【高盛】中国房地产覆盖范围的变化-China Property Changes in coverage

19May2025|4:05PMHKT

ChinaProperty:Changesincoverage

Summary

VickyLiistransitioningtoanewrolewithinGlobalInvestmentResearch.Asaresult,andduetoachangeinanalystresponsibilities,wearemakingthefollowingchanges

Research|Equity

PhilippaVizzone,CFA

+852-2978-0457|

philippa.vizzone@

GoldmanSachs(Asia)L.L.C.

toourcoverage:

Transferringcoverage

YiWanghasassumedprimarycoverageresponsibilityofGreentownChinaHoldings(3900.HK),ChinaJinmaoHoldings(0817.HK),SeazenGroupLtd(1030.HK),China

MerchantsShekouIndsZone(001979.SZ),GemdaleCorp.(600383.SS),ShenzhenOverseasChineseTown(000069.SZ),GreentownServiceGroup(2869.HK),A-LivingSmartCityServicesCo.(3319.HK),SunacServicesHoldingsLtd.(1516.HK),ChinaMerchantsPropOperation(001914.SZ),andGuangdongKinLongHardware

(002791.SZ).Ourinvestmentratings,targetprices,andestimateshavenotchangedfromthosepreviouslypublished.Forourcurrentviewoneachstock,pleasesee

Exhibit1.

JoyNguyen

+852-2978-1106|joy.nguyen@GoldmanSachs(Asia)L.L.C.

YiWang,CFA

+86(21)2401-8930|

yi.wang@

GoldmanSachs(China)SecuritiesCompanyLimited

VickyLi

+86(21)2401-8926|

vicky.li@

GoldmanSachs(China)SecuritiesCompanyLimited

Droppingcoverage

YiWangisdroppingpropertymanagementcoverageofPowerlongCommercial

Management(9909.HK)andJinkeSmartServicesGroup(9666.HK).VickyLiis

droppingdeveloperscoverageofRedStarMacallineGroup(1528.HK),Sunac

(1918.HK)andChinaOverseasGrandOceansGroup(0081.HK),property

managementcoverageofS-EnjoyService(1755.HK)andCIFIYS(1995.HK),and

buildingproductcoverageofAnhuiHongluSteelStructure(002541.SZ),Changjiang&JinggongSteel(600496.SS),QuakeSafeTechnologies(300767.SZ),KibingGroup(601636.SS)andDongpengHoldings(003012.SZ).Accordingly,ourinvestment

ratings,targetprices,andestimatesforthesestocksarenolongerineffectand

shouldnotbereliedupon.Thisisourfinalreportonthesestocksandsummarizesourfinalinvestmentviewsandratings.WepreviouslymovedtoRatingSuspendedforSunac(1918.HK)andCIFIYS(1995.HK)onJuly1,2022andMay1,2023

respectively.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf

filiatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsChinaProperty

Exhibit1:Summaryofourratings,estimates,pricetargets,andrisksofcoveragetransferred

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

19May20252

19May20253

RedStarMacallineGroup(1528.HK):Droppingcoverage

WearedroppingcoverageofRedStarMacallineGroup(1528.HK).Thisreport

summarizesourfinalinvestmentview,targetprice,andearningsestimatesforRSM.Ourestimatesand12-monthHK$1.3targetpriceareunchanged,andourfinalratingonthestockisSell.

Ourfinalview:RSMisthelargesthomeimprovement&furnishingshoppingmall

operatorinChinaasof2023(byFrost&Sullivan).WehaveaSellratingonRSMduetoitslacklusterearningsgrowthoutlookandtightrefinancingpressure.Inparticular,we

see:1)refinancingpressureremainingwith0.5X/0.1Xcash/ST-debtcoverageratioatthegroup/parentlevelbyend-24;and2)followingayoyrevenuecontractionandGPM

deteriorationacrossallbusinesssegmentsalongsidemallclosures,loweroccupancy

andrentalreductioninFY24,subduedearningsrecoveryoutlookgoingforwardasRSMcontinuesitsasset-lighttransition.RSMhadalsocontinuouslybookedIPrevaluation

lossesinsubstantialamountssince2022(cumulative5%reductionofitsc.Rmb100bnIPcarryingvalue).WebelieveRSMlooksovervaluedvs.ouroffshoredevelopers

coverage.

Valuation:Our12-monthSOTP-basedtargetpriceisHK$1.3(NAVforitsportfoliomallsandDCFforitsmanagedmalls).

Keyrisks:(1)Rental&MMpipelinegrowthbeatonthebackof:(i)RSM’snewinitiativestoimprovemallexecutionandonline-offlinebusinessintegrationand(ii)anygovernmentpolicysupportforthepropertymarketsinlower-tiercities;(2)Balancesheet

improvementonmorecontainedcapexinvestmentalongthevaluechain,and/orpotentialmonetizationofitsPM.

19May20254

ChinaOverseasGrandOceansGroup(0081.HK):Droppingcoverage

WearedroppingcoverageofChinaOverseasGrandOceansGroup(0081.HK).This

reportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesforCOGO.Ourestimatesand12-monthHK$2.00targetpriceareunchanged,andourfinalratingonthestockisNeutral.

Ourfinalview:COGOoperatesastate-ownedenterprise,COLI’s,housing

developmentarmintier-3cities.WehaveaNeutralratingonCOGOdrivenbyits:1)

lacklusterpresales/earningsgrowthoutlookandROEprofileamongSOEpeersalbeit

moreresilientthanprivately-ownedenterprises(POEs);2)healthyfinancingpositionandstrongaccesstocreditlinesthoughabovepeers’short-termdebtexposure;3)tepid

landbankingpartiallyduetoself-imposednetgearingcapofc.40%;4)

below-peer-averageinventorywrite-downpricedinitstradingP/Bvaluation.

Valuation:Our12mNAV-basedtargetpriceofHK$2.00isbasedona15%discounttoend-25ENAV.

Keyrisks:(+/-)Sales&marginbeat/missduetoweaker/better-than-expectedexecutionintier-3citiesorcontinuouslocalpolicyeasingtostimulatedemandandstronger

physicalmarketrecoveryintier-3cities;(+/-)enhancing/diminishingsupportfromCOLI.

19May20255

S-EnjoyService(1755.HK):Droppingcoverage

WearedroppingcoverageofS-EnjoyService(1755.HK).Thisreportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesforS-Enjoy.Ourestimatesand12-monthHK$2.8targetpriceareunchanged,andourfinalratingonthestockisNeutral.Duetoadelayinthereleaseofits2024annualresults,thecompany

suspendedtradingsinceApril1,2025,andhadnotresumedtradingasofthedateofthispublication.

Ourfinalview:S-Enjoyisthepropertymanagement(PM)companyaffiliatedtoSeazen(1030.HK,Neutral).WeareNeutral-ratedonthecompanyaswebelieveS-Enjoy’s

currentvaluationhasfairlypricedinitsearningsgrowthoutlookwhileitsre-ratingopportunitieshingeuponenhancedthird-partyprojectcompetitivenessandmoreconcreteprogressinvalue-addedservices(VAS)ventures(e.g.,cateringandfacilitymanagement).

Valuation:Our12-monthtargetpriceofHK$2.8isbasedon7x2027EFCFdiscountedbackto2025Ewitha15%CoE.

Keyrisks:(-)Furtherimpairmentlossor(+)provisionswrite-backofitsUSDbonds

investments;(+/-)scalegrowthbeatormissgivenaconsiderableportionofits

aggregateincrementalGFAinupcomingyearswillbefrom3P/M&Awithlowervisibilitythanprojectsfromitsparent;(+/-)betterorweaker-than-expectedVASexecution,

unexpectedpolicychangesandwageinflation.

19May20256

PowerlongCommercialManagement(9909.HK):Droppingcoverage

WearedroppingcoverageofPowerlongCommercialManagement(9909.HK).This

reportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesforPLCM.Ourestimatesand12-monthHK$2.1targetpriceareunchanged,andourfinalratingonthestockisSell.

Ourfinalview:PLCMisthepropertymanagementcompanyaffiliatedtoPowerlong

(1238.HK,NotCovered).WeareSell-ratedonPLCM,aswebelievetheshareslookfullyvaluedgiventhecompany’sweakerearningsgrowthvisibilityonacombinationof:1)theliquiditysituationofitsparentdeveloperandthepotentialcontagionimpactonPLCM’sbusinessoutlook;and2)potentialretailconsumptionweakness,coupledwithitsmuteddividendoutlookamongChinapropertymanagementpeers.Wealsoseedownside

riskstoconsensusearningsestimatesfor2025E-2026E,whichcouldexertpressureonitsshareperformance.

Valuation:Our12mtargetpriceofHK$2.1isbasedona6X2027EFCFdiscountedbackto2025Ewitha16%CoE.

Keyrisks:1)Parentliquiditysituationeasesquickerthanexpected;

stronger-than-expectedgrowthpaceofitscommercialdevelopmentpipeline;2)

stronger-than-expectedARmanagementandimprovedvisibilityoncollectionofits

parent-relatedreceivables(e.g.,pre-openingconsultancybusinessand2BVAS);and3)better-than-expectedmarginprofilethroughefficiencyenhancementandtechnologicalempowerment.

19May20257

JinkeSmartServicesGroup(9666.HK):Droppingcoverage

WearedroppingcoverageofJinkeSmartServicesGroup(9666.HK).Thisreport

summarizesourfinalinvestmentview,targetprice,andearningsestimatesforJKS.Ourestimatesand12-monthHK$6.0targetpriceareunchanged,andourfinalratingonthestockisSell.

Ourfinalview:JKSisthePMcompanyaffiliatedtoJinkeGroup(000656.SZ,Not

Covered).WeareSell-ratedonthecompanyaswebelievethelingeringliquidity

situationatitsparentisunlikelytobefullyresolvedbythemoderatemarketrecoveryweanticipateinthecomingyear,andthereforeexpectsuchoverhangtocontinuetoimpedetheoutlookforJKS’sbusinessoperation.

Valuation:Our12mtargetpriceofHK$6.0isbasedona8X2027EFCFdiscountedbackto2025Ewitha13%CoE.

Keyrisks:Parentliquiditysituationeasesquickerthanexpected;meaningful

developmenton2CVASsuchascateringservices,thatcouldoffsetthePMS/2BVASslowdown;better-than-expectedmarginprofilethroughmoreefficienttechnologicalempowermentandrisingprojectdensity.

19May20258

AnhuiHongluSteelStructure(002541.SZ):Droppingcoverage

WearedroppingcoverageofAnhuiHongluSteelStructure(002541.SZ).Thisreport

summarizesourfinalinvestmentview,targetprice,andearningsestimatesforHonglu.Ourestimatesand12-monthRmb22.0targetpriceareunchanged,andourfinalratingonthestockisBuy.

Ourfinalview:Hongluisasteelstructure(SS)manufacturerinChina.WeareBuy-ratedonHongluasweviewitsearningsgrowthmomentumpositively,given:(1)webelieveHongluisthekeybeneficiaryofthesteelstructure(SS)industryboom,withindustry

demandvolumeCAGRof7%inthecomingdecade,ridingonthepolicytailwindof

promotingsteelstructuresasanimportantwaytoresolveexcesssteelproduction

capacity;(2)Honglu’sleadingproductioncapacitywithrisingutilization(5.2mntonsby2024);(3)weexpectthecompany’smarketsharetodoubleto6%by2025E;and(4)

Honglu’slonger-runmarginstrengthamidfavorableindustrysupply/demanddynamicsaswellasHonglu’scompetitiveproductofferingandscaleadvantage.Keystock

catalystsincludenewcontractgrowthacceleration,downstreamconstructionrecovery,steelpricedecrease,etc.

Valuation:Our12-monthtargetpriceofRmb22.0isbasedona14X2027EP/Ediscountedbackto2025Ewitha10%CoE.

Keyrisks:1)downwardmarginpressurestemmingfromadrasticsteelprice

appreciationandexecutionslippageinprocurement;2)lower-than-expectedcapacity

andweaker-than-expectedutilizationrateleadingtoaslowerproductionvolume

ramp-up;3)executionriskassociatedwithcashflow,suchasfailingtopromptlycollectcashpaymentsfromcustomers,steelpricefluctuations,etc.;4)cashflowdeteriorationduetodelayedcashcollection,etc.

19May20259

Changjiang&JinggongSteel(600496.SS):Droppingcoverage

WearedroppingcoverageofChangjiang&JinggongSteel(600496.SS).Thisreportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesfor

Jinggong.Ourestimatesand12-monthRmb2.9targetpriceareunchanged,andourfinalratingonthestockisSell.

Ourfinalview:Jinggonghasnearlytwodecadesofexperienceservingglobal

customerswithdesign,fabrication,constructionandprojectmanagementofsteel

structureprojects.WhileweareconstructiveonSSindustrydemandgrowthinthe

longerrunamidafavorablepolicybackdroptodriveSSpenetrationinChina,weare

morecautiousonJinggongaspeer-laggingcashcollectioncloudsitslong-termgrowthsustainabilityandquality.WeareSell-ratedonJinggongasweseeweakertopline

growth,aplateauedmarginoutlook,andprolongedcashearningsweaknessamong

coveredpeers.Webelievewithlimitedvisibilityonstrongandsustainableordergrowth,thelingeringconcernsonJinggong’ssluggishcashcollectionmayweighonnear-termvaluationrecoverypotential.Thestockiscurrentlytradingclosetoitslong-cycleaverageP/Elevel.

Valuation:Our12-monthtargetpriceofRmb2.9isbasedonaP/Eof9X2027Ediscountedbackto2025Ewithan11%CoE.

Keyrisks:1)stronger-than-expectedcontractgrowthdrivenbystrongbrandnameintheindustrial/publicsectorsandaccumulatingEngineering,Procurement,Construction

(EPC)expertise;2)faster-than-expectednewbusinessincubationthatspursmore

earningsstreams;3)faster-than-expectedrevenuebookingsupportedbyupbeat

constructionprogressandstrongexecution;4)upbeatmarginfromfavorablesteelpricemovementandpremiumpricingofsteelstructureproductdesigns,qualitiesandothervalue-addedservices(e.g.,BuildingIntegratedPhotovoltaics/BIPV);5)

better-than-expectedcashcollectionandimprovingliquiditysituationsofdownstreamcustomerduetomorefavorablemacroeconomicenvironment.

GoldmanSachsChinaProperty

19May202510

QuakeSafeTechnologies(300767.SZ):Droppingcoverage

WearedroppingcoverageofQuakeSafeTechnologies(300767.SZ).Thisreport

summarizesourfinalinvestmentview,targetprice,andearningsestimatesfor

QuakeSafe.Ourestimatesand12-monthRmb10.2targetpriceareunchanged,andourfinalratingonthestockisNeutral.

Ourfinalview:QuakeSafeisthelargestbuildinganti-seismicmanufacturerinChina

(c.30%marketshare).Weseethecompanyasanenablerandbeneficiaryofthe

anti-seismicindustry’slong-termseculargrowthpotential,supportedbyitsleading

productioncapacity,technologicalaccumulationandcustomizationflexibility.Thatsaid,weareNeutral-ratedgivennear-termriskaroundvolumetiming(policyexecutiondelayonfiscaltightness)andweakcashearnings(unattractiveOCFprofile),coupledwithfairvaluation.

Valuation:Our12-monthtargetpriceofRmb10.2isbasedonaP/Eof23X2027Ediscountedbackto2025Eatan10%CoE.

Keyrisks:(+/-)Economicandinfrastructureinvestmentcycles,executionuncertaintiesassociatedwithanti-seismicpromotionpolicyimplementation;

higher-/lower-than-expectedincreaseinrawmaterialcostsbringingdownward/upsidemarginpressure;stronger-/weaker-than-expectedworkingcapitalandcashflow

management;(-)capacityexpansionmiss.

19May202511

KibingGroup(601636.SS):Droppingcoverage

WearedroppingcoverageofKibingGroup(601636.SS).Thisreportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesforKibing.Ourestimatesand

12-monthRmb6.4targetpriceareunchanged,andourfinalratingonthestockisNeutral.

Ourfinalview:KibingisChina’ssecondlargestfloatglassmanufacturerwith12%oftheindustry’stotalproductioncapacityin2024.WhileweappreciateKibing’seffortsindiversifyingitsportfolioacrossnewerhigher-valueglassproducts,weareNeutral-ratedonthestockgivenweseeasoftdemandbackdropinthemediumtermforitscorefloatglassbusinessandlessfavorablecompetitivelandscapeforitssolarglassexpansion

againstdominantindustryleaders.Kibingtradesataslightvaluationpremiumtobothfloat/solarglasspeersandalsoclosetoits10-yearhistoricalaveragetradingrange(intermsofP/EandEV/EBITDA).Wethinkahighervaluationvs.itsowncycleandpeerswouldneedjustificationgivenfluidmarketdynamics.

Valuation:Our12-monthtargetpriceofRmb6.4isbasedonaP/Eof15X2027Ediscountedbackto2025Eata12%CoE.

Keyrisks:(+/-)unexpectedmarketdemandweakness/recovery;(+/-)faster-or

slower-than-expectedcostinflation;(-)executionmisstepsinnewproductdevelopment;(+/-)policytightening/looseningoverfloatglassproduction.

19May202512

DongpengHoldings(003012.SZ):Droppingcoverage

WearedroppingcoverageofDongpengHoldings(003012.SZ).Thisreportsummarizesourfinalinvestmentview,targetprice,andearningsestimatesforDongpeng.Our

estimatesand12-monthRmb6.9targetpriceareunchanged,andourfinalratingonthestockisNeutral.

Ourfinalview:Dongpengisamongthetop-5ceramictilemanufacturersinChina.WeareNeutral-ratedonDongpengaswebelievethecompanyisinanindustrywith

overcapacityagainstaflattishdemandoutlookamidaprolongedpropertymarketdownturn.Leadingcompanieswithcorecompetitiveadvantages(i.e.,

cost/channel/product+service)arepoisedformarketsharegainsbutthecompetitive

landscapeisstillevolving(i.e.,intensifiedcompetitionacrossofflineretailsaleschannelstoreduceexposurefromdevelopercustomers).Postalackluster2024,weexpect

moderatetoplinegrowthandalimitedmarginexpansionoutlookfrom2025Eonward,consideringlacklusterpricingpower,andviewproduct/channelmixchangeandsupplychainefficiencyasthekeystounderpinningmarginstabilitythereafter.Although

Dongpeng’stradingP/EandEV/EBITDAmultiplesareathistoricallowlevels,whichwebelievereflectsitssubduedgrowthprofile,wedonotviewthevaluationassufficientlyattractiverelativetoourbroadercoveragetoturnmoreconstructive.

Valuation:Our12-monthtargetpriceofRmb6.9isbasedonaP/Eof14X2027Ediscountedbackto2025Eatan10%CoE.

Keyrisks:1)stronger-than-expectedorweaker-than-expectedpropertymarketrecovery;

2)energypricemovementsdrivemarginupside/downside;3)newproductlaunchesandmarketreactionbeatsormissesresultinginsales/marginbeats/disappointments;4)

tighter-than-expectedindustrypolicysupply/environmentalcontrolstobenefitstrongplayersleadingtostronger-than-expectedmarketsharegains.

GoldmanSachsChinaProperty

19May202513

DisclosureAppendix

RegAC

We,YiWang,CFAandVickyLi,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectourpersonalviewsaboutthesubject

companyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ouruniverseofratedstocks)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,

FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.Thenormalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigherfinancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(forfinancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthefiscalyear-endatleastthreequartersinthefuture.Growthusesinputsforthefiscalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorProfile,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2

representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

Therating(s)forAnhuiHongluSteelStructure,Changjiang&JinggongSteel,DongpengHoldings,GuangdongKinLongHardware,KibingGroupandQuakeSafeTechnologiesis/arerelativetotheothercompaniesinits/theircoverageuniverse:AnhuiHongluSteelStructure,

Changjiang&JinggongSteel,DongpengHoldings,GuangdongKinLongHardware,KibingGroup,QuakeSafeTechnologies

Therating(s)forChinaJinmaoHoldings,ChinaMerchantsShekouIndsZone,ChinaOverseasGrandOceansGroup,GemdaleCorp.,

GreentownChinaHoldings,RedStarMacallineGroup,SeazenGroupLtd,ShenzhenOverseasChineseTownandSunacChinaHoldingsis/arerelativetotheothercompaniesinits/theircoverageuniverse:ChinaEvergrandeGroup,ChinaJinmaoHoldings,ChinaMerchantsShekouInds

Zone,ChinaOverseasGrandOceansGroup,ChinaOverseasLand&Investment,ChinaResourcesLand,ChinaVanke(A),ChinaVanke(H),CountryGardenHoldings,GemdaleCorp.,GreentownChinaHoldings,LongforGroup,PolyDevelopmentsandHoldings,RedStarMacallineGroup,SeazenGroupLtd,ShenzhenOverseasChineseTown,SunacChinaHoldings

Therating(s)forA-LivingSmartCityServicesCo.,CIFIYS-ServiceGroup,ChinaMerchantsPropOperation,GreentownServiceGroup,JinkeSmartServicesGroup,PowerlongCommercialManagement,S-EnjoyServiceandSunacServicesHoldingsLtd.is/arerelativetotheother

companiesinits/theircoverageuniverse:A-LivingSmartCityServicesCo.,CIFIYS-ServiceGroup,ChinaMerchantsPropOperation,ChinaOverseasPropertyHoldings,ChinaResourcesMixcLifestyle,CountryGardenServicesHoldings,GreentownServiceGroup,JinkeSmartServicesGroup,

OnewoInc.,PolyPropertyServicesCo.,PowerlongCommercialManagement,S-EnjoySe