Press Release
China Resource Land Announced 2016 Interim Results
and
Proposed Acquisition of Interests in the Shenzhen Bay Project and Car Park Projects from China Resources (Holdings) Company Limited

In the first half of 2016 ("1H 2016"), the Group's total consolidated revenue achieved HK$44.52 billion, representing a year-on-year ("YoY") growth of 19.9%; profit attributable to the owners of the Company including the revaluation gain from investment properties was up by 19.1% YoY to HK$7.68 billion; core net profit attributable to the owners of the Company excluding revaluation gain from investment properties reached HK$6.30 billion, up 25.5% YoY; and consolidated gross profit margin improved to 33.9% in 1H 2016 from 32.2% in 1H 2015. During the reporting period, the Group's earnings per share achieved HK110.9 cents, up 13.3% YoY. The interim dividend of HK9.2 cents per share represents an increase of 5.7% over that of 2015.

In 1H 2016, the Group achieved contracted sales of RMB55.57 billion with contracted GFA of 4.30 million square meters, up by 50.2% and 32.1% YoY respectively. In 1H 2016, the Group achieved development property revenue of HK$39.15 billion with booked GFA of 2.75 million square meters, representing a YoY growth of 19.3% and 22.9% respectively. Gross profit margin of development property reached 32.5% in 1H 2016, better than 30.8% and 30.1% in 1H 2015 and full year 2015 respectively. As of 30 June 2016, the Group has locked in contracted sales of HK$92.93 billion that are subject to recognition as development property revenue in 2016 (including revenue booked in 1H 2016), comparable to the reported full year development property revenue of HK$93.54 billion in 2015.

During the reporting period, the Group's rental revenue from investment properties (including hotel operations) increased by 13.6% to HK$3.53 billion. As at 30 June 2016, total GFA of the Group's operational investment properties reached 5.16 million square meters, including 12 Mixc malls, 7 Hi5/Mixc One malls and 2 other malls. The Group's scale of retail properties is among the market leaders.

Adopting active yet prudent principle, the Group refined its research on investment opportunities among different cities and replenished quality land parcels via diversified channels by tracking closely to the land market with a focus in its core strategic tier 1 and 2 cities, and increasing project level joint venture cooperation. The Group acquired 15 land parcels with a total land premium of RMB26.93 billion (of which attributable land premium was RMB16.08 billion) in the 1H 2016. Total GFA acquired reached 4.98 million square meters, of which 4.39 million square meters were for development properties and 0.59 million square meters were for investment properties.

The Group adheres to its prudent financial policies. As of 30 June 2016, total interest-bearing debt and net interest-bearing debt ratios remained at relatively low levels in the sector at 38.4% (slightly higher than that of 36.6% by 2015 year-end) and 27.9% respectively. During the reporting period, Standard and Poor's, Moody's and Fitch maintained the Company's credit ratings at "BBB+/stable outlook", "Baa1/stable outlook" and "BBB+/stable outlook" respectively. The solid financial position facilitates the Group with diversified funding channels at low cost. The Group continues to strengthen its financial management and optimize its debt profile. On 30 May 2016, the Group completed the issuance of RMB5.0 billion onshore MTN, of which RMB2.0 billion notes shall have a term of 3 years at a coupon rate of 3.2% per annum and RMB3.0 billion notes shall have a term of 5 years at a coupon rate of 3.6% per annum. The Group was the first overseas entity in real estate industry to issue MTN in the China debt market.

On 26 August 2016 (after morning session of the trading hours), China Resources Land Limited (the "Company") and Hugeluck Enterprises Limited (a wholly-owned subsidiary of China Resources (Holdings) Limited ("CRH"), which is the controlling shareholder of the Company) entered into the Acquisition Agreement and pursuant to which the Company has conditionally agreed to acquire and Hugeluck has conditionally agreed to dispose of the Sale Shares (being two ordinary shares of US$1.00 each in the share capital of Shining Jade Enterprises Limited ("Shining Jade"), representing its entire issued share capital). The principal assets of Shining Jade are the entire interest in the Shenzhen Bay Project and the majority stakes in certain Car Park Projects. The Shenzhen Bay Project is a mixed-use integrated development project located within the Nanshan District of Shenzhen which will be developed into four high-rise residential buildings, a stylish hotel operated under the ''Andaz'' brand, luxury serviced apartments, and a modern shopping mall located immediately next to the Shenzhen Bay Sports Center. The Car Park Projects consist of 23 projects in the PRC and among which, 13 projects have owned properties (and, to a smaller extent, the ownership of ancillary properties for commercial and other uses) whilst the remaining ten projects have operating rights and/or management rights. This is the tenth asset injection to the Company by CRH, which fully demonstrates CRH's support of the Company's business.

The consideration for the transaction, being RMB6,236 million (equivalent to approximately HK$7,296 million), represents a discount of RMB2,709 million (i.e. 30.3% discount to the adjusted net asset value of RMB8,945 million). The consideration shall be satisfied by cash or cash equivalents within one year after the completion date at an interest rate of 3.14% per annum.

The asset injection transaction constitutes a discloseable and connected transaction, and completion of which is subject to the condition that the independent shareholders having approved the Acquisition Agreement and the transactions contemplated thereunder by way of poll at the EGM. According to the timetable, a circular in relation to the transaction will be despatched to the shareholders on or before 15 September 2016.

The Vice Chairman of the Board Mr. Tang Yong said: "Looking into the second half of 2016, the Group expects China's economy to maintain steady growth. It is also expected that different cities may apply respective property polices, while from nationwide perspective, moderate policy stance for the overall property sector shall remain. At the same time the sector shall benefit from supportive policies including acceleration in urbanization, further Hukou reform as well as two-child policy. The Group remains positive on property market prospects.

In the second half of 2016, the Group will continue to follow its business philosophy - "better quality, better city", and provide products and services with supreme quality by improving professional expertise and operation efficiency. Rizhao Mixc One is expected to open in the second half of 2016. While the Group steadily builds up its commercial property portfolio, it seeks to explore tenant mix innovation, enhances customers' shopping experiences, and strengthens service quality in order to maintain its competitive advantages.

The Shenzhen Bay Project in particular is strategically important to the Group's long-term development as it is believed that the demand for high quality properties in Shenzhen will continue to increase in the future as a result of its continuous economic development. As the Shenzhen Bay Project has commenced pre-sales, the acquisition is expected to provide immediate and stable contribution to the contracted sales and cash flow of the Group. In addition, injection of the Car Park Projects also enables business diversification and allows the Company to tap into new income stream. It is believed that there is strong growth potential in demand for car parks in major provincial capitals in China including the cities where the Car Park Projects are located.

Guided by its proactive yet cautious policies, the Group will continue to obtain and integrate quality land resources via various channels, to enhance return on asset and to reinforce its leading role in the market. The Group will explore business innovations, seek new profit drivers and enhance our competitiveness in order to achieve stable earnings growth."

About China Resource Land Limited

China Resources Land Limited (HK1109) was listed in the Hong Kong Stock Exchange in 1996 and has been a constituent stock of the Hang Seng Index since 8 March 2010. The Group adheres to its business model of "residential development + property investment + value-added service" and upholds the brand positioning of "high quality". As of 30 June 2016, the Group's geographical presence has been expanded to 56 cities nationwide, including Beijing, Shanghai, Shenzhen and others.

Enquiry please contact:

Investor Relations, Finance Department, China Resources Land Limited

Tel: (852) 2877 2330 Fax: (852) 2877 9068 Email: ir@crland.com.cn

Details of 2016 interim results and asset injection will be posted on the website of Hong Kong Stock Exchange and the company website: http://www.crland.com.hk.