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(Hong Kong, August 21, 2017) China Overseas Land & Investment Corporation ("China Overseas Land & Development" or "Company", stock code: 0688.HK) announced today as of June 2017 Unaudited interim results for the six months ended on the 30th.

In the first half of 2017, the group real estate contract sales were HK$127.32 billion, an increase of 33.7% over the same period last year; the corresponding sales area reached 7.8 million square meters; operating profit increased by 18.0% to HK$32.13 billion Profit attributable to shareholders increased by 25.2% to HK$21.65 billion; the market has gone up in the past two years, and the average sales price of the group has increased. Together with the continued use of cost control advantages, the gross profit margin has increased by 3 percentage points year-on-year to 30.5%. The proportion of administrative expenses in turnover decreased from 3.4% to 2.6%, and the net profit margin increased by 4.3 percentage points year-on-year to 24.8%, maintaining the industry's leading position. As of June 30, the company’s equity attributable to shareholders reached HK$243.44 billion, a year-on-year increase of 9.5%, that is, the net asset value per share was approximately HK$22.22, and the half-year return on shareholders’ funds during the period was approximately 9.3%. Basic earnings per share rose by 13.1% to HK$1.98.

New construction starts and annual targets for area under construction both hit new highs
In 2017, it plans to start 19 million square meters of new construction, which is 1.75 times that of last year's plan. During the period, the Group's newly started area hit a six-month high, reaching 9.32 million square meters. In 2017, the highest peak of the group's area under construction will exceed 30 million square meters, the highest in the company's history. It is expected to significantly increase the scale of future saleable resources and promote the rapid growth of the company's main residential business.

Diversified land bank pipelines
Since the beginning of this year, the Group has actively explored the diversification of land reserve pipelines. In the open land market, through project cooperation, it has achieved a low premium rate and reduced land costs. During the period, the group added 27 land in Mainland China and Hong Kong, with a total area of ??6.33 million square meters available for development; at the end of June, the group’s land bank was 58.53 million square meters. From January to July, the group added a total of 36 new plots of land, of which 35 plots in the mainland have an average premium rate of 38.8%.

Prudent financial management and strict control of yield
The Group continues to adhere to the principle of prudent financial management, implements a centralized and unified management model of effective finance, capital utilization and financing, fully considers the domestic and overseas financing environment, and maintains a reasonable level of borrowing and cash. As of the end of June, the group's net lending ratio was 16.1%, and the efficiency of fund utilization has been improved, and there will be room for the future. During the period, the Group repaid the high-interest debts of the CITIC Asset Package and other mature debts. The weighted average borrowing cost dropped sharply from 4.76% at the end of 2016 to 4.2%, maintaining a relatively low level in the industry. The cash in hand is HK$119.50 billion, with sufficient financial resources.

During the period, the total sales receipts amounted to HK$114.8 billion, compared with HK$86.7 billion in the same period last year, an increase of 32.5%. Through continuous and strict management of sales collections, the group has achieved a collection rate of 90.2%. Continue to maintain the industry's leading level.

Mr. Yan Jianguo, Chairman and Chief Executive Officer of China Overseas Development, said: “During the period, the Group expanded diversified investment methods, accelerated new land reserves and accelerated development progress. New highs have effectively increased the saleable resources in 2017 and will provide a large amount of sale resources for the next two years. Taking into account the changes in the market and the increase in the group’s saleable volume, the Group has decided to set the annual contracted sales amount target (including joint ventures) And joint ventures) increase by 10%."

In response to the market situation, Mr. Yan Jianguo said: “In the future, the Group will focus on high-value target customer groups and improvement needs as its core capabilities, and deepen the first- and second-tier high-value markets, focusing on rail transit, and accelerate Expand the first-tier and second-tier central cities and metropolitan areas. At the same time, the Group has become more flexible, efficient and diversified investment models, seized the opportunities of industry mergers and acquisitions, maintained a rapid development trend on the basis of quality and efficiency, and increased market share. "

25th anniversary of listing, accumulated dividends exceeded 38 billion Hong Kong dollars
China Overseas Land & Investment was listed on the Hong Kong Stock Exchange on August 20, 1992. It has its 38th anniversary this year and its 25th anniversary of listing. It has become a blue chip component of the Hang Seng Index for its 10th anniversary, demonstrating the company's outstanding achievements in the real estate industry in Mainland China. From a market value of HK$4.2 billion at the beginning of the listing to a market value of more than HK$280 billion in mid-August this year, the accumulated dividends exceeded HK$38 billion, which has brought substantial returns to the company’s shareholders.

The company takes this opportunity to thank shareholders and friends from all walks of life for making the company move forward more steadily. In the future, we will continue to cherish our ideals and passions, with every shareholder of China Overseas Development and friends from all walks of life, hand in hand to experience the big and small cycles of the economy and industry, and to witness and share our success together.

From left: Chief Financial Officer Mr. Nie Runrong, Chairman and Chief Executive Officer Mr. Yan Jianguo, and Vice President and Chief Architect Mr. Luo Liang