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Annual Report 2019

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Annual Report 2019 (Incorporated in the Cayman Islands with limited liability) Stock Code: 813 ANNUAL REPORT 2019 CONTENTS 4 Corporate Information 6 Five Years Financial Summary 8 Chairman’s Statement 16 Management Discussion and Analysis 36 Report of the Directors 48 Corporate Governance Report 68 Directors and Senior Management Profiles 72 Information for Shareholders 73 Independent Auditor’s Report 78 Consolidated Balance Sheet 80 Consolidated Statement of Comprehensive Income 82 Consolidated Statement of Changes in Equity 84 Consolidated Statement of Cash Flows 85 Notes to the Consolidated Financial Statements 2 Shimao Property Holdings Limited Annual Report 2019 NATIONWIDE QUALITY LAND RESERVES Penetrated in 120 cities, with 349 projects, a total area of 76.79 million sq.m. (before interests) land bank (as at 31 December 2019) Shimao Property Holdings Limited Annual Report 2019 3 NATIONWIDE QUALITY LAND RESERVES Zhejiang District Central China District Shandong District Hangzhou Shimao Changsha Shimao Shine Jinan Shimao Skyscraper Begonia Bay City City Hangzhou Shimao Honor Zhengzhou Shine City Zibo Shine City of China Hefei Shimao Cloud Jinan Jade Palace Wenzhou Wuyue Valus Jinan Shimao Metropolis Wenzhou Shimao Yue Hefei Shimao Classic Qingdao Shimao Noble Hong Bay Chinese Chic Town Jiaxing Shimao Shine City Hefei Shimao Jade Mansion N orthern China District Western District Beijing Shimao Loong Chengdu Shimao City Palace Yinchuan Shimao Yuexi Beijing Royal Palace Chongqing Shimao Shine Beijing Classic Chinese City Chic Chongqing Shimao Tianjin Shimao Shine Chongqing Center No.1 Kunming Shimao Shine Gu’an Shimao The City Shining City Xi’an Shimao Shine City J iangsu and St raits Development Shanghai District District Yuegui District Shanghai Citystar Xiamen Shimao Shine Nanning Datang City Shengshi Shanghai Azure Fuzhou Shimao Shine Nanning Tang Palace Suzhou Shimao Bronze City Nanning Wuxiang Swallow Terrace Quanzhou Shimao Shine Lantingfu Nanjing Shimao Shine City Nanning Datang Tianyue Bund City Pingtan Shimao Shine Zhaoqing Shimao Cloud Nanjing Shimao Shine City Atlas Future Shishi Shimao Skyscraper City Nanjing Shimao Shine Y angtze River Delta Bay Fuzhou Shimao Yongtai Zone Hot Spring Town Hangzhou Shimao Tahoe Quanzhou Shimao Cloud Central Plaza City Hangzhou Cathay Fuzhou Shimao Classic Courtyard Chinese Chic Hangzhou Shimao Classic Fuqing Shimao Shine City Chinese Chic Fuzhou Changle Shimao Xuzhou Shimao Dongdu Shine City Xuzhou Shimao Cloud Guangzhou Shimao Park Swan Bay Guangzhou Shimao Beyond Sky HKSAR Shenzhen Shimao Kowloon Tai Wo Ping Qianhai Centre Project Shenzhen Longgang Tung Chung Hotel Shimao Shenzhen Project – Hong Kong New Kowloon Inland Lot International Centre No.6549 Project Shenzhen Pingshan Shimao Festival City Remarks: Only the key projects are listed above 4 Shimao Property Holdings Limited Annual Report 2019 CORPORATE INFORMATION Beijing Shimao Loong Palace Board of Directors Nomination Committee Executive Directors Hui Wing Mau (Committee Chairman) Kan Lai Kuen, Alice Hui Wing Mau (Chairman) Lyu Hong Bing Hui Sai Tan, Jason (Vice Chairman and President) Lam Ching Kam Tang Fei Lu Yi Company Secretary Independent Non-executive Directors Lam Yee Mei, Katherine Kan Lai Kuen, Alice Auditor Lyu Hong Bing Lam Ching Kam PricewaterhouseCoopers Audit Committee Principal Place of Business in Hong Kong Kan Lai Kuen, Alice (Committee Chairman) 38th Floor, Tower One Lyu Hong Bing Lippo Centre Lam Ching Kam 89 Queensway Hong Kong Remuneration Committee Telephone: (852) 2511 9968 Facsimile: (852) 2511 0287 Lyu Hong Bing (Committee Chairman) Website: www.shimaoproperty.com Hui Wing Mau Kan Lai Kuen, Alice Lam Ching Kam Shimao Property Holdings Limited Annual Report 2019 5 CORPORATE INFORMATION Qingdao Shimao Shine Times Registered Office Place of Listing Cricket Square The Stock Exchange of Hong Kong Limited Hutchins Drive Stock code: 813 P.O. Box 2681 Grand Cayman KY1-1111 Investor and Media Relations Cayman Islands Investor Relations Department Hong Kong Branch Share Registrar Email: [email protected] and Transfer Office Telephone: (852) 2511 9968 Facsimile: (852) 2511 0287 Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong Principal Share Registrar and Transfer Office Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 6 Shimao Property Holdings Limited Annual Report 2019 FIVE YEARS FINANCIAL SUMMARY PROFIT ATTRIBUTABLE TO BASIC EARNINGS REVENUE GROSS PROFIT SHAREHOLDERS PER SHARE (RMB million) (RMB million) (RMB million) (RMB cents) 34,131 10,898 111,517 331.1 8,835 26,949 264.7 85,513 7,840 232.4 21,430 70,426 6,116 59,286 57,733 176.7 16,448 16,349 5,172 150.6 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Wenzhou Shimao Shine Land Shimao Property Holdings Limited Annual Report 2019 7 FIVE YEARS FINANCIAL SUMMARY 2019 2018 2017 2016 2015 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 111,516,981 85,512,704 70,425,874 59,286,161 57,732,974 Cost of sales (77,386,427) (58,563,625) (48,996,361) (42,937,532) (41,284,575) Gross profit 34,130,554 26,949,079 21,429,513 16,348,629 16,448,399 Fair value gains on investment properties 2,335,257 1,910,251 679,484 1,996,673 2,776,694 Other income/other gains – net 351,639 297,280 545,095 838,785 1,570,998 Selling and marketing costs (2,824,871) (2,023,438) (1,461,804) (1,352,643) (1,615,275) Administrative expenses (4,381,122) (3,429,512) (2,989,871) (2,742,720) (3,278,396) (Provision for)/reversal of impairment losses on financial assets (70,375) 25,529 – – – Other operating expenses (337,635) (520,488) (523,702) (268,509) (288,194) Operating profit 29,203,447 23,208,701 17,678,715 14,820,215 15,614,226 Finance (costs)/income – net (284,920) (337,027) 1,328,414 (1,175,946) (1,408,648) Share of results of associated companies and joint ventures accounted for using the equity method 96,825 (233,469) (315,376) (448,391) (483,169) Profit before income tax 29,015,352 22,638,205 18,691,753 13,195,878 13,722,409 Income tax expenses (12,635,387) (10,327,273) (8,121,060) (5,685,493) (5,563,671) Profit for the year 16,379,965 12,310,932 10,570,693 7,510,385 8,158,738 Profit for the year attributable to equity holders of the Company 10,897,600 8,834,790 7,840,494 5,171,855 6,115,784 Non-current assets 117,528,198 88,748,017 85,027,201 72,712,665 69,317,652 Current assets 353,925,869 288,848,834 222,531,472 189,190,340 174,937,039 Total assets 471,454,067 377,596,851 307,558,673 261,903,005 244,254,691 Non-current liabilities 97,399,453 84,421,747 75,334,749 55,077,089 58,725,582 Current liabilities 257,350,428 187,894,927 135,477,127 118,608,923 110,779,789 Total liabilities 354,749,881 272,316,674 210,811,876 173,686,012 169,505,371 Net assets 116,704,186 105,280,177 96,746,797 88,216,993 74,749,320 Equity attributable to equity holders of the Company 66,254,881 59,234,206 57,634,683 52,456,051 50,161,660 Non-controlling interests 50,449,305 46,045,971 39,112,114 35,760,942 24,587,660 Total equity 116,704,186 105,280,177 96,746,797 88,216,993 74,749,320 8 Shimao Property Holdings Limited Annual Report 2019 CHAIRMAN‘S STATEMENT Dear shareholders, I am pleased to present the annual results of Shimao Property Holdings Limited (“Shimao Property”, “Shimao” or the “Company”, together with its subsidiaries, the “Group”) for the year ended 31 December 2019. Market and Outlook The overarching principle of “houses are for inhabiting, not for speculation” remained unchanged in 2019, and differentiated policies, tightened for certain cities and loosened for others, were implemented based on local situations, enabling the overall steady growth of the real estate industry. According to the National Bureau of Statistics, the value of commodity properties sold in China recorded historical high of approximately RMB15,972.5 billion, representing a year- on-year increase of 6.5%. The outbreak of COVID-19 pneumonia in 2020 brought major challenges to the overall economy and the social atmosphere, putting more pressure on the economic downturn. Under the policies of central government to stabilize the land price, housing price and market expectation, local governments are allowed to continue the adoption of differentiated policies. As a result, differentiation among cities will be intensified. The property markets in first-tier and second-tier cities will remain stable and positive while that in third-tier and fourth-tier cities will be under higher downward pressure. Shimao Property Holdings Limited Annual Report 2019 9 CHAIRMAN’S STATEMENT Ningde Shimao Shine City Sales Performance In 2019, the industry consolidated when the market was very challenging. In spite of unfavorable environment, the business of Shimao grew remarkably and realized total contracted sales of approximately RMB260.0 billion for 2019, representing an increase of 48% when compared with the previous year. Our business growth was a result of careful planning, our pursuit for excellent product quality and consolidated structure. We remained faithful to our commitment of achieving “rapid and quality growth” for three consecutive years. 10 Shimao Property Holdings Limited Annual Report 2019 CHAIRMAN’S STATEMENT Zhangzhou Poly Shimao Shine Bund Shimao’s Strategies Shimao has long followed the national developing direction and continued its regional deep cultivation of strategic regions and core city clusters such as the Jingjinji Metropolitan Region, the middle and lower reaches of the Yangtze River, the Economic Zone on the coastal cities along the West Coast of the Taiwan Strait, the Pearl-River Delta, the Cheng- Yu Economic Zone and Shandong Peninsula with focus on first-tier and second-tier cities and advanced third-tier and fourth-tier cities with advanced economic development and strong demand.
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