Investor Presentaiton

Strategies for fulfilling "three red lines" (RMB bn) 120 Through accelerating cash collection, balanced investment pace, cost reduction, and faster delivery to achieve positive operating cash flow in next three years, reducing liabilities and increasing net assets Proactive debt management to reduce interest-bearing debt 114.9 No less than 5% reduction each year* Accelerate profit recognition to enhance net assets (RMB bn) 120 CAGR: 15% or more 80 40 0 2020 2021E 2022E 2023E Interest-bearing debt *By end-2021, interest-bearing debt is expected to decrease by 10% to 15% y-o-y Accelerate cash collection ✓ Actively reduce inventory and improve sell- through rate of new launches for steady increase in net operating cash inflow and net assets ✓ Accelerates cash collection and settlement of account receivables; cash collection to be a key indicator in performance appraisal Cost reduction ✓ Optimize organizational operations and lower SG&A costs, productivity per capita ✓ exhibited marked improvement Strengthen capital management and improve capital utilization to ensure continuous reduction of interest-bearing debt and finance costs 80 54.3 40 0 2020 2021E Balanced pace Faster delivery 2022E Net assets 2023E ✓ Prudent land acquisition with sales-based investment, annual budget is capped within 20% of contracted sales of the year ✓ Enhance project standardization and centralized procurement with dynamic adjustment of development pace for optimization and flexible control of construction costs III ✓ Net assets to achieve CAGR of 15% or more in 2020-2023; project delivery is to pick up pace to increase profit Steadily increase investment properties and other asset types to continuously increase diversified income and to provide stable cash flow 17

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