Creating Value Pursuing

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1 2013 ANNUAL REPORT

2 Creating Value Pursuing Excellence

3 02 PRESIDENT S MESSAGE CONTENTS 04 ABOUT SINOCHEM 06 MANAGEMENT REPORT 10 BUSINESS OVERVIEW 42 CORPORATE CITIZENSHIP 48 KEY EVENTS 52 FINANCIAL STATEMENTS 62 DIRECTORY

4 PRESIDENT'S MESSAGE At present, the third industrial revolution is thriving and traditional industries have made an indepth merge with new economy to produce many more efficient new business models. In the meantime, Chinese economy has entered into a new and critical stage featured by transformation and upgrading. To undertake an all-out and thorough reform has become the consensus of the Chinese nationals, forming a new wave promoting transformation. Faced with such an important historical era, we need proactive government, efficient market and most importantly, responsible enterprises if the Chinese economy is to complete the reform. As an enterprise with lofty goals, we are keenly aware of our missions and obligations, and strongly believe that we must become more market-oriented and bolster our competitiveness to grasp development opportunities and achieve an ever-lasting business glory. In 2013, faced with the headwind from economic doldrums and depressed markets, Sinochem has taken the initiative to pursue development while maintaining stability. By advancing business operation, enhancing management and promoting transformation, we have maintained a stable development momentum and solidified our competiveness and industrial influence. The history is where we come from. For more than a decade, we have been sticking unswervingly to a unified target, unequivocal strategy and effective management, adamantly advancing strategic transformation, strenuously enhancing our capability and business quality. All these efforts have laid the ground for what we are today. Sinochem s development is attributed to our employee s hard work and also inseparable with the help and support from all sectors of society. Hereby, I would like to extend my great appreciation for all our friends offering these quintessential care and support to us! The year 2014 is the year of climbing hill during Sinochem s big drive of the Third Long March. By riding on the momentum of China s initiative of comprehensive and in-depth reform, we will continue to adopt the development mindset featuring proactive, stable, sustainable and healthy. We will also stick to our development approach with market orientation, resources and technology as underpins, lean management as safeguard to promote Sinochem s sustainable development. Meanwhile, as a corporate citizen, we will also perform our social responsibility. By creating value for the nation, the society and the clients, we are assiduously pursuing for the vision of becoming a respectable company with global status. It is our great joy and pleasure to join hands with all our friends around the globe to create our common beautiful future together. Liu Deshu President and CEO ANNUAL REPORT 03

5 About Sinochem One of China s four state oil companies China s biggest agricultural input (fertilizer, seed and agrochemicals) company China s leading chemical service company China s earliest entrant in Fortune Global 500 Sinochem Group was founded in Its predecessor was China National Chemicals Import and Export Corporation, which was China s largest trading firm. Sinochem Group is a key stateowned enterprise under the supervision of State Owned Assets Supervision and Administration Commission of the State Council (SASAC), and is headquatered in Beijing. Sinochem s core businesses are energy, agriculture, chemicals, real estate and financial service. It is one of China s four state oil companies, China s biggest agricultural input (fertilizer, seed and agrochemicals) company, and China s leading chemical service company. It also has strong influence in real estate and nonbanking financial service sectors. As a global conglomerate with market orientation, Sinochem s quality product and service is relevant to many aspects of mass economy and people s well being. Its brand enjoys high reputation and acknowledgement around the world. Sinochem currently owns more than 300 subsidiaries inside and outside China. It controls several listed companies, including Sinochem International (SH, ), Sinofert (HK, 00297) and Franshion Properties (HK, 00817), and is the largest shareholder of Far East Horizon (HK, 03360). In June 2009, Sinochem Group established Sinochem Corporation as the vehicle for potential group IPO. Sinochem Group is China s earliest entrant in Fortune Global 500 and has been included in the list for 23 times. It was ranked the 119th in Through years of strategic transformation and management overhaul, Sinochem has maintained sustained, healthy and rapid development. Sinochem has been rated by SASAC as top A corporate performance for 9 years in a row and it has been listed in World s Most Admired Companies by Fortune for 2 consecutive years, both ranking the first in Trading Industry List. Sinochem s vision is to become a respectable company with global influence, Sinochem s 50,000 employees will follow the corporate philosophy of Creating Value, Pursuing Excellence, shoulder social responsibility as a corporate citizen, and adopt scientific development approach to realize sustainable business potency, and to create value for our stakeholders and the society ANNUAL REPORT 05

6 Management Report Sinochem s Vision To become a respectable company with global status Sinochem s Mission To become the industry model featuring advanced technology,resources reservation and environmental friendliness To become an important driving force safeguarding China s energy security, agricultural security and promoting chemical industrial upgrading To become a respectable company with global status and great social responsibility. SINOCHEM S DEVELOPMENT STRATEGY One Ability: the ability to develop in a sustainable way; Two Fundamentals: internal management and external expansion; Three Links: resources, technology and market; Four Pathways: innovation, integration, M&A, and collaboration; Five Key Areas: energy, agriculture, chemical, real estate, and financial service ANNUAL REPORT 07

7 The year 2013 is a memorable year for Sinochem Group. Our core businesses have been facing with challenges like industrial oversupply, shrinking market demand, plummeting prices and heated competition. However, Sinochem have taken the initiative to develop its business while keeping a stable posture, adamantly promote its strategy implementation. By rounding up our potentials and further improving our management, we have maintained a balanced and healthy development momentum and made new progress for our works. Stable growth for business operation In 2013, we have maintained stability with respect to our operational performance and quality. Throughout the year, Sinochem has realized the total sales revenue of RMB billion with before-tax profit of RMB billion. Our profit has kept above the threshold of 10 billion Yuan for consecutive 3 years. The total asset has reached RMB billion with solid financial footing and high asset quality. Facing with the adverse external environment, we have reinforced the frequency as well as the strength of operation monitoring. By making pre-emptive judgment and meticulous arrangement, we strengthen the guidance of our subsidiaries business operation, leading all the employees to make concerted efforts to overcome the difficulties. Our business units followed the high-performance doctrine and actively explored the business frontiers to fulfill the performance target and key development projects. Under the backdrop of grim macro-economic conditions in 2013, Sinochem still managed to keep strong profitability, which illustrates the achievement we have made after years of strategic transformation and management overhaul. Our diversified business portfolio has demonstrated its resilience and has proved to be essential underpinning the company development at current strategy. Operation Revenue In (On Hundred Million Yuan) Total Assets In (On Hundred Million Yuan) Total sales revenue 466.9billion RMB Total profit 10.87billion RMB Total asset Annual Profit In (On Hundred Million Yuan) Net Worth In (On Hundred Million Yuan) billion RMB New breakthrough for strategic transformation In 2013, we have strenuously pushed forward our strategic and participated into China s first Seed Industry Investment fund transformation. Sticking to the key links of industrial value chain, sponsored by the Chinese government. In Chemical segment, we have made some milestones. we have become the largest shareholder of Jiangsu Yangnong Chemical Group. Our subsidiary Sinochem International completed In energy segment, Quanzhou petrochemical, the key refinery its value chain in agrochemical and specialty chemical sector. It project with capacity of 12 million t/a, has started its operation also accomplished its first share placement since its IPO. Sinochem after 8 years of construction and is projected to reach its full Lantian has made major technology breakthrough in its specialty capacity by the end of We have made our entry into film development to realize a contiguous production. In real estate America s shale oil/gas fronts for the first time in history and segment, Franshion Property has acquired new land reserves kicked off Zhoushan National Oil Inventory s expansion project. in Beijing, Shanghai, Guangzhou, Changsha and Ningbo etc. In We have added more than 100 gas stations in our downstream financial segment, Far East Horizon, our leading financial leasing oil assets portfolio. In agriculture segment, Sinofert has signed company, has accelerated its industrial maneuvering and FOTIC, new off-taking agreement with world s major producers like APC, one of China s major trust companies, has reinforced its product PotashCorp, Uralkali to secure the supply channel. In the meantime, development and service innovation to sharpen its competitive China National Seeds has deepened its partnership with Monsanto edge. Management Skill continues to improve To safeguard our strategic transformation and business system have been officially put into operation and started to be development, we have extended our management drive circling adopted by the subsidiaries. In terms of cost retrenchment and with securing resources, managing risks, lowing cost, enhancing profitability enhancement, we have encouraged our business units efficiency, working safety and engineering management. By to explore their respective cost management methods to control further solidifying management foundation, we have elevated the the costs and enhance profitability. The head office has established management level. its concentrated procurement platform to standardize its procurement activities. In terms of team building, we have made a We have targeted our company as a lean company with lean census of talented people within the group and build up top-down ideology and culture. We have been incessantly applying Management Enhancement Act, solidifying basic management, back up teams including different tiers of talented people. We have streamlining management system and enhancing synthetic held roundtables like Youth Talents Training camp and Molding management capability. With respect to securing our resources, Distinguished Leaders to enhance the leadership skill for our key through corporate bonds, sustainable hybrid securities and managers. reserve-based financing, we have raised a great amount of money Catering to the needs of strategic transformation, we have with long maturity and low financing cost by various means, focused on work safety and engineering quality management. providing sufficient funding support to our key projects. With respect to risk management, we have beefed up the management We have conducted the across-the-board work safety inspection of the inventories as well as receivables to effectively control with unprecedented scale and magnitude. We try to ascertain the downward price risks. We have also conducted the refining the potential risks as well as their root causes and make through works of internal control system, formulating Sinochem s first correction. We have organized special taskforce to conduct Internal control dossier consistent with COSO standard. In terms engineering quality inspections to ensure the stability of projects of quality management, the headquarters quality management quality The year 2014 is another crucial year for Sinochem Group s strategic transformation and the Third Long March. We will follow the general guidance of Making Progress while keeping Stability to continue our reform and innovation. We will keep sinochem s distinctive development roadmap with market momentum as our orientation, resources and technology as underpins and lean management as safeguard. By sticking to the principle of proactive, stable, sustainable and healthy, we will strive to reinforce the quality and profitability of development, making a new landscape of Sinochem s strategic transformation and the Third Long March ANNUAL REPORT 09

8 Business Overview Upholding our core philosophy of Creating Value, Pursuing Excellence, we speed up the transformation of our core businesses and sharpen our edge in the key links. By doing so, we see our five major business segments, including energy, agriculture, chemical, real estate and financial service, grow stronger and better, our corporate value increased and our presence in related industries notably enhanced. We play an active role in industrial upgrading and national development. Energy Business Agricultural Business Chemical business Real Estate Business Financial business Exploration and Production Fertilizer Business Fluorine Chemical Project Development Financial Leasing Oil Refining Seed Business Natural Rubber and Rubber Chemical Commercial Leasing Trust Business Oil Trade Agrochemical Business Fine Chemical Hotel Operation Securities Investment Fund Warehousing and Logistics Distribution and Retailing Chemical Logistics Petrochemical Feedstock Retail Business Development and Operation Finance Company Life Insurance Pharmaceutical Chemical Futures Brokerage ANNUAL REPORT 10 11

9 Energy Business As a national oil company, we, by drawing on our more than sixty years of abundant experiences in oil business, supply oil and gas resources for social and economic development, Distribution of E&P Projects and Oil Trading Branches vigorously participate in the construction of the national strategic oil reserve bases and the research for national energy development planning, and play an increasingly important part in the energy market of China and beyond. In the past decade, while enhancing our competitiveness in the international oil trade and petrochemical warehousing and logistics, we also extended our industry value chain upstream and downstream to strengthen the sustainability of our oil business. At present, our Sinochem International Oil (London)Co., Ltd. Sinochem Oil (Thailand) Co., Ltd. Syria Sinochem Oil Co., Ltd. Sinochem Industries Co., Ltd. China Sinochem Oil Co., Ltd. Japan Representative Office USA Colombia energy business covers the complete industry value chain, from oil and gas exploration and production, oil refining, oil trade, warehousing and logistics, to oil distribution and retailing. We have become a large energy company with robust international operation and complete industry value chain. In the past year, we pressed ahead with our strategy, enhanced the synergy created across our industry value chain and consolidated our competitiveness in the industry. Breakthroughs were made in our upstream business in North America and in shale oil sector, with stable growth in oil and gas output and assets base; Quanzhou Petrochemical project independently invested by us had come into operation; our oil trade model was improved and structure further optimized; our warehousing business reached a record high with new projects progressing stably; and our capacity for refined oil distribution and retailing service grow rapidly. Exploration and Production Oil Refining Oil Trade Warehousing and Logistics Distribution and Retailing Tunisia UAE Yemen Sinochem Oil Co., Ltd. Representative Office In Taiwan Indonesia Sinochem International Oil (Singapore) Pte., Ltd. Ecuador Brazil Headquarter Exploration and Production Projects Oil Trading Branches ANNUAL REPORT 13

10 Exploration and Production Oil Refining At the beginning of the 21st century, we formulated the strategy of extension to the upstream sector of the oil industry, and we are committed to oil exploration and development worldwide. The company has its focus on two strategic regions: the Middle East and the Americas, with 34 contracted oil and gas blocks in the United States, Brazil, Colombia, the United Arab Emirates, Syria and China's Bohai Bay; we have oil and gas development rights to a net equity lease area of about 82,800 acres in the Permian Basin of the United States, with 600 million barrels oil equivalent of 2P (proven and probable) oil and gas reserves. In terms of project type, we are either non-operators or operators depending on projects, with projects located both onshore and offshore, and the business scope has expanded from mainly development to both exploration and development. Our products include light oil, heavy oil and natural gas, and we are now an important player in the field of International exploration and development, and are moving steadily to become an independent oil company with unique advantages. In 2013, we not only increased our access to oil and gas resources and recoverable reserves, but also enhanced our exploration ability, paving way for the long-term sustainable development. Our oil and gas production totaled million barrels oil equivalent, a year-on-year increase of 8%. We acquired 40% equity interest of shale oil and gas reserves in Wolfcamp from Pioneer Natural Resources Company in the United States, made breakthroughs in our upstream business in both North America and shale oil field; we cooperated with Columbia state oil company in exploring three new blocks of Nogal and Cardon and Manzano along the Caguan River. The company was rated as Class A Operator by the Brazil National Petroleum Agency, and is qualified for operation in land, shallow water and deep sea areas in Brazil. At the same time, we are also granted the qualification for gas exploration in China, which laid the foundation for us to implement the coming back strategy, and explore domestic business. We started oil refining business in the late 1980s. At present, the three refineries we have invested have a combined refining capacity of nearly 30 million tons per annum. The 12 million ton/ year Quanzhou Petrochemical, which we independently invested and constructed, will come into operation in We are the largest shareholder of Dalian West Pacific Petrochemical Co., Ltd. (WEPEC), China s first Sino-foreign joint venture refinery. In 2010, we made investment in Shandong Hongrun Petrochemical Co., Ltd (Hongrn Petrochemical). Sinochem Quanzhou 12 million ton/year refinery project is one of the key projects to come into operation during one of China's "Twelfth Five-Year Plan" period. It is a world-class project with leading position in China, and we are committed to building a large, efficient, environmental-friendly, healthy and safe modern petrochemical enterprise that will develop sustainably. Our main products are gasoline, diesel, kerosene and polypropylene and other petrochemical products, of which gasoline and diesel will meet Euro V standards. With all this, we will become one of the most competitive refining companies in the industry. With follow- up projects coming on line, Sinochem Quanzhou will become a world-class integrated refining base in the future with crude oil processing capacity of 30 million tons a year. The project will further improve Sinochem s industry value chain of its oil business and enhance the company's competitiveness; it will also improve the country's energy industry layout, serving as driving force for the Coastal Economic Zone West of Taiwan Strait. WEPEC is able to process high sulfur crude oil and is a hydrogenated refining enterprise, with crude oil processing capacity of 10 million tons a year. It produces more than 10 varieties and more than 30 kinds of oil and chemical products. Hongrun Petrochemical has crude oil processing capacity of 5 million tons a year, and is able to store 800,000 tons of crude oil and refined oil; its coastal oil storage has capacity of 4 million cubic meters, with crude oil bonded warehouse qualification; the Huangdao-Weifang pipeline built by the company extends a total of 176 km, with designed transportation capacity of 15 million tons a year, and has been put into trial operation in August Equity Oil Production of Sinochem Unit: million barrels (Oil Equivalent) P (proven and probable) oil and gas reserves Refining capacity Refining capacity of Sinochem Quanzhou Petrochemical million barrels oil equivalent of million ton/year million ton/year ANNUAL REPORT 15

11 Oil Trade Warehousing and Logistics Distribution and Retailing Oil trade is Sinochem s traditionally strong business. Based on its sound cooperative relationships with governments and national oil companies of many oil-producing states, we have sound access to overseas oil resources and with long-term crude oil contract of over 40 million tons per annum. By virtue of good reputation and advantages in business channels and techniques, we provide quality crude oil and professional services for domestic and foreign customers. We are now a crucial supplier of crude oil to refineries in China, Southeast Asia, Europe and North America. We are also engaged in import agency service and self-operated businesses of aviation fuel, naphtha, duty-free marine diesel and other light oil. To ensure smooth operation of the oil trading business, we work with large international ship-owner companies to provide customers with convenient and efficient charter services. Currently, we own five super tankers (VLCC), and are able to provide professional oil transportation service. At present, we are operating, developing, constructing and managing approximately 25 million cubic meters of petrochemical storage space, which form a storage and logistics network covering Yangtze River Delta, Pearl River Delta and Bohai Bay area. We also have a series of jetties, ranging from 3,000 MT class to 300,000 MT class, to support the logistics network. We are the largest thirdparty petrochemical storage and logistics service provider with the strongest service capacity in China. Relying on our complete petrochemical storage and logistics network, we supply crude and refined oil as well as chemical warehousing and transportation service to Bohai Bay area, Yangtze River Delta and Pearl River Delta, which are the most developed regions with the largest oil consumption in China. By doing so, we also ensure the stable operation of the refined oil market and refineries in those regions. In addition, we are also entrusted by the government to build the national strategic crude oil reserve base and refined oil reserve base, making contribution to China s oil security. Sinochem has formed a refined oil distribution network in main markets and core cities in Northeast China, North China, East China and South China. The retail stations network independently built by Sinochem in Fujian, Shandong and Guangdong are expanding rapidly, and so does the network we roll out together with Total Group around Bohai Bay and Yangtze River delta region. Meanwhile, we are spreading the distribution network further into Shanxi, Anhui, Jiangxi and Hunan in inland China. By the end of 2013, we have opened and constructed around 600 retail stations. The brand Sinochem enjoys growing reputation and market influence. Gas stations 600 In 2013, our total operation amount of crude and refined oil globally is near 60 million tons, and the ration of import and entrepot trade is about 1:1.1. In 2013, our storage facilities handled over 43 million MT of products, a record-high throughput in our history. Total operation amount of crude and refined oil Petrochemical storage space approximately million tons million cubic meters In the future, we will continue to promote the coordinated development of the oil business chain, improve our scale and market competitiveness, and strive to develop into a prominent international oil enterprise with a number of quality oil and gas assets, large and world-class refinery projects, and strong and sustainable operational capability in global market, so as to promote the oil industry in China and contribute to the development of world energy ANNUAL REPORT 17

12 Agricultural Business Sinochem Group is the largest central SOE operating all the three important agro-inputs, including fertilizer, seed and agrochemicals. With advanced technology, premium products and professional services, we are committed to becoming the world-leading comprehensive service provider for agro-inputs, and making contribution to the grain security and agricultural development in China and worldwide. Our fertilizer flagship Sinofert Holdings Co., Ltd. (Sinofert) is the largest fertilizer supplier and distributor in China, with its business covering the complete industry value chain of resource development, R&D, production, distribution and agronomic services. It is playing a significant role in stabilizing the domestic fertilizer supply and facilitating China s agricultural development. China National Seed Group Corporation (China Seed) under Sinochem Group is the only national seed company that runs breeding, production and sales businesses for crop seeds. Its overall strength takes the lead in the domestic market. It is committed to becoming the top player in China and leading player in the world, and thus promoting China s seed industry upgrading. Our agrochemical business integrates R&D, production, sales and technology service, with our overall competitiveness ranking among top players in the industry. While solidifying our advantageous position in trade, we keep enhancing the key links on the agrochemical industry value chain, and supplying the market with highly-efficient, low-toxic, and environmental-friendly products and professional services. By doing so, we are becoming an important force to support China s agrochemical industrial upgrading. Fertilizer Business Agrochemical Business Seed Business ANNUAL REPORT 19

13 Fertilizer Business Distribution of E&P Projects and Oil Trading Branches With the vision of becoming the globally leading supplier for agroinputs and agronomic services, Sinofert, operates in resources development, R&D, production, distribution, and agronomic services. It has become an important driving force for industrial progress. In 2013, our fertilizer sales volume reached over million tons, consolidating our position in the industry. In terms of fertilizer production and upstream resource development, Sinofert, by dint of its abundant resource reserves and advanced technologies, provides high-quality fertilizer products and promotes the industry s progress. It has controlled and patcipated in 14 fertilizer production companies. a constructive role in securing the import of potash into China and keeping its price at a low level. In the areas of distribution, storage and logistics, Sinofert has further enhanced its distribution services and intensified efforts to devolp primary level markets. By the end of 2013, we have set up a comprehensive service network made up of 17 provincial branches and over 2100 distribution centers, covering 95% of China s arable land. In addition, with 500 distribution warehouses, the company is albe to store 2 million tons of fertilizers, playing a significant part in ensuring product quality, providing convenient distribution service and reducing logistics cost, and gradually forms a holistc logistic Nitrogen Fertilizer Company Potash Fertilizer Company Phosphate Fertilizer/ Chemical Company Compound Fertilizer Company Specialty Fertilizer Company Areas Covered By Distribution Network 01 Sinochem Changshan 02 Jinmei Tianyuan 03 Yangmei Pingyuan 04 Sinochem Yantai Crop Nutrition 05 Sinochem Shandong Fertilizer With production capacity exceeding 12 million tons per year, system featuring safety, convenience and low cost 06 Sinochem Zhisheng the company maintains its position as China s largest fertilizer producer. Sinofert also has the most complete range and varieties of fertilizers in China. Its products span nitrogen, phosphate, potash, compound fertilzer, micro-element fertilizers, specialty fertilizers, slow release fertilizers, biofertilizers and other new types of fertilizers. It own over 300 million tons of phosphorite resource, and is the only enterprise in China able to manufacture 300,000 tons of feed-grade MDCP and MCP of the international standard per annum. In 2013, Sinochem Yunlong Co., Ltd., under Sinofert, extracted 620,000 tons of phosphorite, paving way for connecting phosphate fertilizer and phosphorus chemical in the industry value chain. In terms of agronomic services, we have set up an agronomists service system that consists of agronomic knowledge dissemination, onsite service and instruction, and soil testing fertilization service to help improve planting techniques and increase harvest. In 2013, we continued to work together with the Ministry of Agriculture (MOA) to set up a total of 170 field schools, which provide assistance to farmers of more than ten thousand. In the process of the campaign of Technology in Action Increasing Yield and Income for North China Corn Planters, we cooperated with MOA to hold Sinochem Cup Corn King Challenge, and the aim of increase yield by 100 kg and income by 200 Yuan Per Mu is fulfilled in 35 million Mu of corn field in the three provinces and 07 Sinochem Oriental Fertilizer 08 Sinochem Fuling 09 Gansu WengFu 10 Sinochem KaiLin 11 Tri-circles Sinochem 12 Tri-circles Sinochem Mosaic 13 Sinochem Yunlong 14 Salt Lake Industry As to fertilizer import business, we keep cooperative relatinship a district in Norheast China. The company cooperated with the with major global fertilizer producers and strengthen our overseas Department of Plantation Management of the MOA to promote procurement ability, and remains the largest fertilizer importer the demostration county of formula fertilizer, and strive to conduct and major importing channel for China, playing a constructive role full cooperation in the areas of fertilizer formula formulation and in stabilizing the supply for fertilizers as well as balancing overall release, supply and docking of formula fertilizer, promotion and market supply and demand. Meanwhile, we are one of the major training of scientific fertilization, and fertilization guidance within participants in China s annual potash import negotiation, playing three years. Meanwhile, we set up more than 5,000 technologiy demonstration zones across in China, give fertilization techinique lectures, onsite guidance, market promotion and other activities. In 2013, Sinfert held more than 6,000 service activities, provide more than 50,000 free tests of soil samples, serving over 1 million farming households. At the same time, the company actively explore a holistic solution to crops, erecting high yield and high efficiency agricultural demonstration fields. In 2013, we established over a thousand pieces of demonstration fields, affecting more than 1.1 million farmers. For technology innovation, under the guidance of the strategy of technological innovation to serve the industy, we have established Chengdu R&D center, Sinochem Subcenter of National Center for Biological Engineering Technology, and three subsidiarylevel research centers and four enterprise technological centers. Sinofert s annual investment for technology innovation surpasses RMB 100 million, mainly for energy conservation through production process improvement, critical technology research, new fertilizer development, technology service and promotion. In 2013, we applied for 31 patents and 16 applications were granted the patents. In new technology development, we developed refining technology for wet-process phosphoric acid. In terms of new product development, we invigoratively cooperated with leading entreprises and research institutes at home and abroad, and are devoted to introducing leading agrilcultural production and fertilization techinology and speeding up application and commerlization of research achievements, so as to promote the development of modern agriculture in China ANNUAL REPORT 21

14 Seed Business China Seed Corporation (China Seed), a subsidiary of Sinochem, is the only national seed company that integrates breeding, production and sales. Our business covers major crop types of rice, corn, wheat, vegetables and rape seeds. Our registered capital of 944 million yuan also ranked the first in China. In terms of scientific research, China Seed is committed to cultivating local innovative seed resources by employing modern biotechnology. The construction of China Seed Science and Technology Center, the R&D institute with the largest investment in China under China Seed, has attained positive progress, and the world-class biotechnology lab has already come into operation. A regular seed breeding base, together with a selection and text network, has covered the entire country. A world-class commercial seed breeding platform has taken shape. In 2013, built on the first whole genome 6K rice breeding chip, we developed 60k seed breeding chip that has higher SNP marker distribution density and more accurate genome test, which has been applied to the high quality, high adversity resistant, high yield rice breeding. In addition, China Seed has held for two consecutive years senior seminar to update professionals and technicians with latest knowledge, cofounded "crop seed industry technology innovation strategic alliance", and undertaken the Twelfth Five Year scientific and technological key supporting projects, striving to build an organization model based on enterprise and market-orientation. In terms of production and marketing, China Seed established a network of seed producing bases covering the main crop production regions across the country, and built 15 modern seed processing and storage centers as supporting facilities, which (together with companies under the control of China Seed) are able to produce and process 250 million kilograms of high-quality seed. In addition, by conforming to modern agricultural trends, the company actively explored the land transfer mode in Gansu and Sichuan, and promoted standardization, intensification, mechanization and scale expansion of corn and rice seed production bases. At the same time, we have built up 22 provinciallevel sales service centers, and build the whole system of technical service process, and nationwide marketing service system that integrates agricultural inputs of seeds, pesticides, fertilizers. In 2013, we co-founded Modern Seed Industry Development Fund" with Ministry of Finance, Ministry of Agriculture, and Agricultural Development Bank of China. The fund is the first seed fund supported by the government and operated in accordance with market rules; it mainly invests in high growth potential seed companies, and focuses on supporting companies with "integrated breeding, promotion and production" businesses to enhance their overall strength. China Seed cooperated with the fund to invest in Shandong Luyan Seed Co. Ltd., which is affiliated to Shandong Academy of Agricultural Sciences. In the same year, China Seed accelerated it s M&A speed, deepened its all-round cooperation with Monsanto in the area of corn seed conventional breeding, production, processing, marketing services, and co-founded China Seed International Co. Ltd., the only joint venture in which crop breeding R&D is controlled by the Chinese side. In addition, China Seed and Academy of Agricultural Sciences in Enshi, Hubei jointly established China Seed Wuling Seed Industry Co., Ltd. in Hubei, and invested and controlled Yibin Yizitou Seed Co. Ltd. Currently, China Seed has completed strategic investment in 13 companies in the industry, and by doing so its comprehensive strength and industry position is further enhanced. High quality seeds production 250 Million kilograms/year Provincial-level sales service centers 22 Agrochemical Business Our agrochemical business covers R&D on both innovative and generic products, AI (active ingredient) production, formulation processing and packaging, product registration and brand marketing domestically and internationally. We are leading the industry in China for proprietary agrochemical products development. In 2013, the sales revenue of agrochemical business exceeded 10 billion yuan, the highest in China. In terms of production, we have formed four major bases in Shenyang, Yangzhou, Nantong, Lianyungang and Yangzhou, with AI total production capacity at 180,000 tons a year. Our products span over herbicide, pesticide, fungicide and plant regulator, including totally over 40 active ingredients. In 2013, we acquired controlling stake in Jiangsu Yangnong Chemical Croup Co., Ltd. (Yangnong Group). Yangnong Group s products, such as pymetrozine and mesotrione, are very competitive in China, and its production capacity is ranked second in the world. Sinochem International is the largest shareholder of Nantong Jiangshan Pesticide and Chemical Co., Ltd. In the aspect of R&D, we own two national level pesticide R&D platforms, namely Shenyang Research Institute of Chemical Industry (Shenyang Institute) and Zhejiang Research Institute of Chemical Industry (Zhejiang Institute), and have 6 proprietary pesticides registered and sold in market, among which Flumorph and Aike series of products enjoy high recognition and influence in the Chinese market. Shenyang Institute s Safety Evaluation Center and Pesticide Testing Lab passed the GLP certification by the OECD member country Netherlands in In 2013, the amount of GLP experiments grew by 45% year-on-year. It actively promotes domestic pesticide and chemical products in world market. In 2013, Shenyang Institute and Zhejiang Institute totally applied for 92 patents, of which 56 were granted. As for marketing, we are entitled to the ownership of the trademark of Machete, new Machete, Harness and Alachlor in China, and we are the sole distributor in China of Roundup, RODEO, OMEX, Latitude and Rocket authorized by the suppliers. We enjoy the leading position in domestic high-end pesticide market. We bought Monsanto s amide products business in India, Thailand, the Philippines, Vietnam, Pakistan, Bangladesh and Taiwan, and own 45 product brands in Southeast Asia. We have also acquired the concession as sole agent to sell Monsanto s Roundup products in Australia and New Zealand, successfully marching into the Australian and New Zealand market. In the future, we will continue to take as our responsibility to facilitate the development of modern agriculture and protect grain supply in China. We will also continue to enhance the key links on the agricultural industry chain and make our best efforts to become a leading agro-input service provider in the world ANNUAL REPORT 23

15 Chemical business Sinochem Group is China s leading comprehensive service provider of chemical products, and has competitive edge in fluorine chemical, natural rubber and rubber chemical, fine chemical, chemical logistics and petrochemical feedstock distribution, pharmaceutical chemical and plays a constructive role in facilitating chemical technology upgrading and safe, green, harmonious growth of chemical industry. Pharmaceutical Chemical Petrochemical Feedstock Fluorine Chemical safe green harmonious Chemical Logistics Natural Rubber and Rubber Chemical Fine Chemical Fluorine Chemical Sinochen Lantian Co., Ltd. (Sinochen Lantian) is China s leading fluorine chemical company that has integrated research, production and sales. It is a key enterprise supporting China to fulfill its obligations of Montreal Accord. Sinochem Lantian has formed a complete industry value chain covering resource development, R&D, production and sales, and owned a complete industrial layout based on fluorite resources, led by ODS substitution, and supported by fluoropolymers and fluorinebased fine chemicals. Our products include fluorocarbon chemical, fluorine-based special chemicals, and inorganic fluoride salt, over a dozen of which have the largest market share in domestic and international markets. Among these, Jincool HFC-134a and R4 series of products is the leading brand in the domestic automobile refrigerant as well as household and commercial air-conditioner refrigerant market, and have market presence in over 50 countries and regions. Kehua TFA series of products occupy over 60% of the domestic market. In terms of resource development, Sinochem Lantian owns over 30 million tons of fluorite reserves, and is able to supply 80,000 tons of anhydrous hydrogen fluoride and 30,000 tons of trichloroethylene annually. As for R&D, Sinochem Lantian serves as the national key fluorine chemical research unit and the National ODS Substitute Engineering Technology Research Center. We have independently developed over 40 ODS substitutes, with the production capacity making up 30% of the domestic market. We are also the winner for more than 10 national technology progress awards. The production technology for highly reactive fluorination catalyst developed by us broke the international technological monopoly and is able to reduce tens of thousands of tons of ODS emission every year. In 2013, we undertake 2 key projects standing among the National 863 high-tech Plan, formulated 5 national and industrial standards, stipulated 6 new pieces of standards, led to formulate the first Fluorine Chemical Industry Security Protocol in China, and had 6 patents granted. We independently developed new refrigerator agent brand Fengleng products, among which HFC-161 s Ozone Depletion Potential (ODP) is 0 and Global Warming Potential(GWP) is 12, dramatically cutting greenhouse gas emissions. For production, we have established four major production bases in Shangyu, Taicang, Xi an and Chenzhou. In addition, we built two special bases in Quzhou and Ganzhou, which have fluorocarbon chemical production capacity of 160,000 tons, and fluoropolymer and fluorine-based fine chemical capacity of 12,000 tons, as well as nearly 1,000 tons of inorganic fluorine compounds. Besides, we cooperate with such global fluorine players as Solvay and Honeywell to make inroad into the high-end fluorine chemical field. In 2013, Sinochem Lantian's 20,000 T/a HFC-125 production line was put into operation, the capacity of production equipment of TFA was expanded, and the inorganic aluminum fluoride equipment came into operation, greatly enhancing the company s producing and supplying capacity ANNUAL REPORT 25

16 Natural Rubber and Rubber Chemical Fine Chemical Sinochem Group is the first Chinese enterprise to conduct natural rubber trade and has over 60 years history in natural rubber and its related business. We have forged an international industry value chain that covers planting, processing, and marketing. By employing a holistic business approach at home and abroad, Sinochem International (Holdings) Co., Ltd. (Sinochem International), controlled by Sinochem Group, is now the strongest natural rubber product operator in China, and one of the main natural rubber product and service providers with core competitiveness in the international market. Its natural rubber plantation resources are scattered around Southeast Asia, West Africa, and Hainan, Yunnan in China, and customers in Asia, Europe and the Americas. By the end of 2013, Sinochem International had annual production capacity of 680,000 tons, more than 80,000 hectares of planting area, with its plantation acreage and reserves ranking among the top worldwide. Its 750,000 tons of natural rubber sales volume stands among the top in the world and account for 15% of the domestic market. In 2013, Sinochem International continued to follow the development path of industrialization, and pressed ahead with the strategy of extending to the upstream sector that takes natural rubber resources as the core. While expanding our plantation resources, we sped up developing our own processing capacity, and adhered to the principle of creating value for our clients, so as to realize operation with full industry value chain of natural rubber business. West Africa, Southeast Asia as well as Yunnan and Hainan in China, all of which are major rubber producing regions. Through technique upgrading and capacity expansion, the company s production capacity increased by 50,000 tons in The natural rubber produced by the company mainly features special rubber for high-end radial tire, providing secure raw materials for renowned Chinese and International tire companies.. For distribution and services, we draw upon our distribution outlets, storage hubs and logistic facilities spreading across China and our overseas distribution platform in Singapore to enhance our service capacity for downstream clients, and strengthened strategic cooperation with top ten tire manufacturers like Bridgestone, Michelin and Pirelli. As for rubber chemical products, Jiangsu Sinorgchem Technology Co., Ltd. (Jiangsu Sinorgchem) controlled by Sinochem International is a leading supplier of rubber chemicals in the world. Its products include 6PPD and the key intermediate RT base, insoluble sulfur, high purity TMQ, etc. The output and market share of 6PPD and the key intermediate RT base are among the top in the world. Besides, we have a professional technical support team of rubber chemicals, and have become core distributor to domestically and internationally famous companies in terms of halogenated butyl rubber, nitrile rubber, EPDM rubber. In addition, we have wide marketing network in countries and regions like South Korea, Indonesia, Thailand and East Europe. By following the philosophy of lead the lean process of Chinese chemical industry, we have strategic cooperation with international and domestic leading players on WPU, water-based functional material, polyether raw material, PU products, and have built up leading position.in certain water-based coating adhesives. Our subsidiary Yangnong Group takes the lead and exerts global influence in the markets of chlorination and nitration of benzene, ECH, agro-used and sanitation-used dimethrin, and epoxy chloropropane. Its production capacity for chlorination, nitration is among the top in the world, the production capacity and market share of agro-used and sanitation-used dimethrin were among the top worldwide. The equipment for producing ethoxyline resin that employs the bio-based glycerol method, the first of its kind and by Yangnong s indigenous technology enjoys leading position in terms of production capacity in China. Currently Yangnong Group has 4 fully-equipped fine chemical industrial bases, among which the one located in Zhongwei of Ningxia owns the production qualification to produce phosgene, which is quite rare in the market. Besides, Yangnong Group is a national key high-tech company, and has built a national-level corporate technology center, a postdoctoral research station, a chemical research institute and an engineering technology company. It owns a technology application center for developing PU products and water based PUD products, and is strong in the R&D and commercialization of pharmaceutical intermediates, pesticide intermediates and high polymer chemical materials. In terms of resource expansion, after having acquired EUROMA RUBBER of Malaysia, GMG and TBH of Thailand, and 35% stake in SIAT of Belgium, Sinochem International acquired permanent use right to 45,000 hectares of land in Cameroon. The company and its subsidiaries own 270,000 hectares of land in Africa and Southeast Asia, 180,000 hectares of which are planting area. In the areas of manufacturing and processing, Sinochem International has formed a global production layout encompassing Annual production capacity 680,000 tons ANNUAL REPORT 27

17 Petrochemical Feedstock Pharmaceutical Chemical Chemical Logistics Our chemical logistics business, led by Sinochem International, involves shipping, IOS tank containers multimodal transport, freight forwarding and terminal storage tanks, with total assets value reaching nearly 7 billion yuan. Our shipping capacity and scale for liquid chemicals enjoys leading position in Asia, while the tank container transportation capacity and fleet size is among the top in the world. We are able to provide comprehensive chemical logistic solutions to customer with high efficiency at low cost. In the shipping area, Sinochem International provides shipping service for all kinds of bulk liquid chemicals, highly hazardous liquid chemicals, acids, refined oil, edible oil, animal and plant oil, and other specialty chemicals, and is one of the largest professional operators of liquid chemical shipping in China and the only domestic ship owner that is able to ship TDI, MDI and other high-end liquid chemicals. Sinochem International s wholly-owned subsidiary Hainan Sinochem Shipping Limited is one of the largest professional operators for liquid chemical ships in China. It owns 66 IMO II/III bulk liquid chemical ships, the capacity of which ranging from 1,000 to 45,000 tons, providing transportation services on Chinese seas and rivers, as well as the long-haul or offshore routes internationally. Sinochem International has an experienced professional team in ship operations and management, has supervised the building of over 20 professional liquid chemical shipping vessels, including 3600DWT, 9000DWT, 13000DWT IMOII / III type. Sinochem International partnered up with Dorval SC Tankers Inc., Japan s fourth largest shipping company, to set up a joint venture Sinochem Dorval, to better service global clients. As one of the first ship owners permitted to directly ship liquid chemicals across the Taiwan Strait, Sinochem International s 27 ships received the direct shipping qualification, becoming the major force for transporting liquid chemicals across the Strait. In terms of ISO tank containers logistics, Sinochem International s wholly-owned subsidiary Shanghai Sierboer Chemical Logistics Co., Ltd. is the largest specialized tank containers operator in Asia. In 2013, Sinochem International acquired NEWPORT, the seventh largest ISO tank container company in the world, in a bid to strengthen its global operation platform using the latter s resource advantages. At present, it owns nearly 16,000 T11, T20, T50, electric heating, hydrofluoric acid, land transport tank and other types of isotanks. It is mainly engaged in transportation of liquid and gas chemicals, food and household chemicals, with its network all over China, Europe, America, Asia and Middle East As for terminal storage tanks business, Sinochem set up two joint ventures with Lianyungang Port Group, namely Lianyungang Port International Petrochemical Storage Company and Lianyungang Port International Petrochemical Harbor Service Company. It will build three 50, ,000 MT class of terminals to handle liquid bulk chemicals, with around 560,000 cubic meters of storage space and throughput capacity of 5.4 million tons per year to perform chemical warehousing, customs bond, cargo loading and unloading services. Total assets 7 66 billion yuan IMO II/III bulk liquid chemical ships Sinochem Group is one of the largest comprehensive distributors Our pharmaceutical chemical business covers R&D, manufacturing and services providers of petrochemical feedstock in China, and and distribution, and has competitive edge in technology is mainly engaged in bulk chemical raw materials and plastic innovation, scale production, international operation and domestic products. In 2013, its petrochemical raw materials sales exceeded market distribution. 4.5 million tons; its styrene sales account for more than 20% in China; its imported amount of ethylene glycol is also the largest, Through independent R&D and global cooperation, we already and that of polyolefin is among the top five in the country. The have more than ten thousand of strains for R&D, and more than amount of exported mornitered chemicals (MCCs) makes up 60% 400 domestic and foreign patents. Through offering contracted of the country s total; the sales volume of acetone, bisphenol A is R&D service and providing tailored processing services of special among the top in China. intermediates for our clients, we further expanded cooperation with internationally renowned pharmaceutical companies. In Sinochem Plastic Co. Ltd., our subsidiary, established a business addition, Shenyang Research Institute for Chemical Industry is pattern centered on key customers and based on resource the first safety assessment institute in China to receive the GLP acquisition, product marketing and risk control, and is committed to certification granted by the OECD member country, and is able providing tailored products and comprehensive service solutions to conduct safety assessment and testing for pharmaceuticals, to customers. In terms of transport and trade coordination, the pesticides and other chemical products. company conducted 75 voyages alone to the Middle East, the cargo including core products like ethylene glycol, methanol, base DSM Sinochem Pharmaceuticals (DSP), our joint venture with oil, two DEG, liquefied gas. It plays an important role in securing Royal DSM N.V., has rich pharmaceutical R&D bacterial species stable and quality resources. Regarding marketing network, the and a great number of internationally recognized patents. It has company has set up more than 20 branches and sales centers in independent intellectual property rights in key technological links East China, South China, North China, Northeast China, Southwest and a platform of application and development of highly efficient China and other regions. biocatalyst technologies. DSP s production bases in Europe, America and Asia-Pacific. It employs Green Enzyme technique to produce anti-infective drugs and cardiovascular drugs, providing customers with safe and reliable products. Some of the products from our pharmaceutical base Zhejiang Langhua Pharmaceutical, have passed US FDA, European Union s CEP and WHO s GMP certification. In terms of the international distribution, we provide our customers with such value-added services as tailored processing and manufacturing, registration and auditing. We also introduce high-quality AI and new, special and premium formulations into the Chinese market. Zhejiang Intmedic Group Co., Ltd., of which Sinochem Lantian is the majority shareholder, has become the core company for provincial pharmaceutical warehousing, modern pharmaceutical logistics, and e-commerce in Zhejiang province. In 2013, Intmedic become the first group of companies that passed new GSP certification. In the future, circling with key sub-sectors of chemical industry we will further enhance our capacity on resource acquisition, technology development and market exploration, consolidate our industrial position, and facilitate the chemical business sustainable development ANNUAL REPORT 29

18 Real Estate Business As one of the central SOEs approved by SASAC to run property development and hotel operation as one of its core businesses, Frashion Properties (China) Co., Ltd. (Franshion Properties), controlled by Sinochem Group, ranks among the Hang Seng Composite Index. Our vision is to become a respected leading quality properties developer ; our mission is to unleash future urban vitality ; and we adhere to the strategy of high quality and green architecture. We are now a unique highend developer and operator in the industry. Franshion Properties is engaged in high-end real estate development, commercial leasing, hotel investment and operation, and retail business development and operation. It has developed a series of high-end properties with the brand name of "Jin Mao". By the end of 2013, the company had developed a great number of quality projects in Beijing, Shanghai, Sanya and Changsha. Its land reserves (including level one development land reserves) reached a planned GFA of million square meters. The company also owns Shanghai Jin Mao Tower, Beijing Chemsunny World Trade Center, Nanjing International Plaza and a batch of landmark projects in other cities; and has invested and owned several five-star hotels. We have integrated green, low-carbon building development into our real estate business strategy. Our business guideline called Green Technology, Jin Mao Quality embraces five aspects including philosophy, model, standard, life and attitude, has be embedded into the gene of Jin Mao series of products, and becomes a green real estate development benchmark highly recognized by the industry in China. In 2013, the company participated in formulating the national Green Architecture Evaluation Standards, took part in five Twelfth Five-Year Plan supporting projects for the Ministry of Science and Technology, 3 projects of National Standards formulation; The company was granted two national patents, and won Outstanding Architecture Technology Award for three times. Many of its projects have received China Green Architecture Identification, and Changsha Meixi Lake New International City project was the first project in Asia to meet the BREAM Outstanding level standards. The company co-edited the textbook Green Campus and the Future with China Green Campus Committee, and became one of the first core enterprise members of the World Green Campus Alliance. Distribution of Sinochem's Real Estate Business Chongqing Daping Jin Mao Delicate Residence Chongqing Longpan Project Changsha Meixi Lake New International City Changsha Yuelu Jin Mao Landscape Metropolis Changsha Meixi Lake Jin Mao Plaza Changsha Research Center Project Changsha Meixi Lake Jin Mao Residence Lijiang Whisper of Jade Dragon Lijiang Jin Mao Noble Manor Project Jin Mao Hyatt Lijiang Hotel Project Jin Mao Ritz-Carlton, Sanya Jin Mao Hilton Sanya Resort & Spa Sanya Yazhou Bay project Lijiang Beijing Qingdao Nanjing Suzhou Hangzhou Chongqing Ningbo Changsha Guangzhou Zhuhai Shenzhen Sanya Shanghai Beijing Chemsunny World Trade Center Sinochem Tower Beijing Guangqu Jin Mao Palace Beijing Wangjing Jin Mao Palace Beijing Ya ao Jin Mao Residence Beijing Yizhuang Jin Mao Residence Beijing Yizhuang X87 X91 Projects Jin Mao Westin Beijing Chaoyang Jin Mao Renaissance Beijing Wangfujin Beijing Eastern Garden International Conference Center Qingdao Shinan Jin Mao Harbour Nanjing International Center Nanjing Westin Hotel Suzhou Gusu Jin Mao Palace Shanghai Jin Mao Tower Jin Mao Grand Hyatt Shanghai Shanghai Port International Cruise Terminal Shanghai International Shipping Service Center Jin Mao Hyatt Regency Chongming Shanghai Shanghai Dongtan Jin Mao Noble Manor Shanghai Haimen Road No.55 Project Shanghai Zhabei Daning International Community Project Hangzhou Huanglong Jin Mao Residence Ningbo Nantang Jin Mao Palace Guangzhou Nansha New District Pearl Harbor Project Jin Mao JW Marriott Shenzhen Zhuhai De Insight ANNUAL REPORT 31

19 Project Development Focusing on the development of high end projects, we have developed many landmark buildings, including Beijing Chemsunny World Trade Center, Shanghai Jin Mao Tower, Shanghai Port International Passengers Center and Shanghai International Shipping Service Center. We also developed many residential building projects, including Beijing Guangqu Jin Mao Mansion, Chongqing Jin Mao Longyue Dwelling, Shanghai East Bund Jin Mao Noble Manor, Lijiang Jin Mao Snow Mountain Whisper, Changsha Jin Mao Meixi Lake and Qingdao Jin Mao Bay, which add up to the upscale Jin Mao series of residential products represented by the six concepts of Mansion, Dwelling, Manor, Mountain, Lake and Bay. In 2013, by following high-end, high-quality and industry leading standards, Franshion Properties realized sales of about 21 billion yuan, with the average sales rate reaching 90%. Suzhou Gusu Jin Mao Mansion, Beijing Yizhuang Jin Mao Yue projects are selling well. The company also successfully increased million square meters of land reserves in Changsha, Ningbo, Chongqing, and Guangzhou. A level one project developed by Franshion Properties, Changsha Meixi Lake project, is located in the heart of Hexi district of Changsha, covering a total area of about 763 hectares. It will be built into a center of high-end global business and innovation, and a new city that is suitable for living in central China. After several years of construction, the project now has a fresh look and environment, and is reputed as the "Changsha model for new urbanization", attracting attention from various parties. In 2013, the area we leveled-off for the first stage of Changsha Mexi Lake project exceeded 2.3 million square meters. In October 2013, Franshion Properties became the second investor in the west area of Changsha Mexi Lake project, The second stage of which covers 1,103 hectares, and will be responsible for the related work of land acquisition, relocation compensation, pre-construction engineering and other development work. Total sales 21 billion yuan Increased land reserves million square meters Commercial Leasing The four high-end office buildings we hold or operate in Beijing and Shanghai are all landmarks in core administration area or central commercial district; therefore, they have attracted many well-known brand names to become their tenants. In 2013, the company seized opportunities, maintained high occupancy rates, and the rental rate continued to increase. Beijing Chemsunny World Trade Center and Sinochem Tower are located at the intersection area between Chang an Avenue and Financial Street commercial district. In 2013, the two buildings kept their records of virtually 100% occupancy rate, with their rental ranking at the top level in this region. Shanghai Jin Mao Tower sits at the financial and trade district of Pudong Lujiazui area. It is an outstanding example of the perfect combination between the traditional Chinese architectural style and state of the art international building technology. In 2013, the occupancy rate of Jin Mao Tower reached 98.7%. The first phase of Nanjing International Plaza office building is located in the heart of Zhongyang Road in Gulou of Nanjing, and is built in accordance with North American 5A standards. Its occupancy rate had reached 97.9% by the end of ANNUAL REPORT 33

20 Hotel Operation Retail Business Development and Operation Franshion Properties hotel projects are targeted at luxurious 5-star brands. We own several world-class hotels at the prime locations in first-tier cities or at famous tourist spots. We are planning to build Hyatt Lijiang Hotel and Jin Mao Lijiang Grant Hyatt Resort Hotel and Jin Mao Shanghai Hyatt Resort Hotel. In 2013, we maintained our position as market leader. Grand Hyatt Shanghai located in the 88-storeyed Jin Mao Tower at Shanghai Lujiazui central district has held many big international events, including Fortune Forum, APEC conference, Forbes Global CEO Forum and Shanghai World Expo. It is crowned as the most classic international hotel at Lujiazui Commercial District will see the opening of Jinmao Grand Hyatt in Chongming Shanghai,which is the fourth Granel Hyatt in the world and China s first. area, we own two 5-star hotels, namely, the Ritz-Carlton Sanya and Hilton Sanya Resort & Spa. In 2013, the two hotels business performance took the first two spots in the regional hotel market. Westin Beijing Chaoyang located at Yansha Commercial District has become the first choice for many important foreign politicians. Jin Mao Renaissance Wangfujing Hotel in the north of Wangfujing Avenue had been renovated in Beijing Eastern Garden International Conference Center in Shunyi District is having its service and market influence on the rise. At Nanjing Westin Grand Hotel, you can enjoy the scenery of Xuanwu Lake and Zijin Mountain. In 2013, the occupancy rate and average room rate of Nanjing Westin Grand Hotel continued to rise Franshion Properties has developed and operated a number of high-quality retail commercial real estate projects. In 2013, the occupancy rates and rent rate levels of the company s projects in Shanghai, Sanya and other places continued to stay ahead in their respective regions. And the construction of projects in Lijiang, Changsha went smoothly. The J Life (Jin Mao Life) Center Located in the Jin Mao Tower in Shanghai brings together a number of well-known brands flagship stores and has become a center of high-end services in Pudong of Shanghai. Sanya Jin Mao center of life fashion, located in the Sanya Jin Mao Ritz Carlton Hotel, has also attracted many well-known brand's flagship stores, and is a center of high-end service in Yalong Bay in Sanya. Nanjing International Shopping Center is located in the flanking building of the first phase of Nanjing International Plaza. Top international brands, international cinema, KTVs, famous restaurants, children theme park, and stores of fashion home furnishing can all be found here. It has become a center of fashion lifestyle and entertainment for high-end personnel in Nanjing. In Hainan Sanya Yalong Bay national-class tourist and resort in spite of market decline. In the future, we will stick to the philosophy of forward-looking and building for the future, the position of high quality properties, and the business model of sales plus holding. We will innovate in our cities development mode, create more value through our Green Strategy, and consolidate our distinctive position as the national green ecological city developer, so as to enhance our corporate image of a developer of responsibility who provides green and quality products ANNUAL REPORT 35

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