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On Feb 27, 2019, Yuexiu Property Company Limited (hereinafter referred to as “Yuexiu Property”) announced its 2018 results, its acquisition of 86% of equity interests of the complex onGuanhu Section and its acceptance of Guangzhou Metro as a shareholder by purchasing 19.9% of its shares at a premium.

I. Result Highlights

Continuous Enhancement of Business Performance

In 2018, Yuexiu Property achieved an operating income of about RMB 26.34 billion Yuan, with a growth of 11.1% year-on-year; gross profit rate of about 31.8%, with a growth of 6.1% year-one-year;profit attributed to shareholders of about RMB 2.73 billion Yuan, with a growth of 20.7%year-one-year; core profit (?)of about RMB 2.81 billion Yuan, with a growth of 19.6% year-on-year. In consideration of the said circumstances, Yuexiu Property’s Board of Directors proposed a final dividend of 0.051 HKD per share for 2018. With the addition of the interim dividend, the total dividend per share within the year would be 0.093 HKD per share, representing a year-on-year growth of 1.1%.

Sales Hits Another Record High

In 2018, even in the face of increasingly tightened regulatory policies regarding real estate industry and tough & complicated external market environment, Yuexiu Property achieved good sales performance by means of timely adjusting sales strategies according to the specific circumstances in different regional markets and increasing the tempo of sale and financial recovery. According to the recorded contracts, Yuexiu Property’s sales (including the sales of projects managed by joint ventures) reached about RMB 57.78 billion Yuan, representing a year-on-year growth of 41.4%; and the sold area about 2.77 million sq.m., representing a year-on-year growth of 24.7%.

Increase of High-quality Land Reserves in Many Ways

In 2018, Yuexiu Property newly purchased 16 land plots with lower premium by multiple means such as cooperation with state-owned enterprises, bidding and acquisition in 8 cities including Guangzhou, Jiangmen, Wuhan, Xiangyang, Suzhou, Yantai, Qingdao and Jinan. As at Dec 31, 2018, Yuexiu Property’s total land reserves reached about 19.41 million sq.m. As for regional distribution,Yuexiu Property takes Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta and Central Region as the three major growth poles.

Continual Optimization of Financial Situation

In 2018, by making full use of its advantages in multiple financing channels at home and abroad, improving the management of funds and optimizing financing modes, Yuexiu Property successfully issued 0.8 billion USD in three-year and 40,000 million USD in five-and-a-half-year cooperate bonds, optimizing the combination of bond period and the structure of bonds.

Steady Development of Commercial Real Estate and New Businesses

By forging a capacity of commercial operation, Yuexiu Property developed commercial real estate into a “stabilizer” for its performance. During the year of 2018, Yuexiu Property sold its high-quality property Victoria Business Center in Hangzhou to Yuexiu REIT Fund at a price of RMB 0.557 billion Yuan, further promoting the development mode of “Development + Operation + Finance”. And this year witnessed a smooth progress in its urban renewal business, a substantial progress in the development mode of “Rail Transportation + Real Estate”, a new perspective on nursing facility development and a steady progress in house leasing business.

II. Acquisition of86%of equity interests of the complex onGuanhu Section and acceptance of Guangzhou Metro as a shareholder by purchasing partial shares at a premium

Yuexiu Property announced that it acquired 51% of equity interests from Yuexiu Group at a cost of about RMB 8.482 billion Yuan and 35% of equity interests from Guangzhou Metro at a cost of about 5.626 billion Yuan. It also announced that it issued 3,080,973,807 shares to Guangzhou Metro at a price of 2.00 HKD per share with a premium of 22% compared to the closing share price of 1.64 HKD per share on Feb 27, 2019.

Once the transaction of the complex on Guanhu Section is successfully completed, Yuexiu Property’s capability in property operation would be enhanced. And the acceptance of Guangzhou Metro as a shareholder further stabilizes the development of Yuexiu Property on the basis of the strategic mode of “Rail Transportation + Real Estate”. Guangzhou Metro’s being a shareholder by purchasing partial shares of Yuexiu Property at a premium fully reflects its confidence in Yuexiu Property’s managerial capacities and future development prospects; this transaction also means that Yuexiu Property and Guangzhou Metro, the two leading state-owned enterprises in Guangzhou who joined forces would make a greater contribution for the construction ofGuangdong-Hong Kong-Macao Greater Bay Area.