招商局地产控股股份有限公司2014年半年度报告摘要(英文版)

招商局地产控股股份有限公司 2014年半年度报告摘要Security Code: 024、200024               Stock ID: China Merchants, China Merchants B 
    Announcement No.:【CMPD】2013-046 
Summary of Semi-Annual Report 2014 of China Merchants 
Property Development Co., Ltd. 
§1 Important Notice
    1.1 Board of Directors, Supervisory Committee of China Merchants Property Development Co., Ltd. 
    (hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby gurantee the 
authenticity, accuracy and integrality of the content of this report, confirm that there are no any important 
omissions, fictitious statements or serious misleading information carried in this report, and shall take all 
responsibilities, individual and/ or joint.
    1.2 The Semi-Annual Report 2014 and the Summary of Semi-Annual Report 2014 are examined and 
    approved by the Ninth Temporary Meeting 2014 of the Seventh Board of Directors of the Company, and all 
Directors in the Company attended the meeting.
    1.3 The Semi-annual Financial Report of the Company is not audited.
    1.4 Sun Chengming-Legal Representative, Wu Zhenqin-Chief Financial Officer, and Li Shifang-Manager of 
    Accounting Department hereby confirm that the Financial Report enclosed in the Semi-annual Report is true and 
complete.
    1.5 The company plans not to distribute cash bonus, not send bonus shares and not turn accumulation fund to 
    increase subscribed in this report period.
    1.6 This report has been prepared in Chinese and English version respectively. In the occurance of 
    differences due to interpretations of both versions, the Chinese report shall prevail.
    1.7 This report relates to forward-looking statements such as future plans and the like and does not constitute 
    a real commitment of the Company to investors; the investors should pay attention to the investment risk.
    1.8 The Summary of Semi-Annual Report 2014 is originated from the full Semi-Annual Report 2014, and the 
    full text of Semi-Annual Report 2014 is simultaneously published in www.cninfo.com.cn, so that the investors 
who want to know the details should carefully read the full Semi-Annual Report 2014. 
    §2 Financial Summary
    2.1 Main accounting data and financial index 
    The Company does not make retroactive adjustment or restatement for the previous year accounting data due to 
accounting policy alternative, correction of accounting error, etc. 
Unit: RMB  
 This report period The same period of last year Increase/decrease 
Operating income 16,047,155,730.99 16,133,568,321.26 -0.54%
    Net profit attributable to shareholders of 
the listed company 1,785,434,748.85 2,550,631,034.51 -30.00%
    Net profit attributable to shareholders of 
the listed company after deducting 
non-recurring gains and losses 
1,842,876,971.45 2,217,672,984.41 -16.90%
    Net cash flow from operating activities -7,332,324,397.12 -1,275,505,230.57 -474.86%
    Basic earnings per share (RMB/share) 0.69 0.99 -30.30%
    招商局地产控股股份有限公司 2014年半年度报告摘要Diluted earnings per share (RMB/share) 0.69 0.99 -30.30%
    Weighted return on equity (%) 6.53% 10.38% Decreased by 3.85%
    End of the report period End of last year Increase/decrease 
Total assets (RMB) 140,954,002,966.06 134,040,446,989.65 5.16%
    Net asset value attributable to shareholders 
of the listed company (RMB) 27,712,076,248.81 26,725,501,967.24 3.69%
    Note:In the report period, The company implemented the project to transfer capital reserve to capital stock. According 
to The 21th Memo of Information Disclosure –Related terms of Regular Report Disclosure from Shenzhen Stock 
Exchange, The company have adjusted the EPS last year in the same period, based on the adjusted capital stock. 


Non-recurring gain and loss items and amount                                      Unit: RMB                 
Non-recurring gain and loss items Amount 
Gains/losses from the disposal of non-current assets -160,878.35
    Government subsidies 25,262,476.52
    Other non-operating income and expenses after deducting the above items -11,330,134.03
    Other gain and loss items in accordance with the definition of non-recurring gain and 
loss -63,138,644.29
    Amount of influence of minority stockholder's interest -2,141,420.73
    Impact on income tax -5,933,621.72
    Total -57,442,222.60
    2.2 Information of Shareholding of top 10 shareholders 
    Total number of shareholders at the end 
of the report period 70,477 (including 60,151 A share holders and 10,326 B share holders)Shareholding of top 10 shareholders 
Name of shareholder Class of shareholder 
Share 
proportion 
Amount of 
holding 
shares 
Restricted shares 
Pledged or luck-up 
shares 
Share 
state AmountShekou Industrial Zone State-owned legal person 40.38% 1,040,128,975 1,040,128,975(A) No No 
    Full Space Investment Overseas legal person 5.48% 141,216,075 141,216,075(B) No No 
    China Merchants Securities Hong Kong 
Co., Ltd. 
Overseas legal 
person 2.91% 74,836,941 73,863,367(B) No No 
    FOXTROT INTERNATIONAL LIMITED Overseas legal person 1.61% 41,580,000 41,580,000(B) No No 
    ORIENTURE INVESTMENT LTD Overseas legal person 1.55% 39,904,717 39,904,717(B) No No 
    Full Goal Tianbo Innovative Theme Equity 
Securities Investment Fund 
Domestic none 
state-owned legal 
person
    1.17% 30,014,614 No No No 
    GOLDEN CHINA MASTER FUND Overseas Institution 0.77% 19,808,497 No No No 
    National Social Insurance Fund 102 
Combination 
Domestic none 
state-owned legal 
person
    0.73% 18,819,317 No No No 
    China Pacific Life Insurance Co., Ltd. 
Domestic none 
state-owned legal 
person
    0.69% 17,776,370 No No No 
    New China Life Insurance Co., Ltd.  
Domestic none 
state-owned legal 
person
    0.69% 17,775,000 No No No 
    Top 10 holders of unrestricted shares 
招商局地产控股股份有限公司 2014年半年度报告摘要Name of shareholder Unrestricted shares at the end of report Class of Share 
Full Goal Tianbo Innovative Theme Equity Securities 
Investment Fund 30,014,614 A share 
GOLDEN CHINA MASTER FUND 19,808,497 B share 
National Social Insurance Fund 102 Combination 18,819,317 A share 
China Pacific Life Insurance Co., Ltd. 17,776,370 A share 
New China Life Insurance Co., Ltd. 17,775,000 A share 
GF Small-capitalization Growth Equity Securities 
Investment Fund 16,452,124 A share 
VALUE PARTNERS CLASSIC FUND 14,691,105 B share 
Huaxin Trust Co., Ltd. 14,651,478 A share 
Dacheng Innovation Grow Hybrid Securities 
Investment Funds (LOF) 12,894,156 A share 
Yinhua Shenzhen 100 Index Securities Investment 
Fund    12,358,040  A share 
In the report period, the Company takes general capital 1,717,300,503 shares at the end of year as the base, and for each 10 shares, 
the capital reserve is transferred into 5 common shares. Shekou Industrial Zone and its subsidiary companies Full Space Investment, 
Top Chief International, FOXTROT INTERNATIONAL LIMITED and ORIENTURE INVESTMENT LTD are persons acting in 
concert. The shares held by China Merchants Securities Hong Kong Co., Ltd., 49,242,245 shares were bought in by Top Chief in the 
previous year through entrustment. After accumulation fund turning to increase subscribed capital is implemented, Top Chief 
International holds the shares of 73,863,367.
    2.3 Introduction to the Controlling Shareholder and Changes of Substantial Controller 
    In this report period, the controlling shareholder and the substantial controller have no change. 
§3 Management Discussion and Analysis 
Analysis on the market situation 
China’s economic growth in the first half of the year dropped compared to the same period of last year. 
However, it remained stable generally. The overall performance of the property industry was flat which was 
affected by demand overdrawing of the last year and tight credit within the year. Both the amount and price of 
commercial housing over the country decreased. The property market still focused on inventory in the first half of 
the year and the property enterprises had weak willingness to increase the investment. The development 
investment of property around the country from January to June was RMB 0.42019 trillion, increasing 14.1% over 
    the same period of the previous year. Growth continued to decline and the new construction area of the housing 
was 801.26 million square meters, decreasing 16.4%. 
    The tightening of credit policy and the rising of financing costs is one of the crucial factors which caused the 
sluggish property market in the first half of the year. The risk preference of the bank has been transferred since the 
fourth quarter of last year, plus returned payments of sales being hindered, causing industrial funds tight as a 
whole. The growth of capital which was in place for the property enterprises had been declining in the first half of 
the year. 
The differentiation trend in the industry and region is obvious when the market adjusts the price. Property 
招商局地产控股股份有限公司 2014年半年度报告摘要enterprises cope with the industrial changes from transformation of modes, diversification, being related to 
finance by marriage, advancing oversea and Internet thinking. In the face of environmental change, the Company 
observes calmly and resolves problems positively. While maintaining financial stability and abundance of capital 
and meeting market challenges, it also explores actively new development opportunities. 

Operation and management condition of the Company 
In the face of the environmental changes, the Company focuses on marketing breakthrough by means of 
measures such as strengthening analysis and judgment, guidance mechanism, process optimization and standard 
construction. Taking the thirty anniversary of the establishment as an opportunity, the Company launched the 
marketing policy of “double-digit blowouts”, namely “Storm in May” and “Plant feet firmly upon the ground at 
thirty and thank you” to reinforce brand publicity and speed up sales accounting for the overall amount of the 
project. In the report period, the Company accumulatively achieved the contracted sales area of 1.2182 million 
    square meets, down 10.47% compared with the same period of the previous year; the contracted sales amount was 
    RMB 17.9 billion, down 10.35% compared with the same period of the previous year; completing 90% of the 
    corporate sale objective of RMB 20 billion in the first half of the year. 
In the report period, the Company adhered to prudent attitude and decided investment by sales. In the first 
half of the year, newly added projects were 15 and additional project resources were 3.7021 million square meters, 
    of which the interest area was 3.4168 million square meters. With the landing of Xi’an project, the Company 
    achieved the strategic entry into the northwest region and the urban layout became more perfect. In the first half of 
the year, the new construction area was 4.19 million square meters with 0.98 million square meters of the 
    completed area. The overall building area under construction was 10.77 million square meters as of the end of 
    June. 
Under the severe market environment, the Company made full use of the advantage of overseas financing 
platform, vigorously developed new financing platform, strengthened cooperation with insurance and funds 
institutions, raised funds through multiple channels and met the demand of business development. In the report 
period, the Company fully tapped the financing potential of commercial property sector and revitalized existing 
mature property to prepare for further capital operation in the future. The Company strictly controlled financial 
costs and continued to optimize the debt structure. The lending rate maintained the lower level in the industry 
under the condition of satisfying the demand. The synthetic fund cost of the Company in the first half of the year 
was 5.00%. Newly added borrowing costs in the first half of the year slightly rose. 
    In the first half of the year, the Company accelerated the standardization of landing work, fully carried out 
招商局地产控股股份有限公司 2014年半年度报告摘要application and promotion of standardized results of the house type, refined decoration and the displaying area 
and intensified the implementation of strategic purchasing through establishment of the supplier management 
system and the ERP business system. Application and promotion of standardization and strategic purchasing not 
only quickened the project turnover, but also effectively controlled the costs. In the first half of the year, the cost 
of construction and installation per square meter decreased by RMB 65/square meter. 
In the report period, the Company launched the draft of stock option incentives, steadily promoted long-term 
incentives, tightly linked the benefit of staff, shareholders and the Company together, further improved the return 
of shareholders and supported the steady development of the Company. 
In the report period, the Company vigorously promoted the collaborative development in the merchant 
industry and boosted the integration of industry and finance. Currently, the Company has conducted strategic 
corporation with China Merchants Bank in the areas of marketing channel and community finance and achieved 
share of partial channels, resources and clients with China Merchants Bank. 
Based on the principle of growth with quality, the Company gave priority to major research, built a new 
strategy of transformation and upgrading and formed the resultant force of the staff by system security to achieve 
strategic landing. In the report period, the Company organized strategic development department, enhanced 
medium- and long-term industrial trend study, systematically cleaned investment strategy and gain and loss of 
obtaining the land, and rationally allocated corporate resources by matrix analysis of urban sustainable 
development to improve the benefit of investment decision of the Company. The Company further proposed an 
overall framework of business transformation and upgrade of “One foundation, two new roads and three fertile 
lands”. One foundation means that the Company sticks to selection of cities and product upgrade of residential 
property. The selection of cities is based on the developing potential of the city and the comprehensive ability of 
urban companies; two new roads mean overseas expansion and cross-border innovation of the new economy; 
three fertile lands refer to business of the property for healthy aged living, the characteristic industrial zone and 
the cruise mother port city. The company specially set up corresponding topic research teams who have completed 
a series of research results and persisted in the integration of theoretical research and pilot project which already 
has preliminary effects. 
In the report period, the Company was on the list of “2014 Comprehensive Strength TOP 10 of Shanghai and 
Shenzhen Listed Property Companies”,“Financial Stability TOP 10”,“Wealth Creation Capacity TOP 10” and 
“Investment Value TOP 10” jointly evaluated by State Council Development Research Center Enterprise Institute, 
Institute of Property of Tsinghua University and China Index Research Institute; obtained titles of “2013 
Comprehensive Annual Award of China Best Corporate Citizen” jointly selected by 21st Century Business Review 
招商局地产控股股份有限公司 2014年半年度报告摘要and 21st Century Business Herald,“2013 Best Main Board of Blue-chip Company” selected by Sina Finance and 
“Chinese Blue Chip Property Enterprise” selected by Economic Observer. The performance of operation and 
management of the Company gained full affirmation from the outside world. 

Forecast of the Company on the operation environment in the second half of the year and operation 
thinking of the Company 
The property market continued cooling down in the first half of the year. However, the market turnover in the 
second half of the year is expected to rebound with the introduction and implementation of a series of relaxing 
policy. Overall, adjustment of this time, slightly different from the previous two times, is mainly caused by 
internal market factors such as the imbalance between supply and demand. Recovery of the market needs the 
effective release of the demand. Therefore, the recovery which determines the market is slow. However, the 
possibility of overall decline is also not high. Industry differentiation in the second half of the year will still 
continue. The market in the short-term will find the landing point in the downstream and structural development 
opportunities will still be brought in the medium- and long-term. The Company will closely focus on industrial 
change, seize the period of sales window, with production decided by sales and controlling the rhythm. Meanwhile, 
it will continue to quicken the adjustment of product structure, stick to financial stability, improve financing 
ability and advance the transforming development. 
Grasping marketing will be the priority among priorities in the second half of the year. The Company will 
further boost innovative cooperation and strengthen rapid share and promotion around the country of innovative 
marketing results from various regions. Projects will flexibly adjust marketing strategies according to the market 
situation, accurately grasp the project sales window, actively innovate front line marketing measures, make good 
use of data and the Internet platform and ensure the effective sales accounting for the overall amount of the 
project.  
In the second half of the year, the Company will fully consider the uncertainty of the market adjustment and 
the long-term development strategy and conduct resource development combining factors of basic urban aspects, 
team capability and project reserve status. In addition, the Company will also continue to exploit its advantage of 
financing and fully protect the demand of the funds. Step up the research of the refinancing program which is fit to 
the financing environment of the existing capital market, strive to improve the capital composition of the 
Company soon and intensity the financing capacity of the Company.  
In the second half of the year, the Company will further accelerate to promote the pilot and landing of the 
project, cultivate capabilities and conduct fine arrangement to lay a good foundation for the transformation 
招商局地产控股股份有限公司 2014年半年度报告摘要development of the Company, based on the overall framework of business transformation and upgrade of “One 
foundation, two new roads and three fertile lands”. 

§4 Related issues of Financial Report
    (1)Explanation of changes in accounting policies, accounting estimate change and accounting methods 
    compared with last year's Financial Report 
Not Applicable
    (2)Explanation of retroactive adjustment or restatement in this report period due to correction of major 
    accounting errors 
Not Applicable
    (3)Explanation of consolidated statement scope change compared with last year's Financial Report 
    Not Applicable
    (4)Explanation of the Board of Directors and Board of Supervisors on the ‘Non-standard Audit Report’ 
    of this report period of the accounting firm 
Not Applicable 

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