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Annual Report 年 報 Annual Report GREENTOWN CHINA HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) Stock Code: 03900 Welcome to your home of Greentown. Walk into a world of luxury and style. Transform your dreams into reality here. From the minute you set foot on the majestic doorway that leads into the elegant hallway, you will be embraced by the luxury and grace of a bygone era. Traditional style combined with contemporary detailing gives the place a personal touch with a flair of splendour. Each unit is tastefully designed for home lovers who have an eye for quality and beauty. Nestled in breath-taking landscaped gardens, these homes allow you to experience the magical powers of nature in your own private setting. Join the Greentown family and live the dream of many others today. Find your home with Greentown and enjoy the luxury of life with peace of mind. Contents 002 Corporate Profile 004 Corporate Information 006 Financial Highlights 008 Chairman’s Statement 010 CEO’s Report 014 Property Portfolio 026 Management Discussion and Analysis 044 Biographical Details of Directors and Senior Management 052 Environmental and Social Responsibility Report 084 Corporate Governance Report 090 Investor Relations 094 Report of the Directors 114 Independent Auditor’s Report 123 Consolidated Statement of Profit or Loss and Other Comprehensive Income 124 Consolidated Statement of Financial Position 126 Consolidated Statement of Changes in Equity 127 Consolidated Statement of Cash Flows 130 Notes to the Consolidated Financial Statements 291 Definition Corporate Profile Greentown China Holdings Limited maintains a leading position in the industry with high construction quality and excellent living services. Over 24 years of development, the Company has over 300 member companies and GREENTOWN CHINA HOLDINGS LIMITED IS A its scope of business covers more than 20 provinces, autonomous regions and direct-controlled municipalities. QUALITY PROPERTY DEVELOPER AND INTEGRATED It established a presence in over 100 cities, having LIVING SERVICE PROVIDER IN CHINA. IT MAINTAINS constructed more than 600 exquisite property complexes. A LEADING POSITION IN THE INDUSTRY BY VIRTUE On 8 June 2012, Wharf was introduced as a strategic OF THE QUALITY OF ITS PROPERTIES, ITS UNIQUE shareholder of Greentown. The aggregate investment from Wharf amounted to approximately HK$5.1 billion ARCHITECTURAL AESTHETICS AND CUSTOMER (equivalent to approximately RMB4.16 billion), including CENTRIC SERVICES, AND IS COMMITTED TO BEING the subscription of approximately 490 million placing shares and the subscription of convertible securities THE “NO. 1 INTEGRATED SERVICE PROVIDER FOR (which have been redeemed in full in February 2014). As AN IDEAL LIFE IN CHINA”. THE COMPANY WAS at the date of this report, Wharf (through its wholly-owned subsidiary) held approximately 24.9% of the total issued AWARDED THE “TOP 10 AMONG 100 CHINESE share capital of the Company. REAL ESTATE ENTERPRISES BY COMPREHENSIVE On 27 March 2015, CCCG completed the sale and STRENGTH” FOR THE 14TH CONSECUTIVE YEAR BY purchase transaction of shares with Mr SONG Weiping and other related shareholders, pursuant to which THE DEVELOPMENT RESEARCH CENTER OF THE CCCG acquired 524,851,793 shares of the Company at STATE COUNCIL, THE INSTITUTE OF REAL ESTATE HK$11.46 per share in cash with a total consideration of approximately HK$6.015 billion. On 4 June 2015, CCCG STUDIES AT TSINGHUA UNIVERSITY AND THE acquired another 100 million shares of the Company at CHINA INDEX ACADEMY, AND WAS AGAIN NAMED HK$11.46 per share. Accordingly, as at the date of this report, CCCG held approximately 28.8% of the total issued THE “TOP 10 CHINESE REAL ESTATE COMPANIES share capital of the Company, making it the single largest BY BRAND VALUE (MIXED OWNERSHIP)” FOR shareholder of Greentown. THE 15TH CONSECUTIVE YEAR WITH A BRAND Being a professional developer of premium property in the VALUE OF RMB39.852 BILLION. MEANWHILE, PRC, Greentown Group has always insisted on innovation and continued to explore the relationship between human GREENTOWN WAS AWARDED THE “CHINESE and dwellings with excellent accomplishment in the low- LEADING REAL ESTATE COMPANIES BY CUSTOMER rise, multi-storey and high-rise residential properties. Based on the construction of beautiful architecture, SATISFACTION” FOR THE 7TH CONSECUTIVE YEAR Greentown Group is committed to building a better life for more people. Its layout will focus on the first- and FOR ITS QUALITY PRODUCTS AND SERVICES. second-tier cities as well as quality third- and fourth-tier cities, emphasising on the creation of unique projects like featured towns, sports projects and TOD projects. As at 31 December 2018, the premium land bank of Greentown 002 Greentown China Holdings Limited Annual Report 2018 Corporate Profile Group comprised a total GFA of over Greentown Project Management Group. of approximately 63.36 million sqm. To 32.47 million sqm, safeguarding the In June 2016, the Company undertook date, the Greentown Project Management sustainable and steady development of a restructuring of Bluetown Property Group has evolved into the largest and the Company in the future. With its quality Construction Management Group Co., most professional asset-light real estate human resources and highly effective Ltd. (“Bluetown”), involving, among other operation group in China. management structure, Greentown has matters, the integration of the project established an outstanding brand image in management business of Bluetown with With the full support of CCCG, a state- all cities where it operates. Greentown’s the Greentown Project Management owned enterprise, and Wharf, a Hong experience in developing numerous Group. As a result, the new Greentown Kong blue-chip enterprise, together high-quality projects and outstanding Project Management Group has further with our founder Mr. SONG Weiping, a operational capabilities accumulated so expanded its scale. The Company has renowned entrepreneur in China’s real far has provided strong momentum for its already undertaken an orderly integration estate industry, and other substantial further expansion. of businesses, management teams and shareholders, Greentown will adhere governing systems and led the industry to the innovation and practice of mixed Since September 2010, Greentown Group with a complete and standardised system ownership enterprise and implement the has commenced the project management of “Project Management 4.0”, bringing development layout of “balancing the business. In September 2015, the in an increasingly sophisticated asset- development of light assets and heavy Company acquired Greentown Dingyi light operation model and fast-growing assets, developing light assets on the Real Estate Investment Management business. As of 31 December 2018, the foundation of heavy assets”, so as to build Company Limited and Greentown total number of projects managed by the brand of “No. 1 integrated service Shidai City Construction & Development Greentown Project Management Group provider for an ideal life in China”, Company Limited, and established has reached 282, with a planned total GFA Hangzhou Helu Greentown China Holdings Limited Annual Report 2018 003 Corporate Information Board of Directors Nomination Committee Share Registrar in Hong Kong Mr SZE Tsai Ping, Michael (Chairman) Executive Directors Computershare Hong Kong Investor Mr LIU Wensheng Mr SONG Weiping (Co-Chairman) Services Limited Mr SHOU Bainian (Resigned on 6 April 2018) Mr LIU Wensheng (Co-Chairman) Shops 1712–1716 Mr CAO Zhounan (Appointed on 6 April 2018, Mr SUN Guoqiang (Resigned on 1 August 2018) 17th Floor, Hopewell Centre resigned on 1 August 2018) Mr SHOU Bainian (Resigned on 6 April 2018) 183 Queen’s Road East Mr ZHANG Yadong (Appointed on 1 August Mr CAO Zhounan (Resigned on 1 August 2018) Wanchai, Hong Kong 2018) Mr ZHANG Yadong (Appointed on 1 August Mr JIA Shenghua 2018) Mr KE Huanzhang Share Registrar in Cayman Islands Mr LI Qingan Mr HUI Wan Fai Royal Bank of Canada Trust Company Mr LI Yongqian (Cayman) Limited Mr LI Jun (Appointed on 6 April 2018) Remuneration Committee 4th Floor, Royal Bank House Mr JIA Shenghua (Chairman) 24 Shedden Road, George Town Independent Non-Executive Directors Mr LIU Wensheng (Appointed on 6 April 2018) Grand Cayman KY1-1110 Mr JIA Shenghua Mr SUN Guoqiang (Resigned on 1 August 2018) Cayman Islands Mr KE Huanzhang Mr SHOU Bainian (Resigned on 6 April 2018) Mr SZE Tsai Ping, Michael Mr ZHANG Yadong (Appointed on 1 August Auditor Mr HUI Wan Fai 2018) Deloitte Touche Tohmatsu Mr KE Huanzhang Audit Committee Mr SZE Tsai Ping, Michael Mr SZE Tsai Ping, Michael (Chairman) Legal Advisors Mr HUI Wan Fai Mr JIA Shenghua As to Hong Kong law: Mr HUI Wan Fai Registered Office Allen & Overy Maples Corporate Services Limited As to the PRC law: PO Box 309, Ugland House Zhejiang T&C Law Firm South Church Street, George Town Grand Cayman KY1-1104 As to Cayman Islands law and Cayman Islands British Virgin Islands law: Maples and Calder 004 Greentown China Holdings Limited Annual Report 2018 Corporate Information Company Secretary Hangzhou Headquarters Public Relations Mr FUNG Ching, Simon 10/F, Block A, Dragon Century Plaza Hill + Knowlton Strategies Asia No.1 Hangda Road Email: [email protected] Authorized Representatives Hangzhou, Zhejiang Tel: (852) 2894 6321 Mr ZHANG Yadong PRC Fax: (852) 2576 1990 Mr FUNG Ching, Simon (Postal code: 310007) Stock Code Principal Bankers Principal Place of Business in HKEx: 03900 Hong Kong Bank of China Limited Industrial and Commercial Bank of Room 1406–1408, 14/F, New World Tower 1 Websites China Limited 16-18 Queen’s Road Central www.chinagreentown.com Agricultural Bank of China Ltd. Central, Hong Kong www.greentownchina.com China Construction Bank Corp. The Hong Kong And Shanghai Banking Investor Relations Corp., Ltd. Email: [email protected] Standard Chartered Bank (Hong Kong) Limited Tel: (852) 2523 3138 Bank of Communications Co., Ltd. Fax: (852) 2523 6608 The Bank of East Asia, Limited Ping An Bank Co., Ltd. China Everbright Bank Corp., Ltd. Shanghai Pudong Development Bank Co., Ltd.
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