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2013 Annual Report

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2013 Annual Report 2013 Annual Report GREENTOWN CHINA HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) (Stock Code: 03900) Welcome to your home of Greentown. Walk into a world of luxury and style. Transform your dreams into reality here. From the minute you set foot on the majestic doorway that leads into the elegant hallway, you will be embraced by the luxury and grace of a bygone era. Traditional style combined with contemporary detailing gives the place a personal touch with a flair of splendour. Each unit is tastefully designed for home lovers who have an eye for quality and beauty. Nestled in breathtaking landscaped gardens, these homes allow you to experience the magical powers of nature in your own private setting. Join the Greentown family and live the dream of many others today. Find your home with Greentown and enjoy the luxury of life with peace of mind. Contents Corporate Profile 2 Corporate Information 4 Financial Highlights 6 Chairman’s Statement 10 CEO’s Report 12 Property Portfolio 14 Management Discussion and Analysis 16 Biographical Details of Directors and Senior Management 32 Sustainability and Corporate Social Responsibility 40 Investor Relations 44 Corporate Governance Report 50 Report of the Directors 56 Independent Auditor’s Report 76 Consolidated Financial Statements 77 Definition 176 Greentown China Holdings Limited 2 Corporate Profile Greentown China Holdings Limited is one In September 2013, Greentown was of the leading property developers in the the only PRC real estate developer in People’s Republic of China. It commands the PRC to be named the “Top Brand a leading position in the industry by in Customer Satisfaction”. Greentown leveraging on its quality properties. From received this honor at a press conference 2005 to 2013, we have been ranked held by the “China Real Estate TOP 10 for nine consecutive years as one of Research Team”, formed jointly by the “THE TOP 10 PROPERTY ENTERPRISES Development Research Center of the IN CHINA” jointly by four authoritative State Council, the Institute of Real Estate institutions, namely Enterprise Research Studies at Tsinghua University and the Institute of the Development Research China Index Academy. The surveys Center of the State Council, China Real conducted for this recognition covered Estate Association, Qinghua University 17 cities throughout China. Greentown Real Estate Research Center and China came first on the basis of customer Index Institute. satisfaction in 15 major cities in which it operates. The results have shown that Greentown has a clear advantage in the areas of, among others, property services, quality of construction, project design, sales services and corporate reputation. Annual Report 2013 3 / Corporate Profile Since its establishment 19 years ago, of superior-quality properties. Having The establishment of strategic the Group has been based in Zhejiang continuously improved and enriched its partnership with two powerful real estate Province, one of the most economically product portfolio, Greentown now offers developers from the PRC and Hong vibrant provinces in the PRC. With widely-received high quality housing Kong clearly indicates that Greentown’s property projects covering most of types such as villa, flat mansion, low-rise products and development ability the economically prosperous cities in apartment, high-rise apartment, urban are endorsed by professionals in the Zhejiang Province such as Hangzhou, complex, integrated community and property industry, and their confidence Ningbo, Wenzhou, Taizhou, Shaoxing and commercial property. in Greentown’s prospect. other cities amongst the Top 100 national most competitive county-level cities On 8 June 2012, Wharf was introduced On 31 December 2013, the premier land in Zhejiang Province, the Group has a as a strategic shareholder of Greentown. bank of the Greentown Group comprised sizable operation scale and enjoys a wide The aggregate investment by Wharf a total GFA of over 38.89 million sqm, recognition. Since the commencement of amounted to approximately HK$5.1 billion ensuring Greentown Group’s sustainable the Group’s national expansion strategy (equivalent to approximately RMB4.16 and steady development in the coming in 2000, the Group has successfully billion), including the subscription of future. Leveraging on its quality human set foot in other major cities located in approximately 490 million placing shares resources and highly-effective corporate Yangtze River Delta, including Shanghai, and the subscription of PSCS (which has management structure, Greentown has Nanjing, Suzhou, Wuxi, Nantong and been redeemed in full in February 2014). established a strong presence in all major cities in Bohai Rim Economic Belt, As of 31 December 2013, Wharf (through cities where it operates. The Group’s including Beijing, Tianjin, Qingdao, Jinan, its wholly-owned subsidiary) was experience in developing numerous Dalian and other provincial cities, such interested in 24.32% of the total issued high-quality projects and outstanding as Hefei in Anhui Province, Zhengzhou share capital of the Company. operational capabilities have provided in Henan Province, Changsha in Hunan a strong momentum for its further Province, and Urumqi in Xinjiang, In addition, Greentown entered into expansion. which enabled the operating results to an agreement with Sunac on 22 June grow continuously and established an 2012, pursuant to which a joint venture, excellent brand image in various cities. Shanghai Sunac Greentown Investment Greentown focuses on the development Holding Co., Ltd. (上海融創綠城投資控股 有限公司), was established and held as to 50% by Greentown and 50% by Sunac, respectively. Greentown China Holdings Limited 4 Corporate Information Board of Directors Nomination Committee Auditor Executive Directors Mr SZE Tsai Ping, Michael (Chairman) Deloitte Touche Tohmatsu Mr SONG Weiping (Chairman) Mr SHOU Bainian Mr SHOU Bainian Mr TSUI Yiu Cheung Legal Advisors (Executive Vice Chairman) Mr TANG Shiding as to Hong Kong law: Mr LUO Zhaoming (Vice Chairman) Mr HUI Wan Fai Ashurst Hong Kong Mr GUO Jiafeng Mr CAO Zhounan Remuneration Committee as to PRC law: Mr JIA Shenghua (Chairman) Zhejiang T&C Law Firm Non-Executive Directors Mr SHOU Bainian Mr NG Tin Hoi, Stephen Mr NG Tin Hoi, Stephen as to Cayman Islands law and Mr TSUI Yiu Cheung Mr SZE Tsai Ping, Michael British Virgin Islands law: Maples and Calder Independent Non-Executive Registered Office Directors Maples Corporate Services Limited Company Secretary Mr JIA Shenghua PO Box 309, Ugland House Mr FUNG Ching, Simon Mr JIANG Wei South Church Street Mr KE Huanzhang George Town, Grand Cayman Mr SZE Tsai Ping, Michael Authorized Representatives KY1-1104, Cayman Islands Mr TANG Shiding Mr SHOU Bainian Mr HUI Wan Fai Mr FUNG Ching, Simon Share Registrar in Hong Kong Audit Committee Computershare Hong Kong Investor Principal Bankers Services Limited Mr SZE Tsai Ping, Michael (Chairman) The Bank of East Asia, Limited Shops 1712–1716, Mr TSUI Yiu Cheung Standard Chartered Bank (Hong Kong) 17th Floor, Hopewell Centre Mr JIA Shenghua Limited 183 Queen’s Road East Mr JIANG Wei Bank of China Limited Wanchai, Hong Kong Mr TANG Shiding Industrial and Commercial Bank of China Mr HUI Wan Fai Limited Share Registrar in Cayman Agricultural Bank of China Limited Islands China Construction Bank Corporation Royal Bank of Canada Trust Company Bank of Communications Co., Ltd. (Cayman) Limited Shanghai Pudong Development Bank 4th Floor, Royal Bank House Co., Ltd. 24 Shedden Road, China Everbright Bank Corporation George Town Grand Cayman Limited KY1-1110 Cayman Islands Guangdong Development Bank Co., Ltd. Annual Report 2013 5 / Corporate Information Hangzhou Headquarters Public Relations 10/F, Block A, Century Plaza Hill + Knowlton Strategies Asia No. 1 Hangda Road Email: [email protected] Hangzhou, Zhejiang Tel: (852) 2894 6321 PRC Fax: (852) 2576 1990 (Postal code: 310007) Stock Code Principal Place of Business in HKEx: 03900 Hong Kong Room 1406–1408, New World Tower 1 Websites 16–18 Queen’s Road Central www.chinagreentown.com Hong Kong www.greentownchina.com Investor Relations Email: [email protected] Tel: (852) 2523 3138 Fax: (852) 2523 6608 Greentown China Holdings Limited 6 Financial Highlights Revenue Profit attributable to Owners of the Company For the yyear ended 31 December ((RMB million)) For the year ended 31 December (RMB million) 28,991 35,393 21,964 11,161 8,727 4,886 4,851 2,575 1,532 1,012 133 1212 1111 10 0909 13 12 11 10 09 Total Equity As at 31 December (RMB million) 32,011 27,488 17,643 14,453 12,449 13 12 11 10 09 Annual Report 2013 7 / Financial Highlights Five Years Financial Summary Consolidated Results For the year ended 31 December 2013 2012 2011 2010 2009 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 28,990,570 35,392,506 21,963,747 11,161,260 8,727,429 Cost of sales (20,215,201) (24,678,810) (14,555,354) (7,759,927) (6,415,278) Gross profit 8,775,369 10,713,696 7,408,393 3,401,333 2,312,151 Other income 1,647,817 1,744,672 1,000,840 1,232,230 625,862 Expenses (2,847,160) (2,714,643) (2,541,686) (2,198,221) (1,983,175) Share of results of joint ventures and associates 1,570,036 513,475 833,167 564,971 615,372 Profit before taxation 9,146,062 10,257,200 6,700,714 3,000,313 1,570,210 Taxation (3,155,857) (4,204,149) (2,582,772) (1,084,766) (478,078) Profit for the year 5,990,205 6,053,051 4,117,942 1,915,547 1,092,132 Profit attributable to: Owners of the Company 4,885,514 4,851,123 2,574,637 1,531,774 1,012,120 Non-controlling interests 1,104,691 1,201,928 1,543,305 383,773 80,012 5,990,205 6,053,051 4,117,942 1,915,547 1,092,132 Consolidated Assets and Liabilities As at 31 December 2013 2012 2011 2010 2009 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total assets 122,335,702 107,707,296 127,976,528 125,358,954 75,475,752 Total liabilities 90,324,730 80,219,221 110,333,214 110,906,263 63,027,176 Total equity 32,010,972 27,488,075 17,643,314 14,452,691 12,448,576 Wuzhen Graceland G reen town China H o ldings Limited 10 Chairman’s Statement Let’s Keep up the Greentown will continue to adhere to Good Work in 2014! the principle of humanism and pursue its operational objectives of “exquisite quality and steady operation”.
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