ANNUAL REPORT 2010 二零一零年年報 Contents 1 ͌፣
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Stock Code 股份代號: 127 ANNUAL REPORT 2010 二零一零年年報 Contents 1 ͌፣ CORPORATE INFORMATION ʔ̇༅ࢿ 2 PROFILES OF DIRECTORS AND SENIOR EXECUTIVES ໎ԑʥঢ়ज़ϷܧɁࡗᓯʍ 6 CHAIRMAN’S STATEMENT ˚ంй࣊ 11 FINANCIAL OPERATION REVIEW ল৻พ৻Αᚋ 23 CORPORATE GOVERNANCE REPORT ͬพဳ؝ంй࣊ 37 DIRECTORS’ REPORT ໎ԑผంй࣊ 50 INDEPENDENT AUDITORS’ REPORT ዟ͓࣏ᅕంй࣊ 69 71 ٲCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ၃Ͳࠍνऩం 73 ٲؗంرCONSOLIDATED STATEMENT OF FINANCIAL POSITION ၃ল৻ 76 ٲCONSOLIDATED STATEMENT OF CHANGES IN EQUITY ၃ٖ̯ᚬऩᛰ৽ 78 ٲݚ൴ټCONSOLIDATED STATEMENT OF CASH FLOWS ၃ଊ ഽ 81ڃٲNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ၃ল৻ం FIVE-YEAR FINANCIAL SUMMARY ʄαল৻ล߬ 201 203 ٲڃพذSCHEDULE OF PRINCIPAL PROPERTIES ˚߬ 214 ٲڃพೕࢄᚬऩذ SCHEDULE OF PROPERTIES DEVELOPMENT RIGHTS νᑪɾ܃ంй౨̱כ SCHEDULE OF PRINCIPAL PROPERTY ACQUIRED AFTER 216 ٲڃพذTHE REPORTING PERIOD ˚߬ ɀཌྷȹཌྷααం ജɁ พඑ྆ 2 Corporate Information ʔ̇༅ࢿ DIRECTORS ໎ԑ Executive Director: ਨϷ໎ԑi Joseph Lau, Luen-hung (Chairman and Chief Executive Officer) ჳᝄඐ˚ʥϷܧᐢസ ਨϷ໎ԑiڈ :Non-executive Directors Lau, Ming-wai (Vice Chairman) ჳს◸৹˚ Amy Lau, Yuk-wai ჳ̽ᄫ ਨϷ໎ԑiڈIndependent Non-executive Directors: ዟ͓ Chan, Kwok-wai ஹਝ৩ Phillis Loh, Lai-ping ᖓᗫഗ ژMa, Tsz-chun ࣂ AUDIT COMMITTEE ᄗ࣏կࡗผ Chan, Kwok-wai (Chairman) ஹਝ৩˚ Phillis Loh, Lai-ping ᖓᗫഗ ژMa, Tsz-chun ࣂ REMUNERATION COMMITTEE ᑀ༭կࡗผ Chan, Kwok-wai (Chairman) ஹਝ৩˚ Phillis Loh, Lai-ping ᖓᗫഗ ژMa, Tsz-chun ࣂ COMPANY SECRETARY ʔ̇ो࣊ ᇗͮ׳ Lam, Kwong-wai SOLICITORS ܁ ԑ৻ֺ܁Sidley Austin ଞᄨ Sit, Fung, Kwong & Shum ᑇඟㅽѰ܁Ϸ AUDITORS ࣏ᅕ HLB Hodgson Impey Cheng ਝᇯผ߮ԑ৻ֺ Annual Report 2010 Chartered Accountants ߜਝऋஈผ߮ Certified Public Accountants ࠗಋਨพผ߮ 31st Floor, Gloucester Tower ࠗಋ The Landmark ɻଓ̨ഷ11໔ 11 Pedder Street, Central ສΔᄤ Hong Kong йᖓɡ̨ɣ෨31ᅢ CHINESE ESTATES HOLDINGS LIMITED CHINESE ESTATES 3 BANKERS ֡ԞႺϷ (Listed in alphabetical order) ܘΥ̴ѵખͶ Agricultural Bank of China Limited Chengdu Zongfu Sub-Branch ɻਝ༛พႺϷٖͫτࠉʔ̇ιᐢ֚ʻϷ Bank of China (Hong Kong) Limited ɻਝႺϷࠗಋτࠉʔ̇ Corporate Information Corporate Bank of Communications Co., Ltd. ͚ႺϷٖͫτࠉʔ̇ Bank SinoPac ̷ᔔਆพႺϷٖͫτࠉʔ̇ ʔ̇༅ࢿ BNP Paribas ؒਝʱቭႺϷ Cathay United Bank Company, Limited ਝ࣮˖ജਆพႺϷٖͫτࠉʔ̇ Chong Hing Bank Limited ጙႺϷτࠉʔ̇ ٦࿏ႺϷ .Citibank, N.A Dah Sing Bank, Limited ɣณႺϷτࠉʔ̇ DBS Bank Ltd. DBS Bank Ltd. DBS Bank (China) Limited Shanghai Branch ܱࢄႺϷɻਝτࠉʔ̇ɐࣵʗϷ E.Sun Commercial Bank, Ltd. ̽ɬਆพႺϷٖͫτࠉʔ̇ Hang Seng Bank, Limited 㞫́ႺϷτࠉʔ̇ ʗϷענHang Seng Bank (China) Limited Kunming Branch 㞫́ႺϷɻਝτࠉʔ̇ Industrial and Commercial Bank of China (Asia) Limited ɻਝɮਆႺϷԓݘτࠉʔ̇ Malayan Banking Berhad Malayan Banking Berhad Oversea-Chinese Banking Corporation Limited Oversea-Chinese Banking Corporation Limited Public Bank (Hong Kong) Limited ɣଠႺϷࠗಋτࠉʔ̇ Shanghai Commercial Bank Limited ɐࣵਆพႺϷτࠉʔ̇ Standard Chartered Bank (Hong Kong) Limited ಔ̨ႺϷࠗಋτࠉʔ̇ Tai Fung Bank Limited ɣᔔႺϷτࠉʔ̇ The Bank of East Asia, Limited ԓႺϷτࠉʔ̇ ɍഝԕUFJႺϷمThe Bank of Tokyo-Mitsubishi UFJ, Ltd. ࣡βผ Wing Hang Bank, Limited ̷ϼႺϷτࠉʔ̇ Wing Lung Bank, Limited ̷ඊႺϷτࠉʔ̇ PLACE OF INCORPORATION ഽ˫ι͓Δᒨ Bermuda ϛᄮ༠ REGISTERED OFFICE ഽ˫ፒԑ୮ Canon’s Court, 22 Victoria Street Canon's Court, 22 Victoria Street Hamilton HM 12, Bermuda Hamilton HM 12, Bermuda PRINCIPAL OFFICE IN HONG KONG ࠗಋ˚߬ፒԑ୮ 26th Floor, MassMutual Tower ࠗಋᜪˠ ɀཌྷȹཌྷααం 38 Gloucester Road йɡ̨༞38໔ Wanchai, Hong Kong ਝຒɣ෨26ᅢ PRINCIPAL REGISTRAR AND TRANSFER OFFICE ˚߬༦ʸত୮ ജɁ Butterfield Fulcrum Group (Bermuda) Limited Butterfield Fulcrum Group (Bermuda) Limited พඑ྆ Rosebank Centre, 11 Bermudiana Road Rosebank Centre, 11 Bermudiana Road Pembroke HM 08, Bermuda Pembroke HM 08, Bermuda 4 BRANCH REGISTRAR AND TRANSFER OFFICE ࠗಋ༦ʸতʗ୮ IN HONG KONG Computershare Hong Kong Investor Services Limited ࠗಋɻ̕ᖬԴতτࠉʔ̇ Shops 1712-1716 ࠗಋᜪˠ ɣ༞183໔ޒ 17th Floor, Hopewell Centre 183 Queen’s Road East ɻʶ17ᅢ ۩Wanchai, Hong Kong 1712ϭ1716 ʔ̇༅ࢿ OFFICES IN THE PEOPLE’S REPUBLIC OF ɻജɁ̵ͳਝፒԑ୮ Corporate Information Corporate CHINA Beijing Office: ˵ԕፒԑ୮i Room 202, Oriental Place ɻਝ˵ԕ̟౩ඈਂ No. 9 East Dongfang Road ɍ˵༏ North Dongsanhuan Road ʿ༏9໔ ۩Chaoyang District, Beijing, PRC ʿਝɣ෨202 Post Code: 100027 ൯ᇁi100027 Tel: (8610) 6466 0638 ཋi(8610) 6466 0638 Fax: (8610) 6466 0238 ඨभi(8610) 6466 0238 Chengdu Office: ιፒԑ୮i Room 2608, 26th Floor, CCB Sichuan Building ɻਝ̒ɭޘι̟ Ϡਂొഷ88໔ڇ No. 88 Tidu Street, Qingyang District ۩Ϸɣ෨26ᅢ2608ۺChengdu, Sichuan Province, PRC ̒ɭ Post Code: 610016 ൯ᇁi610016 Tel: (8628) 8676 7747 ཋi(8628) 8676 7747 Fax: (8628) 6613 5700 ඨभi(8628) 6613 5700 Shanghai Office: ɐࣵፒԑ୮i Room B103, Evergo Tower ɻਝɐ̟ࣵ࢘මਂ 1325 Central Huaihai Road ૰ࣵɻ༏1325໔ ۩Xuhui District, Shanghai, PRC ෲঢ়ɣ෨B103 Post Code: 200031 ൯ᇁi200031 Tel: (8621) 6445 8945 ཋi(8621) 6445 8945 Fax: (8621) 6445 9710 ඨभi(8621) 6445 9710 Annual Report 2010 Shenzhen Office: ૯Γፒԑ୮i ૯Γ̟ޘRooms 1-3, South Gong, 6th Floor ɻਝᄤ Lowu Commercial Plaza ᖓಙਂˌӹॎᄤ༏25໔ ےRailway Station Square, Luohu District ᖓಙਆพ 25 ۩3-1ܟڲShenzhen, Guangdong Province, PRC 6/Fᄙ Post Code: 518001 ൯ᇁi518001 Tel: (86755) 8234 7139 ཋi(86755) 8234 7139 Fax: (86755) 8234 0012 ඨभi(86755) 8234 0012 CHINESE ESTATES HOLDINGS LIMITED CHINESE ESTATES 5 WEBSITE ၉э http://www.chineseestates.com http://www.chineseestates.com STOCK CODE ٖͫˤ໔ Information Corporate 127 127 ʔ̇༅ࢿ BOARD LOT ൕሒ௰Ͻ shares 500ٖ 500 ڝINVESTOR RELATIONS ҙ༅者ᗐ ɾ݅cᇼᐲiڝFor enquiries relating to investor relations, please contact: τᗐҙ༅者ᗐ ଉڝInvestor Relations Manager ҙ༅者ᗐ Tel: (852) 2866 6999 ཋi(852) 2866 6999 Fax: (852) 2866 2822 ඨभi(852) 2866 2822 (852) 2866 2833 (852) 2866 2833 E-mail: [email protected] ཋ൯[email protected] ɀཌྷȹཌྷααం ജɁ พඑ྆ 6 Profiles of Directors and Senior Executives ໎ԑʥঢ়ज़ϷܧɁࡗᓯʍ EXECUTIVE DIRECTOR ਨϷ໎ԑ ȹȾɄȾα˱Ƀ̯ʔכMr. Joseph LAU, Luen-hung, aged 59, joined the Company in 1989. ჳᝄඐͱ́cଊα59ัc ᐢസc͛ˮͨܧMr. Lau is the Chairman and Chief Executive Officer of the Company and ̇eჳͱ́ݯ̯ʔ̇ɾ˚࠹Ϸ ᙔʔ̇ɾ໎ԑe֤͛ݯСါਝඑڃacts as a director of certain subsidiaries of the Company. He is also a non- ̯ʔ̇ߗɳ ਨϷ໎ԑcʔ̇ɾٖڈexecutive director of Lifestyle International Holdings Limited (“Lifestyle”), ྆τࠉʔ̇Сါɾ ֺτࠉʔ̇ᐲֺ͚ɐ̟eמࠗಋᐲ͚כͫ a company whose shares are listed on The Stock Exchange of Hong Kong τ˱ࢬɣใଡ଼ɣነଉነɡነϽe֤ΕͬܛLimited (the “Stock Exchange”). Mr. Lau holds a Bachelor Degree of Science ჳͱ́ พҙ༅ၤೕࢄʿࠍୃዶ༩ɍذfrom the University of Windsor, Canada. He has over 35 years of experience พጪ༅dႇพʥ ˚in corporate finance, manufacturing and property investment and Ɋʄαeჳͱ́ݯჳს◸ͱ̯́ʔ̇ɾ৹ ਨϷ໎ԑɾˎጱʥჳ̽ᄫɤɡ̯ʔ̇ɾڈdevelopment. Mr. Lau is the father of Mr. Lau, Ming-wai, the Vice Chairman ʥ ਨϷ໎ԑɾߋ˩eڈ and a Non-executive Director of the Company, and the elder brother of Ms. Amy Lau, Yuk-wai, a Non-executive Director of the Company. ᗐٖͫɻኟτ࣓ኣᖬԴޚʔٖ̇ͫʥ̯כMr. Lau’s discloseable interest in the shares and underlying shares of the ჳͱ́ α̯כCompany under the provisions of Part XV of the Securities and Futures ʥ౨ஒૈԝXVૈʼʀׄᚉɾᚬऩ༗ ʔ̯כɁࡗܧOrdinance is set out in Directors’ Report under the sections of “Directors’ ం໎ԑผంй࣊ʑɾ໎ԑʥঢ়Ϸ ʔ̯̇כᐲؒ྆ɾᖬԴᚬऩʥ˚ٖ߬ޚand Chief Executives’ Interests in the Securities of the Company and ̇ʥ Associated Corporations” and “Substantial Shareholders’ Interests in the ɾᖬԴᚬऩe Securities of the Company” of this annual report. ਨϷ໎ԑڈ NON-EXECUTIVE DIRECTORS ɀཌྷཌྷʒα˱Ƀ̯ʔכMr. LAU, Ming-wai, aged 30, joined the Company in 2006. He was ჳს◸ͱ́cଊα30ัc ɀཌྷȹཌྷαɊɀ˂ȹˀᏵկͨݯ̯ʔ̇כappointed as the Vice Chairman of the Company on 1st December, 2010 ̇e֤ ᙔʔ̇ɾ໎ԑeڃand acts as a director of certain subsidiaries of the Company. Mr. Lau ɾ৹˚c͛ˮ̯ͨʔ̇ߗɳ ነɡነϽd࠷܁τ࠷ɣነਝ˔ነؒܛholds a Bachelor Degree of Laws from King’s College London, a Master ჳͱ́ ဨɡነϽʥ࠷ɣነ܁؝ޫነነؒܧDegree of Laws from The London School of Economics and Political Ꮬʥ ࡑነɡነϽe֤Ε˱Ƀ̯ʔ̇ɾ܁Science, and a Doctor Degree of Philosophy in Laws from King’s College ਝ˔ነؒ c౦Ε࠷The Goldman Sachs Group, Inc.ʥک London. He worked at The Goldman Sachs Group, Inc. and Longview ˫Partners LP, both in London prior to joining the Company. Mr. Lau is a Longview Partners LPͨᓻeჳͱ́ݯख़ήഽ ʥऋஈল৻ʗChartered Financial܁ registered attorney in the State of New York and a CFA (Chartered Financial τɁe֤ݯჳᝄඐͱ̯́ʔ̇ɾܛAnalyst) charterholder. He is the son of Mr. Joseph Lau, Luen-hung, the Analystऋஈ Chairman and Chief Executive Officer of the Company, and the nephew ˚࠹Ϸܧᐢസɾԫɥʥჳ̽ᄫɤɡ̯ʔ̇ɾ ਨϷ໎ԑɾۡԫeڈ .of Ms. Amy Lau, Yuk-wai, a Non-executive Director of the Company ᗐٖͫɻኟτ࣓ኣᖬԴޚʔٖ̇ͫʥ̯כMr. Lau’s discloseable interest in the shares and underlying shares of the ჳͱ́ α̯כAnnual Report 2010 Company under the provisions of Part XV of the Securities and Futures ʥ౨ஒૈԝXVૈʼʀׄᚉɾᚬऩ༗ ʔ̯כɁࡗܧOrdinance is set out in Directors’ Report under the sections of “Directors’ ం໎ԑผంй࣊ʑɾ໎ԑʥঢ়Ϸ ʔ̯̇כᐲؒ྆ɾᖬԴᚬऩʥ˚ٖ߬ޚand Chief Executives’ Interests in the Securities of the Company and ̇ʥ Associated Corporations” and “Substantial Shareholders’ Interests in the ɾᖬԴᚬऩe Securities of the Company” of this annual report. CHINESE ESTATES HOLDINGS LIMITED CHINESE ESTATES 7 ਨϷ໎ԑᙩڈ (NON-EXECUTIVE DIRECTORS (Cont’d Profiles of Directors and Senior Executives ɀཌྷཌྷ̒α˱Ƀ̯ʔכMs. Amy LAU, Yuk-wai, aged 58, joined the Company in 2004. Ms. Lau ჳ̽ᄫɤɡcଊα58ัc ࢬɣ˱כਨϷ໎ԑe֤ڈis also a non-executive director of Lifestyle. She is registered with the ̇eჳɤɡ͛ݯСါɾ ɾਨޘࡼˑޫᔢነഽ˫cݯΪɣޒޘRoyal College of Dental Surgeons of Ontario, Canada and a practising Ϊɣ ໎ԑʥঢ়ज़ϷܧɁࡗᓯʍ dentist in Ontario. Ms. Lau holds a Bachelor Degree of Science and a พˑޫᔢ́eჳɤɡܛτ˱ࢬɣΛ࠷Λɣነଉነ Doctor Degree of Dental Surgery from the University of Toronto, Canada. ɡነϽʥˑޫɡነϽe֤ݯჳᝄඐͱ̯́ʔ She is the younger sister of Mr. Joseph Lau, Luen-hung, the Chairman and ̇ɾ˚࠹Ϸܧᐢസɾߋհʥჳს◸ͱ̯́ʔ ਨϷ໎ԑɾղ̴eڈChief Executive Officer of the Company, and the aunt of Mr. Lau, Ming- ̇ɾ৹˚ʥ wai, the Vice Chairman and a Non-executive Director of the Company. ਨϷ໎ԑڈINDEPENDENT NON-EXECUTIVE DIRECTORS ዟ͓ ɀཌྷཌྷ̒α˱Ƀ̯ʔכMr. CHAN, Kwok-wai, aged 52, joined the Company in 2004. He is also ஹਝ৩ͱ́cଊα52ัc ˚the chairman of the audit committee and remuneration committee of the ̇e֤͛ݯ̯ʔ̇ᄗ࣏կࡗผʥᑀ༭կࡗผɾ τዌݘၬढ़ɡɣነɮਆဳଉነነɡܛCompany.