CHINA RESOURCES LAND LIMITED

CHINA RESOURCES LAND LIMITED 2010 Interim Results Review August 2010 0

Agenda Highlights Financial Review Land Bank Completion Schedule Business Strategy

Highlights Net profit in 1H 2010 rose 168.5% yoy to HK 3,461.8 mn on the back of 267.5% yoy increase in revenue (HK12,412.5mn vs. HK3,377.9mn) and margin improvement in residential development; Overall margin stayed flat at 38.9%, (vs. 39.0% for 1H 2009). While IP gross margin remained high at 69.0%, development margin rose to 38.5% (vs. 34.7% for 1H 2009); On an adjusted basis, basic EPS in1h 2010 rose 156.7% yoy (HK 69.1 vs. HK 26.9 cents); Development operation saw a respective yoy growth of 368.6% in revenue and 419.4% in gross profit; IP sustained its strong underlying performance, with 24.0% and 20.9% yoy growth in revenue and gross profit; We added 2.5 mn sqm GFA in new land bank this year as of August 22nd at a total cost of Rmb 6.0 bn, thus further enhancing its strong earnings growth profile; As at August, 22 nd, the Group had locked in a total of Rmb 29.3 bn contracted but unbooked sales (including Rmb 19.1 bn sales contracted in 2009), of which Rmb16.6 bn is to be recognized in 2010; Differentiated business model, unparalleled parent supports, strong balance sheet and low funding costs put the Group in an unrivalled position to deliver strong and sustained growth. HIGHLIGHTS 2

Income statement 6 Months Ended 30 Jun (HK$ mn) % of 1H % of 1H 2010 Sales 2009(Restated) Sales YOY Change Turnover 12,412.5 3,377.9 267.5% Development 11,061.7 89.1% 2,360.8 69.9% 368.6% Investment Property 749.2 6.0% 604.4 17.9% 24.0% Gross Profit 4,823.9 38.9% 1,315.9 39.0% 266.6% Development 4,254.0 38.5% 819.0 34.7% 419.4% Investment Property 516.9 69.0% 427.5 70.7% 20.9% IP Revaluation Gain 2,600.7 1,238.7 Taxation -2,041.7-628.9 Minority Interest -1,115.6-244.3 Attributable Net Profit 3,461.8 27.9% 1,289.5 38.2% 168.5% Core Profit 1,970.9 15.9% 581.8 17.2% 238.8% IP Revaluation Gain 1,513.8 688.0 One-off Items -22.9 19.7 F I N A N C I A L R E V I E W EPS - Basic (HK$) 0.691 0.269 156.7% EPS - Fully Diluted (HK$) 0.687 0.268 156.8% DPS (HK$) 0.095 0.054 75.9% Net Profit grew 168.5% yoy, driven by a rise in revenue and improvement in development margin 3

Agenda Highlights Financial Review Land Bank Completion Schedule Business Strategy

Adjusted Net Profit and EPS Adjusted for Apple-to-Apple Comparison 6 Months Ended 30 Jun (HK$ mn) 1H 2010 1H 2009(Restated) YOY Change Reported Attributable Net Profit 3,461.8 1,289.5 168.5% Reported EPS (HK$) - Basic 0.691 0.269 156.7% - Fully Dilluted 0.687 0.268 156.8% Adjustments for Non-recurrent or Non-comparable Items Less: Mark-to-market gains/(loss) on IRS (22.9) 19.7 F I N A N C I A L R E V I E W Adjusted Underlying Attributable Net Profit 3,484.6 1,269.7 174.4% of which, Core net profit 1,970.8 581.7 238.8% Revaluation gain, net of deferred taxation+ MI 1,513.8 688.0 Adjusted Underlying EPS (HK$) - Basic 0.695 0.271 156.5% - Fully Dilluted 0.692 0.269 157.2% Underlying net profit growth was strong at 174.4% with core net profit growth at 238.8% 5

F I N A N C I A L R E V I E W Booking of property development income 6 Months Ended 30 Jun Turnover HK$mn sqm Eco Living 509.8 29,100 Phonenix City 3.7 262 Oak Bay 789.7 51,369 Others 16.4 168 Shanghai Oak Bay 36.7 837 Shenzhen Park Lane 540.7 12,177 Chengdu Jade City 255.4 38,046 Chengdu Phonenix City 430.6 47,612 Chengdu Twenty-Four City 2.2 126 Wuhan Phonenix City 3.8 596 Wuhan Central Park 397.6 33,709 Hefei Frech Annecy 3.4 619 Hefei Park Lane Manor 418.4 65,296 Hangzhou MIXc Residence 3,171.1 99,633 Wuxi Taihu Int'l Community 201.7 24,492 Dalian Oriental Xanadu 2,059.4 60,414 Dalian Maritime 630.8 77,631 Changsha Phoenix City 448.2 110,177 Suzhou Villa 328.4 8,390 Chongqing Twenty-Four City 813.7 153,116 1H 2010 Total 11,062 813,770 1H 2009 Total 2,361 243,358 YOY Change, % 368.5% 234.4% 6 Development revenue rose 368.5%strongly on the back of 234.4% yoy growth in GFA booked GFA

Sales contracted in 2010 (As of 22 nd August) City Project Total GFA Overgroud(sqm) Accumulated GFA Sold as of August 22nd (sqm) GFA Sold in 2010 (sqm) Contracted Value (RMB mn) Beijing Oak Bay 616,757 294,943 8,582 238 Eco Living 217,490 122,353 166 7 Others 240 240 1 Shanghai The Bund Side 189,776 100,061 1,492 151 Oak Bay 230,795 61,712 8,644 346 Shenzhen Park Lane Manor 110,000 96,499 1,147 46 Chengdu Jade City 1,063,542 908,256 78,760 903 Twenty-four City 1,640,000 454,456 84,752 866 Phoenix City 694,576 361,106 93,299 761 Oak Bay 523,511 5,022 5,022 38 Wuhan Central Park 346,696 144,767 53,617 603 C O M P L E T I O N S C H E D U L E Hefei Park Lane Manor 195,004 169,529 31,292 225 Ziyunfu Project 223,771 91,343 91,343 599 Wuxi Taihu Int'l Commu. 1,017,698 332,116 24,349 283 Ningbo Tuscany Lake 130,352 98,967 8,443 268 Central Park Phase 284,348 104,495 38,055 619 7

Sales contracted in 2010 (As of 22 nd August) City Project Total GFA Overgroud(sqm) Accumulated GFA Sold as of August 22nd (sqm) GFA Sold in 2010 (sqm) Contracted Value (RMB mn) Dalian Oriental Xanadu 166,137 156,514 6,285 237 Maritime 1,309,592 197,350 98,169 830 Suzhou Suzhou Villa 67,595 15,466 2,956 125 Changsha Phoenix City 1,198,040 308,495 106,725 458 Chongqing Twenty-four City 1 1,951,620 273,240 120,124 806 Shenyang The Arch 280,000 84,434 23,895 240 Oak Bay 891,434 23,360 23,360 259 Fuzhou Oak Bay 603,108 72,183 72,183 902 Others Car Park etc. 65,838 344 Total : 1,048,738 10,155 C O M P L E T I O N S C H E D U L E Together with Rmb19.1bn sales contracted in 2009, the Group has a total of Rmb29.3bn contracted but unbooked sales as of Aug 22nd, 2010, of which Rmb16.6bn is to be recognized in 2010. 8

Average Selling Price of Key Projects F I N A N C I A L R E V I E W RMB/sqm 1H 10 1H 09 YOY % July & August 2010 Recent Price Change % Beijing Eco Living 36,681 16,456 122.9% 42,000-50,000 14.0% Ningbo Tuscany Lake Phase II 31,798 14,977 112.3% 33,842 6.4% Shanghai Oak Bay 39,961 20,554 94.4% 40,800 3.7% Chengdu Jade City Phase IV 12,244 6,700 82.7% - - Dalian Maritime 13,810 7,113 94.2% 8,119 - Wuxi Taihu Int'l Community 11,963 6,461 85.2% 11,000-8.0% Beijing Oak Bay 27,713 14,905 85.9% 33,000 19.1% Chengdu 24 City PhaseII 10,210 6,298 62.1% 10,406 1.9% Chengdu Jade City Phase V 11,443 6,752 69.5% 11,549 0.9% Chongqing 24 City 6,544 4,587 42.7% 7,272 11.1% Suzhou Villa 42,920 29,950 43.3% - - Hefei Park Lane Manor 7,508 5,122 46.6% 7,300-2.8% Dalian Oriental Xanadu 40,738 30,075 35.5% - - Ningbo Central Park 15,851 10,352 53.1% 17,055 7.6% Chengdu Phoenix City Phase I&II 8,118 5,704 42.3% 8,166 0.6% Wuhan Central Park Phase I&II 11,145 8,387 32.9% 11,418 2.5% Shenyang China Resources Arch 8,409 9,310 10.7% Hunan Phoenix Phase II 4,309 3,445 25.1% 4,235-1.7% Shenzhen Park Lane 40,376 - - Chengdu Oak Bay Phase I 7,599 - - Hefei Ziyunfu Project 6,508 7,002 7.6% Shenyang Oak Bay 10,807 12,892 19.3% Fuzhou Oak Bay (Townhouse) 18,917 25,052 32.4% Fuzhou Oak Bay (Apartment) 9,187 10,856 18.2% Shanghai The Bund Side 34,482 175.5% 100,000 Shanghai Oak Bay 38,105 31.2% 40,000-50,000 Hangzhou Mixc Residential 31,562 42.6% 45,000 Weighted average price for contracted sales 9,735 8,824 10.3% Weighted avg. price rose 10.3% in 1H 2010 yoy while Jul. & Aug. prices stayed at 1H levels 9

Income from IP + Property Management YOY YOY 1H 2010 1H 2009 1H 2010 1H 2009 6 Months Ended 30 Jun (HK$ mn) Change Change Turnover HK$ mn Occupancy Rate % Beijing China Resources Building 80.7 78.4 3.0% 97.4% 93.9% 3.5% Beijing Other Investment Properties 68.5 50.8 34.8% 93.0% 95.5% -2.5% Shanghai CR Times Square 102.5 92.9 10.4% 98.2% 92.5% 5.7% Shenzhen City Crossing 362.4 287.6 26.0% 96.7% 99.0% -2.3% Hangzhou MIXc 15.5 N/A N/A 85.4% N/A N/A Property Management 116.1 94.7 22.5% N/A N/A N/A F I N A N C I A L R E V I E W Total Rental Income: 745.8 604.4 23.4% IP sustained its strong momentum with a 23.4% yoy growth in revenue 10

Margins 6 Months Ended 30 Jun (HK$ mn) 1H 2010 1H 2009 YOY Change Turnover Development 11,061.7 2,360.8 368.6% Investment & Others 749.2 604.4 24.0% Gross Profit Development 4,254.0 819.0 419.4% Investment & Others 516.0 427.5 20.7% Gross Profit Margin 38.9% 39.0% -0.1% Development 38.5% 34.7% 3.8% Investment & Others 69.0%* 70.7% F I N A N C I A L R E V I E W * Excluding revenue portion from residential management fee, gross margin from pure IP stayed high at >80%(83.2% for 1H10 vs. 84.5% for 1H09) Development margin continued to rise with underlying IP margin stayed high at >80% 11

Finance costs 6 Months Ended 30 Jun (HK$ mn) 1H 2010 1H 2009 YOY Change Interest on Bank Loans 344.7 302.2 14.1% Less: Capitalisation -282.6-243.2 16.2% Finance Costs on P/L 62.1 59.0 5.3% Average Interest Rate (p.a.) 2.23% 3.20% -30.3% F I N A N C I A L R E V I E W Ready access to low cost debt funding offers CRL a unique competitive advantage 12

Financial position 6 Months Ended 30 Jun (HK$ mn) 1H 2010 1H 2009 YOY Change Total Borrowings 34,355.8 16,648.0 106.4% % in HK$ 70.4% 58.5% % in RMB 29.6% 41.5% Cash On Hand 15,471.8 9,543.4 62.1% % in HK$ 37.9% 32.5% % in RMB 62.1% 67.5% Net Borrowings 18,884.0 7,104.6 165.8% % in HK$ 97.0% 93.4% % in RMB 3.0% 6.6% F I N A N C I A L R E V I E W Equity 40,984.1 37,810.0 8.4% Net Debt to Equity Ratio 46.1% 19.7% N.A. Book Value (HK$) 8.14 7.52 8.3% Balance sheet remains strong 13

Agenda Highlights Financial Review Lank Bank Completion Schedule Business Strategy

New Land Bank Added in 2010 (as of August 22nd) City Acquisition Date Use Total GFA Overgroud (sqm) Interest Attributable GFA (sqm) Attributable Land Cost (RMB mn) AV (RMB/sqm) Hefei 2010-3-3 Res.+Comm. 882,000 100% 882,000 1,867 1,689 Zhengzhou 2010-2-5 MIXc 404,058 100% 404,058 586 1,452 Shanghai 2010-7-1 Comm. 335,000 50% 167,500 1,012 6,042 Tianjin 2010-7-24 Res. 708,630 100% 708,630 1,939 2,737 Yangzhou 2010-7-23 Res. 200,260 100% 200,260 554 4,700 Grand Total: 2,529,948 2,362,448 5,958

Land Bank: residential development L A N D B A N K City Project Property Type Total GFA Overgroud (sqm) Beijing Eco Living High density 188,390 Oak Bay High density 389,142 Mengtougou Project Mid-low density 286,121 Daxing Plot 17 project Mixed density 227,323 Hongtong Tech.Building High density 37,344 Others 202,126 Shanghai The Bund Side High density 109,571 Oak Bay Mixed density 181,217 Jiading Nanxiang Project Mixed density 467,197 Songjiang Project Mid-low density 121,719 Shenzhen Park Lane High density 9,489 Chengdu Jade City Mixed density 286,048 Phoenix City High density 379,157 24 City High density 1,347,017 Oak Bay Mixed density 523,511 Qingyang Project High density 336,420 Wukuaishi Project High density 84,483 Donghu Project High density 71,716 Wuhan Phoenix City High density 7,998 MO+ Mixed density 41,231 Central Park Mixed density 312,987 Hefei French Annecy Mixed density 9,085 Park Lane Manor Mixed density 112,327 Ziyunfu Project High density 199,500 Zhengwu District Project High density 618,000 Hangzhou MIXc Residence Mixed density 6,156 MIXc Residence Serviced Apart. 91,622 Zhijiang Project High density 181,279 16

Land Bank: residential development (continued) City Project Property Type Total GFA Overgroud (sqm) L A N D B A N K Wuxi Taihu Int'l Commu. Mixed density 830,349 Ningbo Tuscany Lake Valley Mid-low density 80,577 Central Park High density 284,348 Dalian Maritime High density 1,231,961 Oriental Xanadu Mixed density 105,723 Changsha Phoenix City High density 992,243 Hanpu Project High density 460,296 Suzhou Suzhou Villa Mid-low density 59,205 Xiangchen Project Mixed density 337,543 Chongqing 24 City High density 1,554,551 Central Park High density 572,665 Shenyang Oak Bay Mixed density 890,476 City Corssing High density 150,083 The Arch High density 280,000 CR Plaza High density 247,040 Xiamen Oak Bay High density 307,826 Fuzhou Oak Bay Mixed density 603,108 Tianjin Xiangweidi Project Mixed density 151,541 Huaming Project Mixed density 708,630 Mianyang Central Park Mixed density 672,063 Anshan Education Bureau Project High density 360,200 Carrefour North Project High density 190,200 Nantong Nengda Commerical Zone Proj. Mixed density 415,200 Qingdao Submarine School Project High density 372,700 Zhengzhou The MIXc High density 224,000 Yangzhou Jiangwang Project Mid-low density 200,260 Total GFA: 19,110,964 Attributable GFA: 18,661,908 Land bank sufficient to meet development needs in the next few years 17

Land Bank: Up-and-running investment properties L A N D B A N K City Project Property Type Total GFA Overgroud (sqm) City Project Property Type Substantial IP assets solidify future earnings while mitigating earnings risks Total GFA Overgroud (sqm) Beijing Oak Bay (west) retail 35,006 Wuxi Taihu Int'l Commu. 8,117 Oak Bay (east) retail 83,900 Taihu Int'l Commu. 41,000 Hongtong Tech.Building Project retail 10,000 Taihu Int'l Commu. hotel 74,000 Hongtong Tech.Building Project office 30,000 Taihu Int'l Commu. office 30,000 Hongtong Tech.Building Project hotel 35,000 Dalian Orintal Xanadu hotel 76,138 CR Plaza retail 23,645 Suzhou Xiangcheng Distric project supermarket+retail 25,000 CR Plaza office 44,520 Chongqing 24 City shopping mall 116,344 CR Plaza serviced apartment 20,498 24 City hotel 50,000 Shanghai The Bundside Ph.2 serviced apartment 22,859 24 City office 50,000 Wuzhong Project shopping mall 146,000 24 City retail 27,610 Wuzhong Project serviced apartment 161,500 Shengyang City Crossing shopping mall 156,396 Wuzhong Project office 27,500 City Crossing office 59,697 Chendou City Crossing Shopping mall 239,524 City Crossing hotel 57,040 City Crossing office 73,650 The Landmark shopping mall 140,000 24 City retail 196,826 The Landmark office 40,000 Donghu commercial retail 13,880 The Landmark hotel 18,000 Others retail 77,919 Mianyang Central park retail 50,794 Hefei Park lane retail 45,000 Central park 53,004 Park lane office 60,000 Anshan Education Bureau project supermarket+retail 36,000 Zhengwu District project shopping mall 200,000 Qindao City Crossing hotel 172,700 Zhengwu District project 64,000 City Crossing office 50,000 Hangzhou MIXc Residence retail 14,344 City Crossing 150,000 MIXc Residence office 75,888 Zhengzhou City Crossing shopping mall 140,000 City Crossing 36,018 City Crossing office 40,000 City Crossing 99,362 Grand Total: 3,498,679 Attributable GFA: 3,131,548 18

Remaining Land Bank held by CRH City Acquisition Date Total GFA Overgroud (sqm) (RMB mn) Wuhan Apr. 2007 476,000 Residence 476,000 1,621 3,405 Wuhan Sep. 2007 433,650 Commercial 433,650 2,692 6,208 Wuxi Nov. 2007 260,000 Residence 260,000 1,278 4,915 Nanning Dec. 2007 569,000 Commercial 312,950 524 1,676 Changzhou Jun. 2009 1,345,903 Residence 1,345,903 1,811 1,345 Nanjing Sep. 2009 277,793 Residence 277,793 2,220 7,992 kunshan Nov.2009 285,987 Residence 285,987 2,160 7,545 Shenzhen Bay Dec. 2008 330,000 Re+Office 330,000 N.A. N.A. Shenzhen Dachong - 1,760,000 Re+Comm.+Office 1,760,000 N.A. N.A. Hainan Shimei Bay Jun. 2000 700,000 Residence 700,000 2,467 3,446 Grand Total: 6,438,333 Attributable GFA: 6,182,283 Use Attributable GFA (sqm) Attributable Land Cost AV (RMB/sqm) LAND-BANK 19

Agenda Highlights Financial Review Land Bank Completion Schedule Business Strategy

Schedule for bookable areas for 2009- post 2012 City Project Projected Schedule For Bookable Area (sqm) 2010E 2011E 2012E C O M P L E T I O N S C H E D U L E Beijing Phoenix City 3,458 - Oak Bay 46,512 71,689 48,676 Eco Living 28,456 160,006 29,028 Mentougou Project - - 174,790 Daxing Project #17 - - 45,124 Hongtong Tech. Building - - - Others - - - Shanghai The Bund Side 156 102,099 - Oak Bay 54,800 56,760 59,475 Jiading Project - - 179,400 Songjiang Project - - 71,549 Nantong Project - 19,226 96,131 Shenzhen Park Lane Manor 2,000 - - Chengdu Jade City 168,000 50,528 - Twenty-four City 78,406 300,100 159,186 Phoenix City 170,766-195,020 Oak Bay 60,304-202,804 Central Park - 115,180 117,447 Wukuaishi Project - - 84,483 Qingyang Project - - 112,140 Wuhan Phoenix City 4,470 - - Central Park 122,668 117,644 106,383 Mo+ (Mingzhu Road) - 41,231 - Oak Bay (Incubated) - 113,042 115,817 Hefei French Annecy 4,736 - - Park Lane Manor 174,564 - - Ziyun Manor - 199,500-21

C O M P L E T I O N S C H E D U L E Schedule for bookable areas for 2009- post 2012(continued) City Project Projected Schedule For Bookable Area (sqm) 2010E 2011E 2012E Hangzhou MIXc Residence 105,285 - - Zhijiang Project - - - Wuxi Taihu Int'l Community 158,802 320,103 237,213 Industry School Proj. - - 55,459 Changzhou Int'l Comm. - 227,436 241,782 Nanjing Suojie Project - - - Ningbo Tuscany Lake 46,460-33,640 Central Park - 125,623 - Dalian Maritime 214,453-192,783 Oriental Xanadu 69,457-22,760 Changsha Phoenix City 95,574 223,481 167,893 Hanpu Project - - 152,400 Suzhou Suzhou Villa 17,175 23,652 13,655 Xiangcheng project - - 104,368 Kunshan Projcect - - 56,150 Chongqing Twenty-four City 158,085 204,385 155,682 Jiangbei Project - - 407,701 Shenyang China Resources Arch - 88,048 191,953 The Landmark - - 89,154 Oak Bay - 131,086 124,740 City Crossing - - 150,083 Anshan Education Bureau project - - 97,400 Anshan North Carryfour project - - 92,400 Fuzhou Oak Bay - 50,655 129,489 Xiamen Oak Bay - - 199,052 Qingdao Shandong Rd.#10 Project - - - Tianjin Xinjiayuan Project - 14,934 - Nanning Park Lane Manor - - - Total bookable : 1,784,587 2,756,408 4,713,210 22

Schedule for IP for 2009- post 2012 Project Use Completion Data Operation Data Rentable Area C O M P L E T I O N S C H E D U L E Rentable area in operation at the end-jun 10 550,000 Beijing Landmark Square A# Office Dec-09 Apr-10 30,863 Hangzhou Mixc Shopping Mall Dec-09 Apr-10 94,541 Chengdu 24 City Retail Aug-10 1,440 Chongqing 24 City Retail Dec-09 Jun-10 438 Chengdu Jade City Retail Oct-10 20,590 Total rentable area to be added in 2010 147,872 Chengdu Oak Bay Ph.1 Retail Jan-11 6,375 Wuhan Central Park Retail Jan-11 6,941 Shengyang Mixc Shopping Mall Nov-10 Apr-11 114,584 Beijing Shangdi Commerc Property(Oak Bay)(West) Retail Jun-11 25,086 Wuhan MO+ Retail Jun-11 4,163 Beijing Oak Bay (West) Shopping Mall Mar-11 Jul-11 25,467 Beijing Landmark Square FH# Office Jun-11 Jul-11 42,739 Beijing Landmark Square G# Serviced Apart. Jun-11 Sep-11 19,678 Beijing Landmark Square Others Jun-11 Dec-11 23,188 Shengyang City Crossing Ph.1 Office Jul-11 Oct-11 54,325 Total rentable area to be added in 2011 309,230 Shanghai Bundside #EF Serviced Apart. Oct-11 Jan-12 17,391 Chongqing 24 City Ph.1B Retail Sep-11 Jan-12 5,557 Chengdou Mixc Shopping Mall Jan-12 Mar-12 82,963 Chengdou Mixc Office Jan-12 Mar-12 73,650 Nanning Mixc Shopping Mall Sep-12 Oct-12 111,234 Nanning Mixc Office Jul-12 Oct-12 107,940 Total rentable area to be added in 2012 398,735 23

Agenda Highlights Financial Review Land Bank Completion Schedule Business Strategy

Major corporate developments in 2010: CRH 63% The Company 100% 100% 100% 100% 100% 96% 100%/55% 100% 100% Shanghai Chengdu Beijing Dalian Shenzhen Hefei 100% 100% 98% 100% 100% 60% Changsha Wuhan Tianjin Suzhou Shenyang Wuxi Hefei 100% 100% 60% 100% 100% Zhengzhou Nantong Hangzhou Chongqing Mianyang 98% 100% 100% 100% 100% 100% Qingdao Ningbo Anshan Xiamen Fuzhou Yangzhou We have accessed into 23 cities real estate markets. China Resources (Beijing) Building ( 北京华润大厦 ) The MIXc Ⅰ & Ⅱ( 万象城一期 二期 ) China Resources Building ( 华润大厦 ) Grand Hyatt ( 君悦酒店 ) Beijing China Resources Hotel Site ( 北京华润店饭 ) 100% 60% Hangzhou MIXc ( 杭州万象城 ) China Resources Time Square ( 华润时代广场 ) 100% Commercial in Shenyang, Chengdu, Zhengzhou, Qingdao ( 商业在沈阳 成都 郑州 青岛 ) 100% 100% 100% Construction operation Decoration operation Furniture operation 25

Business model refined to strengthen CRL s differentiation competitive strength Residential Development + Investment Property Holding + Value-added Services High earning growth But earning subject to high volatility and regulatory changes uto balance long-term and short-term return uto balance the cash flow uto reduce the development risk uto guarantee the growth and stability of long-term gains Recurrent & stable earning but slow growth Effectiveness to withstand risks Potential long term gains in asset value Vertical integration to better cater for rising demand for one-stop/valueadded solution Improved cost/quality control Enhance EPS and improve corporate governance The pilot projects of Storage Space Total Solution have been successful, now being popularized nationwide.

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