2017 INTERIM REPORT

CONTENTS Corporate Information 2 F-59 Breakdown of Major Properties 5 F-60 Management Discussion and Analysis 23 Condensed Consolidated Statement of Changes in Equity Other Information 48 Condensed Consolidated Statement of F-62 Condensed Consolidated Interim Financial Statements Condensed Consolidated Statement of F-56 Cash Flows F-64 Financial Position F-58 Condensed Consolidated Statement of Income

CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Wang Zhenhua Mr. Lv Xiaoping Mr. Lu Zhongming Mr. Liu Yuanman Mr. Chan Wai Kin Non-executive Director Mr. Wang Xiaosong www.futureholdings.com.cn Independent Non-executive Directors Mr. Chen Huakang Mr. Zhu Zengjin Mr. Zhong Wei AUDIT COMMITTEE Mr. Chen Huakang (Chairman) Mr. Zhu Zengjin Mr. Zhong Wei REMUNERATION COMMITTEE Mr. Zhu Zengjin (Chairman) Mr. Zhong Wei Mr. Chan Wai Kin NOMINATION COMMITTEE Mr. Zhu Zengjin (Chairman) Mr. Lu Zhongming Mr. Zhong Wei JOINT COMPANY SECRETARIES Mr. Chan Wai Kin Ms. Mok Ming Wai COMPANY S WEBSITE www.futureholdings.com.cn 2 Future Land Development Holdings Limited 2017 2017 Interim Report

CORPORATE INFORMATION 388 6 A AUTHORIZED REPRESENTATIVES Mr. Chan Wai Kin Future Holdings Tower A No. 6, Lane 388, Zhongjiang Road Shanghai PRC 1 36 Grand Pavilion Hibiscus Way 802 West Bay Road P.O. Box 31119 Grand Cayman KY1-1205 Cayman Islands 388 6 A 1 36 Ms. Mok Ming Wai 36/F, Tower Two Times Square 1 Matheson Street, Causeway Bay Hong Kong REGISTERED OFFICE Grand Pavilion Hibiscus Way 802 West Bay Road P.O. Box 31119 Grand Cayman KY1-1205 Cayman Islands HEAD OFFICE Future Holdings Tower A No. 6, Lane 388, Zhongjiang Road Shanghai PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 36/F, Tower Two Times Square 1 Matheson Street, Causeway Bay Hong Kong LEGAL ADVISERS As to Hong Kong law Shearman & Sterling Maples and Calder As to Cayman Islands law Maples and Calder Future Land Development Holdings Limited 2017 2017 Interim Report 3

CORPORATE INFORMATION 22 183 17 1712-1716 Maples Fund Services (Cayman) Limited P.O. Box 1093, Boundary Hall Cricket Square Grand Cayman, KY1-1102 Cayman Islands 1030 AUDITOR PricewaterhouseCoopers 22/F, Prince s Building Central Hong Kong HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716 17th Floor, Hopewell Centre 183 Queen s Road East Wanchai Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) Limited P.O. Box 1093, Boundary Hall Cricket Square Grand Cayman, KY1-1102 Cayman Islands LISTING INFORMATION Hong Kong Stock Code: 1030 4 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Nanjing 66,094 Nanjing Hubei Road Project Shop Under development 139,305 Nanjing Future France Residential Completed 104,010 Nanjing Longwan Garden Residential Completed 302,371 44,123 Nanjing Xianlin Lake Land Parcel Residential Under development 200,570 46,863 Nanjing Flourish France Residential Under development 167,191 Nanjing Puyue Zhongshan Residential Under development 236,541 Nanjing Future Land Poly Tiandi Residential Under development 122,580 Nanjing Puyue Heshan Residential Under development 247,728 (02016G59) Land Parcel No. 02016G59 located in Kirin Residential Under development Science and Technology Innovation Park at the north of Qidi Avenue, Jiangning District, Nanjing 230,973 (02016G60) Land Parcel No. 02016G60 located in Qinglong Residential Under development Sub-district, Ditie Xiaozhen, Jiangning District, Nanjing 126,015 (2016G42) Land Parcel No. 2016G42 located to the South of Commercial Under development Overseas Chinese High-tech Venture Park in Pukou High-tech Industrial Development Zone, Nanjing 366,507 Nanjing Hexi Injoy Plaza Commercial Held for future development Future Land Development Holdings Limited 2017 2017 Interim Report 5

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Zhenjiang 162,968 Land parcel in Baohua Village, Baohua Town, Jurong, Zhenjiang Residential Held for future development 221,088 Land parcel located to the North of Hebin South Road in Huayang Town, Jurong City, Zhenjiang Residential Held for future development 67,119 Zhenjiang Dantu Exalted Uptown Residential Completed 218,528 292,162 Zhenjiang Danyang Injoy Plaza Complexes Under development 458,551 Zhenjiang Dingmao Injoy Plaza Complexes Under development 408,644 Zhenjiang Jurong Injoy Plaza Commercial Held for future development Suqian 503,054 Suqian Lakeview Park Residential Held for future development 314,928 Suqian Shuimuqinghua Residential Held for future development 6 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Hefei 175,035 (0CF201608) Land Parcel No. 0CF201608 located to the west Residential Under development of Fuyang North Road at Shuangfeng Development Zone, Changfeng County, Hefei (0E1612) 73,079 Land Parcel No. 0E1612 located to the north Residential Under development of Xinanjiang Road, Yaohai District, Hefei (BH2016-15) 330,881 Land Parcel No. BH2016-15 located to the South of Guiyang Road, Binhu District, Hefei Residential Held for future development (BH2016-17) 141,496 Land Parcel No. BH2016-17 located to the South of Nanjing Road, Binhu District, Hefei Residential Held for future development TF4-1 TF4-2-1 292,246 Land Parcels No. TF4-1 and No. TF4-2-1 in Hefei High-tech Zone Residential Held for future development Changzhou 129,550 Changzhou Future Land Future Legend Residential Completed 46,465 Changzhou Future Land Success Residential Completed 102,894 Changzhou Future Land Future Consequence Residential Completed 128,119 Changzhou Future Land Future France Residential Completed 45,645 Changzhou YOHO City Residential Completed 34,125 48,144 Changzhou Future Land Golden County Residential Under development Future Land Development Holdings Limited 2017 2017 Interim Report 7

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) 78,271 217,860 Future Land Emporium Residential Under development 178,090 82,267 21,470 Phase IV of Changzhou Legend Mansion Residential Under development 315,481 Changzhou Future Land Long Island Residential Held for future development 45,270 Changzhou Golden Future Land Residential Held for future development 99,285 122,905 Changzhou Future Land Town Residential Under development 31,841 Changzhou Jintan Wanjian City Residential Held for future development 93,514 Changzhou In Spring Live Residential Completed 252,715 Changzhou Future County Residential Under development 465,453 Land parcel located at Gufang Road, Changzhou Residential Held for future development 169,307 Changzhou Injoy International Plaza Complexes Completed 47,548 284,980 Changzhou Wujin Injoy Plaza Complexes Under development 19,717 Changzhou Life Plaza Shop Completed 33,359 Changzhou Future Royal Bay Residential Completed 94,420 Legend Mansion Residential Under development 247,880 Land parcel located to the North of Laodong East Road and to the West of Qingyang Road, Changzhou Residential Held for future development 8 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Wuxi 76,582 Wuxi Future Land Future France Residential Completed 103,267 Wuxi Future Land Up Town Residential Completed 22,206 Wuxi Future Land Jinjun Yuan Residential Completed 2016-28 355,910 Land parcel No. (Jing), 2016-28, Huishan District, Wuxi Land and Resources Bureau Residential Held for future development 150,494 Wuxi Xihu Home Decor Center Commercial Completed Jintan 177,134 Land parcel located to the North of Jintan Boulevard and to the East Residential Held for future development of Juxian Road in Jintan District 457,857 Land parcel located to the West of Qunxian Road and to the South of Jingui Road in Jintan District Residential Held for future development 194,541 Jintan Injoy Plaza Commercial Completed Future Land Development Holdings Limited 2017 2017 Interim Report 9

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Suzhou 76,160 Suzhou Future Land Fragrant Legend Residential Completed 57,338 Suzhou Legend Mansion Residential Completed 48,780 58,192 Suzhou Future Land Mangrove Bay Residential Under development 199,491 0 Kunshan Future Land Future France Residential Under development 65,040 19,000 Suzhou Kunshan Future Land Beautiful Residential Under development 199,215 27,426 Suzhou Future Land Future County Residential Under development 124,863 37,533 Suzhou Kunshan Future County Residential Under development 230,328 Suzhou Changshu Yuyue Garden Residential Under development 40,485 Suzhou Changshu Fragrant View Residential Completed 170,236 Suzhou Wanshangfenghua Residential Under development 342,539 104,009 Suzhou Xiangxiyuan Residential Under development 99,332 Suzhou Honghai Plaza Commercial Under development 40,802 Land parcel at North of Suzhou Xingzhong Road, Wujiang Economy and Technology Development Commercial Held for future development Zone 175,219 271,494 Suzhou Sanqianyi Residential Under development 285,404 226,664 Suzhou Lakeview Yueshan Residential Under development 10 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) 20140B400A0D 205,174 506,094 Land Parcel Zhangdi No. 20140B400A0D, Residential Under development Yangshe Town, Zhangjiagang, Suzhou 197,925 57,505 1 Suzhou Changshu Vanke Gongwang Garden Residential Under development 251,811 Suzhou Zhangjiagang Injoy Plaza Complexes Completed 237,017 Suzhou Wujiang Injoy Plaza Complexes Completed 45,921 64,869 Suzhou Wujiang Injoy Garden Complexes Under development 2016A-014 70,616 84,582 Land parcel No. 2016A-014 in Culture Area Residential Under development of Changshu, Suzhou 25,295 Land parcel in Jiulihu, Wujiang, Suzhou Residential Under development 697,162 Land parcel in Nanma, Wujiang, Suzhou Residential Under development 129,416 Land parcel in Waiguoyu, Wujiang, Suzhou Residential Held for future development 334,847 2016-WG-70 Land parcel No. 2016-WG-70 in Fenghu Road East, Beiqiao Street, Xiangcheng District, Residential Held for future development Suzhou 1,757,835 20160WG062 Land Parcel Sudi No. 20160WG062 located at the south of Nantiancheng Road and west of Chengyang Road, HSR New Town, Xiangcheng District, Suzhou Residential, Commercial Held for future development Future Land Development Holdings Limited 2017 2017 Interim Report 11

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Shanghai 64,711 Shanghai Future Land YOHO City Residential Completed A 86,270 Shanghai Future Land Golden County A Residential Completed 172,774 Shanghai Future Land Gorgeous Mansion Mixed Completed 59,753 Shanghai Future Land Petrus Hacienda Residential Completed 34,935 Shanghai Future Land Garden House Residential Completed 27,452 Shanghai Future Land Fragrant Legend Residential Completed 42,467 Shanghai Future Land Fragrant View Residential Completed 22,900 19,330 Shanghai Future Land Fragrant Jade Residential Under development 7,999 Shanghai Future Land Bright Green Land Residential Completed 15,164 Shanghai Future Royal Fame Residential Completed 33,589 Shanghai Fragrant Metropolitan Residential Completed 9,977 Shanghai Songjiang Bright Mansion Residential Completed 35,369 Shanghai Future Flower Bay Residential Completed 489,939 127,566 Shanghai Future Land Shangkun Yueshan Residential Under development 67,208 Land parcel at Chengzhong South Road, Shanghai Residential Under development 50,323 Shanghai Shengyu Yayuan Residential Under development 79,824 Shanghai Future Land Glorious Century Residential Under development 12 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) 7 199,989 Land Parcel No. 7 Zhoupu Town, Pudong Residential Under development New District, Shanghai 073006 90,078 Land Parcel No. 073006 of Liangchengxincun Street, Residential Held for future Hongkou District, Shanghai development 50,471 Shanghai Vanke Respecte Chateau Residential Completed 15,971 Shanghai Future Land Elite Mansion Residential Completed 9,774 Shanghai Longhu Splendid Mansion Residential Completed C1-2 C5-5 229,778 Land parcels Nos. C1-2 and C5-5 in Ancient Town, Luodian Town, Baoshan, Shanghai Residential Held for future development BSP0-170118-02 169,191 Land parcel No. 18-02, BSPO-1701, Luojing Town, Baoshan, Shanghai Residential Held for future development Nantong 422,750 83,784 68,240 Nantong Future France Residential Under development 251,927 95,768 Nantong Qidong Injoy Plaza Complexes Under development Hangzhou 44,334 Hangzhou Whispering Hills Residential Completed 24,314 Hangzhou Leisure Land Residential Completed 14,622 Hangzhou Majestic Mansion Residential Completed 31,192 Hangzhou Scarce Mansion Residential Completed 165,715 Xiaoshan Future Consequence Residential Under development Future Land Development Holdings Limited 2017 2017 Interim Report 13

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) 188,037 Hangzhou Xiaoshan Aofu Residential Under development 270,910 Hangzhou Xiaoshan Future Legend Mansion Residential Under development 172,898 Hangzhou Xiwangshangting Residential Under development 140,830 59,931 Hangzhou Hongjun Residential Under development 124,437 Hangzhou Wanshangfenghua Residential Under development 8 70,726 Binjiang No. 8 in Xiaoshan District, Hangzhou Residential Under development 185,546 Hangzhou Longhu Century City Residential Under development Huzhou CX-06-03-02A-2 Land parcel No. CX-06-03-02A-2 in Jiangjiangyangcun, Nanxun Economic Development Zone, Huzhou 235,776 Residential Held for future development Taizhou 12 78,623 312,147 Land parcels Puxi No.1 and No.2 located at Residential Under development Beicheng Street, Huangyan District, Taizhou City 420,244 81,315 Taizhou Injoy Plaza Complexes Under development 150,728 353,983 Taizhou Yuhuan Injoy Plaza Complexes Under development 517,653 Taizhou Xianju Injoy Plaza Complexes Held for future development 14 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Wuhan 291,556 2,333 Wuhan Delight City Residential Under development 327,154 Wuhan Jingtang Residential Under development 169,252 Phase II of Future Land Jinghui Residential Under development AP(2016)024 474,166 A-type Land Parcel No. P(2016)024 in Jianhe Village, Hongshan District, Wuhan Residential Held for future development Xiaogan 422,744 Wangmu Lake Project in Xiaogan High-tech Zone Project Residential Held for future development P(2017)01 292,835 Xiao Guo Tu Kai No. P(2017)01 Residential Held for future development Qingdao 246,180 14,292 Qingdao Future France Residential, Under development Commercial 23 1,379,125 23 Land Parcels in Jiaozhou City, Qingdao Residential, Commercial Held for future development P1 118,574 P1 of Project Wool Beach in Hongdao Economic Zone, Qingdao Commercial Held for future development P2 234,925 P2 of Project Wool Beach in Hongdao Economic Zone, Qingdao Commercial Held for future development P3 231,176 P3 of Project Wool Beach in Hongdao Economic Zone, Qingdao Residential, Commercial Held for future development Future Land Development Holdings Limited 2017 2017 Interim Report 15

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) P4 251,493 P4 of Project Wool Beach in Hongdao Economic Zone, Qingdao Residential, Commercial Held for future development P5 158,854 P5 of Project Wool Beach in Hongdao Economic Zone, Qingdao Residential, Commercial Held for future development P6 216,796 P6 of Project Wool Beach in Hongdao Economic Zone, Qingdao Residential, Commercial Held for future development P7 497,135 P7 of Project Wool Beach in Hongdao Economic Zone, Qingdao Residential Held for future development 468,996 Excellent Queen s Road Residential, Under development Commercial 559,052 Haida Weiye land parcel in Economic Development Zone, Jiaozhou, Qingdao Residential, Commercial Held for future development 26,512 Land parcel located to the South of East Changjiang Road, Huangdao District, Qingdao Residential, Commercial Held for future development Jinan 298,525 Jinan Future Land Future France Residential Under development 374,986 Jinan Future Land Fragrant Legend Residential Under development B202 397,535 Jinan Land Parcel B202 Residential Held for future development 75 2016-G117 G118 264,732 G119 Land parcels No. 2016-G117, No. G118 and No. G119 in No. 75 Industrial North Road, Licheng District, Jinan Residential Held for future development 16 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) 140,097 Land parcel located to South of Jingshi Road in Huaiyin District, Jinan City Commercial Held for future development 2017-7 126,272 Land parcel No. 2017-7 in Zhangqiu District, Jinan Residential Held for future development Changsha 286,918 297,581 203,476 Changsha Future Land International Metropolis Residential Under development 139,693 555,063 Changsha Jinmaowan Residential Under development 179,810 Changsha Songya Lake Injoy Plaza Commercial Held for future development Tianjin 1501301032 33 34 223,263 542,882 Land Parcel No. 01032,33 and 34 of Residential Under development Units 15013 of Baodixincheng, Tianjin 54b 141,647 Land parcel No. 54b in Sino-Singapore Tianjin Eco-City, Binhai New Area, Tianjin Residential Held for future development 2006-032 542,882 Land parcel Jin chen dian plot No. 2006-032 in Tianjin Residential Held for future development 2011-348 147,307 Land parcel Jinwu plot No. 2011-348 in Tianjin Residential Held for future development 429,235 Tianjin Injoy Plaza Complexes Under development Future Land Development Holdings Limited 2017 2017 Interim Report 17

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Foshan 607,420 Land Parcel in Huachong Village, Shishan Town, Nanhai District, Foshan City Residential Held for future development 224,533 (TD2017(SS)WG0006) Land parcel No. TD2017(SS)WG0006 located to the east of Jiansheyi Road, South-West Street, Sanshui District, Foshan Residential Held for future development Langfang 223,109 No. 1, Guangyang Road, Langfang Residential Under development 110,394 44,784 Langfang V City Residential Under development Chengdu 4 10 273,975 Land parcels located in Units 4 and 10 and the community center of Changzhen Community, Residential Held for future development Longqiao Town, Xindu District, Chengdu City 387,781 138,451 Chengdu Injoy Plaza Complexes Under development 83,709 Chengdu Wuhou Injoy Plaza Complexes Under development Chongqing AA062-1/03 215,020 Land Parcel No. A062-1/03 in Sub-zone A of Lianglu Zone in Yubei District, Chongqing City Residential Held for future development 18 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Changchun 329,626 73,113 Changchun Injoy Plaza Complexes Under development Anqing 463,295 257,236 Anqing Injoy Plaza Complexes Under development Rugao 146,172 Rugao Injoy Plaza Commercial Under development Yangzhou 395,394 49,582 Yangzhou Injoy Plaza Complexes Under development Linyi 63,649 314,098 Linyi Injoy Plaza Complexes Under development Taixing 178,166 343,303 Taixing Injoy Plaza Complexes Under development Xingyang E 181,236 Xingyang Future County E Land Parcel Residential Held for future development Future Land Development Holdings Limited 2017 2017 Interim Report 19

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Huainan 264,988 207,522 Huainan Injoy Plaza Complexes Under development Taiyuan 410,483 Taiyuan Wanbailin Project Residential Held for future development Xi an 252,294 Xi an Injoy Plaza Complexes Held for future development Nanchang 341,644 Nanchang Injoy Plaza Complexes Completed 180,700 Nanchang New District Injoy Plaza Commercial Held for future development Quzhou 195,480 153,643 Quzhou Injoy Plaza Complexes Under development Tongxiang 302,456 43,837 Tongxiang Injoy Plaza Complexes Under development 20 Future Land Development Holdings Limited 2017 2017 Interim Report

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Haikou 143,407 155,333 Haikou Injoy Plaza Complexes Under development Shengzhou 559,214 117,708 55,020 Shengzhou Land Parcel Complexes Under development Ningbo B 280,537 Land Parcel Phase II-B, Ningbo Injoy Plaza Project Complexes Under development AC 378,564 Ningbo Injoy Plaza AC Land Parcel Complexes Under development Yiwu 432,117 Yiwu Injoy Plaza Complexes Under development Jinjiang 319,152 Jinjiang Injoy Plaza Complexes Under development Rui an 201,464 Rui an Injoy Plaza Commercial Under development Kunming 486,056 Kunming Injoy Plaza Complexes Under development Future Land Development Holdings Limited 2017 2017 Interim Report 21

BREAKDOWN OF MAJOR PROPERTIES Projects Property Type Property Status GFA Available for Sale, GFA Under GFA Under Lease or Use by Development Planning the Group (sq.m.) (sq.m.) (sq.m.) Jiaxing 420,357 Jiaxing Pinghu Land Parcel Residential Under development 59,807 109,727 Jiaxing Haishangfenghua Residential Under development Nanning 203,999 Yongzhou Injoy Plaza Complexes Held for future development Shangrao 606,580 Shangrao Injoy Plaza Complexes Held for future development Cixi 555,700 Cixi Injoy Plaza Complexes Held for future development 19,413,859 24,115,548 6,067,549 Total 9,952,140 11,978,931 3,713,473 Attributable to the Group 22 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 * 75.01% 49,087 22.8% 11,427.69 ** 14.77% 351.54 OVERALL OVERVIEW Total contracted sales* of Future Land Development Holdings Limited (the Company ) and its subsidiaries (collectively referred to as the Group ) for the first half of 2017 were approximately RMB49,087 million, representing a period-on-period increase of 75.01%. Recognized revenue increased by 22.8% to approximately RMB11,427.69 million from the same period in 2016. The core earnings** attributable to the equity holders of the Company were approximately RMB351.54 million, representing a period-on-period increase of 14.77%. * 100% 52.9 699,100 * Contracted sales included contracted sales of RMB5.29 billion and contracted sales area of 699,100 square metre ( sq.m. ) of the Group s joint ventures and associates projects on a 100% basis. ** ** Core earnings equal to net profit less after-tax fair value gains or losses and disposal (including direct sale and transfer of assets and equity interest) gains or losses (whether directly or through equity transfer) on investment properties including those recorded in other gains, and exclude unrealized foreign exchange gains or losses relating to borrowings, loss from early redemption of senior notes, and after-tax gain on disposal of certain subsidiaries engaging in residential property management business. 2017 49,08775.01% 3,548,929.83 31.73% 9,618.06 7,251.68 4,986.493,808.49 3,049.58 20.16% 15.20% 10.45% 7.98% 6.39% BUSINESS REVIEW Property Development The contracted sales of the Group for the first half of 2017 amounted to approximately RMB49,087 million, representing a period-on-period increase of 75.01%. Total GFA sold (including areas of car parks sold) was approximately 3,548,929.83 sq.m., representing a periodon-period increase of 31.73%. Contracted sales (excluding sales of carparks) were evenly distributed geographically, with contracted sales in Suzhou, Hangzhou, Shanghai, Changzhou and Nanjing amounting to approximately RMB9,618.06 million, RMB7,251.68 million, RMB4,986.49 million, RMB3,808.49 million and RMB3,049.58 million, respectively, representing 20.16%, 15.20%, 10.45%, 7.98% and 6.39% of the Group s total contracted sales (excluding sales of carparks) respectively. Future Land Development Holdings Limited 2017 2017 Interim Report 23

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Table 1: Details of the Group s contracted sales in the first half of 2017 The following table sets out the geographic breakdown of the Group s contracted sales in the first half of 2017: 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Nanjing Nanjing Puyue Zhongshan 33,809 1,331.10 Nanjing Future Land Poly Tiandi 78,361 1,338.64 Nanjing Longwan Garden 1,673 53.82 Nanjing Flourish France 18,311 326.02 Nanjing Xianlin Lake Land Parcel 53,229 1,454.73 Nanjing sub-total 185,383 4,504.31 Hefei The Young Garden 47,571 538.87 Hefei sub-total 47,571 538.87 Changzhou Phase IV of Changzhou Legend Mansion 69,188 988.03 Changzhou Metro Yue Palace 74,460 1,262.41 Changzhou Park View International Community 3,257 47.95 Changzhou Future Land Success 962 6.43 Changzhou Future Land Future France 4,046 26.68 Changzhou Future Land Future Consequence 3,228 41.34 Changzhou Future County 114,802 1,239.14 Changzhou Future Land Emporium 11,398 186.54 Changzhou Future Land In Spring Live 659 5.70 Changzhou Injoy International Plaza 251 4.27 Wujin Injoy Plaza 1,804 8.68 Changzhou sub-total 284,055 3,817.17 24 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Wuxi Wuxi Future Land Jinjun Yuan 285 3.62 Wuxi Future Land Up Town 5,233 58.40 Wuxi sub-total 5,518 62.02 Suzhou Suzhou Future Land Fragrant Legend 275 4.46 Suzhou Future Mangrove Bay 85 1.18 Suzhou Future County 36,219 662.00 Kunshan Future County 42,346 939.67 Changshu Yuyue Garden 72,301 1,244.52 Suzhou Wanshangfenghua 91,247 1,461.61 Suzhou Xiangxiyuan 88,079 1,290.19 Suzhou Sanqianyi 27,688 449.74 Suzhou Lakeview Yueshan 120,825 1,539.18 Wujiang Injoy Plaza 1,842 11.06 Wujiang Injoy Garden 23,623 289.16 Zhangjiagang Injoy Plaza 1,694 14.87 Changshu Vanke Gongwang Garden 90,018 1,710.41 Suzhou sub-total 596,242 9,618.05 Future Land Development Holdings Limited 2017 2017 Interim Report 25

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Shanghai Shanghai Future Land Shangkun Yueshan 86,796 4,266.23 A Shanghai Park View International Community A 818 16.51 Shanghai Future Fragrant Legend 413 6.19 Shanghai Future Fragrant View 101 3.90 Shanghai Future Royal Fame 100 3.03 Shanghai Future Land Fragrant Metropolitan 2,005 31.10 Shanghai Future Land Glorious Century 14,413 604.38 Shanghai Elite Mansion 2,924 55.15 Shanghai sub-total 107,570 4,986.49 Nantong Nantong Future France 170,456 1,383.02 Nantong sub-total 170,456 1,383.02 Hangzhou Hangzhou Whispering Hills 22 0.27 Hangzhou Scarce Mansion 4,377 132.70 Xiaoshan Future Consequence 69,940 1,162.82 Hangzhou Xiaoshan Aofu 68,739 1,748.83 Hangzhou Hongjun 21,996 383.40 Xiaoshan Future Legend Mansion 60,019 1,488.63 Hangzhou Wanshangfenghua 29,899 506.97 Jiaxing Haishangfenghua 36,261 627.85 8 Binjiang No. 8 in Xiaoshan District 16,152 430.89 Hangzhou Xiwangshangting 25,374 769.32 Hangzhou sub-total 332,779 7,251.68 26 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Qingdao Qingdao Future France 39,860 657.66 Qingdao Excellent Queen s Road 69,929 1,240.73 Qingdao sub-total 109,789 1,898.39 Jinan Jinan Future Land Future France 31,939 372.29 Jinan Future Land Fragrant Legend 15,189 148.92 Jinan sub-total 47,128 521.21 Wuhan Future Land Delight City 62,870 801.97 Phase II of Future Land Jinghui 47,255 436.37 Wuhan sub-total 110,125 1,238.34 Changsha Future Land International Metropolis 90,244 525.48 Changsha sub-total 90,244 525.48 Langfang V City 1,768 21.90 Langfang sub-total 1,768 21.90 Jintan Jintan Injoy Plaza 1,758 18.01 Jintan sub-total 1,758 18.01 Zhenjiang Zhenjiang Dantu Future Land Exalted Uptown 14,853 70.93 Danyang Injoy Plaza 86,251 583.70 Dingmao Injoy Plaza 95,365 764.36 Zhenjiang sub-total 196,469 1,418.99 Future Land Development Holdings Limited 2017 2017 Interim Report 27

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Changchun Changchun Injoy Plaza 52,026 428.30 Changchun sub-total 52,026 428.30 Anqing Anqing Injoy Plaza 109,423 829.05 Anqing sub-total 109,423 829.05 Chengdu Chengdu Injoy Plaza 97,521 789.46 Chengdu sub-total 97,521 789.46 Rugao Rugao Injoy Plaza 11,379 225.91 Rugao sub-total 11,379 225.91 Tianjin Tianjin Injoy Plaza 15,454 223.98 Tianjin sub-total 15,454 223.98 Yangzhou Yangzhou Injoy Plaza 102,640 1,057.24 Yangzhou sub-total 102,640 1,057.24 Nanchang Nanchang Injoy Plaza 55,116 475.20 Nanchang sub-total 55,116 475.20 Quzhou Quzhou Injoy Plaza 37,378 490.64 Quzhou sub-total 37,378 490.64 28 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2017 Name of project/property Contracted Contracted GFA sales amount sold in the first in the first half of 2017 half of 2017 (sq.m.) (RMB million) Jinjiang Jinjiang Injoy Plaza 62,603 544.48 Jinjiang sub-total 62,603 544.48 Rui an Rui an Injoy Plaza 34,134 628.33 Rui an sub-total 34,134 628.33 Kunming Injoy Plaza Kunming Injoy Plaza 27,512 222.70 Kunming sub-total 27,512 222.70 Other projects completed 16,357 160.96 Carparks 370,239 1,381.69 Total 3,548,930 49,086.58 Car parks are not included in various project contracted sales information. Joint ventures and associates projects are included in the above contracted sales information. 2017 6 30 72,758 6,362,858 As at 30 June 2017, the Group had pre-sold properties which had not been delivered with a total contracted sales amounts of approximately RMB72,758 million and a total GFA of approximately 6,362,858 sq.m. (including those of joint ventures and associates). This lays a solid foundation for the continuous and steady growth in the Group s future recognized revenue. 2017 6 30 49,596,957 25,644,544 2,784 Land Bank As at 30 June 2017, the total land bank of the Group was approximately 49,596,957 sq.m., of which approximately 25,644,544 sq.m. was attributable to the Group s interests. The average acquisition cost of our land bank was approximately RMB2,784 per sq.m. The geographic spread of the land bank of the Group was as follows: 30 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS Table 2: Breakdown of land bank of the Group City Percentage of the Group s total GFA GFA attributable to the Group s interests Percentage of GFA attributable to the Group s interests Total GFA (%) (%) (sq.m.) (%) (sq.m.) (%) Suzhou 7,509,874 15.14% 3,052,361 11.90% Qingdao 4,403,111 8.88% 1,708,888 6.66% Changzhou 3,492,322 7.04% 2,287,080 8.92% Nanjing 2,400,871 4.84% 1,160,844 4.53% Shanghai 2,212,801 4.46% 843,936 3.29% Tianjin 2,027,217 4.09% 934,077 3.64% Taizhou 1,914,693 3.86% 891,420 3.48% Zhenjiang 1,829,060 3.69% 1,225,067 4.78% Changsha 1,662,540 3.35% 882,474 3.44% Jinan 1,602,147 3.23% 899,450 3.51% Hangzhou 1,493,491 3.01% 650,695 2.54% Wuhan 1,264,461 2.55% 816,637 3.18% Hefei 1,012,737 2.04% 366,389 1.43% Nantong 922,470 1.86% 530,195 2.07% Chengdu 883,917 1.78% 150,268 0.59% Foshan 831,953 1.68% 558,240 2.18% Jintan 829,533 1.67% 538,721 2.10% Suqian 817,982 1.65% 528,119 2.06% Shengzhou 731,942 1.48% 491,133 1.92% Anqing 720,531 1.45% 483,476 1.89% Xiaogan 715,579 1.44% 341,159 1.33% Wuxi 708,459 1.43% 295,070 1.15% Ningbo 659,101 1.33% 443,180 1.73% Shangrao 606,580 1.22% 407,015 1.59% Jiaxing 589,891 1.19% 395,817 1.54% Cixi 555,700 1.12% 372,875 1.45% Nanchang 522,344 1.05% 244,377 0.95% Taixing 521,470 1.05% 349,906 1.36% Future Land Development Holdings Limited 2017 2017 Interim Report 31

MANAGEMENT DISCUSSION AND ANALYSIS City Percentage of the Group s total GFA GFA attributable to the Group s interests Percentage of GFA attributable to the Group s interests Total GFA (%) (%) (sq.m.) (%) (sq.m.) (%) Kunming 486,056 0.98% 326,144 1.27% Huainan 472,510 0.95% 317,054 1.24% Yangzhou 444,976 0.90% 238,863 0.93% Yiwu 432,117 0.87% 147,875 0.58% Taiyuan 410,483 0.83% 275,434 1.07% Changchun 402,738 0.81% 271,562 1.06% Langfang 378,286 0.76% 253,830 0.99% Linyi 377,747 0.76% 253,468 0.99% Quzhou 349,123 0.70% 234,262 0.91% Tongxiang 346,293 0.70% 233,502 0.91% Jinjiang 319,152 0.64% 214,151 0.84% Haikou 298,740 0.60% 200,454 0.78% Xi an 252,294 0.51% 169,289 0.66% Huzhou 235,776 0.48% 158,206 0.62% Chongqing 215,020 0.43% 69,412 0.27% Nanning 203,999 0.41% 136,883 0.53% Rui an 201,464 0.41% 135,182 0.53% Xingyang 181,236 0.37% 62,021 0.24% Rugao 146,172 0.31% 98,081 0.37% Total 49,596,959 100.00% 25,644,542 100.00% 2017 51 15,713,680 3,051.66 In the first half of 2017, the Group acquired a total of 51 new projects to replenish its land bank, all of which were acquired through government public tender, auction, listing-for-sale acquisition or equity acquisition. These new acquisition of land have a total GFA of approximately 15,713,680 sq.m. and the average acquisition cost was approximately RMB3,051.66 per sq.m. 32 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 Table 3: Land acquisition in the first half of 2017 Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 67.10% 69,889 221,088 964 Land parcel located to the North of Hebin Huayang Town Residential South Road in Huayang Town, Jurong City 2016G42 19.37% 27,428 126,015 550 Land parcel-2016g42 located to the South Pukou District Residential of Overseas Chinese High-tech Venture Park in Pukou High-tech Industrial Development Zone, Nanjing 67.10% 218,880 503,054 230 Suqian Lakeview Park Economic Residential Development Zone 67.10% 109,177 314,928 442 Suqian Shuimuqinghua Sucheng District Residential 64.28% 48,592 177,134 602 Land parcel located to the North of Jintan Jintan District Residential Boulevard and to the East of Juxian Road in Jintan District 64.28% 134,344 457,857 1,677 Land parcel located to the West of Qunxian Jintan District Residential Road and to the South of Jingui Road in Jintan District 67.10% 106,906 461,139 797 The continuing construction project Tianning District Residential Tai He Zhi Chun Yuan * ( ) in Changzhou City 64.28% 83,179 247,880 1,360 Land parcel located to the North of Tianning District Residential Laodong East Road and to the West of Qingyang Road, Changzhou 2016-28 16.44% 103,846 355,910 1,485 Land parcel No. (Jing), 2016-28, Huishan Huishan District Residential District, Wuxi Land and Resources Bureau 2016A-014 22.14% 53,753 163,288 560 Land parcel No. 2016A-014 in Culture Area of Changshu Culture Area of Changshu Residential Future Land Development Holdings Limited 2017 2017 Interim Report 33

MANAGEMENT DISCUSSION AND ANALYSIS Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 67.10% 26,800 36,213 336 Land parcel in Jiulihu, Wujiang Tongli Ancient Residential Town, Wujiang 67.10% 303,143 811,963 1,591 Land parcel in Nanma, Wujiang Nama Community, Residential Zhenze Town, Wujiang 67.10% 113,772 128,729 631 Land parcel in Waiguoyu, Wujiang Tongli Ancient Town, Wujiang Residential 2016-WG-70 Land parcel No. 2016-WG-70 in Fenghu Road East, Beiqiao Street, Xiangcheng District, Suzhou C1-2C5-5 Land parcels No. C1-2 and No. C5-5 in Ancient Town, Luodian Town, Baoshan, Shanghai BSP0-1701 18-02 Land parcel No. 18-02, Unit BSPO-1701, Luojing Town, Baoshan, Shanghai 13.42% 128,313 334,847 1,521 Fenghu Road East, Residential Beiqiao Street, Xiangcheng District, Suzhou 14.85% 89,155 229,778 2,245 Luodian Town, Residential Baoshan 15.82% 62,848 169,191 2,360 Luojing Town, Residential Baoshan (2016)23 16.78% 46,761 185,546 2,525 Xiaozheng Chuchu No. (2016) 23 Land Xiaoshan District, Residential parcel, Xiaoshan District, Hangzhou Hangzhou CX-06-03-02A-2 67.10% 83,130 235,776 590 Land parcel No. CX-06-03-02A-2 in Jiangjiangyangcun, Nanxun Economic Development Zone, Huzhou Nanxun District, Huzhou Residential 34 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 12 18.12% 73,581 390,770 484 Land parcels Puxi No.1 and No.2 located at Beicheng Street, Huangyan District, Taizhou City 75 2016-G117 G118G119 Land parcels No. 2016-G117, No. G118 and No. G119 in No. 75 Industrial North Road, Licheng District, Jinan Huangyan District, Residential Taizhou City 16.78% 70,657 264,732 1,821 Licheng District Residential 67.10% 18,932 118,132 240 Land parcel located to South of Jingshi Road Huaiyin District Residential in Huaiyin District, Jinan City 2017-7 33.55% 62,592 126,272 394 Land parcel No. 2017-7 in Zhangqiu District, Licheng District Residential Jinan 33.55% 209,519 559,052 1,510 Haida Weiye land parcel in Economic Jiaozhou City Residential Development Zone, Jiaozhou, Qingdao 26.84% 6,583 26,512 79 Land parcel located to the South of East Huangdao District Residential Changjiang Road, Huangdao District, Qingdao 33.55% 119,862 660,790 1,105 Jinmaowan Project in Yuelu District, Yuelu District Residential Changsha (BH2016-15) 21.21% 115,493 338,352 1,780 Land parcel (BH2016-15) located to the South Binhu District Residential of Guiyang Road, Binhu District, Hefei (BH2016-17) 67.10% 50,753 126,989 1,458 Land parcel (BH2016-17) located to the South Binhu District Residential of Nanjing Road, Binhu District, Hefei TF4-1TF4-2-1 13.42% 104,760 302,240 1,380 Land parcels No. TF4-1 and No. TF4-2-1 in High-tech Zone Residential Hefei High-tech Zone 54b 67.10% 87,339 141,647 1,317 Land parcel No. 54b in Sino-Singapore Tianjin Binhai New Area Residential Eco-City, Binhai New Area, Tianjin Future Land Development Holdings Limited 2017 2017 Interim Report 35

MANAGEMENT DISCUSSION AND ANALYSIS Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 2006-032 53.68% 237,504 542,882 1,635 Land parcel Jin chen dian plot No. 2006-032 Beichen District Residential 2011-348 60.39% 57,560 147,307 453 Land parcel Jinwu plot No. 2011-348 Wuqing District Residential TD2017 (SS)WG0006 67.10% 47,253 236,341 1,038 Land parcel No. TD2017(SS)WG0006 located Foshan Residential to the east of Jiansheyi Road, South-West Street, Sanshui District, Foshan 67.10% 71,464 222,997 1,132 No. 1, Guangyang Road, Guangyang District, Guangyang Residential Langfang, Hebei District, Langfang 4 10 33.55% 110,510 273,975 837 Land parcels located in Units 4 and 10 and Xindu District Residential the community center of Changzhen Community, Longqiao Town, Xindu District, Chengdu City AA062-1/03 32.28% 45,575 215,020 844 Land parcel No. A062-1/03 in Sub-zone A of Yubei District Residential Lianglu Zone in Yubei District, Chongqing 34.22% 122,909 422,744 277 Wangmu Lake Project in Xiaogan High-tech Xiaogan Hightech Residential Zone Project Zone P(2017)01 67.10% 76,041 292,835 627 Xiao Guo Tu Kai No. P(2017)01 Xiaogan Hightech Residential Zone (2016)124-3/098-2 34.22% 56,302 181,236 144 Xingzheng Chu No. (2016) 124-3/098-2 Xingzheng Mixed 2016G92 67.10% 61,544 366,507 2,330 Land parcel No. 2016G92 Jianye District Mixed D02 D03 D27 67.10% 148,507 488,059 271 Huainan commercial land parcel and residential land parcels D02, D03 and D27 Tianjiaan District, Huainan Mixed 36 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 1656 67.10% 110,986 354,782 476 Land parcel No. 1656 in Qidong Qidong, Nantong Mixed 67.10% 88,983 341,241 149 Intersection of Ninghang South Road and Huayang Town, Mixed Ersheng Road Jurong 67.10% 82,023 410,483 1,515 Land parcel in Houbeitun, Taiyuan Houbeitun, Mixed Wanbailin District, Taiyuan 67.10% 153,234 504,711 853 Yuhuan Future Land Injoy Plaza Yuhuan, Taizhou, Mixed Zhejiang 67.10% 66,395 180,700 329 Changleng Avenue Project in New District, Nanchang Land parcel located to the South of Jinqiao Road in Xingning District Land parcel located to the West of Xingsha Street East four line, to the North of Wangxian Road and to the South of Teli Road in Changsha County New District, Mixed Nanchang 67.10% 58,170 203,999 215 South of Jinqiao Mixed Road in Xingning District, Nanning City 67.10% 73,855 179,810 259 West of the Mixed Xingsha Street East four line and north to the Wangxian Road in Changsha County Future Land Development Holdings Limited 2017 2017 Interim Report 37

MANAGEMENT DISCUSSION AND ANALYSIS Project/Land Parcel Location Land use Attributable interest Site area Total GFA Total land premium (sq.m.) (sq.m.) (RMB million) 67.10% 54,606 252,294 254 Land parcel in Fengdong New Town Fengdong New Mixed Town, Xixian New District 67.10% 152,092 555,700 627 Land parcel in south of Cixi Cixi, Ningbo Mixed A B 67.10% 137,377 606,580 831 Phoenix Avenue Complex Shangrao County Mixed (land parcels A and B) 67.10% 140,761 517,653 824 Land parcel located to the North of South Huancheng Road and to the West of Taihe Road in Xianju County, Taizhou Xianju, Taizhou, Zhejiang Mixed Total 4,883,638 15,713,680 47,953 38 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 10,833.924.5% 2017 1,074,19428.0% 2017 10,085.6 Property Delivery and Revenue from Sale of Properties The revenue of the Group s property development business for the first half of 2017 was approximately RMB10,833.9 million, representing a period-on-period increase of 24.5%. Properties with total GFA of approximately 1,074,194 sq.m. were delivered during the first six months of 2017, representing a period-on-period increase of 28.0%. Average selling price of properties delivered and recognized as sales for the first half of 2017 was approximately RMB10,085.6 per sq.m. 2017 2017 Table 4: Breakdown of property development revenue by projects in the first half of 2017 The following table sets forth the revenue information relating to the properties for sale the Group delivered during the first half of 2017: Name of project/property City Revenue GFA Average selling price (RMB million) (sq.m.) (RMB/sq.m.) 1,767.5 142,321 12,419.0 Flourish France Nanjing 1,098.5 94,181 11,663.8 Fragrant View Suzhou 997.2 47,499 20,993.6 Scarce Mansion Hangzhou 927.8 112,513 8,245.8 Injoy Plaza Tongxiang 888.3 61,422 14,462.2 Future Flower Bay Shanghai 840.8 94,936 8,857.0 Injoy Plaza Shengzhou 741.8 73,222 10,130.3 Injoy Plaza Haikou 539.3 61,312 8,795.4 Future Land Jinjun Yuan Wuxi 450.5 45,546 9,892.0 Injoy Plaza Nanchang Future Land Development Holdings Limited 2017 2017 Interim Report 39

MANAGEMENT DISCUSSION AND ANALYSIS Name of project/property City Revenue GFA Average selling price (RMB million) (sq.m.) (RMB/sq.m.) 440.1 58,505 7,522.9 Delight City Wuhan 411.0 32,527 12,634.8 Phase IV of Legend Mansion Changzhou 247.4 11,541 21,431.6 Injoy Plaza Jintan 147.7 17,563 8,411.7 Injoy Plaza Changchun 135.3 11,213 12,062.7 Injoy Plaza Anqing 1,200.7 209,893 5,720.5 Other projects 10,833.9 1,074,194 10,085.6 Total 2017 198.6 Property Investment With the completion of various investment properties, rental income from investment properties of the Group increased to approximately RMB198.6 million in the first half of 2017. 40 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2 0 1 7 Table 5: Breakdown of rental income from investment properties of the Group in the first half of 2017 Rental income 2017 2016 Name of project/property First half of 2017 First half of 2016 (RMB 000) (RMB 000) 43,102.38 33,521.64 Changzhou Injoy Plaza 33,101.28 28,831.80 Changzhou Injoy International Plaza 24,235.78 Shanghai Qingpu Injoy Plaza 8,777.20 3,041.10 Suzhou Wujiang Injoy Plaza 12,434.71 10,118.67 Danyang Injoy Plaza 14,297.02 10,105.73 Zhangjiagang Injoy Plaza 16,241.24 Haikou Injoy Plaza 12,350.83 Nanchang Injoy Plaza 15,096.89 Jintan Injoy Plaza 13,342.45 Anqing Injoy Plaza 4,854.02 Tongxiang Injoy Plaza 1,767.40 Quzhou Injoy Plaza B 23,250.49 Future Land Holdings Tower B 198,615.90 109,854.72 Total Future Land Development Holdings Limited 2017 2017 Interim Report 41

MANAGEMENT DISCUSSION AND ANALYSIS 2017 11,427.722.8% 2017 6 30 10,833.9 24.5% 386.018.2% 207.858.2% FINANCIAL REVIEW Revenue For the first half of 2017, the Group s revenue amounted to approximately RMB11,427.7 million, representing an increase of 22.8% as compared to the same period of last year. As a breakdown, income from sales of properties during the six months ended 30 June 2017 (the Reporting Period ) was approximately RMB10,833.9 million, representing a period-on-period increase of 24.5%; income from property management and other income was approximately RMB386.0 million, representing a decrease of 18.2% as compared to the same period of last year; and rental income was approximately RMB207.8 million, representing a period-on-period increase of 58.2%. 2017 2016193.2 178.8 Fair Value Gains on Investment Properties The Group develops and holds certain of its commercial properties such as retail shops, shopping malls and car parks for rental income or capital appreciation. The Group s investment properties are appraised semi-annually by an independent property valuer. Any appreciation or depreciation in the Group s investment property value is recognized as fair value gains or losses in the Group s consolidated statements of income. Valuation gains on investment properties for the first half of 2017 decreased to approximately RMB178.8 million from approximately RMB193.2 million for the same period in 2016. 2017 3,745.493.5% Gross Profit For the first half of 2017, the gross profit of the Group was approximately RMB3,745.4 million, representing a period-on-period increase of 93.5%. The increase in gross profit was mainly due to the difference in the composition of recognised projects and an increase in the GFA of properties delivered and recognised as sales. 20172016 384.2 507.5 Selling and Marketing Costs For the first half of 2017, selling and marketing costs of the Group increased to approximately RMB507.5 million from approximately RMB384.2 million for the same period in 2016, which was primarily attributable to higher commission expense on expanded sales and more advertising and publishing costs with associated projects. 42 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 2016 508.8 1,108.2 Administrative Expenses For the first half of 2017, administrative expenses of the Group increased to approximately RMB1,108.2 million from approximately RMB508.8 million for the same period in 2016, which was mainly due to the increase in the Group s staff headcount and remuneration during the Reporting Period, as well as higher professional and consultation fee. 2017 2.5101.4% Other Losses/Gains Net For the first half of 2017, the net other losses of the Group was approximately RMB2.5 million, representing a period-on-period decrease of 101.4%. 20172016 242.4109.9% 508.8 Finance Costs Net For the first half of 2017, net finance costs of the Group increased by approximately 109.9% to approximately RMB508.8 million from approximately RMB242.4 million for the same period in 2016. The increase in net finance costs was mainly due to higher borrowing balance and early redemption of senior notes. 2017 511.8 615.1 2017 6 30 23,521.0 2016 12 31 13,756.4 48,014.1 2016 12 3127,211.9 18,051.5 29,962.6 253.2 2017 6 30 201688.7% 157.4% 100% Income Tax Expense Income tax expense comprises the PRC corporate income tax and land appreciation tax. The PRC corporate income tax and land appreciation tax of the Group for the first half of 2017 were approximately RMB511.8 million and approximately RMB615.1 million, respectively. Financial Resources and Liquidity Ratios As at 30 June 2017, the Group had cash at bank and on hand (including restricted cash) of approximately RMB23,521.0 million (As at 31 December 2016: approximately RMB13,756.4 million), and current and non-current borrowings of approximately RMB48,014.1 million (As at 31 December 2016: approximately RMB27,211.9 million). Approximately RMB18,051.5 million of current and non-current borrowings is repayable within one year, approximately RMB29,962.6 million of noncurrent borrowings is repayable after one year but within five years, and approximately RMB253.2 million of non-current borrowings is repayable after five years. As at 30 June 2017, our net debt-to-equity ratio increased from 88.7% as at the end of 2016 to 157.4%. Net debt-toequity ratio is calculated by dividing net debt at the end of the period by total equity and multiplied by 100%. Net debt is calculated as total borrowings less cash and cash equivalents and restricted cash. Net debtto-equity ratio of the Group increased primarily due to the increase in net debt resulted from the increase in financing. Future Land Development Holdings Limited 2017 2017 Interim Report 43

MANAGEMENT DISCUSSION AND ANALYSIS The directors of the Company (the Directors ) believed that the risks associated with our debt level are under control and the Group is able to cope with and withstand any market volatility. (i) (ii) Contingent Liabilities Pursuant to the mortgage contracts, banks require the Group to guarantee its purchasers mortgage loans. Guarantees for mortgages on pre-sold residential properties are generally discharged at the earlier of: (i) the issue of the real estate ownership certificate by government authorities to the purchaser; or (ii) the satisfaction of mortgage loans by the purchasers of the properties. If a purchaser defaults on a mortgage loan, the Group is responsible for repaying the outstanding mortgage principal together with accrued interest and penalties owed by the defaulting purchasers to the banks and the Group is entitled to take over the legal title and possession of the related properties. The Group s guarantee period typically starts from the date of grant of the mortgage. 2017 6 30 16,254.9 2016 12 3112,130.30 As at 30 June 2017, the Group s contingent liabilities in respect of the guarantees given to financial institutions for mortgage loan facilities granted to purchasers of the Group s properties amounted to approximately RMB16,254.9 million (As at 31 December 2016: approximately RMB12,130.30 million). In light of the minimal historical default rates of such mortgage loans facilities, the Directors considered that the likelihood of default of payments by the purchasers is minimal and therefore the financial guarantee measured at fair value is immaterial. 2017 6 30 There are certain corporate guarantees provided by the Company s subsidiaries for each other in respect of borrowings as at 30 June 2017. The Directors consider that the subsidiaries are sufficiently financially resourced to settle their obligations. 2017 6 30 15,526 2016 12 31 13,937 As at 30 June 2017, the Group provided guarantee with the amount of RMB15,526 million (as at 31 December 2016: RMB13,937 million) to its joint ventures and associates. 2017 6 30 Save as disclosed in this interim report, the Group had no other material contingent liabilities as at 30 June 2017. 44 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 6 30 21,006.8 19,756.8 3,100 2015 112017 2 2.5 3.5 2017 6 30 2016 12 31 434.9 4.1% 452.6 2017 6 30 19,662.2 682.5 3,176.3 Charges on the Group s Assets As at 30 June 2017, the Group s bank loans and trust arrangement were approximately RMB21,006.8 million, of which RMB19,756.8 million were secured by one or a combination of the following methods: leasehold land to be developed, properties under development, properties held for sale, investment properties, land use rights, property, plant and equipment, shares of subsidiaries and bank deposits of the Group and/or guaranteed by our subsidiaries for each other, etc.. Our bank borrowings are from major commercial banks, all of which are independent third parties. In addition, loans from non-bank financial institutions with amount of RMB3,100 million were secured by shares of Future Land Holdings Co., Ltd., a subsidiary listed on the Shanghai Stock Exchange, and two-year USD250 million senior notes and three-year USD350 million senior notes issued in November 2015 and February 2017 respectively were secured by shares of our subsidiaries. Available-for-Sale Financial Assets As at 30 June 2017, the fair value of the Group s available-for-sale financial assets increased by 4.1% to approximately RMB452.6 million from approximately RMB434.9 million as at 31 December 2016. Foreign Currency Risk As at 30 June 2017, the Group had cash at bank and on hand denominated in Renminbi of approximately RMB19,662.2 million, in Hong Kong dollars of approximately RMB682.5 million and in U.S. dollars of approximately RMB3,176.3 million. Almost all of the Group s operating activities are carried out in the PRC with most of the transactions denominated in Renminbi. The Group is exposed to foreign currency risk arising from the exposure of U.S. dollars and Hong Kong dollars against Renminbi as a result of certain cash balances and the settlement of certain general and administrative expenses and other loans in U.S. dollars or Hong Kong dollars. Future Land Development Holdings Limited 2017 2017 Interim Report 45

MANAGEMENT DISCUSSION AND ANALYSIS 2015 11 6.25% 2.5 2017 2 5.00% 3.5 In November 2015, the Company successfully issued a tranche of twoyear USD250 million senior notes at a fixed interest rate of 6.25% on the international capital market. In February 2017, the Company successfully issued a tranche of three-year USD350 million senior notes at a fixed interest rate of 5.00%. As a result of the issuance of these senior notes, the Group became exposed to foreign currency risk arising from the exposure of Renminbi against U.S. dollars. In addition, Renminbi is not freely convertible into foreign currencies and the conversion of Renminbi into foreign currencies is subject to rules and regulations of the foreign exchange control promulgated by the PRC government. The Group does not have a foreign currency hedging policy. However, the Directors monitor the Group s foreign exchange exposure closely and may, depending on the circumstances and trend of foreign currency, consider adopting significant foreign currency hedging policy in the future. Material Acquisition and Disposal During the Reporting Period, the Group did not have any material acquisitions or disposals of subsidiaries, associates or assets save as disclosed in this interim report. Future Plans for Material Investment or Capital Assets The Directors confirmed that as at the date of this interim report, there are no current plans to acquire any material investment or capital assets other than in the Group s ordinary course of business of property development. 46 Future Land Development Holdings Limited 2017 2017 Interim Report

MANAGEMENT DISCUSSION AND ANALYSIS 2017 6 30 9,6628,368 1,294 EMPLOYEES AND COMPENSATION POLICY As at 30 June 2017, the Group had 9,662 full-time employees in the PRC and Hong Kong, of which, 8,368 worked in the property development operations and commercial management business and 1,294 are engaged in branded customer services and other related operations. The Group determines the remuneration packages of all the employees (including the Directors) based on their performance, work experience and the prevailing market wage level, and provide promotion opportunities for them with reference to their individual strengths and potentials. 41.4 2016 6 30 1.7 The remuneration package of the employees consists of basic salary, cash bonus and share-based payments. The Group has established performance appraisal system so as to evaluate the performance of its employees on an annual basis and use the evaluation results to determine their salary increment or promotion accordingly. The Group recognized an expense in relation to share-based payments of approximately RMB41.4 million for the Reporting Period (six months ended 30 June 2016: approximately RMB1.7 million). Future Land Development Holdings Limited 2017 2017 Interim Report 47

OTHER INFORMATION 2017 6 30 CORPORATE GOVERNANCE PRACTICES The Group is committed to maintaining high standards of corporate governance to safeguard the interests of shareholders of the Company (the Shareholders ) and to enhance corporate value and accountability. The Company has adopted the Corporate Governance Code (the CG Code ) as set out in Appendix 14 to the Rules (the Listing rules ) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Stock Exchange ). The Company has complied with the code provisions as set out in the CG Code for the six months ended 30 June 2017. The Company will continue to review and enhance its corporate governance practices to ensure compliance with the CG Code. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the Model Code ) as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding Directors securities transactions. 2017 6 30 2012 11 29 1,975.8 2017 6 30 2012 11 19 Having made specific enquiries of all Directors, each of the Directors has confirmed that he has complied with the Model Code throughout the six months ended 30 June 2017. USE OF NET PROCEEDS FROM THE INITIAL PUBLIC OFFERING The net proceeds from the initial public offering of the Company s shares (the Shares ) that were listed on the Stock Exchange on 29 November 2012 (after deducting underwriting fees and related expenses) amounted to approximately HK$1,975.8 million. During the six months ended 30 June 2017, such net proceeds were applied in the manner consistent with that stated in the Company s prospectus dated 19 November 2012. 48 Future Land Development Holdings Limited 2017 2017 Interim Report

OTHER INFORMATION 2017 7 18 2017 7 9 86 3.30 2016 2017 6 30 SIGNIFICANT EVENT AFTER THE REPORTING PERIOD Reference is made to the joint announcement (the Joint Announcement ) of the Company and Wealth Zone Hong Kong Investments Limited (the Offeror ) dated 18 July 2017. Capitalized terms used in this paragraph shall have the same meanings as defined in the Joint Announcement, unless the context requires otherwise. Pursuant to the Joint Announcement, on 9 July 2017, the Offeror requested the Board to put forward a proposal to the Scheme Shareholders for the privatisation of the Company by way of a scheme of arrangement under Section 86 of the Companies Law. The Scheme will provide that the Scheme Shares will be cancelled and, in consideration thereof, each Scheme Shareholder will be entitled to receive the Cancellation Price of HK$3.30 in cash for each Scheme Share payable by the Offeror. Upon the Scheme becoming effective, it is anticipated that listing of the Shares on the Stock Exchange will be withdrawn and terminated. Please refer to the Joint Announcement for further details. MATERIAL CHANGE Save as disclosed herein, there has been no material change in respect of the future developments in the business of the Group (including the Company s prospects for the current financial year) since the publication of the Company s 2016 Annual Report. AUDIT COMMITTEE The audit committee of the Company, comprising of all the independent non-executive Directors, namely Mr. Chen Huakang (Chairman), Mr. Zhu Zengjin and Mr. Zhong Wei, has reviewed with the management the accounting principles and practices adopted by the Group and the unaudited interim results and the unaudited condensed consolidated interim financial statements of the Group for the six months ended 30 June 2017. 2017 6 30 2410 The unaudited condensed consolidated interim financial statements of the Group for the six months ended 30 June 2017 has also been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified Public Accountants. Future Land Development Holdings Limited 2017 2017 Interim Report 49

OTHER INFORMATION 2017 6 30 2015 11 2.5 6.25%2017 2 3.55.0% () 50.1% 100% 13.18 PURCHASE, SALE OR REDEMPTION OF ANY OF THE COMPANY S LISTED SECURITIES For the six months ended 30 June 2017, neither the Company nor any other subsidiary or controlling company or subsidiary of the controlling company have purchased, sold or redeemed any of the Company s listed securities. LOAN AGREEMENTS WITH COVENANTS RELATING TO SPECIFIC PERFORMANCE OF THE CONTROLLING SHAREHOLDERS The Group successfully issued a tranche of two-year USD250 million 6.25% senior notes in November 2015 and a tranche of three-year USD350 million 5.0% senior notes in February 2017 (the Notes ), respectively, pursuant to which the Company will make an offer to repurchase all outstanding Notes at a purchase price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to (but not including) the repurchase date, upon the occurrence of, among other things, the Permitted Holders (defined below) are the beneficial owners of less than 50.1% of the total voting power of the voting stock of the Company accompanied by a rating decline. Such requirements as to the maintenance of the level of ownership in and composition of the members of the Board result in the disclosure obligation under Rule 13.18 of the Listing Rules. In this paragraph, Permitted Holders means any or all of the following: (i) (i) Mr. WANG Zhenhua; (ii) (ii) any affiliate of Mr. WANG Zhenhua; (iii) (iii) the trust of Mr. WANG Zhenhua or the legal representative thereof; and (iv) 80% (iv) any legal person both the capital stock and the voting stock of which (or in the case of a trust, the beneficial interests in which) are owned 80% or more by Mr. WANG Zhenhua or any of his affiliates. 2017 6 30 13.51(2)(a) (e)(g) CHANGES TO INFORMATION IN RESPECT OF DIRECTORS During the six months ended 30 June 2017, there were no changes to information which are required to be disclosed and had been disclosed by Directors pursuant to paragraphs (a) to (e) and (g) of Rule 13.51(2) of the Listing Rules. 50 Future Land Development Holdings Limited 2017 2017 Interim Report

OTHER INFORMATION 2017 6 30 XV (i) XV7 8 (ii) 352 (iii) DIRECTORS AND CHIEF EXECUTIVE S INTERESTS AND SHORT POSITION IN SHARES, UNDERLYING SHARES AND DEBENTURES As at 30 June 2017, the interests and short positions of the Directors and the chief executive of the Company in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ( SFO )) (i) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have under such provisions of the SFO), or (ii) which were required, pursuant to section 352 of the SFO, to be entered into the register maintained by the Company, or (iii) which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code are as follows: (i) (i) Interest in Shares of the Company Number of Approximate Nature of ordinary percentage of Name of Directors interest Shares held shareholding (2) 4,105,450,000 (L) 72.56% WANG Zhenhua Founder of a discretionary trust (2) 4,776,000 (L) 0.08% LIU Yuanman Beneficial owner 12,000,000 (L) 0.21% LV Xiaoping Beneficial owner 6,000,000 (L) 0.11% WANG Xiaosong Beneficial owner 5,000,000 (L) 0.09% LU Zhongming Beneficial owner (3) 100,000 (L) 0.00% CHAN Wai Kin Interest of spouse (3) Notes: (1) L (1) The letter L denotes the long position in Shares. (2) Hua ShengHua Sheng Standard Chartered Trust (Singapore) Limited 4,105,450,000. (2) Mr. WANG Zhenhua is the founder of the Hua Sheng Trust, through which Standard Chartered Trust (Singapore) Limited held long position in 4,105,450,000 Shares through its controlled corporations in its capacity as trustee. (3) 100,000 100,000 (3) Such 100,000 Shares are held by Ms. CHAN Wing Yan, the spouse of Mr. CHAN Wai Kin. Accordingly, Mr. CHAN Wai Kin was deemed to be interested in such 100,000 Shares. Future Land Development Holdings Limited 2017 2017 Interim Report 51

OTHER INFORMATION 2017 6 30 XV 352 2017 6 30 336 XV23 Save as disclosed above, as at 30 June 2017, none of the Directors and the chief executive of the Company had or was deemed to have any interest or short position in the Shares, underlying Shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) that was required to be recorded in the register of the Company required to be kept under Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES As at 30 June 2017, to the best knowledge of the Directors, the following persons (not being a Director or chief executive of the Company) had interests or short positions in the Shares or underlying Shares which fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO: Number of Approximate Name of Substantial Capacity/ ordinary percentage of Shareholders Nature of interest Shares held shareholding Standard Chartered Trust 4,105,450,000 (L) 72.56% (Singapore) Limited (2) Standard Chartered Trust (Singapore) Limited (2) Trustee SCTS Capital Pte. Ltd. (2) 4,105,450,000 (L) 72.56% SCTS Capital Pte. Ltd. (2) Nominee Infinity Fortune Development Limited (2) 4,105,450,000 (L) 72.56% Infinity Fortune Development Limited (2) Interest in a controlled corporation First Priority Group Limited (2) 4,105,450,000 (L) 72.56% First Priority Group Limited (2) Interest in a controlled corporation (3) 4,105,450,000 (L) 72.56% Wealth Zone Hong Kong Investments Limited (3) Beneficial owner 52 Future Land Development Holdings Limited 2017 2017 Interim Report

OTHER INFORMATION Notes: (1) L (1) The letter L represents the long position in Shares. (2) Standard Chartered Trust (Singapore) LimitedHua Sheng SCTS Capital Pte. Ltd.Infinity Fortune Development Limited 100% Infinity Fortune Development Limited First Priority Group Limited 100% (2) Standard Chartered Trust (Singapore) Limited, as trustee of the Hua Sheng Trust, which was established by Mr. WANG Zhenhua as settlor in favour of his family members, held 100% of the issued share capital of Infinity Fortune Development Limited through its nominee SCTS Capital Pte. Ltd., which in turn held 100% of the issued share capital of First Priority Group Limited. (3) First Priority Group Limited 100% (3) Wealth Zone Hong Kong Investments Limited is held as to 100% of its issued share capital by First Priority Group Limited. 2017 6 30 XV2 3 336 2011 9 12 Save as disclosed above, and as at 30 June 2017, the Directors were not aware of any persons (who were not Directors or chief executive of the Company) who had an interest or short position in the Shares or underlying Shares which would fall to be disclosed under Divisions 2 and 3 of Part XV of the SFO, or which would be required, pursuant to Section 336 of the SFO, to be entered in the register referred to therein. PRE-IPO SHARE AWARD SCHEME The Company adopted a Pre-IPO Share Award Scheme on 12 September 2011. 1. 1. Objective The Company adopted the Pre-IPO Share Award Scheme to recognise the contribution of certain of our employees and officers, especially those whom we consider have contributed to the early development and growth of the Group, and to align their interests with those of the Shareholders. 2. 3.19% Wellink Global (PTC) Limited Dynasty Snow (PTC) Ltd. 181,050,000 2017 6 30 181,050,000 3.20% 2. Implementation Pursuant to the Pre-IPO Share Award Scheme, a total of current and former employees, officers and business partners of the Group (the Selected Persons ) were awarded Shares representing approximately 3.19% of the total issued share capital of the Company. At the direction of Wealth Zone Hong Kong Investments Limited, the Company issued at nominal value a total of 181,050,000 new Shares to Wellink Global (PTC) Limited and Dynasty Snow (PTC) Ltd. (the Trustee ) for the benefit of the Selected Persons. As of 30 June 2017, a total of 181,050,000 Shares (the Awarded Shares ), representing approximately 3.20% of the total issued shares of the Company as at the date of this interim report, were granted to the Selected Persons and there was no outstanding unvested shares under the Pre-IPO Share Award Scheme. Future Land Development Holdings Limited 2017 2017 Interim Report 53

OTHER INFORMATION 3. 3. Vesting of the Awarded Shares The vesting principles of the Pre-IPO Share Award Scheme are summarized as follows: The Selected Persons are not entitled to exercise or enjoy the rights to, or to transfer the Awarded Shares pending the vesting of the Awarded Shares. (i) (ii)(iii) Vesting period for a Selected Person is determined based on his or her (i) performance appraisal; (ii) length of service; and (iii) seniority (if applicable). 20132014 20152016 12 31 1 The Awarded Shares granted to any particular Selected Person will vest in four equal tranches on 31 December 2013, 2014, 2015 and 2016 (Note 1), respectively. 2013 12 31 2014 12 31 2015 12 31 2016 12 31 1 The first vesting date for all the relevant Selected Persons was 31 December 2013. The second vesting date for all the relevant Selected Persons was 31 December 2014 and the third vesting date for all the relevant Selected Persons was 31 December 2015 and the fourth vesting date for all the relevant Selected Persons was 31 December 2016 (Note 1). The Selected Persons are not required to pay any consideration for the Awarded Shares for the purpose of vesting. Vesting period of a Selected Person is subject to postponement in the event of unsatisfactory work performance based on his or her annual performance appraisal (if applicable). Prior to vesting, the Selected Persons are not entitled to the voting rights to the Awarded Shares. All dividends declared and paid in respect of the Awarded Shares shall be held by the Trustees for the benefit of the respective Selected Person pending vesting. Note: (1) 2012 6 30 20122015 20132016 (1) Pursuant to the resolutions of the Shareholders dated 30 June 2012, the vesting period of the Awarded Shares awarded under the Pre-IPO Share Award Scheme was amended from four years from 2012 to 2015 to four years from 2013 to 2016. 54 Future Land Development Holdings Limited 2017 2017 Interim Report

OTHER INFORMATION 2012 11 6 2012 11 29 SHARE OPTION SCHEME The Company has also adopted a post-ipo share option scheme on 6 November 2012 (the Share Option Scheme ) to enable the Company to grant options to eligible participants as incentives or rewards for their contribution or potential contribution to the Group. Eligible participants of the Share Option Scheme include, among others, full-time or parttime employees, executives or senior officers of the Company or any of its subsidiaries; Directors (including non-executive Directors and independent non-executive Directors) of the Company or any of its subsidiaries; advisers, consultants, suppliers, customers and agents to the Company or any of its subsidiaries; and such other persons who, in the sole opinion of the Board, will contribute or have contributed to the Group. The Share Option Scheme became effective on 29 November 2012 upon the listing of the Company s Shares on the Stock Exchange. Subject to earlier termination by the Company in general meeting or by the Board, the Share Option Scheme shall be valid and effective for a period of 10 years from the adoption date. 2017 6 30 2017 6 30 2016 6 30 No option under the Share Option Scheme has been granted by the Company since the adoption of the Share Option Scheme. There is no share option outstanding as at 30 June 2017. INTERIM DIVIDEND The Board has resolved not to declare an interim dividend for the six months ended 30 June 2017 (for the six months ended 30 June 2016: Nil). Future Land Development Holdings Limited 2017 2017 Interim Report 55

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2017 2017 6 30 2016 12 31 As at 30 June 2017 As at 31 December 2016 Note RMB 000 RMB 000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 7 2,599,667 2,443,001 Investment properties 8 17,053,383 13,506,826 Intangible assets 59,268 37,224 Investments in associates 9 912,299 521,623 Investments in joint ventures 10 8,744,129 4,348,312 Deferred income tax assets 20 1,103,144 808,660 Available-for-sale financial assets 452,558 434,891 Derivative financial instruments 161,182 154,615 Goodwill 30 777 Land use rights 11 429,259 430,035 Other receivables and prepayments 13 1,930,974 1,347,031 33,446,640 24,032,218 Current assets Prepayments for leasehold land 12 7,109,332 7,350,293 Properties held or under development for sale 60,649,861 39,505,462 Trade and other receivables and prepayments 13 20,361,418 20,235,059 Restricted cash 14 5,733,533 1,851,085 Cash and cash equivalents 14 17,787,484 11,905,339 111,641,628 80,847,238 Total assets 145,088,268 104,879,456 OWNERS EQUITY Capital and reserves attributable to equity holders of the Company Share capital: nominal value 15 4,609 4,609 Reserves 9,309,183 9,230,441 9,313,792 9,235,050 Non-controlling interests 6,247,134 5,940,355 Total equity 15,560,926 15,175,405 F-56 Future Land Development Holdings Limited 2017 2017 Interim Report

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2017 2017 6 30 2016 12 31 As at 30 June 2017 As at 31 December 2016 Note RMB 000 RMB 000 (Unaudited) (Audited) LIABILITIES Non-current liabilities Borrowings 17 29,962,641 17,036,153 Long-term payables 19 36,670 Deferred income tax liabilities 20 1,178,343 1,115,016 31,140,984 18,187,839 Current liabilities Trade and other payables 19 35,621,958 28,975,896 Advances from pre-sale of properties 42,333,229 29,846,151 Current income tax liabilities 2,379,596 2,518,327 Borrowings 17 18,051,451 10,175,714 Dividends payable 124 124 98,386,358 71,516,212 Total liabilities 129,527,342 89,704,051 Total equity and liabilities 145,088,268 104,879,456 F-64F-152 The notes on pages F-64 to F-152 are an integral part of these condensed consolidated interim financial statements. Future Land Development Holdings Limited 2017 2017 Interim Report F-57

CONDENSED CONSOLIDATED STATEMENT OF INCOME For the six months ended 30 June 2017 6 30 Six months ended 30 June 2017 2016 2017 2016 Note RMB 000 RMB 000 (Unaudited) (Unaudited) Revenue 21 11,427,689 9,302,948 Cost of sales 23 (7,682,260) (7,367,700) Gross profit 3,745,429 1,935,248 Fair value gains on investment properties 8 178,779 193,162 Selling and marketing costs 23 (507,542) (384,205) Administrative expenses 23 (1,108,200) (508,776) Other income 20,786 18,389 Other expenses (340) (1,030) Other (losses)/gains net 22 (2,545) 175,944 Operating profit 2,326,367 1,428,732 Finance costs net 24 (508,764) (242,413) Share of results of associates 9 3,976 (3,179) Share of results of joint ventures 10 40,822 (41,631) Profit before income tax 1,862,401 1,141,509 Income tax expense 25 (1,126,873) (390,637) Profit for the period 735,528 750,872 Attributable to: Equity holders of the Company 357,624 490,756 Non-controlling interests 377,904 260,116 735,528 750,872 Earnings per share for profit attributable to equity holders of the Company Basic and diluted 26 0.06 RMB0.06 0.09 RMB0.09 Dividends 27 F-64F-152 The notes on pages F-64 to F-152 are an integral part of these condensed consolidated interim financial statements. F-58 Future Land Development Holdings Limited 2017 2017 Interim Report

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2017 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Profit for the period 735,528 750,872 Other comprehensive income, which may be reclassified subsequently to profit or loss Currency translation differences (1,021) Total comprehensive income for the period 734,507 750,872 Attributable to: Equity holders of the Company 356,603 490,756 Non-controlling interests 377,904 260,116 734,507 750,872 F-64F-152 The notes on pages F-64 to F-152 are an integral part of these condensed consolidated interim financial statements. Future Land Development Holdings Limited 2017 2017 Interim Report F-59

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2017 Attributable to equity holders of the Company Share capital Share premium Other reserves Retained earnings Sub-total Noncontrolling interests Total equity RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 (Unaudited) 2017 1 1 Balance at 1 January 2017 4,609 829,540 17,728 8,383,173 9,235,050 5,940,355 15,175,405 Comprehensive income Profit for the period 357,624 357,624 377,904 735,528 Other comprehensive income (1,021) (1,021) (1,021) Total comprehensive income (1,021) 357,624 356,603 377,904 734,507 Transactions with owners Capital contributions from non-controlling shareholders 91,500 91,500 30 Acquisition of a subsidiary (Note 30) 33,537 33,537 32 Changes in ownership interests in subsidiaries without change of control (Note 32) 5,039 5,039 (5,039) 16 Restricted share incentive scheme (Note 16) 41,423 41,423 201627 2016 final dividend (Note 27) (282,900) (282,900) (282,900) Dividends of a subsidiary (232,546) (232,546) Total transactions with owners, recognised directly in equity (282,900) 5,039 (277,861) (71,125) (348,986) 2017 6 30 Balance at 30 June 2017 4,609 546,640 21,746 8,740,797 9,313,792 6,247,134 15,560,926 F-60 Future Land Development Holdings Limited 2017 2017 Interim Report

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2017 Attributable to equity holders of the Company Share capital Share premium Other reserves Retained earnings Sub-total Noncontrolling interests Total equity RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 (Unaudited) 2016 1 1 Balance at 1 January 2016 4,609 1,112,440 54,100 6,999,220 8,170,369 5,292,979 13,463,348 Comprehensive income Profit for the period 490,756 490,756 260,116 750,872 Other comprehensive income Total comprehensive income 490,756 490,756 260,116 750,872 Transactions with owners Disposal of Subsidiaries (3,025) (3,025) (9,890) (12,915) Capital reduction from a non-controlling interest (281,530) (281,530) Pre-IPO share award scheme 16 value of employee services (Note 16) 1,743 1,743 1,743 2015 2015 final dividend (282,900) (282,900) (282,900) Dividends of a subsidiary (58,551) (58,551) Total contributions by and distributions to owners Acquisition of additional interests in a subsidiary (36,826) (36,826) (95,056) (131,882) Total transactions with owners, recognised directly in equity (282,900) (38,108) (321,008) (445,027) (766,035) 2016 6 30 Balance at 30 June 2016 4,609 829,540 15,992 7,489,976 8,340,117 5,108,068 13,448,185 F-64F-152 The notes on pages F-64 to F-152 are an integral part of these condensed consolidated interim financial statements. Future Land Development Holdings Limited 2017 2017 Interim Report F-61

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2017 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Operating activities Cash (used in)/generated from operations (5,162,969) 4,885,251 Interest paid (976,634) (521,529) PRC income tax paid (1,522,782) (828,971) PRC land appreciation tax paid (480,456) (211,209) Net cash (used in)/generated from operating activities (8,142,841) 3,323,542 Investing activities Acquisition of a subsidiary, net of cash acquired 35,277 Additions of investment properties (4,171,145) (1,333,628) Additions of property, plant and equipment and prepayments for non-current assets (347,435) (171,714) Proceeds from disposal of property, plant and equipment 3,923 111 Additions of intangible assets (8,041) (14,843) Other consideration paid to non-controlling interest (122,882) Investment in associates (368,200) (204,000) Investments in joint ventures (4,109,593) (2,475,598) Acquisition of available-for-sale financial assets (21,205) (61,078) Lending to an investee company (499,596) Capital reduction from available-for-sale financial assets 3,539 1,150 Disposal of a subsidiary, net of cash disposed 1,297,186 Dividends received 18,001 9,312 Interest received 82,715 88,507 Fundings received from related parties/other investors of joint ventures 22,821,299 9,088,184 Fundings to related parties/other investors of joint ventures (15,582,345) (9,580,569) Acquisition of derivative financial instruments (50,000) (60,000) Capital reduction from an associate 700 Net cash used in investing activities (2,192,806) (3,539,162) F-62 Future Land Development Holdings Limited 2017 2017 Interim Report

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2017 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Financing activities Proceeds from banks 12,591,952 5,114,235 Proceeds from non-bank financial institutions 3,100,000 Repayments of financial institutions (2,672,049) (1,811,124) Increase in restricted cash relating to financing activities (3,833,722) (370,181) Capital reduction from a non-controlling interest (290,530) Capital contribution from a non-controlling interest 91,500 Dividends paid to equity holders of the Company (282,900) Dividends paid to non-controlling interests (232,546) (58,551) Fundings from non-controlling interests of subsidiaries 137,529 334,050 Fundings to non-controlling interests of subsidiaries (354,612) Repayment of advance from non-controlling interests of subsidiaries (80,640) Redemption of senior notes (2,410,555) (2,867,298) Amounts received for potential investment in property projects 280,793 Proceeds from issuance of corporate bonds 2,969,862 Proceeds from issuance of middle term notes 3,000,000 Proceeds from issuance of senior notes 2,402,015 Proceeds from private placement notes 2,000,000 Proceeds from trust arrangements 2,800,000 Repayments of trust arrangements (250,000) Repayments of corporate bonds (65,000) A Payments to the A share company s restricted share incentive scheme (15,990) Net cash generated from financing activities 16,286,415 2,939,823 Net increase in cash and cash equivalents 5,950,768 2,724,203 Cash and cash equivalents at beginning of the period 11,905,339 6,478,861 Exchange (loss)/gain on cash and cash equivalents (68,623) 949 Cash and cash equivalents at end of the period 17,787,484 9,204,013 F-64F-152 The notes on pages F-64 to F-152 are an integral part of these condensed consolidated interim financial statements. Future Land Development Holdings Limited 2017 2017 Interim Report F-63

For the six months ended 30 June 2017 (Unaudited) 1 2010 4 23 2010 Grand Pavilion, Hibiscus Way, 802 West Bay Road, P.O. Box 31119, Grand Cayman KY1-1205, Cayman Islands 1 GENERAL INFORMATION Future Land Development Holdings Limited (the Company ) was incorporated in the Cayman Islands on 23 April 2010 as an exempted company with limited liability under the Companies Law (2010 Revision) of the Cayman Islands. The address of its registered office is Grand Pavilion, Hibiscus Way, 802 West Boy Road P.O. Box 31119, Grand Cayman KY1-1205, Cayman Islands. First Priority Group LimitedFirst Priority Group Limited The principal activities of the Company and its subsidiaries (together, the Group ) are property development and property investment in the People s Republic of China (the PRC ). The Company s parent company is Wealth Zone Hong Kong Investments Limited ( Wealth Zone Hong Kong ) and the Company s ultimate holding company is First Priority Group Limited, both of which are incorporated in the British Virgin Islands. The ultimate controlling party of the Group is Mr. Wang Zhenhua ( Mr. Wang or the Controlling Shareholder ). 2012 11 29 The Company s shares began to list on the Main Board of The Stock Exchange of Hong Kong Limited (the Stock Exchange ) on 29 November 2012 (the Listing ). 2017 8 18 The condensed consolidated interim financial statements are presented in thousands of Renminbi ( RMB ), unless otherwise stated, and were approved and authorised for issue by the board of directors of the Company on 18 August 2017. These condensed consolidated interim financial statements have not been audited. F-64 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 2 2017 6 30 34 2 BASIS OF PREPARATION The condensed consolidated interim financial statements for the six months ended 30 June 2017 have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and investment properties which are carried at fair value, and in accordance with Hong Kong Accounting Standard ( HKAS ) 34 Interim Financial Reporting, issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ). 2016 12 31 3 2016 12 31 The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements of the Company for the year ended 31 December 2016, which have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRSs ) issued by the HKICPA. 3 ACCOUNTING POLICIES Except as described below, the accounting policies adopted are consistent with those used for and described in the annual consolidated financial statements of the Company for the year ended 31 December 2016. 2017 12 Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. New amendments and interpretation adopted by the Group in the first half of 2017 Amendments to HKAS 12 Income Taxes 7 Amendments to HKAS 7 Statement of Cash Flows 12 Amendments to HKFRS 12 Disclosure of Interest in Other Entities 23 Interpretation of HK (IFRIC) 23 Uncertainty over Income Tax Treatments Future Land Development Holdings Limited 2017 2017 Interim Report F-65

For the six months ended 30 June 2017 (Unaudited) 3 2017 1 1 2017 6 30 3 ACCOUNTING POLICIES (Cont d) The adoption of the above new amendments and interpretation starting from 1 January 2017 did not give rise to any significant impact on the Group s results of operations and financial position for the six months ended 30 June 2017. 4 2016 12 31 5 5.1 The Group did not early adopt any new accounting and financial reporting standards, amendments and improvements to existing standards which have been issued but are not yet effective and is in the process of making assessments on the impacts of these new standards, amendments and improvements, and has not yet in a position to conclude the assessments. 4 ESTIMATES The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual consolidated financial statements of the Company for the year ended 31 December 2016. 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS 5.1 Financial risk factors The Group s activities expose it to a variety of financial risks: market risk (including currency risk, price risk, cash flow interest rate risk and fair value interest rate risk), credit risk and liquidity risk. The Group s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group s financial performances. 2016 12 31 The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group s annual financial statements for the year ended 31 December 2016. There have been no changes in the risk management department or in any risk management policies since last year end. F-66 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 5 5.2 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Cont d) 5.2 Liquidity risk Management of the Group aims to maintain sufficient cash through internally generated sales proceeds and an adequate amount of committed credit facilities to meet its operation needs and commitments in respect of property projects. 2017 6 302016 12 31 The table below analyses the Group s financial liabilities into relevant maturity groupings based on the remaining period as at 30 June 2017 and 31 December 2016 to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Within 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 2017 6 30 As at 30 June 2017 Borrowings, principal 18,070,082 9,830,889 19,991,000 253,160 48,145,131 Interest payments on borrowings 2,321,129 1,404,513 890,105 10,596 4,626,343 Trade and other payables 35,236,781 35,236,781 Dividends payable 124 124 Guarantees in respect of mortgaged facilities granted to purchasers of the Group s properties 16,253,166 16,253,166 71,881,282 11,235,402 20,881,105 263,756 104,261,545 2016 12 31 As at 31 December 2016 Borrowings, principal 10,058,712 8,117,667 8,636,825 106,250 26,919,454 Interest payments on borrowings 1,497,172 906,132 691,439 13,492 3,108,235 Trade and other payables 28,213,433 36,670 28,250,103 Dividends payable 124 124 Guarantees in respect of mortgaged facilities granted to purchasers of the Group s properties 11,664,440 465,894 12,130,334 51,433,881 9,526,363 9,328,264 119,742 70,408,250 2017 6 302016 12 31 2017 6 30 2016 12 31 Note: The interest on borrowings is calculated based on borrowings held as at 30 June 2017 and 31 December 2016, respectively, without taking into account future borrowings. Floating-rate interests are estimated using the current interest rate as at 30 June 2017 and 31 December 2016, respectively. Future Land Development Holdings Limited 2017 2017 Interim Report F-67

For the six months ended 30 June 2017 (Unaudited) 5 5.3 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Cont d) 5.3 Fair value estimation The different levels of valuation method for financial instruments carried at fair value are as follows: Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the assets or liabilities that are not based on observable market data (that is, unobservable inputs) (Level 3). 2017 6 30 161,182,000 2016 12 31 154,615,000 452,558,000 2016 12 31 434,891,000 8 As at 30 June 2017, the Group s financial instruments carried at fair value are the derivative financial instruments of RMB161,182,000 (31 December 2016: RMB154,615,000) and the available-for-sale financial assets of RMB452,558,000 (31 December 2016: RMB434,891,000). The Group consistently applied Level 3 valuation method to determine the fair value of these financial instruments. The increase during the current interim period is due to addition of cost and there is no change in the fair value of the individual available-for-sale financial asset. See Note 8 for disclosures of the investment properties that are measured at fair value. There were no changes to the valuation techniques used during the current interim period as compared with last year end. F-68 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 5 5.4 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Cont d) 5.4 Capital risk management The Group s objectives when managing capital are to safeguard the Group s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as total equity, as shown in the consolidated statement of financial position, plus net debt. 2017 6 302016 12 31 The gearing ratios of the Group at 30 June 2017 and 31 December 2016 were as follows: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Total borrowings 48,014,092 27,211,867 Less: Cash and cash equivalents (17,787,484) (11,905,339) Net debt 30,226,608 15,306,528 Total equity 15,560,926 15,175,405 Total capital 45,787,534 30,481,933 Gearing ratio 66% 50% Future Land Development Holdings Limited 2017 2017 Interim Report F-69

For the six months ended 30 June 2017 (Unaudited) 6 6 SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by the chief operating decision maker (the CODM ) that are used to make strategic decisions. The chairman, Mr. Wang has been identified as the CODM. The Group manages its business by two operating segments, which is consistent with the way in which information is reported internally to the Group s CODM for the purpose of resources allocation and performance assessment. No operating segments have been aggregated to form the following reportable segments. A Future Land Holdings Co., Ltd., a company listed on the Shanghai Stock Exchange (the A share company or Future Land Holdings ). A A Property management and other service companies not within the A share company (the Non-A share companies ). A A A The A share company is mainly engaged in development of residential properties and mixed-use complexes for sale and investment, while the Non-A share companies are mainly engaged in services including certain newly established businesses which are at start-up stage. Corporate expenses are also primarily included in the Non-A share companies segment. All the property development projects are in the PRC, and accordingly majority of the revenue of the Group are derived from the PRC and most of the assets are located in the PRC. The CODM assesses the performance of the operating segments based on a measure of revenue and profit before income tax. The measurement basis excludes the effects of income tax expense. F-70 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 6 6 SEGMENT INFORMATION (Cont d) 2017 6 30 Six months ended 30 June 2017 (Unaudited) A A A share company Non-A share companies Total segment Elimination Total Group RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Segment revenue 11,327,937 111,530 11,439,467 (11,778) 11,427,689 Segment profit before income tax expense 2,260,001 102,974 2,362,975 (500,574)* 1,862,401 Fair value gains on investment properties 178,779 178,779 178,779 Finance income 74,420 56,139 130,559 (47,503) 83,056 Finance costs (304,954) (334,369) (639,323) 47,503 (591,820) Depreciation and amortisation (86,734) (50,062) (136,796) (136,796) Share of results of associates (4,888) 8,864 3,976 3,976 Share of results of joint ventures 40,822 40,822 40,822 * A * The elimination represses mainly the dividend declared by the A share company. A reconciliation to profit for the period is as follows: Total segment profits before income tax expense after elimination 1,862,401 Income tax expense (1,126,873) Profit for the period 735,528 2017 6 30 As at 30 June 2017 (Unaudited) Segment assets 139,841,651 9,080,080 148,921,731 (3,833,463) 145,088,268 Segment assets include: Investments in associates 712,659 200,000 912,659 (360) 912,299 Investments in joint ventures 8,744,129 8,744,129 8,744,129 Additions to non-current assets (other than financial instruments and deferred tax assets) 3,597,256 92,852 3,690,108 3,690,108 Segment liabilities 122,945,044 9,056,222 132,001,266 (2,473,924) 129,527,342 Future Land Development Holdings Limited 2017 2017 Interim Report F-71

For the six months ended 30 June 2017 (Unaudited) 6 6 SEGMENT INFORMATION (Cont d) 2016 6 30 Six months ended 30 June 2016 (Unaudited) A A A share company Non-A share companies Total segment Elimination Total Group RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 Segment revenue 9,071,574 260,678 9,332,252 (29,304) 9,302,948 Segment profit before income tax expense 1,172,319 95,117 1,267,436 (125,927) 1,141,509 Fair value gains on investment properties 193,162 193,162 193,162 Finance income 80,032 141,602 221,634 (133,127) 88,507 Finance costs (102,903) (361,144) (464,047) 133,127 (330,920) Depreciation and amortisation (68,426) (39,066) (107,492) (107,492) Share of results of associates 5,732 (8,911) (3,179) (3,179) Share of results of joint ventures (41,631) (41,631) (41,631) A reconciliation to profit for the period is as follows: Total segment profits before income tax expense after elimination 1,141,509 Income tax expense (390,637) Profit for the period 750,872 2016 12 31 As at 31 December 2016 (Audited) Segment assets 103,170,607 4,722,231 107,892,838 (3,013,382) 104,879,456 Segment assets include: Investments in associates 201,568 320,055 521,623 521,623 Investments in joint ventures 4,348,312 4,348,312 4,348,312 Additions to non-current assets (other than financial instruments and deferred tax assets) 3,366,769 332,397 3,699,166 3,699,166 Segment liabilities 86,802,653 4,555,602 91,358,255 (1,654,204) 89,704,051 F-72 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 7 7 PROPERTY, PLANT AND EQUIPMENT Furniture, Motor fittings and Construction Buildings vehicles equipment in progress Leasehold improvements Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 (Unaudited) 2017 1 1 At 1 January 2017 Cost 1,620,124 66,908 888,076 62,706 203,364 2,841,178 Accumulated depreciation (99,465) (25,209) (169,949) (103,554) (398,177) Net book value 1,520,659 41,699 718,127 62,706 99,810 2,443,001 2017 6 30 Six months ended 30 June 2017 Opening net book amount 1,520,659 41,699 718,127 62,706 99,810 2,443,001 Additions 13,967 8,067 26,187 31,837 19,919 99,977 Completion of construction in progress 26,658 (26,658) 30 Acquisition of subsidiaries (Note 30) 1,336 1,336 Disposals (6,007) (817) (6,824) Cost adjustment (760) (760) 8 Transfer from investment properties (Note 8) 192,617 192,617 23 Depreciation charge (Note 23) (32,852) (4,310) (66,587) (25,931) (129,680) Closing net book amount 1,693,631 39,449 704,904 67,885 93,798 2,599,667 2017 6 30 At 30 June 2017 Cost 1,825,948 56,750 932,838 67,885 223,283 3,106,704 Accumulated depreciation (132,317) (17,301) (227,934) (129,485) (507,037) Net book value 1,693,631 39,449 704,904 67,885 93,798 2,599,667 Future Land Development Holdings Limited 2017 2017 Interim Report F-73

For the six months ended 30 June 2017 (Unaudited) 7 7 PROPERTY, PLANT AND EQUIPMENT(Cont d) Furniture, Motor fittings and Construction Leasehold Buildings vehicles equipment in progress improvements Total RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 (Unaudited) 2016 1 1 At 1 January 2016 Cost 1,572,846 58,233 538,992 148,128 127,777 2,445,976 Accumulated depreciation (34,917) (18,683) (67,610) (63,353) (184,563) Net book value 1,537,929 39,550 471,382 148,128 64,424 2,261,413 2016 6 30 Six months ended 30 June 2016 Opening net book amount 1,537,929 39,550 471,382 148,128 64,424 2,261,413 Additions 10,702 2,336 15,673 155,403 3,216 187,330 Completion of construction in progress 229,240 (229,240) Disposals (399) (435) (834) Disposal of a subsidiary (3,370) (118) (2,593) (250) (6,331) 23 Depreciation charge (Note 23) (38,579) (2,883) (32,228) (18,217) (91,907) Closing net book amount 1,506,682 38,486 681,039 74,291 49,173 2,349,671 2016 6 30 At 30 June 2016 Cost 1,580,178 60,052 780,877 74,291 130,743 2,626,141 Accumulated depreciation (73,496) (21,566) (99,838) (81,570) (276,470) Net book value 1,506,682 38,486 681,039 74,291 49,173 2,349,671 2017 6 30 57,935,000 2016 6 30 34,592,000 70,749,000 2016 6 30 54,912,000 996,000 2016 6 30 2,403,000 For the six months ended 30 June 2017, the Group s depreciation charges of RMB57,935,000 (Six months ended 30 June 2016: RMB34,592,000) have been included in cost of sales, RMB70,749,000 (Six months ended 30 June 2016: RMB54,912,000) in administrative expenses and RMB996,000 (Six months ended 30 June 2016: RMB2,403,000) in selling and marketing costs. 2017 6 30 1,064,164,000 2016 12 31 1,082,504,000 18 Property, plant and equipment with a total carrying amount of RMB1,064,164,000 as at 30 June 2017 (31 December 2016: RMB1,082,504,000) were pledged as collateral for the Group s borrowings (Note 18). F-74 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 8 8 INVESTMENT PROPERTIES Completed Under development/to be developed Total RMB 000 RMB 000 RMB 000 (Unaudited) 2017 1 1 At 1 January 2017 10,028,826 3,478,000 13,506,826 Additions 3,545,189 3,545,189 Completion of projects 539,000 (539,000) Capitalised subsequent expenditure 15,206 15,206 Net gains from fair value adjustments 76,968 101,811 178,779 7 Transfer to property, plant and equipment (Note 7) (160,949) (31,668) (192,617) 2017 6 30 At 30 June 2017 10,499,051 6,554,332 17,053,383 Total gains or losses for the period Included in profit or loss for assets held at the end of the period, under Fair value gains on investment properties 76,968 101,811 178,779 Change in unrealised gains or losses for the period included in profit or loss for assets held at the end of the period 76,968 101,811 178,779 (Unaudited) 2016 1 1 At 1 January 2016 8,077,000 2,777,000 10,854,000 Additions 1,627,956 1,627,956 Capitalised subsequent expenditure (28,118) (28,118) Net gains from fair value adjustments 45,118 148,044 193,162 Disposal of a subsidiary (1,191,000) (1,191,000) 2016 6 30 At 30 June 2016 6,903,000 4,553,000 11,456,000 Total gains or losses for the period included in profit or loss for assets held at the end of the period, under Fair value gains on investment properties 45,118 148,044 193,162 Change in unrealised gains or losses for the period included in profit or loss for assets held at the end of the period (40,420) 148,044 107,624 Future Land Development Holdings Limited 2017 2017 Interim Report F-75

For the six months ended 30 June 2017 (Unaudited) 8 2017 6 30 104,803,215 2016 6 30 49,274,000 5.81% 2016 6 30 5.25% 8 INVESTMENT PROPERTIES (Cont d) Borrowing costs capitalised in investment properties for the six months ended 30 June 2017 were approximately RMB104,803,215 (Six months ended 30 June 2016: RMB49,274,000) with capitalisation rate of 5.81% (Six months ended 30 June 2016: 5.25%) per annum. 2017 6 30 2,637,189,000 2016 12 31 2,532,712,000 18 Investment properties with a carrying amount of RMB2,637,189,000 as at 30 June 2017 (31 December 2016: RMB2,532,712,000) were pledged as collateral for the Group s borrowings (Note 18). 2017 6 302016 12 31 All investment properties were revalued as at 30 June 2017 and 31 December 2016 by DTZ Debenham Tie Leung Limited, an independent professional qualified valuer. For investment properties to be developed and under development, the Group adopted direct comparison approach and investment approach. Direct comparison approach assuming sale of each of these properties in its existing state with the benefit of vacant possession. By making reference to sales transactions as available in the relevant market, comparable properties in close proximity have been selected and adjustments have been made to account for the difference in factors such as locations and property size; Investment approach has taken into account the construction costs incurred and the costs that will be incurred to complete the development to reflect the quality of the completed development on the basis that the properties will be developed and completed in accordance with the Group s latest development plan. For completed investment properties, valuations were based on investment approach by capitalisation of the net rental income derived from the existing tenancy agreements with due allowance for reversionary income potential of the properties and by reference to comparable price in an active market. There were no changes to the valuation techniques during the period. Fair value of all of the Group s investment properties are measured at Level 3, with significant unobservable inputs. There were no transfers between Level 1, 2 and 3 during the period. F-76 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 8 8 INVESTMENT PROPERTIES (Cont d) Information about fair value measurements using significant unobservable inputs (Level 3): Description 2017 6 30 Fair value at 30 June 2017 Valuation Unobservable Range of unobservable (RMB 000) technique(s) inputs inputs Relationship of unobservable inputs to fair value 10,499,051 2016 10,028,826 Completed 10,499,051 commercial 2016: property 10,028,826 4.0%-6.0% 2016 4.0%-6.0% Investment approach Term yield Term yield of 4.0%-6.0% (2016: 4.0%-6.0%), taking into account of yield generated from comparable properties and adjustment to reflect the certainty of term income secured and to be received. The higher the term yield, the lower the fair value 4.5%- 6.5% 20164.5%- 6.0% Reversionary yield Reversionary yield of 4.5%- 6.5% (2016: 4.5%-6.0%), taking into account annual unit market rental income and unit market value of the comparable properties. The higher the reversionary yield, the lower the fair value Market unit rent of individual unit 21 377 201632 359 RMB21 RMB377 (2016: RMB32 RMB359) per square metre per month The higher the market unit rent, the higher the fair value Future Land Development Holdings Limited 2017 2017 Interim Report F-77

For the six months ended 30 June 2017 (Unaudited) 8 8 INVESTMENT PROPERTIES (Cont d) Description 2017 6 30 Fair value at 30 June 2017 Valuation Unobservable Range of unobservable (RMB 000) technique(s) inputs inputs Relationship of unobservable inputs to fair value 5,699,332 2016 3,478,000 6.0%- 6.5% 20166.0%- 6.5% Commercial 5,699,332 Investment Reversionary yield Reversionary yield of 6.0%- The higher the property under 2016: approach with 6.5% (2016: 6.0%-6.5%), reversionary yield, development/to 3,478,000 estimated costs taking into account annual the lower the be developed to complete unit market rental income fair value and unit market value of the comparable properties. Market unit rent of individual unit 15 491 201618 176 RMB15 RMB491 (2016: RMB18 RMB176) per square metre per month The higher the market unit rent, the higher the fair value Estimated construction costs to completion 2,733,000 615,919,000 2016 74,297,000 505,111,000 RMB2,733,000 RMB615,919,000 (2016: RMB74,297,000 RMB505,111,000) The higher the estimated construction costs, the lower the fair value F-78 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 9 9 INVESTMENTS IN ASSOCIATES 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Opening balance 521,623 300,127 Investment in Jiangsu Minying Investment Holdings Co., Ltd. ( Jiangsu Minying Investment ) 200,000 Investment in Shanghai Wan Zhi Cheng Real Estate Development Co., Ltd. ( Shanghai Wan Zhi Cheng ) 171,568 159,586 Investment in Atlantic Modular System Ltd. ( AMS ) 120,055 130,541 Investment in Shanghai Shifeng Culture Development Co., Ltd. ( Shanghai Shifeng Culture ) 14,000 Investment in Shanghai Lan Tian Business Development Property Co., Ltd. ( Shanghai Lan Tian ) 10,000 10,000 Investment in Shanghai Limo Network Technology Co., Ltd. ( Shanghai Limo ) 4,000 Investment in Shanghai Rensu Digital Technology Co., Ltd. ( Shanghai Rensu ) 2,000 Investment in Suzhou Golden Century Real Estate Co., Ltd. ( Suzhou Golden Century ) F-80 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 9 9 INVESTMENTS IN ASSOCIATES (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 (Unaudited) RMB 000 (Unaudited) Addition of investment amount 393,200 204,000 Investment in Hefei Future Land Chuangyu Real Estate Development Co., Ltd. ( Hefei Chuangyu ) 297,000 Investment in Hefei Shengzhuo Real Estate Development Co., Ltd. ( Hefei Shengzhuo ) 40,000 Investment in Jinan Shimao Xinjiyuan Property Co., Ltd. ( Jinan Shimao ) 25,000 Investment in Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. ( Zhangjiagang Xiangsheng ) 20,000 Investment in Qingdao Huihaitong Property Co., Ltd. ( Qingdao Huihaitong ) 8,000 Investment in Wuxi Chenye Real Estate Development Co., Ltd. ( Wuxi Chenye ) 3,200 Investment in Shanghai Limo 4,000 Investment in Jiangsu Minying Investment 200,000 Share of results 3,976 (3,179) Jiangsu Minying Investment 6,500 AMS (51) (8,911) Wuxi Chenye (133) Hefei Shengzhuo (293) Zhangjiagang Xiangsheng (446) Hefei Chuangyu (711) Shanghai Wan Zhi Cheng (890) 5,732 Dividend Jiangsu Minying Investment (6,500) Ending balance 912,299 500,948 Future Land Development Holdings Limited 2017 2017 Interim Report F-81

For the six months ended 30 June 2017 (Unaudited) 9 9 INVESTMENTS IN ASSOCIATES (Cont d) All of the Group s associates are private companies and there are no quoted market prices available for such equity interests. 28(d) 10 The Group s commitment to its investments in associates are presented in Note 28(d). There are no contingent liabilities relating to the Group s interests in associates. 10 INVESTMENTS IN JOINT VENTURES 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Opening balance 4,348,312 2,019,775 Investment in Suzhou Shengming Real Estate Development Co., Ltd. ( Suzhou Shengming ) 462,433 Investment in Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. ( Nanjing Chuangjin ) 460,585 Investment in Tianjin Future Land Injoy Real Estate Development Co., Ltd. ( Tianjing Injoy ) 424,287 Investment in Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. ( Yangzhou Yuesheng ) 394,400 Investment in Suzhou Yusheng Real Estate Development Co., Ltd. ( Suzhou Yusheng ) 389,357 Investment in Taizhou Future Land Wanbo Real Estate Development Co., Ltd. ( Taizhou Wanbo ) 371,925 394,845 Investment in Suzhou Future Land Wanrui Real Estate Co., Ltd. ( Suzhou Wanrui ) 359,451 182,782 Investment in Changshu Zhongzhi Real Estate Co., Ltd. ( Changshu Zhongzhi ) 272,794 290,674 Investment in Hangzhou Jiahao Real Estate Development Co., Ltd. ( Hangzhou Jiahao ) 171,723 Investment in Shanghai Future Land Xudi Real Estate Co., Ltd. ( Shanghai Xudi ) 152,956 78,718 F-82 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 10 10 INVESTMENTS IN JOINT VENTURES (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Investment in Kunshan Derui Real Estate Co., Ltd. ( Kunshan Derui ) 134,602 146,550 Investment in Shanghai Henggu Real Estate Co., Ltd. ( Shanghai Henggu ) 117,208 91,054 Investment in Shanghai Ruitao Real Estate Development Co., Ltd. ( Shanghai Ruitao ) 89,819 Investment in Hangzhou Future Land Songjun Real Estate Development Co., Ltd. ( Hangzhou Songjun ) 87,319 Investment in Yongqing Yintai Future Land Construction And Development Co., Ltd. ( Yongqing Yintai ) 69,818 Investment in Chengdu Future Land Wanbo Real Estate Development Co., Ltd. ( Chengdu Wanbo ) 67,299 94,960 Investment in Shanghai Jiapeng Real Estate Development Co., Ltd. ( Shanghai Jiapeng ) 51,639 Investment in Wuhan Qingneng Xinrong Property Co., Ltd. ( Wuhan Qingneng ) 50,148 Investment in Tianjin Future Land Baojun Real Estate Development Co., Ltd. ( Tianjin Baojun ) 49,746 Investment in Hangzhou Wanzhao Real Estate Co., Ltd. ( Hangzhou Wanzhao ) 31,135 Investment in Suzhou Baixiang Property Co., Ltd. ( Suzhou Baixiang ) 29,541 Investment in Shanghai Songming Real Estate Development Co., Ltd. ( Shanghai Songming ) 26,171 38,400 Investment in Shanghai Jiayu Real Estate Co., Ltd ( Shanghai Jiayu ) 22,866 Investment in Hangzhou Bintong Real Estate Development Co., Ltd. ( Hangzhou Bintong ) 12,468 Future Land Development Holdings Limited 2017 2017 Interim Report F-83

For the six months ended 30 June 2017 (Unaudited) 10 10 INVESTMENTS IN JOINT VENTURES (Cont d) Investment in Suzhou Chenghong Real Estate Development Co.,Ltd. 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) ( Suzhou Chenghong ) 9,643 20,000 Investment in Shanghai Xiyue Real Estate Development Co., Ltd. ( Shanghai Xiyue ) 8,938 Investment in Changshu Wanzhongcheng Real Estate Co., Ltd. ( Changshu Wanzhongcheng ) 7,182 10,000 Investment in Nanjing Huilong Real Estate Co., Ltd. ( Nanjing Huilong ) 6,366 Investment in Nanjing Xinbaohong Real Estate Co., Ltd. ( Nanjing Xinbaohong ) 6,254 Investment in Nanjing Minghongxin Real Estate Development Co., Ltd. ( Nanjing Minghongxin ) 5,936 Investment in Suzhou Jiazhong Real Estate Development Co., Ltd. ( Suzhou Jiazhong ) 4,303 Investment in Qingdao Zhuoyue Future Land Investment in Yiwu Injoy Real Estate Property Co., Ltd. ( Qingdao Zhuoyue ) Development Co., Ltd. ( Yiwu Injoy ) Investment in Nanjing Future Land Wanlong Real Estate Co., Ltd. ( Nanjing Wanlong ) 656,892 Investment in Nanjing Future Land Guanghong Real Estate Co., Ltd. ( Nanjing Guanghong ) 6,900 Investment in Shanghai Quankun Investment Co., Ltd. ( Shanghai Quankun ) 3,000 Investment in Shanghai Xinyao Investment Co., Ltd. ( Shanghai Xinyao ) 5,000 F-84 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 10 10 INVESTMENTS IN JOINT VENTURES (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Additions of investment amounts 4,354,995 1,498,450 Investment in Shanghai Jiapeng 1,277,160 Investment in Changsha Qianjing Property Co., Ltd. ( Changsha Qianjing ) 1,105,000 Investment in Qingdao Daming Real Estate Co., Ltd. ( Qingdao Daming ) 666,850 Investment in Chongqing Shengmu Real Estate Co., Ltd. ( Chongqing Shengmu ) Investment in Tianjin Dianxing Real Estate Co., Ltd. ( Tianjin Dianxing ) Investment in Chengdu Ronghuiqiaoyu Property Co., Ltd. 500,000 256,000 ( Chengdu Ronghuiqiaoyu ) 235,535 Investment in Zhongshan Huili Juyuan Investment Advisory Center LLP ( Zhongshan Huili ) 220,000 Investment in Shanghai Jiayu 94,350 Investment in Chengdu Jiamu Property Co., Ltd. ( Chengdu Jiamu ) 100 Investment in Suzhou Shengming Real Estate Co., Ltd. ( Suzhou Shengming ) 686,000 Investment in Nanjing Chuangjin 470,000 Investment in Hangzhou Jiahao 195,000 Investment in Shanghai Jiapeng 62,450 Investment in Tianjin Injoy 50,000 Investment in Suzhou Baixiang 15,000 Investment in Yiwu Injoy 10,000 Investment in Shanghai Ruitao 10,000 Future Land Development Holdings Limited 2017 2017 Interim Report F-85

For the six months ended 30 June 2017 (Unaudited) 10 10 INVESTMENTS IN JOINT VENTURES (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Deduction of investment amount (700) Investment in Nanjing Guanghong (700) Share of results 40,822 (41,631) Kunshan Derui 76,654 (1,593) Chengdu Wanbo 60,087 (17,510) Shanghai Songming 28,873 Taizhou Wanbo 20,856 (12,041) Shanghai Xudi 7,869 39,162 Suzhou Shengming 1,718 Shanghai Jiapeng 1,704 Chengdu Jiamu 667 Yongqing Yintai (11) Shanghai Henggu (29) (3,154) Nanjing Minghongxin (32) Hangzhou Bintong (83) Wuhan Qingneng (85) Nanjing Xinbaohong (100) Shanghai Ruitao (108) Nanjing Huilong (213) Tianjin Dianxing (413) Chongqing Shengmu (527) Suzhou Baixiang (806) Hangzhou Wanzhao (854) Qingdao Daming (936) Shanghai Jiayu (1,075) Changshu Wanzhongcheng (1,348) Tianjin Baojun (2,538) Suzhou Jiazhong (2,727) Hangzhou Songjun (3,481) Changsha Qianjing (3,569) Shanghai Xiyue (3,864) Nanjing Chuangjin (7,814) Suzhou Chenghong (9,643) (1,731) Suzhou Yusheng (10,376) Tianjin Injoy (11,202) Yangzhou Yuesheng (22,136) Changshu Zhongzhi (23,841) (7,080) Suzhou Wanrui (24,503) (15,516) Hangzhou Jiahao (25,292) F-86 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 10 10 INVESTMENTS IN JOINT VENTURES (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Nanjing Wanlong (15,463) Shanghai Quankun (2,804) Yiwu Injoy (3,901) Less Unrealised gains on project management services to joint ventures (1,887) Ending balance 8,744,129 3,474,007 All of the Group s joint ventures are private companies and there are no quoted market prices available for such equity interests. 28(d) 11 2017 6 30 287,148,000 2016 12 31 287,148,000 18 The commitments relating to the Group s interests in joint ventures are presented in Note 28(d). There are no contingent liabilities relating to the Group s interests in the joint ventures. 11 LAND USE RIGHTS The balance represents mainly land use rights to be used for development of properties for sale in the future upon obtaining the necessary approval to re-zone the site for commercial use, land use rights for an operational hotel and land use rights for an operational hospital/nursing house. As at 30 June 2017, land use rights with a total carrying amount of RMB287,148,000 were pledged as collateral for the Group s borrowings (31 December 2016: RMB287,148,000) (Note 18). 777,000 2016 1,190,000 12 2017 6 30 7,109,332,000 2016 12 31 7,350,293,000 The amortisation charges of RMB777,000 (2016: RMB1,190,000) has been charged in cost of sales. 12 PREPAYMENTS FOR LEASEHOLD LAND The Group made prepayments of RMB7,109,332,000 for the acquisition of leasehold land as at 30 June 2017 (31 December 2016: RMB7,350,293,000). Future Land Development Holdings Limited 2017 2017 Interim Report F-87

For the six months ended 30 June 2017 (Unaudited) 13 13 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Trade receivables 53,737 36,665 Notes receivable 2,000 5,000 Total trade receivables 55,737 41,665 Less: Provision for impairment of receivables Trade receivables net 55,737 41,665 31 Receivables from related parties 10,666,884 11,012,401 (a) Prepaid income tax and land appreciation tax (a) 1,942,288 1,377,042 (b) Tender deposits (b) 1,581,329 1,147,138 (c) Prepaid value-added tax (c) 1,458,210 741,124 (d) Receivables from other investors of joint ventures (d) 1,417,224 1,184,156 Advances from pre-sale of properties deposited (e) with a government designated entity (e) 1,075,068 (f) Prepayments for investments in joint ventures (f) 838,455 1,010,235 Lending to an investee company 551,504 51,908 Receivable from non-controlling shareholders of subsidiaries 418,000 63,388 Other deposits 391,634 335,197 Prepayments for construction costs 363,110 192,428 Prepayments for equipment 367,708 173,100 (g) Prepaid business tax and surcharges (g) 361,185 539,534 (hi) Deposits with public housing fund centres (h) 206,475 228,546 Amounts paid on behalf of third parties 172,489 149,119 (i) Deposits for property maintenance (i) 171,607 163,696 Prepaid property management fees 19,015 23,423 Deposits for acquisition of subsidiaries 2,999,027 Others 234,470 148,963 Less: Non-current portion of other 22,292,392 21,582,090 receivables and prepayments (1,930,974) (1,347,031) Current portion 20,361,418 20,235,059 F-88 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 13 3090 13 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS (Cont d) Trade receivables are mainly arisen from sales of properties, leases of investment properties and various services. Proceeds in respect of properties sold are normally received within three months after signing of related sales and purchase agreements, and rentals in respect of leased properties are generally received in advance. Customers receiving the Group s services are generally granted a credit term of 30 days to 90 days. (a) 5% 15% (a) Land appreciation tax is provisionally levied based on rates required by the local tax bureaus when the Group receives advances from customers, which are recorded as prepayments before the relevant revenue is recognised. In addition, a deemed profit of 5% to 15% of advances received from the customers is added to the accounting income when calculating taxable income and the prepaid income tax is similarly recorded as prepayments. (b) (b) This balance represents the tender deposits for bidding of land use rights, which will be subsequently received or transferred to prepayments for leasehold land. (c) 2016 5 1 11% 2016 4 30 5% 3% 5% (c) Effective from 1 May 2016, the Group s sale of properties are subject to value-added tax ( VAT ). Under general VAT method, the Group is subject to 11% VAT on valueadded amount. Qualified old construction projects, which are those with construction commenced on or before 30 April 2016, however, has an alternative to elect a simplified VAT method, which is 5% on sales with no deduction of input VAT. The Group prepays VAT at 3% or 5% when receiving advances from customers and such payment is recorded as prepaid VAT before the relevant revenue is recognised. (d) (d) The receivables from other investors of joint ventures are unsecured, non-interest bearing and have no fixed repayment terms. Future Land Development Holdings Limited 2017 2017 Interim Report F-89

For the six months ended 30 June 2017 (Unaudited) 13 13 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS (Cont d) (e) 2016 12 2017 6 30 1,075,068,000 (e) According to a regulation released by Changzhou government in December 2016, property development companies in Changzhou are required to deposit the advance from pre-sale of properties with a government designated entity. Such deposit is released to the property development companies by instalments based on the development stages of the properties. As at 30 June 2017, the Group had a balance of RMB1,075,068,000 deposited with the designated entity. (f) (f) This balance represents amounts, mainly for acquisition of land use rights, paid on behalf of the joint ventures to be established. (g) 2016 5 1 5% (g) Prior to 1 May 2016, the Group s sale of properties are subject to business tax, which is levied at 5% when the Group receives advances from customers. Such payment of taxes, together with the relevant surcharges are recorded as prepaid business tax and surcharges before the relevant revenue is recognised. (h) (h) This balance represents the deposits paid to public housing fund centres to secure the housing fund loans taken by certain property purchasers of the Group. Such deposits will be released upon the issue of the properties ownership certificate by government authorities to these purchasers and submitted to the public housing fund centres. (i) (i) This balance represents the deposits paid for property maintenance after first delivery of the relevant properties, which will be subsequently recovered in ten years thereafter. F-90 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 13 2017 6 302016 12 31 13 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS (Cont d) As at 30 June 2017 and 31 December 2016, the aging of the majority of trade receivables and notes receivable are less than one year. 2017 6 302016 12 31 2017 6 302016 12 31 The maximum exposure to credit risk at 30 June 2017 and 31 December 2016 is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral security. As at 30 June 2017 and 31 December 2016, the fair value of trade and other receivables approximate their carrying amounts. 2017 6 302016 12 31 14 As at 30 June 2017 and 31 December 2016, the carrying amounts of trade and other receivables and prepayments are primarily denominated in RMB. 14 CASH AT BANK AND ON HAND 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Cash at bank and on hand Denominated in RMB 19,662,160 13,207,788 Denominated in USD 3,176,336 444,852 Denominated in HKD 682,484 103,784 Denominated in GBP 37 23,521,017 13,756,424 2017 6 30 1.70% 2016 12 31 1.50% The effective interest rate on the Group s bank deposits as at 30 June 2017 was 1.70% (31 December 2016: 1.50%) per annum. Future Land Development Holdings Limited 2017 2017 Interim Report F-91

For the six months ended 30 June 2017 (Unaudited) 14 14 CASH AT BANK AND ON HAND (Cont d) Cash and cash equivalents of the Group were determined as follows: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Cash at bank and on hand 23,521,017 13,756,424 Less: Restricted cash (5,733,533) (1,851,085) 17,787,484 11,905,339 Restricted cash of the Group comprised of the following: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Deposits for letters of guarantee issued for project construction 931,746 983,827 Margin deposits for notes issued 927,245 750,539 (a) Deposits as security for property purchasers mortgage loans (a) 40,820 116,719 17 Deposits pledged for borrowings (Note 17) 3,833,722 5,733,533 1,851,085 (a) (a) These bank deposits are restricted to secure the bank loans taken by certain property purchasers of the Group pursuant to the local regulations of certain cities. Such deposits will be released upon the issue of the properties ownership certificate by government authorities to these purchasers and submitted to the mortgage banks. F-92 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 15 15 SHARE CAPITAL (a) (a) Authorised shares 2016 1 12016 6 30 2017 1 12017 6 30 As at 1 January 2016, 30 June 2016, 1 January 2017 and 30 June 2017 (Unaudited) Number of authorised shares HKD share 10,000,000,000 (b) (b) Issued shares Number of issued shares 0.001 HKD0.001 each Ordinary shares RMB 2016 1 12016 6 30 2017 1 12017 6 30 As at 1 January 2016, 30 June 2016,1 January 2017 and 30 June 2017 (Unaudited) 5,658,000,000 4,608,923 16 2017 2016 6 30 41,423,000 1,743,000 16 SHARE-BASED PAYMENTS The Group recognised an expense of RMB41,423,000 and RMB1,743,000 respectively for the six months ended 30 June 2017 and 2016. Future Land Development Holdings Limited 2017 2017 Interim Report F-93

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Non-current, secured: (a) Bank loans (a) 15,790,438 7,402,275 (g) Loans from non-bank financial institutions (g) 3,100,000 2019 7 2019 b(i) Senior notes due July 2019 ( 2019 Notes ) (b(i)) 2,393,051 2017 11 2017 b(ii) Senior notes due November 2017 ( 2017 Notes ) (b(ii)) 1,686,300 1,716,560 2020 2 2020 b(iii) Senior notes due February 2020 ( 2020 Notes ) (b(iii)) 2,338,361 Non-current, unsecured: 2022 3 2022 c(i) Middle term notes due March 2022 ( 2022 Middle Term Notes ) (c(i)) 1,500,000 2022 4 2022 I c(ii) Middle term notes due April 2022 ( 2022 Middle Term Notes I ) (c(ii)) 1,500,000 2022 5 2022(d) Private placement notes due May 2022 ( 2022 PPN ) (d) 2,000,000 2019 7 2019 e(i) Corporate bonds due July 2019 ( 2019 Bonds ) (e(i)) 1,999,635 1,995,873 2020 11 2020 e(ii) Corporate bonds due November 2020 ( 2020 Bonds ) (e(ii)) 2,989,543 2,985,827 2018 11 2018 e(iii) Corporate bonds due November 2018 ( 2018 Bonds ) (e(iii)) 1,996,431 1,991,704 2019 3 2019I e(iv) Corporate bonds due March 2019 ( 2019 Bonds I ) (e(iv)) 1,842,604 1,837,435 2021 8 2021 e(vi) Corporate bonds due August 2021 ( 2021 Bonds ) (e(vi)) 1,981,236 1,977,117 2023 9 2023 e(vii) Corporate bonds due September 2023 ( 2023 Bonds ) (e(vii)) 498,467 498,449 2021 10 2021I e(viii) Corporate bonds due October 2021 ( 2021 Bonds I ) (e(viii)) 2,489,700 2,487,571 41,712,715 25,285,862 Less: Current portion of long-term borrowings (11,750,074) (8,249,709) 29,962,641 17,036,153 Current, secured: (a) Bank loans (a) 2,666,377 778,615 f(i) Trust arrangement (f(i)) 1,300,000 Current, unsecured: 2019 3 2019II e(v) Corporate bonds due March 2019 ( 2019 Bonds II ) (e(v)) 1,085,000 1,147,390 f(ii) Trust arrangement (f(ii)) 1,250,000 Current portion of long-term borrowings 11,750,074 8,249,709 18,051,451 10,175,714 F-94 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (a) 8 11 7 18 14 (a) These bank loans of the Group are secured by leasehold land to be developed, properties under development, properties held for sale, investment properties (Note 8), land use rights (Note 11), property, plant and equipment (Note 7), shares of subsidiaries (Note 18) and bank deposits (Note 14) of the Group and/or guaranteed by subsidiaries of the Company for each other. (b) (b) Senior notes (i) 2019 (i) 2019 Notes 2014 7 3.5 2019 2019 10.25%2015 1 21 1 21 7 21 In July 2014, the Company issued five-year senior notes with principal amount of USD350,000,000 ( 2019 Notes ), which were listed on the Singapore Exchange Securities Trading Limited. The 2019 Notes are denominated in USD, and bear interest rate at 10.25% per annum, payable semi-annually in arrears on or on the business day nearest to 21 January and 21 July of each year, beginning 21 January 2015. 2019 According to the terms of 2019 Notes, the Notes may be redeemed in the following circumstances: Future Land Development Holdings Limited 2017 2017 Interim Report F-95

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (b) (b) Senior notes (Cont d) (i) 2019 (i) 2019 Notes (Cont d) 2017 At any time and from time to time on 7 21 or after 21 July 2017, the Company may redeem the 2019 Notes, in whole or in part, at a redemption price equal to the 2019 percentage of principal amount set forth below, plus accrued and unpaid interest, 7 21 if any, to (but excluding) the redemption 12 date, if redeemed during the 12-month period commencing on 21 July of any year set forth below: Redemption Year Price 2017 7 212018 7 20 21 July 2017 to 20 July 2018 105.1250% 2018 7 21 21 July 2018 and thereafter 102.5625% 2017 7 21 2019 100% At any time prior to 21 July 2017, the Company may at its option redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the 2019 Notes plus the applicable premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. F-96 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (b) (b) Senior notes (Cont d) (i) 2019 (i) 2019 Notes (Cont d) 2017 7 21 2019 35% 2019 110.25% 2019 65% 60 At any time and from time to time prior to 21 July 2017, the Company may redeem up to 35% of the aggregate principal amount of the 2019 Notes with proceeds from sales of certain kinds of its capital stock, subject to certain conditions, at a redemption price of 110.25% of the principal amount of the 2019 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least 65% of the aggregate principal amount of the 2019 Notes issued on the original issue date remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering. 2017 3 20 378 2019 191,810,000 On 20 March 2017, the Group redeemed the 2019 Notes at a redemption price of approximately USD378 million, incurring a loss of RMB191,810,000. Future Land Development Holdings Limited 2017 2017 Interim Report F-97

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (b) (b) Senior notes (Cont d) (ii) 2017 (ii) 2017 Notes 2015 11 2.5 2017 2017 6.25%2015 11 12 5 1211 12 In November 2015, the Company issued twoyear senior notes with principal amount of USD250,000,000 ( 2017 Notes ), which were listed on the Singapore Exchange Securities Trading Limited. The 2017 Notes are denominated in USD, and bear interest rate at 6.25% per annum, payable semi-annually in arrears on or on the business day nearest to 12 May and 12 November of each year, beginning 12 November 2015. 2017 2017 100% According to the terms of 2017 Notes, the Company may at its option redeem the 2017 Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes plus the applicable premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. (iii) 2020 (iii) 2020 Notes 2017 2 3.5 2020 2020 5.00% 2017 2 16 2 16 8 16 In February 2017, the Company issued threeyear senior notes with principal amount of USD350,000,000 ( 2020 Notes ),which were listed on the Singapore Exchange Securities Trading Limited. The 2020 Notes are denominated in USD, and bear interest rate at 5.00% per annum, payable semi-annually in arrears on or on the business day nearest to 16 February and 16 August of each year, beginning 16 February 2017. F-98 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (b) (b) Senior notes (Cont d) (iii) 2020 (iii) 2020 Notes (Cont d) 2020 2020 According to the terms of 2020 Notes, the Notes may be redeemed in the following circumstances: 2020 2 16 2020 2020 100% At any time prior to 16 February 2020, the Company may at its option redeem the 2020 Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the 2020 Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. 2020 2 16 2020 35% 2020 105.0% 2020 65% 60 At any time and from time to time prior to 16 February 2020, the Company may redeem up to 35% of the aggregate principal amount of the 2020 Notes with the net cash proceeds of one or more sales of common stock of the Company in an equity offering at a redemption price of 105.0% the principal amount of the 2020 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least 65% of the aggregate principal amount of the 2020 Notes originally issued on the original issue date remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering. Future Land Development Holdings Limited 2017 2017 Interim Report F-99

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (b) (b) Senior notes (Cont d) 2016 12 312017 6 30 The early redemption options are regarded as embedded derivatives not closely related to the host contract. The board of directors is of the view that the Company has no plan of any early redemption and the fair values of the above early redemption options were insignificant on initial recognition and as at 31 December 2016 and 30 June 2017. The above senior notes are general obligations guaranteed by certain subsidiaries other than those established under the law of the PRC ( Subsidiary Guarantors ), and secured by a pledge on the shares of certain initial Subsidiary Guarantors. 2017 7 18 100%. On 18 July 2017, the Company announced that all the outstanding senior notes will be redeemed in full at a redemption price equal to 100% of the principal amount plus the applicable premium if the Company completes its privatisation. F-100 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (c) (c) Middle term notes (i) 2022 (i) 2022 Middle Term Notes 2017 3A 15 2022 2022 5.4% 2017 3 16 3 16 In March 2017, the A share company issued fiveyear medium-term notes with principal amount of RMB1,500,000,000 ( 2022 Middle Term Notes ), which were listed on the Shanghai Stock Exchange. The 2022 Middle Term Notes are denominated in RMB, and bear interest rate at 5.4% per annum for the first three years, payable annually in arrears on or on the business day nearest to 16 March of each year, beginning 16 March 2017. 2022 A 2022 100% A According to the terms of 2022 Middle Term Notes, A share company may at its option adjust the interest rate at the end of the third year which will be fixed in the remaining period, and the noteholders may at their option sell the middle term notes back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2022 Middle Term Notes plus accrued and unpaid interest to the sold-back date. Future Land Development Holdings Limited 2017 2017 Interim Report F-101

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (c) (c) Middle term notes (Cont d) (ii) 2022 I (ii) 2022 Middle Term Notes I 2017 4A 15 2022 I 2022 I 5.25% 2017 4 14 4 14 In April 2017, the A share company issued fiveyear medium-term notes with principal amount of RMB1,500,000,000 ( 2022 Middle term notes I ), which were listed on the Shanghai Stock Exchange. The 2022 Middle term notes I are denominated in RMB, and bear interest rate at 5.25% per annum for the first three years, payable annually in arrears on or on the business day nearest to 14 April of each year, beginning 14 April 2017. 2022 I A 2022 I 100% A According to the terms of 2022 Middle Term Notes I, the A share company may at its option adjust the interest rate at the end of the third year which will be fixed in the remaining period, and the noteholders may at their option sell the middle term notes back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2022 Middle Term Notes I plus accrued and unpaid interest to the sold-back date. (d) 2022 (d) 2022 Private Placement Notes 2017 5A 20 2022 2022 6.3% 2017 5 17 5 17 In May 2017, the A share company issued five-year private placement notes with principal amount of RMB2,000,000,000 ( 2022 PPN ). The 2022 PPN are denominated in RMB, and bear interest rate at 6.3% per annum for the first three years, payable annually in arrears on or on the business day nearest to 17 May of each year, beginning 17 May 2017. 2022A 2022 100% A According to the terms of 2022 PPN, the A share company may at its option adjust the interest rate at the end of the third year which will be fixed in the remaining period, and the noteholders may at their option sell the notes back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2022 PPN plus accrued and unpaid interest to the soldback date. F-102 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 (e) (i) 2019 2014 7 B 20 2019 2019 8.9%2015 7 23 7 23 2019 B 2019 100% B B 0 100 100% B 2019 BA 2017 6 10A 2019 2017 7 24 108.9% A 2017 7 24 17 BORROWINGS (Cont d) (e) Corporate bonds (i) 2019 Bonds In July 2014, the former B share company issued five-year corporate bonds with principal amount of RMB2,000,000,000 ( 2019 Bonds ), which were listed on the Shanghai Stock Exchange. The 2019 Bonds are denominated in RMB, and bear interest rate at 8.9% per annum for the first three years, payable annually in arrears on or on the business day nearest to 23 July of each year, beginning 23 July 2015. According to the terms of 2019 Bonds, the former B share company may at its option redeem the 2019 Bonds in whole at end of the third year, at a redemption price equal to 100% of the principal amount of the Bonds plus accrued and unpaid interest to the redemption date. If the former B share company waives the optional redemption at end of the third year, the former B share company may at its option raise the interest rate by 0 to 100 basis points which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the former B share company, in whole or in part, at a price equal to 100% of the principal amount of the Bonds plus accrued and unpaid interest to the sold-back date. The obligations relating to the 2019 Bonds had been transferred from the former B share company to the A share company. On 10 June 2017, the A share company announced that all the outstanding 2019 Bonds will be redeemed in full on 24 July 2017 (the Redemption Date ) at a redemption price equal to 108.9% of the principal amount thereof, plus accrued and unpaid interest, if any, to the Redemption Date. The Company subsequently completed the redemption on 24 July 2017. Future Land Development Holdings Limited 2017 2017 Interim Report F-103

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (e) (e) Corporate bonds (Cont d) (ii) 2020 (ii) 2020 Bonds 2015 11A 30 2020 2020 4.5%2016 11 3 11 3 In November 2015, the A share company issued five-year corporate bonds with principal amount of RMB3,000,000,000 ( 2020 Bonds ), which were listed on the Shanghai Stock Exchange. The 2020 Bonds are denominated in RMB and bear interest rate at 4.5% per annum for the first three year, payable annually in arrears on or on the business day nearest to 3 November of each year, beginning 3 November 2016. 2020 A 2020100% A According to the terms of 2020 Bonds, the A share company may at its option adjust the interest rate at end of the third year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2020 Bonds plus accrued and unpaid interest to the sold-back date. (iii) 2018 (iii) 2018 Bonds 2015 11A 20 2018 2018 6.0%2016 11 10 11 10 In November 2015, the A share company issued three-year corporate bonds with principal amount of RMB2,000,000,000 ( 2018 Bonds ), which were listed on the Shanghai Stock Exchange. The 2018 Bonds are denominated in RMB, and bear interest rate at 6.0% per annum for the first two years, payable annually in arrears on or on the business day nearest to 10 November of each year, beginning 10 November 2016. 2018 A 2018100% A According to the terms of 2018 Bonds, the A share company may at its option adjust the interest rate at the end of the second year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2018 Bonds plus accrued and unpaid interest to the sold-back date. F-104 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (e) (e) Corporate bonds (Cont d) (iv) 2019I (iv) 2019 Bonds I 2016 3A 18.5 2019I 2019I 5.44% 2016 3 31 3 31 In March 2016, the A share company issued three-year corporate bonds with principal amount of RMB1,850,000,000 ( 2019 Bonds I ), which were listed on the Shanghai Stock Exchange. The 2019 Bonds I are denominated in RMB, and bear interest rate at 5.44% per annum for the first two years, payable annually in arrears on or on the business day nearest to 31 March of each year, beginning 31 March 2016. 2019 I A 2019 I 100% A According to the terms of 2019 Bonds I, the A share company may at its option adjust the interest rate at the end of the second year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2019 Bonds I plus accrued and unpaid interest to the sold-back date. Future Land Development Holdings Limited 2017 2017 Interim Report F-105

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (e) (e) Corporate bonds (Cont d) (v) 2019II (v) 2019 Bonds II 2016 3A 11.5 2019II 2019II 4.76% 2016 3 31 3 31 In March 2016, the A share company issued three-year corporate bonds with principal amount of RMB1,150,000,000 ( 2019 Bonds II ), which were listed on the Shanghai Stock Exchange. The 2019 Bonds II are denominated in RMB, and bear interest rate at 4.76% per annum for the first year, payable annually in arrears on or on the business day nearest to 31 March of each year, beginning 31 March 2016. 2019 II A 2019II 100% A According to the terms of 2019 Bonds II, the A share company may at its option adjust the interest rate at the end of the first and second year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2019 Bonds II plus accrued and unpaid interest to the sold-back date. 2017 3 29 65,000,000 On 29 March 2017, the principal amount of RMB65,000,000 have been redeemed. F-106 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (e) (e) Corporate bonds (Cont d) (vi) 2021 (vi) 2021 Bonds 2016 8A In August 2016, the A share company issued five- 20 year corporate bonds with principal amount of RMB2,000,000,000 ( 2021 Bonds ), which were 2021 listed on the Shanghai Stock Exchange. The 2021 Bonds are denominated in RMB, and bear interest 2021 rate at 4.48% per annum for the first three years, payable annually in arrears on or on the business 4.48% 2016 day nearest to 15 August of each year, beginning 8 15 15 August 2016. 8 15 2021 According to the terms of 2021 Bonds, the A A share company may at its option adjust the interest rate at the end of the third year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds 2021100% back to the A share company, in whole or in part, at a price equal to 100% of the principal amount A of the 2021 Bonds plus accrued and unpaid interest to the sold-back date. (vii) 2023 (vii) 2023 Bonds 2016 9A In September 2016, the A share company issued 5 seven-year corporate bonds with principal amount of RMB500,000,000 ( 2023 Bonds ), which were 2023 listed on the Shanghai Stock Exchange. The 2023 Bonds are denominated in RMB, and bear interest 2023 rate at 4.80% per annum for the first five years, payable annually in arrears on or on the business 4.80% 2016 day nearest to 12 September of each year, 9 12 beginning 12 September 2016. 9 12 2023 According to the terms of 2023 Bonds, the A A share company may at its option adjust the interest rate at the end of the fifth year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds 2023100% back to the A share company, in whole or in part, at a price equal to 100% of the principal amount A of the 2023 Bonds plus accrued and unpaid interest to the sold-back date. Future Land Development Holdings Limited 2017 2017 Interim Report F-107

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (e) (e) Corporate bonds (Cont d) (viii) 2021I (viii) 2021 Bonds I 2016 10A 25 2021I 2021I 4.41% 2016 10 17 10 17 In October 2016, the A share company issued five-year corporate bonds with principal amount of RMB2,500,000,000 ( 2021 Bonds I ), which were listed on the Shanghai Stock Exchange. The 2021 Bonds I are denominated in RMB, and bear interest rate at 4.41% per annum for the first three years, payable annually in arrears on or on the business day nearest to 17 October of each year, beginning 17 October 2016. 2021 I A 2021 I 100% A According to the terms of 2021 Bonds I, the A share company may at its option adjust the interest rate at the end of the third year which will be fixed in the remaining period, and the bondholders may at their option sell the bonds back to the A share company, in whole or in part, at a price equal to 100% of the principal amount of the 2021 Bonds I plus accrued and unpaid interest to the sold-back date. F-108 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (f) (f) Trust arrangement (i) (i) Secured 6.7% 2018 4 21 The balance represents a loan from a trust company with investment property located in Changzhou and its related rental and management fee receivable as collateral. The loan bears interest rate of 6.7% per annum and falls due on 21 April 2018. (ii) (ii) Unsecured 7.5 6% 57% 7.5 2017 8 1 The balance includes RMB750,000,000, 6%, nine month loan and RMB500,000,000, 7%, six month loan. These are bridge loans and RMB750,000,000 was repaid on 1 August 2017. (g) A (g) Loans from non-bank financial institution represent borrowings from a security company with shares of the A share company pledged as collateral. Future Land Development Holdings Limited 2017 2017 Interim Report F-109

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (h) (h) Movements in borrowings are analysed as follows: RMB 000 (Unaudited) 2017 6 30 Six months ended 30 June 2017 2017 1 1 Opening amount as at 1 January 2017 27,211,867 Proceeds from borrowings Banks 12,591,952 Non-bank financial institutions 3,100,000 Middle term notes 3,000,000 Senior notes 2,402,015 Private placement notes 2,000,000 Trust arrangements 2,800,000 Net foreign exchange gains relating to bank borrowings (43,978) Changes in amortised costs of corporate bonds 26,250 Changes in amortised costs of senior notes 10,754 Net foreign exchange gains relating to senior notes (87,164) 30 Acquisition of subsidiaries (Note 30) Banks 400,000 Repayments of borrowings Banks (2,672,049) Senior notes (2,410,555) Trust arrangements (250,000) Corporate bonds (65,000) 2017 6 30 Closing amount as at 30 June 2017 48,014,092 (Unaudited) 2016 6 30 Six months ended 30 June 2016 2016 1 1 Opening amount as at 1 January 2016 18,980,464 Proceeds from borrowings Banks 5,114,234 Corporate bonds 2,969,862 Net foreign exchange losses relating to bank borrowings 6,316 Changes in amortised costs of corporate bonds 17,064 Changes in amortised costs of senior notes 8,846 Net foreign exchange losses relating to senior notes 93,098 Repayments of borrowings Banks (1,811,124) Senior notes (2,867,298) 2016 6 30 Closing amount as at 30 June 2016 22,511,462 F-110 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 17 17 BORROWINGS (Cont d) (h) (h) Movements in borrowings are analysed as follows: (Cont d) 2017 6 30 As at 30 June 2017, the aggregate principal of borrowings amounted to RMB29,173,787,000 (31 29,173,787,000 2016 12 December 2016: RMB20,882,886,000) are at fixed 31 20,882,886,000 interest rates. 18 18 PLEDGED ASSETS 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) 7 Property, plant and equipment (Note 7) 1,064,164 1,082,504 Properties under development for sale 19,723,196 11,152,935 11 Land use rights (Note 11) 287,148 287,148 8 Investment properties (Note 8) 2,637,189 2,532,712 31 Investments in joint ventures (Note 31) 2,956,097 1,609,281 14 Restricted cash (Note 14) 3,833,722 30,501,516 16,664,580 Future Land Development Holdings Limited 2017 2017 Interim Report F-111

For the six months ended 30 June 2017 (Unaudited) 18 2017 6 302016 12 31 17 18 PLEDGED ASSETS (Cont d) Certain equity interests in the subsidiaries of the Company were pledged for borrowings as at 30 June 2017 and 31 December 2016, respectively (Note 17). For details, please refer to the table below: 2017 6 30 As at 30 June 2017 (Unaudited) 2016 12 31 As at 31 December 2016 (Audited) Percentage of equity interests in Nanchang Future Land Yuesheng Real Estate Development Co., Ltd. 100% 100% Percentage of equity interests in Nanjing Future Land Chuanghui Real Estate Development Co., Ltd. 100% 100% Percentage of equity interests in Hangzhou Future Land Dejia Real Estate Development Co., Ltd. 100% 100% Percentage of equity interests in Wuhan Future Land Chuangzhi Real Estate Co., Ltd. 100% Percentage of equity interests in Jiaxing Future Land Chuangsheng Real Estate Development Co., Ltd. 100% Percentage of equity interests in Tianjin Future Land Chuangzhi Real Estate Development Co., Ltd. 100% Percentage of equity interests in Qingdao Lizhou Property Co., Ltd. 100% Percentage of equity interests in Kunming Future Land Injoy Real Estate Development Co., Ltd. 100% Percentage of equity interests in Wuhan Jiangnanyinxiang Property Co., Ltd. 90% Percentage of equity interests in Future Land Holdings Co., Ltd. 22% F-112 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 19 19 TRADE AND OTHER PAYABLES 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Trade payables 12,943,884 12,479,079 Notes payable 2,477,545 1,660,614 31 Payables to related parties (Note 31) 16,655,380 10,408,432 (a) Advances from non-controlling shareholders of subsidiaries (a) 176,829 39,300 Business, value-added and other taxes payable 292,963 298,311 Maintenance & decoration fees collected on behalf 56,708 73,840 Accrued payroll 92,214 464,152 Interest payable 730,815 450,583 Deposits for construction biddings and rental deposits 525,775 339,339 Deed tax collected on behalf 68,734 69,686 (b) Temporary funding payables (b) 18,000 18,000 Call option payable 40,000 85,256 Intention deposits from potential property purchasers 177,871 130,113 (c) Amounts received from potential investors in property projects (c) 422,917 2,023,305 Payables for acquisition of subsidiaries, joint ventures and associations 443,761 A Amounts received from participants of the A share company s restricted share incentive scheme 249,660 265,650 Others 248,902 206,906 Less: Non-current portion of 35,621,958 29,012,566 call option payable (36,670) Current portion 35,621,958 28,975,896 Future Land Development Holdings Limited 2017 2017 Interim Report F-113

For the six months ended 30 June 2017 (Unaudited) 19 19 TRADE AND OTHER PAYABLES (Cont d) (a) 2017 6 30 164,829,000 (a) As at 30 June 2017, included in the balance was advances of RMB164,829,000 from an entity established by certain employees including key management of the Group. The advances are non-interest bearing, unsecured and have no fixed repayment terms. (b) (b) Temporary funding payables are payables to non-related parties which are non-interest bearing and unsecured. (c) (c) These amounts will either be returned upon unsuccessful land biddings or be treated as the other parties contribution to new subsidiaries or joint venture of the Group for successful land biddings. They are unsecured, non-interest bearing and have no fixed repayment terms. 2017 6 302016 12 31 As at 30 June 2017 and 31 December 2016, the aging of the majority of trade payables and notes payable are less than one year. 2017 6 302016 12 31 As at 30 June 2017 and 31 December 2016, the fair value of trade and other payables approximate their carrying amounts. 2017 6 302016 12 31 As at 30 June 2017 and 31 December 2016, the carrying amounts of trade and other payables are primarily denominated in RMB. F-114 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 20 20 DEFERRED INCOME TAX The net movement on the deferred income tax account is as follows: 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) At beginning of the period (306,356) (174,857) 25 Credited/(charged) to the consolidated statement of income (Note 25) 172,200 (112,772) 30 Acquisition of subsidiaries (Note 30) 58,957 Disposal of subsidiaries 32,178 At end of the period (75,199) (255,451) 21 2017 2016 6 30 21 REVENUE Revenue of the Group consists of the following for the six months ended 30 June 2017 and 2016: 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Revenue from sales of properties 10,833,920 8,699,465 Revenue from property management 136,933 279,656 Rental income 207,783 131,377 Others 249,053 192,450 11,427,689 9,302,948 Future Land Development Holdings Limited 2017 2017 Interim Report F-115

For the six months ended 30 June 2017 (Unaudited) 22 22 OTHER (LOSSES)/GAINS NET 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Losses on disposal of property, plant and equipment (2,901) (192) Compensation for cancellation of property sales contracts 4,924 4,752 33 Gain from disposal of a subsidiary (Note 33) 561 165,934 Others (5,129) 5,450 (2,545) 175,944 F-116 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 23 23 EXPENSES BY NATURE Expenses included in cost of sales, selling and marketing costs and administrative expenses are analysed as follows: 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Land use rights costs 2,662,454 3,000,132 Construction costs 4,005,094 3,260,224 Direct operating costs incurred for service income 135,758 53,004 Capitalised interest 392,463 253,886 (a) Business tax and surcharges (a) 265,316 475,545 7 Depreciation of property, plant and equipment (Note 7) 129,680 91,907 Amortisation of intangible assets 7,116 15,585 Bank charges 39,563 25,585 Staff costs 833,416 667,183 Entertainment expenses 47,990 34,138 Stamp duty and other taxes 75,390 50,331 Professional and consulting fees 122,769 48,907 Auditors remuneration interim review 1,200 1,200 Sales commission 84,626 27,576 Advertising and publicity costs 205,257 130,979 Rental expenses 53,116 49,669 Travelling expenses 48,280 41,067 Other expenses 188,514 33,763 Total cost of sales, selling and marketing costs and administrative expenses 9,298,002 8,260,681 (a) 2016 5 1 5% 10% 12% (a) Before 1 May 2016, the PRC subsidiaries of the Group are subject to business tax and surcharges. Business tax is levied at 5% of revenue from sale of properties and rental income, while surcharges are 10% to 12% of business tax payable. Future Land Development Holdings Limited 2017 2017 Interim Report F-117

For the six months ended 30 June 2017 (Unaudited) 24 24 FINANCE COSTS NET 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Finance costs Interest on borrowings (1,102,061) (769,979) Less: Interest capitalised 639,532 537,524 17 (462,529) (232,455) Loss from early redemption of Senior Notes (Note 17) (191,810) Net foreign exchange gains/(losses) relating to borrowings 131,142 (99,414) Net foreign exchange (losses)/gains on cash and cash equivalents (68,623) 949 Total finance costs (591,820) (330,920) Finance income Interest income on bank deposits 83,056 88,507 Net finance costs (508,764) (242,413) 25 25 INCOME TAX EXPENSE 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Current income tax PRC land appreciation tax 615,057 7,448 PRC corporate income tax 684,016 270,417 1,299,073 277,865 Deferred income tax (172,200) 112,772 Total income tax charged for the period 1,126,873 390,637 F-118 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 25 2017 6 30 2016 6 30 25% 25 INCOME TAX EXPENSE (Cont d) Hong Kong profits tax Hong Kong profits tax has not been provided for as the Group has no estimated assessable profits in Hong Kong during the six months ended 30 June 2017 (Six months ended 30 June 2016: Nil). PRC corporate income tax Under the Corporate Income Tax Law of the PRC ( CIT Law ), the CIT rate applicable to the Group s subsidiaries located in mainland China is 25%. 2008 1 1 10% 2008 1 1 5% 2017 6 30 5% 6,178,000 2016 6 30 4,775,000 The CIT Law and its implementation rules impose a withholding tax at 10% for dividends distributed by a PRC-resident enterprise to its immediate holding company outside PRC for earnings generated beginning 1 January 2008 and undistributed earnings generated prior to 1 January 2008 are exempted from such withholding tax. A lower 5% withholding tax rate may be applied when the immediate holding companies are established in Hong Kong according to the tax treaty arrangement between the PRC and Hong Kong. For the six months ended 30 June 2017, the Group accrued for PRC withholding tax with amount of RMB6,178,000 (Six months ended 30 June 2016: RMB4,775,000) based on the tax rate of 5% on a portion of the earnings generated by its PRC entities. The Group controls the dividend policies of these subsidiaries and it has been determined that it is probable that a majority of these earnings will not be distributed in the foreseeable future. 30% 60% Land appreciation tax PRC land appreciation tax is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sales of properties less deductible expenditures including lease charges for land use rights and all property development expenditures, and is included in the consolidated statement of income as income tax expense. Future Land Development Holdings Limited 2017 2017 Interim Report F-119

For the six months ended 30 June 2017 (Unaudited) 26 20172016 6 30 26 EARNINGS PER SHARE Basic earnings per share for the six months ended 30 June 2017 and 2016 is calculated by dividing the profit of the Group attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. 6 30 Six months ended 30 June 2017 2016 2017 2016 (Unaudited) (Unaudited) Consolidated profit attributable to equity holders of the Company (RMB 000) 357,624 490,756 Weighted average number of ordinary shares in issue ( 000) 5,658,000 5,658,000 Basic earnings per share (RMB) 0.06 0.09 27 20172016 6 30 2017 6 30 2016 6 30 As there were no dilutive options and other dilutive potential shares in issue during the six months ended 30 June 2017 and 2016, diluted earnings per share is the same as basic earnings per share. 27 DIVIDENDS The board of directors has resolved not to declare interim dividend for the six months ended 30 June 2017 (Six months ended 30 June 2016: Nil). 2017 5 18 2016 0.05 282,900,000 2017 6 30 2017 6 30 A final dividend in respect of 2016 of RMB0.05 per ordinary share using the share premium account, amounting to RMB282,900,000, has been approved at the annual general meeting of the Company held on 18 May 2017. The dividend is reflected as an appropriation of share premium for the six months ended 30 June 2017. The amount had been fully paid as at 30 June 2017. F-120 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 28 28 COMMITMENTS (a) (a) Property development expenditure commitments 2017 6 30 2016 12 As at 30 June 2017 and 31 December 2016, property 31 development expenditure committed but not yet incurred are as follows: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Contracted but not provided for 31,428,264 32,220,885 (b) (b) Capital commitments 2017 6 30 2016 12 31 As at 30 June 2017 and 31 December 2016, capital committed but not yet incurred are as follows: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Committed acquisition of equipment 330,263 188,444 Future Land Development Holdings Limited 2017 2017 Interim Report F-121

For the six months ended 30 June 2017 (Unaudited) 28 28 COMMITMENTS (Cont d) (c) (c) Operating lease commitments 2017 6 30 2016 12 As at 30 June 2017 and 31 December 2016, the future 31 aggregate minimum rental expenses in respect of certain office buildings held under non-cancellable operating leases are payable in the following periods: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Within 1 year 45,798 32,439 1 to 5 years 96,922 91,183 After 5 years 33,690 45,948 176,410 169,570 (d) (d) Investment commitments 2017 6 30 2016 12 As at 30 June 2017 and 31 December 2016, committed 31 investments are as follows: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Committed equity acquisition 95,140 1,255,297 Committed investments in associates 800,000 800,000 Committed investments in joint ventures 511,465 27,852 1,406,605 2,083,149 F-122 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 28 28 COMMITMENTS (Cont d) (e) (e) Operating lease rentals receivable 2017 6 30 2016 12 As at 30 June 2017 and 31 December 2016, the future 31 aggregate minimum rental receipts under non-cancellable operating leases in respect of land and buildings are receivable in the following periods: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Within 1 year 430,973 430,556 1 to 5 years 1,030,130 1,023,701 After 5 years 356,181 446,883 1,817,284 1,901,140 29 29 FINANCIAL GUARANTEES (a) (a) Guarantees on mortgage facilities 2017 6 30 2016 12 31 The Group had the following contingent liabilities in respect of financial guarantees on mortgage facilities as at 30 June 2017 and 31 December 2016: 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) Guarantees in respect of mortgage facilities for certain purchasers of the Group s properties 16,254,866 12,130,334 Future Land Development Holdings Limited 2017 2017 Interim Report F-123

For the six months ended 30 June 2017 (Unaudited) 29 29 FINANCIAL GUARANTEES (Cont d) (a) (a) Guarantees on mortgage facilities (Cont d) (i) (ii) The Group has arranged bank financing for certain purchasers of the Group s properties and provided guarantees to secure obligations of such purchaser for repayments. Such guarantees will terminate upon the earlier of (i) the issue of the real estate ownership certificate by government authorities to the purchaser which will generally occur within an average period of two to three years from the completion of the guarantee registration and submitted to the mortgage bank; or (ii) the satisfaction of mortgage loans by the purchasers of the properties. Pursuant to the terms of the guarantees, upon default of mortgage payments by these purchasers, the Group is responsible to repay the outstanding mortgage principal together with accrued interest and penalties owed by the defaulting purchasers to the banks and the Group is entitled to take over the legal title and possession of the related properties. The Group s guarantee period starts from the date of grant of mortgage. The directors consider that the likelihood of default of payments by the purchasers is minimal and therefore the financial guarantee measured at fair value is immaterial. (b) (b) Corporate guarantees 2017 6 30 2016 12 31 18 There are certain corporate guarantees provided by the Group s subsidiaries for each other in respect of borrowings (Note 18) as at 30 June 2017 and 31 December 2016. The directors consider that the subsidiaries are able to sufficiently financially resourced to settle their obligations. 2017 6 30 15,526,085,000 2016 12 31 13,937,002,000 31(b)(x) As at 30 June 2017, the Group provided guarantee with the amount of RMB15,526,085,000 (31 December 2016: RMB13,937,002,000) to its joint ventures and associates (Note 31(b)(x)). F-124 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 30 (a) 2017 5 31 58,854,000 51,080,000 60% 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATIONS AND ASSET ACQUISITIONS) (a) Business combination On 31 May 2017, the Group acquired 60% equity interests and obtained the control of Future Land Resources Capital Group Limited. (Formerly known as Resources Capital Group Limited, or FLRC ) at a consideration of HKD58,854,000 (equivalent to RMB51,080,000). The following table summarises the consideration paid for FLRC, the fair value of assets acquired, liabilities assumed and the non-controlling interest at the acquisition date. 2017 5 31 At 31 May 2017 RMB 000 Purchase consideration Cash paid 57,647 (i) Contingent consideration (i) (752) (ii) Put option (ii) (5,815) Recognised amounts of identifiable assets acquired and liabilities assumed: 51,080 Cash and cash equivalents 92,924 Property, plant and equipment 1,029 Intangible assets 21,419 Loans and advances to customers 1,562 Trade and other receivables and prepayments 20,887 Client trust bank balances 21,297 Trade and other payables (71,855) Deferred income tax liabilities (3,423) Total identifiable net assets 83,840 Non-controlling interest (33,537) Goodwill 777 Net assets acquired 51,080 2017 5 31 At 31 May 2017 RMB 000 Outflow of cash to acquire business, net of cash acquired Cash consideration 57,647 Cash and cash equivalents in subsidiary acquired (92,924) Cash inflow on acquisition (35,277) Future Land Development Holdings Limited 2017 2017 Interim Report F-125

For the six months ended 30 June 2017 (Unaudited) 30 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATIONS AND ASSET ACQUISITIONS) (Cont d) (a) (a) Business combinations (Cont d) (i) (i) Contingent consideration The contingent consideration arrangement requires the original shareholders of FLRC to pay the Group the shortfall amount under certain conditions and requires the Group to pay the original shareholders the surplus amount under certain other conditions. The fair value of the contingent consideration arrangement is estimated to be HKD866,000 receivable from original shareholder (equivalent to 866,000 RMB752,000) using the multiple-scenario model. 752,000 Description of valuation techniques used and key inputs to valuation on the contingent consideration: Significant Valuation technique unobservable inputs Value multiple-scenario model Variance 2017 6 2019 5 June 2017 May 2019 2019 6 2020 5 June 2019 May 2020 Base case operating profit (HKD 000) 25,000 15,000 Extreme bad case (HKD 000) -40% 15,000 9,000 Worse case (HKD 000) -20% 20,000 12,000 Better case (HKD 000) 20% 30,000 18,000 Extreme good case (HKD 000) 40% 35,000 21,000 Discount rate (cost of equity) 18.1% 18.1% F-126 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 30 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATIONS AND ASSET ACQUISITIONS) (Cont d) (a) (a) Business combinations (Cont d) (ii) (ii) Put option The Group has the right to put the acquired shares back to the original shareholders, on the condition that the performance targets have not been met. After analysing the terms and 3 conditions, the Group considered such options to 12 be put option exercisable 12 months after 3 years (after the Lock-up Period). Such clause would result in put options, which is recognised as derivative financial assets under the non-current assets in the consolidated statement of financial position. The Group have adopted binomial option pricing model to estimate the fair value of the put option as of the acquisition date. Description of valuation techniques used and key inputs to valuation on the put option: Valuation technique Significant unobservable inputs Value Binomial model Risk-free interest rate 0.91% Volatility 42.0% Time to maturity 4 years Dividend yield 5.00% (iii) (iii) Non-controlling interest The fair value of the non-controlling interest in FLRC, an unlisted company, was estimated by using the purchase price paid for acquisition of 60% 60% stake in FLRC. Future Land Development Holdings Limited 2017 2017 Interim Report F-127

For the six months ended 30 June 2017 (Unaudited) 30 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATION AND ASSET ACQUISITIONS) (Cont d) (a) (a) Business combinations (Cont d) (iv) (iv) Revenue and profit contribution 2017 The acquired business contributed revenues of 6 12017 6 30 RMB840,000 and net loss of RMB1,648,000 to the Group for the period from 1 June 2017 to 30 June 840,000 2017. If the acquisition had occurred on 1 January 1,648,000 2017, consolidated revenue and consolidated 2017 1 profit of the Group for the six month ended 30 1 June 2017 would have been RMB11,431,299,000 2017 6 30 and RMB742,517,000 respectively. 11,431,299,000 742,517,000 (b) (b) Asset acquisitions 2017 4 7 On 7 April 2017, the Group acquired 100% of the share capital of Langfang Hairunda Real Estate Co., Ltd., ( Langfang Hairunda ), a company incorporated in Hebei Province, which owns a land plot in Langfang. Total purchase consideration amounted to cash of 717,522,000 RMB717,522,000. The Group intends to use the site to construct a residential area on the land plot, with development commencing in 2017. 2017 2017 5 8 On 8 May 2017, the Group acquired 100% of the share capital of Jinan Rongjian Property Co., Ltd., ( Jinan Rongjian ), a company incorporated in Shandong Province, which owns a land plot in Jinan. Total purchase consideration amounted to cash of RMB35,322,000. 35,322,000 Following the acquisition the Group commenced construction of a residential area. F-128 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 30 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATION AND ASSET ACQUISITIONS) (Cont d) (b) (b) Asset acquisitions (Cont d) 2017 5 17 On 17 May 2017, the Group acquired 100% of the share capital of Wujiang Hengli Property Co., Ltd., ( Wujiang Hengli ), a company incorporated in Jiangsu Province, which owns a land plot in Suzhou. Total purchase consideration amounted to cash of RMB1,357,977,000. 1,357,977,000 Following the acquisition the Group commenced construction of a residential area. 2017 5 17 On 17 May 2017, the Group acquired 100% of the share capital of Jiangsu Meilu Investment Co., Ltd., ( Jiangsu Meilu ), a company incorporated in Jiangsu Province, which owns a land plot in Suzhou. Total purchase consideration amounted to cash of RMB581,517,000. 581,517,000 Following the acquisition the Group commenced construction construction of a residential area. 2017 5 22 On 22 May 2017, the Group acquired 100% of the share capital of Suqian Lida Property Co., Ltd., ( Suqian Lida ), a company incorporated in Jiangsu Province, which owns a land plot in Suqian. Total purchase consideration amounted to cash of RMB145,058,000. 145,058,000 Following the acquisition the Group commenced construction of a residential area. Future Land Development Holdings Limited 2017 2017 Interim Report F-129

For the six months ended 30 June 2017 (Unaudited) 30 30 ACQUISITIONS OF SUBSIDIARIES (BUSINESS COMBINATION AND ASSET ACQUISITIONS) (Cont d) (b) (b) Asset acquisitions (Cont d) 2017 6 30 The assets and liabilities recognised in the consolidated statement of financial position on the dates of the acquisitions during the six months ended 30 June 2017 were (In RMB 000) Langfang Hairunda Asset acquisitions Jinan Wujiang Jiangsu Suqian Rongjian Hengli Meilu Lida Total Property, plant and equipment 242 1 64 307 Deferred income tax assets 62,166 214 62,380 Prepayments for leasehold lands 466,557 466,557 Properties held or under development for sale 1,868,475 240,013 1,502,679 631,644 300,414 4,543,225 Trade and other receivables and prepayments 79,863 7,436 18,830 337,499 443,628 Cash and cash equivalents 74,175 47,336 186 270 121,967 Trade and other payables (665,354) (104,692) (366,095) (69,143) (493,339) (1,698,623) Borrowings (100,000) (300,000) (400,000) Advances from pre-sale of properties (702,045) (702,045) Total purchase consideration settled in cash 717,522 35,322 1,357,977 581,517 145,058 2,837,396 Less: cash and cash equivalents of subsidiaries acquired (74,175) (47,336) (186) (270) (121,967) Net outflow of cash and cash equivalents on acquisitions 643,347 35,322 1,310,641 581,331 144,788 2,715,429 F-130 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (a) (a) Name and relationship with related parties Name Relationship with the Group Mr. Wang Mr. Wang Xiaosong Tianjin Future Land Injoy Real Estate Development Co., Ltd. Suzhou Yusheng Real Estate Development Co., Ltd. Tianjin Future Land Baojun Real Estate Development Co., Ltd. Chengdu Future Land Wanbo Real Estate Development Co., Ltd. Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. Shanghai Feijie Business Management Co., Ltd. Nanjing Huilong Real Estate Co., Ltd. Taizhou Future Land Wanbo Real Estate Development Co., Ltd. Suzhou Future Land Wanrui Real Estate Co., Ltd. Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. Suzhou Jiazhong Real Estate Development Co., Ltd. Chengdu Jiamu Property Co., Ltd. Nanjing Xinbaohong Real Estate Co., Ltd. The controlling shareholder and a director of the Company Family member of Mr. Wang A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group Future Land Development Holdings Limited 2017 2017 Interim Report F-131

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (a) (a) Transactions with related parties (Cont d) Name Relationship with the Group Nanjing Minghongxin Real Estate Development Co., Ltd. Shanghai Jiapeng Real Estate Development Co., Ltd. Tianjin Dianxing Real Estate Co., Ltd. Hangzhou Jiahao Real Estate Development Co., Ltd. Hangzhou Bintong Real Estate Development Co., Ltd. Yiwu Injoy Real Estate Development Co., Ltd. Yongqing Yintai Future Land Construction And Development Co., Ltd. Suzhou Shengming Real Estate Development Co., Ltd. Chongqing Shengmu Real Estate Co., Ltd. Wuhan Qingneng Xinrong Property Co., Ltd. Shanghai Ruitao Real Estate Development Co., Ltd. Changshu Zhongzhi Real Estate Co., Ltd. Kunshan Derui Real Estate Co., Ltd. Nanjing Future Land Guanghong Real Estate Development Co., Ltd. Hangzhou Future Land Songjun Real Estate Development Co., Ltd. Suzhou Baixiang Property Co., Ltd. A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group F-132 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (a) (a) Transactions with related parties (Cont d) Name Relationship with the Group Suzhou Chenghong Real Estate Development Co., Ltd. Shanghai Henggu Real Estate Development Co., Ltd. Jinan Heyichang Property Co., Ltd. Tianjin Junan Real Estate Co., Ltd. Qingdao Zhuoyue Future Land Property Co., Ltd. Shanghai Songming Real Estate Co., Ltd. Shanghai Xinyao Investment Co., Ltd. Shanghai Quankun Investment Co., Ltd. Changsha Qianjing Property Co., Ltd. Shanghai Xiyue Real Estate Development Co., Ltd. Hangzhou Wanzhao Property Co., Ltd. Changshu Wanzhongcheng Real Estate Co., Ltd. Shanghai Jiayu Property Co., Ltd Shanghai Future Land Xudi Real Estate Co., Ltd. Heifei Shengzhuo Real Estate Development Co., Ltd. Suzhou Golden Century Real Estate Development Co., Ltd. Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. Hefei Future Land Chuangyu Real Estate Development Co., Ltd. A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group A joint venture of the Group An associate company of the Group An associate company of the Group An associate company of the Group An associate company of the Group Future Land Development Holdings Limited 2017 2017 Interim Report F-133

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (a) (a) Transactions with related parties (Cont d) Name Relationship with the Group Atlantic Modular System Ltd. An associate company of the Group Jinan Shimao Xinjiyuan Property Co., Ltd. An associate company of the Group Shanghai Wan Zhi Cheng Real Estate Development Co., Ltd. An associate company of the Group Wuxi Chenye Real Estate Development Co., Ltd. An associate company of the Group Shanghai Sheshan Country Club Co., Ltd. A subsidiary of a joint venture of the Group 2017 6 23 Qingdao Daming Real Estate Co., Ltd. A Subsidiary of the Group before 23 June 2017 2017 6 23 A joint venture of the Group after 23 June 2017 Qingdao Future Land Dongjun Real Estate Development A subsidiary of a joint venture of the Group Co., Ltd. Changzhou Wujin District Jindongfang Care Centre Unconsolidated investment of the Group 2016 7 22 Nanjing Future Land Wanlong Real Estate Co., Ltd. A joint venture of the Group before 22 July 2016 2016 7 22 A Subsidiary of the Group after 22 July 2016 Tibet Future Land Property Management Co., Ltd. A related company under Mr. Wang s control Wealth Zone Hong Kong Investments Limited Parent company F-134 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 (b) 2017 6 30 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties During the six months ended 30 June 2017, the Group has the following related party transactions: 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (i) (i) Fundings to related parties Tianjin Future Land Injoy Real Estate Co., Ltd. 1,967,702 440,173 Shanghai Sheshan Country Club Co., Ltd. 1,899,297 1,207,460 Suzhou Yusheng Real Estate Development Co., Ltd. 1,863,222 Tianjin Future Land Baojun Real Estate Development Co., Ltd. 1,228,359 Chengdu Future Land Wanbo Real Estate Development Co., Ltd. 1,087,748 145,780 Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 728,006 Nanjing Huilong Real Estate Co., Ltd. 579,139 Taizhou Future Land Wanbo Real Estate Development Co., Ltd. 507,468 1,052,872 Shanghai Feijie Business Management Co., Ltd. 355,125 Suzhou Future Land Wanrui Real Estate Co., Ltd. 306,765 627,459 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 275,057 Heifei Shengzhuo Real Estate Development Co., Ltd. 252,000 Suzhou Jiazhong Real Estate Development Co., Ltd. 238,293 Suzhou Golden Century Real Estate Development Co., Ltd. 190,272 Chengdu Jiamu Property Co., Ltd. 164,732 Nanjing Xinbaohong Real Estate Co., Ltd. 111,730 Nanjing Minghongxin Real Estate Development Co., Ltd. 93,018 Future Land Development Holdings Limited 2017 2017 Interim Report F-135

For the six months ended 30 June 2017 (Unaudited) 31 (b) 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (i) (i) Fundings to related parties (Cont d) Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. 92,397 Shanghai Jiapeng Real Estate Development Co., Ltd. 83,373 Tianjin Dianxing Real Estate Co., Ltd. 80,021 Hefei Future Land Chuangyu Real Estate Development Co., Ltd. 70,960 Atlantic Modular System Ltd. 60,000 Hangzhou Jiahao Real Estate Co., Ltd. 55,549 515,000 Hangzhou Bintong Real Estate Development Co., Ltd. 50,000 Yiwu Injoy Real Estate Development Co., Ltd. 44,228 398,849 33 Qingdao Daming Real Estate Co., Ltd. (Note 33) 41,089 Yongqing Yintai Future Land Construction And Development Co., Ltd. 30,000 Jinan Shimao Xinjiyuan Property Co., Ltd. 17,500 Suzhou Shengming Real Estate Co., Ltd. 14,215 322,849 Chongqing Shengmu Real Estate Co., Ltd. 13,065 Wuhan Qingneng Xinrong Property Co., Ltd. 12,000 Qingdao Future Land Dongjun Real Estate Development Co., Ltd. 10,249 Shanghai Wan Zhi Cheng Real Estate Co., Ltd 10,000 40,000 Shanghai Ruitao Real Estate Development Co., Ltd. 9,000 701,270 Changshu Zhongzhi Real Estate Co., Ltd. 5,845 15,181 Kunshan Derui Real Estate Co., Ltd. 4,781 30,928 Nanjing Future Land Guanghong Real Estate Development Co., Ltd. 3,822 F-136 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 (b) 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (ii) (ii) Fundings from related parties Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 2,602,126 Tianjin Future Land Baojun Real Estate Development Co., Ltd. 2,446,149 Tianjin Future Land Injoy Real Estate Co., Ltd. 2,113,152 48,000 Chengdu Future Land Wanbo Real Estate Development Co., Ltd. 1,513,061 102,595 Suzhou Yusheng Real Estate Development Co., Ltd. 1,295,422 Yiwu Injoy Real Estate Development Co., Ltd. 1,280,996 881,971 Taizhou Future Land Wanbo Real Estate Development Co., Ltd. 945,299 1,140,536 Shanghai Xinyao Investment Co., Ltd. 933,720 Shanghai Quankun Investment Co., Ltd. 923,920 Chongqing Shengmu Real Estate Co., Ltd. 921,182 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 850,557 154,463 Suzhou Golden Century Real Estate Development Co., Ltd. 802,064 Shanghai Sheshan Country Club Co., Ltd. 748,244 1,041,330 Suzhou Chenghong Real Estate Development Co., Ltd. 538,509 334,068 Nanjing Huilong Real Estate Co., Ltd. 530,400 Changshu Zhongzhi Real Estate Co., Ltd. 493,345 208,017 Changsha Qianjing Property Co., Ltd. 425,000 Suzhou Future Land Wanrui Real Estate Co., Ltd. 423,594 714,706 F-138 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 (b) 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (ii) (ii) Fundings from related parties (Cont d) Qingdao Zhuoyue Future Land Property Co., Ltd. 377,500 515,000 Hefei Future Land Chuangyu Real Estate Development Co., Ltd. 332,710 Nanjing Future Land Guanghong Real Estate Co., Ltd. 313,824 33,741 Suzhou Jiazhong Real Estate Development Co., Ltd. 247,500 Changzhou Wujin District Jindongfang Care Centre 216,201 63,980 Suzhou Shengming Real Estate Co., Ltd. 213,211 217,118 33 Qingdao Daming Real Estate Co., Ltd. (Note 33) 166,700 Chengdu Jiamu Property Co., Ltd. 153,261 Kunshan Derui Real Estate Co., Ltd. 142,941 200,000 Shanghai Xiyue Real Estate Development Co., Ltd. 135,226 Hangzhou Wanzhao Property Co., Ltd. 119,458 Hangzhou Future Land Songjun Real Estate Development Co., Ltd. 83,566 Shanghai Jiapeng Real Estate Development Co., Ltd. 77,750 Nanjing Xinbaohong Real Estate Co., Ltd. 61,200 Hangzhou Bintong Real Estate Development Co., Ltd. 47,500 Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. 37,134 Atlantic Modular System Ltd. 30,435 Changshu Wan Zhong Cheng Real Estate Co., Ltd. 27,666 68,000 Hangzhou Jiahao Real Estate Co., Ltd. 25,799 195,000 Future Land Development Holdings Limited 2017 2017 Interim Report F-139

For the six months ended 30 June 2017 (Unaudited) 31 (b) 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties (Cont d) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (ii) (ii) Fundings from related parties (Cont d) Qingdao Future Land Dongjun Real Estate Development Co., Ltd. 18,163 Shanghai Feijie Business Management Co., Ltd. 12,500 Wuhan Qingneng Xinrong Property Co., Ltd. 12,002 Nanjing Minghongxin Real Estate Development Co., Ltd. 4,500 Shanghai Henggu Real Estate Development Co., Ltd. 2,800 11,200 Suzhou Baixiang Property Co., Ltd. 1,884 Shanghai Songming Real Estate Development Co., Ltd. 1,600 4,800 Tianjin Dianxing Real Estate Co., Ltd. 21 Tianjin Junan Real Estate Co., Ltd. 2 Nanjing Future Land Wanlong Real Estate Co., Ltd. 2,209,034 Shanghai Ruitao Real Estate Development Co., Ltd. 497,670 22,649,794 8,641,229 (iii) (iii) Payments on behalf of related parties Chongqing Shengmu Real Estate Co., Ltd. 844,000 Hefei Future Land Chuangyu Real Estate Development Co., Ltd. 600,000 Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. 476,830 Wuxi Chenye Real Estate Development Co., Ltd. 374,765 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 809,000 Nanjing Future Land Guanghong Real Estate Co., Ltd. 291,477 2,295,595 1,100,477 F-140 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 (b) 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) Transactions with related parties (Cont d) (iv) 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) (iv) Income derived from provision of project management services to joint ventures Taizhou Future Land Wanbo Real Estate Development Co., Ltd. 10,552 Chengdu Future Land Wanbo Real Estate Development Co., Ltd. 7,896 Kunshan Derui Real Estate Co., Ltd. 11,751 Changshu Wan Zhong Cheng Real Estate Co., Ltd. 12,044 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 4,636 Shanghai Songming Real Estate Co., Ltd. 3,332 Suzhou Future Land Wanrui Real Estate Co., Ltd. 3,051 Nanjing Future Land Wanlong Real Estate Co., Ltd. 6,724 59,986 (v) (v) Expenses incurred for accepting residential property management services provided by an entity controlled by Mr. Wang Tibet Future Land Property Management Co., Ltd. 58,849 14,322 (vi) (vi) Expenses incurred for accepting services provided by an associate Atlantic Modular System Ltd. 19,718 (vii) (vii) Disposal of subsidiaries Wealth Zone Hong Kong Investments Limited 319,615 (viii) (viii) Repayment of a previous intra-group payable balance to a former subsidiary Future Land Development Holdings Limited 2017 2017 Interim Report F-141

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) (b) Transactions with related parties (Cont d) 2016 During 2016, the Group disposed of its 100% equity interests in Changzhou Chuangyue Consultancy Co., Ltd. (together with its subsidiaries, the Chuangyue group ) 100% to the Company s parent company, Wealth Zone Hong 2016 Kong. The disposal was completed on 31 May 2016 5 31 and Chuangyue group was thereafter de-consolidated. Chuangyue group had an intra-group outstanding loan receivable balance of approximately RMB108 million 108 immediately before the disposal which became a related party balance after the disposal. The balance was interest-free and not secured by any assets of the Group. The balance was fully repaid subsequently within one 2016 6 month by the Group in June 2016. (ix) (ix) Key management compensation Key management includes directors (executive and non-executive), chief financial officer, vice presidents and assistant presidents. The compensation paid or payable to key management for employee services is shown below: 6 30 Six months ended 30 June 2017 2016 2017 2016 RMB 000 RMB 000 (Unaudited) (Unaudited) Salaries and other short-term employee benefits 17,343 15,559 Restricted share incentive scheme 8,177 Post-employment benefits 354 396 25,874 15,955 F-142 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) (b) Transactions with related parties (Cont d) (x) (x) Guarantees provided to joint ventures Guarantee Guarantee Guarantee Guarantee Guaranteed party amount beginning date ending date fulfill or not RMB 000 4,127,500 2016 10 21 2022 1 31 Suzhou Yusheng Real Estate Development Co., Ltd. 21 October 2016 31 January 2022 No 1,290,000 2017 1 3 2020 1 3 Tianjin Future Land Baojun Real Estate Development Co., Ltd. 03 January 2017 03 January 2020 No 1,273,070 2016 7 7 2019 7 5 Tianjin Future Land Injoy Real Estate Development Co., Ltd. 07 July 2016 05 July 2019 No 1,219,410 2016 9 22 2019 9 22 Shanghai Jiayu Property Co., Ltd 22 September 2016 22 September 2019 No 1,120,000 2016 12 28 2019 12 28 Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 28 December 2016 28 December 2019 No 838,500 2016 1 1 2022 1 31 Suzhou Yusheng Real Estate Development Co., Ltd. 01 January 2016 31 January 2022 No 735,000 2016 3 25 2018 3 25 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 25 March 2016 25 March 2018 No 677,000 2015 9 7 2020 8 18 Shanghai Sheshan Country Club Co., Ltd. 07 September 2015 18 August 2020 No 660,620 2016 12 30 2018 12 21 Nanjing Xinbaohong Real Estate Co., Ltd. 30 December 2016 21 December 2018 No 629,300 2016 8 22 2018 8 22 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 22 August 2016 22 August 2018 No 495,000 2016 8 29 2020 1 1 Suzhou Jiazhong Real Estate Development Co., Ltd. 29 August 2016 01 January2020 No 408,000 2016 9 6 2018 9 30 Shanghai Jiapeng Real Estate Development Co., Ltd. 06 September 2016 30 September 2018 No 400,000 2016 12 30 2018 12 30 Suzhou Golden Century Real Estate Development Co., Ltd. 30 December 2016 30 December 2018 No 395,000 2016 5 31 2019 5 31 Qingdao Zhuoyue Dongjun Property Co., Ltd. 31 May 2016 31 May 2019 No 300,000 2016 10 20 2020 4 17 Yiwu Injoy Real Estate Development Co., Ltd. 20 October 2016 17 April 2020 No Future Land Development Holdings Limited 2017 2017 Interim Report F-143

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (b) (b) Transactions with related parties (Cont d) (xi) (xi) Equity interests in joint ventures pledged for their borrowings Pledged equity Pledge Pledged party amount beginning date Pledge ending date 50.0% 2015 9 7 2018 8 18 Shanghai Sheshan Country Club Co., Ltd. 07 September 2015 18 August 2018 51.0% 2016 9 26 2018 9 25 Shanghai Jiapeng Real Estate Development Co., Ltd. 26 September 2016 25 September 2018 34.0% 2016 12 30 2018 12 21 Nanjing Xinbaohong Real Estate Co., Ltd. 30 December 2016 21 December 2018 70.0% 2016 9 12 2019 12 21 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 12 September 2016 21 December 2019 33.0% 2016 8 29 2019 8 28 Suzhou Jiazhong Real Estate Development Co., Ltd. 29 August 2016 28 August 2019 65.0% 2016 10 25 2019 11 2 Suzhou Yusheng Real Estate Development Co., Ltd. 25 October 2016 02 November 2019 50.0% 2016 1 8 2018 1 7 Yiwu Injoy Real Estate Development Co., Ltd. 08 January 2016 07 January 2018 70.0% 2016 7 7 2019 9 6 Tianjin Future Land Injoy Real Estate Development Co., Ltd. 07 July 2016 06 September 2019 80.0% 2016 1 13 2019 12 28 Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 13 January 2017 28 December 2019 1.0% 2017 4 5 2022 4 4 Chengdu Jiamu Property Co., Ltd. 05 April 2017 04 April 2022 (xii) (xii) Asset in a joint venture pledged for the Group s borrowing 2017 6 30 As at 30 June 2017, Nanjing Future Land Wanshun Real Estate Co., Ltd. s borrowing with amount of 497 RMB497 million was pledged by a land use right with net book value of approximately RMB2,000 million of Nanjing Future Land Chuangjin Real 2,000 Estate Development Co., Ltd.. Future Land Development Holdings Limited 2017 2017 Interim Report F-145

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (c) (c) Related-party balances 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) (i) (i) Amounts due from related parties Suzhou Yusheng Real Estate Development Co., Ltd. 3,130,660 2,562,860 Nanjing Huilong Real Estate Co., Ltd. 1,201,962 1,153,223 * Qingdao Daming Real Estate Co., Ltd.* 752,946 Tianjin Future Land Baojun Real Estate Development Co., Ltd. 677,114 1,894,903 Shanghai Jiayu Property Co., Ltd 667,590 667,590 ** Shanghai Feijie Business Management Co., Ltd.** 664,058 Zhangjiagang Xiangsheng Real Estate Development Co., Ltd. 532,093 Nanjing Xinbaohong Real Estate Co., Ltd. 466,055 415,525 Wuxi Chenye Real Estate Development Co., Ltd. 375,010 Chengdu Future Land Wanbo Real Estate Development Co., Ltd. 358,113 435 Hefei Future Land Chuangyu Real Estate Development Co., Ltd. 338,250 Suzhou Jiazhong Real Estate Development Co., Ltd. 302,716 311,923 Heifei Shengzhuo Real Estate Development Co., Ltd. 252,000 Nanjing Minghongxin Real Estate Development Co., Ltd. 171,036 82,518 Suzhou Baixiang Property Co., Ltd. 141,212 141,000 Changzhou Wujin District Jindongfang Care Centre 121,424 335,374 Hangzhou Jiahao Real Estate Development Co., Ltd. 117,019 87,269 Hangzhou Bintong Real Estate Development Co., Ltd. 89,950 39,950 Atlantic Modular System Ltd. 89,622 60,057 Tianjin Dianxing Real Estate Co., Ltd. 80,000 Yiwu Injoy Real Estate Development Co., Ltd. 30,515 219,577 F-146 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (c) (c) Related-party balances (Cont d) 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) (i) (i) Amounts due from related parties (Cont d) Yongqin Yintai Future Land Construction And Development Co., Ltd. 30,400 400 Kunshan Derui Real Estate Co., Ltd. 18,179 18,179 Jinan Shimao Xinjiyuan Property Co., Ltd. 17,500 Shanghai Ruitao Real Estate Development Co., Ltd. 12,600 3,600 Wuhan Qingneng Xinrong Property Co., Ltd. 12,000 12,002 Chengdu Jiamu Property Co., Ltd. 11,471 Shanghai Sheshan Country Club Co., Ltd. 1,636 Suzhou Golden Century Real Estate Development Co., Ltd. 1,451 522,308 Suzhou Shengming Real Estate Development Co., Ltd. 1,254 Jinan Heyichang Property Co., Ltd. 1,000 Suzhou Chenghong Real Estate Development Co., Ltd. 26 Suzhou Future Land Wanrui Real Estate Co., Ltd. 11 Chongqing Shengmu Real Estate Co., Ltd. 4 Shanghai Jiapeng Real Estate Development Co., Ltd. 4 Hangzhou Future Land Songjun Real Estate Development Co., Ltd. 3 80,500 Shanghai Xinyao Investment Co., Ltd. 933,720 Shanghai Quankun Investment Co., Ltd. 923,920 Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 470,000 Shanghai Xiyue Real Estate Development Co., Ltd. 55,800 Nanjing Future Land Guanghong Real Estate Development Co., Ltd. 16,488 Hangzhou Wanzhao Property Co., Ltd. 3,280 10,666,884 11,012,401 Future Land Development Holdings Limited 2017 2017 Interim Report F-147

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (c) (c) Related-party balances (Cont d) 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) (ii) (ii) Amounts due to related parties Chengdu Future Land Wanbo Real Estate Development Co., Ltd. 1,644,084 861,093 Tianjin Future Land Injoy Real Estate Development Co., Ltd. 1,538,800 1,393,350 Taizhou Future Land Wanbo Real Estate Development Co., Ltd. 1,485,917 1,048,086 Yangzhou Future Land Yuesheng Real Estate Development Co., Ltd. 1,404,120 Suzhou Future Land Wanrui Real Estate Co., Ltd. 1,358,974 1,242,134 Suzhou Shengming Real Estate Development Co., Ltd. 1,126,610 926,360 Yiwu Injoy Real Estate Development Co., Ltd. 1,047,706 Changshu Zhongzhi Real Estate Co., Ltd. 959,137 471,637 Nanjing Future Land Chuangjin Real Estate Development Co., Ltd. 899,503 324,003 Suzhou Chenghong Real Estate Development Co., Ltd. 797,016 260,000 Shanghai Jiapeng Real Estate Development Co., Ltd. 747,528 753,147 Shanghai Sheshan Country Club Co., Ltd. 720,223 1,869,640 Kunshan Derui Real Estate Co., Ltd. 669,978 531,818 Qingdao Zhuoyue Future Land Property Co., Ltd. 520,018 142,518 Changsha Qianjing Property Co., Ltd. 425,000 Nanjing Future Land Guanghong Real Estate Development Co., Ltd. 293,514 Shanghai Wan Zhi Cheng Real Estate Development Co., Ltd. 196,000 206,000 Shanghai Future Land Xudi Real Estate Co., Ltd. 142,435 142,435 Hangzhou Wanzhao Property Co., Ltd. 116,178 Shanghai Henggu Real Estate Development Co., Ltd. 109,200 107,650 F-148 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (c) (c) Related-party balances (Cont d) 2017 6 30 As at 30 June 2017 RMB 000 (Unaudited) 2016 12 31 As at 31 December 2016 RMB 000 (Audited) (ii) (ii) Amounts due to related parties (Cont d) Changshu Wanzhongcheng Real Estate Co., Ltd. 103,363 75,697 Suzhou Golden Century Real Estate Development Co., Ltd. 90,935 Shanghai Xiyue Real Estate Development Co., Ltd. 79,426 Chongqing Shengmu Real Estate Co., Ltd. 64,121 Shanghai Songming Real Estate Co., Ltd. 48,000 46,400 Hangzhou Bintong Real Estate Development Co., Ltd. 47,500 Tibet Future Land Property Management Co., Ltd 12,176 6,464 Qingdao Future Land Dongjun Real Estate Development Co., Ltd. 7,914 Hangzhou Future Land Songjun Real Estate Development Co., Ltd. 3 Tianjin Future Land Baojun Real Estate Development Co., Ltd. 1 16,655,380 10,408,432 * 878,557,000 33 ** 321,433,000 2016 12 31 2017 6 30 * The balance include RMB878,557,000 transferred in as of disposal date. (Note 33) ** The amounts of RMB321,433,000 was recorded as receivables from other investors of joint ventures as of 31 December 2016. After the incorporation of the joint ventures, the related balance was transferred to receivables from related parties during six months ended 30 June 2017. Future Land Development Holdings Limited 2017 2017 Interim Report F-149

For the six months ended 30 June 2017 (Unaudited) 31 31 RELATED-PARTY TRANSACTIONS (Cont d) (c) (c) Related-party balances (Cont d) 2017 6 30 As at 30 June 2017, except for due from Atlantic Modular System Ltd. amounting to RMB60,000,000, 60,000,000 all other due from and due to related parties are unsecured, non-interest bearing and repayable on demand. Due from Atlantic Modular System Ltd. include RMB30,000,000 bearing interest at 4.35% per annum 30,000,000 and RMB30,000,000 at 10% per annum. 4.35% 30,000,000 10% 32 32 TRANSACTIONS WITH NON-CONTROLLING INTERESTS (a) 2017 3 6,000,000 12% 2,810,000 2017 6 30 (a) In March 2017, Shanghai Xuyue Business Management Consultancy LLP and Shanghai Ranyue Business Management Consultancy LLP, entities owned by the Company s employees, including certain key managements of the Company, injected total capital of RMB6,000,000 to acquire 12% equity interest of Shanghai Future Land Duoqimiao Business Management Consultancy Co., Ltd. The excess of RMB2,810,000 for the fair value of consideration received over the relevant share transferred of the carrying value of net assets of Shanghai Future Land Duoqimiao Business Management Consultancy Co., Ltd is recorded in other reserves. The effect of changes in the ownership interest of Shanghai Future Land Duoqimiao Business Management Consultancy Co.,Ltd on the equity attributable to owners of the Company during the six months ended 30 June 2017 is summarised as follows: RMB 000 Carrying amount of net assets transferred to non-controlling interests (3,190) Consideration received from non-controlling interests 6,000 Excess of consideration received recognised within equity 2,810 F-150 Future Land Development Holdings Limited 2017 2017 Interim Report

For the six months ended 30 June 2017 (Unaudited) 32 32 TRANSACTIONS WITH NON-CONTROLLING INTERESTS (Cont d) (b) 2017 3 12,000,000 12% 2,229,000 2017 6 30 (b) In March 2017, Shanghai Xuyue Business Management Consultancy LLP and Shanghai Muwei Investment LLP, entities owned by the Company s employees, including certain key managements of the Company, injected total capital of RMB12,000,000 to acquire 12% equity interest of Shanghai Xingyi Cinema Management Co., Ltd. The excess of RMB2,229,000 for the fair value of consideration received over the relevant share transferred of the carrying value of net assets of Shanghai Xingyi Cinema Management Co., Ltd. is recorded in other reserves. The effect of changes in the ownership interest of Shanghai Xingyi Cinema Management Co., Ltd. on the equity attributable to owners of the Company during the six months ended 30 June 2017 is summarised as follows: RMB 000 Carrying amount of net assets transferred to non-controlling interests (9,771) Consideration received from non-controlling interests 12,000 Excess of consideration received recognised within equity 2,229 Future Land Development Holdings Limited 2017 2017 Interim Report F-151

For the six months ended 30 June 2017 (Unaudited) 33 33 DISPOSAL OF A SUBSIDIARY Disposal of Qingdao Daming Real Estate Co., Ltd. ( Qingdao Daming ) 2016 2017 6 1,333,300,000 33.34% Qingdao Daming was acquired in 2016 as a subsidiary of the Group. In June 2017, two third-party investors injected a capital of RMB1,333,300,000 to Qingdao Daming. Subsequent to the capital injection, the Group s interest in Qingdao Daming was diluted to 33.34%. According to the revised investment agreement and articles of Qingdao Daming, the Group and the other investors will jointly control the project development and sales of properties as well as other key relevant activities of Qingdao Daming. Hence Qingdao Daming is accounted for as a joint venture and no longer a subsidiary of the Group. 561,000 The gain from disposal of Qingdao Daming was approximately RMB561,000. 878,557,000 34 As at the date when Qingdao Daming was disposed of, the Group has a receivable from Qingdao Daming with the amount of RMB878,557,000. Such receivable was recorded as trade and other receivables and prepayment-due from related parties after the disposal. 34 SUBSEQUENT EVENTS (a) 2017 7 12 15 6% (a) On 12 July 2017, the Company issued a five year Middle Term Notes of RMB1,500,000,000, with an interest rate of 6% per annum. (b) 2017 7 18 3.30 (b) On 18 July 2017, the Company together with its controlling shareholder announced its privatisation plan. The proposed cancellation price is HK$3.30 per share. (c) 2017 7 24 A 59,000,000 (2.61%) 500,000,000 (c) On 24 July 2017, the Group borrowed RMB500,000,000 with a pledge of 59,000,000 shares (2.61%) of the listed A share company, Future Land Holding Co., Ltd. (d) 2017 8 8 A 2 5% (d) On 8 August 2017, the Company s subsidiary, the A share company, issued a five year senior note of USD200,000,000, at an interest rate of 5% per annum. F-152 Future Land Development Holdings Limited 2017 2017 Interim Report