Speakers
Mr. LAM Lung On, J.P. Deputy to the National People’s Congress,
Founder, Chairman & Executive Director
Mr. CAI Minghui Executive President
Mr. Jacky WONG CFO & Company Secretary
3
Founder
Vice Chairman of the All-China General Chamber of
Industry and Commerce (Member of the All-China
Federation of Industry and Commerce (“ACFIC”))
Honorary President of the Hong Kong Chinese Importers’
& Exporters’ Association
Member of the Hong Kong Special Administrative Region
Election Committee
President of the Hong Kong Xiamen Friendship Union
Member of Tianjin Committee of the Chinese People’s
Political Consultative Conference
Visiting Professor of the University of Science and
Technology of China
Mr. Lam Lung On, J.P.
Founder, Chairman and Executive Director
Deputy to the National People’s Congress
4
Company Highlights
Contracted sales – record high
RMB40.3bn, +73.7% Revenue +58.7%
Gross Profit Margin 35.4%
Core Profit Margin 13.5%
Payout Ratio 36%
Moody’s Ba3
S&P BB-
Fitch BB-
6 metropolises
with 23 cities
3 product lines are popular with increasing brand recognition 2018 contracted sales
target RMB60bn
High Profitability & Payout Ratio
National Layout Healthy
Financial Position
Upgraded by Capital Market
Target RMB100bn+
Robust Contracted Sales
Ample Land Bank
Strong Brand Name
• Hang Seng Composite Large Cap & Mid Cap Indexes
• Southbound Trading under Hong Kong – Shanghai Stock Connect
*Net gearing 57.7%
Finance cost 6.02%
*including senior perpetual securities. 77%
Land Bank: 15mn+ sq.m. Saleable Resources: RMB300bn+
Avg. Land Cost: RMB4,500+ *as at Mar 27, 2018
Business Overview – A journey of RMB100bn in contracted sales begins A fruitful year in 2017: achieved the goal of RMB40bn contracted sales with quality land bank replenishment; established product lines with Yuzhou features. Other segments also delivered.
Hangzhou · Riverside Sapphire
Sales performance has grown dramatically over the past few years. Contracted sales increased to RMB40.3bn in
2017 and hit a record high
Contracted ASP increased by 33% YoY, due to change of product portfolio
Presence actively extended in the first- and second-tier cities and their satellite cities with convenient rail
transportation
In-demand quality residential products launched to cater to rising consumption standards
9,997
12,689
16,929
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY2015 FY2016 FY2017
RMB / sq.m. RMB mn
Contracted Sales
5,737
12,872
21,487 8,281
10,334
18,819
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
40,000
44,000
FY2015 FY2016 FY2017
1H 2H
14,018
23,206
40,306
CAGR: 70%
‘000 sq.m.
Contracted GFA
637
1,011
1,283
765
818
1,098
0
500
1,000
1,500
2,000
2,500
FY2015 FY2016 FY2017
1H 2H
1,829
1,402
2,381
CAGR: 19%
6
Strong Contracted Sales Hit a Record High
Contracted ASP
FY2017 FY2016 FY2015
# of Cities 12 9 8
Contracted ASP (RMB/sq.m.)
16,929 12,689 9,997
FY2017 Contracted Sales by City
Xiamen 20%
Fuzhou 10%
Quanzhou 4%
Longyan 1%
Shanghai 17%
Nanjing 17%
Hefei 13%
Hangzhou 8%
Suzhou 1%
Bengbu 3%
Tianjin 5%
Huizhou 1%
Contracted Sales in FY2017
# Project City
Interest in
Project Contracted Sales As of Total Contracted GFA Contracted ASP
(%) (RMB mn) (%) (sq.m.) (RMB/sq.m.)
1 Yuzhou Central Coast Xiamen 100% 132 0% 7,114 18,515
2 Yuzhou Riverside City Town Xiamen 100% 3,071 8% 158,386 19,391
3 Haicang Dream Town Xiamen 20% 1,054 3% 52,991 19,884
4 Yuzhou Lucca Town Xiamen 100% 1,377 3% 47,409 29,035
5 Chunjiang Central Xiamen 51% 1,678 4% 57,671 29,093
6 Yuzhou Gushan No.1 Fuzhou 100% 219 1% 8,929 24,517
7 Yuzhou Oriental Venice Fuzhou 100% 2,553 6% 133,042 19,198
8 Yuzhou Cambridge Town Fuzhou 100% 99 0% 8,712 11,351
9 Yuzhou Reliance Central Mansion Fuzhou 66% 1,036 3% 36,769 28,204
10 Yuzhou City Plaza Quanzhou 100% 1,671 4% 263,586 6,338
11 Yuzhou Castle above City Longyan 100% 186 0% 21,197 8,771
12 Others Xiamen 100% 859 2% 32,399 26,498
West Strait Economic Zone 13,935 34% 828,205
13 Yuzhou City Plaza Shanghai 100% 541 1% 36,197 14,947
14 Yuzhou Commercial Plaza Shanghai 100% 94 0% 6,035 15,568
15 The Bustling Center Shanghai 100% 145 0% 3,475 41,774
16 Beautiful Garden Life Shanghai 100% 1,753 4% 55,437 31,597
17 Yuzhou Noble Mansion Shanghai 40% 2,393 6% 70,555 33,917
18 Yuzhou Mansion Shanghai 40% 994 2% 21,949 45,266
19 Yuzhou Dongtan Grace Mansion Shanghai 80% 1,075 3% 30,936 34,752
20 Yuzhou Central Plaza Hefei 100% 846 2% 99,184 8,533
21 Yuzhou Town Hefei 51% 74 0% 7,340 10,111
22 Yuzhou Royal Seal Hefei 100% 2,151 5% 207,940 10,345
23 Yuzhou Central Town Hefei 100% 2,164 5% 145,830 14,838
24 Yuzhou Moon Lake Mansion Hefei 36% 51 0% 2,975 17,124
25 Yuzhou Sky Aqua Mall Hefei 100% 92 0% 6,524 14,048
26 Yuzhou The Jiqing Nanjing 100% 1,140 3% 32,169 35,423
27 Yuzhou Lakeside Nanjing 49% 1,223 3% 98,392 12,432
28 Yuzhou Moon Riverside Nanjing 100% 755 2% 30,270 24,950
29 Yuzhou King’s Garden Nanjing 40% 1,861 5% 61,454 30,286
30 Redsun Yuzhou The Times Nanjing 51% 1,708 4% 135,187 12,635
31 Redsun Yuzhou The Spring Nanjing 51% 254 1% 11,114 22,881
32 Yuzhou Riverside Sapphire Hangzhou 49% 3,153 8% 108,273 29,123
33 Yuzhou Zhaoshang The Absolute Suzhou 20% 531 1% 35,957 14,779
34 Yuzhou Prince Lakeshire Bengbu 100% 1,161 3% 189,655 6,121
Yangtze River Delta 24,159 60% 1,396,848
35 Yuzhou Wujing The Scenery Huizhou 51% 219 1% 20,637 10,632
GHM Big Bay Area 219 1% 20,637
36 Yuzhou Palace Country Tianjin 100% 306 1% 33,384 9,165
37 Yuzhou Royal Lakeshire Tianjin 100% 373 1% 38,125 9,784
38 Yuzhou Lianfa Red Shire Tianjin 40% 1,314 3% 63,744 20,611
Bohai Rim River 1,993 5% 135,253
Total 40,306 2,380,943 16,929
8
Monthly Contracted Sales & Contracted ASP (Jan 2016 – Dec 2017)
1,299 1,367
2,962
2,492 2,282
2,470
1,951 1,982 1,853
1,722
1,213
1,613
2,064
2,981
5,106
3,891 3,995
3,450
2,694 2,511
2,200
3,525
4,290
3,598
13,411
10,939 11,462
14,309
13,788
12,956 11,745
15,418
13,910
9,628
11,028
15,885 13,148
14,435 16,146
17,728 18,799 20,116
16,921 17,180
16,828
20,000
17,203
15,252
0
5,000
10,000
15,000
20,000
25,000
0
1,000
2,000
3,000
4,000
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Contracted Sales in 2016 Contracted Sales in 2017 ASP in 2016 ASP in 2017
Contracted ASP (RMB/sq.m.)
Contracted Sales (RMB mn)
Monthly Contracted Sales & ASP in 2017
RMB mn
10,376
13,672
21,701
3,709 4,959
7,683
35.7% 36.3%
35.4%
0.0%
10.0%
20.0%
30.0%
40.0%
0
4,000
8,000
12,000
16,000
20,000
FY2015 FY2016 FY2017
Revenue Gross profit Gross margin
Revenue, Gross Profit & Gross Profit Margin
1,107 1,483 1,503
9,172 9,000
14,118
0
4,000
8,000
12,000
16,000
0
400
800
1,200
1,600
FY2015 FY2016 FY2017
Recognized GFA ASP
GFA ‘000 sq.m.
ASP RMB ‘000 / sq.m.
1,620
2,047
2,924
0
1,000
2,000
3,000
4,000
FY2015 FY2016 FY2017
RMB mn
Recognized GFA & ASP
EBITDA (a) Core Net Profit (b)
3,883
5,325
7,609
0
2,000
4,000
6,000
8,000
FY2015 FY2016 FY2017
9
Win-Win of Scale & Profitability
RMB mn
(a) EBITDA = net income + capitalized borrowing cost under cost of sales + finance cost + income tax expense + amortization + depreciation + Goodwill impairment – interest income – fair value gain/ (loss) on investment properties – fair value gain/(loss) on derivative financial instruments
(b) Core net profit is the net profit attributable to owners of the parents adjusted for mainly the after-tax fair value gain/(loss) on investment properties and fair value gain (less) on derivative financial instruments and goodwill impairment
Tangshan
Shanghai Wuhan
Fuzhou
Xiamen
Tianjin
West Strait Economic Zone
Yangtze River Delta Region
Bohai Rim Region
Central China Region
Region GFA
(million sq.m.)
Average Land Cost
(RMB)
Land Bank Proportion
(%)
Yangtze River Delta
6.13 6,960 51.7%
Region GFA
(million sq.m.)
Average Land Cost
(RMB)
Land Bank Proportion
(%)
West Strait
3.43 3,953 29.0%
Region GFA
(million sq.m.)
Average Land Cost
(RMB)
Land Bank Proportion
(%)
Central China
0.60 6,000 5.1%
Suzhou
Hangzhou
Zhangzhou Huizhou GHM Big Bay Area
Region GFA
(million sq.m.)
Average Land Cost
(RMB)
Land Bank Proportion
(%)
Big Bay Area
0.41 3,338 3.4%
Hong Kong
Zhoushan Nanjing Hefei
Bengbu
Longyan Quanzhou
Qingdao
As of Dec 31, 2017, cultivating 5 metropolitan areas with a footprint in 19 cities
As of Dec 31, 2017, the land bank was approximately 11.8 mn sq.m. with the average land cost of RMB5,697
Strategic Planning of Land Acquisition at Attractive Value
Region GFA
(million sq.m.)
Average Land Cost
(RMB)
Land Bank Proportion
(%)
Bohai Rim
1.28 4,937 10.8%
Yangzhou
10
* The equity interest listed in the table is for reference only as a result of introduction of partners for some of these projects.
Acquistion, 60.7%
Bidding & Auction, 39.3%
2017 Land Acquisition Strategy*
Bohai Rim Region, 27%
Yaangtze River Delta
Region, 42%
West Strait Economic Zone, 20%
GHM Big Bay Area,
11%
Saleable GFA
11
New Land Bank in FY2017
*Based on saleable GFA
Time City Project type Methodology %
Site area
(sq.m.)
Saleable
GFA
(sq.m.)
Att. GFA
(sq.m.)
Total
land
cost
(RMB
mn)
Att. land
cost
(RMB
mn)
Avg.
land
cost
(RMB/sq
.m.)
Mar Tianjin Resi Bidding 42% 45,437 54,524 22,900 758 318 13,902
Apr Tianjin Resi Bidding 100% 79,346 95,215 95,215 1,325 1,325 13,916
Apr Zhangzhou Resi / Com Bidding 51% 37,774 94,434 48,161 1,020 520 10,801
Apr Zhangzhou Resi Bidding 40% 38,808 116,425 46,570 1,257 503 10,797
May Suzhou Resi Bidding 51% 63,504 66,679 34,006 863 440 12,943
May Nanjing Resi/ Com Acquisition 60% 94,667 182,307 109,384 706 424 3,873
May Xiamen Resi / Com Bidding 100% 18,830 42,800 42,800 1,349 1,349 31,519
May Hangzhou Resi Bidding 100% 53,489 149,769 149,769 3,004 3,004 20,058
Jun Suzhou Resi/ Com Bidding 51% 29,141 58,282 29,724 488 249 8,373
Jun Nanjing Resi/ Com Bidding 51% 37,798 83,157 42,410 585 298 7,035
Jun Huizhou Resi/ Com Acquisition 51% 44,950 191,159 97,491 702 358 3,672
Aug Yangzhou Resi/ Com Acquisition 40% 80,100 174,100 69,640 320 128 1,838
Aug Tianjin Resi Bidding 40% 62,024 74,429 29,772 970 388 13,033
Sep Shanghai Resi Acquisition 80% 54,052 54,593 43,674 1,050 840 19,233
Sep Suzhou Resi/ Com Bidding 33% 173,253 346,506 114,347 3,259 1,075 9,405
Sep Suzhou Resi Bidding 51% 32,339 51,742 26,388 486 248 9,393
Oct Huizhou Resi/ Com Acquisition 70% 70,583 223,748 156,624 395 277 1,765
Oct Qingdao Resi Acquisition 35% 36,386 72,772 25,470 709 248 9,743
Oct Nanjing Resi Bidding 20% 73,277 146,554 29,311 1,150 230 7,847
Oct Suzhou Resi Bidding 23% 52,932 111,157 25,566 1,019 234 9,167
Nov Zhoushan Resi Acquisition 50% 109,563 230,471 115,236 2,074 1,037 8,999
Dec Tangshan Resi/ Com Acquisition 90% 213,610 608,789 547,910 1,300 1,170 2,135
Dec Zhangzhou Resi/ Com Acquisition 25% 531,963 563,881 140,970 956 239 1,695
Total 2,033,827 3,793,493 2,043,338 25,745 14,902 6,787
Boutique「 3.5」
Residential buildings with PC system prefabricated structures
3 popular product lines
Honor Langham Royale
悅府 雍賢府 禹洲府
12
Establishing Three Popular Product Lines with Craftsmanship
• Arts:From techniques to arts
• Experience:From external to internal
• Openness:From customers to end users
+ Services
Product Mix
7
3 First-time Buyer andUpgrader
Upgrader
First-time Buyer and Upgrader
First-time Upgrader Upgrader Target Group :
Name Business Form City of Location
Yuzhou World Trade Centre MALL
Xiamen Haicang Yuzhou Living Plaza Commercial Street
Yuzhou Central Coast Commercial Street
Yuzhou Plaza Office Building
Yuzhou City Plaza MALL
Quanzhou Huian Golden Street Commercial Street
Huian Plaza Office Building
Yuzhou Commercial Plaza MALL
Shanghai
Yuzhou Plaza Office Building
Research Building Office Building
Yuzhou Jinqiao International Commercial Floor in
Residential Building
Yuzhou Land Dream Commercial Floor in
Residential Building
Yuzhou Central Plaza MALL
Hefei Yuzhou Central Plaza
Commercial Street Commercial Street
Projects in Operation: 14
Commercial business geographically expanded from Xiamen, Quanzhou and Shanghai to Hefei, Hangzhou,
Suzhou, Nanjing and Wuhan.
13
Commercial Operations - Regional Expansion in Commercial Business
五緣灣酒店
Name Business Form City of Location
Yuzhou Central Town (Main Street) Commercial Street
Hefei Yuzhou Sky Aqua Mall MALL
Yuzhou Galaxy Park MALL
Riverside Sapphire Commercial Villa & Office Building
Hangzhou
Suzhou Wangting Town Project MALL Suzhou
Wuyan Bay Hotel Commercial Floor in Hotel
Xiamen
Nanjing G71 Project MALL Nanjing
Wuhan Taizihu Project MALL & Office Building Wuhan
Projects in Preparation: 8
Xiamen Yuzhou Plaza Hefei Yuzhou Central Plaza
Focus on the development of serviced apartments as well as medium-to-high-end business hotels to establish
premium hotel brands
Develop resort hotels and improve the existing hotel portfolio to strengthen the brand’s core competitiveness
14
Xiamen Yuzhou Camelon Hotel Apartment - In operation
Xiamen Wyndham Grand Plaza Royale Hotel and Howard Johnson Residence - Grand opening in 2H 2018 (est.)
Xiamen Tong’an Camelon Hotel and Spa - Grand opening in 2018 (est.)
Quanzhou Huian Hotel Project - In preparation
Hefei Feidong Hotel Project - In preparation
Wuhan Taizihu Hotel Project - In preparation
Hotel Operations - Vigorous development & growth
Advocated the philosophy of "Customer First, Service Oriented" to improve service and management systems
Formulated the quality approach of “Sincere Services, Passion for Excellence, Standard Management and
Rational Innovation"
“Yu Housekeeper”
model featuring
online
management
Various
community
cultural
activities
400
Customer
Hotlines
Our property management business grows rapidly along with the increase in new properties delivered by Yuzhou Properties each year. At the same time, our customers’ level of product satisfaction is gradually transforming into loyalty to our Yuzhou brand.
As at Dec 31, 2017
Cities Covered: 10
Managed Projects: 44
Managed Area: Approx. 10mn sq.m.
No. of Flats: Approx. 100K
FY2017 Revenue: RMB329 mn
15
Property Management - Rapidly Developing to Boost Brand Premium
Southbound Trading under the Shanghai-Hong Kong Stock Connect
2017 Best 50 of China Property Management Enterprises Brand Value
(Rank 33)
HS Composite Large Cap & Mid Cap Indexes
2017 Best 50 China Real Estate Listed Companies with Strongest
Comprehensive Strengths (Rank 36)
• By China Real Estate Research Association, China Real Estate Appraisal Center
• By China Real Estate Research Association, China Real Estate Appraisal Center
Yuzhou Noble Mansion Yuzhou Moon Lake Mansion
Expanding Branding Advantages
16
• “7th China Securities’ Golden Bauhinia Award - Most Valuable Listed Company Award” – The Group
• “Best CEO Award for Listed Company”- Mr. Lam Lung On, J.P.
• "Social Caring Pledge Scheme Award" - "Asian Social Caring Leadership Award“ – Mr. Lam Lung On, J.P.
• China Real Estate 25 Years Honor – Benchmark Project
• Three major awards of 10th Shanghai Excellent Properties Award: Planning, Green Environment and Residential Industrialization
• 12th Golden Plate Award 2017: Best Comprehensive Residential Property of the Year
• 2017 Annual livable properties in Hefei
• 2017 Anhui Real Estate Jinzun Award (Exemplary Project for Living)
• 2017 Annual China Real Estate Golden Horse Award (Exemplary Property Project for Living)
Investment Awards Social Caring Award
Yuzhou Charity Foundation Take a proactive role in spreading positive energy
17
Building Cities with Heart, Building Homes with Love
Actively engage in CSR activities
Committed to education, environment, public welfare,
culture and charitable activities
My home in Green Yuzhou Green Product Positioning: Pay attention to the harmony between people and environment
Create a Harmonious and Livable Green City Fulfill green building criteria and create benchmark projects
Practice a sustainable development business model and build cities that are human and
environmentally friendly
Create quality life, working and leisure space for people which are up to benchmark standard
17
Financial Highlights – Healthy and Stable Revenue: RMB21,701 mn (+58.73%); Core profit: RMB2,924 mn (+42.83%); Net gearing ratio: 57.73% (including senior perpetual securities 77.14%); Cash flow strong and stable
Shanghai · Noble Mansion
RMB bn 2017 2016 Changes
Total equity 17.44 11.67 +49.44%
Cash on hand 17.50 17.42 +0.46%
Net gearing ratio 57.73%
(including senior perpetual
securities 77.14%)
71.70% -13.97pp
Dividend
(HK
cents/share)
Final 21.50 22.00
Interim 8.50 --
Annual 30.00 22.00 +36.36%
RMB bn 2017 2016 Changes
Contracted sales 40.31 23.21 +73.69%
Recognized revenue 21.70 13.67 +58.73%
Gross profit margin 35.40% 36.27% -0.87pp
Profit for the year 3.13 2.09 +49.73%
Core profit 2.92 2.05 +42.83%
Highlights of FY2017 Results
19
Increasingly diversified revenue streams, with rising contributions from recurring rental income and property management
RMB mn 2017 2016 Changes
Sales of
properties 21,214 13,345 +58.96%
Rental income 140 124 +13.00%
Property
management
fee income
329 182 +80.68%
Hotel operation
income 18 20 -9.36%
Total 21,701 13,672 +58.73%
97.8% 97.6%
0.6% 0.9%
1.5% 1.3%
0.1% 0.1%
2017 2016Sales of propertiesRental incomeProperty management fee incomeHotel operation income
100% = RMB 13,672 mn
100% = RMB 21,701 mn
20
Highlights of FY2017 Results (cont’d)
*After Tax
Xiamen, 35%
Fuzhou, 11%
Quanzhou, 3%
Longyan, 5%
Shanghai, 17%
Hefei, 10%
Nanjing, 16%
Bengbu, 1%
Tianjin, 2% Huizhou, 0%
Recognized Property Sales by City
Xiamen, 25%
Fuzhou, 14%
Quanzhou, 6% Longyan, 13%
Shanghai, 10%
Hefei, 19%
Nanjing, 7%
Bengbu, 2% Tianjin, 3%
Huizhou, 1%
Recognized GFA by City
Recognized GFA & ASP
1,107
1,483 1,503 9,172 9,000
14,118
0
4,000
8,000
12,000
16,000
0
400
800
1,200
1,600
FY2015 FY2016 FY2017Recognized GFA ASP
GFA ‘000 sq.m.
ASP RMB ‘000 / sq.m.
Recognized Property Sales*
3,418 4,019 7,047
6,740 9,327
14,166
-
5,000
10,000
15,000
20,000
25,000
FY2015 FY2016 FY2017
2H
IH
RMB mn
10,158
13,345
21,213
Analysis of Recognized Property Sales
21
20,083
25,787 27,567
-
5,000
10,000
15,000
20,000
25,000
30,000
FY2015 FY2016 FY2017
Strong Balance Sheet
11,949
17,418 17,498
-
5,000
10,000
15,000
20,000
FY2015 FY2016 FY2017
RMB mn
Cash Position
52,846
68,861
79,905
-
20,000
40,000
60,000
80,000
100,000
FY2015 FY2016 FY2017
RMB mn
Total Assets RMB mn
10,241 11,673
17,443
-
4,000
8,000
12,000
16,000
20,000
FY2015 FY2016 FY2017
Total Equity
Total Debt
22
RMB mn
X X
Strong Balance Sheet (cont’d)
23
(a) Net debt = Total debt–Total cash (b) Total capitalization = Total debt + Total equity
2.1
1.6
1.3
-
0.5
1.0
1.5
2.0
2.5
FY2015 FY2016 FY2017
X
X
Net Debt(a) / EBITDA Net Debt(a) / Total Equity
79%
72%
58%
77%
0%
20%
40%
60%
80%
100%
FY2015 FY2016 FY2017
Including senior perpetual securities
%
Net Debt(a) / Total Capitalization(b)
27%
22% 22%
0%
5%
10%
15%
20%
25%
30%
FY2015 FY2016 FY2017
%
137.11
38.55
100.00
RMB, 65%
HK$, 4%
US$, 31%
Sustained a manageable net gearing ratio, with successful financing measures that further reduced the average
funding cost
Moody’s, S&P and Fitch retained our ratings at Ba3, BB- and BB- respectively
Golden Credit Rating International issued AA+ rating
Stable Financial Position and Diversified Financing Channels
Optimized financing structure(RMB mn)
Lowering weighted average financing cost
7.00
6.08
5.00
6.00
7.00
8.00
9.00
10.00
FY2015 FY2016 FY2017
%
Proportion of foreign currency debt
24
FY2017 FY2016
Onshore 6.41% 5.67%
Offshore 5.57% 6.31%
Weighted Average
6.02% 6.08%
6.02
Bank and other loans Due within 1 year :6,704mn In the second year :801mn In the third to fifth years :5,510mn Beyond 5 years :6,960mn
Senior notes Due in 2022: 2,249mn Due in 2023: 1,606mn
Corporate bonds Due in 2018: 2,000mn Due in 2019: 5,000mn Due in 2020: 3,000mn
FY2017 FY2018E
Cash inflow
Cash proceeds from contracted sales and other income +28.0 +42.6
Cash outflow
Land premium paid -17.9 -24.3
Construction cost capex -7.0 -9.0
Other expenses - Interest, tax, dividends and others -8.1 -9.9
(RMB bn)
FY2017 Cash Position
25
Future Perspective – Grasping the opportunities to a prospective future
Shanghai · Yuzhou Mansion
Market Outlook
27
Markets have gradually priced in the expectation of property tax being implemented
Considering the interests of society, the government will play a coordinating role in establishing a more comprehensive tax collection system, a truly open and fair tax base
An era of “deleveraging” is coming, which will be conducive for the industry to achieve continuous and healthy development
Quality real estate enterprises will have significantly better finance capability than small-scale real estate enterprises, and the difference in financing costs will be further widened
Quality real estate enterprises with high profitability and low finance costs will see larger room for development
Enterprises’ self-expanding and M&A activities will drive further industrial concentration
The era of “Five Restrictions” (restrictions on purchase, mortgage, price, sales and signing of contract) is expected to continue
Accelerated
Industry
Consolidation
Expectation of Property
Tax
Era with
“Five
Restrictions”
Financing
Environment
Division
Taking urban agglomeration as a major target of regulation and control, the scope of regulation and control will be expanded from Tier 1 & 2 cities to the surrounding Tier 3 & 4 cities
Strategies for 2018
28
Profit
Scale
Risk
Total land bank : 15mn+ sq.m.
Total saleable resources:RMB300bn+
National layout in 23 cities
A RMB100bn Journey Begins
29
Confident to achieve RMB100bn+ by 2020
CAGR targets to exceed 40% for contracted sales
2018 to date: - Seven premium projects of Coastal
Greenland Ltd (01124.HK) - Entering 4 new cities - New saleable resources of RMB60bn
120 140 232
403
600
1,000
FY2014 FY2015 FY2016 FY2017 FY2018E FY2020E
···
Contracted Sales +
*The names of regional companies are tentative and will be adjusted according to the specific circumstances.
Gradually Develop a 3-Layer Management Mode Lay a Sound Foundation for Further Strategic Targets
30
Bohai Rim
Region
East China Region
West Strait West Strait
Region South China
Region
Central China
Region Regional Company
Already set up the South China Regional Company in Shenzhen, laying a good foundation for the further development in Big Bay Area
Other Related Business
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egio
nal
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egio
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Pro
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Man
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egio
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West Strait R
egion
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Shan
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Nan
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om
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Headquarters of Yuzhou
• The center of the south area of
Qiantan, gifted with the largest
wild wetlands / Central Park in
Shanghai, and regarded as an
oriental aesthetics masterpiece
• GFA: 174,826 sq.m.
• Unit size: 85 – 145 sq.m.
• Land cost: RMB13,242/sq.m.
• ASP: ≈ RMB35,000/sq.m.
• Located in Tianjin Binhai New
Area with complete supporting
facilities including education,
health care, recreation and
other living facilities and
landscape resources
• GFA: 76,296 sq.m.
• Unit size: 85 – 115 sq.m.
• Land cost: RMB4,456/sq.m.
• Est. ASP: RMB17,000/sq.m.
Shanghai Yuzhou Noble Mansion (上海禹洲·雍賢府)
Hangzhou Yuzhou·Riverside Sapphire (杭州禹洲·濱之江)
Tianjin Yuzhou Joy Country (天津禹洲·悅府)
Shanghai Yuzhou Country (上海禹洲府)
Key Projects in 2018
31
• Located in Zhijiang, Hangzhou
West Lake District, and being
connected by Zhijiang bridge and
Zizhi tunnel with the main city.
This project has convenient
transportation and complete
supporting facilities, and is in the
most livable urban area
• GFA: 298,773 sq.m.
• Unit size: 89 – 140 sq.m.
• Land cost: RMB13,738 /sq.m.
• ASP: ≈RMB30,000/sq.m.
• Located in Maqiao, Shanghai
Minhang District, next to the
Hi-tech Development Zone
and Zizhu hi-tech park. These
industries attract a huge
number of high-end citizens.
• GFA: 90,776 sq.m.
• Unit size: 75 – 120 sq.m.
• Land cost: RMB28,972/sq.m.
• ASP: ≈ RMB46,000/sq.m.
• Located in Wuhan’s economic and technological development zone, on the Jiangcheng and Taizi North Roads. Supporting facilities include a well-developed shopping mall, Taizi Lake and golf courses.
• GFA: 598,179 sq.m.
• Unit size: 95 – 165 sq.m.
• Land cost: RMB6,000/sq.m.
• Est. ASP: ≈ RMB20,000/sq.m.
• Located in the central area of Jinnan District, close to the sub-campuses of Tianjin University and Nankai University
• GFA: 149,739 sq.m.
• Unit size: 113 – 142 sq.m.
• Land cost: RMB13,900/sq.m.
• Est. ASP: ≈ RMB26,000/sq.m.
Wuhan Taizi Lake Project (武漢 太子湖項目)
Suzhou Yuzhou Zhaoshang The Absolute (蘇州 禹洲招商拾鯉花園)
Tianjin Graceful Mansion (天津 雍和府)
Huizhou Wujing The Scenery (惠州 五經山水大觀)
Key Projects in 2018 (cont’d)
32
• Located in Suzhou’s Xiangcheng district, which will include an industrial park, lake scenic park and business and commercial district. Local government is committed to building a comprehensive industrial park that focuses on the hi-tech and creative industries
• GFA: 230,963 sq.m.
• Unit size: 86 – 132 sq.m.
• Land cost: RMB6,585/sq.m.
• ASP: ≈ RMB15,000/sq.m.
• Located in the core area of Zhongkai Hi-tech Zone, next to the Dongguan - Huizhou high-speed rail link. Residents can enjoy convenient transportation and great growth potential
• GFA: 191,159sq.m.
• Unit size: 94 – 136 sq.m.
• Land cost: RMB3,670/sq.m.
• ASP: ≈ RMB11,000/sq.m.
Appendix
Nanjing · Moon Riverside
Monthly Transaction Volume and ASP of Residential Properties
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
111 81
366
598
425
307
239
166 142
117 83 93
71 72
401
168
81 103
67 68 117
151 118
90
23,851 23,467
22,619
23,083
28,368
28,000 28,761
28,116
26,914 31,316
37,283
31,520
31,536
39,151
33,567
33,693
35,266
35,271
38,282
33,377
32,178
35,292
34,105
35,355
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
0
100
200
300
400
500
600
700
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
2,246
1,248 1,474
1,373
2,131 1,655 1,586
2,622
4,777 4,490
3,144 3,516
2,731
1,505
3,399 3,479
11,972
11,532
5,829
28,769
25,658
13,905 13,482
15,701
19,848
20,535
26,518
34,375
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1,000
2,000
3,000
4,000
5,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.
Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Residential Land Supply and Property Transactions – Xiamen
Xiamen Real Estate Market Overview
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
Source: CRIC, residential housing (excluding subsidized housing)
34
176
141
301 316
230
309
216
280
339
160
68
116
81 104
148
54 62 80
97 128
152
187 172
237
14,135
13,539
15,368
15,389
15,795 18,389
16,888
18,263
18,551
18,984
19,497 18,546
16,942
16,187 17,037
18,751
20,347
18,680
22,414
24,965
24,397
21,926
25,376
23,675
0
5,000
10,000
15,000
20,000
25,000
30,000
0
100
200
300
400
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000sq.m. ASP of Residential Properties RMB/sq.m.
2,905
2,177
3,483
1,766
2,438 2,326
3,791
1,875
2,524 2,764
2,410
3,023
2,652
1,501
5,376 3,729 3,918 4,280 11,010 11,037 10,739
14,231 14,188 16,372 16,552
14,910 16,879
21,636
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
Source: CRIC, residential housing (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Fuzhou
Fuzhou Real Estate Market Overview
35
14,989
9,827
14,328
10,137 11,554
6,476
11,247
7,278
9,342
12,800
9,713
14,973 13,917
6,392
3,752 4,125 6,177 9,041 9,779
17,261
8,973
22,413 22,594 24,253 27,212
32,001
38,283
47,865
0
10,000
20,000
30,000
40,000
50,000
60,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.
Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
1,339
713
2,296
972 989
1,249 1,314
1,870
1,038 869
604 664
388 361
742 672 709 685 670
461 530
335 374 465
35,911
36,381
33,213 32,724
36,747
36,646 37,357
42,475
44,893
44,042
46,545
40,794
48,205
47,244
48,014
47,682
48,276
47,623
46,189
48,958
45,989
48,790
49,214
49,543
0
10,000
20,000
30,000
40,000
50,000
60,000
-
500
1,000
1,500
2,000
2,500
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
Source: CRIC, residential housing (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Shanghai
Shanghai Real Estate Market Overview
36
859
619
979
845
735
1,210
819
1,013 1,032
523
236 342
216 212 210 219 265 230
405 435
553
436
587
305
9,215
9,177
9,590 9,916
11,049 11,385
12,002
11,689
14,034
12,365
13,686
11,283
11,693
13,228 13,873
13,486 11,560 12,672
11,557
11,617
11,894
11,690
14,295
15,125
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-
200
400
600
800
1,000
1,200
1,400
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
10,805
16,620
21,566
18,732
13,837 12,682 11,800
4,519
8,167
12,319
9,240 9,147 9,211
4,074
1,641 1,468 1,641
2,050 3,509
8,839
6,581
6,854 6,472
6,722
7,672
8,500
11,178 12,666
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
5,000
10,000
15,000
20,000
25,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.
Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Hefei
Source: CRIC, residential housing (excluding subsidized housing)
Hefei Real Estate Market Overview
37
1,421
869
1,852 1,892
1,880 1,375
1,460
1,208
1,556
941 797
610 616
337
649 723
1,001 860 833
488
915
533 676
1,239
16,952 17,791
15,760 15,974
19,526 19,969
20,782
20,019
21,573
20,664
21,009 20,607
20,764
21,107 20,187
20,878
20,955
21,151
22,063
21,519
24,899
20,931
23,417
20,734
0
5,000
10,000
15,000
20,000
25,000
-
500
1,000
1,500
2,000
2,500
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
9,193 8,629
11,691 13,278
9,768 9,433 7,029
4,499
7,708
10,001
8,615
12,787
15,860
8,869
2,737
3,744 5,768
4,078
7,194
15,452 14,804
10,991 10,967 12,252
13,804 15,140
18,913
21,601
0
5,000
10,000
15,000
20,000
25,000
0
5,000
10,000
15,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Nanjing
Source: CRIC, residential housing (excluding subsidized housing)
Nanjing Real Estate Market Overview
38
1,015
591
2,501
1,916 1,822 1,726 1,729 1,638
2,381
1,553
807 994
716 653
1,605
1,132 1,000
1,923
1,538 1,515 1,312
980 984
1,750 16,859
16,232
16,605
16,418 16,486 16,864
16,382 18,143
18,604 18,983
17,208
18,857
19,143 19,441
19,823
20,063 20,028
22,618
24,635
25,330
25,110 28,106
26,561
22,831
0
5,000
10,000
15,000
20,000
25,000
30,000
-
500
1,000
1,500
2,000
2,500
3,000
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
6,561 7,079
14,898
7,412 7,056
10,275 11,975
3,842
8,197 8,663 8,903
12,867
18,673
15,109
4,969 6,071
6,649 7,263 8,085
13,424 15,900 16,619
14,581 16,663 15,484
15,878
17,313
22,987
0
5,000
10,000
15,000
20,000
25,000
0
5,000
10,000
15,000
20,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.
Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Hangzhou
Source: CRIC, residential housing (excluding subsidized housing)
Hangzhou Real Estate Market Overview
39
1,670
841
1,753
1,272 1,088
929 821
954
1,672
829
391 457 444 459
929 749
642
1,084
753 644
746 718 764 784
14,311
15,496
16,465 17,467
17,488 18,536
18,065 17,130
18,238
20,654
20,682 19,404
17,516 18,540
19,096
18,877
19,852
18,174
18,254
19,355
17,923
18,338
18,485
18,897
0
5,000
10,000
15,000
20,000
25,000
-
500
1,000
1,500
2,000
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
9,659 9,326 9,836 9,671 8,675
10,481
7,893
4,031
6,411
8,089 7,701
11,763 12,677
8,716
3,984
2,693 4,321
4,031 6,596
13,251 11,458
12,329
11,226 11,888
12,116 13,163
17,355
18,621
0
5,000
10,000
15,000
20,000
25,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2011 2012 2013 2014 2015 2016 2017
Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Suzhou
Source: CRIC, residential housing (excluding subsidized housing)
Suzhou Real Estate Market Overview
40
2,087
1,460
3,074 3,122 2,660 2,580 2,270
2,747
1,979 2,095
2,448 2,276
1,292 990
1,845 1,662 1,511
1,493 1,494
1,249 1,496
1,651 1,533
2,048
9,294
9,346
9,409 9,278 9,306 9,399 9,414 9,295 9,678 9,427
9,804 9,616 9,876
9,602
9,763 10,059
10,227
10,382
10,291
10,690 9,824
10,396 9,728 9,648
0
2,000
4,000
6,000
8,000
10,000
12,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
22,082
44,028
24,864 23,537
16,440 17,993
27,518
8,289 10,856
14,807 16,255
21,468
28,798
18,263
1,898 1,831 2,276 2,178
3,267
5,060
5,066
7,430 7,152 7,093
7,796 8,810
9,432 10,031
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
0
10,000
20,000
30,000
40,000
2011 2012 2013 2014 2015 2016 2017Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Wuhan
Source: CRIC, residential housing (excluding subsidized housing)
Wuhan Real Estate Market Overview
41
1,073
711
2,492
3,054
1,906 1,971 1,831
2,012 1,901
2,316 1,985
2,068
760 763
2,071
953
1,235 1,478 1,276
1,065 1,167 954 989 1,075
11,816 11,741
12,484 12,733 12,297 12,346
12,596 12,602
14,464
14,787
15,647 16,350
14,934
16,799 17,117
14,770 15,091
15,811 15,396
15,563
14,623
15,285
15,691
15,762
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Monthly Transaction Volume of Residential Properties '000 sq.m. ASP of Residential Properties RMB / sq.m.
25,940
14,967
16,807
12,596
8,673
14,207
11,054 8,865 8,888
11,819 9,566
13,561
23,321
13,786
1,952 2,674 3,682
5,039 5,766
8,796
10,315 9,347 10,061 10,218
10,553 11,546
13,458
15,670
0
5,000
10,000
15,000
0
5,000
10,000
15,000
20,000
25,000
30,000
2011 2012 2013 2014 2015 2016 2017Land Supply (GFA) for Residential Properties '000 sq.m. Transaction Volume of Residential Properties '000 sq.m.
Per GFA Land Cost RMB / sq.m. ASP of Residential Properties RMB / sq.m.
Monthly Transaction Volume and ASP of Residential Properties
Source: CRIC, pure residential and commercial land obtained by bidding and auction in open market (excluding subsidized housing)
'000 sq.m.
'000 sq.m.
RMB/sq.m.
RMB/sq.m.
Residential Land Supply and Property Transactions – Tianjin
Source: CRIC, residential housing (excluding subsidized housing)
Tianjin Real Estate Market Overview
42
FY2017 Key Financials
FY2017 FY2016 Changes
Revenue (RMB’000) 21,700,673 13,671,828 +58.73%
Gross profit (RMB’000) 7,683,054 4,958,912 +54.93%
Gross profit margin (%) 35.40% 36.27% -0.87pp
Core profit (RMB’000) 2,923,989 2,047,126 +42.83%
Core profit margin (%) 13.47% 14.97% -1.50pp
EPS (RMB/share) 0.70 0.47 +48.94%
CEPS (RMB/share) 0.74 0.54 +37.04%
43
FY2017 Key Financials (cont’d)
44
(RMB’000) As at 31 Dec 2017 As at 31 Dec 2016 Changes
Total assets 79,904,817 68,860,512 +16.04%
Total liabilities 62,461,581 57,187,776 +9.22%
Total equity 17,443,236 11,672,736 +49.44%
Total cash 17,498,208 17,417,534 +0.46%
Total debt 27,567,486 25,786,793 +6.91%
Net debt 10,069,278 8,369,259 +20.31%
Net gearing ratio (%) 57.73%
(including senior perpetual
securities 77.14%)
71.70% -13.97pp
These materials have been prepared by Yuzhou Properties Company Limited (the “Company”) solely for informational use during its presentation to current and/or prospective investors to provide an update on the business performance and development of the Company.
No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. The information contained in these materials should be considered in the context of the circumstances prevailing at the time and is subject to change without notice and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company nor any of its respective directors, officers, employees, affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials.
These materials and subsequent discussions may contain certain statements which would constitute "forward-looking statements”. Such forward-looking statements involve risks, uncertainties, future events and our future financial, operational, business or other performance, and are subject to a number of uncertainties and factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed by, or implied by, the forward-looking statements in these materials. There can be no assurance that the results and events contemplated by the forward-looking statements contained in these materials will in fact occur. You should not place undue reliance on these forward-looking statements, which reflect our belief only as of the date of this presentation. These forward-looking statements are based on our own information and on information from other sources we believe to be reliable. Past performance cannot be relied on as a guide to future performance.
This document does not constitute an offer or invitation to purchase or subscribe for any securities of the Company or any holding company or any of its subsidiaries or an inducement to enter into any investment activity. No part of these materials, or the fact of its distribution or use, shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto.
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