招商局B:2015年第三季度报告全文(英文版)

                                                                  Report Q3 2015 of China Merchants Property Development Co., Ltd.



Stock code: 000024, 200024                                        Stock short name: ZSDC, ZSJB
Announcement No.: [CMPD] 2015 - 101




                                                     Report Q3 2015




                                           Section I Important Notice

     Board of Directors and Board of Supervisors of the Company and its directors, supervisors and officers hereby guarantee that
this resolution 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.
     All board members have been present at the board meeting for auditing the Q3 report.
     The Report Q3 2015 has not been audited by the accounting firm.
     The legal representative Sun Chengming, Chief Financial Director Wu Zhenqin and Manager of Finance Department Li Shifang
hereby state that the financial statements under the Report are authentic and complete.
     The Report is made in Chinese and English. In case of any discrepancy, the Chinese version shall prevail.





                                                                         Report Q3 2015 of China Merchants Property Development Co., Ltd.




           Section II Changes in Main Financial Data and Shareholders

 I. Main accounting data and financial indices

 No retroactive adjustment or restatement of accounting data for previous years due to changes in accounting policies and correction
 of accounting errors

                                                End of report period                End of last year                  Increase or decrease

Total assets (yuan)                                   181,417,972,515.29                 151,692,365,118.58                               19.60%

Net assets attributable to the
shareholders of listed company                            32,871,275,531.09               31,094,416,110.82                                  5.71%
(yuan)

                                                                                               From beginning of
                                                                      Year-on-year increase                             Year-on-year increase or
                                               Report period                                  year to end of report
                                                                           or decrease                                         decrease
                                                                                                       period

Business income (yuan)                          5,932,085,076.85                    -23.02%      23,906,033,514.31                           0.64%

Net profits attributable to the
shareholders of listed company                      73,504,383.25                   -83.85%       2,219,006,547.94                         -0.97%
(yuan)

Net profits attributable to
shareholders of listed company after
                                                  149,400,339.79                    -68.01%       1,899,717,324.43                        -17.76%
deducting non-recurring profits and
losses (yuan)

Net cash flow from business
                                                     --                        --                -2,652,969,494.21                        51.72%
activities (yuan)

Basic earnings per share (yuan
                                                               0.03                 -83.33%                      0.86                      -1.15%
/share)

Diluted earnings per share (yuan
                                                               0.03                 -83.33%                      0.86                      -1.15%
/share)

                                                                      1.41 percentage point                             1.23 percentage points l
Weighted average return on equity                            0.22%                                              6.95%
                                                                                    s lower                                                   ower
 Items and amount of non-recurring profits and losses
                                                                                                                                     Unit: yuan

                              Items of non-recurring profits or losses                             Amount from beginning of year to end of
                                                                                                                  report period
 Losses and profits on disposal of non-current assets                                                                                64,022.09

 Government subsidies                                                                                                             11,958,706.10

 Profits or losses from external entrusted loans                                                                                  19,141,960.71

 Other non-business incomes and expenditures deducted by the above items                                                           8,297,525.04



                                                                 Report Q3 2015 of China Merchants Property Development Co., Ltd.


Other profits or losses recognized by CSRC                                                                               298,306,322.02

Affected amount of minority shareholders                                                                                   -9,792,112.92

Affected amount after income taxes                                                                                        -8,687,199.53

                                         Total                                                                         319,289,223.51

Note 1: From January to September, the net profits attributable to the shareholders of listed company and operating income
maintained simultaneous increase. At the end of reporting period, the balance of advances received was RMB 53,272 million
increasing by RMB 17,673 million, up 50% from the year earlier.
In this quarter, operating income decreased by RMB 1,774 million, down 23.02% from the year earlier due to the carry-forward
progress of the Company’s property project, which resulted in the gross profits decreasing by RMB 20.24 million during the
reporting period. However, exchange losses generated from the foreign currency loans increased due to the fluctuation of foreign
exchange rate in August resulting in the sharp decrease of the net profits attributable to the shareholders of listed company from the
year earlier. From January to September, exchange losses included in the financial expenses amounted to RMB 382,317.4 thousand
(wherein the exchange losses amounting to RMB 428.31 million in the third quarter), while exchange losses included in the financial
expenses amounted to RMB 50,151.7 thousand in the same period last year.
     Holding a certain amount of foreign currency loans is the important factor that comprehensive financing cost of the Company is
low; in view of the frequent fluctuation of foreign exchange rate, the Company successively substitute RMB loans for part of foreign
currency loans by taking into account the demand for foreign currency to reduce the fluctuation risk of foreign exchange rate.
Note 2: 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 added value. From January to September,
2014, based on the ratio of actual carry-forward inventory area in the total salable area of inventory to be carried forward on the date
of control right change of OCT, the added value of long-term equity investment acknowledged by assessment added value subject to
corresponding written off is RMB 29,197,537.31.
Note 3: The Company acquired control over Beijing Guangying Residential Property Development Limited and consolidated
financial statements on May 1, 2015. Its identifiable net assets was measured as per the fair value by the Company on the date of
control right change and the investment income of RMB 432,538,803 is included due to inventory evaluation appreciation. In May to
September 2015, 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, the inventory evaluation appreciation subject to corresponding written off is RMB
458,087,030.62 (Net amount after deduction of income tax expenses and minority shareholders’ profit or loss is RMB
116,812,192.81). Due to control right change, other owners’ equity in connection with the previously held equities transferred and
included in the investment income is RMB 11,777,249.14.


II. Total and top ten shareholders at the end of reporting period

1. Total and top ten common shareholders at the end of report period


                                                                                                                             Unit: share

Total number of common
shareholders at the end of report                                                         99,026 (A-shares: 89,426, B-shares: 9,600)
period

                                                   Top ten common shareholders

                                                       Nature of                  Quantity of       Quantity of       Pledged or frozen
                Name of shareholder                                   Share
                                                      shareholder                    shares       restricted shares        shares



                                                                  Report Q3 2015 of China Merchants Property Development Co., Ltd.


                                                                                                                           Quant
                                                                                                                  Status
                                                                                                                               ity

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

                                                      Overseas
FULL SPACE INVESTMENT LIMITED                                           5.48%      141,216,075     141,216,075    None     None
                                                      corporate

                                                      Overseas
China Merchants Securities (HK) Co., Ltd.                               2.96%       76,125,377      73,863,367    None     None
                                                      corporate

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

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

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

                                                      Domestic
Sun Huigang                                           natural           0.98%       25,310,000       None         None     None
                                                      person

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

                                                      Domestic
                                                      non-state-o
National Social Security Fund 108 Portfolio                             0.68%       17,541,741       None         None     None
                                                      wned
                                                      corporate

                                                      Overseas
CITIGROUP GLOBAL MARKETS LIMITED                                        0.57%       14,760,893       None         None     None
                                                      organization

                                              Top ten un-restricted common shareholders

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

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

Sun Huigang                                                                        25,310,000      A share            25,310,000

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

National Social Security Fund 108 Portfolio                                        17,541,741      A share            17,541,741

CITIGROUP GLOBAL MARKETS LIMITED                                                   14,760,893      A share            14,760,893

Fang Deji                                                                          13,640,535      A share            13,640,535

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




                                                               Report Q3 2015 of China Merchants Property Development Co., Ltd.


Invesco Great Wall Selective Blue Chip Share
                                                                                 13,000,000       A share            13,000,000
Securities Investment Funds

Rongtong New Blue Chip Securities Investment
                                                                                 11,364,786       A share             11,364,786
Funds

National Social Security Fund 413 Portfolio                                      11,000,023       A share             11,000,023

                                                     China Merchants Shekou Industrial Zone Holdings Co., Ltd. (hereinafter
                                                     referred to as “CMSIZH”) and its subsidiaries - FULL SPACE INVESTMENT
                                                     LIMITED, FOXTROT INTERNATIONAL LIMITED and ORIENTURE
Statement on relationship and acting in concert of   INVESTMENT LTD are Persons Acting in Concert; GOLDEN CHINA
the above-mentioned shareholders                     MASTER FUND and GREENWOODS CHINA ALPHA MASTER FUND are
                                                     Persons Acting in Concert. Dafeng International, a subsidiary of CMSIZH, has
                                                     entrusted 73,863,367 shares of the Company to China Merchants Securities
                                                     (Hong Kong) Co., Ltd.

Description of the top 10 common shareholders
                                                     None
envolved in securities margin trading (if any)





                                                      Report Q3 2015 of China Merchants Property Development Co., Ltd.




                                  Section III Important Events

I. Facts and causes for change in main accounting statement items and financial indices
during the report period

                                                                                                       Unit: RMB 10,000

                                                                    Increase or
      Financial liabilities        2015.09.30       2014.12.31      decrease (±           Main cause of change
                                                                        %)
                                                                                   Land prepayment converted into
Prepayments                              136,083          361,919          -62%
                                                                                   inventory
                                                                                   The increase of the due intercourse
Other receivables                      1,616,843          894,186            81%   funds of joint ventures and associated
                                                                                   enterprises

Other current assets                     514,687          355,070            45%   Increase of pre-paid tax

Short-term loans                          30,000          388,690          -92%    Payment of short-term debt

                                                                                   The increase of the payable project
Notes payable                             55,993            4,734        1083%
                                                                                   funds with bills
                                                                                   Increase of advance payment for
Advances received                      5,327,221        3,559,929            50%
                                                                                   building sales expense received
                                                                                   The payment of unpaid taxes and
Tax payable                              141,242          313,369          -55%
                                                                                   dues

Interests payable                         28,809           19,214            50%   Increase of borrowings

Other payables                         1,598,584        1,178,251            36%   Increase of payables for partners

                                                                                   Issuing the tickets and convertible
Bonds payable                            762,942          301,808         153%
                                                                                   bonds
                                                                                   The increasing payables by
Long-term payables                       361,944           10,435        3368%     transferring the rights and interests of
                                                                                   subsidiary companies
                                                                                   The fair-value adjustment of assets
Deferred income tax liabilities           48,048            3,582        1241%
                                                                                   by enterprise merger
                                                                    Increase or
                                       January -        January -
    Profits or losses                                           decrease (±           Main cause of change
                                  September 2015   September 2014
                                                                        %)
                                                                                   Year-on-year increase of interest
Financial expenses                       115,514           49,584         133%     exchange and foreign exchange loss
                                                                                   at current period
                                                                                   The original holding shares shall be
Investment income                         54,288           21,572         152%     remeasured in accordance with the
                                                                                   fair value for the changes of control



                                                                       Report Q3 2015 of China Merchants Property Development Co., Ltd.


                                                                                                        right of the newly-added subsidiary
                                                                                                        companies.

                                                                                      Increase or
                                                    January -            January -
             Cash flow                                                                decrease (±               Main cause of changes
                                             September 2015       September 2014
                                                                                          %)
Cash inflows for operating                                                                              Increase of received payment for
                                                    4,633,691            3,529,602             31%
activities                                                                                              building sales expense
Net cash flows from operating                                                                           Increase of received payment for
                                                     -265,297             -549,463             52%
activities                                                                                              building sales expense
                                                                                                        Consolidation      of      newly-added
Sub-total of cash inflows from
                                                       70,090                 4,003        1651%        subsidiaries’ cash at the beginning of
investing activities
                                                                                                        period
                                                                                                        The increasing investment spending
Sub-total of cash outflows from
                                                      157,094               11,785         1233%        of joint ventures and associated
investing activities
                                                                                                        enterprises
                                                                                                        Investment spending cash is greater
Net cash flows from investing
                                                      -87,004                -7,783        1018%        than the increased net cash of
activities
                                                                                                        acquisition subsidiaries
Cash inflows for financing
                                                    2,338,104            1,647,066             42%      The increase of bank loans and bonds
activities
                                                                                                        The year-on-year increase of bank
Net cash flows from financing
                                                      670,522              323,679          107%        loans and bonds are more than that of
activities
                                                                                                        return loans




II. Analysis and interpretation of key progress and influence

                                                                                                     Disclosing website of interim report
    Summary of important events                             Date of disclosure
                                                                                                                   provided

Approved      in       the   6th      Temporary
Conference of the 7th Board of Directors
of the Company in 2015, the Company has
applied to China Securities Regulatory
Commission      for      withdrawal     of    the
                                                                                               Detailed information has been disclosed on
documents on applying for the public
                                                                                               China Securities Journal, Securities Times,
issuance of convertible bonds in 2014. The
                                                    August 12, 2015                            Shanghai Securities News, Hong Kong
Company has received the Notice on
                                                                                               Commercial Daily, Securities Daily and
Review Termination of the Administrative
                                                                                               Cninfo http://www.cninfo.com.cn.
Licensing Application by China Securities
Regulatory Commission ([2015] No.131).
China Securities Regulatory Commission
decided to terminate the review for the
above administrative license application.



                                                                    Report Q3 2015 of China Merchants Property Development Co., Ltd.


Relevant matters relating to the Issuance of
                                                                                               Detailed information has been disclosed on
A-shares by China Merchants Shekou
                                                                                               China Securities Journal, Securities Times,
Industrial Zone Holdings Co., Ltd. for September 18, 2015, September 24, 2015,
                                                                                               Shanghai Securities News, Hong Kong
Stock-for-stock of the Company and October 10, 2015
                                                                                               Commercial Daily, Securities Daily and
Issuance of A-shares to Specific Objects
                                                                                               Cninfo http://www.cninfo.com.cn.
for Raising of Supporting Funds


III. Existing commitments made by the Company or shareholders of 5% and above in/before
the report period

□ Applicable □ Inapplicable

                       Commitmen                                                                                                  Performanc
    Commitment                                               Content                               Time                 Term
                          t party                                                                                                         e

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

                                    WHEREAS, the convertible bonds to be issued
                                    by China Merchants Property in public in 2015
                                                                                                                                  During the
                                    are required for issuance of convertible bond this
                                                                                                                                  report
                                    time, as the holding stockholder of CMSIZH
                                                                                                                                  period,
                                    makes a commitment: provided that the Company
Commitment made                                                                                                  Long-term        commitmen
                      CMSIZH        and investors suffer losses arising out of the March 11, 2015
in IPO/refinancing                                                                                               effective        ts          have
                                    violation of laws and rules including the matter of
                                                                                                                                  been
                                    leaving non-disclosed land idle during the report
                                                                                                                                  strictly
                                    period     by   China     Merchants     Property,   the
                                                                                                                                  fulfilled.
                                    committing       party      shall     undertake     the
                                    corresponding liability for damage.

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



                                                                 Report Q3 2015 of China Merchants Property Development Co., Ltd.


                                     other competing behaviors that infringe or may
                                     infringe the Company interests.

Has the commitment
performed in a        Yes
timely manner

Cause for failed
performance and       Inapplicable
next plan (if any)


IV. Estimates of 2015 Business Performance

Inapplicable


V. Security investment

Inapplicable


VI. Equities of other listed company held by the company

Inapplicable


VII. Investment in derivatives

Inapplicable


VIII. Research, communication, interview, etc. received during the reporting period

                                                                 Category of the                          Main discussion points and
       Time                 Place               Method                               Party received
                                                                       party                                information provided

                                          Telephone
July 1, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication

                                          Telephone
July 2, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication

                                          Telephone
July 3, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication

                                          Telephone
July 6, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication

                                          Telephone
July 7, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication

                                          Telephone
July 8, 2015         Shenzhen                                 Individual investors Individual investors
                                          communication




                                                 Report Q3 2015 of China Merchants Property Development Co., Ltd.


                              Telephone                                                      ① Introduction to the
July 9, 2015       Shenzhen                    Individual investors Individual investors
                              communication                                                  Company’s business
                                                                                             operation;
                              Telephone
July 10, 2015      Shenzhen                    Individual investors Individual investors ② Discussion on industrial
                              communication
                                                                                             development;
                                                                       Jefferies,    China
July 10, 2015      Shenzhen   Field research   Institution investors                         ③ Provision of declared
                                                                       AMC
                                                                                             information and the project
Monday, July 13,              Telephone
                   Shenzhen                    Individual investors Individual investors brochure of the Company;
2015                          communication
                                                                                             ④    Visit   to   the    on-sale
                              Telephone                                                      buildings of the Company
July 14, 2015      Shenzhen                    Individual investors Individual investors
                              communication                                                  and    provision     of     sales

                              Telephone                                                      brochure.
July 15, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 16, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 17, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 20, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 21, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 21, 2015      Shenzhen                    Institution investors GF Securities
                              communication

                              Telephone
July 22, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 23, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 24, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 27, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 28, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 29, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 30, 2015      Shenzhen                    Individual investors Individual investors
                              communication

                              Telephone
July 31, 2015      Shenzhen                    Individual investors Individual investors
                              communication




                                               Report Q3 2015 of China Merchants Property Development Co., Ltd.


                             Telephone
August 3, 2015    Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 4, 2015    Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 4, 2015    Shenzhen                   Institution investors PINGAN Securities
                             communication

                             Telephone
August 5, 2015    Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 6, 2015    Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 7, 2015    Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 10, 2015   Shenzhen                   Individual investors Individual investors
                             communication
                                                                                         ① Introduction to the
                             Telephone
August 10, 2015   Shenzhen                   Institution investors GTJA                  Company’s business
                             communication
                                                                                         operation;
                             Telephone
August 11, 2015   Shenzhen                   Individual investors Individual investors ② Discussion on industrial
                             communication
                                                                                         development;
                             Telephone
August 12, 2015   Shenzhen                   Individual investors Individual investors ③ Provision of declared
                             communication                                             information and the project
                             Telephone                                                   brochure of the Company;
August 13, 2015   Shenzhen                   Individual investors Individual investors
                             communication                                               ④   Visit   to   the    on-sale

                             Telephone                                                 buildings of the Company
August 14, 2015   Shenzhen                   Individual investors Individual investors and provision of sales
                             communication
                                                                                         brochure.
                             Telephone
August 17, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 18, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 19, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 20, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 21, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 24, 2015   Shenzhen                   Individual investors Individual investors
                             communication

                             Telephone
August 25, 2015   Shenzhen                   Individual investors Individual investors
                             communication




                                                      Report Q3 2015 of China Merchants Property Development Co., Ltd.


                                   Telephone
August 26, 2015         Shenzhen                    Individual investors Individual investors
                                   communication

                                   Telephone
August 27, 2015         Shenzhen                    Individual investors Individual investors
                                   communication

                                   Telephone
August 28, 2015         Shenzhen                    Individual investors Individual investors
                                   communication

                                   Telephone
August 31, 2015         Shenzhen                    Individual investors Individual investors
                                   communication

                                   Telephone
September 1, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 2, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 3, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 4, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 7, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 8, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

                                   Telephone
September 9, 2015 Shenzhen                          Individual investors Individual investors
                                   communication

September         10,
                        Shenzhen   Field research   Institution investors Samsung Securities
2015

September         10,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

September         11,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

September         14,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

September         15,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

September         16,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

September         17,              Telephone
                        Shenzhen                    Individual investors Individual investors
2015                               communication

                                                                         China     Securities,
September         17,              Telephone
                        Shenzhen                    Institution investors Guotai       Junan
2015                               communication
                                                                         Securities,      GF


                                                Report Q3 2015 of China Merchants Property Development Co., Ltd.


                                                                   Securities, Haitong
                                                                   Securities,    Orient
                                                                   Securities, Essence
                                                                   Securities,
                                                                   Industrial
                                                                   Securities,
                                                                   Rongtong        Fund,
                                                                   Invesco Great Wall,
                                                                   Greenwoods Asset,
                                                                   etc.

September   18,              Telephone                                                     ① Introduction to the
                  Shenzhen                    Individual investors Individual investors
2015                         communication                                                 Company’s business
                                                                                           operation;
                                                                   China     Securities,
                                                                   GF        Securities, ② Discussion on industrial
                                                                    Haitong Securities, development;
September   20,
                  Shenzhen   Field research   Institution investors Invesco Great Wall, ③ Provision of declared
2015
                                                                    Rongtong     Fund, information and the project
                                                                   ICBC           Credit brochure of the Company;
                                                                   Suisse, etc.            ④   Visit   to   the    on-sale
                                                                                        buildings of the Company
September   21,              Telephone
                  Shenzhen                    Individual investors Individual investors and provision of sales
2015                         communication
                                                                                           brochure.
                                                                   China     Securities,
                                                                   China    AMC,      E
September   22,              Telephone
                  Shenzhen                    Institution investors Fund,         Yuanta
2015                         communication
                                                                   Securities,    China
                                                                   Southern Fund, etc.

September   22,              Telephone
                  Shenzhen                    Individual investors Individual investors
2015                         communication

                                                                   GTJA,          China
                                                                   International Fund
                                                                   Management,
September   23,              Telephone
                  Shenzhen                    Institution investors China AMC, GF
2015                         communication
                                                                   Fund,    E      Fund,
                                                                   Invesco Great Wall
                                                                   Fund, etc.

September   23,              Telephone
                  Shenzhen                    Individual investors Individual investors
2015                         communication

September   24,              Telephone
                  Shenzhen                    Individual investors Individual investors
2015                         communication

September   25,              Telephone
                  Shenzhen                    Individual investors Individual investors
2015                         communication




                                               Report Q3 2015 of China Merchants Property Development Co., Ltd.


September   28,              Telephone
                  Shenzhen                   Individual investors Individual investors
2015                         communication

                                                                 Morgan       Stanley,
September   29,              Telephone
                  Shenzhen                   Institution investors LBN ADVISERS,
2015                         communication
                                                                 DBS BANK, etc.

September   29,              Telephone
                  Shenzhen                   Individual investors Individual investors
2015                         communication

September   30,              Telephone
                  Shenzhen                   Individual investors Individual investors
2015                         communication





                                                              Report Q3 2015 of China Merchants Property Development Co., Ltd.




                                       Section IV Financial Statements

I. Financial Statements

1. Consolidated balance sheet


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

                     Item                    Balance at the end of the year                    Beginning balance

Current assets:

       Monetary fund                                           26,246,525,198.14                         22,983,386,443.02
       Transaction settlement funds

       Loans to other banks

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

       Derivative financial assets

       Notes receivable                                            27,000,000.00                               4,390,000.00
       Accounts receivable                                         78,339,214.47                             68,311,944.30
       Prepayments                                              1,360,831,117.31                          3,619,194,870.49
       Premiums receivable

       Reinsurance premiums receivable

       Reinsurance contract reserves
receivable

       Interests receivable                                        41,972,190.86
       Dividends receivable                                                                                  64,195,980.00
       Other receivables                                       16,168,428,279.93                          8,941,860,794.39
       Redemptory monetary capital for
sale

       Inventories                                            120,188,427,897.78                        101,018,636,735.26
       Divided into assets held for sale

       Non-current assets due within one
year

       Other current assets                                     5,146,872,442.23                          3,550,695,892.97
Total current assets                                          169,258,396,340.72                        140,250,672,660.43



                                              Report Q3 2015 of China Merchants Property Development Co., Ltd.


Non-current assets:

    Loans released and advances

    Available-for-sale financial assets

    Held-to-maturity investment

    Long-term accounts receivable             745,790,678.30
    Long-term equity investments            1,873,052,359.24                          1,905,735,901.68
    Investment property                     5,285,000,347.54                          5,447,243,949.46
    Fixed assets                            1,786,452,413.42                          1,845,537,869.92
    Construction in progress                   78,473,382.06                             84,973,050.61
    Engineering material

    Liquidation of fixed assets

    Productive biological assets

    Oil and gas assets

    Intangible assets                         498,837,600.33                            511,546,467.17
    Development expenses

    Goodwill                                  159,560,861.23                            159,560,861.23
    Long-term deferred expenses               253,334,716.83                            247,265,491.47
    Deferred income tax assets              1,328,371,514.31                          1,239,828,866.61
    Other non-current assets                  150,702,301.31
Total non-current assets                       12,159,576,174.57                         11,441,692,458.15
Total assets                                  181,417,972,515.29                        151,692,365,118.58
Current liabilities:

    Short-term loans                          300,000,000.00                          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                             559,934,454.61                             47,344,138.00
    Accounts payable                       11,270,043,225.71                         15,213,477,059.40
    Account received in advance            53,272,213,999.18                         35,599,290,811.40



                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


       Funds from selling out and
repurchasing financial assets

       Service charges and commissions
payable

       Payroll payable                          288,264,490.72                            398,745,343.32
       Tax payable                            1,412,422,983.51                          3,133,693,418.62
       Interests payable                        288,088,054.01                            192,136,769.30
       Dividends payable                         12,261,988.00                            160,730,318.08
       Other payables                        15,985,835,722.28                         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
                                              4,343,136,480.00                          5,970,100,938.48
one year

       Other current liabilities              3,360,381,225.51                          3,729,367,673.26
Total current liabilities                    91,092,582,623.53                         80,114,292,344.25
Non-current liabilities:

       Long-term loans                       30,355,350,623.00                         24,666,515,200.02
       Bonds payable                          7,629,415,320.36                          3,018,076,924.57
         Including: preferred shares

                 Perpetual capital
securities

       Long-term payables                     3,619,436,078.67                            104,353,146.52
       Long-term remuneration payable

       Special payables:

       Estimated liabilities

       Deferred income                            6,188,186.66                               6,526,053.33
       Deferred income tax liabilities          480,480,528.40                             35,822,337.24
       Other non-current liabilities             65,143,682.65                                        0.00
Total non-current liabilities                42,156,014,419.74                         27,831,293,661.68
Total liabilities                           133,248,597,043.27                        107,945,586,005.93



                                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


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                                           8,899,718,226.65                           8,529,757,654.36
     Less: treasury stocks

     Other comprehensive income                                   91,097,894.84                              78,901,353.52
     Special reserves

     Surplus reserve                                           1,246,228,257.72                           1,246,228,257.72
     General risk provisions

     Undistributed profit                                    20,058,280,397.88                          18,663,578,091.22
Total equity attributable to parent
                                                             32,871,275,531.09                          31,094,416,110.82
company owners

     Minority shareholders’ equity                          15,298,099,940.93                          12,652,363,001.83
Total owners’ equity                                        48,169,375,472.02                          43,746,779,112.65
Total liabilities and owners’ equity                       181,417,972,515.29                         151,692,365,118.58


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


2. Consolidated balance sheet of parent company


                                                                                                                   Unit: yuan

                    Item                     Balance at the end of the year                   Beginning balance

Current assets:

     Monetary fund                                             6,872,394,095.84                           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                                         34,636,578.09                              25,144,020.00
     Dividends receivable                                      2,096,966,208.84                           2,037,168,805.28


                                             Report Q3 2015 of China Merchants Property Development Co., Ltd.


       Other receivables                      28,924,271,252.91                         29,205,557,475.48
       Inventories

       Divided into assets held for sale

       Non-current assets due within one
year

       Other current assets

Total current assets

Non-current assets:                           37,928,268,135.68                         40,161,386,894.92
       Available-for-sale financial assets

       Held-to-maturity investment

       Long-term accounts receivable           3,722,950,606.53
       Long-term equity investments            9,202,813,063.88                          8,926,259,288.07
       Investment property

       Fixed assets                                1,266,451.72                               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                      12,927,030,122.13                          8,927,413,009.56
Total assets                                  50,855,298,257.81                         49,088,799,904.48
Current liabilities:

       Short-term loans                          300,000,000.00                          3,275,000,000.00
       Financial liabilities measured at
fair value with changes included in
current profits and losses

       Derivative financial liabilities

       Notes payable                             267,303,103.23
       Accounts payable                          117,283,148.91                            320,143,894.81



                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


       Account received in advance

       Payroll payable                             -741,365.49                               9,402,578.82
       Tax payable                                  987,128.09                                 656,908.61
       Interests payable                        104,986,521.54                            139,423,235.44
       Dividends payable

       Other payables                        16,938,763,973.36                         14,165,111,926.02
       Divided into liabilities held for
sale

       Non-current liabilities due within
                                                943,594,480.00                          4,012,581,100.00
one year

       Other current liabilities

Total current liabilities                    18,672,176,989.64                         21,922,319,643.70
Non-current liabilities:

       Long-term loans                       12,278,805,500.00                          9,695,442,200.00
       Bonds payable                          2,982,000,000.00
         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                15,260,805,500.00                          9,695,442,200.00
Total liabilities                            33,932,982,489.64                         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                        8,080,172,222.38                          8,077,543,540.86
       Less: treasury stocks




                                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


     Other comprehensive income

     Special reserve

     Surplus reserve                                          1,195,276,864.72                          1,195,276,864.72
     Undistributed profit                                     5,070,915,927.07                          5,622,266,901.20
Total owners’ equity                                        16,922,315,768.17                         17,471,038,060.78
Total liabilities and owners’ equity                        50,855,298,257.81                         49,088,799,904.48


3. Consolidated statement of profits during reporting period


                                                                                                                  Unit: yuan

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

I. Total operating income                                     5,932,085,076.85                          7,706,001,062.23
     Including: operating income                              5,932,085,076.85                          7,706,001,062.23
             Interest incomes

             Earned insurance premium

             Incomes from service
charges and commissions

II. Total operating cost                                      5,607,682,223.75                          6,797,587,801.83
     Including: operating cost                                3,990,577,334.72                          5,531,109,631.22
             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
                                                                556,128,160.05                            769,271,865.81
surcharges

             Sales expenses                                     227,318,341.11                            186,593,343.38
             Administrative expenses;                           133,811,603.91                            140,926,760.49
             Financial expenses                                 699,402,532.99                            169,737,714.64
             Assets impairment losses                                444,250.97                                -51,513.71

     Add: income from changes in fair




                                                  Report Q3 2015 of China Merchants Property Development Co., Ltd.


value (“-” indicates the loss)

             Investment profit (“-” indicates
                                                       49,761,336.68                             72,396,735.93
the loss)

             Including: investment income
from affiliated enterprises and joint                  37,180,169.02                             72,396,735.93
ventures

             Exchange income (“-” indicates
the loss)

III. Operating profit (“-” indicates the
                                                      374,164,189.78                            980,809,996.33
loss)

    Add: non-operating income                      17,025,508.02                             25,334,455.57
             Including: gains from disposal
                                                            19,778.65                                  6,862.68
of non-current assets

    Less: non-operating expenditure                  6,711,102.96                              7,429,519.46
             Including: loss from disposal of
                                                            97,674.52                                 43,441.30
non-current assets

IV. Total profit (“-” indicates the total
                                                      384,478,594.84                            998,714,932.44
loss)

    Less: income tax                              265,057,336.73                            332,146,405.38
V. Net profit (“-” indicates the net loss)          119,421,258.11                            666,568,527.06
    Net profits attributable to parent
                                                       73,504,383.25                            455,232,903.03
company owners

    Gain and loss of minority
                                                       45,916,874.86                            211,335,624.03
shareholders

VI. After-tax net of other comprehensive
                                                       16,216,982.02
incomes

  After-tax net of other comprehensive
incomes owned by the owner of the                      12,057,326.13
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



                                                              Report Q3 2015 of China Merchants Property Development Co., Ltd.


     (II) Other comprehensive incomes
that would be classified into profit and                              12,057,326.13
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
                                                                      12,057,326.13
the foreign currency financial statement

             6. Others

  Net of tax from other comprehensive
                                                                       4,159,655.89
incomes owned by minority stockholders

VII. Total comprehensive income                                    135,638,240.13                              666,568,527.06
     Total consolidated income
                                                                     85,561,709.38                             455,232,903.03
attributable to parent company owners

     Total consolidated income
                                                                     50,076,530.75                              211,335,624.03
attributable to minority shareholders

VIII. Earnings per share:

     (I) Basic earnings per share                                              0.03                                        0.18
     (II) Diluted earnings per share                                           0.03                                        0.18


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


4. Parent company’s profits during reporting period


                                                                                                                       Unit: yuan

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

I. Operating income                                                   8,200,000.00                                1,910,000.00
     Less: operating cost                                               610,694.89                                  821,384.23

          Operating taxes and                                           459,200.00                                  107,151.00



                                               Report Q3 2015 of China Merchants Property Development Co., Ltd.


surcharges

            Sales expenses

            Administrative expenses;                 5,950,753.10                             16,140,300.01
            Financial expenses                      18,615,927.39                             59,677,976.23
            Assets impairment losses

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

            Investment profit (“-”
                                                    71,567,295.85                             25,671,132.64
indicates the loss)

            Including: investment income
from affiliated enterprises and joint                   -12,794.51                             -2,308,848.89
ventures

II. Operating profit (“-” indicates the
                                                    54,130,720.47                            -49,165,678.83
loss)

    Add: non-operating income

            Including: gains from
disposal of non-current assets

    Less: non-operating expenses                   695,296.86
            Including: loss from disposal
                                                         28,000.00
of non-current assets

III. Total profit (“-” indicates the total
                                                    53,435,423.61                            -49,165,678.83
loss)

    Less: income tax

IV. Net profit (“-” indicates the loss)           53,435,423.61                            -49,165,678.83
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




                                                              Report Q3 2015 of China Merchants Property Development Co., Ltd.


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 Consolidated Income                                      53,435,423.61                             -49,165,678.83
VII. Earnings per share:

     (I) Basic earnings per share

     (II) Diluted earnings per share


5. Consolidated year-to-date profits of the report period


                                                                                                                    Unit: yuan

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

I. Total operating income                                      23,906,033,514.31                         23,753,156,793.22
     Including: operating income                               23,906,033,514.31                         23,753,156,793.22
             Interest incomes

             Earned insurance premium

             Incomes from service
charges and commissions

II. Total operating cost                                       20,605,701,756.37                         19,643,264,503.28
     Including: operating cost                                 15,977,087,585.08                         15,922,177,904.69
             Interest payments

             Service charges and
commission expenses

             Refunded premium

             Net amount of compensation



                                                  Report Q3 2015 of China Merchants Property Development Co., Ltd.


payout

               Net amount of reserves for
reinsurance contract

               Policy dividend payment

               Reinsured expenses

               Operating taxes and
                                                    2,506,371,192.81                          2,383,291,566.10
surcharges

               Sales expenses                         561,579,407.78                            468,531,591.83
               Administrative expenses;               406,300,455.64                            372,586,559.19
               Financial expenses                   1,155,138,595.09                            495,840,101.19
               Assets impairment losses                   -775,480.03                                836,780.28
    Add: income from changes in fair
value (“-” indicates the loss)

             Investment profit (“-” indicates
                                                      542,875,991.12                            215,715,151.44
the loss)

             Including: investment income
from affiliated enterprises and joint                  79,415,813.36                            215,715,151.44
ventures

             Exchange income (“-” indicates
the loss)

III. Operating profit (“-” indicates the
                                                    3,843,207,749.06                          4,325,607,441.38
loss)

    Add: non-operating income                      44,381,024.17                             60,831,335.20
             Including: gains from disposal
                                                           170,147.65                                 21,046.90
of non-current assets

    Less: non-operating expenditure                24,060,770.94                             29,154,934.95
             Including: loss from disposal of
                                                           106,125.56                                218,503.87
non-current assets

IV. Total profit (“-” indicates the total
                                                    3,863,528,002.29                          4,357,283,841.63
loss)

    Less: income tax                            1,355,959,616.59                          1,296,643,173.79
V. Net profit (“-” indicates the net loss)        2,507,568,385.70                          3,060,640,667.84
    Net profits attributable to parent
                                                    2,219,006,547.94                          2,240,667,651.88
company owners

    Gain and loss of minority
                                                      288,561,837.76                            819,973,015.96
shareholders

VI. After-tax net of other comprehensive               16,404,225.05




                                              Report Q3 2015 of China Merchants Property Development Co., Ltd.


incomes

  After-tax net of other comprehensive
incomes owned by the owner of the                  12,196,541.32
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           12,196,541.32
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
                                                   12,196,541.32
the foreign currency financial statement

             6. Others

  Net of tax from other comprehensive
                                                      4,207,683.73
incomes owned by minority stockholders

VII. Total comprehensive income                 2,523,972,610.75                          3,060,640,667.84
     Total consolidated income
                                                2,231,203,089.26                          2,240,667,651.88
attributable to parent company owners

     Total consolidated income
                                                  292,769,521.49                            819,973,015.96
attributable to minority shareholders





                                                                 Report Q3 2015 of China Merchants Property Development Co., Ltd.


VIII. Earnings per share:

        (I) Basic earnings per share                                              0.86                                      0.87
        (II) Diluted earnings per share                                           0.86                                      0.87


6. Parent company’s year-to-date profits of the report period


                                                                                                                        Unit: yuan

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

I. Operating income                                                    14,440,000.00                               2,410,000.00
    Less: operating cost                                             1,839,607.26                              1,878,636.39
             Operating taxes and
                                                                         1,578,389.10                              2,347,719.26
surcharges

             Sales expenses

             Administrative expenses;                                  26,346,258.64                              36,291,553.95
             Financial expenses                                          1,996,189.94                           142,799,590.32
             Assets impairment losses

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

             Investment profit (“-”
                                                                      289,928,508.79                              79,510,570.48
indicates the loss)

             Including: investment income
from affiliated enterprises and joint                                       57,134.59                             -2,668,039.06
ventures

II. Operating profit (“-” indicates the
                                                                      272,608,063.85                            -101,396,929.44
loss)

    Add: non-operating income                                        1,040,500.16
             Including: gains from
disposal of non-current assets

    Less: non-operating expenses                                       695,296.86                                   2,000.00
             Including: loss from disposal
                                                                             28,000.00
of non-current assets

III. Total profit (“-” indicates the total
                                                                      272,953,267.15                            -101,398,929.44
loss)

    Less: income tax

IV. Net profit (“-” indicates the loss)                             272,953,267.15                            -101,398,929.44
V. After-tax net of other comprehensive
incomes




                                                                Report Q3 2015 of China Merchants Property Development Co., Ltd.


     (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 Consolidated Income                                        272,953,267.15                           -101,398,929.44
VII. Earnings per share:

     (I) Basic earnings per share

     (II) Diluted earnings per share


7. Cash flow statement year-to-date profits of the report period


                                                                                                                      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                                  38,455,647,263.04                        28,427,510,441.71



                                           Report Q3 2015 of China Merchants Property Development Co., Ltd.


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                      8783.44                               27348837.85
     Cash received from other operating
                                             7,881,250,024.51                          6,841,156,957.77
activities

Sub-total of cash inflows from
                                            46,336,906,070.99                         35,296,016,237.33
operating activities

     Cash paid for purchasing goods
                                            30,026,820,709.97                         27,074,310,400.10
and services

     Net increase of customer’s loans
and advances

     Net increase of deposits in central
bank and other banks

     Cash paid for indemnity of original
insurance contract

     Cash paid for interests, service
charges and commissions

     Cash paid for policy dividends



                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


     Cash paid to and on behalf of
                                              1,540,098,711.17                          1,194,355,095.30
employees

     Payments of taxes                        7,985,057,195.79                          6,883,850,156.54
     Other cash paid relating to
                                              9,437,898,948.27                          5,638,132,377.31
operating activities

Sub-total of cash outflows from
                                             48,989,875,565.20                         40,790,648,029.25
operating activities

Net cash flows from operating activities     -2,652,969,494.21                         -5,494,631,791.92
II. Cash flows from investing activities:

     Cash received from withdrawal of
                                                       1382.92
investments

     Cash received from returns on
                                                 70,391,655.05                             39,967,345.86
investments

     Net cash received from disposal of
fixed assets, intangible assets and other           269,793.10                                  59,464.00
long-term assets

     Net cash received from disposal of
subsidiaries and other business units

     Other cash received relating to
                                                630,235,033.61
investing activities

Sub-total of cash inflows from investing
                                                700,897,864.68                             40,026,809.86
activities

     Cash paid to acquire fixed assets,
intangible assets & other long-term              21,448,670.77                             41,181,847.17
assets

     Cash paid to acquire investments           792,711,112.45                             76,671,105.19
     Net increase of pledge loans

     Net cash received from payment of
                                                 10,596,600.00
subsidiaries and other business units

     Cash payments relating to other
                                                746,180,075.09
investment activities

Sub-total of cash outflows from
                                              1,570,936,458.31                            117,852,952.36
investing activities

Net cash flows from investing activities       -870,038,593.63                            -77,826,142.50
III. Cash flows from financing
activities:

     Cash received from capital
                                              1,024,481,567.06                            254,265,704.18
contribution




                                                             Report Q3 2015 of China Merchants Property Development Co., Ltd.


     Including: cash from the
investment of minority shareholders of                          1,024,481,567.06                            254,265,704.18
the subsidiaries

     Cash received from borrowings                             14,229,686,423.00                         16,216,394,880.82
     Cash from issue of bonds                                   4,740,901,280.52
     Other cash received relating to
                                                                  3,385,975,022.96
financing activities

Sub-total of cash inflows from
                                                               23,381,044,293.54                         16,470,660,585.00
financing activities

     Cash repayments of amounts
                                                               13,849,496,463.48                         11,087,713,675.00
borrowed

     Cash payments for interest
expenses and distribution of dividends                          2,808,332,068.90                          2,143,694,391.98
or profit

     Including: dividends and profits
paid by subsidiaries to minority                                  203,985,011.70                            271,684,819.75
shareholders

     Other cash payments relating to
                                                                   18,000,000.00                               2,461,000.00
financing activities

Sub-total of cash outflows from
                                                               16,675,828,532.38                         13,233,869,066.98
financing activities

Net cash flows from financing activities                        6,705,215,761.16                          3,236,791,518.02
IV. Influence of exchange rate change
                                                                   80,931,081.80                              14,566,593.34
on cash and cash equivalents

V. Net increase of cash and cash
                                                                3,263,138,755.12                          -2,321,099,823.06
equivalents

     Add: balance of cash and cash
                                                               22,947,760,259.27                         24,240,458,796.50
equivalents at the beginning of period

VI. Balance of cash and cash
                                                               26,210,899,014.39                         21,919,358,973.44
equivalents at the end of period


8. Parent company’s cash flow statement year-to-date profits of the report period


                                                                                                                    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
                                                                   14,445,000.00                               2,410,000.00
commodities and provision of services

     Refunds of taxes and levies



                                            Report Q3 2015 of China Merchants Property Development Co., Ltd.


     Cash received from other operating
                                             59,174,561,839.34                          5,781,010,203.48
activities

Sub-total of cash inflows from
                                             59,189,006,839.34                          5,783,420,203.48
operating activities

     Cash paid for purchasing goods
and services

     Cash paid to and on behalf of
                                                 42,945,572.38                             11,453,390.37
employees

     Payments of taxes                           33,398,732.25                             13,967,791.77
     Other cash paid relating to
                                             55,137,388,306.21                          5,640,911,795.07
operating activities

Sub-total of cash outflows from
                                             55,213,732,610.84                          5,666,332,977.21
operating activities

Net cash flows from operating activities      3,975,274,228.50                            117,087,226.27
II. Cash flows from investing activities:

     Cash received from withdrawal of
                                                                                          470,000,000.00
investments

     Cash received from returns on
                                                 63,301,830.25                            243,069,431.04
investments

     Net cash received from disposal of
fixed assets, intangible assets and other             35,000.00
long-term assets

     Net cash received from disposal of
subsidiaries and other business units

     Other cash received relating to
                                                118,340,816.33
investing activities

Sub-total of cash inflows from investing
                                                181,677,646.58                            713,069,431.04
activities

     Cash paid to acquire fixed assets,
intangible assets & other long-term                 397,628.00                                  20,880.00
assets

     Cash paid to acquire investments           481,715,731.99                             88,671,105.19
     Net cash received from payment of
subsidiaries and other business units

     Cash payments relating to other
                                              3,381,125,632.39
investment activities

Sub-total of cash outflows from
                                              3,863,238,992.38                             88,691,985.19
investing activities




                                           Report Q3 2015 of China Merchants Property Development Co., Ltd.


Net cash flows from investing activities    -3,681,561,345.80                            624,377,445.85
III. Cash flows from financing
activities:

     Cash received from capital
contribution

     Cash received from borrowings           3,550,000,000.00                          8,326,821,400.00
     Cash from issue of bonds                3,000,000,000.00
     Other cash received relating to
financing activities

Sub-total of cash inflows from
                                             6,550,000,000.00                          8,326,821,400.00
financing activities

     Cash repayments of amounts
                                             7,042,339,075.00                          4,611,076,875.00
borrowed

     Cash payments for interest
expenses and distribution of dividends       1,817,556,161.65                          1,107,213,263.04
or profit

     Other cash payments relating to
                                                18,000,000.00
financing activities

Sub-total of cash outflows from
                                             8,877,895,236.65                          5,718,290,138.04
financing activities

Net cash flows from financing activities    -2,327,895,236.65                          2,608,531,261.96
IV. Influence of exchange rate change
                                                13,059,855.63                            -20,067,410.80
on cash and cash equivalents

V. Net increase of cash and cash
                                            -2,021,122,498.32                          3,329,928,523.28
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
                                             6,872,394,095.84                          9,626,050,268.96
equivalents at the end of period


II. Audit Report

The Q3 report is yet to be audited.





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