招商局地产控股股份有限公司2015年第一季度报告全文(英文版)

                                                             China Merchants Property Development Co., Ltd. Report Q1 2015



Stock code: 000024, 200024                                                        Stock short name: CMPD, CM-B
Announcement No.: [CMPD] 2015-030



   China Merchants Property Development Co., Ltd. Report Q1 2015

§1 Important Notice

1.1 The Board of Directors and Board of Supervisors of the Company and its directors, supervisors and officers
hereby guarantee that this report is free from any fault, misleading statement or major omission 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 Q1 report.
1.3 The Report Q1 2015 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 in 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 accounting data and financial index

There is no retroactive adjustment or restatement of accounting data for previous years due to change in
accounting policies and correction of accounting errors
                                                                                                     Increase or decrease of the
                                                                                                      end of this report period
                                              Reporting period          Amount of last year
                                                                                                      compared with the same
                                                                                                      period of previous year

Operating income (yuan)                            6,004,766,989.10           7,250,648,108.95                          -17.18%

Net profits attributable to the listed
                                                    653,187,033.25              755,433,248.27                          -13.53%
company shareholders (yuan)

Net profits attributable to shareholders of
listed company after deducting                      649,379,795.26              794,757,195.17                          -18.29%
non-recurring profits and losses (yuan)

Net cash flows from operating activities
                                                  -6,851,977,379.07          -4,330,633,173.95                          -58.22%
(yuan)

Basic earnings per share (yuan/share)                            0.25                         0.29                      -13.79%

Diluted earnings per share (yuan/share)                          0.25                         0.29                      -13.79%




                                                                     China Merchants Property Development Co., Ltd. Report Q1 2015


                                                                                                             Decrease of 0.71 percentage
Weighted average rate of return on equity                           2.08%                            2.79%
                                                                                                                                    points

                                                                                                              Year-on-year increase or
                                                   End of report period           End of last year
                                                                                                                      decrease

Total assets (yuan)                                     161,577,057,955.12           151,692,365,118.58                             6.52%

Net assets attributable to the shareholders
                                                         31,755,625,844.01            31,094,416,110.82                             2.13%
of listed company (yuan)

Note 1: the year-on-year decrease in the net profits attributable to the shareholders of listed company in Q1 2015 was primarily
caused by the year-on-year decrease in the carryover area in Q1 2015. Reminder to the investors: the achievement of profits of the
whole year may not be estimated by the performance in Q1 due to the unbalanced quarterly distribution of real estate project
completion and carryover time.
Note 2: the year-on-year decrease in the net cash flows produced by operating activities in Q1 2015 was primarily caused by the
significant increase in payment of land price and infrastructure expenditure.


Total capital stock of the Company as of the trading day before disclosure:

Total capital stock of the Company as of the trading day
                                                                                                                          2,575,950,754
before disclosure (share)



Items and amount of extraordinary profit or loss
                                                                                                                                 Unit: yuan

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

Losses and profits on disposal of non-current assets                                                                        2,478,144.35

Government subsidies                                                                                                        4,321,610.93

Other non-operating revenues and expenditures except the foregoing items                                                    3,480,912.35

Other profit or loss items recognized by CSRC                                                                              -3,752,227.93

Affected amount of minority interest income                                                                                -1,834,195.12

Affected amount of income taxes                                                                                              -887,006.59

                                     Total                                                                                  3,807,237.99

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. In the period, 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 acknowledged by assessed appreciation value subject to corresponding written off is
RMB 3,752,227.93.




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

                                                                                                                                 Unit: share

Total number of common                                                                    93,305 (A-shares: 82,503, B-shares: 10,802)



                                                                     China Merchants Property Development Co., Ltd. Report Q1 2015


shareholders at the end of the
reporting period

                                      Information of shares held by the top ten common shareholders

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

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

Full-space Investment            Overseas
                                                                  5.48%        141,216,075      141,216,075        None           None
Limited Co., Ltd.                corporate

China Merchants Securities Overseas
                                                                  2.93%         75,353,745       73,863,367        None           None
(Hong Kong) Co., Ltd.            corporate

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

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

GOLDEN CHINA                     Overseas
                                                                  1.03%         26,487,893        None             None           None
MASTER FUND                      institution

                                 Domestic
National Social Security
                                 non-state-owned                  0.86%         22,189,608        None             None           None
Fund 118 Portfolio
                                 corporate

Invesco Great Wall Selected Domestic
Blue Chip Stock Type             non-state-owned                  0.58%         15,000,052        None             None           None
Securities Investment Funds corporate

                                 Domestic
Fullgoal Tianbo Innovative
                                 non-state-owned                  0.56%         14,341,528        None             None           None
Theme Stock Fund
                                 corporate

GREENWOODS CHINA                 Overseas
                                                                  0.51%         13,031,565        None             None           None
ALPHA MASTER FUND                institution

                                     Shareholding status of top ten un-restricted common shareholders

                                                                                                              Class of share
             Name of shareholder                    Quantity of un-restricted common shares
                                                                                                  Class of share            Quantity

GOLDEN CHINA MASTER FUND                                                           26,487,893         B share                  26,487,893

National Social Security Fund 118 Portfolio                                        22,189,608         A share                  22,189,608

Invesco Great Wall Selected Blue Chip Stock
                                                                                   15,000,052         A share                  15,000,052
Type Securities Investment Funds

Fullgoal Tianbo Innovative Theme Stock                                             14,341,528         A share                  14,341,528




                                                                    China Merchants Property Development Co., Ltd. Report Q1 2015


Fund

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

Rongtong New Blue Chip Securities
                                                                                   12,000,056       A share               12,000,056
investment funds

NORGES BANK                                                                        11,641,091       B share               11,641,091

Invesco Great Wall Domestic Needs Growth
                                                                                   10,490,450       A share               10,490,450
No Two Shares Securities Investment Funds

National Social Security Fund 413 Portfolio                                        10,000,000       A share               10,000,000

National Social Security Fund 101 Portfolio                                         8,736,473       A share               8,736,473

                                                 1. Shekou Industrial Zone and its subsidiaries - Full Space Investment Limited,
                                                 FOXTROT INTERNATIONAL LIMITED and ORIENTURE INVESTMENT LTD
                                                 are Persons Acting in Concert; GOLDEN CHINA MASTER FUND and
                                                 GREENWOODS CHINA ALPHA MASTER FUND are Persons Acting in Concert.
Statement on related relationship and acting
                                                 Dafeng International, a subsidiary of Shekou Industrial Zone, has entrusted
in concert of the above-mentioned
                                                 73,863,367 shares of the Company to China Merchants Securities (Hong Kong) Co.,
shareholders
                                                 Ltd.
                                                 2. Invesco Great Wall Selected Blue Chip Stock Type Securities Investment Funds
                                                 and Invesco Great Wall Domestic Needs Growth No. Two Shares Securities
                                                 Investment Funds are operated under the same funds management company.

Description for top ten common shareholders
participating in securities margin trading (if   None
any)




§3 Important Events

3.1 Facts and cause for significant change in main accounting statement item and financial index during the
report period





                                                        China Merchants Property Development Co., Ltd. Report Q1 2015




                                                                                               Unit: RMB 10,000

                                                            Increase
     Items of financial                                       and
                             3/31/2015     12/31/2014                            Main causes of changes
         liabilities                                        decrease
                                                              (±%)
                                                                         Increase in house sales amount
Notes receivable                  2,688            439          512%
                                                                         receivable
Dividends receivable              4,020          6,420          -37%     Dividend received from associates
                                                                         Increase in current funds of associated
Other receivables             1,214,783        894,186           36%
                                                                         and joint enterprises receivable
Notes payable                     7,031          4,734           49%     Increase in payables on projects
                                                                         Payment for unpaid remuneration of
Payroll payable                  16,452         39,875          -59%
                                                                         employee
                                                                         Counting and drawing interest on
Interests payable                33,853         19,214           76%
                                                                         bank loan
                                                                         Dividends paid by subsidiaries to
Dividends payable                10,573         16,073          -34%
                                                                         minority shareholders
                                                                         Issuing medium-term bond of RMB 1
Bonds payable                   403,750        301,808           34%
                                                                         billion
                                                                         Increased payables due to assignment
Long-term payables              351,402         10,435         3267%
                                                                         of interest of the dividends
                                                            Increase
                              January -     January -         and
  Items of profit or loss                                                        Main causes of changes
                             March 2015    March 2014       decrease
                                                              (±%)
                                                                         Increase in advertisement expenses,
Sales expenses                    15,403         10,892          41%
                                                                         sales and service charges and labor cost
Non-operating income              1,626            629          158%     Increase of penalty confiscated
                                                                         Decrease in investment income due to
Investment income                 1,518         11,944          -87%
                                                                         the adjustment of Equity Method
                                                            Increase
                              January -     January -         and
     Cash flow items                                                             Main cause of changes
                             March 2015    March 2014       decrease
                                                              (±%)
Net cash flows arising                                                   Increase in prepaid land funds and
                               -685,198       -433,063          -58%
from operating activities                                                deposit in the current period
Sub-total of cash outflows                                               Increase in share acquisition payment
                                 17,341          7,150          143%
from investing activities                                                paid
Net cash flows from                                                      Increase in share acquisition payment
                                -14,941          -7,150        -109%
investing activities                                                     paid
Sub-total of cash inflows
                              1,056,640        348,257          203%     Loans newly increased in this period
from financing activities
                                                                         Newly-increased loans in the current
Net cash flows from
                                744,729        -26,394         2922%     period are more than repayment
financing activities
                                                                         amount





                                                                     China Merchants Property Development Co., Ltd. Report Q1 2015




3.2 Analysis and description of key progress and influence


                                                                                           Inquiry index for disclosure website of
       Summary of important events                        Date of disclosure
                                                                                                   interim report provided.

The second interim general meeting of
shareholders of the Company in 2014 has
deliberated and passed related proposals
such as Proposal of the Company on
Issuing Plan for Publicly Issuing A Share
Convertible Bonds. On December 25,
2014, the Company received the
                                                                                        The detailed information has been disclosed
Acceptance Notice of Administrative
                                                                                        by the China Securities Journal, Securities
Licensing Application issued by the China
                                             October 29, 2014, November 29, 2014,       Times, Shanghai Securities News, Hong
Securities Regulatory Commission, which
                                             December 3, 2014, December 26, 2014        Kong Commercial Daily, Securities Daily
has accepted and handled the application
                                                                                        and Cninfo.
for administrative licensing submitted by
                                                                                        http://www.cninfo.com.cn
the Company on the issue of the
convertible bond. The stock has been
suspended due to the major events planned
and prepared by the actual controller of
the Company. Currently, the application
has been at the stage of approval
suspension.

                                                                                        The detailed information has been disclosed
                                                                                        by the China Securities Journal, Securities
Integrated issues of real estate sector of
                                                                                        Times, Shanghai Securities News, Hong
the China Merchants Group Co., Ltd., the April 18, 2015, April 27, 2015
                                                                                        Kong Commercial Daily, Securities Daily
actual controller of the Company.
                                                                                        and Cninfo.
                                                                                        http://www.cninfo.com.cn


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


                       Commitmen                                                                      Commitment
   Commitments                                 Commitment content                Commitment time                      Performances
                          t party                                                                        term

                                                                                                   Till two years    During the
                                     After reform of non-tradable shares, land                     after the         report period,
Commitment of          Shekou
                                     and other high-quality assets will be       December 09,      shareholder no    commitments
equity division        Industrial
                                     continued to be input to support the        2005              longer holds the have been
reform                 Zone
                                     Company development.                                          shares of the     strictly
                                                                                                   Company           fulfilled.



                                                                    China Merchants Property Development Co., Ltd. Report Q1 2015


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

                                  Given the China Merchants Property
                                  plans to issue publicly the convertible
                                  bonds in 2015, the Shekou Industrial
                                  Zone, being the controlling shareholder,
                                                                                                                   During the
                                  makes commitment for the convertible
                                                                                                                   report period,
                     Shekou       bonds issuance as follows: the
Commitment made                                                                                   Long-term        commitments
                     Industrial   Commitment party shall bear                    March 11, 2015
in IPO/refinancing                                                                                Effective        have been
                     Zone         corresponding damage liabilities if any
                                                                                                                   strictly
                                  irregularity actions by the China
                                                                                                                   fulfilled.
                                  Merchants Property such as the
                                  undisclosed land vacancy issues in the
                                  report period caused losses to the
                                  Company and the investors.

Has the commitment
performed in a       Yes
timely manner


3.4 Predication of business performance from January to June 2014

N/A


3.5 Security investment

N/A


3.6 Notes on equities of other listed company held by the listing company

N/A




                                                               China Merchants Property Development Co., Ltd. Report Q1 2015


3.7 Investment in derivatives

N/A


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



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

January 04, 2015   Shenzhen           Telephone           Institution         INDUSTRIAL
                                      communication       investors           SECURITIES,
                                                                              Haitong Securities,
                                                                              Pacific     Insurance,
                                                                              New China Asset

January 05, 2015   Shenzhen           Field research      Institution         Zeal            Asset
                                                          investors           Management

January 06, 2015   Shenzhen           Telephone           Individual          Individual
                                      communication       investors           investors

January 06, 2015   Shenzhen           Telephone           Institution         Orient Securities
                                      communication       investors
                                                                                                       ① Introduction of the
January 07, 2015   Shenzhen           Field research      Institution         Citic-prudential         business condition of the
                                                          investors           Fund,        PINGAN Company;
                                                                              Securities, Ping An ② Discussion on industrial
                                                                              of     China    Asset development;
                                                                              Management
                                                                                                       ③ Provision of declared
January 08, 2015   Shenzhen           Telephone           Institution         Ping An of China information and the project
                                      communication       investors           Asset                    brochure of the Company;
                                                                              Management,        GF ④ Visit to the on-sale
                                                                              Securities               buildings of the Company
January 09, 2015   Shenzhen           Telephone           Individual          Individual               and provision of sales
                                      communication       investors           investors                brochure.

January 11, 2015   Shenzhen           Telephone           Institution         SHENYIN             &
                                      communication       investors           WANGUO
                                                                              SECURITIES,
                                                                              BOSERA FUNDS

January 12, 2015   Shenzhen           Telephone           Institution         GF Securities
                                      communication       investors

January 13, 2015   Shenzhen           Strategic Meeting   Institution         Guosen Securities
                                                          investors

January 14, 2015   Beijing            Strategic Meeting   Institution         Deutsche Bank AG
                                                          investors



                                                        China Merchants Property Development Co., Ltd. Report Q1 2015


January 14, 2015   Shanghai    Strategic Meeting   Institution       UBS Securities
                                                   investors

January 15, 2015   Shenzhen    Strategic Meeting   Institution       SINOLINK
                                                   investors         SECURITIES

January 15, 2015   Shenzhen    Telephone           Individual        Individual
                               communication       investors         investors

January 16, 2015   Chongqing   Field research      Institution       Deutsche Bank AG
                                                   investors

January 16, 2015   Shenzhen    Telephone           Institution       CITIC       Securities,
                               communication       investors         SINOLINK
                                                                     SECURITIES

January 19, 2015   Shenzhen    Telephone           Individual        Individual
                               communication       investors         investors

January 21, 2015   Shenzhen    Field research      Institution       HUA
                                                   investors         INSURANCE, etc.

January 22, 2015   Shenzhen    Telephone           Institution       Credit          Suisse
                               communication       investors         Founder Securities

January 23, 2015   Shenzhen    Field research      Institution       BOCI        Securities,
                                                   investors         CHINA
                                                                     MERCHANTS
                                                                     FUND, AIA China,
                                                                     China AMC

January 23, 2015   Shenzhen    Telephone           Institution       First        Shanghai
                               communication       investors         Securities

January 26, 2015   Shenzhen    Field research      Institution       China AMC
                                                   investors

January 27, 2015   Shenzhen    Telephone           Individual        Individual
                               communication       investors         investors

January 28, 2015   Shenzhen    Field research      Institution       SHENWAN
                                                   investors         HONGYUAN
                                                                     SECURITIES

January 29, 2015   Shenzhen    Telephone           Individual        Individual
                               communication       investors         investors

January 29, 2015   Shenzhen    Telephone           Institution       Libang Investment
                               communication       investors

February 04, 2015 Shenzhen     Telephone           Individual        Individual
                               communication       investors         investors

February 05, 2015 Shenzhen     Field research      Institution       Galaxy Securities
                                                   investors




                                                      China Merchants Property Development Co., Ltd. Report Q1 2015


February 09, 2015 Shenzhen   Telephone           Institution       Orient      Securities,
                             communication       investors         GF Securities

February 11, 2015 Shenzhen   Telephone           Institution       China     Investment
                             communication       investors         Securities

February 13, 2015 Shenzhen   Telephone           Individual        Individual
                             communication       investors         investors

February 25, 2015 Shenzhen   Telephone           Institution       GF Securities
                             communication       investors

February 26, 2015 Shenzhen   Telephone           Institution       Ping An of China
                             communication       investors         Asset Management

February 28, 2015 Shenzhen   Telephone           Individual        Individual
                             communication       investors         investors

February 28, 2015 Shenzhen   Telephone           Institution       Kingdon Capital
                             communication       investors

March 02, 2015   Shenzhen    Telephone           Institution       GF Securities
                             communication       investors

March 03, 2015   Shenzhen    Telephone           Individual        Individual
                             communication       investors         investors

March 09, 2015   Shenzhen    Telephone           Institution       Shenwan
                             communication       investors         Hongyuan Group,
                                                                   China International
                                                                   Capital
                                                                   Corporation
                                                                   Limited, Ping An
                                                                   Securities,       Bank
                                                                   Securities, Haitong
                                                                   Securities

March 10, 2015   Shenzhen    Telephone           Institution       GF Securities Co.,
                             communication       investors         Ltd., China Galaxy
                                                                   Securities, Guotai
                                                                   Jun''an Securities

March 10, 2015   Shenzhen    Telephone           Institution       The Pacific Asset
                             communication       investors         Management

March 10, 2015   Shenzhen    Telephone           Individual        Individual
                             communication       investors         investors

March 11, 2015   Shenzhen    Telephone           Individual        Individual
                             communication       investors         investors

March 12, 2015   Beijing     Strategic Meeting   Institution       PINGAN
                                                 investors         Securities etc.

March 12, 2015   Shenzhen    Telephone           Individual        Individual



                                                  China Merchants Property Development Co., Ltd. Report Q1 2015


                            communication    investors         investors

March 13, 2015   Shenzhen   Telephone        Individual        Individual
                            communication    investors         investors

March 13, 2015   Shenzhen   Telephone        Institution       Yuanta Securities
                            communication    investors

March 16, 2015   Shenzhen   Field research   Institution       China       Merchants
                                             investors         Securities,
                                                               Telligent      Capital
                                                               Management

March 17, 2015   Shenzhen   Telephone        Individual        Individual
                            communication    investors         investors

March 17, 2015   Shenzhen   Telephone        Institution       The Pacific Asset
                            communication    investors         Management

March 18, 2015   Shenzhen   Telephone        Institution       GTJA
                            communication    investors

March 22, 2015   Shenzhen   Telephone        Individual        Individual
                            communication    investors         investors

March 23, 2015   Shenzhen   Telephone        Institution       GTJA
                            communication    investors

March 24, 2015   Shenzhen   Field research   Institution       Shinhan
                                             investors         Investment

March 25, 2015   Shenzhen   Field research   Institution       China       Securities,
                                             investors         China           AMC,
                                                               Huatai           Asset
                                                               Management,        GR
                                                               Asset

March 25, 2015   Shenzhen   Telephone        Institution       GF Securities
                            communication    investors

March 25, 2015   Shenzhen   Telephone        Individual        Individual
                            communication    investors         investors

March 27, 2015   Shenzhen   Field research   Institution       Huatai Securities
                                             investors

March 30, 2015   Shenzhen   Telephone        Individual        Individual
                            communication    investors         investors

March 31, 2015   Shenzhen   Field research   Institution       Samsung Securities
                                             investors

March 31, 2015   Shenzhen   Telephone        Institution       Shenwan
                            communication    investors         Hongyuan Group,
                                                               Yuanta Securities




                                                 China Merchants Property Development Co., Ltd. Report Q1 2015


March 31, 2015   Shenzhen   Telephone       Individual        Individual
                            communication   investors         investors





                                                              China Merchants Property Development Co., Ltd. Report Q1 2015




§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                                           23,461,569,409.51                        22,983,386,443.02

       Settlement reserves

       Loans to other banks

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

       Derivative financial assets

       Notes receivable                                              26,883,371.16                              4,390,000.00

       Accounts receivable                                           81,740,000.60                          68,311,944.30

       Prepayments                                              2,689,304,917.22                         3,619,194,870.49

       Premiums receivable

       Reinsurance premiums receivable

       Reinsurance contract reserves
receivable

       Interest receivable                                           16,595,520.19

       Dividends receivable                                          40,195,980.00                          64,195,980.00

       Other receivables                                       12,147,826,607.63                         8,941,860,794.39

       Redemptory monetary capital for
sale

       Inventory                                              107,800,293,368.81                       101,018,636,735.26

       Divided into assets held for sale

       Non-current assets due within one
year

       Other current assets                                     3,851,519,414.85                         3,550,695,892.97

Total current assets                                          150,115,928,589.97                       140,250,672,660.43

Non-current assets:

       Loans released and advances





                                              China Merchants Property Development Co., Ltd. Report Q1 2015


    Available-for-sale financial assets

    Held-to-maturity investment

    Long-term accounts receivable

    Long-term equity investments            2,032,999,661.34                         1,905,735,901.68

    Investment property                     5,382,121,758.70                         5,447,243,949.46

    Fixed assets                            1,816,056,131.72                         1,845,537,869.92

    Construction in progress                   87,305,385.66                            84,973,050.61

    Engineering material

    Liquidation of fixed assets

    Productive biological assets

    Oil and gas assets

    Intangible assets                        507,688,641.49                            511,546,467.17

    Development expenses

    Goodwill                                 159,560,861.23                            159,560,861.23

    Long-term deferred expenses              247,921,378.81                            247,265,491.47

    Deferred income tax assets              1,227,475,546.20                         1,239,828,866.61

    Other non-current assets

Total non-current assets                       11,461,129,365.15                        11,441,692,458.15

Total assets                                  161,577,057,955.12                       151,692,365,118.58

Current liabilities:

    Short-term loans                        3,004,220,000.00                         3,886,900,000.00

    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.

    Derivative financial liabilities

    Notes payable                              70,308,531.72                            47,344,138.00

    Accounts payable                       13,246,761,631.28                        15,213,477,059.40

    Advance received                       38,950,913,367.70                        35,599,290,811.40

    Funds from sales of repurchased
financial assets




                                            China Merchants Property Development Co., Ltd. Report Q1 2015


       Service charges and commissions
payable

       Payroll payable                         164,521,991.64                            398,745,343.32

       Taxes payable                          2,425,762,462.48                         3,133,693,418.62

       Interests payable                       338,525,432.85                            192,136,769.30

       Dividends payable                       105,730,312.41                            160,730,318.08

       Other payables                        12,466,013,157.84                        11,782,505,874.39

       Reinsured accounts payable

       Reserves for insurance contract

       Receivings from securities trading
for customers

       Receivings from vicariously sold
securities

       Divided into liabilities held for
sale

       Non-current liabilities due within
                                              7,026,960,660.54                         5,970,100,938.48
one year

       Other current liabilities              3,620,259,848.50                         3,729,367,673.26

Total current liabilities                    81,419,977,396.96                        80,114,292,344.25

Non-current liabilities:

       Long-term loans                       27,552,588,154.39                        24,666,515,200.02

       Bonds payable                          4,037,495,125.76                         3,018,076,924.57

         Including: preferred shares

                 Perpetual capital
securities

       Long-term payables                     3,514,015,509.83                           104,353,146.52

       Long-term remuneration payable

       Special payables:

       Estimated liabilities

       Deferred income                            7,032,853.33                             6,526,053.33

       Deferred income tax liabilities           35,822,337.24                            35,822,337.24

       Other non-current liabilities

Total non-current liabilities                35,146,953,980.55                        27,831,293,661.68

Total liabilities                           116,566,931,377.51                       107,945,586,005.93

Owners'' equity:

       Share capital                          2,575,950,754.00                         2,575,950,754.00



                                                               China Merchants Property Development Co., Ltd. Report Q1 2015


     Other equity instruments

          Including: preferred shares

                  Perpetual capital
securities

     Capital reserve                                             8,537,780,354.30                         8,529,757,654.36

     Less: treasury stocks

     Other comprehensive income                                     78,901,353.52                            78,901,353.52

     Special reserve

     Surplus reserve                                             1,246,228,257.72                         1,246,228,257.72

     General risk provisions

     Undistributed profits                                      19,316,765,124.47                        18,663,578,091.22

Total equity attributable to parent                             31,755,625,844.01                        31,094,416,110.82
company owners

     Minority shareholders'' equity                              13,254,500,733.60                        12,652,363,001.83

Total owners'' equity                                            45,010,126,577.61                        43,746,779,112.65

Total liabilities and owners'' equity                           161,577,057,955.12                       151,692,365,118.58


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:

     Monetary fund                                               8,337,023,639.24                         8,893,516,594.16

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

     Derivative financial assets

     Notes receivable

     Accounts receivable

     Prepayments

     Interests receivable                                           31,006,992.46                            25,144,020.00

     Dividends receivable                                        2,037,168,805.28                         2,037,168,805.28

     Other receivables                                          30,135,353,618.26                        29,205,557,475.48



                                             China Merchants Property Development Co., Ltd. Report Q1 2015


       Inventory

       Divided into assets held for sale

       Non-current assets due within one
year

       Other current assets

Total current assets                         40,540,553,055.24                         40,161,386,894.92

Non-current assets:

       Available-for-sale financial assets

       Held-to-maturity investment

       Long-term accounts receivable

       Long-term equity investments           9,000,588,238.51                          8,926,259,288.07

       Investment property

       Fixed assets                               1,079,665.23                              1,153,721.49

       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                      9,001,667,903.74                          8,927,413,009.56

Total assets                                 49,542,220,958.98                         49,088,799,904.48

Current liabilities:

       Short-term loans                       2,390,000,000.00                          3,275,000,000.00

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

       Derivative financial liabilities

       Notes payable

       Accounts payable                         263,661,394.81                            320,143,894.81

       Advance received



                                               China Merchants Property Development Co., Ltd. Report Q1 2015


     Payroll payable                                1,325,692.84                              9,402,578.82

     Taxes payable                                  3,660,691.70                                656,908.61

     Interests payable                            224,723,281.25                            139,423,235.44

     Dividends payable

     Other payables                            14,175,622,292.28                         14,165,111,926.02

     Divided into liabilities held for sale

     Non-current liabilities due within
                                                3,081,156,550.00                          4,012,581,100.00
one year

     Other current liabilities

Total current liabilities                      20,140,149,902.88                         21,922,319,643.70

Non-current liabilities:

     Long-term loans                           10,953,960,340.00                          9,695,442,200.00

     Bonds payable                              1,000,000,000.00

    Including: preferred shares

                Perpetual capital securities

     Long-term payables

     Long-term remuneration payable

     Special payables:

     Estimated liabilities

     Deferred income

     Deferred income tax liabilities

     Other non-current liabilities

Total non-current liabilities                  11,953,960,340.00                          9,695,442,200.00

Total liabilities                              32,094,110,242.88                         31,617,761,843.70

Owners'' equity:

     Share capital                              2,575,950,754.00                          2,575,950,754.00

     Other equity instruments

    Including: preferred shares

                Perpetual capital securities

     Capital reserve                            8,078,166,987.75                          8,077,543,540.86

     Less: treasury stocks

     Other comprehensive income

     Special reserve

     Surplus reserve                            1,195,276,864.72                          1,195,276,864.72





                                                                     China Merchants Property Development Co., Ltd. Report Q1 2015


     Undistributed profits                                             5,598,716,109.63                          5,622,266,901.20

Total owners'' equity                                                  17,448,110,716.10                         17,471,038,060.78

Total liabilities and owners'' equity                                  49,542,220,958.98                         49,088,799,904.48


4.3 Consolidated profit statement

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

                     Item                        Amount incurred in the current period    Amount incurred in the previous period

I. Total operating income                                              6,004,766,989.10                          7,250,648,108.95

     Including: operating income                                       6,004,766,989.10                          7,250,648,108.95

              Interest incomes

              Earned insurance premium

            Incomes from service
charges and commissions

II. Total operating cost                                               4,869,063,097.94                          5,762,043,492.61

     Including: operating cost                                         3,589,316,811.47                          4,576,550,376.54

              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

              Operating taxes and                                        766,063,061.75                            732,766,975.28
surcharges

              Sales expenses                                             154,030,602.12                            108,924,801.50

              Management expenses                                        142,895,221.55                            126,611,884.99

              Financial expenses                                         217,656,872.93                            216,831,565.14

              Assets impairment losses                                      -899,471.88                                357,889.16

     Add: income from changes in fair
value(“-”indicates the loss)
            Investment profit (“-” indicates
                                                                          15,184,259.68                            119,441,264.48
the loss)
           Including: investment income
from affiliated enterprises and joint                                     15,184,259.68                             93,997,490.74
ventures




                                               China Merchants Property Development Co., Ltd. Report Q1 2015


            Exchange income (“-” indicates
the loss)
III. Operating profit (“-” indicates the
                                                1,150,888,150.84                          1,608,045,880.82
loss)

     Add: non-operating income                     16,264,691.70                              6,294,217.87

         Including: gains from disposal
                                                    2,484,735.85                                    400.00
of non-current assets

     Less: non-operating expenses                   5,984,024.07                              6,920,979.31

         Including: loss on disposal of
                                                        6,591.50                                 20,016.60
non-current assets
IV. Total profit (“-” indicates the total
                                                1,161,168,818.47                          1,607,419,119.38
loss)

     Less: income tax                             421,144,053.45                            501,508,200.19

V. Net profit (“-” indicates the net loss)      740,024,765.02                          1,105,910,919.19

    Net profits attributable to parent                                                      755,433,248.27
                                                  653,187,033.25
company owners
     Gain and loss of minority                                                              350,477,670.92
                                                   86,837,731.77
shareholders
VI. After-tax net of other comprehensive
incomes
  After-tax net of other comprehensive
incomes owned by the owner of the
parent company
      (I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
            1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
              2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
      (II) Other comprehensive incomes
that would be classified into profit and
loss in the future
              1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
             2. Loss and profit of
change in fair value of available-for-sale
financial assets
             3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
             4. Effective part of hedge
profit and loss of cash flow




                                                                 China Merchants Property Development Co., Ltd. Report Q1 2015


             5. Translation difference in
the foreign currency financial statement

             6. Others

  Net of tax from other comprehensive
incomes owned by minority stockholders

VII. Total comprehensive income                                      740,024,765.02                             1,105,910,919.19

      Total consolidated income                                      653,187,033.25                               755,433,248.27
attributable to parent company owners
      Total consolidated income                                       86,837,731.77                               350,477,670.92
attributable to minority shareholders

VIII. Earnings per share:

     (I). Basic earning per share                                               0.25                                         0.29

     (II) Diluted earnings per share                                            0.25                                         0.29


Legal representative: Sun Chengming Accounting supervisor: Wu Zhenqin                  Legal representative of the accounting firm:
Li Shifang


4.4 Profit statement of parent company

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

                   Item                     Amount incurred in the current period        Amount incurred in the previous period

I. Operating income                                                    6,240,000.00

     Less: operating cost                                                616,272.67                                   632,269.18

         Operating taxes and
                                                                         551,694.43
surcharges

           Sales expenses

           Management expenses                                        10,371,896.79                                 9,653,136.82

           Financial expenses                                         24,035,421.98                                66,606,246.26

           Assets impairment losses

     Add: income from changes in fair
value(“-”indicates the loss)
           Investment profit (“-”
                                                                       4,753,994.16                                   444,690.06
indicates the loss)
           Including: investment income
from affiliated enterprises and joint                                   -270,549.56                                  -602,942.82
ventures
II. Operating profit (“-” indicates the
                                                                     -24,581,291.71                                -76,446,962.20
loss)

     Add: non-operating incomes                                        1,030,500.14

          Including: gains from
disposal of non-current assets




                                               China Merchants Property Development Co., Ltd. Report Q1 2015


     Less: non-operating expenses                                                                 2,000.00

         Including: loss on disposal of
non-current assets
III. Total profit (“-” indicates the total
                                                  -23,550,791.57                            -76,448,962.20
loss)

     Less: income tax

IV. Net profit (“-” indicates the loss)         -23,550,791.57                            -76,448,962.20

V. After-tax net of other comprehensive
incomes
      (I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
            1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
              2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
      (II) Other comprehensive incomes
that would be classified into profit and
loss in the future
              1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
             2. Loss and profit of
change in fair value of
available-for-sale financial assets
             3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
             4. Effective part of hedge
profit and loss of cash flow
             5. Translation difference in
the foreign currency financial statement

              6. Others

VI. Total Comprehensive Income                    -23,550,791.57                            -76,448,962.20

VII. Earnings per share:

     (I) Basic earnings per share

     (II) Diluted earnings per share





                                                                 China Merchants Property Development Co., Ltd. Report Q1 2015




4.5 Consolidated cash flow statement

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

                  Item                     Amount incurred in the current period          Amount of previous period

I. Cash flows from operating activities:

   Cash received from sales of
                                                                 9,467,176,552.62                           8,712,833,774.91
commodities and provision 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
     Disposal of financial assets
measured at fair value with changes
included in profits and losses
     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

     Cash received from other
                                                                 2,584,887,037.69                           1,537,028,051.18
operating activities
Sub-total of cash inflows from
                                                                12,052,063,590.31                          10,249,861,826.09
operating activities
     Cash paid for purchasing goods
                                                                 9,920,009,437.90                           9,896,232,646.93
and services
     Net increase of customer''s loans
and advances

     Net increase of deposits in central



                                            China Merchants Property Development Co., Ltd. Report Q1 2015


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 for employees           668,564,480.79                             532,204,002.23

     Payments of taxes                       2,463,927,739.20                          1,952,624,916.54

     Other cash paid relating to
                                             5,851,539,311.49                          2,199,433,434.34
operating activities
Sub-total of cash outflows from
                                            18,904,040,969.38                         14,580,495,000.04
operating activities
Net cash flows from operating
                                            -6,851,977,379.07                         -4,330,633,173.95
activities

II. Cash flows from investing activities:

     Cash received from withdrawal of
investments
     Cash received from returns on
                                               24,000,000.00
investments
     Net cash received from disposal of
fixed assets, intangible assets and other            4,283.10                                    400.00
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
                                               24,004,283.10                                     400.00
investing activities
     Cash paid to acquire fixed assets,
intangible assets & other long-term              6,293,051.92                             12,826,776.98
assets

     Cash paid to acquire investments         167,120,344.87                              58,671,105.19

     Net increase of pledge loans

     Net cash received from payment
of subsidiaries and other business units
     Cash payments relating to other
investment activities
Sub-total of cash outflows from
                                              173,413,396.79                              71,497,882.17
investing activities

Net cash flows from investing activities      -149,409,113.69                            -71,497,482.17

III. Cash flows from financing
activities:
     Cash received from capital
                                              515,300,000.00                              36,788,300.00
contribution
     Including: cash from the
                                              515,300,000.00                              36,788,300.00
investment of minority shareholders of



                                                                 China Merchants Property Development Co., Ltd. Report Q1 2015


the subsidiaries

     Cash received from borrowings                               5,665,126,014.37                            3,445,780,180.83

     Cash from issue of bonds                                    1,000,000,000.00

     Other cash received relating to
                                                                 3,385,975,022.96
financing activities
Sub-total of cash inflows from
                                                                10,566,401,037.33                            3,482,568,480.83
financing activities
     Cash repayments of amounts
                                                                 2,638,042,377.94                            3,579,257,370.29
borrowed
     Cash payments for interest
expenses and distribution of dividends                             481,069,809.56                              167,253,691.34
or profit
     Including: dividends and profits
paid by subsidiaries to minority                                    52,702,869.43                                5,000,000.00
shareholders
     Other cash payments relating to
financing activities
Sub-total of cash outflows from
                                                                  3,119,112,187.50                           3,746,511,061.63
financing activities
Net cash flows from financing
                                                                 7,447,288,849.83                             -263,942,580.80
activities
IV. Influence of exchange rate change
                                                                    32,280,609.42                               22,165,455.69
on cash and cash equivalents
V. Net increase of cash and cash
                                                                   478,182,966.49                           -4,643,907,781.23
equivalents
     Add: balance of cash and cash
                                                                22,947,760,259.27                           24,235,680,921.50
equivalents at the beginning of period
VI. Balance of cash and cash
                                                                23,425,943,225.76                           19,591,773,140.27
equivalents at the end of period


4.6 Cash flow statement of parent company

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

                   Item                    Amount incurred in the current period     Amount incurred in the previous period

I. Cash flows from operating activities:

   Cash received from sales of
                                                                      6,240,000.00
commodities and provision of services

     Refunds of taxes and levies

     Cash received from other
                                                                   328,199,378.72                            1,061,500,174.26
operating activities
Sub-total of cash inflows from
                                                                   334,439,378.72                            1,061,500,174.26
operating activities
     Cash paid for purchasing goods
and services

     Cash paid to and on behalf of                                  18,297,640.66                               19,505,347.93



                                            China Merchants Property Development Co., Ltd. Report Q1 2015


employees
     Payments of taxes                          2,623,591.78                               5,945,088.42

     Other cash paid relating to
                                              990,127,396.73                             630,480,507.48
operating activities
Sub-total of cash outflows from
                                            1,011,048,629.17                             655,930,943.83
operating activities
Net cash flows from operating
                                             -676,609,250.45                             405,569,230.43
activities

II. Cash flows from investing activities:

     Cash received from withdrawal of
investments
     Cash received from returns on
                                                                                         166,213,570.06
investments
     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
                                                                                         166,213,570.06
investing activities
     Cash paid to acquire fixed assets,
intangible assets & other long-term
assets

     Cash paid to acquire investments         129,640,344.87                              58,671,105.19

     Net cash received from payment
of subsidiaries and other business units
     Cash payments relating to other
investment activities
Sub-total of cash outflows from               129,640,344.87                              58,671,105.19
investing activities

Net cash flows from investing activities     -129,640,344.87                             107,542,464.87

III. Cash flows from financing
activities:
     Cash received from capital
contribution

     Cash received from borrowings          1,700,000,000.00                           1,292,230,425.01

     Cash from issue of bonds               1,000,000,000.00

     Other cash received relating to
financing activities
Sub-total of cash inflows from
                                            2,700,000,000.00                           1,292,230,425.01
financing activities
     Cash repayments of amounts
                                            2,260,706,650.00                           2,856,945,635.00
borrowed

     Cash payments for interest               189,536,709.60                              83,223,530.89



                                         China Merchants Property Development Co., Ltd. Report Q1 2015


expenses and distribution of dividends
or profit
     Other cash payments relating to
financing activities
Sub-total of cash outflows from          2,450,243,359.60                           2,940,169,165.89
financing activities
Net cash flows from financing              249,756,640.40                          -1,647,938,740.88
activities
IV. Influence of exchange rate change
                                                                                           55,434.46
on cash and cash equivalents
V. Net increase of cash and cash          -556,492,954.92                          -1,134,771,611.12
equivalents
     Add: balance of cash and cash       8,893,516,594.16                           6,296,121,745.68
equivalents at the beginning of period
VI. Balance of cash and cash             8,337,023,639.24                           5,161,350,134.56
equivalents at the end of period


4.7 Audit report

The Q1 report is yet to be audited.





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