1

2

• The only pure prime

office developer

• One of the earliest and

most profitable,

market participants

• Full range of

development, leasing,

property management

and property investment

capabilities

China’s Largest Prime Office Developer

(4)

(4)

(5)

(7)

(7)

(7)

(6)

(6)

(6)

(3)

Development

2012E: 3.1 million sqm

2015E: 5.2 million sqm

(4) Property Management

2012E: 2.3 million sqm

2015E: 4.4 million sqm

Investment

2012E: 190,000 sqm

2015E: 1.7 million sqm

(4)

3

• Beijing and Shanghai are China’s only true “global cities”

• By far, the deepest and largest office markets in China

• Substantially higher rents and lower vacancies than other major cities in China

Comparative Rents in Major Cities in China(1)

Hong Kong Beijing Shanghai Shenzhen Guangzhou Tianjin Chengdu Chongqing

Prime Office rents

(Rmb/sqm/month) 746 313 242 189 148 139 125 94

Vacancy 3% 3% 8% 12% 11% 22% 34% 20%

Market Size (million sqm) 6.7 9.1 5.3 2.6 2.8 1.0 1.1 _

Exclusive Focus on Beijing and Shanghai

Note:

1. Savills Office Research, 3Q2012

4

471 508676

802

1,119 1,153

1,543

1,739

2,307

2,5302,715

3,135

3,962

4,596

5,212

0

1,000

2,000

3,000

4,000

5,000

6,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Previous Completion New Completion

‘000 sqm

• By 2015, we plan to have built 5.2 million square meters of commercial developments in

Beijing and Shanghai

Extensive Development Experience

5

Large Leasing and Management Portfolio

• SOHO currently manages over 2 million square meters of SOHO developed prime commercial

space

• Largest prime office property manager in Beijing

• Fast growing landlord of prime office in Shanghai, and largest land owner on the Bund

‘000 sqm

2011 Before 2009 2009 2010 2012 2015 2014 2013

6

BUND 8-1

BUND SOHO Bund SOHO

Land cost RMB30,600/sqm

GFA 189,000 sqm

Acquisition Time October 12, 2010

The Bund 8-1

Land cost RMB33,200/sqm

GFA 423,000 sqm

Acquisition Time December 29, 2011

Largest Land Owner on the Bund

Artist image

7 7

Image of actual property

Tiananmen South (Qianmen)

8

SOHO’S “BUILD-TO-SELL” TRACK RECORD

Project Name All-in cost

(Rmb/sqm)

ASP

(Rmb/sqm)

Unlevered

IRR Gross Margin

Jianwai SOHO 9,397 17,525 287% 46%

SOHO Shangdu 12,289 24,050 51% 49%

Chaowai SOHO 12,108 30,997 73% 61%

Guanghualu SOHO 16,134 38,147 125% 58%

Sanlitun SOHO 18,216 48,208 46% 62%

ZhongGuanCun SOHO 23,138 39,309 24% 41%

SOHO Nexus Centre 27,992 45,482 59% 38%

The Exchange-SOHO 34,358 65,000 64% 47%

Danling SOHO 35,786 48,482 61% 26%

Galaxy SOHO 25,700 71,244 47% 64%

“Build-to-Sell” Model: Fast Growth of Equity

Note: All-in cost means COGS, including land cost, construction cost, capitalized interest and others related to development process;

ASP refers to average selling price for the entire project;

9

“Build-to-Hold” Model: Recurring Income & Long Term Value

• SOHO developments have consistently produced rent growth and asset

appreciation

• In the past, buyers of SOHO developments captured this value -- now, SOHO will

• SOHO has pivoted to “Build-to-Hold” model to capture this upside

If SOHO Held

Project Name ASP (Rmb/sqm)

Current

Property Value

(Rmb/sqm)

Holding

Period

(Years)

Current Rental

Yield on ASP

Buyers' Est.

Levered IRR

Current

Rental Yield

on All-in Cost Capital Gain

Jianwai SOHO 17,525 55,000 10 17% 20% 33% 485%

SOHO Shangdu 24,050 59,000 8 9% 21% 19% 380%

Chaowai SOHO 30,997 61,800 8 9% 16% 24% 410%

Guanghualu SOHO 38,147 56,800 6 6% 12% 15% 252%

Sanlitun SOHO 48,208 65,400 5 6% 12% 16% 259%

ZhongGuanCun SOHO 39,309 60,000 5 7% 19% 13% 159%

SOHO Nexus Centre 45,482 80,000 3 10% 66% 15% 186%

The Exchange-SOHO 65,000 75,000 3 6% 17% 11% 118%

Danling SOHO 48,482 60,000 2 7% 60% 10% 68%

Note: All-in cost means COGS, including land cost, construction cost, capitalized interest and others related to development process;

ASP refers to average selling price for the entire project;

Co

mp

lete

d In

vestm

en

t P

rop

ert

ies

Note:

1. Completion for investment properties refer to cumulative leasable GFA completed

Transformation from Developer to Landlord

(1)

Pro

pert

y

Po

rtfo

lio

by T

yp

e

For Development100%

Tiananmen

South (Qianmen)

SOHO Century

Plaza

Galaxy SOHO Tiananmen

South

Sky SOHO Guanghualu

SOHOII

Hongkou

SOHO

Bund SOHO Wangjing

SOHO II

SOHO

Hailun Plaza

Bund 8-1

SOHO Tianshan

Plaza

2012 2013 2014 2015

• Transition from “build-to-sell” to “build-to-hold” captures unique market opportunity

• After 2015, our property portfolio will consist of 100% investment properties

2007 2012 After 2015

10

For Investment

100%

For Investment

22%

For Development

78%

One of the Largest “Pure Play” Office Landlords in Asia

11

Note:

1. Of which 1.8mm sqm are completed office properties for investment, and 697,898 sqm are currently under development

2. Of which 1.2mm sqm are completed office properties for investment, and 808,257 sqm are currently under development

3. Attributable GFA excluding Qianmen Project, which is a solely retail project. Includes ground-floor retail of office properties

4. Includes only office gross floor area intended to be held for investment purposes

5. Only cities with major investment properties listed

• SOHO China is one of the largest “pure-play” office landlords in Asia with exclusive focus on

China’s deepest office markets, Beijing and Shanghai upon completion of current pipeline

Office as % of

GFA (4) 23% 17% 70% 28% 41% 6% 8% 100% 100% 69% 47% 65% 72% 41%

Cities in

China(5)

Chengdu,

Chongqing,

Suzhou,

Wuxi

Beijing,

Guangzhou,

Shanghai

Beijing

Shanghai Beijing

Beijing,

Chengdu,

Guangzhou,

Shanghai

Beijing,

Chengdu,

Ningbo,

Shanghai

Beijing,

Shanghai NA NA NA NA Guangzhou NA NA

2,035 1,910

1,219 1,160

939

497 446

279 246 224 195 146 77 68

0

500

1,000

1,500

2,000

2,500

Sun HungKai

Wharf SOHO SwireProp

HK Land Franshion CapitaLand CCT KeppelREIT

SuntecREIT

Hysan YuexiuREIT

ChampionREIT

MCT

Office GFA of Major Asian Landlords '000 sqm

SOHO(3) Wharf(2) Sun Hung

Kai(1)

Market Cap

(US$ mm)(1) 4,090 42,260 25,030 21,780 17,750 17,790 12,723 8,500 6,832 5,440 5,440 2,910

Listing Exchange SEHK SEHK SEHK SEHK SGX SEHK SGX SGX SGX SEHK SEHK SEHK

Total Assets

(US$ mm) 9,712 60,278 43,097 29,955 30,371 20,619 30,370 11,781 7,847 8,288 9,916 12,402

LTM Dividend

Yield 4.2% 2.9% 2.1% 0.9% 2.4% 2.0% 1.8% 0.7% 1.8% 2.3% 0.0% 3.0%

Trading Prem /

(Disc) to RNAV(2) (40.6)% (32.3)% (32.8)% (18.2)% (13.1)% (33.7)% (30.6)% (20.5)% (33.5)%(2) (29.4)% (29.0)% (53.6)%

Gross Debt /

Equity 91.6% 20.6% 33.2% 19.2% 15.7% 24.2% 94.9% 59.9% 40.1% 11.6% 99.4% 106.9%

Net Debt / Equity 20.1% 16.4% 24.8% 16.7% 12.5% 7.3% 59.0% 26.8% 30.7% 11.5% 60.3% 97.2%

FY2011 Interest

Coverage Ratio(3) 2.0 x 16.1 x 6.3 x 6.6 x 10.8 x 20.5 x 1.5 x 15.5 x 0.2 x 8.9 x 1.9 x 1.7 x

Corporate Credit

Rating

(Moody’s / S&P)

Ba1 / BB+ A1 / A+ - / - A2 / A- A3 / A- - / - - / - - / - - / - Baa1 /

BBB

Baa3 /

BB+ - / -

Landbank %

investment

properties (4)

Benchmarking SOHO Against Other Asian Blue Chips

12

• SOHO is the largest commercial landlord and developer in Beijing and Shanghai on par with

other major Asian property blue chip players

• SOHO is trading at higher discount to RNAV, but has the highest dividend yield and lower net

gearing than most comparables

Note:

1. Market data as of 14 January 2013

2. Based on Goldman Sachs Research estimate as at November. For CapitaMalls Asia, RNAV is based on JPMorgan Research estimate

3. Calculated as EBITDA divided by cash interest expense. FY2011 used as capitalized interest is not disclosed in many companies’ interim reports

4. Includes investment properties under development

Investment properties Development properties

32.8%

67.2% 70.9%

29.1%

68.4%

31.6%

55.7%

44.3%

75.2%

24.8%

42.1% 57.9%

94.8%

5.2%

46.5% 53.5% 100.0% 100.0%

80.9%

19.1%

59.1% 40.9%

13

Largest Prime Office Portfolio

• SOHO will own 1.7 million square meters of prime office space in Shanghai and Beijing when

current developments are completed

Beijing Attributable Total GFA ('000 sqm)

Commune by the Great Wall 31

Tiananmen South 55

Galaxy SOHO & Chaoyangmen 45

Guanghualu SOHO II 134

SOHO Peaks (Tower 3) 180

Subtotal 444

Shanghai Attributable Total GFA ('000 sqm)

SOHO Century Plaza 59

SOHO Fuxing Plaza 137

Sky SOHO 350

Hongkou SOHO 97

Bund SOHO 118

SOHO Hailun Plaza 152

Bund 8-1 211

SOHO Tianshan Plaza 172

Subtotal 1,296

Total GFA 1,741

14 SOHO Peaks Tower 3

15

16

Recurring Rental Income

• Largest prime office portfolio – 1.7 million square meters by 2015

• Current prime office rents in Beijing and Shanghai c.RMB10/sqm/day

• SOHO targets RMB4 billion annual gross rental income within 5 years

0.2

0.7

1.2

1.7

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

By 2012 2013 2014 2015

mm

sq

m

17

RMB16 Billion Contract Sales Unbooked

RMB Bn

Contract Sales

13.7

23.8

10.9 9.5

0

5

10

15

20

25

2009 2010 2011 2012

18

Faster Rental Growth

SOHO Office Rents vs. Market Average Prime Rents

RMB/sqm/month RMB/sqm/month

Beijing Shanghai

Source: Beijing and Shanghai market average data, Savills 3Q2012 report

126

205

135

188

240

273

218

313

0

50

100

150

200

250

300

350

ZhongGuanCun

SOHO

SOHO Nexus

Centre

Sanlitun SOHO Beijing Market

Average

4Q2010 3Q2012

210 203

315

242

0

50

100

150

200

250

300

350

The Exchange-SOHO Shanghai Market Average

4Q2010 3Q2012

19

High Office Occupancy Rate

%

Note: Company data for office properties in Beijing with more than three years of operations. Occupancy rate as of December 2012

96.3 95.4 94.2 96.0 92.0 93.1

0

25

50

75

100

Jianwai SOHO SOHO Shangdu Chaowai SOHO Guanghualu

SOHO

Sanlitun SOHO Chaoyangmen

SOHO

20

Proven Leasing Record

Case 1. SOHO Century Plaza – High Rental Rates

SOHO Century

Plaza

Shanghai

Prime Office

Rents(1)

Rent

(RMB/sqm/month) 270 242

Case 2. The Exchange-SOHO – Higher Occupancy

Occupancy %

Occupancy rate

increased from

28% to 82% in six

months under

SOHO’s operation

Brand name and

leasing power

drive higher rental

rates

(1) Savills 3Q2012 report

21

Pipeline Projected Initial Yield On Cost >10%

• All-in cost: RMB32,000/sqm

• Current market rent: RMB10/sqm/day

• Gross yield on cost: 11%

• Year-on-year rental growth estimate: 10%

22

Stronger Demand Eats Up Inventory – Beijing Prime Office

Source: Savills

0.0

2.0

4.0

6.0

8.0

10.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mil

lio

n s

qm

Market Stock GFA Occupied GFA

23

Overwhelming Demand Pushed Down Vacancy - Beijing Prime Office

Source: Savills

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

200

400

600

800

1,000

1,200

1,400

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'00

0 s

qm

New Supply Take-up Vacancy rate

24

Robust Demand Absorbing Inventory – Shanghai Prime Office

Source: Savills

-

1.0

2.0

3.0

4.0

5.0

6.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mil

lio

n s

qm

Market Stock GFA Occupied GFA

25

Demand Exceeding New Supply – Shanghai Prime Office

Source: Savills

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

100

200

300

400

500

600

700

800

900

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'00

0 s

qm

New Supply Take-up Occupancy rate

26 26

Galaxy SOHO

Image of actual property

27 27

Galaxy SOHO Image of actual property

28

GALAXY SOHO, October 27, 2012

29 29

Sanlitun SOHO

Image of actual property

30

2012 Contract sales RMB9.5bn

2012 Contract Sales As at 31 December 2012

Amount

(RMB

million)

GFA sold

(sq.m.)

Average

price

(RMB/sq.m.)

Total

sellable

area

(sq.m.)

Aggregate Aggregate

Projects Type

percentage

of sellable

area sold

contract

sales

amount

(RMB

million)

SOHO Peaks Tower

1&2 Office/Retail 8,086 153,349 52,196 283,204 83% 12,766

SOHO Zhongshan

Plaza Office/Retail 1,382 31,746 42,463 112,864 57% 3,039

Total 9,468

31

Strong Balance Sheet

• Total cash > RMB22bn

• Total debt ≈ RMB23bn

• Net gearing to be significantly lower (<5%)

• Cash enriched by strong collection of mortgage

loans for the sales of Galaxy SOHO

• Raised a high yield Bond: USD1bn in November

› USD600mm 5.75%

› USD400mm 7.125%

32

Lowest Geared

Net gearing ratio

Source: 2012 Interim Reports, except SOHO China on estimation as at the end of 2012

33

Lowest Funding Cost

11.1

8.5 8.4 8.1 7.7

7.1 6.7 6.7 6.5 6.4

5.7

0.0

3.0

6.0

9.0

12.0

Greentown CountryGarden

Vanke Agile Evergrande Shimao R&F Sino Ocean Shui On Longfor SOHO

Note: Total interest (including capitalized interest) / total debt balance as at 31 December 2011 from companies’ Annual Reports

2011 Effective Interest Rate (%)

*

34

Diversified Funding Sources

Leverage existing buyers / investors

Passive financial investors

Cashable portfolio of assets

Bank loans: RMB4.7 billion

Undrawn bank facilities: c.RMB1.9 billion

Onshore Debt Markets Other Sources

October 2007: listed on the Hong Kong Stock Exchange (410.HK) raising HKD12.9 billion

July 2009: HKD2.8 billion, 3.75%, 5-year convertible bond

Ranks pari passu with the proposed offering

Equity/ Hybrid Markets Syndicated loans:

June 2012: 3-year USD626mm H/LIBOR+4.25%

June 2011: 3-year USD605mm H/LIBOR+3.55%

● High yield bond:

November 2012: USD 600mm 5.75%

USD 400mm 7.125%

Offshore Debt Markets

Note: As of December 31, 2012

35

SOHO Plans To Maintain A High Dividend Policy

• Average dividend yield of 5.6% for the past three years

0.12 0.14

0.12 0.10 0.10

0.20

0.14 0.11

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2007 2008 2009 2010 2011 2012E

DP

S R

MB

Interim DPS Final DPS

36

SOHO Is Greatly Undervalued

• SOHO is trading at 58% discount to its NAV

• Low share price only reflects the land cost of HK$5.40 per share

(RMB20,200/sqm)

• Recent commercial land auction in Beijing at RMB38,000/sqm

Note: Closing price at 11th January 2012

6.28 5.40

15.00

0.0

5.0

10.0

15.0

Share Price Per share land cost ofinvestment properties

NAV per share

HK

$/S

ha

re

37

Appendix: SOHO Pipeline Analysis

• Pipeline Completion Schedule

• Development Costs of Pipeline Investment Projects

• Lettable GFA of Pipeline Investment Projects

38

Pipeline Completion Schedule

Project Project Total Project Completion (Saleable/lettable GFA)*

(sqm) GFA 2012 2013 2014 2015

For Long-Term Investment

Tiananmen South(Qianmen) 54,700 17,844 (36,847 already completed)

SOHO Century Plaza 59,000 42,954

Galaxy SOHO 330,000 33,307

SOHO Fuxing Plaza 137,000 86,620

Sky SOHO 350,000 234,003

Guanghualu SOHO II 167,000 93,890

Bund SOHO 189,000 72,927

SOHO Peaks** Tower 3 180,000 134,261

Hongkou SOHO 97,000 66,833

Bund 8-1 211,400 145,486

SOHO Hailun Plaza 152,000 116,132

SOHO Tianshan Plaza 172,000 101,673

For Sale

Galaxy SOHO 330,000 224,693

SOHO Peaks Tower 1&2 340,000 268,523

SOHO Jing'an Plaza 81,000 57,137

Total 318,798 589,146 367,911 420,428

* Saleable/lettable GFA is excluding car parks

** Originally named as Wangjing SOHO

39

Development Cost Of SOHO Pipeline

* Saleable/lettable GFA is excluding car parks

Projects under Construction

(RMB/sqm) Land Construction, capitalized

interest and other costs All-in-cost

SOHO Fuxing Plaza 27,700 15,900 43,600

Sky SOHO 7,500 10,000 17,500

Guanghualu SOHO II 11,500 10,500 22,000

Bund SOHO 30,600 16,300 46,900

Hongkou SOHO 22,700 15,300 38,000

Bund 8-1 33,200 15,500 48,700

SOHO Hailun Plaza 21,300 14,200 35,500

Galaxy SOHO 15,000 10,700 25,700

SOHO Tianshan Plaza 20,500 13,500 34,000

SOHO Peaks* Tower 3 10,230 9,070 19,300

Completed Buildings (RMB/sqm) All-in-cost

SOHO Century Plaza 45,000

The Exchange-SOHO 34,000

• Average land cost per lettable GFA RMB20,200

• Average all-in cost per lettable GFA RMB32,000

* Originally named as Wangjing SOHO

40

Lettable GFA Of SOHO Pipeline

Project Type

By2012 2013 2014 2015

Commune by the Great Wall Hotel 30,586

The Exchange-SOHO Retail 3,842

Qianmen I Retail 22,763

Qianmen II Retail 31,928

SOHO Century Plaza Office 42,522

SOHO Century Plaza Retail 432

Chaoyangmen SOHO I&II Retail 11,519

Galaxy SOHO Office 12,082

Galaxy SOHO Retail 21,225

SOHO Fuxing Plaza Office 53,782

SOHO Fuxing Plaza Retail 32,838

Sky SOHO Office 194,394

Sky SOHO Retail 39,609

Gauanghualu SOHO II Office 63,056

Gauanghualu SOHO II Retail 30,834

SOHO Peaks Tower 3 Office 117,165

SOHO Peaks Tower 3 Retail 17,096

Hongkou SOHO Office 60,194

Hongkou SOHO Retail 6,639

Bund SOHO Office 50,664

Bund SOHO Retail 22,263

Bund 8-1 Land Office 97,345

Bund 8-1 Land Retail 48,141

SOHO Hailun Plaza Office 102,132

SOHO Hailun Plaza Retail 14,000

SOHO Tianshan Plaza Office 52,911

SOHO Tianshan Plaza Retail 29,762

SOHO Tianshan Plaza Hotel 19,000

Total 176,899 320,623 367,911 363,291

Accumulated total 176,899 497,522 865,433 1,228,724

Lettable GFA Completion (sqm)

41

China’s Most Influential Brand

• Chairman Pan Shiyi: 14.1 million followers on

Weibo, a.k.a. Chinese Twitter

• CEO Zhang Xin: 5.1 million followers on Weibo,

a.k.a. Chinese Twitter

As of 11 January 2013

42

Jianwai SOHO

Image of actual property

43

SOHO Peaks

Artist image

44

Sky SOHO Artist image