Shimao Property : Announcement of audited financial results of Shanghai Shimao Co., Ltd. for the year ended 31 December 2018

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: 813)

OVERSEAS REGULATORY ANNOUNCEMENT

SHANGHAI SHIMAO CO., LTD.

A SUBSIDIARY OF SHIMAO PROPERTY HOLDINGS LIMITED

ANNOUNCEMENT OF AUDITED FINANCIAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Shanghai Shimao Co., Ltd. ("Shanghai Shimao"), a subsidiary of Shimao Property Holdings Limited (the "Company"), is a company incorporated in the People's Republic of China whose shares are listed on the Shanghai Stock Exchange. The Company has an approximately 58.92% attributable interest in Shanghai Shimao. The board of directors of Shanghai Shimao has approved the audited consolidated financial results for the year ended 31 December 2018. Shanghai Shimao's audited consolidated financial results will be posted on the Shanghai Stock Exchange's website. The consolidated income statement for the year ended 31 December 2018 and the consolidated balance sheet as at 31 December 2018 of Shanghai Shimao are provided below:

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018

2018	2017
RMB	RMB
(Restated)
1.	Operating income	20,674,232,949.58	18,668,587,481.52
Less: Operating costs	11,461,707,459.84	10,281,424,669.17
Operating taxes and surcharges	1,831,549,800.27	2,432,414,663.92
Selling expenses	705,449,120.11	611,707,107.48
General and administrative expenses	693,655,225.59	629,477,636.56
Financial expenses	208,177,203.29	125,348,423.65
Impairment loss of assets	(77,854,352.08)	41,706,266.34
Disposal loss of assets	2,805,596.67	318,494.81
Add: Gain on change in fair value	899,294,778.21	700,200,000.00
Investment income	78,740,387.40	105,485,800.45
2.	Operating profit	6,826,778,061.50	5,351,876,020.04
Add: Non-operating income	43,843,634.69	66,826,583.78
Less: Non-operating expenses	228,192,177.44	106,512,184.48
3.	Total profit	6,642,429,518.75	5,312,190,419.34
Less: Income tax expenses	1,916,228,629.47	1,595,875,515.95
4.	Net profit	4,726,200,889.28	3,716,314,903.39
Net profit attributable to equity holders of
Shanghai Shimao	2,403,819,190.87	2,226,566,295.68
Net profit attributable to minority
shareholders	2,322,381,698.41	1,489,748,607.71
5.	Earnings per share
Earnings per share - basic	0.64	0.59
Earnings per share - diluted	0.64	0.59
6.	Other comprehensive (loss)/income	(199,262,449.47)	51,604,475.36
7.	Total comprehensive income	4,526,938,439.81	3,767,919,378.75
Total comprehensive income attributable
to equity holders of Shanghai Shimao	2,081,199,153.07	2,188,204,165.47
Total comprehensive income attributable
to minority shareholders	2,445,739,286.74	1,579,715,213.28

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2018

31 December 2018

31 December 2017

RMB

RMB

ASSETS
Current assets	71,773,307,734.93	57,383,887,688.80
Non-current assets	36,546,939,553.00	34,535,001,237.12
Total assets	108,320,247,287.93	91,918,888,925.92
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities	44,533,630,782.24	39,311,467,469.11
Non-current liabilities	18,992,255,374.11	17,952,342,031.75
Total liabilities	63,525,886,156.35	57,263,809,500.86
Shareholders' equity
Share capital	3,751,168,261.00	3,751,168,261.00
Capital reserve	778,163,752.75	722,244,360.23
Other comprehensive income	3,534,498,776.12	3,857,118,813.92
Surplus reserve	642,355,697.23	536,783,393.25
Retained profits	14,969,997,610.87	12,896,820,819.64
Equity attributable to equity holders of
Shanghai Shimao	23,676,184,097.97	21,764,135,648.04
Minority interests in equity	21,118,177,033.61	12,890,943,777.02
Total owners' equity	44,794,361,131.58	34,655,079,425.06
Total liabilities and owners' equity	108,320,247,287.93	91,918,888,925.92

GENERAL

Shareholders should note that the above audited financial information pertains only to Shanghai Shimao and not to the Company itself.

Details of the audited consolidated financial results of Shanghai Shimao for the year ended 31

December 2018 are accessible at the Shanghai Stock Exchange's website (www.sse.com.cn).

On behalf of the Board Shimao Property Holdings Limited

Hui Wing Mau

Chairman

Hong Kong, 21 March 2019

As at the date of this announcement, the board of directors of the Company comprises three Executive Directors, namely, Mr. Hui Wing Mau (Chairman), Mr. Hui Sai Tan, Jason (Vice Chairman and President) and Ms. Tang Fei; one Non-executive Director, namely, Mr. Liu Sai Fei; and three Independent Non-executive Directors, namely, Ms. Kan Lai Kuen, Alice, Mr. Lu Hong Bing and Mr. Lam Ching Kam.