招商局B:2015年半年度报告摘要(英文版)

                                           Summary of 2015 Semiannual Report of China Merchants Property Development Co., Ltd.




Security Code: 000024、200024                                                     Stock ID: China Merchants, China Merchants B


Announcement No.: [CMPD] 2015-064




                    Summary of 2015 Semiannual Report
1、Important Notes

The Summary of Semiannual Report 2015 is originated from the full Semiannual Report 2015, and the
full text of Semiannual Report 2015 is simultaneously published in www.cninfo.com.cn , so that the investors
who want to know the details should carefully read the full Semiannual Report 2015.
Company profile

                                          China Merchants Property
Stock ID                                                               Security Code                 000024、200024
                                          Development Co., Ltd.

Listed Exchange                           Shenzhen Stock Exchange

                                                                                       Representatives for Securities Affairs of the
               Contacts                              Secretary of the Board
                                                                                                         Company

Name                                      Liu Ning                                     Chen Jiang

Tel                                       0755-26819600                                0755-26819600

Fax                                       0755-26818666                                0755-26818666

E-mail                                    cmpdir@cmhk.com                              cmpdir@cmhk.com


2、Financial Summary and Shareholders’ Information

(1)Main accounting data and financial index

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
            Main Accounting Data                          Reporting period         Amount of last year           of the end of this
                                                                                                                 reporting period
Operating incomes                                                                                               compared with the
                                                            17,973,948,437.46          16,047,155,730.99                     12.01 %
                                                                                                                  same period of
Net profits attributable to the listed company                                                                     previous year %
                                                             2,145,502,164.69            1,785,434,748.85                    20.17
shareholders
Net profit attributable to shareholders of listed
company after deducting non-recurring profits and            1,977,585,479.54            1,842,876,971.45                      7.31 %
losses
Net cash flows from operating activities                    -7,361,095,087.22           -7,332,324,397.12                     -0.39 %

Basic earnings per share (Yuan/share)                                     0.83                        0.69                   20.29 %

Diluted earnings per share (Yuan/share)                                   0.83                        0.69                   20.29 %





                                             Summary of 2015 Semiannual Report of China Merchants Property Development Co., Ltd.



Weighted average rate of return on equity      (%)                          6.76 %                           6.53 %        Increased 0.23 percent

                                                             End of reporting             At the end of previous        Year-on-year increase
                                                                 period                            year                      or decrease

Total assets                                                  168,809,263,726.54              151,692,365,118.58                             11.28 %

Net assets attributable to the listed company
                                                               32,777,691,121.78               31,094,416,110.82                             5.41 %
shareholders




(2)Information of shares held by the top ten shareholders

                                                                                                                                       Unit: share

 Total number of common
 shareholders at the end of                                   98,350 (A-shares: 87,713, B-shares: 10,637)
       the reporting period

                                           Information of shares held by the top ten shareholders

                                                        Quantity of                                                           Pledged or frozen
                                                                                                              Quantity of
                                                       shares held at Increase/decreas Quantity of                                  status
       Name of           Nature of the   Shareholdin                                                             held
                                                        the end of        e during this      restricted
   shareholders           shareholder      g ratio                                                            un-restricte Shareholdin Quantit
                                                       this reporting reporting period       share held
                                                                                                                d share      g status    y
                                                        period (%)

China      Merchants State-owned                       1,040,128,97                         1,040,128,97
                                            40.38 %                          None                               None           None           None
Shekou                  corporate                                     5

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

China      Merchants
                        Overseas
Securities       (HK)                         2.92 %     75,241,545               36,468     73,863,367        1,378,178       None           None
                        corporate
Co., Ltd.

FOXTROT
                        Overseas
INTERNATIONA                                  1.61 %     41,580,000          None            41,580,000         None           None           None
                        corporate
L LIMITED

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

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

National       Social
                        Overseas
Security Fund 118                             0.86 %     22,189,608            5,053,220       None           22,189,608       None           None
                        institutions
Portfolio

Invesco Great Wall Domestic
                                              0.58 %     15,000,052          11,999,980        None           15,000,052       None           None
Selective        Blue non-state-owne




                                           Summary of 2015 Semiannual Report of China Merchants Property Development Co., Ltd.



Chip          Share d corporate
Securities
Investment Funds

Fullgoal     Tianbo Domestic
Innovative Theme non-state-owne             0.54 %     13,849,442         -4,950,558      None      13,849,442   None   None
Stock Fund           d corporate

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




(3)Changes in the Controlling Shareholder or Actual Controllers

In this report period, the controlling shareholder and the substantial controller have no change.


3、Directors'' Report

Analysis of market situation

       In the first half of 2015, the economic operation in China is slow and stabilized, the policy environment of
real estate market was further eased. In an overall trend of low opening and high going, the sales volume of
commercial houses is RMB 3.4 trillion in the first half year with year-on -year growth of 10.0%. The favorable
situation of the sales failed to fully reach the upstream development and investment links. In the first half year,
RMB 4.4 trillion of development investment in real estate industry was completed in China, with the year-on-year
growth of 4.6% and the rate of growth was slower.

       From January to June, the new construction area for housing in China was 670 million m2 with the
year-on-year growth of 15.8%, which meant that the real estate market was still at the de-stocking stage in the first
half year. The inter-regional and inter-city differentiation is more obvious from the perspective of the quantity and
price of sales of commercial housing. While the first and second-tier core cities were quickly warming up, the
de-stocking process of the third and fourth-tier was relatively slow due to high inventory level. In the first half
year, as the value increasing of former Haishekou Free Trade Area fueled a high rebound of quantity and price of
the overall real estate market in Shenzhen, a place with abundant reserves of the Company.

      Generally, main real estate companies all kept sales high in the first half year. However, as the traditional
land resources acquired is redeveloped in a prudent manner, the industry started to develop optimizing asset-heavy
to explore the asset-light operation and management mode. With the tendency of \"Mass Venturing and Innovation\",
lots of Internet companies focusing on exploiting new values of upstream and downstream industry chains in real
estate industry are established, which further expand the way of thinking in transformation of traditional real
estate companies.

Operating and management conditions of the Company





                                    Summary of 2015 Semiannual Report of China Merchants Property Development Co., Ltd.



     In the context of gradually recovering of national real estate market in the first half of 2015, the Company
drove the improvement of marketing management through \"Five Strong Steps\", that is, strong steps to analyze
customers'' effective demands, to enhance user experience and creation, to construct marketing channel, to reform
the marketing mechanism and to build marketing team. Moreover, through launching the first real estate mobile
Internet, which is the first matrix member marketing service own-media platform in China, the Company made a
firm step toward internal resources integration and Internet-based process to help effectively improve the overall
marketing capacity and performance. During the reporting period, the Company accumulatively achieved a
contracted sales area of 1,566,600 m2 with a year-on-year growth of 29.60 %; the contracted sales amount of
RMB 20.56 billion with a year-on-year growth of 14.86 %.

     With a structure of obvious inter-city differentiation, the Company focused on supplementing the project
resources of strategically important cities with a moderate and prudent attitude for acquiring lands. During the
reporting period, an area of 988,300 m2 in cities like Shanghai was supplemented as the project resources, wherein
the interest area is 503,100 m2. Meanwhile, we are also actively tracking the high-quality projects in Shenzhen,
Beijing, Guangzhou, Xiamen, etc.

     In the respect of project management, the Company continued to perfect operational \"lighting\" guide to take
lighting warm control from seven dimensions, i.e., progress, quality, safety, marketing , cost, customer service,
efficiency and monitored the process of lighting, which effectively improve the overall control ability of the
projects.

     During the reporting period, the Company continued to strengthen the implementation of product R&D and
standardization, optimized standardization product line based on market demands and creatively put forward the
product design concept of \"Two Children House\". The implementation of relevant standardization product in
cities like Nanjing had been well received by our customers.

     Under the complicated market situation, the Company vigorously developed direct financing channels,
actively supplemented high quality capital resources and ensure to meet the capital demands of operating
activities. Since the beginning of this year, the Company grasped the favorable time window of cutting bank
reserve requirement ratio and lowering interest rate and successfully issued three-year medium-term notes in two
tranches with a total amount of RMB 3 billion at an interest of 4.55% and 4.12% respectively. CMLL, a holding
subsidiary of the Company, successfully issued the 290 billion dollars convertible bonds with a nominal annual
interest rate of 0.5%, which further effectively lowered the cost of funds of the Company. In recent years, both the
interest rate and exchange rate market greatly fluctuated due to the economic situation changes at home and
abroad and the effect of policy adjustment of national currency and foreign exchanges. This puts forward higher
requirements for reasonable matching between monetary assets and monetary liabilities of capital-intensive real
estate companies and the Company will pay close attention to market changes and strengthen risk prevention.

     During the reporting period, the Company further refined the business strategy of “One Foundation, Two
New Paths, Three Fertile Lands” and launched the decomposition of functional strategy, regional strategy, city
company strategy and specialized sub-strategy of the Company to form a headquarter to optimize the top design,




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create specialized platform and actually implement the risk management and control. The regional management
headquarters should play a proper role in decision-making, strengthen the platform relay. All city companies
should ensure a sustained growth in effective business and profits. All specialized subsidiary-strategies should
reinforce the links of value chain and create complete strategy system where the value of asset-heavy business is
increased by operation service. All companies will work together to promote the achievement of strategic targets
of the Company.

     During the reporting period, the Company mainly focused on retirement, medical treatment, culture, science
and technology, consumption of imports, enhanced the study and practices of innovative business related to the
above fields, actively developed strategic partners and promoted the model study and implementation of projects
of the themed industrial parks, healthy aging life industry, mobile Internet smart cities, etc. Meanwhile, we also
smoothly implemented the combination of industry and finance and the combination of industry and the Internet,
realized the effective coincidence of real estate business and financial capital and accelerated the promotion and
application the online service platform on the Internet, such as http://www.cmpmc.com/, Investment Fair, etc.
Furthermore, the Company preliminarily established a risk investment system with the combination of industry
and the Internet and strove to inject new vigor into strategic transformation of the Company.

     In the face of transformation, in addition to self-thinking and efforts, China Merchants Group, the actual
controller of the Company, launched consolidation of the Company with China Merchants Shekou, striving to
build a broader platform combining the flagship company of real estate sector of China Merchants Group with
core assets from the perspective of resources integration and coordinated development during the reporting period.
We are now processing the related work in an orderly manner and will release the announcement and resume
trading after performing the appropriate procedures.

      The comprehensive strength and brand value of the Company has been widely recognized by the market.
During the reporting period, the Company won the “2015 TOP 10 Shanghai and Shenzhen Listed Real Estate
Companies with Comprehensive Strength”, “TOP 10 Companies with Sound Finance”, “TOP 10 Companies with
Wealth Creation Ability” and “TOP 10 Companies with Investment Value” which was jointly evaluated and
selected by the Enterprise Institute of Development Research Center of the State Council, Real Estate Institute of
Tsinghua University and China Index Academy; “2014 – 2015 Most Admirable Companies in China” that is
evaluated and selected by the Economic Observer; “2015 TOP 100 Companies with Capital Brand Value” that is
jointly evaluated and selected by China Association for Public Companies, SIPF, Securities Association of China
and Asset Management Association of China, “2014 TOP 30 Real Estate Listed Companies in China” and “TOP
100 Excellent Real Estate Companies in China” that is evaluated and selected by Guandian New Media, “Gallup
Global Most Devoted Organizations” that is evaluated and selected by Gallup Inc., “2015 TOP 100 Companies
with Capital Brand Value” that is evaluated and selected by China Center for Market Value Management, “Golden
Bee Companies” and “Golden Bee  Sustainable Development Prize” that is evaluated and selected by WTO
Economic Herald of the Ministry of Commerce and “China Blue Chip Enterprise Award in Real Estate” that is the
evaluated and selected by The Economic Observer. The operation and management performance of the Company
is fully affirmed by the outside.

Operational environment forecast and business concepts of the Company





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     Currently, as the national economy is at a critical stage of adjusting structure and transferring mode, the pain
of structure adjustment is still lasting. The new power can hardly offset the effect caused by the decrease of
traditional power, so that the pressure of the economic downturn is high. In this context, a stable and wide policy
environment of real estate market is basically established, which will promote the             consistent and steady
recovery of real estate market in the second half year.

     The top priority of our work in the second half year is to strive to achieve the annual sales target. Based on
the implementation of \"Five Strong Steps\" in marketing, the Company will ensure the improvement of the
marketing capability of companies of all cities, continue to organize crossover marketing, take advantage of the
resources integration force of \"CM companies\", thus helping to realize the sales target.

     While high quality resources should be continuously obtained from multiple channels, the resources in
strategically important cities, especially Shenzhen, Beijing and other key cities should be further effectively
configured. Furthermore, the Company will steadily undertake overseas expansion and focus on countries and
regions with great economic development potential and along the line of \"One Belt and One Road\".

     Efforts will be made to realize new breakthrough in transformation development. The Company will
continuously improve structural layout and major commercial project promotion of the first and second-tier cities
and constantly promote the construction of asset-light platforms, such as operation service platform of parks and
real estate fund management platform with combination of industry and finance. In addition, the Company will
energetically develop the cooperation in real estate finance fields, explore the possibility and feasibility of
securitization of remnant assets, vitalize remnant assets as soon as possible to improve efficiency of operation and
management.

     At the same time of carrying out normal production and operation, the Company will fully cooperate to
promote the integration of the real estate sector of China Merchants Group, profoundly consider and develop
development strategy and target for the new company to accelerate the realization of the integration effects of \"1 +
1 > 2\".

Analysis of Core Competitiveness

     1. Strong China Merchants and more collaboration

     China Merchants Group owns a number of outstanding companies, including China Merchants Holdings
(International) Co., Ltd., China Merchants Ships Co., Ltd., China Merchants Roads Co., Ltd., China Merchants
Bank Co., Ltd., China Merchants Securities Co., Ltd., and China Merchants Capital for Direct Investment Fund
Management Platform. In recent years, China Merchants Group, specialized in industrial and financial field,
vigorously promotes the combination of industry and finance. Through the effective interaction between capital
and industry, it gives play to synergy benefits so as to develop by leaps and bounds. On the base that the Group
vigorously practiced the strategy of synergetic development and innovative development, the Company and
counterparts strived to exploit the opportunity of synergetic cooperation. So far, a solid strategic cooperation
alliance has been built in project cooperation, financial innovation, brand linkage, etc. In the future, the Company
will further strengthen industrial and financial combination to realize the win-win situation of resource sharing




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and mutual development.

     2. First-class capability of urban development, improvement and operation

     Having been based in Shekou for 30 years, China Merchants Shekou has been a distinguished domestic park
operator by accumulating abundant experiences and capabilities in first development, operation and improvement
of parks. The experiences of \"30 years and 30 cities\" in property development and operation enable the Merchants
Property to become a leading company of comprehensive development of property. In effective combination with
such experiences, the Company has been a top service supplier with respect to urban development, improvement
and operation.

     3. Abundant property assets and land resources of FTA and FTA policy on try prior to implementation

     In December 2014, Qianhai & Shekou area was officially classified as Guangzhou FTA. In July 2015, the
Construction Implementation Plan on China (Guangdong) Pilot FTA was formally issued, proposing to
preferentially develop the strategic emerging service industries of finance, modern logistics, information service
and technology service in Qianhai & Shekou area, and build an experimental and model window for Chinese
financial industry open to the world, an important base of world service trade and an international hub port. As the
largest main body of development and construction in the Qianhai & Shekou FTA, the Company and China
Merchants Shekou possess plenty of business assets in Qianhai & Shekou, covering the office buildings,
shopping malls, apartments, factories, etc. enabling the possession of stable income of operation and
management, as well as the capital appreciation arising out of the FTA development. The Company will comply
with the FTA policy advantage to reasonably plan the development pace of the plenty of land resources to be
developed in the FTA (except as the properties which have been constructed) and industry development path,
innovating and promoting a multi-level value.




4、Related issues of Financial Report

(1)Explanation of changes in accounting policies, accounting estimate change and accounting methods
compared with last year''s Financial Report

Not Applicable


(2)Explanation of retroactive adjustment or restatement in this report period due to correction of major
accounting errors

Not Applicable


(3)Explanation of retroactive adjustment or restatement in this report period due to correction of major
accounting errors

    On May 01, 2015, the Company obtained majority voting rights in the board of directors of Beijing Guangying Residential
Property Development Limited, thus having control over such company. The control right was included into the consolidation scope




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of the consolidated statements after being altered.
On June 30, 2015, the Company has control over Xiamen Jinghucheng Real Estate Development Co., Ltd. by increasing capital
and share.


(4)Explanation of the Board of Directors and Board of Supervisors on the ‘Non-standard Audit Report’
of this report period of the accounting firm

Not Applicable





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