Investor Presentaiton

(All are actual images) • • • First mover of urban redevelopment to secure high-quality development In 2009, Guangdong carried out pilot urban redevelopment projects for old cities, factories and villages ("three olds"). Cities including Guangzhou and Shenzhen have been requested to introduce industries while Guangzhou is required to include Global 500 companies in old village redevelopment projects in Zone 1&2. In 2021, "urban redevelopment" appeared in Government Work Report for the first time and was included in the 14th Five-Year Plan. In 2011, Aoyuan seized first-mover opportunities in urban redevelopment and has established multi-industry "Aoyuan Urban Redevelopment Model”, contributing to enriching landbank and profit. Planning 2011 - 2013 Incubation 2014-2016 Growth 2017-2019 Scale 2020 onwards Case Study 1: Guangzhou Aoyuan Int'l centre (old village redevelopment) Total GFA: 250,000 sqm Avg. land cost: RMB6,700 per sqm ASP: RMB19,100 per sqm Contracted sales: approx. RMB2.26bn GPM / NPM: 41% / 15% Case Study 2: Guangzhou Luogang Aoyuan Plaza (old factory + old village redevelopment) Total GFA: 330,000 sqm ASP: RMB16,500 per sqm Contracted sales: • approx. RMB4.60bn . GPM / NPM: 30% / 17% Case Study 3: Zhuhai Aoyuan Plaza (old factory redevelopment) Total GFA: 270,000 sqm . Case Study 4: Guangzhou Aoyuan Henderson The Residence Class (old factory redevelopment) Total GFA: 300,000 sqm Avg. land cost: RMB22,280 per sqm Est. ASP: RMB48,000 per sqm Est. saleable resources: approx. RMB14.3bn Est. GPM / NPM: 35% / 15% Redevelopment timetable: ✓ Apr 2018: Signed cooperation agreement with Henderson Avg. land cost: RMB4,800 per sqm Avg. land cost: RMB2,700 per sqm • ASP: RMB20,100 per sqm • • Contracted sales: approx. RMB4.38bn GPM / NPM: 38% / 18% • Redevelopment timetable: . ✓ Dec 2014: Submitted redevelopment plan ✓ ✓ Jun 2013: Listed Phase 1 village- reserved land Mar 2015: Updated plan application Jul 2015: Obtained land ownership certificate ✓ Jan 2021: Obtained land ownership certificate ✓ Oct 2015: Launched for presales ✓ ✓ Mar 2016: Launched for presales Dec 2017: Started to deliver Jun 2014: Launched for presales 3Q 2021: Launch for presales ✓ Sep 2017: Started to deliver ✓ Jun 2016: Started to deliver 2H 2023: Planned start of delivery (CGI) Redevelopment timetable: Dec 2011: Signed cooperation agreement with the government platform company Dec 2013: Completed land consolidation Jul 2015: Obtained land ownership certificate • Redevelopment timetable: Jun 2012: Signed cooperation agreement with the village ✓ Dec 2012: Redevelopment plan approved ✓ Sep 2020: Finished the procedures of bidding, auction and listing 34

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