IP IP Ea Earn rnings ings Anc Anchor hored ed 14% 14% Gr - - PowerPoint PPT Presentation

IP IP Ea Earn rnings ings Anc Anchor hored ed 14% 14% Gr Growt

• wth

h in in Gr Group

• up Cor

Core e Pr Profit

• fit

The Wharf (Holdings) Limited 2016 Interim Results 10 Aug 2016

1

Ov Over ervie view Hong Kong IP China IP & DP Others Next

• Leading Landlord with a Valuable & Resilient IP Profile
• Superior Assets & Proven Management Driving IP Performance
• Strong China/HK DP Recognition Lifted 1H16 Core Profit
• Improving Sequential Performance (2Q16 vs 1Q16)

Ba Back ckdr drop

• p

2

Ov Over ervie view Hong Kong IP China IP & DP Others Next

• IP Portfolio with Proven Track Record
• Total Assets $440B as of End-Jun 2016
• IP Portfolio Increased by 3% to $319B,

72% of Total

Co Cons nsiste istent nt Co Core e IP IP Ope Operati rations

• ns

72% 13% 15%

Total Assets

$440 billion

Others IP DP

• Incl. JV & Associates

3

Ov Over ervie view Hong Kong IP China IP & DP Others Next

• Uniquely Positioned to Withstand Market

Weakness

• IP Core Profit +11% to $4.6B
• 78% of Group Core Profit

IP IP – Na Navi viga gating ting Th Through T

• ugh Toug
• ugh

h Tim imes es

2.9 3.2 3.8 4.2 4.6

1H12 1H13 1H14 1H15 1H16

IP Core Profit (HKD billion) $4.6B (+11%)

70% 8% 15% 7%

Core Profit

Others HKIP

$6.0 billion

China IP DP

4

Ov Over ervie view Hong Kong IP China IP & DP Others Next

• 1H16 Total IP (Excl. Hotel) Revenue

+7% to $7.6B

• Proven Management Capabilities Driving

Growth

• Well Prepared To Balance Risks &

Opportunities

IP IP Sta Stabil bility ity Dri riven ven by by St Strong

• ng Ex

Exec ecutio ution

4.4 4.8 5.6 6.1 6.4 0.5 0.5 0.8 1.1 1.2

1H12 1H13 1H14 1H15 1H16

Total IP Revenue (HKD billion) $7.6B (+7%)

HK China

5

Ov Over ervie view Hong Kong IP China IP & DP Others Next

• Core Profit +14% to $6.0B

Fi Fina nancia ncial l Hi High ghlig lights hts

HK HKD Million llion 1H 1H16 16 1H 1H15 15 % % Ch Chg Group Revenue 20,021 17,906 +12% Operating Profit 8,075 7,475 +8% Core Profit** 5,972 5,258 +14% Profit Before IP Revaluation Surplus 6,200 3,793 +63% Net IP Revaluation Surplus 525 3,165

• 83%

Profit after IP Revaluation Surplus 6,725 6,958

• 3%

Earnings Per Share (HK$)

• Attributable to Shareholders
• Core**

2.22 1.97 $2.30 $1.73

• 3%

+14% Dividend Per share (HK$) $0.58 $0.55 +5.5%

**Exclude IP revaluation surplus and exceptional items

6

Overview Hong ng Kong ng IP China IP & DP Others Next

Hong Kong IP

Age Agend nda

China IP & DP Others Next

7

Overview Hong ng Kong ng IP China IP & DP Others Next

HK HK R Ret etail ail – Ch Chal alle lenging nging

• 2Q Sales & Tourist Arrivals Decline

Stabilizing

• Strong HKD; Weak Macro Environment to

Impact Outlook

• Still Too Early to See Light At the End of

the Tunnel

252.9 249.6 245.6 219.7 241.6 243.6 229.6

2013 2014 2015 2016

HK Retail Sales (HKD billion) Title

1H 2H

494.5 493.2 475.2 219.7 (-10.5%) 2Q: -8.3% 1Q: -12.5%

8

Overview Hong ng Kong ng IP China IP & DP Others Next

St Stab abili ilizing zing Ret etail ail Sa Sale les s Dec ecline line

16.0 16.8 15.6 13.3 17.8 18.2 15.2

2013 2014 2015 2016

HC Retail Sales (HKD billion) Title

• 14.7%

2Q: -9.6% 1Q: -18.9% 4.4 5.2 4.7 3.9 5.1 5.3 4.5

2013 2014 2015 2016

TS Retail Sales (HKD billion)

1H 2H

• 15.7%

2Q: -10.3% 1Q: -20.0%

• 2Q16 Decline Significantly Narrowed

9

Overview Hong ng Kong ng IP China IP & DP Others Next

Mi Mixe xed d Ret etail Out ail Outlook look

• Marco Environment; Foreign Currency Movements
• Brexit Impact: Europe Currency & Political Uncertainty
• Europe Terrorist Threats to Affect Tourism Trend
• Lower Base Effect Started to Kick in; Diverse Tourist Trend
• Mixed Impacts from Global Price Harmonization (Pricing vs Patronage)
• Tenants’ Flexible Strategy Responding to Market Changes

10

Overview Hong ng Kong ng IP China IP & DP Others Next

Co Conf nfirmed irmed Res esilienc ilience e Aga Again inst st He Headw adwinds inds

HC $3,108M +4% TS $1,087M +10% PH $270M +3%

• Ongoing AEIs & Refining Tenant Mix
• Powerful Promotions & Proactive

Expansion of Customers Base

• Stable Occupancy Cost & Solid Rental

Reversion

• Sustained Foot Traffic with Mild Growth

6% 24% 68% 2%

Retail Revenue By Segment

$4.6 billion (+5%)

HC TS PH Others

11

Overview Hong ng Kong ng IP China IP & DP Others Next

HC HC – Val alue ue Cr Crea eation Miti tion Mitigates gates Reta etail il Pr Pres essur sure

• Continued Tenant Mix Enhancement &

OT Initiatives Freshening the Mall

• Intact Pricing Power
• Diversification & Balanced Mix

Countering Market Risk

• OT Extension Building by 2H17, with

Diverse Dining Options

0.7 0.8 1.1 1.2 1.4 1.7 2.1 2.4 2.8 3.0 3.1 0.8 0.9 1.1 1.4 1.5 1.9 2.1 2.5 2.9 2.9

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

HC Retail Revenue (HKD billion) $3.1B (+4%)

1H 2H

12

Overview Hong ng Kong ng IP China IP & DP Others Next

TS TS – AE AEI Dr I Driv iving Gr ing Grow

• wth

th

• Renovation Completed by End-2015
• Trade & Tenant Mix, F&B Choices Further

Enriched

• Post-AEI Value Creation Gradually

Unlocked

0.3 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.9 1.0 1.1 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.8 1.0 1.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

TS Retail Revenue (HKD billion) $1.1B (+10%)

1H 2H

13

Overview Hong ng Kong ng IP China IP & DP Others Next

HC HC (S (Selected lected Bran rands) ds) TS TS (S (Selected lected Bran rands) ds) Expansion HK Debut Kowloon Debut NA Other Commitments

HC HC & TS & TS – Ten enant Mix ant Mix En Enha hanc ncement Cont ement Continue inues

14

Overview Hong ng Kong ng IP China IP & DP Others Next

HC HC & TS & TS – Cr Crea eative & Cu tive & Cult ltur ure-Orien Oriented ted Pr Promot

• motions

ions

HC HC TS TS

15

Overview Hong ng Kong ng IP China IP & DP Others Next

Of Offi fice ce – St Stab able P le Per erforma formance nce

• High Occupancy (97%-98%)
• Positive Rental Reversion
• Positive Spot Rental Growth

1.1 1.2 1.2 1.4 1.5 1.6 1.1 1.2 1.3 1.5 1.6

2011 2012 2013 2014 2015 2016

HK Office Revenue (HKD billion) $1.6B (+8%)

1H 2H

16

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

Age Agend nda

Hong Kong IP China IP & DP Others Next

17

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

Ch Chin ina a IP IP – So Soli lid d Per erforma formance nce

• Solid Growth Momentum (HKD) Despite

Currency Translation Impacts

• IFS Pipeline to Add Future Growth

Impetus

0.2 0.2 0.3 0.3 0.2 0.3 0.5 0.5 0.8 1.1 1.2 0.1 0.2 0.2 0.3 0.3 0.5 0.5 0.8 1.2 1.2

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

China IP Revenue (HKD billion) $1.2B (+7%)

1H 2H

• In Jul 2010, Chongqing TS mall was closed for renovation and hence impacted the rental revenue during the period

18

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

CD CDIF IFS S Ma Mall ll – St Stan and d Abo Above ve Co Comp mpetit etition ion

• Strong Execution Driving Performance
• Solid Retail Revenue & Sales Growth
• On Track to Meet Full-Year Target

* Occupancy Cost = Retail Rent/Retail Sales

1H 1H16 16 CD CDIFS IFS Ma Mall ll Net Revenue (Net of Tax) RMB312M (+9%) Foot Traffic Growth +14% Turnover Rent Portion 16% Occupancy Cost* 15% CD CDIFS IFS Ret etail ail Sales les Growth

• wth

1H16 RMB1.8B +13% 2016 Expect Double Digit Growth

19

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

CD CDIF IFS S – Lar arge ge-Sca Scale & P le & Pow

• werf

erful ul Ma Mark rket eting ing Ev Even ents ts

20

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

CD CDIF IFS S Of Offi fice ce – Lea easing Pr sing Progr

• gres

essing on T sing on Tra rack ck

• Finest Premium Office Raises the Bar for Future Offices
• 36% Committed or ~100,000 s.m Leased
• Commanding the Highest Rental Rates in CD

21

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

Aw Awar ard d - Wi Winn nning ing CD CDIF IFS S

Othe her r Key ey Aw Awards ds in in 1H 1H16 16 (Total

l 16 A Awa wards ds)

• The Most Valuable Commercial Real Estate Developers of

China (China Commercial Real Estate Association)

• Best Operated Commercial Real Estate Project (China Commercial

Real Estate Golden Coordinate Awards)

• The Most Distinctive Experiential Mall (Chengdu Retailers Business

Association)

• 2015-2016 Real Estate Design China Award – Top 10 Golden

Commercial Projects (China Real Estate Architects)

• Top 10 Retail Enterprises of the Year (Chengdu Retailers Business

Association)

The 2016 VIVA Best-of-the- Best Design and Development Award (by ICSC) Niccolo Chengdu - Best Business Hotel in Southwest China (9th TTG China Travel Award) Quality Building Award 2016

22

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

5 I 5 IFS FSs s – Long

• ng-term

term Gr Grow

• wth Engi

th Engine ne

• Progressing at Full-Speed
• Significant Earnings & Value Drivers
• Retail-Led IFSs to Tap the Experience-

Driven Consumption Markets

Exclude Carpark *Net of Recognized Sales

10% 36% 30% 15% 9%

Attributable Area of 5 IFSs

Attributable Area 2.0M s.m

SZIFS CSIFS CDIFS WXIFS CQIFS (50%)*

23

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

Ch Chin ina a IP IP P Pip ipel eline ine – Em Embr brac acing the ing the Fu Futu ture e

• Pre-Leasing On Track
• Solid Demand from Retailers
• Underlined Tenants’ Confidence in

Wharf’s Expertise

Jan an14 14

CS Times es Outle tlets ts 88% Under Offer/Discussion (186 Brands) CSIFS IFS Over 80% Under Offer/ Discussion CQIF IFS Over 85% Under Offer/ Discussion

China IP Pipeline

Sep ep16 16 Apr17 17 2H 2H17 17

CDIF IFS Fully Let

24

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

6.3 7.5 10.9 8.9 10.3 16.3 6.4 7.5 10.0 12.6 15.7

2011 2012 2013 2014 2015 2016

Contracted Sales (RMB billion) RMB16.3B (+58%)

1H 2H

DP P – Ga Gain ining ing Pac ace; e; Rec ecor

• rd

d Sa Sale les

1H 1H 2016 2016 Co Contr tracted acted Sales les Sales RMB16.3B +58% GFA 836,000 s.m +34% ASP RMB18,600 s.m +15%

• Sales Exceeded Budget
• 68% of FY16 Target Met
• Benefiting from Favorable Operating

Environment

54 54 Pr Projects

• jects in 14

14 Ci Citi ties es on

• n Sale

DP Landbank 5.0M s.m 2016 Sellable Resources 2.4M s.m 1H16 Accumulated Sell-through Rate 91%

25

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

DP P – St Strong

• ng Pr

Profi

• fit

t Rec ecogni

• gnition

tion

1H 1H16 16 Operatin erating Ma Matrix* trix* Revenue $13,049M +33% Operating Profit $2,328M +54% Operating Margin 18% +2.5 ppts Completed GFA 1.1M s.m +134% Recognized GFA 872,000 s.m +44%

• Robust Results due to Increased GFA &

Better-Margin Projects Recognition

• Improving Recognized Margin
• Net Order Book RMB29B or 1.4M s.m

* Incl. JVs & Associates on an Attributable Basis

26

Overview Hong Kong IP Ch Chin ina a IP & DP DP Others Next

DP P – Dis iscip cipline lined d Lan andb dbankin anking

Date te Ci City ty At Attr tribu ibutable table GFA (s.m .m) At Attr tribu ibutable table Co Consideration sideration (R (RMB MB) Ownership nership Feb16 Beijing 47,800 2.05B 40% Jun16 Hangzhou 18,200 0.28B 25% Total 66,000 2.33B

• Selective & Prudent Approach
• Focus on Tier 1 Cities, Selective Top Tier

2 Cities

27

Overview Hong Kong IP China IP & DP Others Next

Hong Kong IP China IP & DP Others Next

Age Agend nda

28

Overview Hong Kong IP China IP & DP Others Next

HK HKDP P – Mou Mount nt Ni Nich chol

• lson

son

• Prestigious Peak Properties
• Sets a New Benchmark for Luxury Living
• 3 Villas Sold for $2.2B (Attributable:

$1.1B) YTD; $82,400 psf on Average

• Of which 2 Villas Sold in 1H16 were

Recognized

50% 50%-Owned Owned Mou Mount t Nicholso cholson Launch Date 1Q 2016 Product Type 19 Villas (6,000-10,000 s.f) 48 Apartments (4,200-4,500 s.f) OP Issued

29

Overview Hong Kong IP China IP & DP Others Next

MT MTL

• Revenue $1,234M (-11%)
• Operating Profit $290M (-11%)
• Market Throughput Decline (South China
• 4%; Kwai Tsing -9%)

Throughp

• ughput

ut (m (million llion TEU EUs) s) HK 2.3 +4% DCB 0.7 +10% TC 1.0 +11% Tot

• tal

al 4.0 4.0 +7 +7%

30

Overview Hong Kong IP China IP & DP Others Next

Ho Hote tels ls

• Revenue $740M (+3%); Operating Profit $104M (-10%)
• Challenging Operating Environment in HK & Mainland China
• The New Niccolo Brand is Getting Off to a Great Start
• Niccolo Chengdu - Market Leader for Room Yield, Only One Year from Opening

31

Overview Hong Kong IP China IP & DP Others Next

CM CME E – St Strate rategic gic Rev eview iew Un Unde derwa rway

Wharf T&T

• Best Half-Year Results Ever
• EBITDA $415M (+10%), Margin 41%
• Operating Profit $214M (+24%)
• Free Cash Flow $237M (+7%)

i-CABLE

• Revenue $710M (-7%)
• Operating Loss $133M
• Fantastic TV Chinese Channel Latest by

May 2017

32

Overview Hong Kong IP China IP & DP Others Next

Pr Prud udent Fin ent Financ ancial ial Ma Mana nageme gement nt

• Net Gearing Ratio at a Low Level
• Group Net Debt $48B
• Floating Rate Debt: 82% of Total

21.1% 25.6% 18.8% 15.8% 19.2% 20.6% 21.7% 20.4% 18.9% 14.9% 15.2%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H16

Net Debt to Total Equity

Net t Debt t / (Cash) sh) (HK HKD D B) Wharf rf (Excl. cl. Subs.) bs.) MTL TL HC HCDL i-CABLE CABLE Grou

• up

p Tot

• tal

Net t Debt t to to T Tot

• tal

Equi uity ty 30 Jun 2016 40.4 8.9 (1.5) 0.4 48.2 15.2% 30 Jun 2015 51.9 10.9 (0.7) 0.2 62.3 19.6%

33

Overview Hong Kong IP China IP & DP Others Next

Pr Prud udent Fin ent Financ ancial ial Ma Mana nageme gement nt

2.3% 2.8% 3.2% 3.2% 2.8% 2.9%

2011 2012 2013 2014 2015 1H16

Average Interest Cost

14.0 11.0 20.1 7.4 6.3 8.0 Jul16-Jun17 Jul17-Jun18 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21 & After

Debt Maturity (HKD billion)

34

Overview Hong Kong IP China IP & DP Others Next

Ov Over erview of Appl view of Applic icat ation ion of Fu

• f Fund

nds

35.5 32.8 31.5 23.4 33.8

2012 2013 2014 2015 2016

Major Capital and Development Expenditure (HKD billion)

* China DP $15.8B self-financed by sales; China IP mainly IFSs under construction

HK HKD 1H 1H16 16 (Ac Actu tual al) FY16 (P (Projected)

• jected)

China DP $7.9B $15.8B China IP $2.0B $6.2B HKIP $7.0B $8.2B Others $1.1B $3.6B Total $18.0B $33.8B

35

Overview Hong Kong IP China IP & DP Others Next

Age Agend nda

Hong Kong IP China IP & DP Others Next

36

Overview Hong Kong IP China IP & DP Others Next

Ne Next xt Hi High ghlight lights

CQIFS Mall & Niccolo (Apr 2017) OT 4-Storey Extension (2H17) CSIFS Mall (2H17) CS Times Outlets (Sep 2016) Hotel at Murray Building (4Q17)

37

Cor Corpor porate ate Soc Socia ial l Res esponsibil ponsibility ity (CS (CSR) R)

38

The 2nd

nd CS

CSR R Rep epor

• rt

t – based on the international sustainability reporting guidelines (GRI G4)

• Will soon be available on www.wharfholdings.com

Ha Hang ng Se Seng ng Co Corp rporate

• rate Su

Sust stai ainabil nability ity In Index ex – top 30

Key ey CS CSR Ach R Achiev ievement ements

HKQAA’s CS CSR Ind R Index ex Pl Plus us mark Pr Proje

• ject

ct We WeCa Can, the flagship Business-in-Community initiative, now in its 5th year

• 35 corporate partners (incl. universities & consulates)
• Supporting 50 secondary schools and 42,000 students

39

Appendix

40

70% 27% 3%

Office S.A. & Others Retail

56% 35% 9%

Office S.A. & Others Retail

84% 16%

China HK

85% 15%

China HK

1H16 IP Revenue: $7,644M By Business 1H16 IP Valuation: $302.9B By Business

IP IP P Por

• rtf

tfolio

• lio

41

HK HKIP IP Per erfor formance mance

Harbour City Times Square Plaza Hollywood 1H16 (HKD million) Revenue % Chg Revenue % Chg Revenue % Chg Retail 3,108 +4% 1,087 +10% 270 +3% Office 1,208 +6% 348 +6%

• Hotels & Club

594

• 5%
• Serviced Apt.

156 +7%

• Total

5,066 +3% 1,435 +9% 270 +3% Valuation* as of 30 Jun 2016 $170.7B $54.5B $9.4B Retail Sales Jan-Jun 2016 $13.3B (-14.7%) $3.9B (-15.7%) $1.2B (-8.4%) 1H16 Avg. Retail Passing Rent (HK$ psf per Month) $435 $300 $105

* Incl. hotels at valuation as of 30 Jun 2016

42

Co Comme mmercial cial Pr Prope

• perties

ties Pip ipel eline ine

14.0 14.2 14.2 14.4 14.7 14.7 14.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 3.9 6.6 7.4 8.1 8.1 8.1 8.1 2.0 2.0 6.5 6.5 6.5 6.5 2.2 2.2 2.2 2.2 2.2 2.7 0.8 0.8 0.8 0.8 4.1 4.1 6.1 8.9 9.4 11.2

2013 2014 2015 2016 2017 2018 2019+

Commercial Properties Completion Schedule (Million s.f) Changsha IFS Suzhou IFS Changsha Outlets Wuxi IFS Chongqing IFS* Chengdu IFS Other China Commercial Prop. HK Commercial Prop.

53.8M s.f

Total development area, incl. basement area & carpark *Gross basis & net of recognized sales

43

Ch Chin ina a Co Comme mmercial cial Pr Prope

• perties

ties Pip ipel eline ine

606,000 s.m.* Retail, Grade A offices & hotel Retail 114,000 s.m 300m tower Jiangbei new CBD 50:50 JV with COLI 2016 383,000 s.m Grade A offices, apartments & hotel No Retail 450m tower Suzhou new CBD 80:20 JV with Genway 2018 250,000 s.m Grade A offices & hotel No Retail 339m tower Taihu Plaza CBD Wholly-owned 2019+ 1,043,000 s.m Retail, Grade A offices & hotel Retail 254,000 s.m 452m tower Prime city center Wholly-owned 2019

Wux uxi IF i IFS Cho hongqing ngqing IF IFS Suz uzhou hou IF IFS

Total development area, incl. basement area & carpark * Gross area & net of recognized sales

Cha hangsha ngsha IF IFS

44

Ch Chong

• ngqing

qing Ci City ty Pr Profi

• file

le

5% 45% 51%

Tertiary Primary Secondary

1H16 Tertiary Industry +10.7% 50.6% of CQ GDP

• China’s Western

Development Strategy

• Strong Presence of

International Brands

• The World’s Largest

Municipality by Population & Area

Ch Chon

• ngqin

gqing Population 29.9 million 1H16 GDP +10.6% (National Avg.: +6.7%) 1H16Retail Sales +12.9% 1H16 Disposable Income per Capita RMB15,569 +8.8%

45

Ch Chan angsh gsha a Ci City ty Pr Profi

• file

le

4% 50% 46%

Tertiary Primary Secondary

1H16 Tertiary Industry +11.6% 46.5% of CS GDP

• Hub City in Central China
• Beneficiary of China’s “Rise
• f Central China” Campaign
• Important Entertainment

Center in China – Presence

• f Hunan Satellite TV

Ch Changsha ngsha Population 7.3 million 1H16 GDP +9.2% (National Avg.: +6.7%) 1H16 Retail Sales +11.2% 1H16 Disposable Income per Capita RMB22,423 +8.6%

46

Ch Chin ina a Co Cont ntrac racted Sal ted Sales es Br Brea eakd kdown

• wn by

by Cit City

Region City

• No. of Projects
• n Sale in 1H16

Contracted Sales (%) GFA Sold (%) Eastern China Shanghai 5 21% 6% Suzhou 5 14% 9% Wuxi 4 9% 16% Changzhou 3 4% 10% Ningbo 3 3% 3% Hangzhou 8 21% 15% Ea Eastern stern Ch China na Sub-Total:

• tal:

28 28 72% 72% 59% 59% Western China Chengdu 7 6% 12% Chongqing 4 6% 10% Western tern Ch China na Sub-Total:

• tal:

11 11 12% 12% 22% 22% Southern China Foshan & Guangzhou 7 4% 8% Others Beijing 3 4% 3% Tianjin, Dalian & Wuhan 5 8% 8% Sou

• uth

thern ern & Oth thers ers Sub-Total:

• tal:

15 15 16% 16% 19% 19%

47

3 Ne New Pr w Projec

• ject

t Lau aunc nched hed in in 1H1 1H16

Projects City New Launch Attributable Proceeds (RMB’M) Attributable GFA Sold (s.m) Average Price (RMB psm) Yalin Landscape (Public Housing) Beijing Feb 193 9,200 21,100 Longxi Hangzhou Apr 429 16,000 26,800 YalinDong (Public Housing) Beijing May 189 9,000 21,000

48

Ch Chin ina a Key ey Pr Projec

• jects

ts on Sa

• n Sale

les s in in 1H1 1H16

Projects City Attributable Proceeds (RMB’M) Attributable GFA sold (s.m) Average Price (RMB psm) Ownership Shanghai Pudong Huangpujiang Shanghai 2,723 29,800 91,300 100% Suzhou Times City Suzhou 1,325 43,200 27,800 80% Qiantang Bright Moon Hangzhou 873 31,300 26,100 50% Scenery Bay Tianjin 868 33,000 25,500 50% Bi Xi Wuxi 783 75,700 10,100 100% Ambassador Villa Suzhou 613 11,200 54,100 100% The U World Chongqing 519 36,200 13,700 55% Palazzo Pitti (Lot C) Hangzhou 483 16,100 26,500 100% Wuxi Times City Wuxi 481 47,200 9,700 100% Zhoupu Shanghai 479 11,500 41,800 100% Greentown Zhijiang No.1 Hangzhou 435 22,200 19,400 50% Longxi Hangzhou 429 16,000 26,800 100%

49

Ch Chin ina a Lan and Ban d Bank Br k Brea eakdow kdown n by by Ci City ty

Region City GFA million (s.m) % Total Eastern China Shanghai 0.6 8% Suzhou 0.9 12% Wuxi 0.8 11% Changzhou 0.5 6% Ningbo 0.1 1% Hangzhou 0.7 10% Ea Eastern stern Ch China na Sub-Total:

• tal:

3.6 3.6 48% 48% Western China Chengdu 1.7 22% Chongqing 0.7 10% Western tern Ch China na Sub-Total:

• tal:

2.4 2.4 32% 32% Southern China Foshan & Guangzhou 0.2 3% Others Tianjin 0.1 1% Changsha 0.8 11% Beijing, Dalian & Wuhan 0.4 5% Sou

• uth

thern ern & Oth thers ers Sub-Total:

• tal:

1.5 1.5 20% 20% Tot

• tal:

al: 7.5 7.5 100% 100%

50

Ch Chin ina a Key ey Pr Prope

• perties

ties C Comp

• mple

letion tion

Projects Attributable GFA (s.m) Key y Com

• mple

leti tion

• n in 1H

1H16 16 Suzhou Times City 193,900 Ningbo Park Mansion 103,700 Changzhou Feng Huang Hu 102,000 Wuxi Bi Xi 87,600 Chongqing The Thorne 85,000 Hangzhou Royal Seal 82,000 Pr Projected

• jected Key

y Com

• mpletio

pletion n in 2H 2H16 16 Shanghai Zhoupu 91,300 Chongqing IFS 86,400 Hangzhou Greentown Zhijiang No.1 85,100 Chengdu Le Palais 77,200 Suzhou Bellagio 75,800

51

Ch Chin ina a Ne New Pr w Proje

• jects for

cts for Sa Sale le in in 2H1 2H16

Projects City Ownership Hangzhou Binjiang District Site Hangzhou 50% Jingan Garden Shanghai 55% The Pearl on the Crown Beijing 25% Crown Land Beijing 25%

52

Thank You

IP IP Ear Earnin nings gs An Anch chor

• red

ed 14 14% Gr % Grow

• wth in Gr

th in Group

• up Co

Core Pr e Profi

• fit

53

End of Presentation

The Wharf (Holdings) Limited [HKEx Stock Code: 0004.HK] Disclaimer

1) All information and data are provided for information purposes only. All opinions included herein constitute Wharf’s judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties

• f any kind to user and/or any third party including warranties as to accuracy, timeliness,

completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information and data contained herein. 2) The full-year statutory financial information of preceding financial years quoted in this presentation are derived from statutory annual financial statements for that relevant financial years, each of which had been delivered to Registrar of Companies in accordance with the prevailing Companies Ordinance and were reported on by the auditors with relevant auditors’ reports without qualification or modification.

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