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Annual Report STOCK CODE 股份代號：242

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Annual Report STOCK CODE 股份代號：242 2020 信德集團有限公司年報 Shun Tak Holdings Limited Annual Report STOCK CODE 股份代號：242 一徹萬融 POWER OF HARMONY SHUN TAK HOLDINGS LIMITED Penthouse 39th Floor, West Tower Shun Tak Centre 200 Connaught Road Central Hong Kong 信德集團有限公司 香港干諾道中二百號 信德中心西座三十九頂樓 www.shuntakgroup.com v Shun Tak Holdings Limited PAST PERFORMANCE AND FORWARD LOOKING STATEMENTS The performance and the results of operation of the Group as set out in this Annual Report are historical in nature and past performance is not a guarantee of future performance. This Annual Report may contain forward-looking statements and opinions that involve risks and uncertainties. Actual result may also differ materially from expectations discussed in such forward-looking statements and opinions. Neither the Group nor the Directors, employees or agents of the Group assume any obligations or liabilities in the event that any of the forward-looking statements or opinions does not materialise or turns out to be incorrect. CONTENTS 2 Corporate Information 3 Corporate Profi le 8 Management Profi le 13 Financial Highlights and Calendar 14 Signifi cant Events 16 Chairman’s Statement 18 Review of Operations 40 Recent Developments and Prospects 42 Corporate Social Responsibility 48 Schedule of Major Properties 54 Group Financial Review 59 Report of the Directors 74 Corporate Governance Report 88 Remuneration Committee Report 89 Nomination Committee Report 90 Audit and Risk Management Committee Report 102 Independent Auditor’s Report 111 Consolidated Income Statement 112 Consolidated Statement of Comprehensive Income 113 Consolidated Balance Sheet 115 Consolidated Statement of Changes in Equity 117 Consolidated Cash Flow Statement 119 Notes to the Financial Statements 211 Five-Year Financial Summary Annual Report 2020 1 Power of Harmony As the proverb says, “Where Water Flows, a Channel Will Form.” Like the tenacity of water, Shun Tak Group has evolved with pragmatism and perseverance, gaining trust step by step, mile by mile, and every little makes a mickle. The synergy between us and our partners allows the Group to expand into new frontiers with the views of creating values for the shareholders, promoting regional integration and contributing to the continual development of the nation. 2 Shun Tak Holdings Limited CORPORATE INFORMATION Board of Directors Audit and Risk Management Auditor Ms. Pansy Ho Committee PricewaterhouseCoopers Group Executive Chairman and Mr. Norman Ho (Chairman) Certified Public Accountants and Managing Director Mr. Michael Wu Registered Public Interest Entity Auditor Mr. Kevin Yip Mr. Norman Ho Solicitor Independent Non-Executive Director Remuneration Committee Norton Rose Fulbright Mr. Michael Wu (Chairman) Mr. Charles Ho Mr. Norman Ho Principal Bankers Independent Non-Executive Director Mr. Charles Ho Bank of China (Hong Kong) Limited Mr. Kevin Yip Hang Seng Bank Limited Mr. Michael Wu Ms. Pansy Ho Bank of China, Macau Branch Independent Non-Executive Director Ms. Daisy Ho DBS Bank, Singapore OCBC Bank, Singapore Mr. Kevin Yip Nomination Committee The Hong Kong and Shanghai Banking Independent Non-Executive Director Mr. Charles Ho (Chairman) Corporation Limited Mr. Norman Ho China Construction Bank (Asia) Ms. Daisy Ho Mr. Michael Wu Corporation Ltd. Executive Director and Mr. Kevin Yip Nanyang Commercial Bank, Ltd. Deputy Managing Director Ms. Pansy Ho Ms. Daisy Ho Share Registrar Ms. Maisy Ho Computershare Hong Kong Investor Executive Director Company Secretary Services Limited Ms. Angela Tsang Shops 1712-1716 Mr. David Shum 17th Floor, Hopewell Centre Executive Director Registered Offi ce and Contact 183 Queen’s Road East Details Wanchai, Hong Kong Mr. Rogier Verhoeven Penthouse 39th Floor, West Tower Executive Director Shun Tak Centre Share Listing 200 Connaught Road Central The Company’s shares are listed on The Hong Kong Stock Exchange of Hong Kong Limited. Tel: (852) 2859 3111 Fax: (852) 2857 7181 Website: www.shuntakgroup.com E-mail: [email protected] Annual Report 2020 3 CORPORATE PROFILE Shun Tak Holdings Limited (the “Company”) and its subsidiaries (the “Group”) is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) has been listed on the Hong Kong Stock Exchange since 1973. 4 Shun Tak Holdings Limited CORPORATE PROFILE PROPERTY The Group has a prominent and clubhouse facilities. Sales of fi rst four Shun Tak Tower, the Group’s wholly-owned successful track record in the Macau and phases have generated strong public property in Beijing Dong Zhi Men near Hong Kong property markets. The Group response. The fi nal phase of Nova City – East 2nd Ring Road, is located next owns one of the largest developable fl oor Nova Grand, sits above a large-scale to the airport highway, serviced by a areas in Macau among Hong Kong listed lifestyle shopping centre with a gross convenient network of major metro lines companies. It is an important player in fl oor area over 655,000 square feet. and bus routes. The 63,000-square-foot Macau’s property market with a host of The massive Nova Mall, a joint venture site comprises both offi ce and hospitality property development projects, and has partnership formed with Abu Dhabi components and is close to Beijing growing presence in the Greater China Investment Authority to co-invest in the downtown, embassy area, and YanSha real estate market with investments in shopping centre, is set to become a retail district. Tongzhou and Dong Zhi Men in Beijing, hub serving the Taipa community upon Minhang, Qiantan and Jingan in opening. In December 2020, the Group acquired Shanghai, Hengqin in Zhuhai, Xiqing in the remaining 30% interest in Hengqin Tianjin and Chenggong in Kunming. The Group plays a prominent role in Integrated Development and became the Hong Kong property market with its sole owner. Hengqin Integrated The Group has also recently entered a portfolio comprising commercial, Development, located in Zhuhai of the Singapore market through the residential and retail property ventures. Guangdong Pilot Free Trade Zone and acquisition of premium properties in The Group’s signature residential projects being under the orbit of the Greater Bay the prime locations around central in Hong Kong include The Belcher’s, Area boasts an unparalleled connectivity, business district, building a well-rounded liberté and Chatham Gate. with direct access to the port and portfolio spanning hotel, commercial and commercial facilities at the Macau residential developments. Its property management branch border It is also serviced by an extension currently offers professional property of the Guangzhou-Zhuhai Intercity Rail One Central, the Group’s joint venture and facility management services to since August 2020, and to be serviced with Hongkong Land Holdings Limited, residential development, clubhouse, by the Hengqin and Macau light rails in is located on a prime waterfront site in offi ce tower, shopping mall and carpark the future. It will be developed into an Macau Peninsula. The project comprises 7 across Hong Kong and Macau. integrated landmark which comprises prestigious residential towers, a luxurious offi ce, retail, hotel and apartments. fl agship shopping mall, a 5-star Mandarin The Group made its foray into the Oriental Hotel and serviced apartments Northern China property market through New Bund 31 at Qiantan, Shanghai is a managed by the same hotel group. an investment in the Beijing Tongzhou 50:50 joint venture project with Integrated Development. The complex Shanghai Lujiazui (Group) Company Nova City in Taipa is one of the largest will be developed into an iconic Limited. This cultural and community hub luxury developments in Macau. The landmark comprising retail, offi ce and in Shanghai spans 140,500 square metres project comprises upscale residential serviced apartments all amalgamated of total gross fl oor area, bringing together units, world-class landscaping and under one prime address along the famous Grand Canal. Annual Report 2020 5 offi ces, retail space, basement retail, and it is planned to encompass residential, TRANSPORTATION a 5-star hotel offering around 200 rooms, offi ce, commercial and cultural to be managed by Artyzen Hospitality components, as well as an underground The Group’s origin dates back to 1962 Group. Moreover, an art and cultural shopping mall and a central green park. with the inauguration of a passenger ferry centre featuring a concert hall and other In January 2021, the Group acquired a service between Hong Kong and Macau. multi-purpose halls with a capacity of further 10% effective interest in the project In a strategic move in 1999 to strengthen 4,000 spectators will be incorporated. and holds a 50% effective interest in the its shipping business and expand its project afterwards. market share, the Group successfully In 2018, the Group ventured into China’s merged its shipping operation with that healthcare sector through a strategic Beyond its Greater China home base, of China Travel International Investment partnership with Perennial Holdings Private the Group is diligently investing in the Hong Kong Limited to create a combined Limited, under which the two will jointly Singapore market with a number of entity under the brand name “TurboJET”. develop mixed-use healthcare complexes acquisitions that hold excellent potentials. TurboJET, operated and managed close to high-speed railway stations. The by Shun Tak - China Travel Shipping fi rst two cornerstone projects – Tianjin 111 Somerset is a premium
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