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(1)   Listed company in Hong Kong
(2)   Listed company in the PRC
(3)   Only projects with land use rights of project sites acquired are included
(4)   The project was held jointly by two wholly-owned subsidiaries and a 68.45%-owned subsidiary of the Group
(5)   Excluding a residential land use project held by an associate in which the Group held 50% interests

The above is a simplified corporate structure of the Group and does not include intermediate holding entities, and the percentages of interests shown represent the percentages for which the Group has acquired effective control.

In this report, the English names of the PRC entities are translations of their Chinese names and included herein for identification purpose only. In the event of any inconsistency, the Chinese names shall prevail.