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Logan Property Holdings Company Limited

2018 Annual Results Presentation

March 2019

I Results HighlightsII Value of Guangdong-HK-Macao

Greater Bay AreaIII Land Bank & StrategyIV Outlook

Contents

2


Greater Bay AreaIII Land Bank & StrategyIV Outlook

Contents

3

Key Highlights: Annual Results 2018

1Solid Earnings

Growth Across Cycles

4GBA leader, DiversifiedPremium

Land Bank

Core Profit1RMB7.66bn（+65.7%）, industry-leading profitability

Property Development gross profit margin 35.6%，Industry-leading core profit margin 17.3%

Total saleable resources RMB652bn(>80% locatedin GBA)

Urban renewal projects turned into saleableresource and new earning drivers (total resources:RMB250bn)

Forward-looking layout in core cities in GBA，diversified premium low-cost land bankacquisition

2018 EBITDA interest coverage ratio >4.8x Cash on hand RMB35.7bn, net gearing of

63%

Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax

As at 31 Dec 2018, weighted average cost of borrowing of 6.1%

First issue of SG$200mn senior notes @6.125% Diversified channels: US$ senior notes, offshore

syndicated loans, on-shore corporate bonds and ABS

3Stable High Dividends

Payout

5Low-cost

Diversified FinancingChannels

2High Growth

in ContractSales

6Prudent Financial

Policy

Proposed final dividends of HK47 cents（including 10% 5th anniversary special dividend of HK7 cents）

Proposed 2018 total dividends of HK75cents; payout ratio approximate 50% ofcore profit attributable to shareholders

Contract sales RMB71.8bn（+65.4%）, exceeded 2018 sales target

2019: Attributable contract sales target of RMB85bn (2018: 71bn)，YoY growth >20%

4

(‘000 sqm)

11,870

17,096 16,008

2016 2017 2018

2016 2017 2018

Shenzhen Region 12,450 16,762 24,696

Other GBA

Regions4,865 9,856 18,660

Nanning Region 3,268 7,179 17,626

Shantou Region 6,590 8,980 5,178

Singapore - - 3,351

Other Regions 1,543 644 2,292

43.4%

38.6%

34.4%

16.9%

22.7%

26.0%

22.9% 20.7%7.2%11.4%

16.5%

24.5%

4.7%5.4% 1.5% 3.2%

2016 2017 2018

Shenzhen Region 582 356 396

Other GBA

Regions401 582 1,428

Nanning Region 467 802 1,921

Shantou Region 636 626 433

Singapore - - 36

Other Regions 212 60 187

25.3% 14.7%

9.0%

0.8%

27.7%25.8% 9.8%

20.3% 33.1%

43.6%17.4%24.0%

32.5%

9.3% 2.4% 4.3%

2,426

4,401+81.4%

(RMB ∕sqm)

Contract Sales GFA1 Contract Sales(RMB mn)

Average Selling Price2

45.8%

49.7% 43.6%

2,298

71,803

43,421

28,716

Note 1: Contract sales GFA excludes area for car parking spaces.Note 2: Average selling price excludes car parking spaces.Note 3: Info from internal data, Shenzhen Home & EH Consulting

Strong contract sales growth

+65.4%

Leader in Core Markets3

Shenzhen: No. 1 with units sold and area sold

Shantou: No. 1 with sales value

Nanning: No. 1 with area sold and attributable sales value

5

2016 2017 2018

Shenzhen Region 7,702 3,916 22,931

Other GBA

Regions4,920 10,291 10,398

Nanning Region 3,372 3,039 5,551

Shantou Region 4,763 9,424 2,715

Other Regions 644 1,834 177

2.9% 6.4% 0.4%

22.3%

33.1%

6.5%

15.8%

10.7%

13.3%

23.0%

36.1%

24.9%

36.0%

13.7%

54.9%

41,772+46.5%

28,504

21,401

2016 2017 2018

Shenzhen Region 167 107 383

Other GBA

Regions495 770 638

Nanning Region 518 447 678

Shantou Region 578 757 154

Other Regions 101 213 9

5.4% 9.2% 0.6%

31.1%

33.0%

8.2%

27.9%

19.5%

36.4%

26.6%

33.6%

34.2%

9.0%

4.7%

20.6%

2,294

1,8621,859

Recognized GFA1 Recognized Sales2 ASP of Recognized Sales3

(‘000 sqm) (RMB mn)

45.8%

43.6%

Note 1: Recognized GFA excludes area for car parking spaces.Note 2: Recognized Sales are tax inclusive.Note 3: Average selling price of recognized sales excludes car parking spaces.

Solid growth of recognized sales & ASP

10,96311,730

21,901

2016 2017 2018

+86.7%

(RMB/sqm)

6

31.9%

34.4% 33.7%31.8%

35.0% 35.6%

15.1%16.7% 17.3%

10%

20%

30%

40%

2016 2017 2018

GP MarginProperty development GP MarginCore Profit Margin

20,539

27,690

44,137

0

6,000

12,000

18,000

24,000

30,000

36,000

42,000

48,000

2016 2017 2018

+59.4%

（RMB mn）

3,106.7

4,620.0

7,654.7

0

2,000

4,000

6,000

8,000

10,000

2016 2017 2018

（RMB mn）

Revenue Core Profit1Profit Margin

Industry-leading profitability, high quality growth

+ 65.7%

7Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax

19 2011 11 14

22

17

40

3

5

15

0

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018

Interim Final Special（HK cents）

Total Dividend Per Share

Note 1: Dividend payout ratio = Total dividend /core profit attributable to shareholders

21.6%25.0%

33.1% 35.0% 35.0%40.0%

5.0% 5.0%

10.0%

0%

10%

20%

30%

40%

50%

2013 2014 2015 2016 2017 2018

Annual/Interim Special

Dividend Payout Ratio1

Attractive and stable investment return

8

Debt Expiry

Onshore Bank

Borrowings

25%

Onshore

Corporate

Bonds 35%

Offshore Bank

Borrowings

12%

Offshore Senior

Notes 28%

Debt Structure （Types）

Weighted AverageCost of Borrowing

6.1%

Diversified financing channels, prudent financial policy RMB35.7bn cash on Hand, >2.0 x one-year borrowings

9

Within One Year

29%

One to Two Years

26%

Two to Five Years

45%

Total Borrowings: RMB58.94bn

Onshore：60%

Offshore：40%

8.8%

6.8%6.1% 5.8% 6.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31

Weighted Average Cost of BorrowingNet Gearing

10

66%

58%

71%67%

63%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31

Diversified financing channels, prudent financial policy


Greater Bay Area III Land Bank & StrategyIV Outlook

Contents

11

Compared with the other three major Bay Areas: GBA has the largest land area, population and population density. GBA has a complete industry value chain, with long-term growth potential in its population and per capita GDP.

Sources：Wind, Bureau of Economic Analysis, Website of Cabinet Office, Government of Japan/Strategic Development Research Office

Note：Data of GBA is updated to Year 2018 (population figure is official forecast))；Data of Tokyo Bay’s GDP refers to Year 2016，Others refer to Year

2017；Data of New York Bay & San Francisco Bay is updated to Year 2017；

GDP is estimated based on the CAGR of each Bay Area in 2012-2017（GBA7.3%、Tokyo Bay1.6%、New York Bay3.6%、San Francisco Bay7.1%）

The Greater Bay Area(“GBA”)

12

Indicator Secondary IndicatorGuangdong-Hong Kong-Macao Greater Bay Area

Tokyo Bay Area New York Bay AreaSan

FranciscoBay Area

Unit

Area Administrative area 56,031 36,895 21,478 17,890 sq km

Permanent residents 7,112 4,407 2,032 776 ten thousand people

New permanent residents in the past five years 706 59 42 40 ten thousand people

Population density 1,269 1,195 946 434 person per sq km

GDP 16,415 19,909 17,177 8,356 hundred million dollars

GDP per capita 23,080 45,176 84,529 107,737 dollars

Land output value 2,930 5,396 7,998 4,671 ten thousand dollars per sq km

Number of the world's top 500 companies 20 38 19 12 pcs

Primary indutries of the world's top 500 companies Tech、Finance、Real Estate Finance、Tech、Commerce、Vehicles Finance、Media、Food Tech -

Number of the world's top 100 universities(QS Ranking) 5 2 4 2 pcs

Port throughput 7,650 807 671 242 ten thousand TEUs

Airport throughput 20,191 12,604 13,235 8,137 ten thousand people

Comparison of primary macro indicators in the four major international bay areas in 2018

Population

Economy andIndustry

Transport

Comment: Datum of port throughput & airport throughput are updated to 2017; Datum of New York Bay Area and San Francisco Bay Area are updated to 2017;

GDP data of Tokyo Bay Area is updated to 2016, the rest datum are updated to 2017; Datum of Guangdong-Hong Kong-Macao Greater Bay Area are updated to 2018(Population datum are estimated by the official);

13

SystemAdvantage

IndustryAdvantage

MarketAdvantage

Hong Kong has a mature legal and intellectual property protection systems which are widely accepted by the international business communities.

China central government has efficient decision making system and strong execution capability.

Integrating the characteristics of three major international bay areas, GBA has a world-class complete industry chain concentrated on a limited land area. (Finance+Innovative Technology+High-end manufacturing)

GBA’s population is over 70 million.

GBA itself is a huge market of consumption.

GBA: unique competitive advantages

GBA: Strategic Positioning

A globally influential international innovation and technology hub

Core Task,

Growth Mode

Attract international high-end innovation resources externally and promote industrial structure upgrade internally

A vibrant world-class city clusterMission

&Vision

New engine for China’s economy to go one step further, the benchmark for high-quality development

Quality Living Circle for Living, Working and Travelling

Key Construction

Tasks

Construct international comprehensive transport system& one-hour living circle

Construct quality-living bay area & cultured bay area,expand the scope for employment and entrepreneurship,provide sustainable quality-living mode and attract International population inflow

A showcase for in-depth cooperation between China and Hong Kong & Macau

National StrategyGovernment Execution

Promote in-depth cooperation between the Mainland and Hong Kong & Macau, sustain Hong Kong and Macau's long-term prosperity and stability

An important support pillar for the Belt and Road Initiative

National Strategy,

GovernmentExecution

An important node of China's comprehensive opening to the outside world’s strategy

14

GDP: surpass Tokyo Bay in 2025, becoming the bay area with largest GDP in the world. Surpass UK in 2030, becoming the 5th largest economy in the world

Population: surpass Germany (>90 million) in 2030, surpass Japan (>130 million) in 2050

Sources：Wind, Bureau of Economic Analysis, Website of Cabinet Office, Government of Japan/Strategic Development Research Office

Note：Data of GBA is updated to Year 2018 (population figure is official forecast))；Data of Tokyo Bay’s GDP refers to Year 2016，Others refer to Year 2017；Data of

New York Bay & San Francisco Bay is updated to Year 2017；GDP is estimated based on the CAGR of each Bay Area in 2012-2017（GBA7.3%、Tokyo Bay1.6%、New

York Bay3.6%、San Francisco Bay7.1%）.

GBA population is estimated to increase by 1.6 million annually in 2018-2030 and 2 million in 2030-2050 (2018 figure is based on official estimate). Other 3 bay area’s

population is estimated by their annual population CAGR in 2010-2017 respectively.

GBA： Forecast of Economy & Population

15

23,097

5,000

15,000

25,000

35,000

45,000

55,000

Guangdong-Hong Kong-Macao Greater Bay AreaTokyo Bay AreaNew York Bay Area

GDPs of world-class bay areas in comparison

Unit: hundred million dollars

Quality Living Circle for Living, Working and Travelling

16

17

Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area is a substantial long-term positive catalyst,GBA economy will have a sustained and rapid development for more than 30 years;

GBA: strategic value and solid growth potential

GBA will become a large market of consumption with the highest population density and strong consumption power in the World.Assets in GBA will have huge potential for appreciation.

GBA is the core area for China’s industry upgrade, and is the new engine of the Chinese economy. It will also become the most competitive international city clusters in the world;

123



Contents

18

19

First mover advantage, abundant premium land bank in GBA Total saleable resources in GBA is around RMB535.6bn (82% of total

saleable resources); Saleable resources in Shenzhen is RMB180.5bn. 2018: Ranked no. 1 in terms of no. of sales area/units sold in Shenzhen

GBA

535.6bn

82%

Nanning

Region

59.4 bn

9%

Shantou

Region

30.6 bn

5%

Singapore

12.1 bn

2%

Other Regions

12.4 bn

2%

Yangtze River Delta

1.9 bn

0.3%

Total Saleable Resources1

RMB652bn

Note 1: As of 31 Dec 2018, saleable resources are classified as attributable saleable resources. Both saleable resources and GFA are based on internal estimation.

Total Saleable Resources1 in GBA is 535.6bn(82% of total saleable resources)

Hong Kong13.5 bn

Shenzhen180.5 bn

Huizhou/Dongguan142.5 bn

Zhuhai/Zhongshan102.5 bn

Foshan/Zhaoqing73.7 bn

Qingyuan/Yangjiang/Heyuan22.9 bn

Total Saleable Resources1

in GBARMB

535.6bn

Note 1: As of 31 Dec 2018, saleable resources are classified as attributable saleable resources. Both saleable resources and GFA are based on internal estimation.Note 2: Average land cost is the total land cost divided by total GFA.Note3: The area included the car parking spaces

M&A & Urban

Renewal

Projects in

progress 38%

Land Bank 62%Total Saleable

Resources1

RMB652bn

49.34m sqm.

402bn36.26m sqm³

250bn13.08m sqm.

20

Ideal land bank development cyclePlan to launch urban renewal projects >RMB 30bn annually Saleable

Resources %GFA

%（RMB 100mn） (sqm m)

Shenzhen 836 21% 1.9 6%

Huizhou/Dongguan 609 15% 6.3 17%Guangzhou/ Foshan/ Zhaoqing 601 15% 6.9 19%

Zhuhai/ Zhongshan 479 12% 4.1 11%Qingyuan/Yangjiang/Heyuan 229 5% 3.3 9%

Hong Kong & Macau 135 3% 0.1 0%

GBA - Subtotal 2,889 71% 22.6 62%

Shantou Region 306 8% 4.1 11%

Nanning Region 561 14% 7.8 22%

Singapore 121 3% 0.2 0.5%

Yangtze River Delta 19 1% 0.2 0.5%

Other Regions 124 3% 1.4 4%

Total 4,020 100% 36.3 100%

Unique metro properties model A total of 12 metro properties in Shenzhen Ranked no. 1 in Shenzhen, in terms of no. of sales area/units sold in 2018

TangweiStation(塘尾站)

GuanguangStation(观光站)

BaolongStation(宝龙站)

Logan City Station

(龙光城站)

BaohuaStation(宝华站)

Lixiang Station(荔香站)

Logan City(龙光城)Logan City(龙光城)

Shenzhen: Mid to Long Term RailwayTransitPlanning

Acesite Park(玖龙臺)

Acesite Park(玖龙臺)

Century Center(世纪大厦)

Century Center(世纪大厦)

The Masterpiece(玖云著)

The Masterpiece(玖云著)

Acesite Mansion(玖龙玺)

Acesite Mansion(玖龙玺)

Logan Carat Complex (玖钻)Logan Carat

Complex (玖钻)

Qiaocheng East Station

(侨城东站)

Fuyong Project 2(福永项目2 )


Fubao Project(福保项目)

Fubao Project(福保项目)



Shekou Free‐trade Zone Project

(蛇口自贸区项目)

Shekou Free‐trade Zone Project

(蛇口自贸区项目) Qiaocheng East Project

(侨城东项目)

Qiaocheng East Project

(侨城东项目)21

BaishilongStation

(白石龙站)

HongshanStation(红山站)

Fubao Station(福保站)

QiankengStation (茜坑站)

Acesite Castle(玖龙府)

Acesite Castle(玖龙府)

2018: Continuous land acquisition in GBA (Public Market)

22

GBA Region

79%

Shantou

Region 3%

Nanning

Region 12%

Yangtze River

Delta 4%

Other Regions

2%

Attributable Land Cost RegionsTotal GFA Attributable

Land CostAverage

Land Cost(Sqm.） (RMB 100mn) (RMB/sqm）

Shenzhen 79,100 11.70 14,791 Huizhou 115,830 0.50 1,302 Foshan 1,961,934 112.76 5,987 Zhaoqing 1,676,024 8.25 984 Zhuhai 349,686 15.67 6,366 Zhongshan 349,444 8.47 4,845 Dongguan 246,318 7.63 7,284 Heyuan 98,680 0.81 1,645 Qingyuan 106,770 2.44 4,561 GBA – Subtotal 4,983,786 168.23 4,230 Shantou Region 266,059 5.53 4,153 Nanning Region 1,885,004 26.07 2,316 Yangtze River Delta 168,315 8.59 6,436

Other Regions 170,736 3.40 3,983 Total of Yr. 2018 7,473,900 211.82 3,788 Zhuhai 367,718 30.75 8,362Nanning 1,487,553 36.66 2,465 As at 19 Mar. 2019 1,855,271 67.41 3,633

Strategy

23

Expanding GBA premium land bank through diversified channels; Increase market share in GBA cities

Continuous Penetrationin GBA

Solidify market leader positionin GBA

Top 10 developerin terms of core earnings

Grasp cycles precisely Industry & population

内部资料严禁外传│24

Strategic focus: Layout in GBA regions with influx of emerging industries and population

Core City

Node City

Extreme Driven; Shaft

support

Qianhai、Nansha、HengqinComprehensive key cooperative development zone with multi-functions

Cooperative development zonewith clear functions

24

Guangzhou

Foshan HuizhouZhaoqing

Jiangmen

Zhongshan

Zhuhai

Macau

Shenzhen

Hong Kong

Dongguan

Nansha

Nanhai District

Binhai Bay (滨海湾)Hong Kong-Dongguan Cooperative Development Zone

Lok Ma Chau Loop DistrictHong Kong-Shenzhen Innovation and Technology Park

QianhaiNew Center of International City

Support the establishment of new port

Nansha Qingsheng TechnologyInnovation Base

Comprehensive HKUSTConstruction

Guangdong, Hong Kong and Macao High-end Service Cooperation ZoneHong Kong Foshan Offshore Trade Cooperation Zone

Silver Lake Bay (银湖湾)Overseas Chinese InnovationIndustry Cluster

Hengqin

Guangdong-Hong Kong-MacaoCooperation Chinese Medicine Technology Industrial Park

25

Accurately timed the onshore and offshore land market to acquirelow cost premium land banks

1. In 2014‐1H2016, timely invested RMB31bn on 4 projects（Acesite Mansion、Logan Carat Complex、The Masterpiece、Acesite Park）atop of and along metro stations in Shenzhen before ASP rally, with saleable resources of >RMB100 bn. Average GP margin>40%

2. In 2018, ranked no. 1 in terms of no. of sales area/units sold in 2018 in Shenzhen

1. In 2014‐1H2016, timely invested RMB31bn on 4 projects（Acesite Mansion、Logan Carat Complex、The Masterpiece、Acesite Park）atop of and along metro stations in Shenzhen before ASP rally, with saleable resources of >RMB100 bn. Average GP margin>40%

2. In 2018, ranked no. 1 in terms of no. of sales area/units sold in 2018 in Shenzhen

1. Obtained >RMB300bn saleable resources via M&A and urban renewal channels (>90% in the Greater Bay Area) when the public land market was at a relatively high side of the cycle.

2. Focused on HK luxury residential market and seized the bottom of the Singapore’s property market cycle – invested RMB14.4bn on 3 projects in return for nearly RMB30bn saleable resources

1. Obtained >RMB300bn saleable resources via M&A and urban renewal channels (>90% in the Greater Bay Area) when the public land market was at a relatively high side of the cycle.

2. Focused on HK luxury residential market and seized the bottom of the Singapore’s property market cycle – invested RMB14.4bn on 3 projects in return for nearly RMB30bn saleable resources

1. Acquired Logan City project in Huizhou (total GFA: 5mn sqm) in 2007, with average land cost of RMB300/sqm and GP margin over 60%.

2. Logan City continues to generate high return, >RMB30bn saleable resources remained.

1. Acquired Logan City project in Huizhou (total GFA: 5mn sqm) in 2007, with average land cost of RMB300/sqm and GP margin over 60%.

2. Logan City continues to generate high return, >RMB30bn saleable resources remained.

1996-2001

2007-2013

2014-2016上半年

2016下半年-2017

1. Founded in Shantou and remains as the market leader for over 15 consecutive years.

1. Founded in Shantou and remains as the market leader for over 15 consecutive years.

Core competence

1996‐2001 2002‐2007 2014‐1H20162007‐2013 2H2016‐

2018

Multi-channels to acquire low cost premium land banks2018 Urban renewal projects with saleable value of RMB18 bn

26

Zhuhai Acesite Centrium（珠海-玖龙汇）

Location Zhuhai Free trade Area，Junction of BaoshengRoad and Baohui Road

Type Commercial Office

Site Area Approx. 49k sqm.

Land Cost Total land cost is approx. RMB 1.5 billion

（including urban renewal land premium）

Average land cost RMB 4,702/ sq.m.

Total GFA and Value Approx. 330k sq.m with the saleable resource approx. RMB 8 billion

Project Value Located at the bridgehead of the Hengqin Bridge,

the entrance of the Hong Kong-Zhuhai-Macao Bridge

Acquisition Time 3Q 2016

Foshan Green Island Project（佛山-禅城绿岛湖）Location Chancheng District of Foshan

Type Residential & Commercial


Land Cost Total land cost is approx. RMB3.26 billion

Average land cost RMB 6,620/ sq.m.

Total GFA and Value Approx. 710k sqm. with the saleable resource approx.RMB 10 billion

Project Value

A metro property adjacent to the Titian Station of Foshan No.2 Line 2(expected to open in early 2020). Directly connect to Changui and Guangzhou South Railway Station in the future.

Acquisition Time 1Q 2017

2019 Urban renewal projects with saleable value>RMB70bn

27

Qiaocheng East Project

Location QiaoChen, Nanshan,

Shenzhen

Type Complex

Site Area 38k sqm

GFA and Value 260k sqm，RMB 30.8bn

Project Value Shenzhen CBD; Metro property

Acquzition Time 4Q 2017

Shekou Free-Trade Zone Project

Location Nanshan, Shenzhen

Type Complex

Site Area 16k sqm

GFA and Value 160k sqm; RMB12.4bn

Project Value Located in Qianhai, Metro

property


Location Huizhou Daya Bay

Type Complex

Site Area 313k sqm

GFA and Value 1.8m sqm，RMB 27.3bn

Project Value Near Shenzhen; benefiting

from spillover of Shenzhen population&industry


Huizhou Daya Bay Project



Contents

28

Singapore

8%

Nanning Region

15%

Shantou Region

9%

Other GBA Regions

2%

Shenzhen/Huizhou/

Dongguan

31%

Foshan/Zhaoqing

16%

Zhuhai/Zhongshan

16%

Other Regions

3%

Attributable contract sales target: RMB 85 bn, saleable resources: RMB150 bn Plenty of new projects will be launched in the market

Saleable Amount1

ApproximateRMB

150 bn

Note 1：Internal estimation

2019：Stable Growth Across the Cycles

Shenzhen: Logan Carat Complex(玖钻), Acesite Park(玖龙台), Acesite Castle(玖龙府) etc.Huizhou: Logan City(龙光城), Acesite Park (玖龙台) etc.Dongguan: Acesite Castle(玖龙府), AcesiteMasion(玖龙玺) etc.

Shantou: Royal SeaworldPalace(御海天宸), Royal & SeawardHeaven Graceland(御海天韵雅) etc.

Foshan: Kowloon Bay(玖龙湾), Acesite Masion(玖龙玺) etc.

Nanning: Glory Lake(玖誉湖), AcesiteCounty(玖珑郡) etc.

Zhuhai: Acesite Mansion(玖龙玺), Glory Bay(玖誉湾) etc.Zhongshan: Acesite Bay(玖龙湾), The Cullinan(天玺) etc.

29

Singapore: Stirling Residences (尚景苑), The Florence Residence(悦湖苑)

GBA 65%

Attributable contract sales to grow during 2018-2020 Benefiting from GBA’s development, sustain market leader position in GBA

Next 3 to 5 years: Top Player in the GBA

287

434

718

850

2016 2017 2018 2019E 2020E

2016 2017 2018 2019E 2020E

CAGR

Actual/ Expected Contract Sales 2016-2020E

30

（RMB 100 mn）

Next 3 to 5 Years: Top 10 in Terms of Core Profit

31.07

46.2

76.6

2016 2017 2018 2019E 2020E

2016 2017 2018 2019E 2020E

Actual/ Expected Core Profit Growth Trend 2016‐2020E(RMB 100 mn)

32

Appendix

32

2018 As a % of Revenue 2017 As a % of

Revenue Change

（RMB mn）Revenue 44,137 100.0% 27,690 100.0% 59.4%

Gross Profit 14,887 33.7% 9,517 34.4% 56.4%

Net Profit for the Year 8,996 20.4% 7,008 25.3% 28.4%Profit Attributable to Equity Shareholders of the Company 8,288 18.8% 6,527 23.6% 27.0%

Core Profit1 7,655 17.3% 4,620 16.7% 65.7%Core Profit Attributable to Equity Shareholders of the Company 7,023 15.9% 4,628 16.7% 51.7%

Earnings Per Share (EPS)

‐ Basic (RMB cents) 147.95 ‐ 117.03 ‐

‐ Diluted (RMB cents) 145.69 ‐ 115.39 ‐

Interim Dividend per Share (HK cents) 20 ‐ 19 ‐

Special Dividend per Share (HK Cents) 15 ‐ 5 ‐

Final Dividend per Share (HK cents) 40 ‐ 17 ‐

Total Dividend per Share (HK cents) 75 ‐ 41 ‐Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax

Income Statement Highlights

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As at 31 Dec 2018 As at 31 Dec 2017 Change

（RMB mn）Total Asset 170,095 111,871 52.0%

Equity Attributable to the Equity Shareholders 29,249 23,306 25.5%

Total Equity1 36,746 27,164 35.3%

Cash and Bank Balance2 35,717 22,408 59.4%

Contract Liability (Receipts in Advance) 16,785 19,615 (14.4%)

Total Borrowing 58,941 40,841 44.3%

Net Gearing Ratio 63% 67% (4.0p.p.)

Note 1: Include non‐controlling interests and perpetual capital securities

Note 2: Include restricted and pledged deposits

Balance Sheet Highlights

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Location Hongshan Station (红山站) of Metro Lines No. 4 & 6

Type Complex


Total GFA Approx. 840k sqm.

Project Value At top of dual metro lines at HongshanStation (红山站)

Logan Carat Complex (玖钻)

Key Projects 2019 – Shenzhen

Location Guanguang Station (观光站) of Metro Lines No. 6 & 13



Total GFA Approx. 720k sqm.

Project Value At top of dual metro lines (Lines No. 6 & 13) at Guanguang Station (观光站)

Acesite Park (玖龙臺)

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Key Projects 2019 – Huizhou / Shantou

Logan City – Huizhou (惠州‐龙光城)

Location Daya Bay (大亚湾) & adjacent to Shenzhen border


Site Area Approx. 1.7mn sqm

Total GFA Approx. 5.03mn sqm

Project Value

Logan’s biggest and flagship project.

Close to Shenzhen and is near to the metro station in plan. Various choices of transportation that connect to Shenzhen

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Location Xinjin District of East Coast, Shantou

Type Residential

Site Area Approx. 98k sqm

Total GFA Approx. 370k sqm

Project Value A low‐density residential with approx. 100k

sq.m. lake landscape garden. Enjoy abundant education and commercial public facilities

Royal Seaward Palace Palace – Shantou (汕头‐御海天宸)

Key Projects 2019 – Zhuhai / Singapore

Location Hengqing Port

Type Residential



Project Value

Adjacent to a commercial complex, 400m away from the Hengqing light rail station, close to Hengqing’s main avenue‐‐ “Hong Kong Macau Avenue”

Acesite Mansion – Zhuhai (珠海‐玖龙玺)

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Location Stirling road of Queen town

Type Residential



Project Value

300 meters away from the Queenstown subway station, with established facilities. Close to several large shopping centers and schools

Stirling Residences – Singapore (新加坡‐尚景苑）

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