Poly Brings You Joyful Living ANNUAL REPORT 2015 二零一五年年報 VISION 願景 MISSION 使命 The Group aspires to be a leading Chinese property The Group is driven by a corporate spirit and fine developer with a renowned brand backed by tradition that attaches importance to dedication, cultural substance. honesty and integrity. Its development strategy 本集團旨在成為富有文化內涵、品牌彰顯的中國領先 advocates professionalism, market-orientation 房地產開發商。 and internationalism. It also strives to enhance the architectural quality and commercial value of the properties by instilling cultural substance into its property projects. Ultimately, it aims to build a pleasant living environment for its clients and create satisfactory returns to its shareholders. 本集團秉承「用心做事，誠信做人」的企業精神和優良 傳統，推行專業化、市場化、國際化的發展策略， 藉 著文化內涵提升建築的品質與商業價值，為客戶締造 良好的生活環境，同時為股東創造理想的回報。 CONTENTS目錄 2 Corporate Information 113 Consolidated Statement of 公司資料 Financial Position 綜合財務狀況表 4 Chairman’s Statement 主席報告 116 Consolidated Statement of 12 Projects Portfolio Changes in Equity 項目概覽 綜合權益變動表 20 Management Discussion and Analysis 119 Consolidated Statement of Cash Flows 管理層討論與分析 綜合現金流動表 60 Corporate Social Responsibility Report 123 Notes to the Consolidated 2015 Financial Statements 二零一五年企業社會責任報告 綜合財務報表附註 72 Corporate Governance Report 290 Financial Summary 企業管治報告 財務概要 90 Profiles of Directors and Senior 291 Summary of Properties Held Management for Investment Purposes 董事及高級管理人員簡介 持有作投資物業概要 95 Directors’ Report 300 Summary of Properties Held 董事會報告 for Development 持有作發展物業概要 109 Independent Auditor’s Report 獨立核數師報告 312 Summary of Properties Held for Sale 持有作銷售物業概要 111 Consolidated Statement of Profit or Loss 綜合損益表 112 Consolidated Statement of Comprehensive Income 綜合全面收益表 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS 董事會 Executive directors 執行董事 XUE Ming (Chairman) 雪明（主席） HAN Qingtao (Managing Director) 韓清濤（董事總經理） WANG Xu 王旭 YE Li Wen 葉黎聞 Non-executive director 非執行董事 IP Chun Chung, Robert 葉振忠 Independent non-executive directors 獨立非執行董事 CHOY Shu Kwan 蔡澍鈞 LEUNG Sau Fan, Sylvia 梁秀芬 WONG Ka Lun 黃家倫 AUDIT COMMITTEE 審核委員會 LEUNG Sau Fan, Sylvia (Chairlady) 梁秀芬（主席） IP Chun Chung, Robert 葉振忠 CHOY Shu Kwan 蔡澍鈞 WONG Ka Lun 黃家倫 REMUNERATION COMMITTEE 薪酬委員會 WONG Ka Lun (Chairman) 黃家倫（主席） CHOY Shu Kwan 蔡澍鈞 LEUNG Sau Fan, Sylvia 梁秀芬 XUE Ming (Resigned on 18th December, 2015) 雪明（於二零一五年十二月十八日辭任） WANG Xu (Resigned on 18th December, 2015) 王旭（於二零一五年十二月十八日辭任） HAN Qingtao (Appointed on 18th December, 2015) 韓清濤（於二零一五年十二月十八日獲委任） RISK MANAGEMENT COMMITTEE 風險管理委員會 (SET UP ON 18TH DECEMBER, 2015) （於二零一五年十二月十八日成立） CHOY Shu Kwan (Chairman) 蔡澍鈞（主席） LEUNG Sau Fan, Sylvia 梁秀芬 WONG Ka Lun 黃家倫 IP Chun Chung, Robert 葉振忠 HAN Qingtao 韓清濤 YE Li Wen 葉黎聞 COMPANY SECRETARY AND 公司秘書及 AUTHORIZED REPRESENTATIVE 授權代表 POON Man Man 潘敏敏 2 POLY PROPERTY GROUP CO., LIMITED Annual Report 2015 CORPORATE INFORMATION 公司資料 LEGAL ADVISER 法律顧問 Ashurst Hong Kong 亞司特律師事務所 AUDITOR 核數師 Shu Lun Pan Union (HK) CPA Limited 立信聯合（香港）會計師事務所有限公司 PRINCIPAL BANKERS 主要往來銀行 China CITIC Bank International Limited 中信銀行（國際）有限公司 Malayan Banking Berhad 馬來亞銀行 Agricultural Bank of China Limited 中國農業銀行股份有限公司 Bank of China Limited 中國銀行股份有限公司 China Construction Bank Corporation 中國建設銀行股份有限公司 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 China Everbright Bank Co Ltd 中國光大銀行股份有限公司 Hang Seng Bank Limited 恆生銀行有限公司 Dah Sing Bank Limited 大新銀行有限公司 The Bank of East Asia Limited 東亞銀行有限公司 Chong Hing Bank Limited 創興銀行有限公司 INVESTOR RELATIONS CONSULTANT 投資者關係顧問 DLK Advisory Limited 金通策略有限公司 SHARE REGISTRAR AND TRANSFER OFFICE 股份過戶登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Rooms 1712–1716 香港 17th Floor, Hopewell Centre 皇后大道東183號 183 Queen’s Road East 合和中心17樓 Hong Kong 1712–1716室 REGISTERED OFFICE 註冊辦事處 Room 2503, Admiralty Centre, Tower 1 香港 18 Harcourt Road 夏愨道18號 Hong Kong 海富中心第一期2503室 COMPANY WEBSITE 公司網址 www.polyhongkong.com www.polyhongkong.com 二零一五年年報 保利置業集團有限公司 3 CHAIRMAN’S STATEMENT 主席報告 CORPORATE BACKGROUND The Group is one of the foremost property developers in China and is the real estate offshore listed flagship of China Poly Group (a state-owned enterprise). Its major businesses include property development, investment and management. The Group develops residential and commercial properties in the cities along Yangtze River Delta and Pearl River Delta as well as the second-tier cities and provincial capitals. Projects of the Group are located in 22 cities including Shanghai, Hong Kong, Guangzhou, Shenzhen, Wuhan, Suzhou, Guiyang and Nanning, among others. Meanwhile, the Group maintains a high-quality investment portfolio in various cities comprising of landmark properties such as Shanghai Poly Plaza, Shanghai Stock Exchange Building and Beijing Poly Plaza. TURNOVER 營業額 HK$24.9 BILLION 249億港元 Xue MingMing 雪明 Chairmanirman 主席 4 POLY PROPERTY GROUP CO., LIMITEDITED Annual ReportReport 20120155 CHAIRMAN’S STATEMENT 主席報告 企業背景 本集團是中國主要的地產發展商之一，為央企 「中國保利集團」的境外上市房地產旗艦。集團 的主要業務包括物業發展、投資和管理，於長三 角、珠三角流域、二線城市和省會城市發展房 地產項目，發展項目覆蓋中國22 個主要城市， 包括上海、香港、廣州、深圳、武漢、蘇州、貴 陽、南寧等，且擁有高質素的物業投資組合，包 括多個城市的標誌性物業，如上海保利廣場、上 海證券大廈和北京保利大廈等。 TOTAL ASSETS 總資產 HK$129.6 BILLION 1,296億港元 二零一五年年報 保利置業集團有限公司 5 CHAIRMAN’S STATEMENT 主席報告 BUSINESS REVIEW 業務回顧 China’s economy has entered the new norm in 二零一五年，中國經濟進入新常態，在宏觀經濟 2015. Against the backdrop of economic downturn, 下行壓力的大背景下，國家對房地產政策繼續堅 China maintained its national policy of “Encourage 持「促銷售、去庫存」的總基調，在供需兩端皆推 consumption, reduce inventory” on the real estate 出利好政策，提振市場信心。在需求方面，降准 market. The implementation of these favourable policies 降息、降首付及減稅等短期政策頻出，多管齊下 benefitted both the demand and supply so as to improve 刺激需求；而供應方面，調控土地供應規模及結 market sentiment. On the demand side, the government 構和加強保障房貨幣化安置等政策著重讓市場發 frequently provided short-term stimuli, such as the 揮配置資源的作用，逐步建立促進房地產行業健 decrease in interest rate and down payment as well as 康發展的長期制度和規則，從根本解決房地產行 tax reduction. In terms of the supply side, policies such 業供大於求的基本格局。在政策面的強力支持和 as adjusting the scale and structure of land supply and 推動下，房地產市場重新進入回升軌道。根據國 strengthening monetary compensation for relocation has 家統計局數據顯示，二零一五年商品房銷售面積 rolled out in the Year, stimulating the market to optimise 達12.8億平方米，同比增長6.5%。商品房銷售 its resources allocation. Such policies allow the real estate 金額再創歷史新高，達到人民幣87,281億元， market to gradually establish systems and rules for healthy 同比增長14.4%。 development in the long run and tackle the fundamental problem of oversupply in the industry. Fostered by the strong support of these policies, the real estate market regained tractions in sales. According to the National Bureau of Statistics, the area sold of commodity housing reached 1.28 billion square metres in 2015, representing a year-on-year increase of 6.5 percent. Sales value also reached a historical record high at RMB8,728.1 billion, representing a year-on-year increase of 14.4 percent. Market polarisation between different tiers of cities 各線城市的分化持續加劇。主要一線及重點二線 continued to intensify. The average price and sales 城市的平均售價及銷售量均表現良好，反之經濟 volume of the first-tier and major second-tier cities were 較差的城市則表現不良。房地產行業經過過去數 well-performed, while cities with poorer economy were 年的競爭，行業集中度進一步上升，競爭也更為 underperformed. After the intensive competitions in the 激烈。 past few years, the real estate industry has been further consolidated with competition getting fiercer. 6 POLY PROPERTY GROUP CO., LIMITED Annual Report 2015 CHAIRMAN’S STATEMENT 主席報告 As the real estate industry and market sentiment 隨著年內房地產行業的復蘇及市場回暖，本集團 continued to recover in 2015, the Group responded 積極應對，調整銷售策略，把握市場需求帶來 swiftly by adjusting sales strategies, and therefore, 的機遇，加快庫存去化，銷售業績再創歷史新 successfully captured market opportunities, increased sell- 高。二零一五年，本集團新推售及續售樓盤共 through rate and achieved record high results. In 2015, 56個，實現房地產銷售簽約人民幣300億元，同 the Group launched 56 new and continual projects, with 比增加約25%，是本集團銷售簽約首次邁上人 a total property contracted sales reached RMB30.0 billion, 民幣300億元的臺階。簽約面積達到256萬平方 representing an increase of approximately 25%. This 米，同比增加約9%；銷售均價每平方米約人民 is the first time that the property contracted sales have 幣1.17萬元，同比上升約14%。本集團於年內 reached RMB30.0 billion. Contracted area sold amounted 主動應對市場變化，瞄準剛性需求，主打「首置 to 2.56 million square metres, representing a year-on- 首改」的主流產品。年內，本集團實現的簽約銷 year increase of approximately 9%, while the average 售中，住宅類產品成交額佔銷售額的89%，同 selling price amounted to approximately RMB11,700 比提升4個百分點。其中，中小戶型產品在住宅 per square metre, representing a year-on-year increase 產品中佔比82%，同比下降8個百分點。本集團 of approximately 14%. During the Year, the Group 於年內制訂具針對性的營銷策略，加強庫存去 actively responded to market changes, targeted markets 化，取得一定效果，帶動年內存貨去化率同比上 with rigid demand and focused on launching products 升6個百分點。 for first-time homebuyers and first-time upgraders. Residential projects accounted for 89% of contracted sales for the Year, representing a continual year-on-year increase of 4 percentage points, among which, small- to-medium-sized residential units accounted for 82% of all residential products, year-on-year decreased by 8 percentage points. With destocking as the top priority in the agenda, the Group implemented precise marketing strategies to enhance sell-through rate and the outcome was promising. The sell-through rate recorded a year-on- year increase of 6 percentage points during the Year. 二零一五年年報 保利置業集團有限公司 7 CHAIRMAN’S STATEMENT 主席報告 In 2015, the Group recorded loss attributable to 二零一五年，本集團股東應佔溢利錄得虧損，主 shareholders, mainly due to the time lag between sales 要是由於房地產行業開發產品的結算相對於銷售 and revenue recognition. During the Year, most of the 存在一定的滯後性。本年，本集團所結算的項目 projects being recognised were those sold in or prior 大部份為二零一四年或以前的已銷售未結轉資