Shenzhen Inv 604 HK 2.86 2.7 6.3 6.5 5.4 7.1 5.3 2.2 4.0 5.5 2.9 2.3 4.3 4.0 6.2Shui On Land* 272 HK 2.01 2.1 2.8 n.a. 50.2 7.2 8.0 1.6 2.1 4.2 1.9 5.1 5.9 6.5 4.6Sino-Ocean Land* 3377 HK 3.67 3.6 14.2 6.5 5.4 9.9 14.4 4.5 8.3 9.5 5.2 4.1 5.1 5.4 7.8Soho China* 410 HK 3.81 2.6 3.3 102.8 73.8 15.6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23.7Sunac China 1918 HK 5.46 2.4 6.8 3.7 3.1 3.7 n.a. n.a. n.a. n.a. 1.3 1.5 3.8 3.1 3.0Yanlord Land*^ YLLG SP 1.2 1.7 1.7 8.4 7.0 8.3 14.3 4.1 4.2 7.9 4.7 4.9 7.3 6.8 5.7Yuexiu Property* 123 HK 1.12 1.8 2.4 10.8 10.0 7.2 8.1 3.4 (4.6) 8.0 1.1 2.5 4.2 4.9 11.8A v erage# 7.6 6 .5 8 .3 8 .0 6 .5 3 .5 6 .7 3 .1 3 .2 4 .5 5 .1 8 .3

BJ Cap Land 'H' 2868 HK 2.99 1.6 1.4 4.1 3.3 7.2 8.3 2.3 2.4 3.6 2.3 2.0 2.8 2.5 3.8BJ North Star 'H' 588 HK 2.36 1.0 0.4 6.2 n.a. 7.9 17.2 1.6 1.9 4.6 2.3 3.1 5.4 5.8 5.9C C Land* 1224 HK 2.46 0.8 0.5 5.6 27.1 10.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.2Central China* 832 HK 1.40 0.4 0.2 3.5 3.2 4.9 n.a. 1.1 2.4 5.1 3.7 3.3 3.8 3.9 3.7China SCE 1966 HK 1.66 0.7 0.5 4.5 3.1 5.3 n.a. n.a. n.a. 4.0 4.1 5.1 4.4 4.5 3.9CIF I Holdings 884 HK 1.78 1.5 1.3 3.7 3.1 3.8 n.a. n.a. n.a. n.a. n.a. 2.4 2.9 3.6 3.4F irst Sponsor*^ FSG SP 1.215 0.5 0.1 6.2 11.7 13.6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13.8 8.8Glorious Property 845 HK 0.85 0.9 0.2 18.8 14.0 13.0 n.a. n.a. 6.7 3.7 2.9 5.7 23.6 (2.2) 26.6Hydoo Int'l 1396 HK 1.03 0.5 0.1 n.a. n.a. 11.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.1 n.a.Kaisa Group 1638 HK 1.56 1.0 0.0 2.2 1.8 3.2 n.a. n.a. 16.2 1.6 2.8 2.5 2.2 n.a. 2.4Lai Fung* 1125 HK 0.117 0.2 0.1 6.8 n.a. 5.8 n.a. 2.1 1.6 5.6 2.4 1.5 3.2 10.6 1.8Minmetals Land 230 HK 0.81 0.3 0.1 5.4 5.1 8.1 2.2 2.2 6.1 6.3 3.8 9.0 7.1 6.5 n.a.Powerlong 1238 HK 1.37 0.7 0.3 3.2 2.9 2.9 n.a. n.a. 2.6 2.8 1.1 1.8 3.2 2.4 3.0Renhe Commercial 1387 HK 0.33 1.9 0.8 n.a. n.a. n.a. n.a. 7.8 4.8 6.0 2.5 5.2 (3.6) (3.2) n.a.Road King 1098 HK 6.34 0.6 0.3 n.a. n.a. 7.2 9.4 2.1 2.7 6.6 3.5 3.9 4.9 4.6 n.a.Greenland* 337 HK 2.35 0.8 1.6 2.6 1.4 9.1 7.1 2.4 1.0 2.9 1.2 (1.1) 71.8 22.8 6.5SRE Group 1207 HK 0.25 0.7 0.3 n.a. n.a. (0.1) 3.6 3.2 1.5 3.6 2.7 3.8 6.7 (10.6) n.a.Wuzhou Int'l 1369 HK 0.79 0.5 0.7 8.3 5.5 17.4 n.a. n.a. n.a. n.a. n.a. n.a. 3.7 18.4 11.9Ying Li^ YINGLI SP 0.144 0.3 0.6 n.a. n.a. 26.7 n.a. 1.8 32.6 18.6 7.8 6.8 18.4 9.5 n.a.Yuzhou Properties* 1628 HK 1.82 0.9 0.9 3.2 2.3 6.3 n.a. n.a. 2.6 3.6 2.6 4.2 2.8 3.4 3.5Zhong An 672 HK 0.79 0.2 0.0 n.a. n.a. 11.9 13.0 4.2 3.4 8.6 5.5 4.2 5.1 5.2 n.a.A v erage** 5.7 3 .4 8 .8 8 .7 2 .8 5 .9 5 .5 3 .2 3 .7 9 .4 5 .9 6 .3

A v erage (O v erall)@ 6.5 5 .6 8 .9 9 .3 5 .7 6 .4 6 .2 3 .3 3 .7 6 .9 5 .4 7 .3HSI Index HSI 11 .3 9 .1 9 .0 10 .3 7 .8 8 .8 9 .4 9 .3 8 .4

10- M ar


# Exclude Soho China & Shui On Land for 16F & 17F PE

** Exclude Greenland, First Sponsor & Lai Fung for 16F & 17F PE @ Exclude Soho China, Shui On Land, Greenland, First Sponsor & Lai Fung for 16F & 17F PE

^^ FY15: 16F; FY16: FY17F; FY17: FY18F



China Property

PE valuations, 2007 to 2015 peak (based on reported earnings)

3- mt h dailyM k t t rad ing F Y 16F F Y 17F PE (x )

Pric e Cap v alue PE PE A v g Peak Peak Peak Peak Peak Peak Peak Peak Peak

Company Name Code HK $ US$bn US$m x x PE (x ) 2007 2008 2009 2010 2011 2012 2013 2014 2015China Ov erseas* 688 HK 25.05 31.8 72.1 7.4 6.6 10.0 33.3 25.2 20.6 11.6 9.4 10.1 8.7 6.9 10.1Country Garden* 2007 HK 3.27 9.4 7.7 5.9 5.3 14.6 41.7 86.8 25.3 10.6 9.0 8.2 9.5 7.2 8.6CR Land* 1109 HK 19.5 17.4 33.7 8.9 8.2 12.0 52.0 35.6 21.6 14.5 10.2 11.5 9.3 7.8 14.7China V anke 'H'* 2202 HK 18.10 39.5 33.2 8.4 8.0 9.0 n.a. n.a. n.a. n.a. n.a. n.a. 9.9 10.5 12.4Dalian Wanda 'H' 3699 HK 34.4 20.1 13.8 6.2 5.3 9.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.1 16.5Evergrande* 3333 HK 5.66 10.0 24.2 8.4 7.6 4.9 n.a. n.a. 52.1 7.0 6.6 6.3 4.5 3.9 13.9Longfor 960 HK 10.26 7.7 5.4 6.1 5.4 6.9 n.a. n.a. 14.8 11.7 9.2 10.2 8.7 6.3 9.6Shimao Property* 813 HK 11.40 5.1 9.8 5.1 4.7 9.2 18.7 63.7 14.2 9.6 6.7 7.4 7.6 6.8 9.7A v erage 7 .0 6 .4 9 .5 36 .4 52 .8 24 .8 10 .8 8 .5 9 .0 8 .3 6 .9 11 .9

Agile Property* 3383 HK 4.12 2.1 2.3 4.3 4.1 6.3 28.8 7.9 20.9 6.1 9.6 5.9 7.2 5.7 6.5China South City *^^ 1668 HK 1.65 1.7 2.0 12.6 7.5 7.6 n.a. n.a. n.a. n.a. 5.8 4.3 7.0 9.7 42.3COGO* 81 HK 2.6 0.8 0.6 3.0 2.6 7.5 12.4 188.9 n.a. 4.9 8.0 8.9 9.2 13.3 9.3China J inmao Hldgs* 817 HK 2.17 3.0 3.2 6.4 5.2 9.0 7.4 33.1 24.9 17.0 9.6 9.5 6.8 5.1 12.4Greentown 3900 HK 7.05 2.0 4.1 4.5 4.2 8.7 25.5 30.5 18.9 10.7 5.2 4.3 6.2 12.7 8.1Guangzhou R&F 2777 HK 9.89 4.1 7.3 4.4 4.1 7.3 26.4 28.6 20.6 10.2 8.3 6.0 5.2 6.0 5.2Hopson Dev 754 HK 8.18 2.3 0.8 13.6 15.3 6.0 12.3 16.2 4.1 3.9 11.7 7.3 8.2 7.1 20.0KWG Property 1813 HK 5.12 2.0 4.9 4.0 3.5 7.8 9.3 n.a. 19.5 11.8 6.9 4.9 4.9 4.6 5.9Poly (Hong Kong) 119 HK 2.28 1.1 2.9 17.0 13.7 14.3 44.2 59.7 40.1 18.6 10.8 8.3 9.1 16.4 52.0Shenzhen Inv 604 HK 2.86 2.7 6.3 6.5 5.4 7.1 13.6 20.5 13.7 8.9 6.7 5.5 6.6 5.4 13.0Shui On Land* 272 HK 2.01 2.1 2.8 n.a. 50.2 7.2 15.1 11.7 7.8 6.3 4.7 9.1 10.4 9.6 8.8Sino-Ocean Land* 3377 HK 3.67 3.6 14.2 6.5 5.4 9.9 24.0 25.5 22.5 16.2 12.8 8.5 8.3 7.3 13.5Soho China* 410 HK 3.81 2.6 3.3 102.8 73.8 15.6 20.5 n.a. 6.7 7.9 8.0 2.4 3.8 7.2 48.8Sunac China 1918 HK 5.46 2.4 6.8 3.7 3.1 3.7 n.a. n.a. n.a. n.a. 3.2 5.4 6.0 6.9 8.2Yanlord Land*^ YLLG SP 1.2 1.7 1.7 8.4 7.0 8.3 33.4 27.4 17.6 11.0 11.6 8.0 10.4 8.1 8.1Yuexiu Property * 123 HK 1.12 1.8 2.4 10.8 10.0 7.2 15.9 20.2 n.a. 12.0 2.5 5.7 6.8 6.5 20.8A v erage# 7 .6 6 .5 8 .3 20 .6 39 .2 18 .1 10 .4 7 .8 6 .5 7 .3 8 .2 17 .7

BJ Cap Land 'H' 2868 HK 2.99 1.6 1.4 4.1 3.3 7.2 23.6 21.7 13.2 6.3 5.4 4.7 4.0 3.3 9.9BJ North Star 'H' 588 HK 2.36 1.0 0.4 6.2 n.a. 7.9 46.9 12.7 6.1 6.9 5.2 5.7 7.7 9.8 11.7C C Land* 1224 HK 2.46 0.8 0.5 5.6 27.1 10.3 36.3 n.a. n.a. 36.8 27.0 13.7 16.1 4.7 5.9Central China* 832 HK 1.40 0.4 0.2 3.5 3.2 4.9 n.a. 6.7 11.0 7.4 6.6 6.3 6.1 5.9 7.1China SCE 1966 HK 1.66 0.7 0.5 4.5 3.1 5.3 n.a. n.a. n.a. 5.9 6.1 6.3 5.8 5.9 5.4CIF I Holdings 884 HK 1.78 1.5 1.3 3.7 3.1 3.8 n.a. n.a. n.a. n.a. n.a. 2.6 4.6 4.7 6.5F irst Sponsor*^ F SG SP 1.215 0.5 0.1 6.2 11.7 13.6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 16.6 9.7Glorious Property 845 HK 0.85 0.9 0.2 18.8 14.0 13.0 n.a. n.a. 8.8 6.3 8.5 10.1 39.2 (3.8) 44.0Hy doo Int'l 1396 HK 1.03 0.5 0.1 n.a. n.a. 11.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28.2 n.a.Kaisa Group 1638 HK 1.56 1.0 0.0 2.2 1.8 3.2 n.a. n.a. 20.2 3.2 7.0 4.8 3.9 n.a. 3.0Lai F ung* 1125 HK 0.117 0.2 0.1 6.8 n.a. 5.8 n.a. 15.2 5.9 7.8 5.4 2.5 5.7 14.1 3.4Minmetals Land 230 HK 0.81 0.3 0.1 5.4 5.1 8.1 19.8 16.4 38.4 12.1 9.5 15.6 11.8 8.5 n.a.Powerlong 1238 HK 1.37 0.7 0.3 3.2 2.9 2.9 n.a. n.a. 3.0 3.7 3.2 3.1 5.4 4.0 5.7Renhe Commercial 1387 HK 0.33 1.9 0.8 n.a. n.a. n.a. n.a. 9.3 9.1 9.4 5.7 17.4 (8.4) (5.5) n.a.Road King 1098 HK 6.34 0.6 0.3 n.a. n.a. 7.2 14.7 15.9 6.8 8.8 6.7 6.1 6.0 5.4 n.a.Greenland* 337 HK 2.35 0.8 1.6 2.6 1.4 9.1 13.1 39.3 7.2 4.9 4.2 (1.8) 364.4 48.0 18.3SRE Group 1207 HK 0.25 0.7 0.3 n.a. n.a. (0.1) 7.9 20.7 4.7 4.8 6.7 6.8 13.3 (13.9) n.a.Wuzhou Int'l 1369 HK 0.79 0.5 0.7 8.3 5.5 17.4 n.a. n.a. n.a. n.a. n.a. n.a. 4.2 32.2 31.4Ying Li^ YINGLI SP 0.144 0.3 0.6 n.a. n.a. 26.7 n.a. 4.8 112.2 33.8 17.6 11.5 26.6 17.7 n.a.Yuzhou Properties* 1628 HK 1.82 0.9 0.9 3.2 2.3 6.3 n.a. n.a. 3.2 4.7 4.6 7.1 4.1 4.5 5.8Zhong An 672 HK 0.79 0.2 0.0 n.a. n.a. 11.9 21.8 29.4 15.4 12.4 10.4 7.2 9.1 16.6 n.a.A v erage** 5.7 3 .4 8 .8 23 .0 17 .5 17 .7 10 .3 8 .2 7 .2 27 .9 10 .4 12 .0

A v erage (O v erall)@ 6.5 5 .6 8 .9 23 .8 32 .4 19 .1 10 .4 8 .1 7 .2 16 .8 9 .0 14 .4HSI Index HSI 19 .2 23 .1 18 .2 13 .6 11 .7 11 .0 11 .3 11 .1 11 .6

10- M ar




^^ FY15: 16F; FY16: FY17F; FY17: FY18F



China Property

Share price performance

Price Pe rformance 20071-wk 2-wk 1-mth 2-mth 3-mth 4-mth 5-mth 6-mth YTD 1-yr 2011 2012 2013 2014 2015 high

% % % % % % % % % % % % % % % %Tie r 1 playe rsChina Overseas 688 HK 2.7 11.8 13.6 5.5 (3.8) (1.8) 3.4 15.6 (7.9) 16.4 (9.7) 78.0 (5.6) 5.7 21.5 33.5Country Garden 2007 HK 3.8 14.7 9.0 7.2 8.3 11.6 10.8 20.2 2.8 11.2 (2.3) 46.4 15.3 (32.8) 2.6 (74.7)CR Land 1109 HK (2.3) 7.7 8.0 (2.1) (10.1) (5.8) (6.3) 3.0 (13.7) 1.9 (12.1) 69.1 (8.9) 6.4 14.2 (5.8)China Vanke 'H' 2202 HK (1.8) 5.6 2.1 (8.2) (13.2) (2.5) 4.9 4.5 (21.0) 13.1 n.a. n.a. n.a. n.a. 32.4 n.a.Dalian Wanda 3699 HK 1.6 9.0 (1.7) (16.0) (24.2) (31.3) (30.7) (30.4) (24.0) (25.1) n.a. n.a. n.a. n.a. (8.6) n.a.Evergrande 3333 HK 1.6 13.4 11.9 (7.2) (4.4) (13.2) 17.9 19.4 (17.0) 68.5 (14.8) 32.0 (30.4) 6.1 117.2 n.a.Longfor Properties 960 HK (1.5) 9.0 8.1 (3.6) (5.4) (6.6) 1.6 5.9 (11.2) 4.5 (18.9) 72.9 (28.6) (7.8) 15.7 n.a.Shimao Property 813 HK 0.9 15.6 9.6 (5.3) (14.2) (13.5) (15.4) (0.5) (17.3) (27.8) (43.5) 120.5 21.9 (2.7) (20.5) (60.8)Ave rage 0.6 10.9 7.6 (3.7) (8.4) (7.9) (1.7) 4.7 (13.7) 7.8 (16.9) 69.8 (6.1) (4.2) 21.8 (26.9)

Tie r 2 playe rsAgile Property 3383 HK 6.5 14.8 12.6 2.2 (3.1) (3.5) (4.8) 9.3 (4.6) (8.0) (39.2) 56.6 (23.8) (46.9) (2.0) (79.1)China South City 1668 HK 1.2 9.3 8.6 9.3 (0.6) (11.8) (20.7) (15.8) (5.7) (23.6) (32.0) 17.0 88.0 60.9 (50.6) n.a.COGO 81 HK (6.1) 4.4 3.2 (10.3) (7.5) 3.6 3.2 4.8 (20.7) (33.7) 88.6 105.6 (20.7) (46.7) (16.8) (42.8)China Jinmao Hldgs 817 HK 0.9 19.2 11.3 (9.2) (13.5) (6.1) 1.9 13.6 (18.1) (2.3) (35.9) 85.9 (3.2) (17.4) 19.4 (65.2)Greentown 3900 HK 0.9 14.8 17.5 (0.3) (13.9) 4.6 8.3 19.7 (8.4) 7.0 (60.8) 321.4 (16.6) (35.0) 0.0 (64.0)GZ R&F 2777 HK 1.3 12.0 15.3 12.3 7.4 22.1 29.5 33.1 3.6 14.9 (44.8) 110.1 (12.1) (16.3) 0.6 (77.2)Hopson Dev 754 HK (0.2) 9.7 11.7 13.9 12.7 22.5 28.0 28.4 6.0 42.8 (51.8) 207.2 (24.6) (24.0) 8.7 (73.8)KWG 1813 HK 0.2 13.0 3.0 0.4 (11.3) (8.7) (11.1) 4.7 (11.0) 13.6 (55.7) 122.1 (26.1) 33.4 13.1 (62.4)Poly HK 119 HK (2.1) 10.7 12.3 (0.4) (5.4) (11.3) (3.8) 6.0 (9.9) (33.7) (55.7) 79.8 (31.7) (22.9) (20.7) (80.1)Shenzhen Inv 604 HK (4.7) 2.1 1.4 (10.3) (14.9) (10.3) (7.7) 0.0 (21.2) 20.7 (48.7) 125.9 (7.0) (23.6) 62.8 (63.1)Shui On Land 272 HK (2.4) 6.3 10.4 2.0 (3.4) (9.9) 2.6 16.2 (5.6) 16.9 (36.9) 58.9 (31.1) (23.1) 16.4 (79.6)Sino-Ocean 3377 HK (6.1) 6.4 (6.1) (16.0) (27.0) (13.4) (24.9) (10.7) (26.2) (21.6) (29.3) 60.8 (12.1) (13.4) 12.7 (75.5)SOHO China 410 HK 0.5 7.6 7.6 12.1 10.8 (4.0) 7.0 21.7 1.3 (27.0) (10.6) 20.3 7.4 (18.0) (31.4) (68.0)Sunac China 1918 HK (1.6) 17.4 17.9 9.9 (1.3) 7.1 12.3 37.5 (9.0) (18.4) (42.1) 272.7 (22.5) 69.7 (24.0) n.a.Yanlord Land YLLG SP 3.9 13.3 11.2 21.9 15.5 13.8 15.5 14.4 18.9 25.1 (43.2) 59.2 (19.4) (15.1) (3.4) (71.7)Yuexiu Property 123 HK (3.4) 2.8 1.8 (9.7) (14.5) (18.2) (19.4) (9.7) (16.4) (22.2) (46.2) 118.8 (22.0) (16.8) (10.1) (61.1)Ave rage (0.7) 10.2 8.7 1.7 (4.4) (1.5) 1.0 10.8 (7.9) (3.1) (34.0) 113.9 (11.1) (9.7) (1.6) (68.8)

Tie r 3 playe rsBJ Cap. Land 2868 HK (4.2) 10.7 9.1 (8.0) (8.8) (20.1) (14.3) (5.4) (15.8) (27.1) (41.2) 110.5 (18.0) 11.4 20.7 (59.9)BJ North Star 588 HK (0.8) 9.3 6.3 (5.2) (6.0) (7.1) 0.0 8.8 (7.8) (4.8) (45.5) 82.6 (16.7) 41.1 3.6 (70.1)C C Land 1224 HK (0.8) 1.7 2.5 1.7 15.0 10.8 21.2 29.5 1.7 83.6 (45.0) 88.9 (28.3) (30.8) 79.3 (85.3)Central China 832 HK 0.7 5.3 9.4 (6.7) (10.3) (7.9) (4.8) (2.1) (13.6) (25.5) (31.2) 76.8 (12.8) (26.8) (7.4) n.a.China SCE Property 1966 HK 3.7 7.8 4.4 (3.5) (2.4) (0.0) (5.1) (1.8) (5.1) 16.1 (27.7) 20.2 16.2 (12.4) 8.0 n.a.CIFI Holdings 884 HK 4.1 16.3 16.3 13.4 4.7 2.9 23.6 28.1 2.9 10.6 n.a. n.a. 17.1 (6.1) 12.3 n.a.First Sponsor FSG SP 0.4 0.0 (1.2) (2.0) (2.8) (2.4) 1.3 (2.8) (3.6) (0.4) n.a. n.a. n.a. n.a. 0.8 n.a.Glorious Property 845 HK 6.3 11.8 9.0 (2.3) 11.8 (11.5) (7.6) (3.4) (5.6) (19.0) (49.1) 7.4 14.4 (28.1) (25.0) n.a.Hydoo Int'l 1396 HK (4.6) 15.7 17.0 (3.7) (1.9) (12.0) 2.0 15.7 (4.6) (33.5) n.a. n.a. n.a. (13.5) (44.0) n.a.Kaisa Group 1638 HK 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 (42.0) 79.1 4.2 (36.4) (1.9) n.a.Lai Fung 1125 HK (2.5) (3.3) (7.9) (11.4) (5.6) (12.7) (4.1) (6.4) (10.0) (23.5) (47.3) 25.5 (5.3) (19.9) (17.2) (74.9)Minmetals Land 230 HK 3.8 8.0 8.0 (3.6) (5.8) 2.5 2.5 9.5 (10.0) (9.0) (53.4) 70.7 (19.5) (13.6) 1.1 (78.1)Powerlong 1238 HK (1.4) 5.4 (0.7) (12.7) (13.3) (9.9) (12.2) (4.2) (16.5) 24.5 (59.1) 58.7 0.6 (34.3) 50.5 n.a.Renhe Commercial 1387 HK (1.5) 3.1 4.8 1.5 (5.7) (19.5) (17.5) (25.0) (8.3) (4.3) (34.6) (8.9) (38.9) (28.1) 5.9 n.a.Road King 1098 HK 1.1 4.6 1.4 (4.4) (4.1) (4.5) (7.2) (5.2) (6.1) (4.1) (36.9) 52.1 9.6 (11.7) 3.1 (62.9)Greenland 337 HK 2.2 10.8 7.8 (12.0) (24.4) (26.8) (38.2) (31.3) (22.2) (52.8) (66.1) 53.5 90.4 (18.3) (1.9) (68.6)SRE Group 1207 HK (3.8) (3.8) (7.4) (30.6) (29.6) (30.6) (35.9) (35.1) (31.5) 22.5 (55.7) 24.2 (32.9) (20.8) 73.8 (92.7)Wuzhou Int'l 1369 HK (1.3) (2.5) (6.0) 0.0 (3.7) 12.9 (35.2) (35.8) (2.5) (39.2) n.a. n.a. n.a. 14.0 (44.9) n.a.Ying Li YINGLI SP 2.9 1.4 9.9 (8.3) (8.9) (25.8) (21.3) 6.7 (13.3) (36.0) (41.4) 45.1 6.8 (38.0) (32.2) (88.0)Yuzhou Properties 1628 HK (0.5) 7.1 3.4 (8.5) (2.2) (6.7) (4.7) 5.2 (13.3) (2.2) (18.6) 37.1 2.9 1.0 7.7 n.a.Zhong An 672 HK 9.7 11.3 9.7 (1.3) (2.5) (7.1) (11.2) 3.9 (2.5) (8.1) (43.9) 7.5 26.3 (20.8) (28.9) (86.3)Ave rage 0.6 5.7 4.6 (5.1) (5.1) (8.3) (8.0) (2.4) (8.9) (6.1) (43.4) 48.9 0.9 (14.6) 3.0 (76.7)

Ave rage (Ove ra l l ) 0.2 8.3 6.6 (2.4) (5.4) (5.8) (3.7) 3.6 (9.4) (2.5) (35.5) 78.8 (4.9) (11.2) 4.7 (65.7)

Hang Seng Index 0.4 5.9 3.8 (2.2) (7.8) (10.7) (10.9) (7.2) (8.7) (16.3) (20.0) 22.9 2.9 1.3 (7.2) (36.7)MSCI China 0.4 6.4 5.2 (2.1) (9.5) (13.7) (13.8) (8.6) (10.1) (20.4) (20.4) 18.7 0.4 4.7 (10.1) (48.7)

Source: Thomson Reuters


China Property

Who sold the most?

Contracted sales in 1M16

0%

10%83% 91%110%

6%20%6%

-2%

53%

434%

-10% 24%

119%

-12%

65% 32% 42%

-7%

612%

25%

658%

161%

185%

-2%

7%32%

3%

-600%-500%-400%-300%-200%-100%0%100%200%300%400%500%600%700%800%900%

-20,000

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

1M16 Pre-sales Y-o-Y growth

RMB mn

^ convert from HKD to RMB.

Source: Companies; DBS Vickers


China Property

Who sold at the highest price?

ASP of contracted sales in 1M16 vs. 2015

-13% -12%-11% -8% -6% -6% -2% -1% 1% 7% 8% 9% 9% 10% 10%

18% 19%22% 22%23% 24% 26%34%

73%

-100%-80%-60%-40%-20%0%20%40%60%80%100%

(60,000)

(40,000)

(20,000)

0

20,000

40,000

60,000

Yue

xiu

Prop

erty

R&F

Shui

On

Land

Shen

zhen

Inve

stm

ent

Fran

shio

n

Suna

c

Gre

enla

nd H

K

CO

GO

^

Shim

ao

Poly

CN

Pow

erlo

ng

Van

ke

CO

LI

Ever

gran

de

Agi

le

Cen

tral

Chi

na

Long

for

Sino

-Oce

an

Cou

ntry

Gar

den

CIF

I

CR

Land

Poly

HK

Yuz

hou

Fant

asia

1M16 ASP 2015 ASP % change

RMB/smRe corded ASP drops Re corded ASP increases

^ convert from HKD to RMB.

Source: DBS Vickers; companies


China Property

Who was the most aggressive in land acquisition?

Land acquisition by total consideration

Land acquisition by GFA

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

RMB mn

0

1,000

2,000

3,000

4,000

5,000

6,000

000 sm

Source: Companies; DBS Vickers Source: Companies; DBS Vickers

Average accommodation value of the land purchased

0

5,000

10,000

15,000

20,000

25,000

RMB/sm



China Property

Who entered into Hong Kong main board?

Property IPOs A nnouncementDate Pric ing Date T ick er Issuer Name

Offer Price(HK$)

Deal V alue*(HK$ mn)

3/11/2011 3/22/2011 3688 Top Spring 6.23 1,558

4/11/2011 4/29/2011 87001 Huixian REIT^ Rmb5.24 1,254

6/29/2011 7/12/2011 2098 Zall Development Cayman Holding Co 2.89 1,517

7/12/2011 7/21/2011 1663 Sino Harbour Property Group Ltd 1.10 330

11/13/2012 11/22/2012 884 CIF I Group 1.33 1,629

11/19/2012 11/28/2012 1030 Future Land 1.45 2,056

12/31/2012 1/16/2013 1232 Golden Wheel Tiandi 1.68 756

5/31/2013 6/11/2013 1369 Wuzhou International 1.22 1,392

6/28/2013 7/12/2013 1107 Modern Land 1.49 596

10/21/2013 10/30/2013 1862 J ingrui 4.45 1,316

11/25/2013 12/5/2013 1426 Spring REIT 3.81 362

11/29/2013 12/4/2013 1233 Times Properties 3.60 1,441

12/10/2013 12/20/2013 3380 Longan Property 2.10 1,484

1/21/2014 1/29/2014 1622 Redco properties 2.50 1,000

2/27/2014 3/12/2014 2608 Sunshine 100 4.00 1,873

2/28/2014 3/10/2014 2255 Haichang Holdings 2.45 2,450

6/25/2014 6/25/2014 2202 Vanke

6/17/2014 6/27/2014 1778 Colour Life 3.78 945

6/23/2014 6/27/2014 2329 Guorui Properties 2.38 1,483

6/17/2014 7/10/2014 1321 China Newcity 1.30 608

8/13/2014 8/22/2014 6166 China Vast 3.10 927

10/12/2014 12/22/2014 3699 Wanda 48.00 28,031

10/14/2015 10/23/2015 2669 China Overseas Property Holdings

B to H

(By way of introduction)

* Before exercising greenshoe

^ Deal value converted from RMB to HKD

Source: HK Stock Exchange; DBS Vickers


China Property

Where was the funding from?

Senior notes

Ev ent T icker Company Date Coupon/ Cost

A mount(mn)

Other details

Senior notes 3333 Evergrande Jan-10 13.00% US$750 Due 2015

Guaranteed Senior notes 1638 Kaisa Apr-10 13.50% US$350 Due 2015

Senior notes 3333 Evergrande Apr-10 13.00% US$600 Due 2015

Senior notes 2007 Country Garden Apr-10 11.25% US$550 Due 2017

Guaranteed Senior notes 3383 Agile Apr-10 8.88% US$650 Due 2017

Senior notes YLLG SP Yanlord Apr-10 9.50% US$300 Due 2017

Senior notes 1777 Fantasia May-10 14.00% US$120 Due 2015

Senior notes 1387 Renhe May-10 11.75% US$300 Due 2015

Senior notes 813 Shimao Jul-10 9.65% US$500 Due 2017

Senior notes 1813 KWG Aug-10 12.50% US$250 Due 2017

Senior notes 2007 Country Garden Aug-10 10.50% US$400 Due 2015

Senior notes 1238 Powerlong Sep-10 13.75% US$200 Due 2015

Senior notes 832 Central China Oct-10 12.25% US$300 5-years

Senior notes 845 Glorious Oct-10 13.00% US$300 5-years

Guaranteed Senior notes 688 COLI Nov-10 5.50% US$1,000 Due 2020

Senior notes 1628 Yuzhou Properties Dec-10 13.50% US$200 5-years

Senior notes 272 Shui On Land Dec-10 6.88% Rmb3,000 US$ settled; Due 2013

Senior notes 1966 China SEC Jan-11 10.50% Rmb2,000 5 years;

Senior notes 3333 Evergrande Jan-11 7.50% Rmb5,550 Due 2014

Senior notes 3333 Evergrande Jan-11 9.25% Rmb3,700 Due 2016; The two notes raisedtotally US$1,379.7Mn

Senior notes 1668 China South City Jan-11 13.50% US$250 5 years;

Senior notes 754 Hopson Jan-11 11.75% US$300 5 years;

Senior notes 272 Shui On Land Jan-11 7.63% Rmb3,500 Due 2015

Senior notes 2007 Country Garden Feb-11 11.13% US$900 Due 2018

Senior notes 813 Shimao Mar-11 11.00% US$350 Due 2018

Senior notes 1238 Powerlong Mar-11 11.50% Rmb750 Due 2014;US$settled

Senior notes 337 Greenland HK Mar-11 13.50% US$200 Due in 2016; US$ denominated

Senior notes YLLG SP Yanlord Mar-11 10.63% US$400 Due 2018

Senior notes 1813 KWG Mar-11 12.75% US$350 US$ denominated; 5 year;

Senior notes 960 Longfor Apr-11 9.50% US$750 Due 2016

Senior notes 817 Franshion Apr-11 6.75% US$500 Due 2021

Senior notes 2777 Guangzhou R&F Apr-11 7.00% Rmb2,612 Due 2014

Senior notes 2777 Guangzhou R&F Apr-11 10.88% US$150 Due 2016

Senior notes 1109 CR Land May-11 4.63% US$750 99.353% principal; Due 2016

Senior notes 1638 Kaisa May-11 13.50% US$300 Due 2015

Senior notes 1109 CR Land Aug-11 4.63% US$250 99.252% principal; Due 2016

Senior notes 1238 Powerlong Sep-11 13.80% HK$1,000 Due 2014

Senior notes 272 Shui On Land Jan-12 8.00% SGD250 Due 2015

Senior notes 688 COLI Feb-12 4.88% US$250 Due 2017

Senior notes 272 Shui On Land Feb-12 9.75% US$475 Due 2015

Senior notes 3383 Agile Mar-12 9.88% US$700 Due 2017; Offering price: 99.9%of the principal amount

Senior notes 1813 KWG Mar-12 13.25% US$400 Due 2017; Offering price: 99.112%of the principal amount

Senior notes 832 Central China Apr-12 10.75% SGD175 Due 2016

Senior notes 272 Shui On Land Jul-12 9.75% US$400 Due 2015

Senior notes 2777 Guangzhou R&F Aug-12 10.88% US$150 Due 2016

Senior notes 1777 Fantasia Sep-12 13.75% US$250 Due 2017 Source: Companies; DBS Vickers


China Property

Senior notes

Eve nt Tic ke r Compa ny Da te Coupon / Cost Amount(mn)

Othe r de ta i l s

Senior notes 1638 Kaisa Sep-12 12.88% US$250 Due 2017

Senior notes 1918 Sunac Oct-12 12.50% US$400 Due 2017

Senior notes 960 Longfor Oct-12 6.88% US$400 Due 2019

Senior notes 1668 China South City Oct-12 13.50% US$125 Due 2017

Senior notes 1628 Yuzhou Properties Oct-12 11.75% US$250 Due 2017

Senior notes 817 Franshion Oct-12 4.70% US$500 Due 2017

Senior notes 410 SOHO China Oct-12 5.75% US$600 Due 2017

Senior notes 410 SOHO China Oct-12 7.13% US$400 Due 2022

Senior notes 1966 China SCE Nov-12 11.50% US$200 Due 2017

Guaranteed Senior 688 COLI Nov-12 3.95% US$700 Due 2022

Guaranteed Senior 688 COLI Nov-12 5.35% US$300 Due 2042

Senior notes 3883 China Aoyuan Nov-12 13.88% US$125 Due 2017

Senior notes 2868 Beijing Capital Land Nov-12 7.60% CNY2,000 Due 2015

Senior notes 1638 Kaisa Jan-13 10.25% US$500 Due 2020

Senior notes 2007 Country Garden Jan-13 7.50% US$750 Due 2023

Senior notes 813 Shimao Jan-13 6.63% US$800 Due 2020

Senior notes 754 Hopson Jan-13 9.88% US$300 Due 2018

Senior notes 1777 Fantasia Jan-13 10.75% US$250 Due 2020

Senior notes 2777 Guangzhou R&F Jan-13 8.75% US$400 Due 2020

Senior notes 832 Central China Jan-13 8.00% US$200 Due 2020

Senior notes 960 Longfor Jan-13 6.75% US$500 Due 2023

Senior notes 1030 Future Land Jan-13 10.25% US$200 Due 2018

Senior notes (Retap) 1966 China SCE Jan-13 11.50% US$150 Due 2017

Senior note (Retap) 3883 Aoyuan Jan-13 13.88% US$100 Due 2017

Senior notes 656 Fosun Jan-13 6.88% US$400 Due 2020

Senior notes 1238 Powerlong Jan-13 11.25% US$250 Due 2018

Senior notes 846 Mingfa Jan-13 13.25% US$100 Due 2018

Senior notes 3900 Greentown Jan-13 8.50% US$400 Due 2018

Senior notes 1813 KWG Jan-13 8.63% US$300 Due 2020

Senior notes 2777 Guangzhou R&F Jan-13 8.75% US$200 Due 2020

Senior notes 884 CIFI Group Feb-13 n.a n.a Withdrawn

Senior notes 845 Glorious Feb-13 13.25% US$250 Due 2018

Senior notes 1638 Kaisa Mar-13 8.88% US$550 Due 2018

Senior notes 845 Glorious Mar-13 13.25% US$150 Due 2018

Senior notes 3900 Greentown Mar-13 8.50% US$300 Due 2018

Senior notes 1918 Sunac Mar-13 9.38% US$500 Due 2018

Senior notes 884 CIFI Group Apr-13 12.25% US$275 Due 2018

Senior notes 1638 Kaisa Apr-13 6.88% Rmb1,800 Due 2016

Senior notes 1030 Future Land Apr-13 9.75% Rmb1,500 Due 2016

Senior notes 1225 Lai Fung Apr-13 6.88% Rmb1,800 Due 2018

Senior notes 3900 Greentown May-13 5.63% Rmb2,500 Due 2016

Senior notes YLLG SP Yanlord May-13 5.38% Rmb2,000 Due 2016

Senior notes 119 Poly HK May-13 4.75% US$500 Due 2018

Senior notes 1238 Powerlong May-13 9.50% Rmb800 Due 2016

Senior notes 1777 Fantasia May-13 7.88% Rmb1,000 Due 2016

Senior notes 832 Central China May-13 6.50% US$400 Due 2018

Guaranteed Senior 817 Franshion Aug-13 6.40% US$200 Due 2022 Source: Companies; DBS Vickers


China Property

Senior notes

E ve n t Ti c k e r Co mp a n y D a te Co u p o n / Co s t Amo u n t(mn )

O th e r d e ta i l s

Se nior note s 2777 Gua ngzhou R&F Ja n-14 8.50% US$1,000 Due 2019Se nior note s 1638 Ka isa Ja n-14 8.88% US$500 Due 2018Se nior note s 1813 KWG Ja n-14 8.98% US$600 Due 2019Se nior note s 1369 Wuzhou Inte rna tiona l Ja n-14 13.75% US$100 Due 2018Se nior note s 3883 China Aoyua n Ja n-14 11.25% US$300 Due 2019Se nior note s 813 Shima o Ja n-14 8.13% US$600 Due 2021Se nior note s 1107 Mode rn La nd Ja n-14 11.00% Rmb1,100 Due 2017Se nior note s 1777 Fa nta sia Ja n-14 10.63% US$300 Due 2019Se nior note s 1628 Yuzhou Prope rtie s Ja n-14 8.63% US$300 Due 2019Se nior note s 884 CIFI Group Ja n-14 8.88% US$200 Due 2019Se nior note s 1668 China South City Ja n-14 8.25% US$400 Due 2019Se nior note s 1238 Powe rlong n.a n.a n.a Withdra wnSe nior note s 337 Gre e nla nd HK Ja n-14 5.50% Rmb1,500 Due 2018Gua ra nte e d Se nior 81 COGO Ja n-14 5.13% US$400 Due 2019Se nior note s 3383 Agile Fe b-14 8.38% US$500 Due 2019Se nior note s 272 Shui On La nd Fe b-14 6.88% Rmb2,500 Due 2017Se nior note s 3383 Agile Fe b-14 6.50% Rmb2,000 Due 2017Se nior note s 1109 CR La nd Fe b-14 4.38% US$400 Due 2019Se nior note s 1109 CR La nd Fe b-14 6.00% US$700 Due 2024Gua ra nte e d Se nior 817 Fra nshion Ma r-14 5.75% US$500 Due 2019Se nior note s YLLG SP Ya nlord Ma r-14 n.a n.a Withdra wnSe nior note s 1233 Times Prope rtie s Ma r-14 12.63% US$225 Due 2019Se nior note s 1233 Times Prope rtie s Ma r-14 12.63% US$80 Due 2019Se nior note s YLLG SP Ya nlord Apr-14 6.20% SGD400 Due 2017Se nior note s 272 Shui On La nd Apr-14 8.70% US$178.98 Due 2018Se nior note s 272 Shui On La nd Apr-14 9.75% US$87.02 Due 2020Se nior note s 1668 China South City Apr-14 7.50% Rmb1,000 Due 2019Gua ra nte e d note s 688 COLI Ma y-14 4.25% US$550 Due 2019Gua ra nte e d note s 688 COLI Ma y-14 5.95% US$450 Due 2024Se nior note s 2007 Country Ga rde n Ma y-14 7.50% US$250 Due 2019Se nior note s 2007 Country Ga rde n Ma y-14 7.88% US$500 Due 2019Se nior note s 1109 CR La nd Ma y-14 4.38% US$350 Due 2019Se nior note s 832 Ce ntra l China Ma y-14 6.50% S$200 Due 2017Se nior note s 960 Longfor Ma y-14 6.75% Rmb2,000 Due 2018Se nior note s 3380 Loga n prop Jun-14 11.25% US$300 Due 2019Se nior note s 272 Shui On La nd Jun-14 9.63% US$550 Due 2019Se nior note s 1638 Ka isa Jun-14 9.00% US$400 Due 2019Se nior note s 688 COLI Jun-14 3.99% US$250 Due 2019Se nior note s 688 COLI Jun-14 5.54% US$250 Due 2024Se nior note s 1233 Times Prope rtie s Jul-14 10.38% Rmb900 Due 2017Se nior note s 1030 Future La nd Jul-14 10.25% US$350 Due 2019Se nior note s 2608 Sunshine 100 Jul-14 TBC USD TBC

Gua ra nte e d note s 3377 Sino Ocea n La nd Jul-14 4.63% US$500 Due 2019Gua ra nte e d note s 3377 Sino Ocea n La nd Jul-14 6.00% US$700 Due 2024Se nior note s 1107 Mode rn La nd Jul-14 12.75% US$125 Due 2019Se nior note s 1622 Re dco Prope rty Jul-14 13.75% US$125 Due 2019Gua ra nte e d note s 1813 KWG Jul-14 8.25% US$400 Due 2019Se nior note s 1862 Jingrui Aug-14 13.63% US$150 Due 2019Se nior note s 1238 Powe rlong Se p-14 10.75% Rmb1,500 Due 2017Se nior note s 2608 Sunshine 100 Se p-14 12.75% US$115 Due 2017Se nior note s 1233 Times Prope rtie s Oct-14 10.38% Rmb900 Due 2017Se nior note s 272 Shui On La nd Nov-14 8.70% US$500 Due 2017Se nior note s 884 CIFI Group De c-14 8.88% US$200 Due 2019Se nior note s 1628 Yuzhou Prope rtie s De c-14 9.00% US$250 Due 2019



China Property

Senior notes

Event Ticker Company Date Coupon / Cost

Amount (mn) Other details

Corporate bond (on-shore) 1668 China South City Apr-15 7.00% Rmb1,500 Due 2021 Corporate bond (on-shore) 2868 Beijing Capital

Land May-15 4.58% Rmb3,000 Due 2020

Corporate bond (on-shore) 3333 Evergrande Jun-15 5.38% Rmb5,000 Due 2020

Corporate bond (on-shore) 960 Longfor Jul-15 4.60% Rmb2,000 Due 2020 Corporate bond (on-shore) 3333 Evergrande Jul-15 5.30%

6.98% Rmb6,800 Rmb8,200

Due 2019 Due 2022

Corporate bond (on-shore) 2777 Guangzhou R&F Jul-15 4.95% Rmb6,500 Due 2020 Corporate bond (on-shore) 1233 Times property Jul-15 6.75% Rmb2,000 Due 2020 Corporate bond (on-shore) 2868 Beijing Capital

Land Jun-15 4.58% Rmb3,000 Due 2020

Corporate bond (on-shore) 2202 Vanke Jul-15 TBC Rmb9,000 Due 2020 Corporate bond (on-shore) 3883 China Aoyuan Jul-15 5.80% Rmb2,400 Due 2018 Corporate bond (on-shore) 960 Longfor Jul-15 3.93%

4.20% Rmb2,000 Rmb2,000

Due 2020 Due 2022

Corporate bond (on-shore) 2777 Guangzhou R&F Jul-15 TBC <Rmb13,000 < 2020 Corporate bond (on-shore) 2007 Country Garden Jul-15 4.20% Rmb3,000 Due 2018 Corporate bond (on-shore) 2007 Country Garden Aug-15 4.20% Rmb3,000 Due 2018 Corporate bond (on-shore) 1918 Sunac Aug-15 4.50%

5.70% Rmb2,500 Rmb2,500

Due 2022

Corporate bond (on-shore) 3380 Logan prop Aug-15 5.00% Rmb2,500 Due 2020 Corporate bond (on-shore) 3380 Logan prop Aug-15 4.77% Rmb1,000 Due 2019 Corporate bond (on-shore) 1918 Sunac Aug-15 4.48% Rmb1,000 Due 2022 Corporate bond (on-shore) 3900 Greentown Aug-15 4.70% Rmb3,000 Due 2020 Corporate bond (on-shore) 1777 Fantasia Sep-15 6.95% Rmb2,000 Due 2020 Corporate bond (on-shore) 3900 Greentown Sep-15 4.4%

5.16% Rmb2,000 Rmb2,000

Due 2020 Due 2022

Corporate bond (on-shore) 813 Shimao Sep-15 3.90% Rmb6,000 Due 2020 Corporate bond (on-shore) 1628 Yuzhou

Properties Oct-15 6.70% Rmb2,000 Due 2018

Corporate bond (on-shore) 884 CIFI Group Oct-15 4.95% Rmb3,495 Due 2020 Corporate bond (on-shore) 813 Shimao Oct-15 4.15% Rmb1,400 Due 2022 Corporate bond (on-shore) 2608 Sunshine 100 Oct-15 7.99% Rmb1,500 Due 2018 Corporate bond (on-shore) 3883 China Aoyuan Oct-15 7.80% Rmb1,500 Due 2018 Corporate bond (on-shore) 1233 Times Properties Oct-15 7.85% Rmb3,000 Due 2018 Corporate bond (on-shore) 2007 Country Garden TBC TBC Rmb4,000 TBC Corporate bond (on-shore) 1528 RS Macalline TBC TBC TBC TBC Corporate bond (on-shore) 2329 Guorui ppt Oct-15 TBC <Rmb3,000 TBC Corporate bond (on-shore) 1966 China SEC Oct-15 5.18% Rmb2,000 Due 2020 Corporate bond (on-shore) 1030 Future Land Oct-15 TBC (3.5%-

5.0%) Rmb2,000 Due 2020

Corporate bond (on-shore) 960 Longfor Nov-15 4.08% Rmb2,000 Due 2022



China Property

Senior notes

Eve nt Tic ke r Compa ny Da te Coupon/ Cost

Amount(mn)

Othe rde ta i l s

Senior notes 1030 Future Land Nov-15 6.25% USD250 Due 2017

Corporate bond (on-shore) 2777 Guangzhou R&F Nov-15 TBC <Rmb30,000 Due 2025

Corporate bond (on-shore) 2007 Country Garden Nov-15 4.95% Rmb4,000 Due 2019

Corporate bond (on-shore) 884 CIFI Group Nov-15 5.96% Rmb500 Due 2020

Corporate bond (on-shore) 1528 RS Macalline Nov-15 4.50% Rmb 5,000 Due 2020

Corporate bond (on-shore) 2329 Guorui ppt Nov-15 7.25% Rmb2,000 Due 2020

Senior notes 1238 Powerlong Nov-15 7.63% USD200 Due 2018

Corporate bond (on-shore) 817 China Jinmao Dec-15 3.55% Rmb2,200 Due 2020

Senior notes 1396 Hydoo Dec-15 13.75% US$100 Due 2018

Corporate bond (on-shore) 2007 Country Garden Dec-15 5.10% Rmb4,000 Due 2019

Corporate bond (on-shore) 1628 YuzhouProperties

Dec-15 5.10% Rmb3,000 Due 2020

Corporate bond (on-shore) 1966 China SEC Dec-15 5.30% Rmb1,500 Due 2020

Corporate bond (on-shore) 1107 Modern Land Dec-15 3.0%-4.5%

Rmb1,000 TBC

Corporate bond (on-shore) 1813 KWG Dec-15 4.94% Rmb2,500 Due 2021

Corporate bond (on-shore) 1813 KWG Dec-15 6.15% Rmb800 Due 2022

Corporate bond (on-shore) 2329 Guorui ppt Dec-15 7.47% Rmb1,000 Due 2020

Corporate bond (on-shore) 2007 Country Garden Dec-15 4.99% Rmb1,000 Due 2020

Corporate bond (on-shore) 1777 Fantasia Jan-16 7.29% Rmb1,100 Due 2021

Corporate bond (on-shore) 960 Longfor Jan-16 3.30% Rmb2,300 Due 2021

Corporate bond (on-shore) 960 Longfor Jan-16 3.68% Rmb1,800 Due 2024

Corporate bond (on-shore) 207 Joy City Jan-16 3.20% Rmb3,000 Due 2021



Senior notes 3380 Logan prop Jan-16 7.70% US$260 Due 2020

Corporate bond (on-shore) 3383 Agile Jan-16 4.70% Rmb1,600 Due 2016

Corporate bond (on-shore) 813 Shimao Jan-16 4.80% Rmb4,000 Due 2021

Corporate bond (on-shore) 1233 Times Properties Jan-16 7.88% Rmb3,000 Due 2019

Corporate bond (on-shore) 1668 China South City Jan-16 5.98% Rmb3,000 Due 2019

Corporate bond (on-shore) 2608 Sunshine 100 Jan-15 6.90% Rmb1,460 Due 2021

Corporate bond (on-shore) 1369 WuzhouInternational

Jan-16 TBC Rmb1,600 TBC

Corporate bond (on-shore) 410 SOHO China Jan-16 3.45% Rmb3,000 Due 2019

Corporate bond (on-shore) 884 CIFI Group Jan-16 4.99% Rmb2,000 Due 2018

Corporate bond (on-shore) 3833 Aoyuan Feb-16 7.90% Rmb500 Due 2020

Corporate bond (on-shore) 960 Longfor Mar-16 3.19% Rmb2,500 Due 2022

Corporate bond (on-shore) 960 Longfor Mar-16 3.75% Rmb1,500 Due 2026

Corporate bond (on-shore) 1813 KWG Mar-16 TBC Rmb2,200 TBC



China Property

Where was the funding from? (Cont’d)

Bank loan facilities

Eve nt Tic ke r Compa ny Da te Cost Amount(mn)

Othe r de ta i l s

Term loan facility 3383 Agile Jan-10 5.25% US$125 Loan facility term: 3 years;Facility agent: Bank of America

Securities AsiaSyndicated loan 688 COLI Feb-10 HIBOR+

120bpsHK$8,000 Loan facility term: 5 years;

10 banks in Hong KongTerm loan facility 960 Longfor Apr-10 HIBOR+

2.85% HK$2,150 a syndicate of banks;

4-year term loan facilityTerm loan facility 1109 CR Land Apr-10 HIBOR + 1.15% (all

in price)HK$6,200 HK$500 m due in 2013 and HK$6,700

due in 2015Term loan facility 272 Shui On Land May-10 HIBOR+

2.50% HK$250 3-term loan facility

Term loan facility 813 Shimao May-10 HIBOR/LIBOR+2.55%

US$460 Facility agent: 14 financial institutionsincluding Standard Chartered Bank

and HSBCFacilityagreement

1109 CR Land Jun-10 HIBOR+1.18% US$100 5 years;

Term loan facility 3883 Aoyuan Jun-10 HK$500 5 years;

Facilityagreement

3383 Agile Jun-10 HIBOR+3.3% HK$800 2 years;Bank of East Asia

Term loan 813 Shimao throughShanghai Shimao

Jul-10 Benchmark+5% Rmb350 Haier Finance

Term loan 1224 C C Land Jul-10 n.a HK$2,750 3 years; HSBC, ICBC, Hang Seng, andBEA

Term loan 1224 C C Land Aug-10 n.a HK$1,000 3 years;

Term loan 1109 CR Land Sep-10 HIBOR+1.40% HK$ 800 4 years with a bank

Facilityagreement

1638 Kaisa Nov-10 HIBOR + 4.32%(cap at 5%)

US$40

Term loan 1224 C C Land Dec-10 n.a HK$400 3 years;; Enlargement of the facilityissued in Aug

Term loan 817 Franshion Property Dec-10 HIBOR + 166bps US$30 3-year term loan with RBS

Term loan 817 Franshion Property Dec-10 HIBOR + 166bps HK$400 3-year term loan with StandardChartered

Term loan 3383 Agile Jan-11 HIBOR + 200bps HK$1,550 Due on 31st Dec2011

Syndicated loan 1238 Powerlong Mar-11 n.a US$47 Due in 3 years, with a provisionfor an additional amount of up to

US$50MnTerm loan 3383 Agile Jun-11 HIBOR + 365bps US$100 3 years; HSBC

Syndicated loan 688 COLI Jun-11 HIBOR+180bps HK$6,200 5 years; 11 banks

Facilityagreement

3383 Agile Jul-11 HIBOR + 360bps HK$2,350 36 months

Syndicated loan 604 ShenzhenInvestment

Sep-11 less than 4% US$350

Term loan 1109 CR Land Sep-11 HIBOR + 180bps HK$1,000 3-year term loan with a number ofbanks

Club loan 405 GZI REIT Sep-11 HIBOR + 190bps HK$2,500 Loan with a consortium of nine leadingbanks



China Property

Bank loan facilities


Othe r de ta i l s

Facilityagreement

845 Glorious Sep-11 n.a Rmb1,000 Granted by China Development Bank,the facility includes syndicated loans,project loans, working capital loans,

onshore and offshore corporate bonds,loans for M&A, etc.

Term loan 1109 CR Land Sep-11 HIBOR + 190bps HK$1,000 Due May-2013

Syndicated loan 272 Shui On Land Nov-11 n.a Rmb3,600

Term loan 1109 CR Land Jan-12 HIBOR + 250bps HK$1,300 Due Jan-2014

Term loan 1109 CR Land Feb-12 HIBOR + 270bps HK$300 Due Mar-2014

Term loan 3383 Agile Mar-12 5.00% HK$385 Due Sept-2013

Term loan 1109 CR Land Mar-12 HIBOR + 270bps HK$2,000 Due Mar-2015

Club loan YLLG Yanlord Mar-12 4.90% US$150

Term loan 960 Longfor Apr-12 HIBOR + 400bps HK$2,430 Due Apr-2015

Club loan 688 COLI Apr-12 HIBOR + 300bps HK$7,600

Term loan 1109 CR Land Apr-12 HIBOR + 270bps HK$1,000 Due Apr-2015

Term loan 3383 Agile May-12 5.00% US$50 Due May-2015

Facility 1638 Kaisa May-12 13.50% US$120 Due Aug-14

Syndicated loan 410 SOHO China Jun-12 LIBOR/HIBOR +4.25%

US$626 Due 2015

Term loan 1109 CR Land Jun-12 HIBOR + 270bps HK$500 Due Jun-2015

Term loan 1109 CR Land Jun-12 HIBOR + 270bps US$100 Due Jun-2015

Term loan 817 Franshion Property Jul-12 n.a US$200 3-year term loan

Term loan 1109 CR Land Aug-12 HIBOR + 270bps HK$3,400 Due Aug-2015

Facility 1813 KWG Sep-12 5-6% HK$250 Loan agreement with HSBC

Term loan 1813 KWG Sep-12 5-6% HK$500 Loan agreement with SCB

Term loan 1224 C C Land Oct-12 n.a HK$430 3 years; Enlargement of the facilityissued in Dec-2010

Term loan 813 Shimao Nov-12 HIBOR + 390bps US$610 3-year term loan

Term loan 813 Shimao Nov-12 HIBOR + 390bps HK$468 3-year term loan

Term loan 1109 CR Land Dec-12 HIBOR+250bps HK$1,000 Due Dec-2015

Facility 1224 C C Land Jan-13 HIBOR+425bps HK$3,400 3 years

Facility 1125 Lai Fung Mar-13 5.70% HK$3,550 3 years

Facilityagreement

1628 Yuzhou Apr-13 HIBOR+575bps HK$521 +US$35

Due 2016

Term loan 755 Shanghai Zendai May-13 n.a HK$300 n.a

Term loan 3383 Agile May-13 5.00% HK$3,978 Due 2016

Term loan 1109 CR Land May-13 HIBOR+200bps HK$800 Due 2016

Term loan Agile, R&F, KWG &Shimao

May-13 PBOC + 12% Rmb1,000 Due 2016

Term loan 272 Shui On Land May-13 n.a HK$1,000 +Rmb1,500

Due 2016

Term loan 604 ShenzhenInvestment

Jun-13 n.a HK$300 Due 2016

Term loan 1224 C C Land Jun-13 n.a HK$500 Due 2016

Term loan 3377 Sino Ocean Jul-13 LIBOR + 330 bps US$370 Due 2018

Term loan 3383 Agile Jul-13 5.00% HK$1,650 Due 2016

Term loan 3900 Greentown Jul-13 LIBOR + 400 bps US$100 Due 2016

Term loan 1109 CR Land Aug-13 3-YR: H+190bps;5YR: H+210bps

HK$7,750 Two tranches which matures in 3-5years

Club loan 3900 Greentown Sep-13 LIBOR + 385bps US$300 Due 2016

Term loan 832 Central China Oct-13 HIBOR+4.4%LIBOR+4.4%

HK$780+US$25

Due 2016



China Property

Bank loan facilities (continued)


Othe r de ta i l s

Term loan 1224 C C Land Oct-13 n.a HK$300 Due on 8/24/2016; Enlargement of thefacility issued in Dec-2010

Syndicated loan 1966 China SCE Jan-14 HIBOR+5%LIBOR+5%

HK$500+US$27

Due 2017

Syndicated loan YLLG Yanlord Jun-14 LIBOR+3.7% 385 Due 2017

Term loan 1109 CR Land Jul-14 4.40% Rmb1,500 Due 2017

Term loan 1109 CR Land Sep-14 HIBOR+2.25% HK$500 Due 2018

Term loan 1668 China South City Oct-14 HIBOR + 2.65% HK$600 Due 2016

Syndicated loan 1813 KWG Nov-14 n.a HK$2,003.75 Due 2017; with a greenshoe option ofHK$1bn

Club loan 2007 Country Garden Dec-14 HIBOR/LIBOR+3.7%

HK$4,500 Due 2018; HK$/US$ dual tranche loan

Term Loan 81 COGO Jan-15 n.a HK$2,200 One year from the date of the firstdrawing

Term Loan 1109 CR Land Feb-15 4.60% HK$400 Due 2019

Term Loan 1109 CR Land Feb-15 4.60% Rmb300 Due 2018

Term Loan 230 Minmetals Land Apr-15 n.a HK$100 n.a

Term Loan 1109 CR Land Apr-15 HIBOR+2.0% HK$7,800 Due 2019

Term loan 960 Longfor Apr-15 n.a HK$811.5 Due 2019

Term loan 960 Longfor Apr-15 n.a HK$3,824.75 Due 2020

Term loan 884 CIFI May-15 n.a HK$360 Due 2017

Term loan 1030 Future Land May-15 HIBOR/LIBOR +2.8%

US$61m +HK$313m

n.a

Term loan 123 Yuexiu Jul-15 n.a US$106 Due 2018

Term loan 1109 CR Land Jul-15 3.50% Rmb500 Due 2017

Term loan 2007 Country Garden Jul-15 n.a Rmb800 Due 2019

Term loan 1109 CR Land Oct-15 n.a US$150 Due 2018

Term loan 2007 Country Garden Dec-15 n.a Rmb175 Due 2019

Term loan 1109 CR Land Dec-15 3.50% Rmb1,400 Due 2018

Term loan 1109 CR Land Dec-15 n.a HK$5,000 Due 2018

Term loan 1098 Road King Dec-15 n.a US$50 Due 2018

Term loan 846 Mingfa Dec-15 n.a US$100 Due 2017

Term loan 3377 Sino Ocean Dec-15 n.a HK$9,441.72 n.a



China Property

Where was the funding from? (Cont’d)

Other sources


Othe r de ta i l s

Investment fund 688 COLI Mar-10 n.a US$250 toUS$500

Partner: ICBCIIM

Trust 2868 Beijing CapitalLand

May-10 10.50% Rmb200 China Railway Trust

Trust 2868 Beijing CapitalLand

Jun-10 5.70% Rmb750 China Credit Trust, Bank of Beijingand Beijing Shangyi

Secured bonds 1628 Yuzhou Jun-10 10% coupon HK$1,000 Due in 2013:China Life

Convertible securities 3377 Sino OceanLand

Jul-10 8% coupon US$900 Perpetual; coversion price: 16%premium over last trading price

Share placement 119 Poly HK Aug-10 4-8% discountto current share

price

HK$3,520 400mn new shares

Convertible bonds 272 Shui On Land Sep-10 4.50% US$400 Rmb denomiated;5-years; conversionprice: 36% premium over last trading

priceConvertible securities 817 Franshion

PropertySep-10 6.80% US$600 Perpetual; coversion price = 20%

premium over last trading price

Trust 845 Glorious Oct-10 Rmb1,670

Taiwan DepositoryReceipt (TDR)

1777 Fantasia Nov-10 N/A N/A Postponed and then terminated on19-Oct-2011

Convertible bonds 846 Mingfa Nov-10 5% coupon HK$1,550 Term: 5 years;conversion price: 16.94% premium

over last trading priceGuaranteed bonds 2868 Beijing Capital

LandFeb-11 4.75% coupon Rmb1,150 Due 2014; Rmb denominated

Senior securedguaranteed bonds

1638 Kaisa Mar-11 8.5% coupon Rmb2,000 Due 2014; USD settled

Convertible bonds 846 Mingfa Apr-11 5% coupon HK$1,560 Term: 5 years;conversion price: 20% premium over

last trading priceConvertible bonds 3383 Agile Apr-11 4% coupon US$500 Term: 5 years;

conversion price: 40% premium overlast trading price

Perpetual subordinatedcapital securities

3377 Sino OceanLand

Apr-11 10.25% US$400 Calleable in 5 years

Trust 1918 Sunac Jun-11 c.17% Rmb550

Trust 1238 Powerlong Sep-11 13.80% HK$1,000 Due in Sep-2014

Guaranteed notes 688 COLI Feb-12 4.88% US$500 Due in 2017

Convertible bonds 81 COGO Mar-12 2% coupon HK$2,200 With step down to zero coupon after2015;

Due 2017;conversion price: HK$12.532, 30%

premium over last trading priceSenior perpetualcapital securities

272 Shui On Land Dec-12 10.13% US$500 Calleable 2017


3383 Agile Jan-13 8.25% US$700


1813 KWG Jan-13

Senior perpetualcapital securities

2868 Beijing CapitalLand

Mar-13 8.38% US$400 Issued by its subsidiary - CentralPlaza Development Ltd

Withdrawn



China Property

Other sources (continued)


Othe r de ta i l s


3900 Greentown Jan-14 9.00% US$500

Medium Term Note 2868 Beijing CapitalLand

Feb-14 5.75%/6.875% Rmb2,250 Rmb2bn due 2017 at 5.75% andRmb250m due 2019 at 6.875%

Trust 832 Central China Feb-14 n.a Rmb500

Trust 832 Central China Feb-14 n.a Rmb400

Medium Term Note 337 Greenland HK Jul-14 4.38% US$500 Due 2017

Medium Term Note 1668 China SouthCity

Sep-14 8.40% Rmb1,000 Due 2019, domestic MTN

Medium Term Note 2777 Guangzhou R&F Sep-14 n.a n.a Not exceeding Rmb7bn, 3-10 yrsmaturity

Medium Term Note 600048 Poly CN Feb-15 4.70% Rmb 480.7 Due 2020

Medium Term Note 1668 China SouthCity

Jul-15 7.00% Rmb2,000 Due 2018, domestic MTN

Perpetual securities 3333 Evergrande Dec-15 9.00% US1,500



China Property

What was the sales trend of each company?

Monthly contracted sales - Greentown

Monthly contracted sales – China Overseas Land

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016

0

5,000

10,000

15,000

20,000

25,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016

Source: Company; DBS Vickers Source: Company; DBS Vickers

Monthly contracted sales – CR Land Monthly contracted sales – Shimao

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn 2015 2016

.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn 2015 2016

Source: Company; DBS Vickers



China Property

Monthly contracted sales – Sino-Ocean Land

Monthly contracted sales – Beijing Capital Land

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn 2015 2016


Monthly contracted sales – R&F

Monthly contracted sales – Country Garden

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016



China Property

Monthly contracted sales - Agile

Monthly contracted sales – Evergrande

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016


Monthly contracted sales – Central China

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan

Feb

Mar

Apr

May

June Ju

l

Aug Se

p

Oct

Nov

Dec

RMB mn2015 2016



China Property

Which city grew the fastest in price?

Price growth M ont h Dec -15 J an- 16 J an- 16 y oy

grow t hJ an- 16 mom

grow thv s. 2007/08

peakv s. 2007/08

t rough

Xi'an 7,056 6,705 0% -5% n.a n.a

Hangzhou 21,992 24,257 12% 10% n.a n.a

Nanjing 16,500 17,907 29% 9% n.a n.a

Shanghai 27,840 24,516 46% -12% 128% 213%

Beijing 26,751 24,073 -6% -10% 75% 182%

Tianjin 12,028 11,816 5% -2% 61% 83%

Guangzhou 15,518 15,721 8% 1% n.a n.a

Fuzhou 15,162 14,280 0% -6% 73% 119%

Shenzhen 42,476 46,515 74% 10% 143% 323%

Shenyang 6,037 5,489 -7% -9% 55% 67%

Wuhan 9,098 9,151 15% 1% 51% 93%

Zhengzhou 9,051 8,655 8% -4% 97% 130%

Changsha 6,246 6,315 13% 1% n.a n.a

Dongguan 10,677 11,350 24% 6% 29% 112%

Dalian 12,364 11,570 3% -6% 16% 68%

Chongqing 7,696 7,696 11% 0% 81% 104%

Suzhou 14,781 15,038 27% 2% 100% 169%

Qingdao 10,241 9,847 20% -4% -6% 72%

Nanchang 8,477 8,640 1% 2% 57% 146%

Chengdu 10,640 10,389 10% -2% 75% 124%Wuxi 8,109 7,906 4% -3% 28% 69%

A v erage 14% - 1% 67% 130%

* Peak/through during the period between Jan-07 and Dec-08.



China Property

What were the trends of ASP and sales volume in each city?

Volume & price - Beijing

Volume & price - Shanghai

0

5,000

10,000

15,000

20,000

25,000

30,000

0

500

1,000

1,500

2,000

2,500

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm

Volume (LHS) Annual avg vol (LHS)Price (RHS)

0

5,000

10,000

15,000

20,000

25,000

30,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Source: Soufun; DBS Vickers Source: Soufun; DBS Vickers

Volume & price - Shenzhen

Volume & price - Guangzhou

05,00010,00015,00020,00025,00030,00035,00040,00045,00050,000

0200400600800

1,0001,2001,4001,6001,800

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm

Volume (LHS) Annual avg vol (LHS)

Price (RHS)

02,0004,0006,0008,00010,00012,00014,00016,00018,000

0200400600800

1,0001,2001,4001,6001,800

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)



China Property

Volume & price - Dongguan

Volume & price - Tianjin

0

2,000

4,000

6,000

8,000

10,000

12,000

0100200300400500600700800900

1,000

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

RMB/sm000 sm


Price (RHS)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

0200400600800

1,0001,2001,4001,6001,800

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)


Volume & price - Dalian

Volume & price - Shenyang

02,0004,0006,0008,00010,00012,00014,00016,000

0100200300400500600700800

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


01,0002,0003,0004,0005,0006,0007,0008,000

0

500

1,000

1,500

2,000

2,500

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm




China Property

Volume - Qingdao

Volume & price - Chongqing

0200400600800

1,0001,2001,4001,6001,800

No

v-0

8

Jan

-11

Mar

-13

May

-15

000 sm

Volume Annual avg vol

Jan

-16

01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm



Volume & price – Chengdu

Volume & price – Xi’an

0

2,000

4,000

6,000

8,000

10,000

12,000

0

500

1,000

1,500

2,000

2,500

3,000

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


01,0002,0003,0004,0005,0006,0007,0008,0009,000

0

500

1,000

1,500

2,000

2,500

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)



China Property

Volume & price - Changsha

Volume & price - Zhengzhou

01,0002,0003,0004,0005,0006,0007,0008,000

0

500

1,000

1,500

2,000

2,500

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


0

2,000

4,000

6,000

8,000

10,000

12,000

0200400600800

1,0001,2001,4001,600

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)


Volume & price - Wuhan

Volume & price - Nanchang

01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0

500

1,000

1,500

2,000

2,500

3,000

Jan

-06

Ap

r-0

7

Jul-

08

Oct

-09

Jan

-11

Ap

r-1

2

Jul-

13

Oct

-14

Jan

-16

RMB/sm000 sm


Price (RHS)

01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0200400600800

1,0001,2001,4001,600

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)



China Property

Volume & price – Xiamen

Volume & price - Fuzhou

0

5,000

10,000

15,000

20,000

25,000

0100200300400500600700800

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


02,0004,0006,0008,00010,00012,00014,00016,00018,00020,000

0

100

200

300

400

500

600

700

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)


Volume - Nanjing

Volume & price - Suzhou

0200400600800

1,0001,2001,4001,6001,800

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

000 sm

Volume Annual avg vol

Jan-

16

02,0004,0006,0008,00010,00012,00014,00016,000

0200400600800

1,0001,2001,4001,6001,800

Jan

-06

Ap

r-0

7

Jul-

08

Oct

-09

Jan

-11

Ap

r-1

2

Jul-

13

Oct

-14

Jan

-16

RMB/sm000 sm




China Property

Volume & price - Wuxi

Volume & price - Hangzhou

0200400600800

1,0001,2001,4001,600

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

000 sm


Jan

-16

0

5,000

10,000

15,000

20,000

25,000

30,000

0

200

400

600

800

1,000

1,200

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/sm000 sm


Price (RHS)



China Property

What were the trends of ASP and no. of units sold in each city?

No. of units & price - Beijing

No. of units & price - Shanghai

0

5,000

10,000

15,000

20,000

25,000

30,000

0

5,000

10,000

15,000

20,000

25,000

Jan

-06

No

v-0

6

Sep

-07

Jul-

08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Jul-

13

May

-14

Mar

-15

Jan

-16

RMB/smunit

No. of unit sold (LHS) Price (RHS)

0

5,000

10,000

15,000

20,000

25,000

30,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit



No. of units & price - Shenzhen

No. of units & price - Dongguan

05,00010,00015,00020,00025,00030,00035,00040,00045,00050,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

2,000

4,000

6,000

8,000

10,000

12,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

RMB/smunit




China Property

No. of units & price - Tianjin

No. of units & price - Dalian

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


02,0004,0006,0008,00010,00012,00014,00016,000

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit



No. of units & price - Shenyang

No. of units – Qingdao

01,0002,0003,0004,0005,0006,0007,0008,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

2,000

4,000

6,000

8,000

10,000

12,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

No

v-0

8

Dec

-09

Jan

-11

Feb

-12

Mar

-13

Ap

r-1

4

May

-15

unit

No. of unit sold Price (RHS)

RMB/sm

Jan

-16



China Property

No. of units & price - Chongqing

No. of units & price - Chengdu

01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

2,000

4,000

6,000

8,000

10,000

12,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit



No. of units & price – Xi’an

No. of units & price - Changsha

01,0002,0003,0004,0005,0006,0007,0008,0009,000

0

5,000

10,000

15,000

20,000

25,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

Jul-

07

Jul-

08

Jul-

09

Jul-

10

Jul-

11

Jul-

12

Jul-

13

Jul-

14

Jul-

15

RMB/smunit


Jan

-16



China Property

No. of units & price - Zhengzhou

No. of units & price - Wuhan

0

2,000

4,000

6,000

8,000

10,000

12,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-06

Ap

r-0

7

Jul-

08

Oct

-09

Jan

-11

Ap

r-1

2

Jul-

13

Oct

-14

Jan

-16

RMB/smunit



No. of units & price - Nanchang

No. of units & price - Xiamen

01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000

0

2,000

4,000

6,000

8,000

10,000

12,000

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

5,000

10,000

15,000

20,000

25,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit




China Property

Volume & price - Fuzhou

Volume & price - Nanjing

02,0004,0006,0008,00010,00012,00014,00016,00018,00020,000

0

1,000

2,000

3,000

4,000

5,000

6,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


02,0004,0006,0008,00010,00012,00014,00016,00018,00020,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

Jun

-07

Au

g-0

9

Oct

-11

Dec

-13

unit


RMB/sm

Jan

-16


Volume & price - Suzhou

Volume & price - Wuxi

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit


0

2,000

4,000

6,000

8,000

10,000

12,000

01,0002,0003,0004,0005,0006,0007,0008,000

Jun

-06

Au

g-0

8

Oct

-10

Dec

-12

Mar

-15

RMB/smunit


Jan

-16



China Property

Volume & price - Hangzhou

0

5,000

10,000

15,000

20,000

25,000

30,000

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

RMB/smunit




China Property

Are there enough to sell?

Total GFA available for sales in 10 cities*

GFA available for sale - Beijing

02468101214161820

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

000 sm

Volume (LHS)

No. of months to digest the inventory (RHS)*

no. of months

0

5

10

15

20

25

30

0

5,000

10,000

15,000

20,000

25,000

30,000

May

-06

Jul-

08

Sep

-10

No

v-1

2

Feb

-15

000 sm

Volume (LHS)

Number of months to digest inventory (RHS)*

No. of months

Jan

-16

* Based on average monthly transaction volume during the past 12 months;

* Excluding Chongqing and Hangzhou due to lack of data


* Based on average monthly transaction volume during the past 12 months


GFA available for sale - Shanghai

GFA available for sale - Shenzhen

0

2

4

6

8

10

12

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jul-

07

Sep

-09

No

v-1

1

Jan

-14

000 sm

Volume (LHS)Number of months to digest inventory (RHS)*

No. of months

Jan

-16

0

5

10

15

20

25

30

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Ap

r-0

6

Jun

-08

Au

g-1

0

Oct

-12

Jan

-15

000 sm

Volume (LHS)


No. of months

Jan

-16






China Property

GFA available for sale - Suzhou

GFA available for sale - Nanjing

02468101214161820

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Jan

-09

Feb

-10

Mar

-11

Ap

r-1

2

May

-13

Jun

-14

Jul-

15

000 sm


No. of months

Jan

-16

0

5

10

15

20

25

01,0002,0003,0004,0005,0006,0007,0008,000

Feb

-07

Ap

r-0

9

Jun

-11

Au

g-1

3

000 sm

Volume (LHS) Number of months to digest inventory (RHS)*

No. of months

Jan

-16





GFA available for sale - Qingdao

GFA available for sale - Wuhan

0

5

10

15

20

25

30

0

5,000

10,000

15,000

20,000

25,000

No

v-0

8M

ar-0

9Ju

l-0

9N

ov-

09

Mar

-10

Jul-

10

No

v-1

0M

ar-1

1Ju

l-1

1N

ov-

11

Mar

-12

Jul-

12

No

v-1

2M

ar-1

3Ju

l-1

3N

ov-

13

Mar

-14

Jul-

14

No

v-1

4M

ar-1

5Ju

l-1

5N

ov-

15

000 sm


No. of months

Jan

-16

051015202530354045

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jul-

07

Au

g-0

8

Sep

-09

Oct

-10

No

v-1

1

Dec

-12

Jan

-14

Feb

-15

000 sm

Volume (LHS)


No. of months

Jan

-16






China Property

GFA available for sale - Xiamen

GFA available for sale - Fuzhou

051015202530354045

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Jan

-09

Jun

-11

Dec

-13

000 sm

Volume (LHS)


No. of months

Jan

-16

0

5

10

15

20

25

30

35

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

Jan

-09

Feb

-10

Mar

-11

Ap

r-1

2

May

-13

Jun

-14

Jul-

15

000 sm

Volume (LHS)


No. of months

Jan

-16





GFA available for sale - Nanchang

0

5

10

15

20

25

30

35

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Oct

-08

Mar

-11

Sep

-13

000 sm

Volume (LHS)


No. of months

Jan

-16




China Property

Is it affordable?

Monthly payment to disposable income

La te s t2 0 0 6

a ve ra g e 2 0 0 7 p e a k 2 0 0 8 p e a k>2 0 0 6l e ve l ?

>2 0 0 7p e a k ?

> 2 0 0 8p e a k ? > 6 0 %

Ch i n a 3 6 % 5 4 % 6 3 % 5 8 % n o n o n o n o

Be ijing 93% 72% 124% 112% ye s no no ye s

Sha ngha i 88% 71% 82% 83% ye s ye s ye s ye s

She nzhe n 194% 51% 111% 99% ye s ye s ye s ye s

Gua ngzhou 71% 57% 102% 89% ye s no no ye s

Tia njin 62% 63% 84% 85% no no no ye s

Da lia n 63% 77% 100% 107% no no no ye s

Wuha n 47% 57% 79% 78% no no no no

Ha ngzhou 86% 86% 135% 162% no no no ye s

She nya ng 29% - 53% 44% no no no

Che ngdu 55% 64% 78% 78% no no no no

Chongqing 54% 43% 58% 58% ye s no no no

Z he ngzhou 54% - 56% 58% no no no

Cha ngsha 30% - 47% 49% no no no

Na ncha ng 56% - - 79% no no

Fuzhou 84% - 90% 90% no no ye s

Xia me n 110% - 109% 103% ye s ye s ye s

Xi'a n 29% - 63% 65% no no no

Source: CEIC, DBS Vickers, CEIC, Soufun


China Property

Property price to annualized disposable income

La te s t2 0 0 6

a ve ra g e 2 0 0 7 p e a k 2 0 0 8 p e a k>2 0 0 6l e ve l ?

>2 0 0 7p e a k?

>2 0 0 8p e a k? >1 0 ye a r s

Ch i n a 7 9 1 1 9 n o n o n o n o

Be ijing 1 7 12 20 18 ye s no no ye s

Shangha i 1 6 12 13 13 ye s ye s ye s ye s

Shenzhe n 3 5 9 18 16 ye s ye s ye s ye s

Gua ngzhou 1 3 10 16 14 ye s no no ye s

Tianjin 1 1 11 13 13 ye s no no ye s

Da lian 1 1 13 16 18 no no no ye s

Wuhan 8 10 12 12 no no no no

Hangzhou 1 6 15 21 26 ye s no no ye s

Shenya ng 5 - 9 7 no no no

Che ngdu 1 0 11 12 12 no no no ye s

Chongqing 1 0 7 9 9 ye s ye s ye s no

Zhe ngzhou 1 0 - 9 9 ye s ye s no

Cha ngsha 6 - 7 8 no no no

Nancha ng 1 0 - 12 ye s no ye s

Fuzhou 1 5 - 14 14 ye s ye s ye s

Xia men 2 0 - 18 16 ye s ye s ye s

Xi'an 5 - 10 10 no no no

P ro p e r t y p r i c e to a n n u a l i z e d d i s p o s a b l e i n c o me

Source: CEIC, DBS Vickers, CEIC, Soufun


China Property

Will people buy now?

% of Expectation of Housing Price Rise

% of planned to buy House in the next 3 months

0

10

20

30

40

50

60

70

80

2Q09

3Q09

4Q09

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

% of Expectation of Housing Price Rise

% of Unacceptable to the High Housing Price

%

10

12

14

16

18

20

22

24

1Q03

4Q03

3Q04

2Q05

1Q06

4Q06

3Q07

2Q08

2Q09

2Q10

1Q11

4Q11

4Q12

3Q13

2Q14

1Q15

%

Source: PBOC, DBS Vickers Source: PBOC, DBS Vickers


China Property

What were the trends of affordability in each city?

Affordability - China

Affordability - Shanghai

6

7

8

9

10

11

0.30

0.35

0.40

0.45

0.50

0.55

0.60

0.65

Jan

-05

Mar

-06

May

-07

Jul-

08

Sep

-09

No

v-1

0

Jan

-12

Mar

-13

May

-14

Jul-

15

Monthly payment to disposable income (LHS)Property price to annual income (RHS)

x x

Jan

-16

6

8

10

12

14

16

18

20

0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1

Jan

-05

Mar

-06

May

-07

Jul-

08

Sep

-09

No

v-1

0

Jan

-12

Mar

-13

May

-14

Jul-

15


x x

Jan

-16


Affordability - Beijing

Affordability - Shenzhen

6 8 10 12 14 16 18 20 22 24

0.3

0.5

0.7

0.9

1.1

1.3

1.5

Jan

-05

Mar

-06

May

-07

Jul-

08

Sep

-09

No

v-1

0

Jan

-12

Mar

-13

May

-14

Jul-

15


x x

Jan

-16

6

11

16

21

26

31

36

41

0.3 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1

Jan

-05

Mar

-06

May

-07

Jul-

08

Sep

-09

No

v-1

0

Jan

-12

Mar

-13

May

-14

Jul-

15


x x

Jan

-16



China Property

Affordability - Guangzhou

Affordability - Tianjin

6

8

10

12

14

16

18

0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1

Jan

-06

Dec

-06

No

v-0

7

Oct

-08

Sep

-09

Au

g-1

0

Jul-

11

Jun

-12

May

-13

Ap

r-1

4

Mar

-15

Monthly payment to disposable income (LHS)

Property price to annual income (RHS)

x x

Jan

-16

6 7 8 9 10 11 12 13 14

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan

-05

Mar

-06

May

-07

Jul-

08

Sep

-09

No

v-1

0

Jan

-12

Mar

-13

May

-14

Jul-

15



x x

Jan

-16


Affordability – Hangzhou

Affordability – Shenyang

6

11

16

21

26

31

36

0.3

0.5

0.7

0.9

1.1

1.3

1.5

1.7

Jan

-06

Dec

-06

No

v-0

7

Oct

-08

Sep

-09

Au

g-1

0

Jul-

11

Jun

-12

May

-13

Ap

r-1

4

Mar

-15



x

Jan

-16

x

5

6

7

8

9

0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60

Jan

-07

Dec

-07

No

v-0

8

Oct

-09

Sep

-10

Au

g-1

1

Jul-

12

Jun

-13

May

-14

Ap

r-1

5


x x

Jan

-16



China Property

Affordability - Dalian

Affordability - Chengdu

6 8 10 12 14 16 18 20 22

0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2

Jan

-06

No

v-0

6

Sep

-07

Jul-

08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Jul-

13

May

-14

Mar

-15

Jan

-16



x

1

3

5

7

9

11

13

15

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90

Jan

-06

No

v-0

6

Sep

-07

Jul-

08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Jul-

13

May

-14

Mar

-15

Jan

-16



x x


Affordability - Chongqing

Affordability - Zhengzhou

3 4 5 6 7 8 9 10 11 12 13

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Jan

-06

No

v-0

6

Sep

-07

Jul-

08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Jul-

13

May

-14

Mar

-15

Jan

-16



xx

3 4 5 6 7 8 9 10 11 12

0.3

0.4

0.5

0.6

0.7

Jan

-07

No

v-0

7

Sep

-08

Jul-

09

May

-10

Mar

-11

Jan

-12

No

v-1

2

Sep

-13

Jul-

14

May

-15


x x

Jan

-16



China Property

Affordability - Changsha

Affordability - Nanchang

3

4

5

6

7

8

9

0.2

0.3

0.4

0.5

0.6

Jan

-07

No

v-0

7

Sep

-08

Jul-

09

May

-10

Mar

-11

Jan

-12

No

v-1

2

Sep

-13

Jul-

14

May

-15


x x

Jan

-16

6 7 8 9 10 11 12 13 14 15

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Jan

-08

No

v-0

8

Sep

-09

Jul-

10

May

-11

Mar

-12

Jan

-13

No

v-1

3

Sep

-14

Jul-

15



x

Jan

-16


Affordability – Fuzhou

Affordability – Wuhan

3 5 7 9 11 13 15 17 19 21

0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16



x x

3 4 5 6 7 8 9 10 11 12 13

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan

-06

No

v-0

6

Sep

-07

Jul-

08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Jul-

13

May

-14

Mar

-15

Jan

-16



x x



China Property

Affordability – Xiamen

Affordability – Xi’an

3 5 7 9 11 13 15 17 19 21

0.3

0.4

0.6

0.7

0.8

1.0

1.1

1.3

Jan

-07

No

v-0

7

Sep

-08

Jul-

09

May

-10

Mar

-11

Jan

-12

No

v-1

2

Sep

-13

Jul-

14

May

-15


x x

Jan

-16

5

6

7

8

9

10

11

12

0.3

0.4

0.5

0.6

0.7

0.8

Jan

-07

No

v-0

7

Sep

-08

Jul-

09

May

-10

Mar

-11

Jan

-12

No

v-1

2

Sep

-13

Jul-

14

May

-15



x x

Jan

-16



China Property

How about secondary market transactions?

Centaline secondary market price index

Centaline secondary rental index

50100150200250300350400450500550600650700750

May

-04

Jul-0

5

Oct

-06

Jan-

08

Apr

-09

Jun-

10

Sep-

11

Dec

-12

Mar

-14

Jun-

15

Beijing Shanghai

Guangzhou Shenzhen

Jan-

16

90110130150170190210230250

May

-04

Jun-

05

Jul-0

6

Aug

-07

Sep-

08

Oct

-09

Nov

-10

Dec

-11

Jan-

13

Feb-

14

Mar

-15

Beijing ShanghaiGuangzhou ShenzhenTianjin

Jan-

16

Source: Centaline Property Agency, DBS Vickers Source: Centaline Property Agency, DBS Vickers

Secondary market transaction in major cities

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

Jan

-10

Au

g-1

0

Ap

r-1

1

No

v-1

1

Jul-

12

Mar

-13

Oct

-13

Jun

-14

Jan

-15

Sep

-15

Beijing Shanghai Guangzhou

Shenzhen Tianjin Chengdu

'000 sm

Jan

-16

Source: Centaline Property Agency, DBS Vickers


China Property

What about office?

Office price index

80 90

100 110 120 130 140 150 160 170 180

20

08

/01

20

08

/07

20

09

/01

20

09

/07

20

10

/01

20

10

/07

20

11

/01

20

11

/07

20

12

/01

20

12

/07

20

13

/01

20

13

/07

20

14

/01

20

14

/07

20

15

/01

20

15

/07

20

16

/01

Beijing GuangzhouShenzhen Shanghai

Jan 2007=100

Source: DBS Vickers, Soufun


China Property

What about retail?

Retail shop price index

82 87 92 97

102 107 112 117 122

20

08

/01

20

08

/08

20

09

/03

20

09

/10

20

10

/05

20

10

/12

20

11

/07

20

12

/02

20

12

/09

20

13

/04

20

13

/11

20

14

/06

20

15

/01

20

15

/08

Beijing GuangzhouShenzhen Shanghai

Jan 2007=100

20

16

/01

Source: DBS Vickers, Soufun

What about hotel?

Occupancy rate of five-star hotels

Room rate of five-star hotels

30

40

50

60

70

80

90

Jan

-08

Feb

-09

Ap

r-1

0

May

-11

Jul-

12

Au

g-1

3

Oct

-14

Dec

-15

Beijing Shanghai

%

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan-

09Ju

n-09

Nov

-09

Apr

-10

Sep-

10Fe

b-11

Jul-1

1D

ec-1

1M

ay-1

2O

ct-1

2M

ar-1

3A

ug-1

3Ja

n-14

Jun-

14N

ov-1

4A

pr-1

5Se

p-15

Beijing Shanghai

RMB

Dec

-15

Source: Statistical bureau; DBS Vickers Source: Statistical bureau; DBS Vickers


China Property

What do the national figures tell us?

Real estate investment growth (y-o-y)

Floor space started growth (y-o-y)

0

5

10

15

20

25

30

35

40

45

Jan-

05

Aug

-06

Apr

-08

Dec

-09

Jul-1

1

Mar

-13

Nov

-14

%

Dec

-15 (40)

(20)

0

20

40

60

80

Jul-0

3

May

-05

May

-07

Mar

-09

Mar

-11

Jan-

13

Dec

-14

%

Dec

‐15

Source: CEIC; DBS Vickers Source: CEIC; DBS Vickers

Floor space under construction growth (y-o-y)

Floor space completed growth (y-o-y)

0 5

10 15 20 25 30 35 40 45 50

Aug

-04

Sep-

05

Nov

-06

Jan-

08

Mar

-09

May

-10

Jun-

11

Aug

-12

Oct

-13

Dec

-14

%

Dec

-15

(20)

(10)

0

10

20

30

40

50

Jan

-06

Mar

-07

May

-08

Jul-

09

Sep

-10

No

v-1

1

Jan

-13

Mar

-14

May

-15

%

Dec

-15



China Property

Floor space sold growth (y-o-y) Price index – No. of cities with price increase, drop, and flat

(40)

(20)

0

20

40

60

80

100

120

Jan-

04Se

p-04

May

-05

Jan-

06Se

p-06

May

-07

Jan-

08Se

p-08

May

-09

Jan-

10Se

p-10

May

-11

Jan-

12Se

p-12

May

-13

Jan-

14Se

p-14

May

-15

Dec

-15

0

10

20

30

40

50

60

70

80

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Drop Increase Flat

Jan

-16


New land supply Land supply growth (y-o-y)

050

100150200250300350400450

Feb

Mar

Apr

May Jun Jul

Aug Se

p

Oct

Nov

Dec

mn sm

2008 2009 2010 20112012 2013 2014 2015

(60)(40)(20)0

20 40 60 80 100 120

Jan

-04

Oct

-04

Jul-

05A

pr-

06Ja

n-0

7O

ct-0

7Ju

l-08

Ap

r-09

Jan

-10

Oct

-10

Jul-

11A

pr-

12Ja

n-1

3O

ct-1

3Ju

l-14

Ap

r-15

%

Dec

-15



China Property

Where does the launch of policies drive share prices to? Policies

1 2 3 4 56

78

9

10

11

1213

1415 16

1720 30 4050 60

7090

110

120

130

140

150160170

180200

210

230240

250

270

280290300

330340

360

390

410

420

10

210

410

610

810

1,010

1,210

1,410

Jan/04 Jan/05 Jan/06 Jan/07 Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/16

1 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 1001 Jan 04 = 100

400

428

Share price performance (%)

1 Day 1 week 1-mth 2-mth 4-mth1 (31-Mar-04) Restrict private land sales (0.2) 3.6 (16.7) (14.3) (19.9)

2 (31-May-04) Introduced economic housing concept (1.1) (1.6) (5.4) (6.5) 1.5

3 (31-Aug-04) Announced penalty for idled lands 2.4 3.5 8.0 4.5 25.2

4 (02-Sep-04) Tightened credit to developers and homebuyers (0.3) 0.5 7.4 3.5 23.6

5 (28-Mar-05) Introduced old National 8 measures (0.1) 2.8 (4.5) (9.0) 0.3

6 (27-Apr-05) New National 8 measures: Restricted resale of uncompleted units (1.0) (0.2) (5.4) (3.5) 12.3

7 (17-May-06) National 6 measures: restrict land hoarding (5.3) (10.8) (16.2) (14.6) 10.1

8 (29-May-06) National 15 measures: 70/90 rule 4.4 9.5 (6.2) (0.7) 27.3

9 (03-Jul-06) Regulation 171: limited access of foreign investment 0.1 (2.7) 3.7 17.3 49.4

10 (16-Jan-07) Set stricter requirement to settle LAT (5.9) (4.8) (6.7) (8.5) 11.3

11 (07-Aug-07) Introduced opinions to resolve low-income housing 3.8 (0.5) 14.1 27.7 18.6

12 (27-Sep-07) Tighten credit to 2nd home mortgage (0.3) (1.4) 5.8 (14.8) (34.9)

13 (03-Dec-07) Foreign real estate investment no longer in "Encourage"category (0.8) (3.3) (15.5) (25.1) (30.5)

14 (22-Oct-08) Lowered mortgage rate, transaction cost and downpayment requirement 5.1 (19.7) (8.3) 31.9 26.0

15 (17-Dec-08) Lowered sales tax and encouraged M&A loans 6.2 (1.7) (1.4) (5.4) 34.6

16 (22-Dec-08) Relaxed mortgage rate to 2nd home purchase (4.0) (2.0) (8.9) (4.5) 23.6

17 (27-May-09) Lowered captial requirement ratio for homebuilders 0.1 7.9 16.2 20.7 4.3

18 (01-Jul-09) Hangzhou banks started to tighten 2nd home mortgage (0.1) (3.9) 8.5 (8.8) (0.1)

19 (01-Jul-09) Ministry of Land and Resources announced to resume the enforcement of theidle land policy.

(0.1) (3.9) 8.5 (8.8) (0.1)

20 (10-Aug-09) Shenzhen government wrote pilot levy of property tax into its Three-yearWorking Plan

0.1 (4.1) 2.8 (2.7) 7.1

21 (08-Dec-09) Central Government announced to loosen the housing registration (Hukou)policy in small-and-mid-sized cities

(1.7) (6.0) (9.1) (25.1) (10.0)

22 (09-Dec-09) State Council announced to continually support end-users; business taxpreferential policy was suspended

(1.6) (6.7) (8.1) (22.3) (9.4)

23 (14-Dec-09) China's State Council outlined four measures to rein the rapid rise of propertyprices in certain cities

(4.2) (12.8) (13.8) (19.4) (12.4)

24 (17-Dec-09) F ive ministries jointly issued details of regulating land supply and land premiumadministration

(3.2) (2.3) (6.3) (12.2) (14.4)

Source: Thomson Reuters, DBS Vickers


China Property

Policies (continued)

1 2 3 4 56

78

9

10

11

1213

1415 16

1720 30 4050 60

7090

110

120

130

140

150160170

180200

210

230240

250

270

280290300

330340

360

390

410

420

10

210

410

610

810

1,010

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1 Day 1 week 1-mth 2-mth 4-mth25 (23-Dec-09) Ministry of F inance set tax base for luxury property sellers holding the property

for less than 5 years as sales value and that for common property sellers holding the propertyfor less than 5 years is profit

1.3 2.0 (7.2) (8.3) (12.8)

26 (11-Jan-10) China's State Council outlined 11 measures to further cool down the propertymarket

(0.5) (6.0) (12.5) (3.0) (20.3)

27 (23-Feb-10) Beijing Municipal Government cancelled all the preferential policies forhomebuyers issued in late 2008.

0.1 6.9 4.0 (4.9) (3.8)

28 (11-Mar-10) Ministry of Land and Resources issued regulatory details on land supply (1.1) (1.7) (1.2) (17.9) (10.6)

29 (19-Mar-10) SASAC calls for 78 state-owned companies to retreat from property business (1.8) (2.6) (10.2) (20.5) (10.6)

30 (15-Apr-10) State Council raised downpayment ratios for different groups of homebuyers (3.2) (7.7) (18.5) (14.4) (6.8)

31 (19-Apr-10) State Council calls for stopping mortgage to 3rd homebuyers and non-localresidents who cannot provide more than 1year income tax/social security paymentstatements, accelerating collection of LAT, and suspending granting M&A loans todevelopers hoarding land.

1.3 (0.2) (11.4) 1.3 1.9

32 (23-Apr-10) CBRC gave stricter definition on 2nd home mortgage 1.6 2.0 (5.5) 1.2 1.6

33 (04-May-10) Beijing Municipal Government issued implemental details (2.3) (3.0) (3.3) (3.5) 10.0

34 (26-May-10) Tax Department set minimum pre-payment ratio for LAT collection 3.2 (0.3) 6.7 16.0 15.6

35 (05-Jun-10) China's Housing Department, POCK, and CBRC announced stricter definition of ?2nd home?

0.4 3.1 4.0 14.9 15.5

36 (19-Aug-10) Ministry of Land Resources announced a list of developers hoarding land (0.9) (3.8) 4.2 8.7 2.1

37 (27-Sep-10) Ministry of Land Resources issued a new notice on land control (1.4) (2.2) (0.4) (0.7) 1.3

38 (29-Sep-10) State Coucil and various department issued a new notice to stop rapid priceincrease

(1.5) 2.2 2.5 1.2 3.4

39 (18-Oct-10) Purchase limit policy was introduced in Dalian (0.0) (4.2) (3.8) (6.1) (9.6)

40 (03-Nov-10) Purchase limit policy was introduced in Suzhou 1.2 2.7 (2.7) (2.2) (9.6)

41 (05-Nov-10) Purchase limit policy was introduced in Lanzhou 3.5 (1.4) (4.7) (0.1) (11.9)

42 (19-Dec-10) The Ministry of Land and Resources released a note, requesting the localgovernment to re-enforce stricter land control

0.0 2.2 6.5 (4.3) 8.2

43 (22-Dec-10) Announced more control for foreign investment and financing in the property (0.1) (1.3) 3.2 (9.6) 6.8

44 (23-Dec-10) Announced more control for the luxury residential land supply (0.4) (1.4) 3.2 (10.8) 6.9

45 (25-Dec-10) Raised one year benchmark lending rate and benchmark deposit rate by 25bps 0.0 1.1 0.1 (8.9) 4.5 Source: Thomson Reuters, DBS Vickers


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1 Day 1 week 1-mth 2-mth 4-mth46 (05-Jan-11) Purchase limit policy was introduced in Zhengzhou and Yongkangshi (under

J inhuashi)0.4 1.1 (3.6) (11.8) (6.6)

47 (14-Jan-11) Purchase limit policy was introduced in Taiyuan (2.2) (1.9) (8.8) (14.4) (7.2)

48 (14-Jan-11) Raised RRR (2.2) (1.9) (8.8) (14.4) (7.2)

49 (16-Jan-11) Purchase limit policy was introduced in Wuhan 0.0 (0.3) (10.8) (14.4) (3.5)

50 (18-Jan-11) Purchase limit policy was introduced in Kunming 1.5 0.1 (9.6) (10.8) (1.4)

51 (21-Jan-11) Purchase limit policy was introduced in J inan and Nanchang (0.6) (4.1) (10.2) (8.0) (2.9)

52 (21-Jan-11) Thrid round of the Purchase limit policy was introduced as year 2011 begins (0.6) (4.1) (10.2) (8.0) (2.9)

53 (26-Jan-11) Purchase limit policy was introduced in Hefei (3.6) (1.0) (12.2) (4.3) (3.5)

54 (26-Jan-11) Third round of tightening policies are introduced (3.6) (1.0) (12.2) (4.3) (3.5)

55 (28-Jan-11) Property tax was put in effect in Chongqing and Shanghai 0.3 2.7 (8.9) (0.7) 1.1

56 (09-Feb-11) Raised one year benchmark lending rate and benchmark deposit rate by 25bps (3.1) (3.8) (5.4) 7.7 (1.7)57 (18-Feb-11) Raised RRR (0.5) (5.0) (1.3) 12.3 (2.0)58 (22-Feb-11) 18 cities renewed local tightening policy with a focus of purchase limit (1.4) 1.6 6.6 18.1 4.2

59 (24-Feb-11) Big banks in Beijing suspended mortgage interest rate discount for first timehome buyers.

1.8 6.5 11.2 22.3 11.7

60 (12-Jul-11) Central Government announced to extend the purchase limit policy to tier-2 andtier-3 cities which showed dramatic increase in property price in 1H11

3.1 (0.5) (9.0) (20.8) (26.6)

61 (29-Aug-11) Purchase limit policy was introduced in Taizhou (Zhejiang province) 3.2 1.2 (26.1) (9.6) (17.9)

62 (05-Sep-11) Price limit policy was introduced in Shaokwan (Guangdong prov ince) (0.7) (8.4) (37.3) (12.2) (21.2)

63 (05-Sep-11) Price limit policy was introduced in Dandong (Liaoning prov ince) (0.7) (8.4) (37.3) (12.2) (21.2)

64 (12-Sep-11) Purchase limit policy was introduced in Quzhou (Zhejiang province) (0.1) (9.5) (15.7) (7.4) (8.5)

65 (12-Oct-11) Foshan government announced to loosen the purchase limit restriction, but themeasures was suspended over-night

9.5 0.6 9.9 6.0 25.2

66 (21-Oct-11) Nanjing government relax housing loan policies of the city 's housing fund 5.5 23.0 (0.9) 8.5 38.467 (04-Nov-11) Zhuhai government announced to enforce both purchase limit policy and price

limit policy at the same time(2.8) (9.3) (2.6) (11.1) 14.7



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1 Day 1 week 1-mth 2-mth 4-mth68 (10-Nov-11) Price limit policy was introduced in Zhongshan (0.2) (2.2) (0.1) (0.5) 23.469 (17-Nov-11) Hangzhou government introduced policy to support 1st home purchases of

high calibre talents in the Economic and Technology Development Zone(3.6) (4.3) 1.4 10.4 22.9

70 (28-Nov-11) Beijing government rev ised the definition of ordinary commodity housing,which reduced the deed tax paid by buyers

1.7 11.3 5.2 15.5 22.3

71 (29-Nov-11) Wuhan government rev ised the definition of ordinary commodity housing,which reduced the deed tax paid by buyers

(1.6) 5.4 0.9 13.5 18.7

72 (01-Dec-11) Hefei governemnt raised the mortgage limits under the provident fund scheme (0.1) (1.6) (6.2) 4.8 10.573 (05-Dec-11) Chongqing governemnt reiterated the tax rebate policy to support 1st time

home purchases of high calibre talents(3.6) (6.9) (10.3) 6.8 16.3

74 (13-Dec-11) Zhongshan revised up the price cap for property transactions (0.8) (1.1) 6.9 19.8 29.675 (02-Jan-12) Chongqing government raised the pricing bar for property tax collection 0.3 (2.2) 15.4 28.3 29.376 (02-Jan-12) Wuxi government loosed the criteria for local residency, which was v iewed as an

indirect way to stimulate the property market. However, the policy was suspended aftertwo days

0.3 (2.2) 15.4 28.3 29.3

77 (02-Jan-12) Lianyungang lifted cap of prov ident fund mortgage from RMB200k/person orRMB400k/household to RMB300k/person or RMB600k/household respectively .

0.3 (2.2) 15.4 28.3 29.3

78 (02-Jan-12) Nantong government introduced policy to support home purchases of highcaliber talents and lifted cap of prov ident fund mortgage

0.3 (2.2) 15.4 28.3 29.3

79 (30-Jan-12) Xiamen government lifted cap of prov ident fund mortgage 1.0 2.9 10.8 4.5 12.080 (01-Feb-12) Shanghai government rev ised the definition of ordinary commodity housing,

which reduced the deed tax paid by buyers3.2 6.5 10.6 5.4 8.5

81 (01-Feb-12) Tianjin government rev ised the definition of ordinary commodity housing,which reduced the deed tax paid by buyers

3.2 6.5 10.6 5.4 8.5

82 (06-Feb-12) Yixin government allows to convert commercial mortgage loan to providentfund mortgage

(1.4) 3.0 6.9 8.8 4.8

83 (06-Feb-12) Dalian government started to subsidize low income buyers up to 80% mortgageinterest

(1.4) 3.0 6.9 8.8 4.8

84 (09-Feb-12) Wuhu in Anhui exempted all buyers from deed tax and subsidize a wide rangeof people for purchasing property but suspended it three days later

(0.6) (1.7) 0.4 0.4 3.7



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1 Day 1 week 1-mth 2-mth 4-mth85 (17-Feb-12) Shanghai government rev ised the definition of ordinary commodity housing,

which reduced the deed tax (1.5%) and sales tax (5.5%) paid by buyers2.2 6.4 (3.9) (0.6) 7.9

86 (20-Feb-12) Nanchong government rev ised the definition of ordinary commodity housing,which reduced the deed tax paid by buyers

(0.4) 2.8 (7.2) (2.4) 3.6

87 (22-Feb-12) Shanghai government lowered the pricing bar for property tax collection (1.0) (1.5) (12.0) (8.1) (4.7)88 (25-Feb-12) Shanghai government announced to loosen purchase restrictions on non-locals

who had stayed in Shanghai for 3 years or above, But the rev ision was recalled 3 days later0.0 (3.9) (8.7) (3.7) (0.2)

89 (01-Mar-12) Shenyang lifted cap of provident fund mortgage 3.8 0.4 (4.7) 3.4 7.190 (08-Mar-12) Leshan, Sichuan lifted cap of porv ident fund mortgage (from Jan01,2012 to

Dec31,2012)0.5 (0.6) 0.6 (0.3) 11.5

91 (28-Mar-12) Binzhou, Shandong lifted cap and loan term of prov ident fund mortgage(effective from Apr01,2012)

(1.3) 4.2 8.2 0.7 8.2

92 (02-Apr-12) Rizhao, Shandong lifted cap and loan term of porv ident fund mortgage (fromJan01,2012 to Mar31,2017)

4.5 6.0 9.7 (0.5) 7.9

93 (02-Apr-12) Bengbu, Anhui lifted cap of provident fund mortgage (effective fromApr01,2012)

4.5 6.0 9.7 (0.5) 7.9

94 (02-Apr-12) Dalian, Liaoning lifted cap of provident fund mortgage (effective fromApr01,2012)

4.5 6.0 9.7 (0.5) 7.9

95 (02-Apr-12) Nanchang, J iangxi lifted cap of prov ident fund mortgage (effective fromApr01,2012)

4.5 6.0 9.7 (0.5) 7.9

96 (09-Apr-12) Xinyang, Henan lifted cap of prov ident fund mortgage (effective fromApr09,2012)

(1.3) 1.0 (3.3) 3.3 5.6

97 (10-Apr-12) Suining, Sichuan lifted cap of provident fund mortgage (effective fromApr10,2012)

(1.1) 1.1 (2.3) 4.6 6.0

98 (19-Apr-12) Karamay, Xinjiang lifted cap of provident fund mortgage (effective fromApr01,2012)

(0.2) 1.3 (10.6) 6.7 1.3

99 (19-Apr-12) Changzhou, J iangsu to subsidize low income buyers up to 100% mortgageinterest (effective from May01,2012)

(0.2) 1.3 (10.6) 6.7 1.3

100 (19-Apr-12) Hohhot, Inner Mogolia lifted cap of prov ident fund mortgage (effective fromApr19,2012)

(0.2) 1.3 (10.6) 6.7 1.3

101 (19-Apr-12) Zhengzhou, Henan lifted cap of provident fund mortgage (effective fromApr19,2012)

(0.2) 1.3 (10.6) 6.7 1.3

102 (19-Apr-12) Hohhot, Inner Mogolia lifted cap of prov ident fund mortgage (effective fromApr19,2012)

(0.2) 1.3 (10.6) 6.7 1.3

103 (19-Apr-12) Zhengzhou, Henan lifted cap of provident fund mortgage (effective fromApr19,2012)

(0.2) 1.3 (10.6) 6.7 1.3



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1 Day 1 week 1-mth 2-mth 4-mth104 (24-Apr-12) Wuhan fine-tuned HPF mortgage policies. 2.2 4.4 (4.9) 3.5 4.2105 (03-May-12) Zhangzhou, Fujian lifted cap of provident fund mortgage (effective from

May01,2012)(1.2) (8.0) (10.5) 3.7 (3.7)

106 (07-May-12) Yangzhou Government announced to prov ide subsidy for induv iduals buyingcommodity housing

(1.0) (5.4) (2.7) 10.8 2.4

107 (07-May-12) Wuhu, Anhui lifted cap of provident fund mortgage (effective fromMay07,2012)

(1.0) (5.4) (2.7) 10.8 2.4

108 (18-May-12) Putian, Fujian lifted cap of prov ident fund mortgage (effective fromMay21,2012)

0.4 4.3 21.2 19.4 20.7

109 (21-May-12) Yongzhou, Hunan lifted cap of prov ident fund mortgage (effective fromMay21,2012)

3.9 6.1 13.6 14.4 18.1

110 (23-May-12) Chizhou, Anhui lifted cap of prov ident fund mortgage (effective fromJun01,2012)

0.2 7.6 9.0 10.3 13.1

111 (28-May-12) Linyi, Shandong lifted cap of provident fund mortgage (effective fromJun01,2012)

4.7 (1.5) 9.5 7.5 13.1

112 (28-May-12) Chongqing lifted cap of provident fund mortgage 4.7 (1.5) 9.5 7.5 13.1113 (28-May-12) Huludao, Liaoning lifted cap of provident fund mortgage (effective from

May28,2012)4.7 (1.5) 9.5 7.5 13.1

114 (31-May-12) Urumqi, Xinjiang lifted cap of prov ident fund mortgage (effective fromJun01,2012)

(0.7) (0.3) 8.5 6.5 10.2

115 (31-May-12) Yibin, Sichuan lifted cap of prov ident fund mortgage (effective fromJun12,2012)

(0.7) (0.3) 8.5 6.5 10.2

116 (01-Jun-12) J iangmen, Guangdong lifted cap of provident fund mortgage (effective fromJun01,2012)

(3.3) 2.9 9.2 7.9 10.9

117 (05-Jun-12) Xi'an, Shaanxi lifted cap of prov ident fund mortgage (effective from 5 2.9 13.5 17.6 11.0 16.3

118 (07-Jun-12) Longyan, Fujian lifted cap of prov ident fund mortgage 2.5 7.9 13.9 7.0 9.6119 (07-Jun-12) Ministry of Land and Resources (MLR) announced new measurement for idled

land (effective from Jul01,2012)2.5 7.9 13.9 7.0 9.6

120 (01-Jul-12) Huaian, J iangsu lifted cap of provident fund mortgage (effective from 0.0 4.6 (4.0) (4.8) 13.6

121 (02-Jul-12) Zhangzhou, Fujian lifted cap of provident fund mortgage (effective fromJul02,2012), which is the second rev ision of mortgage ceiling after May's first rev ision.

2.6 4.6 (4.0) (4.8) 13.6

122 (06-Jul-12) Chenzhou, Hunan lifted cap of prov ident fund mortgage and lowereddownpayment requirement (effective from Jul02,2012).

(2.8) (4.5) (8.8) (13.2) 6.0

123 (13-Jul-12) Zhuhai government attempted to cancel the purchase limit and price caprestructions, but the measures were recalled overnight

0.1 (4.3) (5.5) (2.3) 7.7



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1 Day 1 week 1-mth 2-mth 4-mth124 (25-Jul-12) The State Council has sent

eight investigation teams to16 provinces to check on the implementation status oftightening policies on the propertysector

0.4 4.6 1.2 5.4 26.3

125 (02-Aug-12) Nanchong, Sichuan fine-tuned HPF mortgage policies (effective from Aug02,2012)

0.9 3.7 (0.8) 5.8 28.6

126 (02-Aug-12) Ningbo, Zhejiang lifted cap of prov ident fund mortgage (effective fromAug01,2012).

0.9 3.7 (0.8) 5.8 28.6

127 (06-Aug-12) Ningbo lifted cap of provident fund mortgage (effective from 1 Aug,2012) 0.2 (1.0) (4.8) 2.7 30.4128 (08-Aug-12) The State Council has completed its investigations into 10

cities/provinces (out of 16).2.3 (2.4) (0.6) 3.5 33.4

129 (22-Aug-12) Shanghai announced that the purchase limit restrictions will be extended tonext year

1.8 (1.6) 3.3 11.2 32.6

130 (29-Aug-12) Taiyuan, Shanxi lifted cap of provident fund mortgage (1.0) (1.4) 7.5 11.7 39.3

131 (31-Aug-12) Beilun, Ningbo lifted cap of provident fund mortgage 2.1 3.5 8.9 16.2 41.1

132 (03-Sep-12) Dongguan revised its definition of common housing (effective from 1 Sep,2012)

(1.2) 1.5 7.0 20.0 48.0

133 (07-Sep-12) Shaoyang, Hunan lifted cap of prov ident fund mortgage 0.1 6.9 4.3 19.1 50.3

134 (12-Sep-12) Shenzhen fine-tuned HPF mortgage policies. 2.5 3.2 3.3 14.8 45.2

135 (20-Sep-12) Wuhan announced to tighten the use of presales proceeds (effective from 1Oct, 2012)

(0.0) 0.5 6.9 12.7 41.8

136 (20-Sep-12) Guiyang, Guizhou fine-tuned HPF mortgage policirtes. (0.0) 0.5 6.9 12.7 41.8137 (25-Sep-12) Guangzhou limits the presale supply of high-end products (0.5) 2.1 8.1 19.9 39.7138 (26-Sep-12) J inan, Shadong fine-tuned HPF mortgage policies (effective Oct 08, 2012) 1.4 2.9 6.8 20.4 41.8139 (28-Sep-12) Kunming, Yunan lifted the provident fund mortgage cap (effective Sep 28,

2012)0.0 1.2 3.9 17.9 38.2

140 (28-Sep-12) J iaozuo, Henan provides interest subsidy to low income buyers 0.0 1.2 3.9 17.9 38.2141 (28-Sep-12) Dalian, Liaoning lifted the provident fund mortgage cap (effective Oct 1,

2012), which is the second rev ision for the mortgage ceiling after Apr's first rev ision0.0 1.2 3.9 17.9 38.2

142 (01-Oct-12) Longyan, Fujian lifted the provident fund mortgage cap, which is the secondrevision of the mortgage ceiling after May's first rev ision

0.0 (0.9) 8.6 21.6 37.0

143 (07-Oct-12) Guiyang, Guizhou announced a series of policies to stimulate the local propertymarket

0.0 0.3 11.4 28.8 30.2



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1 Day 1 week 1-mth 2-mth 4-mth144 (10-Oct-12) J inzhou, Hubei lifted the provident fund mortgage cap 0.1 4.0 11.7 29.0 30.4145 (12-Oct-12) Huangshi, Hubei provides interest subsidy to low income buyers (0.1) 4.5 11.1 28.2 29.7146 (17-Oct-12) Hangzhou sets ceiling for land sales premium 1.7 2.7 8.2 21.7 27.4147 (18-Oct-12) Yinchuan, Ningxia lifted the prov ident fund mortgage cap (0.6) 1.0 6.4 17.9 25.3148 (19-Oct-12) Zhuhai , Guangdong announced its local version of measurement for idle land

(effective from Nov 1,2012)1.1 0.1 7.1 19.3 22.4

149 (22-Oct-12) Shaanxi announced it will cap the profit margin of residential property projects (0.1) (1.2) 8.3 19.2 22.4150 (24-Oct-12) Wuhan, Hubei fine-tuned HPF mortgage policies 0.1 0.9 11.0 18.6 20.4151 (25-Oct-12) Tianjin allows down payments to be paid in instalments (1.6) 2.7 11.0 18.6 20.3152 (25-Oct-12) 9 cities in Guangdong province allow the use of HPF loans across these cities (1.6) 2.7 11.0 18.6 20.3153 (29-Oct-12) Zhenjiang, J iangsu fine-tune HPF mortgage policies (effective Nov 1, 2012) 0.8 8.3 15.9 24.7 25.3154 (29-Oct-12) J iangmen, Guangdong lifts prov ident fund mortgage cap 0.8 8.3 15.9 24.7 25.3155 (02-Nov-12) Shanghai introduces a policy which requires at least 5% of social housing to be

developed on newly transferred residential land0.6 (1.4) 8.7 20.1 8.6

156 (08-Nov-12) Suzhou, J iangsu lifts provident fund mortgage cap (0.1) (0.1) 15.6 26.1 12.2157 (09-Nov-12) Guiyang, Guizhou released 30 supportive policies for property development. 0.3 0.5 15.8 28.2 11.0158 (16-Nov-12) China to enhance regulation on land reserve and financing 0.5 5.6 13.1 26.2 3.1159 (21-Nov-12) Bengbu, Anhui lift prov ident fund mortgage cap (effective from Jan01,2013) 1.4 4.9 11.3 24.2 7.3160 (28-Nov-12) National congress rev ised the Land Administration Law to put more restrictions

on the expropriation of farmland2.2 5.5 8.9 17.3 2.7

161 (29-Nov-12) J inan lower the eligibility requirements for public rental housing 2.7 4.6 7.6 15.7 0.5162 (03-Dec-12) Xiamen, Fujian fine-tune HPF policies (effective Dec 1, 2012) 0.2 5.1 14.1 12.0 0.4163 (17-Dec-12) Beijing government tightened the enformance of the HPR (1.5) 0.0 9.6 4.7 (2.0)164 (10-Jan-13) Chongqing raised property tax threshold by 5% (effective Jan 1, 2013) (1.7) (1.4) (7.3) (12.1) (2.3)

165 (17-Jan-13) Changchun, J ilin lift provident fund mortgage cap for 2nd-hand housing 0.9 0.4 (4.5) (16.8) (5.1)166 (17-Jan-13) J i'an, J iangxi lift provident fund mortgage cap 0.9 0.4 (4.5) (16.8) (5.1)167 (17-Jan-13) Qingdao, Shandong lift provident fund mortgage cap 0.9 0.4 (4.5) (16.8) (5.1)168 (18-Jan-13) Shenzhen initates a pilot reform to allow industrial land owned by urban v illages

to be traded0.7 (1.3) (5.3) (17.5) (3.1)

169 (23-Jan-13) Zunyi Guizhou lift provident fund mortgage cap (0.5) 2.0 (8.2) (13.0) (5.6)170 (28-Jan-13) Nanning, Guangxi life provident fund mortgage cap 0.8 (1.5) (5.1) (12.4) (4.1)171 (05-Feb-13) J inhua, Zhejiang lower provident fund mortgage cap (1.2) (4.0) (10.3) (12.7) (3.9)172 (08-Feb-13) Dongguan, Guangdong adjust HPF policies (0.0) 2.6 (4.0) (9.1) (3.2)173 (18-Feb-13) Kunshan, J iangsu adjust HPF policies (effective Feb 25, 2013) (2.9) (3.0) (12.9) (4.7) (8.4)174 (21-Feb-13) The State Council announced New National F ive measures and reiterated its

tightening stance1.7 3.6 (4.8) 2.9 (11.7)



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1 Day 1 week 1-mth 2-mth 4-mth175 (27-Feb-13) Bayan Nur, Inner Mongolia adjust HPF policies 3.5 (2.6) (3.3) 2.4 (11.6)176 (01-Mar-13) Dalian, Liaoning fine-tune policies for allowing non-locals to register as local

residents after house perchase in major districts of the city(6.7) (4.8) (7.1) 0.2 (10.8)

177 (01-Mar-13) The State Council announced more details of National F ive Measures (6.7) (4.8) (7.1) 0.2 (10.8)178 (05-Mar-13) Xiangxi, Hunan lift provident fund mortgage cap 2.3 0.8 (2.7) 10.8 (6.1)179 (20-Mar-13) Fuzhou, Fujian fine-tune HPF policies (effective Apr 1, 2013) 0.7 2.4 8.8 12.1 (4.3)180 (26-Mar-13) Guangdong prov ince announced tightening details 1.8 1.2 6.8 7.6 (0.7)181 (31-Mar-13) A number of cities announced local

cooling measures0.0 (3.0) 7.8 7.2 0.9

182 (01-Apr-13) J iaozuo, Henan lift provident fund mortgage cap 0.6 (3.0) 7.8 7.2 0.9183 (07-Apr-13) Beijing tighten provident fund mortgage policy 0.0 2.8 15.7 6.5 6.9184 (09-Apr-13) Suzhou and Kunshan, J iangsu tighten local HPF policies (effective from Apr15,

2013)2.3 3.3 14.5 5.3 7.8

185 (19-Apr-13) Xi'an, Shaanxi announced local five measures. 0.3 (1.1) 3.3 (9.1) 2.1186 (24-Apr-13) Guangzhou to guide commodity residential housing prices (effective from

Apr24,2013)(0.2) 0.7 0.3 (16.1) (1.3)

187 (29-May-13) Lianyungang, J iangsu adjust HPF policies. (0.8) (1.3) (11.3) (10.3) (3.4)

188 (30-May-13) Dalian, Liaoning tighten HPF policies (effective from Jun 1, 2013) 0.7 (2.1) (10.6) (9.5) (2.7)

189 (03-Jun-13) Xiamen, Fujian lower provident fund mortgage cap (0.0) (3.7) (16.1) (2.8) (1.2)

190 (10-Jun-13) Zhuzhou, Hunan adjust HPF policies (effective from Jul 3, 2013) (3.0) (3.4) (10.3) 4.4 8.1

191 (10-Jun-13) Beijing to strengthen regulations on commodity housing pre-sales funds(effective from Jul 1, 2013)

(3.0) (3.4) (10.3) 4.4 8.1

192 (17-Jun-13) Beijing to strengthen regulations on commodity housing pre-sales approval(effective from Aug 1, 2013)

(0.5) (10.1) (2.8) 9.8 11.2

193 (20-Jun-13) Foshan, Guangdong lift provident fund mortgage cap (effective from Jul 1,2013)

(1.1) (0.9) 1.3 14.7 18.8

194 (25-Jun-13) Ningbo, Zhejiang extend the mortgage term under HPF 2.8 5.8 12.3 19.5 19.5195 (25-Jun-13) Xuancheng, Anhui lower provident fund mortgage cap (effective Jul 1, 2013) 2.8 5.8 12.3 19.5 19.5196 (25-Jun-13) Nanning, Guangxi lift monthly payment under HPF mortgage 2.8 5.8 12.3 19.5 19.5197 (09-Jul-13) Shengzhou, Zhejiang lower provident fund mortgage cap (effective Jul 1, 2013) 0.8 5.4 15.1 16.9 14.8198 (10-Jul-13) Chaoyang, Liaoning lift prov ident fund mortgage cap 5.6 4.8 16.4 18.6 13.9199 (11-Jul-13) J iaxing, Zhejiang fine-tune HPF policies 0.2 (1.2) 10.3 12.0 7.8200 (16-Jul-13) Hangzhou to prov ide interest subsidy for conversion from prov ident fund

mortgage to commercial mortgage0.2 1.1 14.2 11.8 12.6

201 (19-Jul-13) Ningxia province allows the use of HPF loans among lineal kin (parents, childrenand spouses)

(0.4) 3.8 15.2 14.0 12.7

202 (23-Jul-13) Xuzhou, J iangsu to provide interest subsidy for conversion from provident fundmortgage to commercial mortgage (effective Jul25, 2013)

0.5 (0.7) 8.0 10.7 8.0

203 (05-Aug-13) Wenzhou adjust its HPR policy. (0.7) 3.4 2.6 1.3 0.4 Source: Thomson Reuters, DBS Vickers


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1 Day 1 week 1-mth 2-mth 4-mth204 (29-Aug-13) Wuhu, Anhui to subsidise graduates on home purchase 1.2 2.6 0.2 2.7 (4.7)205 (29-Aug-13) Wenzhou, Zhejiang allows trading of rural land property rights (effective Oct1,

2013)1.2 2.6 0.2 2.7 (4.7)

206 (02-Sep-13) Nanjing tightens its control measures (effective Sep1, 2013) 1.0 1.7 (0.5) 2.1 (4.8)207 (02-Sep-13) Shenzhen adjusts the preferential policy for ordinary housing (effective Sep1,

2013)1.0 1.7 (0.5) 2.1 (4.8)

208 (02-Sep-13) Zhengzhou, Henan tightens its controls on property sector (effective Sep1, 1.0 1.7 (0.5) 2.1 (4.8)

209 (03-Sep-13) Baotou, Inner Mongolia loose HPF policies (0.5) 3.0 (0.7) 1.1 (7.2)210 (09-Sep-13) Beijing raise land appreciation tax for transactions of 2nd-hand properties

(effective Oct 1,2013)2.3 0.7 3.3 (1.8) (7.1)

211 (13-Sep-13) Chengdu fine-tune HPF policies (effective Oct 1,2013) 0.8 1.0 4.5 (3.0) (7.0)212 (14-Oct-13) Two Ministries sends investigation teams to check false reporting on property

prices in the secondary market, to control panic buying(0.3) (1.0) (6.6) (10.6) (11.6)

213 (14-Oct-13) Shenzhen is planning to further tighten mortgage for second home buyers (0.3) (1.0) (6.6) (10.6) (11.6)214 (17-Oct-13) Guangyuan, Sichuan lifts provident fund mortgage cap 0.1 (4.3) (1.8) (9.1) (10.9)215 (17-Oct-13) Chengdu announces details of New HPF policies (effective Nov 1,2013) 0.1 (4.3) (1.8) (9.1) (10.9)216 (23-Oct-13) Beijing unveils more details regarding self-use commodity housing (1.9) (0.5) (2.4) (8.5) (14.5)217 (25-Oct-13) Malaysia issues new measures to curb property speculation 0.2 3.3 0.0 (5.7) (13.6)218 (29-Oct-13) Ministry of Housing takes the lead to form the action plan for promoting the

industrialisation of residential property construction0.6 0.1 (0.2) (7.3) (14.9)

219 (01-Nov-13) Huizhou, Guangdong lowered mortgage cap for second home purchases (1.2) (3.3) (2.2) (8.0) (16.5)220 (01-Nov-13) Shenzhen raised down payment requirement for second home purchases (1.2) (3.3) (2.2) (8.0) (16.5)221 (08-Nov-13) Shanghai unveils seven local measures to tighten the property market (0.1) 0.7 (2.5) (6.9) (13.5)222 (15-Nov-13) Government unveils new reform roadmap 2.6 0.4 (5.7) (6.6) (20.5)223 (18-Nov-13) Guangzhou unveils six local measures to tighten the property market (1.7) (3.0) (6.8) (10.4) (22.0)224 (25-Nov-13) Wuhan, Nanchang, Shenyang and Xiamen unveil local measures to tighten the

property market(0.3) 1.0 (5.7) (10.0) (17.5)

225 (26-Nov-13) Nanjing unveils eight local measures (0.4) 0.2 (5.4) (9.8) (15.9)

226 (26-Nov-13) Hangzhou unveils six local measures (0.4) 0.2 (5.4) (9.8) (15.9)

227 (27-Nov-13) Fuzhou unveils seven local measures 0.9 (0.2) (4.8) (9.4) (15.7)

228 (28-Nov-13) Xi'an unveils seven local measures 0.8 (1.2) (6.3) (9.6) (15.1)

229 (03-Dec-13) Xiamen, Fujian raise downpayment requirement under prov ident fund schemefor second home purchase

(0.8) (3.2) (6.3) (9.1) (8.6)

230 (06-Dec-13) Beijing to strengthen regulations on commodity housing pre-sales approval(effective Aug 1, 2013)

(1.2) (3.2) (7.1) (10.2) (8.5)

231 (10-Dec-13) Shenyang raise downpayment requirement under provident fund scheme forsecond home purchase

(0.4) (1.2) (1.4) (7.9) (5.6)

232 (16-Dec-13) Hangzhou lower the ceiling for land sales premium 0.7 (1.1) (0.8) (1.3) (8.7) Source: Thomson Reuters, DBS Vickers


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1 Day 1 week 1-mth 2-mth 4-mth233 (01-Jan-14) HPF Management Centre adjusts policy of mortgage loans to employees of

central state bodies.0.1 (2.1) (4.4) (9.2) (13.4)

234 (01-Jan-14) Beijing Tax Bureau issues details on property gains tax from reselling of property 0.1 (2.1) (4.4) (9.2) (13.4)

235 (01-Jan-14) Beijing announces 2014 land supply plan 0.1 (2.1) (4.4) (9.2) (13.4)236 (01-Jan-14) SDPC announces push for legislation on futures, real estate, and the 0.1 (2.1) (4.4) (9.2) (13.4)

237 (09-Jan-14) Guangxi tightens the transaction tax on second-hand properties (effective Jan1, 2014)

0.9 (0.5) (5.7) (8.5) (18.4)

238 (09-Jan-14) Chongqing raises property tax threshold by 3% (effective Jan 1, 2014) 0.9 (0.5) (5.7) (8.5) (18.4)239 (09-Jan-14) Xiangyang, Hubei adjust HPF policies (effective Jan 1, 2014) 0.9 (0.5) (5.7) (8.5) (18.4)240 (09-Jan-14) Cixi, Zhejiang lower prov ident fund mortgage cap (effective Jan1, 2014) 0.9 (0.5) (5.7) (8.5) (18.4)241 (24-Jan-14) Wenzhou adjusts HPF mortgage policy (2.8) (1.8) (5.3) (9.0) (10.2)242 (10-Feb-14) Qingdao adjusts HPF mortgage policy 2.6 5.1 (3.0) 2.5 (7.6)243 (11-Feb-14) Chongqing adjusts HPF mortgage policy 4.0 2.0 (6.1) (1.1) (10.2)244 (10-Feb-14) Kunming tightens HPF policies (effective Feb 1, 2014) 2.6 5.1 (3.0) 2.5 (7.6)245 (10-Feb-14) Qingdao adjusts HPF mortgage policy 2.6 5.1 (3.0) 2.5 (7.6)246 (11-Feb-14) Chongqing adjusts HPF mortgage policy 4.0 2.0 (6.1) (1.1) (10.2)247 (17-Feb-14) Suzhou implements restrictions on new commercial properties (0.4) (6.4) (14.6) (6.9) (12.1)248 (18-Feb-14) Hangzhou Xiaoshan district adjusts HPF mortgage policy 1.2 (7.4) (13.7) (6.5) (13.3)249 (28-Feb-14) Nanjing announced seven control measures (2.3) (0.6) (3.5) (7.2) (10.2)250 (03-Mar-14) Tianjin lowers the threshold for transaction tax 0.8 0.2 5.9 (6.0) (4.0)251 (19-Mar-14) The CSRC resumes approval of share sales by real estate companies. CSRC had

suspended real estate companies from raising funds from the equity market since 2010.0.3 5.5 9.7 1.2 6.0

252 (09-Apr-14) Fuzhou, Fujian adjusts HPF mortgage policy (effective Apr21, 2014) (1.1) (6.3) (16.5) (10.8) (0.3)253 (10-Apr-14) Foshan, Guangdong adjusts HPF mortgage policy (effective Jun01, 2014) (0.9) (4.4) (14.4) (9.8) 0.9254 (22-Apr-14) Wuxi lowers the requirement for non-local home buyers to obtain residency (1.8) (4.2) (6.4) (9.5) 6.7255 (28-Apr-14) Hangzhou Xiaoshan district government sets a cap on deposit requirement for

land acquisitions0.7 (1.0) 1.5 (3.3) 8.2

256 (29-Apr-14) Hangzhou Xiaoshan district announced new measures to facilitate homepurchase by relocation home buyers

(0.3) (1.7) 0.4 (4.0) 7.4

257 (29-Apr-14) Nanning will allow residents in 5 nearby cities to buy property in the city (0.3) (1.7) 0.4 (4.0) 7.4258 (06-May-14) Chengdu tightens the requirement for non-local home buyers to obtain

residency(3.6) (0.3) 2.1 5.9 12.8

259 (06-May-14) Tongling County (Anhui province) adjusts its HPF mortgage policy and offerssubsidy on deed tax

(3.6) (0.3) 2.1 5.9 12.8

260 (06-May-14) Shangqiu (商丘), Henan province loosens HPF mortgage policy (3.6) (0.3) 2.1 5.9 12.8261 (07-May-14) Changzhou is facilitating the conversion of HPF mortgage to commercial

mortgage(1.1) 6.3 5.4 9.9 17.0

262 (12-May-14) Shenyang loosen HPF mortgage policy 3.5 2.9 5.5 8.1 13.5263 (20-May-14) Yangzhou loosen HPF mortgage policy 0.1 4.2 (1.1) 5.8 6.6



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1 Day 1 week 1-mth 2-mth 4-mth264 (20-May-14) Yangzhou loosen HPF mortgage policy 0.1 4.2 (1.1) 5.8 6.6265 (26-May-14) Xuancheng (宣城) loosen HPF mortgage policy and offers subsidy on deed tax (0.2) 0.3 (6.0) 11.7 1.5266 (26-May-14) Hangzhou issued policy to limit price cut. (0.2) 0.3 (6.0) 11.7 1.5267 (27-May-14) Gansu Zhangye (張掖) loosens HPF mortgage policy 0.3 1.0 (6.0) 12.0 (0.2)268 (28-May-14) Wuhu to subsidise interest payments for second home buyers (0.4) (0.3) (4.8) 11.7 (0.4)269 (29-May-14) J iangsu Taizhou (泰州) loosens HPF mortgage policy 0.8 1.0 (4.3) 12.8 0.0270 (30-May-14) Dongguan issues policy to limit price cut (0.0) (0.8) (5.1) 10.8 (2.4)271 (01-Jun-14) Haikou allows people to obtain local ID by purchasing properties in the city 0.0 (1.3) (3.3) 12.1 (2.4)272 (05-Jun-14) Zhejiang Zhuji (諸暨) loosens HPF mortgage policy (1.1) (1.5) 2.6 9.4 2.5273 (10-Jun-14) Anhui Huaibei (淮北) loosens HPF mortgage policy (0.3) (0.0) 2.3 11.8 3.2274 (27-Jun-14) Hohhot (呼和浩特), Inner Mongolia ends curbs on home purchases 1.5 8.7 19.0 16.3 6.6275 (03-Jul-14) Anhui Bengbu (蚌埠) loosens HPF mortgage policy 2.4 1.8 13.0 9.7 6.1276 (20-Jul-14) J iangsu Suzhou (蘇州) loosens HPR policy 0.0 10.2 8.1 0.8 (0.4)277 (20-Jul-14) Hubei Wuhan (武漢) loosens HPR policy 0.0 10.2 8.1 0.8 (0.4)278 (23-Jul-14) Haikou (海口) loosens HPR policy 2.5 3.3 2.4 (5.4) 1.4279 (25-Jul-14) Wuxi (無錫) loosens HPR policy 1.6 2.3 0.2 (7.2) (1.9)280 (25-Jul-14) Xi? n (西安) loosens HPR policy 1.6 2.3 0.2 (7.2) (1.9)281 (28-Jul-14) Shijiazhuang (石家莊) loosens HPR policy 0.6 0.7 (4.6) (10.8) (1.1)282 (28-Jul-14) Hangzhou (杭州) loosens HPR policy 0.6 0.7 (4.6) (10.8) (1.1)283 (31-Jul-14) Sichuan (四川) province announces the prov ision of subsidies to banks that

offer mortgage loans to first home buyers(1.5) (5.0) (6.9) (14.2) (6.3)

284 (01-Aug-14) J inhua (金華) loosens HPR policy 0.0 (4.3) (5.6) (12.9) (4.9)285 (01-Aug-14) Hefei (合肥) loosens HPR policy 0.0 (4.3) (5.6) (12.9) (4.9)286 (04-Aug-14) Shaoxing (紹興) loosens HPR policy (2.1) (1.5) (2.4) (8.3) (1.2)287 (04-Aug-14) Taiyuan (太原) loosens HPR policy (2.1) (1.5) (2.4) (8.3) (1.2)288 (06-Aug-14) Changsha (長沙) loosens HPR policy (1.2) 2.1 0.2 (6.0) 0.2289 (07-Aug-14) Foshan (佛山) loosens HPR policy (0.7) 1.1 1.4 (5.5) 1.4290 (08-Aug-14) Fuzhou (福州) loosens HPR policy 2.9 1.7 2.2 (5.4) 2.2291 (08-Aug-14) Xiamen (廈門) announced loosening measures 2.9 1.7 2.2 (5.4) 2.2292 (11-Aug-14) Zhengzhou (鄭州) loosens HPR policy 0.6 (1.8) (3.4) (9.0) (4.1)293 (11-Aug-14) Dongguan's (東莞) restrictions on home sales 0.6 (1.8) (3.4) (9.0) (4.1)294 (11-Aug-14) Kunming (昆明) loosens HPR policy 0.6 (1.8) (3.4) (9.0) (4.1)295 (14-Aug-14) J iangxi Nanchang (南昌) loosens HPR policy (0.1) (0.0) (3.0) (8.0) (4.4)296 (15-Aug-14) Xiamen (廈門) officially confirms HPR loosening (0.6) 0.9 (2.9) (7.6) (4.3)297 (18-Aug-14) Harbin (哈爾濱) loosens HPR policy 1.0 1.3 (3.6) (7.8) (4.3)298 (22-Aug-14) J iangxi province loosens mortgage policy (0.3) (3.6) (7.6) (8.6) (6.5)299 (27-Aug-14) Haikou loosens requirement on granting citizenships (2.3) 0.1 (8.7) (8.3) (3.1)300 (28-Aug-14) Xi'an and Guiyang loosen HPR (0.0) 3.0 (6.6) (5.4) (0.8)



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1 Day 1 week 1-mth 2-mth 4-mth301 (29-Aug-14) Ningbo loosens HPR (0.3) 3.1 (6.5) (4.3) (0.8)302 (29-Aug-14) Hangzhou loosen HPR (0.3) 3.1 (6.5) (4.3) (0.8)303 (01-Sep-14) Qingdao loosens HPR 0.2 3.5 (7.8) (0.6) 2.0304 (01-Sep-14) Wuxi loosens HPR 0.2 3.5 (7.8) (0.6) 2.0305 (05-Sep-14) Zhangzhou (漳州) loosens HPF policies 0.1 (2.8) (6.1) (4.6) 7.6306 (08-Sep-14) Xining (西寧) in Qinghai province (青海) loosens HPR (0.0) (3.3) (7.4) (6.3) 3.2307 (11-Sep-14) J iaxing (嘉興) of Zhejiang province loosens HPF policies (0.3) (2.0) (5.8) (4.1) 5.6308 (12-Sep-14) Wuxi (無鍚) loosens HPF policies (0.4) (2.1) (5.6) (4.0) 5.9309 (15-Sep-14) Shenyang (瀋陽) loosens HPR (0.8) (4.0) (4.9) (3.3) 7.4310 (15-Sep-14) Hubei (湖北) prov ince announces loosening measures (0.8) (4.0) (4.9) (3.3) 7.4311 (16-Sep-14) Shenyang (瀋陽) adjusts HPF policies 0.6 (3.4) (5.4) (2.5) 6.2312 (18-Sep-14) Xining (西寧) adjusts HPF policies (0.4) (2.6) (4.3) (3.1) 3.4313 (21-Sep-14) Nanjing (南京) loosens HPR 0.0 (2.5) (1.1) 6.9 9.6314 (25-Sep-14) Xiangyang (襄陽) loosens mortgage policies (0.5) (4.0) (2.0) 5.7 9.7315 (26-Sep-14) Dazhou (達州) in Sichuan prov ince adjusts HPF policies (1.9) 0.8 (1.4) 7.6 10.3316 (26-Sep-14) Zhuhai (珠海) loosens HPR (1.9) 0.8 (1.4) 7.6 10.3317 (29-Sep-14) Nanchang (南昌) loosens mortgage policies (1.7) 3.5 2.4 7.4 8.9318 (30-Sep-14) Ningbo provide subsidy for university graduates to buy home (0.0) 4.6 4.3 9.2 10.2319 (30-Sep-14) Ningbo loosens HPF policies for university graduates (0.0) 4.6 4.3 9.2 10.2320 (30-Sep-14) PBOC and CBRC announced measures to loosen mortgage policies (0.0) 4.6 4.3 9.2 10.2321 (09-Oct-14) The housing authority (MOHURD), MOF and PBOC announced to loosen HPF

policies(1.0) (3.4) (0.3) 5.2 4.3

322 (09-Oct-14) Shenyang loosens HPF mortgage policies (1.0) (3.4) (0.3) 5.2 4.3323 (13-Oct-14) Guangzhou tightens HPF policies 0.0 (0.4) 2.2 3.9 8.2324 (13-Oct-14) PBOC loosens control on loans for property development 0.0 (0.4) 2.2 3.9 8.2325 (13-Oct-14) The housing authority (MOHURD), MOF and PBOC will waive some transaction

fees for housing provident fund applicants.0.0 (0.4) 2.2 3.9 8.2

326 (13-Oct-14) Wuhan loosens HPF policies 0.0 (0.4) 2.2 3.9 8.2327 (17-Oct-14) Tianjin (天津) loosens HPR policy 0.8 1.3 3.3 3.7 10.0328 (17-Oct-14) Wuhan (武漢) loosens HPF mortgage policies for second-home buyers 0.8 1.3 3.3 3.7 10.0329 (20-Oct-14) Shandong Weifang (濰坊) to prov ide discount on deed tax 0.3 (0.3) (0.2) 3.0 8.9330 (21-Oct-14) Changchun (長春) loosens HPF mortgage policies 0.4 0.2 0.3 2.7 8.8331 (23-Oct-14) Shandong prov ince (山東省) loosens HPF policies (0.2) 1.2 8.0 1.8 8.4332 (23-Oct-14) Urumchi (烏魯木齊) loosens HPR policy (0.2) 1.2 8.0 1.8 8.4333 (28-Oct-14) Xin Yu (新余) city of J iangxi prov ince loosens HPF policies 1.1 4.8 9.5 4.9 9.9334 (29-Oct-14) Yangzhou (楊州) loosens HPF mortgage policy 0.2 2.7 4.9 3.7 8.6335 (03-Nov-14) Hunan (湖南) province loosens HPF policies 0.0 (2.5) 4.6 11.9 3.4336 (04-Nov-14) Shanghai (上海) loosens HPF policies (0.8) (2.9) 5.2 11.9 2.2337 (05-Nov-14) Nanjing (南京) loosens HPF mortgage policies (0.8) (2.2) 5.4 12.8 2.6



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400

428


1 Day 1 week 1-mth 2-mth 4-mth338 (06-Nov-14) J iangxi (江西) prov ince loosens restrictions on the property sector (0.5) (0.9) 5.8 12.4 3.2339 (07-Nov-14) Kunming (昆明) adjusts HPF policies (0.4) (0.2) 6.3 11.5 3.0340 (13-Nov-14) Shanghai (上海) redefined the classification for 'ordinary commodity housing' 0.2 (2.7) 1.7 10.8 1.5341 (14-Nov-14) J iangsu (江蘇) provides subsidy on fitting of new houses (0.4) (2.2) 1.5 11.0 1.3342 (16-Nov-14) Shenyang (瀋陽) provides subsidy to home buyers 0.0 6.2 0.4 5.4 2.2343 (18-Nov-14) Changsha (長沙) loosens HPF policies (0.4) 6.2 2.4 6.7 3.3344 (19-Nov-14) Zhejiang Ninghai (寧海) provides subsidies to homebuyers (1.0) 7.9 1.9 7.1 5.3345 (21-Nov-14) Qingdao (青島) rev ises up the benchmark land price (基準地價) 8.1 9.4 2.4 11.6 8.1346 (24-Nov-14) Shanghai (上海) rev ises down HPF mortgage rate (1.1) (2.0) (5.1) 2.6 0.1347 (24-Nov-14) Shenzhen (深圳) rev ises down HPF mortgage rate (1.1) (2.0) (5.1) 2.6 0.1348 (26-Nov-14) Pingdingshan, Henan (河南平頂山) loosens HPF policies (0.3) 1.2 (5.1) 2.6 (0.3)349 (26-Nov-14) Ningbo (寧波) loosens HPF policies (0.3) 1.2 (5.1) 2.6 (0.3)350 (28-Nov-14) Miaoyang, Sichuan (四川綿陽) finetunes HPF policies (3.2) (0.0) (4.3) 0.3 5.0351 (28-Nov-14) Changchun (長春) redefines first home purchase under HPF mortgage scheme (3.2) (0.0) (4.3) 0.3 5.0352 (01-Dec-14) J inhua (金華) loosens HPF policy 1.8 2.8 1.3 0.4 8.4353 (12-Dec-14) Guangzhou released guidelines for the transaction of 'fixed price housing' (限價

房)(1.3) (2.9) 6.4 1.0 28.6

354 (15-Dec-14) China to set up three new Free Trade Zones in Fujian, Guangdong and Tianjin (1.2) (1.4) 9.0 4.8 26.3355 (19-Dec-14) Changsha, Hefei, Nanchang and Wuhan loosens HPF policies 0.2 0.5 5.1 6.0 27.9356 (22-Dec-14) The State Council announces details on the provisional regulations on real estate

registration ("不動產登記暫行條例”) which will be effective from 1st March, 2015(0.5) 2.3 8.4 6.0 34.9

357 (01-Jan-15) Beijing raises cap for HPF mortgage 6.6 4.7 (0.9) 2.3 41.1

358 (07-Jan-15) Foshan (佛山) Shunde lowers the threshold for classification of 'ordinaryhousing'

(1.6) (0.7) (6.6) (7.6) 24.2

359 (11-Jan-15) The State Council and CPCCC announce more details on the trial implementationof rural land reforms

0.0 (4.1) (5.1) (7.8) 29.8

360 (14-Jan-15) The housing authority (MOHURD) urges local governments to launch REIT pilotprogrammes

(0.3) (1.6) (4.1) (8.7) 26.7

361 (16-Jan-15) Xiamen (廈門) loosens HPF for properties within the main island (3.2) 0.7 (2.0) (6.6) 33.9362 (16-Jan-15) CSRC simplifies the approval procedure for developers' refinancing and M&A (3.2) 0.7 (2.0) (6.6) 33.9363 (20-Jan-15) Dongguan (東莞) raises cap for HPF mortgage 2.8 1.5 (0.3) (2.3) 36.7364 (23-Jan-15) Beijing (北京) reiterates non-loosening of HPR (0.7) (4.2) (2.9) (3.2) 33.6365 (26-Jan-15) Fuzhou (福州) government begins a pilot programme to repurchase commodity

housing(0.7) (4.1) (0.6) (2.7) 39.1

366 (28-Jan-15) Shanghai (上海) reiterates non-cancellation of HPR (2.1) (2.3) 0.0 4.7 35.8 Source: Thomson Reuters, DBS Vickers


China Property


1 2 3 4 56

78

9

10

11

1213

1415 16

1720 30 4050 60

7090

110

120

130

140

150160170

180200

210

230240

250

270

280290300

330340

360

390

410

420

10

210

410

610

810

1,010

1,210

1,410



400

428


1 Day 1 w eek 1-mth 2-mth 4-mth367 (10-Feb-15) Shanghai is working on to raise HPF mortgage quota (0.4) 2.0 (2.1) 20.6 32.0368 (27-Mar-15) Ministry of Land and Resources and Ministry of Housing (國土資源部)

announced measures to optimise the supply structure of land and residential units.3.2 4.7 29.1 37.5 12.0

369 (30-Mar-15) PBOC adjusted downpayment requirements (1.4) 1.5 31.9 28.7 7.7370 (30-Mar-15) Tax Bureau announced suspension of business tax (1.4) 1.5 31.9 28.7 7.7371 (01-Apr-15) Hunan (湖南 ) prov ince lowers HPF mortgage rate 1.5 6.1 31.9 28.7 6.3372 (02-Apr-15) Wenzhou government announced measures to help home buyers 0.0 8.9 34.1 25.6 4.8373 (03-Apr-15) Lanzhou (蘭州 )loosens HPF mortgage policies (0.0) 9.9 34.1 24.9 4.8374 (07-Apr-15) Shenzhen lowered down-payment requirement for HPF mortgages 4.5 12.0 21.9 24.9 5.7375 (07-Apr-15) Xiamen loosens HPFmortgage policies 4.5 12.0 21.9 24.9 5.7376 (08-Apr-15) Anhui loosens HPF mortgage policies 4.2 7.6 21.7 19.5 2.3377 (08-Apr-15) Shanghai loosens HPF mortgage requirements for first and second home buyers 4.2 7.6 21.7 19.5 2.3378 (13-Apr-15) Beijing announced to reduce land supply (3.5) (3.4) 6.0 5.9 (12.7)379 (15-Apr-15) Harbin loosens HPF mortgage policies 1.3 5.3 10.5 9.3 (10.2)380 (15-Apr-15) Shenyang loosens HPF mortgage policies 1.3 5.3 10.5 9.3 (10.2)381 (15-Apr-15) Shenzhen loosens HPF mortgage policies 1.3 5.3 10.5 9.3 (10.2)382 (21-Apr-15) Hebei loosens HPF mortgage policies 5.0 9.0 11.6 6.9 (16.8)383 (21-Apr-15) Nanjing loosens HPF mortgage policies 5.0 9.0 11.6 6.9 (16.8)384 (21-Apr-15) Wuxi loosens HPF mortgage policies 5.0 9.0 11.6 6.9 (16.8)385 (27-Apr-15) Shenzhen Qianhai FTZ launched offically (0.3) 8.8 6.5 (5.8) (24.7)386 (30-Apr-15) Shanxi loosens HPF mortgage policies 0.0 (6.2) (2.4) (8.5) (28.9)387 (30-Apr-15) Shanghai government is working on plans to increase land supply 0.0 (6.2) (2.4) (8.5) (28.9)388 (01-May-15) Guiyang loosens HPF mortgage policies 3.2 (2.2) (2.4) (8.5) (30.7)389 (10-May-15) Suzhou loosens HPF mortgage policies 0.0 (0.4) (6.3) (14.0) (28.3)390 (11-May-15) Shanghai and Beijing lower mortgage rate for

HPF(2.5) (0.4) (6.3) (14.0) (28.3)

391 (24-May-15) Tianjin loosens HPF mortgage policies 0.0 (0.9) (4.2) (16.5) (27.9)392 (26-May-15) Changsha loosens HPF mortgage policies (0.8) (5.1) (9.9) (19.2) (30.2)393 (29-May-15) Beijing loosens HPF mortgage policies 2.5 0.9 (6.2) (13.7) (28.0)394 (31-May-15) Zhengzhou (鄭州 ) lowers the threshold for classification of 'ordinary housing' 0.0 (1.5) (6.2) (17.4) (27.8)395 (05-Jun-15) China add Rmb1tr quota for local government to swap debts into muncipal

bonds0.1 (0.5) (14.1) (15.5) (21.9)



China Property


1 2 3 4 56

78

9

10

11

1213

1415 16

1720 30 4050 60

7090

110

120

130

140

150160170

180200

210

230240

250

270

280290300

330340

360

390

410

420

10

210

410

610

810

1,010

1,210

1,410



400

428

Sha re price pe rforma nce (%)

1 Da y 1 we e k 1-mth 2-mth 4-mth397 (08-Jun-15) Xi'an loosens HPF mortage policy (2.2) (1.6) (24.0) (14.4) (20.7)398 (09-Jun-15) Gansu province (甘肅) loosens HPF mortgage policy (1.5) (2.4) (14.2) (12.5) (18.3)399 (09-Jun-15) Wuhan (武漢) loosens HPF policy for rental subsidy (1.5) (2.4) (14.2) (12.5) (18.3)400 (28-Jun-15) Beijing lower HPF mortgage rate 0.0 (7.6) (8.0) (20.5) (11.7)401 (28-Jun-15) Shanghai lower HPF mortgage rate 0.0 (7.6) (8.0) (20.5) (11.7)402 (13-Jul-15) Ningbo provide subsidy on deed tax for home buyers (0.8) 2.8 (7.9) (16.7) (6.1)403 (23-Jul-15) Wuhan loosen HPF policies (0.7) (5.8) (22.5) (18.2) (4.3)404 (19-Aug-15) Government loosen purchase restrictions on non-local buyers (1.8) (12.4) (3.9) 4.9 10.4

405 (01-Sep-15) Government lowered downpayment requirement for HPF mortgage (1.0) 1.3 1.7 15.0 23.0406 (30-Sep-15) Qingyuan (Guangdong province) provide subdisy to home buyers 0.0 9.4 12.1 12.4 0.1407 (16-Oct-15) Changsha city (長沙市) and Hunan province (湖南省) lower downpayment

requirements for HPF mortgage(0.5) 0.8 (1.3) 1.8 (11.7)

408 (16-Oct-15) Shenyang launched supporting measures for home buyers (0.5) 0.8 (1.3) 1.8 (11.7)409 (19-Oct-15) Xinjiang (新疆) loosening HPF policies to allow HPR mortgage to be used in

house fittings0.6 2.3 2.8 5.2 (9.1)

410 (26-Oct-15) Guangzhou (廣州) loosen HPF policies (0.5) (1.8) 1.0 3.4 (13.1)411 (19-Nov-15) Shanxi (山西)loosens purchase restrictions 1.6 0.5 2.3 (10.7) n.a.412 (19-Nov-15) Tianjin loosens HPF mortgage policies 1.6 0.5 2.3 (10.7) n.a.413 (23-Nov-15) State council loosens restrictions on Housing Provident Fund (HPF) (0.6) (4.6) 1.5 (16.2) n.a.414 (02-Dec-15) Nanjing (南京) raise HPF mortgage quota for buyers who buy fitted houses (0.7) (1.7) (3.1) (16.6) n.a.415 (03-Dec-15) Kunming (昆明) loosens HPF mortgage policies 0.4 (2.8) (2.4) (17.3) n.a.416 (03-Dec-15) Henan Puyang (濮陽) provides subsidy for migrant workers to buy house in the

city0.4 (2.8) (2.4) (17.3) n.a.

417 (03-Dec-15) Central government proposed to provide tax allowance for mortage interestexpenses

0.4 (2.8) (2.4) (17.3) n.a.

418 (04-Dec-15) Shanghai HPF authority issued first batch of ABS (0.5) (5.3) (2.8) (17.3) n.a.419 (20-Dec-15) Behai provide subsidy to home buyers 0.0 0.5 (19.9) (13.8) n.a.420 (21-Dec-15) Central government said to facilitate migrant workers in getting citizenship 0.3 0.5 (19.9) (13.8) n.a.421 (28-Dec-15) MOHURD (住建部) reiterate destocking as policy focus for 2016 after

conference in Beijing1.0 (2.9) (18.4) (16.5) n.a.

422 (02-Feb-16) PBOC cut down-payment requirements (1.6) (0.6) 8.2 n.a. n.a.423 (05-Feb-16) Nanchang government provide tax benefits to developers on property presales 0.0 (5.3) 12.2 n.a. n.a.424 (14-Feb-16) Shanghai announced to adjust the land supply of the city 0.0 5.6 n.a. n.a. n.a.425 (19-Feb-16) Ministry of Finance announced to lower deed tax and sales tax during home

purchase in cities outsite Tier 1 cities(0.2) (2.2) n.a. n.a. n.a.

426 (29-Feb-16) Guangzhou loosens restrictions on property sector 2.8 11.7 n.a. n.a. n.a.427 (01-Mar-16) Shenyang government launched loosening measures to facilitate property

market destocking and the 10% target growth in property sales5.4 6.8 n.a. n.a. n.a.

428 (01-Mar-16) Shijiazhuang (石家莊) launched 20 loosens measures on the property market 5.4 6.8 n.a. n.a. n.a. Source: Thomson Reuters, DBS Vickers


China Property

Policy – Interest rate & RRR

1 23 4

5678

9

10

121416

18

2022

24

2628 30

32 34

3638 40

42

4446

4850 52

54 5658 60

64

10

210

410

610

810

1010

1210

1410


1 Jan 04 = 100

6265

Share price performance (%)1 Day 1 week 1-mth 2-mth 4-mth

1 (29-Oct-04) Raised interest rate first time in 9 years (0.64) 1.72 12.13 13.06 34.28

2 (17-Mar-05) Raised interest rate (1.55) (5.08) (7.85) (12.16) (9.46)

3 (28-Apr-05) Raised interest rate 0.02 2.55 (4.78) (3.63) 13.38

4 (19-Aug-05) Raised interest rate 0.17 (0.18) 17.99 28.66 46.88

5 (27-Apr-06) Raised interest rate (1.60) 5.74 (14.30) (20.60) (5.68)

6 (16-Jun-06) Raised RRR (2.53) (7.36) (0.68) 14.93 30.94

7 (21-Jul-06) Raised RRR 0.26 0.86 7.90 26.70 82.55

8 (18-Aug-06) Raised interest rate (3.96) (1.51) 12.11 16.33 97.05

9 (03-Nov-06) Raised RRR 0.09 2.45 40.28 58.72 2.32

10 (05-Jan-07) Raised RRR (0.93) (19.35) (26.06) (31.69) (5.76)

11 (16-Feb-07) Raised RRR (0.00) (0.26) (1.92) 17.80 31.20

12 (19-Mar-07) Raised interest rate 0.80 8.97 15.05 20.77 52.44

13 (05-Apr-07) Raised RRR (0.03) 2.11 5.22 9.97 46.05

14 (30-Apr-07) Raised RRR (0.00) 5.30 3.45 17.32 51.3715 (18-May-07) Raised RRR 1.01 0.20 10.58 26.44 63.28

16 (21-May-07) Raised interest rate (0.49) (0.26) 10.33 41.37 70.94

17 (20-Jul-07) Raised interest rate 5.93 2.47 (4.79) 26.46 19.64

18 (30-Jul-07) Raised RRR 4.23 (0.27) 3.28 23.72 15.88

19 (22-Aug-07) Raised interest rate 3.96 5.68 31.48 25.22 9.52

20 (06-Sep-07) Raised RRR 0.40 3.25 12.33 18.40 (14.79)

21 (17-Sep-07) Raised interest rate (0.81) 6.49 2.56 (0.81) (27.32)

22 (15-Oct-07) Raised RRR (0.90) (5.14) (0.42) (22.44) (28.66)

23 (12-Nov-07) Raised RRR (2.18) (5.98) (11.24) (23.62) (40.18)

24 (10-Dec-07) Raised RRR 0.59 (14.25) (14.19) (28.54) (30.72)

25 (20-Dec-07) Raised interest rate 3.01 4.56 (20.41) (11.76) (25.04)26 (16-Jan-08) Raised RRR 0.61 (8.54) 5.81 (26.03) (9.15)

27 (18-Mar-08) Raised RRR 5.67 9.97 19.42 23.93 (3.25)



China Property

Policy – Interest rate & RRR (continued)

1 23 4

5678

9

10

121416

18

2022

24

2628 30

32 34

3638 40

42

4446

4850 52

54 5658 60

64

10

210

410

610

810

1010

1210

1410


1 Jan 04 = 100

6265


1 Day 1 week 1-mth 2-mth 4-mth28 (16-Apr-08) Raised RRR 1.54 11.62 5.15 (5.75) (31.87)

29 (12-May-08) Raised RRR 0.55 (3.54) (15.29) (19.85) (50.05)

30 (09-Jun-08) Raised RRR (6.13) (7.37) (16.75) (26.41) (56.94)

31 (15-Sep-08) Lowered RRR; lowered interest rate (4.54) 2.71 (21.12) (25.08) (6.18)

32 (08-Oct-08) Lowered RRR; lower interest rate 1.89 (0.52) 3.54 23.57 24.59

33 (29-Oct-08) Lowered interest rate 11.17 34.35 40.93 60.96 43.99

34 (26-Nov-08) Lowered RRR; lowered interest rate 5.97 16.63 30.53 20.73 52.57

35 (22-Dec-08) Lowered RRR; lowered interest rate (3.96) (2.02) (8.88) (4.47) 23.62

36 (12-Jan-10) Raised RRR (4.17) (3.91) (11.97) (3.56) (21.45)

37 (12-Feb-10) Raised RRR 0.00 (2.50) 9.55 9.50 (8.39)

38 (03-May-10) Raised RRR (1.53) (3.05) (5.23) (4.99) 5.72

39 (20-Oct-10) Raised policy lending and deposit rates 0.01 (1.72) 0.04 (2.33) (6.49)

40 (10-Nov-10) Raised RRR 0.42 (7.62) (5.68) 0.56 (12.54)

41 (19-Nov-10) Raised RRR (0.55) (2.91) (2.91) 4.85 (4.72)

42 (10-Dec-10) Raised RRR 0.52 (1.40) 6.61 (4.28) 6.39

43 (27-Dec-10) Raised one year benchmark lending rate and benchmark deposit rate by25bps

(1.34) 1.08 0.05 (8.92) 4.47

44 (14-Jan-11) Raised RRR (2.19) (1.94) (8.75) (14.40) (7.23)

45 (09-Feb-11) Raised one year benchmark lending rate and benchmark deposit rate by25bps

(3.07) (3.82) (5.37) 7.73 (1.68)

46 (18-Feb-11) Raised RRR (0.46) (5.04) (1.33) 12.32 (2.03)

47 (18-Mar-11) Raised RRR 3.41 6.95 13.84 10.56 9.30

48 (05-Apr-11) Raised one year benchmark lending rate and benchmark deposit rate by25bps

0.02 (2.81) (8.57) (7.48) (8.78)

49 (19-Apr-11) Raised RRR 1.94 1.99 0.04 (11.24) (12.90)

50 (13-May-11) Raised RRR (0.54) 4.05 (2.98) 6.66 (18.15)

51 (14-Jun-11) Raised RRR (0.72) (3.34) 8.73 (0.90) (25.87)

52 (06-Jul-11) Raised one year benchmark lending rate and benchmark deposit rate by25bps

(0.34) (1.00) (10.34) (17.66) (27.18)

53 (30-Nov-11) RRR was lowered by 50bps 10.27 9.21 3.41 15.41 20.59

54 (20-Feb-12) RRR was lowered by 50bps (0.42) 2.76 (7.20) (2.39) 3.59

55 (14-May-12) RRR was lowered by 50bps 0.48 (5.17) 11.01 15.27 15.71

56 (07-Jun-12) PBOC lowered interest rate by 25bps (effective from Jun08,2012) 2.54 7.87 13.85 6.97 9.65

57 (05-Jul-12) PBOC lowered interest rate by 25bps (effective from 6 Jul,2012) 3.48 (1.73) (5.65) (10.36) 9.96

58 (24-Nov-14) PBOC cut interest rate (1.11) (2.00) (5.07) 2.60 0.1459 (05-Feb-15) Cut RRR (1.22) (2.03) (1.71) 7.53 34.2860 (02-Mar-15) PBOC cut interest rate (1.47) (3.88) 6.16 42.30 24.42



China Property

Policy – Interest rate & RRR (continued)

1 23 4

5678

9

10

121416

18

2022

24

2628 30

32 34

3638 40

42

4446

4850 52

54 5658 60

64

10

210

410

610

810

1010

1210

1410


1 Jan 04 = 100

6265


1 Day 1 w eek 1-mth 2-mth 4-mth61 (20-Apr-15) Cut RRR 0.66 10.04 13.62 7.61 (13.83)62 (10-May-15) PBOC cut interest rate 0.00 (0.39) (6.35) (14.00) (28.34)63 (28-Jun-15) PBOC cut interest rate and RRR 0.00 (7.58) (7.98) (20.46) (11.66)64 (26-Aug-15) PBOC cut interest rate and RRR 7.70 3.50 7.10 22.48 26.6265 (23-Oct-15) PBOC cut interest rate and RRR 0.97 (1.77) 3.21 4.73 n.a.



China Property

Historical policy details

2012 Details25-Oct Tianjin allows down payments to be paid in

instalmentsThe down payment can be paid in two instalments in Tianjin, but it remains at

minimum of 30% of home prices. Pre-sales/sales contracts can only be signed afterthe down payment has been paid in full.

25-Oct 9 cities in Guangdong prov ince allow the use ofHPF loans across these cities

Maoming became the ninth city in Guangdong to allow the use of HPF loans acrossseveral cities. The other eight cities are Guangzhou, Zhuhai, Foshan, Dongguan,

J iangmen, Zhongshan, Zhaoqin, and Huizhou.29-Oct Zhenjiang, J iangsu fine-tune HPF mortgage

policies (effective Nov 1, 2012)(i) The downpayment required under the HPF for first home purchases (<90sm) has

been reduced from 30% to 20%; (ii) Parents' HPF can be transferred to their childrenwith less than five years working experience to help with loan repayments; (iii) HPFcan be used to repay commercial loans and pay property management fees once a

year; (iv ) The government aims to simplify and speed up the HPF mortgage approvalprocess.

29-Oct J iangmen, Guangdong lifts provident fundmortgage cap

The caps in two counties (Kaiping and Heshan) in J iangmen have been rev ised fromRmb200k/Rmb300k per person to Rmb400k/person or Rmb500k/household,

respectively, for first home purchases.2-Nov Shanghai introduces a policy which requires at

least 5% of social housing to be developed onnewly transferred residential land

Shanghai has announced that for newly transacted residential land, over 5% of theplanned GFA should be for social housing. This policy is effective up to Sep 30,

2017.8-Nov Suzhou, J iangsu lifts provident fund mortgage

capThe cap has been rev ised to Rmb800k/household for first home purchases with total

GFA <= 90sm and priced at <=Rmb1m each.9-Nov Guiyang, Guizhou released 30 supportive policies

for property development.Shanty town reconstruction projects, urban v illage reconstruction projects, and

residential projects with planned GFA of over 400k sm, are exempted from payingurban infrastructure supporting fees.

16-Nov China to enhance regulation on land reserve andfinancing

Local governments are required to figure out the land reserve plan for the next year inthe third quarter of each year. Both the land reserve fund budget and land reserve

financing scale should be determined. In addition, the scale of new land supplycannot exceed the average annual supplied amount over the past three years. Priority

should be given to social housing projects and public welfare establishments whendeveloping land.

21-Nov Bengbu, Anhui lift provident fund mortgage cap(effective from Jan01,2013)

The cap has been rev ised from Rmb250k/person or Rmb350k/household toRmb300k/person or Rmb400k/household respectively .

28-Nov National congress rev ised the Land AdministrationLaw to put more restrictions on the expropriationof farmland

During the urbanization process, many farmland was expropriated and this mightaffect the country's food supply in the long run. The government is putting more

restrictions on the expropriation of farmland hoping to put it under control.29-Nov J inan lower the eligibility requirements for public

rental housingJ inan government announced to loosen the income, residency, average liv ing spaceand age requirements for applicants of the public rental housing. After the rev ision,

more citizens will be eligible to live in the public rental housing.1-Dec Xiamen, Fujian fine-tune HPF policies (effective

Dec 1, 2012)Local employees and their spouses can use their HPFs to pay their children and

parents' first time home purchases.17-Dec Beijing government tightened the enformance of

the HPRUnder the HPR, Beijing municipal government require five years of tax and socialsecurity payments for non-Beijing home buyers. Since the announcement of this

policy last year, there had been some flexibility in the enforcement as non-localbuyers can still repay the full amount of the 'missed' tax payments when theypurchase a house. Recently , the Beijing government has announced to strictly

enforce this restriction, non-local buyers have to provide social secturity paymentproof of the past 5 years in order to buy a house

Source: DBS Vickers


China Property

Policy details (Continued)

2013 Details10-Jan Chongqing raised property tax threshold by 5%

(effective Jan 1, 2013)The Chongqing bureau of land resources and housing management has adjusted theproperty tax threshold by 5% on tax lev ied on high-end housing starting 1 January .

The threshold has been lifted to RMB12,779/sm from RMB12,152/sm.17-Jan Changchun, J ilin lift prov ident fund mortgage cap

for 2nd-hand housing2nd-hand home buyers can borrow a maximum of 70% of the assessed value of the

housings. This cap was previously 60% for the 2nd-hand housing with an age ofless than 5 years and 50% for the 2nd-hand housing with an age of over 5 years.

17-Jan J i'an, J iangxi lift provident fund mortgage cap The cap has been rev ised from Rmb350k/household to Rmb400k/household.17-Jan Qingdao, Shandong lift provident fund mortgage

capThe cap has been rev ised from Rmb400k/household to Rmb600k/household.

18-Jan Shenzhen initates a pilot reform to allow industrialland owned by urban v illages to be traded

Half of the sale proceeds can be kept by v illages' collective economy organizationsand the rest will be channeled into the city 's land resources fund. Otherwise, v illages'collective-economy organizations can keep 30% of the sale proceeds and take 20%

ownership of the total construction area for industrial development.

23-Jan Zunyi Guizhou lift provident fund mortgage cap The cap has been rev ised from Rmb300k to Rmb400k.28-Jan Nanning, Guangxi life provident fund mortgage

capThe cap has been rev ised from Rmb400k to Rmb600k

5-Feb J inhua, Zhejiang lower prov ident fund mortgagecap

The cap has been rev ised from Rmb300k/person to Rmb200k/person orRmb600k/household to Rmb400k/household.

8-Feb Dongguan, Guangdong adjust HPF policies (i) The downpayment required under the HPF for first home purchases (<90sm) hasbeen raised from 20% to 30% (ii) The mortgage loan is capped at eight times of the

homebuyers' HPF balance.18-Feb Kunshan, J iangsu adjust HPF policies (effective

Feb 25, 2013)Homebuyers with HPF payments of more than 12 months (formerly six months) are

qualified to apply for HPF mortgages21-Feb The State Council announced New National F ive

measures and reiterated its tightening stance(i) Major cities are required to set price control targets and local government should be

reponsible for the targets. (ii) Implement HPR policy strictly and extend HPR policywhen necessary. Roll out property tax to more cities. (iii) Increase land supply for

common commodity residential use. The total amount of land supply in 2013 shouldbe not lower than the average of the last five years, especially for small- to medium-

sized units. (iv ) Complete public housing of 4.7m units and start construction of 6.3munits in 2013. Major cities are required to include immigrate workers covered by thewelfare housing system. (v ) Enhance superv ision of the market, especially pre-sales

regulation, price marking and the information system.27-Feb Bayan Nur, Inner Mongolia adjust HPF policies (i) Prov ident fund mortgage cap has been rev ised from Rmb350k to Rmb400k. (ii)

The downpayment required under the HPF for second-hand home purchases hasbeen rev ised from 50% to 40%. (iii) Homebuyers with HPF payments of more than 6

months (formerly 12 months) are eligible to apply for HPF mortgage.1-Mar Dalian, Liaoning fine-tune policies for allowing

non-locals to register as local residents after houseperchase in major districts of the city

Non-locals are allowed to register as local residents after purchasing new residentialproperties with GFA above 70sm/unit and non-residential properties with GFA

above 50sm/unit in major districts of the city .1-Mar The State Council announced more details of

National F ive Measures(i) Extension of the HPR policy : the policy needs to cover all districts and all producttypes for cities with HPR in place and is required to implement in the cities without

HPR in place that have seen rapid price rise. (ii) Tightening mortgages to multiplehome buyers. (iii) Capital gain tax and property tax: 20% capital gain tax for property

transactions needs to be strictly implemented. Property tax pilot program needs toexpand to other cities. (iv ) Local governments' performance will be closely linked to

whether or not they can meet their price control targets. Source: DBS Vickers


China Property


2013 Details5-Mar Xiangxi, Hunan lift provident fund mortgage cap The cap has been rev ised from Rmb300k to Rmb350k.

20-Mar Fuzhou, Fujian fine-tune HPF policies (effectiveApr 1, 2013)

(i) Homebuyers or their spouses with their previous HPF mortgage loans haven't beenpaid off or have been paid off by less than 5 years are not allowed to apply for HPFmortgage loans; (ii) HPF mortgage cap has been cut to Rmb600k from Rmb800k forsecond home purchases; (iii) The downpayment required under the HPF for second

home purchases have been raised from 50% to 60%.26-Mar Guangdong prov ince announced tightening

details(i) Guangzhou and Shenzhen are required to announce their price control targets by

end this month; (ii) 20% capital gain tax for property transactions needs to be strictlyimplemented. HPR in Guangzhou, Shenzhen, Foshan and Zhuhai should be strictly

implemented. (iii) The scope of the home ownership database system should beexpanded to cover all the prefecture-level cities.

31-Mar A number of cities announced localcooling measures

(i) Price control: price growth is capped by growth of urban disposable income inmost cities. Beijing announced plans to lower ASP of properties for

end-use and upgrade purposes. (ii) Differential credit measures: Mortgage loan tothird home purchases is suspended. Downpayment requirements and

mortgage rates for second home purchases may be raised. (iii) HPR: Local cities willstrictly examine and rev iew homebuyers’ qualifications. Single

adults are not allowed to purchase second housing in Beijing. (iv ) Capital gain tax:20% capital gains tax for property transactions needs to be strictly

implemented in Beijing/Shanghai/Tianjin/Chongqing if the original value of propertiescan be verified by tracking historic data. Capital gains tax is exempted in Beijing and

Tianjin if the property for sale is the seller's only property and has been in hispossession for five years or more.

1-Apr J iaozuo, Henan lift prov ident fund mortgage cap The cap has been rev ised Rmb400k to Rmb450k.

7-Apr Beijing tighten prov ident fund mortgage policy The downpayment requirement for second home buyers was raised from 60% to70%. The city also clarified its definition on first home purchase. Only those withoutany home purchase record and (commercial or HPF) mortgage loan record is regarded

as first home buyers. Upgrader (who has no property currently but has one homepurchase record or mortgage loan record) could enjoy 60% downpayment rate.

9-Apr Suzhou and Kunshan, J iangsu tighten local HPFpolicies (effective from Apr15, 2013)

The mortgage loan is capped by 10 times of homebuyers' outstanding accountbalance from the HPF fund.

19-Apr Xi'an, Shaanxi announced local five measures. (i) 20% capital gains tax for property transactions needs to be strictly implemented ifthe original value of properties can be verified by tracking historic data. (ii) Mortgageloan to third home purchases is suspended. (iii) Buyers qualified by false materials are

not allowed to purchase properties in the city in three years.24-Apr Guangzhou to guide commodity residential

housing prices (effective from Apr24,2013)Developers are required to declare the presale prices of commodity residential housesonto the designated online system. The prices declared are subject to the guidelines

provided by regulation bodies. Presale permits may not be approved if the pricesdeclared are too high and do not follow the guidelines. Property transactions cannot

be contracted online if the actual transacted prices are higher than the prices declaredpreviously .

29-May Lianyungang, J iangsu adjust HPF policies. (i) HPF mortgage loan for third home purchases is suspended. (ii) The mortgage loan iscapped at 10 times of homebuyers' outstanding account balance from the HPF fund.

30-May Dalian, Liaoning tighten HPF policies (effectivefrom Jun 1, 2013)

(i) The mortgage loan cap was lowered due to lower repayment capacity factor(adjusted to 0.15 from 0.45 previously ); the mortgage loan cap = (monthly HPF

deposit / HPF deposit ratio x repayment capacity factor + monthly HPF deposit) x 12x loan term (years) (ii) Home buyers can apply for early repayment after three months

(12 months previously ) after receiv ing HPF mortgage loan. (iii) Indiv idual mortgageloan cap will be lowered after divorce to avoid false divorce.

1-Jun Xiamen, Fujian lower provident fund mortgagecap

(i) The cap has been rev ised from Rmb400k/person to Rmb300k/person orRmb800k/household to Rmb600k/household. (ii) Downpayment for second house

purchases has been raised to 60% from 50%. Source: DBS Vickers


China Property


2013 Details9-Jun Zhuzhou, Hunan adjust HPF policies (effective

from Jul 3, 2013)(i) The downpayment requirement for second home buyers was raised from 50% to

60%. (ii) Projects eligible to apply for HPF have to be half completed for high-riseproducts or structurally completed for non-high-rise products. (iii) Mortgage loan caphas lifted to 1000 (from 800 prev iously) times of homebuyers' monthly HPF deposits.

9-Jun Beijing to strengthen regulations on commodityhousing pre-sales funds (effective from Jul 1,2013)

Home buyers are required to deposit their money into a special account within fiveworking days of completing online transactions.

15-Jun Beijing to strengthen regulations on commodityhousing pre-sales approval (effective from Aug 1,2013)

Pre-sales permit of non-residential projects and residential projects with average unitsize of over 140sm will be approved only if the construction process meets certain

requirements: (i) Buildings with planned floors below seven (inclusive) should bestructural completed. (ii) Buildings with planned floors over eight (inclusive) should be

half completed (but not less than seven floors).20-Jun Foshan, Guangdong lift provident fund mortgage

cap (effective from Jul 1, 2013)The cap has been rev ised from Rmb260k to Rmb300k.

25-Jun Ningbo, Zhejiang extend the mortgage term underHPF

The mortgage term under HPF is extended from 20 years to 30 years.

25-Jun Xuancheng, Anhui lower provident fundmortgage cap (effective Jul 1, 2013)

The cap has been rev ised from Rmb300k to Rmb200k.

25-Jun Nanning, Guangxi lift monthly payment underHPF mortgage

Monthly payment under HPF mortgage is required to be above 35% / 40% / 45%of homebuyers' household income if total HPF mortgage loan is <Rmb300k /

>=Rmb300k, but <Rmb400k / >=Rmb400k, but <Rmb500k respectively .9-Jul Shengzhou, Zhejiang lower provident fund

mortgage cap (effective Jul 1, 2013)The cap has been rev ised from Rmb500k/household or Rmb350k/person to

Rmb350k/household or Rmb200k/person.10-Jul Chaoyang, Liaoning lift prov ident fund mortgage

capThe cap has been rev ised from Rmb250k to Rmb700k. The mortgage term under HPF

is extended from 20 years to 30 years.11-Jul J iaxing, Zhejiang fine-tune HPF policies Purchasers of first homes in the city are allowed to borrow up to 1.5 times the city 's

mortgage cap under HPF scheme. The city also allows conversion from commercialmortgage loan to provident fund mortgage.

16-Jul Hangzhou to prov ide interest subsidy forconversion from provident fund mortgage tocommercial mortgage

Due to the shrinking balance, the process of apply ing for HPF mortgage has beenprolonged. However, the local provident fund will cooperate with several commercial

banks to allow conversion of HPF mortgage to commercial mortgage. The interestgap between HPF mortgage and commercial mortgage will be made up by the local

provident fund.19-Jul Ningxia province allows the use of HPF loans

among lineal kin (parents, children and spouses)Employees and their spouses can use their HPF to pay for their children and parents'

first time home purchases. The province also allows conversion from commercialmortgage loan to provident fund mortgage.

23-Jul Xuzhou, J iangsu to provide interest subsidy forconversion from provident fund mortgage tocommercial mortgage (effective Jul25, 2013)

The local provident fund will cooperate with several commercial banks to allowconversion of HPF mortgage to commercial mortgage. The interest gap between HPF

mortgage and commercial mortgage will be made up by the local provident fund.5-Aug Wenzhou adjust its HPR policy. Local families who had bought a residential unit after 14 March 2011 are allowed to

buy a second residential property , and one family can not own more than two units.Besides, under the new policy, a family refers to a couple and their minor children. If

the child in the family is above 18, it should be treated as two families.29-Aug Wuhu, Anhui to subsidise graduates on home

purchaseCollege graduates with a bachelor's degree or above will receive home purchase

subsidies if they have worked in the city for at least three years. The subsidies will bethe sum of property deed tax and Rmb20,000 of relocation allowance.

29-Aug Wenzhou, Zhejiang allows trading of rural landproperty rights (effective Oct1, 2013)

Wenzhou Municipal Government released a circular recently , allowing twelve typesof rural land property rights to be traded publicly on rural property exchanges, as partof the efforts to promote financial reforms and rural reforms in the city . However, the

transfer scope of rural land is still limited at v illage level.1-Sep Nanjing tightens its control measures (effective

Sep1, 2013)The city required 33 city-level SOE developers to exit the development business of

commodity housing. Source: DBS Vickers


China Property


2013 Details1-Sep Shenzhen adjusts the preferential policy for

ordinary housing (effective Sep1, 2013)The city adjusted its definition for ordinary housing: (i) plot ratio >=1.0; (ii) net/gross

GFA per unit <=120sm/144sm respectively; (iii) ASP <= Rmb32.2k/sm in Futian,22.0k/sm in Nanshan, Rmb21.2k/sm in Luohu, and Rmb14.8k/sm in Baoan. Businesstax is exempted for the sale of 2nd-hand ordinary housing with ownership over five

years. F irst time home buyers will enjoy half of deed tax if they purchase ordinaryhousings.

1-Sep Zhengzhou, Henan tightens its controls onproperty sector (effective Sep1, 2013)

(i) Local residents aged above 20 are allowed to buy one home in the city ; (ii) Pre-sales permit of non-ordinary residential projects (plot ratio <= 1.0 or average unit size

>= 144sm) will be approved only if the building is structurally completed; (iii) Pre-salespermit will be suspended if the proposed selling price is above the actual transacted

price of the previous phase or the selling price of comparable projects nearby. (iv )Non-locals are allowed to purchase one property if they have held residence permits

for over three years and have paid personal income taxes in the city for over oneyear.

3-Sep Baotou, Inner Mongolia loose HPF policies The cap under HPF mortgage has been rev ised from Rmb300k to Rmb500k. Themortgage term under HPF is extended from 20 years to 30 years.

7-Sep Beijing raise land appreciation tax for transactionsof 2nd-hand properties (effective Oct 1,2013)

Land appreciation tax for transactions of 2nd-hand properties will be raised to 5%from 1% previously , if the sellers cannot provide revaluation reports or original

invoices of the properties.13-Sep Chengdu fine-tune HPF policies (effective Oct

1,2013)(i) The downpayment required under the HPF has been raised from 20% to 30%; (ii)

The mortgage term under HPF is cut from 30 years to 20 years. (iii) Second-time homebuyers are allowed to apply for HPF mortgage loans if the households' GFA per

capita are lower than the city 's average .14-Oct Two Ministries sends investigation teams to check

false reporting on property prices in the secondarymarket, to control panic buying

The State Council recently instructed the Ministry of Housing and StateAdministration for Industry & Commercial to investigate property agencies in various

cities to avoid misleading market information that stirs up property prices. We believethis could be a short-term action to buy time for more systematic and long-term

policies.14-Oct Shenzhen is planning to further tighten mortgage

for second home buyersV ice Mayor of Shenzhen said in a recent property market control meeting that theywill consider adjusting the down-payment ratio and mortgage rate for second home

in Shenzhen and stabilise property prices in the coming months.17-Oct Guangyuan, Sichuan lifts provident fund

mortgage capThe cap has been rev ised from Rmb300k/person to Rmb350k/person or

Rmb350k/household to Rmb400k/household.17-Oct Chengdu announces details of New HPF policies

(effective Nov 1,2013)(i) The mortgage loan is capped at 20 times of homebuyers' outstanding account

balance from the HPF fund. (ii) Buyers who own a property with GFA >144sm arenot allowed to apply for the mortgage loan under HPF scheme for second home

purchases.23-Oct Beijing unveils more details regarding self-use

commodity housingBeijing plans to push out 20k units of self-use commodity housing within the year

and 50k units in 2014 at 30% discount to market price. This kind of housing is nottradable within 5 years but can be traded after 5 years, subject to 30% gain tax.People who are entitled to buy property in Beijing are all allowed to apply , while

priority will be given to first time homebuyers and those on the waiting list foraffordable housing.

25-Oct Malaysia issues new measures to curb propertyspeculation

Higher Real Property Gains Tax (RPGT) and removal of the Developer Interest BearingScheme (DIBS) may dampen property sentiment. However, the measures were less

onerous than expected with stamp duty unchanged. We do not discount thepossibility of more restrictions imposed in Johor including higher processing fee of 4-

5% of property values and disallowing foreigners from buying from locals in thesecondary market.

29-Oct Ministry of Housing takes the lead to form theaction plan for promoting the industrialisation ofresidential property construction

Ministry of Housing is said to have completed the framework for industrialisation ofresidential property construction. The action plan is expected to be issued in 2014.

Around 20 cities will be selected as trial cities by 2015. Public housing is likely to bethe pioneer of such trials and matured technologies will be applied to commodity

housing Source: DBS Vickers


China Property


2013 Details1-Nov Huizhou, Guangdong lowered mortgage cap for

second home purchasesThe cap has been rev ised from Rmb500k/househould to Rmb400k/household.

1-Nov Shenzhen raised down payment requirement forsecond home purchases

The down payment requirement for second home purchases was raised from 60% to70%.

8-Nov Shanghai unveils seven local measures to tightenthe property market

(i) Down payment requirement for second home purchases was raised from 60% to70%; (ii) Non-local households capable of prov iding a tax or social insurance

certificate to prove their residence in Shanghai for a cumulative 24 months over thepast three years (previously 12 months over the past two years) are eligible to buy

one property; and (iii) Land supply target was increased from no less than the averageof the past five years to 30% higher than the average of the past five years.

15-Nov Government unveils new reform roadmap (i) The "One-child policy" was relaxed, which allows urban couples to have a secondchild, if one of them lacks siblings himself/herself; (ii) The government plans toaccelerate the housing registry reform; (iii) The government will speed up the

legislation of real estate tax and ensure timely tax reforms; and(iv ) The governmentallows farmlands to circulate in the market.

18-Nov Guangzhou unveils six local measures to tightenthe property market

(i) Down payment requirement for second home purchases was raised from 60% to70%; (ii) Non-local households capable of prov iding a tax or social insurance

certificate to prove their residence in Shanghai for a cumulative 36 months over thepast five years (prev iously 12 months) are eligible to buy one property ; and (iii) Landsupply target was increased from no less than the average of the past five years to

20% higher than the average of the past five years.18-Nov Urumqi, Xinjiang adjust HPF mortgage policy (i) The mortgage cap under HPF scheme has been rev ised from Rmb500k/household

to Rmb400k/household; and (ii) Homebuyers with HPF payments of more than 12months (formerly 6 months) are eligible to apply for HPF mortgage.

25-Nov Wuhan, Nanchang, Shenyang and Xiamen unveillocal measures to tighten the property market

These measures include: (i) Raising down payments for second home purchases, (ii)Raising the requirements for non-local households’ home purchases in the city , (iii)Raising land supply target in 2014, and (iv ) Strengthening support for local social

housing.26-Nov Nanjing unveils eight local measures The city will (i) maintain a stable land price; (ii) raise down payments for second home

purchases from 60% to 70%.26-Nov Hangzhou unveils six local measures (i) Down payments for second home purchases will be raised. (ii) Land supply in 2013

will be over 20% higher than the average land supply in the past five years.27-Nov Fuzhou unveils seven local measures The city will (i) increase land supply; (ii) set up a working group to monitor changes in

housing prices; (iii) raise the requirements for non-local households' home purchases inthe city .

28-Nov Xi'an unveils seven local measures (i) Presales permits will not be granted for projects with high selling prices compared tonearby projects. (ii) Land supply plan for 2014 will increase by 10% from the level in

2013.3-Dec Xiamen, Fujian raise downpayment requirement

under provident fund scheme for second homepurchase

6-Dec Beijing to strengthen regulations on commodityhousing pre-sales approval (effective Aug 1,2013)

Pre-sales permit of non-residential projects and residential projects with average unitsize of over 140sm will be approved only if the construction process meets certain

requirements: (i) Buildings with planned floors below seven (inclusive) should bestructural completed. (ii) Buildings with planned floors over eight (inclusive) should be

half completed (but not less than seven floors).10-Dec Shenyang raise downpayment requirement under

prov ident fund scheme for second home purchaseDownpayment for second home purchases under housing provident fund will be

raised from 60% to 65%.16-Dec Hangzhou lower the ceiling for land sales premium The ceiling of land premium over asking price will be lowered from 49% to 35%.

Once the land sales premium reaches 35% at the auction, bidders have to competeon prov iding more area for social housing.

Source: DBS Vickers


China Property


2014 Details1-Jan HPF Management Centre adjusts policy of

mortgage loans to employees of central statebodies.

The Housing Prov ident Fund (HPF) Management Centre of the central governmentannounced that employees of central state bodies have to wait at least five years

after paying off their first HPF mortgage, before becoming eligible for an HPFmortgage for their second home purchase. They will not be eligible for an HPF

mortgage for their third home purchase.1-Jan Beijing Tax Bureau issues details on property gains

tax from reselling of propertyRenovation cost, which is tax deductable, cannot exceed 10% of the total

transaction price.1-Jan Beijing announces 2014 land supply plan The split between public housing and commodity housing will be 40% and 60%.

Among the 60% of commodity housing, 50% has to be used for self-occupiedhousing. This indicates a lower percentage of land for non-self occupied housing.

1-Jan SDPC announces push for legislation on futures,real estate, and the env ironment

In 2014, SDPC will push to form legislation in three aspects: futures, real estate, andthe env ironment.

9-Jan Guangxi tightens the transaction tax on second-hand properties (effective Jan 1, 2014)

For a property which original cost cannot be calculated or identified, the seller will besubject to an all-in tax of 6.6% (including sales tax of 5%, personal income tax of

1% and other taxes/surcharges) on the total property price, even if the ownership ofthe property is over five years.

9-Jan Chongqing raises property tax threshold by 3%(effective Jan 1, 2014)

The Chongqing bureau of land resources and housing management has adjusted theproperty tax threshold by 3% on tax lev ied on high-end housing, starting 1 January .

The threshold has been lifted to Rmb13,192/sm from Rmb12,779/sm.9-Jan Xiangyang, Hubei adjust HPF policies (effective

Jan 1, 2014)(i) Downpayment requirement for second home purchases is set at 60%; (ii) HPF

mortgage cap has been rev ised from Rmb500k to Rmb500k/household orRmb350k/person; (iii) Graduates with HPF payments of more than six months

(formerly 12 months) are eligible to apply for HPF mortgage when purchasing homesin the city .

9-Jan Cixi, Zhejiang lower prov ident fund mortgage cap(effective Jan1, 2014)

The cap has been rev ised from Rmb800k to Rmb600k.

24-Jan Wenzhou adjusts HPF mortgage policy In order to attract talents, the city is offering more incentives to seven groups ofprofessional talents by: (i) Increasing the caps for HPF mortgage and HPF rental

subsidy; (ii) Loosening requirements on nationality and age; and (iii) Reducing theminimum period of contribution requirement

10-Feb Qingdao adjusts HPF mortgage policy (i) Homebuyers with HPF payments of more than 12 months (formerly 6 months) areeligible to apply for HPF mortgage; and (ii) Both husband and wife need to fulfil the

application requirements in order to be eligible for the HPF mortgage. Formerly, acouple is eligible if either one of them fulfils the requirements.

11-Feb Chongqing adjusts HPF mortgage policy (i) Adopted a progressive system on the downpayment requirement (ie:20%/30%/40% for units with GFA below 90sm/ between 90 and 144sm /

above144sm respectively .(ii) Rev ised HPF mortgage cap for couple from Rmb800k toRmb600k. While the cap for indiv iduals remained unchanged at Rmb400k/person.

8-Feb Kunming tightens HPF policies (effective Feb 1,2014)

(i) Raised downpayment requirement from 60% to 70% for second home purchases;(ii) HPF mortgage cap has been rev ised from Rmb800k to Rmb600k/household or

from Rmb400k/person to Rmb300k/person; and (iii) Set a two year 'window period',meaning home purchasers have to wait two years after they pay off their HPF

mortgage in order to apply for a new HPF mortgage.10-Feb Qingdao adjusts HPF mortgage policy (i) Homebuyers with HPF payments of more than 12 months (formerly 6 months) are

eligible to apply for HPF mortgage; and (ii) Both husband and wife need to fulfil theapplication requirements in order to be eligible for the HPF mortgage. Formerly, a

couple is eligible if either one of them fulfilled the requirements.11-Feb Chongqing adjusts HPF mortgage policy (i) Adopted a progressive system on the downpayment requirement (ie:

20%/30%/40% for units with GFA below 90sm/between 90 and 144sm/above144sm respectively; and(ii) Revised HPF mortgage cap for couples fromRmb800k to Rmb600k, while the cap for indiv iduals remained unchanged at

Rmb400k/person. Source: DBS Vickers


China Property


2014 Details17-Feb Suzhou implements restrictions on new commercial

propertiesLocal government of Suzhou announced new tightening measures that require

developers to hold a certain proportion of newly-developed commercial propertiesand refrain from selling them for three years. Under the new requirement, one-third of

commercial properties with GFA under 100k sm or 30k sm of properties over 100ksm are required to be held for three years.

18-Feb Hangzhou Xiaoshan district adjusts HPF mortgagepolicy

Effective from 15-Mar, local government will tighten the requirement for HPFmortgage. Before the rev ision, applicants with monthly contribution over Rmb3k can

apply for a maximum Rmb800k HPF mortgage. The new revision rev ised therequirement to over Rmb5k per month.

28-Feb Nanjing announced seven control measures The local government of Nanjing announced 7 control measures which include: (1)Maintain land supply at above 500 ha in the coming 5 years, of which at least 50%

will be for medium sized properties (ie: below 90sm), (2) Setting price caps on landauctions (referenced at 45% above the initial auction price). For prices above the

cap, developers will have to compete by area of social housing they're going to buildwithin the project, (3) Tighten control on presales approval for developers with

history of delay ing or defaulting sales deliveries. (4) Property price will be monitoredand controlled on a quarterly basis. Targets for property price control will be adjusted

dynamically every quarter to ensure that annual price growth will be under control.(5) Regulate the 'fitting costs' specification provided by developers. Developers needto obtain evaluation from a third party to ensure the fitting costs shown to buyers is

fair; (6) Increases monitoring on regions outside the city center to ensure housingsupply for mass market and (7) Increase the accuracy and timeliness of transaction

data through the use of scientific means1-Mar Tianjin lowers the threshold for transaction tax As the new thresholds (varies by district) are generally lower than the prev ious

standard, the direct impact to buyers is that more housing will be eligible to beclassified as 'ordinary housing' and hence incur less tax (e.g. for first home buyerswho buy a house smaller than 90sm, transaction tax for 'non-ordinary' housing is

c.11% of property price, while that for 'ordinary housing' is only c.3%.19-Mar The CSRC resumes approval of share sales by real

estate companies. CSRC had suspended real estatecompanies from raising funds from the equitymarket since 2010.

Two A- share real estate companies, Tianjin Tianbao Infrastructure Co. (000965) andJoin.In Holding Co.- have been allowed to sell Rmb shares v ia private placements. In

order to slow down the growth in the real estate market, the government hadsuspended granting approvals to real estate companies to raise funds in the equity

market in 2010.4-Apr Yingkou government prov ides exemption of deed

tax during its local spring property exhibitionYingkou announced that property sales during its local spring property exhibition

(Apr01-Apr30) will be exempted from deed taxes. In fact, Yingkou has implementedsuch tax exemptions several times over the past two years.

9-Apr Fuzhou, Fujian adjusts HPF mortgage policy(effective Apr21, 2014)

The mortgage cap under HPF scheme has been rev ised from Rmb800k/household orRmb600k/person to Rmb600k/household or Rmb450k/person for the first home

purchase. The mortgage cap for the second home purchase has also been rev ised toRmb450k/household or Rmb300k/person.

10-Apr Foshan, Guangdong adjusts HPF mortgage policy(effective Jun01, 2014)

The mortgage cap under HPF scheme has been rev ised from Rmb600k/household orRmb300k/person to Rmb720k/household or Rmb360k/person. This is the second raise

since 2H13.22-Apr Wuxi lowers the requirement for non-local home

buyers to obtain residencyThe government loosened its requirement (with effect from 1-May) to grantresidency to non-local home buyers who purchase a house larger than 60sm.

28-Apr Hangzhou Xiaoshan district government sets a capon deposit requirement for land acquisitions

The requirement on deposits, which developers are required to pay up-front duringland acquisitions, remains at 10% of the total land price, However, local government

has set a cap of Rmb10m on the deposit requirement.29-Apr Hangzhou Xiaoshan district announced new

measures to facilitate home purchase by relocationhome buyers

The local government of Xiaoshan announced to grant a 2% (on the new homeprice) subsidy amounts to relocation home buyers if they buy home within 1 year

after relocation29-Apr Nanning will allow residents in 5 nearby cities to

buy property in the cityAccording to Xinhua news, the government has announced that it will allow

residents from five Guangxi cities adjacent to Nanning - Beihai (北海), Fang ChengGang (防城港), Qinzhou (欽州), Yulin (玉林)and Chongzuo (崇左市) to buy

property in Nanning. Source: DBS Vickers


China Property


2014 Details6-May Chengdu tightens the requirement for non-local

home buyers to obtain residencyThe government tightened its requirement (with effect from 1-Jun) to grant

residency to non-local home buyers. The new requirements are: (1) Non-local homebuyers must prov ide 1-year tax proof (unchanged), and (2) The property must belarger than 90sm (prev iously 70sm). The requirement was lowered after the 2008

earthquake, to attract non-local residents and the recent rev ision adjusted therequirement back to 2008's level.

6-May Tongling County (Anhui province) adjusts its HPFmortgage policy and offers subsidy on deed tax

The rev isions on HPF mortgage requirements include: (1) Requiring HPF mortgageapplicants to have contributed to the HPF for at least three consecutive months (vs

six months before rev ision), (2) Raising the cap for mortgage from Rmb250k perfamily to Rmb300k per family , and (3) Lowering the downpayment for HPF

mortgage applicants to 20% from 30%. In addition, the government will also offer asubsidy amounting to 1% of the property price, to first home buyers who purchase

a property below 144sm from 1-May to 31-Dec .6-May Shangqiu (商丘), Henan prov ince loosens HPF

mortgage policy(1) Raising the cap for mortgage from 300k per household to 400k per household(up to 80% of property price), (2) Increasing the maximum term of loans from 20

years to 30 years, (3) Allowing the conversion of commercial mortgage loans (afterone year of mortgage payment) to HPF loans and (4) Requiring HPF mortgage

applicants to have contributed to the HPF for at least six consecutive months (vs 12months before rev ision)

7-May Changzhou is facilitating the conversion of HPFmortgage to commercial mortgage

In order to speed up the process of apply ing for HPF mortgage, government willfacilitate buyers' conversion of HPF mortgage loans to commercial mortgage loans. Asthe interest rate for commercial mortgage is higher, the government will subsidize the

interest rate difference on a monthly basis. Effective from 19-May, the cap for thistype of loan will be raised to Rmb600k from Rmb500k.

12-May Shenyang loosen HPF mortgage policy (1) Raising the cap for mortgage from Rmb300k to Rmb350k per person orRmb500k/couple to Rmb550k/couple; Allowing a household consisting of three

persons to take a HPF mortgage loan up to Rmb600k (2) Requiring HPF mortgageapplicants to have contributed to the HPF for at least six consecutive months (vs 12

months before the rev ision)20-May Yangzhou loosen HPF mortgage policy Due to the limited funds available under the HPF last year, the Yangzhou

government tightened its HPF mortgage requirements in Apr-2013 by: (1)Disallowing buyers from utilising HPF for down payments and mortgage loans at the

same time, meaning buyers who obtain an HPF mortgage may not use the HPF fordown payment; (2) Suspending the swapping of commercial mortgage loans into HPFmortgages; and (3) Suspending HPF application for buyers of houses outside the city

to which buyers contributed HPF fund. Effective from 20-May, the Yangzhougovernment has partly loosened its restrictions to allow buyers to use HPF for both

down payments and mortgages.20-May Yangzhou loosen HPF mortgage policy Due to the limited funds available under the HPF last year, the Yangzhou

government tightened its HPF mortgage requirements in Apr-2013 by: (1)Disallowing buyers from utilising HPF for down payments and mortgage loans at the

same time, meaning buyers who obtain an HPF mortgage may not use the HPF fordown payment; (2) Suspending the swapping of commercial mortgage loans into HPFmortgages; and (3) Suspending HPF application for buyers of houses outside the city

to which buyers contributed HPF fund. Effective from 20-May, the Yangzhougovernment has partly loosened its restrictions to allow buyers to use HPF for both

down payments and mortgages.26-May Xuancheng (宣城) loosen HPF mortgage policy

and offers subsidy on deed taxEffective from 1-June, the rev isions include: (1) Raising the mortgage cap from

Rmb200k to Rmb300k per person. This is a reversal of the HPF tightening enforcedsince July-2013; and (2) Requiring HPF mortgage applicants to have contributed to

the HPF for at least six consecutive months (vs 12 months before the rev ision). Inaddition, the government will also: (i) Offer a full subsidy on deed tax to first home

buyers who purchase a property below 90sm, (ii) Cap the deed tax to 1%/2% of theproperty price for first home buyers who purchase a property between 90-

144sm/above 144sm respectively . Source: DBS Vickers


China Property


2014 Details26-May Hangzhou issued policy to limit price cut. Hangzhou is the first city to

require developers who want to sell at 15% lower than theASP on their presales permits to reapply for sales permits.

27-May Gansu Zhangye (張掖) loosens HPF mortgagepolicy

(1) Raising the cap for mortgage from Rmb250k to Rmb300k per person; and loan fordecorations from Rmb50k to Rmb80k; (2) Requiring HPF mortgage applicants to have

contributed to the HPF for at least three consecutive months (vs 12 months beforethe rev ision); and (3) Increased the maximum term of mortgage loans from 15 years

to 20 years28-May Wuhu to subsidise interest payments for second

home buyersWuhu government will subsidise qualified second home buyers for the difference

between actual interest payment and 10% premium to HPF benchmark rate with acap of 2.2%.

29-May J iangsu Taizhou (泰州) loosens HPF mortgagepolicy

Taizhou is the fourth city in J iangsu (after Wuxi, Changzhou and Yangzhou) toloosen its HPF policy . The cap for HPF mortgage was rev ised to Rmb400k for first

home buyers and Rmb300k for second home buyers.30-May Dongguan issues policy to limit price cut Dongguan follows in Hangzhou's footsteps by

requiring developers who want to sell at 15% lower than theASP on their presales permits to reapply for sales permits.

1-Jun Haikou allows people to obtain local ID bypurchasing properties in the city

Haikou will grant local ID to those who buy new commodity houses of more than120sm.

5-Jun Zhejiang Zhuji (諸暨) loosens HPF mortgage policy Rev ise up the cap for HPF mortgage by Rmb100k per person for citizens whocontribute more than Rmb1,500 per month to the HPF.

10-Jun Anhui Huaibei (淮北) loosens HPF mortgagepolicy

(1) Revising the cap for mortgage to Rmb300k per person or Rmb400k per couple;(2) Requiring HPF mortgage applicants to have contributed to the HPF for at least six

consecutive months; and (3) Maximum term of mortgage loans increased to 30years.

27-Jun Hohhot (呼和浩特), Inner Mongolia ends curbson home purchases

There will be no further limits on how many homes each resident may own, andthose who don't have local residence may also buy properties in the city .

3-Jul Anhui Bengbu (蚌埠) loosens HPF mortgagepolicy

Anhui Bengbu (蚌埠) has relaxed HPF requirements by (1) allowing HPF mortgage tobe used for the second home if applicants have paid-off their first mortgage; (2)raising the cap for mortgage from Rmb300k to Rmb400k per couple, and from

Rmb200k to Rmb300k per person; (3) requiring HPF mortgage applicants to havecontributed for at least three consecutive months (instead of 12 months).

20-Jul J iangsu Suzhou (蘇州) loosens HPR policy Suzhou's government loosens purchase restrictions for residential units over 90sm.20-Jul Hubei Wuhan (武漢) loosens HPR policy Wuhan Housing Management Security and Management Bureau has unofficially

revealed its intention to loosen purchase restrictions for residential units over 140smduring a conference with property developers.

23-Jul Haikou (海口) loosens HPR policy Haikou government announced it has completely lifted HPR.25-Jul Wuxi (無錫) loosens HPR policy Verbal announcement by Wuxi government through Weibo, for residential units over

90sm.25-Jul Xi’an (西安) loosens HPR policy Verbal announcement by Xi'an government, for residential units below 60sm.28-Jul Shijiazhuang (石家莊) loosens HPR policy Verbal announcement by Shijiazhuang government.28-Jul Hangzhou (杭州) loosens HPR policy According to the announcement, HPR has been completely lifted in two districts

outside the city center – Xiaoshan (蕭山區) and Yuhang (余杭區). Within the citycenter, the restrictions are only for residential units less than 140sm.

31-Jul Sichuan (四川) province announces the prov isionof subsidies to banks that offer mortgage loans tofirst home buyers

Effective between 1-July and 31-Dec, the government will offer subsidies(equivalent to 3% of the mortgage loan amount) to banks that offer mortgage loans

to first time home buyers at interest rates below or at PBOC rate.1-Aug J inhua (金華) loosens HPR policy Local government announced the discontinuation of HPR in the city .1-Aug Hefei (合肥) loosens HPR policy Local government announced the lifting of HPR in the city . Prior to this, HPR was

effective in the four old town districts - Luyang (廬陽區), Baohe (包河區), Yaohai(瑤海區), Shushan (蜀山區)

4-Aug Shaoxing (紹興) loosens HPR policy Local government announced the lifting of HPR in the city . It is the fifth city inZhejiang province to loosen HPR since July .

Source: DBS Vickers


China Property


2014 Details4-Aug Taiyuan (太原) loosens HPR policy Local government lifts HPR in the city .6-Aug Changsha (長沙) loosens HPR policy Housing authority confirmed loosening of HPR. Before the announcement, HPR only

applied to residential units less than 90sm.7-Aug Foshan (佛山) loosens HPR policy Local government announced the loosening of HPR through its official weibo

account. Under the new measure, each Foshan citizen (rather than counted byfamily) is entitled to buy two residential units, while non-locals can buy one unit.Before the rev ision, each Foshan family was only allowed to buy two residential

units. But after this rev ision, a 3-member family is allowed to buy six units. Foshanwas the first city in Guangdong province to loosen HPR in 2014.

8-Aug Fuzhou (福州) loosens HPR policy The housing authority (MOHURD) of Fujian province announced eight measures (閩八條) to facilitate urbanisation and to lower inventory. Major measures include

providing discounts on deed taxes, loosening purchase restrictions and easing crediton mortgages. The new measures allow the Fuzhou government to fine-tune the

existing HPR when necessary .8-Aug Xiamen (廈門) announced loosening measures The eight new measures in Fujian province (閩八條) allow Xiamen government to

fine-tune its existing HPR when necessary. Three weeks ago, the local media reportedthat HPR in Xiamen have been fully relaxed in districts outside the main island.

Meanwhile, within the main island, only the restriction limiting non-locals to buyingonly one unit remains in place. Moreover, HPR on residential units with sizes above

260 sm have also been relaxed.9-Aug Zhengzhou (鄭州) loosens HPR policy Zhengzhou (鄭州) housing authority announced that HPR was removed in the five

municipal districts (city centre) and Zhengdong New District (鄭東新區).11-Aug Dongguan's (東莞) restrictions on home sales Although Donngguan does not enforce HPR, its local government announced new

measures to reduce the restrictions on home sales. The new measures includeremoving the limit for ASP adjustments, loosening requirements for HPF mortgage

applications and reducing requirements on granting citizenships.11-Aug Kunming (昆明) loosens HPR policy Kunming housing authority announced at a press conference that its HPR has been

relaxed effective from 11-Aug-2014.14-Aug J iangxi Nanchang (南昌) loosens HPR policy Housing authority confirmed loosening of HPR. Before the announcement, HPR only

applied to residential units less than 90sm.15-Aug Xiamen (廈門) officially confirms HPR loosening Housing authority officially confirmed HPR loosening one week after it announced

the eight new loosening measures (閩八條). Before the official announcement, itwas said that HPR had been loosened at the implementation level.

16-Aug Harbin (哈爾濱 ) loosens HPR policy Housing authority confirmed loosening of HPR through its official website.22-Aug J iangxi province loosens mortgage policy As part of the new measures to facilitate economic growth, J iangxi government will

lower the mortgage rate for first time home buyers and reduce down paymentrequirements on second home buyers.

27-Aug Haikou loosens requirement on grantingcitizenships

Government will grant at most 2/3/5 local IDs to buyers who purchase a home withsizes of 60-90sm/90-120sm and over 120sm respectively . Before the rev ision, home

buyers were required to buy homes with a minimum size of 120sm in order to begranted, at most, five local IDs.

28-Aug Xi'an and Guiyang loosen HPR Xi'an and Guiyang loosened HPR with effective from 1-Sept29-Aug Ningbo loosens HPR Effective from 29-Aug, HPR was fully lifted in Ningbo29-Aug Hangzhou loosen HPR Effective from 29-Aug, HPR was fully lifted in Hangzhou. A month ago, Hangzhou

loosened HPR for residential units above 140sm in city centre.1-Sep Qingdao loosens HPR Effective from 29-Aug, HPR was fully lifted in Qingdao. A month ago, government

loosened HPR for residential units above 144sm.1-Sep Wuxi loosens HPR Effective from 29-Aug, HPR was fully lifted in Wuxi. A month ago, government

loosened HPR for residential units above 90sm.5-Sep Zhangzhou (漳州) loosens HPF policies Effective until 1-Aug 2015, the rev isions include: (1) Revising the cap for second-

time applicants to Rmb300k per person and Rmb500k per couple. Before the rev ision,the caps were Rmb200k and Rmb300k respectively , and (2) Lower the interest rate

for second-time applicants from 1.1x PBOC rate to 1.0x PBOC rate6-Sep Xining (西寧) in Qinghai province (青海) loosens

HPRXining, the provincial city of Qinghai prov ince (central China), announced its HPR

easing. It is the last city in central China to loosen its purchase restrictions. Source: DBS Vickers


China Property


2014 Details11-Sep J iaxing (嘉興) of Zhejiang province loosens HPF

policies (1) Setting a floor for HPF mortgage to Rmb150k per person or Rmb300k per couple.

This will help the low income workers to buy homes, (2) Rev ising the mortgage cap(for first-time applicants) to Rmb300k per person or Rmb600k per couple. Before the

revision, the cap was Rmb250k per person and Rmb600k per couple, and (3) Rev isingthe mortgage ratio for fitted residential housing from 60% to 70%.

12-Sep Wuxi (無鍚) loosens HPF policies Effective from 1-Oct, the rev isions include: (1) Rev ising the mortgage cap toRmb300k per person or Rmb600k per couple, and (2) Allowing applicants to applymortgage for second home if they have sold the first property . Before the rev ision,application who bought a residential unit above 120sm are not allowed to use HPF

for second home mortgage.15-Sep Shenyang (瀋陽) loosens HPR Local government lifts HPR in the city .15-Sep Hubei (湖北) province announces loosening

measuresThe six new measures (鄂六條) announced by the Hubei MOHURD include: (1)

Allowing banks to prov ide a maximum of 30% mortgage rate discount to first homebuyers, (2) Providing 50% discount on deed tax to first-time home buyers, and (3)For first home buyers who buy a residential unit below 90sm, reducing deed tax to

1% of the property price. Hubei is the second province to announce looseningmeasures after Fujian prov ince's announcement in mid-Aug.

16-Sep Shenyang (瀋陽) adjusts HPF policies Mortgage cap rev ised to Rmb350k per person, Rmb550k per couple and Rmb600kfor a 3-person family ;

18-Sep Xining (西寧) adjusts HPF policies Mortgage cap rev ised to Rmb500k per person from Rmb400k per person21-Sep Nanjing (南京) loosens HPR With immediate effect, HPR was fully lifted in Nanjing.25-Sep Xiangyang (襄陽) loosens mortgage policies The rev isions include: (1) Requesting banks to require only 30% downpayment and

0.7x benchmark rate to first-home buyers, (2) Allowing second-time mortgageapplicants to be treated as first-time applicants if they have paid up their prev ious

mortgage balance, (3) Allowing homebuyers to use HPF mortgage after three monthsof contribution, (4) Offering a full subsidy on deed tax to first-home buyers who

purchase a property below 90sm, and (5) Capping the deed tax to 1% of theproperty price for first-home buyers who purchase a property above 90sm.

26-Sep Dazhou (達州) in Sichuan prov ince adjusts HPFpolicies

The rev isions include: (1) Revising the cap for HPF mortgage to Rmb350k per personand Rmb400k per couple. Before the rev ision, the caps were Rmb300k and Rmb350k

respectively, and (2) Revising the cap for secondary residential transaction toRmb300k per person and Rmb350k per couple. Before the rev ision, the caps were

Rmb250k and Rmb300k respectively , and (3) Removing the cap for HPF mortgage.Before the rev ision, the cap was set at 20 times of the HPF balance.

26-Sep Zhuhai (珠海) loosens HPR Local government lifts HPR for two categories of residential housing: (1) Residentialunits outside the city centre, and (2) Residential units within the city centre but

below 144sm. (3) Non-local buyers are also allowed to buy one unit each in the citycentre.

29-Sep Nanchang (南昌) loosens mortgage policies PBOC in Nanchang loosens downpayment requirements for second home buyers to60% from 70%.

30-Sep Ningbo provide subsidy for university graduatesto buy home

Ningbo announced favorable policies to encourage graduates to buy properties in thecity. Graduates who have jobs in Ningbo can: (i) enjoy a subsidy of up to 0.75-1%

(depending on unit size) of the total property price for first home purchases; (ii) enjoy20% downpayment if the property size is smaller than 120sm. Moreover, Ph.D

graduates can enjoy up to Rmb3k/month in interest subsidy if they buy properties inthe city .

30-Sep Ningbo loosens HPF policies for universitygraduates

The adjustments include: (1) requiring HPF mortgage applicants to have contributedfor at least three consecutive months (instead of 12 months); (2) raise the cap for

loan amount by 20%; and (3) for homes below 120sm, rev ised the downpaymentrequirement to 20% from 30%.

Source: DBS Vickers


China Property


2014 Details30-Sep PBOC and CBRC announced measures to loosen

mortgage policiesThe major measures include: (1)Refined the definition of "First home buyers". Thosewho have sold their existing home to buy a new one is treated as first home buyers

(ie: 30% downpayment requirement vs second home buyers' 60%). (2) Restated the0.7x PBOC rate as a floor for mortgage rate.

9-Oct The housing authority (MOHURD), MOF andPBOC announced to loosen HPF policies

In order to increase the efficiency of the housing provident fund to support theproperty market, the three departments joint announced a series of new measures

(《關於發展住房公積金個人住房貸款業務的通知》), which include: (1)facilitating the use of HPF in cities outside which applicants is working. (2) requiringHPF mortgage applicants to have contributed for at least three consecutive months

(instead of 12 months).9-Oct Shenyang loosens HPF mortgage policies Second-time mortgage applicants can be treated as first-time applicants if they have

paid up their previous mortgage balance. Downpayment requirements for first homebuyers remained unchanged, which is 20% for residential units below 90sm and

30% for units above 90sm.11-Oct Guangzhou tightens HPF policies Due to the limited funds available under the HPF last year, the Guangzhou

government tightened its HPF mortgage requirements by: (1) allowing only first timehome buyers to use HPF, (2) increasing downpayment requirement to 30% from20%. (3) requiring HPF mortgage applicants to have contributed for at least six

consecutive months and have HPF balance equivalent to 24 months of contribution;(4) Cutting the HPF budget for 2015 by Rmb3bn to Rmb14bn.

13-Oct PBOC loosens control on loans for propertydevelopment

The People’s Bank of China has removed the 10% cap on lending for propertydevelopments as a percentage of a commercial bank’s overall outstanding loan

portfolio, according to officials from PBOC, ABC, CCB, and ICBC. Commercial banksare still required to meet certain loan-to-deposit ratio rules for property developer

clients, an official from ABC said. Most commercial banks are willing to lend toprojects in tier-1 cities and shantytown development projects, but are cautious about

tier-3 and tier 4 cities.13-Oct The housing authority (MOHURD), MOF and

PBOC will waive some transaction fees for housingprov ident fund applicants.

The related fees mainly include valuation and mortgage insurance fees. Although theactual sav ings will not be substantial, it is still an incentive for home buyers.

13-Oct Wuhan loosens HPF policies Downpayment requirement for second home buyers was lowered to 30% from60%; the requirement for first home buyers is unchanged at 30%.

17-Oct Tianjin (天津) loosens HPR policy Tianjin announced 16 measures (津十六條) to support the property market,effective from 30-Oct. Major measures include: (1) removing the home purchase

restrictions, (2) removing the restrictions on home purchase by non-locals, (3) cappingthe deed tax to 1%/1.5% of the property price for homebuyers who purchase aproperty below 90sm/144sm respectively , (4) cancelling the 70/90 requirement ondevelopers (i.e. government prev iously required developers to keep the % of smallunits [below 90sm] at above 70%), and (5) requesting banks to require only 30%

downpayment and 0.7x benchmark rate to first-home buyers of units below 144 sm.17-Oct Wuhan (武漢) loosens HPF mortgage policies for

second-home buyersFor second-home buyers, rev ised the downpayment requirement to 30% from 60%.

20-Oct Shandong Weifang (濰坊) to prov ide discount ondeed tax

(1) Offering a full subsidy on deed tax to first- and second-home buyers whopurchase a property below 90sm, (2) Capping the deed tax to 1.5% (half of theoriginal amount) of the property price for homebuyers who purchase a propertybelow 144sm, and (3) Capping the deed tax to 1.5% of the property price forentrepreneurs who purchase an office or commercial property below 300sm for

business start-up.21-Oct Changchun (長春) loosens HPF mortgage policies The rev isions include: (1) Requiring HPF mortgage applicants to have contributed for

at least six consecutive months (instead of 12 months). It also allows buyers toinclude the period they were contributing to HPF in other cities, (2) Restating 30%

downpayment requirement for first-home buyers, (3) Second-home buyers who havesold their existing home to buy a new one will be treated as first-home buyers, and

(4) Raising the mortgage cap to Rmb800k for primary housing transactions andRmb700k for secondary housing.

23-Oct Shandong province (山東省) loosens HPF policies Shandong government extended the coverage of HPF mortgage to non-localworkers who have contributed to the HPF for 12 consecutive months.

23-Oct Urumchi (烏魯木齊) loosens HPR policy Local government officially lifts HPR in the city. Source: DBS Vickers


China Property


2014 Details28-Oct Xin Yu (新余) city of J iangxi province loosens

HPF policiesThe rev isions include: (1) Second-home buyers who have sold their existing home to

buy a new one will be treated as first-home buyers, (2) Raising the cap for HPFmortgage to Rmb500k/350k from Rmb400k/300k for primary and secondaryresidential transactions respectively , (3) Extending the maximum term for HPF

mortgage to 30 years from 20 years, and (4) Indiv iduals and couples are allowed toutilise HPF to pay off their existing commercial mortgage.

29-Oct Yangzhou (楊州) loosens HPF mortgage policy The rev isions include: (1) Second-home buyers who have paid off their existing HPFmortgages will be treated as first-home buyers when apply ing HPF mortgage for

second home.1-Nov Hunan (湖南) province loosens HPF policies The major rev isions include: (1) Allowing applicants who contribute to HPF in other

Hunan cities to utilise HPF to purchase homes in Changsha, (2) Downpaymentrequirement for first-home buyers (for self-use units below 90sm) was lowered to

20% from 30%, (3) For second-home buyers whose avg liv ing space per person islower than that specified by the housing authority , downpayment requirement is

lowered to 40% from 50%. While mortgage rate remained at 1.1x of the benchmarkrate, (4) Loosening the 'monthly mortgage payment-to-income ratio' requirementfrom 40% to 50%, and (5) Allowing applicants to apply for HPF mortgage after

they have paid off their previous mortgage balance (applicants needed to wait sixmonths before the rev ision)

4-Nov Shanghai (上海) loosens HPF policies The rev isions include: (1) Allowing second-home buyers to apply for HPF mortgageafter they have fully paid up their previous mortgage balances. Such buyers will be

treated as firt-time applicants (i.e. 30% downpayment and 4%/4.5% mortgage ratefor tenures of <= 5 years and >5 years respectively, (2) Raising the cap for HPF

mortgage to Rmb800k/400k from Rmb600k/300k for couples and indiv idualsrespectively, (3) However, third-home buyers are still not allowed to use HPF

mortgages, and (4) Waiv ing the mandatory insurance fees.5-Nov Nanjing (南京) loosens HPF mortgage policies The policies mainly include: (1) For second-home buyers whose average liv ing space

per person is lower than that specified by the housing authority (i.e. 32sm per personor 100sm per a family of three persons), downpayment requirement is lowered to

30% from 60%, (2) Requiring HPF mortgage applicants to have contributed for atleast six consecutive months, but contributions in cities outside Nanjing can also betaken into account, (3) HPF mortgage is still not allowed for buying a third home,

and (4) Mortgage rate remained at 1.1x of the benchmark rate6-Nov J iangxi (江西) province loosens restrictions on the

property sectorJ iangxi has introduced new measures to facilitate the development of the property

sector. The measures mainly include: (1) Cancelling home purchase restrictions tolocals and non-locals, and (2) Reducing deed tax for those buying their only homes

below 90sm to 1%, (3) Encouraging banks to support end-user demand, (4)Reducing the fees charged on property developers, and (5) Providing subsidy on

deed tax and business tax for secondary market transactions.7-Nov Kunming (昆明) adjusts HPF policies The rev isions include: (1) Allowing parents to utilise their HPF mortgage balances for

their children's properties. This is applicable even if the parents do not own the newproperties, (2) Limiting HPF mortgage to be used on the same property for only once

per year, meaning that if the property changes hands more than once in a single year,the second buyer cannot opt for HPF mortgage. This is to prevent misuse of the HPF

which would then reduce the effectiveness of the fund, and (3) Limiting HPF to beused for renovations to only once in every five years per applicant.

13-Nov Shanghai (上海) redefined the classification for'ordinary commodity housing'

Owners of ordinary commodity housing enjoy more tax benefits (lower business tax,capital gain tax, deed tax and LAT) compared with owners of luxury housing. But

effective 20-Nov, properties which fulfill the three criteria below will be classified as"Ordinary commodity housing': (1) Properties taller than 5-stories (except old v illage

houses), (2) unit size below 140sm, and (3) ASP lower than 1.44x the ASP of the citywith the total unit prices subject to a cap of Rmb4.5m/Rmb3.1m/Rmb2.3m for

properties located within the inner ring road/between the inner ring and outer ring,and outside the outer ring road, respectively (vs Rmb3.3m/Rmb2m/Rmb1.6m before

revision) . Source: DBS Vickers


China Property


2014 Details14-Nov J iangsu (江蘇) prov ides subsidy on fitting of new

housesLocal government has offered to waive deed tax and give other tax discounts to

buyers who purchase fitted homes. Developers are also allowed to claim taxdeductions for fitting costs.

16-Nov Shenyang (瀋陽) provides subsidy to homebuyers

Home buyers who purchase through developers at the housing expo (14 to16-Nov)will be granted a subsidy amounting to Rmb30-150/sm depending on property size.

18-Nov Changsha (長沙) loosens HPF policies The major rev isions include: (1) Allowing citizens to use HPF to pay their rental, (2)Requiring HPF mortgage applicants to have contributed for at least six consecutive

months (instead of 12 months), while contributions in cities outside Nanjing can alsobe taken into account, (3) Allowing HPF to be used for renovations, and (4) Waiv ing

the mandatory insurance fees.19-Nov Zhejiang Ninghai (寧海) provides subsidies to

homebuyersNinghai prov ides subsidies amounting to 1.5%/1% of home price to homebuyers

who purchase new homes <90sm and 90-140sm respectively . No limitation oncitizenship and no. of units owned. Apart from that, college graduates who purchasetheir first home (<140sm) from the secondary market are also entitled to the subsidy.

21-Nov Qingdao (青島) rev ises up the benchmark landprice (基準地價)

Qingdao rev ised up the benchmark land price to Rmb9.07m/mu (or Rmb13.6k/sm)from Rmb5.7m/mu. This will increase the initial prices for upcoming land auctions but

lower the transaction tax for secondary transactions.22-Nov Shanghai (上海) rev ises down HPF mortgage rate HPF mortgage rate was rev ised down to 3.75%/4.25% from 4.0%/4.5% for HPF

mortgages with terms shorter or equal to 5yrs and longer than 5yrs respectively .22-Nov PBOC cut interest rate Benchmark lending rates were cut by up to 40bps, effective last Saturday (22-Nov).

The new 1-year benchmark lending rate is now 5.6%, compared to 6.0% previously .Benchmark deposit rates were also cut by 25-75bps. However, PBOC also lifted thedeposit rate ceiling from 1.1x of benchmark rate to 1.2x. Assuming banks lift theirdeposit rates to the maximum allowed 1.2x, the effective deposit rate cuts will be

only minimal.24-Nov Shenzhen (深圳) rev ises down HPF mortgage rate HPF mortgage rate was rev ised down to 3.75%/4.25% from 4.0%/4.5% for HPF

mortgages with terms shorter or equal to 5yrs and longer than 5yrs respectively .26-Nov Pingdingshan, Henan (河南平頂山) loosens HPF

policies(i) Requiring HPF mortgage applicants to have contributed for at least six consecutive

months (instead of 12 months), (ii) Lowering downpayment to 20% for housingpurchases with units size below 90sm, and (iii) Raising mortgage cap under HPF

scheme to Rmb450k from Rmb400k.26-Nov Ningbo (寧波) loosens HPF policies (i) Requiring HPF mortgage applicants to have contributed for at least six consecutive

months (instead of 12 months), (ii) loosening definition of first home purchases, and(iii) Raising mortgage cap under HPF scheme to Rmb900k/household from

Rmb800k/household.28-Nov Miaoyang, Sichuan (四川綿陽) finetunes HPF

policies(i) Requiring HPF mortgage applicants to have contributed for at least six consecutivemonths (instead of 12 months), (ii) loosening definition of first home purchases, and

(iii) Raising mortgage cap under HPF scheme to Rmb500k from Rmb400k.28-Nov Changchun (長春) redefines first home purchase

under HPF mortgage schemeChangchun loosens definition of first home purchases. Upgraders without mortgage

balance are treated as first home purchasers when purchasing unit size below 144sm.1-Dec J inhua (金華) loosens HPF policy (i) Requiring HPF mortgage applicants to have contributed for at least six consecutive

months (instead of 12 months), and (ii) loosening definition of first home purchases12-Dec Guangzhou released guidelines for the transaction

of 'fixed price housing' (限價房)The new guideline requires the seller of the fixed-price housing to pay a land

appreciation tax (equals to 70% of the difference between the original price andselling price) to the government.

15-Dec China to set up three new Free Trade Zones inFujian, Guangdong and Tianjin

Following the establishment of the Shanghai Pilot Free Trade Zone (FTZ) in July-2013, the State Council announced it would set up three new FTZs in Fujian,

Guangdong and Tianjin to extend the FTZ to other parts of China.19-Dec Changsha, Hefei, Nanchang and Wuhan loosens

HPF policiesThe four cities will allow housing provident funds to be used interchangeably among

them.22-Dec The State Council announces details on the

prov isional regulations on real estate registration ("不動產登記暫行條例”) which will be effectivefrom 1st March, 2015

The regulation, which will be monitored by the Ministry of Land and Resources(MLR) of the State Council, requires local governments to set up a bureau to regulate

the registration of real estate (including lands, buildings, forests, maritime areas andothers) in a unified system. The set-up of the unified information system will enhance

sharing of real estate ownership information at the national level.

Source: DBS Vickers


China Property


2015 Details1-Jan Beijing raises cap for HPF mortgage Beijing raised the cap for HPF mortgage (for first-time buyers who purchase homes

smaller than 90sm) to Rmb1.2m/unit. The last rev ision was in 2008 when the cap wasincreased to Rmb800k/unit from Rmb600k/unit.

7-Jan Foshan (佛山) Shunde lowers the threshold forclassification of 'ordinary housing'

The new threshold has been set at Rmb12,711/sm compared with Rmb13,340/smbefore the rev ision. As the new threshold is lower than the prev ious standard, the

direct impact to buyers is that more housing will be eligible to be classified as'ordinary housing' and hence incur less tax.

11-Jan The State Council and CPCCC announce moredetails on the trial implementation of rural landreforms

Government is working to set up guidelines for farmers to sell or trade their usagerights to farmland and farmers’ dwellings (宅基地). The trial is expected to be

completed in 2017.14-Jan The housing authority (MOHURD) urges local

governments to launch REIT pilot programmesAccording to the official document ("關於加快培育和發展住房租賃市場的指導意見"), the housing authority (MOHURD) will speed up the growth of China’s

property rental market by setting up a rental information platform and encouragingdevelopers to put more focus on rentals. MOHURD also reiterated the importance of

REITs and encouraged local governments to launch REIT pilot programmes to facilitatethe gradual development of the REIT market.

16-Jan Xiamen (廈門) loosens HPF for properties withinthe main island

The last rev ision of HPR policy was in Aug-2014 when the Xiamen governmentannounced its "8 loosening measures". Before this rev ision, HPR was effective

within the main island and locals/non-locals were limited to buying only two/oneresidential units respectively .

16-Jan CSRC simplifies the approval procedure fordevelopers' refinancing and M&A

After the rev ision, developers are no longer required to be audited by the Ministry ofLand and Resources (MLR) before their corporate actions. This will make it easier for

developers, especially those with large land reserves, to acquire financing in themarket.

20-Jan Dongguan (東莞) raises cap for HPF mortgage Major rev isions include: (1) Raising the cap for HPF mortgage to Rmb480k/unit (orRmb700k/unit for couples) from Rmb460k/unit (or Rmb660k/unit for couples) before

the rev ision; and (2) Requiring HPF mortgage applicants to have contributed for atleast six consecutive months (instead of 12 months).

23-Jan Beijing (北京) reiterates non-loosening of HPR Deputy Mayor of Beijing said that the local property market has entered a stage ofhealthy growth and Beijing has loosened mortgage loans and price limit policies. But

HPR will likely be maintained.24-Jan Fuzhou (福州) government begins a pilot

programme to repurchase commodity housingResidents in Fuzhou can new resell their housing to government if they own more

than one commodity or government housing. Under the backdrop of high inventoryand a high need for social housing, local governments are planning to repurchase

commodity housing. Apart from Fuzhou; Sichuan, Anhui, J iangsu, Liaoning, InnerMongolia and Guizhou are also launching similar programmes.

28-Jan Shanghai (上海) reiterates non-cancellation of HPR According to the housing authority, HPR will not be loosened in Shanghai5-Feb Cut RRR PBOC lowered RRR by 50bps10-Feb Shanghai is working on to raise HPF mortgage

quotaFollowing the decrease in property transactions, the amount of HPF mortgage

withdrawn in 2014 dropped by 23% y-o-y to Rmb47.22bn. According to thereview published by the HPF authority, it is working on to increase the quota for

HPF mortgage. The new quota will be more focus to support the end-user/self usedemand.

28-Feb PBOC cut interest rate Benchmark lending rates were cut by up to 25bps. The new 1-year benchmarklending rate is now 5.35%, compared to 5.6% previously. 1-year benchmark deposit

rates were also cut by 25bps to 2.5%.27-Mar Ministry of Land and Resources and Ministry of

Housing (國土資源部) announced measures tooptimise the supply structure of land andresidential units.

Key points are summarized below: (1) Provincial level governments will planconstruction, supply, distribution and development progress of residential projects by

controlling the construction and development progress in oversupplied cities andspeeding up supply in undersupplied cities. (2) Cities facing oversupply should

suspend or slow down land supply. Cities facing undersupply should increase landsupply. (3) Allow developers to adjust product design to align with demand. (4)

Convert land use rights from residential to other use to support emerging industriesincluding senior housing, culture, and sports. (5) Convert undeveloped land for

commodity housing to public housing.

Source: DBS Vickers


China Property


2015 Details30-Mar PBOC adjusted downpayment requirements Second commercial mortgage downpayment requirement is lowered to 40%,

compared with previous 70%. The first mortgage under the housing prov ident fund(HPF) scheme only requires 20% now vs. 30% previously , while the second

mortgage under HPF requires 30% downpayment vs. 60% previously .30-Mar Tax Bureau announced suspension of business tax Tax Bureau has also announced to suspend business tax of 5% for selling properties

held over 2 years (over 5 years previously).1-Apr Hunan (湖南) province lowers HPF mortgage rate With effective from 1-Apr, mortgage rates will be lowered to:

-F irst home mortgage (below 5-yrs): 3.5%-F irst home mortgage (above 5-yrs): 4%

-Second home mortgage (below 5-yrs): 3.85%-Second home mortgage (above 5-yrs): 4.4%

2-Apr Wenzhou government announced measures tohelp home buyers

Government announced 8 new measures which included prov iding subsidy to firsttime home buyers and waived business tax for selling properties held over 2 years

3-Apr Lanzhou (蘭州)loosens HPF mortgage policies Major rev isions include: (1) Reducing downpayment requirements to 20% for firsthome buyers and 30% for second home buyers; (2) Raising the cap for HPF

mortgage to Rmb500k/unit (or Rmb600k/unit for couples) from Rmb400k/unit (orRmb500k/unit for couples) before the rev ision; and (3) reducing the mortgage rate

for second home buyers to coherent with first home buyers (vs 1.1x PBOC ratebefore rev ision); (4) Allowing applicants who contribute to HPF in other cities to

utilise HPF to purchase homes in Lanzhou; (5) Applicants who have fully paid offprevious HPF mortgages are allowed to reapply new HPF mortgage loan (vs there is a

1-year limit before the rev ision)7-Apr Shenzhen lowered down-payment requirement for

HPF mortgagesDown-payment requirements for first/second home buyers are lowered to 20%/30%

respectively7-Apr Xiamen loosens HPFmortgage policies The rev isions include: (1) lowering down-payment requirement for first home buyers

to 20%, (2) reducing the mortgage rate to PBOC rate and (3) increasing the loan capfor couples to Rmb1m

8-Apr Anhui loosens HPF mortgage policies Lowering down-payment requirement for second home buyers to 30%, mortgagerate remains 1.1x PBOC rate

8-Apr Shanghai loosens HPF mortgage requirements forfirst and second home buyers

Effective from 15-Apr, major rev isions include: (1) Raising the cap for first homebuyers to Rmb500k/unit (or Rmb1m/unit for couples) from Rmb300k/unit (or

Rmb600k/unit for couples) before the rev ision; and (2) Extending the maximummortgage term for secondary properties (aged 6-19 years) to 35 years (vs 15 years

before the rev ision).13-Apr Beijing announced to reduce land supply Beijing announced new guidance for 2015 land supply. The plan for land supply is

generally lower than last year with lands for resiential/commodity housing falling by27%/25% respectively .

15-Apr Harbin loosens HPF mortgage policies The rev isions include: (1) Lowering the downpayment requirement for first homebuyers to 20%; (2) Lowering downpayment requirement to 20% for second homebuyes who have repaid their prev ious HPF mortgages and buy home below 144sm;

and (3) Lowering downpayment requirement to 30% for other second home buyers15-Apr Shenyang loosens HPF mortgage policies Revise up the cap for HPF mortgage to Rmb800k per person and require 20%

downpayment.15-Apr Shenzhen loosens HPF mortgage policies Rev ise up the amount of HPF mortgage to 14x of HPF balance (vs 12x before

revision). However, the cap for HPF mortgage remain unchanged at Rmb500k perperson and Rmb900k per family

20-Apr Cut RRR PBOC lowered RRR by 100bps21-Apr Hebei loosens HPF mortgage policies Rev ise up the cap for HPF mortgage to Rmb600k from Rmb400k per person.21-Apr Nanjing loosens HPF mortgage policies Lower the downpayment requirement for HPF mortgage to 20% for first home

buyers and 30% for second home buyers21-Apr Wuxi loosens HPF mortgage policies Lower the downpayment requirement for HPF mortgage to 20% for first home

buyers and 30% for second home buyers27-Apr Shenzhen Qianhai FTZ launched offically Since the announcement of Qianhai FTZ in Dec-2014, more than 25k companies has

set up offices in the area.30-Apr Shanxi loosens HPF mortgage policies Revise up the cap for HPF mortgage to Rmb1m per family30-Apr Shanghai government is working on plans to

increase land supplyDue to the limited land supply in recent years, it is said that Shanghai government is

looking to provide more flexibility in increasing land supply through approvalingchanges of land use or plot ratios of existing projects.

Source: DBS Vickers


China Property


2015 Details1-May Guiyang loosens HPF mortgage policies With effective from 1-May, the rev isions include: (1) For first home buyers,

downpayment requirement is reduced to 20%, (2) lifting the cap on property size forfirst home buyers (before the revision, there is a 120sm cap), (3) increasing the cap for

HPF mortgage to Rmb500k and (4) allowing citizens to use HPF for rent payment(subject to a cap of Rmb13.4k per annum)

10-May PBOC cut interest rate Benchmark lending rates were cut by up to 25bps, effective from 11-May. Demanddeposit rate remained unchanged. PBOC lifted deposit-rate ceiling to 1.5x of

benchmark rate from 1.3x. SOE banks have set deposit rate at 1-1.1x benchmarkrate, joint-stock banks at 1.1-1.2x and municipal banks at 1.2-1.3x.

10-May Suzhou loosens HPF mortgage policies With effective from 15-May, the rev isions include: (1) rev ise up the cap for HPFmortgage to Rmb700k per family or Rmb450k per indiv idual and (2) apply the 20%

down-payment requirement to all self-use first home buyers. (before the revision,only first home buyers who buy home below 90sm can enjoy the 20% down-

payment)11-May Shanghai and Beijing lower mortgage rate for

HPFBoth cities lower HPF mortgage rate (above 5-years) to 3.75%

24-May Tianjin loosens HPF mortgage policies With effective from 25-May, the rev isions include: (1) rev ise up the cap for HPFmortgage to Rmb600k per family from Rmb500k before rev ision and (2) lowered thedown-payment requirement for first home buyers to 20% . Before the revision, the

requirement for first home buyers who buy home above 90sm was 30%)26-May Changsha loosens HPF mortgage policies With effective from 25-May, the rev isions include: (1) rev ise up the cap for HPF

mortgage to Rmb600k per family from Rmb500k before rev ision and (2) lowered thedown-payment requirement for first/second home buyers to 20%/30% respectively.

29-May Beijing loosens HPF mortgage policies The rev isions include: (1) rev ise up the cap for HPF mortgage to Rmb1.2m per familyfrom Rmb500k before revision and (2) lowered the down-payment requirement for

first/second home buyers to 20%/30% respectively.31-May Zhengzhou (鄭州 ) lowers the threshold for

classification of 'ordinary housing'The new threshold has been set at Rmb1.61m compared with Rmb1.46m before therev ision. As the new threshold is lower than the previous standard, the direct impact

to buyers is that more housing will be eligible to be classified as 'ordinary housing'and hence incur less tax.

5-Jun China add Rmb1tr quota for local government toswap debts into muncipal bonds

China has allocated additional Rmb1tn quota for local governments to swap debtinto municipal bonds, according to two people familiar with the matter. The increase

comes as the first stage of the bond swap is under way. Commercial banks have beenbuying such bonds after the central bank flooded the interbank market with cheap

funds. This is the second batch of quota added this year, total quota increased toRmb2tr

8-Jun Hohhot (呼和浩特 ), Inner Mongolia loosens HPFmortgage policies

The rev isions include: (1) rev ise up the cap for HPF mortgage to Rmb800k per personand (2) loosen minimum income requirement, (3) allowing the quota of multi-family

members to be used in properties under the name of another family member, (4)allowing HPF mortgages to be used for renovations, and buying car parks.

8-Jun Xi'an loosens HPF mortage policy The cap for HPF mortgage was rev ised up from 15x of the account balance to 18X9-Jun Gansu prov ince (甘肅 ) loosens HPF mortgage

policyThe rev isions include: (1) revise up the cap for HPF mortgage, (2) lowering the

downpayment requirement, (3) allowing HPF mortgages to be used in cities outsidewhich applicants work.

9-Jun Wuhan (武漢 ) loosens HPF policy for rentalsubsidy

The rev isions include: (1) allowing applicants whitih more than 3 months ofcontribution to use HPF as rental subsidy, cap for subsidy is set at Rmb12k per

person of Rmb24k for family.28-Jun PBOC cut interest rate and RRR PBOC announced Friday it would cut 1-year lending rate by 25bps to 4.85% and 1-

year deposit rate by 25bps to 2%, effective 28 Jun, and also reduce RRR forqualified lenders (with higher exposure to SME and agricultural loans) by 50bps.

28-Jun Beijing lower HPF mortgage rate The mortgage rate rev ision include:(1) lowering mortgage from 3.25% to 3% for mortgages with 5 year or less maturity,

(2) lowering mortgage rate from 3.75% to 3.5% for mortgages with longer than 5year maturity

28-Jun Shanghai lower HPF mortgage rate The mortgage rate rev ision include:(1) lowering mortgage from 3.25% to 3% for mortgages with 5 year or less maturity,

(2) lowering mortgage rate from 3.75% to 3.5% for mortgages with longer than 5year maturity

13-Jul Ningbo prov ide subsidy on deed tax for homebuyers

With effective from 1st July ,2015 to 30th Jun, 2016, Ningbo government willprov ide 50% subsidy on deed tax paid by home buyers

Source: DBS Vickers


China Property


2015 De ta i l s23-Jul Wuhan loosen HPF policies Allowing applicants who contribute to HPF Yichang (宜昌), Wuhan (武漢) and

Xiaogan (孝感) to utilise the funds for HPF mortgage in the three citiesinterchangably

19-Aug Government loosen purchase restrictions on non-local buyers

Government lifted the HPR on non-local buyers which was enforced since 2006.Market believes this policy loosening was to help clear property inventory under the

Rmb depreciation environment.26-Aug PBOC cut interest rate and RRR PBOC cut the1-yr lending and deposit benchmark rate by 25bps. It also announced

RRR cut of 50bps for all financial institutions, and an additional 50bps cut for ruralfinancial institutions and 300bps cut for financial leasing companies and auto

financing companies.1-Sep Government lowered downpayment requirement

for HPF mortgageThe minimum downpayment level for those buying their second homes and funding

their purchases with their housing provident funds will be lowered to 20% from 30%in most cities, the Ministry of Housing and Urban-Rural Development said.

The change, effective Sept. 1, applies to all cities except Beijing, Shanghai,Shenzhen and Guangzhou, and only covers buyers with no outstanding mortgages.

Governments in the excluded cities can set their own minimum level ofdownpayment, subject to the central government's approval.

30-Sep Qingyuan (Guangdong province) provide subdisyto home buyers

Local government grant subsidy (up to 20% of property price) to mass market homebuyers. Civil servants who serviced over 5 years are eligible for subsidy up to Rmb40k

16-Oct Changsha city (長沙市) and Hunan province (湖南

省) lower downpayment requirements for HPFmortgage

Lower the downpayment requirement for HPF mortgage to 20% (from 30%) forsecond home buyers who has cleared their previous mortgage loan balance.

16-Oct Shenyang launched supporting measures forhome buyers

With effective until Dec-2017, local government will provide tax subsidy to homebuyers who buy properties which fulfil the criteria (1) with plot ratio above 1.0x, (2)property price below Rmb3mn and (3) GFA below 168 sm. Besides, government also

provide Rmb30/sm subsidy to home buyes who buy home below 90sm19-Oct Xinjiang (新疆) loosening HPF policies to allow

HPR mortgage to be used in house fittingsIn order to support home sales, local authority loosen the restrictions on HPF

mortgage to allow it to be used for house fitting. The among is subject to a cap ofRmb100k.

23-Oct PBOC cut interest rate and RRR PBOC cut the one-year lending rate to 4.35% from 4.6% effective from 24-Oct. Onthe other hand, the one-year deposit rate will fall to 1.5% from 1.75%. Reserve

requirements for all banks were lowered by 50bps, with an extra 50bps reduction forsome institutions.

The PBOC also scrapped a deposit-rate ceiling that limited the rate banks could paysavers, saying the move was made possible by a decline in market-based interest

rates.26-Oct Guangzhou (廣州) loosen HPF policies Local authority allows buyers who work and contribute to HPF in cities outside

Guangzhou to use HPF mortgage for home purchase in Guangzhou. However, HPRstill remains effective.

19-Nov Shanxi (山西)loosens purchase restrictions The revisions include: (1) loosen the floor for mortgage rate for first home buyers to0.7x PBOC rate; (2) Provide preferential treatment for send mortgage borrowers who

have cleared their mortgage balance; (3) lowered the downpayment requirement forsecond home buyers to 40%; (4) Allow thrid home buyers who has paid-off their

previous mortgage to apply for new mortgage. (5) Loosens home purchaserestrictions for non-local buyers.

19-Nov Tianjin loosens HPF mortgage policies The authority allows home buyers to use the outstanding balance of their HPFaccount to repay the principal of their existing HPF mortgage.

23-Nov State council loosens restrictions on HousingProvident Fund (HPF)

State Council published an amendment on Housing Provident Fund regulations forpublic reviews. The revisions include: (1) allowing HPF to be used on home purchase,home construction, home decorations, property rental and property related fees. (2)allowing HPF to issue MBS and invest in high credit rating fixed income products like

local government bond, policy debt and MBS backed by HPF mortgage. Up to July2015, HPF has an ending balance of RMB3.97tn. It has provided personal mortgages

totaled RMB4.75tn. Source: DBS Vickers


China Property


2015 De ta i l s2-Dec Nanjing (南京) raise HPF mortgage quota for

buyers who buy fitted housesIn order to promote the construction of fully fitted houses, HPF authority provide 20%

extra HPF mortgage quota for buyers who buy new fitted house.3-Dec Kunming (昆明) loosens HPF mortgage policies The cap for HPF mortgage is revised up to Rmb800k per person from Rmb600k per

person3-Dec Henan Puyang (濮陽) provides subsidy for migrant

workers to buy house in the cityIn order to facilitate migrant workers to localize in the city, Puyang government

provides subsidies to migrant workers who buy house in the city. The policy includes:(1) Rmb150/sm subsidy for first home buyers, (2) Rmb100/sm for second home buyers

and (3) Rmb200/sm for buyers who buy from secondary market.3-Dec Central government proposed to provide tax

allowance for mortage interest expensesThis policy is to improve affordability of home buyers.

4-Dec Shanghai HPF authority issued first batch of ABS The first issuance is divided into two batches - Rmb1.94bn and Rmb5.23bnrespectively.

20-Dec Behai provide subsidy to home buyers With effective between 17-Nov 2015 and 31-Dec-2016, local government willprovide subsidy, equivalent to 1% of property price, to home buyers.

21-Dec Central government said to facilitate migrantworkers in getting citizenship

Central government will facilitate mirgant workers in getting citizenship in order tosupport destocking in the property market. Social rental housing will also be

extended to mirgant workers without citizenship.28-Dec MOHURD (住建部) reiterate destocking as policy

focus for 2016 after conference in BeijingKey foci mentioned in the conference include: (1) Focus on meeting the housing

demand of new migrants as the direction for continued destocking, (2) putting moreattention to facilitate the property rental market with government subsidy, (3)

Continue to redevelop shanty villages, targets to relocate 6m shanty units in 2016.2-Feb PBOC cut down-payment requirements PBOC announced to cut minimal downpayment requirement for second mortgage to

30% from 40% and first mortgage to 20% from current 25% except for tier 1 citiesand Sanya. In the meanwhile, provincial branches are allowed to set downpayment

requirements based on local market condition.5-Feb Nanchang government provide tax benefits to

developers on property presalesGovernment increase tax allowance (as % of ASPs) for presales of commodity

buildings to 22% from 24%14-Feb Shanghai announced to adjust the land supply of

the cityGovernment will increase the land supply for small/medium sized units. The ratio willbe kept at above 70% in city center and above 60% in rural area. Government also

support developers to keep properties for operations for over 10 years. Therecommended ratio for commercial properties is 80%, while that for office building is

40%.19-Feb Ministry of Finance announced to lower deed tax

and sales tax during home purchase in citiesoutsite Tier 1 cities

The measures included:(1) Deed tax rate for first homes will purely depend on unit size, the definition of? ommon residential?is no longer relevant. Previously, even buying uncommon

residential units as a first home would still incur a 3% deed tax. At present, the deedtax rate for a first home is 1% if the unit size is smaller than 90sm and 1.5% for those

larger than 90sm.(2) Deed tax rate for a second home is lowered from 3% (for all unit sizes) to 1% for

units smaller than 90sm and 2% for units larger than 90sm.(3) Sales tax for selling uncommon residential units bought two years ago or longer is

waived.29-Feb Guangzhou loosens restrictions on property

sectorMajor measures include: (1) Removing the restriction that restrict developers to keep

the % of small units (<90 sm) to over 70%; (2) removing purchase restrictionstowards HK and Macau citizens; (3) Reducing the downpayment requirement of first

time home buyers to 20%; (4) supporting mirgant workers to buy homes; (5) Lowerthe costs for property transactions

Source: DBS Vickers


China Property


2015 De ta i l s1-Mar Shenyang government launched loosening

measures to facilitate property market destockingand the 10% target growth in property sales

Major measures include:? (1) Cutting land supply by half of 2015 level; (2) Relaunching undeveloped land;

(3) Encouraging development of public facilities for exiting projects; (4) Allowingmore flexibility to adjust the land use right, design or other planning; (5) Providing

subsidies/awards for home buyers; (6) Cutting Housing Provident Fund downpaymentrequirement to 10% from 20% for first time home buyers and 20% for second home

buyers; (6) Providing reduction in transaction tax; (7) Lowering utility charges forservice apartments projects; (8) Providing cash compensation for shanty townredevelopment; (9) Subsidizing talents for home purchases; (10) Allowing new

college/university graduates to borrow HPF with zero downpayment and borrowingceiling of Rmb800k per couple or Rmb600k per person; (11) Granting Rmb200/sm

subsidy to college/university students who purchase commodity houses; (12) Waiving100% deed tax; (13) Encouraging migrant worker to buy properties by simplifyingmortgage application procedure and allowing their children to go to school neartheir properties; (14) Allowing foreigners are allowed to buy as many units as they

would like; (15) Supporting M&A among developers; (16) Lowering tax prepaymentfor developers; (17) Providing Rmb200-800/month subsidies for university graduates

for renting properties. Local government announced to suspend the "zerodownpayment requirement for students" measure within 12 hours

1-Mar Shijiazhuang (石家莊) launched 20 loosensmeasures on the property market

The major measures include: (1) Facilitating the redevelopment of shanty towns andincrease the ratio of cash compensation; (2) reducing the supply of social housing

and facilitate other channels to meet the housing demand in the city; (3) raising thecap for HPF mortgage to Rmb600k form Rmb400k; (4) lowering the HPF mortgage rate

for first home buyers to 0.7x PBOC rate; (5) relaxing the "90-70 rule" while requireddevelopers to keep small units (below 90sm) to over 70% of whole devleopment

project Source: DBS Vickers


China Property

How about macro economic growth?

China GDP growth (YTD)

Per capita income growth (y-o-y)

0

2

4

6

8

10

12

14

16

1Q

02

2Q

03

3Q

04

4Q

05

1Q

07

2Q

08

3Q

09

4Q

10

1Q

12

2Q

13

3Q

14

4Q

15

%

0%

2%

4%

6%

8%

10%

12%

14%

16%

1Q08

2Q09

3Q10

4Q11

1Q13

2Q14

3Q15


Retail sales growth (y-o-y)

Loan growth (y-o-y)

0%

5%

10%

15%

20%

25%

30%

35%

Jan-

06Ju

l-06

Feb-

07Se

p-07

Apr

-08

Nov

-08

Jun-

09Ja

n-10

Aug

-10

Mar

-11

Oct

-11

Apr

-12

Nov

-12

Jun-

13Ja

n-14

Aug

-14

Mar

-15

Oct

-15

Dec

-15

0

5

10

15

20

25

30

35

40

Ap

r-9

8

Mar

-00

Mar

-02

Feb

-04

Feb

-06

Jan

-08

Jan

-10

Dec

-11

Dec

-13

Dec

-15

%



China Property

Benchmark interest rate

RMB exchange rate

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Ap

r-9

8

Oct

-01

May

-05

Dec

-08

Jul-

12

Feb

-16

%

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

Feb

-94

Jun

-98

No

v-0

2

Ap

r-0

7

Sep

-11

Feb

-16

1USD=RMB



China Property

Which developers are most diversified?

Land bank breakdown by 1st-tier and non 1st-tier city

0%10%20%30%40%50%60%70%80%90%

100%

Tier III Tier II Tier I

Source: Companies, DBS Vickers

Land bank breakdown by region

- - - - - 4 2 6 11 6 14 16 20 18

32 28

44 36

19

44

100

11 - - -

8 4

24 24

13 11

-

21 12

11 12

4

3

10

2

-

3 14

-

32

31

2

16 7

-

23 39

15

10

5 -

6

4

-

29

-

21 16

-

68

6

13

28

15

15

52 25

11

25

37

27

21

22

12

10

-

-

43

-

-

20

39

10 35

18

-

-

10 8

6

14 14

- 45

12

-

65

27

95

-

21 37

16 5

48

-

17 16 25

8 18 9

31

14 4 - - - 5 -

1 3 - 1 - - 2 7 2 0 - 3 5 -- - - - -

8 - - 2 - - - - - - - 1 -

0

10

20

30

40

50

60

70

80

90

100

Cen

tral

Chi

na

SPG

Lan

d

KW

G

C C

Lan

d

SOH

O C

hina R&

F

Agi

le

Fran

shio

n

Cou

ntry

Gar

den

Poly

HK

Glo

rious

Beijin

g C

apita

l Lan

d

Ever

gran

de

CR

Land

Shim

ao

SOL

CO

LI

Long

for

Kai

sa

Sino

Oce

an

North East Central North South East South South West North West Others

%



China Property

Land bank breakdown by city

% COLI CR Land ShimaoSino

OceanSOHO China SOL Longfor A gile

Count ry Garden KWG

NorthBeijing 0.4 3.4 3.1 9.0 31.6 0.0 4.2 0.0 0.0 6.4Tianjin 2.6 1.7 1.8 11.8 0.0 0.0 0.0 1.7 1.1 7.3Taiyuan 2.7 4.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Others 0.0 2.2 0.0 8.0 0.0 0.0 0.0 0.0 5.8 0.0

Cent ralZhengzhou 0.7 1.8 0.0 0.0 0.0 0.0 0.0 0.5 0.0 0.0Hefei 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0Wuhan 0.5 1.4 7.3 1.3 0.0 9.7 0.0 0.0 2.2 0.0Wuhu 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0 1.8 0.0Changsha 1.8 2.7 2.2 0.0 0.0 0.0 2.9 1.6 2.2 0.0Others 0.6 2.2 1.0 0.3 0.0 0.0 0.0 1.6 17.1 0.0

SouthGuangzhou 4.4 0.9 0.0 0.0 0.0 0.0 0.0 6.5 2.2 43.4Shenzhen 1.6 1.4 0.0 3.7 0.0 0.0 0.0 0.0 0.0 0.0Dongguan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 0.0Zhuhai 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Zhongshan 0.6 0.0 0.0 8.2 0.0 0.0 0.0 14.8 0.0 0.0Foshan 4.5 0.0 0.0 0.0 0.0 14.6 0.0 3.4 0.9 0.0Others 0.0 4.6 5.9 0.0 0.0 0.0 0.0 14.3 30.8 0.0

North EastShenyang 15.9 5.3 3.0 1.0 0.0 0.0 9.3 2.4 6.5 0.0Dalian 1.5 3.9 8.3 34.4 0.0 29.1 2.7 0.0 0.0 0.0Harbin 2.4 1.1 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0J inan 8.5 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.8 0.0Qingdao 5.6 2.0 2.9 1.7 0.0 0.0 3.4 0.0 0.0 0.0Others 9.9 9.2 16.4 7.3 0.0 0.0 19.3 0.0 3.2 0.0

South EastShanghai 1.8 2.7 2.0 3.2 68.4 26.2 2.3 1.4 0.0 6.4Nanjing 3.8 0.4 3.3 0.0 0.0 0.0 0.0 3.7 0.5 0.0Suzhou 4.8 2.5 1.6 0.0 0.0 0.0 1.6 0.0 1.2 7.3Wuxi 1.5 3.4 3.1 0.0 0.0 0.0 2.3 1.4 0.8 0.0Ningbo 4.0 0.6 5.7 0.0 0.0 0.0 1.9 1.3 0.3 0.0Xiamen 0.6 1.2 1.3 0.0 0.0 0.0 1.5 0.0 0.0 0.0Fuzhou 1.8 0.5 3.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0Others 2.9 13.2 16.7 6.3 0.0 0.0 12.2 5.3 12.7 2.0

South WestChongqing 5.1 5.3 0.0 2.2 0.0 20.4 21.0 0.9 1.5 0.0Nanning 0.0 0.7 0.0 0.0 0.0 0.0 0.0 0.4 0.0 10.7Haikou 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0Sanya 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 6.9Chengdu 2.4 7.4 6.6 1.1 0.0 0.0 7.0 2.3 0.0 9.7Kunming 1.5 0.4 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0Others 0.0 7.6 1.7 0.0 0.0 0.0 2.1 33.9 3.9 0.0

North WestXi'an 2.6 2.8 0.0 0.0 0.0 0.0 5.0 2.9 0.0 0.0Lanzhou 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0Yinchuan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Urumqi 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Others 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

OthersHong Kong 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Macau 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Taiwan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Malaysia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.7 0.0

T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Tier I 8.1 8.4 5.1 16.0 100.0 26.2 6.5 7.8 2.2 56.1Tier II 80.2 54.4 54.4 57.8 0.0 73.8 63.1 23.1 20.3 43.9Tier III 11.1 37.2 40.5 26.2 0.0 0.0 30.4 68.7 75.8 0.0Others 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.4 1.7 0.0T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Companies, DBS Vickers


China Property

Land bank breakdown by city (Continued)

% R&FBeijing Capital

Cent ral China Poly HK C C Land

Greenland HK Ev ergrande Kaisa Greentown COGO Glorious

NorthBeijing 7.8 19.2 0.0 0.0 0.0 0.0 0.9 0.0 1.6 0.8 8.4Tianjin 9.2 20.2 0.0 0.0 0.0 0.0 1.7 0.0 0.5 0.0 14.2Taiyuan 5.7 0.0 0.0 0.0 0.0 2.7 1.1 0.0 0.0 0.0 0.0Others 8.4 0.0 0.0 0.0 0.0 0.0 10.9 0.0 3.2 5.9 0.0

Cent ralZhengzhou 0.0 0.0 24.0 0.0 0.0 0.0 0.9 0.0 0.3 0.0 0.0Hefei 0.0 0.0 0.0 0.0 0.0 0.0 2.2 0.0 1.6 7.3 11.4Wuhan 0.0 0.0 0.0 12.5 0.0 0.0 1.0 2.1 0.0 0.0 0.0Wuhu 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0Changsha 7.7 0.0 0.0 0.0 0.0 0.0 2.1 6.3 1.2 0.0 0.0Others 0.0 0.0 76.0 0.0 0.0 11.2 14.8 1.8 6.2 11.2 0.0

SouthGuangzhou 7.2 0.0 0.0 11.0 0.0 0.0 0.3 2.9 0.0 0.0 0.0Shenzhen 0.0 0.0 0.0 0.2 0.0 0.0 0.2 15.8 0.0 0.0 0.0Dongguan 0.0 0.0 0.0 0.0 0.0 0.0 0.5 5.2 0.0 0.0 0.0Zhuhai 0.2 0.0 0.0 0.0 0.0 0.0 0.0 2.4 0.0 0.0 0.0Zhongshan 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 7.8 0.0 0.0Foshan 0.5 0.0 0.0 4.5 0.0 0.0 0.7 2.4 0.0 0.0 0.0Others 12.5 0.0 0.0 2.6 0.0 0.0 8.1 16.7 0.0 0.0 0.0

North EastShenyang 0.6 11.1 0.0 0.0 0.0 0.0 2.2 0.9 7.0 0.0 1.3Dalian 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.7 1.0 0.0 2.8Harbin 3.6 0.0 0.0 2.8 0.0 0.0 1.5 0.0 0.0 0.0 2.2J inan 0.0 0.0 0.0 2.6 0.0 0.0 2.9 0.0 4.1 0.0 0.0Qingdao 0.0 2.2 0.0 0.0 0.0 0.0 0.0 0.8 7.9 0.0 0.0Others 0.0 3.0 0.0 0.8 0.0 0.0 13.8 16.2 2.2 13.1 8.1

South EastShanghai 1.3 0.0 0.0 5.3 0.0 6.3 0.3 2.4 5.4 0.0 11.2Nanjing 1.3 0.0 0.0 0.0 0.0 0.0 0.6 0.9 0.1 0.0 3.7Suzhou 0.0 0.0 0.0 4.2 0.0 0.2 0.0 0.7 0.4 0.0 0.1Wuxi 1.8 0.5 0.0 0.0 0.0 4.3 0.7 0.0 3.0 0.0 2.4Ningbo 0.0 0.0 0.0 4.3 0.0 1.4 1.2 0.0 2.4 0.0 0.0Xiamen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Fuzhou 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Others 1.0 24.3 0.0 1.3 0.0 9.0 8.3 7.7 39.2 30.4 34.4

South WestChongqing 12.3 12.1 0.0 0.0 56.3 0.0 2.5 3.0 0.0 0.0 0.0Nanning 0.4 0.0 0.0 4.0 0.0 3.1 0.5 0.0 0.0 3.9 0.0Haikou 6.3 0.0 0.0 0.0 0.0 52.7 1.5 0.0 0.0 0.0 0.0Sanya 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Chengdu 1.1 0.9 0.0 0.0 15.5 0.0 3.7 8.4 0.0 0.0 0.0Kunming 0.0 0.0 0.0 0.4 0.0 9.0 0.8 0.0 0.0 0.0 0.0Others 0.9 3.8 0.0 43.5 23.7 0.0 6.8 2.7 5.2 0.3 0.0

North WestXi'an 1.1 2.4 0.0 0.0 4.5 0.0 0.5 0.0 0.0 0.0 0.0Lanzhou 0.0 0.0 0.0 0.0 0.0 0.0 2.8 0.0 0.0 1.6 0.0Yinchuan 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 25.5 0.0Urumqi 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Others 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0

OthersHong Kong 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Macau 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Taiwan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Malaysia 8.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Tier I 16.3 19.2 0.0 16.5 0.0 6.3 1.7 21.1 7.0 0.8 19.6Tier II 53.7 49.6 24.0 35.3 76.3 76.1 29.2 35.0 40.6 11.2 38.0Tier III 21.8 31.2 76.0 48.2 23.7 17.6 69.1 43.8 52.5 88.0 42.4Others 8.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Companies, DBS Vickers


China Property

Land bank breakdown by usage (for covered companies only)

0102030405060708090

100

SOH

O C

hina

Fran

shio

n

Shui

On

Land

Sino

-Oce

an L

and

C C

Lan

d

CR

Land

Chi

na O

vers

eas

Shim

ao

SPG

Ever

gran

de

Agi

le

Office Retail Hotel Residential

%



China Property

GAV breakdown by city (for covered companies only)

% COLI CRL ShimaoSino

OceanSOHO China

Shui On

C C Land SPG A gile Ev ergrande

Count ry Garden

Cent ral China COGO Yanlord

North Eastern Region (NER)Shenyang 5.4 6.1 7.1 2.1 - - - - 1.3 10.5 8.1 - - - Dalian 1.8 5.9 - 16.0 - 9.4 - - - - - - - - Changchun 4.2 - - - - - - - - 1.0 - - - - Harbin - - 2.0 - - - - - - - - - - - NER-Others 0.3 0.4 3.3 - - - - 11.7 - 8.4 6.3 - 5.7 - Subtotal 11.6 12.4 12.4 18.2 - 9.4 - 11.7 1.3 19.9 14.3 - 5.7 -

Bohai Rim Region (BRR)Beijing 9.5 18.0 2.8 58.4 83.8 - - - - - - - 16.9 - Tianjin 3.6 1.3 2.8 8.5 - - - - 0.5 6.2 3.2 - - 17.1 Qingdao 3.3 5.8 1.0 1.7 - - - - - - - - - - BRR-Others 3.3 - 0.6 - - - - - - - - - - 1.9 Subtotal 19.6 25.1 7.1 68.6 83.8 - - - 0.5 6.2 3.2 - 16.9 19.0

Yangtze Riv er Delt a Region (YRD)Shanghai 12.3 20.3 24.3 - 15.0 62.9 - 27.1 4.2 1.5 - - 0.6 30.3 Nanjing 0.9 - 4.4 - - - - - 10.0 1.2 - - - 7.1 Hangzhou 7.5 6.8 2.6 8.2 - 0.7 - - - - - - - - Suzhou 7.1 3.1 2.9 - - - - - - - - - - 4.6 YRD-Others 1.7 6.6 28.7 - - - - 51.1 2.4 8.5 15.2 - 8.3 - Subtotal 29.5 36.8 62.9 8.2 15.0 63.6 - 78.2 16.7 11.1 15.2 - 8.9 42.0

Cent ral Western Region (CWR)Chongqing 4.2 3.9 - - - 10.9 77.6 - 1.3 6.9 0.4 - - - Chengdu 4.4 10.9 1.5 - - - 17.3 - 3.7 6.4 - - - 16.9 Wuhan - 2.0 4.4 - - 9.5 - - - 4.0 0.9 - - - Changsha - 1.6 - - - - - - - 3.7 3.0 - - - Xi'an 4.6 - - - - - - - 0.6 1.7 - - - - CWR-Others 0.0 1.4 1.4 0.5 1.2 - 5.0 10.2 34.1 28.1 8.2 100.0 51.8 0.3 Subtotal 13.2 19.8 7.4 0.5 1.2 20.4 100.0 10.2 39.8 50.9 12.5 100.0 51.8 17.2

South Eastern Coastal Region (SECR)Fuzhou - 3.2 3.1 - - - - - - - - - - - Xiamen - 2.3 7.1 - - - - - - - - - - - SECR-Others - - - - - - - - - 0.5 - - 10.6 - Subtotal - 5.5 10.1 - - - - - - 0.5 - - 10.6 -

Pearl Riv er Delta Region (PRD)Guangzhou 4.0 - - - - - - - 23.1 4.2 9.4 - 6.1 - Shenzhen 4.2 0.5 - - - - - - - - - - - 8.3 PRD-Others 14.6 - - 4.5 - 6.7 - - 18.7 7.2 45.4 - - 13.5 Subtotal 22.8 0.5 - 4.5 - 6.7 - - 41.8 11.4 54.8 - 6.1 21.7

HK&Macao 3.2 - - - - - - - - - - - - -

T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

F irst t ier c it ies 33.2 38.8 27.1 58.4 98.8 62.9 - 27.1 27.3 5.7 9.4 - 23.6 38.6 II&III t ier c it ies 66.8 61.2 72.9 41.6 1.2 37.1 100.0 72.9 72.7 94.3 90.6 100.0 76.4 61.4 T otal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0



China Property

A glance of financial forecasts for developers

Financial ratio comparison

Rev enue g row t h (% ) G ross p ro f it g row t h (% )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 25.8 27.7 45.5 31.0 16.8 19.6 8.5 46.3 27.3 16.3 CR Land 23.9 60.9 23.8 20.5 18.5 17.7 20.4 34.5 19.5 20.3 Country Garden 20.6 49.6 34.9 20.3 9.2 27.9 23.7 16.3 6.1 5.6 China V anke 43.1 31.6 8.3 24.7 18.0 28.4 10.3 (0.0) 23.4 17.5 Ev ergrande 5.4 43.5 18.9 22.1 4.1 (11.6) 51.8 15.0 23.4 3.6 Sino-Ocean Land 44.0 8.5 25.1 (10.6) 3.0 23.0 (2.0) 8.2 (10.7) 8.0 Shui On Land (43.2) 103.9 4.3 (13.2) 33.6 (44.3) 53.2 9.2 (11.7) 37.7 Shimao 10.1 44.8 35.1 6.7 9.2 (18.4) 82.0 35.6 25.4 (3.9) Agile 30.3 18.5 8.1 11.2 2.4 0.7 1.4 (1.5) (8.7) (7.1) SOHO China 169.2 (4.5) (58.3) (83.7) 49.1 229.8 (9.9) (62.1) (76.2) 41.5 J inmao Inv estments (1.4) (0.6) 4.8 5.4 3.1 (0.1) (3.1) 1.7 6.2 6.8 China J inmao 160.6 20.6 42.6 (13.6) 33.3 101.4 27.8 25.6 (15.5) 30.4 COGO 88.1 63.7 (12.1) 20.9 16.0 31.5 33.4 (36.0) (4.1) 41.5 C C Land 58.1 (7.9) 50.5 (59.7) (0.0) 91.7 (15.0) 27.7 (56.8) (2.5) Central China (4.4) 9.5 32.8 30.0 29.1 (12.8) 5.5 30.8 12.7 12.8 Yanlord 14.6 9.5 4.0 41.3 8.8 24.2 6.5 (13.2) 31.2 12.5 Greenland (68.9) 208.4 (47.9) 99.7 150.3 (63.6) 193.9 (48.5) 94.5 194.8 F irst Sponsor 1,436.4 6.4 (2.7) 43.9 24.2 n.a. (27.7) 21.5 35.0 18.1 Yuexiu Property (15.1) 75.0 10.5 40.8 14.0 (3.7) 6.4 0.8 12.6 (0.1) A v erage # 105 .1 40 .5 12 .0 12 .5 23 .3 24 .5 24 .6 5 .9 7 .0 23 .9

G ross p ro f it marg in (% ) O perat ing p ro f it marg in (% )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 38.3 32.5 32.7 31.8 31.6 35.6 29.8 30.1 29.2 29.1 CR Land 37.6 28.2 30.6 30.3 30.8 40.0 33.2 30.4 25.1 25.3 Country Garden 36.6 30.3 26.1 23.0 22.3 27.9 20.3 19.6 15.8 15.3 China V anke 32.4 27.2 25.1 24.8 24.7 26.2 21.6 18.9 18.9 19.0 Ev ergrande 27.9 29.5 28.5 28.9 28.7 25.3 26.7 25.4 18.5 18.3 Sino-Ocean Land 26.9 24.3 21.0 21.0 22.0 20.5 19.6 16.2 16.2 17.2 Shui On Land 42.7 32.1 33.6 34.2 35.3 29.0 24.3 24.7 19.6 23.8 Shimao 44.9 34.5 36.6 38.4 33.5 35.0 29.7 27.9 20.1 20.5 Agile 41.6 35.6 32.4 26.6 24.2 35.1 28.5 26.2 19.2 16.6 SOHO China 58.8 55.5 50.5 73.7 70.0 55.6 51.8 42.4 52.6 46.5 J inmao Inv estments 59.5 58.0 56.3 56.7 58.7 30.4 30.5 14.8 28.2 30.2 China J inmao 41.9 44.4 39.1 38.2 37.4 33.6 35.7 30.3 30.0 29.3 COGO 40.5 33.0 24.1 19.1 23.3 34.7 28.8 18.4 13.5 17.7 C C Land 33.6 31.0 26.3 28.2 27.5 26.4 23.3 24.3 54.1 19.5 Central China 35.4 34.1 33.6 29.1 25.4 33.1 39.4 26.4 21.1 17.1 Yanlord 36.4 35.5 29.6 27.5 28.4 35.6 29.1 23.6 21.4 23.1 Greenland 22.9 26.6 27.4 29.3 16.7 (24.1) 17.7 3.0 16.3 10.9 F irst Sponsor 43.9 29.8 37.3 35.0 33.3 33.9 32.0 18.0 27.3 25.6 Yuexiu Property 47.5 28.9 26.4 21.1 18.5 59.2 34.8 28.7 16.7 11.2 A v erage # 39 .5 34 .3 32 .5 32 .5 31 .2 31 .2 29 .3 23 .6 24 .4 21 .9

# Simple average



China Property

Financial ratio comparison (continued)

O perat ing p ro f it g row t h (% ) Net p ro f it g row t h (% )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 20.9 6.9 47.0 27.0 16.5 21.1 23.1 20.1 3.4 16.9 CR Land 17.3 33.7 13.2 (0.4) 19.2 30.1 39.1 0.1 (11.1) 16.3 Country Garden 21.9 8.6 30.8 (3.4) 5.9 17.9 24.2 20.1 (6.1) 10.2 China V anke 32.4 8.7 (5.5) 24.7 18.6 30.4 20.5 4.1 8.3 16.6 Ev ergrande (17.1) 51.6 12.8 (11.1) 3.4 (19.0) 37.5 (0.1) (45.0) 14.0 Sino-Ocean Land 26.2 3.5 3.7 (10.8) 9.5 56.1 15.3 22.0 (31.2) 15.9 Shui On Land (55.2) 71.3 5.9 (31.1) 62.0 (40.8) (0.1) (12.3) 17.2 (105.3) Shimao (8.9) 22.9 27.0 (23.3) 11.6 3.1 (0.6) 9.2 (41.1) 8.8 Agile (2.5) (3.7) (0.8) (18.3) (11.7) 21.8 (3.5) (11.2) (19.0) (10.2) SOHO China 251.1 (11.1) (65.8) (79.8) 31.7 171.9 (30.2) (44.8) (86.8) (70.0) J inmao Inv estments 11.5 (0.5) (49.0) 100.8 10.4 106.2 58.7 (10.5) (61.2) 28.4 China J inmao 153.2 28.0 20.9 (14.4) 30.5 51.0 27.8 27.3 (47.5) 40.0 COGO 29.7 35.8 (43.7) (11.7) 52.2 32.2 30.6 (59.6) 2.0 52.7 C C Land 88.7 (18.5) 56.8 (10.3) (63.9) 75.8 (4.5) 111.4 6.1 (79.3) Central China (4.3) 30.5 (11.1) 3.7 4.8 23.2 24.6 (13.9) (15.5) 8.5 Yanlord 49.6 (10.7) (15.6) 28.2 17.4 23.0 (19.2) (6.9) 7.0 (11.1) Greenland (127.9) (326.5) (91.2) 991.3 67.9 (204.4) n.a. 212.0 284.9 104.4 F irst Sponsor (1,834.4) 0.7 (45.4) 118.3 16.4 42.4 (54.8) 149.3 13.2 Yuexiu Property (40.5) 2.8 (8.7) (18.1) (23.8) (52.6) 16.1 (14.2) (59.0) 6.4 A v erage # (73 .1 ) (3 .5 ) (6 .2 ) 55 .9 14 .7 19 .3 16 .8 10 .4 2 .9 4 .0

Net p ro f it marg in (% ) RO A (% )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 29.0 27.9 23.1 18.2 18.2 9.2 8.8 8.6 7.0 6.8 CR Land 23.8 20.6 16.6 12.3 12.0 5.1 5.8 4.8 3.7 4.1 Country Garden 16.4 13.6 12.1 9.4 9.5 5.6 5.0 4.3 3.5 3.6 China V anke 13.0 11.9 11.4 9.9 9.8 3.7 3.5 3.2 3.0 2.9 Ev ergrande 14.1 13.5 11.3 5.1 5.6 4.4 4.3 3.1 1.5 1.7 Sino-Ocean Land 10.8 11.5 11.2 8.6 9.7 2.6 2.7 3.2 2.3 2.6 Shui On Land 42.1 20.6 17.3 23.4 (0.9) 2.6 2.2 1.7 1.9 (0.1) Shimao 32.5 22.3 18.0 10.0 9.9 7.5 6.0 5.1 2.6 2.7 Agile 16.7 13.6 11.2 8.2 7.2 5.8 4.7 3.6 2.8 2.4 SOHO China 69.2 50.5 66.9 54.0 10.9 15.1 9.3 5.3 0.7 0.2 J inmao Inv estments 24.1 38.5 32.9 12.1 15.1 2.8 4.7 4.2 1.6 2.0 China J inmao 17.8 18.9 16.9 10.2 10.8 4.0 3.8 3.8 1.9 2.5 COGO 24.7 19.7 9.1 7.7 10.1 9.5 8.5 2.6 2.3 3.3 C C Land 7.1 7.4 10.4 27.3 5.7 1.4 1.1 2.1 2.3 0.5 Central China 13.0 14.8 9.6 6.2 5.2 3.8 3.7 2.6 1.9 2.0 Yanlord 17.7 13.1 11.7 8.9 7.2 3.4 2.5 2.1 2.0 1.6 Greenland (53.1) 0.6 3.8 7.3 6.0 (4.0) 0.2 0.3 0.9 1.6 F irst Sponsor 22.8 30.5 14.2 24.5 22.4 4.4 5.6 1.9 4.0 4.1 Yuexiu Property 30.6 20.3 15.7 4.6 4.3 3.8 3.9 2.9 1.0 1.0 A v erage # 19 .6 19 .5 17 .0 14 .1 9 .4 4 .8 4 .5 3 .4 2 .5 2 .4

# Simple average Source: Companies, DBS Vickers


China Property


In t erest c ov erage rat io (x ) Curren t rat io (x )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 80.4 84.5 104.4 111.4 123.6 2.1 2.2 2.1 2.2 2.2 CR Land 26.5 n.a. 182.6 54.1 40.4 1.8 1.6 1.6 1.8 1.8 Country Garden 221.1 n.a. 84.9 73.1 66.1 1.4 1.3 1.2 1.2 1.3 China V anke 33.4 36.4 42.1 1,473.8 n.a. 1.4 1.3 1.3 1.3 1.3 Ev ergrande 499.8 n.a. 40.2 1,528.8 1,441.0 1.3 1.5 1.4 1.4 1.5 Sino-Ocean Land 11.4 66.2 46.5 25.1 23.4 1.8 1.7 1.9 2.0 2.2 Shui On Land 2.7 3.0 2.9 2.3 3.8 1.6 2.0 1.9 1.8 1.5 Shimao - - - - - 1.4 1.4 1.5 1.5 1.5 Agile 222.2 n.a. 34.3 101.6 89.8 1.5 1.5 1.7 1.5 1.7 SOHO China 67.6 n.a. n.a. 1.0 1.6 1.4 1.1 1.5 1.2 0.8 J inmao Inv estments 1.7 2.9 1.2 2.6 3.1 0.6 0.4 0.2 0.3 0.3 China J inmao 7.1 6.5 10.5 9.2 17.8 1.5 1.2 1.6 2.2 2.2 COGO n.a. n.a. n.a. n.a. n.a. 1.8 2.2 2.0 2.0 2.0 C C Land n.a. n.a. n.a. 268.1 49.0 1.2 1.4 1.6 1.6 1.8 Central China 6.6 2.6 4.7 8.5 8.9 1.3 1.3 1.4 1.4 1.4 Yanlord 23.1 15.8 11.7 17.2 16.5 1.9 2.2 2.5 1.7 1.9 Greenland (2.4) 4.7 0.8 8.7 7.8 0.5 0.6 0.4 0.2 0.3 F irst Sponsor n.a. n.a. n.a. n.a. n.a. 2.2 1.6 3.2 2.8 2.5 Yuexiu Property 9.8 10.6 10.0 6.4 4.8 2.0 1.8 2.1 1.9 1.9 A v erage # 75 .7 21 .2 38 .4 217 .2 118 .6 1 .5 1 .5 1 .6 1 .6 1 .6

Q u ic k Rat io (x ) RO E (% )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 2.1 2.2 2.1 2.2 2.2 23.6 23.4 22.8 17.2 15.8 CR Land 1.6 1.4 1.5 1.6 1.6 16.3 19.1 16.2 11.6 11.3 Country Garden 1.4 1.3 1.2 1.2 1.4 20.6 20.9 20.3 15.4 14.7 China V anke 0.7 0.7 0.7 0.5 0.5 34.5 28.8 25.9 29.9 32.9 Ev ergrande 1.3 1.5 1.4 1.4 1.5 26.1 29.0 25.3 12.7 13.1 Sino-Ocean Land 0.5 0.6 0.8 0.7 0.7 10.3 10.4 11.1 7.4 8.0 Shui On Land 1.5 1.9 1.7 1.5 1.4 6.8 6.0 4.8 5.4 (0.3) Shimao - - - - - 28.0 23.9 22.8 12.2 12.3 Agile 1.5 1.7 1.7 1.6 1.7 21.1 16.2 11.9 8.8 7.4 SOHO China 1.4 1.1 1.5 1.2 0.8 40.4 21.7 10.6 1.4 0.4 J inmao Inv estments (0.8) (3.0) (5.6) (5.9) (6.7) 6.6 9.2 8.6 3.9 5.3 China J inmao 1.0 0.8 0.9 1.2 1.1 12.3 13.5 14.9 7.3 9.0 COGO 0.7 0.9 0.7 0.6 0.6 36.6 32.5 10.7 10.0 13.6 C C Land 1.2 1.4 1.6 1.6 1.8 4.0 3.7 7.4 7.4 1.5 Central China 0.3 0.3 0.3 0.2 0.2 16.8 18.3 14.2 11.1 11.2 Yanlord 1.6 2.0 2.2 1.5 1.7 11.7 8.6 7.4 7.4 6.2 Greenland 0.5 0.6 0.4 0.2 0.3 (19.7) 0.7 1.9 6.4 10.9 F irst Sponsor 2.2 1.6 3.2 2.8 2.5 9.4 11.5 3.2 5.9 6.4 Yuexiu Property 0.6 0.4 0.7 0.7 0.7 11.7 12.4 9.3 3.4 3.6 A v erage # 1 .0 0 .9 0 .9 0 .8 0 .7 16 .7 16 .3 13 .1 9 .7 9 .6



China Property


Net Debt rat io (% ) Cash ( report ing c u rrenc y )F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F F Y 12A F Y 13A F Y 14A F Y 15F F Y 16F

COLI 20.5 28.2 31.7 13.0 21.9 40,880 41,411 51,215 73,122 54,327CR Land 40.5 39.2 41.5 39.5 37.8 21,953 28,239 40,289 30,973 30,535Country Garden 51.6 64.3 54.2 65.9 66.1 16,860 26,680 27,214 19,692 18,787China V anke 32.1 43.8 8.3 22.6 12.8 51,120 43,004 61,653 46,437 54,446Ev ergrande 84.2 69.5 85.9 107.6 83.9 17,790 40,118 29,847 16,571 52,963Sino-Ocean Land 56.6 60.0 75.1 78.6 82.4 10,747 11,253 13,311 10,194 8,568Shui On Land 76.5 65.2 79.3 67.6 62.5 8,633 10,180 12,430 16,600 19,149Shimao 55.9 57.4 58.6 60.3 64.6 18,098 19,573 23,935 19,878 13,416Agile 64.7 73.4 75.2 74.5 72.5 7,227 9,629 13,033 11,430 11,785SOHO China 2.5 16.7 19.2 23.5 32.9 22,200 10,650 12,478 9,012 5,458J inmao Inv estments 0.4 0.4 0.8 0.9 0.9 1,581 1,183 1,129 1,267 1,285China J inmao 42.9 44.5 58.1 55.2 45.3 13,464 14,793 14,053 14,243 16,883COGO Cash 47.8 74.3 71.3 72.9 7,803 9,269 11,410 10,864 9,227C C Land 18.0 16.0 17.1 Cash Cash 8,172 9,636 9,519 17,730 19,468Central China 29.3 37.2 43.4 59.3 59.3 4,922 5,691 6,492 4,846 4,405Yanlord 35.7 36.6 45.5 2.3 19.0 3,556 7,112 6,587 17,568 16,412Greenland 120.4 100.2 154.5 139.7 134.2 1,815 1,672 5,189 3,619 4,855F irst Sponsor 14.8 Cash Cash Cash Cash 97 311 132 205 329Yuexiu Property 47.0 61.6 63.1 73.1 67.6 9,263 8,374 12,957 15,168 15,229A v erage # 44 .1 47 .9 54 .8 56 .2 55 .1 14 ,010 15 ,725 18 ,572 17 ,864 18 ,817



China Property

Discount to NAV

Sector average (DBSV coverage only) Agile Property (3383 HK)

(80)

(60)

(40)

(20)

0

20

40

Oct

-06

Au

g-0

7

Jun

-08

May

-09

Mar

-10

Jan

-11

No

v-1

1

Oct

-12

Au

g-1

3

Jun

-14

May

-15

Mar

-16

%

M

+2SD: -8.8%

+1SD: -24.4%

Mean: -40.1%

-1SD: -55.8%

-2SD: -71.5% (100)

(80)

(60)

(40)

(20)

0

20

Jul-

08

Au

g-0

9

Sep

-10

Oct

-11

No

v-1

2

Dec

-13

Feb

-15

Mar

-16

%

+1SD -30.7%

Avg: -52.6%

-1SD -74.5%

C C Land (1224 HK) Central China (832 HK)

(100)(90)(80)(70)(60)(50)(40)(30)(20)(10)

0

Jul-

08

Au

g-0

9

Sep

-10

Oct

-11

No

v-1

2

Dec

-13

Feb

-15

Mar

-16

%

+1SD -43.4%

-1SD -79.2%

Avg: -61.3%

(100)

(90)

(80)

(70)

(60)

(50)

(40)

(30)

Jan

-09

Mar

-10

May

-11

Au

g-1

2

Oct

-13

Dec

-14

Mar

-16

%

Avg: -66.6%

+1SD -59.7%

-1SD -73.6%

China Overseas (688 HK) COGO (81 HK)

(80)

(60)

(40)

(20)

0

20

40

60

80

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

%

+1SD 3.8%

Avg: -13%

-1SD -29.9%

(90)

(80)

(70)

(60)

(50)

(40)

(30)

(20)

(10)

0

Jan

-10

Jan

-11

Jan

-12

Feb

-13

Feb

-14

Feb

-15

Mar

-16

%

+1SD -32.6%

Avg: -51.5%

-1SD -70.4%



China Property

Discount to NAV (continued)

CR Land (1109 HK) China Vanke (2202 HK)

(80)(70)(60)(50)(40)(30)(20)(10)

0 10 20 30

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

%

+1SD -14.7%

Avg: -29.3%

-1SD -43.9%

(35)

(30)

(25)

(20)

(15)

(10)

(5)

0

5

Jun

-15

Au

g-1

5

Oct

-15

No

v-1

5

Jan

-16

Mar

-16

%

+1SD -10%

Avg: -17.6%

-1SD -25.1%

Country Garden (2007 HK) Evergrande (3333 HK)

(80)

(60)

(40)

(20)

0

20

40

Jan

-09

Mar

-10

May

-11

Au

g-1

2

Oct

-13

Dec

-14

Mar

-16

%

+1SD -19.6%

Avg: -34.4%

-1SD -49.2%

(90)

(80)

(70)

(60)

(50)

(40)

(30)

(20)

(10)

0

No

v-0

9

Feb

-11

May

-12

Au

g-1

3

Dec

-14

Mar

-16

%

+1SD -44%

Avg: -55.7%

-1SD -67.4%

China Jinmao Holdings (817 HK) Greenland (337 HK)

(80)

(75)

(70)

(65)

(60)

(55)

(50)

(45)

(40)

(35)

(30)

No

v-0

9

Dec

-10

Dec

-11

Jan

-13

Feb

-14

Feb

-15

Mar

-16

%

+1SD -43.9%

Avg: -52.4%

-1SD -61%

(100)

(80)(60)

(40)(20)

0 20

40 60

80 100

No

v-0

8

May

-10

Oct

-11

Ap

r-1

3

Sep

-14

Mar

-16

%

+1SD -10.7%

Avg: -41.6%

-1SD -72.5%



China Property

Discount to NAV (continued)

Shimao Property (813 HK) Shui On Land (272 HK)

(100)

(80)

(60)

(40)

(20)

0

20

40

60

Mar

-07

Dec

-08

Oct

-10

Jul-

12

May

-14

Mar

-16

%

+1SD -22.9%

Avg: -39.9%

-1SD -56.9%

(100)(90)(80)(70)(60)(50)(40)(30)(20)(10)

0

Oct

-06

Ap

r-0

8

No

v-0

9

Jun

-11

Jan

-13

Au

g-1

4

Mar

-16

%

+1SD -46.3%

Avg: -56.5%

-1SD -66.7%

Sino-Ocean Land (3377 HK) SOHO China (410 HK)

(100)

(80)

(60)

(40)

(20)

0

20

40

60

Oct

-07

May

-08

Jan

-09

Sep

-09

May

-10

Dec

-10

Au

g-1

1

Ap

r-1

2

Dec

-12

Au

g-1

3

Mar

-14

No

v-1

4

Jul-

15

Mar

-16

%

+1SD -18.5%

Avg: -39.3%

-1SD -60.1%

(80)(60)(40)(20)

0 20 40 60 80

100 120

Oct

-07

Dec

-08

Mar

-10

May

-11

Jul-

12

Oct

-13

Dec

-14

Mar

-16

%

+1SD -15.6%

Avg: -36.6%

-1SD -57.6%

Yanlord Land (YLLG SP) Yuexiu Property (123 HK)

(100)

(80)

(60)

(40)

(20)

0

20

40

60

Oct

-07

May

-08

Jan

-09

Sep

-09

May

-10

Dec

-10

Au

g-1

1

Ap

r-1

2

Dec

-12

Au

g-1

3

Mar

-14

No

v-1

4

Jul-

15

Mar

-16

%

+1SD -25.6%

Avg: -42.6%

-1SD -59.7%

(75)

(70)

(65)

(60)

(55)

(50)

(45)

(40)

(35)

Feb

-13

Oct

-13

May

-14

Dec

-14

Au

g-1

5

Mar

-16

%

+1SD -52.7%

Avg: -59.1%

-1SD -65.5%



China Property

PE charts

Sector average Agile Property (3383 HK)

(5)

0

5

10

15

20

25

30

35

40

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

+2SD: 19.3x

+1SD: 14.2x

Mean: 9x

-1SD: 3.9x

-2SD: -1.2x

0

2

4

6

8

10

12

14

16

Dec

-05

Mar

-07

Jul-

08

Oct

-09

Jan

-11

May

-12

Au

g-1

3

No

v-1

4

Mar

-16

x

Avg: 6.3x

+1SD: 8.3x

-1SD: 4.2x


0

5

10

15

20

25

30

35

40

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 10.4x

+1SD: 19.4x

-1SD: 1.5x

0123456789

10

Jun

-08

Sep

-09

Jan

-11

Ap

r-1

2

Au

g-1

3

No

v-1

4

Mar

-16

x

Avg: 4.9x

+1SD: 6.1x

-1SD: 3.7x


0

5

10

15

20

25

30

35

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 10x

+1SD: 14.9x

-1SD: 5.1x

-10-505

10152025303540

Jan

-99

No

v-0

1

Sep

-04

Au

g-0

7

Jun

-10

Ap

r-1

3

Mar

-16

x 190x (Dec-07)

Avg: 7.7x

+1SD: 18.8x

-1SD: -3.5x



China Property

PE charts (continued)


05

101520253035404550

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 11.9x

+1SD: 18.7x

-1SD: 5.2x

6.0

7.0

8.0

9.0

10.0

11.0

12.0

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

x

Avg: 9x

+1SD: 9.8x

-1SD: 8.1x


-20

0

20

40

60

80

100

Ap

r-0

7

Oct

-08

Ap

r-1

0

Sep

-11

Mar

-13

Sep

-14

Mar

-16

x

Avg: 14.6x

+1SD: 33.3x

-1SD: -4.2x

2

4

6

8

10

12

14

No

v-0

9

No

v-1

0

Dec

-11

Jan

-13

Jan

-14

Feb

-15

Mar

-16

x

Avg: 4.9x

-1SD: 3.1x

+1SD: 6.7x


0

5

10

15

20

25

30

Au

g-0

7

Jan

-09

Jun

-10

No

v-1

1

May

-13

Oct

-14

Mar

-16

x

Avg: 9.1x

+1SD: 13.8x

-1SD: 4.3x

05

101520253035404550

Oct

-06

May

-08

No

v-0

9

Jun

-11

Jan

-13

Au

g-1

4

Mar

-16

x

Avg: 9.1x

+1SD: 16.9x

-1SD: 1.2x



China Property

PE charts (continued)


-10

0

10

20

30

40

50

60

70

Jul-

06

Jun

-08

May

-10

Ap

r-1

2

Ap

r-1

4

Mar

-16

x

Avg: 9.1x

+1SD: 18.6x

-1SD: -0.3x

-202468

1012141618

Oct

-06

Ap

r-0

8

No

v-0

9

Jun

-11

Jan

-13

Au

g-1

4

Mar

-16

x

Avg: 7.2x

+1SD: 9.7x

-1SD: 4.8x


0

5

10

15

20

25

30

35

40

Sep

-07

Jun

-09

Feb

-11

Oct

-12

Jul-

14

Mar

-16

x

Avg: 10.1x

+1SD: 15.2x

-1SD: 5x

-20

0

20

40

60

80

100

120

Oct

-07

Jun

-09

Feb

-11

Oct

-12

Jul-

14

Mar

-16

x

Avg: 17.1x

+1SD: 40.9x

-1SD: -6.7x

Yanlord (YLLG SP) Yuexiu Property (123 HK)

0

5

10

15

20

25

30

35

Jun

-06

Feb

-08

Sep

-09

Ap

r-1

1

Dec

-12

Jul-

14

Mar

-16

x

+1SD: 15.2x

Avg: 10x

-1SD: 4.8x

0

5

10

15

20

25

30

35

Jan

-03

No

v-0

4

Oct

-06

Au

g-0

8

Jul-

10

Jun

-12

Ap

r-1

4

Mar

-16

x

Avg: 7.6x

+1SD: 12.5x

-1SD: 2.7x



China Property

PB charts

Sector average Agile Property (3383 HK)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Mean 1.0x

+1SD 1.5x

-1SD 0.5x

+2SD 2.0x

-2SD -0.03x

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Dec

-05

Mar

-07

Jul-

08

Oct

-09

Jan

-11

May

-12

Au

g-1

3

No

v-1

4

Mar

-16

x

Avg: 1.3x

+1SD: 2.2x

-1SD: 0.4x


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 0.7x

+1SD: 1.2x

-1SD: 0.1x

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Jun

-08

Sep

-09

Jan

-11

Ap

r-1

2

Au

g-1

3

No

v-1

4

Mar

-16

x

Avg: 0.7x

+1SD: 0.9x

-1SD: 0.5x


0.00.51.01.52.02.53.03.54.04.55.0

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 1.8x

+1SD: 2.6x

-1SD: 1x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan

-99

No

v-0

1

Sep

-04

Au

g-0

7

Jun

-10

Ap

r-1

3

Mar

-16

x

Avg: 0.8x

+1SD: 1.3x

-1SD: 0.2x



China Property

PB charts (continued)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan

-05

No

v-0

5

Sep

-06

Au

g-0

7

Jun

-08

Ap

r-0

9

Mar

-10

Jan

-11

No

v-1

1

Sep

-12

Au

g-1

3

Jun

-14

Ap

r-1

5

Mar

-16

x

Avg: 1.3x

+1SD: 1.7x

-1SD: 0.8x

1.01.11.21.31.41.51.61.71.81.92.0

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

x

Avg: 1.6x

+1SD: 1.7x

-1SD: 1.4x


0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ap

r-0

7

Oct

-08

Ap

r-1

0

Sep

-11

Mar

-13

Sep

-14

Mar

-16

x

Avg: 1.8x

+1SD: 3.5x

-1SD: 0.2x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

No

v-0

9

No

v-1

0

Dec

-11

Jan

-13

Jan

-14

Feb

-15

Mar

-16

x

Avg: 1.1x

-1SD: 0.7x

+1SD: 1.5x


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Au

g-0

7

Jan

-09

Jun

-10

No

v-1

1

May

-13

Oct

-14

Mar

-16

x

Avg: 0.9x

+1SD: 1.3x

-1SD: 0.5x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Oct

-06

May

-08

No

v-0

9

Jun

-11

Jan

-13

Au

g-1

4

Mar

-16

x

Avg: 0.9x

+1SD: 1.5x

-1SD: 0.4x



China Property

PB charts (continued)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jul-

06

Jun

-08

May

-10

Ap

r-1

2

Ap

r-1

4

Mar

-16

x

Avg: 1.2x

+1SD: 1.8x

-1SD: 0.6x

0.0

0.5

1.0

1.5

2.0

2.5

Oct

-06

Ap

r-0

8

No

v-0

9

Jun

-11

Jan

-13

Au

g-1

4

Mar

-16

x

Avg: 0.7x

+1SD: 1.1x

-1SD: 0.3x


0.2

0.7

1.2

1.7

2.2

2.7

3.2

3.7

Sep

-07

Jun

-09

Feb

-11

Oct

-12

Jul-

14

Mar

-16

x

Avg: 0.8x

+1SD: 1.2x

-1SD: 0.4x0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Oct

-07

Jun

-09

Feb

-11

Oct

-12

Jul-

14

Mar

-16

x

Avg: 0.9x

+1SD: 1.3x

-1SD: 0.5x

Yanlord (YLLG SP) Yuexiu Property (123 HK)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jun

-06

Feb

-08

Sep

-09

Ap

r-1

1

Dec

-12

Jul-

14

Mar

-16

x

+1SD: 2x

Avg: 1.1x

-1SD: 0.3x

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Jan

-03

No

v-0

4

Oct

-06

Au

g-0

8

Jul-

10

Jun

-12

Ap

r-1

4

Mar

-16

x

Avg: 0.6x

+1SD: 0.8x

-1SD: 0.4x



China Property

DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)

FULLY VALUED (negative total return i.e. > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSVHK”) This report is solely intended for the clients of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd and DBSVHK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVHK. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVHK, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making. ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 10 March 2016, the analyst(s) and his/her spouse and/or relatives who are financially dependent on the analyst(s), do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBSVHK and its subsidiaries do not have a proprietary position in the securities recommended in this report as of 07 Mar 2016.

2. Compensation for investment banking services: DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.


China Property

RESTRICTIONS ON DISTRIBUTION

General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

Australia This report is being distributed in Australia by DBS Bank Ltd. (“DBS”) or DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”) or DBS Vickers (Hong Kong) Limited (“DBSVHK”), which are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSVHK is regulated by the Securities and Futures Commission of Hong Kong under the laws of Hong Kong, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

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Wong Ming Tek, Executive Director, ADBSR

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Dubai

This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it.

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Other jurisdictions

In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

DBS Vickers (Hong Kong) Limited

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Tel: (852) 2820-4888, Fax: (852) 2868-1523

dbs bank - china / hong kong monthly chart book …...source: thomson reuters; dbs vickers china /...

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