SOHO 全年IR 20150304

0
Summary
Chinas leading prime office landlord focused exclusively in Beijing and
Shanghai.
Timely completion of four IPs with a total GFA of 644,500 sq.m. in 2014.
Respectable rental income growth in 2014, up 51.7% YoY; rich new IP
pipeline to drive future rental growth in 2015 and beyond.
Stringent control over group overhead costs and property expenses.
Prime office assets support further NAV expansion.
Focus on shareholder value: counter-cyclical investment approach, high
dividend yield and good corporate governance.
SOHO 3Q a highly scalable business that meets the rapidly rising demand
for short-term coworking space.

Note: 1. IP means Investment Property in this presentation.
Content
Page #
SOHO China Overview
2014 Financial Performance
10
Investment Property Portfolio Update
14
Capital Management
31
Green Initiatives
34
Company Outlook
37
SOHO 3Q Introduction
39
Appendix 1 Beijing and Shanghai Office Market Update
56
Appendix 2 Map of Beijing and Shanghai
58
Appendix 3 SOHO China IP Profile
60
Appendix 4 Pictures of Four Projects Completed in 2014
64
SOHO China Overview
Significant Shareholder Value Creation Since Listing

Listed on the HKSE on 8 October 2007 (Stock Code 410.HK).
Total returnsince listing in 2007: +16.4% CAGR.
Consistent dividend policy with an average yield of 5.3% over the past five years.
Current dividend yield is 5.7%.

Total DPS = RMB1.66/share since listing
12.00
0.3
9.60
10.00
0.2
DPS RMB/Share
HKD/share
Final DPS
0.25
8.00
6.00
4.00
Interim DPS
2.95
0.11
0.13
0.13
0.13
0.12
0.12
0.12
2012
2013
2014
0.15
0.1
0.05
2.00
0.14
0.20
0.10
0.10
2007
2008
0.12
0.14
0.00
2007
2008
2009
2010
2011
2012
2013
2014
Note: 1. Total return = increase in book NAV + dividend paid.

2. Based on 2014 full year DPS and stock closing price on 27 Feb 2015.
2009
2010
2011
SOHO Chinas Business Model

Transitioned in 2H 2012 - From build-to-sell to build-and-hold model.
Brand - SOHO China is one of the most recognizable brands in China.
Design hire leading international architects to create innovative landmarks.
Asset Management
Increase occupancy
rate
Refine tenant mix
Improve property
management services
Control property
expenses
Energy conservation
and air purification
Asset Investment
Counter-cyclical investment
strategy
Capital Management
Identify attractive investment

opportunities in Beijing and
Shanghai
Average investment hurdle rate

of 10% (yield-on-cost)
Streamline investment property

portfolio and recycle capital
New generation office - SOHO
3Q
Strong credit ratings

(Ba1/BB+) and low
funding cost
Diversified funding
sources
Extend debt maturity
Minimize currency and

interest rate risks at
reasonable costs
Leading Office Landlord in Beijing and Shanghai

The largest Hong Kong-listed prime office landlord in Beijing and Shanghai.
We focus exclusively in the two cities.
Has an aggregate office portfolio of 1.7 million sq.m., representing
approximately 5.9% of the total Grade A office inventory in the two cities.
1.80
1.70
1.60
Total GFAsq.m.
1.40
1.20
1.00
0.84
0.80
0.54
0.60
0.40
0.31
0.31
0.28
0.19
0.20
SOHO
China
Shui On
Land*4
Franshion
Properties
Hui Xian
REIT*4
COLI
Kerry
Properties
Note: 1. By Total GFA, excluding the pure retail project Qianmen Avenue.
2. By above-ground total GFA of grade A office space as of 31 Dec 2014.
3. Completed and currently under construction attributable office GFA in Beijing and Shanghai.
4. By Leasable/ Saleable GFA.
0.16
CR Land*
0.15
0.11
Hang Lung Spring REIT

Swire
Properties
Properties
Four Projects Completed in 2014

Guanghualu SOHO II Beijing (Nov 2014)
Wangjing SOHO Beijing (Sep 2014)

Fully Leased
Leasing
Sky SOHO Shanghai (Nov 2014)
SOHO Fuxing Plaza Shanghai (Sep 2014)

87% Leased
Leasing
Note: 1. As of 27 Feb 2015, including SOHO 3Q.
47% of Investment Properties Have Been Completed

Investment Property Completion Schedule
Completed
Under Construction
2014
2015
2016
2018
1.8 m sq.m.
18%
28%
47%
100%
53%
82%
72%
(000 sq.m. Total GFA):
Before 2014
New Completion 2014
2015
2016
2018
193.7
644.5
480.0
170.0
320.0
Note: 1. By Total GFA, including pure retail project Qianmen Avenue.
Note: 1. By Total GFA, including pure retail project Qianmen Avenue.
Build-to-Sell
* Projects currently not managed by SOHO.
0
Guanghualu SOHO II
SOHO Gubei Project
2016
SOHO Leeza
2015
SOHO Tianshan Plaza
Bund 8-1
2014
Hongkou SOHO
Bund SOHO
2013
SOHO Fuxing Plaza
Sky SOHO
Wangjing SOHO (Tower
2012
Wangjing SOHO (Tower 3)
Build-and-Hold
Galaxy SOHO
2011
SOHO Century Plaza
SOHO Zhongshan Plaza
2010
Danling SOHO
SOHO Nexus Centre
2009
The Exchange-SOHO
ZhongGuanCun SOHO
Before 2009
Sanlitun SOHO
Qianmen
Chaoyangmen SOHO
Guanghualu SOHO
Beijing SOHO Residences
Chaowai SOHO
SOHO Shangdu
500
Jianwai SOHO (East)
Jianwai SOHO (West) *
Commune by the Great Wall
Boao Canal Village
SOHO Newtown *
'000 GFA sq.m.
Proven Leasing and Property Management Track Record

Leased over 4.1 million sq.m. to date.
Currently managing over 3.3 million sq.m..
Holding approximately 1.8 million sq.m.of investment properties.

2018
450
400
350
300
250
200
150
100
50
2014 Financial Performance
10
2014 Results Reflect the Change in Business Model

The decline in turnover and net profit in 2014 was driven by the reduction in
property sales.
Rental income grew strongly by 51.7% YoY to RMB424 million.
Further RMB3.1 billion pre-tax valuation gain on IPs in 2014.
2014
2013
2014 total DPS of RMB0.25/share remains unchangedRMB
from
2013.RMB million
million
6,098
424
5,674
14,621
279
14,342
% Change
YoY
-58.3%
+51.7%
-60.4%
3,078
50.5%
8,114
55.5%
-62.1%
-5.0 ppt.
Valuation gains on investment properties
3,125
4,220
-25.9%
Net profit
4,080
7,388
-44.8%
Core earnings (excluding valuation gains on investment properties)
1,778
4,440
-60.0%
Basic EPS (RMB/Share)

DPS (RMB/Share)
Interim DPS
Final DPS
0.781
0.25
0.12
0.13
1.492
0.25
0.12
0.13
-47.7%
-
Turnover
Rental income
Property development
Gross profit
Gross profit margin
11
2014 Consolidated Balance Sheet

31 Dec 2014
RMB million
31 Dec 2013
RMB million
Current Assets
17,731
22,012
Non-current Assets
59,088
55,811
Of which: Investment Properties
52,875
48,728
Total Assets
76,819
77,823
Current Liabilities
11,517
19,251
Non-current Liabilities
24,842
20,086
Total Liabilities
36,359
39,337
Net Assets
40,460
38,486
Cash and Bank Deposits
12,478
10,650
Interest Bearing Debt
20,262
17,070
7,784
6,420
19.2%
16.7%
6.6x
10.1x
5.7%
6.3%
Book NAV per share (RMB)
7.58
7.08
Book NAV per share (HKD)
9.60
9.00
Net Debt
Net Gearing Ratio(%)

Interest Coverage Ratio(x)
Average Interest Rate (%)
Note: 1. Net gearing ratio = net debt/net asset

2. Interest coverage ratio = EBITDA/gross interest expense
12
Low Net Gearing Ratio and Sufficient Cash Reserves

Net gearing ratio remained low at 19% as of 31 December 2014 (17% as of 31 December 2013).
Disposed of three projects in Shanghai for a total consideration of RMB8.3 billion .
Cash on hand of over RMB 12.5 billion, more than sufficient to fund the RMB7.9 billion CAPEX required to
complete all the IPs currently under construction.
Healthy interest coverage ratio of 6.6x.
0%
25%
50%
75%
100%
125%
Evergrande
148%
R&F
111%
Agile
96%
Greentown
77%
Country Garden
67%
Shui On
66%
Shimao
57%
Franshion
45%
Sino Ocean
44%
CR Land
39%
Vanke-A
31%
Kerry
29%
COLI
28%
SOHOSOHO
China
Note: 1. For the year ended 31 Dec 2013.

2. For the year ended 31 Dec 2014.
Source: Company reports
150%
19%
13
Investment Property Portfolio Update
14
Quality Investment Property Portfolio

# of
Status/
Projects Completion Date
Project
Name
1
2
3
4
5
6
Qianmen Avenue
SOHO Century Plaza
Wangjing SOHO T3
Guanghualu SOHO II
Sky SOHO
SOHO Fuxing Plaza
Completed
Completed
Completed
Completed
Completed
Completed
Others
City
Interests
%
100%
100%
100%
100%
100%
100%
Beijing
Shanghai
Beijing
Beijing
Shanghai
Shanghai
Beijing/
Shanghai
Total planned Leasable

GFA
GFA
sq.m.
sq.m.
sq.m.
54,700
54,691
59,000
42,954
42,522
170,000 127,894 123,568
166,000
95,906
64,032
171,500 128,128 102,964
137,000
88,328
57,039
Retail
80,000
62,349
23,888
38,461
Under Development/
November 2016
SOHO Tianshan Plaza
Shanghai
100%
170,000
111,684
10
Under Development/
November 2018
SOHO Leeza
Beijing
100%
170,000
124,000
11
Under Development/
December 2018
Gubei Project
Shanghai
100%
150,000
105,476
Hotel
sq.m.
54,691
432
4,326
31,874
25,164
31,289
100%
Under Development/
May 2015
Under Development/
August 2015
Office
Bund SOHO
Shanghai
90%
130,000
75,475
51,615
23,860
Hongkou SOHO
Shanghai
100%
96,000
65,069
60,729
4,340
72,643
15,139
sq.m. RMB Million
23,902
52,875
1,554,200 1,081,954
12
13
Joint-Controlled
Entity/
December 2015
Completed
8-1 Project
Shanghai
Commune by the Great Wall

Total
Beijing
50%
100%
213,000
145,485
30,714
30,714
1,797,914 1,258,153
Note: 1. Please refer to Map on Page 58 and 59 for locations.

2. Including office and retail spaces of three projects: The Exchange SOHO, Wangjing SOHO Tower 1 and 2, and Galaxy SOHO.
3. Except for Qianmen Avenue, this represents functional retail space which focuses on the provision of daily necessity services to the office tenants.
4. These represent the GFAs attributable to the Company.
15
Valuation
Dec 14
Property Valuation Methodology

The total value of SOHO Chinas IPs amounted to RMB52.9 billion as of 31
December 2014.
IP Type
Completed
Market approach
CBRE
Valuation
Methodology
Under Construction
Cost approach
Income capitalization
Rates used:
Office: 4.70% 6.00%
Retail: 4.75% - 6.00%
Note: 1. The above capitalization rates adopted in 2014 were similar to those in 2013.
16
Residual method
SOHO Chinas Unique Leasing Model

Real-time, real-price online leasing platform; no exclusive leasing agents, no brokers.
Standardized terms on Payment and Lease contract.
Target fast growing domestic companies.
17
Standardized Leasing Terms - Office

Beijing
Tenancy
Security Deposit
Rental Payment Terms
Built-in
Rental Rate Step-ups
Rent Free Period
Shanghai
2-5 years
2 months
3 months
Every 3 months
Every month
15% from the 4th year onwards
2 months for office space <2,000sq.m.

3 months for office space >2,000sq.m.
18
Domestic Tenants the Key Growth Driver in Both Cities
Supported by the strong branding, our tenant base mainly consists of domestic companies.
Beijing Rental Demand Breakdown
,000 Lettable GFA sq.m.
10,000
Domestic
Foreign
8,000
Beijing Rental Demand CAGR (2008 - 2014)

30.0%
9,317
25.0%
30%, 2,795
20.0%
6,245
15.0%
6,000
10.0%
4,000
5.0%
73%, 4,559
70%, 6,522
0.0%
2,000
-5.0%
27%, 1,686
2008
2014
Shanghai Rental Demand Breakdown

Domestic
,000 Lettable GFA sqm
Shanghai Rental Demand CAGR (2008 - 2014)

30.0%
6,000
Foreign
5,229
3,409
20.0%
66%, 1778
3,000
15.0%
88%, 3000
1,000
0
Domestic
Tenants,
+27.8%
25.0%
5,000
2,000
Foreign
Tenants,
-7.8%
-10.0%
4,000
Total
Market,
+6.9%
Domestic
Tenants,
+25.3%
10.0%
34%, 3451
5.0%
12%, 409
2008
2014
0.0%
Source: Savills
19
Total Market ,
+7.4%
Foreign
Tenants,
+2.4%
Clean Air Enhances Leasing

The first commercial developer in China to provide PM2.5 free air in all
developments built since 2012.
An important feature to attract tenants in Beijing and Shanghai, both suffer from
PM2.5 pollution.
Enhances property value.
500
400
Outdoor PM2.5 Reading
Wangjing SOHO Indoor PM2.5 Reading
Chinese Stardard - limit of average concentration in 24 hours
US stardard - limit of average concentration in 24 hours
300
200
100
0
25-Mar-2014
200
75 g/m
35 g/m
25-Apr-2014
25-May-2014
25-Jun-2014
25-Jul-2014
25-Aug-2014
25-Sep-2014
25-Oct-2014
25-Nov-2014
Outdoor PM2.5 Reading
SOHO Fuxing Plaza Indoor PM2.5 Reading
Chinese Stardard - limit of average concentration in 24 hours
US stardard - limit of average concentration in 24 hours
25-Dec-2014
150
100
75 g/m
50
35 g/m
0
16-Aug-2014
15-Sep-2014
15-Oct-2014
14-Nov-2014
20
14-Dec-2014
Strategy on Retail Spaces
Retail spaces normally account for 20-25% of the total leasable GFAs of our office buildings.
Functional retail services cater to our office tenants.
In view of a difficult retail market, we are converting certain retail spaces into office spaces
or SOHO 3Q offices.
Actual Pictures of Retail Spaces in SOHO China IPs
21
High Potential for Positive Rental Reversions

Rental rates rise significantly after the completion of first-round leasing.
Wangjing SOHO Tower 3s rental rate grew 26% during its first-round
leasing in 10 months due to high demand.
16.0
14.0
RMB/sq.m./day
12.0
10.0
8.0
6.0
4.0
2.0
0.0
The Exchange SOHO
Initial Rent
SOHO Century Plaza

Passing Rent as of 31 Dec 2014
Note: 1. Prevailing market rate.
22
Wangjing SOHO Tower 3

Spot/Market Rate
Strong Momentum in Rental Growth

Overall rental income grew significantly by 51.7% YoY to RMB424 million in
2014.
Improvement in average occupancy rates of SOHO Century Plaza and

Qianmen.
New rental contribution from Wangjing SOHO Tower 3 and SOHO

Fuxing Plaza; both IPs were completed in 2H2014.
Robust growth in rental income during 2015 is expected.
Guanghualu SOHO II and Sky SOHO to begin to generate meaningful
rental income.
Bund SOHO and Hongkou SOHO to be completed in May and August
of 2015 respectively.
23
Rental Income Breakdown

Leasable
GFA
Rental
Income
2014
Rental
Income
2013
YoY
Change
Occupancy
Rate
31 Dec 2014
Occupancy
Rate
31 Dec 2013
sq.m.
RMB Million
RMB Million
2010/2012
35,317
108
82
31.7%
76.2%
65.4%
2012
42,954
108
87
24.1%
94.5%
99.0%
Sep 2014
127,894
48
N/A
N/A
68.9%
SOHO Fuxing Plaza 1
Sep 2014
88,328
31
N/A
N/A
64.4%
Sky SOHO
Nov 2014
128,128
N/A
N/A
7.3%
N/A
Guanghualu SOHO II
Nov 2014
95,906
N/A
N/A
N/A
6.0%
N/A
63,390
127
110
15.5%
581,917
424
279
51.7%
Project
Name
Completion
Date
Tiananmen South (Qianmen)
SOHO Century Plaza
Others
Total
Note: 1. Spot/Market rental rates for Wangjing SOHO Tower 3 and SOHO Century Plaza have reached RMB 7.7/ sq.m./day and RMB 9.0/sq.m./day respectively.
2. Others represent unsold units of projects previously developed by the Company.
3. Fully leased as of 27 Feb 2015, including SOHO 3Q.
4. 87% of occupancy rate as of 27 Feb 2015, including SOHO 3Q.
24
N/A
N/A
Qianmen Avenue
Tenant Mix (by GFA)
Services, 5%
Tourism/
Experience,
32%
Others, 8%
Restaurant
/Cafe, 28%
Retail , 27%
Location
Qianmen Avenue, Tiananmen South, Beijing
Lease Expiration Profile (by GFA)
Subway lines 1 & 2
Transportation
All-in Cost
RMB 1.7bn (RMB 31,084/sq.m.)
Total GFA
Retail 54,700 sq.m.
Lettable GFA
Retail 54,691 sq.m.
2018, 14%
2017, 17%
2016, 4%
Occupancy Rate
Design Firm
2019, 40%
76.2%
To Be
Leased,
24%
Fei Chang Jian Zhu
Note: 1. Occupancy rate as of 31 Dec 2014.
25
SOHO Century Plaza

Tenant Mix (by GFA)
Trade, 1%
Energy, 2%
Tech/
Internet , 3%
Others, 4%
Finance/
Insurance,
83%
Legal, 7%
Location
Transportation
Near Lujiazui, Pudong, Shanghai
Subway lines 2, 4, 6 & 9
All-in Cost
RMB 1.97bn (RMB 45,879/sq.m.)
Total GFA
59,000 sq.m.
Lettable GFA
42,954 sq.m.
Office
42,522 sq.m.
Retail
432 sq.m.
Occupancy Rate
Design Firm
2016, 35%
To Be
Leased , 6%
After 2020 ,
2%
94.5%
2018, 6%
2017, 51%
AIM Architecture
26

Tenant Mix (by GFA)
Trade, 1%
Legal/
Consultancy,
1%
Tech/
Internet , 71%
Medicine, 1%
Others, 9%
Finance/
Insurance,
13%
Location
Transportation
Land Cost
Est. Development Cost
Wangjing, Beijing
RMB 1.4bn (RMB 10,229/sq.m.)

RMB 1.2bn (RMB 9,127/sq.m.)
Total GFA
170,000 sq.m.
Lettable GFA
127,894 sq.m.
Office
123,568 sq.m.
Retail
4,326 sq.m.
2017, 5%
To Be
Leased, 31%
Fully Leased
Sep 2014
Completion Date
Design Firm
2019, 46%
2018, 9%
68.9%
Occupancy Rate
Latest Occupancy Rate
Subway lines 13 & 15; Airport Express
Zaha Hadid Architecture

2. Occupancy rate as of 27 Feb 2014, including SOHO 3Q.
27
2020,
9%
SOHO Fuxing Plaza

Tenant Mix (by GFA)
Energy, 1%
Others, 2%
Trade, 4%
Finance/
Insurance,
36%
Media/
Marketing ,
6%
Tech/
Internet , 7%
Medicine,
22%
Legal/
Consultancy,
9%
Location
Transportation
Near Xintiandi, Puxi, Shanghai

RMB 2.6bn (RMB 29,152/sq.m.)
RMB 1.3bn (RMB 14,664/sq.m.)
Total GFA
To Be
Leased,
36%
137,000 sq.m.
Lettable GFA
88,328 sq.m.
Office
57,039 sq.m.
Retail
31,289 sq.m.
Occupancy Rate
64.3%
Latest Occupancy Rate
86.8%
Completion Date
Subway lines 10 & 13
Land Cost
Retail ,
13%
After
2020, 9%
2020, 9%
2019,
16%
Sep 2014
Design Firm
2. Occupancy rate as of 27 Feb 2014, including SOHO 3Q.
GMP
28
2017,
17%
2018,
14%
Selected SOHO China Office Tenants

Financial Institutions
Consumer and Fashion
Electronics, Technology and Entertainment
Service and Others
Consulate Generals
France
Germany
Pakistan
Turkey
29
Selected SOHO China Retail Tenants

Financial Institutions
Consumer and Fashion
Electronics, Technology and Entertainment
Food and Beverage
30
Capital Management
31
Capital Management
Diversified Funding Sources
Offshore
Total Interest-bearing
Debt
Onshore
Syndicated/Bilateral
Loans
High Yield
Bonds
Construction
Loans
Operation
Loans
4 - 5 years
at Libor/Hibor + margin
5-year US$600m
5.75% due Nov 2017
3 - 5 years
at PBOC prime rate
10 - 15 years
at PBOC prime rate
RMB20.3 billion
10-year US$400m
7.125% due Nov 2022
We plan to gradually reduce exposure to USD debt due to uncertainty with the
direction of USD/RMB exchange rate.
Debt Type Profile
Debt Interest Rate Split
Debt Currency Profile

28%
30%
28%
42%
54%
58%
18%
43%
High Yield Bonds
Onshore Bank Loans
Offshore Bank Loans
Fixed Rate
Note: Total interest-bearing debt amounted to RMB20.3 billion as of 31 Dec 2014.
32
Floating Rate
RMB
HKD
USD
Lowest Funding CostAmongst Peers

Effective Interest Rate (%)
10.0
9.0
9.6
9.3
9.0
8.8
8.7
8.0
8.3
8.2
8.0
7.6
7.0
6.0
5.7
5.0
4.0
3.0
2.0
1.0
Evergrande
Vanke
Greentown
Shimao
Country
Garden
R&F
Shui On
Agile
Note: 1. Including major listed non-state owned PRC developers.

2. 2013 gross interest expense (including capitalized interest expenses) / average debt balance as of 31 December 2012 and 2013
3. SOHO Chinas effective interest rate is for the year ended 31 Dec 2014.
Source: Company reports
33
Longfor
SOHO
SOHO
China
China
Green Initiatives
34
Environmentally Conscious Developer

Since 2009, all our developments have received Silver or Gold certifications
from the LEED rating system of the US Green Building Council (USGBC).
Since 2013, indoor air quality in our new buildings has surpassed:
the standard in the PRC at all times and in the US for 90% of the time.
35
Energy Conservation Reduces Cost by Up To 30%

In October 2013, we established the SOHO China Energy Conservation Center
to monitor energy consumption of our buildings and identify areas of
potential energy savings.
Target 30% energy savings for all SOHO Chinas newly-built projects.
Estimated Energy Savings
Estimated Cost Savings
90
70.0
58.4
80
RMB million/year
60.0
million kwh / year
70
60
50
83.5
40
63.1
30
69.7
74.1
49.0
50.0
52.0
44.2
36.0
40.0
30.0
20.0
51.5
20
10.0
8.0
10
11.4
0.0
0
2014
2015
2016
2017
2018
2014
2019
36
2015
2016
2017
2018
2019
Company Outlook
37
Chinas Leading Prime Office Landlord

Strong growth in recurring rental income; stringent cost controls.
Prime office properties in Beijing and Shanghai with strong appreciation potential.
Disciplined investment approach.

Track record of good corporate governance.
Consistent dividend policy; 5.7% dividend yield.
12.00
10.61
9.61
10.00
HK$ Share
8.00
6.00
48%
Discount
42%
Discount
5.55
4.00
2.00
0.00
Share Price
Book NAV Per Share
Note: 1. Share price as of 27 Feb 2015.

2. Book NAV as of 31 Dec 2014 and RMB/HKD exchange rate as of 31 Dec 2014.
3. Consensus estimate of equity research analysts
38
Estimated NAV Per Share
SOHO 3Q Introduction
39
40
What is the
SOHO 3Q Concept
41
Coworking is sweeping the world
42
you can rent a single desk
43
( 1,000/person/week)
you can rent week-to-week
44
and enjoy FREE amenities like:

Wi-Fi, Coffee, Conference Rooms, Pan Apples and more
45
you just need to bring your computer or mobile phone
46
and book a space with: any device, anytime, anywhere
47
and pay for your space directly on your device.
48
What are SOHO 3Qs

Current and Future Plans
49
50
51
The Evolution of Mobile Workers

Office Choices
52
EVOLUTION OF OFFICE CHOICES FOR MOBILE WORKERS
1980s
1980s
2000s
NA
2010
2015
Serviced
Offices
Serviced
Offices
Incubator
Spaces
Coworking
Spaces
Coworking
Spaces
Coworking
O2O
Currently NA2
1,8453
US$2,370mn 304,7743
US$2.9bn
US$9,515
122
US$191mn
21,375
US$470mn
US$21,988
10
NA
NA
NA
NA5
84
US$42mn6
30,000E6
US$857mn
US$28,566
23
US$150mn
14,500
US$5.0bn
US$344,828
108
US$83mn8
8,0008
Notes:
1. Workspace tenants typically sign leases with rolling three-month break options
2. In the future, possible that SOHO 3Q will partner with VC companies where they would invest in 3Q tenants. SOHO China/3Q would not invest its own money
3. Regus Annual Report 2013
4. Servcorp has 4,275 individual offices. 21,375 seat number is an estimate using a blended average of 5 seats per office
5. Microsoft Accelerators is a division of Microsoft and does not break-out revenue or valuation metrics for analysis
6. Workspace Revenue number also includes ~10 industrial buildings. 30,000 seats is based upon comments by executive about customers
7. Based on most recent round of fundraising, Dec-2014
8. 2015YE Estimates. Revenue estimate is full year run-rate at 12 offices at full capacity of 8,000 members and current pricing levels blended between offices and desks
53
Visit www.SOHO3Q.com to:

Set-up a Tour, Book an Office, and Find Out More!
Download the
app at the following locations:

Scan QR Code to Download
APP:
Download Link:
http://tinyurl.com/3QITunes
Download Link:
http://tinyurl.com/3Qiosapp
Download Link:
http://tinyurl.com/3Qandroid
Any questions, please contact: IR@SOHOChina.com

54
Appendix
55
Appendix 1 Beijing and Shanghai Office Market Update

Beijing and Shanghai are Chinas only true global cities, on par with major
international cities, with the deepest and largest office markets in China.
Prime Office rents

(RMB/sq.m./day)
Vacancy
Beijing
Shanghai
Shenzhen
10.4
8.6
7.3
5.0
4.8%
8.6%
8.3%
9.8
5.7
London
Market Size
(million sq.m.)
Prime Office rents

(RMB/sq.m./day)
Vacancy
Market Size
(million sq.m.)
Shenyang
Chengdu
Chongqing
4.7
4.5
3.3
3.6
11.9%
27.3%
29.7%
30.0%
35.4%
4.5
3.5
0.6
0.9
1.9
1.0
Hong Kong
Tokyo
Singapore
New York
Frankfurt
Chicago
Sydney
25.6
16.4
15.3
14.7
14.0
9.3
7.1
6.4
4.0%
3.3%
3.2%
3.6%
12.7%
11.6%
14.9%
9.0%
9.1
7.2
12.2
2.5
18.7
12.0
6.1
4.9
Source: Savills Office Research, 4Q 2014.
56
Guangzhou Tianjin
Appendix 1 Beijing and Shanghai Office Supply and Demand

Rental rates have stablized at high levels amid low vacancy rates in both cities.
50%
Take-up
Vacancy rate
57
2014
2013
2012
2011
2010
6%
200
4%
100
2%
0%
Take-up
Vacancy Rate
2014
300
2013
8%
2012
10%
400
2011
500
2010
12%
New supply
Note: Savills Office Research, 4Q 2014.
2009
600
2009
14%
2007
700
2000
2014
2013
2012
2011
2010
2009
0%
2008
0
2007
5%
2006
200
2005
10%
2004
400
16%
2006
15%
800
2005
600
18%
2004
20%
Rental Growth (R.H.S.)
900
2003
800
2003
-20%
2002
25%
2002
130
2001
1,000
2001
-15%
2000
2014
2013
2012
2011
2010
30%
000 Lettable GFA sq.m.
150
Rent (L.H.S.)
1,200
New supply
-10%
Rental Growth (R.H.S.)
000 Lettable GFA sq.m.
Rents (L.H.S.)
2009
2008
2007
2006
2005
2004
-20%
2003
0
2002
-10%
2001
50
-5%
170
2008
0%
2008
100
0%
190
2007
10%
5%
2006
150
210
2005
20%
10%
2004
200
230
2003
30%
2002
250
15%
2001
40%
20%
YoY Change
300
Shanghai
250
RMB/sq.m./mth
Beijing
YoY Change
RMB/sq.m./mth
350
Appendix 2 - Map of Beijing
58
Appendix 2 - Map of Shanghai
59
Appendix 3 SOHO China Beijing IP Profile

Guanghualu SOHO II
Location
Transportation
SOHO Leeza
Location
CBD
Subway lines 1 & 10
Transportation
Between Southwest 2nd & 3rd Ring Road

Subway lines 14 & 16 (in planning)
Land Cost
RMB 1.4bn (RMB 14,975/sq.m.)
Land Cost
RMB 1.9bn (RMB 15,500/sq.m.)
RMB 1.2bn (RMB 12,776/sq.m.)
RMB 1.7bn (RMB 14,000/sq.m.)
Total GFA
166,000 sq.m.
Total GFA
170,000 sq.m.
Lettable GFA
95,906 sq.m.
Lettable GFA
124,000 sq.m.
Office
64,032 sq.m.
Office
TBD
Retail
31,874 sq.m.
Retail
TBD
Completion Date
Design Firm
Nov 2014
Completion Date
Design Firm
GMP
60
Nov 2018
Appendix 3 SOHO China Shanghai IP Profile

Sky SOHO
Location
Transportation
Land Cost
Hongkou SOHO
Location
Hongqiao Linkong Economic Zone
Transportation
Subway lines, high speed rail, airport

RMB 1.6bn (RMB 7,046/sq.m.)
RMB 2.3bn (RMB 10,088/sq.m.)
Sichuan North Road, Hongkou

Subway lines 3, 4 & 10
Land Cost
RMB 1.5bn (RMB 23,052/sq.m.)
RMB 0.8bn (RMB 12,756/sq.m.)
Total GFA
343,000 sq.m.
Total GFA
96,000 sq.m.
Lettable GFA
228,296 sq.m.
Lettable GFA
65,069 sq.m.
Office
194,439 sq.m.
Office
60,729 sq.m.
Retail
33,857 sq.m.
Retail
4,340 sq.m.
Completion Date
Design Firm
Nov 2014
Completion Date
Design Firm
61
Aug 2015
Kengo Kuma & Associates

Bund SOHO
Bund 8-1
Location
Location
Transportation
Bund, Shanghai
Bund's multi-dimensional
Land Cost
transportation hub
RMB 2.8bn (RMB 37,098/sq.m.)
RMB 1.3bn (RMB 17,224/sq.m.)
Total GFA
Transportation
Land Cost
transportation hub
RMB 4.8bn (RMB 33,198/sq.m.)
RMB 1.7bn (RMB 12,000/sq.m.)
Total GFA
130,000 sq.m.
Bund, Shanghai
Bund's multi-dimensional
Lettable GFA
426,000 sq.m.
145,485 sq.m.*
Lettable GFA
75,475 sq.m.
Office
95,000 sq.m.
Office
51,615 sq.m.
Retail
45,796 sq.m.
Retail
23,860 sq.m.
Culture Center
Completion Date
Design Firm
May 2015
Completion Date
GMP
Design Firm
* Attributable to the Company
62
4,689 sq.m.
Dec 2015
Foster+Partners

SOHO Tianshan Plaza
Location
Transportation
Gubei Project
Hongqiao Foreign Trade Center
Location
Subway line 2
Land Cost
RMB 1.9bn (RMB 17,012/sq.m.)
RMB 1.6bn (RMB 14,326/sq.m.)
Transportation
RMB 3.3bn (RMB 31,151/sq.m.)
RMB 1.4bn (RMB 13,431/sq.m.)
170,000 sq.m.
Lettable GFA
117,684 sq.m.
Office
72,643 sq.m.
Retail
15,139 sq.m.
Lettable GFA
Hotel
23,902 sq.m.
Completion Date
Design Firm
Subway line 2
Land Cost
Total GFA
Completion Date
Hongqiao Foreign Trade Center
Total GFA
150,000 sq.m.
Office & retail 105,476 sq.m.
Dec 2018
Nov 2016
Design Firm
KPF
63
KPF
Appendix 4 Investment Property Gallery
6464
65
6565
6666
6767
6868
6969
7070
7171
7272
7373
7474
7575
7676
7777

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for short-term coworking space.

2014 Financial Performance

Investment Property Portfolio Update

Appendix 1 Beijing and Shanghai Office Market Update

Appendix 2 Map of Beijing and Shanghai

Appendix 3 SOHO China IP Profile

Appendix 4 Pictures of Four Projects Completed in 2014

SOHO China Overview

Significant Shareholder Value Creation Since Listing

Current dividend yield is 5.7%.

Note: 1. Total return = increase in book NAV + dividend paid.

SOHO Chinas Business Model

Identify attractive investment

Average investment hurdle rate

Streamline investment property

Strong credit ratings

Minimize currency and

Leading Office Landlord in Beijing and Shanghai

Hang Lung Spring REIT

Four Projects Completed in 2014

Wangjing SOHO Beijing (Sep 2014)

Sky SOHO Shanghai (Nov 2014)

SOHO Fuxing Plaza Shanghai (Sep 2014)

Note: 1. As of 27 Feb 2015, including SOHO 3Q.

47% of Investment Properties Have Been Completed

(000 sq.m. Total GFA):

New Completion 2014

Note: 1. By Total GFA, including pure retail project Qianmen Avenue.

Note: 1. By Total GFA, including pure retail project Qianmen Avenue.

* Projects currently not managed by SOHO.

SOHO Gubei Project

SOHO Tianshan Plaza

SOHO Fuxing Plaza

Wangjing SOHO (Tower

Wangjing SOHO (Tower 3)

SOHO Century Plaza

SOHO Zhongshan Plaza

SOHO Nexus Centre

Beijing SOHO Residences

Jianwai SOHO (East)

Jianwai SOHO (West) *

Commune by the Great Wall

Boao Canal Village

'000 GFA sq.m.

Proven Leasing and Property Management Track Record

Currently managing over 3.3 million sq.m..

Holding approximately 1.8 million sq.m.of investment properties.

2014 Financial Performance

2014 Results Reflect the Change in Business Model

Valuation gains on investment properties

Core earnings (excluding valuation gains on investment properties)

Basic EPS (RMB/Share)

2014 Consolidated Balance Sheet

Of which: Investment Properties

Cash and Bank Deposits

Interest Bearing Debt

Book NAV per share (RMB)

Book NAV per share (HKD)

Net Gearing Ratio(%)

Note: 1. Net gearing ratio = net debt/net asset

Low Net Gearing Ratio and Sufficient Cash Reserves

Note: 1. For the year ended 31 Dec 2013.