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2015 Annual Report New Business Opportunities and Spaces Which Rede Ne Aesthetic Standards Breathe New Life Into Throbbing and a New Way of Living

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2015 Annual Report New Business Opportunities and Spaces Which Rede Ne Aesthetic Standards Breathe New Life Into Throbbing and a New Way of Living MISSION (Stock Code: 00917) TRANSFORMING CITY VISTAS CREATING MODERN We have dedicated ourselves in rejuvenating old city neighbourhood through comprehensive COMMUNITIES redevelopment plans. As a living embodiment of We pride ourselves on having created China’s cosmopolitan life, these mixed-use redevel- large-scale self contained communities opments have been undertaken to rejuvenate the that nurture family living and old city into vibrant communities character- promote a healthy cultural ised by eclectic urban housing, ample and social life. public space, shopping, entertain- ment and leisure facilities. SPURRING BUSINESS REFINING LIVING OPPORTUNITIES We have developed large-scale multi- LIFESTYLE purpose commercial complexes, all Our residential communities are fully equipped well-recognised city landmarks that generate with high quality facilities and multi-purpose Annual Report 2015 new business opportunities and spaces which redene aesthetic standards breathe new life into throbbing and a new way of living. We enable owners hearts of Chinese and residents to experience the exquisite metropolitans. and sensual lifestyle enjoyed by home buyers around the world. Annual Report 2015 MISSION (Stock Code: 00917) TRANSFORMING CITY VISTAS CREATING MODERN We have dedicated ourselves in rejuvenating old city neighbourhood through comprehensive COMMUNITIES redevelopment plans. As a living embodiment of We pride ourselves on having created China’s cosmopolitan life, these mixed-use redevel- large-scale self contained communities opments have been undertaken to rejuvenate the that nurture family living and old city into vibrant communities character- promote a healthy cultural ised by eclectic urban housing, ample and social life. public space, shopping, entertain- ment and leisure facilities. SPURRING BUSINESS REFINING LIVING OPPORTUNITIES We have developed large-scale multi- LIFESTYLE purpose commercial complexes, all Our residential communities are fully equipped well-recognised city landmarks that generate with high quality facilities and multi-purpose Annual Report 2015 new business opportunities and spaces which redene aesthetic standards breathe new life into throbbing and a new way of living. We enable owners hearts of Chinese and residents to experience the exquisite metropolitans. and sensual lifestyle enjoyed by home buyers around the world. Annual Report 2015 CONTENTS 2 Corporate Profile 6 Chairman’s Statement 10 Financial Highlights 14 Business Review 88 Management Discussion and Analysis 99 Corporate Governance Report 110 Directors’ Profile 116 Senior Management Profile 120 Corporate Sustainability 129 Financial Section Contents 248 Major Projects Profile 256 Glossary of Terms 258 Corporate Information 2 New World China Land Limited CORPORATE PROFILE A GFA of property development and investment portfolio 25.74 Operating businesses in million sq m 24 Regions in Mainland China A total asset value of HK$134 billion Comprising major development 30 projects New World China Land Limited (Stock Code: 00917) is the flagship Mainland China property arm of the Hong Kong-listed New World Development Company Limited (Stock Code: 00017) and is one of the leading large-scale national developers in Mainland China. NWCL has been listed in Hong Kong since July 1999, and it is a constituent stock of Morgan Stanley Capital International (MSCI) China Index. NWCL’s well-diversified projects are located in major cities or transportation hubs and include residential communities, serviced apartments, villas, offices, shopping centres, mixed-use comprehensive buildings, hotels and resorts. Annual Report 2015 3 CORE BRAND VALUES Unsurpassed Quality and Fully Localised Long Term Value Hong Kong Brand No matter what products or services we are offering, As a Hong Kong-based and well recognised brand, we “Quality” is always at our heart. Our continuous fully apply our advanced and wide embracing experience adherence to excellent quality has won long term reliable in Hong Kong to property development in Mainland reputation in the market. We choose the best locations China, while at the same time develop projects that meet in town to develop world-class properties with quality the needs of the city. We value local concepts, we property management services. Our determination in understand market operation and culture through providing the best contributes to preservation of asset extensive staff localisation, and as a result, we become value in the long run. an integral part of the local community. Comprehensive Reliability and Property Development Reputation We develop wide ranges and types of properties to cater With over 40 years of property development experience for varying demands on sizes and functions from different and 30 years of investment experience in Mainland China market segments. Our dedicated professionalism and of New World Development Company Limited, we are wide embracing experiences in project planning and undoubtedly a mature and reliable developer with execution have enabled us to handle the stringent outstanding reputation in complying with local market demand of multi-product lines with ease. rules and government regulations. Building City and Corporate Sustainability We value corporate sustainability and strike a balance among the economy, environment and society. We commit ourselves to long term urban revitalisation and development, incorporate green design into our projects and participate enthusiastically in diversified national charity and community programmes. Our good corporate behaviour has inspired the locals in joining us to create a more harmonious society. CORPORATE PROFILE By location sq m Beijing 1,357,817 Tianjin 129,237 Langfang 707,741 Tangshan 156,914 Jinan 105,049 Shenyang 3,214,264 Anshan 1,028,766 Dalian 171,426 Shanghai 263,084 Nanjing 52,794 Ningbo 633,736 Wuhan 3,194,531 Changsha and Yiyang 909,851 Chengdu 3,663,827 Guiyang 4,062,739 Guangzhou 1,757,939 Shenzhen 46,942 Foshan 1,032,993 Pearl River Delta 679,571 Haikou 2,566,742 Total 25,735,963 By type sq m Properties under development/held for development 22,986,275 Completed investment properties 2,452,703 Completed hotel properties 296,985 Total 25,735,963 By usage sq m Residential 13,226,647 Commercial 3,019,992 Office 1,941,030 Hotel 1,059,241 Carpark and others 6,489,053 Total 25,735,963 Shenyang Anshan Beijing Dalian Langfang Tangshan Tianjin Jinan Nanjing Wuhan Shanghai Chengdu Ningbo Yiyang Guiyang Changsha Guangzhou Foshan Pearl River Shenzhen Delta Haikou Haikou South China South China Sea Islands Sea 6 New World China Land Limited CHAIRMAN’S STATEMENT In FY2015, NWCL recorded a profit attributable to equity holders of the Company of HK$3,313.13 million, representing a year-on-year decrease of 28.6%; GFA sold through its property sales operation reached 855,414 sq m with gross sales proceeds registered at approximately RMB13,068.3 million. Overall gross profit margin for property sales maintained at 41.6%. To Our Shareholders: During the year under review, the global economy was cycle of interest rate hike of the US begins, the pace of filled with challenges and uncertainties. At home, the rate increase is expected to be relatively moderate, and recent Chinese stock market witnessed extreme volatility. as such, a big impact to international financial markets is In the US, the interest rate hike cycle is expected to unlikely. commence soon. The European economy began to pick up gradually as the European Central Bank is continuing As for Mainland China, the first half of 2015 saw its with its quantitative easing and low interest rate policies. economy maintaining operation within a reasonable However, Europe remains troubled by the debt crisis of range as key economic indicators gradually returned to Greece, which was added with Japan’s lack of structural their steady paths amidst uncertain economic economic growth, heightening risk-averse sentiment in environment at home and abroad, as well as the ever- the global market in the second quarter of 2015. strengthening downward economic pressure. In the Externally, economic figures of the US in second quarter second quarter of 2015, GDP grew 7% year-on-year, showed improvements over the first one in 2015. With while GDP for the first half of 2015 also increased 7% declining fuel prices, stably improved unemployment compared to the same period last year. The figures are rate, continuous upward movement in real estate prices, in line with the economic growth target of 7% set out by steady growth in wages and persistent improvement in the Central Government. In the first half of 2015, retail sales and corporate activities, the Federal Reserve domestic consumption continued to be an increasingly Board of the United States has already hinted that important contributor to economic growth, contributing interest rates may begin to rise before the end of 2015. as much as 60% to the economy’s expansion, which is a Although global funds will be drawn to the US when the 5.7% improvement compared to the same period of the Annual Report 2015 7 previous year. Overall, the country’s economic structure is gradually optimising. Domestic demand is making stronger contribution to the economic stability, laying out solid ground work to enhance the potential of consistent economic growth. On the other hand, the livelihood of mainland citizens continued to improve as income of urban and rural residents maintained accelerated growth. In the first half of 2015, the national per capita disposable income reached RMB10,931,
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