招商局地产控股股份有限公司2014年第三季度报告全文(英文版)

                                                                China Merchants Property Development Co., Ltd. Report Q3 2014



Stock code: 000024, 200024                                                                   Stock short name: ZSDC, ZSJB

Announcement No. [CMPD] 2014-068


   China Merchants Property Development Co., Ltd. Report Q3 2014
§1 Important Notice
     1.1 The Board of Directors and Board of Supervisors of the Company and its directors, supervisors and
officers hereby assure that this report is free from any false records, misleading statements or material omissions
and bear joint and several liabilities for the truthfulness, accuracy and completeness of contents described herein.

     1.2 All board members have been present at the board meeting for auditing the Q3 report.

     1.3 The Report Q3 2014 has not been audited by the accounting firm.

    1.4 The legal representative Sun Chengming, Chief Financial Director Wu Zhenqin and Manager of Finance
Department Li Shifang hereby state that: the financial statements under the Report are authentic and complete.

     1.5 The Report is made in Chinese and English. In case of any discrepancy between the two, the Chinese
version shall prevail.

§2 Change in Main Financial Data and Shareholder
2.1 Main financial data

                                                                                                              Year-on-year increase or
                                            End of reporting period            End of previousyear
                                                                                                                     decrease


Total assets (yuan)                                145,061,980,954.82                 134,040,446,989.65                        8.22 %


Net assets attributable to the
                                                    28,174,337,633.35                  26,725,501,967.24                        5.42 %
shareholders of listed company (yuan)


                                                               Increase or decrease
                                                                                                                     Year-on-year
                                                               of the end of current
                                                                                           From beginning of      increase or decrease
                                                                 reporting period
                                           Reporting period                                  year to end of        from beginning of
                                                                compared with the
                                                                                            reporting period         year to end of
                                                                  same period of
                                                                                                                    reporting period
                                                                      previous year


Operating income (yuan)                    7,706,001,062.23                     5.02 %     23,753,156,793.22                    1.20 %


Net profits attributable to the
                                             455,232,903.03                   -56.83 %      2,240,667,651.88                 -37.85 %
shareholders of listed company (yuan)


Net profits attributable to shareholders     466,979,855.34                   -55.29 %      2,309,856,826.79                 -29.19 %
of listed company after deducting



                                                                     China Merchants Property Development Co., Ltd. Report Q3 2014


non-recurring profits and losses (yuan)



Net cash flows from operating
                                                                --                         --   -5,494,631,791.92              -792.24 %
activities (yuan)


Basic earnings per share (Yuan/share)                         0.18               -56.10 %                    0.87               -37.86 %


Diluted earnings per share
                                                              0.18               -56.10 %                    0.87               -37.86 %
(Yuan/share)


Weighted average rate of return on                                       Decrease of 2.40                                Decrease of 6.26
                                                          1.63 %                                          8.18 %
equity                                                                  percentage points                               percentage points


Note 1: The year-on-year decrease of net profits attributable to the shareholders of listed company realized from January to
September is mainly due to different product and regional structures of carry-forward real estate projects. The general gross margin
level for the carry-forward items this year is relatively low. In addition, the items with high gross margin this year are not yet carried
forward due to uneven distribution of completion date of real estate projects this year.

Note 2: during the reporting period, the Company has implemented the capitalization from capital public reserve plan. In accordance
with Information Disclosure Memorandum No. 21 - Matters Related to the Disclosure of Periodic Reports by Shenzhen Stock
Exchange, the Company has recalculated the earnings per share over the same period of last year based on the adjusted stock.

Note 3:In accordance with 2014 New Accounting Standards for Businesses, this year, the Company has made a retroactive
adjustment for the 2013 Financial Statements, leading to a decrease of RMB 11,777,249.14 retained earnings at the end of 2013 and
an increase of RMB 11,777,249.14 capital reserve. After adjustment, the total asset and the net assets attributable to the shareholders
of listed company are not changed.




Items and amount of extraordinary profit or loss




                                                                            Amount from beginning of year to end of reporting
                      Items of extraordinary profit or loss
                                                                                                    period


         Losses and profits on disposal of non-current assets                                                         -197,456.97


         Government subsidies                                                                                       47,015,608.70


         Other non-operating revenues and expenditures except the
         foregoing items                                                                                            -15,141,751.48


         Other profit or loss items recognized by CSRC                                                              -86,961,360.88





                                                                    China Merchants Property Development Co., Ltd. Report Q3 2014



         Affected amount of income taxes                                                                           -11,014,316.70


         Affected amount of minority interest income                                                                -2,889,897.58


                                      Total                                                                        -69,189,174.91


       Note: the long-term equity investment after change in control of Shenzhen Overseas Chinese Town Co., Ltd. (OCT) by the
Company is measured by fair value. The equity fair value is mainly inventory evaluation appreciation. From January to September
2014, based on the ratio of actual carry-forward inventory area in the total salable area of inventory to be carried forward on the date
of control right change of OCT, the appreciation of long-term equity investment recognized by evaluation appreciation for
corresponding resale is RMB -86,961,360.88.




2.2 Shareholding facts of total shareholders and top ten shareholders at the end of reporting period



                                                                                                                                Unit: share


Total number of shareholders at
 the end of the reporting period                               72,656 (A-shares: 61,927, B-shares: 10,729)
             (numbers)


                                         Information of shares held by the top ten shareholders


                                                                                                                      Pledged or frozen
                                                                                                  Quantity of               status
                                               Property of the Shareholding     Quantity of
            Name of shareholders                                                                restricted share
                                                shareholder     ratio (%)       shares held
                                                                                                     held           Shareholding
                                                                                                                                   Quantity
                                                                                                                       status


China Merchants Shekou Industrial Zone State-owned            40.38 %         1,040,128,975   1,040,128,975 (A)        None          None
Co., Ltd.                                     corporate


Full Space Investment Limited                 Overseas        5.48 %          141,216,075     141,216,075 (B)          None          None
                                              corporate


China Merchants Securities (HK) Co., Overseas                 2.91 %          74,849,287      73,863,367 (B)           None          None
Ltd.                                          corporate


The     People’s   Insurance      Company Domestic           2.77 %          71,297,455      None                     None          None




                                                                     China Merchants Property Development Co., Ltd. Report Q3 2014


(Group) of China-Dividends-Individual non-state-owned
insurance dividend                          corporate


FOXTROT                 INTERNATIONAL Overseas                 1.61 %         41,580,000      41,580,000 (B)           None        None
LIMITED                                     corporate


ORIENTURE INVESTMENT LTD                    Overseas           1.55 %         39,904,717      39,904,717 (B)           None        None
                                            corporate


The    People’s      Insurance     Company Domestic           1.50 %         38,540,800      None                     None        None
(Group)                                   of non-state-owned
China-Traditional-Composition             of corporate
earnings


Fullgoal Tianbo Innovative Theme Stock Domestic                1.16 %         30,000,000      None                     None        None
Fund                                        non-state-owned
                                            corporate


GOLDEN CHINA MASTER FUND                    Overseas           0.77 %         19,808,497      None                     None        None
                                            corporate


National Social Security Fund 102 Domestic                     0.70 %         18,000,000      None                     None        None
Portfolio                                   non-state-owned
                                            corporate


                                         Shareholding status of top ten un-restricted shareholders


                                                                                                              Class of shares
                                                                         Quantity of held
                       Name of shareholders
                                                                        un-restricted stock      Class of
                                                                                                                        Quantity
                                                                                                     shares


The       People’s     Insurance     Company      (Group)      of 71,297,455                 A share         71,297,455
China-Dividends-Individual insurance dividend


The       People’s     Insurance     Company      (Group)      of 38,540,800                 A share         38,540,800
China-Traditional-Composition of earnings


Fullgoal Tianbo Innovative Theme Stock Fund                        30,000,000                 A share         30,000,000


GOLDEN CHINA MASTER FUND                                           19,808,497                 B share         19,808,497


National Social Security Fund 102 Portfolio                        18,000,000                 A share         18,000,000




                                                                    China Merchants Property Development Co., Ltd. Report Q3 2014



VALUE PARTNERS CLASSIC FUND                                      17,673,790                  B share        17,673,790


National Social Security Fund 602 Portfolio                      14,999,968                  A share        14,999,968


Huaxin Trust CO., LTD.                                           14,651,478                  A share        14,651,478


Dacheng Innovation Growth Mixed Fund(LOF)                        13,894,156                  A share        13,894,156


GREENWOODS CHINA ALPHA MASTER FUND                               13,031,565                  B share        13,031,565


1.    Shekou Industrial Zone and its subsidiary Full Space Investment Limited, Dafeng International, FOXTROT INTERNATIONAL
LIMITED and ORIENTURE INVESTMENT LTD are persons acting in concert;

2.    Among the Company shares held by China Merchants Securities (HK) Co., Ltd., 49,242,245 shares were purchased by Dafeng
International under entrustment in the previous year. After capitalization from capital public reserve in June 2014, Dafeng
International held a total of 73,863,367 shares;




§3 Important Events
3.1 Facts and cause for significant change in main accounting statement item and financial
index during the reporting period
                                                                                                                      Unit: RMB 10,000


                                                                              Increase
          Items of financial       September 30,                                and
                                                          2013.12.31                            Main cause of changes
               liabilities               2014                                decrease
                                                                               (±%)


                                                                                           Increase of receivables for sales of
         Accounts receivable              10,401.58            7,686.48            35 %
                                                                                           housings


                                                                                           Increase of deferred income tax
                                                                                           assets due to establishment of new
         Deferred income tax
                                         110,099.79           77,025.79            43 %    corporation by office building
         assets
                                                                                           investment of China Merchants
                                                                                           Property Investment Company


         Notes payable                        735.87           2,726.76           -73 %    Due settlement of notes payable


                                                                                           Increase of dividends payable to
         Dividend payable                 45,594.27           12,092.72          277 %     minority shareholders of
                                                                                           subsidiaries




                                               China Merchants Property Development Co., Ltd. Report Q3 2014



                                                                   Reversal of estimated liabilities
Estimated liabilities                -     1,047.34       -100 %   due to settlement of pending
                                                                   litigation


Other current                                                      Payment of accrued increment tax
                            248,590.25   356,049.11        -30 %
liabilities                                                        on land value


                                                                   Capitalization from capital public
Share capital               257,595.08   171,730.05         50 %
                                                                   reserves


                                                      Increase
                                         January -
 Items of profit or          January -                   and
                                         September                        Main cause of changes
          loss          September 2014                decrease

                                                        (±%)


                                                                   The gross profit ratio of the
                                                                   carry-forward items at current
                                                                   period is relatively low and the
Business taxes and
                            238,329.16   372,756.15        -36 %   increment tax on land value
surcharges
                                                                   decreases accordingly due to
                                                                   carry-forward product and regional
                                                                   structure


                                                                   Year-on-year increase of interest
Financial expenses           49,584.01    16,007.97       210 %    exchange and foreign exchange
                                                                   loss at current period


                                                                   Releasing of partial provision for
Asset impairment
                                 83.68   -17,205.76       -100 %   inventory over the same period last
loss
                                                                   year


Non-operating
                              6,083.13     3,989.48         52 %   Increase of government subsidy
income


Non-operating                                                      Increase of water conservancy
                              2,915.49     2,182.13         34 %
expense                                                            fund for power services


                                                                   Mainly due to decrease of gross
Net profits                                                        profit margin from variety
attributable to the                                                structure change of the
                            224,066.77   360,522.99        -38 %
listed company                                                     carry-forward products during the
shareholders                                                       reporting period. In addition, the
                                                                   items with high gross margin




                                                                      China Merchants Property Development Co., Ltd. Report Q3 2014


                                                                                               within the reporting period are not
                                                                                               yet settled due to uneven
                                                                                               distribution of completion of
                                                                                               projects.


                                                                             Increase
                                                             January -
                                           January -                            and
          Cash flow items                                    September                               Main cause of changes
                                    September 2014                           decrease

                                                                               (±%)


                                                                                               Year-on-year increase of land
                                                                                               funds and infrastructure funds paid
    Net cash flows from
                                          -549,463.18         79,374.33          -792 %        this period results in that cash
    operating activities
                                                                                               outflow of operating activities is
                                                                                               more than the inflow


                                                                                               Decrease of cash dividends
    Net cash flows from                                                                    received from the associated
                                            -7,782.61        -43,536.33           -82 %
    investing activities                                                                   company and increase of
                                                                                               investment expenditure


3.2 Impacts from New Accounting Standards for Businesses on the consolidated financial
statements
       Ministry of Finance has revised the Accounting Standards for Enterprises No.2 - Long-term Equity Investments this year,
which regulates the accounting treatment for other changes in owners’ equity except net profits and losses, other comprehensive
incomes and profit distributions of invested company under the equity method, based on which, the Company made a retroactive
adjustment for the 2013 consolidated financial statements:


                                                   January 1, 2013                             December 31, 2013
                                Basic

          Invested         transaction
                                                Capital       Retained
          company         information                                          Capital reserve               Retained earnings
                                                reserve       earnings
                                                                                       (+/-)                        (+/-)
                                                 (+/-)          (+/-)


                        Diluted earnings

           Beijing      due to decrease

         Guangying      of shareholding

         Residential       ratio of the
                          Company in               -              -            +11,777,249.14                 -11,777,249.14
          Property
    Developme              invested

         nt Limited            company
                           because of
                           additional



                                                                            China Merchants Property Development Co., Ltd. Report Q3 2014


                             issuance of
                             shares by the
                                 invested
                                 company


            Total                                      -                -             +11,777,249.14              -11,777,249.14




3.3 Analysis and description of key progress and influence

□ Applicable √ Inapplicable

3.4 Commitments made by the Company or any shareholder with a shareholding over 5% of
the Company's shares in the reporting period or such commitments carried down into the
reporting period

                    Commitment                                                               Commitment
 Commitments                                        Commitment content                                    Commitment limit     Performances
                        party                                                                    time


                                                                                                          Till two years
                                                                                                                             During the
                                                                                                          after the
Commitment of Shekou                 After reform of non-tradable shares, land and                                           reporting period,
                                                                                             December 9, shareholder no
equity division     Industrial       other high-quality assets will be continued to be                                       commitments
                                                                                             2005         longer holds the
reform              Zone             input to support the Company development.                                               have been strictly
                                                                                                          shares of the
                                                                                                                             fulfilled.
                                                                                                          Company


                                     Not to (directly or indirectly) engage in or
                                     develop any businesses or projects with
                                     business scopes similar to the Company; not to
                                     establish, develop, participate in or assist in any
                                     enterprises with any direct or indirect                              Till two years
                                                                                                                             During the
Other                                competition with the Company for the Shekou                          after the
                    Shekou                                                                                                   reporting period,
commitments for                      Industrial Zone and the related parties or on           March 19,    shareholder no
                    Industrial                                                                                               commitments
non-majority                         behalf of any third parties; not to engage in or        2008         longer holds the
                    Zone                                                                                                     have been strictly
shareholders                         participate in (directly or indirectly in) activities                shares of the
                                                                                                                             fulfilled.
                                     that compete with the Company by taking                              Company
                                     advantages of the information obtained from the
                                     Company; and not to have any other competing
                                     behaviors that infringe or may infringe the
                                     Company interests.




3.5 Estimates of 2014 business performance
□ Applicable √ Inapplicable


                                                                   China Merchants Property Development Co., Ltd. Report Q3 2014


3.6 Security investment
□ Applicable √ Inapplicable

3.7 Investment in derivatives
□ Applicable √ Inapplicable

3.8 Registration form of reception of research, communication, interview, etc. during the
reporting period

                                                                  Category of                             Main discussion points and
    Reception time       Reception place     Reception way                          Reception object
                                                                reception object                            information provided


                                           Company     field Institution           Guotai       Junan Recent conditions of the
July 4, 2014            Shenzhen
                                           research            investors           Securities             Company


                                                               Institution         Shenyin            &
                                           Company     field                                              Recent conditions of the
July 8, 2014            Shenzhen                               investors           Wanguo
                                           research                                                       Company
                                                                                   Securities


                                           Company     field Institution           Trivest Advisors Recent conditions of the
July 10, 2014           Shenzhen
                                           research            investors           Ltd                    Company


                                           Company     field Institution           Industrial             Recent conditions of the
July 17, 2014           Shenzhen
                                           research            investors           Securities             Company


                                           Company     field Institution                                  Recent conditions of the
August 19, 2014         Shenzhen                                                   Value Partners
                                           research            investors                                  Company


                                           Company     field Institution           Guotai       Junan Semiannual performance
August 21, 2014         Shenzhen
                                           research            investors           Securities             of the Company


                                           Company     field Institution           Industrial             Semiannual performance
August 22, 2014         Shenzhen
                                           research            investors           Securities             of the Company


                                           Company     field Institution                                  Recent conditions of the
August 25, 2014         Shenzhen                                                   Citic Securities
                                           research            investors                                  Company


                                           Telephone           Individual          Individual             Semiannual performance
August 25, 2014         Shenzhen
                                           communication       investors           investors              of the Company


                                           Telephone           Individual          Individual             Recent conditions of the
August 25, 2014         Shenzhen
                                           communication       investors           investors              Company





                                                         China Merchants Property Development Co., Ltd. Report Q3 2014



                              Telephone              Institution                            Recent conditions of the
August 26, 2014   Shenzhen                                              PICC
                              communication          investors                              Company


                              GF        Securities Institution                              Recent conditions of the
August 27-28, 2014 Wuxi                                                 GF Securities
                              Strategy Meeting investors                                    Company


                              Haitong
                                                     Institution        Haitong             Recent conditions of the
September 1, 2014 Suzhou      Securities
                                                     investors          Securities          Company
                              Strategy Meeting


                              Telephone              Individual         Individual          Recent    sales   of   the
September 3, 2014 Shenzhen
                              communication          investors          investors           Company


                              Company        field Institution                              Recent conditions of the
September 3, 2014 Shenzhen                                              U-shine Fund
                              research               investors                              Company


                                                     Institution        CPIC,        PICC
                              Company        field                                          Recent conditions of the
September 4, 2014 Shenzhen                           investors          Asset
                              research                                                      Company
                                                                        Management


                              Telephone              Individual         Individual          Recent    sales   of   the
September 9, 2014 Shenzhen
                              communication          investors          investors           Company


                              Telephone              Institution                            Recent    sales   of   the
September 10, 2014 Shenzhen                                             Galaxy Securities
                              communication          investors                              Company


                              Telephone              Individual         Individual          Recent    sales   of   the
September 10, 2014 Shenzhen
                              communication          investors          investors           Company


                              Company        field Individual           Individual          Recent conditions of the
September 16, 2014 Shenzhen
                              research               investors          investors           Company





                                                              China Merchants Property Development Co., Ltd. Report Q3 2014


§4 Financial Statements
4.1 Consolidated balance sheet

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                   Unit: yuan


                     Item                           Ending balance                          Beginning balance


Current assets:


       Monetary fund                                          21,919,358,973.44                         24,240,458,796.50


       Settlement reserves


       Loans to other banks


       Financial assets measured at fair
value with changes included in profits
and losses


       Notes receivable                                              7,290,000.00                               4,000,000.00


       Accounts receivable                                       104,015,819.51                             76,864,814.81


       Prepayments                                             2,651,318,928.10                          2,815,967,507.79


       Premiums receivable


       Reinsurance premiums receivable


       Reinsurance contract reserves
receivable


       Interest receivable                                              2,404.39                                 100,000.00


       Dividend receivable


       Other receivables                                      10,453,792,858.70                         13,683,883,876.17


       Redemptory monetary capital for
sale


       Inventory                                              94,349,892,930.43                         78,476,507,470.78



                                           China Merchants Property Development Co., Ltd. Report Q3 2014



     Divided into assets held for sale


     Non-current assets (expire in a
                                                            -                             4,175,229.58
year)


     Other current assets                    4,085,004,685.54                         3,550,197,939.60


Total current assets                       133,570,676,600.11                       122,852,155,635.23


Non-current assets:


     Entrusted loans released and
advances


     Available-for-sale financial assets


     Held-to-maturity investment


     Long-term accounts receivable


     Long-term equity investments            1,849,718,317.34                         1,653,194,214.56


     Investment property                     5,662,756,227.61                         5,661,844,333.88


     Fixed assets                            1,868,995,501.91                         2,038,420,991.55


     Construction in progress                   94,558,157.64                           104,895,578.36


     Engineering material


     Liquidation of fixed assets


     Productive biological assets


     Oil and gas assets


     Intangible assets                        515,346,470.19                            542,448,651.42


     Development expenses


     Goodwill                                 159,560,861.23                            159,560,861.23


     Long-term deferred expenses              238,529,817.32                            257,668,842.73



                                            China Merchants Property Development Co., Ltd. Report Q3 2014



       Deferred income tax assets             1,100,997,852.76                           770,257,880.69


       Other non-current assets                    841,148.71


Total non-current assets                     11,491,304,354.71                        11,188,291,354.42


Total assets                                145,061,980,954.82                       134,040,446,989.65


Current liabilities:


       Short-term loans                       3,275,000,000.00                         4,250,000,000.00


       Borrowings from central bank


       Receipt of deposits and deposits
from other banks


       Loans from other banks


       Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss


       Notes payable                              7,358,707.85                            27,267,637.07


       Accounts payable                      12,063,378,892.41                        12,010,832,454.50


       Account received in advance           42,234,700,349.47                        37,517,671,641.79


       Financial assets sold for
repurchase


       Service charges and commissions
payable


       Payroll payable                         281,067,626.31                            385,894,712.53


       Tax payable                            1,171,182,340.00                         1,464,425,877.10


       Interests payable                       161,428,340.98                            152,361,058.07


       Dividend payable                        455,942,680.19                            120,927,194.29



                                            China Merchants Property Development Co., Ltd. Report Q3 2014



       Other payables                         9,723,674,390.06                         9,014,047,482.53


       Reinsured accounts payable


       Reserves for insurance contract


       Receivings from vicariously traded
securities


       Receivings from vicariously sold
securities


       Divided into liabilities held for
sale


       Non-current liability due within
                                              7,595,938,717.45                         6,331,007,932.13
one year


       Other current liabilities              2,485,902,523.57                         3,560,491,070.18


Total current liabilities                    79,455,574,568.29                        74,834,927,060.19


Non-current liabilities:


       Long-term loans                       21,964,826,121.61                        17,051,917,894.42


       Bonds payable                          3,033,646,676.89                         3,003,382,977.23


       Long-term payable                       105,456,930.82                            102,745,035.90


       Special payables


       Estimated liabilities                                 -                            10,473,360.10


       Deferred income tax liabilities         105,605,849.52                            108,596,697.05


       Other non-current liabilities             11,236,760.00                            11,236,760.00


Total non-current liabilities                25,220,772,338.84                        20,288,352,724.70


Total liabilities                           104,676,346,907.13                        95,123,279,784.89


Owners' equity (or shareholders'



                                                                  China Merchants Property Development Co., Ltd. Report Q3 2014


equity):


     Paid-in capital (or share capital)                             2,575,950,754.00                         1,717,300,503.00


     Capital reserve                                                7,632,648,079.93                         8,458,826,075.70


     Less: treasury stocks


     Special reserve


     Surplus reserve                                                1,133,515,392.99                         1,133,515,392.99


     General risk provisions


     Undistributed profit                                          16,753,322,052.91                        15,336,958,642.03


     Translation difference in foreign
                                                                          78,901,353.52                         78,901,353.52
currency statements


Total equity attributable to the parent
                                                                   28,174,337,633.35                        26,725,501,967.24
company owners


     Minority shareholders' equity                                 12,211,296,414.34                        12,191,665,237.52


Total owners' equity (or shareholders'
                                                                   40,385,634,047.69                        38,917,167,204.76
equity)


Total liabilities and owner equity (or
                                                                  145,061,980,954.82                       134,040,446,989.65
shareholder equity)


Legal representative:Sun Chengming                Accounting supervisor:Wu Zhenqin

Legal representative of the accounting firm:Li Shifang




4.2 Consolidated balance sheet of parent company

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                     Unit: yuan


                  Item                                   Ending balance                         Beginning balance


Current assets:





                                           China Merchants Property Development Co., Ltd. Report Q3 2014



     Monetary fund                          9,626,050,268.96                          6,296,121,745.68


     Financial assets measured at fair
value with changes included in profits
and losses


     Notes receivable


     Accounts receivable


     Prepayments                                           0                                193,000.00


     Interest receivable                          698,399.06                             11,814,660.00


     Dividend receivable                    1,021,707,095.72                          1,186,411,976.56


     Other receivables                     29,707,743,133.32                         28,619,556,967.65


     Inventory


     Divided into assets held for sale


     Non-current assets (expire in a
year)


     Other current assets                       3,650,084.20


Total current assets                       40,359,848,981.26                         36,114,098,349.89


Non-current assets:


     Available-for-sale financial assets


     Held-to-maturity investment


     Long-term accounts receivable


     Long-term equity investments           8,788,171,776.13                          9,227,039,815.19


     Investment property


     Fixed assets                               1,183,788.54                              1,548,967.06





                                            China Merchants Property Development Co., Ltd. Report Q3 2014



       Construction in progress


       Engineering material


       Liquidation of fixed assets


       Productive biological assets


       Oil and gas assets


       Intangible assets


       Development expenses


       Goodwill


       Long-term deferred expenses


       Deferred income tax assets


       Other non-current assets


Total non-current assets                     8,789,355,564.67                          9,228,588,782.25


Total assets                                49,149,204,545.93                         45,342,687,132.14


Current liabilities:


       Short-term loans                      3,275,000,000.00                          2,250,000,000.00


       Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss


       Notes payable


       Accounts payable                        191,878,894.81


       Account received in advance


       Payroll payable                           6,311,393.28                              9,010,550.63





                                            China Merchants Property Development Co., Ltd. Report Q3 2014



       Tax payable                                 298,730.19                              4,569,810.63


       Interests payable                        63,118,391.61                             90,378,579.30


       Dividend payable


       Other payables                       16,643,595,379.90                         15,791,231,019.71


       Divided into liabilities held for
sale


       Non-current liability due within
                                             3,054,090,375.00                          2,404,241,120.00
one year


       Other current liabilities                                                             357,710.82


Total current liabilities                   23,234,293,164.79                         20,549,788,791.09


Non-current liabilities:


       Long-term loans                       9,681,514,500.00                          7,633,824,285.00


       Bonds payable


       Long-term payable


       Special payables


       Estimated liabilities


       Deferred income tax liabilities


       Other non-current liabilities


Total non-current liabilities                9,681,514,500.00                          7,633,824,285.00


Total liabilities                           32,915,807,664.79                         28,183,613,076.09


Owners' equity (or shareholders'
equity):


       Paid-in capital (or share capital)    2,575,950,754.00                          1,717,300,503.00





                                                              China Merchants Property Development Co., Ltd. Report Q3 2014



     Capital reserve                                           8,068,429,937.53                          8,927,054,193.00


     Less: treasury stocks


     Special reserve


     Surplus reserve                                           1,082,563,999.99                          1,082,563,999.99


     General risk provisions


     Undistributed profit                                      4,506,452,189.62                          5,432,155,360.06


     Translation difference in foreign
currency statements


Total owners' equity (or shareholders'
                                                              16,233,396,881.14                         17,159,074,056.05
equity)


Total liabilities and owner equity (or
                                                              49,149,204,545.93                         45,342,687,132.14
shareholder equity)


4.3 Consolidated statement of profits during reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan


                  Item                         Amount of current period                 Amount of previous period


I. Total operating income                                      7,706,001,062.23                          7,337,867,073.26


     Including: operating income                               7,706,001,062.23                          7,337,867,073.26


             Interest incomes


             Earned insurance premium


             Incomes from fees and
commissions


II. Total operating cost                                       6,797,587,801.83                          5,448,933,432.63


     Including: operating cost                                 5,531,109,631.22                          3,897,208,053.27





                                             China Merchants Property Development Co., Ltd. Report Q3 2014



               Interest payments


               Service charges and
commission expenses


               Refunded premium


               Net amount of
compensation payout


               Net amount of reserves for
reinsurance contract


               Policy dividend payment


               Reinsured expenses


               Business taxes and
                                                769,271,865.81                          1,148,130,766.37
surcharges


               Sales expenses                   186,593,343.38                            191,368,774.77


               Management expenses              140,926,760.49                            125,186,417.87


               Financial expenses               169,737,714.64                             86,730,756.84


               Asset impairment loss                -51,513.71                                308,663.51


    Add: income from changes in fair
value (“-” indicates the loss)


               Investment profit (“-”
                                                 72,396,735.93                             23,438,064.02
indicates the loss)


               Including: investment
income from affiliated enterprises and           72,396,735.93                             23,438,064.02
joint ventures


               Exchange income (“-”
indicates the loss)


III. Operating profit (“-” indicates the
                                                980,809,996.33                          1,912,371,704.65
loss)



                                               China Merchants Property Development Co., Ltd. Report Q3 2014



    Add: non-operating incomes                 25,334,455.57                             28,120,053.54


    Less: non-operating expenses                7,429,519.46                              6,433,724.24


                Including: loss on disposal
                                                       43,441.30                                 35,175.02
of non-current assets


IV. Total profit (“-” indicates the total
                                                  998,714,932.44                          1,934,058,033.95
loss)


    Less: income tax                          332,146,405.38                            526,125,432.21


V. Net profit (“-” indicates the net loss)      666,568,527.06                          1,407,932,601.74


    Including: Net profits of the
combined party before the combination


    Net profits attributable to the
                                                  455,232,903.03                          1,054,598,858.68
parent company owners


    Gain and loss of minority
                                                  211,335,624.03                            353,333,743.06
shareholders


VI. Earnings per share:                                                                                  --


        (I) Basic earnings per share                        0.18                                      0.41


        (II) Diluted earnings per share                     0.18                                      0.41


VII. Other consolidated income


Including: items that will not be
reclassified to profit or loss in
subsequent periods


          Items that will be reclassified
subsequently to profit or loss when
specific conditions are met


VIII. Total consolidated income                   666,568,527.06                          1,407,932,601.74


    Total consolidated income                 455,232,903.03                          1,054,598,858.68
attributable to the owner of the parent



                                                              China Merchants Property Development Co., Ltd. Report Q3 2014


company


    Total consolidated income
                                                                 211,335,624.03                            353,333,743.06
attributable to minority shareholders




4.4 Parent company's profits during reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan


                      Item                     Amount of current period                 Amount of previous period


I. Operating income                                                1,910,000.00                             11,010,000.00


    Less: operating cost                                         821,384.23                                616,368.32


             Business taxes and surcharges                           107,151.00                                617,661.00


             Sales expenses


             Management expenses                                  16,140,300.01                             13,603,143.91


             Financial expenses                                   59,677,976.23                             77,840,820.04


             Asset impairment loss


    Add: income from changes in fair
value (“-” indicates the loss)


             Investment profit (“-”
                                                                  25,671,132.64                               -189,187.00
indicates the loss)


             Including: investment income
from affiliated enterprises and joint                              -2,308,848.89                              -189,187.00
ventures


II. Operating profit (“-” indicates the
                                                                 -49,165,678.83                            -81,857,180.27
loss)


    Add: non-operating incomes




                                                              China Merchants Property Development Co., Ltd. Report Q3 2014



    Less: non-operating expenses


             Including: loss on disposal of
non-current assets


III. Total profit (“-” indicates the total
                                                                 -49,165,678.83                            -81,857,180.27
loss)


    Less: income tax


IV. Net profit (“-” indicates the loss)                        -49,165,678.83                            -81,857,180.27


V. Earnings per share:                                                        --


        (I) Basic earnings per share                                Inapplicable                              Inapplicable


        (II) Diluted earnings per share                             Inapplicable                              Inapplicable


VI. Other consolidated incomes


Including: items that will not be
reclassified to profit or loss in
subsequent periods


          Items that will be reclassified
subsequently to profit or loss when
specific conditions are met


VII. Total consolidated income                                   -49,165,678.83                            -81,857,180.27


4.5 Consolidated year-to-date profits of the reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan


                     Item                      Amount of current period                 Amount of previous period


I. Total operating income                                     23,753,156,793.22                         23,471,435,394.52


    Including: operating income                           23,753,156,793.22                         23,471,435,394.52


               Interest incomes





                                           China Merchants Property Development Co., Ltd. Report Q3 2014



              Earned insurance premium


              Incomes from fees and
commissions


II. Total operating cost                   19,643,264,503.28                         17,126,589,406.42


     Including: operating cost             15,922,177,904.69                         12,589,719,333.16


              Interest payments


              Service charges and
commission expenses


              Refunded premium


              Net amount of
compensation payout


              Net amount of reserves for
reinsurance contract


              Policy dividend payment


              Reinsured expenses


              Business taxes and
                                            2,383,291,566.10                          3,727,561,490.14
surcharges


              Sales expenses                  468,531,591.83                            463,388,566.53


              Management expenses             372,586,559.19                            357,897,903.88


              Financial expenses              495,840,101.19                            160,079,728.23


              Asset impairment loss               836,780.28                           -172,057,615.52


     Add: income from changes in fair
value (“-” indicates the loss)


              Investment profit (“-”
                                              215,715,151.44                            305,617,822.95
indicates the loss)





                                               China Merchants Property Development Co., Ltd. Report Q3 2014



                Including: investment
income from affiliated enterprises and            215,715,151.44                            359,630,004.60
joint ventures


                Exchange income (“-”
indicates the loss)


III. Operating profit (“-” indicates the
                                                4,325,607,441.38                          6,650,463,811.05
loss)


    Add: non-operating incomes                 60,831,335.20                             39,894,756.82


    Less: non-operating expenses               29,154,934.95                             21,821,278.85


                Including: loss on disposal
                                                      218,503.87                                945,458.54
of non-current assets


IV. Total profit (“-” indicates the total
                                                4,357,283,841.63                          6,668,537,289.02
loss)


    Less: income tax                        1,296,643,173.79                          2,002,712,262.59


V. Net profit (“-” indicates the net loss)    3,060,640,667.84                          4,665,825,026.43


    Including: Net profits of the
combined party before the combination


    Net profits attributable to the
                                                2,240,667,651.88                          3,605,229,893.19
parent company owners


    Gain and loss of minority
                                                  819,973,015.96                          1,060,595,133.24
shareholders


VI. Earnings per share:


        (I) Basic earnings per share                        0.87                                      1.40


        (II) Diluted earnings per share                     0.87                                      1.40


VII. Other consolidated income


Including: items that will not be
reclassified to profit or loss in



                                                              China Merchants Property Development Co., Ltd. Report Q3 2014


subsequent periods


    Items that will be reclassified
subsequently to profit or loss when
specific conditions are met


VIII. Total consolidated income                                3,060,640,667.84                          4,665,825,026.43


     Total consolidated income
attributable to the owner of the parent                        2,240,667,651.88                          3,605,229,893.19
company


     Total consolidated income
                                                                 819,973,015.96                          1,060,595,133.24
attributable to minority shareholders


4.6 Parent company's year-to-date profits of the reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan


                      Item                     Amount of current period                 Amount of previous period


I. Operating income                                                2,410,000.00                             22,090,000.00


     Less: operating cost                                          1,878,636.39                              1,632,685.24


           Business taxes and surcharges                           2,347,719.26                              1,239,249.00


           Sales expenses


           Management expenses                                    36,291,553.95                             28,235,451.12


           Financial expenses                                    142,799,590.32                            276,033,038.68


           Asset impairment loss


     Add: income from changes in fair
value (“-” indicates the loss)


           Investment profit (“-”
                                                                  79,510,570.48                              -1,479,947.00
indicates the loss)


           Including: investment income                            -2,668,039.06                             -1,479,947.00
from affiliated enterprises and joint



                                                              China Merchants Property Development Co., Ltd. Report Q3 2014


ventures


II. Operating profit (“-” indicates the
                                                                -101,396,929.44                           -286,530,371.04
loss)


    Add: non-operating incomes


    Less: non-operating expenses                                   2,000.00                              9,163,879.51


             Including: loss on disposal of
non-current assets


III. Total profit (“-” indicates the total
                                                                -101,398,929.44                           -295,694,250.55
loss)


    Less: income tax


IV. Net profit (“-” indicates the loss)                       -101,398,929.44                           -295,694,250.55


V. Earnings per share:


        (I) Basic earnings per share                                Inapplicable                              Inapplicable


        (II) Diluted earnings per share                             Inapplicable                              Inapplicable


VI. Other consolidated incomes


Including: items that will not be
reclassified to profit or loss in
subsequent periods


          Items that will be reclassified
subsequently to profit or loss when
specific conditions are met


VII. Total consolidated income                                  -101,398,929.44                           -295,694,250.55




4.7 Cash flow statement year-to-date profits of the reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan





                                                         China Merchants Property Development Co., Ltd. Report Q3 2014



                   Item                    Amount of current period                Amount of previous period


I. Cash flows from operating activities:


     Cash received from sale of goods
                                                          28,427,510,441.71                        29,826,137,629.51
or rendering of services


     Net increase of deposits from
customers and other banks


     Net increase of borrowings from
central bank


     Net increase of loans from other
financial institutions


     Cash received from receiving
insurance premium of original
insurance contract


     Net cash received from reinsurance
business


     Net increase of policy holder
deposits and investment funds


     Net increase of disposal of trading
financial assets


     Cash received from interests, fees
and commissions


     Net increase of loans from other
banks


     Net capital increase of repurchase
business


     Refunds of taxes and levies                              27,348,837.85                            15,808,867.22


     Cash received from other operating
                                                           6,841,156,957.77                         4,193,297,175.59
activities





                                            China Merchants Property Development Co., Ltd. Report Q3 2014



Sub-total of cash inflows from
                                            35,296,016,237.33                         34,035,243,672.32
operating activities


     Cash paid for goods and services       27,074,310,400.10                         20,155,096,718.59


     Net increase of customer's loans
and advances


     Net increase of deposits in central
bank and other banks


     Cash paid for indemnity of original
insurance contract


     Cash paid for interests, service
charges and commissions


     Cash paid for policy dividends


     Cash paid to and on behalf of
                                             1,194,355,095.30                            983,126,518.84
employees


     Payments of all types of taxes          6,883,850,156.54                          5,816,514,372.81


     Other cash paid relating to
                                             5,638,132,377.31                          6,286,762,781.45
operating activities


Sub-total of cash outflows from
                                            40,790,648,029.25                         33,241,500,391.69
operating activities


Net cash flows from operating activities     -5,494,631,791.92                           793,743,280.63


II. Cash flows from investing activities:


     Cash received from disposal of
                                                                                              80,123.00
investments


     Cash received from return on
                                                39,967,345.86                            326,819,319.15
investments


     Net cash received from disposal of
fixed assets, intangible assets and other           59,464.00                                 85,915.50
long-term assets




                                           China Merchants Property Development Co., Ltd. Report Q3 2014



     Net cash received from disposal of
subsidiaries and other business units


     Other cash received relating to
investing activities


Sub-total of cash inflows from investing
                                               40,026,809.86                            326,985,357.65
activities


     Cash paid to acquire fixed assets,
intangible assets & other long-term            41,181,847.17                             38,244,369.82
assets


     Cash paid to acquire investments          76,671,105.19                             30,500,000.00


     Net increase of pledge loans


     Net cash received from payment of
                                                                                        132,381,505.46
subsidiaries and other business units


     Other cash payments relating to
                                                                                        561,222,801.84
investing activities


Sub-total of cash outflows from
                                              117,852,952.36                            762,348,677.12
investing activities


Net cash flows from investing activities      -77,826,142.50                           -435,363,319.47


III. Cash flows from financing
activities:


     Cash received from capital
                                              254,265,704.18                            118,041,079.00
contribution


     Including: cash from the
investment of minority shareholders of        254,265,704.18                            118,041,079.00
the subsidiaries


     Cash received from borrowings         16,216,394,880.82                         14,700,287,816.88


     Cash from issue of bonds


     Proceeds received from other



                                           China Merchants Property Development Co., Ltd. Report Q3 2014


financing activities


Sub-total of cash inflows from
                                           16,470,660,585.00                         14,818,328,895.88
financing activities


     Cash repayments of amounts
                                           11,087,713,675.00                          9,789,887,950.00
borrowed


     Cash payments for interest
expenses and distribution of dividends      2,143,694,391.98                          1,532,365,144.23
or profit


     Including: dividends and profits
paid by subsidiaries to minority              271,684,819.75                            149,669,583.36
shareholders


     Other cash payments relating to
                                                2,461,000.00
financing activities


Sub-total of cash outflows from
                                           13,233,869,066.98                         11,322,253,094.23
financing activities


Net cash flows from financing activities    3,236,791,518.02                          3,496,075,801.65


IV. Influence of exchange rate change
                                               14,566,593.34                            -27,139,455.87
on cash and cash equivalent


V. Net increase of cash and cash
                                            -2,321,099,823.06                         3,827,316,306.94
equivalent


     Add: balance of cash and cash
                                           24,240,458,796.50                         18,218,506,517.70
equivalent at the beginning of period


VI. Balance of cash and cash equivalent
                                           21,919,358,973.44                         22,045,822,824.64
at the end of period





                                                              China Merchants Property Development Co., Ltd. Report Q3 2014




4.8 Parent company's cash flow statement year-to-date profits of the reporting period

Prepared by: China Merchants Property Development Co., Ltd.

                                                                                                                 Unit: yuan


                  Item                         Amount of current period                 Amount of previous period


I. Cash flows from operating activities:


     Cash received from sale of goods
                                                                   2,410,000.00                             22,090,000.00
or rendering of services


     Refunds of taxes and levies


     Cash received from other operating
                                                               5,781,010,203.48                          4,421,323,868.12
activities


Sub-total of cash inflows from
                                                               5,783,420,203.48                          4,443,413,868.12
operating activities


     Cash paid for goods and services


     Cash paid to and on behalf of
                                                                  11,453,390.37                             13,635,785.05
employees


     Payments of all types of taxes                               13,967,791.77                             25,560,131.43


     Other cash paid relating to
                                                               5,640,911,795.07                          1,338,336,583.58
operating activities


Sub-total of cash outflows from
                                                               5,666,332,977.21                          1,377,532,500.06
operating activities


Net cash flows from operating activities                         117,087,226.27                          3,065,881,368.06


II. Cash flows from investing activities:


     Cash received from disposal of
                                                                 470,000,000.00
investments


     Cash received from return on
                                                                 243,069,431.04                          2,410,780,300.87
investments




                                            China Merchants Property Development Co., Ltd. Report Q3 2014



     Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets


     Net cash received from disposal of
subsidiaries and other business units


     Other cash received relating to
investing activities


Sub-total of cash inflows from investing
                                               713,069,431.04                          2,410,780,300.87
activities


     Cash paid to acquire fixed assets,
intangible assets & other long-term                 20,880.00                              1,344,750.00
assets


     Cash paid to acquire investments           88,671,105.19                          2,844,741,275.00


     Net cash received from payment of
subsidiaries and other business units


     Other cash payments relating to
investing activities


Sub-total of cash outflows from
                                                88,691,985.19                          2,846,086,025.00
investing activities


Net cash flows from investing activities       624,377,445.85                           -435,305,724.13


III. Cash flows from financing
activities:


     Cash received from capital
contribution


     Cash received from borrowings           8,326,821,400.00                          5,699,190,000.00


     Cash from issue of bonds


     Proceeds received from other
financing activities





                                           China Merchants Property Development Co., Ltd. Report Q3 2014



Sub-total of cash inflows from
                                            8,326,821,400.00                          5,699,190,000.00
financing activities


     Cash repayments of amounts
                                            4,611,076,875.00                          6,049,727,950.00
borrowed


     Cash payments for interest
expenses and distribution of dividends      1,107,213,263.04                            867,569,654.44
or profit


     Other cash payments relating to
financing activities


Sub-total of cash outflows from
                                            5,718,290,138.04                          6,917,297,604.44
financing activities


Net cash flows from financing activities    2,608,531,261.96                          -1,218,107,604.44


IV. Influence of exchange rate change
                                              -20,067,410.80                               -282,395.07
on cash and cash equivalent


V. Net increase of cash and cash
                                            3,329,928,523.28                          1,412,185,644.42
equivalent


     Add: balance of cash and cash
                                            6,296,121,745.68                          5,277,807,877.29
equivalent at the beginning of period


VI. Balance of cash and cash equivalent
                                            9,626,050,268.96                          6,689,993,521.71
at the end of period




4.9 Audit Report
The Q3 report is yet to be audited.





                                                                          China Merchants Property Development Co., Ltd. Report Q3 2014


§5 Other Reporting Data
5.1 Illegal external guarantee
    Inapplicable.

5.2 Occupation of non-operating funds of the listed company by controlling shareholders and
their related parties
                                                                                                                              Unit: RMB 10,000


                                                                             New
                                                                                         Total
  Name of                                                                  occupied                                                    Estimated
                                                                                       repayment             Estimated
shareholder                                    Occurrence Beginning          funds                 Ending                 Estimated repayment
                          Occupation time                                               during               repayment
 or related                                        reason    balance        during                 balance                repayment      time
                                                                                       reporting              method
      party                                                                reporting                                                    (month)
                                                                                         period
                                                                            period


                                               Funds                                                             Funds
Jones Tech         December 2012 - January
                                               shifted to         6,243                    6,243         - shifted to                 Inapplicable
Limited
                                               investment                                                    investment


                                               Funds                                                             Funds
Holly Profit December 2012 - January
                                               shifted to         9,255                    9,255         - shifted to                 Inapplicable
Limited
                                               investment                                                    investment


Blue Cove                                      Funds                                                             Funds
                   December 2012 - January
International                                  shifted to         4,481                    4,481         - shifted to                 Inapplicable

Ltd                                            investment                                                    investment


Powerwise                                      Funds                                                             Funds
                   December 2012 - January
International                                  shifted to         8,903                    8,903         - shifted to                 Inapplicable

Ltd                                            investment                                                    investment


Total                                                            28,882                   28,882                 --                        --


5.3 Transaction of funds between listed company and controlling shareholders and their
associated companies
                                                                                                                              Unit: RMB 10,000


                                                                       Amount
                                                                                       Repayme
                                                                     incurred in
Name of transaction          Category of credits     Beginning                         nt during       Ending             Interest      Interest
                                                                           the
         parties                  and debts            balance                         reporting       balance            incomes      payments
                                                                       reporting
                                                                                        period
                                                                          period




                                                          China Merchants Property Development Co., Ltd. Report Q3 2014



Jones Tech Limited     Other receivables    6,243.21                 6,243.21               -


Powerwise
                       Other receivables    8,902.69                 8,902.69               -
International Ltd


Holly Profit Limited   Other receivables    9,255.06                 9,255.06               -


Blue Cove
                       Other receivables    4,481.22                 4,481.22               -
International Ltd


Shekou Industrial
                       Accounts payable            -   345,290.00                  345,290.00
Zone


Shekou Industrial
                        Other payables      7,948.89                                 7,948.89
Zone


China Merchants
Guangming Science       Other payables       147.67                    146.95            0.72
Park


Shenzhen China
Merchants Financial     Other payables     71,458.14      549.00                    72,007.14
Service Co., Ltd.


Dafeng
International Group     Other payables                  13,266.19                   13,266.19
LLC


China Merchants
Zhangzhou
                        Other payables     20,000.00                                20,000.00
Development Zone
Co., Ltd.


China Merchants
Holdings (HK) Co.,      Other payables                     88.12                        88.12
Ltd.





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