China Resources Land : ANNOUNCEMENT OF 2018 INTERIM RESULTS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1109)

ANNOUNCEMENT OF 2018 INTERIM RESULTS

HIGHLIGHTS

• • Consolidated revenue for the first half of 2018 amounted to RMB43.78 billion, up by 40.4% YoY. Development property revenue was up by 42.5% YoY to RMB36.49 billion, rental income of investment properties (including hotel operations) was up by 22.1% YoY to RMB4.37 billion.

• • Consolidated gross profit margin improved to 48.1% in the first half of 2018 from 35.0% in the first half of 2017. Development property gross profit margin improved to 48.6% in the first half of 2018 from 32.6% in the first half of 2017, while investment property (including hotel operations) gross profit margin went up to 66.6% in the first half of 2018 from 63.5% in the first half of 2017.

• • Core profit attributable to the owners of the Company excluding revaluation gain from investment properties in the first half of 2018 reached RMB7.28 billion, up by 151.8% YoY; profit attributable to the owners of the Company including the revaluation gain from investment properties was up by 96.1% YoY to RMB8.85 billion.

• • Booked GFA amounted to approximately 1.94 million square meters in the first half of 2018, decreased by 21.7% YoY compared with approximately 2.47 million square meters in the first half of 2017.

• • As of 30 June 2018, the Group had locked in contracted sales of RMB216.57 billion that were subject to recognition in 2018 and years to come (including revenue booked in the first half of 2018), among which RMB96.51 billion will be recognized in 2018 as development property revenue (including revenue booked in the first half of 2018).

• • In the first half of 2018, total land bank newly added amounted to 8.17 million square meters. As of 30 June 2018, the Group's total land bank was approximately 52.15 million square meters.

• • Earnings per share achieved RMB1.28, up by 96.1% as compared with RMB0.65 in the first half of 2017, while core earnings per share attributable to the owners of the Company increased by 151.8% YoY to RMB1.05.

• • The board resolved to declare an interim dividend of RMB0.11 per share (equivalent to HK$0.13), up by 30.0% YoY from HK$0.10 per share in the first half of 2017.

- 1 -

The board of directors (the "Board") of China Resources Land Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2018 ("the first half of 2018") as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFOR THE SIX MONTHS ENDED 30 JUNE 2018

Six months ended 30 June 2018 2017

NOTES

RMB'000 RMB'000

(Unaudited and

(Unaudited) restated)

Revenue	5	43,778,110	31,170,633
Cost of sales	(22,711,787)	(20,259,236)
Gross profit	21,066,323	10,911,397
Gain on changes in fair value of
investment properties	2,031,772	2,602,159
Gain on changes in fair value of
financial instruments at fair value through
profit or loss	29,388	-
Other income, other gains and losses	931,778	(382,968)
Selling and marketing expenses	(1,474,456)	(1,337,154)
General and administration expenses	(1,580,320)	(1,398,764)
Share of profits of investments in joint ventures	254,142	35,546
Share of profits of investments in associates	87,102	93,092
Finance costs	6	(929,162)	(643,347)
Profit before tax	7	20,416,567	9,879,961
Income tax expenses	8	(9,709,630)	(4,394,447)
Profit for the period	10,706,937	5,485,514
Profit for the period attributable to:
Owners of the Company	8,850,911	4,514,107
Owner of perpetual capital instrument	137,667	-
Non-controlling interests	1,718,359	971,407
10,706,937	5,485,514
Basic earnings per share (RMB)	10	1.28	0.65

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE SIX MONTHS ENDED 30 JUNE 2018

Six months ended 30 June 2018 2017

RMB'000 RMB'000

(Unaudited and

(Unaudited) restated)

Profit for the period

Other comprehensive income

Item that may be reclassified subsequently to profit or loss

Exchange difference on translation of foreign operations

Item that will not be reclassified subsequently to profit or loss

Gain on changes in fair value of equity instrument at fair value through other comprehensive income

Other comprehensive income for the period

10,706,937

28,075

2,883 30,958

5,485,514

767,507

-

767,507

• Total comprehensive income for the period 10,737,895 6,253,021

  Total comprehensive income attributable to:

• Owners of the Company 8,809,093 5,167,020

Owner of perpetual capital instrument

137,667

-

• Non-controlling interests 1,791,135 1,086,001

• 10,737,895 6,253,021

30 June	31 December
2018	2017
NOTE	RMB'000	RMB'000
(Unaudited)	(Restated)
NON-CURRENT ASSETS
Property, plant and equipment	8,913,597	8,345,355
Investment properties	106,721,334	99,208,544
Intangible assets	426,865	421,662
Land use rights	3,185,449	2,287,797
Goodwill	11,544	11,544
Investments in joint ventures	8,440,774	7,115,812
Investments in associates	8,438,962	6,382,453
Available-for-sale investments	-	51,877
Equity instruments at fair value through
other comprehensive income	54,760	-
Financial assets at fair value through profit or loss	17,452	7,022
Prepayments and deposits for non-current assets	930,223	777,576
Deferred taxation assets	5,323,898	4,894,068
Amounts due from joint ventures	5,681,618	8,655,505
Amounts due from associates	5,150,585	6,266,067
Amounts due from non-controlling interests	316,784	1,926,192
153,613,845	146,351,474
CURRENT ASSETS
Properties for sale	265,348,859	223,489,200
Other inventories	900,638	954,412
Trade receivables, other receivables,
prepayments and deposits	11	45,535,656	42,049,976
Contract assets	332,596	-
Financial assets at fair value through profit or loss	810,885	-
Amounts due from customers for contract works	-	421,386
Amount due from ultimate holding company	-	115
Amounts due from intermediate holding companies	33,181	18,657
Amounts due from fellow subsidiaries	183,496	814,511
Amounts due from joint ventures	7,798,970	1,187,231
Amounts due from associates	7,439,695	2,197,352
Amounts due from non-controlling interests	4,646,249	972,376
Prepaid taxation	10,092,642	8,219,810
Cash and bank balances	60,871,946	53,774,004
403,994,813	334,099,030

30 June	31 December
2018	2017
NOTE	RMB'000	RMB'000
(Unaudited)	(Restated)
CURRENT LIABILITIES
Trade and other payables	12	67,790,287	64,108,641
Advances received from pre-sales of properties	-	119,372,967
Amounts due to customers for contract works	-	160,953
Contract liabilities	149,054,881	-
Amount due to the ultimate holding company	92	-
Amount due to an intermediate holding company	134	1,503,081
Amounts due to fellow subsidiaries	239,017	2,573,911
Amounts due to joint ventures	1,255,288	417,926
Amounts due to associates	1,658,434	1,203,701
Amounts due to non-controlling interests	12,012,864	5,210,687
Taxation payable	16,956,292	19,613,385
Bank borrowings - due within one year	24,629,120	25,255,749
Senior notes - due within one year	5,367,278	200,804
Medium term notes - due within one year	2,003,563	201,015
280,967,250	239,822,820
NET CURRENT ASSETS	123,027,563	94,276,210
TOTAL ASSETS LESS CURRENT LIABILITIES	276,641,408	240,627,684
EQUITY
Share capital	655,829	655,829
Reserves	122,692,042	119,062,651
Equity attributable to owners of the Company	123,347,871	119,718,480
Perpetual capital instrument	5,000,000	-
Non-controlling interests	30,549,842	24,521,792
158,897,713	144,240,272
NON-CURRENT LIABILITIES
Bank borrowings - due after one year	77,857,316	57,213,258
Senior notes - due after one year	7,696,537	12,708,505
Medium-term notes - due after one year	18,349,449	9,976,857
Financial liabilities at fair value through profit or loss	233,429	256,369
Amount due to an associate	40,000	-
Amounts due to non-controlling interests	729,311	3,964,387
Deferred taxation liabilities	12,837,653	12,268,036
117,743,695	96,387,412
TOTAL OF EQUITY AND NON-CURRENT
LIABILITIES	276,641,408	240,627,684