China's Growth Opportunities and Offshore Investing

. Real estate - reduced systemic financial risks Recent policy loosening is targeted to reduce private developers' solvency risks and financial system risks, and thus positive to the sector and the broader market. • Demand recovery will be more dependent on consumer confidence and/or further demand boost policies. Onshore RMB bond yield 5 (%) -Vanke 4.5 4 3.5 3 2.5 2 1.5 China's national residential sales 35 -Poly Development Seazen Group 150% 30 2007/09-2009/01 2013/01-2015/02 Current cycle (2021/01-2022/10) 25 100% 20 50% 15 10 0% 5 T -50% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 # of months Source: (LHS) J.P.Morgan Asset Management and NBS. Data as of Oct 2022; (RHS) Source: Chinabond.com.cn Data as on 02nd Dec 2022 * 30

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