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2017 Annual Report Tian Shan Development (Holding) Limited 天山發展 控股有限公司 ANNUAL REPORT 2017 年報 Contents Contents Corporate Information 2 Financial Highlights 3 Property Portfolio 4 Chairman Statement 6 Management Discussion and Analysis 7 Directors and Senior Management Biographies 14 Corporate Governance Report 18 Report of the Directors 24 Independent Auditor’s Report 34 Audited Financial Statements Consolidated Statement of Profit or Loss 40 Consolidated Statement of Profit or Loss and Other Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 44 Consolidated Cash Flow Statement 45 Notes to the Financial Statements 47 Particular of Properties 119 Financial Summary 125 Annual Report 2017 1 Corporate Information Corporate Information DIRECTORS HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN CHINA Executive Directors No. 109 Tianshan Avenue Mr. WU Zhen Shan (Chairman) Shijiazhuang Hi-Tech Industry Development Zone Mr. WU Zhen Ling Shijiazhuang, Hebei Province Mr. ZHANG Zhen Hai China Independent Non-Executive Directors PRINCIPAL PLACE OF Mr. TIAN Chong Hou Mr. WANG Ping BUSINESS IN HONG KONG Mr. CHEUNG Ying Kwan Suites 1205-1207, 12th Floor, Everbright Centre COMPANY SECRETARY 108 Gloucester Road Wanchai Mr. CHEUNG Siu Yiu, FCPA, FCCA, FCA Hong Kong AUTHORISED REGISTERED OFFICE IN REPRESENTATIVES CAYMAN ISLANDS Mr. WU Zhen Shan Clifton House, 75 Fort Street Mr. CHEUNG Siu Yiu PO Box 1350, Grand Cayman KY1-1108 AUDIT COMMITTEE Cayman Islands Mr. CHEUNG Ying Kwan (Chairman) AUDITORS Mr. TIAN Chong Hou KPMG Mr. WANG Ping Certified Public Accountants REMUNERATION COMMITTEE PRINCIPAL SHARE REGISTER Mr. WU Zhen Shan AND TRANSFER OFFICE IN Mr. WU Zhen Ling THE CAYMAN ISLANDS Mr. TIAN Chong Hou (Chairman) Mr. WANG Ping Estera Trust (Cayman) Limited Mr. CHEUNG Ying Kwan Clifton House, 75 Fort Street PO Box 1350, Grand Cayman KY1-1108 NOMINATION COMMITTEE Cayman Islands Mr. WU Zhen Shan (Chairman) HONG KONG BRANCH SHARE Mr. WU Zhen Ling REGISTER AND TRANSFER Mr. TIAN Chong Hou Mr. WANG Ping OFFICE Mr. CHEUNG Ying Kwan Tricor Investor Services Limited Level 22, Hopewell Centre COMPANY WEBSITE 183 Queen’s Road East Hong Kong www.tian-shan.com 2 Tian Shan Development (Holding) Limited Financial Highlights Financial Highlights Year ended 31 December 2017 2016 2015 2014 2013 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Turnover 4,982,704 3,816,530 2,333,037 2,416,825 2,762,697 Gross profit 1,169,374 862,224 749,413 891,668 761,916 Profit for the year 103,207 119,432 134,470 281,881 258,784 Basic earnings per share (RMB cents) 10.62 11.87 13.40 28.19 25.88 Delivered gross floor area 556,272 sq.m. 589,056 sq.m. 363,437 sq.m. 437,214 sq.m. 866,199 sq.m. Contracted sales 7,264,300 8,270,400 2,909,700 2,547,300 2,593,900 Contracted sales gross floor area 1,909,897 sq.m. 1,112,720 sq.m. 437,477 sq.m. 457,611 sq.m. 724,337 sq.m. Annual Report 2017 3 Chairman Statement Chairman Statement Reviewing the year 2017, the Group achieved stable growth in operating results, with a substantial increase in turnover as compared with the previous year. The Group formulated a five-year development strategy with cultural tourism as guidance, simultaneous development of multiple industries and residential market for support to achieve overall coordinated development. In the first year of implementation of the strategy, under the development concept of big cultural tourism, health and education, the Group established its business presence surrounding the Beijing-Tianjin-Hebei regions, Yangtze River Delta regions and Yangtze River Delta Economic Zone, and made major breakthroughs in the layout nationwide and gained sound response for new projects. As a result, the “Tian Shan” brand of the Group became better recognized on the market. Tian Shan Science and Technology Park was awarded the Most Influential Brand among industrial parks in China in 2017. The “Gate to the World” project was accredited as the key project of Hebei Province and became one of the top 20 cultural landmarks in the world released by Forbes. Yinchuan Tian Shan Waterpark Project was presented as a special project to greet the 60th anniversary of the establishment of Ningxia Hui Autonomous Region. Ambassador House project, Auspicious Lake Phase II project, and Jinfeng Auspicious Lake project were awarded the National Good Home Demonstration Project. Auspicious Lake Lanan project, as the first passive house project, was granted government award funds. In 2018, the Group will comprehensively promote the “sharing development plan”, carry out the share incentive reform and form a community of interests for the Company and its staff to share the development achievements and simultaneously boost the Company’s profit and staff’s benefits. The Group will continue to implement the development policy of specialized division of labor, resources sharing and common prosperity, focus on second-tier and third-tier cities, Beijing-Tianjin-Hebei regions, Yangtze River Delta regions and Yangtze River Delta Economic Zone and national city cluster and take a suitable opportunity to enter first-tier cities. The Group will overall strengthen its quality control and talent recruitment. Against the backdrop of such favorable situation, the Group will provide more quality products and services for the society by continuously adhering to the interests of shareholders and staff, thus developing into a stronger and better company. Lastly, I would like to express my gratitude on behalf of the Board of Tian Shan Development (Holding) Limited to all the shareholders for their strong support to the Company in the past year, and I hope that the shareholders will support us as always in our development in the future. Tian Shan Development (Holding) Limited WU Zhen Shan Chairman of the Board 6 Tian Shan Development (Holding) Limited Management Discussion and Analysis MANAGEMENT DISCUSSION AND ANALYSIS Management Discussion and Analysis BUSINESS REVIEW AND PROSPECTS Property Development and Investment Tian Shan Development (Holding) Limited (the “Company”, together with its subsidiaries, the “Group”) is one of the leading property developers currently focusing on developing quality residential properties and industrial properties in Bohai Economic Rim. As at 31 December 2017, the Group had numerous property projects under development primarily located in Shijiazhuang, Tianjin, Ningxia and Shandong. The Group’s brand “Tian Shan” is well-recognised by its customers. The Group’s business objective is to provide a comfortable living environment to its customers. During the year under review, the Group recorded a historically high turnover of RMB4,982.7 million and delivered gross floor area of 556,272 sq.m.. The total contracted sales amount was RMB7,264.3 million and contracted sales gross floor area was of 1,909,897 sq.m. for the year under review. During the year, the Group has replenished substantially its land bank by acquiring certain new land parcels in Hebei Province through land biddings from the local land bureaus and acquisition of certain subsidiaries with land reserves which are intended to be developed for sale in two to three years’ time. These new land parcels have in aggregate a total gross floor area of approximately 981,902 sq.m., 1,382,623 sq.m. and 43,201 sq.m as residential, commercial and industrial use, respectively. These new properties projects are in the planning and foundation stage and shall contribute to the Group’s contracted sales in coming years. The Directors are optimistic that the Group will continue its growth by developing and selling property projects developed on these new land banks. Benefited from the continued growth in properties market in the PRC, the Group recorded an overall increase in fair value of RMB3.6 million from investment properties. During the year, the Group had reclassified certain commercial properties of RMB13.0 million in Yuanshi Tian Shan Waterside View as inventories for sale. As mentioned in prior year, the Group acquired a cultural and entertainment use land parcel in Yinchuan of Ningxia Province for building and running a waterpark of a site area of approximately 450,569 sq.m. as ancillary facility to the residential property projects. The Group had invested RMB40.0 million during the year for the planning and foundation work. 8 Tian Shan Development (Holding) Limited Management Discussion and Analysis In March 2014, Tian Shan Real Estate Development Group Limited (“Tian Shan Real Estate”), a wholly-owned subsidiary of the Company, has entered into a co-operation agreement (the “Co-operation Agreement”) with Tangshan Construction Investment Limited (“Tangshan Investment”) and Hebei Infrastructure Property Development Limited (“Hebei Investment”) to develop a commercial and residential property project located in Tangshan city by (i) capital injection of RMB35.0 million (equivalent to 70% equity interest of the enlarged registered capital) to Tangshan Infrastructure Property Development Limited (“Tangshan Real Estate”), and (ii) committed to grant loans in aggregate of approximately RMB821.9 million. The Group has paid RMB200.0 million deposit to Tangshan Real Estate in 2014. Further details of the Co-operation Agreement were set out in the Company’s circular dated 27 June 2014. Notwithstanding the Group’s performance and effort to perform, Tangshan Investment and Hebei Investment failed to perform their respective obligations and arrangements under the Co-operation Agreement. On 26 June 2017, after seeking legal advices, Tian Shan Real Estate and Hebei Yuanzhi Real Estate Development Company Limited, both are indirect wholly-owned subsidiaries of the Company (collectively, the “Plaintiffs”), had jointly initiated legal proceedings at the High People’s Court of Hebei Province in the PRC (the “Court”) against Tangshan Investment, Hebei Investment, and Tangshan Real Estate (collectively, the “Defendants”) seeking for the following orders from the Court: 1.
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