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Chairman Wong Chiu Yeung message for the new year: Persisting forward with resilient growth

Dear China SCE Group friends,

The year 2021 has been an unforgettable year for the people in the real estate industry!

This year, China’s reform and opening up passed its 43rd year, as the rapid development was facing the pressure of acceleration. At the same time, the ideas of dual carbon, anti-monopoly and wealth-sharing arrived quietly. Indeed, we had entered the development mode of a new era. The real estate industry, after two decades of furious progress, had fallen due to an expected domino. In just six months, the industry suddenly entered a tempestuous and dangerous situation. As a big industry and a wide race track under the current reshuffle, the capital liquidity of the real estate industry was instantly suffocated. Responsive measures such as debt reduction, inventory reduction and cash preservation have become the consensus of the entire industry. The real estate industry had entered a bitter winter!

Nonetheless, it is the nature of China SCE Group to find the right path despite the challenge. In spite of the difficult situation, China SCE Group still chose to persist forward and achieved some impossible results and breakthroughs!

Relying on strategy, differentiated competitive advantages are continuously built. Relying on the synergy of “Primary business supplemented by synergic business activities” under the policy of concentrated land supply, China SCE Group seized the opportunity to continue its profound regional cultivation and improvement on investment structure. In 2021, the additional value of RMB94.6 billion was recorded, in which the proportion of first-tier and second-tier cities reached 70%. 9 new FUNWORLD and 13 FUNLIVE were awarded while contract sales grew continuously throughout the year, reaching RMB104.5 billion; the “Three Greens” real estate identity was maintained continuously while the S&P Global Ratings rose further; China SCE Commercial Management was listed successfully at Hong Kong Stock Exchange on July 2, providing strong support and new functions for the sustainability of China SCE Group, while the four stores in Zhangjiagang, Pingdingshan, Taizhou, Heyuan FUNWORLD opened in December, achieving an eye-catching result of 100% opening; FUNLIVE focused on the first-tier and second-tier core cities and added management models of around 14,000 for the year and fund investment scale of US$350 million. In addition to the various existing cooperative fund pools, KKR, a well-known international investment fund, was successfully introduced. continuing the enhancement of the capital market value.

Customer experience and business quality are enhanced by focusing on customers. In terms of products, China SCE Group is committed to conduct research on customer needs and product strength, and integrate “Intelligent China SCE Group” into all businesses, explore intelligent life scene for the future and enhance customer experience; in terms of service, the “5+X” customer service system is upgraded, “Fun Heart” protect the life cycle for customers, adhering to high-quality delivery, leading the industry in flat transfers throughout the year; in terms of operation, cash flow direction is strengthened, the capacity of operation and management for each project solidified, adhering to one property one policy, marketing pace is strengthened, in order to continuously achieve operation results.

Based on the cornerstone of organization, internal strength is created. According to the industry development prediction, since last year, China SCE Group have actively narrowed the battlefront, promoted the integration of regional structure, built a more agile and efficient team, and used simple culture and clean procedures to assist the operation, with the help of the restructuring of the standardized system. Through multi-level and multi-dimensional training systems such as "Lingfeng Plan", "Yuehai Plan", "Management Growth Plan, "Pioneer Class" and "Training Camp", the internal growth of talents and echelon construction are accelerated, while matching the "new" with the "old", in order to enhance the competitiveness of the organization; the organization, system, and manpower go hand in hand to empower long-term internal development.

Led by culture, happiness is built with public welfare. Through the in-depth participation of the Group's core senior management in strategic cultural presentations, face-to-face with celebrities, integrity promotion month and other activities, China SCE Group continuously strengthens the penetration of ideas, builds cultural consensus, and encourages togetherness among all employees; taking the promotion of common prosperity as its own responsibility, being enthusiastic about public welfare, continuing to focus on the principal direction towards education and public welfare, actively taking on social responsibilities, happiness in life is created.

In the new year, in the face of major changes unprecedented in the past century, in the face of the COVID-19 pandemic that is still rampant around the world, and in the face of the brutal competition and continuous tempest in the real estate industry, China SCE Group can only choose to grow resiliently in order to overcome difficulties and obstacles and survive the bitter winter!

Resilient growth demands adherence to strategic determination. In the next 2-3 years, the competition in the industry will still be severe. China SCE Group can only adhere to the strategy of "Primary business supplemented by synergic business activities" to strengthen the synergy of shopping malls, FUNLIVE and residential development, carry out structural adjustment in stages, and focus on precise investment in first-tier and second-tier cities. Only by expanding differentiated competitiveness can a strong "moat" for resilient growth be built.

Resilient growth demands continuous improvement of operating capabilities. China SCE Group will adhere to the operation orientation and strengthen the penetration and resilience of operation: real estate development implements a more flexible cash flow management and control mechanism to further improve the asset management system, and shorten the reflex arc through digital exploration and practice, so that efficient decision-making and operational improvement can be achieved; China SCE Commercial Management will take "quality" as the foundation, solidly promote the smooth opening of each FUNWORLD, and achieve a win-win situation between customer value and enterprise value through high-quality operation and digital empowerment; FUNLIVE will continue to focus on first-tier and second-tier cities, improve its digital operation capabilities, and expand the scale of cooperation with high-volume income-oriented funds to achieve simultaneous growth in scale and value.

Resilient growth demands building a more agile and flexible organization. China SCE Group will continue to build an internal talent system, focusing on the training and nurturing of core cadres, and practical training, to strengthen the adaptability of talents and organizations to the operating environment; organizational penetration is improved through management inspections, face-to-face at the grassroots level and other mechanisms; the operating incentive mechanism is optimized, striving to build a long-term, stable and reliable team, and offer China SCE Group stronger organizational flexibility with a steady stream of internal resources.

Resilient growth demands focus on creating value for customers. Being customer-oriented, China SCE Group will fully upgrade the brand positioning for its products and continuously improve its product and service capabilities. At the same time, through digital exploration and practice, customer insight is strengthened, realizing multi-scenario interactive links around needs and satisfying customers' yearning for a better life with "SCE Intelligence", to gain more recognition and support by creating value for customers. This is the driving force behind the resilient growth of China SCE Group.

History illuminates the future, and the journey has no end. Every shock and cleansing pushes the industry to reflect on itself and bring about its positive change, giving a new vigor; every development and change inspires us to act bravely and perseveringly with the attitude of "invincibility through thousands of hardships ".

In the face of the complex reality, we still unconditionally choose optimism! Resilient growth is our unbendable commitment to the future!

Lastly, in this difficult time of the industry, I would like to thank all China SCE Group members for working with the Company together!

Happy new year to everyone!