The Wharf (Holdings) Limited 2017 Interim Results 9 Aug 2017 IP Demerger in Progress 1
The Wharf (Holdings) Limited
2017 Interim Results
9 Aug 2017
IP Demerger in Progress
1
1. Interim Results
2. Strategic Review
2
Overview
Backdrop
Underlying Profit Increased by 22% to $7,271M
Stable IP Performance (66% of Underlying Profit)
DP Core Profit More than Doubled (32% of Underlying Profit)
CME Exit to Complete in Oct 2017
DPS Increased by 10% to $0.64
3
Overview
Quality IP Demonstrated Resilience
IP Core Profit +3% to $4.8B
66% of Group Core Profit
DP Core Profit +161% to $2.3B
72%
26%
2%
Total Core Profit
$7.3 billion
(+22%)
Others
HK
Properties
China
Properties
3.2 3.8
4.2 4.6 4.8
1H13 1H14 1H15 1H16 1H17
IP Core Profit (HKD billion)
$4.8B (+3%)
4
Overview
Differentiating IP Driving Growth
Productive Retail Portfolio
Stable Office Sector
Positive Rental Reversion
4.8
5.6
6.1
6.4 6.7
0.5
0.8
1.1
1.2
1.2
1H13 1H14 1H15 1H16 1H17
Total IP Revenue (HKD billion)
$7.9B (+4%) HK China
5
Overview
Financial Highlights
Core profit +25%
IP Revaluation Surplus: $906M
Fair Value of IP: $303B (2015: $293B)
HKD Million 1H17 1H16 % Chg
Group Revenue 17,063 20,021 -15%
Operating Profit 8,553 8,075 +6%
Core Profit** 7,271 5,972 +22%
Profit Before IP Revaluation Surplus 7,270 6,200 +17%
Net IP Revaluation Surplus 1,171 525 +123%
Profit After IP Revaluation Surplus 8,441 6,725 +26%
Earnings Per Share (HK$)
- Attributable to Shareholders
- Core**
2.78
2.40
2.22
1.97
+25%
+22%
Dividend Per Share (HK$) $0.64 $0.58 +10%
Core Profit +22% to $7.3B
**Exclude IP Revaluation Surplus and Exceptional Items
6
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
7
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
8
B C D E A HK IP
Improving Retail Market
252.9 249.6 245.6 219.7 218.4
241.6 243.6 229.6
216.9
2013 2014 2015 2016 2017
HK Retail Sales (HKD billion) Title
1H 2H
494.5 493.2 475.2
436.6
218.4 (-0.6%)
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
YoY -12.5% -8.2% -7.5% -3.7% -1.3% +0.2%
Sales & Tourist Arrivals On the Mend
1H17 Total Tourist Arrivals +2.4%
(Mainlander +2.3%)
9
B C D E A HK IP
Retail Sales Revival On Track
16.0 16.8 15.6
13.3 13.7
17.8 18.2
15.2
14.4
2013 2014 2015 2016 2017
HC Retail Sales (HKD billion) Title
1H 2H
+2.8%
4.4
5.2 4.7
3.9 3.8
5.1
5.3
4.5
4.2
2013 2014 2015 2016 2017
TS Retail Sales (HKD billion)
1H 2H
-4.3%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
YOY -18.9% -9.6% -6.4% -3.8% +1.4% +4.4%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
YoY -20.0% -10.3% -6.3% -7.0% -4.8% -3.7%
10
B C D E A HK IP
Outlook – Stabilizing but Mixed
Global Economic & Political Uncertainties
Foreign Currency Movements & Monetary Policy Divergence
Europe Terrorist Attacks Divert Global Tourism Trend
11
B C D E A HK IP
Best-positioned to Build IP Performance
Stabilizing Retail Sales Strengthens
Rental Outlook
Continuous AEIs & Tenant Mix
Refinement
Positive Rental Reversion HC $3,258M +5%
TS $1,065M -2%
PH $287M +6%
Retail Revenue by Segment
6%
23%
69%
2%
$4.7 billion
(+3%)
HC TS
PH
Others
12
B C D E A HK IP
HC – AEIs Driving Value Creation
Sales Productivity Underpins Positive
Rental Growth
Constant Re-tenanting Further
Enhances Retail Experience
Attracting New Differentiating Retailers
2.4 2.8
3.0 3.1 3.3
2.5
2.9
2.9
3.1
2013 2014 2015 2016 2017
HC Retail Revenue (HKD billion)
$3.3B (+5%)
1H 2H
13
B C D E A HK IP
TS – Redefining Retail Experience
Passing Rent p.s.f +1%, Revenue Drop
Due to 4% Lettable Area Reduction*
Tenant Refinement Brings Excitement &
Freshness
Opening of LEGO Certified Store &
Facesss Captivate Crowds 0.7
0.9 1.0
1.1 1.1
0.8
1.0
1.0
1.0
2013 2014 2015 2016 2017
TS Retail Revenue (HKD billion)
$1.1B (-2%)
1H 2H
* For Shop Amalgamation Housing 2 Anchors (LEGO & Facesss) and Ongoing Tenant Mix Reshuffling
14
B C D E A HK IP
TS – New Excitements
LEGO Certified Store – 9/F
Lettable Area: 3,385 s.f
Opened on 8 Jul 2017
Facesss – 4/F
Lettable Area: 6,459 s.f
Opened on 21 Jul 2017
15
B C D E A HK IP
HC & TS – Attracting the Most Aspiring Brands
HC
(Selected Brands)
TS
(Selected Brands)
Expansion
HK/ Kowloon
Debut
Other
Commitments
16
B C D E A HK IP
Creative Promotion & Cultural Enrichment Initiatives
TS HC
17
B C D E A HK IP
Office - Stable
High Occupancy (96%-98%)
Positive Rental Reversion
1.2 1.4
1.5 1.6 1.7
1.3
1.5
1.6
1.8
2013 2014 2015 2016 2017
HK Office Revenue (HKD billion)
$1.7B (+4%)
1H 2H
18
B C D E A HK DP
50%-Owned Mount Nicholson
Symbol of Luxury & Scarcity
1H 2017: 2 Houses & 6 Apartments
Sold for >$3.1B (Gross basis)
Accumulated Sales:
9 Houses & 22 Apartments
$13.7B (Gross basis)
1 House Sold in FY16 Recognized in 1H17
1 House Sold in Jul 2017 for $645M
* “Global Luxury Real Estate Market Report: Luxury Defined 2017”, Christie’s International Real Estate
House 1 & 7 Ranked
among Top 3 of 2017 Top
Luxury Residential Sales *
House 1
House 7
19
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
20
B C D A China IP E
China IP – Long-term Value Creation
Solid Sales & Rental Performance
New Leading IPs Poised for Growth
Solid Foundation to Build Future
Success
0.5
0.8
1.1 1.2 1.2
0.8
1.2
1.2 1.2
2013 2014 2015 2016 2017
China IP Revenue (HKD billion)
$1.2B (+4%) 1H 2H
21
B C D A China IP E
Mixed-use CDIFS – City Within A City
Award-winning Trendsetting Landmark in China West
8-Level Retail/ Lifestyle Podium Premium Offices Luxurious IFS Residences Niccolo Chengdu
Among the Top in Retail Sales &
Footfall in Western China
Retail Sales
RMB2.4B (+30%)
Foot Traffic
+22%
Attracted a Large Concentration of
Movers & Shakers
Among the Most Exclusive
Serviced Residences in CD
Preferred Residence
with Superb Service
City’s Market Leader in Room Yield
in <2 Years
Figures are for 1H17 22
B C D A China IP E
CDIFS Mall – Stands Out from the Crowd
Promising Performance Continued
Unmatched Sales Productivity
Double-digit Rental Reversion
1H17 CDIFS Mall
Net Revenue (Net of Tax) RMB367M (+18%)
Foot Traffic Growth +22%
Turnover Rent Portion 24%
Occupancy Cost* 14%
* Occupancy Cost = Retail Rent/Retail Sales
CDIFS Retail Sales Growth
1H17 RMB2.4B +30%
2017 Expect Double-digit Growth
23
B C D A China IP E
CDIFS Office – Selective Tenant Profile
Top-notch Workplace – 46% Committed
Over 125,000 s.m Leased in 3.5 Years – Encouraging
Rental Rates Achieved among the Highest in CD
24
B C D E A China DP
DP Sales On Track
Sales Achieved:
GFA Sold 0.5M s.m (-40%)
ASP RMB22,500 p.s.m (+21%)
Restrictive Policies Depict a
Challenging Outlook
2017 Sellable Resources 1.6M s.m
10.9 8.9
10.3
16.3
11.9
10.0 12.6
15.7
15.1
2013 2014 2015 2016 2017
Contracted Sales (RMB billion)
RMB11.9B (-27%) 1H 2H
• 53 Projects in 14 Cities on Sale in 1H17
• 1H17 Accumulated Sell-through Rate 95%
• 2017 Sales Target: RMB24B
25
B C D E A China DP
Improving Profitability
Lower Completion & Recognition
Enhancing Operating Margin
Net Order Book RMB30B or 1.1M s.m
FY Target Completion 1M s.m
1H17 Operating Matrix*
Revenue $9,095M -30%
Operating Profit $2,355M +1%
Operating Margin 25.9% +8.1 ppts
Completed GFA 409,000 s.m -63%
Recognized GFA 564,000 s.m -35%
* Incl. JVs & Associates on an Attributable Basis
26
B C D E A China DP
Disciplined Landbanking
Remains Selective and Opportunistic
Focus on Tier 1 Cities & Top Tier 2
Cities
DP Land Bank 3.4M s.m
(Average Cost: RMB5,600 p.s.m)
Date City Attributable
GFA (s.m)
Attributable
Consideration
(RMB)
Ownership
Feb17 Hangzhou 32,000 0.46B 23%
Total 32,000 0.46B
27
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
28
C E Other Businesses B A D
MTL
Revenue $1,361M (+10%)
Operating Profit $349M (+20%)
Sold Remaining 50% Stake in Taicang
in Jun 2017; The Remaining Disposal
Gain Booked in 1H17
Throughput (million TEUs)
HK 2.7 +17%
DCB 0.6 -11%
TC 1.2 +11%
Total 4.5 +11%
Market Throughput
South China +7%
Kwai Tsing +11%
29
C E Other Businesses B A D
Wharf Hotels
Revenue $774M (+5%); Operating Profit $155M (+49%)
Improving Operating Environment
Niccolo Chengdu at CDIFS was Named One of China’s Best Business Hotels by
Condé Nast Traveler in Jun 2017
Niccolo Chongqing, a 252-Room Hotel at CQIFS to Open in 3Q17
The Murray, Hong Kong, a Niccolo Hotel to Open in 4Q17
30
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
31
Financial Management B C D E A
Prudent Financial Management
Net Gearing Ratio Remained Low at
6.4%
Group Net Debt $21.4B
Floating Rate Debt: 66% of Total
18.8%
15.8%
19.2%
20.6%
21.7%
20.4%
18.9%
14.9%
7.3% 6.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17
Net Debt to Total Equity
Net Debt /
(Cash)
(HKD B)
Wharf
(Excl.
Subs.)
MTL HCDL i-CABLE Group
Total
Net Debt
to Total
Equity
30 Jun 2017 14.2 6.9 (0.4) 0.7 21.4 6.4%
30 Jun 2016 40.4 8.9 (1.5) 0.4 48.2 15.2%
32
Financial Management B C D E A
Prudent Financial Management
3.2%
3.2%
2.8%
3.2%
3.3%
2013 2014 2015 2016 1H17
Average Interest Cost
9.9
11.4
16.2
5.5
2.8 5.4
Jul17-Jun18 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21-Jun22 Jul22 & After
Debt Maturity (HKD billion)
1H17 Increase on
Debt Mix Change
33
Financial Management B C D E A
Overview of Application of Funds
HKD
1H17
(Actual)
FY17
(Projected)
China DP $5.7B $13.4B
China IP $2.1B $5.4B
HKIP $0.6B $1.9B
Others $1.0B $2.8B
Total $9.4B $23.5B
* China DP $13.4B Self-financed by Sales; China IP Mainly IFSs Under Construction
32.8
31.5
23.4
26.9
23.5
2013 2014 2015 2016 2017
Major Capital and Development Expenditure
(HKD billion)
Major Capital and Development Expenditure
34
Agenda
A
B
C
D
E
Hong Kong Properties
China Properties
Other Businesses
Financial Management
Next
35
Next B C D E A
Coming Attractions
Mount
Nicholson
3Q17
CQIFS
3Q17
The Murray
4Q17
OTE
4Q17
CSIFS
2018
36
Next B C D E A
Coming Attractions
Mount
Nicholson
3Q17
CQIFS
3Q17
The Murray
4Q17
OTE
4Q17
CSIFS
2018
37
Next B C D E A
50%-Owned Mount Nicholson
3rd
Phase (Tower C&D) Expected End-3Q17
38
Next B C D E A
Coming Attractions
Mount
Nicholson
3Q17
CQIFS
3Q17
The Murray
4Q17
OTE
4Q17
CSIFS
2018
39
Next B C D E A
Iconic Ocean Terminal Extension (“OTE”)
GFA ~100,000 s.f
No. of Floors 5
No. of Tenants 11 F&Bs
2 Retails
Expected Opening Date 4Q17
270-Degree Panorama of Victoria Harbour
40
Next B C D E A
Coming Attractions
Mount
Nicholson
3Q17
CQIFS
3Q17
The Murray
4Q17
OTE
4Q17
CSIFS
2018
41
Next B C D E A
The Murray – The Remaking of an Icon
Accommodation 298 Rooms & 38 Suites (25 Floors)
Restaurants & Bars
• Murray on The Rooftop
(Bar & Restaurant)
• The Tai Pan (Modern European)
• Murray Lane (Lobby Bar)
• The Garden Lounge
• Guo Fu Lou (國福樓)*
Meeting & Event
Spaces >20,000 s.f
Leisure Facilities Spa, Gymnasium &
Swimming Pool
Contemporary Urban Chic
Part of Government’s Conserving Central Initiative
* The Wan Chai Branch – One-starred Rating by Michelin Guide Since 2013.
42
Next B C D E A
Coming Attractions
Mount
Nicholson
3Q17
CQIFS
3Q17
The Murray
4Q17
OTE
4Q17
CSIFS
2018
43
Next B C D E A
CQIFS & CSIFS – Mixed-use Developments
50%-Owned CQIFS
60%
30% 10%
Total 4.1M s.f
(100% Level)
Retail
1.2M s.f
Office*
2.5M s.f
Hotel
0.4M s.f
CSIFS
53%
35%
12%
Total 7.9M s.f
Retail
2.7M s.f
Office
4.2M s.f
Hotel
1.0M s.f
Total Development Area, Excl. Carpark (Total 2,211 Carparks)
* Net of Recognized Sales
Total Development Area, Excl. Carpark (Total Over 2,700 Carparks)
44
Next B C D E A
CQ & CSIFS Mall – Encouraging Pre-leasing Status
To Mirror the Success of Harbour City
(HK) & CDIFS
Proven Management & Execution
Capabilities
Promising Pre-leasing Underlines
Retailers’ Trust
Mall CQIFS CSIFS
GFA (s.f) 1.2M* 2.7M
Scheduled for
Opening Sep 2017 1Q18
% of Area Leased/
Under Offer >90% >90%
* CQIFS is 50%-owned, 1.2M s.f is Total Retail Area
45
Next B C D E A
CQIFS Mall – New Lifestyle Destination
Diversified Tenant Mix (Selected Brands)
CQ Debut
Food & Beverage
Renowned Brands
Sportswear & Anchor
To Offer an Exceptional One-Stop
Lifestyle Experience
Over 150 Brands Incl. 80 Int’l Brands &
20 CQ Debuts
25%
22%
24%
21%
9%
1.2M s.f
(100% Level)
Mid to
High-end
Affordable Luxury
Top-end
Luxury
Entertainment &
Lifestyle
F&B
Entertainment/ Lifestyle
46
CSR
CORPORATE SOCIAL
RESPONSIBILITY
47
CSR
Key CSR Achievements
Published CSR Report 2016 in Accordance with GRI G4
Sustainability Reporting Guidelines, and in Alignment with
HKEx Environmental, Social and Governance Reporting Guide
Hong Kong Quality Assurance Agency’s CSR Index Plus
Hang Seng Corporate Sustainability Index Constituent Stock
5 Years Plus Caring Company Logo
Architectural Design Internship has Supported Over 20 Students
Since 2011
48
CSR
2016 CSR Performance Highlights
Total Assets HK$443.8 billion
Hang Seng Corporate Sustainability
Index Series Member 2016-2017
Reduced >17% GHG Emissions
Since 2014*
6,600+ Talent*
102,000+ Training Hours*
Supporting 43,000 Students*
1,100+ Volunteers*
Donations of HK$36 million
The Wharf’s CSR Report 2016 is prepared in accordance with the GRI G4 Sustainability Reporting Guidelines. *Reporting scope covers selected HK operations only.
http://www.wharfholdings.com/eng/Ebook2016/mobile/index.html 49
1. Interim Results
2. Strategic Review
50
CME
i-CABLE
All Major Regulatory Hurdles Cleared
Open Offer (Expected Completion: 14 Sep 2017)
Loan Capitalization (Expected Completion: Sep/ Oct 2017)
Distribution in Specie of All i-CABLE Shares to Wharf Shareholders (2 Stages)
Scheduled for Completion in Sep/ Oct 2017
These will Complete CME Exit
Note: New Investor: Forever Top (Asia) Limited
51
IP Demerger (Dividend Neutral)
Wharf REIC (Incl. 72% HCDL) Wharf
China IP
China DP
Other HK Properties
Logistics (MTL, HACTL)
Hotel Management
PN15 APPROVED; A1 UNDER PREPARATION
GFA 11M+s.f; Value $230B+
Annual Turnover $13B+
Unique Commercial HKIPs:
Harbour City
Times Square
Plaza Hollywood
Crawford House
Wheelock House
The Murray (Under Conversion)
52
Appendix
53
IP Portfolio
70%
26%
4%
Office S.A. &
Others
Retail
55%
34%
11%
Office S.A. &
Others
Retail
84%
16%
China
HK
86%
14%
China
HK
1H17 IP Revenue: $7,927M
By Business
1H17 IP Valuation: $305.9B
By Business
54
HKIP Performance
Harbour City Times Square Plaza Hollywood
1H17
(HKD million) Revenue % Chg Revenue % Chg Revenue % Chg
Retail 3,258 +5% 1,065 -2% 287 +6%
Office 1,235 +2% 350 +1% - -
Hotels & Club 616 +4% - - - -
Serviced Apt. 163 +4% - - - -
Total 5,272 +4% 1,415 -1% 287 +6%
Valuation* as of
30 Jun 2017 $172.7B $54.5B $9.6B
Retail Sales
Jan-Jun 2017 $13.7B (+2.8%) $3.8B (-4.3%) $1.2B (-1.4%)
1H17 Avg. Retail
Passing Rent
(HK$ psf per
Month)
$462 $302 $109
* Incl. Hotels at Valuation as of 30 Jun2017
55
Commercial Properties Pipeline
14.0 14.2 14.2 14.4 14.7 14.7 14.7
5.7 5.7 5.7 5.7 5.7 5.7 5.7
3.9
6.6 7.4 8.2 8.2 8.2 8.2
2.0 2.0
4.6 6.1 6.1 6.1
2.2 2.2
2.7
2.7 2.7 2.7 0.8
0.8 0.8 0.8
3.9 4.1
9.4 11.2
2013 2014 2015 2016 2017 2018 2019+
Commercial Properties Completion Schedule (Million s.f)
Changsha IFS
Suzhou IFS
Changsha Outlets
Wuxi IFS
Chongqing IFS*
Chengdu IFS
Other China Commercial Prop.
HK Commercial Prop.
53.5M s.f
Total Development Area, Incl. Basement Area & Carpark
*Gross Basis & Net of Recognized Sales
56
570,000 s.m*
Retail, Grade A Offices &
Hotel
Retail 114,000 s.m
300m Tower
Jiangbei New CBD
50:50 JV with COLI
2017
383,000 s.m
Grade A Offices, Apartments &
Hotel
No Retail
450m Tower
Suzhou New CBD
80:20 JV with Genway
2018
250,000 s.m
Grade A Offices
No Retail
339m Tower
Taihu Plaza CBD
Wholly-owned
2016
1,043,000 s.m
Retail, Grade A Offices &
Hotel
Retail 254,000 s.m
452m Tower
Prime City Center
Wholly-owned
2018
Wuxi IFS Chongqing IFS Suzhou IFS
Total Development Area, Incl. Basement Area & Carpark
* Gross area & Net of Recognized Sales
Changsha IFS
China Commercial Properties Pipeline
57
China’s Western
Development Strategy
Strong Presence of
International Brands
The World’s Largest
Municipality by Population &
Area
Transportation Hub – Biggest
Inland River Port
Chongqing
Population 30.5 million
1H17 GDP
+10.5%
(National Avg.:
+6.9%)
1H17Retail Sales +11.7%
1H17 Disposable
Income per Capita
RMB16,913
+8.6%
4%
45%
50%
Tertiary Primary
Secondary
1H17 Tertiary Industry +10.8%
50.4% of CQ GDP
Chongqing City Profile
58
Hub City in Central China
Beneficiary of China’s “Rise
of Central China” Campaign
Important Entertainment
Center in China – Presence of
Hunan Satellite TV
1H17 Tertiary Industry +10.2%
47.1% of CS GDP
Changsha
Population 7.6 million
1H17 GDP
+8.5%
(National Avg.:
+6.9%)
1H17 Retail Sales +10.6%
1H17 Disposable
Income per Capita
RMB24,214
+8.0%
3%
50%
47%
Tertiary
Primary
Secondary
Changsha City Profile
59
China Contracted Sales Breakdown by City
Region City No. of Projects
on Sale in 2016
Contracted
Sales (%)
GFA Sold
(%)
Eastern China Shanghai 2 12% 2%
Suzhou 5 11% 10%
Wuxi 4 15% 22%
Changzhou 3 1% 1%
Ningbo 3 7% 7%
Hangzhou 12 21% 21%
Eastern China Sub-Total: 29 67% 63%
Western China Chengdu 7 3% 4%
Chongqing 4 12% 16%
Western China Sub-Total: 11 15% 20%
Southern China Foshan & Guangzhou 6 6% 9%
Others Beijing 2 5% 2%
Tianjin, Dalian & Wuhan 5 7% 6%
Southern & Others Sub-Total: 13 18% 17%
60
2 Projects Launched in 1H17
Projects City New Launch
Attributable
Proceeds
(RMB’M)
Attributable
GFA Sold
(s.m)
Average Price
(RMB psm)
The Osmanthus Grace (Site 18) Hangzhou May 208 6,200 33,800
Longfor Mansion (Site 16) Hangzhou Jun 195 6,100 32,100
61
China Key Projects on Sales in 1H17
Projects City
Attributable
Proceeds
(RMB’M)
Attributable
GFA sold
(s.m)
Average Price
(RMB psm) Ownership
Shanghai Pudong
Huangpujiang Shanghai 1,372 11,800 116,100 100%
Wuxi Glory of Time Wuxi 896 50,300 17,800 100%
Greentown Zhijiang No.1 Hangzhou 709 29,500 22,600 50%
Bellagio Suzhou 699 34,900 20,000 100%
The Pearl on the Crown Beijing 579 7,300 79,200 25%
Wuxi Times City Wuxi 500 34,200 14,400 100%
The Berylville Ningbo 475 14,200 33,300 50%
Scenery Bay Tianjin 462 12,100 36,600 50%
International Community Chongqing 453 34,800 12,800 40%
The Throne Chongqing 445 23,100 17,800 50%
Evian Capital Foshan 419 26,000 14,900 50%
Suzhou Times City Suzhou 410 10,300 28,900 80%
62
China Land Bank Breakdown by City
Region City GFA million (s.m) % Total
Eastern China Shanghai 0.5 9%
Suzhou 0.6 11%
Wuxi 0.7 12%
Changzhou 0.1 1%
Ningbo 0.0 1%
Hangzhou 0.5 9%
Eastern China Sub-Total: 2.4 43%
Western China Chengdu 1.5 25%
Chongqing 0.6 10%
Western China Sub-Total: 2.1 35%
Southern China Foshan, Shenzhen & Guangzhou 0.2 3%
Others Tianjin 0.1 1%
Changsha 0.8 13%
Beijing, Dalian & Wuhan 0.3 5%
Southern & Others Sub-Total: 1.4 22%
Total: 5.9 100%
63
China Key Properties Completion
Projects Attributable GFA (s.m)
Key Completion in 1H17
Suzhou Times City 122,300
Wuxi River Pitti (Bi Xi) 87,700
Chongqing IFS 68,000
Chengdu Times City 56,600
Chengdu Times Town 42,100
Projected Key Completion in 2H17
Shanghai Pudong Huangpujiang 136,000
Suzhou Times City 124,400
Wuxi Times City 62,600
Hangzhou The Exquisite Palace (Longxi) 55,700
Dalian Garden Valley 54,000
Foshan Evian Kingbay 45,300
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China New Projects for Sales in 2H17
Projects City Ownership
Foshan Site (依雲曦岸) Foshan 40%
Longxi (Site 12) Hangzhou 100%
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Thank You
IP Demerger in Progress
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End of Presentation
The Wharf (Holdings) Limited [HKEx Stock Code: 0004.HK]
Disclaimer
1) All information and data are provided for information purposes only. All opinions included herein
constitute Wharf’s judgment as of the date hereof and are subject to change without notice. The
Group, its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties
of any kind to user and/or any third party including warranties as to accuracy, timeliness,
completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the information and data
contained herein.
2) The full-year statutory financial information of preceding financial years quoted in this presentation
are derived from statutory annual financial statements for that relevant financial years, each of which
had been delivered to Registrar of Companies in accordance with the prevailing Companies
Ordinance and were reported on by the auditors with relevant auditors’ reports without qualification or
modification.
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