Monthly Newsletters for May 2022

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For the first month of April 2002, the total sale of residential property contracts for the construction property was RMB26.30, a decrease of 18.0% year-on-year. In April 2002, the Group contracted for the sale of a building area of 374,242 square meters, a decrease of 11.5% year-on-year. The average selling price per square meter in April 2002 was RMB7,026, down 7.3% year-on-year. For the four months ended 30 April 2002, the Group achieved total property contract sales of RMB88.97, a decrease of 36.3% year-on-year; the total contract sales building area of 1,166,549 square meters, a decrease of 35.7% year-on-year; the average selling price per square meter was RMB7,626, a year-on-year decrease 0.9%.

On 29 April 2002, the People's Government of Luoyang promulgated 18 new real estate policies to support real estate enterprises. This new policy includes a uniform minimum down payment ratio of 20% for second-hand mortgage loans. The minimum down payment rate is 20% for families who purchase a normal home for their first home on a loan; for families with one home and the corresponding home loan not settled, re-apply for a commercial personal home loan to purchase an ordinary self-contained home, with a minimum down payment ratio of 30%.

The Group's contract sales in April were supported by the following factors:

Contract sales from Zhengzhou account for approximately 15% of total sales;

Projects from Henan's 3rd and 4th Line cities accounted for approximately 60% of total sales;

Contract sales from county-class cities account for approximately 25% of the total sales value;

Our regionalization strategy continues to diversify contract sales, with 267 projects/installments from the 2nd, 3rd and 4th line cities of Henan Province, as well as in county-class cities;

85% of contract sales in April came from projects affected by unlimited purchases

Main Push Items

According to data from the Henan Provincial Statistics Bureau, the contract sales value of Henan real estate market in the first March of 2012 was RMB 1,371.6 million, down 6.7% from the previous year (first March 2021: RMB1469.6). Constructed real estate sold at RMB61.8 in the first month of March 2002, excluding light asset contracts, accounting for 4.5% of the entire Henan real estate market 1. In terms of transaction volume, Henan's real estate market reached 2,269 million square meters in the first month of March 2002, an increase of 2.2% year-on-year (first March 2021:2,219 million square meters). In terms of sales area, the Group deducted 3.5% of the total sales area of Henan Province as of end-March 2002, of light asset sales area 2. According to the Henan Provincial Statistics Bureau, the average transaction price of property sales in Henan province in the first March of 2002 was RMB6,045 per square meter, down 8.7% year-on-year (first March 2021: RMB6,622/sqm).

Land Acquisition

In April, the Group acquired a total land area of 151.67 million square meters in Zhengzhou City and Yongcheng County, Shangqiu City, with a total land area of about RMB 2.63 million; the Group is expected to have a building area of about 6.68 million square meters, and the ownership land will be about RMB1.49. The average land cost is RMB 1,731 per square meter. As of the end of April 2002, the Group acquired a total land area of 88.64 million square meters with a total land value of RMB13.19. It is estimated that the Group's beneficial land is estimated at RMB 6.91 million, representing a building area of approximately 44.36 million square meters. The average land cost is RMB 1,488 per square meter.

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