On the afternoon of April 30, Chairman Fu Yuning heard reports on the work of CR land and exchanged ideas with the management of CR Land. Fu spoke positively of the developments and achievement of CR Land in the past and required CR Land to explore innovative approaches and building the competency. Deputy General Manager Zhu Jinkun of the Group accompanied Fu during the research tour.

Assistant General Manager Wu Xiangdong reported on the development history, current operations, organizational structure and business achievements of CR Land as well as problems and challenges CR Land is currently faced with.

Fu highly commented on the development and achievements of CR Land in recent years. As he pointed out, CR Land is an important business unit of the Group with the largest asset scale and profit. The business mode of CR Land featuring integrated development of residential and investment properties is the most significant characteristics and advantage of RC Land, contributing greatly to the real estate business of CR Land. He further pointed out that the judgment of the real estate market is important as the consumption and domestic demands of real estate products offer opportunities for the development of real estate and the general economy. CR Land should focus on “two innovations” in pursuit of future development. The first is the exploration of new mode of land acquisition. CR Land should exerting the advantages and experience of success in acquiring land for future development, make in-depth research on the positioning of products and the business mode planning and design business modes and projects that meet the needs of various governments for future development and can create greater tax income and employment opportunities for the local population, such as industrial parks and logistic parks, so as to acquire land at more reasonable prices. The second is the adoption of mature commercial property operational modes that have been proved successful elsewhere for the purpose of further promotion of the business operation and fund management capacities of CR Land. New financing approaches should be explored to reduce the financial pressure resulting from funding the development of commercial real estate projects and developing healthy industrial and capital cycling. Meanwhile, CR Land should build its competency to face the fierce competition on the market and attain the highest level in the industry in terms of the product portfolio, standardization, cost control, development efficiency, operational flexibility, etc. Finally, Fu expressed his confidence in the young and enthusiastic management team of CR Land with strong implementation force and hoped that CR Land will do better and better in the constantly changing market environment.

Later that day, Fu also paid a study visit to Mixc City in Shenzehn and inspected the models of Mixc City and other projects of CR Land in Shenzhen.

Representatives from the Directors’ Office, the Strategy Management Division and the management team of CR Land attended the conference.