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Annual Report Joy City Joy JOY CITY PROPERTY LIMITED PROPERTY CITY JOY JOY CITY ANNUAL 2017 REPORT 2017 ANNUAL REPORT ANNUAL 2017 “A well-known brand a better future” Joy City was identified as a well-known trademark by the State Administration for Industry and Commerce, indicating official recognition for our brand value and influence. Excellent brand influence is bound to create a lifestyle-leading Committed to becoming of brand property developers in China with greatest sustainable development potential OUR Contribute quality green living space and services, lead the trend of a fashionable lifestyle, in order to become a leader among real estate brands in the PRC with the greatest sustainable development potential.OUR Maximize the benefits of customers, shareholders and staff members wholeheartedly. Company Profile 8 Major Business Structure 10 Major Events and Awards in 2017 12 Financial Highlights 16 Chairman’s Statement 18 Joy-Full Occasions 21 Management Discussion and Analysis 33 Profile of Directors and Senior 63 Management Environmental, Social and 69 Governance Report Corporate Governance Report 93 Directors’ Report 107 Five Years Financial Summary 133 Independent Auditor’s Report 134 Financial Statements and Notes 140 Definitions 280 Corporate Information 284 8 Joy City Property Limited Annual Report 2017 Company Profile Joy City Property Limited Annual Report 2017 9 Joy City Property Limited is a large-scale commercial property developer and operator, focusing on the development, operation, sales, leasing and management of complexes and commercial properties in the PRC. Joy City Property Limited is a large-scale commercial property developer and operator, focusing on the development, operation, sales, leasing and management of complexes and commercial properties in the PRC. COFCO Corporation, the ultimate controlling shareholder of Joy City Property Limited, is one of the 53 major state-owned enterprises under the administration of the Central Government of China, and has been selected as one of the Fortune Global 500 for more than 24 consecutive years. COFCO Corporation is one of the 21 enterprises under the direct management of the Central Government with the approval of SASAC to engage in the development, investment and management of real estate projects. Joy City Property Limited is the only platform for commercial property business of COFCO Corporation. The Group mainly engages in the development, operation and management of urban complexes under the brand of Joy City. It also engages in the development, sales, investment and management of other property projects. The Group has four business segments, namely investment properties, property development, hotel operation and property management and related services. As of 31 December 2017, the Group has expanded into the core cities and their surrounding areas in five major city groups including Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, Chengdu- Chongqing and middle Yangtze River city group. Meanwhile, the Group successfully entered 12 cities including Beijing, Shanghai, Tianjin, Shenyang, Yantai, Hangzhou, Chengdu, Xi’an, Chongqing and Qingdao. It owns eleven Joy City urban complexes, and various output management projects such as Tianjin He Ping Joy City. The Group also has premium investment properties at prime locations in first-tier cities, including Beijing COFCO Plaza, Hong Kong COFCO Tower and Beijing COFCO Landmark Tower, as well as high quality properties held for sale, namely Shanghai Jing’an Joy City • Joy Mansion One, Shanghai Qiantan One and Hainan COFCO • Hong Tang Joy Sea. The Group has a number of international high-end luxury hotels in operation, including the St. Regis Sanya Yalong Bay Resort and MGM Grand Sanya. The Group’s property projects are strategically located in central districts of first- or second-tier cities with superior quality as well as good investment value and appreciation potentials. Looking forward, the Group will continue to maintain the two-wheel-drive business model of “holding and selling properties”, and uphold the Joy City brand spirit of “young, fashionable, trendy and quality”. Leveraging on the sufficient strength of COFCO Corporation and the wealth of experience of its management team, the Group will lead the new trend of Chinese urban lifestyle and promote the development of cities in China, with an aim to become a leading complex and commercial property developer and operator in the PRC. 10 Joy City Property Limited Annual Report 2017 Major Business Structure SHEN YANG 2 BEIJING 3 15 12 3 1 1 TIANJIN YANTAI 6 XI’AN 5 11 QING DAO 3 CHENG SHANG 4 13 9 DU HAI 1 5 8 7 9 7 HANG CHONG ZHOU QING 8 6 10 HONG KONG 14 2 4 SANYA 1 2 4 Joy City Property Limited Annual Report 2017 11 1 Xidan Joy City 9 Shanghai Changfeng Joy City 2 Shenyang Joy City 10 Chongqing Joy City 3 Chaoyang Joy City 11 Xi’an Joy City 4 Shanghai Jing’an Joy City 12 Beijing COFCO Plaza 5 Tianjin Nankai Joy City 13 Fraser Suites Top Glory Shanghai 6 Yantai Joy City 14 Hong Kong COFCO Tower Investment 7 Chengdu Joy City 15 COFCO • Landmark Tower Properties 8 Hangzhou Joy City 1 Ocean One 6 Hangzhou Joy City • Joy Mansion 2 Brilliant Villa 7 Chengdu Joy City • Joy Street 3 Qingdao Project 8 Shanghai Qiantan One 4 Hainan COFCO • Hong 9 Chengdu COFCO Plaza Tang Joy Sea Property 5 Shanghai Jing’an Joy City • Joy Mansion One Development 1 The St. Regis Sanya Yalong 3 W Beijing – Chang'an Bay Resort 4 Cactus Resort Sanya by Gloria 2 MGM Grand Sanya Hotel Operation 1 Joy City Commercial Management Property Management and Related Services 12 Joy City Property Limited Annual Report 2017 Major Events and Awards in 2017 MAJOR EVENTS 2017 in Shanghai Changfeng Joy City held 16 the global merchandising conference The Company entered into Xi’an Qin and the inauguration ceremony. Han Tang Project equity acquisition March 3 and cooperation agreement with Wanye Real Estate. March Beijing COFCO Plaza held a press conference on its C Tower reopening 26 after renovation and Intelligent Operating Platform. May 17 August 16 August The Company set up a merger and acquisition fund. The Company entered into an investment cooperation agreement with Shibei District Government of Qingdao. Joy City Property Limited Annual Report 2017 13 Major Events and Awards in 2017 27 Young Street-Xidan Joy City’s first themed street district was unveiled. August 6 September The Company successfully issued the first medium-term Panda notes (Bond Connect). 12 Construction of Chongqing Joy City November project officially started. 25 Xi’an Joy City held the opening ceremony for merchandising. October Chat Garden-Xidan Joy City’s 28 first restaurant street district was unveiled officially. December 6 Joy City held its tenth anniversary December brand promotion . 14 Joy City Property Limited Annual Report 2017 Awards Hangzhou Joy City The Company won four won the awards of the awards in the “ICSC “Commercial Real Estate China Shopping Centre Project with greatest Awards”. growth potential in China” and the “New Urban Commercial Landmark of TheAWARDS Company won two awards of the “Best the Year”. Investment Value” and the “Best Investor Relationship” Listed Companies for 2016 selected by China Financial Market. 12 and 14 April 14 April 6 April 12 April 12 January 31 March The Company won the award of the “Benchmarking Enterprises for the Administration of Commercial Real Estate Assets in China”. • Shanghai Jing’an Joy City won the award of the “New Urban Commercial Landmark of the Year”. Yantai Joy City won the award of the Excellent Commercial Real Estate • Xidan Joy City won the award of the Management Team Award of the Year. “Outstanding Contribution Award of Commercial Property Industry”. • Chengdu Joy City won the award of the “ Excellent Commercial Real Estate Operation Project of the Year”. Joy City Property Limited Annual Report 2017 15 Shanghai Jing’an Joy City won the Shanghai Jing’an “2017 CCFA Golden Joy City won Lily Award-Best the award of Shopping Centre Xidan Joy City, Shanghai Jing’an Outstanding Design ”. Joy City, and Shanghai Changfeng Shopping Centre Joy City won the “Award of Leading Operator in China Experiential Commercial Property in 2017. in China” respectively. 3 30 November November 20 October 24 5 October July 20 September 23 May 12 June The Company won the 2017 China Securities Golden Bauhinia Award. Chengdu Joy City won the ICSC Asia Pacific Shopping Center Design and New Development Silver Award. Shanghai Jing’an Joy City won the 2017 CCFA “Top Ten Innovative Service Types” award. The Company won the award of the “Best Real Estate Companies of 2017 in China”. 7 November The Company won the “2017-2018 China’s most 12 Influential Shopping Mall December Brand” award. Hangzhou Joy City won the Planning and Design Innovation Award of China’s shopping center industry of 2017 issued by Mall China. Zhou Zheng (Chairman of the Company) won the title of Top Ten Real Estate CEO in China of 2017. 16 Joy City Property Limited Annual Report 2017 Financial Highlights For the year ended 31 December Item 2017 2016 Change (%) RMB’000 RMB’000 Revenue 11,657,761 6,987,097 66.8 Includes: Gross rental income from investment properties and related property management services 3,433,075 3,123,460 9.9 Property development 7,123,798 2,752,066 158.9 Hotel operations 959,253 1,010,405 -5.1 Primary land development 12,593 4,186 200.8 Property management and related services 82,320 89,284 -7.8 Output management 46,722 7,696 507.1 Gross profit 5,247,676 3,760,189 39.6 Profit attributable to owners of the Company 1,153,162 797,581 44.6 Core net profit attributable to owners of the Company (Note 1) 838,953 318,551 163.4 Basic earnings per share (RMB cent) 7.5 5.2 44.2 31 December 31 December Item 2017 2016 Change (%) RMB’000 RMB’000 Total assets 86,370,523 82,550,683 4.6 Equity attributable to owners of the Company 27,018,517 26,203,351 3.1 Net debt to total equity ratio (%) (Note 2) 28.2 30.1 -1.9 (Note 3) Notes: 1.
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