Insights Be Selective PDF

China / Hong Kong Monthly Chart Book
China Property
(Issue No. 92) Refer to important disclosures at the end of this report
DBS Group Research . Equity 4 Apr 2018
Be selective HSI: 30,180

 Over the past month, the China property sector
ANALYST
mildly recovered 4.2% m-o-m, while HSI and MSCI Danielle WANG CFA, +852 2820 4915
China respectively declined by 2.4% and 3.0%. danielle_wang@dbs.com
Particularly, share prices of the top picks named Carol WU +852 2863 8841
in our 1st March report - Country Garden, CIFI, and carol_wu@dbs.com
Yuzhou - have outperformed the sector and saw Ken HE CFA, +86 21 6888 3375
10-15% increase in share price during the past ken_he@dbs.com
month. Average southbound shareholding fell Jason LAM +852 2971 1773
jasonlamch@dbs.com
moderately to 5.67%.
 Following the end of the NPC and CPPCC,
differentiated housing policy adjustments
according to cities continued. Tightening
measures were imposed in selected cities in the
form of restrictive selling, purchasing and credit
measures, while Shanghai have recently granted
presales permits to c.10 high-end projects.
 Top 50 developers posted 12% y-o-y presales
growth in March despite a persisted y-o-y
declining sales trend in major cities.
Meanwhile,following post-results earning
revisions, the sector’s FY18 PE is lowered to 7.0x
from 1st March's 7.5x. Taking into consideration
the overall stock market risk, we recommend
investors to focus on quality players such as COLI,
Country Garden, Shimao and Yuzhou.
Developers’ 1 month share price performance
%
40
20
(20)
Country Garden*
Longfor*
Sunac China
China Merchants Land
Greentown
Overall average
Shenzhen Inv
SRE Group
China Aoyuan
Central China*
Powerlong
BJ Cap Land 'H'
MSCI China
Kaisa Group
Mid-cap players
Gemdale Props
Evergrande*
Road King
Shimao Property*
Shui On Land*
Large-cap players
Sino-Ocean Land*
Sunshine 100 China

Yuzhou Properties
CR Land*
China SCE
Small-cap players
Zhong An
LVGEM
Future Land
CIFI Holdings
China Overseas*
China South City*^^

Guangzhou R&F
China Jinmao Hldgs*

KWG Property
Hang Seng Index

China Vanke 'H'*
Times Property
Greenland
Minmetals Land
Wuzhou Int'l
Hopson Dev
Based on closing prices as at 28 Feb 18

Source: Thomson Reuters
ed-TH / sa- AH
China Property
TABLE OF CONTENTS
How did shares perform? 3
How’s the change in southbound shareholding? 10
Who has the highest sales lock-in? 17
Who sold the most? 18
Who sold at the highest price? 19
Who was the most aggressive in land acquisition? 20
Who entered into Hong Kong main board? 23
Where was the funding from? 24
Where was the funding from? (Cont’d) 29
Where was the funding from? (Cont’d) 30
What was the sales trend of each company? 34
Which city grew the fastest in price? 37
What were the trends of ASP and sales volume in each city? 38
What were the trends of ASP and no. of units sold in each city? 44
Are there enough to sell? 50
Is it affordable? 53
Will people buy now? 55
What were the trends of affordability in each city? 56
How about secondary market transactions? 61
What about office? 62
What about hotel? 63
What do the national figures tell us? 64
Where does the launch of policies drive share prices to? 66
How about macro economic growth? 135
A glance of financial forecasts for developers 136
Page 2
China Property
How did shares perform?

Share performance
Sector index vs HSI
220
200
180
160
140
120
100
80
60
Apr/14
Apr/16
Apr/13
Apr/15
Apr/17
Jan/13
Jan/15
Jan/17
Jan/14
Jan/16
Jan/18
Jul/13
Oct/13
Oct/14
Jul/15
Oct/15
Oct/16
Jul/17
Jul/14
Jul/16
Oct/17
China property share price index HSI
Source: Thomson Reuters; DBS Vickers
Sector index vs HSI (6 month)
Rebased (14 J ul 17 = 100)

150
140
130
120
110
100
90
80
70
60
Jul/17
Jan/18
Oct/17
Mar/18
China property share price index HSI
Source: Thomson Reuters; DBS Vickers
Page 3
China Property
Valuation comparison
3- mt h
daily Net Disc /
3- A pr M k t t rading 12- m EPS gt h PE PE Y ield Y ield RO E RO E G earing P/Bk NA V (Prem)
Pric e Cap v alue Rec om t arget 18F 19F 18F 19F 18F 19F 18F 19F 1H17A 1H17 t o NA V
Company Name Code HK $ US$bn US$m HK $ % % x x % % % % % x HK $ %
L arge c ap
China Ov erseas* 688 HK 27.4 38.3 91.9 BUY 34.32 (8) 26 8.0 6.4 3.5 4.4 13.4 15.2 15.7 1.0 34.7 21.2
CR Land* 1109 HK 28.5 25.3 76.5 BUY 34.50 7 18 8.0 6.8 4.3 5.1 16.3 17.3 41.5 1.2 34.2 16.7
China V anke 'H'* 2202 HK 35.3 55.4 50.9 BUY 39.18 22 24 9.2 7.4 3.8 4.8 23.7 24.7 19.6 2.0 23.0 (53.6)
Country Garden* 2007 HK 15.9 44.2 174.6 BUY 20.65 36 56 7.5 4.8 4.4 6.9 35.0 42.1 37.8 2.3 20.6 22.6
Ev ergrande* 3333 HK 24.5 41.3 73.8 BUY 40.51 84 18 5.8 4.9 14.3 10.1 37.8 38.9 142.0 2.1 30.8 20.4
Longfor* 960 HK 23.5 17.8 21.1 BUY 25.63 (7) 28 9.0 7.2 4.4 5.7 16.3 18.8 56.2 1.4 32.3 27.2
Sunac China 1918 HK 28.6 16.1 115.7 NR n.a. 15 46 7.7 5.2 3.4 5.3 33.9 32.6 356.5 2.1 n.a. n.a.
A v erage 21 31 7.9 6.1 5.4 6.1 25.2 27.1 1.7 9.1
M id c ap
Agile Property * 3383 HK 15.6 7.8 19.2 BUY 18.57 22 26 6.6 5.2 6.8 8.6 16.3 18.1 51.0 1.0 19.0 18.0
BJ Cap Land 'H' 2868 HK 4.6 0.6 3.9 NR n.a. 36 26 4.1 3.3 6.8 8.6 n.a. n.a. 131.9 n.a. n.a. n.a.
China J inmao Hldgs* 817 HK 4.4 6.5 43.7 HOLD 3.20 15 n.a. 11.1 n.a. 3.6 0.0 11.1 0.0 66.2 1.2 4.6 5.3
CIF I Holdings 884 HK 6.6 6.4 35.3 NR n.a. 11 29 7.3 5.6 4.7 6.1 24.3 25.5 59.3 1.6 n.a. n.a.
F uture Land 1030 HK 6.5 4.9 31.9 NR n.a. 16 31 7.1 5.4 4.5 6.0 28.7 25.4 157.4 1.9 n.a. n.a.
Greentown 3900 HK 11.1 3.1 13.6 NR n.a. 29 13 9.5 8.4 2.0 2.3 6.7 6.5 57.9 0.6 n.a. n.a.
Guangzhou R&F 2777 HK 19.1 2.5 27.6 NR n.a. (53) 24 5.3 4.3 7.6 9.5 18.0 19.8 192.9 0.8 n.a. n.a.
Kaisa Group 1638 HK 4.3 3.3 13.0 NR n.a. 40 0 4.3 4.3 2.3 2.3 n.a. n.a. 349.0 n.a. n.a. n.a.
KWG Property 1813 HK 10.7 4.3 27.2 NR n.a. 27 27 6.1 4.8 5.7 7.3 17.5 21.0 64.1 0.9 n.a. n.a.
Shenzhen Inv 604 HK 3.3 3.4 5.8 NR n.a. (31) 14 7.6 6.7 5.9 6.6 9.8 7.2 25.3 0.6 n.a. n.a.
Shimao Property * 813 HK 21.6 9.3 25.7 BUY 28.77 17 21 6.3 5.3 6.3 7.7 15.2 16.7 49.9 0.9 30.9 30.2
Sino-Ocean Land* 3377 HK 5.7 5.5 10.9 BUY 6.68 (7) 22 7.2 5.9 5.7 6.9 9.4 10.7 62.5 0.7 8.9 36.0
A v erage# 8 24 7.0 5.5 5.1 5.7 16.0 14.9 1.0 29.5
Small c ap
China Aoy uan 3883 HK 7.2 2.5 16.1 NR n.a. 49 40 6.6 4.7 5.1 7.2 25.4 27.0 63.0 1.3 n.a. n.a.
Central China* 832 HK 3.5 1.1 1.5 BUY 3.87 (7) 93 9.0 4.7 3.3 6.4 9.5 16.7 56.7 0.8 5.1 32.7
China Merchants Land 978 HK 1.7 1.0 1.3 NR n.a. 10 16 3.9 3.4 6.5 7.5 7.2 8.5 56.3 n.a. n.a. n.a.
China SCE 1966 HK 4.0 2.0 9.0 NR n.a. (14) 35 4.9 3.6 6.4 8.7 21.7 25.4 90.6 0.9 n.a. n.a.
China South City *^^ 1668 HK 1.8 1.8 8.4 BUY 2.77 15 69 10.6 6.3 5.0 8.4 4.5 7.3 78.2 0.5 n.a. n.a.
COGO* 81 HK 3.6 1.6 9.9 BUY 5.00 45 13 4.1 3.6 1.2 1.4 15.8 15.3 41.5 0.6 11.7 68.9
Gemdale Props 535 HK 0.9 1.8 7.7 NR n.a. 66 36 4.5 3.3 2.6 2.6 19.0 21.0 40.5 0.9 n.a. n.a.
Greenland 337 HK 3.8 1.4 3.2 NR n.a. 20 45 5.7 3.9 5.3 7.7 n.a. n.a. 79.9 1.3 n.a. n.a.
Hopson Dev 754 HK 8.7 2.5 1.8 NR n.a. (76) 2 13.6 13.4 2.2 2.2 n.a. n.a. 70.8 0.4 n.a. n.a.
LV GEM 95 HK 3.1 2.0 2.7 NR n.a. (4) 20 12.6 10.5 n.a. n.a. 12.5 12.5 88.4 0.1 n.a. n.a.
Minmetals Land 230 HK 1.5 0.6 0.9 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 61.6 n.a. n.a. n.a.
Modern Land (China) 1107 HK 1.5 0.5 0.8 NR n.a. 3 44 4.9 3.4 5.1 7.4 20.2 20.2 63.5 0.4 n.a. n.a.
Powerlong 1238 HK 4.1 2.1 1.9 NR n.a. n.a. 22 3.8 3.1 6.2 7.8 13.9 13.6 86.2 0.7 n.a. n.a.
Road King 1098 HK 15.5 1.5 2.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40.2 n.a. n.a. n.a.
Shui On Land* 272 HK 2.1 2.1 10.1 HOLD 2.05 (49) n.a. 17.8 n.a. 3.4 0.0 2.0 0.0 56.9 0.3 5.1 59.4
SRE Group 1207 HK 0.2 0.5 0.3 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 99.1 n.a. n.a. n.a.
Sunshine 100 China 2608 HK 3.3 1.1 0.4 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 255.8 n.a. n.a. n.a.
Times Property 1233 HK 11.8 2.8 10.4 NR n.a. 29 27 5.3 4.2 5.7 7.2 21.7 24.8 67.7 1.0 n.a. n.a.
Wuzhou Int'l 1369 HK 0.8 0.5 0.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 214.1 n.a. n.a. n.a.
Yuzhou Properties* 1628 HK 5.3 2.8 12.9 BUY 7.31 22 24 4.8 3.9 8.0 9.9 23.7 25.2 72.6 1.1 9.3 43.1
Zhong An 672 HK 0.6 0.4 3.1 NR n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 31.3 n.a. n.a. n.a.
A v erage# 16 39 6.4 4.4 4.9 6.3 15.4 17.1 0.7 51.0
A v erage (O v erall)# 12 30 7.0 5.3 5.0 5.9 17.6 18.1 1.1 28.8~
^ Denominated in SGD for price

~ Simple average discount to NAV; Market cap weighted average NAV = 5%
# Exclude outliners ~~Gross Gearing
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Source: Thomson Reuters, *DBS Vickers
Page 4
China Property
PE valuations, 2009 to 2017 trough (based on earnings forecasts)
3- A pr Mkt 18F 19F

Pric e Cap PE PE T rough T rough T rough T rough T rough T rough T rough T rough T rough
Company Name Code HK $ US$bn x x 2009 2010 2011 2012 2013 2014 2015 2016 2017
China Ov erseas* 688 HK 27.35 38.3 8.0 6.4 11.1 12.8 6.5 7.1 7.8 6.1 6.7 5.8 5.8
CR Land* 1109 HK 28.50 25.3 8.0 6.8 13.1 14.4 7.2 10.1 11.9 7.1 8.2 7.0 6.2
China V anke 'H'* 2202 HK 35.25 55.4 9.2 7.4 n.a. n.a. n.a. n.a. n.a. 6.3 6.8 6.5 7.3
Country Garden* 2007 HK 15.90 44.2 7.5 4.8 5.2 10.7 5.2 5.8 6.5 4.0 4.2 4.9 6.6
Ev ergrande* 3333 HK 24.50 41.3 5.8 4.9 n.a. 3.8 2.9 3.3 4.2 3.4 4.3 6.4 7.7
Longfor* 960 HK 23.50 17.8 9.0 7.2 17.8 13.8 6.3 5.6 7.4 5.3 5.4 5.5 5.7
Sunac China 1918 HK 28.60 16.1 7.7 5.2 n.a. 4.5 1.4 1.5 3.1 2.2 2.7 3.1 7.8
A v erage 7.9 6.1 11.8 10.0 4.9 5.6 6.8 4.9 5.5 5.6 6.7
Agile Property * 3383 HK 15.58 7.8 6.6 5.2 2.9 7.6 2.5 3.4 3.6 2.2 2.7 3.0 4.4
BJ Cap Land 'H' 2868 HK 4.62 0.6 4.1 3.3 3.1 5.1 1.9 2.0 3.3 2.6 3.1 3.5 4.1
China J inmao Hldgs* 817 HK 4.40 6.5 11.1 n.a. 6.8 14.5 5.9 5.8 7.1 4.6 5.0 5.0 5.6
CIF I Holdings 884 HK 6.55 6.4 7.3 5.6 n.a. n.a. n.a. n.a. 3.8 3.2 2.7 2.8 3.6
F uture Land 1030 HK 6.51 4.9 7.1 5.4 n.a. n.a. n.a. n.a. 2.7 2.1 2.1 3.5 5.4
Greentown 3900 HK 11.10 3.1 9.5 8.4 2.3 6.3 2.0 1.5 3.3 2.3 3.1 3.4 5.5
Guangzhou R&F 2777 HK 19.12 2.5 5.3 4.3 4.8 6.8 3.2 3.2 4.7 3.8 3.1 3.5 3.7
Kaisa Group 1638 HK 4.31 3.3 4.3 4.3 n.a. 3.5 3.7 3.0 2.8 1.9 1.7 1.9 2.0
KWG Property 1813 HK 10.68 4.3 6.1 4.8 2.8 7.8 3.0 2.8 3.6 2.8 3.1 3.0 3.3
Shenzhen Inv 604 HK 3.31 3.4 7.6 6.7 4.1 6.4 3.8 4.4 6.1 5.2 5.3 6.1 6.4
Shimao Property * 813 HK 21.55 9.3 6.3 5.3 4.2 8.5 3.6 3.9 6.4 4.3 3.3 3.1 4.6
Sino-Ocean Land* 3377 HK 5.70 5.5 7.2 5.9 9.0 11.3 4.1 5.4 6.7 6.0 5.9 5.1 5.6
A v erage# 7.0 5.5 4.5 8.0 3.6 3.9 5.0 3.9 3.9 4.0 4.7
China Aoy uan 3883 HK 7.15 2.5 6.6 4.7 10.3 8.3 4.2 4.2 4.2 2.1 3.1 2.8 3.5
Central China* 832 HK 3.46 1.1 9.0 4.7 1.5 3.9 2.8 2.8 3.5 2.6 2.5 2.3 2.7
China Merchants Land 978 HK 1.65 1.0 3.9 3.4 n.a. n.a. n.a. n.a. 12.0 4.4 5.4 3.9 5.6
China SCE 1966 HK 4.00 2.0 4.9 3.6 n.a. 4.7 3.7 2.9 2.4 5.6 4.5 3.7 4.7
China South City *^^ 1668 HK 1.75 1.8 10.6 6.3 17.7 6.9 4.3 4.5 4.3 5.1 5.7 5.8 6.9
COGO* 81 HK 3.63 1.6 4.1 3.6 n.a. n.a. 3.7 5.0 6.3 3.1 3.1 2.7 4.2
Gemdale Props 535 HK 0.90 1.8 4.5 3.3 n.a. n.a. n.a. n.a. 10.9 14.1 3.8 5.5 4.2
Greenland 337 HK 3.84 1.4 5.7 3.9 1.1 3.6 1.2 1.0 0.6 11.7 8.0 4.8 4.0
Hopson Dev 754 HK 8.65 2.5 13.6 13.4 2.2 4.9 2.8 2.8 5.6 3.9 10.7 12.1 11.0
LV GEM 95 HK 3.14 2.0 12.6 10.5 n.a. n.a. n.a. n.a. n.a. n.a. 0.0 7.5 10.1
Minmetals Land 230 HK 1.45 0.6 n.a. n.a. 1.3 6.9 3.8 2.3 4.2 3.6 4.5 7.5 7.5
Modern Land (China) 1107 HK 1.54 0.5 4.9 3.4 n.a. n.a. n.a. n.a. n.a. 2.3 2.4 2.0 2.5
Powerlong 1238 HK 4.08 2.1 3.8 3.1 4.7 5.2 1.5 1.6 3.6 2.8 3.2 2.7 3.1
Road King 1098 HK 15.50 1.5 n.a. n.a. 1.6 5.4 2.2 2.4 6.5 6.8 6.8 6.8 6.8
Shui On Land* 272 HK 2.08 2.1 17.8 n.a. 3.3 9.4 5.6 6.5 9.1 10.6 5.8 6.4 5.6
SRE Group 1207 HK 0.19 0.5 n.a. n.a. 1.6 2.0 2.3 0.9 1.1 1.1 1.1 1.1 1.1
Sunshine 100 China 2608 HK 3.28 1.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.7 5.8 5.3 7.8
Times Property 1233 HK 11.84 2.8 5.3 4.2 n.a. n.a. n.a. n.a. n.a. 2.5 2.2 1.9 2.6
Wuzhou Int'l 1369 HK 0.77 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.3 5.2 22.3 22.3
Yuzhou Properties* 1628 HK 5.30 2.8 4.8 3.9 9.6 5.5 2.7 3.6 3.6 2.4 2.1 3.3 3.6
Zhong An 672 HK 0.57 0.4 n.a. n.a. 3.6 7.7 4.1 9.9 5.3 8.3 8.3 8.3 8.3
A v erage# 6.4 4.4 4.8 6.4 3.3 3.7 5.2 5.2 4.5 6.0 6.6
A v erage (O v erall)# 7.0 5.3 5.7 7.7 3.7 4.1 5.4 4.7 4.5 5.2 6.0

# Exclude outliners
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Page 5
China Property
PE valuations, 2009 to 2017 peak (based on earnings forecasts)
3- A pr Mkt 18F 19F

Pric e Cap PE PE Peak Peak Peak Peak Peak Peak Peak Peak Peak
Company Name Code HK $ US$bn x x 2009 2010 2011 2012 2013 2014 2015 2016 2017
CR Land* 1109 HK 28.50 25.3 8.0 6.8 30.4 26.3 15.2 17.6 17.0 12.3 12.8 10.8 10.0
China V anke 'H'* 2202 HK 35.25 55.4 9.2 7.4 n.a. n.a. n.a. n.a. n.a. 9.0 11.8 11.8 10.5
Ev ergrande* 3333 HK 24.50 41.3 5.8 4.9 n.a. 74.1 8.9 6.1 6.4 4.6 14.2 13.2 16.5
Longfor* 960 HK 23.50 17.8 9.0 7.2 24.4 21.7 14.2 11.9 11.5 7.5 8.7 8.2 11.3
Sunac China 1918 HK 28.60 16.1 7.7 5.2 n.a. 5.8 3.5 5.5 5.5 5.1 6.3 12.4 46.7
A v erage 7.9 6.1 25.0 18.2 10.9 10.5 10.4 8.0 10.1 10.5 12.2
BJ Cap Land 'H' 2868 HK 4.62 0.6 4.1 3.3 15.9 11.9 5.9 4.7 5.3 3.6 6.3 5.9 7.4
China J inmao Hldgs* 817 HK 4.40 6.5 11.1 n.a. 21.6 20.8 16.2 10.0 9.9 8.2 8.2 8.0 11.3
CIF I Holdings 884 HK 6.55 6.4 7.3 5.6 n.a. n.a. n.a. n.a. 5.9 4.4 5.1 5.4 8.4
F uture Land 1030 HK 6.51 4.9 7.1 5.4 n.a. n.a. n.a. n.a. 4.8 4.4 6.5 8.8 11.5
Greentown 3900 HK 11.10 3.1 9.5 8.4 18.3 15.1 6.1 6.3 6.6 4.5 6.1 7.8 10.8
Guangzhou R&F 2777 HK 19.12 2.5 5.3 4.3 17.8 13.7 8.0 7.4 8.1 5.2 4.8 6.0 7.2
Kaisa Group 1638 HK 4.31 3.3 4.3 4.3 n.a. 8.4 10.0 6.9 6.3 4.4 2.3 8.9 37.4
KWG Property 1813 HK 10.68 4.3 6.1 4.8 21.6 18.9 9.6 6.4 6.4 5.0 6.0 4.6 7.2
Shenzhen Inv 604 HK 3.31 3.4 7.6 6.7 14.7 10.5 8.8 8.5 11.7 7.9 10.2 10.0 9.0
A v erage# 7.0 5.5 19.2 15.0 9.6 8.5 8.3 6.0 6.9 7.2 9.1
China Aoy uan 3883 HK 7.15 2.5 6.6 4.7 36.8 18.3 8.3 4.2 4.2 4.2 4.5 4.2 8.0
Central China* 832 HK 3.46 1.1 9.0 4.7 9.4 7.8 5.6 6.3 6.3 4.1 4.4 3.9 8.5
China Merchants Land 978 HK 1.65 1.0 3.9 3.4 n.a. n.a. n.a. n.a. 13.5 13.5 15.6 11.6 5.6
China SCE 1966 HK 4.00 2.0 4.9 3.6 n.a. 6.9 5.5 3.8 6.6 5.6 5.6 7.6 7.4
COGO* 81 HK 3.63 1.6 4.1 3.6 n.a. n.a. 9.8 9.8 10.0 6.4 6.1 6.3 8.8
Gemdale Props 535 HK 0.90 1.8 4.5 3.3 n.a. n.a. n.a. n.a. 21.9 57.7 50.0 10.6 10.0
Greenland 337 HK 3.84 1.4 5.7 3.9 11.9 9.1 3.2 7.6 44.8 28.2 21.6 12.2 7.1
Hopson Dev 754 HK 8.65 2.5 13.6 13.4 10.3 7.5 6.4 16.0 15.7 16.1 24.6 22.4 29.8
LV GEM 95 HK 3.14 2.0 12.6 10.5 n.a. n.a. n.a. n.a. n.a. n.a. 0.0 11.5 26.6
Minmetals Land 230 HK 1.45 0.6 n.a. n.a. 13.2 20.1 n.a. 7.1 6.9 5.9 7.6 7.5 7.5
Modern Land (China) 1107 HK 1.54 0.5 4.9 3.4 n.a. n.a. n.a. n.a. n.a. 2.8 5.8 5.8 3.8
Powerlong 1238 HK 4.08 2.1 3.8 3.1 7.0 8.2 6.5 5.6 6.7 4.9 4.6 5.3 6.5
Road King 1098 HK 15.50 1.5 n.a. n.a. 7.2 7.3 7.0 7.6 7.6 6.8 6.8 6.8 6.8
Shui On Land* 272 HK 2.08 2.1 17.8 n.a. 21.3 16.6 17.6 12.6 17.6 17.4 87.1 11.7 8.6
SRE Group 1207 HK 0.19 0.5 n.a. n.a. 4.6 3.7 2.9 2.4 1.1 1.1 1.1 1.1 1.1
Sunshine 100 China 2608 HK 3.28 1.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.7 7.4 8.0 7.8
Times Property 1233 HK 11.84 2.8 5.3 4.2 n.a. n.a. n.a. n.a. n.a. 3.5 3.2 3.6 5.7
Wuzhou Int'l 1369 HK 0.77 0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12.4 29.6 22.3 22.3
Zhong An 672 HK 0.57 0.4 n.a. n.a. 26.8 19.8 12.3 14.9 10.3 8.3 8.3 8.3 8.3
A v erage# 6.4 4.4 13.0 12.0 8.5 8.1 9.5 8.5 10.1 8.9 10.2
A v erage (O v erall)# 7.0 5.3 19.6 14.4 9.4 8.7 9.2 7.6 9.0 8.6 10.1

# Exclude outliners
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Page 6
China Property
PE valuations, 2009 to 2017 trough (based on reported earnings)
3- mt h daily
3- A pr M k t t rading F Y 18F F Y 19F
Pric e Cap v alue PE PE T rough T rough T rough T rough T rough T rough T rough T rough
Company Name Code HK $ US$bn US$m x x 2009 2010 2011 2012 2013 2014 2015 2016
CR Land* 1109 HK 28.5 25.3 76.5 8.0 6.8 8.7 11.0 5.1 6.6 7.5 5.3 6.8 6.0
China V anke 'H'* 2202 HK 35.25 55.4 50.9 9.2 7.4 12.3 10.2 7.4 6.4 8.1 7.5 9.6 7.7
Ev ergrande* 3333 HK 24.5 41.3 73.8 5.8 4.9 52.0 3.7 2.9 4.6 3.5 3.2 4.4 12.6
Longfor* 960 HK 23.5 17.8 21.1 9.0 7.2 14.4 8.8 5.5 6.5 7.3 5.6 5.5 5.8
Sunac China 1918 HK 28.6 16.1 115.7 7.7 5.2 n.a. 4.4 1.5 1.9 4.7 3.7 4.1 6.2
A v erage 7.9 6.1 11.4 7.8 4.7 5.4 6.4 5.1 6.0 7.0
BJ Cap Land 'H' 2868 HK 4.62 0.6 3.9 4.1 3.3 2.9 4.4 2.7 2.6 3.4 2.9 3.1 3.8
China J inmao Hldgs* 817 HK 4.4 6.5 43.7 11.1 n.a. 12.3 12.6 5.3 4.8 6.1 3.9 5.6 7.6
CIF I Holdings 884 HK 6.55 6.4 35.3 7.3 5.6 n.a. n.a. n.a. 3.0 3.7 4.3 4.2 3.3
F uture Land 1030 HK 6.51 4.9 31.9 7.1 5.4 n.a. n.a. n.a. 6.6 5.1 3.5 4.0 3.6
Greentown 3900 HK 11.1 3.1 13.6 9.5 8.4 3.5 8.1 2.1 1.2 4.9 7.9 21.0 7.2
Guangzhou R&F 2777 HK 19.12 2.5 27.6 5.3 4.3 6.3 6.6 3.7 3.4 4.2 4.8 3.7 3.6
Kaisa Group 1638 HK 4.31 3.3 13.0 4.3 4.3 20.1 2.0 3.5 3.2 2.7 n.a. n.a. n.a.
KWG Property 1813 HK 10.68 4.3 27.2 6.1 4.8 4.3 7.3 2.6 2.6 3.2 2.6 3.5 3.6
Shenzhen Inv 604 HK 3.31 3.4 5.8 7.6 6.7 4.0 5.5 2.9 2.3 4.3 4.0 5.4 6.3
A v erage# 7.0 5.5 5.5 7.0 3.2 3.5 4.3 4.2 5.7 4.6
China Aoy uan 3883 HK 7.15 2.5 16.1 6.6 4.7 5.5 9.1 4.0 2.4 4.9 3.8 4.1 4.1
Central China* 832 HK 3.46 1.1 1.5 9.0 4.7 3.0 6.2 4.1 4.2 4.8 4.6 4.2 7.6
China Merchants Land 978 HK 1.65 1.0 1.3 3.9 3.4 n.a. n.a. 0.7 n.a. 11.3 9.0 21.5 5.3
China SCE 1966 HK 4 2.0 9.0 4.9 3.6 n.a. 5.9 6.0 6.5 5.5 5.3 5.1 2.5
COGO* 81 HK 3.63 1.6 9.9 4.1 3.6 n.a. 2.9 2.9 4.0 5.3 6.8 5.9 5.6
Gemdale Props 535 HK 0.9 1.8 7.7 4.5 3.3 n.a. 6.1 4.8 2.2 3.2 8.0 3.3 3.7
Greenland 337 HK 3.84 1.4 3.2 5.7 3.9 1.2 3.6 1.5 n.a. 89.5 64.1 27.5 4.6
Hopson Dev 754 HK 8.65 2.5 1.8 13.6 13.4 0.8 2.3 4.6 2.1 3.9 5.1 7.0 3.7
LV GEM 95 HK 3.14 2.0 2.7 12.6 10.5 13.1 16.9 25.1 44.0 n.a. 100.0 19.0 10.5
Minmetals Land 230 HK 1.45 0.6 0.9 n.a. n.a. 6.1 6.3 3.8 9.0 7.1 6.5 8.4 4.6
Modern Land (China) 1107 HK 1.54 0.5 0.8 4.9 3.4 n.a. n.a. n.a. n.a. 2.9 3.4 3.5 2.8
Powerlong 1238 HK 4.08 2.1 1.9 3.8 3.1 2.6 2.8 1.1 1.8 3.9 2.9 2.0 2.1
Road King 1098 HK 15.5 1.5 2.3 n.a. n.a. 2.7 6.6 3.5 3.9 4.9 4.6 5.8 3.5
Shui On Land* 272 HK 2.08 2.1 10.1 17.8 n.a. 2.8 5.6 2.6 6.6 7.4 7.7 14.7 12.0
SRE Group 1207 HK 0.192 0.5 0.3 n.a. n.a. 1.5 3.6 2.7 3.8 6.7 n.a. n.a. n.a.
Sunshine 100 China 2608 HK 3.28 1.1 0.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.7 8.3 30.8
Times Property 1233 HK 11.84 2.8 10.4 5.3 4.2 n.a. n.a. n.a. n.a. 3.6 3.2 2.5 2.0
Wuzhou Int'l 1369 HK 0.77 0.5 0.1 n.a. n.a. n.a. n.a. n.a. n.a. 3.7 18.4 n.a. 32.1
Zhong An 672 HK 0.57 0.4 3.1 n.a. n.a. 4.1 10.5 6.7 5.4 6.4 6.1 4.1 11.5
A v erage# 6.4 4.4 4.0 5.8 3.5 4.3 5.1 5.8 6.2 5.2
A v erage (O v erall)# 7.0 5.3 7.6 6.6 3.7 4.2 5.1 5.4 6.1 5.4
HSI Index HSI 9.0 10.3 7.8 8.8 9.4 9.3 10.4 8.9

# Exclude outliners
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Page 7
China Property
PE valuations, 2009 to 2017 peak (based on reported earnings)
3- mt h daily
3- A pr M k t t rading F Y 18F F Y 19F
Pric e Cap v alue PE PE Peak Peak Peak Peak Peak Peak Peak Peak
Company Name Code HK $ US$bn US$m x x 2009 2010 2011 2012 2013 2014 2015 2016
CR Land* 1109 HK 28.5 25.3 76.5 8.0 6.8 22.3 15.0 10.6 11.9 9.6 7.8 10.9 8.4
China V anke 'H'* 2202 HK 35.25 55.4 50.9 9.2 7.4 26.0 16.9 13.0 11.0 12.4 12.5 14.0 12.6
Ev ergrande* 3333 HK 24.5 41.3 73.8 5.8 4.9 63.5 8.5 7.9 8.1 5.9 4.6 11.1 18.3
Longfor* 960 HK 23.5 17.8 21.1 9.0 7.2 18.1 14.2 11.3 13.0 10.8 7.5 9.3 8.2
Sunac China 1918 HK 28.6 16.1 115.7 7.7 5.2 n.a. 5.3 3.9 6.9 7.5 8.2 11.0 9.5
A v erage 7.9 6.1 23.6 12.1 9.7 10.2 9.6 8.0 10.8 10.5
BJ Cap Land 'H' 2868 HK 4.62 0.6 3.9 4.1 3.3 16.1 7.7 6.6 5.9 4.9 3.9 8.0 5.3
China J inmao Hldgs* 817 HK 4.4 6.5 43.7 11.1 n.a. 24.9 17.0 11.6 9.5 8.0 6.0 10.6 11.1
CIF I Holdings 884 HK 6.55 6.4 35.3 7.3 5.6 n.a. n.a. n.a. 3.4 5.7 5.6 8.1 6.4
F uture Land 1030 HK 6.51 4.9 31.9 7.1 5.4 n.a. n.a. n.a. 7.1 9.9 5.1 9.7 6.9
Greentown 3900 HK 11.1 3.1 13.6 9.5 8.4 23.1 13.1 6.4 5.5 7.7 15.1 47.0 11.0
Guangzhou R&F 2777 HK 19.12 2.5 27.6 5.3 4.3 20.6 10.2 8.3 7.7 6.5 7.1 6.0 6.6
Kaisa Group 1638 HK 4.31 3.3 13.0 4.3 4.3 25.1 4.0 8.7 6.1 4.9 n.a. n.a. n.a.
KWG Property 1813 HK 10.68 4.3 27.2 6.1 4.8 22.2 13.4 7.8 5.8 5.6 5.1 6.5 4.8
Shenzhen Inv 604 HK 3.31 3.4 5.8 7.6 6.7 13.7 8.9 6.7 5.5 6.6 5.4 11.3 9.1
A v erage# 7.0 5.5 20.6 11.1 8.2 6.8 6.8 6.5 10.8 7.2
China Aoy uan 3883 HK 7.15 2.5 16.1 6.6 4.7 18.0 14.1 9.2 4.1 6.8 5.6 8.2 5.8
Central China* 832 HK 3.46 1.1 1.5 9.0 4.7 13.4 9.1 7.2 8.1 7.7 7.0 7.9 11.3
China Merchants Land 978 HK 1.65 1.0 1.3 3.9 3.4 n.a. n.a. 1.6 n.a. 24.6 19.6 56.8 8.1
China SCE 1966 HK 4 2.0 9.0 4.9 3.6 n.a. 8.6 8.9 8.1 7.2 7.0 6.9 4.4
COGO* 81 HK 3.63 1.6 9.9 4.1 3.6 n.a. 4.9 8.0 8.9 9.2 13.3 14.1 8.3
Gemdale Props 535 HK 0.9 1.8 7.7 4.5 3.3 n.a. 9.1 7.0 6.5 9.1 15.0 6.9 5.5
Greenland 337 HK 3.84 1.4 3.2 5.7 3.9 8.8 6.0 5.1 n.a. 454.5 135.1 77.6 8.4
Hopson Dev 754 HK 8.65 2.5 1.8 13.6 13.4 4.1 3.9 11.7 7.3 8.2 7.1 14.0 5.0
LV GEM 95 HK 3.14 2.0 2.7 12.6 10.5 30.0 23.8 38.8 90.0 n.a. 309.0 39.2 15.0
Minmetals Land 230 HK 1.45 0.6 0.9 n.a. n.a. 38.4 12.1 9.5 15.6 11.8 8.5 15.4 6.7
Modern Land (China) 1107 HK 1.54 0.5 0.8 4.9 3.4 n.a. n.a. n.a. n.a. 3.9 4.2 7.2 7.2
Powerlong 1238 HK 4.08 2.1 1.9 3.8 3.1 3.0 3.7 3.2 3.1 6.8 4.8 3.9 4.3
Road King 1098 HK 15.5 1.5 2.3 n.a. n.a. 6.8 8.8 6.7 6.1 6.0 5.4 7.4 4.0
Shui On Land* 272 HK 2.08 2.1 10.1 17.8 n.a. 10.4 8.4 6.2 11.6 13.0 11.4 27.8 16.8
SRE Group 1207 HK 0.192 0.5 0.3 n.a. n.a. 4.7 4.8 6.7 6.8 13.3 n.a. n.a. n.a.
Sunshine 100 China 2608 HK 3.28 1.1 0.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.9 13.0 38.5
Times Property 1233 HK 11.84 2.8 10.4 5.3 4.2 n.a. n.a. n.a. n.a. 3.7 3.9 3.8 3.1
Wuzhou Int'l 1369 HK 0.77 0.5 0.1 n.a. n.a. n.a. n.a. n.a. n.a. 4.2 32.2 n.a. 35.8
Zhong An 672 HK 0.57 0.4 3.1 n.a. n.a. 18.9 15.2 12.7 9.1 11.3 19.6 6.8 15.0
A v erage# 6.4 4.4 18.4 9.7 7.6 7.9 8.1 9.8 8.8 7.8
A v erage (O v erall)# 7.0 5.3 17.5 10.3 8.2 8.0 8.3 8.3 10.0 8.2
HSI Index HSI 18.2 13.6 11.7 11.0 11.3 11.1 14.3 11.7

# Exclude outliners
^^ FY16: 17F; FY17: FY18F; FY18: FY19F
Page 8
China Property
Share price performance
Price Perf ormance 2007

1- w k 2- w k 1- mt h 2- mt h 3- mt h 5- mt h 6- mt h YTD 1- y r 2012 2013 2014 2015 2016 2017 high
% % % % % % % % % % % % % % % %
T ier 1 play ers
China Overseas 688 HK (1.8) 0.0 0.2 (10.3) 4.1 10.8 6.7 10.5 24.4 78.0 (5.6) 5.7 21.5 (24.4) 22.4 48.1
CR Land 1109 HK (0.7) 1.8 5.8 (9.4) 22.1 22.6 19.1 26.3 36.1 69.1 (8.9) 6.4 14.2 (22.8) 31.9 40.3
China V anke 'H' 2202 HK 5.6 9.8 3.3 (7.2) 5.0 27.8 35.5 14.9 71.1 62.8 (3.2) 43.0 32.4 (22.7) 76.3 133.7
Country Garden 2007 HK (3.1) (0.6) 15.9 (3.6) 1.1 32.9 29.3 8.5 131.5 46.4 15.3 (32.8) 2.6 36.5 243.3 25.1
Evergrande 3333 HK (2.8) (2.8) 8.8 (4.4) (13.0) (15.4) (16.7) (8.3) 237.0 32.0 (30.4) 6.1 117.2 (29.2) 458.0 n.a.
Longfor Properties 960 HK (6.4) 0.0 2.2 (9.9) 4.7 26.8 12.9 18.7 80.8 72.9 (28.6) (7.8) 15.7 (14.9) 99.0 n.a.
Sunac China 1918 HK (5.4) (4.1) 2.1 (19.3) (18.9) (21.6) (22.2) (10.0) 175.6 272.7 (22.5) 69.7 (24.0) 7.5 401.6 n.a.
A v erage (2.1) 0.6 5.5 (9.2) 0.7 12.0 9.2 8.6 108.1 90.5 (12.0) 12.9 25.7 (10.0) 190.3 61.8
T ier 2 play ers
Agile Property 3383 HK 0.3 4.9 14.2 8.4 25.3 37.3 40.0 34.6 135.4 56.6 (23.8) (46.9) (2.0) (8.6) 200.3 (18.9)
BJ Cap. Land 2868 HK (2.7) (8.2) (5.1) (7.8) 9.3 12.2 5.4 15.8 26.0 110.5 (18.0) 11.4 20.7 (18.0) 39.5 (37.0)
China J inmao Hldgs 817 HK (2.6) (6.7) (4.9) (14.2) 20.2 23.8 9.0 29.9 77.4 85.9 (3.2) (17.4) 19.4 (21.1) 64.6 (28.4)
CIFI Holdings 884 HK (3.7) (12.8) 2.0 (6.8) 23.4 54.2 50.7 38.9 120.9 n.a. 17.1 (6.1) 12.3 20.8 125.4 n.a.
Future Land 1030 HK (3.6) (6.8) 7.1 (9.8) 22.8 62.5 73.1 35.3 204.1 n.a. (38.3) (21.7) 86.1 18.7 208.2 n.a.
Greentown 3900 HK (6.8) (9.4) (3.8) (16.7) 6.2 15.2 18.9 11.7 51.5 321.4 (16.6) (35.0) 0.0 (18.4) 60.2 (42.5)
GZ R&F 2777 HK (2.6) (8.2) 3.6 (13.6) (1.1) 13.0 3.0 8.9 55.2 110.1 (12.1) (16.3) 0.6 (1.8) 87.8 (55.8)
Kaisa Group 1638 HK 1.6 (4.4) 5.8 (11.9) (9.9) (10.5) (25.9) (1.4) 57.6 79.1 4.2 (36.4) (1.9) 0.0 182.7 n.a.
KWG 1813 HK (1.5) (12.3) (4.1) (18.2) 2.5 42.7 29.1 18.9 90.5 122.2 (26.1) 33.5 13.1 (17.8) 107.5 (14.3)
Shenzhen Inv 604 HK (0.9) (1.2) 0.3 (4.9) (0.9) (3.8) (6.7) 2.5 (5.7) 125.9 (7.0) (23.6) 62.8 (14.3) 4.2 (57.2)
Shimao Property 813 HK 4.3 1.2 10.2 (7.6) 11.8 32.9 25.3 29.1 76.2 120.5 21.9 (2.7) (20.5) (26.4) 67.7 (24.4)
Sino-Ocean 3377 HK 0.9 (2.7) 4.0 (9.9) (2.0) 11.7 9.3 6.7 55.8 60.8 (12.1) (13.4) 12.7 (30.2) 55.3 (61.7)
A v erage (1.2) (4.8) 3.0 (7.5) 11.0 24.9 18.6 20.6 76.9 114.2 (11.1) (13.1) 13.3 (6.4) 96.0 (39.7)
T ier 3 play ers
China Aoyuan 3883 HK (0.9) (2.5) 14.8 8.7 42.4 62.3 59.8 71.3 211.4 67.8 11.6 (24.5) 32.5 9.2 141.0 (0.9)
Central China 832 HK (2.2) 3.2 6.1 (6.7) (2.8) (1.4) 1.2 (4.4) 82.3 76.8 (12.8) (26.8) (7.4) 4.3 116.6 n.a.
China Merchants Land 978 HK 0.6 4.4 11.4 7.8 9.9 12.2 5.1 15.3 31.7 105.1 18.8 (40.0) 36.8 (28.2) 28.6 (62.7)
China SCE Property 1966 HK (1.9) (9.3) 5.1 (4.9) 13.9 16.5 6.5 21.7 39.5 20.2 16.2 (12.4) 8.0 33.1 44.6 n.a.
China South City 1668 HK (2.7) (5.8) (3.8) (21.2) (16.4) (14.4) (24.9) (13.2) 11.9 17.0 88.0 60.9 (50.6) (7.4) 26.5 n.a.
COGO 81 HK (9.7) (13.6) (7.6) (20.9) (16.9) (16.2) (25.4) (12.9) (8.6) 105.6 (20.7) (46.7) (16.7) (22.9) 69.2 (17.9)
Gemdale Props 535 HK 0.0 (6.2) (9.0) (23.5) 1.1 13.8 1.1 12.3 65.5 163.6 60.9 (28.6) 4.0 (8.7) 70.5 106.8
Greenland 337 HK (3.1) (3.3) 0.3 (12.9) 10.5 3.8 24.3 21.5 79.1 53.5 90.4 (18.3) (1.9) (36.1) 61.1 (49.4)
Hopson Dev 754 HK (3.4) (5.2) 13.9 4.0 3.9 5.9 (6.6) 11.0 15.6 207.2 (24.6) (24.0) 8.7 (10.5) 10.9 (72.8)
LV GEM 95 HK (2.2) (6.3) (6.6) (2.8) 3.0 37.9 34.3 5.0 63.0 30.4 236.7 119.8 9.0 (1.2) 24.7 304.4
Minmetals Land 230 HK (1.4) (2.0) (0.7) 0.7 4.3 26.1 18.9 10.7 45.0 70.7 (19.5) (13.6) 1.1 3.3 40.9 (60.9)
Modern Land (China) 1107 HK (4.3) (17.6) (21.0) (23.4) (11.5) (9.4) (6.7) (8.3) 29.3 n.a. n.a. 1.6 98.4 (53.2) 79.5 n.a.
Powerlong 1238 HK 0.7 (1.2) 2.8 (5.5) 3.8 7.9 2.2 8.4 40.3 58.7 0.6 (34.3) 50.5 39.0 66.2 n.a.
Road King 1098 HK (2.1) (6.2) 1.2 (2.6) 11.6 18.8 17.7 15.3 68.2 52.1 9.6 (11.7) 3.1 (4.6) 109.3 (9.1)
Shui On Land 272 HK (3.2) (4.9) (3.2) (15.9) (4.5) 6.0 2.4 (1.9) 21.8 58.9 (31.1) (23.1) 16.4 (21.6) 29.3 (78.5)
SRE Group 1207 HK (2.0) (7.2) (3.5) (9.9) (4.0) (4.5) (5.4) (3.5) (1.5) 24.2 (32.9) (20.8) 73.8 (45.5) 0.0 (94.4)
Sunshine 100 China 2608 HK (1.5) (5.2) (0.9) 3.5 (5.2) (10.1) (16.7) (6.3) 0.6 n.a. n.a. n.a. 21.7 4.8 (5.1) n.a.
Times Property 1233 HK 1.3 1.2 21.8 26.4 49.3 49.1 48.7 56.8 114.2 n.a. n.a. (5.7) (18.2) 40.4 102.9 n.a.
Wuzhou Int'l 1369 HK (1.3) (1.3) (2.5) (10.5) (11.5) (17.2) (15.4) (11.5) (1.3) n.a. n.a. 14.0 (44.9) (3.7) 11.5 n.a.
Yuzhou Properties 1628 HK 1.7 1.5 7.4 (6.0) 21.6 41.5 25.0 28.3 63.1 37.1 2.9 1.0 7.7 28.6 54.4 n.a.
Zhong An 672 HK (5.0) (16.2) (1.7) (26.0) (38.7) (50.4) (50.0) (38.0) 75.4 7.5 26.3 (20.8) (28.9) (21.0) 187.5 (80.3)
A v erage (2.1) (5.2) 0.9 (7.0) 2.5 8.2 4.2 7.8 48.4 68.7 21.6 (8.4) 8.3 (4.6) 60.4 (14.0)
A v erage (Ov erall) (1.8) (4.1) 2.4 (7.5) 5.1 14.5 9.9 12.3 67.6 87.6 3.8 (6.6) 12.8 (6.0) 93.2 (13.3)
Source: Thomson Reuters
Page 9
China Property
How’s the change in southbound shareholding?
Southbound shareholding – China Overseas Southbound shareholding – CR Land
2.40% 2.50%
2.20%
2.00%
2.00%
1.80% 1.50%
1.60% 1.00%
1.40%
0.50%
1.20%
1.00% 0.00%
17-Sep-17
17-Apr-17
17-Jul-17
17-Jan-18
17-Aug-17
17-Nov-17
17-Feb-18
17-Oct-17
17-Dec-17
17-Mar-17
17-Mar-18
17-May-17
17-Jun-17
17-Nov-17
17-Apr-17
17-Jan-18
17-Sep-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Feb-18
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers
Southbound shareholding – China Vanke ‘H’ Southbound shareholding – Evergrande
10.00% 4.50%
9.00% 4.00%
8.00%
3.50%
7.00%
6.00% 3.00%
5.00% 2.50%
4.00% 2.00%
3.00%
1.50%
2.00%
1.00% 1.00%
0.00% 0.50%
20-Apr-17
20-Sep-17
20-Nov-17
20-Jul-17
20-Aug-17
20-Feb-18
20-Jan-18
20-Oct-17
20-Dec-17
20-Mar-17
20-Mar-18
20-May-17
20-Jun-17
0.00%
17-Sep-17
17-Apr-17
17-Nov-17
17-Jul-17
17-Aug-17
17-Oct-17
17-Feb-18
17-Jan-18
17-Dec-17
17-Jun-17
17-May-17
17-Mar-17
17-Mar-18
Page 10
China Property
Southbound shareholding – Longfor Southbound shareholding – Shimao Property
4.50% 1.00%
4.00% 0.90%
3.50% 0.80%
0.70%
3.00%
0.60%
2.50%
0.50%
2.00%
0.40%
1.50% 0.30%
1.00% 0.20%
0.50% 0.10%
0.00% 0.00%
17-Sep-17
17-Apr-17
17-Nov-17
17-Jan-18
17-Jul-17
17-Oct-17
17-Aug-17
17-Feb-18
17-Dec-17
17-Jun-17
17-Mar-17
17-Mar-18
17-May-17
17-Apr-17
17-Sep-17
17-Nov-17
17-Jul-17
17-Aug-17
17-Feb-18
17-Jan-18
17-Oct-17
17-Dec-17
17-Mar-17
17-Mar-18
17-May-17
17-Jun-17
Southbound shareholding – Agile Southbound shareholding – COGO
2.60% 6.00%
2.40%
5.00%
2.20%
2.00% 4.00%
1.80% 3.00%
1.60%
2.00%
1.40%
1.20% 1.00%
1.00%
0.00%
17-Sep-17
17-Apr-17
17-Jul-17
17-Aug-17
17-Nov-17
17-Feb-18
17-Jan-18
17-Oct-17
17-Dec-17
17-Mar-17
17-May-17
17-Jun-17
17-Apr-17
17-Sep-17
17-Nov-17
17-Jul-17
17-Aug-17
17-Oct-17
17-Feb-18
17-Jan-18
17-Dec-17
17-Mar-17
17-Mar-18
17-May-17
17-Jun-17
Page 11
China Property
Southbound shareholding – Greentown Southbound shareholding – Guangzhou R&F
13.00% 10.00%
12.00% 9.00%
11.00%
8.00%
10.00%
9.00% 7.00%
8.00% 6.00%
7.00%
5.00%
6.00%
4.00%
5.00%
17-Nov-17
17-Apr-17
17-Jan-18
17-Sep-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Feb-18
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
17-Sep-17
17-Apr-17
17-Nov-17
17-Jul-17
17-Aug-17
17-Oct-17
17-Feb-18
17-Jan-18
17-Dec-17
17-Jun-17
17-May-17
17-Mar-17
17-Mar-18
Southbound shareholding – KWG Property Southbound shareholding – China Jinmao
9.00% 10.00%
8.00% 9.00%
7.00% 8.00%
6.00% 7.00%
5.00% 6.00%
4.00% 5.00%
3.00% 4.00%
2.00% 3.00%
2.00%
1.00%
1.00%
0.00%
0.00%
17-Apr-17
17-Sep-17
17-Jul-17
17-Jan-18
17-Nov-17
17-Feb-18
17-Oct-17
17-Aug-17
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
17-Apr-17
17-Sep-17
17-Jul-17
17-Aug-17
17-Nov-17
17-Feb-18
17-Jan-18
17-Oct-17
17-Dec-17
17-Mar-17
17-Mar-18
17-May-17
17-Jun-17
Source: HKEx; DBS Vickers
Page 12
China Property
Southbound shareholding – CIFI Holdings Southbound shareholding – Yuzhou Properties
9.00% 4.00%
8.00% 3.50%
7.00% 3.00%
6.00% 2.50%
5.00%
2.00%
4.00%
1.50%
3.00%
1.00%
2.00%
1.00% 0.50%
0.00% 0.00%
17-Apr-17
17-Sep-17
17-Jul-17
17-Jan-18
17-Nov-17
17-Aug-17
17-Oct-17
17-Dec-17
17-Feb-18
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
17-Sep-17
17-Apr-17
17-Nov-17
17-Jan-18
17-Jul-17
17-Oct-17
17-Aug-17
17-Feb-18
17-Dec-17
17-Jun-17
17-Mar-17
17-Mar-18
17-May-17
Southbound shareholding – Powerlong Southbound shareholding – China South City
1.60% 12.00%
1.40% 10.00%
1.20%
8.00%
1.00%
6.00%
0.80%
0.60% 4.00%
0.40% 2.00%
0.20%
0.00%
0.00%
17-Apr-17
17-Sep-17
17-Jul-17
17-Jan-18
17-Nov-17
17-Aug-17
17-Oct-17
17-Dec-17
17-Feb-18
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
17-Apr-17
17-Sep-17
17-Jul-17
17-Jan-18
17-Nov-17
17-Feb-18
17-Oct-17
17-Aug-17
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
Page 13
China Property
Southbound shareholding – Kaisa Group Southbound shareholding – China SCE
2.50% 5.00%
4.50%
2.00%
4.00%
3.50%
1.50%
3.00%
1.00% 2.50%
2.00%
0.50% 1.50%
1.00%
0.00% 0.50%
17-Apr-17
17-Jan-18
17-Sep-17
17-Nov-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Dec-17
17-Feb-18
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
0.00%
17-Nov-17
17-Jan-18
17-Apr-17
17-Sep-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Feb-18
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
Southbound shareholding – Greenland Southbound shareholding – BJ North Star ‘H’
3.50% 24.00%
3.00% 22.00%
2.50% 20.00%
2.00% 18.00%
1.50%
16.00%
1.00%
14.00%
0.50%
12.00%
0.00%
10.00%
17-Nov-17
17-Apr-17
17-Jan-18
17-Sep-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Feb-18
17-Dec-17
17-Jun-17
17-Mar-17
17-Mar-18
17-May-17
17-Apr-17
17-Sep-17
17-Jul-17
17-Aug-17
17-Nov-17
17-Feb-18
17-Jan-18
17-Oct-17
17-Dec-17
17-Mar-17
17-Mar-18
17-May-17
17-Jun-17
Page 14
0.50%
1.00%
1.50%
2.50%
0.00%
2.00%
0.00%
5.00%
20.00%
25.00%
30.00%
10.00%
15.00%
17-Mar-17 17-Mar-17
17-Apr-17
17-Apr-17
17-May-17
17-May-17
17-Jun-17
17-Jun-17

17-Jul-17
17-Jul-17
17-Aug-17
17-Aug-17
17-Sep-17
17-Sep-17
17-Oct-17
Southbound shareholding – Sunac

17-Oct-17
17-Nov-17
17-Nov-17
17-Dec-17
17-Dec-17
Southbound shareholding –Country Garden
17-Jan-18
17-Jan-18
17-Feb-18
17-Feb-18
17-Mar-18
17-Mar-18
1.00%
2.00%
3.00%
4.00%
0.00%
5.00%
6.00%
0.60%
0.80%
1.00%
1.20%
1.40%
0.00%
0.20%
0.40%
1.60%
1.80%
17-Mar-17 17-Mar-17
07-Apr-17
17-Apr-17
28-Apr-17
19-May-17 17-May-17
09-Jun-17
17-Jun-17
30-Jun-17

21-Jul-17 17-Jul-17
11-Aug-17 17-Aug-17
01-Sep-17
22-Sep-17 17-Sep-17
13-Oct-17 17-Oct-17
03-Nov-17
24-Nov-17 17-Nov-17
15-Dec-17
Southbound shareholding – Hopson Dev
Southbound Shareholding – SOHO China
17-Dec-17
05-Jan-18
26-Jan-18 17-Jan-18
16-Feb-18 17-Feb-18
09-Mar-18
17-Mar-18
Page 15
China Property
China Property
Southbound shareholding – Renhe Commercial
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
17-Nov-17
17-Apr-17
17-Jan-18
17-Sep-17
17-Oct-17
17-Aug-17
17-Jul-17
17-Feb-18
17-Dec-17
17-Mar-17
17-Mar-18
17-Jun-17
17-May-17
Page 16
China Property
Who has the highest sales lock-in?

Contracted sales in 2M2018
RMB mn
900,000 A v erage=14% 35%
33%
29%
800,000
30%
700,000
23% 25%
600,000
500,000 17% 20%
15% 16%
15% 15%
400,000 15%
12% 12% 11%
300,000 11% 11% 10%
10% 8%
10% 10%
200,000 7% 8% 8%
9% 6%
5%
100,000
0 0%
2018 Pre-sales target (RHS) 2M18 Pre-sales (LHS) Pre-sales lock-in ratio
^ convert from HKD to RMB.

Source: Companies; DBS Vickers
Page 17
China Property
Who sold the most?

Contracted sales in 2M2018
RMB mn
130,000 655% 700%
120,000 650%
600%
110,000
550%
100,000 500%
90,000 450%
80,000 400%
70,000 350%
300%
60,000 250%
50,000 200%
40,000 137% 101% 99% 150%
85% 126% 88% 66% 100%
30,000 58% 41% 58%
42%20% 22% 19% 14%
20% 1% 3% 15% 14% 3% 50%
20,000 -28% 0%
10,000 -50%
0 -100%
2M18 Pre-sales Y-o-Y growth

Page 18
China Property
Who sold at the highest price?
ASP of contracted sales in 2M2018 vs. 2017
RMB/sm
R e corded ASP Dr op R e corded ASP Inc rease
60,000 120%
100%
40,000 80%
60%
20,000 18% 21% 40%
1% 5% 7% 8% 15% 20%
-1% -1% 0% 0% 3% 3% 3%
-7% -6% -5%
0 0%
-20%
(20,000) -11% -40%
-27%-19%
-40%-31% -60%
(40,000) -80%
-100%
(60,000) -120%
Evergrande
Greenland HK
Sunac
Central China
Powerlong
Country Garden
Agile
Shimao
Longfor
COLI^
R&F
Vanke
CR Land
Yuzhou
Future Land
China SCE
COGO^
Fantasia
CIFI
Sino-Ocean
Beijing Capital Land
Poly CN
2017 ASP 2M18ASP % change
Source: DBS Vickers; companies
Page 19
China Property
Who was the most aggressive in land acquisition?

YTD Land acquisition by total consideration YTD Land acquisition by GFA
RMB mn 000 sm
45,000 20,000
40,000 18,000
35,000 16,000
30,000 14,000
25,000 12,000
20,000 10,000
15,000 8,000
6,000
10,000
4,000
5,000
2,000
0
0
Source: Companies; DBS Vickers Source: Companies; DBS Vickers
Average accommodation value of the land purchased
RMB/sm
12,000
10,000
8,000
6,000
4,000
2,000
0
Page 20
China Property
Land bank size
'000 sqm
300,000 60%
250,000 50%
40%
200,000
30%
150,000
20%
100,000
10%
50,000 0%
- -10%
1H17 FY16 Growth
Source: DBS Vickers; Companies
Land bank breakdown
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Tier 1&2 Others
Page 21
China Property
Land bank breakdown by HPR and non-HPR
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Country Garden
KWG
Sunac
COLI
Sino Ocean
Evergrande
Agile
CR Land
Shimao
Yuzhou
R&F
Vanke
Longfor
CIFI
COGO
Greenland HK
Central China
HPR Non HPR
Developers’ land acquisitions
1H17 Land acq. as %

1H17 land cont ract ed of cont ract ed
Rmb m acquisit ion sales sales
3333 HK Evergrande 137,918 243,090 57%
1918 HK Sunac 37,345 108,860 34%
3383 HK Agile 17,897 40,390 44%
3900 HK Greentown 16,100 59,500 27%
2202 HK V anke 59,374 277,180 21%
2777 HK R&F 31,644 38,814 82%
813 HK Shimao 24,728 45,120 55%
81 HK COGO 4,549 16,063 28%
1628 HK Yuzhou 8,044 21,487 37%
3377 HK Sino Ocean 14,368 30,500 47%
2007 HK Country Garden 129,500 283,300 46%
272 HK Shui On Land 2,100 4,397 48%
688 HK COLI 42,200 110,696 38%
1109 HK CR Land 27,458 63,219 43%
960 HK Longfor 38,300 92,630 41%
832 HK Central China 4,251 13,884 31%
1813 HK KWG 26,110 14,615 179%
817 HK China J inmao 19,244 24,108 80%
884 HK CIFI 30,137 47,151 64%
T ot al 695,316 1,568,483 44%
Note: land acquisition cost is on attributable basis while contracted sales is on total basis
Page 22
China Property
Who entered into Hong Kong main board?
Property IPOs
A nnounc ement Of f er Pric e Deal V alue*

Dat e Pric ing Dat e T ic k er Issuer Name (HK $) (HK $ mn)
3/11/2011 3/22/2011 3688 Top Spring 6.23 1,558
4/11/2011 4/29/2011 87001 Huixian REIT^ Rmb5.24 1,254
6/29/2011 7/12/2011 2098 Zall Dev elopment Cay man Holding Co 2.89 1,517
7/12/2011 7/21/2011 1663 Sino Harbour Property Group Ltd 1.10 330
11/13/2012 11/22/2012 884 CIF I Group 1.33 1,629
11/19/2012 11/28/2012 1030 F uture Land 1.45 2,056
12/31/2012 1/16/2013 1232 Golden Wheel Tiandi 1.68 756
5/31/2013 6/11/2013 1369 Wuzhou International 1.22 1,392
6/28/2013 7/12/2013 1107 Modern Land 1.49 596
10/21/2013 10/30/2013 1862 J ingrui 4.45 1,316
11/25/2013 12/5/2013 1426 Spring REIT 3.81 362
11/29/2013 12/4/2013 1233 Times Properties 3.60 1,441
1/21/2014 1/29/2014 1622 Redco properties 2.50 1,000
2/27/2014 3/12/2014 2608 Sunshine 100 4.00 1,873
2/28/2014 3/10/2014 2255 Haichang Holdings 2.45 2,450
6/25/2014 6/25/2014 2202 V anke B to H
6/17/2014 6/27/2014 1778 Colour Life 3.78 945
6/23/2014 6/27/2014 2329 Guorui Properties 2.38 1,483
6/17/2014 7/10/2014 1321 China Newcity 1.30 608
8/13/2014 8/22/2014 6166 China V ast 3.10 927
10/12/2014 12/22/2014 3699 Wanda 48.00 28,031
6/16/2015 6/25/2015 1528 Red Star Macalline 13.28 6,906
10/14/2015 10/23/2015 2669 China Ov erseas Property Holdings (By way of introduction)
12/31/2015 1/13/2016 3301 Ronshine China 6.13 2,072
6/29/2016 7/14/2016 1589 China Logistics Property 3.25 3,250
10/27/2015 11/6/2016 3686 Clifford Modern Liv ing Holdings Ltd. 0.46 63
9/26/2017 1/9/2018 6158 Zhengro Properties Group Limited 4.08 4,080
T ot al 69,379
* Before excising greenshoes

^ Deal v alue conv erted to from RMB to HKD
Source: HK Stock Exchange; DBS Vickers
Page 23
China Property
Where was the funding from?

Senior notes
Ev ent T ic k er Company Dat e Coupon / Cost A mount Ot her det ails
(mn)
Senior notes 3377 Sino Ocean Land F eb-15 5.95% US$500 Due 2027
Senior notes 3377 Sino Ocean Land F eb-15 4.45% US$700 Due 2020
Senior notes 813 Shimao F eb-15 8.38% US$800 Due 2022
Senior notes 3333 Ev ergrande F eb-15 12.00% US$1,000 Due 2020
Senior notes 3900 Greentown F eb-15 8.00% US$200 Due 2019
Senior notes 1233 Times Properties Mar-15 11.45% US$280 Due 2020
Senior notes 813 Shimao Mar-15 8.38% US$300 Due 2022
Senior notes 3883 China Aoy uan Apr-15 9.25% US$100 Due 2018
Senior notes 832 Central China Apr-15 8.75% US$300 Due 2021
Senior notes 1862 J ingrui Apr-15 13.25% US$150 Due 2018
Senior notes 106 Landsea ppt Apr-15 9.50% US$100 Due 2018
Senior notes 3383 Agile May -15 9.00% US$500 Due 2020
Senior notes 3883 China Aoy uan May -15 10.88% US$250 Due 2018
Corporate bond (on-shore) 2868 Beijing Capital Land May -15 4.58% Rmb3,000 Due 2020
Senior notes 884 CIF I Group May -15 7.75% US$400 Due 2020
Senior notes 1777 F antasia May -15 11.50% US$200 Due 2018
Corporate bond (on-shore) 3333 Ev ergrande J un-15 5.38% Rmb5,000 Due 2020
Senior notes 1966 China SEC J un-15 10.00% US$350 Due 2020
Senior notes 1369 Wuzhou International J un-15 13.75% US$100 Due 2018
Corporate bond (on-shore) 960 Longfor J ul-15 4.60% Rmb2,000 Due 2020
Corporate bond (on-shore) 3333 Ev ergrande J ul-15 5.30% Rmb6,800 Due 2019
Corporate bond (on-shore) 2777 Guangzhou R&F J ul-15 4.95% Rmb6,500 Due 2020
Corporate bond (on-shore) 1233 Times property J ul-15 6.75% Rmb2,000 Due 2020
Corporate bond (on-shore) 2868 Beijing Capital Land J un-15 4.58% Rmb3,000 Due 2020
Corporate bond (on-shore) 2202 V anke J ul-15 TBC Rmb9,000 Due 2020
Corporate bond (on-shore) 3883 China Aoy uan J ul-15 5.80% Rmb2,400 Due 2018
Corporate bond (on-shore) 960 Longfor J ul-15 3.93% Rmb2,000 Due 2020
Corporate bond (on-shore) 2777 Guangzhou R&F J ul-15 TBC <Rmb13,000 < 2020
Corporate bond (on-shore) 2007 Country Garden J ul-15 4.20% Rmb3,000 Due 2018
Corporate bond (on-shore) 2007 Country Garden Aug-15 4.20% Rmb3,000 Due 2018
Corporate bond (on-shore) 1918 Sunac Aug-15 4.50% Rmb2,500 Due 2022
Corporate bond (on-shore) 1918 Sunac Aug-15 4.48% Rmb1,000 Due 2022
Corporate bond (on-shore) 3900 Greentown Aug-15 4.70% Rmb3,000 Due 2020
Corporate bond (on-shore) 1777 F antasia Sep-15 6.95% Rmb2,000 Due 2020
Corporate bond (on-shore) 3900 Greentown Sep-15 4.4% Rmb2,000 Due 2020
Corporate bond (on-shore) 813 Shimao Sep-15 3.90% Rmb6,000 Due 2020
Corporate bond (on-shore) 3333 Ev ergrande Oct-15 7.38% Rmb17,500 Due 2020
Corporate bond (on-shore) 1628 Yuzhou Properties Oct-15 6.70% Rmb2,000 Due 2018
Corporate bond (on-shore) 884 CIF I Group Oct-15 4.95% Rmb3,495 Due 2020
Corporate bond (on-shore) 813 Shimao Oct-15 4.15% Rmb1,400 Due 2022
Corporate bond (on-shore) 2608 Sunshine 100 Oct-15 7.99% Rmb1,500 Due 2018
Corporate bond (on-shore) 3883 China Aoy uan Oct-15 7.80% Rmb1,500 Due 2018
Corporate bond (on-shore) 588 Beijing North Star Oct-15 TBC <Rmb6,000 <7 y ears
Corporate bond (on-shore) 1233 Times Properties Oct-15 7.85% Rmb3,000 Due 2018
Corporate bond (on-shore) 1966 China SEC Oct-15 5.18% Rmb2,000 Due 2020
Corporate bond (on-shore) 1030 F uture Land Nov -15 4.50% Rmb3,000 Due 2020
Corporate bond (on-shore) 960 Longfor Nov -15 4.08% Rmb2,000 Due 2022
Page 24
China Property
Senior notes (continued)

(mn)
Senior notes 1030 F uture Land Nov -15 6.25% USD250 Due 2017
Corporate bond (on-shore) 1030 F uture Land Nov -15 6.00% Rmb2,000 Due 2018
Corporate bond (on-shore) 2777 Guangzhou R&F Nov -15 TBC <Rmb30,000 Due 2025
Corporate bond (on-shore) 2007 Country Garden Nov -15 4.95% Rmb4,000 Due 2019
Corporate bond (on-shore) 884 CIF I Group Nov -15 5.96% Rmb500 Due 2020
Corporate bond (on-shore) 1528 RS Macalline Nov -15 4.50% Rmb 5,000 Due 2020
Corporate bond (on-shore) 2329 Guorui ppt Nov -15 7.25% Rmb2,000 Due 2020
Senior notes 1238 Powerlong Nov -15 7.63% USD200 Due 2018
Corporate bond (on-shore) 817 China J inmao Dec-15 3.55% Rmb2,200 Due 2020
Senior notes 1396 Hy doo Dec-15 13.75% US$100 Due 2018
Corporate bond (on-shore) 2007 Country Garden Dec-15 5.10% Rmb4,000 Due 2019
Corporate bond (on-shore) 1628 Yuzhou Properties Dec-15 5.10% Rmb3,000 Due 2020
Corporate bond (on-shore) 1966 China SEC Dec-15 5.30% Rmb1,500 Due 2020
Corporate bond (on-shore) 1107 Modern Land Dec-15 3.0%-4.5% Rmb1,000 TBC
Corporate bond (on-shore) 1813 KWG Dec-15 4.94% Rmb2,500 Due 2021
Corporate bond (on-shore) 1813 KWG Dec-15 6.15% Rmb800 Due 2022
Corporate bond (on-shore) 2329 Guorui ppt Dec-15 7.47% Rmb1,000 Due 2020
Corporate bond (on-shore) 2007 Country Garden Dec-15 4.99% Rmb1,000 Due 2020
Corporate bond (on-shore) 1777 F antasia J an-16 7.29% Rmb1,100 Due 2021
Corporate bond (on-shore) 410 SOHO China J an-16 3.45% RMB3,000 Due 2019
Corporate bond (on-shore) 960 Longfor J an-16 3.30% Rmb2,300 Due 2021
Corporate bond (on-shore) 960 Longfor J an-16 3.68% Rmb1,800 Due 2024
Corporate bond (on-shore) 207 J oy City J an-16 3.20% Rmb3,000 Due 2021
Senior notes 3333 Ev ergrande J an-16 7.80% US$400 Due 2019
Senior notes 3333 Ev ergrande J an-16 8.00% US$300 Due 2019
Corporate bond (on-shore) 3383 Agile J an-16 4.70% Rmb1,600 Due 2016
Corporate bond (on-shore) 813 Shimao J an-16 4.80% Rmb4,000 Due 2021
Corporate bond (on-shore) 1233 Times Properties J an-16 7.88% Rmb3,000 Due 2019
Corporate bond (on-shore) 2608 Sunshine 100 J an-15 6.90% Rmb1,460 Due 2021
Corporate bond (on-shore) 1369 Wuzhou International J an-16 TBC Rmb1,600 TBC
Corporate bond (on-shore) 410 SOHO China J an-16 3.45% Rmb3,000 Due 2019
Corporate bond (on-shore) 884 CIF I Group J an-16 4.99% Rmb2,000 Due 2018
Corporate bond (on-shore) 3833 Aoy uan F eb-16 7.90% Rmb500 Due 2020
Corporate bond (on-shore) 2007 Country Garden Mar-16 4.75% Rmb4,000 Due 2021
Corporate bond (on-shore) 960 Longfor Mar-16 3.19% Rmb2,500 Due 2022
Corporate bond (on-shore) 960 Longfor Mar-16 3.75% Rmb1,500 Due 2026
Corporate bond (on-shore) 1813 KWG Mar-16 3.90% Rmb600 Due 2022
Corporate bond (on-shore) 1813 KWG Mar-16 4.80% Rmb1,600 Due 2026
Corporate bond (on-shore) 2007 Country Garden Mar-16 4.55% Rmb4,000 Due 2020
Corporate bond (on-shore) 1030 F uture Land Mar-16 5.44% Rmb1,850 Due 2019
Corporate bond (on-shore) 1030 F uture Land Mar-16 4.76% Rmb1,150 Due 2019
Corporate bond (on-shore) 1813 KWG Apr-16 5.60% Rmb1,000 Due 2023
Corporate bond (on-shore) 1813 KWG Apr-16 5.80% Rmb5,500 Due 2023
Corporate bond (on-shore) 832 Cental China Apr-16 6.00% Rmb3,000 Due 2021
Senior notes 3900 Greentown Mar-16 5.50% US$400 Due 2019
Corporate bond (on-shore) 832 Central China Apr-16 6.00% Rmb3,000 Due 2021
Senior notes 3883 China Aoy uan Apr-16 6.53% US$250 Due 2019
Page 25
China Property

Ev ent T ick er Company Dat e Coupon / Cost A mount Ot her det ails
(mn)
Senior notes 1777 Fantasia Apr-16 9.50% Rmb600 Due 2019
Corporate bond (on-shore) 3377 Sino Ocean Land May-16 3.50% Rmb4,000 Due 2021
Corporate bond (on-shore) 1813 KWG May-16 TBC <Rmb13,000 TBC
Corporate bond (on-shore) 3699 Wanda commercial May-16 3.95% Rmb5,000 Due 2021
Corporate bond (on-shore) 2777 Guangzhou R&F May-16 5.15% RMB10,400 Due 2018
Corporate bond (on-shore) 3699 Wanda commercial J un-16 3.88% Rmb3,000 Due 2021
Corporate bond (on-shore) 1628 Yuzhou Properties J un-16 6.28% Rmb2,000 Due 2019
Corporate bond (on-shore) 817 China J inmao J un-16 3.70% Rmb2,000 Due 2019
Corporate bond (on-shore) 1918 Sunac J un-16 TBC <Rmb4,000 TBC
Corporate bond (on-shore) 960 Longfor J ul-16 3.06% RMB700 Due 2021
Corporate bond (on-shore) 960 Longfor J ul-16 3.68% RMB3,000 Due 2023
Corporate bond (on-shore) 1813 KWG J ul-16 4.85% RMB2,000 Due 2021
Corporate bond (off-shore) 337 Greenland HK J ul-16 3.875%/4.125% 450 Due 2019
Corporate bond (on-shore) 3699 Wanda commercial J ul-16 3.36% RMB2,000 Due 2021
Corporate bond (on-shore) 1813 KWG J ul-16 4.95% RMB1,300 Due 2021
Corporate bond (on-shore) 3383 Agile J ul-16 4.98% RMB3,000 Due 2020
Corporate bond (on-shore) 2007 Country Garden Aug-16 4.60% RMB1,000 Due 2021
Corporate bond (on-shore) 688 COLI Aug-16 3.10% <RMB6,000 Due 2021
Senior notes 1238 Powerlong Sep-16 4.88% US$200 Due 2021
Corporate bond (on-shore) 688 COLI Sep-16 3.10% Rmb6,000 Due 2021
Corporate bond (on-shore) 2777 Guangzhou R&F Sep-16 5.15% RMB10,400 Due 2020
Senior notes 2007 Country Garden Sep-16 4.75% US$650 Due 2023
Corporate bond (on-shore) 1628 Yuzhou Properties Sep-16 5.30% Rmb3,000 Due 2019
Corporate bond (on-shore) 3383 Agile Sep-16 4.60% RMB1,800 Due 2021
Corporate bond (on-shore) 3383 Agile Sep-16 5.70% RMB1,200 Due 2023
Corporate bond (on-shore) 1813 KWG Sep-16 5.6%-5.8% RMB800 Due 2023
Corporate bond (on-shore) 884 CIFI Group Sep-16 4.3%/5.5% RMB4,000 Due 2019/2021
Senior notes 1777 Fantasia Sep-16 7.38% US$400 Due 2021
Senior notes 272 Shui On Land Oct-16 4.38% US$250 Due 2019
Senior notes 1107 Modern Land Oct-16 6.88% US$350 Due 2019
Senior notes 1628 Yuzhou Properties Oct-16 6.00% US$250 Due 2023
Coporate bond (on-shore) 1030 Future Land Oct-16 4.41% Rmb2,500 Due 2021
Coporate bond (on-shore) 2007 Country Garden Oct-16 3.20% Rmb1,000 Due 2020
Coporate bond (on-shore) 2007 Country Garden Oct-16 3.90% Rmb2,000 Due 2023
Senior notes 832 Central China Nov-16 6.75% US$200 Due 2021
Senior notes 3301 Ronshine Dec-16 6.95% US$175 Due 2019
Senior notes 2007 Country Garden Dec-16 5.63% US$350 Due 2026
Senior notes 1813 KWG Dec-16 6.00% US$250 Due 2022
Senior notes 2777 Guangzhou R&F Dec-16 5.75% US$725 Due 2022
Senior notes 1107 Modern Land Dec-16 6.88% US$150 Due 2019
Senior notes 1233 Times Properties J an-17 6.25% US$375 Due 2020
Senior notes 1628 Yuzhou Properties J an-17 6.00% US$350 Due 2022
Senior notes 272 Shui On Land J an-17 5.70% US$500 Due 2021
Green bond 960 Longfor Feb-17 4.4%/4.67% Rmb3,040 Due 2022/2025
Page 26
China Property

(mn)
Senior notes 925 Beijing Properties Mar-17 4.38% US$300 Due 2020
Senior notes 1813 KWG Mar-17 6.00% US$400 Due 2022
Senior notes 1966 China SEC Mar-17 5.88% US$200 Due 2022
Senior notes 3333 Ev ergrande Mar-17 9.50% US$1,000 Due 2024
Senior notes 1813 KWG Mar-17 6.00% US$100 Due 2022
Senior notes 1777 F antasia J un-17 5.50% US$350 Due 2018
Senior notes 3333 Ev ergrande J un-17 6.25% US$500 Due 2021
Senior notes 3333 Ev ergrande J un-17 7.50% US$1,000 Due 2023
Senior notes 3333 Ev ergrande J un-17 8.75% US$2,300 Due 2025
Senior notes 1638 Kaisa J un-17 7.25% US$285 Due 2020
Senior notes 1638 Kaisa J un-17 8.50% US$820 Due 2022
Senior notes 1638 Kaisa J un-17 9.38% US$2,120 Due 2024
Senior notes 337 Greenland HK J un-17 4.50% US$200 Due 2018
Senior notes 960 Longfor J ul-17 3.88% US$450 Due 2022
Senior notes 2007 Country Garden J ul-17 4.75% US$600 Due 2022
Coporate bond (on-shore) 2202 V anke J ul-17 4.50% Rmb3,000 Due 2022
Senior notes 1918 Sunac Aug-17 6.88% US$400 Due 2020
Senior notes 1918 Sunac Aug-17 7.95% US$600 Due 2022
Coporate bond (on-shore) 2202 V anke Aug-17 4.54% Rmb1,000 Due 2022
Senior notes 1638 Kaisa Aug-17 7.25% US$50 Due 2020
Senior notes 3383 Agile Aug-17 5.13% US$200 Due 2022
Senior notes 3883 China Aoy uan Sep-17 5.38% US$250 Due 2022
Senior notes 1813 KWG Sep-17 5.20% US$250 Due 2022
Senior notes 2608 Sunshine 100 Sep-17 8.50% US$235 Due 2020
Coporate bond (on-shore) 1813 KWG Oct-17 8.00% Rmb840 Due 2022
Coporate bond (on-shore) 1813 KWG Oct-17 7.50% Rmb2,160 Due 2020
Senior notes 1638 Kaisa Nov -17 7.25% US$30 Due 2020
Senior notes 1813 KWG Nov -17 5.88% US$300 Due 2024
Senior notes 1622 Redco Property Nov -17 7.00% US$250 Due 2018
Senior notes 2777 Guangzhou R&F Nov -17 5.88% US$500 Due 2023
Senior notes 1233 Times Properties Nov -17 6.60% US$300 Due 2023
Senior notes 813 Shimao Dec-17 4.75% US$400 Due 2022
Senior notes 2777 R&F Properties J an-18 5.88% US$100 Due 2023
Senior notes 960 Longfor J an-18 3.90% US$300 Due 2023
Senior notes 960 Longfor J an-18 4.50% US$500 Due 2028
Senior notes 1233 Times Properties J an-18 6.25% US$500 Due 2021
Senior notes 2007 Country Garden J an-18 4.75% US$250 Due 2023
Senior notes 2007 Country Garden J an-18 5.13% US$600 Due 2025
Senior notes 884 CIF I Group J an-18 5.50% US$300 Due 2023
Senior notes 813 Shimao J an-18 5.20% US$500 Due 2025
Senior notes 3301 Ronshine China J an-18 8.25% US$325 Due 2021
Page 27
China Property

Ev ent T ick er Company Dat e Coupon / Cost A mount Ot her det ails
(mn)
Senior notes 2608 Sunshine 100 Feb-18 8.50% US$165 Due 2020
Senior notes 3301 Ronshine China Feb-18 8.25% US$100 Due 2021
Senior notes 1622 Redco Group Feb-18 6.38% US$300 Due 2019
Senior notes 832 Central China Feb-18 6.50% US$300 Due 2021
Senior notes 272 Shui On Land Feb-18 6.88% RMB1,600 Due2021
Senior notes 1628 Yuzhou Properties Feb-18 6.38% US$375 Due 2021
Senior notes 1107 Modern Land Feb-18 7.95% US$350 Due 2021
Senior notes 1777 Fantasia Mar-18 8.38% US$350 Due 2021
Senior notes 1628 Yuzhou Properties Mar-18 6.38% US$375 Due2021
Senior notes 1107 Modern Land Mar-18 7.95% US$350 Due2021
Senior notes 817 China J inmao Mar-18 5.20% RMB1250 Due2021
Senior notes 813 Shimao Mar-18 5.75% CNY950 Due2021
Senior notes 3301 Ronshine China Mar-18 8.25% US$425 Due 2021
Page 28
China Property
Where was the funding from? (Cont’d)

Bank loan facilities
Ev ent T ic k er Company Dat e Cost A mount Ot her det ails

(mn)
Term Loan 81 COGO J an-15 n.a HK$2,200 One y ear from the date of the first
Term Loan 1109 CR Land F eb-15 4.60% HK$400 drawing
Due 2019
Term Loan 1109 CR Land F eb-15 0.05 Rmb300 Due 2018
Term Loan 230 Minmetals Land Apr-15 n.a HK$100 n.a
Term Loan 1109 CR Land Apr-15 HIBOR+2.0% HK$7,800 Due 2019
Term loan 960 Longfor Apr-15 n.a HK$811.5 Due 2019
Term loan 960 Longfor Apr-15 n.a Due 2020
Term loan 884 CIF I May -15 n.a HK$3,824.75
HK$360 Due 2017
Term loan 1030 F uture Land May -15 HIBOR/LIBOR + US$61m + n.a
Term loan 1109 CR Land J ul-15 2.8%
0.04 HK$313m
Rmb500 Due 2017
Term loan 2007 Country Garden J ul-15 n.a Rmb800 Due 2019
Term loan 1109 CR Land Oct-15 n.a US$150 Due 2018
Term loan 2007 Country Garden Dec-15 n.a Rmb175 Due 2019
Term loan 1109 CR Land Dec-15 0.04 Rmb1,400 Due 2018
Term loan 1109 CR Land Dec-15 3.50% HK$5,000 Due 2018
Term loan 846 Mingfa Dec-15 n.a US$100 Due 2017
Term loan 3377 Sino Ocean Dec-15 n.a n.a
Term loan 884 CIF I Mar-16 n.a HK$9,441.72
420 Due 2019
Term loan 1109 CR Land Mar-16 n.a Rmb1,500 Due 2019
Term loan 3900 Greentown Apr-16 n.a US$300 Due 2019
Term loan 1109 CR Land Apr-16 n.a Rmb800 Due 2019
Term loan 3383 Agile May -16 n.a HK$8,707 Due 2019
Term loan 1109 CR Land May -16 3.20% Rmb2,000 Due 2019
Term loan 1109 CR Land May -16 0.04 Rmb3,000 Due 2021
Term loan 230 Minmetals Land J un-16 n.a HK$6,000 Due 2020
Term loan 3383 Agile J un-16 n.a HK$780 Due 2019
Term loan 230 Minmetals Land J un-16 n.a HK$1,800 Due 2020
Term loan 1109 CR Land J ul-16 RMB3,000 Due 2019
Term loan 1109 CR Land Aug-16 n.a 100 Due 2017
Term loan 1109 CR Land Sep-16 n.a. RMB1250 Due 2018
Term loan 2202 V anke Sep-16 n.a 3,200 n.a
F acility agreement 884 CIF I Oct-16 n.a. 390 6+36 months
Term loan 817 China J inmao J ul-17 0.05 Rmb2,500 n.a.
Term loan 600048 Poly CN Nov -17 5.40% Rmb2,500 5+n y ears
Term loan 410 SOHO China Nov -17 n.a US$400 Due 2018
Page 29
China Property
Where was the funding from? (Cont’d)

Other sources
Ev ent T ic k er Company Dat e Cost A mount (mn) O t her det ails
Medium Term Note 600048 Poly CN F eb-15 4.70% Rmb 480.7 Due 2020
Perpetual securities 3333 Ev ergrande Dec-15 9.00% US1,500 Conv ertible perpetual securities, sold
to New Work China and Chow Tak
F ook
Perpetual securities 3333 Ev ergrande Dec-15 9.00% US170 Conv ertible perpetual securities, sold to
C C Land
Asset-backed securities 2007 Country Garden J an-16 5.10% Rmb2,945.5 4 y ears
Asset-backed securities 3383 Agile F eb-16 RMB1100 5 y ears
Asset-backed securities 2007 Country Garden Mar-16 5-7.45% Rmb1,580 1-2 y ears
Gurantee notes 2202 China V anke Apr-16 2.50% HK$1,375 Due 2019
Gurantee notes 2202 China V anke Apr-16 2.50% HK$625 Due 2019
Gurantee notes 2202 China V anke Apr-16 2.50% HK$1,650 Due 2019
Medium Term Note 3699 Dalian Wanda May -16 3.70% Rmb6,000 Due 2021
Medium Term Note 3699 Dalian Wanda May -16 4.00% Rmb6,000 Due 2021
Medium Term Note 1109 CR Land May -16 3.20% Rmb2,000 Due 2019
Medium Term Note 1109 CR Land May -16 3.60% Rmb3,000 Due 2021
Asset-backed securities 2007 Country Garden J un-16 4.5-5.8% Rmb4,800 2 Years
Asset-backed securities 2007 Country Garden J un-16 5-6% Rmb1,411 1-2 y ears
Senior perpetual capital 337 Greenland HK J ul-16 5.63% US$120 F irst call day 2021
securities
Share placement 1107 Modern Land Sep-16 n/a HK$174.60 HK$1.01 per share to allot and issue
172,872,000 to Great Wall Pan Asia
Share placement 1107 Modern Land Nov -16 n/a HK$267.90 HK$1.1 per share to allot and issue
243,525,000 to China Cinda
Perpetual securities 817 China J inmao J an-17 5.75% US500 Conv ertible perpetual securities
Guaranteed medium 2868 Beijing Capital J an-17 3.88% US400 Issue price: 99.72%; due 2020
term note and perpetual Land
securities
Medium Term Note 2202 V anke May -17 n/a HK$4,400 1 y ear
Share placement 672 Zhong An J un-17 n/a HK$257.58 HK$0.556 per share (18.2% discount)
top-up placement of 469,716,000
shares (16.67% of enlarged share
capital)
Perpetual securities 272 Shui On Land J un-17 6.40% US$600
Share placement 672 Zhong An J ul-17 n/a HK$146.2 HK$1.5 per share (12.28% discount)
capital)
Perpetual securities 817 J inmao J ul-17 4.00% US$300
Share placement 2202 China V anke J ul-17 Secondary share placement of
92,000,000 shares (7% of outstanding
shares) at HK$22.8 (3.2% discount)
Perpetual securities 817 J inmao J ul-17 4.78% Rmb2,500
Page 30
China Property
Other sources (continued)
Ev ent T ic k er Company Dat e Cost A mount (mn) O t her det ails
Perpetual securities 3900 Greentown J ul-17 5.25% US$450

Share placement 1918 Sunac J ul-17 n/a HK$4,032.60 placing exiting 220mn shares at
HK$18.33 per share
Share placement 884 CIF I J ul-17 n/a HK$1,907.50 HK$3.5 per share to allot and issue
545,000,000 new shares to Ping An
Share placement 884 CIF I J ul-17 n/a HK$516.00 HK$3.82 per share to allot and issue
135,000,000 new shares
Share placement 1966 China SCE Aug-17 n/a HK$1,456.00 HK$3.64 per share (9% discount) top-
up placement of 400,000,000 shares
(10.46% of enlarged share capital)
Share placement 1628 Yuzhou Sep-17 n/a HK$1,585.50 HK$4.53 per share (8.11% discount)
capital)
Perpetual securities 817 J inmao Sep-17 4.00% US$200
Perpetual securities 3377 Sino Ocean Land Sep-17 4.90% US$600
Perpetual securities 1628 Yuzhou Sep-17 5.38% US$300

Share placement 3301 Ronshine Oct-17 n/a HK$1,296.32 HK$8.52 per share (6.4% discount)
capital)
Perpetual securities 817 J inmao Nov -17 4.88% US$300
Perpetual securities 884 CIF I Dec-17 5.38% US$300
Share placement 1918 Sunac Dec-17 n/a HK$7,822 HK$31.1 per share (8.7% discount)
top-up placement of 251.5mn shares
Share placement 817 China J inmao J an-18 n/a HK$3,330.46 HK$3.7 per share (6.8% discount) top
up placement of 900,124,000 shares
Share placement 2007 Country Garden J an-18 n/a HK$7,879.8 HK$17.13 per share (3.7% discount)
capital)
Share placement 1030 F uture Land J an-18 n/a HK$1,565.6 HK$5.86 per share (8.9% discount)
capital)
Conv ertible bonds 2007 Country Garden J an-18 0.00% HK$15,600 Conv ertible into 758,902,510 shares
(c.3.4% of enlarged capital) at a
conv ersion price of HK$20.556 due in
2019
Conv ertible bonds 884 CIF I J an-18 0.00% HK$2,790 Conv ertible into 300,000,000 shares
conv ersion price of HK$9.30 per share
due in 2019
Conv ertible bonds 1238 Powerlong J an-18 0.00% HK$1,990 Conv ertible into 365,385,674 shares
conv ersion price of HK$5.4463 per
share due in 2019
Page 31
China Property
Other sources (continued)

Ev ent T ick er Company Dat e Cost A mount (mn) Ot her det ails
Convertible bonds 1030 Future Land J an-18 2.25% HK$2,346 Convertible into 223,513,719 shares
conversion price of HK$10.496 per
share due in 2019
Convertible bonds 3333 Evergrande J an-18 4.25% HK$18,000 Convertible into 461,656,835 shares
conversion price of HK$38.99 per
share due in 2023
Medium Term Note 688 COLI J an-18 n.a. Rmb30,000 Domestic MTN with 3 year expiry
Perpetual Securities 3383 Agile Mar-18 6.88% US$100
Share placement 832 Central China Mar-18 n/a HK$1,029.3 A total of 282m new shares (c.10.3%
of enlarged share capital) are issued at a
subscription price of HK$3.65 (7%
premium)
Page 32
China Property
Senior Notes redemption
Ev ent T ic k er Company Dat e Coupon / A mount Redempt ion O t her det ails
Cost (mn) pric e
Senior notes 1918 Sunac 1/6/2016 12.500% US$400 106.250 Originally due 2017
Senior notes 3333 Ev ergrande 2/22/2016 8.750% 103.500 Originally due 2018
Senior notes 3333 Ev ergrande 2/22/2016 12.000% 103.500 Originally due 2020
Guranteed 1628 Yuzhou 2/25/2016 10.000% US$1,500 103.750 Originally due 2019
bonds Properties
Senior notes 832 Central China 4/18/2016 10.750% S$175 100.000 Due 2016
Senior notes 410 SOHO China 4/7/2016 7.125% US$253.27 110.845 Originally due 2022
Senior notes 884 CIF I Group 4/15/2016 12.250% US$459.20 106.125 Originally due 2018
Senior notes 3900 Greentown 5/31/2016 8.500% US$560.97 104.250 Originally due 2018
Senior notes 3383 Agile 6/27/2016 8.875% US$650.00 100.000 Originally due 2017
Senior notes 1918 Sunac 8/5/2016 9.375% US$300 104.688 Originally due 2018
Senior notes 1628 Yuzhou 10/4/2016 8.750% US$300 104.375 Originally due 2018
Properties
Senior notes 960 Longfor 10/25/2016 6.875% US$400 103.438 Originally due 2019
Senior notes 1107 Modern Land 11/1/2016 13.875% US$150 106.938 Originally due 2018
Senior notes 1107 Modern Land 11/1/2016 11.000% Rmb1,100 100.000 Originally due 2017
Senior notes 1813 KWG 11/10/2016 13.875% US$400 104.308 Originally due 2017
Senior notes 813 Shimao 1/6/2017 6.625% US$800 103.313 Originally due 2020
Senior notes 1813 KWG 1/27/2017 8.625% US$300 104.308 Originally due 2020
Senior notes 3333 Ev ergrande 6/8/2017 8.750% US$1,500 104.375 Originally due 2018
Senior notes 3333 Ev ergrande 6/8/2017 8.000% US$300 106.000 Originally due 2019
Senior notes 3333 Ev ergrande 6/8/2017 12.000% US$1,000 115.000 Originally due 2020
Senior notes 1107 Modern Land 6/15/2017 12.750% US$125 100.000 Originally due 2019
Senior notes 272 Shui On Land 6/27/2017 8.700% US$500 100.000 Originally due 2017
Senior notes 817 J inmao 6/28/2017 5.375% US$168.891 104.050 Originally due 2018
Senior notes 2007 Country Garden 7/27/2017 7.875% US$550 103.938 Originally due 2019
Senior notes 3900 Greentown 8/22/2017 8.000% US$236.541 104.000 Originally due 2019
Senior notes 3883 China Aoy uan 9/28/2017 US$300 105.625 Originally due 2019
Senior notes 1813 KWG property 10/20/2017 8.250% US$100 104.125 Originally due 2019
Perpetual 272 Shui On Land 11/7/2017 10.125% US$500 100.000 N/A
Securities
Senior notes 1813 KWG property 11/10/2017 8.250% US$300 104.125 Originally due 2017
Senior notes 1628 Yuzhou 12/11/2017 9.000% US$250 104.500 Originally due 2019
Properties
Senior notes 272 Shui On Land 12/20/2017 9.250% US$550 104.813 Originally due 2019
Senior notes 813 Shimao 12/22/2017 9.625% US$600 104.063 Originally due 2021
Senior notes 960 Longfor 1/9/2017 6.750% US$500 103.375 Originally due 2023
Senior notes 2007 Country Garden 1/19/2017 7.500% US$750 103.750 Originally due 2023
Senior notes 1233 Times PPT 2/2/2018 11.45% US$280 105.725 Originally due 2020
Page 33
China Property
What was the sales trend of each company?
Monthly contracted sales - Greentown Monthly contracted sales – CR Land
18,000 30,000
16,000 25,000
14,000
12,000 20,000
10,000 15,000
8,000
6,000 10,000
4,000 5,000
2,000
0 0
Sep
May
Jan
Mar
Aug
Nov
Feb
Apr
Jun
Dec
Oct
Jul
Sep
May
Jan
Mar
Aug
Nov
Feb
Apr
Jun
Dec
Oct
Jul
2017 2018 2017 2018
Source: Company; DBS Vickers Source: Company; DBS Vickers
Monthly contracted sales – Shimao Monthly contracted sales-COLI
14,000 30,000
12,000 25,000
10,000
20,000
8,000
15,000
6,000
10,000
4,000
2,000 5,000
0 0
Sep
Sep
May
May
Jan
Mar
Jan
Mar
Aug
Aug
Nov
Nov
Feb
Feb
Apr
Apr
Jun
Dec
Jun
Dec
Oct
Oct
Jul
Jul
2017 2018 2017 2018
Page 34
China Property
Monthly contracted sales – Sino-Ocean Land Monthly contracted sales – Beijing Capital Land
9,000 10,000
8,000 9,000
7,000 8,000
6,000 7,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000 2,000
1,000 1,000
0 0
Sep
Sep
May
Jan
Mar
May
Jan
Mar
Aug
Nov
Feb
Feb
Aug
Apr
Nov
Apr
Jun
Dec
Oct
Oct
Dec
Jun
Jul
Jul
2017 2018 2017 2018
Monthly contracted sales – R&F Monthly contracted sales – Country Garden
9,000 80,000
8,000 70,000
7,000 60,000
6,000
50,000
5,000
40,000
4,000
30,000
3,000
2,000 20,000
1,000 10,000
0 0
Sep
Sep
May
May
Jan
Mar
Jan
Mar
Aug
Aug
Nov
Nov
Feb
Feb
Apr
Apr
Jun
Dec
Jun
Dec
Oct
Oct
Jul
Jul
2017 2018 2017 2018
Page 35
China Property
Monthly contracted sales - Agile Monthly contracted sales – Evergrande
20,000 70,000
18,000
60,000
16,000
14,000 50,000
12,000 40,000
10,000
8,000 30,000
6,000 20,000
4,000
10,000
2,000
0 0
Sep
Sep
May
Jan
Mar
May
Jan
Mar
Aug
Nov
Feb
Aug
Feb
Nov
Apr
Apr
Jun
Dec
Oct
Oct
Dec
Jun
Jul
Jul
2017 2018 2017 2018
Monthly contracted sales – Central China Monthly contracted sales – Longfor
6,000 20,000
18,000
5,000
16,000
14,000
4,000
12,000
3,000 10,000
8,000
2,000
6,000
4,000
1,000
2,000
0 0
Sep
Sep
May
May
Jan
Mar
Jan
Mar
Aug
Aug
Nov
Nov
Feb
Feb
Apr
Apr
Jun
Dec
Jun
Dec
Oct
Oct
Jul
Jul
2017 2018 2017 2018
Source: Company; DBS Vickers
Page 36
China Property
Which city grew the fastest in price?
Price growth
M ont h J an- 18 F eb- 18 F eb- 18 y oy F eb- 18 mom v s. 2007/08 v s. 2007/08

grow t h grow t h peak t rough
Xi'an 9,965 10,232 36% 3% n.a n.a

Hangzhou 43,446 44,282 2% 2% n.a n.a
Nanjing 26,728 21,826 -19% -18% n.a n.a
Shanghai 23,451 24,628 12% 5% 129% 214%
Beijing 35,385 38,136 3% 8% 177% 346%
Tianjin 14,368 16,531 -4% 15% 125% 157%
Guangzhou 16,124 17,112 6% 6% n.a n.a
F uzhou 21,940 22,026 39% 0% 167% 238%
Shenzhen 54,240 54,191 -1% 0% 183% 393%
Sheny ang 7,929 7,437 4% -6% 111% 126%
Wuhan 9,335 9,335 0% 0% 54% 97%
Zhengzhou 12,374 14,434 38% 17% 229% 283%
Changsha 7,018 6,972 -4% -1% n.a n.a
Dongguan 16,795 16,799 8% 0% 91% 213%
Dalian 13,393 14,884 11% 11% 49% 116%
Chongqing 9,950 10,550 34% 6% 149% 180%
Suzhou 21,343 21,001 -1% -2% 179% 275%
Qingdao 10,428 10,858 18% 4% 4% 89%
Nanchang 10,315 10,459 7% 1% 91% 198%
Chengdu 14,261 13,064 -9% -8% 120% 182%
Wuxi 9,934 9,836 -5% -1% 59% 111%
A v erage 8% 2% 120% 201%
* Peak/through during the period between Jan-07 and Dec-08.
Source: Soufun; DBS Vickers
Page 37
China Property
What were the trends of ASP and sales volume in each city?
Volume & price - Beijing Volume & price - Shanghai
000 sm RMB/sm 000 sm RMB/sm

2,500 45,000 3,500 35,000
40,000 3,000 30,000
2,000 35,000
2,500 25,000
30,000
1,500 25,000 2,000 20,000
1,000 20,000 1,500 15,000
15,000
10,000 1,000 10,000
500
5,000 500 5,000
0 0 0 0
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-
Feb-
18
Volume (LHS) Annual avg vol (LH S) Price (RHS) Volume (LHS) Annual avg vol (LHS) Price (RHS)
Source: Soufun; DBS Vickers Source: Soufun; DBS Vickers
Volume & price - Shenzhen Volume & price - Guangzhou

1,800 20,000
1,800 70,000
1,600 18,000
1,600 60,000 16,000
1,400 1,400
50,000 1,200 14,000
1,200 12,000
1,000 40,000 1,000
10,000
800 800 8,000
30,000
600 600 6,000
20,000 400
400 4,000
200 10,000 200 2,000
0 0 0 0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
F eb-
18
Volume (LHS) Annual avg vol (LHS) Price (RHS)

Page 38
China Property
Volume & price - Dongguan Volume & price - Tianjin

2,000 18,000 3,500 20,000
1,800 16,000 3,000 18,000
1,600 14,000 16,000
1,400 12,000 2,500 14,000
1,200 10,000 12,000
1,000 2,000
800 8,000 10,000
600 6,000 1,500 8,000
400 4,000 1,000 6,000
200 2,000 4,000
0 0 500 2,000
F eb-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17 0 0
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Volume & price - Dalian Volume & price - Shenyang

800 16,000 2,500 9,000
700 14,000 8,000
2,000 7,000
600 12,000
6,000
500 10,000 1,500 5,000
400 8,000 4,000
1,000
300 6,000 3,000
200 4,000 500 2,000
100 2,000 1,000
0 0 0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-
18
Volume (LHS) Annual avg vol (LHS) Price (RHS) Volume (LHS) Annual avg vol (LHS) Price (RHS)
Page 39
China Property
Volume - Qingdao Volume & price - Chongqing
000 sm 000 sm RMB/sm

3,000 14,000.0 3,500 12,000
2,500 12,000.0 3,000 10,000
10,000.0 2,500
2,000 8,000
8,000.0 2,000
1,500 6,000
6,000.0 1,500
1,000 4,000
4,000.0 1,000
500 2,000.0 500 2,000
0 0.0 0 0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Nov-08
Nov-12
Nov-16
Nov-09
Nov-10
Nov-11
Nov-13
Nov-14
Nov-15
Nov-17
F eb-18
F eb-
18
Volume ( RHS) Annual avg vol Price (RHS)
Volume & price – Chengdu Volume & price – Xi’an

3,000 16,000 2,500 12,000
2,500 14,000
2,000 10,000
12,000
2,000 10,000 8,000
1,500
1,500 8,000 6,000
6,000 1,000
1,000 4,000
4,000
500 500 2,000
2,000
0 0 0 0
F eb-18
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Page 40
China Property
Volume & price - Changsha Volume & price - Zhengzhou

3,500 8,000 3,000 16,000
3,000 7,000 2,500 14,000
2,500 6,000 12,000
2,000 10,000
5,000
2,000 1,500 8,000
4,000
1,500 6,000
3,000 1,000
1,000 4,000
2,000 500
500 2,000
1,000
0 0
0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Volume & price - Wuhan Volume & price - Nanchang

3,500 12,000 1,600 12,000
3,000 1,400 10,000
10,000
2,500 1,200
8,000 1,000 8,000
2,000
6,000 800 6,000
1,500 600
4,000 4,000
1,000 400
500 2,000 200 2,000
0 0 0 0
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
F eb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Page 41
China Property
Volume & price – Xiamen Volume & price - Fuzhou

800 45,000 700 25,000
700 40,000 600
35,000 20,000
600 500
500 30,000 15,000
25,000 400
400 300
20,000 10,000
300 15,000 200
200 10,000 5,000
100
100 5,000 0 0
0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
Volume - Nanjing Volume & price - Suzhou

1,800 30,000.0 1,800 25,000
1,600 1,600
25,000.0 20,000
1,400 1,400
1,200 20,000.0 1,200
1,000 1,000 15,000
15,000.0
800 800 10,000
600 10,000.0 600
400 400 5,000
5,000.0
200 200
0 0.0 0 0
May-07
May-11
May-15
Sep-08
Sep-12
Sep-16
Jan-06
Jan-10
Jan-14
Jan-18
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
F eb-18
Feb-18
Page 42
China Property
Volume & price - Wuxi Volume & price - Hangzhou

1,600 12,000.0 1,200 50,000
1,400 45,000
10,000.0 1,000 40,000
1,200 35,000
8,000.0 800
1,000 30,000
800 6,000.0 600 25,000
20,000
600 4,000.0 400 15,000
400 200 10,000
200 2,000.0 5,000
0 0.0 0 0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Feb-18
Page 43
China Property
What were the trends of ASP and no. of units sold in each city?
No. of units & price - Beijing No. of units & price - Shanghai
unit RMB/sm unit RMB/sm

25,000 45,000 30,000 35,000
40,000 30,000
20,000 25,000
35,000
30,000 25,000
20,000
15,000 25,000 20,000
20,000 15,000
10,000 15,000
15,000 10,000
5,000 10,000 10,000
5,000 5,000 5,000
0 0
0 0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-
18
No. of unit s old (LHS ) Price (RHS)
No. of units & price - Shenzhen No. of units & price - Dongguan

20,000 70,000
14,000 18,000
18,000
60,000 12,000 16,000
16,000
50,000 14,000
14,000 10,000
12,000 12,000
40,000 8,000 10,000
10,000
8,000 30,000 6,000 8,000
6,000 6,000
20,000 4,000
4,000 4,000
10,000 2,000 2,000
2,000
0 0 0 0
Feb-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18

Page 44
China Property
No. of units & price - Tianjin No. of units & price - Dalian

30,000 20,000 10,000 16,000
18,000 9,000 14,000
25,000 16,000 8,000
12,000
14,000 7,000
20,000 6,000 10,000
12,000
15,000 10,000 5,000 8,000
4,000 6,000
8,000 3,000
10,000 6,000 4,000
2,000
5,000 4,000 1,000 2,000
2,000 0 0
0 0
May-07
May-11
May-15
Sep-08
Sep-12
Sep-16
Jan-06
Jan-10
Jan-14
Jan-18
F eb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
No. of unit s old (LHS ) Price (RHS) No. of unit s old (LHS ) Price (RHS)
No. of units & price - Shenyang No. of units – Qingdao

30,000 9,000
25,000 14,000
8,000
25,000 12,000
7,000 20,000
20,000 6,000 10,000
5,000 15,000 8,000
15,000
4,000 6,000
10,000 3,000
10,000
4,000
2,000 5,000
5,000 2,000
1,000
0 0 0 0
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Nov-15
Nov-17
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-16
Feb-18
No. of unit s old (LHS ) Price (RHS) No. of unit s old Price (RHS)
Page 45
China Property
No. of units & price - Chongqing No. of units & price - Chengdu

35,000 12,000 30,000 16,000
30,000 10,000 25,000 14,000
25,000 12,000
8,000 20,000
20,000 10,000
6,000 15,000 8,000
15,000
4,000 6,000
10,000 10,000
5,000 2,000 4,000
5,000 2,000
0 0
0 0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
F eb-18
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
No. of units & price – Xi’an No. of units & price - Changsha

25,000 12,000 30,000 8,000
25,000 7,000
20,000 10,000
6,000
8,000 20,000 5,000
15,000
6,000 15,000 4,000
10,000 3,000
4,000 10,000
2,000
5,000 2,000 5,000 1,000
0 0 0 0
Feb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
F eb-18
Page 46
China Property
No. of units & price - Zhengzhou No. of units & price - Wuhan

30,000 16,000 35,000 12,000
25,000 14,000 30,000 10,000
12,000
20,000 25,000
10,000 8,000
20,000
15,000 8,000 6,000
6,000 15,000
10,000 4,000
4,000 10,000
5,000 2,000 5,000 2,000
0 0 0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
F eb-18
No. of units & price - Nanchang No. of units & price - Xiamen

12,000 12,000 8,000 45,000
7,000 40,000
10,000 10,000 35,000
6,000
8,000 8,000 5,000 30,000
25,000
6,000 6,000 4,000
20,000
3,000 15,000
4,000 4,000
2,000 10,000
2,000 2,000 1,000 5,000
0 0 0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
F eb-
18
Page 47
China Property
Volume & price - Fuzhou Volume & price - Nanjing
unit RMB/sm unit RMB/s

6,000 25,000 18,000 30,000
16,000
5,000 25,000
20,000 14,000
4,000 12,000 20,000
15,000 10,000
3,000 15,000
8,000
10,000
2,000 6,000 10,000
5,000 4,000
1,000 5,000
2,000
0 0 0 0
Feb-18
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Volume & price - Suzhou Volume & price - Wuxi

16,000 25,000 16,000 12,000
14,000 14,000
20,000 10,000
12,000 12,000
10,000 8,000
10,000 15,000
8,000 8,000 6,000
6,000 10,000 6,000 4,000
4,000 4,000
5,000 2,000 2,000
2,000
0 0 0 0
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18

Page 48
China Property
Volume & price - Hangzhou
unit RMB/sm
10,000 50,000
9,000 45,000
8,000 40,000
7,000 35,000
6,000 30,000
5,000 25,000
4,000 20,000
3,000 15,000
2,000 10,000
1,000 5,000
0 0
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Page 49
China Property
Are there enough to sell?

Total GFA available for sales in 10 cities* GFA available for sale - Beijing
000 sm no. of months 000 sm No. of months

140,000 20
18 30,000 30
120,000
16 25,000 25
100,000 14
12 20,000 20
80,000
10 15,000 15
60,000 8
6 10,000 10
40,000
4 5,000 5
20,000 2
0 0 0 0
May-06
May-07
May-08
May-09
May-10
May-11
May-12
May-13
May-14
May-15
May-16
May-17
Feb-18
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
Volume (LHS) No. of months to digest the inventory (RHS)* Volume (LHS) Number of months to digest inventory (RHS)*
* Based on average monthly transaction volume during the past 12 * Based on average monthly transaction volume during the past 12
months; months
* Excluding Chongqing and Hangzhou due to lack of data Source: Soufun; DBS Vickers
GFA available for sale - Shanghai GFA available for sale - Shenzhen
000 sm No. of months 000 sm No. of months

14,000 12 7,000 30
12,000 10 6,000 25
10,000 5,000
8 20
8,000 4,000
15
6 3,000
6,000 10
4 2,000
4,000 5
1,000
2,000 2
0 0
0 0
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
F eb-18
F eb-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Volume (LHS)
Volume (LHS)
Number of months to digest inventory (RHS)* Number of months to digest inventory (RHS)*
* Based on average monthly transaction volume during the past 12 months * Based on average monthly transaction volume during the past 12 months
Page 50
China Property
GFA available for sale - Suzhou GFA available for sale - Nanjing
000 sm No. of 000 sm No. of months

10,000 20 8,000 25
9,000 18 7,000
8,000 16 20
6,000
7,000 14
6,000 12 5,000 15
5,000 10 4,000
4,000 8 3,000 10
3,000 6 2,000
2,000 4 5
1,000
1,000 2
0 0 0 0
Feb-14
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-15
Feb-16
Feb-17
Feb-18
Feb-18
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Volume (LHS) Number of months to digest inventory (RHS)* Volume (LHS) Number of months to digest inventory (RHS)*
GFA available for sale - Qingdao GFA available for sale - Wuhan

25,000 30 35,000 45
25 30,000 40
20,000 35
20 25,000
30
15,000 20,000 25
15
10,000 15,000 20
10 15
10,000
5,000 10
5 5,000 5
0 0 0 0
F eb-18
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Nov-14
Nov-17
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-15
Nov-16
F eb-18
Volume (LHS)
Volume (LHS) Number of months to digest inventory (RHS)*
Number of months to digest inventory (RHS)*
Page 51
China Property
GFA available for sale - Xiamen GFA available for sale - Fuzhou

4,500 45 5,000 35
4,000 40 4,500 30
3,500 35 4,000
3,500 25
3,000 30
3,000 20
2,500 25
2,500
2,000 20 2,000 15
1,500 15 1,500 10
1,000 10 1,000
500 5 500 5
Feb-18
0 0 0 0
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Feb-18
Volume (LHS) Volume (LHS)
Number of months to digest inventory (RHS)* Number of months to digest inventory (RHS)*
GFA available for sale - Nanchang
000 sm No. of months

4,500 35
4,000 30
3,500
3,000 25
2,500 20
2,000 15
1,500 10
1,000
500 5
0 0
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
F eb-18
Volume (LHS) Number of months to digest inventory (RHS)*
* Based on average monthly transaction volume during the past 12 months

Page 52
China Property
Is it affordable?
Monthly payment to disposable income
Latest by 10% by 20% by 30% by 40% 2006 level

China 39% 42% 46% 50% 54% 54%
Beijing 101% 111% 121% 131% 141% 72%
Shanghai 65% 71% 78% 84% 91% 71%
Shenzhen 184% 202% 220% 239% 257% 51%
Guangzhou 29% 31% 34% 37% 40% 57%
Tianjin 68% 74% 81% 88% 95% 63%
Dalian 60% 67% 73% 79% 85% 77%
Wuhan 35% 39% 43% 46% 50% 57%
Hangzhou* 127% 127% 127% 127% 127% n.a
Shenyang 30% 33% 36% 39% 42% n.a
Chengdu* 60% 60% 60% 60% 60% n.a
Chongqing* 51% 51% 51% 51% 51% n.a
Zhengzhou 66% 73% 79% 86% 92% n.a
Changsha 24% 27% 29% 32% 34% n.a
Nanchang 46% 50% 55% 60% 64% n.a
Fuzhou* 89% 98% 106% 115% 124% n.a
Xiamen* 96% 105% 115% 124% 134% n.a
Xi'an 44% 48% 53% 57% 61% n.a
Source: CEIC, DBS Vickers, CEIC, Soufun
Page 53
China Property
Property price to annualized disposable income
Propert y pric e t o annualiz ed disposable inc ome

2006 2007 2008
L at est av erage peak peak > 2006 lev el? > 2007 peak ? > 2008 peak ? > 10 y ears
China 7 9 11 9 no no no no
Beijing 18 12 20 18 y es no y es y es
Shanghai 12 12 13 13 no no no y es
Shenzhen 33 9 18 23 y es y es y es y es
Guangzhou 5 10 16 14 no no no no
Tianjin 12 11 13 13 y es no no y es
Dalian 11 13 16 18 no no no y es
Wuhan 6 10 12 12 no no no no
Hangzhou 24 15 21 26 y es y es no y es
Sheny ang 5 - 9 7 no no no
Chengdu 10 11 12 12 no no no y es
Chongqing 10 7 9 9 y es y es y es no
Zhengzhou 12 - 9 9 y es y es y es
Changsha 4 - 7 8 no no no
Nanchang 8 - 12 y es no no
F uzhou 16 - 14 14 y es y es y es
Xiamen 17 - 18 16 no y es y es
Xi'an 8 - 10 10 no no no
Source: CEIC, DBS Vickers, CEIC, Soufun
Page 54
China Property
Will people buy now?
% of Expectation of Housing Price Rise % of planned to buy House in the next 3 months
% %
80 24
70
22
60
50 20
40 18
30
20 16
10 14
0
12
1Q09
2Q09
3Q09
4Q09
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
10
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
2Q09
3Q10
3Q11
4Q12
4Q13
4Q14
4Q15
4Q16
4Q17
% of Expectation of Housing Price Rise
% of Unacceptable to the High Housing Price
Source: PBOC, DBS Vickers Source: PBOC, DBS Vickers
Page 55
China Property
What were the trends of affordability in each city?
Affordability - China Affordability - Shanghai
x x x x
0.70 11 1.2 18
10
0.60 9 1.0 16
8
0.50 7 0.8 14
0.40 6
5 0.6 12
0.30 4 0.4 10
3
0.20 2 0.2 8
1
0.10 0 0.0 6
F eb-18
F eb-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Monthly payment to disposable income (LHS) Monthly payment to disposable income (LHS)
Property price to annual income (RHS) Property price to annual income (RHS)
Affordability - Beijing Affordability - Shenzhen
x x x x
1.6 24 2.5 46
1.4 22 41
1.2 20 2.0
36
1.0 18
1.5 31
16
0.8 26
14
0.6 1.0 21
12
0.4 10 16
0.5
0.2 8 11
0.0 6 0.0 6
Feb-18
F eb-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Monthly payment to disposable income (LHS)

Property price to annual income (RHS)
Page 56
China Property
Affordability - Guangzhou Affordability - Tianjin
x x x x
1.1 18 0.9 15
1.0 0.8 14
0.9 16
0.8 0.7 13
14
0.7 0.6 12
0.6 12 0.5 11
0.5 10 0.4 10
0.4 0.3 9
0.3 8
0.2 8
0.2 6
0.1 0.1 7
0.0 4 0.0 6
F eb-18
F eb-18
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Monthly payment to disposable income (LHS) Jan-18 Monthly payment to disposable income (LHS)
Affordability – Hangzhou Affordability – Shenyang
x x x
1.8 36 0.60 10
1.6 9
31 0.50
1.4 8
1.2 26 0.40 7
1.0 6
21 0.30 5
0.8
0.6 16 4
0.20 3
0.4
11 0.10 2
0.2 1
0.0 6 0.00 0
Feb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Page 57
China Property
Affordability - Dalian Affordability - Chengdu
x x xx
1.3 22 0.90 15
1.2 0.80
1.1 20 13
1.0 18 0.70
0.9 11
0.8 16 0.60
0.7 0.50 9
0.6 14
0.40 7
0.5 12
0.4 0.30
0.3 10 5
0.20
0.2 8 3
0.1 0.10
0.0 6 0.00 1
Feb-18
F eb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Affordability - Chongqing Affordability - Zhengzhou
x x x x
0.9 15 0.7 13
0.8 0.6 12
13 11
0.7
0.6 11 0.5 10
0.5 0.4 9
9 8
0.4 0.3
0.3 7 7
0.2 6
0.2
5 5
0.1 0.1 4
0.0 3 0.0 3
Feb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Page 58
China Property
Affordability - Changsha Affordability - Nanchang
x x x x
0.6 9 1.0 15
0.9 14
0.5 8 0.8 13
0.7 12
0.4 7 0.6 11
0.5
0.3 6 0.4 10
0.3 9
0.2 5 0.2 8
7
0.1 4 0.1
0.0 6
Feb-18
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
0.0 3
Feb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Affordability – Fuzhou Affordability – Wuhan
x x x x
1.4 21 0.9 13
1.3 19 0.8 12
1.2
1.1 17 0.7 11
1.0 0.6 10
0.9 15
0.8 0.5 9
13
0.7 8
0.6 11 0.4 7
0.5 9 0.3
0.4 6
0.3 7 0.2 5
0.2 5 0.1 4
0.1
0.0 3 0.0 3
Feb-18
Feb-18
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Page 59
China Property
Affordability – Xiamen Affordability – Xi’an
x x x x
1.5 28 0.8 13
1.4 12
0.7 11
1.2 23 10
1.1 0.6
9
1.0 18 0.5 8
0.8 0.4 7
0.7 6
0.5 13 0.3 5
4
0.4 0.2 3
0.3 8 2
0.1
0.1 1
0.0 3 0.0 0
Feb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18

Page 60
China Property
How about secondary market transactions?
Secondary market price index
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
F eb-18
Mar-07
Mar-10
Mar-11
Mar-13
Mar-14
Mar-15
Mar-17
Mar-08
Mar-09
Mar-12
Mar-16
Jul-07
Nov-07
Jul-09
Nov-09
Jul-10
Nov-10
Jul-11
Nov-11
Jul-13
Nov-13
Jul-14
Nov-14
Jul-15
Jul-17
Nov-17
Jul-08
Nov-08
Jul-12
Nov-12
Nov-15
Jul-16
Nov-16
Beijing Shanghai Guangzhou
Shenzhen Tianjin Chengdu
Source: CREIS, DBS Vickers
Rental index
3,000
2,500
2,000
1,500
1,000
500
-
Feb-09
Sep-16
May-12
Oct-17
Aug-15
Jun-13
Jul-14
Apr-11
Mar-10
Jan-08
F eb-18

Source: CREIS, DBS Vickers
Page 61
China Property
What about office?

Office price index
200.0
180.0
160.0
140.0
120.0
100.0
80.0
F eb-18
Mar-10
May-12
Jun-13
Sep-16
Apr-11
Jan-08
Jul-14
Feb-09
Aug-15
Oct-17
Source: DBS Vickers, Soufun
Retails price index
140.0
130.0
120.0
110.0
100.0
90.0
80.0
Mar-09
Jun-12
Feb-18
May-11
Apr-10
Sep-15
Nov-17
Jul-13
Aug-14
Oct-16
Feb-08

Source: DBS Vickers, Soufun
Page 62
China Property
What about hotel?
Occupancy rate of five-star hotels Room rate of five-star hotels
% RMB
90 1,200
80 1,000
70 800
60 600
50 400
40 200
30 0
F eb-18
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Beijing Shanghai
Beijing Shanghai
Source: Statistical bureau; DBS Vickers Source: Statistical bureau; DBS Vickers
Page 63
China Property
What do the national figures tell us?

Real estate investment growth (y-o-y) Floor space started growth (y-o-y)
% %
45.0 80
40.0
60
35.0
30.0 40
25.0
20.0 20
15.0 0
10.0
5.0 (20)
0.0 Feb-18 (40)
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
F eb-18
Jul-03
Jul-04
Jul-05
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-06
Source: CEIC; DBS Vickers Source: CEIC; DBS Vickers
Floor space under construction growth (y-o-y) Floor space completed growth (y-o-y)
% %
50 50
45 40
40
35 30
30 20
25
20 10
15 0
10
5 (10)
0 (20)
F eb-18
F eb-18
Aug/08
Aug/04
Aug/05
Aug/06
Aug/07
Aug/09
Aug/10
Aug/11
Aug/12
Aug/13
Aug/14
Aug/15
Aug/16
Aug/17
Jan/06
Jan/07
Jan/08
Jan/09
Jan/10
Jan/11
Jan/12
Jan/13
Jan/14
Jan/15
Jan/16
Jan/17
Jan/18
Page 64
China Property
Floor space sold growth (y-o-y) Price index – No. of cities with price increase, drop, and flat
120 80
100 70
80 60
50
60
40
40
30
20 20
Jun-17
0 10
(20) 0
F eb-18
Dec-12
Dec-17
Jun-15
Apr-16
Feb-12
Aug-14
Feb-17
Oct-13
(40)
Feb-18
Jan-04
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-05
Jan-12
Jan-13
Drop Increase Flat
New land supply Land supply growth (y-o-y)
mn sm %
450 120
400 100
350 80
300 60
250 40
200
20
150
0
100
(20)
50
(40)
0
(60)
Sep
May
Mar
Feb
Aug
Nov
Apr
Dec
Jun
Oct
Jul
F eb-18
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
2010 2011 2012 Jan-18
2013 2014 2015
2016 2017 2018
Page 65
China Property
Where does the launch of policies drive share prices to?

Policies
1 Jan 04 = 100
1,410
1,210 12
13
1,010
11 22 23
810 21
18-19 24
10 17
610
20
410 7 9 15 16
8 14
210 1 2 3 4 56
10
Jan/04 Mar/05 May/06 Aug/07 Oct/08 Dec/09
Share price perf ormance (%)

1 Day 1 w eek 1- mt h 2- mt h 4- mt h
1 (31-Mar-04) Restrict private land sales (2.1) 3.2 (28.2) (20.2) (26.5)
2 (31-May-04) Introduced economic housing concept (0.4) (13.9) (7.9) (7.8) 6.0
3 (31-Aug-04) Announced penalty for idled lands 4.3 11.8 8.7 5.9 42.7
4 (02-Sep-04) Tightened credit to developers and homebuyers (0.6) 2.3 9.4 5.6 35.4
5 (28-Mar-05) Introduced old National 8 measures (0.0) 2.2 (7.5) (15.5) (19.6)
6 (27-Apr-05) New National 8 measures: Restricted resale of uncompleted units (2.6) (2.6) (10.4) (12.0) (8.0)
7 (17-May-06) National 6 measures: restrict land hoarding (3.5) (10.6) (15.1) (6.2) 16.3
8 (29-May-06) National 15 measures: 70/90 rule 2.5 7.4 (4.9) 13.9 29.6
9 (03-J ul-06) Regulation 171: limited access of foreign investment (2.1) (2.9) 0.6 8.8 26.9
10 (16-J an-07) Set stricter requirement to settle LAT (4.3) (3.1) (4.0) (6.9) 14.8
11 (07-Aug-07) Introduced opinions to resolve low-income housing 3.6 0.0 13.3 23.4 16.3
12 (27-Sep-07) Tighten credit to 2nd home mortgage (0.8) (2.1) 5.2 (13.3) (31.4)
13 (03-Dec-07) Foreign real estate investment no longer in "Encourage"category (0.3) (2.8) (13.6) (23.4) (30.3)
14 (22-Oct-08) Lowered mortgage rate, transaction cost and downpayment requirement 3.3 (19.5) (8.2) 33.4 27.1
15 (17-Dec-08) Lowered sales tax and encouraged M&A loans 6.9 1.3 1.0 (3.0) 35.6
16 (22-Dec-08) Relaxed mortgage rate to 2nd home purchase (3.9) (1.2) (9.4) (4.7) 22.3
17 (27-May-09) Lowered captial requirement ratio for homebuilders 0.1 10.3 16.7 21.1 4.4
18 (01-J ul-09) Hangzhou banks started to tighten 2nd home mortgage (0.1) (4.2) 7.5 (8.6) (0.4)
19 (01-J ul-09) Ministry of Land and Resources announced to resume the enforcement of the (0.1) (4.2) 7.5 (8.6) (0.4)
idle land policy.
20 (10-Aug-09) Shenzhen government wrote pilot levy of property tax into its Three-year (0.2) (4.4) 2.2 (3.5) 7.2
Working Plan
21 (08-Dec-09) Central Government announced to loosen the housing registration (Hukou) (1.8) (5.6) (8.8) (24.2) (8.6)
policy in small-and-mid-sized cities
22 (09-Dec-09) State Council announced to continually support end-users; business tax (1.2) (6.6) (7.8) (21.4) (7.9)
preferential policy was suspended
23 (14-Dec-09) China's State Council outlined four measures to rein the rapid rise of property (4.0) (12.8) (13.1) (18.6) (10.6)
prices in certain cities
24 (17-Dec-09) Five ministries jointly issued details of regulating land supply and land premium (3.2) (1.9) (5.3) (11.2) (12.1)
administration
Source: Thomson Reuters, DBS Vickers
Page 66
China Property
Policies (continued)
1 J an 04 = 100
700
650
600 4
550 41
2829
43
500 27 38
450 31 34
400
350
Dec/09 Feb/10 Mar/10 May/10 Jun/10 Aug/10 Sep/10 Nov/10 Dec/10

25 (23-Dec-09) Ministry of Finance set tax base for luxury property sellers holding the property 1.3 2.4 (6.6) (7.7) (10.5)
for less than 5 years as sales value and that for common property sellers holding the property
for less than 5 years is profit
26 (11-J an-10) China's State Council outlined 11 measures to further cool down the property (0.3) (5.3) (11.8) (2.7) (18.9)
market
27 (23-Feb-10) Beijing Municipal Government cancelled all the preferential policies for 0.1 6.4 4.3 (3.1) (3.7)
homebuyers issued in late 2008.
28 (11-Mar-10) Ministry of Land and Resources issued regulatory details on land supply (1.0) (1.2) 0.4 (16.6) (10.1)
29 (19-Mar-10) SASAC calls for 78 state-owned companies to retreat from property business (2.1) (2.7) (8.8) (19.4) (10.7)
30 (15-Apr-10) State Council raised down payment ratios for different groups of homebuyers (3.6) (7.8) (18.9) (15.6) (8.3)
31 (19-Apr-10) State Council calls for stopping mortgage to 3rd homebuyers and non-local 1.1 (0.1) (11.6) (0.3) 0.6
residents who cannot provide more than 1year income tax/social security payment
statements, accelerating collection of LAT, and suspending granting M&A loans to
developers hoarding land.
32 (23-Apr-10) CBRC gave stricter definition on 2nd home mortgage 1.4 1.3 (6.8) (0.6) 0.4
33 (04-May-10) Beijing Municipal Government issued implemental details (2.2) (3.2) (4.1) (4.1) 8.5
34 (26-May-10) Tax Department set minimum pre-payment ratio for LAT collection 3.5 0.2 6.8 15.4 16.5
35 (05-J un-10) China's Housing Department, POCK, and CBRC announced stricter definition of 0.4 2.7 3.8 14.3 16.1
‘2nd home'.
36 (19-Aug-10) Ministry of Land Resources announced a list of developers hoarding land (0.8) (4.1) 5.0 8.3 3.3
37 (27-Sep-10) Ministry of Land Resources issued a new notice on land control (1.5) (2.1) (0.9) (0.9) 3.1
38 (29-Sep-10) State Council and various department issued a new notice to stop rapid price (1.1) 2.1 1.7 1.0 5.5
increase
39 (18-Oct-10) Purchase limit policy was introduced in Dalian (0.2) (4.0) (3.5) (4.9) (5.7)
40 (03-Nov-10) Purchase limit policy was introduced in Suzhou 1.6 2.7 (2.1) (0.1) (6.8)
41 (05-Nov-10) Purchase limit policy was introduced in Lanzhou 2.3 (2.2) (5.0) 0.3 (9.6)
42 (19-Dec-10) The Ministry of Land and Resources released a note, requesting the local 0.0 2.4 7.6 (1.6) 8.8
government to re-enforce stricter land control
43 (22-Dec-10) Announced more control for foreign investment and financing in the property (0.0) (0.6) 4.4 (6.9) 7.4
44 market
(23-Dec-10) Announced more control for the luxury residential land supply (0.4) (0.9) 4.4 (8.2) 7.4
45 (25-Dec-10) Raised one year benchmark lending rate and benchmark deposit rate by 25bps 0.0 2.1 1.3 (7.0) 5.1
Page 67
China Property
1 J an 04 = 100
700
650
600
550
60
500 57
450 55
400
62-63
65
350
300
250
Jan/11 Feb/11 Apr/11 Jun/11 Jul/11 Sep/11 Nov/11

46 (05-J an-11) Purchase limit policy was introduced in Zhengzhou and Yongkangshi (under 0.5 1.1 (2.6) (9.9) (5.4)
J inhuashi)
47 (14-J an-11) Purchase limit policy was introduced in Taiyuan (2.3) (2.1) (8.1) (12.9) (6.7)
48 (14-J an-11) Raised RRR (2.3) (2.1) (8.1) (12.9) (6.7)
49 (16-J an-11) Purchase limit policy was introduced in Wuhan 0.0 (0.1) (9.2) (13.7) (3.3)
50 (18-J an-11) Purchase limit policy was introduced in Kunming 1.1 (0.3) (8.1) (10.2) (1.9)
51 (21-J an-11) Purchase limit policy was introduced in J inan and Nanchang (0.3) (3.6) (8.7) (7.3) (3.2)
52 (21-J an-11) Third round of the Purchase limit policy was introduced as year 2011 begins (0.3) (3.6) (8.7) (7.3) (3.2)
53 (26-J an-11) Purchase limit policy was introduced in Hefei (3.3) (0.7) (11.2) (3.8) (4.1)
54 (26-J an-11) Third round of tightening policies are introduced (3.3) (0.7) (11.2) (3.8) (4.1)
55 (28-J an-11) Property tax was put in effect in Chongqing and Shanghai 0.2 2.6 (8.3) (0.7) (0.2)
56 (09-Feb-11) Raised one year benchmark lending rate and benchmark deposit rate by 25bps (2.7) (2.9) (4.3) 6.8 (2.8)
57 (18-Feb-11) Raised RRR (0.8) (5.8) (2.3) 9.6 (5.0)

58 (22-Feb-11) 18 cities renewed local tightening policy with a focus of purchase limit (1.4) 1.2 5.3 15.4 0.6
59 (24-Feb-11) Big banks in Beijing suspended mortgage interest rate discount for first time 1.7 6.2 10.4 20.1 8.8
home buyers.
60 (12-J ul-11) Central Government announced to extend the purchase limit policy to tier-2 and 3.2 (0.7) (10.2) (21.1) (26.6)
tier-3 cities which showed dramatic increase in property price in 1H11
61 (29-Aug-11) Purchase limit policy was introduced in Taizhou (Zhejiang province) 2.6 0.4 (25.6) (9.2) (18.8)
62 (05-Sep-11) Price limit policy was introduced in Shaokwan (Guangdong province) (1.2) (8.2) (36.7) (11.4) (21.0)
63 (05-Sep-11) Price limit policy was introduced in Dandong (Liaoning province) (1.2) (8.2) (36.7) (11.4) (21.0)
64 (12-Sep-11) Purchase limit policy was introduced in Quzhou (Zhejiang province) (0.1) (8.3) (15.0) (6.9) (9.0)
65 (12-Oct-11) Foshan government announced to loosen the purchase limit restriction, but the 9.3 1.7 9.5 5.4 22.5
measures was suspended over-night
66 (21-Oct-11) Nanjing government relax housing loan policies of the city's housing fund 5.0 20.8 (2.2) 5.7 33.0
67 (04-Nov-11) Zhuhai government announced to enforce both purchase limit policy and price (3.0) (9.2) (3.8) (12.0) 9.8
limit policy at the same time
Page 68
China Property
1 J an 04 = 100
600
550
500
450
74 79
400 72
68
70
350
300
Nov/11 Nov/11 Dec/11 Dec/11 Jan/12 Jan/12 Feb/12

68 (10-Nov-11) Price limit policy was introduced in Zhongshan (0.0) (2.9) (0.7) (1.5) 17.9
69 (17-Nov-11) Hangzhou government introduced policy to support 1st home purchases of (3.4) (4.1) 0.8 8.9 17.8
high calibre talents in the Economic and Technology Development Zone
70 (28-Nov-11) Beijing government revised the definition of ordinary commodity housing, 2.1 11.0 4.8 14.3 17.5
which reduced the deed tax paid by buyers
71 (29-Nov-11) Wuhan government revised the definition of ordinary commodity housing, (1.7) 5.2 0.1 12.0 14.0
72 (01-Dec-11) Hefei governemnt raised the mortgage limits under the provident fund scheme (0.2) (1.5) (7.0) 3.7 6.4
73 (05-Dec-11) Chongqing governemnt reiterated the tax rebate policy to support 1st time (3.2) (6.2) (9.9) 5.6 11.7
home purchases of high calibre talents
74 (13-Dec-11) Zhongshan revised up the price cap for property transactions (0.9) (1.1) 6.1 18.1 23.7
75 (02-J an-12) Chongqing government raised the pricing bar for property tax collection 0.8 (1.1) 15.0 25.1 24.8
76 (02-J an-12) Wuxi government loosed the criteria for local residency, which was viewed as an 0.8 (1.1) 15.0 25.1 24.8
indirect way to stimulate the property market. However, the policy was suspended after
two days
77 (02-J an-12) Lianyungang lifted cap of provident fund mortgage from RMB200k/person or 0.8 (1.1) 15.0 25.1 24.8
RMB400k/household to RMB300k/person or RMB600k/household respectively.
78 (02-J an-12) Nantong government introduced policy to support home purchases of high 0.8 (1.1) 15.0 25.1 24.8
caliber talents and lifted cap of provident fund mortgage
79 (30-J an-12) Xiamen government lifted cap of provident fund mortgage 1.0 2.5 8.1 1.5 14.9
80 (01-Feb-12) Shanghai government revised the definition of ordinary commodity housing, 3.1 6.2 8.3 2.6 12.2
81 (01-Feb-12) Tianjin government revised the definition of ordinary commodity housing, 3.1 6.2 8.3 2.6 12.2
82 (06-Feb-12) Yixin government allows to convert commercial mortgage loan to provident (1.4) 3.2 4.9 5.7 9.0
fund mortgage
83 (06-Feb-12) Dalian government started to subsidize low income buyers up to 80% mortgage (1.4) 3.2 4.9 5.7 9.0
interest
84 (09-Feb-12) Wuhu in Anhui exempted all buyers from deed tax and subsidize a wide range (0.7) (1.5) (1.7) (2.3) 7.2
of people for purchasing property but suspended it three days later
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85 (17-Feb-12) Shanghai government revised the definition of ordinary commodity housing, 2.0 6.1 (6.1) (3.3) 11.0
which reduced the deed tax (1.5%) and sales tax (5.5%) paid by buyers
86 (20-Feb-12) Nanchong government revised the definition of ordinary commodity housing, (0.3) 2.9 (9.1) (5.0) 7.0
87 (22-Feb-12) Shanghai government lowered the pricing bar for property tax collection (1.0) (3.1) (13.7) (10.4) (0.4)
88 (25-Feb-12) Shanghai government announced to loosen purchase restrictions on non-locals 0.0 (5.4) (10.7) (6.4) 3.7
who had stayed in Shanghai for 3 years or above, But the revision was recalled 3 days later
89 (01-Mar-12) Shenyang lifted cap of provident fund mortgage 3.6 0.5 (5.2) 2.2 12.8
90 (08-Mar-12) Leshan, Sichuan lifted cap of porvident fund mortgage (from J an01,2012 to 0.4 (1.0) (0.3) (1.4) 17.5
Dec31,2012)
91 (28-Mar-12) Binzhou, Shandong lifted cap and loan term of provident fund mortgage (0.9) 4.1 7.5 7.0 15.7
(effective from Apr01,2012)
92 (02-Apr-12) Rizhao, Shandong lifted cap and loan term of porvident fund mortgage (from 4.4 5.7 9.1 5.9 15.4
J an01,2012 to Mar31,2017)
93 (02-Apr-12) Bengbu, Anhui lifted cap of provident fund mortgage (effective from 4.4 5.7 9.1 5.9 15.4
Apr01,2012)
94 (02-Apr-12) Dalian, Liaoning lifted cap of provident fund mortgage (effective from 4.4 5.7 9.1 5.9 15.4
Apr01,2012)
95 (02-Apr-12) Nanchang, J iangxi lifted cap of provident fund mortgage (effective from 4.4 5.7 9.1 5.9 15.4
Apr01,2012)
96 (09-Apr-12) Xinyang, Henan lifted cap of provident fund mortgage (effective from (1.3) 0.9 (3.3) 9.8 12.8
Apr09,2012)
97 (10-Apr-12) Suining, Sichuan lifted cap of provident fund mortgage (effective from (1.1) 0.9 (2.3) 11.2 13.3
Apr10,2012)
98 (19-Apr-12) Karamay, Xinjiang lifted cap of provident fund mortgage (effective from (0.2) 1.2 (3.3) 13.3 8.6
Apr01,2012)
99 (19-Apr-12) Changzhou, J iangsu to subsidize low income buyers up to 100% mortgage (0.2) 1.2 (3.3) 13.3 8.6
interest (effective from May01,2012)
100 (19-Apr-12) Hohhot, Inner Mogolia lifted cap of provident fund mortgage (effective from (0.2) 1.2 (3.3) 13.3 8.6
Apr19,2012)
101 (19-Apr-12) Zhengzhou, Henan lifted cap of provident fund mortgage (effective from (0.2) 1.2 (3.3) 13.3 8.6
Apr19,2012)
102 (19-Apr-12) Hohhot, Inner Mogolia lifted cap of provident fund mortgage (effective from (0.2) 1.2 (3.3) 13.3 8.6
Apr19,2012)
103 (19-Apr-12) Zhengzhou, Henan lifted cap of provident fund mortgage (effective from (0.2) 1.2 (3.3) 13.3 8.6
Apr19,2012)
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104 (24-Apr-12) Wuhan fine-tuned HPF mortgage policies. 2.0 4.4 2.0 10.8 11.6
105 (03-May-12) Zhangzhou, Fujian lifted cap of provident fund mortgage (effective from (1.2) (7.5) (4.0) 10.6 3.3
May01,2012)
106 (07-May-12) Yangzhou Government announced to provide subsidy for induviduals buying (0.9) (5.1) 4.4 18.0 9.6
commodity housing
107 (07-May-12) Wuhu, Anhui lifted cap of provident fund mortgage (effective from (0.9) (5.1) 4.4 18.0 9.6
May07,2012)
108 (18-May-12) Putian, Fujian lifted cap of provident fund mortgage (effective from 0.6 3.7 19.0 18.3 19.0
May21,2012)
109 (21-May-12) Yongzhou, Hunan lifted cap of provident fund mortgage (effective from 3.2 4.9 12.3 13.7 17.6
May21,2012)
110 (23-May-12) Chizhou, Anhui lifted cap of provident fund mortgage (effective from 0.2 6.5 8.7 10.5 13.5
J un01,2012)
111 (28-May-12) Linyi, Shandong lifted cap of provident fund mortgage (effective from 4.1 (1.4) 9.2 8.1 13.9
J un01,2012)
112 (28-May-12) Chongqing lifted cap of provident fund mortgage 4.1 (1.4) 9.2 8.1 13.9
113 (28-May-12) Huludao, Liaoning lifted cap of provident fund mortgage (effective from 4.1 (1.4) 9.2 8.1 13.9
May28,2012)
114 (31-May-12) Urumqi, Xinjiang lifted cap of provident fund mortgage (effective from (0.5) 0.2 8.2 7.2 11.3
J un01,2012)
115 (31-May-12) Yibin, Sichuan lifted cap of provident fund mortgage (effective from (0.5) 0.2 8.2 7.2 11.3
J un12,2012)
116 (01-J un-12) J iangmen, Guangdong lifted cap of provident fund mortgage (effective from (3.1) 2.9 8.8 8.3 11.9
J un01,2012)
117 (05-J un-12) Xi'an, Shaanxi lifted cap of provident fund mortgage (effective from 5 2.9 12.2 16.7 11.1 16.8
118 J(07-J
un,2012)
un-12) Longyan, Fujian lifted cap of provident fund mortgage 2.1 6.5 13.0 7.0 10.3
119 (07-J un-12) Ministry of Land and Resources (MLR) announced new measurement for idled 2.1 6.5 13.0 7.0 10.3
land (effective from J ul01,2012)
120 (01-J ul-12) Huaian, J iangsu lifted cap of provident fund mortgage (effective from 0.0 4.6 (2.9) (4.2) 14.7
121 J(02-J
ul01,2012)
ul-12) Zhangzhou, Fujian lifted cap of provident fund mortgage (effective from 2.5 4.6 (2.9) (4.2) 14.7
J ul02,2012), which is the second revision of mortgage ceiling after May's first revision.
122 (06-J ul-12) Chenzhou, Hunan lifted cap of provident fund mortgage and lowered (2.3) (3.8) (7.6) (12.5) 7.4
downpayment requirement (effective from J ul02,2012).
123 (13-J ul-12) Zhuhai government attempted to cancel the purchase limit and price cap (0.1) (3.5) (5.0) (2.6) 8.9
restructions, but the measures were recalled overnight
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124 (25-J ul-12) The State Council has sent 0.2 4.0 0.3 5.2 25.7
eight investigation teams to16 provinces to check on the implementation status of
tightening policies on the property
sector
125 (02-Aug-12) Nanchong, Sichuan fine-tuned HPF mortgage policies (effective from Aug02, 0.9 3.2 (1.4) 5.9 30.5
2012)
126 (02-Aug-12) Ningbo, Zhejiang lifted cap of provident fund mortgage (effective from 0.9 3.2 (1.4) 5.9 30.5
Aug01,2012).
127 (06-Aug-12) Ningbo lifted cap of provident fund mortgage (effective from 1 Aug,2012) 0.1 (1.1) (5.2) 3.2 32.0
128 (08-Aug-12) The State Council has completed its investigations into 10 2.1 (2.5) (1.4) 4.1 34.1
cities/provinces (out of 16).
129 (22-Aug-12) Shanghai announced that the purchase limit restrictions will be extended to 1.8 (1.4) 4.1 11.4 35.0
next year
130 (29-Aug-12) Taiyuan, Shanxi lifted cap of provident fund mortgage (0.9) (1.5) 8.0 12.0 40.8
131 (31-Aug-12) Beilun, Ningbo lifted cap of provident fund mortgage 2.3 3.8 9.9 17.2 43.3
132 (03-Sep-12) Dongguan revised its definition of common housing (effective from 1 Sep, (1.1) 1.0 7.6 20.3 48.8
2012)
133 (07-Sep-12) Shaoyang, Hunan lifted cap of provident fund mortgage (0.4) 6.2 5.2 19.5 51.4
134 (12-Sep-12) Shenzhen fine-tuned HPF mortgage policies. 2.2 3.1 4.5 16.0 47.4
135 (20-Sep-12) Wuhan announced to tighten the use of presales proceeds (effective from 1 0.4 0.8 6.8 12.9 44.4
Oct, 2012)
136 (20-Sep-12) Guiyang, Guizhou fine-tuned HPF mortgage policirtes. 0.4 0.8 6.8 12.9 44.4
137 (25-Sep-12) Guangzhou limits the presale supply of high-end products (0.4) 2.1 7.9 19.5 42.3
138 (26-Sep-12) J inan, Shadong fine-tuned HPF mortgage policies (effective Oct 08, 2012) 1.3 2.8 6.9 20.0 46.5
139 (28-Sep-12) Kunming, Yunan lifted the provident fund mortgage cap (effective Sep 28, 0.0 1.2 3.7 17.6 42.9
2012)
140 (28-Sep-12) J iaozuo, Henan provides interest subsidy to low income buyers 0.0 1.2 3.7 17.6 42.9
141 (28-Sep-12) Dalian, Liaoning lifted the provident fund mortgage cap (effective Oct 1, 0.0 1.2 3.7 17.6 42.9
2012), which is the second revision for the mortgage ceiling after Apr's first revision
142 (01-Oct-12) Longyan, Fujian lifted the provident fund mortgage cap, which is the second 0.0 (0.7) 8.8 23.2 42.2
revision of the mortgage ceiling after May's first revision
143 (07-Oct-12) Guiyang, Guizhou announced a series of policies to stimulate the local property 0.0 0.2 10.9 28.8 35.0
market
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144 (10-Oct-12) J inzhou, Hubei lifted the provident fund mortgage cap 0.1 3.1 11.4 28.6 34.8
145 (12-Oct-12) Huangshi, Hubei provides interest subsidy to low income buyers (0.2) 3.8 11.0 28.4 34.4
146 (17-Oct-12) Hangzhou sets ceiling for land sales premium 1.5 2.9 8.4 23.0 32.4
147 (18-Oct-12) Yinchuan, Ningxia lifted the provident fund mortgage cap (0.5) 1.5 6.8 19.6 30.5
148 (19-Oct-12) Zhuhai , Guangdong announced its local version of measurement for idle land 1.0 0.7 7.4 21.5 27.3
(effective from Nov 1,2012)
149 (22-Oct-12) Shaanxi announced it will cap the profit margin of residential property projects (0.1) (0.9) 8.2 21.1 25.7
150 (24-Oct-12) Wuhan, Hubei fine-tuned HPF mortgage policies 0.1 1.0 10.8 20.0 22.3
151 (25-Oct-12) Tianjin allows down payments to be paid in instalments (1.3) 3.0 10.8 20.0 22.2
152 (25-Oct-12) 9 cities in Guangdong province allow the use of HPF loans across these cities (1.3) 3.0 10.8 20.0 22.2
153 (29-Oct-12) Zhenjiang, J iangsu fine-tune HPF mortgage policies (effective Nov 1, 2012) 0.7 8.1 15.9 25.8 27.2
154 (29-Oct-12) J iangmen, Guangdong lifts provident fund mortgage cap 0.7 8.1 15.9 25.8 27.2
155 (02-Nov-12) Shanghai introduces a policy which requires at least 5% of social housing to be 0.4 (0.9) 10.4 20.8 10.8
developed on newly transferred residential land
156 (08-Nov-12) Suzhou, J iangsu lifts provident fund mortgage cap 0.4 (0.0) 16.2 26.7 15.2
157 (09-Nov-12) Guiyang, Guizhou released 30 supportive policies for property development. 0.2 0.2 15.8 28.5 13.0
158 (16-Nov-12) China to enhance regulation on land reserve and financing 0.4 5.1 13.9 27.4 3.8
159 (21-Nov-12) Bengbu, Anhui lift provident fund mortgage cap (effective from J an01,2013) 1.2 5.1 12.9 26.4 9.1
160 (28-Nov-12) National congress revised the Land Administration Law to put more restrictions 2.2 6.4 9.8 21.5 4.6
on the expropriation of farmland
161 (29-Nov-12) J inan lower the eligibility requirements for public rental housing 2.9 5.6 8.5 19.3 2.3
162 (03-Dec-12) Xiamen, Fujian fine-tune HPF policies (effective Dec 1, 2012) (0.4) 3.9 12.5 14.5 (0.7)
163 (17-Dec-12) Beijing government tightened the enformance of the HPR (1.4) 0.5 10.1 7.7 (2.1)
164 (10-J an-13) Chongqing raised property tax threshold by 5% (effective J an 1, 2013) (1.8) (1.3) (4.7) (11.2) (3.5)
165 (17-J an-13) Changchun, J ilin lift provident fund mortgage cap for 2nd-hand housing 0.8 0.8 (2.2) (17.2) (6.3)
166 (17-J an-13) J i'an, J iangxi lift provident fund mortgage cap 0.8 0.8 (2.2) (17.2) (6.3)
167 (17-J an-13) Qingdao, Shandong lift provident fund mortgage cap 0.8 0.8 (2.2) (17.2) (6.3)
168 (18-J an-13) Shenzhen initates a pilot reform to allow industrial land owned by urban villages 1.0 (0.5) (3.0) (17.9) (4.3)
to be traded
169 (23-J an-13) Zunyi Guizhou lift provident fund mortgage cap (0.6) 3.4 (8.3) (13.4) (7.4)
170 (28-J an-13) Nanning, Guangxi life provident fund mortgage cap 0.4 (1.2) (6.8) (13.9) (7.5)
171 (05-Feb-13) J inhua, Zhejiang lower provident fund mortgage cap (0.7) (3.3) (11.1) (15.0) (7.9)
172 (08-Feb-13) Dongguan, Guangdong adjust HPF policies (0.0) 2.1 (5.4) (12.1) (7.1)
173 (18-Feb-13) Kunshan, J iangsu adjust HPF policies (effective Feb 25, 2013) (3.0) (4.9) (15.4) (7.7) (11.4)
174 (21-Feb-13) The State Council announced New National Five measures and reiterated its 1.6 2.8 (5.7) 0.9 (13.7)
tightening stance
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175 (27-Feb-13) Bayan Nur, Inner Mongolia adjust HPF policies 3.6 (1.8) (3.0) 0.8 (13.6)
176 (01-Mar-13) Dalian, Liaoning fine-tune policies for allowing non-locals to register as local (6.3) (3.8) (6.8) (1.6) (13.3)
residents after house purchase in major districts of the city
177 (01-Mar-13) The State Council announced more details of National Five Measures (6.3) (3.8) (6.8) (1.6) (13.3)
178 (05-Mar-13) Xiangxi, Hunan lift provident fund mortgage cap 2.3 0.3 (4.4) 8.0 (9.1)
179 (20-Mar-13) Fuzhou, Fujian fine-tune HPF policies (effective Apr 1, 2013) 0.7 2.8 7.7 10.4 (5.5)
180 (26-Mar-13) Guangdong province announced tightening details 1.7 0.0 4.7 5.6 (2.1)
181 (31-Mar-13) A number of cities announced local 0.0 (4.2) 5.5 4.8 0.3
cooling measures
182 (01-Apr-13) J iaozuo, Henan lift provident fund mortgage cap (0.3) (4.2) 5.5 4.8 0.3
183 (07-Apr-13) Beijing tighten provident fund mortgage policy 0.0 2.9 15.1 5.7 6.8
184 (09-Apr-13) Suzhou and Kunshan, J iangsu tighten local HPF policies (effective from Apr15, 1.8 2.8 13.5 4.2 7.5
2013)
185 (19-Apr-13) Xi'an, Shaanxi announced local five measures. 0.1 (1.6) 2.6 (9.5) 1.2
186 (24-Apr-13) Guangzhou to guide commodity residential housing prices (effective from (0.5) 0.1 0.1 (16.6) (2.8)
Apr24,2013)
187 (29-May-13) Lianyungang, J iangsu adjust HPF policies. (0.9) (2.1) (12.5) (9.7) (3.3)
188 (30-May-13) Dalian, Liaoning tighten HPF policies (effective from J un 1, 2013) (0.2) (2.7) (11.7) (8.3) (2.5)
189 (03-J un-13) Xiamen, Fujian lower provident fund mortgage cap (0.0) (3.4) (16.6) (1.7) (0.6)
190 (10-J un-13) Zhuzhou, Hunan adjust HPF policies (effective from J ul 3, 2013) (3.1) (2.8) (11.2) 4.9 7.6
191 (10-J un-13) Beijing to strengthen regulations on commodity housing pre-sales funds (3.1) (2.8) (11.2) 4.9 7.6
(effective from J ul 1, 2013)
192 (17-J un-13) Beijing to strengthen regulations on commodity housing pre-sales approval (0.5) (10.7) (4.4) 9.1 10.2
(effective from Aug 1, 2013)
193 (20-J un-13) Foshan, Guangdong lift provident fund mortgage cap (effective from J ul 1, (1.2) (1.8) 1.3 14.0 18.2
2013)
194 (25-J un-13) Ningbo, Zhejiang extend the mortgage term under HPF 3.0 5.6 14.2 19.2 20.8
195 (25-J un-13) Xuancheng, Anhui lower provident fund mortgage cap (effective J ul 1, 2013) 3.0 5.6 14.2 19.2 20.8
196 (25-J un-13) Nanning, Guangxi lift monthly payment under HPF mortgage 3.0 5.6 14.2 19.2 20.8
197 (09-J ul-13) Shengzhou, Zhejiang lower provident fund mortgage cap (effective J ul 1, 2013) 0.5 4.8 16.7 17.2 16.8
198 (10-J ul-13) Chaoyang, Liaoning lift provident fund mortgage cap 5.3 4.6 18.0 19.2 16.2
199 (11-J ul-13) J iaxing, Zhejiang fine-tune HPF policies 0.1 (0.9) 12.1 12.6 10.3
200 (16-J ul-13) Hangzhou to provide interest subsidy for conversion from provident fund 0.3 2.6 15.5 13.0 14.7
mortgage to commercial mortgage
201 (19-J ul-13) Ningxia province allows the use of HPF loans among lineal kin (parents, children 0.4 5.2 15.7 15.0 14.1
and spouses)
202 (23-J ul-13) Xuzhou, J iangsu to provide interest subsidy for conversion from provident fund 1.1 0.3 6.7 10.8 8.7
mortgage to commercial mortgage (effective J ul25, 2013)
203 (05-Aug-13) Wenzhou adjust its HPR policy. (0.6) 3.1 0.9 0.5 1.2
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204 (29-Aug-13) Wuhu, Anhui to subsidise graduates on home purchase 1.0 2.7 1.5 3.9 (1.9)
205 (29-Aug-13) Wenzhou, Zhejiang allows trading of rural land property rights (effective Oct1, 1.0 2.7 1.5 3.9 (1.9)
2013)
206 (02-Sep-13) Nanjing tightens its control measures (effective Sep1, 2013) 1.0 2.4 0.8 4.0 (2.4)
207 (02-Sep-13) Shenzhen adjusts the preferential policy for ordinary housing (effective Sep1, 1.0 2.4 0.8 4.0 (2.4)
2013)
208 (02-Sep-13) Zhengzhou, Henan tightens its controls on property sector (effective Sep1, 1.0 2.4 0.8 4.0 (2.4)
209 2013)
(03-Sep-13) Baotou, Inner Mongolia loose HPF policies (0.6) 3.5 0.6 3.0 (4.7)
210 (09-Sep-13) Beijing raise land appreciation tax for transactions of 2nd-hand properties 2.1 1.0 3.6 (0.4) (5.3)
(effective Oct 1,2013)
211 (13-Sep-13) Chengdu fine-tune HPF policies (effective Oct 1,2013) 0.7 1.5 4.0 (1.9) (5.7)
212 (14-Oct-13) Two Ministries sends investigation teams to check false reporting on property (0.1) (0.7) (5.2) (9.1) (10.2)
prices in the secondary market, to control panic buying
213 (14-Oct-13) Shenzhen is planning to further tighten mortgage for second home buyers (0.1) (0.7) (5.2) (9.1) (10.2)
214 (17-Oct-13) Guangyuan, Sichuan lifts provident fund mortgage cap 0.1 (3.5) (0.8) (7.9) (9.5)
215 (17-Oct-13) Chengdu announces details of New HPF policies (effective Nov 1,2013) 0.1 (3.5) (0.8) (7.9) (9.5)
216 (23-Oct-13) Beijing unveils more details regarding self-use commodity housing (1.6) (0.6) (1.6) (7.6) (13.3)
217 (25-Oct-13) Malaysia issues new measures to curb property speculation 0.2 3.7 0.7 (4.9) (12.6)
218 (29-Oct-13) Ministry of Housing takes the lead to form the action plan for promoting the 0.7 0.9 0.6 (5.6) (13.8)
industrialisation of residential property construction
219 (01-Nov-13) Huizhou, Guangdong lowered mortgage cap for second home purchases (1.0) (2.7) (2.0) (7.2) (15.9)
220 (01-Nov-13) Shenzhen raised down payment requirement for second home purchases (1.0) (2.7) (2.0) (7.2) (15.9)
221 (08-Nov-13) Shanghai unveils seven local measures to tighten the property market (0.2) 0.3 (1.8) (6.3) (14.0)
222 (15-Nov-13) Government unveils new reform roadmap 2.4 0.4 (5.3) (5.8) (19.4)
223 (18-Nov-13) Guangzhou unveils six local measures to tighten the property market (1.5) (2.8) (6.4) (9.2) (21.1)
224 (25-Nov-13) Wuhan, Nanchang, Shenyang and Xiamen unveil local measures to tighten the (0.2) 0.9 (5.6) (9.2) (17.2)
property market
225 (26-Nov-13) Nanjing unveils eight local measures (0.4) 0.1 (5.4) (9.0) (15.6)
226 (26-Nov-13) Hangzhou unveils six local measures (0.4) 0.1 (5.4) (9.0) (15.6)
227 (27-Nov-13) Fuzhou unveils seven local measures 0.7 0.2 (4.2) (8.7) (15.7)
228 (28-Nov-13) Xi'an unveils seven local measures 0.9 (0.6) (5.4) (8.5) (15.3)
229 (03-Dec-13) Xiamen, Fujian raise downpayment requirement under provident fund scheme (0.3) (2.4) (5.7) (8.1) (9.6)
for second home purchase
230 (06-Dec-13) Beijing to strengthen regulations on commodity housing pre-sales approval (1.2) (3.5) (6.8) (10.1) (10.2)
(effective Aug 1, 2013)
231 (10-Dec-13) Shenyang raise downpayment requirement under provident fund scheme for (0.7) (2.1) (2.1) (7.7) (7.4)
second home purchase
232 (16-Dec-13) Hangzhou lower the ceiling for land sales premium 0.5 (1.2) (0.3) (1.3) (9.3)
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255 258-260
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233 (01-J an-14) HPF Management Centre adjusts policy of mortgage loans to employees of 0.0 (1.8) (3.8) (9.4) (13.9)
central state bodies.
234 (01-J an-14) Beijing Tax Bureau issues details on property gains tax from reselling of property 0.0 (1.8) (3.8) (9.4) (13.9)
235 (01-J an-14) Beijing announces 2014 land supply plan 0.0 (1.8) (3.8) (9.4) (13.9)
236 (01-J an-14) SDPC announces push for legislation on futures, real estate, and the 0.0 (1.8) (3.8) (9.4) (13.9)
237 environment
(09-J an-14) Guangxi tightens the transaction tax on second-hand properties (effective J an 0.6 (0.2) (5.2) (9.3) (18.3)
1, 2014)
238 (09-J an-14) Chongqing raises property tax threshold by 3% (effective J an 1, 2014) 0.6 (0.2) (5.2) (9.3) (18.3)
239 (09-J an-14) Xiangyang, Hubei adjust HPF policies (effective J an 1, 2014) 0.6 (0.2) (5.2) (9.3) (18.3)
240 (09-J an-14) Cixi, Zhejiang lower provident fund mortgage cap (effective J an1, 2014) 0.6 (0.2) (5.2) (9.3) (18.3)
241 (24-J an-14) Wenzhou adjusts HPF mortgage policy (2.8) (1.6) (5.6) (9.6) (11.8)
242 (10-Feb-14) Kunming tightens HPF policies (effective Feb 1, 2014) 2.3 4.2 (4.3) 0.4 (8.9)
243 (10-Feb-14) Qingdao adjusts HPF mortgage policy 2.3 4.2 (4.3) 0.4 (8.9)
244 (10-Feb-14) Qingdao adjusts HPF mortgage policy 2.3 4.2 (4.3) 0.4 (8.9)
245 (11-Feb-14) Chongqing adjusts HPF mortgage policy 3.4 1.5 (6.5) (2.8) (11.2)
246 (11-Feb-14) Chongqing adjusts HPF mortgage policy 3.4 1.5 (6.5) (2.8) (11.2)
247 (17-Feb-14) Suzhou implements restrictions on new commercial properties (0.4) (6.0) (13.7) (7.7) (13.2)
248 (18-Feb-14) Hangzhou Xiaoshan district adjusts HPF mortgage policy 1.2 (7.0) (13.1) (7.4) (14.0)
249 (28-Feb-14) Nanjing announced seven control measures (1.7) (0.4) (3.7) (7.1) (10.2)
250 (03-Mar-14) Tianjin lowers the threshold for transaction tax 0.5 (0.5) 4.4 (6.2) (5.2)
251 (19-Mar-14) The CSRC resumes approval of share sales by real estate companies. CSRC had (0.2) 4.7 7.5 (0.2) 4.0
suspended real estate companies from raising funds from the equity market since 2010.
252 (09-Apr-14) Fuzhou, Fujian adjusts HPF mortgage policy (effective Apr21, 2014) (0.8) (5.4) (14.8) (10.1) 0.7
253 (10-Apr-14) Foshan, Guangdong adjusts HPF mortgage policy (effective J un01, 2014) (1.0) (4.2) (13.1) (9.3) 1.6
254 (22-Apr-14) Wuxi lowers the requirement for non-local home buyers to obtain residency (1.8) (3.7) (6.4) (9.3) 6.9
255 (28-Apr-14) Hangzhou Xiaoshan district government sets a cap on deposit requirement for 0.8 (0.8) 0.6 (3.4) 8.4
land acquisitions
256 (29-Apr-14) Hangzhou Xiaoshan district announced new measures to facilitate home (0.2) (1.5) (0.7) (4.1) 7.6
purchase by relocation home buyers
257 (29-Apr-14) Nanning will allow residents in 5 nearby cities to buy property in the city (0.2) (1.5) (0.7) (4.1) 7.6
258 (06-May-14) Chengdu tightens the requirement for non-local home buyers to obtain (3.1) (0.7) 1.2 4.4 11.9
residency
259 (06-May-14) Tongling County (Anhui province) adjusts its HPF mortgage policy and offers (3.1) (0.7) 1.2 4.4 11.9
subsidy on deed tax
260 (06-May-14) Shangqiu (商丘), Henan province loosens HPF mortgage policy (3.1) (0.7) 1.2 4.4 11.9
261 (07-May-14) Changzhou is facilitating the conversion of HPF mortgage to commercial (1.2) 5.0 4.0 7.7 15.4
mortgage
262 (12-May-14) Shenyang loosen HPF mortgage policy 2.8 2.4 4.5 6.4 12.8
263 (20-May-14) Yangzhou loosen HPF mortgage policy (0.1) 3.2 (1.2) 5.2 6.2
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267
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May/14 Jun/14 Jul/14 Aug/14

264 (20-May-14) Yangzhou loosen HPF mortgage policy (0.1) 3.2 (1.2) 5.2 6.2
265 (26-May-14) Xuancheng (宣城) loosen HPF mortgage policy and offers subsidy on deed tax (0.4) 0.6 (5.0) 12.0 2.2
266 (26-May-14) Hangzhou issued policy to limit price cut. (0.4) 0.6 (5.0) 12.0 2.2
267 (27-May-14) Gansu Zhangye (張掖) loosens HPF mortgage policy 0.4 1.3 (5.0) 12.5 0.8
268 (28-May-14) Wuhu to subsidise interest payments for second home buyers (0.6) 0.0 (4.0) 12.0 0.4
269 (29-May-14) J iangsu Taizhou (泰州) loosens HPF mortgage policy 1.3 1.1 (3.4) 12.9 1.0
270 (30-May-14) Dongguan issues policy to limit price cut (0.0) (0.9) (4.6) 10.6 (1.6)
271 (01-J un-14) Haikou allows people to obtain local ID by purchasing properties in the city 0.0 (1.2) (3.0) 12.1 (1.6)
272 (05-J un-14) Zhejiang Zhuji (諸暨) loosens HPF mortgage policy (0.8) (1.0) 2.4 10.0 3.6
273 (10-J un-14) Anhui Huaibei (淮北) loosens HPF mortgage policy (0.3) (0.7) 1.9 11.9 3.9
274 (27-J un-14) Hohhot (呼和浩特), Inner Mongolia ends curbs on home purchases 1.5 7.6 18.4 16.2 6.7
275 (03-J ul-14) Anhui Bengbu (蚌埠) loosens HPF mortgage policy 2.2 1.8 13.3 10.1 6.1
276 (20-J ul-14) J iangsu Suzhou (蘇州) loosens HPR policy 0.0 10.2 8.6 0.9 0.3
277 (20-J ul-14) Hubei Wuhan (武漢) loosens HPR policy 0.0 10.2 8.6 0.9 0.3
278 (23-J ul-14) Haikou (海口) loosens HPR policy 2.6 3.6 3.1 (4.6) 1.7
279 (25-J ul-14) Wuxi (無錫) loosens HPR policy 1.4 2.1 0.4 (6.7) (2.5)
280 (25-J ul-14) Xi'an (西安) loosens HPR policy 1.4 2.1 0.4 (6.7) (2.5)
281 (28-J ul-14) Shijiazhuang (石家莊) loosens HPR policy 0.2 0.8 (3.8) (10.4) (1.9)
282 (28-J ul-14) Hangzhou (杭州) loosens HPR policy 0.2 0.8 (3.8) (10.4) (1.9)
283 (31-J ul-14) Sichuan (四川) province announces the provision of subsidies to banks that (1.4) (4.7) (6.0) (13.4) (6.5)
offer mortgage loans to first home buyers
284 (01-Aug-14) J inhua (金華) loosens HPR policy 0.1 (4.0) (4.7) (12.1) (5.2)
285 (01-Aug-14) Hefei (合肥) loosens HPR policy 0.1 (4.0) (4.7) (12.1) (5.2)
286 (04-Aug-14) Shaoxing (紹興) loosens HPR policy (2.0) (1.3) (2.0) (7.7) (1.8)
287 (04-Aug-14) Taiyuan (太原) loosens HPR policy (2.0) (1.3) (2.0) (7.7) (1.8)
288 (06-Aug-14) Changsha (長沙) loosens HPR policy (1.0) 2.2 0.2 (5.4) (0.4)
289 (07-Aug-14) Foshan (佛山) loosens HPR policy (0.7) 1.3 1.2 (5.1) 0.6
290 (08-Aug-14) Fuzhou (福州) loosens HPR policy 2.9 1.8 1.9 (4.9) 1.3
291 (08-Aug-14) Xiamen (廈門) announced loosening measures 2.9 1.8 1.9 (4.9) 1.3
292 (11-Aug-14) Zhengzhou (鄭州) loosens HPR policy 0.3 (1.6) (3.3) (8.4) (4.8)
293 (11-Aug-14) Dongguan's (東莞) restrictions on home sales 0.3 (1.6) (3.3) (8.4) (4.8)
294 (11-Aug-14) Kunming (昆明) loosens HPR policy 0.3 (1.6) (3.3) (8.4) (4.8)
295 (14-Aug-14) J iangxi Nanchang (南昌) loosens HPR policy (0.2) (0.0) (3.0) (7.5) (5.0)
296 (15-Aug-14) Xiamen (廈門) officially confirms HPR loosening (0.5) 0.9 (2.8) (7.4) (4.8)
297 (18-Aug-14) Harbin (哈爾濱) loosens HPR policy 1.0 1.1 (4.3) (7.5) (5.2)
298 (22-Aug-14) J iangxi province loosens mortgage policy (0.3) (3.1) (7.8) (8.3) (7.1)
299 (27-Aug-14) Haikou loosens requirement on granting citizenships (2.1) (0.2) (8.7) (8.2) (4.5)
300 (28-Aug-14) Xi'an and Guiyang loosen HPR (0.0) 2.7 (6.8) (5.5) (2.5)
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Aug/14 Sep/14 Oct/14

301 (29-Aug-14) Ningbo loosens HPR (0.2) 2.6 (6.8) (4.7) (2.5)
302 (29-Aug-14) Hangzhou loosen HPR (0.2) 2.6 (6.8) (4.7) (2.5)
303 (01-Sep-14) Qingdao loosens HPR 0.2 2.6 (7.8) (1.6) 0.2
304 (01-Sep-14) Wuxi loosens HPR 0.2 2.6 (7.8) (1.6) 0.2
305 (05-Sep-14) Zhangzhou (漳州) loosens HPF policies (0.2) (2.8) (5.7) (5.1) 5.6
306 (08-Sep-14) Xining (西寧) in Qinghai province (青海) loosens HPR (0.0) (2.9) (6.7) (6.3) 2.0
307 (11-Sep-14) J iaxing (嘉興) of Zhejiang province loosens HPF policies (0.2) (2.5) (5.2) (4.2) 3.9
308 (12-Sep-14) Wuxi (無鍚) loosens HPF policies (0.3) (2.3) (5.0) (4.1) 4.1
309 (15-Sep-14) Shenyang (瀋陽) loosens HPR (0.9) (4.3) (4.7) (3.6) 5.8
310 (15-Sep-14) Hubei (湖北) province announces loosening measures (0.9) (4.3) (4.7) (3.6) 5.8
311 (16-Sep-14) Shenyang (瀋陽) adjusts HPF policies 0.4 (3.3) (5.0) (2.7) 4.8
312 (18-Sep-14) Xining (西寧) adjusts HPF policies 0.1 (1.8) (3.4) (2.7) 2.8
313 (21-Sep-14) Nanjing (南京) loosens HPR 0.0 (2.0) (0.5) 6.7 7.8
314 (25-Sep-14) Xiangyang (襄陽) loosens mortgage policies (0.8) (3.9) (2.0) 4.5 7.1
315 (26-Sep-14) Dazhou (達州) in Sichuan province adjusts HPF policies (1.8) 1.1 (1.2) 6.6 8.0
316 (26-Sep-14) Zhuhai (珠海) loosens HPR (1.8) 1.1 (1.2) 6.6 8.0
317 (29-Sep-14) Nanchang (南昌) loosens mortgage policies (1.3) 3.8 2.3 6.4 6.7
318 (30-Sep-14) Ningbo provide subsidy for university graduates to buy home 0.0 4.4 3.9 7.9 8.0
319 (30-Sep-14) Ningbo loosens HPF policies for university graduates 0.0 4.4 3.9 7.9 8.0
320 (30-Sep-14) PBOC and CBRC announced measures to loosen mortgage policies 0.0 4.4 3.9 7.9 8.0
321 (09-Oct-14) The housing authority (MOHURD), MOF and PBOC announced to loosen HPF (1.0) (3.4) (1.0) 3.8 3.0
policies
322 (09-Oct-14) Shenyang loosens HPF mortgage policies (1.0) (3.4) (1.0) 3.8 3.0
323 (13-Oct-14) Guangzhou tightens HPF policies 0.1 (0.7) 1.4 2.8 6.5
324 (13-Oct-14) PBOC loosens control on loans for property development 0.1 (0.7) 1.4 2.8 6.5
325 (13-Oct-14) The housing authority (MOHURD), MOF and PBOC will waive some transaction 0.1 (0.7) 1.4 2.8 6.5
fees for housing provident fund applicants.
326 (13-Oct-14) Wuhan loosens HPF policies 0.1 (0.7) 1.4 2.8 6.5
327 (17-Oct-14) Tianjin (天津) loosens HPR policy 0.7 1.2 2.5 2.6 8.4
328 (17-Oct-14) Wuhan (武漢) loosens HPF mortgage policies for second-home buyers 0.7 1.2 2.5 2.6 8.4
329 (20-Oct-14) Shandong Weifang (濰坊) to provide discount on deed tax 0.3 (0.4) (0.6) 1.9 7.6
330 (21-Oct-14) Changchun (長春) loosens HPF mortgage policies 0.3 0.1 0.2 1.5 7.4
331 (23-Oct-14) Shandong province (山東省) loosens HPF policies (0.3) 0.7 7.0 0.7 7.0
332 (23-Oct-14) Urumchi (烏魯木齊) loosens HPR policy (0.3) 0.7 7.0 0.7 7.0
333 (28-Oct-14) Xin Yu (新余) city of J iangxi province loosens HPF policies 0.9 3.8 8.0 3.2 8.5
334 (29-Oct-14) Yangzhou (楊州) loosens HPF mortgage policy 0.2 2.2 4.1 2.3 7.5
335 (03-Nov-14) Hunan (湖南) province loosens HPF policies (0.0) (2.2) 4.0 10.4 3.2
336 (04-Nov-14) Shanghai (上海) loosens HPF policies (0.7) (2.4) 4.9 10.4 1.8
337 (05-Nov-14) Nanjing (南京) loosens HPF mortgage policies (0.6) (1.8) 4.8 11.2 2.1
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338 (06-Nov-14) J iangxi (江西) province loosens restrictions on the property sector (0.5) (0.8) 5.2 10.9 2.2
339 (07-Nov-14) Kunming (昆明) adjusts HPF policies (0.4) (0.1) 5.6 10.1 2.3
340 (13-Nov-14) Shanghai (上海) redefined the classification for 'ordinary commodity housing' 0.2 (2.6) 1.4 9.5 1.2
341 (14-Nov-14) J iangsu (江蘇) provides subsidy on fitting of new houses (0.4) (1.7) 1.2 9.5 0.9
342 (16-Nov-14) Shenyang (瀋陽) provides subsidy to home buyers 0.0 6.0 0.1 4.5 1.3
343 (18-Nov-14) Changsha (長沙) loosens HPF policies (0.6) 5.4 1.7 5.6 2.3
344 (19-Nov-14) Zhejiang Ninghai (寧海) provides subsidies to homebuyers (0.7) 7.4 1.6 6.3 4.2
345 (21-Nov-14) Qingdao (青島) revises up the benchmark land price (基準地價) 7.3 7.8 1.4 9.1 6.2
346 (24-Nov-14) Shanghai (上海) revises down HPF mortgage rate (1.5) (2.3) (5.4) 1.0 (1.4)
347 (24-Nov-14) Shenzhen (深圳) revises down HPF mortgage rate (1.5) (2.3) (5.4) 1.0 (1.4)
348 (26-Nov-14) Pingdingshan, Henan (河南平頂山) loosens HPF policies (0.4) 0.9 (5.1) 1.3 (1.4)
349 (26-Nov-14) Ningbo (寧波) loosens HPF policies (0.4) 0.9 (5.1) 1.3 (1.4)
350 (28-Nov-14) Miaoyang, Sichuan (四川綿陽) finetunes HPF policies (2.7) 0.0 (4.4) (0.6) 3.5
351 (28-Nov-14) Changchun (長春) redefines first home purchase under HPF mortgage scheme (2.7) 0.0 (4.4) (0.6) 3.5
352 (01-Dec-14) J inhua (金華) loosens HPF policy 1.6 2.6 0.7 0.1 6.1
353 (12-Dec-14) Guangzhou released guidelines for the transaction of 'fixed price housing' (1.2) (2.9) 5.4 0.8 25.4
(限價房)
354 (15-Dec-14) China to set up three new Free Trade Zones in Fujian, Guangdong and Tianjin (1.3) (1.5) 8.0 4.3 24.6
355 (19-Dec-14) Changsha, Hefei, Nanchang and Wuhan loosens HPF policies 0.2 0.4 4.6 5.8 26.1
356 (22-Dec-14) The State Council announces details on the provisional regulations on real estate (0.4) 1.7 7.0 5.8 32.4
registration ("不動產登記暫行條例”) which will be effective from 1st March, 2015
357 (01-J an-15) Beijing raises cap for HPF mortgage 6.0 4.5 (0.6) 2.6 39.3
358 (07-J an-15) Foshan (佛山) Shunde lowers the threshold for classification of 'ordinary (1.5) (0.6) (5.8) (7.1) 23.0
housing'
359 (11-J an-15) The State Council and CPCCC announce more details on the trial implementation 0.0 (3.6) (4.3) (7.3) 28.2
of rural land reforms
360 (14-J an-15) The housing authority (MOHURD) urges local governments to launch REIT pilot (0.2) (2.1) (3.6) (7.9) 25.5
programmes
361 (16-J an-15) Xiamen (廈門) loosens HPF for properties within the main island (3.0) 0.1 (1.6) (6.0) 33.1
362 (16-J an-15) CSRC simplifies the approval procedure for developers' refinancing and M&A (3.0) 0.1 (1.6) (6.0) 33.1
363 (20-J an-15) Dongguan (東莞) raises cap for HPF mortgage 2.1 0.7 0.2 (2.1) 35.7
364 (23-J an-15) Beijing (北京) reiterates non-loosening of HPR (0.8) (3.9) (1.8) (2.8) 33.3
365 (26-J an-15) Fuzhou (福州) government begins a pilot programme to repurchase commodity (0.7) (3.1) 0.3 (2.6) 38.4
housing
366 (28-J an-15) Shanghai (上海) reiterates non-cancellation of HPR (1.8) (1.2) 1.1 4.2 36.5
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367 (10-Feb-15) Shanghai is working on to raise HPF mortgage quota (0.4) 1.6 (2.6) 17.7 29.9
368 (27-Mar-15) Ministry of Land and Resources and Ministry of Housing ( 國土資源部) 3.1 4.4 29.0 38.4 12.1
announced measures to optimise the supply structure of land and residential units.
369 (30-Mar-15) PBOC adjusted downpayment requirements (1.5) 1.2 31.8 29.9 8.8
370 (30-Mar-15) Tax Bureau announced suspension of business tax (1.5) 1.2 31.8 29.9 8.8
371 (01-Apr-15) Hunan (湖南) province lowers HPF mortgage rate 1.6 6.2 32.2 30.3 7.5
372 (02-Apr-15) Wenzhou government announced measures to help home buyers 0.0 8.6 34.2 27.2 5.8
373 (03-Apr-15) Lanzhou (蘭州)loosens HPF mortgage policies (0.0) 9.6 34.2 26.3 5.8
374 (07-Apr-15) Shenzhen lowered down-payment requirement for HPF mortgages 4.6 12.8 21.9 25.6 6.5
375 (07-Apr-15) Xiamen loosens HPFmortgage policies 4.6 12.8 21.9 25.6 6.5
376 (08-Apr-15) Anhui loosens HPF mortgage policies 3.9 8.5 21.4 20.1 3.1
377 (08-Apr-15) Shanghai loosens HPF mortgage requirements for first and second home buyers 3.9 8.5 21.4 20.1 3.1
378 (13-Apr-15) Beijing announced to reduce land supply (2.3) (2.3) 6.5 6.6 (11.5)
379 (15-Apr-15) Harbin loosens HPF mortgage policies 1.2 4.6 10.2 8.5 (10.2)
380 (15-Apr-15) Shenyang loosens HPF mortgage policies 1.2 4.6 10.2 8.5 (10.2)
381 (15-Apr-15) Shenzhen loosens HPF mortgage policies 1.2 4.6 10.2 8.5 (10.2)
382 (21-Apr-15) Hebei loosens HPF mortgage policies 4.6 8.7 11.8 6.5 (17.2)
383 (21-Apr-15) Nanjing loosens HPF mortgage policies 4.6 8.7 11.8 6.5 (17.2)
384 (21-Apr-15) Wuxi loosens HPF mortgage policies 4.6 8.7 11.8 6.5 (17.2)
385 (27-Apr-15) Shenzhen Qianhai FTZ launched offically (0.2) 8.6 7.3 (5.6) (24.9)
386 (30-Apr-15) Shanxi loosens HPF mortgage policies 0.0 (6.3) (1.4) (7.9) (29.3)
387 (30-Apr-15) Shanghai government is working on plans to increase land supply 0.0 (6.3) (1.4) (7.9) (29.3)
388 (01-May-15) Guiyang loosens HPF mortgage policies 3.1 (2.5) (1.4) (7.9) (30.7)
389 (10-May-15) Suzhou loosens HPF mortgage policies 0.0 0.8 (5.5) (13.1) (28.0)
390 (11-May-15) Shanghai and Beijing lower mortgage rate for (2.4) 0.8 (5.5) (13.1) (28.0)
HPF
391 (24-May-15) Tianjin loosens HPF mortgage policies 0.0 (0.4) (4.6) (16.6) (28.6)
392 (26-May-15) Changsha loosens HPF mortgage policies (0.0) (4.1) (9.7) (19.0) (30.6)
393 (29-May-15) Beijing loosens HPF mortgage policies 2.0 (0.4) (7.1) (14.0) (29.2)
394 (31-May-15) Zhengzhou (鄭州) lowers the threshold for classification of 'ordinary housing' 0.0 (2.1) (6.6) (17.5) (28.7)
395 (05-J un-15) China add Rmb1tr quota for local government to swap debts into muncipal 0.3 (0.4) (14.1) (15.1) (22.8)
bonds
396 (08-J un-15) Hohhot (呼和浩特), Inner Mongolia loosens HPF mortgage policies (2.4) (1.9) (24.4) (14.1) (21.8)
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397 (08-J un-15) Xi'an loosens HPF mortage policy (2.4) (1.9) (24.4) (14.1) (21.8)
398 (09-J un-15) Gansu province (甘肅) loosens HPF mortgage policy (1.2) (2.2) (14.3) (12.0) (19.4)
399 (09-J un-15) Wuhan (武漢) loosens HPF policy for rental subsidy (1.2) (2.2) (14.3) (12.0) (19.4)
400 (28-J un-15) Beijing lower HPF mortgage rate 0.0 (7.9) (7.4) (21.2) (12.8)
401 (28-J un-15) Shanghai lower HPF mortgage rate 0.0 (7.9) (7.4) (21.2) (12.8)
402 (13-J ul-15) Ningbo provide subsidy on deed tax for home buyers (0.6) 2.8 (7.8) (17.1) (7.4)
403 (23-J ul-15) Wuhan loosen HPF policies (0.4) (5.1) (21.7) (18.5) (5.7)
404 (19-Aug-15) Government loosen purchase restrictions on non-local buyers (1.6) (12.3) (4.5) 3.8 7.7
405 (01-Sep-15) Government lowered downpayment requirement for HPF mortgage (1.2) 0.9 1.5 14.0 21.4
406 (30-Sep-15) Qingyuan (Guangdong province) provide subdisy to home buyers 0.0 8.4 11.4 11.5 0.3
407 (16-Oct-15) Changsha city (長沙市) and Hunan province (湖南省) lower downpayment (0.7) 0.3 (1.7) (0.0) (11.1)
requirements for HPF mortgage
408 (16-Oct-15) Shenyang launched supporting measures for home buyers (0.7) 0.3 (1.7) (0.0) (11.1)
409 (19-Oct-15) Xinjiang (新疆) loosening HPF policies to allow HPR mortgage to be used in 0.2 1.8 2.0 3.7 (8.2)
house fittings
410 (26-Oct-15) Guangzhou (廣州) loosen HPF policies (0.6) (1.7) 0.7 2.9 (12.2)
411 (19-Nov-15) Shanxi (山西)loosens purchase restrictions 1.7 0.5 1.7 (10.1) (3.0)
412 (19-Nov-15) Tianjin loosens HPF mortgage policies 1.7 0.5 1.7 (10.1) (3.0)
413 (23-Nov-15) State council loosens restrictions on Housing Provident Fund (HPF) (0.6) (4.4) 0.8 (15.3) (6.0)
414 (02-Dec-15) Nanjing (南京) raise HPF mortgage quota for buyers who buy fitted houses (0.5) (1.5) (2.6) (15.3) (9.6)
415 (03-Dec-15) Kunming (昆明) loosens HPF mortgage policies 0.1 (3.0) (2.1) (16.2) (9.2)
416 (03-Dec-15) Henan Puyang (濮陽) provides subsidy for migrant workers to buy house in the 0.1 (3.0) (2.1) (16.2) (9.2)
city
417 (03-Dec-15) Central government proposed to provide tax allowance for mortage interest 0.1 (3.0) (2.1) (16.2) (9.2)
expenses
418 (04-Dec-15) Shanghai HPF authority issued first batch of ABS (0.4) (5.4) (2.2) (15.8) (9.3)
419 (20-Dec-15) Behai provide subsidy to home buyers 0.0 1.0 (18.3) (12.1) (5.9)
420 (21-Dec-15) Central government said to facilitate migrant workers in getting citizenship 0.9 1.0 (18.3) (12.1) (5.9)
421 (28-Dec-15) MOHURD (住建部) reiterate destocking as policy focus for 2016 after 1.4 (2.5) (17.7) (15.2) (8.5)
conference in Beijing
422 (02-Feb-16) PBOC cut down-payment requirements (1.5) (0.0) 7.9 6.7 1.9
423 (05-Feb-16) Nanchang government provide tax benefits to developers on property presales 0.0 (4.9) 10.5 6.0 2.1
424 (14-Feb-16) Shanghai announced to adjust the land supply of the city 0.0 4.7 12.7 12.3 1.5
425 (19-Feb-16) Ministry of Finance announced to lower deed tax and sales tax during home (0.7) (2.6) 7.8 6.7 (4.4)
purchase in cities outsite Tier 1 cities
426 (29-Feb-16) Guangzhou loosens restrictions on property sector 2.6 10.5 6.8 7.1 (1.3)
427 (01-Mar-16) Shenyang government launched loosening measures to facilitate property 5.2 6.1 4.1 4.4 (0.9)
market destocking and the 10% target growth in property sales
428 (01-Mar-16) Shijiazhuang (石家莊) launched 20 loosens measures on the property market 5.2 6.1 4.1 4.4 (0.9)
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800
750
700 456
650
452 470-471
600
434
438
550 435 439
432
500 440
450
Mar/16 Apr/16 May/16 Jun/16 Jul/16 Aug/16 Sep/16
Share pric e perf ormanc e ( % )

429 (25-Mar-16) Shanghai tightened policies (0.0) (1.1) 0.7 (7.5) 1.0
430 (25-Mar-16) Shenzhen tightened policies (0.0) (1.1) 0.7 (7.5) 1.0
431 (28-Mar-16) Nanjing & Suzhou tightened downpay ment regulation (1.0) (1.0) 0.1 (6.3) 0.5
432 (01-Apr-16) Langfang imposed home purchase limit 0.0 0.0 0.3 (4.8) 1.5
433 (26-Apr-16) J ilin (吉林) loosens property policies to facilitate destocking (0.1) (2.0) (8.0) (8.5) 6.7
434 (05-May -16) Beijing enforced HPR on serv iced apartments in Tongzhou district (1.7) (4.3) (2.6) (1.5) 15.8
435 (18-May -16) Suzhou launched restrictions on land prices and home purchase (1.0) 0.9 (0.2) 8.6 25.3
436 (27-May -16) Nanjing tightens control on land price and property price 0.5 1.4 (1.5) 7.6 24.0
437 (27-May -16) Beijing Tongzhou tightened residency control 0.5 1.4 (1.5) 7.6 24.0
438 (03-J un-16) Shanghai tightened control on real estate financing 0.0 0.1 1.5 5.0 18.3
439 (21-J un-16) Chengdu gov ernment issued measures to reduce inv entory in the market 1.2 (1.0) 10.1 19.6 16.4
440 (24-J un-16) Hefei tigntened second home purchase mortgage 0.3 3.0 10.3 18.0 18.0
441 (03-J ul-16) Qingdao gov ernment issued measures to utilize idle landbank 0.0 1.3 4.5 17.2 9.8
442 (11-J ul-16) Xiamen raised down pay ment requirement ratio for second home purchase 1.2 2.3 9.1 13.8 8.3
443 (11-J ul-16) Zhejiang issued measures to reduce inv entory 1.2 2.3 9.1 13.8 8.3
444 (14-J ul-16) F uzhou tightened HPF mortgage 0.2 1.9 9.1 10.6 4.0
445 (26-J ul-16) Beijing housing authority reiterated its tightening stance (0.8) (0.7) 6.0 14.1 4.4
446 (09-Aug-16) Hefei tigntened second home purchase mortgage (0.7) 1.0 8.1 3.1 (0.1)
447 (11-Aug-16) Beijing introduce new points-based residency permit sy stem 0.3 3.5 4.3 0.1 (1.3)
448 (11-Aug-16) Nanjing tightened mortgage requirement for second mortgage 0.3 3.5 4.3 0.1 (1.3)
449 (11-Aug-16) Suzhou tightened mortgage requirement for second mortgage 0.3 3.5 4.3 0.1 (1.3)
450 (17-Aug-16) Beijing will suspend supply for commercial lands 2.4 0.6 7.0 (1.9) (6.7)
451 (01-Sep-16) Wuhan tightened mortgage requirement for second mortgage 1.4 4.9 3.2 (2.0) (8.0)
452 (05-Sep-16) Xiamen reinitiated home purchase restriction 0.8 (1.6) (0.6) (6.0) (10.1)
453 (15-Sep-16) Zhengzhou issued nine rules "房九條" to regulate the land auction and (0.0) 4.7 (6.1) (7.6) (6.6)
property sales
454 (18-Sep-16) Zhengzhou loosen limit of HPF 0.0 0.4 (6.5) (10.3) (7.4)
455 (19-Sep-16) Hangzhou imposed second home purchase limit for non-residence 0.6 0.4 (6.5) (10.3) (7.4)
456 (26-Sep-16) Nanjing reinitiated home purchase restriction 0.3 (3.0) (7.1) (8.4) (5.8)
457 (27-Sep-16) Shanghai Stock Exchange (SSE) tightens dev elopers' domestic bond issuance (0.2) (2.9) (7.6) (8.7) (6.4)
458 (28-Sep-16) Hangzhou further increased down pay ment ratio for second home purchase and (0.7) (3.1) (8.0) (8.5) (6.2)
restricted residency registration through home purchase
459 (28-Sep-16) Zhengzhou loosen limit of HPF (0.7) (3.1) (8.0) (8.5) (6.2)
460 (28-Sep-16) Kunshan imposed home purchase restriction and increased downpay ment ratio; (0.7) (3.1) (8.0) (8.5) (6.2)
Kunshan also tightened the regulation of land auction
461 (30-Sep-16) Beijing increased down pay ment ratio (0.3) (2.0) (5.5) (6.3) (3.5)
462 (03-Oct-16) Tianjin imposed home purchase restriction and increased down pay ment ratio for 0.4 (1.6) (5.8) (6.9) (3.5)
non-local residence
463 (03-Oct-16) Chengdu imposed home purchase restriction and increased down pay ment ratio 0.4 (1.6) (5.8) (6.9) (3.5)
464 (02-Oct-16) Zhengzhou imposed home purchase restriction towards unit area below 180 sm. 0.0 (1.6) (5.8) (6.9) (3.5)
465 (02-Oct-16) Wuxi imposed home purchase restriction and increased down pay ment ratio 0.0 (1.6) (5.8) (6.9) (3.5)
466 (02-Oct-16) J inan imposed home purchase restriction and increased down pay ment ratio 0.0 (1.6) (5.8) (6.9) (3.5)
467 (03-Oct-16) Hefei imposed home purchase restriction and increased downpay ment ratio 0.4 (1.6) (5.8) (6.9) (3.5)
468 (03-Oct-16) Suzhou imposed home purchase restriction and increased downpay ment ratio 0.4 (1.6) (5.8) (6.9) (3.5)
469 (03-Oct-16) Wuhan imposed home purchase restriction and increased down pay ment ratio 0.4 (1.6) (5.8) (6.9) (3.5)
470 (04-Oct-16) Shenzhen tightened home purchase restriction and increased down pay ment (0.4) (5.3) (6.1) (7.2) (3.4)
ratio and increase guarantee fund ratio for land auction
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750
700
470-471
650
486 491 500
600 479
498
489-490
550
500
450
Oct-16 Oct-16 Oct-16 Nov-16 Nov-16 Nov-16 Dec-16 Dec-16 Dec-16 Jan-17 Jan-17

471 (04-Oct-16) Guangzhou reiterated its home purchase restriction and mortgage policy (0.4) (5.3) (6.1) (7.2) (3.4)
472 (05-Oct-16) Nanning tightened regulation of property sales (1.3) (4.4) (5.4) (6.9) (3.0)
473 (05-Oct-16) Xiamen implemented home purchase restriction and increased down payment (1.3) (4.4) (5.4) (6.9) (3.0)
474 ratio
(05-Oct-16) Nanjing implemented home purchase restriction and increased down payment (1.3) (4.4) (5.4) (6.9) (3.0)
475 ratio
(06-Oct-16) Dongguan implemented home purchase restriction (0.3) (4.4) (4.2) (5.4) (1.8)
476 (06-Oct-16) Fuzhou implemented home purchase restriction (0.3) (4.4) (4.2) (5.4) (1.8)
477 (06-Oct-16) Huizhou tightened regulation of property sales (0.3) (4.4) (4.2) (5.4) (1.8)
478 (06-Oct-16) Zhuhai implemented home purchase restriction (0.3) (4.4) (4.2) (5.4) (1.8)
479 (07-Oct-16) Foshan implemented home purchase restriction and increased down payment 0.0 (3.9) (3.8) (4.8) (0.8)
ratio
480 (10-Oct-16) Nanchang implemented home purchase restriction and increased down payment (3.3) (4.3) (3.5) (4.8) 5.3
ratio
481 (10-Oct-16) Shanghai aimed to increase land supply and tightened regulation of property (3.3) (4.3) (3.5) (4.8) 5.3
sales/land auction (「滬六條」)
482 (10-Oct-16) State council elimitnates requirement of home purchase or investment for (3.3) (4.3) (3.5) (4.8) 5.3
residency registration in big cities
483 (13-Oct-16) State council prohibited down payment financing and regulated property 0.2 1.6 (1.9) (1.1) 9.8
internet financing
484 (19-Oct-16) Fujian capped land premium during land bidding (0.3) (0.3) (4.1) (6.8) 7.8
485 (01-Nov-16) Zhengzhou introduced fusing system in land auction (0.7) 0.4 (0.6) (6.2) 11.0
486 (10-Nov-16) Hangzhou further tightened home purchase restrictions and raised down (0.7) (3.0) (1.3) (2.5) 16.0
payment ratio
487 (11-Nov-16) Proceeds from corporate bond is eliminated for development of commercial (1.8) (2.1) (0.6) (0.8) 21.4
projects
488 (14-Nov-16) Wuhan further tightened property sales and land market 0.1 (0.4) (0.1) 1.2 23.5
489 (15-Nov-16) Shenzhen raised down payment ratios for HPF (0.7) 0.5 (1.8) 1.1 24.8
490 (15-Nov-16) Nanjing restricted the funds for land purchase to be internal resources (0.7) 0.5 (1.8) 1.1 24.8
491 (23-Nov-16) Fuzhou raised down payment ratios for HPF and tightened pre-sales price (0.5) 0.3 (5.9) 1.1 25.5
492 (24-Nov-16) Changsha tightenned presales control 0.6 1.2 (5.4) 2.6 24.6
493 (29-Nov-16) Shanghai further increased down payment ratio 0.1 (0.6) (6.2) 3.0 21.2
494 (29-Nov-16) J inan suspends commercial mortgage for home purchase for three days 0.1 (0.6) (6.2) 3.0 21.2
495 (05-Dec-16) J iaxing imposed home purchase restriction 0.3 0.6 (2.9) 4.1 23.3
496 (13-Dec-16) Zhuhai raised down payment ratio for HPF and banned the application for (0.9) (4.8) 1.9 11.0 29.1
family with two units or above
497 (26-Dec-16) J inan further tightened property sales control (0.0) 1.1 10.1 19.1 35.2
498 (27-Dec-16) Nanjing would endorse poits collection registration system for residency starting 0.2 1.8 9.7 19.1 32.9
from Feb,2017
499 (29-Dec-16) Tianjin raised down payment ratio for HPF 1.1 2.6 9.8 19.6 31.9
500 (30-Dec-16) Beijing tightened pre-sales control (0.0) 2.2 8.5 17.6 30.4
501 (02-J an-17) Xi'an imposed home purchase restriction 0.7 2.7 8.8 17.6 29.8
502 (16-J an-17) Chongqing expanded the scope of property tax 0.5 1.2 11.5 25.0 21.7
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800 515-516 523
522 524
514 531
750 511 520 525-527
529-530
508 510 512 517-519
700 505 506 507 509 526
650 504
503
600
550
500
450
Jan-17 Feb-17 Mar-17

prove housing protection 1 Day 1 w eek 1- mt h 2- mt h 4- mt h
503 (19-J an-17) Shenzhen set price control memorandum (0.7) 2.0 8.8 19.0 23.4
504 (01-Feb-17) Chongqing tightened mortgage for developers (0.3) 5.5 8.4 16.4 33.4
505 (09-Feb-17) Beijing tightened housing mortgage (0.6) 0.3 4.6 12.7 27.2
506 (13-Feb-17) Private asset management fund is not allowed to invest in residential projects of 0.1 (0.0) 10.5 16.3 27.2
16 hot cities
507 (01-Mar-17) Hebei Zhuozhou imposed home purchase restriction (0.6) 4.7 7.3 10.3 28.2
508 (02-Mar-17) Hebei Laishui imposed home purchase restriction (0.5) 3.9 8.0 10.4 29.0
509 (03-Mar-17) Hangzhou further tightened home purchase restrictions 0.5 5.5 8.5 10.9 29.6
510 (07-Mar-17) Hebei Chongli imposed home purchase restriction and raised down payment 2.9 6.5 9.9 3.7 23.9
ratio
511 (08-Mar-17) Nanchang futher tightened home purchase restriction (1.4) 4.7 6.2 0.7 21.0
512 (09-Mar-17) Chuzhou raised down payment ratio 1.1 7.5 7.8 3.8 22.7
513 (12-Mar-17) Sanya raised down payment ratio 0.0 (1.0) 5.2 (0.5) 18.6
514 (15-Mar-17) J iangxi Ganzhou imposed HPR and tightened mortgage 1.3 0.1 4.1 (1.5) 22.4
515 (16-Mar-17) Nanjing futher tightened home purchase restriction districts (1.9) 0.5 2.8 (2.6) 20.8
516 (16-Mar-17) Qingdao further tightened home purchase restrictions and down payment ratio (1.9) 0.5 2.8 (2.6) 20.8
517 (17-Mar-17) Beijing futher tightened down payment requirement (1.4) 1.2 4.7 (0.5) 23.1
518 (17-Mar-17) Guangzhou futher tightened down payment requirement (1.4) 1.2 4.7 (0.5) 23.1
519 (17-Mar-17) Shijiazhuang imposed home purchase restrictions and raiseddown payment ratio (1.4) 1.2 4.7 (0.5) 23.1
520 (20-Mar-17) Changsha futher tightened home purchase restriction and restricted presales 3.3 (0.9) 5.1 4.3 30.4
control.
521 (19-Mar-17) Baoding imposed home purchase restrictions and raised down payment ratio 0.0 (0.9) 5.1 4.3 30.4
522 (21-Mar-17) Hebei Langfang, Sanhe, Dachang, Xianghe, Gu'an and Yongqing imposed (1.1) (2.4) 0.9 1.0 25.7
home purchase restrictions and raiseddown payment ratio
523 (22-Mar-17) J iaxing raised down payment ratio 1.7 (1.6) 1.7 2.1 26.7
524 (23-Mar-17) Hebei cangzhou imposed home purchase restrictions and raiseddown payment (1.2) (4.7) (0.0) (0.2) 24.5
ratio
525 (24-Mar-17) Chengdu futher tightened home purchase restriction (3.5) (3.4) 1.2 4.7 26.0
526 (24-Mar-17) Xiamen imposed home selling restriction and tightened home purchase (3.5) (3.4) 1.2 4.7 26.0
restriction
527 (26-Mar-17) Beijing tightened commercial property sales for residential usage 0.0 0.9 4.4 17.0 39.8
528 (24-Mar-17) Xiamen imposed home selling restriction (3.5) (3.4) 1.2 4.7 26.0
529 (29-Mar-17) Hangzhou imposed home selling restriction and further tighten home purchase (1.5) 0.8 2.1 15.2 36.9
restriction
530 (29-Mar-17) Fuzhou imposed home selling restriction and further tighten home purchase (1.5) 0.8 2.1 15.2 36.9
restriction
531 (05-Apr-17) Hebei Renqiu imposed HPR 1.7 3.7 (3.1) 15.6 29.9
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China Property
1 J an 04 = 100
900
553554
551-552
549-550 555-558
850
548
537
800 532-536 538-539540-541
542543 546
750 544-545 547
700
650
600
550
500
7-Apr-17 7-May-17 7-Jun-17

532 (10-Apr-17) Changzhou, J iangsu imposed home selling restriction, increased down payment 0.6 2.6 (3.5) 11.3 27.5
ratio, and increased land supply
533 (10-Apr-17) Huizhou imposed home selling restriction 0.6 2.6 (3.5) 11.3 27.5
534 (10-Apr-17) Minqing (閩清縣) imposed home selling restriction and increased residential land 0.6 2.6 (3.5) 11.3 27.5
supply
535 (10-Apr-17) Dongguan imposed home selling restriction and further tightened home 0.6 2.6 (3.5) 11.3 27.5
purchase restriction
536 (10-Apr-17) Chengde imposed home selling restriction and home purchase restriction 0.6 2.6 (3.5) 11.3 27.5
537 (17-Apr-17) Pinghu, Zhejiang imposed HPR (1.3) (2.3) (5.0) 6.7 8.3
538 (19-Apr-17) Xi'an expanded home purchase restriction districts, imposed home selling 0.2 0.3 (1.3) 8.1 13.2
restriction, raised down payment ratio and regulated developers' home selling activities
539 (19-Apr-17) J inan regulated land auction, tightened mortgage for second home purchase 0.2 0.3 (1.3) 8.1 13.2
and imposed home selling restriction
540 (24-Apr-17) Ningbo imposed home purchase restriction and raised down payment ratio 1.7 (1.2) 3.5 11.3 18.3
541 (24-Apr-17) Qionghai, Hainan imposed HPR and tightened the regulation for property 1.7 (1.2) 3.5 11.3 18.3
transfer
542 (01-May-17) Nanning raised down payment ratio of HPF (0.5) (4.4) 11.6 16.3 24.5
543 (03-May-17) Zhengzhou further tightened HPR (2.9) (2.2) 14.7 16.9 24.6
544 (10-May-17) Haikou increased down payment ratio and tightened the regulation for (0.0) 1.0 15.4 18.1 36.6
property transfer
545 (10-May-17) Sanya, Hainan raised down payment ratio and tightened the regulation for (0.0) 1.0 15.4 18.1 36.6
property transfer
546 (11-May-17) Wuzhishan, Hainan raised down payment ratio and tightened the regulation 0.3 0.9 15.4 20.1 36.6
for property transfer
547 (15-May-17) Nanjing imposed home selling restriction 0.2 3.8 11.6 24.3 44.9
548 (25-May-17) Nanning raised down payment ratio and increased land supply (0.0) 4.4 5.3 16.6 25.4
549 (01-J un-17) Foshan extended the HPR to sencond hand housing 0.2 4.0 4.2 18.1 23.3
550 (01-J un-17) Wenzhou tightened regulations over housing market and land supply 0.2 4.0 4.2 18.1 23.3
551 (02-J un-17) Langfang, Hebei imposed HPR, raised down payment ratio for HPF and 2.1 1.9 4.0 17.3 23.1
tightened presale permit
552 (02-J un-17) Xuzhou, J iangsu tightened the regulation for property transfer 2.1 1.9 4.0 17.3 23.1
553 (05-J un-17) Xingtai, Hebei carried out rectification over property developers and announced 2.0 (1.6) 1.0 12.3 29.2
its intention to impose periodical HPR
554 (07-J un-17) Shengyang adjusted residential land supply and Housing Provident Fund loan 0.3 (4.6) (1.2) 10.9 24.2
ratio
555 (12-J un-17) Sanya put forward shanty town transformation ( 棚改) plan 0.9 (1.6) 3.4 12.4 25.9
556 (12-J un-17) Qingyuan, Guangdong further tightened regulation over housing market 0.9 (1.6) 3.4 12.4 25.9
557 (12-J un-17) Zhangjiagang further tightened regulation over housing market 0.9 (1.6) 3.4 12.4 25.9
558 (12-J un-17) Shanghai continued rectification over illegal commercial office projects 0.9 (1.6) 3.4 12.4 25.9
Page 85
China Property
1 J an 04 = 100
1,150
1,050 581
572-573 574 576-577 582
585-586
950 571
567-568 569 570 575 578-580
559
555-558 563-564566 583-584
850 560 561562
565
750
650
550
12-Jun-17 12-Jul-17 12-Aug-17
559 (13-J un-17) Shaoyang, Hunan strengthened management over land supplied for future (2.7) (2.7) 2.9 11.3 25.2
development and step up pace of shanty town transfromation ( 棚改) project
560 (16-J un-17) J inan, Shandong announced its intention to cancel restrictions on housing 1.6 1.2 11.9 3.2 29.9
registration (hukou) system in terms of home purchase
561 (19-J un-17) Guangzhou, Guangdong specified standards of land transferring fees (0.2) 1.9 11.0 4.7 25.3
562 (21-J un-17) Beihai, Guangxi annouced 2017-2021 rolling plan of land supply for residential (1.2) (0.9) 14.2 4.4 27.9
housing purpose
563 (27-J un-17) Beijing urged companies with development projects to start construction/ get (1.7) 3.1 20.8 7.8 24.9
into the market for sale as early as possible
564 (27-J un-17) Zhengzhou, Heinan further strengthened management of residential land (1.7) 3.1 20.8 7.8 24.9
supply, and regulated construction and selling pace, and improve housing protection
565 (28-J un-17) Xi'an, Shanxi tightened the regulation for property transfer 1.9 5.0 19.6 9.7 25.4
566 (30-J un-17) Tianjin encouraged transitions from sales only mode to renting and purchasing 3.5 1.8 19.4 11.2 22.6
mode (租售并举)
567 (03-J ul-17) Lu'an, Anhui further restricted housing speculations (1.0) (1.2) 11.8 6.7 17.6
568 (03-J ul-17) Zhengzhou, Henan raised mortgate rates for first-time homebuyers (1.0) (1.2) 11.8 6.7 17.6
569 (07-J ul-17) Shenzhen planned to increase indemnificatory apartments by 50k units this year. 0.5 5.2 12.2 14.3 20.5
570 (13-J ul-17) J iujiang, J iangxi imposed HPR 3.1 8.8 8.2 14.9 17.9
571 (14-J ul-17) Zhuzhou, Hunan adjust HPF policies (effective from Aug, 2017) 1.2 5.2 4.9 13.6 12.7
572 (20-J ul-17) Twelve large and medium-sized cities carried out rental housing trials (0.4) 6.3 (8.9) 18.1 5.3
573 (20-J ul-17) Chengdu prohibited implicitly lifting housing prices (0.4) 6.3 (8.9) 18.1 5.3
574 (26-J ul-17) Hangzhou, Zhejiang tightened regulations over the price of car parking space 4.7 1.8 (6.5) 3.2 2.3
575 (04-Aug-17) Chengdu set up residential rental company to increase rental housing supply (1.2) (3.8) (4.4) 13.7 3.6
576 (07-Aug-17) Beijing proposed to introduce joint ownership housing scheme 1.6 (1.6) 1.9 12.0 (1.6)
(共有產權住房)
577 (07-Aug-17) Shenyang further tightened regulations over land supply and imposed HPR and 1.6 (1.6) 1.9 12.0 (1.6)
price cap
578 (08-Aug-17) Fuzhou forbiddend bundled selling of housing unit and car park space 0.9 (14.1) (0.8) 10.3 0.7
579 (08-Aug-17) Shanghai annoucend the construction plan of Zhangjiang Science and 0.9 (14.1) (0.8) 10.3 0.7
Technology City
580 (08-Aug-17) China Railway Corporation (CR) announced 21 land comprehensive 0.9 (14.1) (0.8) 10.3 0.7
development projects
581 (09-Aug-17) Beijing sped up rental housing trials on five collective land plots (2.1) (14.6) 1.2 9.3 (0.9)
582 (10-Aug-17) Beijing raised downpayment requirement (3.0) (12.9) 3.3 12.3 1.2
583 (11-Aug-17) Zhongshan sped up construction of assembly buildings ( 装配式建筑) 1.1 (11.6) 6.5 12.0 4.4
584 (11-Aug-17) J inan cancelled the policy of registered permanent residence through house 1.1 (11.6) 6.5 12.0 4.4
purchase
585 (14-Aug-17) Dezhou raised downpayment requirement for HPF (effective from Aug 20, (11.3) (8.3) 8.3 11.9 6.1
2017)
586 (14-Aug-17) Nanning adjusted HPF policies (effective from Sep 1, 2017) (11.3) (8.3) 8.3 11.9 6.1
Page 86
China Property
Policy (Continued)
1 J an 04 = 100
1,300
1,200
591
1,100
598-599 603 604
602 607-608 609
590 592-593 600-601 605606 610-611
595
594
1,000
596-597
589
900 587588
800
700
15-Aug-17 15-Sep-17 15-Oct-17
587 (15-Aug-17) Zhengzhou set up housing rental system 0.3 5.0 26.8 26.2 16.4
588 (17-Aug-17) Changsha adjusted HPF policies (1.6) 6.8 31.8 24.7 15.9
589 (22-Aug-17) Tenants in Shenyang could entitle the same rights as home purchasers (0.0) 4.2 25.7 20.6 11.4
(租購同權); HPF could be used to pay rentals
590 (20-Sep-17) Beijing plans to launch 250k units common rights housing （共有產權房） in 1.7 (7.6) (4.9) (10.8) 10.4
future 5 years
591 (22-Sep-17) Developers could not treat home purchase via all cash and mortgage separatly. (9.1) (6.8) (4.0) (6.4) 12.1
592 (25-Sep-17) Chongqing, Nanning, Changsha, Nanchang, Guiyang, Wuhan and Shijiazhuang (0.8) 2.6 8.0 (1.7) 23.1
imposed home selling restriction
593 (25-Sep-17) Restrictions imposed on developers in Wuhan regarding method of receiving of (0.8) 2.6 8.0 (1.7) 23.1
payments
594 (26-Sep-17) Wuxi imposed home purchasing restrictions 4.1 6.9 8.0 (0.9) 27.9
595 (27-Sep-17) Changsha tightened regulation of developer's method on property sales (2.0) 6.5 0.7 (4.8) 21.2
596 (28-Sep-17) Hainan banned the construction of commercial residential houses with GFA 1.4 8.7 1.5 (2.3) 23.7
equal to or less than 100 sq.m
597 (28-Sep-17) Changsha relaxed construction requirements of pre-sale approval 1.4 8.7 1.5 (2.3) 23.7
598 (09-Oct-17) Hainan further tigtened home purchase and selling restrictions in Sanya, Haikou, 0.7 (1.7) (4.6) (9.3) (4.8)
Wanning and Lingshui
599 (09-Oct-17) Liaoning set a 4-year plan in promoting the rental housing market 0.7 (1.7) (4.6) (9.3) (4.8)
600 (11-Oct-17) Shaoxing and Kunming imposed home selling restrictions 1.1 2.0 (1.6) (6.8) (1.8)
601 (11-Oct-17) Wuhan offered house price discounts for university students 1.1 2.0 (1.6) (6.8) (1.8)
602 (12-Oct-17) Shanghai to control its planned total size of land for construction by 2020 0.3 (2.0) (2.7) (7.9) (2.9)
603 (13-Oct-17) Taiyuan imposed home selling restrictions (0.4) 0.5 (3.0) (7.9) (0.8)
604 (16-Oct-17) Shijiazhuang further extended its house selling restrictions (1.0) 0.3 (4.4) (8.0) 7.0
605 (17-Oct-17) Shenzhen plans to promote the rental housing market 2.0 3.4 (3.6) (7.0) 8.2
606 (19-Oct-17) Dezhou imposed home selling instructions 2.9 3.8 (3.4) (6.6) 9.2
607 (20-Oct-17) Dongguan imposed further regulations on properties registered for commercial (0.6) (2.1) (6.2) (11.3) 5.4
purposes
608 (20-Oct-17) Shangdong province launched support measures to stimulate the rental housing (0.6) (2.1) (6.2) (11.3) 5.4
market
609 (26-Oct-17) Taiyuan launched policies to promote the rental housing market (2.9) (4.3) (8.2) (8.9) 5.8
610 (27-Oct-17) Changsha implemented further requirements on the selling process of the sale of (1.3) (2.0) (5.5) (3.0) 5.5
residential properties
611 (27-Oct-17) Hainan to temporarily halt the approval process for lands to be transacted in the (1.3) (2.0) (5.5) (3.0) 5.5
secondary market
Page 87
China Property
Policy (Continued)
1 J an 04 = 100
1,300
1,200
1,100612-613
615617-618 622 623624
619-620 626-628 629630 631 632
633-635
1,000 614
616
900
800
700
30-Oct-17 30-Nov-17
vident fund to fund house purchases Share price perf ormance (%)
612 (30-Oct-17) Xiangyang implemented home selling restrictions 0.4 (3.0) (4.4) 1.3 5.7
613 (30-Oct-17) Hefei sets out more details on supporting rental housing in the area 0.4 (3.0) (4.4) 1.3 5.7
614 (31-Oct-17) Tianjin announced further selling restrictions on price-restricted residential (0.5) (0.4) (3.7) 0.8 3.7
properties
615 (01-Nov-17) Hainan temporarily halted the transfer of residential housing loans to personal (0.1) (0.7) (3.2) 1.4 7.2
housing accumulation fund loans
616 (02-Nov-17) Dongying imposed home selling, mortgage and price restrictions (0.5) (0.3) (2.2) 8.1 5.9
617 (03-Nov-17) Guangzhou issued a consultation paper on tightening the criteria of the general (2.3) 0.3 (1.7) 9.2 4.8
public in qualifying as a resident, while relaxing the criteria for professionals
618 (03-Nov-17) Yueyang imposed home selling restrictions (2.3) 0.3 (1.7) 9.2 4.8
619 (06-Nov-17) Liuzhou imposed house selling and pricing restrictions 3.1 3.0 (3.9) 20.1 9.9
620 (05-Nov-17) J oint implementation of strict enforcement by regulators on illegal credit 0.0 3.0 (3.9) 20.1 9.9
provision for house purchases
621 (06-Nov-17) Heze imposed house selling and pricing restrictions 3.1 3.0 (3.9) 20.1 9.9
622 (07-Nov-17) Liaocheng imposed home selling and pricing restrictions and forbids developers (0.8) (1.6) (8.3) 16.5 5.3
from discriminating against purchasers utilising provident fund loans in the purchase of
homes
623 (09-Nov-17) Quanzhou implemented home selling and pricing restrictions 0.1 (1.5) (4.9) 16.3 10.2
624 (10-Nov-17) Hubei province implemented further instructions and pricing restrictions 0.3 (1.8) (5.0) 18.4 11.0
625 (12-Nov-17) Ministry of Land and Resources started to examine the situation of land 0.0 (2.8) (5.1) 11.8 9.9
hoarding within the 70 cities of China
626 (14-Nov-17) Shenzhen to allow a greater proportion of provident fund be taken out for (1.1) 0.2 (1.3) 13.5 12.1
property-related spending purposes
627 (14-Nov-17) Donggaun implemented home price restrictions in areas of the city (1.1) 0.2 (1.3) 13.5 12.1
628 (14-Nov-17) Guanhu adjusted its housing subsidies policies (1.1) 0.2 (1.3) 13.5 12.1
629 (16-Nov-17) Chengdu to forbid developers to offer special treatments on individual house (0.2) 0.3 (3.8) 17.3 17.8
purchasers
630 (17-Nov-17) Beijing released plans on the development of its rental housing sector (0.7) 0.7 (3.6) 15.7 15.8
631 (21-Nov-17) J inan forbids developers from discriminating and discouraging home purchasers 1.7 (2.4) (5.2) 21.9 16.3
who utilises personal housing accumulation fund loan as means of funding their purchases
632 (30-Nov-17) Yangzhou imposed further selling and purchasing restrictions 1.2 (4.1) 6.0 27.1 n.a.
633 (05-Dec-17) Hunan to strengthen exchange of information on primary and secondary (3.5) (2.3) 15.6 22.5 n.a.
housing transaction data
634 (05-Dec-17) Zhejiang Province to develop a centralised online service platform for the (3.5) (2.3) 15.6 22.5 n.a.
monitoring of the rental housing market as well as the transactions of properties within the
province
Page 88
China Property
Policy (Continued)
1 J an 04 = 100
1,300
652
650-651 654
1,200 649 653
646
647-648
1,100
638 641-642
643
1,000 639-640
636637
900
800
700
6-Dec-17 6-Jan-18

635 (05-Dec-17) Wuhan imposed further restrictions on the sales process of property developers (3.5) (2.3) 15.6 22.5 n.a.
636 (06-Dec-17) Hainan to disclose selling prices of residential real properties on-line (1.8) 1.6 24.9 16.3 n.a.
637 (08-Dec-17) The Communist Party Politburo meeting stressed to push forward real estate (0.6) (0.7) 22.4 9.6 n.a.
reforms
638 (12-Dec-17) Fujian Province demanded that all property developers must not discrimminate 0.3 (0.7) 23.1 5.4 n.a.
home buyers that seeks to utilises their housing provident fund loan to facilitate their
purchases.
639 (20-Dec-17) The Central Economic Work Conference sets tone on the implementation of 1.8 7.1 30.9 18.8 n.a.
long term policy measures and supply side reforms, with a focus on promoting long-term
rental housing
640 (20-Dec-17) Finance Minister gave out an initial timeline on the implementation of the 1.8 7.1 30.9 18.8 n.a.
property tax
641 (25-Dec-17) MOHURD indicated on the focus towards long term policy measures such as 0.0 6.6 26.2 16.1 n.a.
long-term rental housing and shanty town transformation
642 (25-Dec-17) The State Council has approved Shanghai's masterplan for 2017-2035 0.0 6.6 26.2 16.1 n.a.
643 (26-Dec-17) Zhengzhou relaxed purchase requirements for talented foreign individuals 3.4 13.5 30.0 16.1 n.a.
644 (26-Dec-18) Suzhou to cooperate with China Construction Bank on the development of the n.a. n.a. n.a. n.a. n.a.
rental housing market
645 (27-Dec-18) Taiyuan imposed further restrictions on pre-sale and the registration of property n.a. n.a. n.a. n.a. n.a.
transactions
646 (03-J an-18) Chengdu announced to stimulate the rental housing market and issued further (0.5) 8.8 9.2 (4.0) n.a.
operational guidances
647 (04-J an-18) Shanghai announced to further stimulate its rental housing market in 2018 3.5 8.0 9.7 (3.5) n.a.
648 (04-J an-18) Hainan tightened land supply policies in the province 3.5 8.0 9.7 (3.5) n.a.
649 (05-J an-18) Lanzhou adjusted its housing restrictive policies within the area 4.3 4.2 6.0 (6.8) n.a.
650 (09-J an-18) Tianjin relaxed Hukou requirements for non-locals who are qualify for their talent 2.0 (0.6) (14.2) (5.2) n.a.
scheme
651 (09-J an-18) Qingdao announced to relax existing requirements for non-locals to reside in the 2.0 (0.6) (14.2) (5.2) n.a.
city
652 (10-J an-18) Nanjing restricts property developers from declining home buyers from utilising (1.1) (4.0) (15.5) (6.2) n.a.
their Housing Provident Fund to fund their home purchases
653 (15-J an-18) MOHURD of the Fujian Province reiterated the adoption of a selective approach 2.9 7.6 (1.8) 1.5 n.a.
according to conditions of the housing market in cities
654 (16-J an-18) Nanjing imposed restrictions on the purchase of houses made by individuals who (1.6) 6.2 (4.6) 0.4 n.a.
have been made quafily for purchase under the talent scheme
Page 89
China Property
Policy (Continued)
1 J an 04 = 100
1,300 657-659 662-663 664
660-661 665-666
1,200
655 675-676
1,100 673-674
667-668 672
1,000
900
800
700
17-Jan-18

655 (17-J an-18) Changchun imposed home selling and pricing restrictions on inner city areas (1.2) 8.0 (3.0) 0.1 n.a.
656 (21-J an-18) Nanjing announced further supportive measures to accelerate the development 0.0 1.4 (9.3) (4.8) n.a.
of the long-term rental housing market
657 (24-J an-18) Dongguan's authorities officially denied rumours regarding a potential relaxation (1.9) (1.6) (9.7) (9.5) n.a.
of the city's currently imposed restrictive price policies
658 (24-J an-18) Beijing announced its 2018 targets on shanty town transformation and the (1.9) (1.6) (9.7) (9.5) n.a.
supply of affordable housing
659 (24-J an-18) Shenzhen indicated their unchanged restrictive policy stance on the city's (1.9) (1.6) (9.7) (9.5) n.a.
property market.
660 (25-J an-18) The Ministry of Land and Resources have approved the implementation plans 3.1 0.6 (8.0) (7.7) n.a.
submitted by 11 cities on the utilisation of collectively-owned land for the construction of
rental housing
661 (25-J an-18) The CBRC to strictly monitor illegal financing in the property sector 3.1 0.6 (8.0) (7.7) n.a.
662 (30-J an-18) Yunnan relaxed their requirements on qualifying for household registration in the (1.0) (10.8) (13.0) n.a. n.a.
province
663 (30-J an-18) Kunming relaxed its household registration requirements (1.0) (10.8) (13.0) n.a. n.a.
664 (01-Feb-18) Guangzhou branch of the Big 4 banks have upward-adjusted their mortgage 0.1 (13.4) (11.2) n.a. n.a.
rates
665 (02-Feb-18) Hunan reiterated its policy stance to discourage investment demands whilst (1.9) (17.7) (12.4) n.a. n.a.
support actual living demand
666 (02-Feb-18) Dongguan amended its household registration requirements and cancelled the (1.9) (17.7) (12.4) n.a. n.a.
previous point-based system
667 (09-Feb-18) Hebei indicated that all key and hot-selling cities within the province must 0.3 10.5 10.4 n.a. n.a.
continue to strictly enforce all existing restrictive housing policies
668 (09-Feb-18) Xuzhou introduced talent attraction scheme 0.3 10.5 10.4 n.a. n.a.
669 (11-Feb-18) Nanjing further relaxed its household registration requirements for individuals 0.0 10.2 11.0 n.a. n.a.
qualified for their talent scheme
670 (11-Feb-18) Shenzhen released its development plan for 2018 0.0 10.2 11.0 n.a. n.a.
671 (11-Feb-18) Sanya imposed pricing restrictions on new units seeking for pre-sale approvals 0.0 10.2 11.0 n.a. n.a.
672 (12-Feb-18) Nanchang implemented regulations regarding sales of fully-fitted residential units 2.5 10.2 11.0 n.a. n.a.
in the city
673 (13-Feb-18) Zibo imposed home selling and pricing restrictions on new houses 3.1 6.7 7.5 n.a. n.a.
674 (13-Feb-18) Beijing to strictly enforce all restrictive housing policies as well as to ensure land 3.1 6.7 7.5 n.a. n.a.
supply and stimulate the long-term rental market.
675 (14-Feb-18) PBOC published its 2017 fourth quarter monetary policy implementation report 4.2 6.3 4.8 n.a. n.a.
676 (14-Feb-18) J iyang County of J inan announced to impose mortgage and house pricing 4.2 6.3 4.8 n.a. n.a.
restrictions
Page 90
China Property
Policy (Continued)
1 J an 04 = 100
1,300
1,200
677
1,100
678
1,000
900
800
700
15-Feb-18 15-Mar-18

677 (01-Mar-18) Kunming imposed further restrictive selling measures on residential units (1.3) 0.7 n.a. n.a. n.a.
678 (02-Mar-18) Guangzhou relaxed the requirement for families to qualify for public affordable (1.5) 3.7 n.a. n.a. n.a.
rental housing
679 (05-Mar-18) Premier Li reiterated the unchanged policy stance of the central government on 2.4 6.2 n.a. n.a. n.a.
China's real estate and stressed to develop a long-term mechanism to ensure stable
development of the property market
680 (09-Mar-18) Shijiazhuang conducted an investigation on potential rejection by developers 0.9 5.3 n.a. n.a. n.a.
and real estate agencies on the utilisation of housing provident fund to fund house
purchases
681 (12-Mar-18) Hubei province put in place new regulations on the purchase of affordable (0.7) 2.4 n.a. n.a. n.a.
housing
682 (13-Mar-18) Dongguan included the acceptance of the use of Housing Provident Fund as 0.5 2.9 n.a. n.a. n.a.
means to fund home purchases as one of the conditions for presale approvals
683 (21-Mar-18) Funan county of the Anhui Province were imposed with home selling (0.1) (3.7) n.a. n.a. n.a.
restrictions
684 (21-Mar-18) Dalian of Liaoning Province imposed with further restrictive measures on house (0.1) (3.7) n.a. n.a. n.a.
purchases
685 (28-Mar-18) Hangzhou announced that all sales of commodity housing units will have to 0.7 n.a. n.a. n.a. n.a.
adopt a public, transparent and random allotment process
686 (30-Mar-18) Xi'an requires the use of a random alloment procedure for property projects that n.a. n.a. n.a. n.a. n.a.
received oversubcribed interests for purchase
687 (31-Mar-18) Hainan imposed further restrictive selling, purchase and credit measures on 0.0 0.0 0.0 0.0 0.0
residential units
688 (31-Mar-18) Chengdu announced that families who make home purchases that are qualified 0.0 0.0 0.0 0.0 0.0
for the requirements to be seen as "actual living demand" will be prioritized in the allotment
of oversubscribed residential units
Page 91
China Property
Policy – Interest rate & RRR
1 J an 04 = 100
1410
1210
1010
24
810 26
65
36 58 62
610 40 4650
54 56
410 34
210
10
Jan/04 Jan/05 Jan/06 Jan/07 Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18

1 (29-Oct-04) Raised interest rate first time in 9 years (0.64) 1.72 12.13 13.06 34.28
2 (17-Mar-05) Raised interest rate (1.55) (5.08) (7.85) (12.16) (9.46)
3 (28-Apr-05) Raised interest rate 0.02 2.55 (4.78) (3.63) 13.38
4 (19-Aug-05) Raised interest rate 0.17 (0.18) 17.99 28.66 46.88
5 (27-Apr-06) Raised interest rate (1.60) 5.74 (14.30) (20.60) (5.68)
6 (16-J un-06) Raised RRR (2.53) (7.36) (0.68) 14.93 30.94
7 (21-J ul-06) Raised RRR 0.26 0.86 7.90 26.70 82.55
8 (18-Aug-06) Raised interest rate (3.96) (1.51) 12.11 16.33 97.05
9 (03-Nov-06) Raised RRR 0.09 2.45 40.28 58.72 2.32
10 (05-J an-07) Raised RRR (0.93) (19.35) (26.06) (31.69) (5.76)
11 (16-Feb-07) Raised RRR (0.00) (0.26) (1.92) 17.80 31.20
12 (19-Mar-07) Raised interest rate 0.80 8.97 15.05 20.77 52.44
13 (05-Apr-07) Raised RRR (0.03) 2.11 5.22 9.97 46.05
14 (30-Apr-07) Raised RRR (0.00) 5.30 3.45 17.32 51.37
15 (18-May-07) Raised RRR 1.01 0.20 10.58 26.44 63.28
16 (21-May-07) Raised interest rate (0.49) (0.26) 10.33 41.37 70.94
17 (20-J ul-07) Raised interest rate 5.93 2.47 (4.79) 26.46 19.64
18 (30-J ul-07) Raised RRR 4.23 (0.27) 3.28 23.72 15.88
19 (22-Aug-07) Raised interest rate 3.96 5.68 31.48 25.22 9.52
20 (06-Sep-07) Raised RRR 0.40 3.25 12.33 18.40 (14.79)
21 (17-Sep-07) Raised interest rate (0.81) 6.49 2.56 (0.81) (27.32)
22 (15-Oct-07) Raised RRR (0.90) (5.14) (0.42) (22.44) (28.66)
23 (12-Nov-07) Raised RRR (2.18) (5.98) (11.24) (23.62) (40.18)
24 (10-Dec-07) Raised RRR 0.59 (14.25) (14.19) (28.54) (30.72)
25 (20-Dec-07) Raised interest rate 3.01 4.56 (20.41) (11.76) (25.04)
26 (16-J an-08) Raised RRR 0.61 (8.54) 5.81 (26.03) (9.15)
27 (18-Mar-08) Raised RRR 5.67 9.97 19.42 23.93 (3.25)
Page 92
China Property
Policy – Interest rate & RRR (continued)
1 J an 04 = 100
1410
1210
1010
24
810 26
65
36 58 62
610 40 4650
54 56
410 34
210
10
Share pric e perf ormanc e (%)

28 (16-Apr-08) Raised RRR 1.54 11.62 5.15 (5.75) (31.87)
29 (12-May -08) Raised RRR 0.55 (3.54) (15.29) (19.85) (50.05)
30 (09-J un-08) Raised RRR (6.13) (7.37) (16.75) (26.41) (56.94)
31 (15-Sep-08) Lowered RRR; lowered interest rate (4.54) 2.71 (21.12) (25.08) (6.18)
32 (08-Oct-08) Lowered RRR; lower interest rate 1.89 (0.52) 3.54 23.57 24.59
33 (29-Oct-08) Lowered interest rate 11.17 34.35 40.93 60.96 43.99
34 (26-Nov -08) Lowered RRR; lowered interest rate 5.97 16.63 30.53 20.73 52.57
35 (22-Dec-08) Lowered RRR; lowered interest rate (3.96) (2.02) (8.88) (4.47) 23.62
36 (12-J an-10) Raised RRR (4.17) (3.91) (11.97) (3.56) (21.45)
37 (12-F eb-10) Raised RRR 0.00 (2.50) 9.55 9.50 (8.39)
38 (03-May -10) Raised RRR (1.53) (3.05) (5.23) (4.99) 5.72
39 (20-Oct-10) Raised policy lending and deposit rates 0.01 (1.72) 0.04 (2.33) (6.49)
40 (10-Nov -10) Raised RRR 0.42 (7.62) (5.68) 0.56 (12.54)
41 (19-Nov -10) Raised RRR (0.55) (2.91) (2.91) 4.85 (4.72)
42 (10-Dec-10) Raised RRR 0.52 (1.40) 6.61 (4.28) 6.39
43 (27-Dec-10) Raised one y ear benchmark lending rate and benchmark deposit rate by (1.34) 1.08 0.05 (8.92) 4.47
25bps
44 (14-J an-11) Raised RRR (2.19) (1.94) (8.75) (14.40) (7.23)
45 (09-F eb-11) Raised one y ear benchmark lending rate and benchmark deposit rate by (3.07) (3.82) (5.37) 7.73 (1.68)
25bps
46 (18-F eb-11) Raised RRR (0.46) (5.04) (1.33) 12.32 (2.03)
47 (18-Mar-11) Raised RRR 3.41 6.95 13.84 10.56 9.30
48 (05-Apr-11) Raised one y ear benchmark lending rate and benchmark deposit rate by 0.02 (2.81) (8.57) (7.48) (8.78)
25bps
49 (19-Apr-11) Raised RRR 1.94 1.99 0.04 (11.24) (12.90)
50 (13-May -11) Raised RRR (0.54) 4.05 (2.98) 6.66 (18.15)
51 (14-J un-11) Raised RRR (0.72) (3.34) 8.73 (0.90) (25.87)
52 (06-J ul-11) Raised one y ear benchmark lending rate and benchmark deposit rate by (0.34) (1.00) (10.34) (17.66) (27.18)
25bps
53 (30-Nov -11) RRR was lowered by 50bps 10.27 9.21 3.41 15.41 20.59
54 (20-F eb-12) RRR was lowered by 50bps (0.42) 2.76 (7.20) (2.39) 3.59
55 (14-May -12) RRR was lowered by 50bps 0.48 (5.17) 11.01 15.27 15.71
56 (07-J un-12) PBOC lowered interest rate by 25bps (effectiv e from J un08,2012) 2.54 7.87 13.85 6.97 9.65
57 (05-J ul-12) PBOC lowered interest rate by 25bps (effectiv e from 6 J ul,2012) 3.48 (1.73) (5.65) (10.36) 9.96
58 (24-Nov -14) PBOC cut interest rate (1.11) (2.00) (5.07) 2.60 0.14
59 (05-F eb-15) Cut RRR (1.22) (2.03) (1.71) 7.53 34.28
60 (02-Mar-15) PBOC cut interest rate (1.47) (3.88) 6.16 42.30 24.42
Page 93
China Property
Policy – Interest rate & RRR (continued)
1 J an 04 = 100
1410
1210
1010
24
810 26
65
36 58 62
610 40 4650
54 56
410 34
210
10

61 (20-Apr-15) Cut RRR 0.62 9.56 13.67 7.15 (13.69)
62 (10-May-15) PBOC cut interest rate 0.00 0.77 (5.48) (13.15) (28.00)
63 (28-J un-15) PBOC cut interest rate and RRR 0.00 (7.92) (7.40) (21.20) (12.79)
64 (26-Aug-15) PBOC cut interest rate and RRR 7.06 2.70 6.08 20.58 24.11
65 (23-Oct-15) PBOC cut interest rate and RRR 0.83 (1.77) 2.91 3.75 (10.61)
Page 94
China Property
Historical policy details

2012 Det ails
25-Oct Tianjin allows down payments to be paid in The down payment can be paid in two instalments in Tianjin, but it remains at
instalments minimum of 30% of home prices. Pre-sales/sales contracts can only be signed after
the down payment has been paid in full.
25-Oct 9 cities in Guangdong province allow the use of Maoming became the ninth city in Guangdong to allow the use of HPF loans across
HPF loans across these cities several cities. The other eight cities are Guangzhou, Zhuhai, Foshan, Dongguan,
J iangmen, Zhongshan, Zhaoqin, and Huizhou.
29-Oct Zhenjiang, J iangsu fine-tune HPF mortgage (i) The downpayment required under the HPF for first home purchases (<90sm) has
policies (effective Nov 1, 2012) been reduced from 30% to 20%; (ii) Parents' HPF can be transferred to their children
with less than five years working experience to help with loan repayments; (iii) HPF
can be used to repay commercial loans and pay property management fees once a
year; (iv) The government aims to simplify and speed up the HPF mortgage approval
process.
29-Oct J iangmen, Guangdong lifts provident fund The caps in two counties (Kaiping and Heshan) in J iangmen have been revised from
mortgage cap Rmb200k/Rmb300k per person to Rmb400k/person or Rmb500k/household,
respectively, for first home purchases.
2-Nov Shanghai introduces a policy which requires at Shanghai has announced that for newly transacted residential land, over 5% of the
least 5% of social housing to be developed on planned GFA should be for social housing. This policy is effective up to Sep 30,
newly transferred residential land 2017.
8-Nov Suzhou, J iangsu lifts provident fund mortgage The cap has been revised to Rmb800k/household for first home purchases with total
cap GFA <= 90sm and priced at <=Rmb1m each.
9-Nov Guiyang, Guizhou released 30 supportive policies Shanty town reconstruction projects, urban village reconstruction projects, and
for property development. residential projects with planned GFA of over 400k sm, are exempted from paying
urban infrastructure supporting fees.
16-Nov China to enhance regulation on land reserve and Local governments are required to figure out the land reserve plan for the next year in
financing the third quarter of each year. Both the land reserve fund budget and land reserve
financing scale should be determined. In addition, the scale of new land supply
cannot exceed the average annual supplied amount over the past three years. Priority
should be given to social housing projects and public welfare establishments when
developing land.
21-Nov Bengbu, Anhui lift provident fund mortgage cap The cap has been revised from Rmb250k/person or Rmb350k/household to
(effective from J an01,2013) Rmb300k/person or Rmb400k/household respectively.
28-Nov National congress revised the Land Administration During the urbanization process, many farmland was expropriated and this might
Law to put more restrictions on the expropriation affect the country's food supply in the long run. The government is putting more
of farmland restrictions on the expropriation of farmland hoping to put it under control.
29-Nov J inan lower the eligibility requirements for public J inan government announced to loosen the income, residency, average living space
rental housing and age requirements for applicants of the public rental housing. After the revision,
more citizens will be eligible to live in the public rental housing.
1-Dec Xiamen, Fujian fine-tune HPF policies (effective Local employees and their spouses can use their HPFs to pay their children and
Dec 1, 2012) parents' first time home purchases.
17-Dec Beijing government tightened the enformance of Under the HPR, Beijing municipal government require five years of tax and social
the HPR security payments for non-Beijing home buyers. Since the announcement of this
policy last year, there had been some flexibility in the enforcement as non-local
buyers can still repay the full amount of the 'missed' tax payments when they
purchase a house. Recently, the Beijing government has announced to strictly
enforce this restriction, non-local buyers have to provide social secturity payment
proof of the past 5 years in order to buy a house
Source: DBS Vickers
Page 95
China Property
Policy details (Continued)

2013 Det ails
10-J an Chongqing raised property tax threshold by 5% The Chongqing bureau of land resources and housing management has adjusted the
(effectiv e J an 1, 2013) property tax threshold by 5% on tax lev ied on high-end housing starting 1 J anuary .
The threshold has been lifted to RMB12,779/sm from RMB12,152/sm.
17-J an Changchun, J ilin lift prov ident fund mortgage cap 2nd-hand home buy ers can borrow a maximum of 70% of the assessed v alue of the
for 2nd-hand housing housings. This cap was prev iously 60% for the 2nd-hand housing with an age of
less than 5 y ears and 50% for the 2nd-hand housing with an age of ov er 5 y ears.
17-J an J i'an, J iangxi lift prov ident fund mortgage cap The cap has been rev ised from Rmb350k/household to Rmb400k/household.
17-J an Qingdao, Shandong lift prov ident fund mortgage The cap has been rev ised from Rmb400k/household to Rmb600k/household.
cap
18-J an Shenzhen initates a pilot reform to allow industrial Half of the sale proceeds can be kept by v illages' collectiv e economy organizations
land owned by urban v illages to be traded and the rest will be channeled into the city 's land resources fund. Otherwise, v illages'
collectiv e-economy organizations can keep 30% of the sale proceeds and take 20%
ownership of the total construction area for industrial dev elopment.
23-J an Zuny i Guizhou lift prov ident fund mortgage cap The cap has been rev ised from Rmb300k to Rmb400k.
28-J an Nanning, Guangxi life prov ident fund mortgage The cap has been rev ised from Rmb400k to Rmb600k
cap
5-F eb J inhua, Zhejiang lower prov ident fund mortgage The cap has been rev ised from Rmb300k/person to Rmb200k/person or
cap Rmb600k/household to Rmb400k/household.
8-F eb Dongguan, Guangdong adjust HPF policies (i) The downpay ment required under the HPF for first home purchases (<90sm) has
been raised from 20% to 30% (ii) The mortgage loan is capped at eight times of the
homebuy ers' HPF balance.
18-F eb Kunshan, J iangsu adjust HPF policies (effectiv e Homebuy ers with HPF pay ments of more than 12 months (formerly six months) are
F eb 25, 2013) qualified to apply for HPF mortgages
21-F eb The State Council announced New National F iv e (i) Major cities are required to set price control targets and local gov ernment should be
measures and reiterated its tightening stance reponsible for the targets. (ii) Implement HPR policy strictly and extend HPR policy
when necessary . Roll out property tax to more cities. (iii) Increase land supply for
common commodity residential use. The total amount of land supply in 2013 should
be not lower than the av erage of the last fiv e y ears, especially for small- to medium-
sized units. (iv ) Complete public housing of 4.7m units and start construction of 6.3m
units in 2013. Major cities are required to include immigrate workers cov ered by the
welfare housing sy stem. (v ) Enhance superv ision of the market, especially pre-sales
regulation, price marking and the information sy stem.
27-F eb Bay an Nur, Inner Mongolia adjust HPF policies (i) Prov ident fund mortgage cap has been rev ised from Rmb350k to Rmb400k. (ii)
The downpay ment required under the HPF for second-hand home purchases has
been rev ised from 50% to 40%. (iii) Homebuy ers with HPF pay ments of more than 6
months (formerly 12 months) are eligible to apply for HPF mortgage.
1-Mar Dalian, Liaoning fine-tune policies for allowing Non-locals are allowed to register as local residents after purchasing new residential
non-locals to register as local residents after house properties with GF A abov e 70sm/unit and non-residential properties with GF A
perchase in major districts of the city abov e 50sm/unit in major districts of the city .
1-Mar The State Council announced more details of (i) Extension of the HPR policy : the policy needs to cov er all districts and all product
National F iv e Measures ty pes for cities with HPR in place and is required to implement in the cities without
HPR in place that hav e seen rapid price rise. (ii) Tightening mortgages to multiple
home buy ers. (iii) Capital gain tax and property tax: 20% capital gain tax for property
transactions needs to be strictly implemented. Property tax pilot program needs to
expand to other cities. (iv ) Local gov ernments' performance will be closely linked to
whether or not they can meet their price control targets.
Source: DBS Vickers
Page 96
China Property

2013 Det ails
5-Mar Xiangxi, Hunan lift provident fund mortgage cap The cap has been revised from Rmb300k to Rmb350k.
20-Mar Fuzhou, Fujian fine-tune HPF policies (effective (i) Homebuyers or their spouses with their previous HPF mortgage loans haven't been
Apr 1, 2013) paid off or have been paid off by less than 5 years are not allowed to apply for HPF
mortgage loans; (ii) HPF mortgage cap has been cut to Rmb600k from Rmb800k for
second home purchases; (iii) The downpayment required under the HPF for second
home purchases have been raised from 50% to 60%.
26-Mar Guangdong province announced tightening (i) Guangzhou and Shenzhen are required to announce their price control targets by
details end this month; (ii) 20% capital gain tax for property transactions needs to be strictly
implemented. HPR in Guangzhou, Shenzhen, Foshan and Zhuhai should be strictly
implemented. (iii) The scope of the home ownership database system should be
expanded to cover all the prefecture-level cities.
31-Mar A number of cities announced local (i) Price control: price growth is capped by growth of urban disposable income in
cooling measures most cities. Beijing announced plans to lower ASP of properties for
end-use and upgrade purposes. (ii) Differential credit measures: Mortgage loan to
third home purchases is suspended. Downpayment requirements and
mortgage rates for second home purchases may be raised. (iii) HPR: Local cities will
strictly examine and review homebuyers’ qualifications. Single
adults are not allowed to purchase second housing in Beijing. (iv) Capital gain tax:
20% capital gains tax for property transactions needs to be strictly
implemented in Beijing/Shanghai/Tianjin/Chongqing if the original value of properties
can be verified by tracking historic data. Capital gains tax is exempted in Beijing and
Tianjin if the property for sale is the seller's only property and has been in his
possession for five years or more.
1-Apr J iaozuo, Henan lift provident fund mortgage cap The cap has been revised Rmb400k to Rmb450k.
7-Apr Beijing tighten provident fund mortgage policy The downpayment requirement for second home buyers was raised from 60% to
70%. The city also clarified its definition on first home purchase. Only those without
any home purchase record and (commercial or HPF) mortgage loan record is regarded
as first home buyers. Upgrader (who has no property currently but has one home
purchase record or mortgage loan record) could enjoy 60% downpayment rate.
9-Apr Suzhou and Kunshan, J iangsu tighten local HPF The mortgage loan is capped by 10 times of homebuyers' outstanding account
policies (effective from Apr15, 2013) balance from the HPF fund.
19-Apr Xi'an, Shaanxi announced local five measures. (i) 20% capital gains tax for property transactions needs to be strictly implemented if
the original value of properties can be verified by tracking historic data. (ii) Mortgage
loan to third home purchases is suspended. (iii) Buyers qualified by false materials are
not allowed to purchase properties in the city in three years.
24-Apr Guangzhou to guide commodity residential Developers are required to declare the presale prices of commodity residential houses
housing prices (effective from Apr24,2013) onto the designated online system. The prices declared are subject to the guidelines
provided by regulation bodies. Presale permits may not be approved if the prices
declared are too high and do not follow the guidelines. Property transactions cannot
be contracted online if the actual transacted prices are higher than the prices declared
previously.
29-May Lianyungang, J iangsu adjust HPF policies. (i) HPF mortgage loan for third home purchases is suspended. (ii) The mortgage loan is
capped at 10 times of homebuyers' outstanding account balance from the HPF fund.
30-May Dalian, Liaoning tighten HPF policies (effective (i) The mortgage loan cap was lowered due to lower repayment capacity factor
from J un 1, 2013) (adjusted to 0.15 from 0.45 previously); the mortgage loan cap = (monthly HPF
deposit / HPF deposit ratio x repayment capacity factor + monthly HPF deposit) x 12
x loan term (years) (ii) Home buyers can apply for early repayment after three months
(12 months previously) after receiving HPF mortgage loan. (iii) Individual mortgage
loan cap will be lowered after divorce to avoid false divorce.
1-J un Xiamen, Fujian lower provident fund mortgage (i) The cap has been revised from Rmb400k/person to Rmb300k/person or
cap Rmb800k/household to Rmb600k/household. (ii) Downpayment for second house
purchases has been raised to 60% from 50%.
Source: DBS Vickers
Page 97
China Property

2013 Det ails
9-J un Zhuzhou, Hunan adjust HPF policies (effectiv e (i) The downpay ment requirement for second home buy ers was raised from 50% to
from J ul 3, 2013) 60%. (ii) Projects eligible to apply for HPF hav e to be half completed for high-rise
products or structurally completed for non-high-rise products. (iii) Mortgage loan cap
has lifted to 1000 (from 800 prev iously ) times of homebuy ers' monthly HPF deposits.
9-J un Beijing to strengthen regulations on commodity Home buy ers are required to deposit their money into a special account within fiv e
housing pre-sales funds (effectiv e from J ul 1, working day s of completing online transactions.
2013)
15-J un Beijing to strengthen regulations on commodity Pre-sales permit of non-residential projects and residential projects with av erage unit
housing pre-sales approv al (effectiv e from Aug 1, size of ov er 140sm will be approv ed only if the construction process meets certain
2013) requirements: (i) Buildings with planned floors below sev en (inclusiv e) should be
structural completed. (ii) Buildings with planned floors ov er eight (inclusiv e) should be
half completed (but not less than sev en floors).
20-J un F oshan, Guangdong lift prov ident fund mortgage The cap has been rev ised from Rmb260k to Rmb300k.
cap (effectiv e from J ul 1, 2013)
25-J un Ningbo, Zhejiang extend the mortgage term under The mortgage term under HPF is extended from 20 y ears to 30 y ears.
HPF
25-J un Xuancheng, Anhui lower prov ident fund The cap has been rev ised from Rmb300k to Rmb200k.
mortgage cap (effectiv e J ul 1, 2013)
25-J un Nanning, Guangxi lift monthly pay ment under Monthly pay ment under HPF mortgage is required to be abov e 35% / 40% / 45%
HPF mortgage of homebuy ers' household income if total HPF mortgage loan is <Rmb300k /
>=Rmb300k, but <Rmb400k / >=Rmb400k, but <Rmb500k respectiv ely .
9-J ul Shengzhou, Zhejiang lower prov ident fund The cap has been rev ised from Rmb500k/household or Rmb350k/person to
mortgage cap (effectiv e J ul 1, 2013) Rmb350k/household or Rmb200k/person.
10-J ul Chaoy ang, Liaoning lift prov ident fund mortgage The cap has been rev ised from Rmb250k to Rmb700k. The mortgage term under HPF
cap is extended from 20 y ears to 30 y ears.
11-J ul J iaxing, Zhejiang fine-tune HPF policies Purchasers of first homes in the city are allowed to borrow up to 1.5 times the city 's
mortgage cap under HPF scheme. The city also allows conv ersion from commercial
mortgage loan to prov ident fund mortgage.
16-J ul Hangzhou to prov ide interest subsidy for Due to the shrinking balance, the process of apply ing for HPF mortgage has been
conv ersion from prov ident fund mortgage to prolonged. Howev er, the local prov ident fund will cooperate with sev eral commercial
commercial mortgage banks to allow conv ersion of HPF mortgage to commercial mortgage. The interest
gap between HPF mortgage and commercial mortgage will be made up by the local
prov ident fund.
19-J ul Ningxia prov ince allows the use of HPF loans Employ ees and their spouses can use their HPF to pay for their children and parents'
among lineal kin (parents, children and spouses) first time home purchases. The prov ince also allows conv ersion from commercial
mortgage loan to prov ident fund mortgage.
23-J ul Xuzhou, J iangsu to prov ide interest subsidy for The local prov ident fund will cooperate with sev eral commercial banks to allow
conv ersion from prov ident fund mortgage to conv ersion of HPF mortgage to commercial mortgage. The interest gap between HPF
commercial mortgage (effectiv e J ul25, 2013) mortgage and commercial mortgage will be made up by the local prov ident fund.
5-Aug Wenzhou adjust its HPR policy . Local families who had bought a residential unit after 14 March 2011 are allowed to
buy a second residential property , and one family can not own more than two units.
Besides, under the new policy , a family refers to a couple and their minor children. If
the child in the family is abov e 18, it should be treated as two families.
29-Aug Wuhu, Anhui to subsidise graduates on home College graduates with a bachelor's degree or abov e will receiv e home purchase
purchase subsidies if they hav e worked in the city for at least three y ears. The subsidies will be
the sum of property deed tax and Rmb20,000 of relocation allowance.
29-Aug Wenzhou, Zhejiang allows trading of rural land Wenzhou Municipal Gov ernment released a circular recently , allowing twelv e ty pes
property rights (effectiv e Oct1, 2013) of rural land property rights to be traded publicly on rural property exchanges, as part
of the efforts to promote financial reforms and rural reforms in the city . Howev er, the
transfer scope of rural land is still limited at v illage lev el.
1-Sep Nanjing tightens its control measures (effectiv e The city required 33 city -lev el SOE dev elopers to exit the dev elopment business of
Sep1, 2013) commodity housing.
Source: DBS Vickers
Page 98
China Property

2013 Det ails
1-Sep Shenzhen adjusts the preferential policy for The city adjusted its definition for ordinary housing: (i) plot ratio >=1.0; (ii) net/gross
ordinary housing (effectiv e Sep1, 2013) GF A per unit <=120sm/144sm respectiv ely ; (iii) ASP <= Rmb32.2k/sm in F utian,
22.0k/sm in Nanshan, Rmb21.2k/sm in Luohu, and Rmb14.8k/sm in Baoan. Business
tax is exempted for the sale of 2nd-hand ordinary housing with ownership ov er fiv e
y ears. F irst time home buy ers will enjoy half of deed tax if they purchase ordinary
housings.
1-Sep Zhengzhou, Henan tightens its controls on (i) Local residents aged abov e 20 are allowed to buy one home in the city ; (ii) Pre-
property sector (effectiv e Sep1, 2013) sales permit of non-ordinary residential projects (plot ratio <= 1.0 or av erage unit size
>= 144sm) will be approv ed only if the building is structurally completed; (iii) Pre-sales
permit will be suspended if the proposed selling price is abov e the actual transacted
price of the prev ious phase or the selling price of comparable projects nearby . (iv )
Non-locals are allowed to purchase one property if they hav e held residence permits
for ov er three y ears and hav e paid personal income taxes in the city for ov er one
y ear.
3-Sep Baotou, Inner Mongolia loose HPF policies The cap under HPF mortgage has been rev ised from Rmb300k to Rmb500k. The
mortgage term under HPF is extended from 20 y ears to 30 y ears.
7-Sep Beijing raise land appreciation tax for transactions Land appreciation tax for transactions of 2nd-hand properties will be raised to 5%
of 2nd-hand properties (effectiv e Oct 1,2013) from 1% prev iously , if the sellers cannot prov ide rev aluation reports or original
inv oices of the properties.
13-Sep Chengdu fine-tune HPF policies (effectiv e Oct (i) The downpay ment required under the HPF has been raised from 20% to 30%; (ii)
1,2013) The mortgage term under HPF is cut from 30 y ears to 20 y ears. (iii) Second-time home
buy ers are allowed to apply for HPF mortgage loans if the households' GF A per
capita are lower than the city 's av erage .
14-Oct Two Ministries sends inv estigation teams to check The State Council recently instructed the Ministry of Housing and State
false reporting on property prices in the secondary Administration for Industry & Commercial to inv estigate property agencies in v arious
market, to control panic buy ing cities to av oid misleading market information that stirs up property prices. We believ e
this could be a short-term action to buy time for more sy stematic and long-term
policies.
14-Oct Shenzhen is planning to further tighten mortgage V ice May or of Shenzhen said in a recent property market control meeting that they
for second home buy ers will consider adjusting the down-pay ment ratio and mortgage rate for second home
in Shenzhen and stabilise property prices in the coming months.
17-Oct Guangy uan, Sichuan lifts prov ident fund The cap has been rev ised from Rmb300k/person to Rmb350k/person or
mortgage cap Rmb350k/household to Rmb400k/household.
17-Oct Chengdu announces details of New HPF policies (i) The mortgage loan is capped at 20 times of homebuy ers' outstanding account
(effectiv e Nov 1,2013) balance from the HPF fund. (ii) Buy ers who own a property with GF A >144sm are
not allowed to apply for the mortgage loan under HPF scheme for second home
purchases.
23-Oct Beijing unv eils more details regarding self-use Beijing plans to push out 20k units of self-use commodity housing within the y ear
commodity housing and 50k units in 2014 at 30% discount to market price. This kind of housing is not
tradable within 5 y ears but can be traded after 5 y ears, subject to 30% gain tax.
People who are entitled to buy property in Beijing are all allowed to apply , while
priority will be giv en to first time homebuy ers and those on the waiting list for
affordable housing.
25-Oct Malay sia issues new measures to curb property Higher Real Property Gains Tax (RPGT) and remov al of the Dev eloper Interest Bearing
speculation Scheme (DIBS) may dampen property sentiment. Howev er, the measures were less
onerous than expected with stamp duty unchanged. We do not discount the
possibility of more restrictions imposed in J ohor including higher processing fee of 4-
5% of property v alues and disallowing foreigners from buy ing from locals in the
secondary market.
29-Oct Ministry of Housing takes the lead to form the Ministry of Housing is said to hav e completed the framework for industrialisation of
action plan for promoting the industrialisation of residential property construction. The action plan is expected to be issued in 2014.
residential property construction Around 20 cities will be selected as trial cities by 2015. Public housing is likely to be
the pioneer of such trials and matured technologies will be applied to commodity
housing
Source: DBS Vickers
Page 99
China Property

2013 Det ails
1-Nov Huizhou, Guangdong lowered mortgage cap for The cap has been rev ised from Rmb500k/househould to Rmb400k/household.
second home purchases
1-Nov Shenzhen raised down pay ment requirement for The down pay ment requirement for second home purchases was raised from 60% to
second home purchases 70%.
8-Nov Shanghai unv eils sev en local measures to tighten (i) Down pay ment requirement for second home purchases was raised from 60% to
the property market 70%; (ii) Non-local households capable of prov iding a tax or social insurance
certificate to prov e their residence in Shanghai for a cumulativ e 24 months ov er the
past three y ears (prev iously 12 months ov er the past two y ears) are eligible to buy
one property ; and (iii) Land supply target was increased from no less than the av erage
of the past fiv e y ears to 30% higher than the av erage of the past fiv e y ears.
15-Nov Gov ernment unv eils new reform roadmap (i) The "One-child policy " was relaxed, which allows urban couples to hav e a second
child, if one of them lacks siblings himself/herself; (ii) The gov ernment plans to
accelerate the housing registry reform; (iii) The gov ernment will speed up the
legislation of real estate tax and ensure timely tax reforms; and(iv ) The gov ernment
allows farmlands to circulate in the market.
18-Nov Guangzhou unv eils six local measures to tighten (i) Down pay ment requirement for second home purchases was raised from 60% to
the property market 70%; (ii) Non-local households capable of prov iding a tax or social insurance
certificate to prov e their residence in Shanghai for a cumulativ e 36 months ov er the
past fiv e y ears (prev iously 12 months) are eligible to buy one property ; and (iii) Land
supply target was increased from no less than the av erage of the past fiv e y ears to
20% higher than the av erage of the past fiv e y ears.
18-Nov Urumqi, Xinjiang adjust HPF mortgage policy (i) The mortgage cap under HPF scheme has been rev ised from Rmb500k/household
to Rmb400k/household; and (ii) Homebuy ers with HPF pay ments of more than 12
months (formerly 6 months) are eligible to apply for HPF mortgage.
25-Nov Wuhan, Nanchang, Sheny ang and Xiamen unv eil These measures include: (i) Raising down pay ments for second home purchases, (ii)
local measures to tighten the property market Raising the requirements for non-local households’ home purchases in the city , (iii)
Raising land supply target in 2014, and (iv ) Strengthening support for local social
housing.
26-Nov Nanjing unv eils eight local measures The city will (i) maintain a stable land price; (ii) raise down pay ments for second home
purchases from 60% to 70%.
26-Nov Hangzhou unv eils six local measures (i) Down pay ments for second home purchases will be raised. (ii) Land supply in 2013
will be ov er 20% higher than the av erage land supply in the past fiv e y ears.
27-Nov F uzhou unv eils sev en local measures The city will (i) increase land supply ; (ii) set up a working group to monitor changes in
housing prices; (iii) raise the requirements for non-local households' home purchases in
the city .
28-Nov Xi'an unv eils sev en local measures (i) Presales permits will not be granted for projects with high selling prices compared to
nearby projects. (ii) Land supply plan for 2014 will increase by 10% from the lev el in
2013.
3-Dec Xiamen, F ujian raise downpay ment requirement
under prov ident fund scheme for second home
purchase
6-Dec Beijing to strengthen regulations on commodity Pre-sales permit of non-residential projects and residential projects with av erage unit
housing pre-sales approv al (effectiv e Aug 1, size of ov er 140sm will be approv ed only if the construction process meets certain
2013) requirements: (i) Buildings with planned floors below sev en (inclusiv e) should be
structural completed. (ii) Buildings with planned floors ov er eight (inclusiv e) should be
half completed (but not less than sev en floors).
10-Dec Sheny ang raise downpay ment requirement under Downpay ment for second home purchases under housing prov ident fund will be
prov ident fund scheme for second home purchase raised from 60% to 65%.
16-Dec Hangzhou lower the ceiling for land sales premium The ceiling of land premium ov er asking price will be lowered from 49% to 35%.
Once the land sales premium reaches 35% at the auction, bidders hav e to compete
on prov iding more area for social housing.
Source: DBS Vickers
Page 100
China Property

2014 Det ails
1-J an HPF Management Centre adjusts policy of The Housing Provident Fund (HPF) Management Centre of the central government
mortgage loans to employees of central state announced that employees of central state bodies have to wait at least five years
bodies. after paying off their first HPF mortgage, before becoming eligible for an HPF
mortgage for their second home purchase. They will not be eligible for an HPF
mortgage for their third home purchase.
1-J an Beijing Tax Bureau issues details on property gains Renovation cost, which is tax deductable, cannot exceed 10% of the total
tax from reselling of property transaction price.
1-J an Beijing announces 2014 land supply plan The split between public housing and commodity housing will be 40% and 60%.
Among the 60% of commodity housing, 50% has to be used for self-occupied
housing. This indicates a lower percentage of land for non-self occupied housing.
1-J an SDPC announces push for legislation on futures, In 2014, SDPC will push to form legislation in three aspects: futures, real estate, and
real estate, and the environment the environment.
9-J an Guangxi tightens the transaction tax on second- For a property which original cost cannot be calculated or identified, the seller will be
hand properties (effective J an 1, 2014) subject to an all-in tax of 6.6% (including sales tax of 5%, personal income tax of
1% and other taxes/surcharges) on the total property price, even if the ownership of
the property is over five years.
9-J an Chongqing raises property tax threshold by 3% The Chongqing bureau of land resources and housing management has adjusted the
(effective J an 1, 2014) property tax threshold by 3% on tax levied on high-end housing, starting 1 J anuary.
The threshold has been lifted to Rmb13,192/sm from Rmb12,779/sm.
9-J an Xiangyang, Hubei adjust HPF policies (effective (i) Downpayment requirement for second home purchases is set at 60%; (ii) HPF
J an 1, 2014) mortgage cap has been revised from Rmb500k to Rmb500k/household or
Rmb350k/person; (iii) Graduates with HPF payments of more than six months
(formerly 12 months) are eligible to apply for HPF mortgage when purchasing homes
in the city.
9-J an Cixi, Zhejiang lower provident fund mortgage cap The cap has been revised from Rmb800k to Rmb600k.
(effective J an1, 2014)
24-J an Wenzhou adjusts HPF mortgage policy In order to attract talents, the city is offering more incentives to seven groups of
professional talents by: (i) Increasing the caps for HPF mortgage and HPF rental
subsidy; (ii) Loosening requirements on nationality and age; and (iii) Reducing the
minimum period of contribution requirement
10-Feb Qingdao adjusts HPF mortgage policy (i) Homebuyers with HPF payments of more than 12 months (formerly 6 months) are
eligible to apply for HPF mortgage; and (ii) Both husband and wife need to fulfil the
application requirements in order to be eligible for the HPF mortgage. Formerly, a
couple is eligible if either one of them fulfils the requirements.
11-Feb Chongqing adjusts HPF mortgage policy (i) Adopted a progressive system on the downpayment requirement (ie:
20%/30%/40% for units with GFA below 90sm/ between 90 and 144sm /
above144sm respectively.(ii) Revised HPF mortgage cap for couple from Rmb800k to
Rmb600k. While the cap for individuals remained unchanged at Rmb400k/person.
8-Feb Kunming tightens HPF policies (effective Feb 1, (i) Raised downpayment requirement from 60% to 70% for second home purchases;
2014) (ii) HPF mortgage cap has been revised from Rmb800k to Rmb600k/household or
from Rmb400k/person to Rmb300k/person; and (iii) Set a two year 'window period',
meaning home purchasers have to wait two years after they pay off their HPF
mortgage in order to apply for a new HPF mortgage.
10-Feb Qingdao adjusts HPF mortgage policy (i) Homebuyers with HPF payments of more than 12 months (formerly 6 months) are
eligible to apply for HPF mortgage; and (ii) Both husband and wife need to fulfil the
application requirements in order to be eligible for the HPF mortgage. Formerly, a
couple is eligible if either one of them fulfilled the requirements.
11-Feb Chongqing adjusts HPF mortgage policy (i) Adopted a progressive system on the downpayment requirement (ie:
20%/30%/40% for units with GFA below 90sm/between 90 and 144sm
/above144sm respectively; and(ii) Revised HPF mortgage cap for couples from
Rmb800k to Rmb600k, while the cap for individuals remained unchanged at
Rmb400k/person.
Source: DBS Vickers
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17-F eb Suzhou implements restrictions on new commercial Local gov ernment of Suzhou announced new tightening measures that require
properties dev elopers to hold a certain proportion of newly -dev eloped commercial properties
and refrain from selling them for three y ears. Under the new requirement, one-third of
commercial properties with GF A under 100k sm or 30k sm of properties ov er 100k
sm are required to be held for three y ears.
18-F eb Hangzhou Xiaoshan district adjusts HPF mortgage Effectiv e from 15-Mar, local gov ernment will tighten the requirement for HPF
policy mortgage. Before the rev ision, applicants with monthly contribution ov er Rmb3k can
apply for a maximum Rmb800k HPF mortgage. The new rev ision rev ised the
requirement to ov er Rmb5k per month.
28-F eb Nanjing announced sev en control measures The local gov ernment of Nanjing announced 7 control measures which include: (1)
Maintain land supply at abov e 500 ha in the coming 5 y ears, of which at least 50%
will be for medium sized properties (ie: below 90sm), (2) Setting price caps on land
auctions (referenced at 45% abov e the initial auction price). F or prices abov e the
cap, dev elopers will hav e to compete by area of social housing they 're going to build
within the project, (3) Tighten control on presales approv al for dev elopers with
history of delay ing or defaulting sales deliv eries. (4) Property price will be monitored
and controlled on a quarterly basis. Targets for property price control will be adjusted
dy namically ev ery quarter to ensure that annual price growth will be under control.
(5) Regulate the 'fitting costs' specification prov ided by dev elopers. Dev elopers need
to obtain ev aluation from a third party to ensure the fitting costs shown to buy ers is
fair; (6) Increases monitoring on regions outside the city center to ensure housing
supply for mass market and (7) Increase the accuracy and timeliness of transaction
data through the use of scientific means
1-Mar Tianjin lowers the threshold for transaction tax As the new thresholds (v aries by district) are generally lower than the prev ious
standard, the direct impact to buy ers is that more housing will be eligible to be
classified as 'ordinary housing' and hence incur less tax (e.g. for first home buy ers
who buy a house smaller than 90sm, transaction tax for 'non-ordinary ' housing is
c.11% of property price, while that for 'ordinary housing' is only c.3%.
19-Mar The CSRC resumes approv al of share sales by real Two A- share real estate companies, Tianjin Tianbao Infrastructure Co. (000965) and
estate companies. CSRC had suspended real estate J oin.In Holding Co.- hav e been allowed to sell Rmb shares v ia priv ate placements. In
companies from raising funds from the equity order to slow down the growth in the real estate market, the gov ernment had
market since 2010. suspended granting approv als to real estate companies to raise funds in the equity
market in 2010.
4-Apr Yingkou gov ernment prov ides exemption of deed Yingkou announced that property sales during its local spring property exhibition
tax during its local spring property exhibition (Apr01-Apr30) will be exempted from deed taxes. In fact, Yingkou has implemented
such tax exemptions sev eral times ov er the past two y ears.
9-Apr F uzhou, F ujian adjusts HPF mortgage policy The mortgage cap under HPF scheme has been rev ised from Rmb800k/household or
(effectiv e Apr21, 2014) Rmb600k/person to Rmb600k/household or Rmb450k/person for the first home
purchase. The mortgage cap for the second home purchase has also been rev ised to
Rmb450k/household or Rmb300k/person.
10-Apr F oshan, Guangdong adjusts HPF mortgage policy The mortgage cap under HPF scheme has been rev ised from Rmb600k/household or
(effectiv e J un01, 2014) Rmb300k/person to Rmb720k/household or Rmb360k/person. This is the second raise
since 2H13.
22-Apr Wuxi lowers the requirement for non-local home The gov ernment loosened its requirement (with effect from 1-May ) to grant
buy ers to obtain residency residency to non-local home buy ers who purchase a house larger than 60sm.
28-Apr Hangzhou Xiaoshan district gov ernment sets a cap The requirement on deposits, which dev elopers are required to pay up-front during
on deposit requirement for land acquisitions land acquisitions, remains at 10% of the total land price, Howev er, local gov ernment
has set a cap of Rmb10m on the deposit requirement.
29-Apr Hangzhou Xiaoshan district announced new The local gov ernment of Xiaoshan announced to grant a 2% (on the new home
measures to facilitate home purchase by relocation price) subsidy amounts to relocation home buy ers if they buy home within 1 y ear
home buy ers after relocation
29-Apr Nanning will allow residents in 5 nearby cities to According to Xinhua news, the gov ernment has announced that it will allow
buy property in the city residents from fiv e Guangxi cities adjacent to Nanning - Beihai ( 北海), F ang Cheng
Gang (防城港), Qinzhou (欽州), Yulin (玉林)and Chongzuo (崇左市) to buy
property in Nanning.
Source: DBS Vickers
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6-May Chengdu tightens the requirement for non-local The gov ernment tightened its requirement (with effect from 1-J un) to grant
home buy ers to obtain residency residency to non-local home buy ers. The new requirements are: (1) Non-local home
buy ers must prov ide 1-y ear tax proof (unchanged), and (2) The property must be
larger than 90sm (prev iously 70sm). The requirement was lowered after the 2008
earthquake, to attract non-local residents and the recent rev ision adjusted the
requirement back to 2008's lev el.
6-May Tongling County (Anhui prov ince) adjusts its HPF The rev isions on HPF mortgage requirements include: (1) Requiring HPF mortgage
mortgage policy and offers subsidy on deed tax applicants to hav e contributed to the HPF for at least three consecutiv e months (v s
six months before rev ision), (2) Raising the cap for mortgage from Rmb250k per
family to Rmb300k per family , and (3) Lowering the downpay ment for HPF
mortgage applicants to 20% from 30%. In addition, the gov ernment will also offer a
subsidy amounting to 1% of the property price, to first home buy ers who purchase
a property below 144sm from 1-May to 31-Dec .
6-May Shangqiu (商丘), Henan prov ince loosens HPF (1) Raising the cap for mortgage from 300k per household to 400k per household
mortgage policy (up to 80% of property price), (2) Increasing the maximum term of loans from 20
y ears to 30 y ears, (3) Allowing the conv ersion of commercial mortgage loans (after
one y ear of mortgage pay ment) to HPF loans and (4) Requiring HPF mortgage
applicants to hav e contributed to the HPF for at least six consecutiv e months (v s 12
months before rev ision)
7-May Changzhou is facilitating the conv ersion of HPF In order to speed up the process of apply ing for HPF mortgage, gov ernment will
mortgage to commercial mortgage facilitate buy ers' conv ersion of HPF mortgage loans to commercial mortgage loans. As
the interest rate for commercial mortgage is higher, the gov ernment will subsidize the
interest rate difference on a monthly basis. Effectiv e from 19-May , the cap for this
ty pe of loan will be raised to Rmb600k from Rmb500k.
12-May Sheny ang loosen HPF mortgage policy (1) Raising the cap for mortgage from Rmb300k to Rmb350k per person or
Rmb500k/couple to Rmb550k/couple; Allowing a household consisting of three
persons to take a HPF mortgage loan up to Rmb600k (2) Requiring HPF mortgage
applicants to hav e contributed to the HPF for at least six consecutiv e months (v s 12
months before the rev ision)
20-May Yangzhou loosen HPF mortgage policy Due to the limited funds av ailable under the HPF last y ear, the Yangzhou
gov ernment tightened its HPF mortgage requirements in Apr-2013 by : (1)
Disallowing buy ers from utilising HPF for down pay ments and mortgage loans at the
same time, meaning buy ers who obtain an HPF mortgage may not use the HPF for
down pay ment; (2) Suspending the swapping of commercial mortgage loans into HPF
mortgages; and (3) Suspending HPF application for buy ers of houses outside the city
to which buy ers contributed HPF fund. Effectiv e from 20-May , the Yangzhou
gov ernment has partly loosened its restrictions to allow buy ers to use HPF for both
down pay ments and mortgages.
20-May Yangzhou loosen HPF mortgage policy Due to the limited funds av ailable under the HPF last y ear, the Yangzhou
gov ernment tightened its HPF mortgage requirements in Apr-2013 by : (1)
Disallowing buy ers from utilising HPF for down pay ments and mortgage loans at the
same time, meaning buy ers who obtain an HPF mortgage may not use the HPF for
down pay ment; (2) Suspending the swapping of commercial mortgage loans into HPF
mortgages; and (3) Suspending HPF application for buy ers of houses outside the city
to which buy ers contributed HPF fund. Effectiv e from 20-May , the Yangzhou
gov ernment has partly loosened its restrictions to allow buy ers to use HPF for both
down pay ments and mortgages.
26-May Xuancheng (宣城) loosen HPF mortgage policy Effectiv e from 1-J une, the rev isions include: (1) Raising the mortgage cap from
and offers subsidy on deed tax Rmb200k to Rmb300k per person. This is a rev ersal of the HPF tightening enforced
since J uly -2013; and (2) Requiring HPF mortgage applicants to hav e contributed to
the HPF for at least six consecutiv e months (v s 12 months before the rev ision). In
addition, the gov ernment will also: (i) Offer a full subsidy on deed tax to first home
buy ers who purchase a property below 90sm, (ii) Cap the deed tax to 1%/2% of the
property price for first home buy ers who purchase a property between 90-
144sm/abov e 144sm respectiv ely .
Source: DBS Vickers
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2014 Det ails
26-May Hangzhou issued policy to limit price cut. Hangzhou is the first city to
require developers who want to sell at 15% lower than the
ASP on their presales permits to reapply for sales permits.
27-May Gansu Zhangye (張掖) loosens HPF mortgage (1) Raising the cap for mortgage from Rmb250k to Rmb300k per person; and loan for
policy decorations from Rmb50k to Rmb80k; (2) Requiring HPF mortgage applicants to have
contributed to the HPF for at least three consecutive months (vs 12 months before
the revision); and (3) Increased the maximum term of mortgage loans from 15 years
to 20 years
28-May Wuhu to subsidise interest payments for second Wuhu government will subsidise qualified second home buyers for the difference
home buyers between actual interest payment and 10% premium to HPF benchmark rate with a
cap of 2.2%.
29-May J iangsu Taizhou (泰州) loosens HPF mortgage Taizhou is the fourth city in J iangsu (after Wuxi, Changzhou and Yangzhou) to
policy loosen its HPF policy. The cap for HPF mortgage was revised to Rmb400k for first
home buyers and Rmb300k for second home buyers.
30-May Dongguan issues policy to limit price cut Dongguan follows in Hangzhou's footsteps by
requiring developers who want to sell at 15% lower than the
ASP on their presales permits to reapply for sales permits.
1-J un Haikou allows people to obtain local ID by Haikou will grant local ID to those who buy new commodity houses of more than
purchasing properties in the city 120sm.
5-J un Zhejiang Zhuji (諸暨) loosens HPF mortgage policy Revise up the cap for HPF mortgage by Rmb100k per person for citizens who
contribute more than Rmb1,500 per month to the HPF.
10-J un Anhui Huaibei (淮北) loosens HPF mortgage (1) Revising the cap for mortgage to Rmb300k per person or Rmb400k per couple;
policy (2) Requiring HPF mortgage applicants to have contributed to the HPF for at least six
consecutive months; and (3) Maximum term of mortgage loans increased to 30
years.
27-J un Hohhot (呼和浩特), Inner Mongolia ends curbs There will be no further limits on how many homes each resident may own, and
on home purchases those who don't have local residence may also buy properties in the city.
3-J ul Anhui Bengbu (蚌埠) loosens HPF mortgage Anhui Bengbu (蚌埠) has relaxed HPF requirements by (1) allowing HPF mortgage to
policy be used for the second home if applicants have paid-off their first mortgage; (2)
raising the cap for mortgage from Rmb300k to Rmb400k per couple, and from
Rmb200k to Rmb300k per person; (3) requiring HPF mortgage applicants to have
contributed for at least three consecutive months (instead of 12 months).
20-J ul J iangsu Suzhou (蘇州) loosens HPR policy Suzhou's government loosens purchase restrictions for residential units over 90sm.
20-J ul Hubei Wuhan (武漢) loosens HPR policy Wuhan Housing Management Security and Management Bureau has unofficially
revealed its intention to loosen purchase restrictions for residential units over 140sm
during a conference with property developers.
23-J ul Haikou (海口) loosens HPR policy Haikou government announced it has completely lifted HPR.
25-J ul Wuxi (無錫) loosens HPR policy V erbal announcement by Wuxi government through Weibo, for residential units over
90sm.
25-J ul Xi’an (西安) loosens HPR policy V erbal announcement by Xi'an government, for residential units below 60sm.
28-J ul Shijiazhuang (石家莊) loosens HPR policy V erbal announcement by Shijiazhuang government.
28-J ul Hangzhou (杭州) loosens HPR policy According to the announcement, HPR has been completely lifted in two districts
outside the city center – Xiaoshan (蕭山區) and Yuhang (余杭區). Within the city
center, the restrictions are only for residential units less than 140sm.
31-J ul Sichuan (四川) province announces the provision Effective between 1-J uly and 31-Dec, the government will offer subsidies
of subsidies to banks that offer mortgage loans to (equivalent to 3% of the mortgage loan amount) to banks that offer mortgage loans
first home buyers to first time home buyers at interest rates below or at PBOC rate.
1-Aug J inhua (金華) loosens HPR policy Local government announced the discontinuation of HPR in the city.
1-Aug Hefei (合肥) loosens HPR policy Local government announced the lifting of HPR in the city. Prior to this, HPR was
effective in the four old town districts - Luyang ( 廬陽區), Baohe (包河區), Yaohai
(瑤海區), Shushan (蜀山區)
4-Aug Shaoxing (紹興) loosens HPR policy Local government announced the lifting of HPR in the city. It is the fifth city in
Zhejiang province to loosen HPR since J uly.
Source: DBS Vickers
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2014 Det ails
4-Aug Taiy uan (太原) loosens HPR policy Local gov ernment lifts HPR in the city .
6-Aug Changsha (長沙) loosens HPR policy Housing authority confirmed loosening of HPR. Before the announcement, HPR only
applied to residential units less than 90sm.
7-Aug F oshan (佛山) loosens HPR policy Local gov ernment announced the loosening of HPR through its official weibo
account. Under the new measure, each F oshan citizen (rather than counted by
family ) is entitled to buy two residential units, while non-locals can buy one unit.
Before the rev ision, each F oshan family was only allowed to buy two residential
units. But after this rev ision, a 3-member family is allowed to buy six units. F oshan
was the first city in Guangdong prov ince to loosen HPR in 2014.
8-Aug F uzhou (福州) loosens HPR policy The housing authority (MOHURD) of F ujian prov ince announced eight measures ( 閩
八條) to facilitate urbanisation and to lower inv entory . Major measures include
prov iding discounts on deed taxes, loosening purchase restrictions and easing credit
on mortgages. The new measures allow the F uzhou gov ernment to fine-tune the
existing HPR when necessary .
8-Aug Xiamen (廈門) announced loosening measures The eight new measures in F ujian prov ince (閩八條) allow Xiamen gov ernment to
fine-tune its existing HPR when necessary . Three weeks ago, the local media reported
that HPR in Xiamen hav e been fully relaxed in districts outside the main island.
Meanwhile, within the main island, only the restriction limiting non-locals to buy ing
only one unit remains in place. Moreov er, HPR on residential units with sizes abov e
260 sm hav e also been relaxed.
9-Aug Zhengzhou (鄭州) loosens HPR policy Zhengzhou (鄭州) housing authority announced that HPR was remov ed in the fiv e
municipal districts (city centre) and Zhengdong New District ( 鄭東新區).
11-Aug Dongguan's (東莞) restrictions on home sales Although Donngguan does not enforce HPR, its local gov ernment announced new
measures to reduce the restrictions on home sales. The new measures include
remov ing the limit for ASP adjustments, loosening requirements for HPF mortgage
applications and reducing requirements on granting citizenships.
11-Aug Kunming (昆明) loosens HPR policy Kunming housing authority announced at a press conference that its HPR has been
relaxed effectiv e from 11-Aug-2014.
14-Aug J iangxi Nanchang (南昌) loosens HPR policy Housing authority confirmed loosening of HPR. Before the announcement, HPR only
applied to residential units less than 90sm.
15-Aug Xiamen (廈門) officially confirms HPR loosening Housing authority officially confirmed HPR loosening one week after it announced
the eight new loosening measures (閩八條). Before the official announcement, it
was said that HPR had been loosened at the implementation lev el.
16-Aug Harbin (哈爾濱) loosens HPR policy Housing authority confirmed loosening of HPR through its official website.
22-Aug J iangxi prov ince loosens mortgage policy As part of the new measures to facilitate economic growth, J iangxi gov ernment will
lower the mortgage rate for first time home buy ers and reduce down pay ment
requirements on second home buy ers.
27-Aug Haikou loosens requirement on granting Gov ernment will grant at most 2/3/5 local IDs to buy ers who purchase a home with
citizenships sizes of 60-90sm/90-120sm and ov er 120sm respectiv ely . Before the rev ision, home
buy ers were required to buy homes with a minimum size of 120sm in order to be
granted, at most, fiv e local IDs.
28-Aug Xi'an and Guiy ang loosen HPR Xi'an and Guiy ang loosened HPR with effectiv e from 1-Sept
29-Aug Ningbo loosens HPR Effectiv e from 29-Aug, HPR was fully lifted in Ningbo
29-Aug Hangzhou loosen HPR Effectiv e from 29-Aug, HPR was fully lifted in Hangzhou. A month ago, Hangzhou
loosened HPR for residential units abov e 140sm in city centre.
1-Sep Qingdao loosens HPR Effectiv e from 29-Aug, HPR was fully lifted in Qingdao. A month ago, gov ernment
loosened HPR for residential units abov e 144sm.
1-Sep Wuxi loosens HPR Effectiv e from 29-Aug, HPR was fully lifted in Wuxi. A month ago, gov ernment
loosened HPR for residential units abov e 90sm.
5-Sep Zhangzhou (漳州) loosens HPF policies Effectiv e until 1-Aug 2015, the rev isions include: (1) Rev ising the cap for second-
time applicants to Rmb300k per person and Rmb500k per couple. Before the rev ision,
the caps were Rmb200k and Rmb300k respectiv ely , and (2) Lower the interest rate
for second-time applicants from 1.1x PBOC rate to 1.0x PBOC rate
6-Sep Xining (西寧) in Qinghai prov ince (青海) loosens Xining, the prov incial city of Qinghai prov ince (central China), announced its HPR
HPR easing. It is the last city in central China to loosen its purchase restrictions.
Source: DBS Vickers
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2014 Det ails
11-Sep J iaxing (嘉興) of Zhejiang prov ince loosens HPF (1) Setting a floor for HPF mortgage to Rmb150k per person or Rmb300k per couple.
policies This will help the low income workers to buy homes, (2) Rev ising the mortgage cap
(for first-time applicants) to Rmb300k per person or Rmb600k per couple. Before the
rev ision, the cap was Rmb250k per person and Rmb600k per couple, and (3) Rev ising
the mortgage ratio for fitted residential housing from 60% to 70%.
12-Sep Wuxi (無鍚) loosens HPF policies Effectiv e from 1-Oct, the rev isions include: (1) Rev ising the mortgage cap to
Rmb300k per person or Rmb600k per couple, and (2) Allowing applicants to apply
mortgage for second home if they hav e sold the first property . Before the rev ision,
application who bought a residential unit abov e 120sm are not allowed to use HPF
for second home mortgage.
15-Sep Sheny ang (瀋陽) loosens HPR Local gov ernment lifts HPR in the city .
15-Sep Hubei (湖北) prov ince announces loosening The six new measures (鄂六條) announced by the Hubei MOHURD include: (1)
measures Allowing banks to prov ide a maximum of 30% mortgage rate discount to first home
buy ers, (2) Prov iding 50% discount on deed tax to first-time home buy ers, and (3)
F or first home buy ers who buy a residential unit below 90sm, reducing deed tax to
1% of the property price. Hubei is the second prov ince to announce loosening
measures after F ujian prov ince's announcement in mid-Aug.
16-Sep Sheny ang (瀋陽) adjusts HPF policies Mortgage cap rev ised to Rmb350k per person, Rmb550k per couple and Rmb600k
for a 3-person family ;
18-Sep Xining (西寧) adjusts HPF policies Mortgage cap rev ised to Rmb500k per person from Rmb400k per person
21-Sep Nanjing (南京) loosens HPR With immediate effect, HPR was fully lifted in Nanjing.
25-Sep Xiangy ang (襄陽) loosens mortgage policies The rev isions include: (1) Requesting banks to require only 30% downpay ment and
0.7x benchmark rate to first-home buy ers, (2) Allowing second-time mortgage
applicants to be treated as first-time applicants if they hav e paid up their prev ious
mortgage balance, (3) Allowing homebuy ers to use HPF mortgage after three months
of contribution, (4) Offering a full subsidy on deed tax to first-home buy ers who
purchase a property below 90sm, and (5) Capping the deed tax to 1% of the
property price for first-home buy ers who purchase a property abov e 90sm.
26-Sep Dazhou (達州) in Sichuan prov ince adjusts HPF The rev isions include: (1) Rev ising the cap for HPF mortgage to Rmb350k per person
policies and Rmb400k per couple. Before the rev ision, the caps were Rmb300k and Rmb350k
respectiv ely , and (2) Rev ising the cap for secondary residential transaction to
Rmb300k per person and Rmb350k per couple. Before the rev ision, the caps were
Rmb250k and Rmb300k respectiv ely , and (3) Remov ing the cap for HPF mortgage.
Before the rev ision, the cap was set at 20 times of the HPF balance.
26-Sep Zhuhai (珠海) loosens HPR Local gov ernment lifts HPR for two categories of residential housing: (1) Residential
units outside the city centre, and (2) Residential units within the city centre but
below 144sm. (3) Non-local buy ers are also allowed to buy one unit each in the city
centre.
29-Sep Nanchang (南昌) loosens mortgage policies PBOC in Nanchang loosens downpay ment requirements for second home buy ers to
60% from 70%.
30-Sep Ningbo prov ide subsidy for univ ersity graduates Ningbo announced fav orable policies to encourage graduates to buy properties in the
to buy home city . Graduates who hav e jobs in Ningbo can: (i) enjoy a subsidy of up to 0.75-1%
(depending on unit size) of the total property price for first home purchases; (ii) enjoy
20% downpay ment if the property size is smaller than 120sm. Moreov er, Ph.D
graduates can enjoy up to Rmb3k/month in interest subsidy if they buy properties in
the city .
30-Sep Ningbo loosens HPF policies for univ ersity The adjustments include: (1) requiring HPF mortgage applicants to hav e contributed
graduates for at least three consecutiv e months (instead of 12 months); (2) raise the cap for
loan amount by 20%; and (3) for homes below 120sm, rev ised the downpay ment
requirement to 20% from 30%.
Source: DBS Vickers
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2014 Det ails
30-Sep PBOC and CBRC announced measures to loosen The major measures include: (1)Refined the definition of "First home buyers". Those
mortgage policies who have sold their existing home to buy a new one is treated as first home buyers
(ie: 30% downpayment requirement vs second home buyers' 60%). (2) Restated the
0.7x PBOC rate as a floor for mortgage rate.
9-Oct The housing authority (MOHURD), MOF and In order to increase the efficiency of the housing provident fund to support the
PBOC announced to loosen HPF policies property market, the three departments joint announced a series of new measures
(《關於發展住房公積金個人住房貸款業務的通知》), which include: (1)
facilitating the use of HPF in cities outside which applicants is working. (2) requiring
HPF mortgage applicants to have contributed for at least three consecutive months
(instead of 12 months).
9-Oct Shenyang loosens HPF mortgage policies Second-time mortgage applicants can be treated as first-time applicants if they have
paid up their previous mortgage balance. Downpayment requirements for first home
buyers remained unchanged, which is 20% for residential units below 90sm and
30% for units above 90sm.
11-Oct Guangzhou tightens HPF policies Due to the limited funds available under the HPF last year, the Guangzhou
government tightened its HPF mortgage requirements by: (1) allowing only first time
home buyers to use HPF, (2) increasing downpayment requirement to 30% from
20%. (3) requiring HPF mortgage applicants to have contributed for at least six
consecutive months and have HPF balance equivalent to 24 months of contribution;
(4) Cutting the HPF budget for 2015 by Rmb3bn to Rmb14bn.
13-Oct PBOC loosens control on loans for property The People’s Bank of China has removed the 10% cap on lending for property
development developments as a percentage of a commercial bank’s overall outstanding loan
portfolio, according to officials from PBOC, ABC, CCB, and ICBC. Commercial banks
are still required to meet certain loan-to-deposit ratio rules for property developer
clients, an official from ABC said. Most commercial banks are willing to lend to
projects in tier-1 cities and shantytown development projects, but are cautious about
tier-3 and tier 4 cities.
13-Oct The housing authority (MOHURD), MOF and The related fees mainly include valuation and mortgage insurance fees. Although the
PBOC will waive some transaction fees for housing actual savings will not be substantial, it is still an incentive for home buyers.
provident fund applicants.
13-Oct Wuhan loosens HPF policies Downpayment requirement for second home buyers was lowered to 30% from
60%; the requirement for first home buyers is unchanged at 30%.
17-Oct Tianjin (天津) loosens HPR policy Tianjin announced 16 measures (津十六條) to support the property market,
effective from 30-Oct. Major measures include: (1) removing the home purchase
restrictions, (2) removing the restrictions on home purchase by non-locals, (3) capping
the deed tax to 1%/1.5% of the property price for homebuyers who purchase a
property below 90sm/144sm respectively, (4) cancelling the 70/90 requirement on
developers (i.e. government previously required developers to keep the % of small
units [below 90sm] at above 70%), and (5) requesting banks to require only 30%
downpayment and 0.7x benchmark rate to first-home buyers of units below 144 sm.
17-Oct Wuhan (武漢) loosens HPF mortgage policies for For second-home buyers, revised the downpayment requirement to 30% from 60%.
second-home buyers
20-Oct Shandong Weifang (濰坊) to provide discount on (1) Offering a full subsidy on deed tax to first- and second-home buyers who
deed tax purchase a property below 90sm, (2) Capping the deed tax to 1.5% (half of the
original amount) of the property price for homebuyers who purchase a property
below 144sm, and (3) Capping the deed tax to 1.5% of the property price for
entrepreneurs who purchase an office or commercial property below 300sm for
business start-up.
21-Oct Changchun (長春) loosens HPF mortgage policies The revisions include: (1) Requiring HPF mortgage applicants to have contributed for
at least six consecutive months (instead of 12 months). It also allows buyers to
include the period they were contributing to HPF in other cities, (2) Restating 30%
downpayment requirement for first-home buyers, (3) Second-home buyers who have
sold their existing home to buy a new one will be treated as first-home buyers, and
(4) Raising the mortgage cap to Rmb800k for primary housing transactions and
Rmb700k for secondary housing.
23-Oct Shandong province (山東省) loosens HPF policies Shandong government extended the coverage of HPF mortgage to non-local
workers who have contributed to the HPF for 12 consecutive months.
23-Oct Urumchi (烏魯木齊) loosens HPR policy Local government officially lifts HPR in the city.
Source: DBS Vickers
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28-Oct Xin Yu (新余) city of J iangxi prov ince loosens The rev isions include: (1) Second-home buy ers who hav e sold their existing home to
HPF policies buy a new one will be treated as first-home buy ers, (2) Raising the cap for HPF
mortgage to Rmb500k/350k from Rmb400k/300k for primary and secondary
residential transactions respectiv ely , (3) Extending the maximum term for HPF
mortgage to 30 y ears from 20 y ears, and (4) Indiv iduals and couples are allowed to
utilise HPF to pay off their existing commercial mortgage.
29-Oct Yangzhou (楊州) loosens HPF mortgage policy The rev isions include: (1) Second-home buy ers who hav e paid off their existing HPF
mortgages will be treated as first-home buy ers when apply ing HPF mortgage for
second home.
1-Nov Hunan (湖南) prov ince loosens HPF policies The major rev isions include: (1) Allowing applicants who contribute to HPF in other
Hunan cities to utilise HPF to purchase homes in Changsha, (2) Downpay ment
requirement for first-home buy ers (for self-use units below 90sm) was lowered to
20% from 30%, (3) F or second-home buy ers whose av g liv ing space per person is
lower than that specified by the housing authority , downpay ment requirement is
lowered to 40% from 50%. While mortgage rate remained at 1.1x of the benchmark
rate, (4) Loosening the 'monthly mortgage pay ment-to-income ratio' requirement
from 40% to 50%, and (5) Allowing applicants to apply for HPF mortgage after
they hav e paid off their prev ious mortgage balance (applicants needed to wait six
months before the rev ision)
4-Nov Shanghai (上海) loosens HPF policies The rev isions include: (1) Allowing second-home buy ers to apply for HPF mortgage
after they hav e fully paid up their prev ious mortgage balances. Such buy ers will be
treated as firt-time applicants (i.e. 30% downpay ment and 4%/4.5% mortgage rate
for tenures of <= 5 y ears and >5 y ears respectiv ely , (2) Raising the cap for HPF
mortgage to Rmb800k/400k from Rmb600k/300k for couples and indiv iduals
respectiv ely , (3) Howev er, third-home buy ers are still not allowed to use HPF
mortgages, and (4) Waiv ing the mandatory insurance fees.
5-Nov Nanjing (南京) loosens HPF mortgage policies The policies mainly include: (1) F or second-home buy ers whose av erage liv ing space
per person is lower than that specified by the housing authority (i.e. 32sm per person
or 100sm per a family of three persons), downpay ment requirement is lowered to
30% from 60%, (2) Requiring HPF mortgage applicants to hav e contributed for at
least six consecutiv e months, but contributions in cities outside Nanjing can also be
taken into account, (3) HPF mortgage is still not allowed for buy ing a third home,
and (4) Mortgage rate remained at 1.1x of the benchmark rate
6-Nov J iangxi (江西) prov ince loosens restrictions on the J iangxi has introduced new measures to facilitate the dev elopment of the property
property sector sector. The measures mainly include: (1) Cancelling home purchase restrictions to
locals and non-locals, and (2) Reducing deed tax for those buy ing their only homes
below 90sm to 1%, (3) Encouraging banks to support end-user demand, (4)
Reducing the fees charged on property dev elopers, and (5) Prov iding subsidy on
deed tax and business tax for secondary market transactions.
7-Nov Kunming (昆明) adjusts HPF policies The rev isions include: (1) Allowing parents to utilise their HPF mortgage balances for
their children's properties. This is applicable ev en if the parents do not own the new
properties, (2) Limiting HPF mortgage to be used on the same property for only once
per y ear, meaning that if the property changes hands more than once in a single y ear,
the second buy er cannot opt for HPF mortgage. This is to prev ent misuse of the HPF
which would then reduce the effectiv eness of the fund, and (3) Limiting HPF to be
used for renov ations to only once in ev ery fiv e y ears per applicant.
13-Nov Shanghai (上海) redefined the classification for Owners of ordinary commodity housing enjoy more tax benefits (lower business tax,
'ordinary commodity housing' capital gain tax, deed tax and LAT) compared with owners of luxury housing. But
effectiv e 20-Nov , properties which fulfill the three criteria below will be classified as
"Ordinary commodity housing': (1) Properties taller than 5-stories (except old v illage
houses), (2) unit size below 140sm, and (3) ASP lower than 1.44x the ASP of the city
with the total unit prices subject to a cap of Rmb4.5m/Rmb3.1m/Rmb2.3m for
properties located within the inner ring road/between the inner ring and outer ring,
and outside the outer ring road, respectiv ely (v s Rmb3.3m/Rmb2m/Rmb1.6m before
rev ision) .
Source: DBS Vickers
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2014 Det ails
14-Nov J iangsu (江蘇) prov ides subsidy on fitting of new Local gov ernment has offered to waiv e deed tax and giv e other tax discounts to
houses buy ers who purchase fitted homes. Dev elopers are also allowed to claim tax
deductions for fitting costs.
16-Nov Sheny ang (瀋陽) prov ides subsidy to home Home buy ers who purchase through dev elopers at the housing expo (14 to16-Nov )
buy ers will be granted a subsidy amounting to Rmb30-150/sm depending on property size.
18-Nov Changsha (長沙) loosens HPF policies The major rev isions include: (1) Allowing citizens to use HPF to pay their rental, (2)
Requiring HPF mortgage applicants to hav e contributed for at least six consecutiv e
months (instead of 12 months), while contributions in cities outside Nanjing can also
be taken into account, (3) Allowing HPF to be used for renov ations, and (4) Waiv ing
the mandatory insurance fees.
19-Nov Zhejiang Ninghai (寧海) prov ides subsidies to Ninghai prov ides subsidies amounting to 1.5%/1% of home price to homebuy ers
homebuy ers who purchase new homes <90sm and 90-140sm respectiv ely . No limitation on
citizenship and no. of units owned. Apart from that, college graduates who purchase
their first home (<140sm) from the secondary market are also entitled to the subsidy .
21-Nov Qingdao (青島) rev ises up the benchmark land Qingdao rev ised up the benchmark land price to Rmb9.07m/mu (or Rmb13.6k/sm)
price (基準地價) from Rmb5.7m/mu. This will increase the initial prices for upcoming land auctions but
lower the transaction tax for secondary transactions.
22-Nov Shanghai (上海) rev ises down HPF mortgage rate HPF mortgage rate was rev ised down to 3.75%/4.25% from 4.0%/4.5% for HPF
mortgages with terms shorter or equal to 5y rs and longer than 5y rs respectiv ely .
22-Nov PBOC cut interest rate Benchmark lending rates were cut by up to 40bps, effectiv e last Saturday (22-Nov ).
The new 1-y ear benchmark lending rate is now 5.6%, compared to 6.0% prev iously .
Benchmark deposit rates were also cut by 25-75bps. Howev er, PBOC also lifted the
deposit rate ceiling from 1.1x of benchmark rate to 1.2x. Assuming banks lift their
deposit rates to the maximum allowed 1.2x, the effectiv e deposit rate cuts will be
only minimal.
24-Nov Shenzhen (深圳) rev ises down HPF mortgage rate HPF mortgage rate was rev ised down to 3.75%/4.25% from 4.0%/4.5% for HPF
mortgages with terms shorter or equal to 5y rs and longer than 5y rs respectiv ely .
26-Nov Pingdingshan, Henan (河南平頂山) loosens HPF (i) Requiring HPF mortgage applicants to hav e contributed for at least six consecutiv e
policies months (instead of 12 months), (ii) Lowering downpay ment to 20% for housing
purchases with units size below 90sm, and (iii) Raising mortgage cap under HPF
scheme to Rmb450k from Rmb400k.
26-Nov Ningbo (寧波) loosens HPF policies (i) Requiring HPF mortgage applicants to hav e contributed for at least six consecutiv e
months (instead of 12 months), (ii) loosening definition of first home purchases, and
(iii) Raising mortgage cap under HPF scheme to Rmb900k/household from
Rmb800k/household.
28-Nov Miaoy ang, Sichuan (四川綿陽) finetunes HPF (i) Requiring HPF mortgage applicants to hav e contributed for at least six consecutiv e
policies months (instead of 12 months), (ii) loosening definition of first home purchases, and
(iii) Raising mortgage cap under HPF scheme to Rmb500k from Rmb400k.
28-Nov Changchun (長春) redefines first home purchase Changchun loosens definition of first home purchases. Upgraders without mortgage
under HPF mortgage scheme balance are treated as first home purchasers when purchasing unit size below 144sm.
1-Dec J inhua (金華) loosens HPF policy (i) Requiring HPF mortgage applicants to hav e contributed for at least six consecutiv e
months (instead of 12 months), and (ii) loosening definition of first home purchases
12-Dec Guangzhou released guidelines for the transaction The new guideline requires the seller of the fixed-price housing to pay a land
of 'fixed price housing' (限價房) appreciation tax (equals to 70% of the difference between the original price and
selling price) to the gov ernment.
15-Dec China to set up three new F ree Trade Zones in F ollowing the establishment of the Shanghai Pilot F ree Trade Zone (F TZ) in J uly -
F ujian, Guangdong and Tianjin 2013, the State Council announced it would set up three new F TZs in F ujian,
Guangdong and Tianjin to extend the F TZ to other parts of China.
19-Dec Changsha, Hefei, Nanchang and Wuhan loosens The four cities will allow housing prov ident funds to be used interchangeably among
HPF policies them.
22-Dec The State Council announces details on the The regulation, which will be monitored by the Ministry of Land and Resources
prov isional regulations on real estate registration (" (MLR) of the State Council, requires local gov ernments to set up a bureau to regulate
不動產登記暫行條例”) which will be effectiv e the registration of real estate (including lands, buildings, forests, maritime areas and
from 1st March, 2015 others) in a unified sy stem. The set-up of the unified information sy stem will enhance
sharing of real estate ownership information at the national lev el.
Source: DBS Vickers
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2015 Det ails
1-J an Beijing raises cap for HPF mortgage Beijing raised the cap for HPF mortgage (for first-time buy ers who purchase homes
smaller than 90sm) to Rmb1.2m/unit. The last rev ision was in 2008 when the cap was
increased to Rmb800k/unit from Rmb600k/unit.
7-J an F oshan (佛山) Shunde lowers the threshold for The new threshold has been set at Rmb12,711/sm compared with Rmb13,340/sm
classification of 'ordinary housing' before the rev ision. As the new threshold is lower than the prev ious standard, the
direct impact to buy ers is that more housing will be eligible to be classified as
'ordinary housing' and hence incur less tax.
11-J an The State Council and CPCCC announce more Gov ernment is working to set up guidelines for farmers to sell or trade their usage
details on the trial implementation of rural land rights to farmland and farmers’ dwellings (宅基地). The trial is expected to be
reforms completed in 2017.
14-J an The housing authority (MOHURD) urges local According to the official document ("關於加快培育和發展住房租賃市場的指
gov ernments to launch REIT pilot programmes 導意見"), the housing authority (MOHURD) will speed up the growth of China’s
property rental market by setting up a rental information platform and encouraging
dev elopers to put more focus on rentals. MOHURD also reiterated the importance of
REITs and encouraged local gov ernments to launch REIT pilot programmes to facilitate
the gradual dev elopment of the REIT market.
16-J an Xiamen (廈門) loosens HPF for properties within The last rev ision of HPR policy was in Aug-2014 when the Xiamen gov ernment
the main island announced its "8 loosening measures". Before this rev ision, HPR was effectiv e
within the main island and locals/non-locals were limited to buy ing only two/one
residential units respectiv ely .
16-J an CSRC simplifies the approv al procedure for After the rev ision, dev elopers are no longer required to be audited by the Ministry of
dev elopers' refinancing and M&A Land and Resources (MLR) before their corporate actions. This will make it easier for
dev elopers, especially those with large land reserv es, to acquire financing in the
market.
20-J an Dongguan (東莞) raises cap for HPF mortgage Major rev isions include: (1) Raising the cap for HPF mortgage to Rmb480k/unit (or
Rmb700k/unit for couples) from Rmb460k/unit (or Rmb660k/unit for couples) before
the rev ision; and (2) Requiring HPF mortgage applicants to hav e contributed for at
least six consecutiv e months (instead of 12 months).
23-J an Beijing (北京) reiterates non-loosening of HPR Deputy May or of Beijing said that the local property market has entered a stage of
healthy growth and Beijing has loosened mortgage loans and price limit policies. But
HPR will likely be maintained.
24-J an F uzhou (福州) gov ernment begins a pilot Residents in F uzhou can new resell their housing to gov ernment if they own more
programme to repurchase commodity housing than one commodity or gov ernment housing. Under the backdrop of high inv entory
and a high need for social housing, local gov ernments are planning to repurchase
commodity housing. Apart from F uzhou; Sichuan, Anhui, J iangsu, Liaoning, Inner
Mongolia and Guizhou are also launching similar programmes.
28-J an Shanghai (上海) reiterates non-cancellation of HPR According to the housing authority , HPR will not be loosened in Shanghai
5-F eb Cut RRR PBOC lowered RRR by 50bps
10-F eb Shanghai is working on to raise HPF mortgage F ollowing the decrease in property transactions, the amount of HPF mortgage
quota withdrawn in 2014 dropped by 23% y -o-y to Rmb47.22bn. According to the
rev iew published by the HPF authority , it is working on to increase the quota for
HPF mortgage. The new quota will be more focus to support the end-user/self use
demand.
28-F eb PBOC cut interest rate Benchmark lending rates were cut by up to 25bps. The new 1-y ear benchmark
lending rate is now 5.35%, compared to 5.6% prev iously . 1-y ear benchmark deposit
rates were also cut by 25bps to 2.5%.
27-Mar Ministry of Land and Resources and Ministry of Key points are summarized below: (1) Prov incial lev el gov ernments will plan
Housing (國土資源部) announced measures to construction, supply , distribution and dev elopment progress of residential projects by
optimise the supply structure of land and controlling the construction and dev elopment progress in ov ersupplied cities and
residential units. speeding up supply in undersupplied cities. (2) Cities facing ov ersupply should
suspend or slow down land supply . Cities facing undersupply should increase land
supply . (3) Allow dev elopers to adjust product design to align with demand. (4)
Conv ert land use rights from residential to other use to support emerging industries
including senior housing, culture, and sports. (5) Conv ert undev eloped land for
commodity housing to public housing.
Source: DBS Vickers
Page 110
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2015 Det ails
30-Mar PBOC adjusted downpay ment requirements Second commercial mortgage downpay ment requirement is lowered to 40%,
compared with prev ious 70%. The first mortgage under the housing prov ident fund
(HPF ) scheme only requires 20% now v s. 30% prev iously , while the second
mortgage under HPF requires 30% downpay ment v s. 60% prev iously .
30-Mar Tax Bureau announced suspension of business tax Tax Bureau has also announced to suspend business tax of 5% for selling properties
held ov er 2 y ears (ov er 5 y ears prev iously ).
1-Apr Hunan (湖南) prov ince lowers HPF mortgage rate With effectiv e from 1-Apr, mortgage rates will be lowered to:
-F irst home mortgage (below 5-y rs): 3.5%
-F irst home mortgage (abov e 5-y rs): 4%
-Second home mortgage (below 5-y rs): 3.85%
-Second home mortgage (abov e 5-y rs): 4.4%
2-Apr Wenzhou gov ernment announced measures to Gov ernment announced 8 new measures which included prov iding subsidy to first
help home buy ers time home buy ers and waiv ed business tax for selling properties held ov er 2 y ears
3-Apr Lanzhou (蘭州)loosens HPF mortgage policies Major rev isions include: (1) Reducing downpay ment requirements to 20% for firs
thome buy ers and 30% for second home buy ers; (2) Raising the cap for HPF
mortgage to Rmb500k/unit (or Rmb600k/unit for couples) from Rmb400k/unit (or
Rmb500k/unit for couples) before the rev ision; and (3) reducing the mortgage rate
for second home buy ers to coherent with first home buy ers (v s 1.1x PBOC rate
before rev ision); (4) Allowing applicants who contribute to HPF in other cities to
utilise HPF to purchase homes in Lanzhou; (5) Applicants who hav e fully paid off
prev ious HPF mortgages are allowed to reapply new HPF mortgage loan (v s there is a
1-y ear limit before the rev ision)
7-Apr Shenzhen lowered down-pay ment requirement for Down-pay ment requirements for first/second home buy ers are lowered to 20%/30%
HPF mortgages respectiv ely
7-Apr Xiamen loosens HPF mortgage policies The rev isions include: (1) lowering down-pay ment requirement for first home buy ers
to 20%, (2) reducing the mortgage rate to PBOC rate and (3) increasing the loan cap
for couples to Rmb1m
8-Apr Anhui loosens HPF mortgage policies Lowering down-pay ment requirement for second home buy ers to 30%, mortgage
rate remains 1.1x PBOC rate
8-Apr Shanghai loosens HPF mortgage requirements for Effectiv e from 15-Apr, major rev isions include: (1) Raising the cap for first home
first and second home buy ers buy ers to Rmb500k/unit (or Rmb1m/unit for couples) from Rmb300k/unit (or
Rmb600k/unit for couples) before the rev ision; and (2) Extending the maximum
mortgage term for secondary properties (aged 6-19 y ears) to 35 y ears (v s 15 y ears
before the rev ision).
13-Apr Beijing announced to reduce land supply Beijing announced new guidance for 2015 land supply . The plan for land supply is
generally lower than last y ear with lands for resiential/commodity housing falling by
27%/25% respectiv ely .
15-Apr Harbin loosens HPF mortgage policies The rev isions include: (1) Lowering the downpay ment requirement for first home
buy ers to 20%; (2) Lowering downpay ment requirement to 20% for second home
buy es who hav e repaid their prev ious HPF mortgages and buy home below 144sm;
and (3) Lowering downpay ment requirement to 30% for other second home buy ers
15-Apr Sheny ang loosens HPF mortgage policies Rev ise up the cap for HPF mortgage to Rmb800k per person and require 20%
downpay ment.
15-Apr Shenzhen loosens HPF mortgage policies Rev ise up the amount of HPF mortgage to 14x of HPF balance (v s 12x before
rev ision). Howev er, the cap for HPF mortgage remain unchanged at Rmb500k per
person and Rmb900k per family
20-Apr Cut RRR PBOC lowered RRR by 100bps
21-Apr Hebei loosens HPF mortgage policies Rev ise up the cap for HPF mortgage to Rmb600k from Rmb400k per person.
21-Apr Nanjing loosens HPF mortgage policies Lower the downpay ment requirement for HPF mortgage to 20% for first home
buy ers and 30% for second home buy ers
21-Apr Wuxi loosens HPF mortgage policies Lower the downpay ment requirement for HPF mortgage to 20% for first home
buy ers and 30% for second home buy ers
27-Apr Shenzhen Qianhai F TZ launched offically Since the announcement of Qianhai F TZ in Dec-2014, more than 25k companies has
set up offices in the area.
30-Apr Shanxi loosens HPF mortgage policies Rev ise up the cap for HPF mortgage to Rmb1m per family
30-Apr Shanghai gov ernment is working on plans to Due to the limited land supply in recent y ears, it is said that Shanghai gov ernment is
increase land supply looking to prov ide more flexibility in increasing land supply through approv aling
changes of land use or plot ratios of existing projects.
Source: DBS Vickers
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2015 Det ails
1-May Guiyang loosens HPF mortgage policies With effective from 1-May, the revisions include: (1) For first home buyers,
downpayment requirement is reduced to 20%, (2) lifting the cap on property size for
first home buyers (before the revision, there is a 120sm cap), (3) increasing the cap for
HPF mortgage to Rmb500k and (4) allowing citizens to use HPF for rent payment
(subject to a cap of Rmb13.4k per annum)
10-May PBOC cut interest rate Benchmark lending rates were cut by up to 25bps, effective from 11-May. Demand
deposit rate remained unchanged. PBOC lifted deposit-rate ceiling to 1.5x of
benchmark rate from 1.3x. SOE banks have set deposit rate at 1-1.1x benchmark
rate, joint-stock banks at 1.1-1.2x and municipal banks at 1.2-1.3x.
10-May Suzhou loosens HPF mortgage policies With effective from 15-May, the revisions include: (1) revise up the cap for HPF
mortgage to Rmb700k per family or Rmb450k per individual and (2) apply the 20%
down-payment requirement to all self-use first home buyers. (before the revision,
only first home buyers who buy home below 90sm can enjoy the 20% down-
payment)
11-May Shanghai and Beijing lower mortgage rate for Both cities lower HPF mortgage rate (above 5-years) to 3.75%
HPF
24-May Tianjin loosens HPF mortgage policies With effective from 25-May, the revisions include: (1) revise up the cap for HPF
mortgage to Rmb600k per family from Rmb500k before revision and (2) lowered the
down-payment requirement for first home buyers to 20% . Before the revision, the
requirement for first home buyers who buy home above 90sm was 30%)
26-May Changsha loosens HPF mortgage policies With effective from 25-May, the revisions include: (1) revise up the cap for HPF
mortgage to Rmb600k per family from Rmb500k before revision and (2) lowered the
down-payment requirement for first/second home buyers to 20%/30% respectively.
29-May Beijing loosens HPF mortgage policies The revisions include: (1) revise up the cap for HPF mortgage to Rmb1.2m per family
from Rmb500k before revision and (2) lowered the down-payment requirement for
first/second home buyers to 20%/30% respectively.
31-May Zhengzhou (鄭州) lowers the threshold for The new threshold has been set at Rmb1.61m compared with Rmb1.46m before the
classification of 'ordinary housing' revision. As the new threshold is lower than the previous standard, the direct impact
to buyers is that more housing will be eligible to be classified as 'ordinary housing'
and hence incur less tax.
5-J un China add Rmb1tr quota for local government to China has allocated additional Rmb1tn quota for local governments to swap debt
swap debts into muncipal bonds into municipal bonds, according to two people familiar with the matter. The increase
comes as the first stage of the bond swap is under way. Commercial banks have been
buying such bonds after the central bank flooded the interbank market with cheap
funds. This is the second batch of quota added this year, total quota increased to
Rmb2tr
8-J un Hohhot (呼和浩特), Inner Mongolia loosens HPF The revisions include: (1) revise up the cap for HPF mortgage to Rmb800k per person
mortgage policies and (2) loosen minimum income requirement, (3) allowing the quota of multi-family
members to be used in properties under the name of another family member, (4)
allowing HPF mortgages to be used for renovations, and buying car parks.
8-J un Xi'an loosens HPF mortage policy The cap for HPF mortgage was revised up from 15x of the account balance to 18X
9-J un Gansu province (甘肅) loosens HPF mortgage The revisions include: (1) revise up the cap for HPF mortgage, (2) lowering the
policy downpayment requirement, (3) allowing HPF mortgages to be used in cities outside
which applicants work.
9-J un Wuhan (武漢) loosens HPF policy for rental The revisions include: (1) allowing applicants whitih more than 3 months of
subsidy contribution to use HPF as rental subsidy, cap for subsidy is set at Rmb12k per
person of Rmb24k for family.
28-J un PBOC cut interest rate and RRR PBOC announced Friday it would cut 1-year lending rate by 25bps to 4.85% and 1-
year deposit rate by 25bps to 2%, effective 28 J un, and also reduce RRR for
qualified lenders (with higher exposure to SME and agricultural loans) by 50bps.
28-J un Beijing lower HPF mortgage rate The mortgage rate revision include:
(1) lowering mortgage from 3.25% to 3% for mortgages with 5 year or less maturity,
(2) lowering mortgage rate from 3.75% to 3.5% for mortgages with longer than 5
year maturity
28-J un Shanghai lower HPF mortgage rate The mortgage rate revision include:
(1) lowering mortgage from 3.25% to 3% for mortgages with 5 year or less maturity,
(2) lowering mortgage rate from 3.75% to 3.5% for mortgages with longer than 5
year maturity
13-J ul Ningbo provide subsidy on deed tax for home With effective from 1st J uly,2015 to 30th J un, 2016, Ningbo government will
buyers provide 50% subsidy on deed tax paid by home buyers
Source: DBS Vickers
Page 112
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2015 De ta i l s
23-Jul Wuhan loosen HPF policies Allowing applicants who contribute to HPF Yichang (宜昌), Wuhan (武漢) and
Xiaogan (孝感) to utilise the funds for HPF mortgage in the three cities
interchangably
19-Aug Government loosen purchase restrictions on non- Government lifted the HPR on non-local buyers which was enforced since 2006.
local buyers Market believes this policy loosening was to help clear property inventory under the
Rmb depreciation environment.
26-Aug PBOC cut interest rate and RRR PBOC cut the1-yr lending and deposit benchmark rate by 25bps. It also announced
RRR cut of 50bps for all financial institutions, and an additional 50bps cut for rural
financial institutions and 300bps cut for financial leasing companies and auto
financing companies.
1-Sep Government lowered downpayment requirement The minimum downpayment level for those buying their second homes and funding
for HPF mortgage their purchases with their housing provident funds will be lowered to 20% from 30%
in most cities, the Ministry of Housing and Urban-Rural Development said.
The change, effective Sept. 1, applies to all cities except Beijing, Shanghai,
Shenzhen and Guangzhou, and only covers buyers with no outstanding mortgages.
Governments in the excluded cities can set their own minimum level of
downpayment, subject to the central government's approval.
30-Sep Qingyuan (Guangdong province) provide subdisy Local government grant subsidy (up to 20% of property price) to mass market home
to home buyers buyers. Civil servants who serviced over 5 years are eligible for subsidy up to Rmb40k
16-Oct Changsha city (長沙市) and Hunan province (湖南 Lower the downpayment requirement for HPF mortgage to 20% (from 30%) for
省) lower downpayment requirements for HPF second home buyers who has cleared their previous mortgage loan balance.
mortgage
16-Oct Shenyang launched supporting measures for With effective until Dec-2017, local government will provide tax subsidy to home
home buyers buyers who buy properties which fulfil the criteria (1) with plot ratio above 1.0x, (2)
property price below Rmb3mn and (3) GFA below 168 sm. Besides, government also
provide Rmb30/sm subsidy to home buyes who buy home below 90sm
19-Oct Xinjiang (新疆) loosening HPF policies to allow In order to support home sales, local authority loosen the restrictions on HPF
HPR mortgage to be used in house fittings mortgage to allow it to be used for house fitting. The among is subject to a cap of
Rmb100k.
23-Oct PBOC cut interest rate and RRR PBOC cut the one-year lending rate to 4.35% from 4.6% effective from 24-Oct. On
the other hand, the one-year deposit rate will fall to 1.5% from 1.75%. Reserve
requirements for all banks were lowered by 50bps, with an extra 50bps reduction for
some institutions.
The PBOC also scrapped a deposit-rate ceiling that limited the rate banks could pay
savers, saying the move was made possible by a decline in market-based interest
rates.
26-Oct Guangzhou (廣州) loosen HPF policies Local authority allows buyers who work and contribute to HPF in cities outside
Guangzhou to use HPF mortgage for home purchase in Guangzhou. However, HPR
still remains effective.
19-Nov Shanxi (山西)loosens purchase restrictions The revisions include: (1) loosen the floor for mortgage rate for first home buyers to
0.7x PBOC rate; (2) Provide preferential treatment for send mortgage borrowers who
have cleared their mortgage balance; (3) lowered the downpayment requirement for
second home buyers to 40%; (4) Allow thrid home buyers who has paid-off their
previous mortgage to apply for new mortgage. (5) Loosens home purchase
restrictions for non-local buyers.
19-Nov Tianjin loosens HPF mortgage policies The authority allows home buyers to use the outstanding balance of their HPF
account to repay the principal of their existing HPF mortgage.
23-Nov State council loosens restrictions on Housing State Council published an amendment on Housing Provident Fund regulations for
Provident Fund (HPF) public reviews. The revisions include: (1) allowing HPF to be used on home purchase,
home construction, home decorations, property rental and property related fees. (2)
allowing HPF to issue MBS and invest in high credit rating fixed income products like
local government bond, policy debt and MBS backed by HPF mortgage. Up to July
2015, HPF has an ending balance of RMB3.97tn. It has provided personal mortgages
totaled RMB4.75tn.
Source: DBS Vickers
Page 113
China Property

2015 De ta i l s
2-Dec Nanjing (南京) raise HPF mortgage quota for In order to promote the construction of fully fitted houses, HPF authority provide 20%
buyers who buy fitted houses extra HPF mortgage quota for buyers who buy new fitted house.
3-Dec Kunming (昆明) loosens HPF mortgage policies The cap for HPF mortgage is revised up to Rmb800k per person from Rmb600k per
person
3-Dec Henan Puyang (濮陽) provides subsidy for migrant In order to facilitate migrant workers to localize in the city, Puyang government
workers to buy house in the city provides subsidies to migrant workers who buy house in the city. The policy includes:
(1) Rmb150/sm subsidy for first home buyers, (2) Rmb100/sm for second home buyers
and (3) Rmb200/sm for buyers who buy from secondary market.
3-Dec Central government proposed to provide tax This policy is to improve affordability of home buyers.
allowance for mortage interest expenses
4-Dec Shanghai HPF authority issued first batch of ABS The first issuance is divided into two batches - Rmb1.94bn and Rmb5.23bn
respectively.
20-Dec Behai provide subsidy to home buyers With effective between 17-Nov 2015 and 31-Dec-2016, local government will
provide subsidy, equivalent to 1% of property price, to home buyers.
21-Dec Central government said to facilitate migrant Central government will facilitate mirgant workers in getting citizenship in order to
workers in getting citizenship support destocking in the property market. Social rental housing will also be
extended to mirgant workers without citizenship.
28-Dec MOHURD (住建部) reiterate destocking as policy Key foci mentioned in the conference include: (1) Focus on meeting the housing
focus for 2016 after conference in Beijing demand of new migrants as the direction for continued destocking, (2) putting more
attention to facilitate the property rental market with government subsidy, (3)
Continue to redevelop shanty villages, targets to relocate 6m shanty units in 2016.
2016 De ta i l s
2-Feb PBOC cut down-payment requirements PBOC announced to cut minimal downpayment requirement for second mortgage to
30% from 40% and first mortgage to 20% from current 25% except for tier 1 cities
and Sanya. In the meanwhile, provincial branches are allowed to set downpayment
requirements based on local market condition.
5-Feb Nanchang government provide tax benefits to Government increase tax allowance (as % of ASPs) for presales of commodity
developers on property presales buildings to 22% from 24%
14-Feb Shanghai announced to adjust the land supply of Government will increase the land supply for small/medium sized units. The ratio will
the city be kept at above 70% in city center and above 60% in rural area. Government also
support developers to keep properties for operations for over 10 years. The
recommended ratio for commercial properties is 80%, while that for office building is
40%.
19-Feb Ministry of Finance announced to lower deed tax The measures included:
and sales tax during home purchase in cities (1) Deed tax rate for first homes will purely depend on unit size, the definition of
outsite Tier 1 cities
residential units as a first home would still incur a 3% deed tax. At present, the deed
tax rate for a first home is 1% if the unit size is smaller than 90sm and 1.5% for those
larger than 90sm.
(2) Deed tax rate for a second home is lowered from 3% (for all unit sizes) to 1% for
units smaller than 90sm and 2% for units larger than 90sm.
(3) Sales tax for selling uncommon residential units bought two years ago or longer is
waived.
29-Feb Guangzhou loosens restrictions on property Major measures include: (1) Removing the restriction that restrict developers to keep
sector the % of small units (<90 sm) to over 70%; (2) removing purchase restrictions
towards HK and Macau citizens; (3) Reducing the downpayment requirement of first
time home buyers to 20%; (4) supporting mirgant workers to buy homes; (5) Lower
the costs for property transactions
Source: DBS Vickers
Page 114
China Property

2016 De ta i l s
1-Mar Shenyang government launched loosening Major measures include:
measures to facilitate property market destocking ? (1) Cutting land supply by half of 2015 level; (2) Relaunching undeveloped land;
and the 10% target growth in property sales (3) Encouraging development of public facilities for exiting projects; (4) Allowing
more flexibility to adjust the land use right, design or other planning; (5) Providing
subsidies/awards for home buyers; (6) Cutting Housing Provident Fund downpayment
requirement to 10% from 20% for first time home buyers and 20% for second home
buyers; (6) Providing reduction in transaction tax; (7) Lowering utility charges for
service apartments projects; (8) Providing cash compensation for shanty town
redevelopment; (9) Subsidizing talents for home purchases; (10) Allowing new
college/university graduates to borrow HPF with zero downpayment and borrowing
ceiling of Rmb800k per couple or Rmb600k per person; (11) Granting Rmb200/sm
subsidy to college/university students who purchase commodity houses; (12) Waiving
100% deed tax; (13) Encouraging migrant worker to buy properties by simplifying
mortgage application procedure and allowing their children to go to school near
their properties; (14) Allowing foreigners are allowed to buy as many units as they
would like; (15) Supporting M&A among developers; (16) Lowering tax prepayment
for developers; (17) Providing Rmb200-800/month subsidies for university graduates
for renting properties. Local government announced to suspend the "zero
downpayment requirement for students" measure within 12 hours
1-Mar Shijiazhuang (石家莊) launched 20 loosens The major measures include: (1) Facilitating the redevelopment of shanty towns and
measures on the property market increase the ratio of cash compensation; (2) reducing the supply of social housing
and facilitate other channels to meet the housing demand in the city; (3) raising the
cap for HPF mortgage to Rmb600k form Rmb400k; (4) lowering the HPF mortgage rate
for first home buyers to 0.7x PBOC rate; (5) relaxing the "90-70 rule" while required
developers to keep small units (below 90sm) to over 70% of whole devleopment
project
25-Mar Shanghai tightened policies Major measures include: (1) Increasing the city's land supply and the percentage of
small and medium sized units (60% in suburban areas and 70% in central districts)
or lower priced units; (2) Developers/agents are not allowed to provide
downpayment loans, bridging loans, self-financing loans, guarantees or money
pools; this will prevent higher leveraging in the market; (3) Tightening HPR and
increase the minimum requirements of local tax payment/social securities from 3
years to 5 years. Corporates are not allowed to resell commodity housing to
individuals within 3 years after purchase; (4) Tightening mortgages policy. First-time
home buyer's definition is changed from no outstanding mortgages to not owning
properties. Downpayment for upgraders who are buying common commodity houses
(<144 sm/unit) is 50%. Some banks had only required 40% before. Downpayment
for non-common commodity housing remains at 70%.
25-Mar Shenzhen tightened policies Major measures include: (1) Increasing land supply and accelerate relocation and
shanty down redevelopment; (2) Tightening HPR and increasing the minimum
requirements of local tax payment/social securities from 1 year to 3 years; (3)
Tightening mortgages policy. First-time home buyer's definition is changed from no
outstanding mortgages at present no matter whether the buyer owns properties to
no outstanding mortgages within 2 years and not owning properties. Second-time
home buyer's definition is changed from having one outstanding mortgage within 2
years when applying for a current mortgage to having a mortgage record within 2
years. Minimum downpayment requirements for a second home is 40% and 30% for
the first home.
26-Apr Jilin (吉林) loosens property policies to facilitate Major measures include: (1) facilitating people who bought or lease a home in the
destocking city to get citizenship; (2) increasing the proportion of cash compensation for shanty
house redevelopment to 50% by 2016; (3) lowering downpayment requirement -
20% for first time home buyers and 30% for second home buyers. (4) reducing tax
burden of developers; (5) providing subsidy for deed tax during property
transactions; (6) providing subsidies for home buyers who buy from primary market.
5-May Beijing enforced HPR on serviced apartments in Effective from 6-May, government suspended purchase of serviced apartments for (1)
Tongzhou district single home buyers who has more than one property in the city and (2) home buyers
who have more than 2 units but cannot provide tax proof for more than 5
consecutive years. And newly built serviced apartments can only be sold to
companies rather than individuals
Source: DBS Vickers
Page 115
China Property

2016 Det ails
18-May Suzhou launched restrictions on land prices and Suzhou gov ernment will set price cap for some new land that are put on auctions.
home purchase Lands with bid price abov e the cap will be suspended for transactions. The city also
tightened home purchase requirements to require buy ers to hav e: (1) ov er two y ears
tax proof, (2) ov er one y ear contribution to the social security and (3) liv ed in the
city for ov er one y ear.
27-May Nanjing tightens control on land price and Nanjing gov ernment will set price cap for some new land that are put on auctions.
property price Lands with bid price abov e the cap will be suspended for transactions.
27-May Beijing Tongzhou tightened residency control Tongzhou freezed the residency registration through non-direct relativ es; purchase of
non-residential housing is not allowed to register residency
3-J un Shanghai tightened control on real estate A new sy stem to tighten inspection on real estate financing activ ities was launched
financing in Shanghai following the People's Bank of China's month-long clampdown on gray -
market mortgage operations. The new sy stem seeks to secure financing to the real
estate sector that takes a third of the total loans extended by banks in the city . The
sy stem will enable monetary authorities to decide minimum down pay ment, interest
rates, application of differentiated policies on banks based on risk lev el, and release of
assessment reports regularly to the public to manage market expectations, the
Shanghai headquarters of the PBOC said in a report.
21-J un Chengdu gov ernment issued measures to reduce Major measures includes: (1) setting a target for av ailable for sale properties in each
inv entory in the market district and adjust future land supply based on it. (2) Tighten presales requirement by
requiring properties to complete construction for 7 floors (v s 6 floors belore) before it
can be launch for presales. This will reduce new supply in the property market
24-J un Hefei tigntened second home purchase mortgage Hefei increased the downpay ment ratio for second home purchase with unclear
mortgage record from 40% to 50%. Downpay ment ratio for purchasers with two
units or abov e would be 60% and HPF would not be prov ided.
3-J ul Qingdao gov ernment issued measures to utilize Major measures includes: 1) encourage to adjust the utility of the landbank for the
idle landbank dev elopment of healthcare, education, culture, sport, tourism and internet plus; 2)
allow transfer of landbank separately ; 3) gov ernment to repurchase the landbank; 4)
encourage M&A; 5) allow to adjust the ratio between commercial and residential
properties
11-J ul Xiamen raised down pay ment requirement ratio for Xiamen raised down-pay ment rates from 40% to 60% for home purchase with one
second home purchase outstanding home mortgage or two mortgage records (regardness whether the
prev ious mortgage was paid up or not). It also suspended the mortgage for home
purchasers with two unsolv ed mortgages. HPF would be eliminated to those applied
for the third time.
11-J ul Zhejiang issued measures to reduce inv entory Major measure includes: 1) suspend land supply in area with inv entory ov er 20
months; 2) encourage rurual residence to purchase house; 3) stimulate the
dev elopment of house leasing market; 4) make full use of housing fund
14-J ul F uzhou tightened HPF mortgage The cap for HPF mortgage was reduced to Rmb400k per px or Rmb600k per couple
26-J ul Beijing housing authority reiterated its tightening The MOHURD (住建局)reiterate that: (1) It will ensure enforcement of home
stance purchase restirctions (HPF ) and may tightening secondary mortgage when
appropriate.; (2) HPF has been extended to nearby cities Tongzhou (通州) and
Langfang (廊房).If property market in the nearby cities continue to ov erheat,
gov ernment may enforce tighter control on mortgages
9-Aug Hefei tigntened second home purchase mortgage Banks in Heifei stop prov iding mortgage for those who has two or abov e home and
has uncleared morgage records. Prev ious down pay ment ratio for them was 60%.
11-Aug Beijing introduce new points-based residency The new policy will take effect on J an, 2017. The policy aims to manage the
permit sy stem capital's population and attract skilled workers. Those who are under 45 y ears old
can receiv e an additional 20 points on their applications. Applicants who hav e
master's degrees will receiv e 26 points, and those with PhDs will get 37 points.
11-Aug Nanjing tightened mortgage requirement for Downpay ment requirement for second home buy ers was raised to 35% from 30%
second mortgage for those hav e cleared mortgage record; and 50% from 45% for those who hav e
uncleared mortgage record.
11-Aug Suzhou tightened mortgage requirement for Downpay ment requirement for second home buy ers was raised to 50% from 40%;
second mortgage
17-Aug Beijing will suspend supply for commercial lands Due to the high inv entory lev el of commercial projects (for office and residential use)
under construction, gov ernment will suspend land supply
Source: DBS Vickers
Page 116
China Property

2016 Det ails
1-Sep Wuhan tightened mortgage requirement for Wuhan tightened mortgage policy on Sep 1. Down pay ment ratio will be raised to
second mortgage 40% for second time buy ers.
5-Sep Xiamen reinitiated home purchase restriction Xiamen reinitiated home purchase restrictions. Three ty pes of people will not be
allowed to buy houses at or below 144sm: Xiamen residents with two or more
houses, non Xiamen residents with one or more houses and non Xiamen residents
who can not prov ide 1 y ear record of pay ing personal tax or social security .
15-Sep Zhengzhou issued nine rules "房九條" to The bidder should offer property sales price after land price confirmed. The lowest
regulate the land auction and property sales price offerer could win the land parcel. Guarantee fund for land auction increased to
100%. Strengthen the regulation of property sales in sales permit and down
pay ment, etc.
18-Sep Zhengzhou loosen limit of HPF Mortgage amount v ia HPF no need to be related to the balance amount in
Zhengzhou as following three conditions are met: 1) Mortgage amount under
Rmb600,000 for purchasers with ov er 6 months HPF records and first time home
purchase in Zhengzhou; or mortgage amount under Rmb400,000 in other situation;
2) monthly mortgage pay ment should be less than 60% of the housing income.
Other HPF morgage should be capped by multiples (14+ y ears of pay ment record) of
HPF balance.
19-Sep Hangzhou imposed second home purchase limit Non-local residents with one or more houses are not allowed to purchase new
for non-residence commodity housings and secondary housings
26-Sep Nanjing reinitiated home purchase restriction Non-local residents, owning one or abov e unit/units in Nanjing, are not allowed to
purchase new commodity housings and secondary housings in Nanjing main districts
(Gaochun, Lishui, and Liuhe Districts are not included). Local residents, owing two or
abov e units in Nanjing, are not allowed to purchase new commodity housings in
Nanjing main districts (Gaochun, Lishui, and Liuhe Districts are not included).
27-Sep Shanghai Stock Exchange (SSE) tightens Only qualified (credit rating ov er AA/Listed companies/ SOEs/top 100 non-listed
dev elopers' domestic bond issuance priv ately owned dev elopers) property dev elopers may issue corporate bonds based
on Shanghai Stock Exchange (SSE)’s new regulation. Qualified dev elopers will be
classified according to these criteria: 1) total asset below Rmb20bn as at latest fiscal
y ear end; 2) total rev enue below Rmb3bn for latest fiscal y ear end; 3) core net profit
was negativ e as per latest results; 4) debt ratio ov er 65% after excluding presales
adv ances; 5) v alue of property under dev elopment (PUD)/ land bank in inv entory
with ov er 50% exposure in Tier III/IV cities. Dev elopers that meet one criteria are
classified as “normal” and would follow normal procedures for bond issuance;
dev elopers meeting two criteria are classified as “watchlist” and will need to disclose
more details; dev elopers meeting three or abov e criteria are classified as “risky ” and
will not be allowed to issue bonds unless credit rating is enhanced to “AA+”.
28-Sep Hangzhou further increased down pay ment ratio Hangzhou increased the down pay ment ratio from 30%/40% to 50% for second
for second home purchase and restricted residency home purchase using HPF /commercial mortgage respectiv ely ; Land premium should be
registration through home purchase capped by 150% in public land auction; Stop residency registration through home
puchase in Hangzhou.
28-Sep Zhengzhou loosen limit of HPF Mortgage amount v ia HPF no need to be related to the balance amount in
Zhengzhou as following three conditions are met: 1) Mortgage amount under
Rmb600,000 for purchasers with ov er 6 months HPF records and first time home
purchase in Zhengzhou; or mortgage amount under Rmb400,000 in other situation;
2) monthly mortgage pay ment should be less than 60% of the housing income.
Other HPF morgage should be capped by multiples (14+ y ears of pay ment record) of
HPF balance.
28-Sep Kunshan imposed home purchase restriction and Kunshan imposed second home purchase restriction for non-local residence who
increased downpay ment ratio; Kunshan also cannot prov ide ov er one y ear social security record in recent two y ears before home
tightened the regulation of land auction purchase; Non-local residence with that record could purchase maximum two houses;
Down pay ment ratio for second home purchase using HPF increased to 30% from
20%; Guarantee fund for land auction increased to 30% from 20%; Down pay ment
for land auction increased from 50% to ov er 60%; When land premium is ov er 80%,
the land bidding process would proceed to one time auction instead of continuous
bidding.
30-Sep Beijing increased down pay ment ratio Beijing increased down pay ment ratio for first residential/non-residential home
purchase from 30% to 35%/40%. Down pay ment ratio for second residential/non-
residential home purchase (regardless of mortgage record) increased from 30%/50%
to 50%/70%. Increase land supply . Tightened regulation in land auction.
Source: DBS Vickers
Page 117
China Property

2016 Det ails
1-Oct Tianjin imposed home purchase restriction and Tianjin imposed second home purchase restriction for non-local residence; Down
increased down pay ment ratio for non-local pay ment ratio for first home purchase for non-local residence increased to 40% from
residence 30%.
1-Oct Chengdu imposed home purchase restriction and The same people/legal entity in Chengdu can only purchase one more house in
increased down pay ment ratio Chengdu and surrounding area since 1/10/2016. Down pay ment ratio for secod
home purchase increased from 30% to 40%.
2-Oct Zhengzhou imposed home purchase restriction Local residence with two units or abov e and non-local residence with one unit or
towards unit area below 180 sm. abov e are restricted to purchase home unit with area below 180 sm in Zhengzhou
and surrounding area.
2-Oct Wuxi imposed home purchase restriction and Dev elopers are restricted to sell more than one unit to the same purchasers; Non-local
increased down pay ment ratio residence with more than one unit are prohibited from purchasing new commodity
housing; Down pay ment ratio for second home purchase v ia commercial loan/ HPF
increased from 30%/20% to 40%/30%. Increase land supply . Tightened regulation
in land auction.
2-Oct J inan imposed home purchase restriction and Local residence with three units or abov e and non-local residence with one unit or
increased down pay ment ratio abov e are restricted to home purchase; Down pay ment ratio for commercial loan
increased to 30%/40% from 20%/30% for first/ second home purchase; Maximum
loan amount for HPF decreased to Rmb 600k from Rmb 700k for family and Rmb
400k from Rmb 300k for personal; No HPF for third home purchase for local
residence
3-Oct Hefei imposed home purchase restriction and Non-local residence with ov er one y ear social security record in recent two y ears
increased downpay ment ratio before home purchase could only purchase one unit in Hefei, other non-local
residence are restricted to purchase new commodity housing or inv entory housing;
Local residence with two units or abov e is restricted to purchase new commodity
housing. Down pay ment ratio for first home purchase using commercial loan
increased to 30% from 25%; Down pay ment ratio for home purchasers with one
unit and no outstanding mortgage record or no unit with mortgage record increased
to 40% from 30%; Down pay ment ratio for purchasers with one unit and
outstanding mortgage record increased from 40% to 50%. Strop prov iding
commercial loan to those fulfilling home purchase restriction criteria. Increase land
supply . Tightened regulation in land auction.
3-Oct Suzhou imposed home purchase restriction and Local residence with three unit or abov e of housing and non-local residence with one
increased downpay ment ratio unit or abov e of housing are restricted to buy new commodity housing or inv entory
housing. Down pay ment ratio for first home purchase increased to 30%; Down
pay ment ratio for home purchasers with one unit and no outstanding mortgage
record or no unit with mortgage record increased to 50% from 30%; Down pay ment
ratio for purchasers with one unit and outstanding mortgage record increased from
50% to 80%. Strop prov iding commercial loan to purchasers with two unit or
abov e.
3-Oct Wuhan imposed home purchase restriction and Local residence could purchase two units at most and non-local residence could
increased down pay ment ratio purchase one unit at most; Down pay ment ratio for local residence v ia commercial
loan increased to 25%/50% from 20%/40% for first/ second home purchase and no
commercial loan for local residence with two units or abov e; Stop prov iding
commercial mortgage for second home purchase of non-local residence.
4-Oct Shenzhen tightened home purchase restriction and Local single residence (including div orce) could only purchase one unit; Non-local
increased down pay ment ratio and increase residence with ov er 5 y ears personal tax or social security record could only purchase
guarantee fund ratio for land auction one unit of house (prev ious requirement was 3 y ears); Down pay ment ratio for
purchasers without house but has mortgage record increased to 50% from 40%;
Down pay ment ratio for second home purchase increased to 70% from 40%.
Guarantee fund for land auction increased to 50% of the bottom price and the fund
for land auction could not come from dev elopment loan, financing from capital
market and fund from asset management plan.
4-Oct Guangzhou reiterated its home purchase Guangzhou reiterated its original home purchase restriction and mortgage policy and
restriction and mortgage policy planed to increase residential land supply .
Source: DBS Vickers
Page 118
China Property

2016 Det ails
5-Oct Nanning tightened regulation of property sales The actual selling price could not exceed the selling price in application of presales
permit.
5-Oct Xiamen implemented home purchase restriction Local residence with two units or abov e; Non-local residence with one unit or abov e
and increased down pay ment ratio or without two y ear personal tax or social security record are restricted are restricted
to buy commercial housing with floor area below 180 sm. Increase residential land
supply by 30% each y ear in 2016-2018. Increase proportion of small size units and
ensure the proportion of units with size below 90 sm is not less than 70%.
5-Oct Nanjing implemented home purchase restriction Local single residence could purchase one unit at most; Non-local residence need to
and increased down pay ment ratio prov ide one y ear personal tax or social security to purchase one unit; Down pay meng
ratio for purchasers with one unit of housing without outstanding mortgage or no
housing but with mortgage record increased to 50% from 35%; Down pay ment
ratio for purchasers with one unit and outstanding mortgage increased from 50% to
80%. Increase land supply in 2016-2018.
6-Oct Dongguan implemented home purchase restriction Local and non-local residence with two units or abov e are restricted to buy new
commodity housing; Non-local residence without one y ear personal tax or social
security record in recent two y ears are restricted to buy secondary house.
6-Oct F uzhou implemented home purchase restriction Local residence with two units or abov e; Non-local residence with one unit or abov e
or without one y ear personal tax or social security record in recent two y ears are
restricted are restricted to buy commercial housing with floor area below 144 sm.
6-Oct Huizhou tightened regulation of property sales Sales adv ance from property sales without pre-sale permit would be confiscated and
penalty of 30% to 50% of presales amount would be charged. Down pay ment
financing activ ities by property dev elopers and housing agencies are banned.
6-Oct Zhuhai implemented home purchase restriction Local residence with three units or abov e; Non-local residence with one unit or abov e
or without one y ear personal tax or social security record in recent two y ears are
restricted are restricted to buy residential house with floor area below 144 sm.
7-Oct F oshan implemented home purchase restriction Local and non-local residence with two units or abov e are restricted to buy new
and increased down pay ment ratio commodity housing; Non-local residence without housing could buy only one unit;
Non-local residence with one unit of housing need to prov ide one y ear personal tax
or social security record in recent two y ears to purchase second house. Increase down
pay ment ratio to 30% for first time home purchasers and to 40% to purchasers with
one unit of housing and outstanding mortgage; Stop prov iding mortgage to
residence with two units of housing or abov e.
8-Oct Nanchang implemented home purchase restriction 1) Local residence with one unit or abov e housing are restricted to buy new
and increased down pay ment ratio commodity housing in main districts; Non-local residence with one unit or abov e are
restricted to buy new commodity and existing housing in main districts. 2)Increase
down pay ment ratio for first time home purchaser to 30%; Down pay meng ratio for
purchasers with one unit of housing without outstanding mortgage or no housing
but with mortgage record increased to 40%; Down pay ment ratio for purchasers
with one unit and outstanding mortgage increased to 50%. Stop prov iding
mortgage to residence with two units of housing or abov e. 3) Increased land supply .
4) Tightened property sales.
8-Oct Shanghai aimed to increase land supply and Shanghai planned to further increase residential land supply ; Applied stricter
tightened regulation of property sales/land auction regulation on the fund for land auction; Tighted regulation for presales.
(「滬六條」)
10-Oct State council elimitnates requirement of home State Council announced the methods to promote urbanization for 100mn people.
purchase or inv estment for residency registration Big cities could not set home purchase or inv estment as prerequesite of residency
in big cities registration; cities with less than 3mn residence could not apply point count for
registration.
13-Oct State council prohibited down pay ment financing Property dev elopers, property angency and internet financial institutions are not
and regulated property internet financing allowed to conduct property internet financing without license; prohibited any
down pay ment financing activ ities.
19-Oct F ujian capped land premium during land bidding If land premium exceeds certain lev el, land bidding should be halted and proceed v ia
bidding home price.
Source: DBS Vickers
Page 119
China Property
2016 Det ails

1-Nov Zhengzhou introduced fusing sy stem in land When land premium is ov er 150%, land auction would change to one time biding for
auction home price in Zhengdong new district or Zhengzhou economic dev elopment district
or land price for other six districts.
10-Nov Hangzhou further tightened home purchase 1)Non-local residents without one y ear social securities or personal tax pay ment
restrictions and raised down pay ment ratio record in past two y ears before home purchase are not allowed to purchase new
commercial or secondary housing. 2) Down pay ment ratio for HPF raised to 30%
from 20% for first home purchasers or purchasers without outstanding mortgage
record; and to 60% from 50% for second home purchasers with unclear mortgage;
stop prov iding HPF for purchasers with two or more houses or unclear mortgage
record. 3) Down pay ment ratio of commercial mortgage increased to 30% from 20%
for first time home buy ers; and to 40% for purchasers with mortgage record or
owning one unit of housing; and to 60% for purchasers with one unit of housing
and outstanding mortgage record; stop prov iding loan for purchasers with two units
or abov e of housing.
11-Nov Proceeds from corporate bond is eliminated for National Dev elopment and Reform commission issued regulation to eliminate the use
dev elopment of commercial projects of funds from corporate bonds in commercial projects. While it would still support the
proceeds from corporate bonds in dev elopment of securities housing, it raised higher
standards for applicable projects and dev elopers. Corporate bonds proceeds could not
be used in security housing under below situations: i) Cities with high inv entory lev el;
ii) dev elopers with debt ratio ov er 65% or asset below Rmb6bn; inv estment in
resettlement housing is less than 60% of total inv estment; projects with unclear land
pay ment or without land use rights.
14-Nov Wuhan further tightened property sales and land 1)Non-local residents need to hav e at least two y ears' social securities or personal tax
market pay ment record to purchase one unit of commercial housing in main districts. 2)
Down pay ment ratio for commercial mortgage raised to 30% for first home
purchasers; and to 50% for second unit under 144sm and plot ratio ov er 1; and to
70% for second unit ov er 144 sm. 3) residents are not allowed to purchase third unit
of housing; 4) increase residential land and home supply ; 5) increase guarantee fund
ratio for land purchase to 60%; 6)Postpone the release of presale permit for
dev elopers not accept price guidance and prohibit price increase during presale period
15-Nov Shenzhen raised down pay ment ratios for HPF Down pay ment ratio for first time home buy ers using HPF loans will be raised to 30%
from 20%. The ratio will be raised to 70% for second home buy ers.
15-Nov Nanjing restricted the funds for land purchase to Dev elopers in Nanjing can only use their own funds in land bidding. F unds from bank
be internal resources loans, trusts, capital markets, asset management plans or insurance companies are not
allowed to be used in land bidding.
23-Nov F uzhou raised down pay ment ratios for HPF and Down pay ment ratio for second home purchase using HPF will be raised to 50%. Pre-
tightened pre-sales price sales price could not be higher than last launch (v s. 10% growth rate limit in prev ious
policy ). Apply stricter inv estigations on the capital sources of dev elopers and prohibit
the use of bank loan, shareholder loan, fund raising and debt issuance for the land
cost pay ment.
24-Nov Changsha tightenned presales control Changsha would apply strict property price rev iew, presales permit control, capital
funding regulation and hammer property speculation ativ ities. It would also increase
supply .
29-Nov Shanghai further increased down pay ment ratio Down pay ment ratio for first home purchase will be incrased to 35% and second
home purchase (including those that do not own house but hav e mortgage record)
for self-use will be raised to 50%. Down pay ment ratio for non-normal self-use
housing will be increased to 70%. Interest rate of HPF mortgage raised to 110% of
the prime rate for second home purchase. Maximum HPF mortgage loan for second
home purchased decrased to Rmb 400k/800k for single/family . Apply stricter
inv estigations on the sources of fundings of down pay ment for purchasers and land
premium for dev elopers.
29-Nov J inan suspends commercial mortgage for home J inan suspends commercial mortgage for home puchase for three day s. Mortgage for
purchase for three day s HPF is not affected.
3-Dec J iaxing imposed home purchase restriction J iaxing suspended the property sales to non-local residence with one unit or abov e
housing.
Source: DBS Vickers
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2016 Det ails

13-Dec Zhuhai raised down pay ment ratio for HPF and Zhuhai raised the down pay ment ratio of HPF to 30% for first home purchase; and
banned the application for family with two units to 40% for second home purchase with outstanding mortgage record. Purchasers
or abov e with two units or abov e of housing are not allowed to apply HPF .
26-Dec J inan further tightened property sales control J inan imposed home purchase restriction: local residence could only purchase two
units of housing; non-local residence could only purchase one unit of housing if they
could prov ide personal tax or social security record for ov er consecutiv e 24 months;
strengthen inv estigation on the funds of land auction; lifted the barriers for
application of pre-sales permit.
27-Dec Nanjing would endorse poits collection registration Nanjing would endorse points collection registration sy stem ( 积分落户) for residency
sy stem for residency starting from F eb,2017 instead of original home purchase registration starting from F eb 1,2017.
29-Dec Tianjin raised down pay ment ratio for HPF Tianjin raised the down pay ment ratio of HPF from 20% to 30% for first home
purchase; and from 20% to 40% for second home purchase.
30-Dec Beijing tightened pre-sales control Beijing strengthened regulation on pre-sales. Dev elopers must launch all saleable
resources within three day s of obtaining pre-sales permit. Property price should be
determined upfront, and selling price should not be higher than application price.
31-Dec Xi'an imposed home purchase restriction Both local and non-local residence could only purchase one unit of housing
(including new commodity housing and second hand housing) in the main six districts
in Xi'an.
2017 Det ails
14-J an Chongqing expanded the scope of property tax Chongqing imposes 0.5% property tax of the housing transaction price on first-home
buy ers who are non-residents and do not work or own a business in the city .
19-J an Shenzhen set price control memorandum The registered price should not be significantly higher than the ASPs of surrounding
projects.
25-J an Chengdu tightens control on land market Chengdu caps the GF A scale of each piece of land parcel to be under 300 ha in
down town; F or land premium ov er 60%, land cost should be cleared within 3
months.
1-F eb Chongqing tightened mortgage for dev elopers Chongqing banned the use of pre-sold housing as collateral for mortgage for
dev elopers.
9-F eb Beijing tightened housing mortgage Beijing narrowed interest rate discount to 10% and shortened mortgage term for
second home purchase to not more than 25 y ears.
13-F eb Priv ate asset management fund is not allowed to Priv ate asset management fund is not allowed to inv est in residential projects of 16
inv est in residential projects of 16 hot cities hot cities, especially in form of equity that has fixed return.
1-Mar Hebei Zhuozhou imposed home purchase Non-local family could only purchase one unit of housing (include second hand
restriction housing) and down-pay ment ratio should not be lower than 30%; Down pay ment
ratio for second home purchase of local family should not be lower than 50%.
2-Mar Hebei Laishui imposed home purchase restriction Non-local family could only purchase one unit of housing and down-pay ment ratio
should not be lower than 30%; Down pay ment ratio for second home purchase of
local family should not be lower than 60%.
3-Mar Hangzhou further tightened home purchase Hangzhou extends home purchase restrictions to F uy ang district (富陽區) and
restrictions Dajiangdong districts (大江東產業集聚區). Non-local residence need to prov ide
two y ears of social-housing security record instead of prev ious one to purchase one
unit of housing.
7-Mar Hebei Chongli imposed home purchase restriction Local residence with two units or abov e normal housing is not allowed to purchase
and raised down pay ment ratio any more. Down pay ment ratio for first non-normal housing increased from 30% to
40%; down pay ment ratio for second normal housing increased from 50% to 60%;
Down pay ment ratio for second or abov e non-normal housing increased to 70%.
8-Mar Nanchang futher tightened home purchase Local residence with one unit of housing or abov e (v s. two units in prev ious policy ) is
restriction not allowed to purchase any more in urban area excluding J iulonghu
district(九龙湖区域) and Rulehu new town(儒乐湖新城).
Source: DBS Vickers
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2017 Det ails
9-Mar Chuzhou raised down pay ment ratio Chuzhou raised down pay ment ratio of second home purchase to 40% and third
home purchase to 60%.
12-Mar Sany a raised down pay ment ratio F or first home purchase, the down pay ment ratio remains at 25%; for second home
purchase, the down pay ment ratio raised to 50%; for third home purchase, mortgage
loan is not allowed for application
15-Mar J iangxi Ganzhou imposed HPR and tightened Local resident and non-local residents with two y ears or abov e social security record
mortgage are allowed to purchase only one unit of housing in main districts. No mortgage for
third home purchase. Raised down pay ment ratio v ia HPF for second home purchase
to 50%.
16-Mar Nanjing futher tightened home purchase Local residents with two units of housing or abov e is not allowed to purchase
restriction districts any more in main districts; Non-local residents with two y ears or abov e social securities
record could only buy two units of housing.
16-Mar Qingdao further tightened home purchase Local residents with one unit of housing or abov e is not allowed to purchase
restrictions and down pay ment ratio any mores; Non-local residents with one y ear or abov e social securities record could
only buy one unit of housing. Down pay ment ratio for first and second home
purchase using HPF raised from 20% to 30%. Down pay ment ratio for second hand
home purchase using HPF raised from 30% to 40%. Down pay ment ratio using
commercial mortgage for first home purchase raised from 20% to 30%; for second
home purchase, raised from 30% to 40%. Mortgage loan for third home purchase is
not allowed.
17-Mar Beijing futher tightened down pay ment Down pay ment ratio for second home purchase will be raised to 60% from 50% for
requirement normal home purchase and to 80% from 70% for non-normal home purchase.
Purchaser without housing but with mortgage record subject to second home
purchae down pay ment requirement as well.
17-Mar Guangzhou futher tightened down pay ment Single local residence could only purchase one unit of housing from two before.
requirement Down pay ment ratio for first home purchase with mortgage record would raise from
30% to 40% for normal housing and 70% for non-normal housing. Down pay ment
ratio for second home purchase without mortgage record will be raised from 30% to
50% for normal home purchase and to 70% for non-normal home purchase.
17-Mar Shijiazhuang imposed home purchase restrictions Non-local residents with one y ear or abov e social securities record could only buy
and raiseddown pay ment ratio one unit of housing. Down pay ment ratio for first home purchase raised from 20%
to 30%. Down pay ment ratio for second hand home purchase using HPF raised to
60%. Down pay ment ratio using commercial mortgage for second home purchase
raised to 40%/50% without/with outstanding mortgage; Mortgage loan for third
home purchase is not allowed.
18-Mar Changsha futher tightened home purchase 1) HPR: Non-local residents with one or more houses are not allowed to purchase
restriction and restricted presales control. new commodity housings. 2) Mortgage: Raised down pay ment ratio for commercial
mortgage from 20% to 30%; second home purchase with/without outstanding
mortgage to 45%/35%; Prohibit commercial or HPF mortgage for third home or
abov e home purchase.3) Stop contract register for houses with high selling price;
dev elopers need to launch all saleable resources within 10 day s of obtaining presales
permit
19-Mar Baoding imposed home purchase restrictions and Local residents could purchased 3 units of housing at most. Non-local residents with
raised down pay ment ratio one y ear or abov e social securities record could only buy one unit of housing. Down
pay ment ratio for first home purchase raised from 25% to 30% for local residents
and 40% to non-local residents. Down pay ment ratio for second hand home
purchase raised from 30% to 50% for local residents and 60% for non-local
residents.
21-Mar Hebei Langfang, Sanhe, Dachang, Xianghe, Gu'an Non-local residents could only buy one unit of housing and down pay ment ratio for
and Yongqing imposed home purchase restrictions first home purchase raised to 50%. Down pay ment ratio for first home purchase for
and raiseddown pay ment ratio local residents raised to 30%. Down pay ment ratio for second home purchase of local
residents raised to 50% including first and second hand housing; Mortgage loan for
third home purchase is not allowed.
22-Mar J iaxing raised down pay ment ratio Dow pay ment ratio for first home purchase of local and non local residents raised to
30% and 50% respectiv ely . F or purchasers with mortgage record, down pay ment
ratio would raise to 50%.
Source: DBS Vickers
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2017 Det ails
23-Mar Hebei cangzhou imposed home purchase Non-local residents with one unit or abov e housing is not allowed to purchase home
restrictions and raiseddown pay ment ratio in main districts. Local residence with two units or abov e in main districts is not allow
to purchase common housing any more. Down pay ment ratio for first home purchase
raised from 20% to 30%. Down pay ment ratio for second home purchase using HPF
raised to 60%. Down pay ment ratio for second home purchase with/without
outstanding mortgage raised to 50%/40% v ia commercial mortgage loan. Mortgage
loan for third home purchase is not allowed. Increase land supply .
24-Mar Chengdu futher tightened home purchase Home purchase restriction extended to second hand home purchase
restriction
24-Mar Xiamen imposed home selling restriction and Newly purchased home by local single residence could only be resold after two y ears'
tightened home purchase restriction of obtaining ownership;
26-Mar Beijing tightened commercial property sales for New commercial properties should be lager than 500 sm per unit and are not allowed
residential usage to sell to indiv idual. Stop mortgage loan for commercial property purchase. Indiv idual
who wants to buy commercial properties need to prov ide social security housing or
tax record for ov er fiv e y ears.
24-Mar Xiamen imposed home selling restriction Newly purchased home by local single residence could only be resold ater two y ears'
of obtaining ownership
29-Mar Hangzhou imposed home selling restriction and Home purchased by corporate in home purchase restricted districts could only be
further tighten home purchase restriction resold after three y ears' of obtaining ownership; Local residence could only purchase
house after two y ears of obtaining "Hukou".
29-Mar F uzhou imposed home selling restriction and F irst home purchased by non local residence in main districts could not be resold
further tighten home purchase restriction within two y ears of obtaining ownership; Down pay ment ratio for second home
purchase of commercial housing raised to 50%; non-local residence could not make
up personal tax or social security to obtain home purchase qualification; increase
public rental housing supply and residential land supply . Residential land supply in
2017 should be at least double the amount of that in 2016.
5-Apr Hebei Renqiu imposed HPR Non local residences with ov er 2 y ears social security record or tax record could
purchase only one unit of house with down pay ment ratio not lower than 50%.
8-Apr Changzhou, J iangsu imposed home selling Changzhou would prov ide more 1000 acre land supply on top of original plan in
restriction, increased down pay ment ratio, and 2017; Down pay ment ratio v ia HPF increased from 30% to 50%; Newly purchased
increased land supply property could only be resold after two y ears' of obtaining ownership
8-Apr Huizhou imposed home selling restriction Newly purchased home by local single residence could only be resold ater three y ears'
of obtaining ownership
10-Apr Minqing (閩清縣) imposed home selling restriction Home purchased as the second or abov e commercial housings by local residence or
and increased residential land supply first or abov e commercial housings by non-local residence are restricted for
transaction within two y ears' of obtaining property ownership certificate
10-Apr Dongguan imposed home selling restriction and Home purchased as the second or abov e commercial housings by local residence or
further tightened home purchase restriction first or abov e commercial housings by non-local residence are restricted for
transaction within two y ears' of obtaining property ownership certificate
10-Apr Chengde imposed home selling restriction and Home purchased are restricted for transaction within two y ears' of obtaining
home purchase restriction property ownership certificate. Non local residence could only purchase one unit of
housing. Down pay ment ratio for first home purchase v ia commercial mortgage
increased to 30%/50% for local/non local residence. Down pay ment ratio should be
at least 40% for purchasers with one unit of housing but without outstanding
mortgage or mortgage record and 50% for those with unclear mortgage.
17-Apr Pinghu, Zhejiang imposed HPR Non local residences could purchase only one unit of housing.
19-Apr Xi'an expanded home purchase restriction districts, Xi'an expanded home purchased restrictions from six main districts to surrounding
imposed home selling restriction, raised down districts; Home purchased in abov e districts could only resell or transfer after
pay ment ratio and regulated dev elopers' home obtaining ownership for two y ears; Down pay ment ratio v ia commercial loan for first
selling activ ities home purchase should be at least 30% and for second home purchase should be at
least 40% and no mortgage prov ided for third home purchase; F urther tighten
regulation in apply ing presale permit
Source: DBS Vickers
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2017 Det ails
24-Apr Qionghai, Hainan imposed HPR and tightened the Non-local residence could purchase one unit at most; To purchase property in certain
regulation for property transfer districts, non-loal residence need to prov ide 1-2 y ears social security or tax record;
Prohibit the transfer of commodity housing and hotel room before the ownership
obtained; The second or abov e property owned by local residence could only be
transfered after 2 y ears' of obtaining owernship; newly purchased property by non-
local residence could only be transfered after 2 y ears of obtaining the owenship;
Newly purchased property by social enterprise could only be transfered after 3 y ears'
of obtaining the owernship.
1-May Nanning raised down pay ment ratio of HPF Down pay ment ratio v ia HPF for second home purchase should be not less than
50%. The mortgage amount should be capped at Rmb450,000. Mortgage interest
rate v ia HPF lifted to 110% of the standard rate.
3-May Zhengzhou further tightened HPR Expanded home purchased restriction districts; Prohibited to sell property to enterprise
with registration time less than 3 y ears; Single person with one unit of housing is not
allowed to purchase property ; Property purchased after 3rd May , 2017 is not
allowed to sell within 3 y ears; People who transfer property after 3rd May , 2017
could not buy another one till 3 y ears after the transfer day .
10-May Haikou increased down pay ment ratio and Local residence need to pay 30% down pay ment for the first home purchase;
tightened the regulation for property transfer 40%/70% for second home purchase without/with outstanding mortgage; no
mortgage is allowed for third home purchase. Property could only be transferred after
obtaining the owernship for 5 y ears
10-May Sany a, Hainan raised down pay ment ratio and Local residence need to pay 30% down pay ment for the first home purchase; 50%
tightened the regulation for property transfer for second home purchase; no mortgage is allowed for third home purchase. Property
could only be transferred after obtaining the owernship for 5 y ears; The second or
abov e property owned by local residence could only be transfered after 2 y ears' of
obtaining owernship; newly purchased property by non-local residence could only be
transfered after 2 y ears of obtaining the owenship; Newly purchased property by
social enterprise could only be transfered after 3 y ears' of obtaining the owernship.
11-May Wuzhishan, Hainan raised down pay ment ratio Local residence need to pay 30% down pay ment for the first home purchase;
and tightened the regulation for property transfer 40%/50% for second home purchase without/with outstanding mortgage; no
mortgage is allowed for third home purchase. Property could only be transferred after
obtaining the owernship for 5 y ears; The second or abov e property owned by local
residence could only be transfered after 2 y ears' of obtaining owernship; newly
purchased property by non-local residence could only be transfered after 2 y ears of
obtaining the owenship; Newly purchased property by social enterprise could only be
transfered after 3 y ears' of obtaining the owernship.
13-May Nanjing imposed home selling restriction Newly purchased property could only be resold or transferred after obtaining the
owernship for 3 y ears. Property should be purchased by drawing lots.
25-May Nanning raised down pay ment ratio and increased Nanning raised down pay ment ratio for second home purchase to 40% and stop
land supply prov iding commercial mortgage for third home purchase. Residential land supply in
2017 would be no less than 4400 acres.
1-J un F oshan extended the HPR to sencond hand F oshan extended the HPR to sencond hand housing.
housing
1-J un Wenzhou tightened regulations ov er housing Wenzhou announced its plan to adjust the land supply based on the inv entory lev el.
market and land supply Districts set up rev ision sy stem ov er dev elopers' funding sources of land acquisition. It
set up the floating mechanism of bidding margin ranging from 20% to 100%,
depending on the specific land to sell. It further strengthened execution of "One
house, one price" sy stem to control the housing price.
2-J un Langfang, Hebei imposed HPR, raised down Non-local residence could purchase one unit at most; To purchase property in certain
pay ment ratio for HPF and tightened presale districts, non-loal residence need to prov ide 3 y ears social security or tax record; Local
permit residence could purchase two units at most; Residence need to pay 30% down
pay ment for the first home purchase and 50% for second home purchase; Raising
Housing Prov ident F und down pay ment requirement to 30% for first time home
buy ers and 60% for second home buy ers; Tightened regulation in apply ing presale
permit; Aimed at stabilizing the housing price at the lev el in Oct. 2016 with no mom
growth.
2-J un Xuzhou, J iangsu tightened the regulation for F or urban residence with two units or abov e and non-urban residence with one unit
property transfer or abov e, newly purchased property could only be resold or transferred after
obtaining the owernship after 2 y ears. The restriction of property transfer does not
affect the upgrading demand from urban residence family .
Source: DBS Vickers
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2017 Det ails
3-J un Xingtai, Hebei carried out rectification ov er Xingtai, Hebei carried out rectification of conduct ov er property dev elopers and
property dev elopers and announced its intention housing agents; It announced its intention to impose periodical HPR in districts where
to impose periodical HPR housing price is either too high or increasing too fast.
7-J un Shengy ang adjusted residential land supply and Shengy ang started to adjust residential land supply based on inv entory lev els in
Housing Prov ident F und loan ratio different districts; It strengthened monitoring ov er post-acquired land; It tightened
regulations ov er presale commercial properties; Housing prov ident fund's maximun
loan amount was adjusted to Rmb400k per person, Rmb600k per married couple and
Rmb800k per family with ov er three family members; Housing Prov ident F und down
pay ment down pay ment requirement was set at 20% for first time home buy ers and
30% for second home buy ers; Housing Prov ident F und down pay ment down
pay ment requirement v aries from 30% to 50% for second-hand home purchase and
no loan will be granted to households that hav e applied for HPF financing for three
times or abov e.
12-J un Sany a put forward shanty town transformation Sany a put forward shanty town transformation ( 棚改) plan. Gov ernment will be the
(棚改) plan sponsor for the project and enterprises are encouraged to participate.
12-J un Qingy uan, Guangdong further tightened Selling price asked by the dev elopers was to be put under tight control, with little
regulation ov er housing market room to rise. Dev elopers cannot apply for an upward lift in filed housing price until
the filing period has reached ov er 60 day s, and the increase should be within 5%.
The allowed downward adjustment period is 30 day s.
12-J un Zhangjiagang further tightened regulation ov er According to the requirement of "One House One Price", all the presale prices filed
housing market should be disclosed online. Dev elopers must disclose all saleable resources within 10
day s after obtaining the presale permit. Property should be purchased by drawing
lots.
12-J un Shanghai continued rectification ov er illegal Shanghai continued rectification ov er illegal commercial office projects and
commercial office projects corresponding dev elopers
13-J un Shaoy ang, Hunan strengthened management ov er Shaoy ang, Hunan strengthened management ov er land supplied for future
land supplied for future dev elopment and step up dev elopment according to the inv entory lev el. Shanty town transfromation ( 棚改)
pace of shanty town transfromation (棚改) project should reach an annual compensation ratio higher than 60% so that former
project shanty dwellers would be able to make home purchases directly from the market.
Housing relocation compensation is Rmb100k per household if the demolition area is
90sqm or smaller. The portion bey ond 90sqm will be compensated with an additional
Rmb500 per sqm.
16-J un J inan, Shandong announced its intention to Housing registration in J inan will be feasible through purchase of commercial ized
cancel restrictions on housing registration (hukou) residential properties.
sy stem in terms of home purchase
19-J un Guangzhou, Guangdong specified standards of According to market appraised v alue, additional land price might be charged in the
land transferring fees case of land transformed from industrial use to commercial use. F iv e-y ear-long
transformation period is allowed if the land is transformed to serv e an emerging
sector. Land transferring fees will be charged at 40% of market appraised land price if
the land is used for industrial both before and after the transformation.
21-J un Beihai, Guangxi annouced 2017-2021 rolling plan Land supply guidance: F Y17: 50.978 acre, F Y18: 53.33 acre, F Y19: 54.75 acre,
of land supply for residential housing purpose F Y20: 56.13 acre, F Y21: 57 acre. Currently total newly increased land supply is
guided at 272.188 acre in the coming fiv e y ears. Adjustments will be made according
to specific situations in the future.
27-J un Beijing urged companies with dev elopment Dev elopers can apply for the presale permit twice.
projects to start construction/ get into the market
for sale as early as possible
27-J un Zhengzhou, Heinan further strengthened Residential land supply will be determined by inv entory lev el and housing price lev el.
management of residential land supply , and The pace of construction and selling will be further regulated. Housing protection
regulated construction and selling pace, and measures such as shanty town transformation projects are carried out continuously .
improv e housing protection The housing price is capped at the lev el in Oct. 2016.
28-J un Xi'an, Shanxi tightened the regulation for property Newly purchased property in certain districts could only be transfered after 5 y ears of
transfer obtaining the owenship. The second or abov e property purchased could only be
transfered after 2 y ears of obtaining owernship. To purchase property in certain
districts, non-loal residence need to prov ide 2 y ears social security or tax record.
Source: DBS Vickers
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2017 Det ails
30-J un Tianjin encouraged transitions from sales only V AT/ personal income tax benefit is giv en to both indiv idual landlords and property
mode to renting and purchasing mode agents. F inancial support (i.e., bond/securities issuance) is offered to leasing
(租售并举) enterprises. A sound housing leasing market sy stem is expected to be established by
2020.
1-J ul Lu'an, Anhui further restricted housing Commercial housing filing sy stem is established. The frequency of filings should be no
speculations shorter than 3 months, and the rise in price should be no larger than 5%. Newly
purchased property could only be transfered after 2 y ears' of obtaining the
owernship.
1-J ul Zhengzhou, Henan raised mortgate rates for first- Most of the banks raise mortgage rates for first-time homebuy ers by 10%, and
time homebuy ers require 30% down pay ment. F or second-time homebuy ers, mortage rates rise by
20% and a downpay ment ratio of 60% is required.
7-J ul Shenzhen planned to increase indemnificatory The number of newly increased commercial housing units is guided to be 80k and
apartments by 50k units this y ear. indemnificatory apartments will increase by 50k with a 25% y oy growth.
13-J ul J iujiang, J iangxi imposed HPR The policy is v alid until the end of 2017 or ev en longer based on the future market
dy namics. Local residences can only hav e at most one unit of house located in central
districts to purchase one more unit of commercial housing in HPR districts. Non local
residences with ov er 1 y ear employ ee pension record or tax record, with no house in
HPR districts, could purchase one unit of house in HPR districts.
14-J ul Zhuzhou, Hunan adjust HPF policies (effectiv e The downpay ment requirement for second-time applicants for HPF was raised from
from Aug, 2017) 20% to 50%. Only obligees of the house are eligible to withdraw from HPF . The
application for drawing housing loan from HPF are capped at one time for the same
housing unit and three times for the same indiv idual. Off-site purchase/ construction
funded by HPF are suspended.
20-J ul Twelv e large and medium-sized cities carried out The first batch of the trial includes Guangzhou, Nanjing, Shenzhen, Hangzhou,
rental housing trials Xiamen, Wuhan, Chengdu, Shengy ang, Hefei, Zhengzhou, F oshan and Zhaoqing.
Residential leasing transaction platform would be established. It targets to increase
rental housing supply v ia encouraging land, financial and operational policies.
20-J ul Chengdu prohibited implicitly lifting housing prices Property dev elopers are prohibited from raising prices as an excuse of furnishment or
equipment upgrading costs.
26-J ul Hangzhou, Zhejiang tightened regulations ov er Selling house and highly -charged car parking space as a bundle is prohibited. The
the price of car parking space price of car parking space underground should be reported as well to get the presale
premit.
4-Aug Chengdu set up residential rental company to 350k residential units, in the form of talent apartment or industrial new town
increase rental housing supply housing, will be constructed and be supplied in the rental market in the next 5 y ears.
7-Aug Beijing proposed to introduce joint ownership Gov ernment and home purchasers would share the interest and rights of the houses
housing scheme (共有產權住房) under this scheme. Such housing units should be no larger than 90 sqm. The
construction of 50k units will be newly started no later than this August.
7-Aug Sheny ang further tightened regulations ov er land Land supplied for residential dev elopment in 2017 should be more less than that in
supply and imposed HPR and price cap 2016. Local residence with two or more housing units/ Non-local residence cannot
sell commerical/ residential housing untill the fifth/second y ear since purchase. The
housing price lev el should be no higher than that in May , 2017.
8-Aug F uzhou forbiddend bundled selling of housing The bundled selling of undergroud car parking space or storage room, as well as
unit and car park space refurnishment charging is no longer allowed. Standalone presale permit is required.
8-Aug Shanghai annoucend the construction plan of More than 90% of total GF A newly supplied to residential housing (9.2mn sqm) are
Zhangjiang Science and Technology City for rental purpose.
8-Aug China Railway Corporation (CR) announced 21 Total GF A of the 21 projects is 20552 acreas.
land comprehensiv e dev elopment projects
9-Aug Beijing sped up rental housing trials on fiv e Beijing further planned to construct 500k residential untis for rent in the following
collectiv e land plots fiv e y ears.
10-Aug Beijing raised downpay ment requirement Downpay ment for first home purchase rose by up to 15% in some banks. It is likely
that corresponding policies will be tightened further.
11-Aug Zhongshan sped up construction of assembly Such buildings can sav e staff cost by 30% to 40% and shorten the construction
buildings (装配式建筑) cy cle by 30%. In terms of assembly housing GF A as % of total new start GF A,
Zhongshan targets to reach ov er 15% by end of 2020 and reach ov er 35% by end
of 2025.
11-Aug J inan cancelled the policy of registered permanent Original policies will still be in effect unitl two y ears later.
residence through house purchase
Source: DBS Vickers
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Policy Details (Continued)

2017 Det ails
14-Aug Dezhou raised downpay ment requirement for HPF Downpay ment increased by 10ppts to 30% for first home purchase, and to 40% for
(effectiv e from Aug 20, 2017) second time purchase.
14-Aug Nanning adjusted HPF policies (effectiv e from Sep Downpay ment requirement with respect to second time purchase/ second time HPF
1, 2017) loan application decreased to 40% from 50%.
15-Aug Zhengzhou set up housing rental sy stem By end of 2017, around 2k rentable units will be constructed. It targets to hav e at
least 20% of new supply as residential units for rent held by sov erign-owned rental
platform.
17-Aug Changsha adjusted HPF policies Loosed the withdrawal of HPF for self-use housing and retire, unemploy ed suffered
from critical illness people. Restricted the withdrawal of HPF for the purchase of third
units, commercial housing and v illa.
22-Aug Tenants in Sheny ang could entitle the same rights By end of 2018, Sheny ang would like to let tenants to enjoy the same rights in
as home purchasers (租購同權); HPF could be employ ment, social welfare, school enrollment as home purchasers.HPF could be used
used to pay rentals to pay rentals.
20-Sep Beijing plans to launch 250k units common rights Beijing plans to launch 250k units common rights housing （共有产权房） in
housing （共有產權房） in future 5 y ears future 5 y ears to fulfill at least 30% housing demand from non-local citizens. Selling
price of common rights housing should be determined when land is purchased and
lower than similar commercial property
22-Sep Dev elopers could not treat home purchase v ia all Purchasers are entitled to same rights to choose house no mater the method of
cash and mortgage separatly . pay ment.
23-Sep Chongqing, Nanning, Changsha, Nanchang, Property are not allowed to resale within two to fiv e y ears of purchase in those cities
Guiy ang, Wuhan and Shijiazhuang imposed home
selling restriction
23-Sep Restrictions imposed on dev elopers in Wuhan Dev elopers are forbidden to receiv e any upfront pay ment v ia any forms prior to
regarding method of receiv ing of pay ments obtaining pre-sale approv als in Wuhan. In addition, properties that obtained pre-sale
approv als must be sold within 10 day s of approv al and dev elopers must not demand
purchasers to pay in full
26-Sep Wuxi imposed home purchasing restrictions Domestic purchasers in Wuxi that own two homes or more are temporarily suspended
from purchasing new properties. Additionally , foreign purchasers that owns one
house or abov e will hav e to prov ide ev idence on pay ment of taxes or two y ears of
social security pay ment proof.
27-Sep Changsha tightened regulation of dev eloper's Properties in Changsha must be sold within 10 day s of obtaining pre-sale approv al
method on property sales from the local gov ernment.
28-Sep Hainan banned the construction of commercial Aside for the usage of affordable housing and for residential use of local residents,
residential houses with GF A equal to or less than construction of properties with GF A equal to or less than 100 sq.m are banned in
100 sq.m Hainan.
28-Sep Changsha relaxed construction requirements of pre- Property dev elopment projects in Changsha with multi-story building construction or
sale approv al any high-rise housing construction projects of 5 floors or abov e will be eligbile for
submission for pre-sale approv al.
9-Oct Hainan further tigtened home purchase and selling F oreign house purchasers (non-local residents of Hainan) must prov ide two y ears of
restrictions in Sany a, Haikou, Wanning and social security pay ment proof from the submission of request for the house purchase.
Lingshui F urthermore, such purchase of house may not be sold within fiv e y ears.
9-Oct Liaoning set a 4-y ear plan in promoting the rental Liaoning targets to set up an ov erall regulatory framework for the promotion of
housing market rental housing by 2020.
11-Oct Shaoxing and Kunming imposed home selling New purchases of residential houses (both new and second-hand) in Shaoxing and
restrictions within selected areas of Kunming (Chenggong District 呈贡区) may not be resold
within two y ears.
11-Oct Wuhan offered house price discounts for Wuhan offered to prov ide eligble univ ersity students (age < 40) a 20% discount
univ ersity students from market price to purchase subsidised housing (安居房) or to rent rental houses.
F urthermore, Wuhan targets to complete affordable housing with a total GF A of
2,500,000 sqm within the next fiv e y ears for univ ersity graduates.
12-Oct Shanghai to control its planned total size of land Shanghai to control its planned total size of land for construction to 3,200 sq.km by
for construction by 2020 2020, with a particular allocation of land to rental housing while guaranteeing supply
for affordable housing.
13-Oct Taiy uan imposed home selling restrictions New home purchases in Taiy uan may not be resold within two y ears .
16-Oct Shijiazhuang further extended its house selling Shijiazhuang has extended its house selling restriction onto affordable
restrictions housing(经济适用房), where any new purchases of such may not be resold within
fiv e y ears.
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2017 Det ails
17-Oct Shenzhen plans to promote the rental housing Shenzhen plans to publish a new policy in encouraging the supply and demand for
market rental houses
19-Oct Dezhou imposed home selling instructions Purchases of residential properties in Dezhou may not be resold withina period of
two y ears to three y ears depending on whether the property purchaser is a resident
of Dezhou or not.
20-Oct Dongguan imposed further regulations on Properties currently registered for commercial purposes may not be conv erted into
properties registered for commercial purposes residential use. Should commercial properties need to setup a washroom by nature in
their units, each of such units containing washrooms must hav e a size of no less than
250 sqm (apart from 1st floor retail stores).
20-Oct Shangdong prov ince launched support measures Shangdong prov ience to encourage the establishment of companies in the prov ision
to stimulate the rental housing market of rental housing, as well as to stimulate spending on rental housing through
establishing a complete regluatory framework.
26-Oct Taiy uan launched policies to promote the rental Taiy uan announced sev eral supportiv e policies to simulate the supply and demand
housing market dy namics of the rental housing market in the area, indicating to prov ide financial,
regulatory and tax-related support for rental housing prov iders and potential tenants.
27-Oct Changsha implemented further requirements on Residential property projects which receiv ed more subscribing property purchasers
the selling process of the sale of residential than its supply of units must be allocated through a public and transparent "lucky
properties draw" process
27-Oct Hainan to temporarily halt the approv al process for Hainan announced to temporarily halt the approv al processes for all transactions
lands to be transacted in the secondary market taking place within the secondary land market, unless for which is required by
applicable laws, orders from the court or effected as a part of state-owned enterprises
reform.
30-Oct Xiangy ang implemented home selling restrictions Xiangy ang announced that all new purchases of residential properties may not be
resold within 2 y ears
30-Oct Hefei sets out more details on supporting rental Hefei prov ided further guidance onto supporting the dev elopment of the area's
housing in the area rental housing market, including the increase in land supply , rental housing supply ,
regulatory surv eillence and enforcement of supportiv e policies. Hefei sets a target to
achiev e c.160,000 units of rental housing by 2020.
31-Oct Tianjin announced further selling restrictions on Tianjin announced that price-restricted residential properties which obtained pre-sale
price-restricted residential properties approv al after the implementation of the relev ant policy can only be resold to other
parties that are eligbile for purchasing price-restricted properties or any companies
appointed by the gov ernment after 5 y ears of holding period from its prev ious
purchase.
1-Nov Hainan temporarily halted the transfer of Hainan announced on 1 Nov ember that all qualified transfer of residential housing
residential housing loans to personal housing loans to personal housing accumulation fund loans be temporarily halted from the
accumulation fund loans announcement date onwards.
2-Nov Dongy ing imposed home selling, mortgage and Shandong Dongy ing announced that all homes purchased may be resold within 3
price restrictions y ears. F urthermore, the city tightened the mortgage policies for all home buy ers and
announced to control house prices v ia setting price restrictions on land and housing
prices.
3-Nov Guangzhou issued a consultation paper on Guangzhou plans to implement further criterias and tightens the score requirements
tightening the criteria of the general public in of its point-based sy stem in accessing the suitability of a person becoming a resident
qualify ing as a resident, while relaxing the criteria in the area. Meanwhile, it plans to extend the age limit of below 40 y ears old to 45
for professionals for resident applications of professionals.
3-Nov Yuey ang imposed home selling restrictions All home purchases in Yuey ang may not be resold within two y ears.
4-Nov Liuzhou imposed house selling and pricing Any new house purchases made by persons who already own one or more houses
restrictions may not be resold within two y ears. F urthermore, dev elopers may not adjust their
house selling price after obtaining pre-sale approv al in ordinary course.
5-Nov J oint implementation of strict enforcement by MOHURD, PBOC and CBRC hav e jointly announced to ensure strict enforcement on
regulators on illegal credit prov ision for house illegal prov ision of credit on down-pay ment financing and illegal use of peronsal
purchases consumption loans to house purchases.
6-Nov Heze imposed house selling and pricing restrictions Home purchases in areas and districts that subject to strong upward pricing pressure
with high trading v olume may not be resold within two to three y ears depending on
whether the buy er himself is a resident of the area. F urthermore, It is indicated that
flexible measures including the controlling of land costs and housing prices may be
implemented whenev er needed.
Source: DBS Vickers
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2017 Det ails
7-Nov Liaocheng imposed home selling and pricing All home purchases made in Liaocheng may not be resold for a period between two
restrictions and forbids dev elopers from to three y ears depending on whether the purchaser is a resident of Liaocheng,
discriminating against purchasers utilising effectiv e until end 2019, together with setting price restrictions on land offerings
prov ident fund loans in the purchase of homes and houses. It is also announced that dev elopments may not discriminate or
discourage home purchasers from utilising their prov ident fund loans as a mean to
fund their house purchase.
9-Nov Quanzhou implemented home selling and pricing All home purchases made by purchasers that are non-residents of Quanzhou may not
restrictions be resold within fiv e y ears. Property projects priced abov e the ASP of the area in Oct
2016 by more than 30% will not be granted pre-sale approv al.
10-Nov Hubei prov ince implemented further instructions Hubei announced that all cities within the prov ince must ensure that 2017's full y ear
and pricing restrictions residential property ASP to stay below the 10M17 lev el. F urthermore, cities must
adjust their land supply according to the city 's inv entory lev el.
12-Nov Ministry of Land and Resources started to examine Ministry of Land and Resources reportedly started their inv estigation on potential
the situation of land hoarding within the 70 cities land hoarding behav iour among 70 cities and has pointed out Suzhou during the
of China inv estigation.
14-Nov Shenzhen to allow a greater proportion of Shenzhen Housing Prov ident F und Management Center has lifted the proportion of
prov ident fund be taken out for property -related monthly pay able prov ident fund be taken out for rental (from 50% to 65%) and
spending purposes other property -related purposes such as property management fee and renov ation
fees (from 30% to 40%).
14-Nov Donggaun implemented home price restrictions in Dongguan has set a three maximum ceiling prices (RMB22,723 psm, RMB 17,361 psm
areas of the city and 14,017 psm) for houses depending on their situated locations.
14-Nov Guanhu adjusted its housing subsidies policies Any highschool graduate that is employ ed in Guanhu will be entitled a RMB20,000
housing subsidy for the purchase of their first new home purchase, similarly for
residents working in the agricultural sector. Other workers employ ed in the area will
be entitled to a housing subsidy of RMB10,000 for their first home purchase.
16-Nov Chengdu to forbid dev elopers to offer special Chengdu announced that all property projects that obtained pre-sale approv al or
treatments on indiv idual house purchasers current on-sale must be distributed through a number draw sy stem and forbids any
special treatments to indiv idual home purchasers.
17-Nov Beijing released plans on the dev elopment of its Beijing plans to supply as much as 1,000 hectares of land for consolidated rental
rental housing sector housing to encourage long-term rental housing sector ov er the coming fiv e y ears.
21-Nov J inan forbids dev elopers from discriminating and J inan announced that dev elopers may not discriminate and discourage, whether
discouraging home purchasers who utilises through imposing additional buy ing requirements or setting higher price, home buy ers
personal housing accumulation fund loan as means who utilises personal housing accumulation fund loan as means of funding their
of funding their purchases purchase of houses. In the ev ent of non-compliance, dev elopers may be halted from
selling that particular project.
30-Nov Yangzhou imposed further selling and purchasing Home purchases made by resdients with more than 2 houses (1 house for non-
restrictions residents) may not be resold within 3 y ears as compared to the prev ious restriction of
2 y ears. F urthermore, home owners that owns 3 or more houses will not be allowed
to subscribe for new residential property launches
5-Dec Hunan to strengthen exchange of information on Hunan prov ince demanded all local gov ernments of the area to implement a real-time
primary and secondary housing transaction data data exchange sy stem that fully cov ers all primary and secondary market housing
transaction data of the prov ince by the end of 2017
5-Dec Zhejiang Prov ince to dev elop a centralised online Zhejiang Prov ince has announced to dev elop a consolidated and centralised online
serv ice platform for the monitoring of the rental serv ice platform for all cities within the prov ince for the monitoring of the rental
housing market as well as the transactions of housing market and property transactions made within the area. No standalone
properties within the prov ince information platforms should be dev eloped among areas within the prov ince.
5-Dec Wuhan imposed further restrictions on the sales Wuhan announced that property dev elopers are stricted from adding on any
process of property dev elopers unwanted goods, unreasonable conditions and charging fees accordingly in the
selling process of properties to homebuy ers.
6-Dec Hainan to disclose selling prices of residential real Hainan requested all relev ant authorities to ensure a reasonable selling price for all
properties on-line residential properties and to disclose them on the internet
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2017 Det ails
8-Dec The Communist Party Politburo meeting stressed to The Communist Party Politburo meeting indicate the intention to accelerate the
push forward real estate reforms launch of real estate reforms and dev elop an effectiv e long-term supply -demand
mechanism.
12-Dec F ujian Prov ince demanded that all property F ujian Prov ince announced that all property dev elopers must respect home buy er's
dev elopers must not discrimminate home buy ers choice of financing method and shall not impose any additional conditions or
that seeks to utilises their housing prov ident fund restrictions on buy ers who wish to facilitate their purchases v ia the use of their
loan to facilitate their purchases. housing prov ident fund loan.
20-Dec The Central Economic Work Conference sets tone The Central Economic Work Conference reinstated China's policy focus on the
on the implementation of long term policy implementation of long term policy measures and supply side reforms, while
measures and supply side reforms, with a focus on maintaining policy consistency and continuity as well as the adoption of
promoting long-term rental housing differentiated policies in different cities. The conference emphasised on the
importance of promoting the long-term housing market.
20-Dec F inance Minister gav e out an initial timeline on the F inance Minister Xiao J ie published an article on the People's Daily newspaper on the
implementation of the property tax timeline of the implementation of the China property tax. It is now expected that all
legislativ e procedures will be completed by 2019 and clear laws on all kinds of
taxations will be in place by 2020.
23-Dec MOHURD indicated on the focus towards long The National Housing and Urban Rural Construction Conference emphasised on the
term policy measures such as long-term rental policy focus to deepen reform of the housing market with a specific focus to
housing and shanty town transformation accelerate the dev elopment of the long-term rental market while maintaining the
continuity and stability of housing control policies. F urther, they shall focus on
launching a new round of shanty town transformation with a target to redev elop as
much as 5.8mn units in 2018 as well as to implement other supply side measures.
25-Dec The State Council has approv ed Shanghai's The State Council announced its approv al of Shanghai's masterplan for 2017-2035,
masterplan for 2017-2035 which aims to enocunter the "big city decease" that includes env ironmental
pollution, traffic congestion and a shortage of public serv ices. The plan includes
measures such as the control of population size at around 25 million and to ensure
that the total amount of land made av ailable for construction to stay within 3,200
sq.km by 2035.
26-Dec Zhengzhou relaxed purchase requirements for Zhengzhou announced that all non-Zhengzhou residents that meets the relev ant
talented foreign indiv iduals talent requirements will no longer be subject to the requirement of prov iding 2 y ears
of tax pay ment proof or insurance pay ment when making home purchases.
26-Dec Suzhou to cooperate with China Construction Suzhou signed a cooperation agreement with China Construction Bank to cooperate
Bank on the dev elopment of the rental housing on the construction of an information serv ice platform as well as on data analy sis and
market financial support in order to dev elop the area's rental housing market.
27-Dec Taiy uan imposed further restrictions on pre-sale Taiy uan announced that property dev elopers must register their sale of properties
and the registration of property transactions within 10 day s of obtaining pre-sale approv als. F urthermore, the price of property
transaction registrations must not be higher than the originally identified selling price
of the project.
2018 Det ails
3-J an Chengdu announced to stimulate the rental The gov ernment of Chengdu published a comment on the dev elopment and
housing market and issued further operational monitoring of the rental housing market, emphasising its focus to gradually extend
guidances the city 's social benefit entitlements to long-term rental housing tenants and
prov ided specific regulatory standards for the ov erall operational framework on long-
term rental in the area
4-J an Shanghai announced to further stimulate its rental Shanghai has announced its target to add a total of 200,000 units of rental housing
housing market in 2018 by the end of 2018 through new construction and redev elopment projects, within
which 90,000 units of them should be offered by corporate landlords.
4-J an Hainan tightened land supply policies in the The prov incial gov ernment of Hainan has announced to tighten the area's land
prov ince supply policies, restricting the supply of land for residential purposes and to
ov ercapacity , highly polluting projects and limits the total amount of land for
construction within the prov ince below 5.5mn mu by 2020.
Source: DBS Vickers
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2018 Det ails
5-J an Lanzhou adjusted its housing restrictiv e policies Lanzhou announced to cancel all existing restrictiv e house purchases policies in
within the area suburban areas of Xigu, J iuzhou and Gaoping. Meanwhile, restrictiv e house selling
policies hav e instead been put in place in Chengguan, Qilihe, Anning and Xigu,
where any new home purchases made may not be resold for a period of 3 y ear.
9-J an Tianjin relaxed Hukou requirements for non-locals Indiv iduals who fulfills the requirements of Tianjin's talent scheme (undergraduates
who are qualify for their talent scheme under the age of 35, Masters graduates under the age of 45) that has been
employ ed in the city for more than 1 y ear, resided in Tianjin for more than 6 months
that currently lacks a legal ownership of property under their names may now apply
for a Hukou (戶口) of the city with their long-term rental housing address.
9-J an Qingdao announced to relax existing requirements The gov ernment of Qingdao has announced to gradually relax existing requirements
for non-locals to reside in the city such as tax pay ing records, employ ment period, point-based sy stems for non-locals
to settle in the city , allowing for persons to obtain hukou ( 戶口), among other
factors, should they hav e a stable and legal employ ment or a place to reside in within
the city (rental housing included).
10-J an Nanjing restricts property dev elopers from Nanjing's Housing F und Managemnt Center issued a circular to forbid property
declining home buy ers from utilising their Housing dev elopers from discouraging pay ments from home buy ers who wish to utilise their
Prov ident F und to fund their home purchases Housing Prov ident F und to facilitate their home purchases. F urthermore, dev elopers
should sign mortgage agreements with the Housing F und Management Center as
soon as pre-sale approv als hav e been granted for their projects in order to allow for
home buy ers to apply for Housing Prov ident F und loans.
13-J an MOHURD of the F ujian Prov ince reiterated the MOHURD of the F ujian Prov ince stressed on their stance to strictly control the
adoption of a selectiv e approach according to housing market within the prov ince through adopting a selectiv e approach across
conditions of the housing market in cities cities according to the conditions of the cities' respectiv e housing market.
F urthermore, they hav e reiterated the intention to accelerate the promotion of rental
housing, together with the dev elopment of a long-run supply side reform. The
prov ince has set a target to redev elop a total of 43k shanty town units as well as to
guarantee 5,000 units of new supply and new start for rental housing in the area
ov er the course of 2018
16-J an Nanjing imposed restrictions on the purchase of Nanjing published further guidance on the purchase of houses made by indiv iduals
houses made by indiv iduals who hav e been made who are made eligible for purchase after their household registrations in the city
quafily for purchase under the talent scheme based on the talent scheme. Particularly , such indiv iduals may only purchase a
maximum of 1 house himself and such purchase may only be resold after 5 y ears.
17-J an Changchun imposed home selling and pricing Changchun announced to impose restrictiv e home selling policies together with tigher
restrictions on inner city areas control on home prices. Non-family home purchasers who made home purhcases
within the inner city area (三環以内) will no longer be able to resell their homes (new
houses and secondary houses) within 2 y ears. F urthermore, new launches may not
be priced higher than prev ious sales (online-registrated) made in the same area ov er
the prev ious month.
21-J an Nanjing announced further supportiv e measures to The prov incial gov ernment of Nanjing has announced through the Nanjing NPC and
accelerate the dev elopment of the long-term CPPCC that the gov ernment will extend its support on the dev elopment of the long-
rental housing market term rental housing market within the area. The gov ernment will launch more land
supply for rental housing purposes with a targeted ratio to total land supply of no
less than 30% and to ensure a launch of new rental housing supply of 1mn sm by
the end of 2018.
24-J an Dongguan's authorities officially denied rumours In response to market rumours regarding a potential relaxation of the restrictiv e
regarding a potential relaxation of the city 's pricing policy currently in place in the city , Dongguan Housing Authority and
currently imposed restrictiv e price policies Dongguan's Dev elopment and Reform Bureau hav e jointly issued an official
statement in deny ing such claims.
24-J an Beijing announced its 2018 targets on shanty The gov ernment of Beijing has officially announced its target to construct 50,000
town transformation and the supply of affordable units of affordable housing and to perform a total of 23,600 units of shany town
housing transformation.
24-J an Shenzhen indicated their unchanged restrictiv e The Urban Planning and Land Resources Commission of Shenzhen published through
policy stance on the city 's property market. its social media platform an article published by Real Estate Research Institute of
Shenzhen on the unlikeliness of the city to relax its existing restrictiv e housing policies
in the near term.
Source: DBS Vickers
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2018 Det ails
25-J an The Ministry of Land and Resources have The Ministry of Land and Resources have offically approved the implementation
approved the implementation plans submitted by plans regarding the use of collectively-owned land for the construction of rental
11 cities on the utilisation of collectively-owned housing that were respectively submitted by 11 cities, including Shenyang, Nanjing,
land for the construction of rental housing Hangzhou. It has also specified the requirement to focus primarily on the construction
of small- to medium-sized units (<90sqm).
25-J an The CBRC to strictly monitor illegal financing in the The CBRC announced in the National Banking Supervision and Management
property sector Conference that the policy focus for this year remains at the control of financial risks,
of which apart from the continued reduction of corporate debt levels and stringent
control on the provision of financing to highly leveraged corporates, CBRC shall
strictly monitor any potential illegal usage of personal and consumption loans on
properties or the stock market.
30-J an Yunnan relaxed their requirements on qualifying The government of Yunan Province announced the relaxation of requirements for
for household registration in the province foreigners to qualify for household registrations in the province. Particularly, rental
housing individuals may also be qualified for household registrations by providing
proof of 3-year retirement insurance payment and resident record in the province as a
substitute to the previous requirement of owning a residential property.
30-J an Kunming relaxed its household registration The government of Kunming has relaxed their household registration requirements for
requirements foreign individuals. Residents may now substitute the previous requirement of
owning a residential property with a 3-year pension payment record and a rental
housing address.
1-Feb Guangzhou branch of the Big 4 banks have The Guangzhou branch of the Big 4 banks have upward-adjusted their mortgage
upward-adjusted their mortgage rates rate from base rate+5% up to base rate+10%. The current rate of base rate +15%
for the application of the 2nd mortgage remains unchanged
2-Feb Hunan reiterated its policy stance to discourage Hunan province stated in the province's MOHURD Working Conference that the
investment demands whilst support actual living area's policy stance to discourage investment demand while supporting actual living
demand demand remains unchanged. The province shall accelerate its supply side reforms
through encouraging the development of the long-term rental housing market as
well as to stimulate the supply of public rental housing, price-fixed housing and
ordinary housing. Meanwhile, the province will continue to enforce all current policy
restrictions as well as to consider further restrictions where necessary to discourage
the rise of investment demands.
2-Feb Dongguan amended its household registration Dongguan has decided to cancel the reliance on the point-based system as a mean to
requirements and cancelled the previous point- measure the qualification of individual for household registration. Instead, individuals
based system will have to provide proof on showing at least 5 years of social security participation
and residency in the city.
9-Feb Hebei indicated that all key and hot-selling cities Hubei province reiterated in their policy stance on strict enforcement of existing
within the province must continue to strictly restrictive housing policies during their MOHURD Working Conference. It was
enforce all existing restrictive housing policies indicated that policy restrictions in the area will not be loosened and the procincial
government will continue its policy focus to dampen investment demand and
support actual living demand.
9-Feb Xuzhou introduced talent attraction scheme Xuzhou rolled out plans to attract talents into the city through the provision of
subsidies on home purchases and living expenses for qualified individuals.
11-Feb Nanjing further relaxed its household registration The government of Nanjing indicated in a press conference that all university
requirements for individuals qualified for their undergraduates who are below the age of 40 may directly apply for household
talent scheme registration in the city from March 2018 onwards.
11-Feb Shenzhen released its development plan for 2018 The Urban Planning and Land Resources Commission of Shenzhen indicated in their
Working Conference that the city shall ensure a total land supply of 2.46 square km
and the redevelopment of 1mn sqm of old industrial areas in 2018. Furthermore, the
city will try to address historically inherited issues on selective parcels of land and
hope to release as much as 11 sq.km of land in 2018.
11-Feb Sanya imposed pricing restrictions on new units The Development and Reform Commission and MOHURD of Sanya jointly announced
seeking for pre-sale approvals that the pricing of new units looking to obtain pre-sale approval may not exceed the
average price recorded in February 2017, nor could these projects be sold more than
20% below the price submitted in the pre-sale approval application. Any such pre-
sale approval granted previously that breached the requirement will have to be re-
submitted for approval.
Source: DBS Vickers
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2018 Det ails
12-Feb Nanchang implemented regulations regarding sales All fully-fitted residential units to be sold from March onwards in the city must be
of fully-fitted residential units in the city valued by a number of property valuation agency and the additional price charged
for fittings must not exceed the fitting cost stated from the contract signed between
the developer and the contracter.
13-Feb Zibo imposed home selling and pricing restrictions The government of Zibo imposed house selling and pricing restrictions within
on new houses selective areas of the city. Particularly, newly launched-for-sale houses in several areas
may not be pre-sold at a price higher than RMB11,000 psm and may only be resold
after 3-5 years of house purchase depending on the area.
13-Feb Beijing to strictly enforce all restrictive housing Beijing has announced in this year's city's government working report to strictly
policies as well as to ensure land supply and enforce all existing restrictive housing policies. Furthermore, the city's government
stimulate the long-term rental market. aim to provide 1,200 hectre of residential land as well as to stimulate the
development of the long-term rental market.
14-Feb PBOC published its 2017 fourth quarter monetary The PBOC published its 4Q2017 monetary policy implementation report, which
policy implementation report indicates a continuous slowdown in the growth of mortgage lending. Personal
mortgage lending decelerated to 22.2% y-o-y growth, 14.6ppt below the highest
growth rate recorded within the year.
14-Feb J iyang County of J inan announced to impose MOHURD of J iyang County in J inan announced to impose a series of restrictive
mortgage and house pricing restrictions housing policies. Existing households in the area who own houses or have in their
records history of mortgage payment will have to bear a 60% down-payment
requirement. Furthermore, new residential units may not be launched and pre-sold at
a price higher than RMB9,000 psm.
1-Mar Kunming imposed further restrictive selling Kunming has imposed further restrictive selling policies on several core districts within
measures on residential units the city. Particularly, new residential units purchased within the area may not be
resold for a period of 3 years.
2-Mar Guangzhou relaxed the requirement for families to Guangzhou has extended the eligibility for families to qualify for public affordable
qualify for public affordable rental housing rental houses from inidividuals with an annual income of not more than Rmb20,663
to an annual income of Rmb29,434.
5-Mar Premier Li reiterated the unchanged policy stance Premier Li reiterated after the CPPCC and NPC that the government's policy stance of
of the central government on China's real estate "support living demand whilst discourage investment demand" in the property
and stressed to develop a long-term mechanism to market remains unchanged. Existing restriction policies will continue in 2018
ensure stable development of the property market according to the condition of individual cities and there will be no relaxation of
hosing policies. Meanwhile, Premier Li has stressed to accelerate the progress on
developing a long term mechanism for the property market alongside with supply
side reforms to ensure stable development of the property market.
9-Mar Shijiazhuang conducted an investigation on Shijiazhuang has started an investigation on the potential rejection by developers and
potential rejection by developers and real estate real estate agencies on the utilisation of Housing Provident Fund for home buyers to
agencies on the utilisation of housing provident fund their house purchases from 10 Mar until 31 May.
fund to fund house purchases
12-Mar Hubei province put in place new regulations on Aside from affordable rental housing units that were specifically forbiddened for
the purchase of affordable housing ownership transfers, renters who have continuously rented their affordable rental
housing for 5 years and met the requirements for the purchase of affordable housing
are now allowed to purchase their rented affordable residential unit. These units may
be resold after a period of 5 years with the local government having the priority to
repurchase the unit under the same conditions as the market.
13-Mar Dongguan included the acceptance of the use of Dongguan added the acceptance of home buyers utilising their Housing Provident
Housing Provident Fund as means to fund home Fund as means to fund their home purchases as one of the pre-conditions for
purchases as one of the conditions for presale developers before being granted with presale approvals.
approvals
21-Mar Funan county of the Anhui Province were Local residents in the county will be subject to a selling restriction from their 3rd
imposed with home selling restrictions purchase of houses in the area, of which these residential units may not be resold for
5 years. Meanwhile, non-local residents who are purchasing their 2nd house in the
area will be imposed with a selling restriction period of 8 years.
21-Mar Dalian of Liaoning Province imposed with further MOHURD of the Liaoning Province announced to impose restrictive purchase and
restrictive measures on house purchases selling policies within selective districts of Dalian. Within these districtives, local and
non-locals may only purchase a total of 2 and 1 residential units. Additionally, all
new purchases of houses in these areas may not be resold for a period of 2 years.
Source: DBS Vickers
Page 133
China Property

2018 Det ails
28-Mar Hangzhou announced that all sales of commodity Hangzhou announced that all sales of commodity housing units will have to adopt a
housing units will have to adopt a public, set of clear, transparent and open-to-public allotment procedure in order to ensure
transparent and random allotment process fair distribution of housing units. Details of the required procedure will be disclosed
later on.
30-Mar Xi'an requires the use of a random alloment Xi'an requires that all sales of property projects that have received oversubscription in
procedure for property projects that received purchase interest will have to adopt a random alloment procedure that is supervised
oversubcribed interests for purchase by a notary agency.
31-Mar Hainan imposed further restrictive selling, purchase
MOHURD of the Hainan Province restricts all non-local families from purchasing more
and credit measures on residential units than 1 residential units and are subject to a downpayment ratio of at least 70%.
Meanwhile, new residential units in selective districts may only be sold to local
residents. Additionally, all residential units purchased in the province may not be
resold for a period of 5 years.
31-Mar Chengdu announced that families who make Chengdu indicated that all commodity residential house purchases subscribed by
home purchases that are qualified for the families who met a set of specified requirements to be seen as "actual living demand"
requirements to be seen as "actual living demand" will be prioritized in the allotment of oversubscribed residential units.
will be prioritized in the allotment of
oversubscribed residential units
Source: DBS Vickers
Page 134
China Property
How about macro economic growth?
China GDP growth (YTD) Per capita income growth (y-o-y)
% 16%
16 14%
14
12%
12
10%
10
8%
8
6%
6
4%
4
2%
2
0 0%
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
4Q17
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
1Q14
1Q15
1Q16
1Q17
Retail sales growth (y-o-y) Loan growth (y-o-y)
%
35%
40
30% 35
25% 30
20% 25
20
15%
15
10%
10
5%
5
0% 0
Dec-12
Apr-08
Apr-15
Jan-06
Aug-10
Aug-17
Dec-17
Feb-18
Apr/98
Apr/01
Apr/04
Apr/07
Apr/10
Apr/13
Apr/16
Benchmark interest rate RMB exchange rate
% 1USD=RMB
11.0 9.00
10.0 8.50
9.0 8.00
8.0 7.50
7.0 7.00
6.0 6.50
5.0 6.00
4.0 5.50
3.0 5.00
F eb-18
Dec-01
Jun-12
Mar-07
Sep-96
Apr-99
Sep-17
Jan-15
Jul-04
Oct-09
Feb-94
Feb-18
Apr-98
Apr-00
Apr-02
Apr-04
Apr-06
Apr-08
Apr-10
Apr-12
Apr-14
Apr-16
Source: CEIC; DBS Vickers
Page 135
China Property
A glance of financial forecasts for developers
Financial ratio comparison
Rev enue grow t h (%) Gross prof it grow t h (%)

F Y 15A F Y 16A F Y 17A F Y 18F F Y 19F F Y 15A F Y 16A F Y 17A F Y 18F F Y 19F
COLI 22.4 (3.2) 1.2 31.3 19.7 17.3 (1.0) 19.8 22.2 22.4
CR Land 15.8 5.2 8.5 28.1 23.0 18.2 14.0 29.4 34.0 19.8
Country Garden 33.9 35.2 48.2 53.4 56.7 3.7 41.0 82.4 53.4 56.9
China V anke 33.6 24.2 3.7 19.5 19.4 31.9 27.6 31.6 13.1 18.7
Evergrande 19.5 58.8 47.1 57.3 17.5 17.7 58.8 88.9 56.6 21.4
Sino-Ocean Land (20.8) 12.1 32.7 9.8 14.6 (22.2) 20.2 47.2 14.3 16.4
Shui On Land (36.9) 171.9 6.1 (19.5) n.a. (51.0) 249.6 8.0 (19.9) n.a.
Shimao 2.9 2.7 18.8 24.3 15.7 (9.7) (0.6) 31.1 29.3 19.8
Agile 12.2 8.5 10.6 26.8 22.0 (13.0) 14.4 67.3 30.0 23.8
SOHO China (83.7) 58.5 6.4 7.3 34.9 (76.2) 69.3 2.8 7.2 34.7
J inmao Investments 7.7 (7.1) 12.3 3.3 n.a. 7.3 (6.3) 21.1 4.6 n.a.
China J inmao (25.2) 39.3 19.4 29.8 n.a. (26.0) 34.6 7.7 36.7 n.a.
COGO 18.8 2.9 21.7 20.1 2.0 (22.7) 12.9 34.8 28.3 3.0
C C Land (59.7) (0.0) n.a. n.a. n.a. (56.8) (2.5) n.a. n.a. n.a.
Central China 36.1 (24.4) 46.2 (8.9) 80.7 (10.0) (17.8) 43.1 1.0 58.7
Greenland 104.3 95.9 49.6 n.a. n.a. 46.8 101.4 82.1 n.a. n.a.
Longfor (7.0) 15.6 31.5 42.1 31.8 (3.7) 22.4 53.3 21.8 26.9
A v erage # 8.6 29.3 22.2 22.5 27.1 (4.4) 37.8 40.6 23.8 26.1
Gross prof it margin (%) Operat ing prof it margin (%)
COLI 27.2 27.8 32.9 30.7 31.3 23.6 23.5 31.7 26.7 27.3
CR Land 31.1 33.7 40.3 42.1 41.0 25.0 28.0 33.4 36.0 35.3
Country Garden 20.2 21.1 25.9 25.9 26.0 13.6 14.0 19.0 19.2 20.8
China V anke 24.8 25.5 32.3 30.6 30.4 19.8 19.9 25.1 25.9 25.8
Evergrande 28.1 28.1 36.1 35.9 37.1 13.9 20.4 24.7 29.3 29.1
Sino-Ocean Land 20.6 22.1 24.5 25.5 25.9 16.1 17.7 20.1 21.1 21.5
Shui On Land 26.1 33.6 34.2 34.0 n.a. 15.5 30.0 27.3 27.2 n.a.
Shimao 28.5 27.6 30.4 31.7 32.8 22.2 21.6 24.1 24.3 25.4
Agile 25.1 26.5 40.1 41.1 41.7 17.3 18.0 31.6 33.1 34.4
SOHO China 73.7 78.8 76.1 76.1 76.0 177.0 90.9 62.5 53.3 47.7
J inmao Investments 56.0 56.5 60.9 61.7 n.a. 23.1 21.9 28.0 28.8 n.a.
China J inmao 38.7 37.4 33.7 35.5 n.a. 29.6 29.1 24.0 26.8 n.a.
COGO 15.6 17.2 19.0 20.3 20.5 9.9 11.4 13.1 14.5 13.7
C C Land 28.2 27.5 n.a. n.a. n.a. 54.1 19.5 n.a. n.a. n.a.
Central China 22.2 24.1 23.6 26.2 23.0 15.4 13.6 13.8 11.2 14.0
Longfor 27.4 29.1 33.9 29.1 28.0 22.3 22.8 26.9 23.3 22.4
A v erage # 29.6 31.0 35.1 36.0 34.1 28.1 24.1 26.6 27.1 26.3
# Simple average
Source: Companies, DBS Vickers
Page 136
China Property
Financial ratio comparison (continued)

Operating profit growth (%) Core profit growth (%)
FY15A FY16A FY17A FY18F FY19F FY15A FY16A FY17A FY18F FY19F
COLI 9.3 (3.3) 36.5 10.3 22.7 23.3 (7.2) 27.8 19.0 26.1
CR Land 17.8 17.8 29.6 37.9 20.6 19.2 14.5 17.8 26.8 18.5
Country Garden 4.4 39.3 101.3 55.3 69.8 11.8 18.6 118.8 50.8 56.3
China Vanke 40.1 24.6 31.2 23.0 19.1 20.2 27.5 25.7 29.4 23.8
Evergrande (2.1) 133.6 78.0 87.1 16.5 46.0 (19.6) 1,843.6 44.6 17.5
Sino-Ocean Land (21.5) 23.7 50.1 15.3 16.8 (15.2) (9.1) 57.4 18.1 22.0
Shui On Land (60.5) 427.2 (3.2) (20.0) n.a. (798.5) (27.9) 9.5 (49.0) n.a.
Shimao (9.3) (0.1) 32.6 25.1 21.1 (29.9) 29.5 10.9 32.1 20.7
Agile (25.6) 12.9 93.9 32.9 26.8 (29.6) 13.0 105.7 30.3 25.9
SOHO China (44.7) (18.6) (26.8) (8.5) 20.7 (113.3) (196.3) 32.3 18.9 44.1
Jinmao Investments 76.0 (11.7) 43.7 6.1 n.a. 618.9 (31.4) 111.4 10.8 n.a.
China Jinmao (28.5) 37.2 (1.5) 44.6 n.a. (22.3) (6.8) 53.4 15.4 n.a.
COGO (36.5) 19.1 40.0 32.0 (3.6) (31.6) 2.1 61.0 44.7 13.0
C C Land (10.3) (63.9) n.a. n.a. n.a. 6.1 (79.3) n.a. n.a. n.a.
Central China (15.7) (33.0) 47.5 (25.6) 124.3 (12.4) (48.1) 39.5 56.3 92.6
Greenland 192.8 483.2 122.7 n.a. n.a. (177.8) 200.0 70.4 n.a. n.a.
Longfor (5.3) 18.2 55.2 22.9 27.1 (5.2) 11.4 14.6 37.3 28.1
Average # 11.5 38.3 46.9 23.9 31.0 16.6 7.2 52.2 31.0 32.9
Core profit margin (%) ROA (%)
FY15A FY16A FY17A FY18F FY19F FY15A FY16A FY17A FY18F FY19F
COLI 15.6 15.0 18.9 17.2 18.1 7.0 6.4 6.7 5.2 6.2
CR Land 13.7 14.9 16.2 16.0 15.4 4.7 4.7 4.6 4.3 5.0
Country Garden 8.4 7.3 10.8 10.7 10.6 3.2 2.6 3.2 3.3 4.9
China Vanke 9.0 9.2 11.2 12.1 12.5 3.2 2.9 2.8 3.0 3.5
Evergrande 1.5 0.8 10.0 9.2 9.2 1.7 0.5 1.6 2.5 3.0
Sino-Ocean Land 9.1 7.4 8.8 9.4 10.0 1.5 2.5 3.0 2.4 2.7
Shui On Land 28.9 7.7 7.9 5.0 n.a. 0.7 0.9 1.2 0.6 n.a.
Shimao 8.4 10.5 9.8 10.5 10.9 2.1 2.0 2.8 2.9 3.2
Agile 5.6 5.9 10.9 11.2 11.6 1.2 1.8 4.1 4.2 4.7
SOHO China (23.5) 14.3 17.8 19.7 21.0 0.7 1.3 0.6 0.6 0.8
Jinmao Investments 9.5 7.0 13.2 14.2 n.a. 2.5 2.1 2.1 2.3 n.a.
China Jinmao 11.6 7.7 9.9 8.8 n.a. 2.2 1.4 2.1 2.2 n.a.
COGO 5.1 5.1 6.7 8.1 8.9 1.5 1.3 1.7 2.4 2.6
Central China 5.3 3.6 3.5 6.0 6.4 2.1 1.0 1.5 1.0 1.6
Longfor 14.6 14.0 12.2 11.8 11.5 7.9 7.9 9.2 6.3 6.9
Average # 8.2 8.9 11.1 11.9 12.6 3.0 3.1 3.7 3.6 4.6
# Simple average
Page 137
China Property

Quick Rat io (x) ROE (%)
COLI 0.8 0.8 0.6 0.4 0.5 20.2 17.1 16.7 13.4 15.2
CR Land 0.4 0.4 0.4 0.4 0.5 16.0 16.8 17.7 16.3 17.3
Country Garden 0.4 0.5 0.5 0.5 0.5 16.5 18.1 32.4 35.0 42.1
China V anke 0.4 0.4 0.5 0.5 0.5 19.2 19.7 22.8 23.7 24.7
Evergrande 0.5 0.6 0.5 0.5 0.5 20.5 10.7 30.7 37.8 38.9
Sino-Ocean Land 0.9 0.7 0.8 0.7 0.6 5.2 8.7 11.1 9.4 10.7
Shui On Land 0.7 0.8 0.8 0.7 n.a. 2.1 2.9 3.9 2.0 n.a.
Shimao 0.4 0.4 0.4 0.3 0.3 10.2 10.1 14.2 15.2 16.7
Agile 0.4 0.6 0.6 0.6 0.6 3.6 5.7 14.6 16.3 18.1
SOHO China 0.8 0.4 0.3 0.3 0.4 1.4 2.6 1.2 1.1 1.6
COGO 0.6 0.5 0.5 0.5 0.5 7.3 8.3 12.5 15.8 15.3
Central China 0.4 0.5 0.4 0.2 0.2 12.1 6.1 11.5 9.5 16.7
A v erage # 0.6 0.5 0.5 0.5 0.5 10.6 10.6 15.2 15.5 19.9
# Simple average

Net Debt rat io (%) Cash (Report ing currency )
COLI 35.0 7.3 27.1 32.0 40.6 122,801 157,162 104,051 112,058 72,295
CR Land 22.6 23.8 35.9 32.3 21.5 47,058 46,674 64,323 66,402 84,746
Country Garden 46.9 57.3 58.5 57.9 62.9 36,241 84,647 137,084 120,240 79,126
China V anke 19.3 25.9 8.8 14.5 14.6 51,748 79,490 164,326 148,754 142,343
Evergrande 93.5 119.8 183.7 134.0 135.2 103,090 198,420 152,008 188,261 114,443
Sino-Ocean Land 58.5 43.5 61.8 56.8 55.7 20,270 19,053 21,969 22,120 19,925
Shui On Land 81.0 68.2 69.5 66.6 n.a. 3,344 9,653 8,364 9,494 n.a.
Shimao 58.1 50.7 56.3 64.2 66.0 22,592 19,359 28,537 20,004 15,842
Agile 64.0 49.1 71.4 72.3 73.1 7,407 12,432 19,042 24,545 31,085
SOHO China 24.5 31.7 40.5 41.1 35.5 8,406 3,864 2,796 2,442 4,055
COGO 48.0 20.6 48.9 48.0 39.2 9,703 15,158 11,274 10,392 10,785
C C Land Cash Cash Cash Cash n.a. 15,849 17,587 n.a. n.a. n.a.
Central China 25.4 45.4 25.7 39.6 42.2 7,422 9,776 11,284 9,894 9,229
Greenland 170.6 169.4 143.9 Cash n.a. 5,207 6,117 7,815 n.a. n.a.
Longfor 54.6 53.9 47.7 23.3 17.8 18,160 17,355 26,761 50,487 54,524
A v erage # 56.5 54.6 64.0 56.3 51.6 26,555 38,397 43,300 47,326 48,828
# Simple average
Page 138
China Property
Discount to NAV
Sector average (DBSV coverage only) Agile Property (3383 HK)
% %
40 20
20 0
+2SD: -11%
0 (20) +1SD -31.6%
(20) +1SD: -25.6% (40) Av g: -53.1%

Mean: -40.3%
(40) (60)
(60) -1SD: -55% (80) -1SD -74.5%
(80) -2SD: -69.7%

(100)
Jun-12
May-14
Apr-16
Oct-06
Jul-10
Aug-08
Feb-18
Mar-18
Jun-15
Apr-11
Sep-12
Jul-08
Nov-09
Nov-16
Jan-14
Central China (832 HK) China Jinmao Holdings (817 HK)
% %
(20) (20)
(30)
(30) +1SD -35.4%
(40)
+1SD -59.7%
(50) (40)
(60) Avg: -49%
(50)
(70) Avg: -67%
(80) (60)
-1SD -74.4%
-1SD -62.5%
(90) (70)
(100)
(80)
Mar-18
Sep-16
Jul-10
Jan-09
Jan-12
Aug-13
Feb-15
Mar-18
Jun-15
Apr-11
Sep-12
Nov-09
Jan-14
Nov-16
China Overseas (688 HK) COGO (81 HK)
% %
80 0
60 (10)
40 (20)
+1SD -37.7%
(30)
20 +1SD 3.2%
(40)
0 Av g: -54.5%
(50)
(20) (60)
(40) Avg: -13.1%
(70)
-1SD -29.3%
(60) (80) -1SD -71.3%
(80) (90)
Mar-18
May-11
Nov-16
Jul-15
Jan-10
Feb-14
Oct-12
Dec-07
Mar-18
Jun-06
Jun-09
May-12
Apr-15
Nov-10
Jan-05
Oct-13
Oct-16
Page 139
China Property
Discount to NAV (continued)
CR Land (1109 HK) China Vanke (2202 HK)
% %
30 100
20
10 80
0 60
(10) +1SD -13.7%
(20) 40
Avg: -28.1% +1SD 20.6%
(30) 20
(40) Avg: -2.7%
(50) 0
-1SD -42.5%
(60)
(20)
(70)
(80) (40) -1SD -26%
Mar-18
Jun-15
Sep-17
Jul-16
Jan-16
Feb-17
Dec-09
Dec-14
Mar-18
Apr-08
Apr-13
Jan-05
Aug-06
Aug-11
Aug-16
Country Garden (2007 HK) Evergrande (3333 HK)
% %
100 300
80 250
60 200
40
150
20 +1SD -6.2%
100
0 +1SD -1.5%
(20) Avg: -27.5% 50
(40) Av g: -42.2%
0
(60) -1SD -48.7% (50)
(80) -1SD -83%
(100)
Mar-18
Sep-16
Jul-10
Jan-09
Jan-12
Aug-13
Feb-15
Mar-13
Mar-18
Nov-09
Nov-14
Jul-11
Jul-16
Longfor (960 HK) Shimao Property (813 HK)
% %
0 60
40
(10)
20
(20) +1SD -25.8%
0
+1SD -25.3%
(30) Avg: -34.9% (20)
Av g: -42.3%
(40) (40)
(60)
(50) -1SD -44.1% -1SD -59.4%
(80)
(60) (100)
Dec-17
Mar-17
Mar-18
May-17
Jun-17
Apr-17
Sep-17
Jan-17
Jan-18
Aug-17
Feb-18
Oct-17
Mar-07
Mar-18
May-09
Jan-16
Aug-11
Oct-13
Page 140
China Property
Discount to NAV (continued)
Shui On Land (272 HK) Sino-Ocean Land (3377 HK)

%
%
0 60
(10)
40
(20)
(30) 20
+1SD -48.1%
(40) 0
(50) +1SD -21.3%
(20)
(60) Avg: -40.8%
(70) Av g: -57.7% (40)
-1SD -67.3%
(80) (60)
(90) (80) -1SD -60.4%
(100)
(100)
Mar-18
May-14
Sep-08
Apr-16
Jul-12
Oct-06
Aug-10
Dec-11
Mar-18
Nov-09
Jan-14
Oct-07
Feb-16
SOHO China (410 HK)
%
100
80
60
40
20 +1SD -29%
0
(20)
(40) Avg: -46.1%
(60)
-1SD -63.1%
(80)
Dec-16
Mar-18
May-10
Apr-14
Sep-11
Jan-09
Jan-13
Oct-07
Aug-15
Page 141
China Property
PE charts
Agile Property (3383 HK) China Jinmao Holdings (817 HK)
x x
16 30
14
25
12
+1SD: 8.7x 20
10
+1SD: 13.7x
8 Avg: 6.4x 15
6 Av g: 9.1x
10
4
-1SD: 4.1x 5
2
-1SD: 4.5x
0 0
Dec-16
Dec-17
Dec-18
Sep-09
Sep-10
Nov-14
Nov-15
Aug-07
Aug-08
Oct-11
Oct-12
Oct-13
Dec-05
Dec-18
Mar-11
May-16
Jul-08
Oct-13
Central China (832 HK) COGO (81 HK)
x x 190x (Dec-07)
12 40
35
10
+1SD: 6.8x 30
8 25 +1SD: 18.4x
20
6 Av g: 5.3x
15
Av g: 7.9x
4 10
5
2 -1SD: 3.8x -1SD: -2.6x
0
0 -5
Dec-18
Jun-10
Apr-13
Sep-04
Jan-99
Nov-01
Jul-07
Feb-16
Dec-11
Dec-18
Jun-08
Jun-15
Mar-10
Mar-17
Sep-13
China Overseas (688 HK)
x
35
30
25
20
+1SD: 14.1x
15
Avg: 9.4x
10
5
-1SD: 4.7x
Dec-18 J
0
Dec-11
May-07
Apr-14
Sep-09
Jan-05
Aug-16
Page 142
China Property
PE charts (continued)

x x
50 12.0
45 11.0
40
10.0 +1SD: 8.5x
35
30 9.0
25 +1SD: 17.8x 8.0 Avg: 7.5x
20 7.0
15 Avg: 11x 6.0
10
5 -1SD: 4.2x 5.0 -1SD: 6.4x
Dec-18 J
0 4.0
Dec-11
May-07
Apr-14
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Sep-09
Jan-05
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Aug-16
Country Garden (2007 HK) China Evergrande (3333 HK)

x x
100 16
14
80
12
60
10
40 +1SD: 31.1x 8 +1SD: 6.8x
6 Avg: 4.7x
20 Avg: 12.8x
4
0
2
-1SD: -5.6x -1SD: 2.7x
-20 0
Dec-18
Dec-18
Mar-09
Mar-11
Jun-12
May-16
Apr-07
Sep-17
Jan-17
Nov-09
Jan-15
Oct-13
Feb-11
Feb-13
Feb-15

x x
12 70
11
10 60
+1SD: 7.8x 50
9
8 40
7 Avg: 6.7x
30 +1SD: 17.3x
6
5 20
-1SD: 5.5x
4 10 Av g: 8.6x
3
0
2 -1SD: -0.1x
-10
Dec-10
Dec-11
Mar-15
Mar-16
May-18
Apr-17
Nov-09
Jan-13
Feb-14
Dec-18
Jun-15
Mar-17
Apr-08
Nov-11
Jan-10
Jul-06
Aug-13
Page 143
China Property
PE charts (continued)

x x
28
40
23 35
30
18 +1SD: 13.6x
25
13 20
Av g: 9.4x +1SD: 14.3x
15
8 Avg: 9.3x
10
3 -1SD: 5.2x 5
-1SD: 4.3x
-2 0
Dec-09
Dec-18
Mar-12
Jun-14
Sep-16
Oct-07
Dec-18
Mar-17
Jun-15
Apr-10
Sep-13
Jul-08
Jan-12
Oct-06
SOHO China (410 HK)

x
80
70
60
50
+1SD: 31x
40
30
20 Av g: 15.2x
10 -1SD: -0.6x
0
-10
Dec-18
May-13
Apr-15
Jul-11
Aug-09
Oct-07
Feb-17
Page 144
China Property
PB charts
Agile Property (3383 HK) China Jinmao Holdings (817 HK)

x x
6.0
3.5
5.0 3.0
4.0 2.5
2.0
3.0 +1SD: 2.1x +1SD: 1.3x
1.5
2.0 Av g: 1x
Avg: 1.2x 1.0
1.0 0.5
-1SD: 0.3x -1SD: 0.6x
0.0 0.0
Dec-16
Dec-17
Dec-18
Sep-09
Sep-10
Nov-14
Nov-15
Aug-07
Aug-08
Oct-11
Oct-12
Oct-13
Dec-05
Dec-18
Mar-11
May-16
Jul-08
Oct-13
Central China (832 HK) COGO (81 HK)

x x
1.6 3.0
1.4 2.5
1.2
+1SD: 0.9x 2.0
1.0
+1SD: 1.3x
0.8 Avg: 0.7x 1.5
0.6 1.0 Avg: 0.7x
0.4 -1SD: 0.5x
0.5 -1SD: 0.2x
0.2
0.0 0.0
Dec-18
Jun-10
Sep-04
Apr-13
Jan-99
Nov-01
Jul-07
Feb-16
Dec-11
Dec-18
Mar-10
Mar-17
Jun-08
Jun-15
Sep-13
China Overseas (688 HK)
x
5.0
4.5
4.0
3.5
3.0 +1SD: 2.4x
2.5
2.0 Avg: 1.7x
1.5
1.0
0.5 -1SD: 0.9x
0.0
Dec-11
Dec-18
May-07
Sep-09
Apr-14
Jan-05
Aug-16
Page 145
China Property
PB charts (continued)
x x
3.5 2.6
3.0 2.4
2.5 2.2
+1SD: 1.7x 2.0
2.0 +1SD: 1.7x
1.8
1.5 Av g: 1.3x
1.6 Avg: 1.5x
1.0
1.4
0.5 1.2
-1SD: 0.8x -1SD: 1.3x
0.0 1.0
Dec-11
Dec-18
May-07
Sep-09
Apr-14
Jan-05
Aug-16
Dec-15
Dec-14
Dec-16
Dec-17
Dec-18
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Country Garden (2007 HK) China Evergrande (3333 HK)
x x
12.0 3.5
10.0 3.0
2.5
8.0
2.0 +1SD: 1.7x
6.0
+1SD: 3.4x 1.5 Avg: 1.2x
4.0
1.0
Avg: 1.8x
2.0 0.5
-1SD: 0.1x -1SD: 0.7x
0.0 0.0
Dec-18
Jun-12
May-16
Sep-17
Nov-09
Jan-15
Oct-13
Feb-11
Dec-18
Mar-09
Mar-11
Apr-07
Jan-17
Feb-13
Feb-15
x x
3.0 4.5
4.0
2.5
3.5
2.0 +1SD: 1.8x 3.0
1.5 Avg: 1.3x 2.5
2.0 +1SD: 1.7x
1.0 -1SD: 0.9x
1.5 Avg: 1.1x
0.5 1.0
0.0 0.5
-1SD: 0.5x
Dec-10
Dec-11
Mar-15
Mar-16
May-18
Apr-17
Nov-09
Jan-13
Feb-14
0.0
Dec-18
Jun-15
Mar-17
Apr-08
Nov-11
Jan-10
Jul-06
Aug-13
Page 146
China Property
PB charts (continued)
x x
2.5 3.7
3.2
2.0
2.7
1.5 2.2
+1SD: 1x
1.7 +1SD: 1.1x
1.0 Av g: 0.6x 1.2
Av g: 0.7x
0.7
0.5 -1SD: 0.4x
-1SD: 0.2x 0.2
Dec-09
Dec-18
Jun-14
Mar-12
Sep-16
Oct-07
0.0
Dec-18
Mar-17
Jun-15
Apr-10
Sep-13
Jul-08
Jan-12
Oct-06
SOHO China (410 HK)

x
3.5
3.0
2.5
2.0
+1SD: 1x
1.5
1.0 Avg: 0.7x
0.5
-1SD: 0.4x
0.0
Dec-18
May-13
Apr-15
Jul-11
Oct-07
Aug-09
Feb-17
Page 147
China Property
DBSVHK recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)
Share price appreciation + dividends
Completed Date: 4 Apr 2018 12:29:38 (HKT)

Dissemination Date: 4 Apr 2018 14:21:25 (HKT)
Sources for all charts and tables are DBS Vickers unless otherwise specified.
GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSV HK”). This report is solely intended for the clients of DBS Bank Ltd., DBS Bank
(Hong Kong) Limited (DBS HK), DBSV HK, and DBS Vickers Securities (Singapore) Pte Ltd. (“DBSVS”), its respective connected and associated
corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii)
redistributed without the prior written consent of DBSV HK.
The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS
Bank Ltd., DBS HK, DBSV HK, DBSVS, its respective connected and associated corporations, affiliates and their respective directors, officers,
employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or
sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we
do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions
expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document
does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is
for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain
separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss
(including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation
to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along
with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document.
The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform
broking, investment banking and other banking services for these companies.
Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can
be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments.
The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may
not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to
update the information in this report.
This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned
schedule or frequency for updating research publication relating to any issuer.
The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and
assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on
which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual
results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED
UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:
(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and
(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk
assessments stated therein.
Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.
Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies)
mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the
commodity referred to in this report.
DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public
offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage
in market-making.
Page 148
China Property
ANALYST CERTIFICATION
The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the
companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her
compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s)
primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate 1 does not serve as an officer of
the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the
real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the
management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or
his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has
procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of
research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment
banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment
banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the
DBS Group.
COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in China Overseas Land
& Investment Limited (688 HK), China Resources Land Limited (1109 HK), China Vanke Company Limited 'H' (2202 HK), Country
Garden Holdings Company Limited (2007 HK), China Evergrande Group (3333 HK), Sunac China Holdings Limited (1918 HK),
Guangzhou R&F Properties Company (2777 HK), Shimao Property Holdings Limited (813 HK) and Sino-Ocean Group Holding Limited
(3377 HK) recommended in this report as of 28 Mar 2018.
2. Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this
Research Report.
3. Compensation for investment banking services:

DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the
past 12 months for investment banking services from China Jinmao Holdings (817 HK), Sino-Ocean Group Holding Limited (3377 HK),
China South City Holdings Limited (1668 HK), China Overseas Grand Oceans Group (81 HK) and Road King Infrastructure Limited
(1098 HK) as of 28 Feb 2018.
4. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public
offering of securities for China Jinmao Holdings (817 HK), Sino-Ocean Group Holding Limited (3377 HK) and China South City
Holdings Limited (1668 HK) in the past 12 months, as of 28 Feb 2018.
DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities
as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to
obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security
discussed in this document should contact DBSVUSA exclusively.
5. Disclosure of previous investment recommendation produced:

DBS Bank Ltd, DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA may have published other investment
recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12
months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations
published by DBS Bank Ltd, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA in the preceding 12 months.
1
An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of
which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person
accustomed or obliged to act in accordance with the directions or instructions of the analyst.
2
Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or
a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This
term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or
new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.
Page 149
China Property
RESTRICTIONS ON DISTRIBUTION
General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or
located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be
contrary to law or regulation.
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(“DBSVS”). DBS holds Australian Financial Services Licence no. 475946.
DBSVS is exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001
(“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary
Authority of Singapore under the laws of Singapore, and DBSVHK is regulated by the Securities and Futures Commission of
Hong Kong under the laws of Hong Kong, which differ from Australian laws.
Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.
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Limited, all of which are registered with or licensed by the Hong Kong Securities and Futures Commission to carry out the
regulated activity of advising on securities.
Indonesia This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia.
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report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised
that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected
and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any
of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek
to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also
have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and
other services from the subject companies.
Wong Ming Tek, Executive Director, ADBSR

Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No.
198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the
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entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial
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Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons
only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from,
or in connection with the report.
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Centre professional clients (as defined in the DFSA rulebook) and no other person may act upon it.
Page 150
China Property
United Arab This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as defined
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Page 151
China Property
DBS Regional Research Offices
HONG KONG MALAYSIA SINGAPORE

DBS Vickers (Hong Kong) Ltd AllianceDBS Research Sdn Bhd DBS Bank Ltd
Contact: Carol Wu Contact: Wong Ming Tek (128540 U) Contact: Janice Chua
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China / Hong Kong Monthly Chart Book

DBS Group Research . Equity 4 Apr 2018

Be selective HSI: 30,180

Developers’ 1 month share price performance

BJ Cap Land 'H'

Sunshine 100 China

China South City*^^

China Jinmao Hldgs*

Hang Seng Index

Based on closing prices as at 28 Feb 18

How did shares perform?

Sector index vs HSI

Source: Thomson Reuters; DBS Vickers

Sector index vs HSI (6 month)

Rebased (14 J ul 17 = 100)

China property share price index HSI

Source: Thomson Reuters; DBS Vickers

^ Denominated in SGD for price

PE valuations, 2009 to 2017 trough (based on earnings forecasts)

3- A pr Mkt 18F 19F

^ Denominated in SGD for price

PE valuations, 2009 to 2017 peak (based on earnings forecasts)

3- A pr Mkt 18F 19F

^ Denominated in SGD for price

PE valuations, 2009 to 2017 trough (based on reported earnings)

^ Denominated in SGD for price

PE valuations, 2009 to 2017 peak (based on reported earnings)

^ Denominated in SGD for price

Share price performance

Price Perf ormance 2007

Source: Thomson Reuters

How’s the change in southbound shareholding?

Southbound shareholding – China Overseas Southbound shareholding – CR Land

Southbound shareholding – China Vanke ‘H’ Southbound shareholding – Evergrande

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – Longfor Southbound shareholding – Shimao Property

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – Agile Southbound shareholding – COGO

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – Greentown Southbound shareholding – Guangzhou R&F

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – KWG Property Southbound shareholding – China Jinmao

Source: HKEx; DBS Vickers

Southbound shareholding – CIFI Holdings Southbound shareholding – Yuzhou Properties

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – Powerlong Southbound shareholding – China South City

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Southbound shareholding – Kaisa Group Southbound shareholding – China SCE

Southbound shareholding – Greenland Southbound shareholding – BJ North Star ‘H’

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Source: HKEx; DBS Vickers

Southbound shareholding – Sunac

Source: HKEx; DBS Vickers

Southbound Shareholding – SOHO China

Southbound shareholding – Renhe Commercial

Source: HKEx; DBS Vickers Source: HKEx; DBS Vickers

Who has the highest sales lock-in?

^ convert from HKD to RMB.

Who sold the most?

2M18 Pre-sales Y-o-Y growth

^ convert from HKD to RMB.

Who sold at the highest price?

ASP of contracted sales in 2M2018 vs. 2017