Annual Report

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） HKEx Stock Code 香港聯交所上市編號：3883 2012 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） HKEx Stock Code 香港聯交所上市編號：3883 Annual Report Annual Report 2012 年報 Group Introduction 集團簡介 China Aoyuan Property Group Limited (“Aoyuan” or the “Company”) and its subsidiaries (the “Group”) have been developing residential projects for over ten years with innovative concept of composite property, incorporating healthy living concepts of sports and regimen into residential communities. Thereafter, the Group introduced the Cathay Capital Group, a US investment fund, as one of its substantial shareholders, and the Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 9 October 2007 (Stock Code: 3883). The real estate projects currently held by the Group are mainly located in Guangdong, Shenyang, Chongqing, Hunan, Guangxi and Jiangxi etc., which have created excellent and comfortable living environment for property owners. The Group’s strategy is to implement regional focus on the fi ve major economic circles as its core regions in China, namely Pearl River Delta, Yangtze River Delta, Bohai Rim, core region of Central and Western China and Beibuwan. In the future, the Group will adhere to the “building a healthy lifestyle” brand philosophy, focusing on the development of commercial and residential properties in parallel with quality-oriented strategy, strive to provide its customers with superior living environment and create a healthy and positive lifestyle and lead a healthy city living. 中國奧園地產集團股份有限公司（「奧園」或「本公司」）及其附屬公司（「本集團」）十多年來以創新的複合理念開發房地產項目，把運動、養生的健康生活概念帶入居住小區。其後，本集團引入美國投資基金國泰財富集團成為主要股東之一，並於二零零七年十月九日在香港聯合交易所有限公司（「聯交所」）主板上市（股份代號：3883）。本集團持有的房地產項目主要分布於廣東、瀋陽、重慶、湖南、廣西及江西等地，為業主創造了優越及舒適的居住條件。本集團的戰略布局，以珠三角、長三角、環渤海、中西部核心區及北部灣內地五大經濟圈為核心，實施區域聚焦。未來，本集團將秉持「構築健康生活」的品牌理念，專注於住宅和商業地產的雙線開發，以品質為導向，致力於為客戶提供高品質人居環境和創造積極健康的生活方式，引領城市健康生活。 Content 目錄此乃藝術構圖以作參考 Artists impressions for reference 公司資料 2 Corporate Information 財務摘要 4 Financial Highlights 年度大事回顧 6 Year in Review 2012年榮譽及獎項 8 2012 Honors and Awards 主席報告 10 Chairman’s Statement 行政總裁報告 14 Chief Executive Offi cer’s Report 管理層討論與分析 22 Management Discussion and Analysis 董事及高級管理人員簡介 33 Directors and Senior Management Profi le 土地儲備 46 Land Bank 項目概要 50 Project Summary 企業管治報告 72 Corporate Governance Report 董事報告 89 Report of the Directors 獨立核數師報告 105 Independent Auditor’s Report 綜合全面收益表 107 Consolidated Statement of Comprehensive Income 綜合財務狀況表 108 Consolidated Statement of Financial Position 綜合權益變動表 110 Consolidated Statement of Changes in Equity 綜合現金流量表 113 Consolidated Statement of Cash Flows 簡明綜合財務報表附註 115 Notes to the Consolidated Financial Statements 財務概要 234 Financial Summary 主要持有待售物業 235 Major Properties Held for Sale 投資物業 236 Investment Properties Corporate Information 公司資料 DIRECTORS 董事 Executive Directors 執行董事 Mr. Guo Zi Wen (chairman) 郭梓文先生（主席） Mr. Guo Zi Ning (vice chairman and chief executive officer) 郭梓寧先生（副主席兼行政總裁） Mr. Yang Zhong (chief operating officer) 楊忠先生（營運總裁） Mr. Lam Kam Tong (chief financial officer) 林錦堂先生（首席財務官） (resigned on 22 May 2012) （於二零一二年五月二十二日辭任） Ms. Xin Zhu 辛珠女士 Mr. Hu Da Wei (resigned on 14 August 2012) 胡大為先生（於二零一二年八月十四日辭任） Non-executive Directors 非執行董事 Mr. Wu Jie Si (vice chairman) 武捷思先生（副主席） Mr. Paul Steven Wolansky 保爾 • 渥蘭斯基先生 Independent Non-executive Directors 獨立非執行董事 Mr. Ma Kwai Yuen 馬桂園先生 Mr. Song Xian Zhong 宋獻中先生 Mr. Tsui King Fai 徐景輝先生 Mr. Cheung Kwok Keung 張國強先生 REGISTERED OFFICE 註冊辦事處 Cricket Square, Cricket Square, Hutchins Drive, Hutchins Drive, P.O. Box 2681, P.O. Box 2681, Grand Cayman, Grand Cayman, KY1-1111, KY1-1111, Cayman Islands Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 中國主要營業地點 Aoyuan Mansion, 中國 No. 108, HuangPu Avenue West, 廣州 Tianhe District, 天河區 Guangzhou, 黃埔大道西108號 PRC 奧園大廈 PLACE OF BUSINESS IN HONG KONG 香港營業地點 Unit 1901-2, 19th Floor, One Peking, 香港 No. 1 Peking Road, 九龍尖沙咀 Tsimshatsui, Kowloon 北京道一號 Hong Kong 19樓 1901-2室 COMPANY WEBSITE 公司網址 http://www.aoyuan.com.cn http://www.aoyuan.com.cn COMPANY SECRETARY 公司秘書 Mr. Leung Yau Wan John 梁又穩先生 (appointed on 23 May 2012) （於二零一二年五月二十三日獲委任） 2 China Aoyuan Property Group Limited 中國奧園地產集團股份有限公司 Corporate Information (continued) 公司資料（續）公司資料（續） AUTHORIZED REPRESENTATIVES 授權代表 Mr. Guo Zi Wen 郭梓文先生 Mr. Guo Zi Ning 郭梓寧先生 MEMBERS OF THE AUDIT COMMITTEE 審核委員會成員 Mr. Ma Kwai Yuen (chairman) 馬桂園先生（主席） Mr. Song Xian Zhong 宋獻中先生 Mr. Tsui King Fai 徐景輝先生 Mr. Cheung Kwok Keung 張國強先生 MEMBERS OF THE REMUNERATION 薪酬委員會成員 COMMITTEE Mr. Tsui King Fai (chairman) 徐景輝先生（主席） Mr. Ma Kwai Yuen 馬桂園先生 Mr. Cheung Kwok Keung 張國強先生 MEMBERS OF THE NOMINATION COMMITTEE 提名委員會成員 Mr. Guo Zi Wen (chairman) 郭梓文先生（主席） Mr. Ma Kwai Yuen 馬桂園先生 Mr. Song Xian Zhong 宋獻中先生 Mr. Tsui King Fai 徐景輝先生 Mr. Cheung Kwok Keung 張國強先生 PRINCIPAL BANKERS 主要往來銀行 Agricultural Bank of China Limited 中國農業銀行股份有限公司 Bank of China Limited 中國銀行股份有限公司 China Merchants Bank Co., Ltd. 中國招商銀行有限公司 Bank of Communications Co., Ltd. 交通銀行股份有限公司 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 Nanyang Commercial Bank Limited 南洋商業銀行有限公司 China Construction Bank Corporation 中國建設銀行股份有限公司 PRINCIPAL SHARE REGISTRAR AND 股份過戶登記總處 TRANSFER OFFICE Royal Bank of Canada Trust Company (Cayman) Limited Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 4th Floor, Royal Bank House 24 Shedden Road, George Town 24 Shedden Road, George Town Grand Cayman KY1-1110 Grand Cayman KY1-1110 Cayman Islands Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 香港股份過戶登記分處 AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 17 M Floor, 香港 Hopewell Centre, 灣仔 183 Queen’s Road East, 皇后大道東183號 Wanchai, 合和中心 Hong Kong 17M樓 Annual Report 2012 二零一二年年報 3 Financial Highlights 財務摘要 Results Highlights 業績摘要 For the year ended 31 December 2012 截至二零一二年十二月三十一日止年度 (RMB’000)（人民幣千元） 2012 2011 二零一二年二零一一年 Revenue 營業額 3,942,205 3,022,154 Gross profit 毛利 1,186,540 817,583 Net profit 純利 932,644 442,660 Attributable to: 以下人士應佔： – Owners of the Company －本公司擁有人 930,272 433,048 – Non-controlling interests －非控股權益 2,372 9,612 Earnings per share (cents) 每股溢利（分） – Basic －基本 35.57 16.58 – Diluted －攤薄 35.57 16.56 Revenue Analysis 營業額分析 For the year ended 31 December 2012 截至二零一二年十二月三十一日止年度 (RMB’000)（人民幣千元） 2012 2011 二零一二年二零一一年 Property development 物業發展 3,865,079 3,004,272 Property investment 物業投資 31,211 5,966 Others 其他 46,915 11,916 Total 合計 3,943,205 3,022,154 Property Development Revenue Analysis 物業發展收入分析 For the year ended 31 December 2012 截至二零一二年十二月三十一日止年度 Sold and Delivered 已售及交付 Area Revenue 面積收入 (’000 sq.m.) (RMB’000) （千平方米）（人民幣千元） Apartments 洋房 319.3 1,888,951 Commercial properties 商業物業 108.3 1,438,917 Townhouses 連排別墅 59.3 537,211 Total 合計 486.9 3,865,079 4 China Aoyuan Property Group Limited 中國奧園地產集團股份有限公司 Financial Highlights (continued) 財務摘要（續）財務摘要（續） Balance Sheet Summary 資產負債表摘要 As at 31 December 2012 於二零一二年十二月三十一日 (RMB’000)（人民幣千元） 2012 2011 二零一二年二零一一年 Total assets 資產總額 20,813,041 16,914,471 Total liabilities 負債總額 13,709,356 10,685,694 Total equity 權益總額 7,103,685 6,228,777 Three Years Financial Highlights 三年財務摘要 Revenue 營業額 Gross Profit 毛利 RMB million 人民幣百萬元 RMB million 人民幣百萬元 4,000 3,943 1,200 1,187 3,500 1,000 3,022 3,000 818 800 2,500 2,442 656 2,000 600 1,500 400 1,000 200 500 0 0 2010 2011 2012 2010 2011 2012 Earnings Per Share Net Profit 純利每股溢利 RMB million 人民幣百萬元 RMB cents 人民幣分 1,000 40 933 35.57 35.57 35 800 30 25 600 Basic 基本 20 Diluted 443 16.58 16.56 攤薄 400 347 15 10 200 5 0 0 2010 2011 2012 2011 2012 Annual Report 2012 二零一二年年報 5 Year in Review 年度大事回顧 14月月Jan 3月Mar Apr The Group acquired a parcel of land Chongqing Aoyuan • Jinyu commenced Zhongshan Aoyuan • Chun Xiao and for commercial and residential use in construction. Phase 2 of Kunshan Aoyuan • Yinxiang Jiulongpo District, Chongqing for the 重慶奧園 • 金域項目正式動工建設。 Gaodi was launched. project “Chongqing Aoyuan • Jinyu” 中山奧園 • 春曉及昆山奧園 • 印象高迪二 at a consideration of RMB218 million 期正式盛大開盤。 to further consolidate the expansion in Chongqing. 本集團以人民幣2.18億元取得重慶市九龍坡區商住地塊，即重慶奧園 • 金域項目，進一步強化於重慶市的擴充策略。此乃藝術構圖以作參考此乃藝術構圖以作參考 Artists impressions for reference Artists impressions for reference 5月May 6月Jun 月Jul7 “Aoyuan Cup”, the badminton match Zhongshan Aoyuan • Xing Chen was Aoyuan acquired 70% equity interest that marked the beginning of a series of officially launched for sale. of two projects located in Zhuzhou, branding activities for the year by Aoyuan. 中山奧園 • 星辰正式公開發售。 Hunan at a total consideration of RMB84 The world Champion, Xie Xing Fang was million and is in line with its long-term invited as a health ambassador. development strategy. 奧園啟動全年品牌主題系列活動之「奧園奧園以總代價人民幣8,400萬元收購湖南杯」羽毛球賽，世界冠軍謝杏芳受邀擔任株洲兩個項目七成股權，符合長遠發展策健康大使。略。 Aoyuan Health Plaza • Jinjie was launched. 奧園養生廣場 • 金街開盤。此乃藝術構圖以作參考 Artists impressions for reference 6 China Aoyuan Property Group Limited 中國奧園地產集團股份有限公司 Year in Review (continued) 年度大事回顧（續）年度大事回顧（續） 81月月Aug 9月Sep 0Oct New residential units “Xìngfu Mofang” Chongqing Aoyuan • Jinyu was launched. Aoyuan successfully acquired a parcel of Shenyang of Aoyuan • The Metropolis 重慶奧園 • 金域盛大開盤。 land for commercial and residential use in was launched. Tianyuan District, Zhuzhou, Hunan. 奧園成功取得湖南株洲天元區商業及住宅瀋陽奧園 • 國際城新組團「幸福魔方」住宅 Commercial units “Shidai Plaza” and 地塊。產品盛大開盤。 residential units “Huanleli” of Shenyang Aoyuan completed the disposal of the Aoyuan • Convention Plaza were officially Beijing project and received cash of over launched for sale. HK$3.2 billion. 瀋陽奧園 • 會展廣場新組團「時代廣場」商奧園完成出售北京項目逾32億港元現金鋪產品和「歡樂裏」住宅產品正式發售。

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