(Chi)_(insert COVER).indb

87001

87001 Hui Xian (Cayman Islands) Limited 2011 4 12013 5 242014 5 162015 5 28 2011 4 29 World Deluxe Enterprises Limited World Deluxe Enterprises Limited 40%30%ARA Asset Management Limited30%

2 108 3 110 9 35 47 53 56 62 63 104 105 112 113 115 169 171 172 173 175 107

2015 1 12015 12 31 2015 1 1 12 31 2014 1 1 12 31 3,050 2,795 +9.1% 2,036 1,852 +9.9% 1,479 1,364 +8.4% 1,449 1,350 +7.4% 0.2700 0.2567 +5.2% 98% 99% 8.11% (1) 7.38% (2) 2015 12 31 2014 12 31 46,704 42,228 +10.6% 27,557 28,564-3.5% 5.1231 5.3919-5.0% 20.2% 9.2% (1) 2015 12 312015 1 12015 12 31 (2) 2014 12 312014 1 12014 12 31 2

2015 3

8.4% 9.1%9.9% 10.6% 8.4% 0.13375.2%0.2700 3.338.11% 4

5.8%* 15% * 6.9%7.3%6.1%8.3% 10% 10.7%12% 33% 2015 5

9.1% 9.9% (I) (A) 9.0% 2.8%2.5% (B) 6.7%5.6% 4.1% 15.8%96.0% (C) 7.9%87.8% 92.3% 6

(D) 10.4% 39.1%35.9% 3.3% 5.2% 55.9%58.8%7.9% 3.2% (II) 83.7% 95.5% 20.2% 2015 7

8

(1) Hui Xian (B.V.I. LimitedHui Xian (B.V.I. Limited (2) Chongqing Overseas Investment LimitedChongqing Overseas Investment Limited (3) Shenyang Investment (BVI) LimitedShenyang Investment BVI Shenyang Investment BVI 70% (1) 130,195 309,552 81,603 125,420 1,901 140,289 (2) 353 109,743 54,617 (3) 78,746 1,030,165 2015 9

130,000 280 50

(I) 201515 10 400 (A) 2015 6.9% 20148.6%2015 7.3% 20151 40.2% 2,017 8.9%52,859 130,000 9.0% 12

1,193 11.48 2.8% 2.5%9.33 8.4% 94.9% 2016 ^99% 2015 FILA INNIU Jaquet Droz La Fée Maraboutée Marc O Polo RIMOWA TOMS adidas COACH DKNY DVF La Perla MaxMara Montblanc 11.48+2.8% 9.33+2.5% 94.9% 1,193+9.0% 1,024-27.9% ^ 2015 13

300,000

(B) 30 2015 16

2015 10 8.21 6.7% 96.0% 270 5.6%297 4.1% 15.8% 10.76+4.9% 8.21+6.7% 96.0% 270+5.6% 297+4.1% 2015 17

600

(C) 7.9%6,7002015 201487.8%92.3% 2015 That s Beijing 2015 20

1.36+3.2% 6,700+7.9% 92.3% 2015 21

825 20

(D) 2015 (i) (ii) 1.22 10.4% 2015 1.8% 420 2014 55.9%58.8% 7.9%1,461 8593.2% 2015 2014 2015 24

2015 2015 3.5% 2015 2015201435.9% 39.1%3.3% 516 2025.2% 5.01-3.8% 1.22+10.4% 58.8% 1,461-7.9% 859-3.2% 39.1% 516-3.3% 202+5.2% 2015 25

9 5 4 353

(II) 2015 3 2 2015 3 212 31 9,300 2015 3 2 12 3183.7% 254 3M (IBM) 2015 3 212 31 95.5% 125 139 2015 3 212 31 1.89 9,300 83.7% 254 95.5% 125 139 28

2015 12 3120.36 2015 7 12015 12 317.19 201520152015 7 12015 12 31 98% 2015 9 242015 1 12015 6 307.3020152015 12 31 14.49 8.2420142.79 2015 12 31 2015 7 12015 12 31 0.13370.13632015 12 31 0.27002015 12 313.33 8.11% 20152016 4 62016 4 1 2016 4 6 2016 5 23 20152016 3 31 4 30 18317 1712 1716 2015 29

2015 1 122011 12 2015 3 50 2015 513 2014 102015 12 31 2015 66 2015 810 2015 108.5 2015 122013 1110 2015 12 315.25 2015 12 2 30

2015 12 3194.352014 12 3138.67 2015 12 31275.572014 12 31 285.64 34.2% 2014 12 3113.5% 2015 12 3120.2% 2014 12 319.2% 2015 12 3161.072014 12 3147.95 787,059 130,195825 2015 12 31 299.602014 12 31307.602014 12 312.6% 2015 12 31353.832014 12 31 363.66 70% 30 78,746 2015 12 319.102014 12 31 9.302015 12 318.322014 12 319.03 2015 3 2 164,360 2015 12 314141 2015 31

2015 12 31 275.572014 12 31285.64 5.12312015 12 313.3353.8% 2014 12 315.39192014 12 313.4854.9% 2015 12 31 2015 12 31 771749 22 2015 12 31 32

46,921 10.3% 24,232 5.3% 17,940 4.0% 14,428 3.2% 13,130 2.9% 116,651 25.7% 959 3.8% 544 2.2% 543 2.2% 450 1.8% 307 1.2% 2,803 11.2% 2015 33

34

2015 12 31 104 116 1255.4 2977 2013 5 72014 5 52015 5 11 2013 4 122014 3 312015 4 12013 4 122014 3 312015 4 1 2015 35

2015 12 31 2015 1 12015 10 30 2015 12 31 (1) (2) (3) 36

2015 4/4 4/4 4/4 4/4 4/4 3/4 4/4 4/4 1/4 2015 1 12015 10 30 1/4* * V 2015 12 31 2015 37

(1) (2) (3) (4) (5) (6) (7) 38

2015 12 312014 12 31 2015 6 30 2/2 2/2 0/2 2/2 2/2 (1) (2) (3) (4) (5) (6) 2015 39

2015 12 31 2/2 2/2 2/2 2015 ARA Asset Management LimitedARA 30% 30% 40%2015 12 31 ARA 7.84% ARA 40

(a) (b) ARAARA (c) ARA ARA ARA ARA 2015 41

(1) (2) (3) (4) ARAARA 42

2015 12 31 1/1 1/1 0/1 1/1 0/1 0/1 1/1 1/1 1/1 2015 1 12015 10 30 1/1* * (www.huixianreit.com) 12 31 2015 43

C 2015 12 31 105 (i) 20%(ii) 10 XIIIXIV 14 44

(a) 60 (b) 30 2015 12 31 XV 5% (a)(b) (c) (d)(e) (f) (g) (h)(i)(j) (i)(ii) 2015 45

(a) (b)50% (c) 20% (d) (e) 56 2015 12 31 2015 12 31 2015 12 31(i) 11,268,011 (ii)35,618,331(iii) 2014 7 12014 12 312015 1 12015 6 30 34,496,001 2015 12 31 2015 12 3125% 46

2011 4 104 8 2011 2011 11 102012 5 222013 5 72014 5 52014 11 282015 5 15 2015 6 3 2015 12 31 2015 12 31 2015 12 31 2015 12 31 4,026 1 1,909 1 702 1 15,611 1 1 85 85 1 2015 47

2015 12 31 456 1 2,134 1 254 1 497 1 1,874 1 1,288 1 588 1 1,646 1 1,784 1 58 1 196 1 2,311 2 437 48

2015 12 31 1,726 26,993 1 3 6,426 1 13,489 1 10,033 1 94,608 1 Hui Xian Cayman 2 Noblecrown Investment Limited 3. 2015 49

2015 12 31 2015 12 31 1 13,130 1 17,940 1 24,363 1 15 1 434 1 1 1 703 1 143 Hutchison Hotel Hong Kong Limited 1 71 1 315 1 1,250 1 3 0 50

2015 12 31 1 437 1 1,529 1 197 1 36,887 16,578 2 1 6,183 1 336 2 63 46,921 167,496 1 Hui Xian Cayman 2 Noblecrown Investment Limited 3. 2015 51

2015 12 31 (a) (b) (c) 3000 740 4751 8 8.102 2015 12 31 4,065,000201,602,0002015 12 31 1161171(b) 1(c)2015 12 31 295,00014,000 52

2015 12 31 2015 2015 12 31 6 30 1 Hui Xian (Cayman Islands) Limited 2 1,125,000,000 20.91% 1,125,000,000 3 1,163,157,092 21.62% 1,152,650,598 4 86,689,500 1.61% 86,689,500 5 643,218,500 11.96% 643,218,500 6 148,125,000 2.75% 148,125,000 7 241 0% 236 8 10,000,000 0.19% 8,000,000 ARA Asset Management Limited 9 12,804,889 0.24% 11,304,889 1. 2015 12 315,378,973,852 2. 2015 12 31Hui Xian Cayman 3(i) 3. Hui Xian Cayman2015 6 3 Noblecrown Investment LimitedNoblecrown2015 12 312015 6 30681,908,489 Wisdom Ally LimitedWisdom Ally2015 12 31100,491,145 2015 6 3091,484,651 Wealth Finder LimitedWealth Finder2015 12 3113,575,963 2015 6 3012,075,963 Heathcliff Developments LimitedHeathcliff Developments2015 12 312015 6 30367,181,495 XV2015 12 31 (i) Hui Xian Cayman Noblecrown Hui Xian CaymanNoblecrown (ii) Noblecrown Heathcliff DevelopmentsMighty State Limited Novel Trend Holdings Limited Paola Holdings Limited Burgeon Force LimitedNoblecrown Heathcliff Developments 2015 53

(iii) Noblecrown Wisdom Ally Wealth FinderWisdom Ally Wealth Finder (iv) Noblecrown Heathcliff DevelopmentsWisdom Ally Wealth Finder 4. Lucky Star International Holdings Inc. Hui Xian Cayman 5. Po Lian Enterprises LimitedHui Xian Cayman 6. Far Gain Investment Limited 7. Noblecrown Investment Limited 8. CSI REITs Investment Management Company Limited 40% 9. ARA Hui Xian (Holdings) LimitedARA Asset Management Limited30% 54

2015 12 3125,003,1422015 6 3022,049,648 2015 12 31 2015 12 31 2015 6 30 831,073 1 831,073 1 400,000 2 400,000 2 64,088 3 61,561 3 142,865 4 112,856 4 1. 2. 3. 4. 2015 12 31 2015 55

69 1990 1996 20 49 2001 25 56

53 2011 42011 8 1998 2012 30 63 ARA Asset Management Limited TOM 2015 57

592010 12 212011 4 29 ARA Asset Management Limited ARAARA ARA Trust Management (Suntec) Limited ARA-CWT Trust Management (Cache) Limited APM Property Management Pte. Ltd.Management Corporation Strata Title Plan No. 2197 3011 (Ernst & Young Entrepreneur of the Year Singapore) Singapore Business Times DHL 2011 (the Outstanding CEO of the Year 2011)ARA2012 58

522010 12 21 AH ACT360 Solutions Limited 2015 6 1 672011 4 4 1111 2015 59

702011 4 4 2015 7 1 201994 2001 KY Lo 2003 2003 20052013 60

582011 4 4 Sunwah International Limited VinaCapital 2015 2015 2005 (Michigan State University) 2007 2009 (University of Glamorgan) 2011 1020132014 7 (De Montfort University)2015 10 (University of Alberta) 2015 61

90 2000 26 31 15 181997 24 62

2015 12 31 2015 63

1 352049 4 21 4 64

66.5 2 303 1 52 MFin MCIREA MHKIS MRICS RPS (GP) 2016 3 7 2015 65

(1) 1 (2) 1 (3) 1 (4) 1 (5) 1 182 1 109,924.101 1 77,594.81 109,924.10 130,195 309,552 81,603 125,420 116,712 763,482 66

72,963 298,330 81,098 452,391 200610128 10283 2015 12 31 2015 12 31 14,750,000,000 14,930,000,000 2,280,000,000 3,550,000,000 280,000,000 35,790,000,000 2015 67

2015 12 31 1. 72,009 1 14,750,000,000 1 82 1 2024 3 763,482 2004 84,885,747 130,195 72,963 2015 1 2015 12 1,032,000 15,859 22,826 34,278 72,963 2049 4 21 1. 2006 6 26(20061012877,594.81 2049 4 21 2. 2005 12 910283763,480.35 3. 2000 1 102000--0008109,924.10 94,624.1015,300.00 4. 68

5. 841,000 6. 72,009 98.7 954 1.3 72,963 100.0 * ** *** 2001 274 0.4 132,058 0.2 1 0.3 2002 0.0 0.0 0 0.0 2003 0.0 0.0 0 0.0 2004 0.0 0.0 0 0.0 2005 0.0 0.0 0 0.0 2006 0.0 0.0 0 0.0 2007 998 1.4 153,600 0.2 1 0.3 2008 0.0 0.0 0 0.0 2009 0.0 0.0 0 0.0 2010 271 0.4 246,000 0.3 1 0.3 2011 3,470 4.8 2,331,000 2.7 4 1.4 2012 6,846 9.5 6,225,409 7.3 9 3.1 2013 10,676 14.8 18,038,920 21.3 57 19.5 2014 19,575 27.2 32,599,483 38.4 86 29.5 2015 26,681 37.0 25,159,277 29.6 106 36.3 2016 3,218 4.5 0.0 27 9.3 72,009 100.0 84,885,747 100.0 292 100.0 * ** *** 2015 1,017 1.4 3,095,473 3.6 10 3.4 2016 17,705 24.6 24,774,858 29.2 80 27.4 2017 20,983 29.1 32,052,861 37.8 77 26.4 2018 12,533 17.4 15,490,882 18.2 86 29.5 2019 4,884 6.8 3,896,988 4.6 14 4.8 2020 8,392 11.7 5,125,085 6.0 20 6.9 2021 1,866 2.6 305,500 0.4 3 1.0 2022 2,394 3.3 144,100 0.2 1 0.3 2023 0.0 0.0 0 0.0 2024 2,235 3.1 0.0 1 0.3 72,009 100.0 84,885,747 100.0 292 100.0 2015 69

* ** *** 1,460 2.0 1,752,565 2.1 6 2.1 3,353 4.6 6,178,309 7.3 29 9.9 29,963 41.6 50,805,960 59.6 181 62.0 2,231 3.1 2,980,965 3.5 13 4.5 21,658 30.1 18,722,865 22.1 42 14.4 5,201 7.2 3,189,924 3.8 14 4.8 271 0.4 246,000 0.3 1 0.3 6,600 9.2 723,500 0.9 4 1.4 0.0 0.0 0 0.0 998 1.4 153,600 0.2 1 0.3 274 0.4 132,059 0.2 1 0.3 72,009 100.0 84,885,747 100.0 292 100.0 * 72,0093,218 68,791 ** 1,642,700 *** 29226527 7. 2015 12 100,000 INN 2015 12 100,000 8. (i) (ii) (iii) (iv) 70

2015 12 31 2. 287,389 1 1 14,930,000,000 82 1 2023 3 763,482 2004 79,034,872 5 12 3 18 2,419 309,552 298,330 E2 E3 2049 4 21 2023 10 245,800 1. 2006 6 2620061012877,594.81 2049 4 21 2. 2005 12 910283 763,480.35 3. 2000 1 102000--0008109,924.10 94,624.1015,300.00 2015 71

4. 5. 6. 287,389 96.3 2,419 0.8 8,522 2.9 298,330 100.0 * ** *** 2012 6,887 2.4 2,082,921 2.6 10 1.8 2013 52,051 18.1 14,219,030 18.0 115 20.6 2014 102,492 35.7 27,379,890 34.7 204 36.5 2015 122,907 42.8 35,353,031 44.7 224 40.1 2016 3,052 1.0 0.0 6 1.0 287,389 100.0 79,034,872 100.0 559 100.0 * ** *** 2015 26,549 9.2 6,159,549 7.8 17 3.0 2016 80,033 27.8 23,318,445 29.5 205 36.7 2017 76,900 26.8 22,433,620 28.4 176 31.5 2018 51,519 17.9 16,135,293 20.4 114 20.4 2019 29,187 10.2 6,336,069 8.0 40 7.2 2020 22,348 7.8 4,436,940 5.6 6 1.0 2021 0.0 0.0 0.0 2022 0.0 0.0 0.0 2023 853 0.3 214,956 0.3 1 0.2 287,389 100.0 79,034,872 100.0 559 100.0 72

* ** *** 18,386 6.4 5,043,831 6.4 16 2.9 51,746 18.0 14,772,354 18.7 132 23.5 125,946 43.8 36,413,634 46.1 276 49.4 34,237 11.9 10,043,285 12.7 86 15.4 54,235 18.9 12,019,032 15.2 44 7.9 1,986 0.7 527,780 0.6 4 0.7 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 853 0.3 214,956 0.3 1 0.2 0.0 0.0 0 287,389 100.0 79,034,872 100.0 559 100 * 287,3893,052 284,337 ** 953,902 *** 5595536 7. 2015 12 60,000 2015 12 54,000 8. (i) (ii) (iii) (iv) 2015 73

2015 12 31 3. 77,030 1 1 2,280,000,000 82 1 2018 7 763,482 2004 8,467,236 1 21 1 14 920 81,603 81,098 2049 4 21 1. 2006 6 2620061012877,594.81 2049 4 21 2. 2005 12 910283 763,480.35 3. 2000 1 102000--0008109,924.10 94,624.1015,300.00 4. 5. 74

6. 77,030 95.0 920 1.1 3,148 3.9 81,098 100.0 2013 96 0.1 12,036 0.1 1 0.2 2014 4,672 6.1 516,971 6.1 32 5.4 2015 69,501 90.2 7,938,229 93.8 533 91.0 2016 2,761 3.6 0.0 20 3.4 77,030 100.0 8,467,236 100.0 586 100.0 2015 3,430 4.5 415,986 4.9 29 5.0 2016 67,831 88.0 7,488,218 88.5 521 88.9 2017 4,924 6.4 443,048 5.2 33 5.6 2017 845 1.1 119,984 1.4 3 0.5 77,030 100.0 8,467,236 100.0 586 100.0 64,949 84.3 7,094,840 83.8 505 86.2 11,023 14.3 1,206,795 14.2 76 13.0 1,058 1.4 165,601 2.0 5 0.8 0.0 0.0 0.0 77,030 100.0 8,467,236 100.0 586 100.0 2015 75

7. 2015 12 36,000 2015 12 34,000 8. (i) (ii) (iii) (iv) 76

2015 12 31 4. 1 1 3,550,000,000 82 1 763,482 2004 1 20 4 825 125,420 2049 4 21 1. 2006 6 2620061012877,594.81 2049 4 21 2. 2005 12 910283 763,480.35 3. 2000 1 102000--0008,109,924.1094,624.10 15,300.00 4. (i) (ii) (iii) (iv) 2015 77

2015 12 31 5. 1 1 280,000,000 82 1 1,880,000 763,482 2004 4 116,712 1,849 2049 4 21 1. 2006 6 2620061012877,594.81 2049 4 21 2. 2005 12 910283 763,480.35 3. 2000 1 102000--0008,109,924.1094,624.10 15,300.00 4. 2015 12 320,000 2015 12 400,000 5. (i) (ii) (iii) (iv) 78

2015360,000 200,000 360,000 10,000,000 20154 4460,000 20151 37,428 25,00012,42850,000 2015 0.452,208 0.16.4 2015 79

2.5 0.6 0.2 1.2405 1.50.3 1.41.9 2015 5 2015 2015 BCS 1 80

2014 7 2015 61,5002014 2002014 283 W3492015306 362 201537,4502014 2015 0.6 60.7% 0.4 811.3 20151,060 241 438381 2014 11 70 2019 2015 81

68 2015 12 31 82

2015 6 2015 83

6.5 2 303 1 52 MFin MCIREA MHKIS MRICS RPS (GP) 2016 3 7 84

(1) 68 (2) 68 (3) 68 12 8 1 371 2 18,072.70 88,919.18 54,617.37 20,823.28 164,359.83 2015 85

58,405 50,505 108,910 101 201524819 101 201524971 2015 12 31 2015 12 31 3,090,000,000 960,000,000 50,000,000 4,100,000,000 86

2015 12 31 1. 46,448 18,072.70 3,090,000,000 68 2020 9 10,062,333 1 2 1997 1998 1 878 11 88,919.18 58,405 2044 8 30 2015 87

1. 2015 12 11(101 201524971109,742.46 18,072.72044 8 30 2. 3. 2015 12015 12226,2292015 12015 12 743,9402015 12015 1251,367 4. 46,448 79.5 11,957 20.5 58,405 100.0 * ** *** 2010 25,743 55.4 4,368,470 43.4 3 3.6 2011 1,228 2.6 227,220 2.3 1 1.2 2012 2,342 5.1 686,150 6.8 6 7.2 2013 2,759 5.9 1,195,472 11.9 17 20.5 2014 9,242 19.9 2,611,363 25.9 20 24.1 2015 5,087 11.0 973,658 9.7 35 42.2 2016 47 0.1 0.0 1 1.2 46,448 100.0 10,062,333 100.0 83 100.0 * ** *** 2015 540 1.2 156,790 1.6 5 6.0 2016 12,096 26.0 2,815,539 28.0 39 47.0 2017 30,676 66.1 6,300,670 62.6 21 25.3 2018 1,683 3.6 624,494 6.2 14 16.9 2019 1,091 2.3 132,690 1.3 2 2.4 2020 362 0.8 32,150 0.3 2 2.4 46,448 100.0 10,062,333 100.0 83 100.0 88

* ** *** 2,494 5.4 211,090 2.1 12 14.5 1,799 3.9 983,363 9.8 17 20.5 10,051 21.6 2,891,498 28.7 31 37.3 983 2.1 508,616 5.0 8 9.6 5,378 11.6 1,099,296 10.9 12 14.5 778 1.7 126,490 1.3 2 2.4 0.0 0.0 0.0 24,965 53.7 4,241,980 42.2 1 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46,448 100.0 10,062,333 100.0 83 100.0 * 46,44847 46,401 ** 21,260 *** 83,82,1 5. (i) (ii) (iii) (iv) 2015 89

2015 12 31 2. 46,735 18,072.70 960,000,000 68 2020 11 5,878,348 1 2 1997 1,662 1998 37 54,617.37 50,505 2044 8 30 1. 2015 12 11(101 20152481954,617.37 18,072.72044 8 30 2. 3. 90

4. 46,735 92.5 1,662 3.3 2,108 4.2 50,505 100.0 * ** *** 2011 1,295 2.8 156,557 2.7 1 0.7 2012 211 0.5 26,060 0.4 1 0.7 2013 11,024 23.6 1,408,467 24.0 25 17.6 2014 15,487 33.1 1,999,437 34.0 53 37.3 2015 18,230 39.0 2,287,827 38.9 61 43.0 2016 488 1.0 0.0 1 0.7 46,735 100.0 5,878,348 100.0 142 100.0 * ** *** 2015 635 1.4 84,559 1.4 3 2.1 2016 17,244 36.9 2,215,995 37.7 55 38.7 2017 19,354 41.4 2,468,702 42.0 49 34.5 2018 8,435 18.0 1,093,617 18.6 32 22.6 2019 579 1.3 15,475 0.3 2 1.4 2020 488 1.0 0.0 1 0.7 2021 0.0 0.0 0.0 2022 0.0 0.0 0.0 2023 0.0 0.0 0.0 46,735 100.0 5,878,348 100.0 142 100.0 2015 91

** *** 398 0.9 59,078 1.0 3 2.1 9,895 21.2 1,313,321 22.3 45 31.7 30,713 65.7 3,907,506 66.5 79 55.6 3,946 8.4 441,886 7.5 13 9.2 1,783 3.8 156,557 2.7 2 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46,735 100.0 5,878,348 100.0 142 100.0 * 46,735488 46,247 ** 65,330 *** 142141 5. (i) (ii) (iii) (iv) 92

2015 12 31 3. 68 18,072.70 50,000,000 2015 1 2015 12 3,724,127 1 2 1997 1998 1 2 15,141.28390 2 5,682.00 2044 8 30 1. 2015 12 11(101 201524971109,742.46 18,072.72044 8 30 2. (i) (ii) (iii) (iv) 2015 93

20143,3800.60% (GDP)20201414,260 10.9% 93% 2015 100,000 5,000 20,000 100 0.3%1.2% 2015175,000 721100 2015 94

2015 95

96

MFin MCIREA MHKIS MRICS RPS (GP) 2015 97

2 1 1 2 3 4 5 6 7 8 98

(2007) 0135 (2011) HP05041HP05316HP05407 (2011) HP05042 (2011) HP05043 111541274912750 1274712748 2015 12 31 2015 12 31 2015 12 31 910,000,000 70.00% 637,000,000 70.00% 2015 99

2015 12 31 1. 9,370 910,000,000 386 28 78,746.41 70.00% 590 637,000,000 2 2042 7 12047 4 9 1. 2007 4 20(2007) 0135 2,966 2047 4 9 2. 2011 11 22(2011) HP05407 178.79 2042 7 1 3. 2011 11 22(2011) HP05316 1,763.59 2042 7 1 4. 2011 11 22(2011) HP05041 4,461.62 2042 7 1 100

5. 11154 21,685.92 6. 12749 2,198.42 7. 12750 54,862.07 8. (i) (ii) (iii) (iv) 2015 101

2015 12 31 2. 7 375.18 14-3 1999 2,306.92 70.00% 1. 2375.18 (2011) HP05042 28 292.79 (2011) HP05043 7 82.39 2. 22,306.92 12747 28 1,800.33 12748 7 506.59 3. 102

2015 103

2 3 303 2015 1 12015 12 31 2011 4 12013 5 242014 5 162015 5 28 2016 3 8 104

571104 107 168 2015 12 31 2011 4 1 2013 5 242014 5 162015 5 28 C C 2015 105

2015 12 31 C 2016 3 15 106

2015 12 31 2015 2014 5 3,050 2,795 6 56 60 7 206 152 14 (636) 665 25 97 (47) (49) (110) (101) (287) (281) 8 (868) (810) 9 (207) (100) (515) 10 (202) (150) 11 (12) (29) 525 2,152 12 (372) (661) 153 1,491 (1,449) (1,350) (1,296) 141 (15) (14) 168 1,505 153 1,491 13 0.0315 0.2878 2015 107

2015 12 31 2015 2014 153 1,491 15 14 168 1,505 (i) 163 119 (135) 182 197 186 636 (665) (97) 764 (178) 932 1,327 (ii) 19 19 452 58 18 18 547 37 1,479 1,364 (iv) 730 663 719 687 1,449 1,350 (iii) 98.0% 99.0% (iv) 0.1363 0.1271 0.1337 0.1296 0.2700 0.2567 108

2015 12 31 (i) (a) 2015 12 31202 16329,280,999 19,948,00939 2014 12 31150 119 31 (b) 24201416 1592014166 (c) 1972014186215 201421118201425 (d) 6362014665 (e) 972014 (ii) 11.4.2 (a) 192014 19 (b) 4522014 (c) 582014 (d) 18201418 (iii) 90% 2015 12 3198.0% 2014 99.0% (iv) 2015 6 300.13631744,927,11298.0% 2015 6 30 5,355,686,880 2015 12 310.1337 1,478,984,47198.0%2015 6 302015 12 31 5,378,973,852 2014 6 300.1271662,869,6722014 6 30 5,217,013,997 2014 12 310.1296 1,363,848,52999.0%2014 6 302014 12 31 5,297,591,509 2015 109

2015 12 31 2015 2014 14 34,060 30,760 15 2,161 2,284 16 4,022 4,150 25 39 40,282 37,194 17 24 25 16 128 128 18 163 86 19 6,107 4,795 6,422 5,034 46,704 42,228 20 479 469 249 261 104 144 81 76 719 687 21 1,443 1,104 3,075 2,741 28 43,629 39,487 110

2015 12 31 2015 2014 21 7,992 2,763 489 429 22 7,335 7,460 15,816 10,652 18,891 13,393 256 271 27,557 28,564 23 5,378,974 5,297,592 26 5.1231 5.3919 1071682016 3 15 2015 111

2015 12 31 2014 1 1 26,476 1,487 27,963 285 23 120 120 20132014 23 326 326 26,922 1,487 28,409 285 1,505 1,505 (14) (663) (663) (687) (687) 155 155 (14) 2014 12 31 26,922 1,642 28,564 271 1(c)23 39 39 23 121 121 20142015 23 114 114 27,196 1,642 28,838 271 168 168 (15) 5 (5) (730) (730) (719) (719) 5 (1,286) (1,281) (15) 2015 12 31 27,196 5 356 27,557 256 112

2015 12 31 2015 2014 525 2,152 1 4 159 153 128 128 636 (665) (97) (199) (150) 515 207 100 23 160 120 2,035 1,842 1 (1) (18) (17) (23) 4 (13) 46 5 3 1,987 1,877 (541) (493) 1,446 1,384 24 (3,835) (20) (320) (35) (24) (24) (15) 320 473 206 141 (3,388) 255 2015 113

2015 12 31 2015 2014 5,867 636 1,180 530 (845) (1,180) (530) (1,303) (983) (165) (84) 3,554 (431) 1,612 1,208 4,475 3,267 19 6,087 4,475 114

2015 12 31 1. 571104 2011 4 12011 4 29 2011 4 1 2013 5 242014 5 162015 5 28 (a) 2011 4 29 1(c) 1% 2015 3 2 (i) (ii) 2015 115

2015 12 31 1. (b) 100,000 0.02% 0.06% 156,000 (c) 0.3% 2011 12 31 80%20% 2015 1 92015 12 31 75% 201480% 25% 201420% 3% 3% 2%1% 116

2015 12 31 1. (c) 2015 1 92015 12 31 75% 201480% 25% 201420% 1% 2015 12 31 2014 12 31 2. (a) C 2015 117

2015 12 31 2. (a) 2 17 236 (b) 118

2015 12 31 2. (b) (c) 2015 119

2015 12 31 2. (c) (d) (e) 120

2015 12 31 2. (f) (g) (h) 2015 121

2015 12 31 2. (h) 122

2015 12 31 2. (h) 801 2011 4 292011 12 312012 12 31 100%90% 32 2015 123

2015 12 31 2. (h) 124

2015 12 31 2. (i) (j) 2015 125

2015 12 31 2. (k) (l) (m) (n) 126

2015 12 31 2. (n) 12 2015 127

2015 12 31 2. (o) (p) 2015 12 31 2014 12 31 19 20102012 20112013 9 1 14 2 15 1 1 3 16 3 38 16 3 41 27 3 10 3 12 28 10 4 28 11 3 20122014 3 128

2015 12 31 2. (p) 1 2018 1 1 2 2016 1 1 3 2016 1 1 4 3. 2 2(e) 142015 12 3134,060201430,760 2015 129

2015 12 31 3. 4. 130

2015 12 31 4. (a) 2015 12 31 1,148 1,076 136 501 189 3,050 933 821 67 122 93 2,036 (636) (207) (277) 97 200 (688) 525 2014 12 31 1,117 1,026 131 521 2,795 910 770 62 110 1,852 665 (100) (271) 151 (145) 2,152 2015 131

2015 12 31 4. (a) 2 (b) 2015 2014 15,062 15,905 14,955 14,906 2,004 2,071 4,501 4,697 4,315 40,837 37,579 5,718 4,603 149 46 46,704 42,228 (c) 10% 132

2015 12 31 4. (d) 2015 12 31 1 1 1 6 1 10 2014 12 31 1 1 1 7 10 5. 2015 2014 2,413 2,143 501 521 136 131 3,050 2,795 13201413 622 2014523 2015 133

2015 12 31 6. 2015 2014 40 44 9 10 7 6 56 60 7. 2015 2014 199 150 5 2 2 206 152 8. 2015 2014 34 17 1 1 174 160 6 6 25 25 1(a) 47 38 72 38 117 129 154 171 4 3 3 3 122 112 109 107 868 810 134

2015 12 31 9. 2015 2014 201 98 6 2 207 100 10. 2015 2014 1(c) 120 112 1(c) 43 38 1(c) 39 202 150 11. 2015 2014 (1b) 4 4 4 20 1 2 3 3 12 29 2015 135

2015 12 31 12. 2015 2014 440 421 61 152 22 (129) 88 372 661 25% 2008 1 15% 2015 2014 525 2,152 25% 131 538 (56) (13) 234 75 63 61 372 661 136

2015 12 31 13. 2015 12 31 1685,352,461,8335,347,406,516 2015 7 12015 12 315,055,317 2014 12 31 1,5055,229,589,957 5,225,231,4892014 7 12014 12 31 4,358,468 14. 2015 2014 30,760 30,080 24 15 3,912 (636) 665 34,060 30,760 (a) (b) 2015 12 312014 12 31 2015 137

2015 12 31 14. 1 (1) 6.00% 2014 6.00% (2) 6.50% 2014 6.50% (3) 278 2014266 (4) 316 2014 308 138

2015 12 31 14. 2 (1) 6.00% 2014 6.00% (2) 6.50% 2014 6.50% (3) 1,2342014 1,154 (4) 1,2562014 1,128 2015 139

2015 12 31 14. 3 (1) 7.00% 2014 7.00% (2) 1,467 20141,562 140

2015 12 31 14. 4 (1) 6.25% (2) 6.75% (3) 127 (4) 131 2015 141

2015 12 31 14. 5 (1) 6.25% (2) 6.75% (3) 218 (4) 274 142

2015 12 31 14. 6 (1) 7.50% (2) 796 2015 12 312014 12 31 2015 143

2015 12 31 15. 2014 1 1 2,076 578 153 98 2,905 19 1 4 24 (43) (43) 2014 12 31 2,095 579 153 59 2,886 2 2 20 15 35 (1) (6) (7) 2015 12 31 2,115 579 152 70 2,916 2014 1 1 373 48 37 30 488 106 19 13 15 153 (39) (39) 2014 12 31 479 67 50 6 602 113 19 14 13 159 (1) (5) (6) 2015 12 31 592 86 63 14 755 2015 12 31 1,523 493 89 56 2,161 2014 12 31 1,616 512 103 53 2,284 144

2015 12 31 15. 3.1% 18% 5% 19% 18% 90% 16. 2015 2014 4,022 4,150 128 128 4,150 4,278 17. 2015 2014 6 6 18 19 24 25 2015 145

2015 12 31 18. 2015 2014 60 48 18 14 10 2 10 17 25 58 7 5 163 86 2015 2014 49 45 7 2 4 1 60 48 302014300.05% 0.3% 20140.05% 0.1% 2015 12 311820146 2015 12 31 47201448 146

2015 12 31 19. 2015 2014 1,416 2,178 4,671 2,297 6,087 4,475 20 320 6,107 4,795 1.54% 5.45% 1.49% 4.70% 2015 2014 6,053 4,792 51 1 3 2 6,107 4,795 2015 147

2015 12 31 20. 2015 2014 70 67 222 206 187 196 479 469 2015 2014 59 43 11 24 70 67 2015 2014 40 34 439 435 479 469 148

2015 12 31 21. 2015 2014 9,530 3,885 (95) (18) 9,435 3,867 2015 2014 1,443 1,104 834 2,137 7,158 626 9,435 3,867 (1,443) (1,104) 7,992 2,763 2013 12 19200168 2014 12 92015 12 312015 12 312001682014200 1571.40%2017 12 2014 12 12 5,0004,189 2015 12 315,000 4,189 1.55%2018 3 2014 12 24 1,2001,0052011 12 2015 12 311,200 1,00520141,200947 1.80%2018 1 2015 6 18600503 2015 12 31600503 1.95%2020 6 2015 149

2015 12 31 21. 2015 8 271,000838 2015 12 311,000 8381.15%2018 8 2015 10 19850712 2015 12 31850712 1.35%2020 10 2013 11 8 1,5251,278 2015 121,0008382015 12 31525440 1.9% 2014 2.2% 22. 2014 1 1 2,166 5,052 154 7,372 12 13 166 61 240 (152) (152) 2014 12 31 2,179 5,218 63 7,460 12 28 (159) 63 (68) 4 4 (61) (61) 2015 12 31 2,207 5,059 69 7,335 150

2015 12 31 23. 2015 12 315,378,973,852 20145,297,591,509 2014 1 1 5,164,525,496 26,476 (ii) 34,168,123 120 20132014 (iii) 98,897,890 326 2014 12 31 5,297,591,509 26,922 (i) 11,268,011 39 (ii) 35,618,331 121 20142015 (iii) 34,496,001 114 2015 12 31 5,378,973,852 27,196 (i) 2015 3 23.47 11,268,011 (ii) 2015 12 31 2015 3 26 2014 7 12014 12 31 3.38 17,605,343 2015 8 17 2015 1 12015 6 30 3.39 18,012,988 35,618,331 2015 151

2015 12 31 23. (ii) 2014 12 31 2014 3 20 2013 7 12013 12 31 3.56 16,844,078 2014 8 18 2014 1 12014 6 30 3.42 17,324,045 34,168,123 (iii) 2015 5 1320143.3129,222,017 2015 9 2420153.325,273,984 2014 4 3020133.3835,644,423 2014 9 2520143.2563,253,467 24. 2015 3 2Cheerjoy LimitedCheerjoyJoinpower Holdings Ltd.Joinpower 3,910 152

2015 12 31 24. 2015 3 2 3,912 2 128 8 (22) (61) (4) 3,963 3,963 3,963 (128) 3,835 Cheerjoy JoinpowerHui Xian (Cayman Islands) LimitedHui Xian Cayman 2015 6 32015 6 3 2015 153

2015 12 31 25. 2015 3 224 Cheerjoy Joinpower20152016201720182019 12 31 299.28 100 2015 12 31 2015 3 22015 12 31Cheerjoy Joinpower 58 97 26. 2015 12 3127,5572014 28,5642015 12 315,378,973,85220145,297,591,509 27. 3,3472014 2,293 28. 43,629201439,487 154

2015 12 31 29. 45%2015 12 31 20.2% 20149.2% 30. a. 2015 2014 39 135 70 6,107 4,795 6,242 4,865 6,281 4,865 257 263 18 17 719 687 9,435 3,867 10,429 4,834 27,557 28,564 63201459 2015 155

2015 12 31 30. b. 1921 50201450 502014502015 12 3147201419 156

2015 12 31 30. b. 2015 2014 51 1 3 2 9,475 3,901 5% 5% 5% 5% 2015 2014 471 195 2015 157

2015 12 31 30. b. 0.05% 0.3% 20140.05% 0.1% 30201430 2015 12 312014 12 31 158

2015 12 31 30. b. 2015 12 31 3,34720142,293 1,3002015 5 2015 12 31 % 257 257 257 77 172 226 263 738 738 18 18 18 719 719 719 1.9 56 1,554 976 7,343 9,929 9,435 408 2,445 1,202 7,606 11,661 11,167 2014 12 31 % 263 263 263 113 148 171 258 690 690 17 17 17 687 687 687 2.2 969 206 2,199 637 4,011 3,867 1,362 1,041 2,370 895 5,668 5,524 2015 159

2015 12 31 30. c. 25 31. 2015 12 31 920147 32. 2015 2014 2,118 1,908 3,042 2,423 214 31 5,374 4,362 20141.5% 28% 20141.5% 25% 160

2015 12 31 33. 2015 2014 21 31 34. 2015 2014 (a) 4,026 3,940 (a) 1,909 (a) 702 697 (a) 15,611 17,031 (a) 85 84 (a) 85 35 (b) 456 (b) 2,134 (b) 254 (b) 497 (b) 1,874 (b) 1,288 1,580 (b) 588 719 2015 161

2015 12 31 34. 2015 2014 (b) 1,646 1,641 (b) 1,784 1,922 (b) 58 55 (b) 196 (c) 518 (c) 398 (d) 420 (e) 2,311 1,538 (j) 437 341 (m) 1,726 1,681 (i) 26,993 25,855 (i) 155 (b) (k) 6,426 (i) 13,489 47,789 (i) 10,033 23,577 (b) 13,130 8,711 (b) 17,940 11,867 (b) 24,363 162

2015 12 31 34. 2015 2014 (a) 336 (a) 2 (b) 15 (a) 158 (a) 7 (a) 2 (a) 434 433 (a) 1 (a) 703 355 (b) 143 37 (b) 7 Hutchison Hotel Hong Kong Limited (b) 71 59 (b) 315 (b) 1,250 2015 163

2015 12 31 34. 2015 2014 (a) (l) (i) 437 435 (i) 1,529 1,523 (i) 197 (f) (i) 36,887 16,136 (e) (f) 16,578 6,609 (g) 6,183 1,586 (f) (i) 336 (e) (f) 63 4,065 3,732 201,602 150,159 (j) 46,921 37,865 (h) 295 330 (h) 16 (h) 14 151 164

2015 12 31 34. 20152014 12 31 2015 2014 (f) (i) 2,238,406 551,107 (e) (f) 746,182 315,536 (i) 48,162 358,323 (i) 653,953 1,033,563 (a) 1,092 1,092 (a) 572 (a) 181 181 (a) 840 1,139 (a) 21 21 (a) 28 28 (b) 123 (b) 488 (b) 69 (b) 325 323 (b) 202 214 (b) 409 409 (b) 436 479 2015 165

2015 12 31 34. 2015 2014 (b) 14 14 (e) 632 (j) 117 85 (m) 451 426 (a) Hui Xian (Cayman Island) LimitedHui Xian Cayman 1 2 (b) 2 Hui Xian Cayman 1 (i) 5 2015 6 3 (ii) 5 (c) Hui Xian Cayman 4 Hui Xian Cayman 2 (d) 2014 10 9Hui Xian Cayman 1 Hui Xian Cayman 2 (e) Noblecrown Investment Limited 3 Noblecrown Investment Limited 2 (f) 21 (g) 2 Hui Xian CaymanHui Xian Cayman 2015 5 15 2011 4 8 2011 12 29 1,3002015 6 14802015 9 23700 2015 6 302015 10 23 (h) 20152014 12 31 2013 12 31 (i) 2 Hui Xian Cayman 1 (j) (k) (l) 166

2015 12 31 34. (m) 1 20% 2 10% 3 4 5 2015 6 3 35. (i) 2015 2014 2015 2014 Hui Xian (B.V.I.) Limited 1994 6 7 11 100% 100% Shenyang Investment (BVI) Limited 2011 7 21 50,000 100% 100% Chongqing Overseas Investment Limited 2014 9 1 50,000 100% 100% 1992 8 18 10,000 100% 100% 2011 8 16 10,000 100% 100% 1992 11 12 210,000,000 100% 1999 1 25 600,000,000 100% 100% 1996 9 14 59,873,990 70% 70% 1993 11 18 470,000,000 100% 2015 167

2015 12 31 35. (ii) 2015 2014 2015 2014 2015 2014 30% 30% (15) (14) 256 271 2015 2014 82 79 (132) (124) (50) (45) (15) (14) (35) (31) (50) (45) 168

2015 1 1 2015 12 31 2014 1 1 2014 12 31 2013 1 1 2013 12 31 2012 1 1 2012 12 31 2011 4 29 2011 12 31 2,413 2,143 1,997 1,744 1,087 501 521 584 775 419 136 131 129 129 82 3,050 2,795 2,710 2,648 1,588 525 2,152 1,267 4,009 1,178 (372) (661) (427) (1,110) (359) 153 1,491 840 2,899 819 168 1,505 972 2,901 819 0.0315 0.2878 0.1898 0.5762 0.1637 2015 1 1 2015 12 31 2014 1 1 2014 12 31 2013 1 1 2013 12 31 2012 1 1 2012 12 31 2011 4 29 2011 12 31 1,449 1,350 1,262 1,208 735 0.2700 0.2567 0.2455 0.2392 0.1467 2015 169

2015 2014 2013 2012 2011 12 31 12 31 12 31 12 31 12 31 40,282 37,194 36,775 37,098 32,931 6,422 5,034 3,952 2,290 1,064 46,704 42,228 40,727 39,388 33,995 3,075 2,741 1,623 2,358 1,377 15,816 10,652 10,856 8,699 6,646 18,891 13,393 12,479 11,057 8,023 256 271 285 417 27,557 28,564 27,963 27,914 25,972 5.1231 5.3919 5.4144 5.4988 5.1845 170

2015 2014 2013 2012 2011 12 31 12 31 12 31 12 31 12 31 27,557 28,564 27,963 27,914 25,972 5.1231 5.3919 5.4144 5.4988 5.1845 17,912 18,436 19,935 21,067 17,834 5,378,973,852 5,297,591,509 5,164,525,496 5,076,415,649 5,009,521,491 1 34.2% 13.5% 11.5% 7.0% 0.8% 2 20.2% 9.2% 7.9% 5.0% 0.6% 2015 2014 2013 2012 2011 1 1 1 1 1 1 1 1 4 29 2015 2014 2013 2012 2011 12 31 12 31 12 31 12 31 12 31 3.57 3.88 4.32 4.26 5.10 3 2.94 3.29 3.70 3.48 2.65 42.6% 39.0% 31.7% 36.7% 48.9% 0.2700 0.2567 0.2455 0.2392 0.1467 4 8.11% 7.38% 6.36% 5.76% 1. 2. 3. 4. 2015 171

2015 12 31 2015 7 12015 12 31 2015 2016 3 15 2015 2016 3 30 2016 3 30 2015 2016 4 1 2016 4 6 2015 2016 4 6 2016 4 14 2016 4 19 1 2016 5 5 2016 2 2016 5 6 2015 2016 5 23 2016 5 23 2016 5 24 1. 2015 7 12015 12 3120152016 4 14 2016 4 192016 5 5 18317M 2. 2016 5 3 2016 5 62016 2016 4 29 18317 1712 1716 172

2 303 (852) 2121 1128 (852) 2121 1138 1 1 1 1 2015 1 12015 10 30 2015 173

183 17M (852) 2862 8555 (852) 2865 0990 (852) 2121 1128 (852) 2121 1138 info@huixianreit.com 87001 www.huixianreit.com 174

Hui Xian Cayman Hui Xian (Cayman Islands) Limited 104 2015 175

571 Shenyang Investment BVI Shenyang Investment (BVI) Limited 2011 4 12013 5 242014 5 162015 5 28 176

2016 3 15