being guaranteed
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held by China Vanke)
Guaranteed
amount Remarks Term of guarantee
1
Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Dongguan Xinwan Real
Estate Development Co.,
Ltd.
东莞市新万房地产开发
有限公司(51%)
RMB25.5 million
Provided a guarantee in
proportion to the
Company’s equity holding
(51%) for a bank loan of
RMB50 million
12 January 2011 to
12 January 2013
2
Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Dongguan Xinwan Real
Estate Development Co.,
Ltd.
东莞市新万房地产开发
有限公司(51%)
RMB51 million
Provided a guarantee in
proportion to the
Company’s equity holding
(51%) for a bank loan of
RMB100 million
12 January 2011 to
12 January 2013

17



3 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Dongguan Xinwan Real
Estate Development Co.,
Ltd.
东莞市新万房地产开发
有限公司(51%)
RMB102 million
Provided a guarantee in
proportion to the
Company’s equity holding
(51%) for a bank loan of
RMB200 million
22 March 2011 to 22
March 2013
4 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Shenzhen Haixuan
Investment
Development Company
Limited (100%)
RMB130 million
Provided a guarantee for a
bank loan of RMB130
million
31 March 2011 to 6
December 2011
5 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Shanghai Vanke Real
Estate Co., Ltd. (100%) RMB700 million Provided a guarantee for a
loan of RMB700 million
24 March 2011 to 24
September 2013
6 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Shanghai Vanke Real
Estate Co., Ltd. (100%) RMB700 million Provided a guarantee for a
loan of RMB700 million
2 April 2011 to 2
October 2013
7 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Wuxi Dingan Real
Estate Co., Ltd.
无锡鼎安房地产有限公
司(100%)
RMB1 billion Provided a guarantee for a
loan of RMB1 billion
11 April 2011 to 11
April 2013
8
Shenzhen Vanke Real
Estate Co., Ltd. (100%),
Shanghai Vanke Real
Estate Co., Ltd. (100%)
Wuhan Vanke Real
Estate Co., Ltd. (100%) RMB1.5 billion Provided a guarantee for a
loan of RMB1.5 billion
29 April 2011 to 29
April 2013
9
Dongguan Vanke Real
Estate Company Limited
(100%)
Dongguan Changan
Vanke Real Estate Co.,
Ltd. (100%)
RMB300 million Provided a guarantee for a
loan of RMB300 million
11 May 2011 to 10
May 2013
10 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Ningbo Vanke Real
Estate Development Co.
Ltd. (100%)
RMB600 million Provided a guarantee for a
loan of RMB600 million
12 May 2011 to 12
November 2012
11
Changchun Wanrun Real
Estate Development Co.,
Ltd. (100%)
Changchun Vanke
Xizhigu Real Estate
Development Co., Ltd.
(50%)
RMB 75 million
Provided a guarantee in
proportion to the
Company’s equity holding
(50%) for a bank loan of
RMB150 million
3 June 2011 to 3 June
2014
12 Beijing Vanke Company
Limited (100%)
Beijing Zhuzong Vanke
Real Estate
Development Co., Ltd.
(50%)
RMB500 million
Provided a guarantee in
proportion to the
Company’s equity holding
(50%) for a bank loan of
RMB1 billion
20 May 2011 to 19
May 2013
13
Nanjing Vanke Property
Co., Ltd.
南京万科置业有限公司
(100%)
Nanjing Wanhui
Property Co., Ltd.
(100%)
RMB50 million Provided a guarantee for a
loan of RMB50 million
26 May 2011 to 25
July 2011
14 Shenzhen Vanke Real
Estate Co., Ltd. (100%)
Hangzhou Liangzhu
New Town
Development Co., Ltd.
(100%)
RMB1.2 billion Provided a guarantee for a
loan of RMB1.2 billion
14 June 2011 to 14
June 2013

During the reporting period, the amount of new guarantees provided by the Company and its majority-owned subsidiaries was
RMB6,934 million, and the amount of guarantees withdrawn was RMB0. As at the end of the reporting period, the outstanding
amount of guarantees provided by the Company was RMB10,147 million, accounting for 22.94 per cent of the audited net assets
attributable to shareholders of the Company at the end of 2010. The outstanding amount of guarantees provided by the Company and
its majority-owned subsidiaries for other majority-owned subsidiaries was RMB9,031 million; the outstanding amount of guarantees
provided by the Company and its majority-owned subsidiaries for associated and joint venture companies was RMB1,116 million.
The Company and its majority-owned subsidiaries did not have any external guarantees.

During the reporting period, the Company did not provide guarantee for shareholders, beneficial controller and its
connected parties, nor did it have any overdue guarantees or gurantees involving litigation.

9.
Specific elaboration and independent opinions of the independent directors on the use of capital
and external guarantees by connected parties
There had been no non-operational use of capital by the controlling shareholder or other connected parties of the
Company.

18



During the reporting period, the Company, in strict compliance with the related rules, regulated its external
guarantee activities in order to control risks. There was no violation against the “Notice regarding the regulation
of external guarantees by listed companies”. The Company’s guarantees had been made to meet its production and
operational needs and the requirements for reasonable use of capital. The procedures for determining the provision
of guarantees are legal and reasonable, without prejudice to the interests of the Company and its shareholders.

10. Undertakings
China Resources National Corporation (“CRNC”), the parent company of CRC, being the Company’s original
single largest shareholder and the present single largest shareholder, gave a significant undertaking to the
Company in 2001: CRNC would provide as much support to the Company as it did in the past, as long as such
support was beneficial to the Company’s development, and that it would remain impartial in the event of any
competition between the investment projects of the Company and that of CRNC and its subsidiaries, and in the
event of any disagreements or disputes arising from horizontal competition. CRNC had fulfilled its undertaking.

11. Details on the Company’s investor meetings
Type of meeting Date Location Approach Types of investors
Issues
discussed
and
information
provided
Deutsche Bank
meeting 2011.1 Beijing Face to face
meeting
Investors including securities companies,
funds, etc
(I) Major
issues
discussed:
(1) The
Company’s
daily
operations;
(2)The
Company’s
development
strategies;
(3)The
Company’s
opinion on
the
changes in
the
industry.
(II) Major
information
provided:
Published
information
including the
Company’s
regular
reports.
UBS Meeting 2011.1 Shanghai Face to face
meeting
Investors including securities companies,
funds, etc
Annual results
presentation 2011.3
Hong Kong,
Shenzhen
(Shanghai,
Beijing)
Face to face
meeting
Investors including securities companies,
funds, individual investors, etc
CLSA meeting 2011.3 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
Credit Suisse
Securities meeting
2011.3 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
BNP meeting 2011.3 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
Qilu Securities
meeting
2011.3 Shenzhen
Face to face
meeting
Investors including securities companies,
funds, etc
Credit Suisse
Securities meeting
2011.3 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
Essence Securities
meeting
2011.4 Beijing
Face to face
meeting
Investors including securities companies,
funds, etc
Macquarie meeting 2011.5 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
CLSA meeting 2011.5 Beijing
Face to face
meeting
Investors including securities companies,
funds, etc
Morgan Stanley
meeting
2011.5 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
Guohua meeting (高
华证券活动 (北京高
华？)
2011.5 Shenzhen
Face to face
meeting Investors including securities companies,
funds, etc
Mirae Asset
Securities meeting
2011.5 Shenzhen
Face to face
meeting
Investors including securities companies,
funds, etc
JP Morgan meeting 2011.6 Beijing
Face to face
meeting
Investors including securities companies,
funds, etc
CLSA meeting 2011.6 Hong Kong
Face to face
meeting
Investors including securities companies,
funds, etc
Guosen Securities
meeting
2011.6 Shanghai Face to face
meeting
Investors including securities companies,
funds, etc

19



Huatai United
Securities meeting
2011.6 Shanghai Face to face
meeting
Investors including securities companies,
funds, etc
Nomura Securities
meeting
2011.6 Singapore Face to face
meeting
Investors including securities companies,
funds, etc
Sinolink Securities
meeting
2011.6 Sanya Face to face
meeting
Investors including securities companies,
funds, etc
Ping An Securities
meeting
2011.6 Shenzhen Face to face
meeting
Investors including securities companies,
funds, etc
Credit Suisse
meeting
2011.6 Chongqing Face to face
meeting
Investors including securities companies,
funds, etc
UBS meeting 2011.6 Qingdao Face to face
meeting
Investors including securities companies,
funds, etc
Essence Securities
meeting
2011.6 Shanghai Face to face
meeting
Investors including securities companies,
funds, etc
Note: The above-mentioned meetings included one-on-one meetings, small group meetings and large group
presentation. The Company received or met with investors from over 50 companies.
Securities
companies
During
the
reporting
period
Shenzhen,
Guangzhou,
Dongguan, Foshan,
Zhuhai, Xiamen,
Fuzhou, Sanya,
Changsha,
Shanghai, Nanjing,
Wuxi, Hangzhou,
Ningbo, Hefei,
Beijing, Tianjin,
Shenyang, Dalian,
Anshan, Qingdao,
Yantai, Wuhan,
Chengdu,
Chongqing,
Xi’an, Kunming,
Guiyang etc.
Small group
or one-onone
Shenjin Wanguo, CLSA, Orient Securities, Guosen
Securities, Nomura Securities, CITIC Securities, Deutsche
Bank, Citi, UBS, Goldman Sachs, Credit Suisse Securities,
Guangfa Securities, Huatai United Securities, JP Morgan,
Changjiang Securities, Haitong Securities, Yuanta
Securities, Essence Securities, Merrill Lynch, Goldman
Sachs Gaohua, Great Wall Securities, Mitsubishi UFJ
Morgan Stanley Securities, Rising Securities, BOC
International, Everbright Securities, China Jianyin
Investment Securities, Sinolink Securities, Qilu Securities,
Samsung Securities, Dongxing Securities, Morgan Stanley,
CICC, HSBC, Daiwa Securities, Macquarie, RBS, Guotai