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Annual Report 2019 an N Ual R E Po R T 2019 CONTENTS

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Annual Report 2019 an N Ual R E Po R T 2019 CONTENTS Annual Report 2019 Report Annual Annual Report 2019 2019 CONTENTS Corporate Information 2 Chairman’s Statement 3 Management Discussion and Analysis 4 Directors’ and Senior Management’s Profile 13 Corporate Governance Report 16 Environmental, Social and Governance Report 30 Directors’ Report 47 Independent Auditor’s Report 57 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 67 Consolidated Statement of Cash Flows 68 Notes to the Consolidated Financial Statements 70 Financial Summary 166 Particulars of Major Properties 167 China Properties Group Limited Annual Report 2019 CORPORATE INFORMATION BOARD OF DIRECTORS REGISTERED OFFICE Executive Directors Cricket Square Dr. Wang Shih Chang, George (Chairman) Hutchins Drive, P.O. Box 2681 Mr. Wong Sai Chung (Managing Director) Grand Cayman Mr. Xu Li Chang KY1-1111 Cayman Islands Non-executive Director Mr. Kwan Kai Cheong HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Independent Non-executive Directors 14th Floor, Wheelock House Mr. Warren Talbot Beckwith 20 Pedder Street Mr. Cheng Chaun Kwan, Michael Central, Hong Kong (resigned on September 30, 2019) Mr. Luk Koon Hoo Dr. Garry Alides Willinge PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE COMMITTEES Conyers Trust Company (Cayman) Limited Audit Committee Cricket Square Mr. Warren Talbot Beckwith (Chairman) Hutchins Drive Mr. Cheng Chaun Kwan, Michael P.O. Box 2681 (resigned on September 30, 2019) Grand Cayman KY1-1111 Mr. Luk Koon Hoo Cayman Islands Dr. Garry Alides Willinge HONG KONG BRANCH SHARE REGISTRAR Remuneration Committee AND TRANSFER OFFICE Dr. Garry Alides Willinge (Chairman) Tricor Investor Services Limited Dr. Wang Shih Chang, George Level 54, Hopewell Centre Mr. Luk Koon Hoo 183 Queen’s Road East Hong Kong Nomination Committee Dr. Wang Shih Chang, George (Chairman) PRINCIPAL BANKERS Mr. Warren Talbot Beckwith Agricultural Bank of China Mr. Cheng Chaun Kwan, Michael Industrial and Commercial Bank of China (resigned on September 30, 2019) Shanghai Pudong Development Bank AUTHORIZED REPRESENTATIVES AUDITOR Dr. Wang Shih Chang, George BDO Limited Mr. Wong Sai Chung 25th Floor, Wing On Centre 111 Connaught Road Central COMPANY SECRETARY Hong Kong Ms. Yu Ling Ling COMPANY’S WEBSITE STOCK CODE www.cpg-group.com 1838 2 China Properties Group Limited Annual Report 2019 CHAIRMANʼS STATEMENT Humanity is but a small speck of dust in the face of nature; as you can see, a single particle of the COVID-19 virus beckons the world to its knees. In fact, in the face of the COVID-19 virus, Trump is simply a self-righteous clown. “Arrogance” and “inactivity” are two qualities that can bring down humanity; we should converge positive energy, be broad-minded and show humility in our actions. We should focus on our own actions and roles in order to give the greatest contribution to our fellow countrymen. A while ago, massive political changes has killed off even those trading activities in reverse leveraged liabilities. As a result, both oppositions have suffered losses. Fortunately, the Group had only its head wet in this storm, but causing worry amongst our shareholders for a short while. Now, it is at the final stage in settling disputes for several debts that should not have existed to begin with. However, Tseng Kuo-fan said, “with regards to vision, we should tackle each one before moving on to the next“. It’s unlikely we will meet them all by setting several visions simultaneously. As such, the Group will keep a low profile and preserve our strength, and reserve more cash by sales of projects in order to tackle the current situation and explore further development opportunities after the pandemic over. China Properties Group Limited Annual Report 2019 3 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW AND OUTLOOK Group Strategies Looking ahead, the Group would continue to master property development projects, both residential and commercial, with sizable and distinct quality, in prime locations in the People’s Republic of China (“PRC”). Our overall objectives are to exploit business opportunities, achieve sales growth, and enhance income as planned. Key property development projects are as follows: • High-end and sizable middle-class residential projects There are both high-end residential and well-located projects for the growing middle-class in both Shanghai and Chongqing. Luxurious design and leading residential projects, characterised by themes and motifs, are connected with mass transit system with rapid, convenient and efficient transportation. • Modern and upscale theme shopping street developments These are modern, well-designed architectural projects situated at prime retail areas in major cities in the PRC which combines retail, residential, entertainment, cultural and recreational users with great accessibility, a focal point with attractions for residential, investment and business operations. BUSINESS ENVIRONMENT Overview of the Mainland Property Market China’s GDP in 2019 was recorded at RMB99,086.5 billion, seeing a 6.1% year-on-year growth. Positive momentum of the residential property market of China sustained in 2019 as the sales volume and investment amount of residential properties grew by 10.3% year-on-year and 13.9% year-on-year respectively, according to the National Statistics Bureau. Premier Li Keqiang emphasized the importance of reforming the residential property market while promoting housing stability in the government work report in March 2019. In a bid to stay in line with the national directive, local city-level governments were given more freedom to implement different housing policies in view of local market conditions. The leasing market, as a long-term strategy for sustainable and steady growth of the residential property market, continued its upward trajectory as more new international operators entering the market. The retail property market of China remained buoyant in 2019 as the total retail sales rose gently by 8.0% on a year-on-year basis to RMB41,164.9 billion. The e-commerce market maintained its strong growing momentum. In 2019, the national online retail sales amounted to RMB10,632.4 billion, representing an increment of 16.5% year- on-year. The online retail sales of commodities increased by 19.5% to RMB8,523.9 billion and accounted for over one-fifth of the total retail sales of consumer goods. Among the online retail sales of physical goods, food, clothing and daily necessities went up by 30.9%, 15.4% and 19.8% respectively. F&B and entertainment retailers continued to grow at a fast pace, while the sportswear and cosmetics market also recorded noticeable sales growth. 4 China Properties Group Limited Annual Report 2019 MANAGEMENT DISCUSSION AND ANALYSIS The office property market of China remained dynamic in 2019 despite macroeconomic headwinds. The technology, media and telecommunications (“TMT”) and finance industries continued to dominate majority of the market share as the government is eager to further open the financial market, while flexible workspace operators and e-commerce retailers were the uprising drivers of office demand. The strong leasing demand from these industries contributed to a steady vacancy rate and a healthy rental growth. Overview of the Shanghai Property Market Shanghai maintained a steady economic growth. As of 2019, Shanghai’s GDP grew by 6.0% year-on-year to RMB3,816.0 billion. The residential property market in Shanghai was generally positive in 2019 as the investment amount and sales volume grew by 4.1% and 1.5% year-on-year respectively. There were no significant fluctuations in the overall pricing in 2019 amid the unchanged strict intervention from the government since 2016. New projects in decentralized areas were popular as new metro lines will be open in the coming two years. The retail sales were recorded at RMB1,349.7 billion in 2019, representing a growth of 6.5% year-on-year. The solid performance of retail sales was a positive indicator of the retail property market. 12 new projects were launched in 2019, adding about 0.9 million square metres of new supply to the market. The vacancy rate and net absorption stayed healthy as supported by the strong demand, and the average rent remained stable despite the new supply and tenant mix reshuffling in existing projects. In order to stimulate consumption, landlords have been actively bringing in new retail concepts and brands. Pet service brands and e-commerce offline stores are some of the upcoming trends in the city. According to the Shanghai Statistics Bureau, tertiary industry contributed about 72.7% of the total GDP in 2019, grown by 8.2% year-on-year to RMB2,775.2 billion. Four office projects were launched in the second half of 2019, triggering a 5% year-on-year growth of Grade A office stock to 13.3 million square metres as of 2019. The vacancy rate stood at a healthy level as landlords offered competitive leasing terms to tenants amid the abundance of supply. TMT, professional services and finance sectors were the key demand drivers while the healthcare sector was seen to be active in the past few months. Overview of the Chongqing Property Market Chongqing’s economy continued to grow positively. Chongqing’s GDP was recorded at a rise of 6.3% year-on-year to RMB2,360.6 billion in 2019. The new supply of residential property surged by 22.1% year-on-year with a total of 34.0 million square metres in 2019. Amid a strong new supply, the sales volume grew by 0.3% year-on-year in the same period. Average price grew by 5.0% year-on-year to about RMB12,500 per square metre despite the continued introduction of market stabilization policies. Consumer spending remained strong as the retail sales grew by 8.7% year-on-year to RMB866.7 billion in 2019. Despite four new projects completed in 2019 including an iconic landmark project in Chaotianmen, the vacancy rate of retail property dropped to 9.0% in 2019.
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