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World. Class a Our Above 22mm spine OUR WORLD 2015 SHUN TAK HOLDINGS LIMITED ANNUAL REPORT . A 信德集團有限公司年報 CLASS ABOVE. 卓越打造 超凡國度 OUR SHUN TA WORLD. K HOLDINGS LIMIT A CLASS ABOVE. E 卓越打造 超凡國度 D ANNUAL R E PORT 信德集團有限公司年報 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 2015 STOCK CODE 股份代號: 242 www.shuntakgroup.com CONTENTS 2 Corporate Information 3 Corporate Profile 6 Management Profile 13 Financial Highlights and Dividend Schedule 14 Significant Events 16 Chairman’s Statement 18 Review of Operations 37 Recent Developments and Prospect 38 Corporate Social Responsibility 42 Schedule of Major Properties 46 Group Financial Review 52 Report of the Directors 67 Corporate Governance Report 81 Independent Auditor’s Report 83 Consolidated Income Statement 84 Consolidated Statement of Comprehensive Income 85 Consolidated Balance Sheet 87 Consolidated Statement of Changes in Equity 89 Consolidated Cash Flow Statement 92 Notes to the Financial Statements 174 Five-Year Financial Summary IFN FINANCIAL PRESS LIMITED IFN FINANCIAL PRESS PRINTING: 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 EGG CREATIVES PTE LTD PTE LTD EGG CREATIVES opinions does not materialise or turns out to be incorrect. DESIGN: OUR WORLD. A CLASS ABOVE. 卓越打造 超凡國度 For over 50 years, we have built a solid business that spans across different industries. Our customers mean the world to us. Therefore, we return our appreciation by creating distinctive products and services delivered with world-class finesse. As we forge ahead on this journey, we will continue to strive for perfection, break new grounds, capitalize on opportunities and maximize profits for a better future. 02 OUR WORLD. A CLASS ABOVE. CORPORATE INFORMATION BOARD OF DIRECTORS AUDIT COMMITTEE AUDITOR Dr. Stanley Ho Mr. Norman Ho (Chairman) PricewaterhouseCoopers Group Executive Chairman Mrs. Louise Mok Mr. Michael Ng Mr. Norman Ho SOLICITOR Independent Non-Executive Director REMUNERATION COMMITTEE Norton Rose Mr. Charles Ho Independent Non-Executive Director Mr. Michael Ng (Chairman) Mr. Norman Ho PRINCIPAL BANKERS Mr. Michael Ng Mr. Charles Ho Independent Non-Executive Director Ms. Pansy Ho Bank of China (Hong Kong) Limited Ms. Daisy Ho The Hongkong and Shanghai Banking Mr. Kevin Yip Corporation Limited Independent Non-Executive Director Bank of China, Macau Branch NOMINATION COMMITTEE Hang Seng Bank Limited Mrs. Louise Mok Crédit Agricole Corporate & Non-Executive Director Mr. Charles Ho (Chairman) Investment Bank Mr. Norman Ho The Bank of Nova Scotia Ms. Pansy Ho Mr. Michael Ng Nanyang Commercial Bank, Ltd. Managing Director Ms. Pansy Ho Ms. Daisy Ho Ms. Daisy Ho SHARE REGISTRAR Deputy Managing Director COMPANY SECRETARY Computershare Hong Kong Investor Ms. Maisy Ho Services Limited Executive Director Ms. Angela Tsang Shops 1712-1716 17th Floor, Hopewell Centre Mr. David Shum 183 Queen’s Road East Executive Director REGISTERED OFFICE Wanchai Hong Kong Mr. Rogier Verhoeven Penthouse 39th Floor, West Tower Executive Director Shun Tak Centre 200 Connaught Road Central ADR DEPOSITARY Hong Kong Tel: (852) 2859 3111 The Bank of New York Mellon Fax: (852) 2857 7181 Website: www.shuntakgroup.com E-mail: [email protected] SHARE LISTING The Company’s shares are listed on The Stock Exchange of Hong Kong Limited and traded in the form of American Depositary Receipts on the OTC market in the United States of America. ANNUAL REPORT 2015 03 CORPORATE PROFILE P ROPERTY TRANSPORTATION HOSPITALITY INVESTMENT 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. 04 OUR WORLD. A CLASS ABOVE. PROPERTY residential projects in Hong Kong The Group currently provides property include The Belcher’s, liberté and management services to 22 million The Group has a prominent and Chatham Gate. square feet of residential, commercial successful track record in the Macau and industrial properties across Hong and Hong Kong property markets. The Group made its foray into the Kong and Macau. The Group owns one of the largest Northern China property market developable floor areas in Macau through an investment in the Beijing TRANSPORTATION among Hong Kong listed companies. Tongzhou Integrated Development. The It is an important player in Macau’s complex will be developed into an iconic The Group’s origin dates back to 1961 property market with a host of landmark comprising retail, office and with the inauguration of a passenger property development projects, and serviced apartments all amalgamated ferry service between Hong Kong and has recently expanded its footprint in under one prime address along the Macau. In a strategic move in 1999 the Greater China real estate market famous Grand Canal. to strengthen its shipping business through investments in Tongzhou and and expand its market share, the Dong Zhi Men in Beijing, Minhang Shun Tak Tower, the Group’s wholly- Group successfully merged its and Lingang in Shanghai, as well as owned property in Beijing Dong Zhi shipping operation with that of CTS Hengqin in Zhuhai. Men near East 2nd Ring Road, is Parkview Holdings Limited to create located next to the airport highway, a combined entity under the brand One Central, the Group’s joint venture serviced by a convenient network of name “TurboJET”. TurboJET, operated with Hongkong Land Holdings Limited, major metro lines and bus routes. and managed by Shun Tak – China is located on a prime waterfront site The 63,000-square-foot site comprises Travel Shipping Investments Limited, in Macau Peninsula. The project both office and hospitality components offers passengers speedy, reliable and comprises 7 prestigious residential and is close to Beijing downtown, comfortable sea travel services across towers, a luxurious flagship shopping embassy area, and YanSha district. major destinations within the Pearl mall, a five-star Mandarin Oriental River Delta (“PRD”), linking major Hotel and serviced apartments Hengqin Integrated Development is a cities such as Hong Kong, Macau, managed by the same hotel group. joint venture between the Group and Shenzhen, Nansha and Shekou. Perennial Hengqin Investment Group Nova City in Taipa is one of the largest Pte. Ltd.. The site boasts unparalleled In 2003, TurboJET launched a unique luxury developments in Macau. The connectivity, with direct access to the inter-regional air-sea network project comprises upscale residential port and commercial facilities at the titled “TurboJET Airport Routes” units, world-class landscaping and border to Macau, to be serviced by an comprising a ferry service that links clubhouse facilities. Sales of the first extension of the Guangzhou-Zhuhai major international airports in the four phases have generated strong Intercity Rail as well as the Hengqin PRD (previously known as ‘TurboJET public response. Joint development and Macau light rails in the future. It is Sea Express’). The bonded service partner, China State Construction set to be developed into an integrated connects air transit passengers of the International Holdings Limited, has landmark which comprises office, Hong Kong International Airport with been introduced to co-develop the retail, hotel and serviced apartments. Macau and various destinations in the residential portion of Phase 5, which PRD region, further strengthening will sit above a large-scale lifestyle In 2015, the Group agreed to acquire connectivity amongst PRD cities and shopping centre with a gross floor a hotel property in Shanghai as part world destinations. area over 655,000 square feet. of the Shanghai MixC integrated The shopping centre will become commercial development project. Today, the Group is involved in the an activity hub serving the Taipa The property will be developed into operational management of four key community upon completion. an 8-storey hotel building spanning ferry terminals in the region, namely 30,000 square meters of gross floor Hong Kong SkyPier, Hong Kong Tuen The Group plays a prominent role in area. When completed, the hotel Mun Ferry Terminal, Macau Maritime the Hong Kong property market with property will be operated by the Ferry Terminal and Shenzhen Airport a portfolio comprising commercial, Group’s hotel management subsidiary, Fuyong Ferry Terminal. The management residential and retail property Artyzen Hospitality Group (“AHG”), to of passenger ports strategically ventures. The Group’s signature extend two hotel product offerings. anchors the multimodal transportation development within the region. ANNUAL REPORT 2015 05 On land, the Group’s joint venture In 2013, the Group founded Artyzen INVESTMENT company, Shun Tak & CITS Coach Hospitality Group (“AHG”) to offer (Macao) Limited, has an operating fleet hotel management solutions to
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