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Annual Report 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. 2 Corporate Information 3 Corporate Profile 8 Management Profile 13 Financial Highlights and Calendar 14 Significant Events CONTENTS 16 Chairman’s Statement 18 Review of Operations 40 Recent Developments and Prospects 42 Corporate Social Responsibility 51 Schedule of Major Properties 57 Group Financial Review 61 Report of the Directors 76 Corporate Governance Report 90 Remuneration Committee Report 91 Nomination Committee Report 92 Audit Committee Report 93 Risk Management and Internal Control Report 101 Independent Auditor’s Report 107 Consolidated Income Statement 108 Consolidated Statement of Comprehensive Income 109 Consolidated Balance Sheet 111 Consolidated Statement of Changes in Equity 113 Consolidated Cash Flow Statement 116 Notes to the Financial Statements 210 Five-Year Financial Summary 厚德載物 Virtues of Nature As the Book of Changes goes, “Mother Earth is forbearing, nurturing and all-embracing.” Like the timeless virtues of nature, Shun Tak Group has evolved with remarkable foresight, far-reaching aspirations, and a harmonious balance of diversity and inclusion. Combining our strengths with our partners’, the Group has expanded into new frontiers with the views of creating values for its shareholders, promoting regional integration and contributing to the development of the nation. Corporate Information CHAIRMAN EMERITUS AUDIT COMMITTEE AUDITOR Dr. Stanley Ho Mr. Norman Ho (Chairman) PricewaterhouseCoopers Mr. Michael Wu Certified Public Accountants and BOARD OF DIRECTORS Mr. Kevin Yip Registered Public Interest Entity Auditor Ms. Pansy Ho Group Executive Chairman and REMUNERATION COMMITTEE SOLICITOR Managing Director Mr. Michael Wu (Chairman) Norton Rose Fulbright Mr. Norman Ho Mr. Norman Ho Mr. Charles Ho PRINCIPAL BANKERS Independent Non-Executive Director Mr. Kevin Yip Bank of China (Hong Kong) Limited Mr. Charles Ho Ms. Pansy Ho The Hongkong and Shanghai Banking Independent Non-Executive Director Ms. Daisy Ho Corporation Limited Bank of China, Macau Branch Mr. Michael Wu NOMINATION COMMITTEE Hang Seng Bank Limited Independent Non-Executive Director Mr. Charles Ho (Chairman) China Construction Bank (Asia) Mr. Kevin Yip Mr. Norman Ho Corporation Ltd Independent Non-Executive Director Mr. Michael Wu Crédit Agricole Corporate & Ms. Daisy Ho Mr. Kevin Yip Investment Bank Executive Director and Ms. Pansy Ho Nanyang Commercial Bank, Ltd. Deputy Managing Director Ms. Daisy Ho SHARE REGISTRAR Ms. Maisy Ho COMPANY SECRETARY Computershare Hong Kong Investor Executive Director Ms. Angela Tsang Services Limited Mr. David Shum Shops 1712–1716 Executive Director REGISTERED OFFICE AND 17th Floor, Hopewell Centre CONTACT DETAILS 183 Queen’s Road East Mr. Rogier Verhoeven Penthouse 39th Floor, West Tower Wanchai Executive Director Shun Tak Centre Hong Kong 200 Connaught Road Central Hong Kong SHARE LISTING Tel: (852) 2859 3111 The Company’s shares are listed on Fax: (852) 2857 7181 The Stock Exchange of Hong Kong Shun Tak Holdings Limited Website: www.shuntakgroup.com Limited. E-mail: [email protected] 2 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. Property Hospitality Transportation Investment Annual Report 2019 3 Corporate Profile PROPERTY mall, a 5-star Mandarin Oriental Hotel residential development, clubhouse, and serviced apartments managed by office tower, shopping mall and The Group has a prominent and the same hotel group. carpark across Hong Kong and Macau. successful track record in the Macau and Hong Kong property markets. The Nova City in Taipa is one of the The Group made its foray into the Group owns one of the largest largest luxury developments in Macau. Northern China property market developable floor areas in Macau The project comprises upscale through an investment in the Beijing among Hong Kong listed companies. It residential units, world-class Tongzhou Integrated Development. The is an important player in Macau’s landscaping and clubhouse facilities. complex will be developed into an property market with a host of Sales of first four phases have iconic landmark comprising retail, property development projects, and generated strong public response. The office and serviced apartments all has growing presence in the Greater final phase of Nova City — Nova amalgamated under one prime address China real estate market with Grand, will sit above a large-scale along the famous Grand Canal. investments in Tongzhou and Dong lifestyle shopping centre with a gross Zhi Men in Beijing, Minhang, Qiantan floor area over 655,000 square feet. It Shun Tak Tower, the Group’s wholly- and Jingan in Shanghai, Hengqin in is expected to become an activity hub owned property in Beijing Dong Zhi Zhuhai, Xiqing in Tianjin and serving the Taipa community upon Men near East 2nd Ring Road, is Chenggong in Kunming. opening. A joint venture partnership located next to the airport highway, has been formed with HIP Company serviced by a convenient network of The Group has also recently entered Limited, a wholly-owned subsidiary of major metro lines and bus routes. The the Singapore market through the the Abu Dhabi Investment Authority to 63,000-square-foot site comprises both acquisition of premium properties co-invest in the shopping centre. office and hospitality components and located in central business district, is close to Beijing downtown, embassy building a well-rounded portfolio The Group plays a prominent role in area, and YanSha district. spanning hotel, commercial and the Hong Kong property market with residential developments. a portfolio comprising commercial, Hengqin Integrated Development is a residential and retail property ventures. joint development between the Group One Central, the Group’s joint venture The Group’s signature residential and Perennial Hengqin Investment with Hongkong Land Holdings Limited, projects in Hong Kong include The Group Pte. Ltd. The site boasts is located on a prime waterfront site Belcher’s, liberté and Chatham Gate. unparalleled connectivity, with direct in Macau Peninsula. The project access to the port and commercial comprises 7 prestigious residential Its property management branch facilities at the border to Macau, to be towers, a luxurious flagship shopping currently offers professional property serviced by an extension of the and facility management services to Guangzhou-Zhuhai Intercity Rail as Shun Tak Holdings Limited 4 well as the Hengqin and Macau light plots with a total site area of TRANSPORTATION rails in the future. It will be approximately 24,913 square metres developed into an integrated landmark and a total developable gross floor The Group’s origin dates back to 1962 which comprises office, retail, hotel area of approximately 329,000 square with the inauguration of a passenger and apartments. metres. Situated in close proximity to ferry service between Hong Kong and major tourism destinations and central Macau. In a strategic move in 1999 to Mixed Development at Qiantan, business precincts such as the Bund strengthen its shipping business and Shanghai is a 50:50 joint venture and Lujiazhui, it is planned to expand its market share, the Group project with Shanghai Lujiazui (Group) encompass residential, office and successfully merged its shipping Company Limited. When completed, commercial components, as well as an operation with that of China Travel the 133,500 square metres of total underground shopping mall and a International Investment Hong Kong gross floor area will encompass offices, public park. Limited to create a combined entity retail space, a 5-star hotel, and an arts under the brand name “TurboJET”. and cultural centre. Upon completion, Beyond its Greater China home base, TurboJET, operated and managed by Artyzen Hospitality Group will take the Group is diligently investing in the Shun Tak — China Travel Shipping over the management of the hotel Singapore market with a number of Investments Limited and its component of the development. acquisitions that hold excellent subsidiaries, offers passengers speedy, potentials. reliable and comfortable sea travel In 2018, the Group ventured into services across major destinations China’s healthcare sector through a 111 Somerset Road is a premium within the Pearl River Delta (“PRD”), strategic partnership with Perennial commercial development strategically developing a well-connected sea Real Estate Holdings Limited, under located within the Orchard Road transportation network linking major which the two will jointly develop precinct, surrounded by a prime cities and airports in the region such mixed-use healthcare complexes close shopping, entertainment and tourism as
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