Quality Excellence Home of Dreams 完美品質夢想家園

Annual Report 年報 2010

Contents 目錄

Corporate Proﬁle 02 Financial Review 75 企業簡介財務回顧

Corporate and Listing Information 03 Report of the Directors 85 企業及上市資料董事會報告

Corporate Structure 06 Corporate Governance Report 107 企業架構企業管治報告

Financial Highlights 08 Report of the Independent Auditor 118 財務摘要獨立核數師報告

Chairman’s Statement 09 Balance Sheets 120 主席報告資產負債表

Chief Executive Ofﬁcer’s Report 23 Consolidated Income Statement 122 行政總裁報告綜合損益表

Property Proﬁle 40 Consolidated Statement of Comprehensive Income 123 物業簡介綜合全面收入報表

Investment Property Factsheet 69 Consolidated Cash Flow Statement 124 投資物業一覽表綜合現金流量表

Directors’ Proﬁle 70 Consolidated Statement of Changes in Equity 126 董事簡介綜合權益變動表

Senior Management’s Proﬁle 74 Notes to the Consolidated Financial Statements 128 高級管理層簡介綜合財務報表附註

Summary of Financial Information 250 財務資料概要 02 Hopson Development Holdings Limited . Annual Report 2010 Beijing, TianjinandShanghaioverthepastfewyears. Major investmentsweremadeinthefirst-tiercitiessuchasGuangzhou, the positioningandmarketabilityofcorporatebranding. corporate branding.Strongbrandrecognitionatprojectlevelenhances is featuredwithauniquethemetodemonstratethestrengthofour community culturesanddifferentoperatingmodels.Eachpropertyproject designs, customerservicesandfacilities;toaccommodatedifferent have beenestablishedtocoverarangeofbusinessesincludingproduct and Beijing,thebrandssuchas“RegalRiviera”,“Gallopade”“Fairview” Guangzhou, Beijing,TianjinandShanghaiasthecorecities.InGuangzhou namely PearlRiverDelta,HuanbohaiareaandYangtzewith business model.TheprincipalfocusisonthreeCoreEconomicZones, nationwide scalethroughdeployingappropriatecorporatestrategyand Since 1995,HopsonDevelopmenthasstartedtoestablishitsbrandona People’s RepublicofChina. In termsoflandbank,itisonethelargestpropertydevelopersinThe the developmentofmediumtohigh-endlarge-scaleresidentialproperties. 00754). HopsonDevelopmentisamajorpropertygroupthatspecializesin of TheStockExchangeHongKongLimitedsince1998(Stockcode: was foundedin1992,anditsshareshavebeenlistedontheMainBoard HOPSON DEVELOPMENTHOLDINGSLIMITED(“HopsonDevelopment”) Corporate Profi le 企業簡介京、天津及上海等一線城市。本集團於過去幾年重點投資於廣州、北提升了企業品牌之定位及營銷能力。品牌。本集團項目的品牌廣受認可，整體獨具特色之主題彰顯了集團之強大企業營運模式的需要。各物業項目獨一無二，戶服務及設施，以符合不同社區文化以及多個品牌，其業務範圍涵蓋產品設計、客團已創建海作為其核心基地。於廣州及北京，本集心經濟區域，並以廣州、北京、天津及上角洲、環渤海地區及長江三角洲這三個核建立其優質品牌。其發展重心位於珠江三企業策略及發展模式開始於全國範圍內自一九九五年以來，合生創展運用適宜的型的房地產開發商之一。備計算，合生創展為中華人民共和國最大地產物業為主的大型地產集團。以土地儲代號：香港聯合交易所有限公司主板上市創展」合生創展集團有限公司） 00754 於一九九二年成立，一九九八年在「珠江帝景」），是以發展中高檔大型住宅、「駿景」（以下簡稱及「愉景」「合生（股份等 Hong Kong Central Prince’s Building 22nd Floor Certified PublicAccountants PricewaterhouseCoopers Independent Auditor ZHAO MingFeng AU WaiKin Authorized Representatives MOK WaiKun,Barbara,solicitor Company Secretary TAN LengCheng,Aaron WONG ShingKay,Oliver LEE TsungHei,David YUEN PakYiu,Philip Audit CommitteeandRemuneration TAN LengCheng,Aaron WONG ShingKay,Oliver on22ndMarch2010) LEE TsungHei,David YUEN PakYiu,Philip 21stJanuary2010) Independent Non-executiveDirectors LIAO RuoQing ZHAO MingFeng AU WaiKin XUE Hu CHEN ChangYing XIANG Bin CHU MangYee Executive Directors Board ofDirectors CORPORATE INFORMATION Corporate andListingInformation (Appointed on2ndJuly2010) (Chairman) (Resigned on2ndJuly2010) (Appointed on2ndJuly2010) (Resigned on2ndJuly2010) (Appointed on21stJanuary2010) (Chief FinancialOfficer) (Appointed asChiefExecutiveOfficer (Chief ExecutiveOfficer)(Resignedon (Deputy Chairman) (Chairman) 執行董事審核及薪酬委員會執業會計師獨立非執行董事廖若清趙明豐歐偉建薛虎陳長纓項斌朱孟依董事會企業資料 22 太子大廈中環香港羅兵咸永道會計師事務所獨立核數師趙明豐歐偉建法定代表莫瑋坤律師公司秘書陳龍清黃承基李頌熹阮北耀陳龍清黃承基李頌熹阮北耀

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企業及上市資料（於二零一零年一月二十一日（財務總監）（於二零一零年三月二十二日（行政總裁）（副主席）（主席）（於二零一零年七月二日（主席）（於二零一零年七月二日辭任）（於二零一零年七月二日（於二零一零年七月二日辭任）一月二十一日辭任）獲委任）獲委任為行政總裁）獲委任）獲委任）（於二零一零年 03 合生創展集團有限公司 . 二零一零年年報 04 Hopson Development Holdings Limited . Annual Report 2010 ZhabeiDistrict,Shanghai ChaoyangDistrict,Beijing Tianjin 23DawangRoadWest Shanghai ZhujiangNewCity,Guangzhou 421ZhujiangEastRoad ZhujiangInvestmentBuilding Beijing Guangzhou Representative Offices Hong Kong Central 1 ConnaughtPlace Suites 3305–09,33rdFloor,JardineHouse Principal Office Hamilton HM11,Bermuda Clarendon House,2ChurchStreet Registered Office 183 Queen’sRoadEast,HongKong 46th Floor,HopewellCentre Computershare HongKongInvestorServicesLimited Branch ShareRegistrarsInHongKong Standard CharteredBank Industrial andCommercialBankofChina(Asia) Industrial andCommercialBankofChina China ConstructionBank China CITICBank Bank ofEastAsia Bank ofCommunications Bank ofChina Agricultural BankofChina Principal Bankers Central, HongKong 10 HarcourtRoad 15th Floor,HutchisonHouse Minter Ellison As toHongKongLaw Legal Advisor Corporate andListingInformation(continued) BaodiDistrict,Tianjin No.14Dongchengnan Road – ZhujiangDevelopment Centre – 19thFloor,No.695, LingshiRoad, – 16th Floor,SouthTower – 企業及上市資料（續）香港法例和記大廈渣打銀行中國工商銀行中國工商銀行中國建設銀行中信銀行東亞銀行交通銀行中國銀行中國農業銀行主要往來銀行夏愨道香港中環銘德律師事務所法律顧問天津上海北京廣州代表辦事處怡和大廈康樂廣場一號中環香港主要辦事處 Hamilton HM11,Bermuda Clarendon House,2ChurchStreet 註冊辦事處合和中心香港皇后大道東香港中央證券登記有限公司香港股份過戶登記分處 – – – – 10 15 33 46 號樓樓樓（亞洲） 3305–09 183 東城南路天津市寶坻區靈石路上海市閘北區珠江發展中心西大望路北京市朝陽區南塔珠江投資大廈珠江東路廣州市珠江新城號 16 室 695 樓 14 23 421 號號號 19 號層 The SingaporeExchangeSecuritiesTradingLimited The Company's11.75%GuaranteedSeniorNotesarelistedon Guaranteed SeniorNotesListing The SingaporeExchangeSecuritiesTradingLimited The Company’s8.125%GuaranteedSeniorNotesarelistedon Guaranteed SeniorNotesListing 00754 Stock Code The StockExchangeofHongKongLimited The Company’ssharesarelistedontheMainBoardof Shares Listing LISTING INFORMATION Payable onThursday,30thJune2011 Proposed finaldividendHK17.15cents Dividends (PerShare) 16th June2011 Annual GeneralMeeting 13th June2011to16th(bothdaysinclusive) Close ofRegister Register ofShareholders SHAREHOLDERS’ CALENDAR Corporate andListingInformation(continued) 企業及上市資料（續）於二零一一年六月三十日建議未期股息股息二零一一年六月十六日股東週年大會二零一一年六月十六日於二零一一年六月十三日至暫停辦理過戶登記手續股東名冊股東日誌於新加坡證券交易所有限公司上市本公司保證優先票據上市於新加坡證券交易所有限公司上市本公司保證優先票據上市 00754 股份代號香港聯合交易所有限公司主板上市本公司股份於股份上市上市資料（每股） 11.75 8.125 厘之保證優先票據厘之保證優先票據 17.15 港仙（包括首尾兩日）（星期四）派付 05 合生創展集團有限公司 . 二零一零年年報 06 Hopson Development Holdings Limited . Annual Report 2010 Corporate Structure Hopson Development Holdings Limited 司公限有團集展創生合

Property Management Property Development and Investment Hotel Operations 理管業物資投及展發業物務業店酒北京珠江世紀物業管理 Hopson International Tongzhou Yongshun Beijing RegalCourt Dongfangwenhua 北京東方文華項目北京帝景豪廷酒店 Century Property No. 8RoyalPark Beijing Zhujiang Beijing Desheng Beijing Dreams World 合生霄雲路 Management 通州永順項目北京德勝大廈北京珠江帝景合生國際花園 Yuhe Project Beijing Plaza Royale Hotel Times Regal Città Eterna Kylin Zone 北時代帝景玉河項目羅馬嘉園有限公司 Building Limited Garden Project Project Beijing 世界村麒麟社京 8 號 International Mansion International Tower Jingjin NewTown 天津合生國際公寓天津合生國際大廈京津新城凱悅酒店 Huanbohai EconomicZone Tianjin Tianjin Hopson Tianjin Hopson Hyatt Regency Jingjin City 天津京津新城企業架構 Dalian LushunHopson 大連旅順合生江山帝景 Regal Seashore Dalian 大連環渤海經濟圈 Taiyuan Taiyuan Project 太原太原項目 Qinhuangdao 秦皇島 Seasky Villa 天戴河 Hopson DongjiaoVilla Sheshan Dongziyuan Corporate Structure (continued) Shanghai Songjiang Hopson LanternVilla Hopson International International Garden 上海松江廣富林項目 Guangfulin Project Shanghai Pudong Shanghai Shanghai Jinshan 上海金山新城項目上海浦東三林項目 Hopson Fortune 合生高爾夫公寓 Hopson Yuting Hopson Town Sanlin Project 合生財富廣場合生國際廣場合生東郊別墅合生國際花園 Hopson Golf New District 上海合生御廷園合生朗廷園佘山東紫園合生城邦 Mansion Garden Plaza Plaza Yangtze RiverDeltaEconomicZone 杭州合生國貿中心 Hopson Guomao Hangzhou Hangzhou 杭州 Centre Ningbo International 合生國際城寧波 Hopson City 企業架構 Kunshan 昆山 Kunshan 昆山項目 Projects （續）

長三角經濟圈 Hangzhou Bay 杭州灣項目慈溪 Cixi Project Pearl RiverDeltaEconomicZone Nam FongGarden Guangzhou Regal Guangzhou Huanan NewCity Guangzhou Jiahe Gallopade Park 廣州珠江帝景酒店廣州珠江國際大廈廣東康景物業服務廣州南方花園項目廣州九佛馬潮項目 Guangzhou Jiufo Hushan GuojiVilla Esteem Property Commercial City Services Limited Machao Project Yijing Huayuan Gallopade Park 廣州嘉和商業城 Yunshan Xijing Hopson Yujing Pleasant View International Riviera Hotel Regal Riviera 合生御景半山 Regal Palace Qianjin Road South Court Guangdong Guangzhou Guangzhou Junjing Bay 前進路項目 Regal Villa 廣州 Mid-level Zhujiang 華南新城逸景翠園頤景華苑帝景華苑珠江帝景駿景南苑駿景花園帝景山莊雲山熹景有限公司 Garden Project 湖山國際 Project 君景灣 Tower — Huizhou Wangxiangying 合生高爾夫莊園 Huizhou Regal Huizhou Golf International 合生國際新城 Riviera Bay 惠州帝景灣 Binhai City 萬想營項目惠州 Shidai City New City Hopson Project Manor 濱海城時代城 Zhongshan 珠三角經濟圈中山彩虹項目中山東坑項目 Regal Court Zhongshan Zhongshan Dongkeng 中山 Rainbow Project Project 帝景苑 07 合生創展集團有限公司 . 二零一零年年報 08 Hopson Development Holdings Limited . Annual Report 2010 10,000,000 12,000,000 14,000,000 16,000,000 2,000,000 4,000,000 6,000,000 8,000,000 千港元 (HK$’000) 收益 Revenues Financial Highlights Revenues Net assetsvaluepershare Dividends pershare — Diluted — Earnings pershare Profit attributabletoshareholders fairvalueovercostofacquisition) andexcessofacquirer’sinterestat Profit attributabletoshareholders Non-controlling interests Taxation Profit beforetaxation Profit fortheyear (excluding theeffectofrevaluation Basic 0 2006 2007 20082009 港仙 (cents) 每股股息 Dividends pershare 10 20 30 40 50 收益每股資產淨值每股股息每股盈利股東應佔溢利年度溢利

收購成本之部份）之收購方權益高於影響及按公平值計算股東應佔溢利非控制性權益稅項除稅前溢利 0 — —

攤薄基本 2010 2006 （未計重估 2007 20082009 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 千港元 (HK$’000) 股東應佔溢利 Profit attributabletoshareholders 0 HK37.9 cents HK126 cents HK127 cents HK$6.40 財務摘要 2006 2007 20082009 零六零七零八零九二零一零年二零零九年二零零八年二零零七年二零零六年 6,920,294 1,553,752 1,624,178 ,9,3 ,9,5 ,4,9 2,274,409 1,742,495 1,993,451 1,092,535 2,461,536 (837,358) K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 (70,426) 港港港港千港元千港元千港元千港元千港元 2010 0620 0820 2010 2009 2008 2007 2006 港元港仙港仙港仙 HK41.9 cents HK249 cents HK254 cents HK$13.64 港元 (HK$) 每股資產淨值 Net assetsvaluepershare 110631,7,2 11,225,246 10,774,624 11,130,643 16925 19282 (2,699,383) (1,912,812) (1,629,245) ,4,0 ,4,5 6,092,535 1,948,950 3,548,206 ,1,1 ,6,2 5,799,573 1,963,724 3,517,312 ,7,5 ,6,6 8,791,918 3,861,762 5,177,451 10 15 20 25 3,9)1,7 (292,962) 14,774 (30,894) 0 5 港元港仙港仙港仙 2010 2006 2007 2008 2009 HK20.0 cents HK133 cents HK133 cents HK$15.33 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 500,000 千港元 (HK$’000) 收購方權益高於收購成本之部份 ( 股東應佔溢利 fair valueovercostofacquisition) and excessofacquirer’sinterestat (excluding theeffectofrevaluation Profit attributabletoshareholders 未計重估影響及按公平值計算之港元港仙港仙港仙 0 2006 HK369 cents HK377 cents HK9.2 cents HK$19.15 2010 2007 20082009 港元港仙港仙港仙 HK17.15 cents HK342 cents HK343 cents HK$23.39 14,379,253 (2,550,097) 3,042,695 5,889,412 6,293,012 8,843,109 (403,600) 2010 港元港仙港仙港仙 ) Chairman Chu MangYee Chairman’s Statement 爭取集團業務的穩定持續增長，實現高的投資回報。的經營成果。我們對二零一一年房地產市場保持謹慎樂觀，致力二零一零年，集團繼續秉持 high investmentreturns. in 2011andstrivestoachievesteadygrowthitsresultsreap remains prudentlyoptimisticaboutthepropertymarketconditions achieved satisfactoryoperatingresultsduringtheyear.TheGroup The Groupcontinuedtoadoptaprudentapproachin2010and 主席朱孟依「穩健經營」主席報告的方針，取得了較為滿意 09 合生創展集團有限公司 . 二零一零年年報 10 Hopson Development Holdings Limited . Annual Report 2010 毗鄰廣州電視觀光塔的廣州珠江帝景 1 MARKETOVERVIEWANDOPERATING (1) HK$23.39. increase of28%comparedto2009.Netassetpersharegrew22% 31st December2010amountedtoHK$14,379million,representingan professional divisionoflabour,turnovertheGroupforyearended Thanks tobetterproductportfolio,balancedregionaldevelopmentand The Groupachievedsatisfactoryoperatingresultsduringtheyear. stable businessoperationwithemphasisonbalanceandimprovement. development andsophisticatedinternalcontrolmechanismtomaintaina on itsunparalleledstrengths,first-classcapabilitiesofproperty The Groupcontinuedtoadoptaprudentapproachin2010andleveraged Chairman’s Statement(continued) Guangzhou RegalRivieraislocatednexttotheTVTower ENVIRONMENT IN2010 (i) National market . Economicenvironmentoverview 1. year. reached US$2,847.3billion, jumped 18.7%fromlast year. Thebalanceofnational foreign exchangereserve RMB21,033, representingagrowth of11.5%fromlast The totalincomepercapitaofurbanhouseholdswas percentage pointswhencomparedtothatoflastyear. grew 10.3%fromlastyearandthegrowthraterose1.1 The nationalGDPof2010wasRMB39,798.3billion, 主席報告（續） (1) 業額達到為均衡以及分工更為專業化，集團全年營品類型搭配更為合理、多區域協調發展更截至二零一零年十二月三十一日，集團產較為滿意的經營成果。制，實施平衡和提升的經營策略，取得了的開發經驗以及不斷完善的內部治理機的方針，依託集團強大的綜合實力、一流二零一零年，集團繼續秉持期相比增長元，增長

經營環境二零一零年市場概覽及 (i)

22% 143.79 1. 全國市場 28%

。經濟環境概覽比增長額達到 11.5% 幣民家庭人均總收入人民快 10.3% 397,983 生產總值達到人民幣二零一零年，全國國內億港元，與二零零九年同；每股淨資產達 1.1 21,033 個百分點；城鎮居；我國外匯儲備餘，增速比上年加 18.7% 28,473 億元，同比增長元，同比增長「穩健經營」。億美元，同 23.39 港廣州珠江帝景夜色 Chairman’s Statement(continued) Night viewofGuangzhouRegalRiviera . Realestatemarketoverview 2. overheating citiesalleviated market imbalanceinthe introduction ofhomepurchase limitsincertain housing supply,tighteningof marketregulationsand differential creditplan,together withtheincreasein policies tocurbspeculativeactivities.Theadoptionof market, thegovernmentlaunchedaseriesofausterity property pricesforasteadyandhealthyrealestate drew theattentionofgovernment.Torestrainrising activities ledtorapidescalationofhousepricesthat In 2010,excessmarketliquidityandfeverishspeculative real estatemarket. economic environmentforsteadydevelopmentofthe and interestratesoastocreateamorefavourable monetary policies,risingofbothcapitaladequacyratio steps tocooldowntheeconomythroughtighteningof economy andinflation,thegovernmenttookgradual 10% again.However,infaceoftheoverheating macro-economy growth.TheGDPgrowthratereached the governmentledtoamplemarketliquidityandfaster investment plan.Thestimulusmeasuresintroducedby 2010 wasthelastyearof“4,000-billionyuan” 主席報告（續） 2.

房地產市場概覽利的經濟環境。的平穩發展創造更為有適當降溫，為房地產市場率和加息等手段為經濟策，應用提高存款準備金據需要，逐步收緊貨幣政過熱和通脹風險，政府根關口，但市場也蘊含經濟機性需求，實施差別化信一系列調控政策，抑制投穩健康發展，政府出台了上漲，保證房地產市場平遏制房地產價格的過快引起政府的高度關注。為增長過快等不正常現象，致房地產市場價格出現過剩，投機需求旺盛，導二零一零年，市場流動性長，裕，宏觀經濟實現較快增效應釋放，市場流動性充年，受惠於政府提振政策投資計劃完成的最後一二零一零年是 GDP 增速重回「四萬億」 10% 的 11 合生創展集團有限公司 . 二零一零年年報 12 Hopson Development Holdings Limited . Annual Report 2010 Chairman’s Statement(continued) growth ofitsresults. and tapbetterincomesourcestoensuresustainable will adoptproactivemeasures,modifyproductportfolio run. Inlinewiththechangesinmarket,Group adversely affectthetransactionsofhousingsinshort inflation andoverheatingofeconomy,whichwill monetary policiestoincreaseinterestratetacklewith will continuetoimplementausteritypoliciessuchas prospects. However,weexpectsthatthegovernment still offervastmarketopportunitiesandpromising estate marketinfirst-tierandsecondtothird-tiercities of workforcewillremainunchangedinChina,thereal construction ofhighspeedrailnetworkandlargesupply redevelopment, introductionofregionalstimulusplans, economy, paceofurbanizationandurbanvillage We believethatthepositivemomentumofmarco- of 10.1%and18.3%respectively. RMB5,250 billion,representingayear-on-yearincrease commodity housingwere1,043millionsq.m.and gross floorareaofcommodityhousingsoldandsales was RMB4,826.7billion,up32%fromlastyear.The 2010. Investmentinrealestatedevelopmentfortheyear the PRCpropertymarketmaintainedanupwardtrendin redevelopment andresidents’desireforbetterhousings, economic recovery,urbanisation,urbanvillage Thanks tothesubstantialdemandarisingfromfull environment forindustryplayers. and createamorestablehealthymarket customers sincetheyhelpedmaintainanorderlymarket policies arefavourabletothesector,developersand transactions. However,inthelongrun,theseausterity short runandaffectedthevolumeofhousing 主席報告（續）長民幣上局面。全年開發投資人地產市場仍保持整體向需求，二零一零年全國房改善住房所孕育的巨大城市化、城中村改造以及受惠於經濟全面復蘇及費者等都有利。環境，對行業、企業、消提供更為平穩健康發展將為房地產行業的發展響。但從長期來看，調控房地產市場銷售產生影步緩和市場供需關係，對採取限購政策，短期內初部分房價增長過快城市強房地產市場監管，並在貸，增加有效供給以及加到了元，增速同比增長分別達銷售額人民幣 10.43 集團業績的持續增長。合，優化收入來源，確保產品結構，合理化產品組取積極有效的措施，調整集團將順應形式變化，採場銷售產生負面影響，但在短期內會對房地產市例如加息等貨幣政策，這市場需要採取調控政策，過熱影響，政府仍將基於團預計到受通脹和經濟前景極其看好。當然，集蘊含巨大市場商機，發展一線以及二、三線市場仍勢未發生改變，房地產在及大量勞動力資源的態的實施、高鐵網路建設以改造推動、區域振興規劃續向好，城市化和城中村我們認為，宏觀經濟的持 32% 10.1% 48,267 億平方米，商品房，商品房銷售面積和億元，同比增 18.3% 5.25 。萬億 Chairman’s Statement(continued) (ii) Regional markets 1. Southern China market. also broughtnewopportunities tothecity’srealestate domestic andinternationalreputation ofGuangzhoubut Guangzhou AsianGamesnot onlyreinforcedthe local realestatemarket.Thesuccessofthe2010 Foshan strategy,itoffersnewgrowthmomentumtothe reinforcement oftheintegrationGuangzhouand Wuhan-Guangzhou HighSpeedRailwayand further enhancedwiththecommencementof As thestatusofGuangzhouasanationalcentralcityis for thestablegrowthofrealestatemarket. economic momentumwhichprovidessolidfoundation aggregate economicoutput.Thecitymaintainspositive ranked thirdamongothercitiesinthePRCtermsof have aGDPofoverRMB1,000billion.Guangzhoualso it thethirdcityafterBeijingandShanghaiinPRCto achieve aGDPofoverRMB1,000billionin2010,making reformation andopeningup,Guangzhoumanagedto gateway citygeographically.Astheforefrontof PRC thatpossessesbothedgesasacentreand development. Guangzhouisoneofthefewcitiesin greater opportunitiesandstrongercapabilitiesin cities locatedinthesetwogeographicalareasenjoy into twolevels,namelycentreandgateway.Generally, In termsofgeographicallocations,citiescanbedivided market positioninthearea. future developmentintheregionandenhanceits the Groupmanagedtoacquireadequateresourcesfor resources andinvolvinginurbanvillageredevelopment, the region.Throughactivelyexploringnewlandbank speeds updevelopmentprogressofexistingprojectsin vast potentialsuchasFoshanandZhongshan, Group expandsitsbusinesstoneighbouringcitieswith With GuangzhouasitscoreinsouthernChina,the 主席報告（續） (ii)

1. 區域市場

華南市場發展帶來新的契機。力，也將為房地產市場的州城市地位和國際影響成功舉辦，進一步提升廣零一零年廣州亞運會的產市場注入新的動力。二戰略的推進，為廣州房地廣高鐵開通、廣佛一體化戰略定位的逐步清晰，武隨著廣州國家中心城市礎。展奠定了堅實的經濟基為房地產市場的平穩發繼續保持良好發展勢頭，在國內城市中穩居第三，萬億元的城市，經濟總量個元，是繼京滬後大陸第三年鎮陣地，廣州二零一零一。作為改革開放的前沿優勢的中國少數城市之有中心和門戶兩種區域能力，而廣州卻是同時擁機會和擁有較強的發展往往能獲得較大的發展這兩種區位上的城市，和門戶。一般而言，位於城市擁有兩種區位：中心地位。升集團在區域內的市場發展奠定充足的資源，提造，為集團在區域內後續源，大力介入城中村改極拓展新的土地儲備資項目的開發進度，並將積市，在上述區域加快現有等周邊發展潛力大的城為核心，輻射佛山、中山集團在華南區域以廣州 GDP GDP 總額突破人民幣一突破人民幣一萬億 13 合生創展集團有限公司 . 二零一零年年報 14 Hopson Development Holdings Limited . Annual Report 2010 Chairman’s Statement(continued) future. generate greaterrevenuetotheGroupincoming Group’s sub-centreinsouthernChinaandisgoingto year. WeanticipatethatHuizhouwillbecomethe Huizhou recordedsignificantgrowthinsalesfromlast strategy wasproventobesuccessfulasprojectsin name andleadingmarketpositionintheregion.The International NewCityandestablishedrenownedbrand Regal RivieraBay,HuizhouGolfManorandHopson develop mediumtohigh-endprojectssuchasHuizhou Huizhou andimplementedeffectivebusinessstrategyto foresaw theeconomicgrowthandhousingdemandsin tremendous opportunities.Afewyearsago,theGroup transformation, economyofHuizhouwillflourishwith development andcooperation.Alongwithindustrial Dongguan andHuizhouwillfacilitateregional further improved.TheintegrationofShenzhen, railway andtransportationnetworkinHuizhouwas connection betweenHongKongandMacau.Urban of Shenzhen,DongguanandHuizhouledtocloser the PearlRiverDeltaRegion”speededupintegration “Outline ofthePlanforReformandDevelopment relatively strongtransfercapability.Theexecutionofthe coastal cityinthePearlRiverDeltaregion,Huizhouhasa As anaturalextensionofShenzhenandanimportant Delta withvastpotential. Group willextendtoregionsandcitiesinthePearlRiver real estatemarket.WithGuangzhouasitscore,the business toenhanceitsleadingpositioninGuangzhou Zone ofthePearlRiverDelta.TheGroupwillexpandits of thecityanddevelopmentone-hourEconomic following improvementofurbandevelopmentnetwork market isexpectedtogeneratevastopportunities cities inthePRC.However,Guangzhourealestate compared withBeijing,Shanghaiandotherfirst-tier Property priceinGuangzhouisrelativelylowwhen 主席報告（續）《珠三角洲地區改革發展更大貢獻。後續將為集團業績作出團在華南區域的副中心，大漲幅。料惠州將成為集突破，銷售收入同比有較在惠州各項目取得全面略布局已初顯成效，集團標杆地位，本年度集團戰高的品牌影響力和市場檔項目，在區域內樹立了生國際新城等一批中高景灣、高爾夫莊園以及合略布局，著力開發惠州帝需求，完成了項目開發戰經濟提升及房地產市場集團幾年前已根據惠州將引來新一輪發展契機。業升級與改造，惠州經濟的區域發展。加上惠州產化進程將形成良性互動深圳、東莞、惠州的同城通基礎設施進一步改善，惠州城際軌道交通及交港澳互動交流日益頻繁，惠地區一體化進程加快，規劃綱要》的承接轉移功能。隨著重要沿海城市，具有較強然延伸和珠三角區域的惠州作為深圳發展的自大的區域及城市。到珠三角其他發展潛力進而以廣州為核心，輻射在廣州房地產市場地位，展和開發能力，提升集團升集團在廣州的業務拓機。本集團也將進一步提產市場孕育巨大市場商圈的開發建設，廣州房地完善、珠三角一小時經濟城市發展網路的開通和相對較低，預計隨著廣州一線城市相比，廣州房價與北京、上海等國內其他的實施，深莞 Chairman’s Statement(continued) 2. Northern China witnessed stronggrowthmomentum. RMB33.63 billion,jumped67.5%.Therealestatemarket and investmentinpropertiesforbusinesspurposewas buildings amountedtoRMB25.91billion,rose55.4% RMB150.9 billion,up66.4%,investmentinoffice particular, investmentinresidentialhousingreached RMB290.11 billion,up24.1%fromlastyear.In Investment inrealestatedevelopmentfortheyearwas to improvelivingstandardsandforinvestmentpurposes. thanks toregulardemandforpropertyandthe investment inrealestatedevelopmentandsellingprice, of Beijingremainedfeverishduring2010withrising Being thefocusofausteritymeasures,propertymarket The overallnationaleconomygrewatarapidpace. of urbanhouseholdsamountedtoRMB29,073,up8.7%. recorded rapidgrowthwithdisposalincomepercapita goods anddisposalincomepercapitaofhouseholdsalso to hitRMB1,377.79billion.Retailsalesofconsumer maintained rapidgrowthwithregionalGDProse10.2% strengthened. In2010,theeconomyofBeijing city fornationaleconomicdevelopmentwasfurther a widespectrumofindustriesanditspositionascore cultural andhistoricalcity,Beijingattractstalentsacross As thenationalcapital,acosmopolitanandrenowned contributed 41%totheGroup’sresultsin2010. forefront oftheGroup,northernChinaregion tier citiesinnorthernChina.Beinganimportant cities intheHuanbohaiareaandmajorsecondthird- and Tianjinascentraldevelopmentzonesthatextendto consider Beijingasitscore,withbothcitiesof The currentstrategyoftheGroupinnorthernChinaisto 主席報告（續） 2.

華北區域 1,509 中，住宅完成投資人民幣比上年增長 259.1 寫字樓完成投資人民幣 336.3 用房完成投資人民幣商業及服務業等經營性發展態勢。房地產市場仍呈現繁榮投資人民幣年累計完成房地產開發售價格繼續保持上漲。全持繁榮，開發投資以及銷北京房地產市場仍然保的重點地區，二零一零年共同作用，作為此輪調控求和部分投資性需求的由於剛性需求、改善性需總體保持較快發展。年增長人民幣鎮居民人均可支配收入收入亦實現快速增長，城額以及居民人均可支配 10.2% 億元，同比上年增長總值達到人民幣速增長，全年地區生產會經濟水準繼續保持快加強。二零一零年北京社展城市的地位不斷得到其作為全國經濟核心發吸引了各類人才的聚焦，城市及文化歷史名城，北京作為國家首都、國際了年華北區域為集團貢獻要的前沿陣地，二零一零華北區域已成為集團重二三線重點城市的格局。海經濟圈城市以及華北津兩市為主軸，輻射環渤成了以北京為核心，以京集團目前在華北區域形 41% 億元，增長億元，增長億元，增長。社會消費品零售的業績。 29,073 8.7% 2,901.1 ，國民經濟，一上元，比 24.1% 66.4% 55.4% 67.5% 13,777.9 億元，。其；；， 15 合生創展集團有限公司 . 二零一零年年報 16 Hopson Development Holdings Limited . Annual Report 2010 Chairman’s Statement(continued) adopted regionaldevelopment strategyforitsJingjin high profitability.InBaodiDistrict ofTianjin,theGroup in primeareasthecitycentre ofTianjinwhichare the future.TheGroupownspremium landbanklocated in remoteareasisexpectedtobeincreasinglyactive areas dominatedthelandmarket.Therealestatemarket lack oflandsupplyincitycentreandplotsremote distribution oflandtransactionsshowedthatthereisa billion andagrowthrateof20.87%.Geographical million sq.m.involvingconsiderationsofRMB87.893 25.02% from2009.Areaoflandplotssoldwas55.9674 housings inTianjinwasRMB9,270persq.m.,rose average transactionpriceofnewly-builtcommodity maintained strongandrapidgrowth.In2010,the year. Boththelandmarketandproperty RMB910.883 billion,upapproximately17.4%fromlast national GDPexceededRMB900billionandhit witnessed robusteconomicgrowthin2010with is anotherimportantcityintheHuanbohaiareathat Along withthedevelopmentofBinhainewarea,Tianjin Economic CircleStrategy. of thecapitalcityandsuccessfulexecutionCapital future alongwiththecontinuouseconomicdevelopment is expectedtogeneratebettersalesfortheGroupin significantly asanticipated.TheBeijingrealestatemarket high appreciationpotential.Sellingpriceincreased customers fortheirwell-developedregionalfacilitiesand Kylin ZoneinBeijingwerealsowellreceivedby projects suchasHopsonDreamsWorldand the region.Inaddition,Group’smediumtohigh-end and setastandardinthehigh-endpropertymarket consecutive months,whichestablishedaleadingposition all high-endprojectsintheBeijingregionforfive Sales ofNo.8XiaoyunRoadprojectrankedtopamong leading servicequalityandhighperformance-priceratio. market becauseofitsprominentdevelopmentconcept, Group’s projectsinBeijingwerewellreceivedthe consolidated itspositionintheBeijingmarket.The During thereportingperiod,Groupfurther 主席報告（續）乎無地可供，遠郊區縣土域分佈來看，中心城區幾 20.87% 民幣平方米，成交額達到人土地成交面積零九年上漲了民幣成交均價為每平方米人零年天津新建商品住宅快速增長的態勢。二零一及房產市場亦繼續保持長約幣國內生產總值突破人民零年經濟發展突飛猛進，發展戰略的實施，二零一市的天津，隨著濱海新區作為環渤海另一核心城更高的銷售業績。增長，後續將為集團貢獻城市房地產市場將穩步經濟圈規劃的順利實施，的持續發展以及大首都提升。相信隨著北京經濟價格如集團預期大幅度到客戶的廣泛認同，銷售和良好的升值潛力，也得品憑藉區域配套的成熟合生麒麟社等中高檔產在區域內的合生世界村、標杆地位。此外，本集團域內高端產品細分市場售總冠軍，奠定集團在區了北京地區高端項目銷號項目連續五個月獲得場客戶的認同，霄雲路團在北京的產品深受市極高的產品性價比，本集理念，領先的客服水準，固，憑藉領先的產品開發的市場地位繼續得到鞏報告期內本集團在北京幣 9,108.83 9,000 878.93 17.4% 9,270 。從土地成交區億元，達到人民元，同比二零億元，同比增。土地市場以億元，增長了 5,596.74 25.02% 萬。 8 Chairman’s Statement(continued) 3. Eastern China up 10.4%fromlastyear. disposal incomeofurbanhouseholdswasRMB31,838, RMB3,738.325 billion,rose24.2%fromlastyearand year. Aggregatesalesofcommoditiesreached RMB1,687.242 billionfortheyear,grew9.9%fromlast momentum in2010withGDPamountedto Shanghai continuedtomaintainstronggrowth As theleadingcityinChina’seconomicdevelopment, during thereportingperiodarelaunchedtomarket. Group whentheprojectsonnewlandplotsacquired expects theregionwillgeneratemoreincometo turnover wasgeneratedfromeasternChinaregion.We Kunshan ofJiangsuandCixiZhejiang.About20% tier citieswithvastdevelopmentpotential,namely successfully extendeditsfootprintintosecondandthird- and Hangzhouasneighbours.In2010,theGroup where ShanghaiistheGroup’scorecitywithNingbo Group asanimportanthubforfuturebusinessgrowth, Yangtze RiverDeltaEconomicZonewasregardedbythe Group’s results. Tianjin regionwillmakegreatercontributionstothe region willshowimpressivegrowthinthefutureand customers withsatisfactorysalesperformance.The in respectiveregionsandwerewellreceivedby New Townproject.Productswerelaunchedsuccessively 主席報告（續） 3.

華東區域元，比上年增長元，同比增長可支配收入人民幣長 37,383.25 商品銷售總額達人民幣總值人民幣增長勢頭，全年實現生產零一零年繼續保持良好城市的上海，其經濟在二作為大陸經濟發展龍頭貢獻度將進一步提升。世，華東區域為集團業績收購新項目的開發與入東地區，預計隨著報告期 20% 力大的二、三線城市，約山、浙江慈溪等發展潛一零年成功進入江蘇昆務增長的重要地區。二零要城市，是本集團未來業杭州等長三角經濟圈主為中心，輻射周邊寧波、本集團華東區域以上海供更多的業績貢獻。加速，天津將為本集團提預計未來區域發展有望戶追捧，銷售狀況良好，產品已經陸續推出，受客區開發的策略，目前分區的京津新城項目採取分集團在天津寶坻區開發盈利能力的地塊，同時，城區持有位置極佳、極具步活躍。集團在天津中心區房地產市場有望進一地市場佔據主導，未來郊 24.2% 的業績貢獻來源於華；城市居民家庭億元，同比增 16,872.42 10.4% 9.9% 31,838 。億； 17 合生創展集團有限公司 . 二零一零年年報 18 Hopson Development Holdings Limited . Annual Report 2010 Chairman’s Statement(continued) revenue. China regionwillcontributemoretotheGroup’s launched tothemarket,itisanticipatedthateastern and otherregions.Whenthesenewprojectsare successfully enteredcitiessuchasKunshanofJiangsu third-tier citieshasproventobesuccessful.TheGroup as itscoreandexpandtoneighbouringsecond Meanwhile, theGroup’sstrategytoconsiderShanghai Shanghai marketwillbeconsolidatedandenhanced. these projectsarelaunched,theGroup’spositionin premium landplotsinGuangFuLinandSanlin.When In thecitycentre,Groupsuccessfullyacquired remained thebenchmarkofShanghailuxuryvillamarket. transaction volumeandaveragesellingprice position inthevillamarketofShanghaiterms among customers.TheGroupmaintaineditsleading Dongjiao VillaandSheshanDongziyuanwerepopular projects intheShanghairealestatemarketsuchas its strategicfootholdineasternChina.Leadinghigh-end During theyear,Grouphassuccessfullyestablished city’s realestatemarket. different sectorsandbringnewopportunitiestothe infrastructural facilitieswhichhelpboostthegrowthof Shanghai, butalsobenefitedthemacroeconomyand reinforced thedomesticandinternationalreputationof success ofthe2010ShanghaiWorldExponotonly The strategyofbuildingaworld-classcityandthe 主席報告（續）獻更大的銷售業績。市，華東區域將為集團貢著集團新項目的逐步入江蘇昆山等區域。預計隨策略也顯成效，成功進入周邊二三線城市發展的團以上海為中心，積極向到穩固和提升。同時，集團在上海市場地位將得類項目逐步投入市場，集林優質項目，預計隨著該成功獲取了廣富林和三杆地位。在市區內集團也端別墅豪宅市場的新標先地位，穩穩佔據上海高位於上海別墅市場的領認可，成交量和成交均價端項目受到客戶的廣泛先上海房地產市場的高郊別墅、佘山東紫園等領戰略布局已初步形成，東年內集團在華東區域的此獲益。發展，房地產行業也將因上海各產業經濟的飛速礎配套的發展，進而帶動上海宏觀經濟和城市基位和國際影響力，有利於力地提升了上海城市地年世博會的成功舉辦，有設的實施以及二零一零隨著上海世界級城市建 3 PROSPECTS OFTHEGROUP (3) PROSPECTSOFTHEPRCPROPERTYSECTOR (2) Chairman’s Statement(continued) supply andproductmix. market conditions.Therewillbechangesindemandand will witnessstructuraladjustmentandgrowthamidfluctuating is readyforreleaseinthemarket.In2011,realestatemarket transactions intheshortrun.Nevertheless,accumulateddemand sentiment ofhome-buyerswhichwilladverselyaffectmarket run. However,thesemeasureswillinevitablyleadtowait-and-see market andfavourabletothedevelopmentofsectorinlong and themarket.Thishelpsmaintainanorderlyhealthyproperty the sectorwillwitnessatug-of-warbetweengovernmentpolicies such asdifferentialinterestrateandhomepurchaselimitsin2011, The authoritywillcontinuetoimplementtheseriesofmarketcurbs promising future. resolved intheshortrun.Therealestatemarketishavinga the problemofimbalanceinrealestatemarketisnotlikelytobe demand intherealestatemarket.Giveninelasticlandsupply, and constructionofhighspeedrailnetworkwillgeneratesubstantial urbanisation, regionalstimulusplans,urbanvillageredevelopment stable growth.Asmentionedabove,favourablefactorssuchas changing modeofeconomicgrowth,macroeconomywillwitness Driven byglobaleconomicrecovery,industrialtransformationand policies totackleoverheatingmacroeconomyandinflationpressure. Looking aheadto2011,therewillbefurthertighteningofmonetary returns. achieve steadygrowthinits resultsandreaphighinvestment the Group’sleadingposition in theindustry.TheGroupaimsto Product qualitywillbeenhanced tofurtherconsolidateandadvance to maintainawell-balancedbusiness structureandproductportfolio. the principlestrategywhichemphasizesbalanceandenhancement adjustment inresponsetomarketdemand.TheGroupwill adopt management systemandatthesametimemakingnecessary Group willpersistinoptimisingitsinternalcontrolmechanism and the marketwillprovideGroupwithnewopportunities. The risk andopportunitycoexist,thepossiblestructuraladjustments in measures followingitstighteningmonetarypoliciesin2011. While conditions in2011asweexpectstheauthoritymaykeepitsausterity The Groupremainsprudentlyoptimisticabouttheproperty market 主席報告（續） (2) (3)

前景中國房地產行業發展集團之未來展望生變化，市場在波動中前行。市場需求以及產品供應結構可能發以會。預計二零一一年房地產市場將售，但積壓的需求也在尋求釋放機購房仍將持續，短期會影響市場銷策的出台所帶來的觀望情緒及延遲業的長期發展有利；另一方面，政房地產行業的穩定健康發展，對行角力將繼續進行。這一方面規範了令等措施仍將持續，政策與市場的預計二零一一年差別化利率、限購解決，房地產市場前景看好。房地產市場供需矛盾難於得到根本和需求，而土地供給剛性，短期內房地產市場孕育巨大市場發展空間中村改造以及高鐵網路建設加速，受益於城市化、區域振興規劃、城向好，實現平穩增長。如上文所述，式轉變帶動下，宏觀經濟仍將持續業轉型和升級調整以及經濟增長方一步收緊，但在全球經濟復蘇、產臨過熱和通脹壓力，貨幣政策將進展望二零一一年，宏觀經濟仍然面高的投資回報。求集團業績的穩定持續增長，實現一步鞏固和提升集團行業地位，謀構和產品組合，提升產品質素，進適應市場變化，構建平衡的業務結整，繼續以平衡和提升為主要策略體系，因應市場需求做出必要之調集團將不斷優化治理機制與管控共存，市場存在結構性調整機會，市場保持謹慎樂觀。但風險與機遇施調控，我們對二零一一年房地產政府或根據需要繼續對房地產實鑒於二零一一年貨幣政策收緊，「調結構、保增長」為行業主題， 19 合生創展集團有限公司 . 二零一零年年報 20 Hopson Development Holdings Limited . Annual Report 2010 Chairman’s Statement(continued) changes inmarketconditions. sales forbettercontrolofdevelopmentprogressinresponseto monitor markettrendandenhanceflexibilityinconstruction strategy of“constructionaccordingtosalesprogress”,closely position forstabilityandsustainability.Lastly,toimplementthe position, strengthenitsfinancialbaseandensureahealthy upgrade executioncapability.Secondly,tomaintainasolidfinancial for highersynergiesandsimplifyproceduresworkflowto enhance managementefficiency,reinforceoperationsmechanism fluctuations. Initiativeswillbemadeonthreelevels:firstofall,to adaptability forbetterresilienceagainsttheriskofmarket In viewofmarketuncertainties,theGroupwillenhanceits growth Response tomarketchangesforbusiness operations. arising fromtighteningmonetarypoliciesandtoensureits healthy projects toprovidesufficientoperatingcashflowmitigate risks will alsospeedupdevelopmentandsalesofmediumtohigh-end and safeguarditscorecompetitiveedgeofhighmargin.The Group proportion ofhigh-endprojectstosecurehigherinvestmentreturn centralisation. Moreover,theGroupwillmaintainorincrease by austeritymeasuresinordertodiversifytheriskofmarket second andthird-tiercitieswhicharemorestablelessaffected will modifyitsstrategicregionalplanningandsharpenfocuson healthy operationsarenotaffected.Ontheotherhand,Group appreciation, onconditionthattheGroup’sassetturnoverrateand source ofcashrevenueandhigherreturnfromproperty investment incommercialpropertieswillbeincreasedtotapastable properties forsalewillbemaintainedwhileatthesametime projects. Areasonableproportionofinvestmentpropertiesand property salesasitsfocusandanappropriateportionincommercial The Groupwillmaintainabusinessportfoliowithresidential business portfolio Improve productmixforawell-balanced 主席報告（續）部市場環境變化把握項目開發進度。銷售靈活性，以便更靈活地根據外定產」運營與持續發展。最後是實施務基礎，確保財務安全和集團穩定其次是繼續堅持穩健財務，鞏固財短工作流程，提高工作執行能力。協調機制，有效簡化工作環節，縮持續提升管理效率，強化集團運營險。主要體現在三個層面：首先是高市場應變能力以抵抗市場波動風我們過去的經驗，本集團將著力提基於未來市場存在的不確定性以及進業績穩定增長提高市場反映靈敏度，促健康運營。應對貨幣政策收縮風險，保障集團為集團提供充足的經營性現金流以強中高檔產品的開發與銷售力度，利能力的核心競爭優勢。同時將加得較高的投資回報，維持集團高盈提升高端銷售物業比重，為集團獲售性物業組合上尋求平衡，保持或來的風險。此外，本集團也將在銷項目開發力度，分散市場集中所帶小、市場較為穩定的二、三線城市布局，適當加大調控影響力相對較將進一步完善業務發展區域的戰略益回報和物業升值溢利。另一方面獻穩定現金流，獲得長期穩定的收產的投資比重，為集團後續發展貢與經營穩健的前提下，加大商業地匹配，在不影響集團資產周轉速度面尋求持有性和銷售性物業的合理業地產項目為輔」集團將繼續構建的業務組合優化產品結構，構建平衡策略，貼近市場，提升生產和「住宅物業為主，商的業務結構。一方「以銷 Chairman’s Statement(continued) appreciation potential. competitive withimprovedperformance-priceratio,addedvalueand improve thequalityofpropertyservices.Ourprojectswillbemore upgraded livingcommunityandprovidevalue-addedservicesto clubhouses andqualityhotels,invitestrategicpartnerstocreate commercial projectsstrategyandfacilitatetheconstructionof quality. TheGroupwillstrictlyimplementitsdevelopmentofmore consolidate itsmarketleadingroleintermsofoverallconstruction construction workmanagementandqualitycontrolinorderto quality andexquisitehomes,theGroupwillfurtherimprove performance-price ratioandaddedvalue.Toprovidecustomerswith Group isinpursuitofcontinuousqualityimprovementforhigher Product qualityisthekeytosuccessinmarketcompetition.The Enhance productqualityandcompetitiveness projects betweenfirst-tiercities andsecondtothird-tiercities. and mediumtohigh-endprojects, andappropriatedistributionof and propertiesforsales,anoptimalproportionofhigh-end projects an aimforabalanceddevelopmentbetweeninvestment projects area andPearlRiverDeltabyphasesinamoderatemanner with potential infirst-tiercitiesoftheYangtzeRiverDelta,Huanbohai plots. TheGroupwillacquirelandplotswithgreatappreciation strategy withanemphasisontheperformance-priceratio of land 2011, theGroupwillupholditsprudentyetflexibleland bank maintain abalancedproductportfolioandbusinessdevelopment. In prudent mannerandacquirelandbankinsuitablelocations so asto with flexibility.Forlandbankreplenishment,wewillkeepour As mentionedabove,theGroupwillresponsetomarketchanges Pursue timelylandbankreplenishment an industryleader. supervision, salesandmarketinginordertoconsolidateitsstatusas which includesdesignlayout,materialprocurement,construction quality controlofitsproductbymodifyingthedevelopmentflow, competitive edges.TheGroupwillstrengthenthemanagementand excellence tokeepourbrandrecognitionwhichisoneofcore properties. Inthecomingyears,wewillfocustopursequality The Groupstrivestobealeadingdeveloperengagedinquality Consolidate thestatusasanindustryleader 主席報告（續）值潛力，增強產品市場競爭力。高的性價比、附加值以及更大的升服務水準，使得我們的產品獲得更圍；開展物業增值服務，提升物業引進戰略聯盟商家，做足生活氛式，大力推進會所精品酒店建設；業。同時將嚴格落實集團新商業模核心產品品質，為客戶提供精品物質全面達到行業最前列水準，提升強品質驗收工作力度，力爭工程品質管制，進一步優化管理體系，增和附加值的提升。繼續加強工程品續提升產品質素，著重產品性價比產品是市場競爭的根本。集團將持產品競爭力持續提升產品質素，增強衡發展。城市項目和二、三線城市項目的平項目與中高檔項目的平衡以及一線持有性與銷售性項目的平衡、高端有增值潛力的土地資源，力爭達到區一線城市適度並有步驟的獲取具比，在長三角、環渤海及珠三角地活的土地儲備策略，重視土地性價一一年集團將繼續保持審慎兼顧靈時增加合適位置的土地儲備。二零構、業務布局的平衡，我們需要適更為慎重。為維持集團在產品結對靈敏度，在增加土地儲備方面將如上文所述，本集團將提升市場應適時增加土地儲備步鞏固行業市場地位。發全流程的品質管制和控制，進一工管控、行銷服務等一系列產品開加強包括規劃設計、材料採購、施廣受尊崇、代表精品的傳統。持續注發展一貫核心競爭力，延續品牌業發展商。我們矢志在來年繼續專集團始終致力於成為卓越的精品物鞏固行業市場地位 21 合生創展集團有限公司 . 二零一零年年報 22 Hopson Development Holdings Limited . Annual Report 2010 合生於山西太原之項目 Hong Kong,31stMarch2011 Chairman CHU MangYee (4) ACKNOWLEDGEMENT Chairman’s Statement(continued) Hopson’s projectinTaiyuan ofShanxi coming years. confident thatwecanbringbetterreturnstoourshareholdersinthe and customersfortheirgreatsupport,helptrust.Weare also liketothankourshareholders,investors,businessassociates efforts inmakingtheyearasuccessfuloneforGroup.Iwould to allmembersofthemanagementandstafffortheirrelentless On behalfoftheBoard,Iwouldliketoexpressmysinceregratitude 主席報告（續）主席香港朱孟依 (4)

，二零一一年三月三十一日致謝報。實力，來年為股東爭取更理想的回幫助和信任。我們有充分的信心和伴以及客戶給予集團的大力支持、我們也感謝股東、投資者、合作夥本年度的成功所做出的不懈努力。地感謝集團的全體管理層及員工為在此，本人謹代表董事局一如既往 Chief ExecutiveOfficer Xue Hu Chief ExecutiveOffi 關者關係。審視度勢，堅持穩健經營，深耕企業內部管理，積極協調利益相影響因素多，影響面廣泛。對於本集團而言，我們在二零一零年過去的一年，本集團深刻認識到，房地產行業環境複雜多變，受 groups duringtheyear. management andbalancedtherelationship betweenrelated and healthyoperations,atthesametimestrengtheneditsinternal the Groupcloselymonitoredmarketchangesandmaintainedstable condition withnumerousuncertaintiesandvastinfluence.Internally, Last year,theGroupoperatedamidanever-changingmarket 薛虎行政總裁 cer’sReport 行政總裁報告 23 合生創展集團有限公司 . 二零一零年年報 24 Hopson Development Holdings Limited . Annual Report 2010 1 2010 RESULTSOVERVIEW (1) of development. prepared toovercomeanyforthcomingthreatsandchallengesontheroad In short,theGroupisontrackofstabledevelopmentandwell- projects andmediumtohigh-endismaintainedduringtheyear. an appropriateproportionofhighlycompetitivehigh-endresidential balanced portfolioofinvestmentpropertiesandforsale,while successfully expandedtonewregions.Forproductmix,theGroupkepta the Groupcompletedvariousmajoracquisitionsduringyearand land bankwhichisregardedasthekeytogrowthforpropertydevelopers, The Groupalsoattainedanumberofachievementsduringtheyear.Asfor year amountedtoHK$14,379millionandHK$5,889respectively. efforts fromvariousparties.TurnoverandnetprofitoftheGroupfor Group wasabletodeliversatisfactoryresultswiththeco-operationand In thepastyearwhereaseriesofausteritypolicieswereintroduced, performance in2010. results oftheseefforts,theGroupmanagedtoachievesatisfactory balanced therelationshipbetweenrelatedgroupsduringyear.Asa operations, atthesametimestrengtheneditsinternalmanagementand closely monitoredmarketchangesandmaintainedstablehealthy with numerousuncertaintiesandvastinfluence.Internally,theGroup Last year,theGroupoperatedamidanever-changingmarketcondition Chief ExecutiveOffi Results Figures Turnover GFA completed during theyear 2010 Majorresultsfigures: cer’s Report(continued) 營據單位經營數據年內竣工面積營業收入 Unit 平方米 sq.m. 百萬港元 HK$ million 行政總裁報告（續）二零一零年 1,366,079 各種威脅和挑戰。道上，能夠面對並妥善解決發展中面臨的平衡。簡而言之，本集團處於穩健發展軌平衡調節，持有性和銷售性物業投資更為爭力的高端住宅項目與中高檔項目互相域。在產品結構方面，年內本集團極具競集團土地儲備，並成功進入了新的發展區面，年內本集團完成多宗重要收購，擴充在開發地產企業發展命脈的土地儲備方我們年內還取得許多其他方面的成績。 143.79 得的成績感到滿意。年內本集團營業額為中，通過與各方的共同努力，對年內所取過去的一年，在調控政策頻出的市場環境了至關重要的作用。些對於年內本集團理想業績的取得起到內部管理，積極協調利益相關者關係，這零年審視度勢，堅持穩健經營，深耕企業面廣泛。對於本集團而言，我們在二零一行業環境複雜多變，受影響因素多，影響 (1) 過去的一年 14,379 2010 二零一零年業績概覽二零一零年度主要經營數據如下：億港元，淨利潤為零九同比二零零九年，本集團深刻認識到，房地產 4,9 44% 949,294 12528% 11,225 09Year-On-Year 2009 58.89 億港元。 (2) BUSINESS REVIEW Chief ExecutiveOffi projects. community shopsforbetterappreciation potentialoftheGroup’s venture andupgradedproperty facilitiessuchasclubhousesand various formsofoperationsincludinglease,self-operations or joint quality. Regardingperformance-priceratio,theGroupintroduced management andqualitycontrolinordertoenhanceconstruction mechanism, furtherimprovedsystemsofconstruction work enhancement, theGroupmodifiedlong-termcooperation quality andperformance-priceratioduringtheyear.For quality competitions. Asaresult,theGroupstrovetoenhance product factors tostandoutamidstmarketfluctuationsand fierce believes thatqualityproductandrenownedbrandnameare thekey another importantstrategyoftheGroupin2010.The Enhancement ofproductqualityandperformance-priceratiowas second-tier citiesduringtheyear. in commercialprojects.TheGroupalsoextendeditsfootprintto commercial purposetosupportthestrategyofincreasinginvestment Regarding landbankreserves,acquisitionwasmadefor neighboring secondandthird-tiercitieswithpromisingprospects. such asBeijing,ShanghaiandGuangzhouitscoreexpandsto For geographicaldistribution,theGroupistoconsiderfirst-tiercities development forbothinvestmentpropertiesandsale. during theyear.ThisenablesGrouptohaveabetter accelerated theconstructionprogressofexistingcommercialprojects Group increaseditsinvestmentincommercialpropertiesand portfolio. Forinvestmentpropertiesandforsales,the medium tohigh-endprojectsinfirst-tiercitiesforabalancedproduct renowned brandnametodevelopbothhigh-endprojectsand For instance,regardingproducttype,theGroupleveragedonits principle strategywhichemphasizedonbalancedproductportfolio. conditions, theGroupwasmoreprudentthaneverandadopted and enhancement.Infaceoffiercecompetitionsmarket In 2010,theGroupadoptedastrategywithemphasisonbalance sq.m.. compared tothefinancialyear2009.GFAdeliveredwas766,030 record-high ofHK$14,379million,representinganincrease28% arising fromthefullrecoveryofmacro-economy.Turnoverhita During theyear,Groupactedquicklytoseizeopportunities Turnover cer’s Report(continued) 行政總裁報告（續） (2) 業務回顧更大的升值潛力。等項目配套，這使集團的產品獲得等多種方式，做好會所、社區商業用引進商家租賃、自營或合作經營質。在性價比提升方面，本集團採質驗收工作力度，提升產品工程品制，進一步優化管理體系，增強品作單位機制，繼續加強工程品質管品質提升方面，本集團完善長期合產品品質和性價比的提升。在產品場的根本。因此，年內本集團致力的情勢中，產品和品牌仍是贏得市團認識到，在市場波動、競爭激烈團二零一零年另一重要策略。本集產品品質和性價比的提升是本集展業務。批商業項目和成功新進二線城市拓展順應了產品平衡需要，拓展了一儲備方面，年內集團土地儲備的拓良好的二、三線城市拓展。在土地線城市為基地向周邊經濟發展前景佈局方面，以北京、上海、廣州等一性和銷售性物業協調發展。在項目有商業項目的開發進度，望致持有提高了商業地產投資比重，加快現持有型物業發展方面，年內本集團均衡的銷售產品組合。在銷售性和大量發展中高檔次項目，形成更為優勢在一線城市發展高端項目，也產品類型方面，集團充分利用品牌結構的平衡為重要策略。例如，在的環境，本集團更為審慎，以產品為重要策略。面對日趨激烈和複雜二零一零年，本集團以平衡和提升交樓面積達到零九財政年度同期上升歷史新高，達即時調配，把握契機，營業收入創年內，宏觀經濟的全面復蘇，集團營業收入 143.79 76.6 萬平方米。億港元，較二零 28% ，竣工 25 合生創展集團有限公司 . 二零一零年年報 26 Hopson Development Holdings Limited . Annual Report 2010 (2) BUSINESS REVIEW Chief ExecutiveOffi Total Income fromhoteloperation Sales ofproperties Southern China Business Segment Region Total Eastern China Northern China Property managementincome Rental income Turnover bybusinesssegments: million totheGroup’srevenuerespectively. contributed HK$5,135million,HK$2,892millionandHK$6,352 successful. SouthernChina,easternChinaandnorthern Economic Zonesandthebalanceddistributionhasproventobe During theyear,Group’sstrategicfocusinthreeCore Turnover Turnover bygeographicallocations: reports inthecomingfuture. outstanding resultstotheGroupwhichwillbereflectedinfinancial contracted sellingpriceanddeliveryofhigh-endprojectswillbring the Groupinaccomplishingitsprofittarget.Webelieverising sales performancefromhigh-endprojectsinfirst-tiercitieshelped product portfoliowithrisingcontractedsellingprice.Thesatisfactory performance-price ratioenabledtheGrouptomaintainareasonable The well-balancedproductportfolioandhigher (Continued) cer’s Report(continued) (Continued) 合計酒店營運收入物業銷售華南區域營業類型地區合計華東區域華北區域物業管理收入租金收入行政總裁報告 K ilo Ratio(%) HK$ million Ratio(%) HK$ million 萬元比例百萬港元比例百萬港元 439100 14,379 36695 13,696 100 14,379 二零一零年二零一零年 ,9 20 44 36 2,892 6,352 5,135 （續） 8 1 180 1 3 411 2010 2010 21 92 (2) 年內業務回顧港元、域分別貢獻了現，華南區域、華東區域和華北區核心、業務均衡佈局戰略得到體按業務劃分之營業收入：按區域劃分之營業收入：報告中得到體現。秀的業績表現，並將在未來的財務的高端項目，將會為我們帶來更優預計理想的合約售價以及逐步交付致目標利潤奠定了良好基礎。我們理想合約銷售業績，這為集團的達漲，一線城市高端項目也取得了較的產品組合，合約銷售價格穩定上性價比的提升，本集團建立了合理受惠於產品結構的平衡以及產品營業收入 (%) (%) ，本集團以三大經濟圈為開發 63.52 K ilo Ratio(%) HK$ million Ratio(%) HK$ million （續）億港元的營業收入。（續）萬元比例百萬港元比例百萬港元 51.35 125100 11,225 06194 10,631 100 11,225 二零零九年二零零九年 ,7 32 31 37 3,677 3,454 4,094 3 1 132 3 4 431 2009 2009 11 31 億港元、 28.92 (%) (%) 億北京合生霄雲路 (2) BUSINESS REVIEW Chief ExecutiveOffi No. 8RoyalParkin Beijing Total Others Guangzhou YijingHuayuan Shanghai InternationalGarden Guangzhou HushanGuojiVilla Shanghai HopsonDongjiaoVilla Guangzhou GallopadePark Beijing DreamsWorld Guangzhou PleasantViewGarden Project Name Beijing No.8RoyalPark Huizhou RegalRivieraBay Shanghai HopsonGolfMansion – SouthCourt Turnover Turnover bymajorprojects: and HK$180milliontotheGroup’srevenuerespectively. income andfromhoteloperationcontributedHK$92million income frompropertymanagementwasHK$411million.Rental 2010, revenuefromsalesofpropertieswasHK$13,696millionand balance varioussourcesofrevenuehasproventobesuccessful.In During theyear,Group’sstrategytooptimiserevenuestructureand 8 號 (Continued) cer’s Report(continued) (Continued) 合計其他廣州頤景華園上海合生國際花園廣州湖山國際上海合生東郊別墅北京世界村廣州逸景翠園項目名稱北京合生霄雲路惠州帝景灣上海合生高爾夫公寓廣州駿景南苑行政總裁報告 8 號 K ilo Ratio(%) HK$ million 萬元比例百萬港元 439100 14,379 二零一零年 ,2 30 4,220 ,5 28 4,057 ,6 7 1,060 （續） 7 3 478 9 3 492 3 4 536 4 4 547 7 4 5 575 706 6 7 960 4 5 748 2010 (2) 按主要項目劃分之營業收入：為元，租金收入及酒店運營收入分別業務回顧億港元，物業管理收入為二零一零年物業銷售收入為各種收入來源策略得到一定體現，年內，本集團優化收入結構、均衡營業收入 0.92 (%) 億港元及 K ilo Ratio(%) HK$ million （續）（續）萬元比例百萬港元 125100 11,225 二零零九年 1.80 ,3 71 7,935 9 7 795 9 4 494 9 7 798 7 2 270 1 1 119 3 7 738 2009 61 76 —— —— —— 億港元。 4.11 136.96 (%) 億港 27 合生創展集團有限公司 . 二零一零年年報 28 Hopson Development Holdings Limited . Annual Report 2010 (2) BUSINESS REVIEW Chief ExecutiveOffi Total Others Dalian HopsonRegalSeashore Guangzhou YijingHuayuan Shanghai InternationalGarden Huizhou RegalRivieraBay Beijing KylinZone Shanghai SheshanDongziyuan Ningbo HopsonInternationalCity Shanghai HopsonTown Beijing No.8RoyalPark Project Name Total Eastern China Northern China Southern China Beijing DreamsWorld Region Turnover Completed Areain2010: Project CompletionVolume Contracted salesbymajorprojects: (Continued) cer’s Report(continued) (Continued) 合計華東區域華北區域華南區域地區合計其他大連合生江山帝景廣州頤景華苑上海合生國際花園惠州帝景灣北京麒麟社上海佘山東紫園寧波合生國際城上海合生城邦北京合生霄雲路項目名稱北京世界村行政總裁報告 8 號 K ilo Ratio(%) HK$ million ,6,7 100 1,366,079 萬元比例百萬港元 5,5 26 33 41 357,652 453,987 554,440 平方米 270100 12,750 二零一零年二零一零年 ,4 27 3,544 ,6 8 1,066 ,3 9 1,137 ,6 9 20 1,166 2,534 sq.m. （續） raRatio Area 積比例面積 2 3 422 6 4 466 7 4 473 0 5 601 0 5 604 3 6 737 2010 2010 (2) 業務回顧按主要項目劃分之合約銷售：營業收入二零一零年內完工面積：工程完工量 (%) (%) K ilo Ratio(%) HK$ million （續）（續）萬元比例百萬港元 4,9 100 27 35 949,294 38 251,095 334,948 363,251 平方米 713100 17,123 二零零九年二零零九年 ,1 52 8,813 ,8 16 2,787 sq.m. 積比例面積 raRatio Area 5 1 256 0 2 305 0 5 907 6 3 568 8 6 981 8 2 383 6 3 461 8 4 682 8 6 980 2009 2009 (%) (%) (2) BUSINESS REVIEW Chief ExecutiveOffi Kunshan Project New District Project Shanghai Jinshan Shanghai PudongSanlinProject Guangfulin Project Shanghai Songjiang Hopson FortunePlaza Hopson InternationalPlaza Hopson YutingGarden Sheshan Dongziyuan Hopson Town Seasky Villa Shanxi TaiyuanProject Dalian HopsonRegalSeashore Mansion Tianjin HopsonInternational Tianjin HopsonInternationalTower Jingjin NewTown Times Regal Tongzhou YongshunProject Yuhe Project Dreams World Kylin Zone Beijing DeshengBuilding Beijing DongfangwenhuaProject No. 8RoyalPark Beijing RegalCourt Project Name Project CompletionVolume Projected PropertyDevelopmentCompletionSchedule: cer’s Report(continued) (Continued) 昆山項目上海金山新城項目上海浦東三林項目上海松江廣富林項目合生財富廣場合生國際廣場合生御廷園佘山東紫園合生城邦天戴河山西太原項目大連合生江山帝景天津合生國際公寓天津合生國際大廈京津新城時代帝景通州永順項目玉河項目世界村麒麟社北京德勝大廈北京東方文華項目合生霄雲路北京珠江帝景項目名稱 (Continued) 8 號行政總裁報告二零一一年 Completed 平米平米平米（平方米）（平方米）（平方米）（平方米）完工面積 1,3 — 146,173 — 8,042 — 181,170 157,155 117,737 2719,5 9,2 40,156 198,524 98,755 312,363 22,711 50,314 1,957 3,574,152 — 58,793 52,947 89,645 — 42,227 385,385 — 33,344 53,542 152,547 47,254 s.. s.. s.. (sq.m.) (sq.m.) (sq.m.) (sq.m.) ,7 243543— 5,463 42,473 8,876 2011 Area （續） 609,748 88,449 — 40,901 — 94,476 — — — — — — — — 71,232 — — — — 9,332 52,656 102,563 843,444 155,866 — 13,070 — 159,119 — 35,497 177,800 197,590 — — — 20,000 — 138,021 — 10,000 — — — 175,820 — — — 158,377 — — — — — — 248,843 — — — — — 87,437 — — — 二零一二年 (2) Completed 完工面積業務回顧預計物業開發完工面積：工程完工量 2012 Area 二零一三年 Completed 完工面積（續）（續） 2013 Area 二零一四年 Completed 完工面積 and after 及以後 2014 Area 29 合生創展集團有限公司 . 二零一零年年報 30 Hopson Development Holdings Limited . Annual Report 2010 (2) BUSINESS REVIEW Chief ExecutiveOffi Total Zhongshan RainbowProject Zhongshan DongkengProject Regal Court Binhai City Shidai City Wangxiangying Project Hopson InternationalNewCity Huizhou RegalRivieraBay Huizhou GolfManor Qianjin RoadProject Hushan Guoji Project Guangzhou NamFongGarden Guangzhou JiufoMachaoProject Hopson YujingMid-Level Guangzhou JiaheCommercialCity Junjing Bay Regal Villa Guangzhou RegalRiviera Gallopade Park—SouthCourt Huanan NewCity Pleasant ViewGarden Gallopade Park Hangzhou BayProject Hopson InternationalCity Project Name Project CompletionVolume Projected PropertyDevelopmentCompletionSchedule cer’s Report(continued) (Continued) 總數中山彩虹項目中山東坑項目帝景苑濱海城時代城萬想營項目合生國際新城惠州帝景灣合生高爾夫莊園前進路湖山國際廣州南方花園項目廣州九佛馬潮項目合生御景半山廣州嘉和商業城君景灣帝景山莊廣州珠江帝景駿景南苑華南新城逸景翠園駿景花園杭州灣項目合生國際城項目名稱 (Continued) 行政總裁報告 (Continued) 二零一一年 Completed 平米平米平米（平方米）（平方米）（平方米）（平方米） ,4,4 ,6,9 ,0,5 24,036,864 1,707,453 1,469,795 1,244,648 完工面積 0,6 ,1 7191,472,540 67,199 4,410 1,230,323 104,162 302,373 349,427 173,959 100,000 28,859 46,696 221,836 000—5,3 50,713 50,133 — 214,373 — 20,000 76,146 92,630 414,298 59,791 — — 1,614,254 90,729 — 20,214 82,874 17,779 28,834 28,959 s.. s.. s.. (sq.m.) (sq.m.) (sq.m.) (sq.m.) 2011 : Area （續） 479,499 537,257 — — 1,383,667 — 1,303,243 — — 903,496 173,856 — 244,300 60,000 — — — — — — 40,100 193,513 1,241,380 — — 10,419 — — 60,227 1,094,880 110,002 13,629 — — — 765,431 — 116,338 92,637 — — — 69,437 — — 100,000 — 439,529 — — — 2,690,463 — — — — — — — — — — — — 二零一二年 (2) Completed 完工面積業務回顧預計物業開發完工面積工程完工量 2012 Area 二零一三年 Completed 完工面積（續）（續） 2013 Area （續）二零一四年 Completed 完工面積 and after 及以後： 2014 Area (2) BUSINESS REVIEW Chief ExecutiveOffi 目稱本團權目點建築面積項目地點本集團之權益昆山項目 Kunshan Project 項目名稱上海浦東三林項目 Shanghai PudongSanlinProject 上海松江廣富林項目 Shanghai SongjiangGuangfulinProject 合計 Total 上海金山新城項目 Shanghai JinshanNewDistrictProject Name ofProject completed in2010: The followingisthenewlandthatacquisitionshavebeen development needsinthefuture. 2010 was30.18millionsq.m.andissufficientfortheGroup’srapid tier citiesinKunshan.LandbankoftheGroupasat31stDecember development areaof609,748sq.m.inprosperoussecondandthird- 223,826 sq.m.infirst-tiercitiesShanghai,and1landplotwith portfolio. TheGroupacquired3landplotswithdevelopmentareaof and third-tiercitiesinordertomaintainabalancedproduct core ofdevelopmentwhileexpandinggraduallytopotentialsecond prudent principleandstrategicplanningwithfirst-tiercitiesasits coming threetofiveyears.Duringtheyear,Groupkeptits the existinglandbankissufficientfordevelopmentneedsin bank enablestheGrouptobemoreprudentinlandacquisitionas persistent growthandhighinvestmentvalue.Theadequateland land bankisoneoftheGroup’scorecompetenciestosustain Lank bankisthekeytogrowthforpropertydevelopers.Abundant Land Bank cer’s Report(continued) (Continued) neet LocationofProject interests Group’s 100% 100% 100% 100% 行政總裁報告昆山市周市鎮迎周路 Ying ZhouLu,ZhoushiZhen,Kunshan 上海浦東新區三林鎮三林集鎮 SanlinZhen,PudongNewDistrict,Shanghai Lot A14-1SanlinJiZhensituatedat 上海松江區廣富林第 Shanghai Lot Nos.2–5,GuangFuLin,SongjiangDistrict, 上海金山新城區 Shanghai Lot E25situatedatJinshanNew District, （續） (2) E25 地塊 2 如下：二零一零年完成收購新增土地儲備所需。方米，足夠滿足集團未來快速發展業務回顧土地，可供發展面積力大的二、三線城市昆山新增一幅展面積線城市上海新增三幅土地，可供發城市發展的戰略部署，本集團在一心、逐步向有發展潛力的二、三線審慎原則以及以一線城市為開發核地。年內，為維持產品平衡，按照需，這使我們能更為審慎的收購土備，可供未來三至五年項目發展所勢之一。本集團擁有充足的土地儲持續發展及高投資價值核心競爭優命脈，豐富土地儲備是維持本集團土地儲備是房地產開發企業發展的土地儲備日，本集團擁有土地儲備米。截至二零一零年十二月三十一至 5 號地段 223,826 A14-1 （續）地塊平方米，並在發展潛 Floor Area （平方米） 609,748 609,748 833,574 3,018 (sq.m.) 94,476 40,901 88,449 Gross 平方萬平 31 合生創展集團有限公司 . 二零一零年年報 32 Hopson Development Holdings Limited . Annual Report 2010 (2) BUSINESS REVIEW Chief ExecutiveOffi Residential Shopping arcade Office Car parks Hotels Total 合計 Total 東麗湖項目 Dongli LakeProject 瑞灣項目 Ruiwan Project 廣州 Guangzhou TITTextileFactoryProject 惠州小金口項目 Huizhou XiaoJinKouProject 項目名稱 Name ofProject completed byendof2010: Land acquisitioncontractssignedbuttheacquisitionswerenot Land Bank Seenote(6)onpage35oftheannualreport. * Usage andLocation TIT 紡織廠項目 (Continued) 住宅商舖辦公室停車場酒店總計 cer’s Report(continued) (Continued) unzo uzo ejn ini hnhiNnb Total Ningbo TianjinShanghai Beijing Huizhou Guangzhou neet LocationofProject interests Group’s 權目點建築面積項目地點之權益本集團州惠京天海寧總計寧波上海天津北京惠州廣州 100% 100% .2 .128 .229 .523.08 0.35 2.94 3.92 2.84 7.51 5.52* .4 .403 .905 .21.92 0.02 0.58 0.09 0.35 0.24 0.64* .0—02 .101 0.83 — 0.16 0.21 0.26 — 0.20 .2 .602 .808 .33.49 0.03 0.81 0.18 0.29 1.36 0.82* .602 .001 .4—0.86 — 0.04 0.14 0.30 0.22 0.16 .493 .445 .304 30.18 0.40 4.53 4.54 4.04 9.33 7.34 94% 65% 天津市東麗區津北公路 No. 34,JinbeiExpressway,DongliDistrict,Tianjiin 天津市濱海新區天津港集裝箱 Binhai NewDistrict,Tianjin Container LogisticCentre,TianjinPort, Phase Two,ShippingServiceArea, 廣州市海珠區新港中路 Haizhu District,Guangzhou Factory District,No.489XingangRoadCentral, 惠州市區北部、小金口街道辦事處 Huizhou Bai ShiVillage,XiaoJinKouStreet, 行政總裁報告物流中心航運服務區二期白石村境內 Saleable Area(millionsq.m.) 可供銷售面積（續）（百萬平方米） (2) 34 489 號 * * 業務回顧一零年年底前完成：已簽署的收購土地協定但未於二零土地儲備用途及地區號廠區見年報第（續）（續） 35 頁附註 (6) 。 Floor Area （平方米） 1,157,048 2,523,072 233,825 500,000 632,199 (sq.m.) Gross (2) BUSINESS REVIEW Chief ExecutiveOffi Total developed Properties tobe development Properties under properties Completed Total Properties tobedeveloped Properties underdevelopment Completed properties Development StatusandLocation Usage andLocation Seenote (6)onpage35oftheannualreport. * Development StatusandUsage 總計待發展物業發展中物業已落成物業 cer’s Report(continued) 總計待發展物業發展中物業已落成物業 (Continued) (Continued) unzo uzo ejn ini hnhiNnb Total Ningbo Tianjin Shanghai Beijing Guangzhou Huizhou 州惠京天海寧總計寧波上海天津北京惠州廣州 .493 .445 .304 30.18 21.75 0.40 — 6.71 4.53 1.72 0.40 0.86 4.54 — 3.33 3.91 4.04 0.34 0.21 2.77 9.33 0.42 0.98 8.19 7.34 0.29 0.98 6.02* 0.16 0.81 0.51 Residential 30 .208 .908 30.18 0.86 21.75 3.49 0.40 0.83 2.18* 1.92 0.40 23.08 0.83* 17.94* 宅商公車店總計酒店停車場辦公室商鋪住宅 .507 .310 .56.71 1.72 0.25 0.21 1.02 0.29 0.23 0.20 0.76 0.33 4.45 0.69 行政總裁報告 Shopping Saleable Area(millionsq.m.) 可供銷售面積 raeOfc a ak oesTotal Hotels Carparks Office arcade Saleable Area(millionsq.m.) 可供銷售面積（續）（百萬平方米） (2) 發展狀況及地區（百萬平方米） * * 業務回顧用途及地區見年報第發展狀況及用途（續） 35 （續）頁附註 (6) 。 33 合生創展集團有限公司 . 二零一零年年報 34 Hopson Development Holdings Limited . Annual Report 2010 (2) BUSINESS REVIEW Chief ExecutiveOffi Total yet obtained andcertificatesnot Grant ofmajorapprovals obtained planning permits Construction landuse obtained planning permits andconstructionworks Land userightscertificates planning permits construction works obtainedbutwithout Land userightscertificates Title StatusandLocation Usage andLocation 4 Onlyuponcompletion ofthelandgrantprocedures(e.g.obtainment (4) Relevant constructionlanduseplanningpermitshavebeengranted.However, (3) Relevant landuserightscertificateshavebeengrantedwhiletheappertaining (2) Relevantlanduserightscertificates andconstructionworksplanningpermits (1) Notes: rights certificatesbeobtained. contracts) andthepaymentofappertaining landpremiumwilltheuse construction landuseplanningpermits,andtheexecutionoftransfer land premium. secured uponexecutionoftherelevantlandtransfercontractsandpayment of the landuserightscertificateshavenotyetbeenobtainedandwillonly be construction worksplanningpermitshavenotyetbeenobtained. have beengranted. (3) (5) (1) (4) (5)(6) (2) cer’s Report(continued) 有待主要批文已取得建設用地已取得土地使用證已取得土地使用證總計批出及證書之規劃許可證許可證建設工程規劃但未取得規劃許可證及建設工程 (4) (5)(6) (Continued) (Continued) (2) (3) (5) (1) unzo uzo Beijing Huizhou Guangzhou 州惠北京惠州廣州 .613 .831 2.92 3.13 0.58 1.38 3.26 0.97 7.66 0.99 0.40 1.13 0.64 3.58 0.42 2.57 1.56 3.13 1.51 .493 .445 .304 30.18 0.40 4.53 4.54 4.04 9.33 7.34 — 行政總裁報告 .40.77 1.24 Saleable Area(millionsq.m.) 可供銷售面積（續） (7) (7) (2) （百萬平方米） ini Shanghai Tianjin 所有權狀況及地點附註：業務回顧用途及地區津上海天津 (1) (1) ——— (2) (2) (3) (3) 已獲授有關的土地使用證及建設工程規劃許可證。 (4) (4) 已獲授有關的土地使用證但相關之建設工程規劃許可證並未取得。已獲授有關的建設用地規劃許可證。然而，尚未取得有關的土地使用證，而有關土地使用證只會在履行土地轉讓合同及支付有關土地出讓金後取得。（續）土地使用證僅於完成土地授出程序獲得建設用地規劃許可證及履行土地轉讓合同）可獲得。（續） (8) (8) igoTotal Ningbo 及支付有關土地出讓金之後方波總計寧波 — — 11.27 9.24 2.01 （如 3 PRINCIPAL BUSINESSSTRATEGIESIN2011 (3) (2) BUSINESS REVIEW Chief ExecutiveOffi internal recordsonlyandwithoutanyindependentverification. The aboveanalysisofthelandbankGroupbysaleableareaisbasedonits (8) Including IncludingDalianandShanxiTaiyuan. Hangzhou. (7) TheGrouphasestablishedasino-foreignco-operativejointventureandacquired (6) Forpaymentstatusoflandpremium,pleaserefertonotes22and40the (5) Notes: (Continued) Title StatusandLocation Usage andLocation results. from 2010withthefastercompletionscheduleandearlyrecognized sq.m in2011.TheGroup’sturnover2011isexpectedto growth units areonschedule.Theprojectedcompletionareais1.25 million monitor constructionperiodofprojectstoensurethedelivery of in Beijing,ShanghaiandGuangzhou.In2011,theGroupwill strictly supply ofpropertyunitsfollowingthelaunchvariousnew projects considerable growthincontractedsales2011withsufficient accelerate thedevelopmentofnewprojects.Weexpecttoseea Group willspeedupconstructionprogressofexistingprojectsand implementation oftheGroup’sdevelopmentstrategies.In2011, In 2010,increasingmanagementefficiencyfacilitatedthe Consistent growthinoperatingresults review bythegovernmentbureau. submitted forapprovalbythegovernmentbureauandiscurrentlypending transfer applicationfromthetransferortoGroup.Suchhasbeen to theGroupandapproximately1,500Chineseacreswereunderprocessof which, thelanduserightsofapproximately1,060Chineseacresweretransferred 2,560 ChineseacresinPanyuofGuangzhouCity,GuangdongProvince.Among construction ofresidentialandcommercialpropertiesonasiteapproximately Panyu ZhujiangRealEstateLimitedinthePRCfordevelopmentand financial statements. cer’s Report(continued) (Continued) (Continued) (Continued) 行政總裁報告（續） (2) (3) 所有權狀況及地點附註：業務回顧經營策略及安排二零一一年公司主要的用途及地區礎上實現提升。度集團營業收入將在二零一零年基提前鎖定的業績，預計二零一一年竣工面積將達時完成交付計劃，預計二零一一年能按時交付年內計劃落成項目，按嚴格落實標準工期，確保建設進度大幅度提升。二零一一年本集團將場，預計集團合約銷售將有實現較多個新盤入市，有充足貨量供應市進度，集團在北京、上海和廣州有工進度，加大新項目的開發力度和一年，集團將在加快老項目的開竣提升，發展戰略不斷推進。二零一二零一零年本集團管理效率持續經營業績持續增長 (5) (5) (6) (6) （續）土地出讓金之支付狀況請參閱帳目附註 22 本集團已於中國設立中外合作合營企業 (7) (7) 及收購了番禺珠江房地產有限公司，以及於廣東省廣州市番禺區一塊約 (8) (8) 之地塊上發展及興建住宅與商用物業。其中，約以上為本集團土地儲備之分析，按可供銷售面本集團名下，約 40 積並只根據其內部紀錄計算，而無獨立核實。轉讓方申請辦理用地手續至本集團名下的過程中，相關申請已進入政府部門的審批階段，目前正在等待政府部門的審（續）。批過程中。包括大連及山西太原。 125 （續）包括杭州。 1,060 萬平方米。加上已畝的用地使用權已辦至（續） 1,500 畝的土地正在由 2,560 畝 35 合生創展集團有限公司 . 二零一零年年報 36 Hopson Development Holdings Limited . Annual Report 2010 3 PRINCIPALBUSINESSSTRATEGIESIN2011 (3) Chief ExecutiveOffi development. healthy financialpositionforastableandsustainablebusiness accelerate assetturnoverandmaintainsufficientliquiditytoensurea maintain asoundfinancialposition,strengthenitsbase, resilience againstmarketfluctuations.In2011,theGroupwill development anddiversifytheriskofmarketcentralisationforbetter product portfolio,executestrategicplanningofbusiness management strategiesin2011.Wewilldevelopawell-balanced volatile marketandwilllearnfromexperiencetostrengthenitsrisk The Groupunderstandtheimportanceofriskmanagementina Strengthen riskmanagement (Continued) core valuethatmakesourproductscompetitiveinthemarket. value ofproducts.“Brandname,QualityandService”areour three services andstrivetoenhanceperformance-priceratio added products toourcustomers,wealsovaluebrandname and product typesandimprovequality.Whileweofferexquisite performance-price ratioandaddedvalueofproducts, increase In viewofthemarketchanges,Groupwillstrivetoenhance Further enhanceperformance-priceratio revenue structure. for astablesourceofcashrevenueandimproveitsgearingratio continue todevelopqualitycommercialpropertiesinfirst-tiercities pricing strategytogetsufficientoperatingcashflow.TheGroupwill development ofmediumtohigh-endproductsandadoptoptimum cities forhigherprofitably.TheGroupwillalsospeedup market leadingpositioninhigh-endproductsfirst-tier marketing, theGroupwillfurtherconsolidateandenhanceits name andextensiveexperienceinconstruction,design will improveitsproductmix.Withthehelpofrenownedbrand In responsetomarketchangesandadjustmentsin2011,theGroup Improve productmix cer’s Report(continued) 行政總裁報告（續） (3) 經營策略及安排二零一一年公司主要的團穩定運營與持續發展。確保資金充裕，確保財務安全和集務，鞏固財務基礎，加快資產周轉，一一年，本集團將繼續堅持穩健財集團抗市場波動風險之能力。二零實施，分散市場集中風險，提升本推進本集團業務發展佈局戰略的我們將尋求更為平衡的產品組合，一年將提升風險管理策略有效性。重要性，吸取經驗和教訓，二零一本集團認識到波動市場中風險管理提升風險管理爭優勢。競爭體系，使得我們的產品更具競品質加值和性價比的提升，構築和服務納入產品體系，注重產品附費者提供精品物業的同時，將品牌品核心內涵，提升產品品質，為消值，擴大和延伸產品範疇，抓住產化，將著力提升產品性價比和附加本集團認識到市場競爭趨勢發展變持續提升產品性價比為集團後續發展提供穩定現金流。收入結構，望通過商業物業之運營商業物業的發展，優化資產負債和同時，本集團將加強一線城市優質為集團提供充裕的經營性現金流。發速度和採取貼近市場原則銷售，間。本集團也將加快中高檔產品開場地位，以期獲得更廣泛的效益空集團在一線城市高端產品開發商市計、行銷經驗，繼續鞏固和提升本品牌優勢，借助高端項目建築、設及調整，優化產品結構，繼續發揮二零一一年，本集團因應市場變化優化產品結構 + 服務」的三位一體產品體系和（續）「品牌 + (4) CORPORATE GOVERNANCE PRINCIPALBUSINESSSTRATEGIESIN2011 (3) Chief ExecutiveOffi our long-termstrategy. strategic andregionalplanningwhileaddingnewgrowthdriversfor third-tier citieswithdevelopmentpotentialtocomplyour Huanbohai areaandYangtzeRiverDelta,alsoothersecond in thethreeCoreEconomicZones,namelyPearlRiverDelta, to acquirelandplotsincoreandneighboringareasoffirst-tiercities resources accordingtosalesprogress”.Wewillseizeopportunities our cashflowpositionandadheretotheprincipleof“acquiringland network. Wewillcontinuetodoresearchonlandmarket,evaluate development, urbanisationandconstructionofhigh-speedrail well awareofthevastdemandforpropertyarisingfromeconomic enables ustobemoreprudentinfurtherlandacquisition.Weare the developmentneedsincomingthreetofiveyearswhich As mentionedabove,theGrouppossessesabundantlandreservefor Prudent landacquisition (Continued) on pages107to117oftheannualreportyear. Details ofthecorporategovernancereportGroupis setout Securities oftheStockExchangeHongKongLimited. Governance Practices”undertheRulesGoverningListingof committees continuedtooperateinaccordancewiththe“Corporate interests. Duringtheyear,managementandrespective transparency andatthesametimeenhancingshareholders’ The Groupiscommittedtoimprovingitscorporategovernanceand cer’s Report(continued) 行政總裁報告（續） (3) (4) 經營策略及安排二零一一年公司主要的企業管治富，可供集團未來如上文所述，本集團土地儲備豐謹慎土地收購本年報第本集團詳細之企業管治報告詳載於則之港聯合交易所有限公司證券上市規營管理層及各專業委員會均按照香東利益的穩定增值。年內，集團經治水平，增強集團透明度，實現股本集團始終致力於不斷提升企業管動力。集團長期戰略的實現注入新的發展佈局和產品結構戰略調整需要，為增加優質土地儲備以滿足集團區域及其他有發展潛力的二、三線城市經濟圈一線城市的核心區和輻射區在珠三角、長三角、環渤海等三大合投資時機，以量出為入為原則，地評估現金流狀況，尋求與把握適續加強對土地市場的研究，更謹慎對房地產市場的影響和推動力，繼濟發展、城市化以及高鐵網路建設審慎。當然，我們也充分認識到經需，這使本集團在土地收購上更為《企業管治常規守則》 107 至 117 3–5 頁。年項目發展所（續）正常運作。 37 合生創展集團有限公司 . 二零一零年年報 38 Hopson Development Holdings Limited . Annual Report 2010 6 INCLUSIONINTHEMORGANSTANLEY (6) (5) AWARDS Chief ExecutiveOffi INDEX CAPITAL INTERNATIONAL(“MSCI”)CHINA Forum. Developer bytheCommitteeofAsiaPacificInternational Finance Project wasawardedthe2010AsianPacificBestUrbanProperty Association andJiangsuDecorationAssociation.CixiHangzhouBay Stone TradeAssociation,ZhejiangConstructionandDecoration jointly organisedbythreeindustryassociations,namelytheShanghai Outstanding StoneConstructionsinYangtzeRiverDelta,China and the20102ndGoldenStoneAwardforExteriorDecorationsof Garden CupbytheShanghaiLandscapeandGardeningAssociation Exhibition; ShanghaiDongjiaoVillareceivedtwoawards,namelythe Award bytheCommitteeofChinaInternationalLuxuryProperty Sheshan Dongziyuanwasawardedthe2010BojinLuxuryHome Beijing SafetyandCivilizedConstructionSiteAward;Shanghai Kylin ZonewasawardedtheGreatWallCup,ChaoyangCupand Great WallCupGoldMedalfortheoutstandingstructure;Beijing Block D2ofNo.8XiaoyunRoadprojectinBeijingwasawardedthe and wellreceivedbythemarketcommunity.Forinstance, The Group’sprojectsindifferentregionswerealsowidelyrecognised terms offinancialposition”. among thetop4in“2010TOP10HK-listedPRCDevelopers Developers intermsofinvestmentvalue”.TheCompanyalsoranked wealth creationcapability”and“2010TOP10HK-listedPRC strength”, “2010TOP10HK-listedPRCDevelopersintermsof top 3in“2010TOP10HK-listedPRCDeveloperstermsofoverall Research TeamonPRCDevelopers,theCompanywasamong Results of2010ListedPRCDevelopers”publishedbytheTOP10 Group waskeentoboostitsbrandimageandvalue.Inthe“Research During theyear,valueandinvestmentremainedtheme past arerecognisedinternationally. Index asoneoftheindexconstituents. Itreflectedourworksinthe In August2009,ourshareshavebeenincludedintheMSCI China cer’s Report(continued) 行政總裁報告（續） (5) (6) 榮譽國際中國指數被納入摩根士丹利資本價值。在主題，致力於提升品牌形象和品牌年內，集團繼續圍繞價值投資這一集團在過去的努力受到國際認同。數，成為指數成份股之一，反映本納入摩根士丹利資本國際中國指自二零零九年八月，合生創展已被等。 2010 獲亞太國際金融論壇組委會頒發的外裝飾金石獎》中國長三角優秀石材建設工程建築業協會聯合頒發的江蘇省裝飾裝修行業協會，三個行協會、浙江省建築裝飾行業協會、會頒發的園林杯以及上海石材行業目獲得榮獲上海市園林綠化行業協國鉑晶豪宅大獎；上海東郊別墅項際高端物業展組委會頒發的等獎項；上海佘山東紫園獲中國國杯、朝陽杯、北京市安全文明工地長城杯金獎；北京麒麟社獲得長城力國大陸在港上市房地產公司綜合實司研究成果》發佈的可，如北京霄雲路譽卓著，取得良好的市場及社會認同時集團各區域眾多項目市場聲 TOP10 大陸在港上市房地產公司財務穩健值國大陸在港上市房地產公司投資價力陸在港上市房地產公司財富創造能 TOP10 TOP10 TOP10 亞太地區最佳城市地產運營商」《前四名。「中國房地產」」的前三名和前三名，以及以，名三」前 2010 的前三名，並獲得年中國房地產上市公中，公司蟬聯。慈溪杭州灣項目榮 8 《號 (MSCI) 2010 「 D2 TOP10 2010 「樓獲得結構年第二屆 2010 「「研究組」中國大 2010 2010 2010 中國中中中廣州嘉和商業城 Hong Kong,31stMarch2011 Chief ExecutiveOfficer Xue Hu (7) APPRECIATION Chief ExecutiveOffi Guangzhou JiaheCommercial City Group. and allstaffmembersfortheircommitmentsdedicationstothe I wouldliketoexpressmyheartfeltgratitudeourmanagement cer’s Report(continued) 行政總裁報告（續）行政總裁香港薛虎 (7)

，二零一一年三月三十一日感謝出的努力深表感謝。本人謹此對管理層及各位員工所付 39 合生創展集團有限公司 . 二零一零年年報 40

Property Profi le 物業簡介

Beijing 北京 1. Beijing Regal Court 北京珠江帝景 2. Città Eterna 羅馬嘉園 3. Hopson International Garden 合生國際花園 4. No. 8 Royal Park 合生霄雲路8號 5. Beijing Dongfangwenhua Project 北京東方文華項目 Huanbohai Economic Zone 6. Beijing Desheng Building 北京德勝大廈環渤海經濟圈 7. Kylin Zone 麒麟社 8. Dreams World 世界村 9. Yuhe Project Qinhuangdao 玉河項目秦皇島 10. Tongzhou Yongshun Project Beijing 北京 Dalian 通州永順項目 Tianjin 大連 11. Times Regal 天津時代帝景

Taiyuan Tianjin 天津太原 12. Jingjin New Town 京津新城 13. Tianjin Hopson International Yangtze River Delta Economic Zone Tower 長江三角洲經濟圈天津合生國際大廈 14. Tianjin Hopson Kunshan International Mansion 昆山 Shanghai 天津合生國際公寓 Hangzhou 上海杭州 Cixi 慈溪 Dalian 大連 Ningbo 寧波 15. Dalian Hopson Regal Seashore 大連合生江山帝景 2010 Taiyuan 太原 Pearl River Delta Economic Zone 16. Taiyuan Project 太原項目珠江三角洲經濟圈 Annual Report . Qinhuangdao 秦皇島

17. Seasky Villa Guangzhou 天戴河廣州 Huizhou 惠州

Zhongshan 中山 Hopson Development Holdings Limited 41

Shanghai 上海 28. Shanghai Pudong Sanlin Project

18. Hopson Town 上海浦東三林項目 29. Shanghai Jinshan New District 合生城邦 Project 19. Hopson Golf Mansion 上海金山新城項目合生高爾夫公寓 20. Sheshan Dongziyuan 佘山東紫園 Hangzhou 杭州 21. Hopson Lantern Villa 30. Hangzhou Hopson 合生朗廷園 Guomao Centre 22. International Garden 杭州合生國貿中心合生國際花園 23. Hopson Dongjiao Villa Kunshan 昆山合生東郊別墅 31. Kunshan Project 24. Hopson Yuting Garden 昆山項目合生御廷園 25. Hopson International Plaza 合生國際廣場 Ningbo 寧波 26. Hopson Fortune Plaza 32. Hopson International City 合生財富廣場合生國際城 27. Shanghai Songjiang Guangfulin Project Cixi 慈溪上海松江廣富林項目 33. Hangzhou Bay Project 杭州灣項目

Guangzhou 廣州 34. Gallopade Park 44. Junjing Bay 53. Hopson International New City 駿景花園君景灣合生國際新城 35. Pleasant View Garden 45. Guangzhou Jiahe Commercial City 54. Wangxiangying Project 逸景翠園廣州嘉和商業城萬想營項目 36. Huanan New City 46. Hopson Yujing Mid-Level 55. Shidai City 華南新城合生御景半山時代城 37. Gallopade Park — South Court 47. Guangzhou Jiufo Machao Project 56. Binhai City 駿景南苑廣州九佛馬潮項目濱海城 38. Regal Riviera 48. Guangzhou Nam Fong Garden

珠江帝景 Project 39. Regal Palace 廣州南方花園項目 Zhongshan 中山帝景華苑 49. Hushan Guoji Villa 57. Regal Court 40. Yijing Huayuan 湖山國際帝景苑頤景華苑 50. Qianjin Road Project 58. Zhongshan Dongkeng Project 41. Guangzhou Zhujiang International 前進路項目中山東坑項目 Tower 59. Zhongshan Rainbow Project 二零一零年年報

廣州珠江國際大廈中山彩虹項目 .

42. Yunshan Xijing Huizhou 惠州雲山熹景 51. Huizhou Golf Manor 43. Regal Villa 合生高爾夫莊園帝景山莊 52. Huizhou Regal Riviera Bay 惠州帝景灣合生創展集團有限公司 42

Beijing 北京

North Forth Ring East 北四環東路

Beijing 北京

10 Jingjintang Expresswa Fifth Ring東五環 East

京津塘 Tongzhou District 通州區高速南六環 Sixth Ring South y

1. Beijing Regal Court Dongsishitiao 7 北京珠江帝景東四十條 2. Città Eterna 4

羅馬嘉園 Chaowainan Street 東三環中路 Chaoyang Park 朝外南街 3. Hopson International Garden 9 5 朝陽公園 N. Chaoyang Road 合生國際花園朝陽北路 2 6 4. No. 8 Royal Park Ritan Park Chaoyang Road 合生霄雲路8號日壇公園朝陽路

Beijing Youyi Shop Dongsanhuanzhong Rd. Chaoyang District 5. Beijing Dongfangwenhua Project 友誼商店朝陽區 Jianguo Road Jianguomenwaida St. 北京東方文華項目建國路建國門外大街 2010 6. Beijing Desheng Building Tonghui River 通惠河北京德勝大廈 3 7. Kylin Zone Guangqumenwaida St. 11 Guangqu Road 廣渠路廣渠門外大街麒麟社 1 Annual Report .

8. Dreams World Jingsong Road Nan Mofang Road 南磨房路世界村勁松路

9. Yuhe Project 玉河項目

10. Tongzhou Yongshun Project 通州永順項目

11. Times Regal 時代帝景 Hopson Development Holdings Limited 43

Beijing Regal Court 北京珠江帝景

23, West Dawang Road, Chaoyang District, Beijing (100% owned) 北京朝陽區西大望路23號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 111,570

將於以下時間完工 Construction to be completed 1 • 二零一四年或以後 in 2014 and after 248,843

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 360,413

Città Eterna 羅馬嘉園

107, Chaoyang Bei Road, Chaoyang District, Beijing (100% owned) 北京朝陽區朝陽北路107號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 18,524

於二零一零年十二月 Land bank as at 2 三十一日之土地儲備 31st December 2010 18,524

Hopson International Garden 合生國際花園

31, Guangqumenwaida Street, Chaoyang District, Beijing (100% owned) 北京朝陽區廣渠門外大街31號（擁有100%權益）平方米 Sq.m.

Construction completed 5,867 已完工 3

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 5,867

No. 8 Royal Park 合生霄雲路8號

8, Xiaoyun Road, Chaoyang District, Beijing (80% owned) 北京朝陽區霄雲路8號（擁有80%權益）平方米 Sq.m. 已完工 Construction completed 37,345 將於以下時間完工 Construction to be completed

• 二零一一年 in 2011 47,254 4 • 二零一二年 in 2012 152,547 • 二零一三年 in 2013 33,344 • 二零一四年或以後 in 2014 and after 385,385 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 655,875 44

Beijing Dongfangwenhua Project 北京東方文華項目

No. D4 Dongsi Redevelopment Area, Dongcheng District, Beijing (97% owned) 北京東城區東危改小區D4號（擁有97%權益）平方米 Sq.m.

Construction Completed 53,906 5 已完工將於以下時間完工 Construction to be Completed • 二零一二年 in 2012 87,437

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 141,343

Beijing Desheng Building 北京德勝大廈

No. 11 Deshengmenwai Street, Xicheng District, Beijing (100% owned) 北京西城區德勝門外大街11號（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed

6 • 二零一一年 in 2011 53,542

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 53,542

Kylin Zone 麒麟社

Interchange of Wanjing Street and Futong Xida Street, Wangjing, Beijing (100% owned) 北京望京阜通西大街和望京街交匯處（擁有100%權益）平方米 Sq.m.

Construction Completed 14,505 7 已完工將於以下時間完工 Construction to be completed • 二零一一年 in 2011 117,737

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 132,242

Dreams World 世界村

500 metres south of the bridge, No. 1, Majuqiao, Majuqiao Town, Liangshui River south, Yizhuang, Tongzhou District, Beijing (100% owned) 北京通州區亦莊涼水河南馬駒橋鎮馬駒橋1號橋南500米（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 13,931

8 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 157,155 • 二零一二年 in 2012 181,170 • 二零一三年 in 2013 8,042 • 二零一四年或以後 in 2014 and after 146,173 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 506,471 45

Yuhe Project 玉河項目

Plot 11, Southern District of Yuhe Wenbao Area, Dongcheng District, Beijing (100% owned) 北京東城區玉河文保範圍內南區11號地塊（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed 9 • 二零一四年或之後 in 2014 and after 10,000

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 10,000

Tongzhou Yongshun Project 通州永順項目

Qiaozhuang Village, Yongshun Town, Tongzhou District, Beijing (100% owned) 北京通州區永順鎮橋莊村（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一三年 in 2013 158,377 10 • 二零一四年或以後 in 2014 and after 175,820

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 334,197

Times Regal 時代帝景

Xin Tian Jia Yuan South Zone, No. 21, West Dawang Road, Chaoyang District, Beijing (100% owned) 北京朝陽區西大望路21號新天嘉園南區（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 138,021 11 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 138,021 46

Tianjin 天津

Beijing 北京

Baodi District 寶坻區 12

Tianjin 天津

Heping District 和平區 13

14 Nankai District 南開區

12. Jingjin New Town 京津新城

13. Tianjin Hopson International Tower 天津合生國際大廈

14. Tianjin Hopson International Mansion 天津合生國際公寓

Jingjin New Town 京津新城

1, Zhujiang South Road, Zhouliangzhuang Town, Baodi District, Tianjin (92.3% owned) 天津寶坻區周良莊鎮珠江南路一號（擁有92.3%權益）平方米 Sq.m. 已完工 Construction completed 255,299 將於以下時間完工 Construction to be completed

12 • 二零一一年 in 2011 42,227 • 二零一二年 in 2012 89,645 • 二零一三年 in 2013 58,793 • 二零一四年或以後 in 2014 and after 3,574,152 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 4,020,116 47

Tianjin Hopson International Tower 天津合生國際大廈

Interchange of Fuan Main Street and Xingan Road, Heping District, Tianjin (at Beian Bridge) (98.9% owned) 天津和平區福安大街與興安路交口（北安橋橋頭）（擁有98.9%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 197,590 13

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 197,590

Tianjin Hopson International Mansion 天津合生國際公寓

Interchange of Weijin South Road and Shuishang North Road, Nankai District, Tianjin (100% owned) 天津南開區衛津南路與水上北路交口（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 159,119 14

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 159,119 48

Dalian 大連

Bo Hai 渤海

Dalian Zhouzishui International Airport 大連周水子國際機場

Dalian City Centre 大連市區 Lushunkou Station 旅順口站

Huang Hai 黃海 15

15. Dalian Hopson Regal Seashore 大連合生江山帝景

Dalian Hopson Regal Seashore 大連合生江山帝景

808, Yanbei Road, Tieshan Town, Lushunkou District, Dalian (100% owned) 大連旅順口區鐵山鎮延北路808號（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 18,047 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 52,947 15 • 二零一二年 in 2012 1,957 • 二零一三年 in 2013 50,314 • 二零一四年或以後 in 2014 and after 312,363 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 435,628 49

Taiyuan 太原

Provincial Government

汾河省政府 Municipal Government 市政府 16

Fen River

Bingzhou North Road

Jianshe South Road

Binhe West Road D

s w

建 a

并州北路 y

設南路

濱河西路大運高速 Tiyu Road Tiyu

體育路 Yingpan Street 營盤街

Changfeng Street 長風街

Shanxi University 山西大學 Xuefu Street 學府街

16. Taiyuan Project 太原項目

Taiyuan Project 太原項目

West of Bingzhou Road, East of Tiyu Road and North of Eryingpan Street, Taiyuan, Shanxi (100% owned) 太原并州路以西，體育路以東，二營盤街以北（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一三年 in 2013 177,800 16 • 二零一四年或之後 in 2014 and after 155,866

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 333,666 50

Qinhuangdao 秦皇島

Wanjia Town 萬家鎮 Jiujiang River 九江河

Mengjiang Town 孟姜鎮 Shine Town 石河鎮 17

Donggang Town Shanhaiguan District 東港鎮山海關區 Qinhuangdao 秦皇島市

Bohai 渤海

17. Seasky Villa 天戴河

Seasky Villa 天戴河

Intersection of Hebei and Liaoning Provinces, Northwestern coast of Liaodong Bay (51% owned) 遼東灣西北岸，冀遼兩省交界處（擁有51%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 2012 20,000

17 二零一二年 • 二零一三年 2013 35,497 • 二零一四年或以後 in 2014 and after 843,444 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 898,941 51

Shanghai 上海

Hongkou District 26 虹口區 Yangpu District 楊浦區

25 19

Huangbu埔江 River Changning District 黃長寧區 Shanghai 上海

24 21 Shanghai Hongqiao International Airport 上海虹橋國際機場 Pudong New District 浦東新區 28 Shanghai Civil Aviation Airport 上海民航龍華機場

機場路 Airport Road 23 20

22 18 27 Minhang Sheshan District 佘山閔行區

18. Hopson Town 22. International Garden 26. Hopson Fortune Plaza 合生城邦合生國際花園合生財富廣場 19. Hopson Golf Mansion 23. Hopson Dongjiao Villa 27. Shanghai Songjiang Guangfulin 合生高爾夫公寓合生東郊別墅 Project 上海松江廣富林項目 20. Sheshan Dongziyuan 24. Hopson Yuting Garden 佘山東紫園合生御廷園 28. Shanghai Pudong Sanlin Project 上海浦東三林項目 21. Hopson Lantern Villa 25. Hopson International Plaza 合生朗廷園合生國際廣場 29. Shanghai Jinshan New District project 上海金山新城項目

Hopson Town 合生城邦

518, Anning Road, Minhang District, Shanghai (100% owned) 上海閔行區安寧路518號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 97,328 將於以下時間完工 Construction to be completed

• 二零一三年 in 2013 102,563 18 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 199,891 52

Hopson Golf Mansion 合生高爾夫公寓

1095, Jiangpu Road, Yangpu District, Shanghai (100% owned) 上海楊浦區江浦路1095號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 14,804 Land bank as at

19 於二零一零年十二月三十一日之土地儲備 31st December 2010 14,804

Sheshan Dongziyuan 佘山東紫園

1189, Linhu Road, Shanghai Sheshan National Holiday Resort, Shanghai (100% owned) 上海佘山國家旅遊度假區林湖路1189號（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 56,362 將於以下時間完工 Construction to be completed 20 • 二零一一年 in 2011 8,876 • 二零一二年 in 2012 42,473 • 二零一三年 in 2013 5,463 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 113,174

Hopson Lantern Villa 合生朗廷園

199, Zhenle Road, Zhaoxiang New City, Qingpu District, Shanghai (100% owned) 上海青浦區趙巷新城鎮樂路199弄（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 3,314 21 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 3,314

International Garden 合生國際花園

1290, East Changxing Road, Dongjing, Songjiang District, Shanghai (94% owned) 上海松江區洞涇長興東路1290號（擁有94%權益）平方米 Sq.m.

已完工 Construction completed 29,120 22 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 29,120 53

Hopson Dongjiao Villa 合生東郊別墅

7,699 Nong, Cuibai Road, Pudong New Area, Shanghai (100% owned) 上海浦東新區翠柏路699弄7號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 39,976 Land bank as at

於二零一零年十二月 23 三十一日之土地儲備 31st December 2010 39,976

Hopson Yuting Garden 合生御廷園

99, Xiangju Road, Zhaoxiang Town, Qingpu District, Shanghai (100% owned) 上海青浦區趙巷鎮巷居路99號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 7,443 將於以下時間完工 Construction to be completed • 二零一二年 in 2012 13,070 • 二零一三年 in 2013 9,332 24 • 二零一四年或以後 in 2014 and after 71,232 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 101,077

Hopson International Plaza 合生國際廣場

292 Jiefang, Yangpu District, Shanghai (100% owned) 上海楊浦區292街坊（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一一年 in 2011 22,711 in 2012 98,755 • 二零一二年 25 • 二零一三年 in 2013 198,524 • 二零一四年或以後 in 2014 and after 40,156 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 360,146

Hopson Fortune Plaza 合生財富廣場

483, Feihong Road, Hongkou District, Shanghai (100% owned) 上海虹口區飛虹路483號（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一二年 in 2012 52,656 26 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 52,656 54

Shanghai Songjiang Guangfulin Project 上海松江廣富林項目

Lot Nos. 2–5, Guang Fu Lin, Songjiang District, Shanghai (100% owned) 上海松江區廣富林第2至5號（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 94,476 27 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 94,476

Shanghai Pudong Sanlin Project 上海浦東三林項目

Lot A14–1, Sanlin Ji Zhen, Sanlin Zhen, Pudong New District, Shanghai (100% owned) 上海浦東新區三林鎮三林集鎮A14–1（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed 28 • 二零一四年或以後 in 2014 and after 40,901

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 40,901

Shanghai Jinshan New District Project 上海金山新城項目

Lot E25, Jinshan New District, Shanghai (100% owned) 上海金山新城區E25（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 88,449 29 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 88,449 55

Hangzhou 杭州

Zijinghua Roa Gudun Road

Zijingang Road

紫荊花路古墩路

紫金港路

d Municipal Government 市政府

Provincial Government 省政府天目山路

Tianmushan Road

30 Zhejiang University 浙江大學

西溪路 Xixi Road

Xi Lake 西湖

30. Hangzhou Hopson Guomao Centre 杭州合生國貿中心

Hangzhou Hopson Guomao Centre 杭州合生國貿中心

327, Tianmushan Road, Xihu District, Hangzhou (95% owned) 杭州西湖區天目山路327號（擁有95%權益）平方米 Sq.m.

已完工 Construction completed 92,418

於二零一零年十二月 Land bank as at 30 三十一日之土地儲備 31st December 2010 92,418 56

Kunshan 昆山

Sukuntai Expressway速

蘇昆太高

ad North ad

青楊北路 Qingyang Ro Qingyang

新楊東路

Xinyang Road East 超英西路

Luyang Town West Road Chaoying Zhoushi Town

陸楊鎮周市鎮華楊路 31 Zhouxin Road

Huayang Road Huayang 迎周路周新路 Xintang River ad East Ying Zhou Road 新塘河 Yingbin Ro 迎賓東路 al Changjiang Road North Yingbin Road Centr 迎賓中路長江北路

31. Kunshan Project 昆山項目

Kunshan Project 昆山項目

Yingzhou Road and south of Xintang River Zhoushi Town, Kushan City (100% owned) 昆山市周市鎮迎周路兩旁與新塘河以南（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed 31 • 二零一四年或以後 in 2014 and after 609,748

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 609,748 57

Ningbo 寧波

Dongchang Road Jiangbei District 東昌路江北區 Zhuangshida Road

庄市大道 32

Zhongbao鐘包道 Road

明海大道

ad 中官西路

Minghaida Road nxi Ro

Zhonggua

d 中官路 Zhongguan Roa

路 Ningbo University 涌鎮公寧波大學

Yongzhen Road

Kongpu Park

孔浦公園涌江 Yong River Jiangdong District 江東區

32. Hopson International City 合生國際城

Hopson International City 合生國際城

1, Zhongbao Road, Zhenhai New City, Ningbo (100% owned) 寧波鎮海新城鐘包路1號（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 69 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 221,836 • 二零一二年 in 2012 46,696 32 • 二零一三年 in 2013 28,859 • 二零一四年或以後 in 2014 and after 100,000 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 397,460 58

Cixi 慈溪

Hangzhou Bay Bridge The East Sea Hangzhou Bay 杭州灣跨海大穚東海杭州灣 Hangzhou Bay New District 33 杭州灣新區

Ci Dong Industrial Zone 慈東工業園區

Cixi City

慈溪市

Shen Hai Expressway Expressway Hai Shen 沈海高速

Hang Yong Expressway

杭甬高速

Yong Jin Expressway

甬金高速

33. Hangzhou Bay Project 杭州灣項目

Hangzhou Bay Project 杭州灣項目

Northwestern region of Hangzhou Bay New District, Cixi (100% owned) 慈溪杭州灣新區西北部（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed 33 • 二零一四年或以後 in 2014 and after 2,690,463

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 2,690,463 59

Guangzhou 廣州

46 47 Baiyun Huadu District International 花都區 Airport 白雲國際機場 34. Gallopade Park 駿景花園 35. Pleasant View Garden 逸景翠園

機場高速 36. Huanan New City 華南新城

Airport Express Luogang District 37. Gallopade Park – South Court 蘿崗區 Baiyun District 駿景南苑白雲區 38. Regal Riviera 珠江帝景 Tianhe District Guangshen Express 39. Regal Palace Guangsan Express 天河區帝景華苑廣深高速 49 廣三高速 Guangzhou 40. Yijing Huayuan 頤景華苑 Foshan Nanhai District 44 Huangbu District 佛山市南海區廣州市黃埔區 41. Guangzhou Zhujiang International Tower 廣州珠江國際大廈

42 Guangzhou Tianhe Railway Science City 43 42. Yunshan Xijing 雲山熹景 Station 廣州科學城天河火車站 43. Regal Villa 帝景山莊 Baiyun District 44. Junjing Bay 君景灣白雲區 Tianhe District 45. Guangzhou Jiahe Yuexiu District 天河區 Commercial City 越秀區 Metro Line No.5 廣州嘉和商業城 Dongshan District 地鐵五號線 37 34 46. Hopson Yujing Mid-Level 東山區合生御景半山 41 39 47. Guangzhou Jiufo Pearl River 珠江 Machao Project 38 45 廣州九佛馬潮項目 48 Guangzhou Haizhu District 廣州市 Guangzhou Nam Fong 48. 40 海珠區 Garden Project 50 35 Metro Line No.3 Guangzhou 廣州南方花園項目地鐵三號線 University City 49. Hushan Guoji Villa 湖山國際廣州大學城 Panyu District 50. Qianjin Road Project 前進路項目 36 番禺區

Gallopade Park 駿景花園

190, Zhongshan Avenue, Tianhe District, Guangzhou (95% owned) 廣州天河區中山大道190號（擁有95%權益）平方米 Sq.m.

已完工 Construction completed 4,795

將於以下時間完工 Construction to be completed 34 • 二零一四年或以後 in 2014 and after 439,529

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 444,324 60

Pleasant View Garden 逸景翠園

Guangzhou Avenue South, Haizhu District, Guangzhou (94.98% owned) 廣州海珠區廣州大道南（擁有94.98%權益）平方米 Sq.m.

已完工 Construction completed 51,996

35 將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 69,437

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 121,433

Huanan New City 華南新城

Xingnan Avenue, Panyu District, Guangzhou (100% owned) 廣州番禺區興南大道（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 69,065 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 28,959 36 • 二零一二年 in 2012 28,834 • 二零一四年或以後 in 2014 and after 1,614,254 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,741,112

Gallopade Park – South Court 駿景南苑

190, Zhongshan Avenue, Tianhe District, Guangzhou (95% owned) 廣州天河區中山大道190號（擁有95%權益）平方米 Sq.m.

已完工 Construction completed 32,014 將於以下時間完工 Construction to be completed in 2014 and after 92,637 37 • 二零一四年或以後於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 124,651

Regal Riviera 珠江帝景

1, Haojing Street, Yizhou Road, Haizhu District, Guangzhou (99.5% owned) 廣州海珠區藝洲路灝景街1號（擁有99.5%權益）平方米 Sq.m.

已完工 Construction completed 67,114 將於以下時間完工 Construction to be completed 38 • 二零一四年或以後 in 2014 and after 765,431

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 832,545 61

Regal Palace 帝景華苑

Guangzhou Avenue, Chigang, Haizhu District, Guangzhou (100% owned) 廣州海珠區赤崗廣州大道（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 6,013

於二零一零年十二月 Land bank as at 39 三十一日之土地儲備 31st December 2010 6,013

Yijing Huayuan 頤景華苑

Dongxiaonan Road South, Haizhu District, Guangzhou (50% owned) 廣州海珠區東曉南路（擁有50%權益）平方米 Sq.m.

已完工 Construction completed 53,917 Land bank as at

於二零一零年十二月 40 三十一日之土地儲備 31st December 2010 53,917

Guangzhou Zhujiang International Tower 廣州珠江國際大廈

No. 114–116 Yuehua Road, Yuexiu District, Guangzhou (100% owned) 廣州越秀區越華路114至116號（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 97,975 Land bank as at

於二零一零年十二月 41 三十一日之土地儲備 31st December 2010 97,975

Yunshan Xijing 雲山熹景

Guangzhou Avenue North, Baiyun District, Guangzhou (70% owned) 廣州白雲區廣州大道北（擁有70%權益）平方米 Sq.m.

已完工 Construction completed 24,128 Land bank as at

於二零一零年十二月 42 三十一日之土地儲備 31st December 2010 24,128 62

Regal Villa 帝景山莊

Aoti Road, Tianhe District, Guangzhou (100% owned) 廣州天河區奧體路（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 6,211 將於以下時間完工 Construction to be completed

43 • 二零一一年 in 2011 17,779 • 二零一二年 in 2012 20,214 • 二零一四年或以後 in 2014 and after 59,791 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 103,995

Junjing Bay 君景灣

Huangqi Beicun Avenue, Dali, Nanhai District, Foshan, Guangzhou (100% owned) 廣州佛山南海區大瀝黃歧北村大道（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 2,778 將於以下時間完工 Construction to be completed

44 • 二零一一年 in 2011 82,874 • 二零一二年 in 2012 90,729 • 二零一四年或以後 in 2014 and after 414,298 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 590,679

Guangzhou Jiahe Commercial City 廣州嘉和商業城

Guangzhou Avenue South, Haizhu District, Guangzhou (75% owned) 廣州海珠區廣州大道南（擁有75%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一三年 in 2013 116,338 45 • 二零一四年或以後 in 2014 and after 110,002

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 226,340

Hopson Yujing Mid-Level 合生御景半山

Honbenggang Reservoir, Shiling Town, Huadu District, Guangzhou (95.5% owned) 廣州花都區獅嶺鎮紅崩崗水庫（擁有95.5%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一二年 in 2012 100,000 46 • 二零一四年或以後 in 2014 and after 1,094,880 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,194,880 63

Guangzhou Jiufo Machao Project 廣州九佛馬潮項目

Jiufo Machao Industry Town, Guangzhou (55% owned) 廣州九佛鎮馬潮工業村（擁有55%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 193,513 47 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 193,513

Guangzhou Nam Fong Garden Project 廣州南方花園項目

168–170, Canggang Mid Road, Haizhu District, Guangzhou (100% owned) 廣州海珠區昌崗中路168–170號（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一三年 in 2013 60,227 • 二零一四年或以後 in 2014 and after 40,100 48

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 100,327

Hushan Guoji Villa 湖山國際

Yuanzhang Avenue, Xintang Town, Zengcheng City (100% owned) 增城市新塘鎮源章大道（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 21,367 將於以下時間完工 Construction to be completed • 二零一二年 in 2012 13,629 49 • 二零一三年 in 2013 10,419 • 二零一四年或以後 in 2014 and after 1,241,380 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,286,795

Qianjin Road Project 前進路項目

South of Qianjin Road, Haizhu District, Guangzhou (100% owned) 廣州海珠區前進路以南（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 244,300

於二零一零年十二月 Land bank as at 50 三十一日之土地儲備 31st December 2010 244,300 64

Huizhou 惠州

Huizhou 惠州 Huicheng District 惠城區

Huishen惠深高速 Expressway 惠鹽高速

Huiyan District Huiyan Expressway 惠陽區

Shenshan Expressway 深汕高速 55 Aotou Bay 56 澳頭港葵涌鎮 Baoan International Kuichong Town Airport Buji Town 寶安國際機場布吉鎮 Yantian District Guangshen Expressway 鹽田區廣深高速 Luohu District Dapeng Bay 羅湖區大鵬灣

51. Huizhou Golf Manor 合生高爾夫莊園

Dongjiang 3rd Ring Road 52. Huizhou Regal Riviera Bay Industrial Huishui惠水公路 Expressway 惠州帝景灣 Zone Zengcheng Huizhou Municipal 三環路東江工業園增城 Government 53. Hopson International New City 惠州市政府合生國際新城 54

54. Wangxiangying Project 51 鎮路 d 環 Dong River 萬想營項目 Huizhou Huanzhen Roa 2nd Ring Road 東江惠州 55. Shidai City 53 機場路

2010 52 時代城 Airport Road 二環路 Guangshan Expressway 4th Ring Road 56. Binhai City 廣汕公路濱海城

四環路 Annual Report

. Maon New Zone

馬安新區 Hopson Development Holdings Limited 65

Huizhou Golf Manor 合生高爾夫莊園

1, Longhe Road, Shuikou Town, Huizhou (100% owned) 惠州市水口龍和路1號（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 32,944 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 173,959 51 • 二零一二年 in 2012 349,427 • 二零一三年 in 2013 302,373 • 二零一四年或以後 in 2014 and after 1,230,323 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 2,089,026

Huizhou Regal Riviera Bay 惠州帝景灣

1, Wenchangyi Road, Jiangbei District, Huizhou (100% owned) 惠州市江北區文昌一路1號（擁有100%權益）平方米 Sq.m. 已完工 Construction completed 59,445 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 92,630 • 二零一二年 in 2012 76,146 52 • 二零一四年或以後 in 2014 and after 214,373 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 442,594

Hopson International New City 合生國際新城

Yaxin Garden, Lianhe Village, Shuikou Town, Huizhou (100% owned) 惠州水口鎮聯和村亞新花園（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 41,576 將於以下時間完工 Construction to be completed • in 2013 60,000

二零一三年 53 • 二零一四年或以後 in 2014 and after 903,496

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,005,072 66

Wangxiangying Project 萬想營項目

Taipingxu, Taiping Village, Licheng Street, Zengcheng City (100% owned) 增城市荔城街太平村太平墟（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 1,383,667 54 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,383,667

Shidai City 時代城

Xiangshuihe South, West side of Daya Bay (100% owned) 大亞灣西區響水河南部地段（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一三年 in 2013 173,856

55 • 二零一四年或以後 in 2014 and after 1,303,243

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,477,099

Binhai City 濱海城

Houzaiwan, Aotou, Daya Bay Area (100% owned) 大亞灣區澳頭猴仔灣（擁有100%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一一年 in 2011 104,162 • in 2012 4,410 56 二零一二年 • 二零一三年 in 2013 67,199 • 二零一四年或以後 in 2014 and after 1,472,540

於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 1,648,311 67

Zhongshan 中山

廣珠高速公路

Guangzhu Expressway

Rainbow Bridge 彩虹立交橋

Yixian Lake Park 逸仙湖公園

市政府 Municipal Government

Zhongshan Park 59 中山公園

Zhongshan 中山

57. Regal Court 帝景苑

58. Zhongshan Dongkeng Project 中山東坑項目

59. Zhongshan Rainbow Project 中山彩虹項目

Regal Court 帝景苑

Linggang District, Huoju Development Zone, Zhongshan (100% owned) 中山市火炬開發區陵崗區（擁有100%權益）平方米 Sq.m.

已完工 Construction completed 12,886 將於以下時間完工 Construction to be completed • 二零一一年 in 2011 20,000 57 • 二零一三年 in 2013 50,133 • 二零一四年或以後 in 2014 and after 50,713 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 133,732 68

Zhongshan Dongkeng Project 中山東坑項目

Dongkeng, South District, Zhongshan (95% owned) 中山市南區東坑（擁有95%權益）平方米 Sq.m.

將於以下時間完工 Construction to be completed • 二零一四年或以後 in 2014 and after 537,257 58 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 537,257

Zhongshan Rainbow Project 中山彩虹項目

Caihong Planning Zone, West District, Zhongshan (95% owned) 中山市西區彩虹規劃區（擁有95%權益）平方米 Sq.m.

將於以下時間完工 Construction completed • 二零一四年或以後 in 2014 and after 479,499 59 於二零一零年十二月 Land bank as at 三十一日之土地儲備 31st December 2010 479,499 2010 areasfollows: Details oftheinvestmentpropertiesGroupasat31stDecember Investment Property Factsheet Mainland China Guangdong Province Guangzhou Haizhu District Guangzhou AvenueSouth, Guangzhou JiaheCommercialCity Location Mainland China Shanghai Yangpu District 292 Jiefang Hopson InternationalPlaza Mainland China Shanghai Hongkou District 483, FeihongRoad Hopson FortunePlaza Mainland China Beijing Xicheng District No. 11DeshengmenwaiStreet Beijing DeshengBuilding Mainland China Zhejiang Province Hangzhou Xihu District 327, TianmushanRoad Hangzhou HopsonGuomaoCentre Mainland China Guangdong Province Guangzhou Yuexiu District No. 114–116YuehuaRoad International Tower Guangzhou Zhujiang 置集所權目前用途廣州嘉和商業城廣州大道南集團所佔權益廣州海珠區中國大陸廣東省位置合生國際廣場楊浦區中國大陸上海合生財富廣場飛虹路上海虹口區中國大陸北京德勝大廈 11 德勝門外大街北京西城區中國大陸國貿中心杭州合生天目山路杭州西湖區中國大陸浙江省國際大廈廣州珠江 114 越華路廣州越秀區中國大陸廣東省號至 116 292 483 327 號街坊號號 ru’ neetExistinguse Group’s interest 0%Commercial/office/ 100% 0%Commercial/office/ 100% Office/ 100% Commercial/office/ 100% 5 Commercial/office/ 75% 5 Commercial/office/ 95% 資物業詳列如下：於二零一零年十二月三十一日止，集團投 retail andcarparking retail andcarparking retail andcarparking retail andcarparking retail andcarparking retail andcarparking 投資物業一覽表商業╱辦公室╱ 商業╱辦公室╱ 商業╱辦公室╱ 商業╱辦公室╱ 商業╱辦公室╱ 零售及停車場零售及停車場零售及停車場零售及停車場零售及停車場零售及停車場辦公室╱ gross floorarea Approximate （平方米）樓面面積概約建築 226,340 360,146 (sq.m.) 92,418 52,656 97,975 53,542 69 合生創展集團有限公司 . 二零一零年年報 70 Hopson Development Holdings Limited . Annual Report 2010 公司之主要股東。及期貨條例第置業有限公司之唯一董事，根據證券展策略研究院副會長。朱先生為新達東省梅州市榮譽市民和廣東企業發十年經驗。彼亦為全國政協委員、廣建築、物業投資及發展方面擁有逾二的其中一位創辦人。朱先生在貿易、公司董事。彼為本公司主席及本集團朱孟依 Securities andFuturesOrdinance. within themeaningofPartXV substantial shareholderoftheCompany Limited. SoundaPropertiesLimitedisa sole directorofSoundaProperties of CorporateStrategy.Mr.Chuisthe Research InstitutefortheDevelopment the ViceChairmanofGuangdong Meizhou ofGuangdongProvinceand Conference, anHonouredCitizenof People’s PoliticalConsultative the NationalCommitteeofChinese development. Heisalsoamemberof construction, propertyinvestmentand over twentyyears’experienceintrading, founders oftheGroup.Mr.Chuhas CHU MangYee of theCompanyandone Director since1997.HeistheChairman 執行董事 EXECUTIVE DIRECTORS Directors’ Profi ， 50 歲，自一九九七年出任本 XV , aged50,hasbeena 部，新達置業為本 le

XIANG Bin Mr. XiangisaChineseRegistered of certainsubsidiariestheCompany. Chairman oftheCompanyanddirector Director since2001.HeistheDeputy 超過三十七年經驗。人員。他在建築及行政管理方面累積前，項先生為一上市公司的高級管理職稱。於二零零一年二月加盟本集團國特級註冊職業經理和高級工程師若干附屬公司之董事。項先生擁有中司董事。彼為本公司副主席及本公司項斌 management. construction andadministration seven years’ofexperiencein in February2001.Hehasoverthirty- listed companybeforejoiningtheGroup senior managementstaffofapublic a seniorengineer.Mr.Xiangwas Superior CareerManagerinthePRCand 董事簡介， 64 歲，自二零零一年出任本公 , aged64,hasbeena

累逾十年經驗。產投資、營銷管理、企業管理方面積業。一九九四年加盟本集團，在房地任職於國內高等院校及大型國有企管理碩士學位，彼為高級經濟師。曾先生畢業於廣州中山大學並獲工商為本公司若干附屬公司之董事。薛月二十二日出任集團行政總裁。彼亦三日起出任執行董事。二零一零年三薛虎 enterprise management. estate investment,marketingand over tenyears’ofexperienceinreal Xue joinedtheGroupin1994andhas state-owned enterprisesinthePRC.Mr. higher educationinstitutesandlarge a senioreconomistandworkedfor degree inBusinessAdministration.Heis Guangzhou andobtainedaMaster XUE Hu from ZhongshanUniversityin of theCompany.Mr.Xuegraduated 2010 anddirectorofcertainsubsidiaries Officer oftheGroupon22ndMarch was appointedastheChiefExecutive Director since23rdOctober2007.He ， 48 , aged48,hasbeenanExecutive 歲，自二零零七年十月二十

AU WaiKin Directors’ Profi director ofourothermember joined theGroupin1995.Heisalsoa Executive Directorsince1997.Mr.Au 物業發展方面積逾二十年經驗。在樓宇建造、城市規劃、地產投資及事。彼畢業於廣州中山大學。歐先生集團，並為本集團其他成員公司之董行董事。歐先生於一九九五年加盟本歐偉建 property development. planning, realestateinvestmentand construction ofbuildings,town has overtwentyyears’ofexperiencein Zhongshan UniversityinGuangzhouand companies. Mr.Augraduatedfrom ， 54 歲，自一九九七年出任執 , aged54,hasbeenan le (continued) le 董事簡介

ZHAO MingFeng since 17thJanuary2008andan the ChiefFinancialOfficerofGroup 經驗。的財務管理及金融專業方面的工作企業擔任財務管理職務，彼具有豐富別在中國人民銀行省行、市行、大型上市集團副總裁。一九八二年以來分七年加盟本集團之前曾任一間大型級會計師及中國註冊會計師。二零零司之董事。趙女士為經濟學學士、高執行董事。彼亦為本公司若干附屬公零零八年五月十九日起出任本公司七日起出任本集團財務總監，並自二趙明豐 monetary expertise. experience infinancialmanagementand large enterprises.Shehasextensive the People’sBankofChinaaswellin provincial levelandmunicipalof financial managementpositionsat 1982, Ms.Zhaohadhelddifferent President ofalargelistedgroup.Since the Groupin2007,shewasVice accountant inthePRC.Priortojoining senior accountantandacertified Bachelor degreeinEconomics.Sheisa of theCompany.Ms.Zhaoholdsa She isalsodirectorofcertainsubsidiaries Executive Directorsince19thMay2008. （續）， 55 歲，於二零零八年一月十 , aged55,hasbeen

LIAO RuoQing 的管理經驗。政府部門及法律事務、投資開發工作管理工作十餘年，積累了豐富的對接府部門任職，從事房地產投資及經營於二零零三年加盟本集團。彼曾在政獲澳洲西悉尼大學碩士學位。廖先生董事。廖先生畢業於廣州中山大學並團副總裁及本公司若干附屬公司之十一日起出任執行董事。彼亦為本集廖若清 and investmentdevelopment. government departments,legalaffairs extensive experienceinworkingwith management forovertenyearsandhas real estateinvestmentandbusiness government departmentandengagedin Group in2003.Heworked Sydney ofAustralia.Mr.Liaojoinedthe degree fromtheUniversityofWestern Guangzhou andobtainedaMaster from ZhongshanUniversityin of theCompany.Mr.Liaograduated Group anddirectorofcertainsubsidiaries 2010. HeisalsoaVicePresidentofthe Executive Directorsince21stJanuary ， 46 歲，自二零一零年一月二 , aged46,hasbeenan

71 合生創展集團有限公司 . 二零一零年年報 72 Hopson Development Holdings Limited . Annual Report 2010 獨立非執行董事 INDEPENDENT NON-EXECUTIVEDIRECTORS Directors’ Profi 及關連交易╱有關連人士交易委員會成員。生自一九九八年成為董事會成員。彼亦為本公司之審核委員會、薪酬委員會名委員會會員、救世軍顧問委員會委員及救世軍物業顧問委員會主席。李先彼現時為市區重建策略檢討督導委員會委員、香港房屋協會薪酬委員會及提公司之前董事、香港理工大學前校董及香港土地及建設諮詢委員會前委員。員、香港房屋協會前主席、香港房屋協會監事會前委員、香港數碼港管理有限許仲裁人學會會員。李先生曾為香港政府中央政策組專業測量師、香港董事學會資深會員、英國估價及拍賣師學會會員及英國特並於一九七七年註冊為認可人士。彼為香港測量師學會資深會員、香港註冊際集團控股有限公司之主席。彼於一九七三年獲英國皇家特許測量師資格， and theConnectedTransactions/RelatedPartyTransactionsCommitteeof 1998. HeisalsoamemberoftheAuditCommittee,RemunerationCommittee Committee oftheSalvationArmy.Mr.LeehasbeenamemberourBoardsince of theSalvationArmyAdvisoryBoardandChairmanProperty Committee andNominatingoftheHongKongHousingSociety,amember Committee onReviewoftheUrbanRenewalStrategy,amemberRemuneration the LandandBuildingAdvisoryCommittee.HeiscurrentlyamemberofSteering former CouncilmemberofHongKongPolytechnicUniversityanda Society, aformerdirectorofHongKongCyberportManagementCompanyLimited, Society, aformermemberoftheSupervisoryBoardHongKongHousing known astheGovernment“ThinkTank”,apastChairmanofHongKongHousing Institute ofArbitrators.Mr.LeeisaformermembertheCentralPolicyUnit,which Incorporated SocietyofValuersandAuctioneers,anassociatetheChartered Surveyor, afellowoftheHongKongInstituteDirectors,anassociate He isafellowoftheHongKongInstituteSurveyors,RegisteredProfessional Chartered ValuationSurveyorin1973andregisteredasanAuthorisedPerson1977. Mr. LeeistheChairmanofDHInternationalGroupHoldingsLtd.Hequalifiedasa LEE TsungHei,David 李頌熹 Company. ，銅紫荊星章，太平紳士 le (continued) le , BBS, JP, aged61,isanIndependentNon-ExecutiveDirector. ， 61 董事簡介歲，獨立非執行董事。李先生為鼎昊國（續）（即政府智囊團）之前委

易委員會成員。司之審核委員會、薪酬委員會及關連交易╱有關連人士交認識。黃先生自一九九八年成為董事會成員。彼亦為本公對於財務會計，稅務，進出口業務及公司管理均有深厚之位達十餘年，彼現於香港以註冊會計師身份執業。黃先生員，他亦曾出任多間香港及加拿大上市公司之財務總監職於若干香港上市公司之獨立非執行董事及審計委員會委具備豐富的審計，財務會計及稅務處理經驗。黃先生現職經在香港多間具規模之會計師事務所工作超過十五年，師，香港華人會計師公會會員及加拿大註冊會計師，他曾公認會計師公會資深會員，香港會計師公會執業資深會計獲取註冊會計師資格，現時為英國特許會計師及英國特許黃承基 Related PartyTransactionsCommitteeoftheCompany. the RemunerationCommitteeandConnectedTransactions/ Board since1998.HeisalsoamemberoftheAuditCommittee, company management.Mr.Wonghasbeenamemberofour financial accounting,taxation,import-exportbusinessand a CertifiedPublicAccountantinHongKong.Hehasexpertise Canada forovertenyears.Mr.Wongispresentlypracticingas controller forseverallistedcompaniesinbothHongKongand in HongKong.Hehasalsoassumedthedutyoffinancial and amemberofAuditCommitteeseverallistedcompanies is currentlyappointedasanindependentnon-executivedirector auditing, financialaccountingandtaxationmatters.Mr.Wong firms inHongKongwithover15years’experiencehandling Canada. Mr.Wonghadworkedinvariousrenownedauditing associate memberoftheCertifiedGeneralAccountants of TheSocietyChineseAccountantsandAuditorsan Institute ofCertifiedPublicAccountants,anordinarymember Kingdom. Mr.WongisalsoafellowmemberoftheHongKong Association ofCharteredCertifiedAccountantstheUnited Accountants inEnglandandWalesafellowmemberofthe Wong isanassociatememberoftheInstituteChartered accounting qualificationsinbothHongKongandCanada.Mr. Executive Director.Mr.Wongobtainedhisprofessional WONG ShingKay,Oliver Directors’ Profi ， 58 歲，獨立非執行董事。黃先生於香港及加拿大 le (continued) le , aged58,isanIndependentNon- 董事簡介（續）場公會之副主席。資本市場擁有豐富經驗。陳先生過去曾擔任香港資本市金融機構擔任高級職位。陳先生於企業及投資銀行以及曾於先生於加拿大及香港之銀行業擁有逾拿大註冊會計師協會會員及加拿大銀行家協會會士。陳 TAN LengCheng,Aaron 陳龍清 Capital MarketsAssociation. Mr. TanwasformerlytheViceChairmanofHongKong corporate andinvestmentbankingaswellcapitalmarkets. Chase andHSBC.Mr.Tanhasawidebreadthofexperiencein international financialinstitutionsincludingCiticorp,JPMorgan Kong. Mr.Tanhadheldseniorpositionsinseveralmajorand experience inthebankingindustrybothCanadaandHong Institute ofCanadianBankers.Mr.Tanhasover25years Certified GeneralAccountantsandaFellowMemberofthe of America.HeisanAssociateMembertheCanadian Administration degreefromCityUniversityintheUnitedStates University ofAlbertaandhasobtainedaMasterBusiness Mr. TanholdsaBachelorofCommercedegreefromthe Hong KonginvestmentbankingbusinessofBarclaysCapital. to this,Mr.Tanwasthemanagingdirectorandheadof serves asSeniorAdvisortoaglobalfinancialservicesfirm.Prior Non-Executive Directorsince2ndJuly2010.Mr.Tancurrently 位，並取得美國行業務之主管。陳先生持有此前陳先生為行董事。陳先生現為一間環球金融服務公司之高級顧問。 Citicorp ， 55 、歲 JP MorganChase ，自二零一零年七月二日起出任獨立非執 Barclays Capital City University , aged55,hasbeenanIndependent University ofAlberta 之董事總經理及香港投資銀工商管理碩士學位。彼為加及滙豐銀行等多家大型國際 25 年經驗。陳先生商業學士學 73 合生創展集團有限公司 . 二零一零年年報 74 Hopson Development Holdings Limited . Annual Report 2010 市稅務局，從事房地產投資及經營管理工作十餘年，有豐富的政府公共關係及投資開發等工作經驗。張黎明 relations andinvestmentdevelopment. estate investment,operationandmanagementforoverten years.Shehassubstantialexperienceingovernmentpublic is aneconomist.PriortojoiningtheGroupin2002,sheworked inShenzhenTaxationBureauandhadbeenengagedreal ZHANG Liming 計、工程管理經驗，實際操作經驗豐富。京合生北方房地產開發有限公司副總經理。二零零二年加盟本集團任副總裁。劉建先生擁有豐富的房地產規劃設級工程師。自一九八九年起歷任中國航天建築設計研究院副院長、北京珠江房地產開發有限公司副總經理及北劉建 design andengineeringmanagementwithextensivepracticaloperationsexperience. respectively since1989.HejoinedtheGroupasVicePresidentin2002.Mr.Liuhaswideexposurerealestateplanning, Estate DevelopmentLimitedandDeputyGeneralManagerofBeijingHopsonBeifangReal Vice-President ofChinaInstituteAerospaceConstructionandDesign,DeputyGeneralManagerBeijingZhujiang Real with aBachelordegree.Heiscertifiedfirst-classarchitectandprofessor-levelseniorengineerinthePRC.servedas LIU Jian 目運作方面經驗豐富，擁有良好的政府關係和社會資源。經濟管理學博士學位。一九九四年加盟本集團，從事房地產行業十餘年，在土地儲備、房地產投資開發管理及項續紅 operation. Shepossessgoodrelationswiththegovernmentandavastnetworkincommunity. years andhasextensiveexperienceininvestment,developmentmanagementoflandbank,realestateproject University ofScienceandTechnology.PriortojoiningtheGroupin1994,sheworkedrealestatesectorforover ten Business AdministrationfromtheUniversityofWesternSydneyinAustralia,aPhDEconomicManagementMacau XU Hong 資本運作。地產行業管理經驗，對寫字樓、酒店、商場、高科技軟件園的運作管理非常熟悉，對宏觀經濟有一定研究，擅長長及陸家嘴股份公司總裁等職。為上海陸家嘴樓宇協會會長、上海浦東新區商會副會長。朱先生具備豐富的商業師職稱，為中國註冊會計師。自一九八八年起歷任上海閘北區財稅局局長、上海浦東新區財稅局局長、審計局局朱國興 and hi-technologysoftwarepark.Heisfamiliarwiththemacroeconomycapitalmarketactivities. property industryandhasin-depthknowledgeintheoperationadministrationofofficebuilding,hotel,shoppingmall Commercial AssociationinPudongNewAreaofShanghai.Mr.Zhuhassubstantialmanagementexperiencecommercial Lujiazui HoldingCompanysince1988.HeistheChairmanofBuildingAssociationinShanghai,Vice Financial andTaxationBureauHeadofAuditinPudongNewAreaShanghaithePresident accountant inthePRC.HewasappointedasHeadofFinancialandTaxationBureauZhabeiDistrictShanghai, of EasternChinaCommercialPropertyCompany.Mr.ZhuholdsaMasterdegree.Heissenioreconomistandcertified ZHU Guoxing Senior Management’s Profi ，， 43 43 ，， , aged43,VicePresidentoftheGroup.Mr.LiugraduatedfromChongqingInstituteArchitecturalEngineering 62 44 歲，本集團副總裁兼天津區域公司董事長。續女士獲澳洲西悉尼大學工商管理碩士學位、澳門科技大學歲，本集團副總裁。劉建先生畢業於重慶建築工程學院，獲學士學位。國家一級註冊建築師，教授級高 , aged43,VicePresidentoftheGroup,ChairmanTianjinregionalcompany.SheholdsaMasterdegreein 歲，本集團副總裁兼商業地產總部總裁及華東商業地產公司總經理。朱先生擁有碩士學位、高級經濟歲，本集團總裁助理。畢業於新疆師範大學，經濟師。二零零二年加盟本集團。張女士曾供職於深圳 , aged62,VicePresidentoftheGroup,CommercialPropertyHeadquartersandGeneralManager , aged44,AssistanttoPresidentoftheGroup.Shegraduated fromtheXinjiangUniversityofEducationand le 高級管理層簡介 the (i) Recognised Sales TURNOVER Financial Review the deliveryofHopsonGolfMansionproject. projects andtheaveragesellingpriceinShanghaigrew65%with Beijing witnesseda92%growthduetothedeliveryofthreenew year. Alltheregionsrecordedhigheraveragesellingpricewhere price productsandhigh-endnewprojectsweredeliveredduringthe RMB10,385 persquaremetre)asaconsiderablevolumeofhigher 2010, increasedby49%toRMB15,474persquaremetre(2009: The averagesellingpricefordeliveredandcompletedpropertiesin such asKylinZone,No.8RoyalParkandDreamsWorldinBeijing. phase inHuizhouRegalRivieraBayandthedeliveryofnewprojects increased by55%and7%respectivelyduetothedeliveryofanew square metres),ofwhichtheGFAdeliveredinHuizhouandBeijing by theGroupin2010was766,030squaremetres(2009:896,934 2010 (2009:HK$11,225million),up28%.TheoverallGFAdelivered The GrouprecordedasatisfactoryturnoverofHK$14,379millionin of measureswereintroducedtostabilisetheoverheatingmarket. facilitated propertymarketdevelopment.In2010,however,aseries the 4,000-billioninvestmentplanfuelledeconomicgrowthand The economicstimulusmeasuresin2009andtheimplementationof 財務回顧 (i) 營業額均售價上升交付合生高爾夫公寓項目而錄得平個新項目而錄得高之平均售價，其中北京因交付三民幣 15,474 均售價上升二零一零年已交付及落成物業之平目及高端新項目於年內交付，因此由於有相當數量價格相對較高之項築面積分別上升號及世界村等新項目，故已交付建及交付北京的麒麟社、合生霄雲路京地區因交付新一期惠州帝景灣以年：築面積為二零一零年，本集團已交付之總建 11,225,000,000 14,379,000,000 於二零一零年錄得滿意之營業額列措施以穩定過熱市場。本集團然而，當局於二零一零年出台一系長，並促進了房地產市場之發展。萬億投資計劃之實施推動經濟增二零零九年的振興經濟措施及四確認銷售額 896,934 10,385 元（二零零九年：每平方米人 766,030 元） 65% 平方米） 49% 。所有地區均錄得較港元）港元。 55% 至每平方米人民幣 92% 平方米（二零零九年：，其中惠州及北，上升及增長及上海因 7% （二零零九。 28% 。於 8 75 合生創展集團有限公司 . 二零一零年年報 76 Hopson Development Holdings Limited . Annual Report 2010 (ii) Contracted Sales TURNOVER Financial Review(continued) sales oftheGroup. to RMB3,520millionandrepresenting32%ofthetotalcontracted Hopson InternationalCity.ContractedsalesofShanghaiamounted Dongziyuan, HopsonDongjiaoVilla,YutingGarden and Hopson Town,GolfMansion,InternationalGarden,Sheshan There weresevenpropertyprojectsonsaleinShanghai,comprising Guoji Villa,HuizhouRegalRivieraBayandGolfManor. Zhongshan RegalCourt,HuizhouInternationalNewCity,Hushan Regal Riviera,GallopadePark—SouthCourt,HuananNewCity, The majorprojectsinGuangdongwereYijingHuayuan,JunjingBay, a growthincontractedsalesby16%toreachRMB1,074million. of thetotalcontractedsalesGroup.Huizhouregionrecorded contracted saleswereRMB3,021millionin2010,representing27% Seventeen propertyprojectswereonsaleinGuangdongandthe Hopson RegalSeashorewerethemajorsalescontributors. of whichNo.8RoyalPark,DreamsWorldandKylinZoneDalian in 2010.NinepropertyprojectswereonsaleBeijingandTianjin, million, representing41%ofthetotalcontractedsalesGroup The combinedcontractedsalesofBeijingandTianjinwasRMB4,496 square metre(2009:RMB13,041permetre). Average contractedsellingpricegrew20%toRMB15,684per total ofRMB11.04billioncontractedsales(2009:RMB15.09billion). Amid thefluctuatingmarketconditions,Groupyetrecordeda with theaimtomaintainanorderlyandstablerealestatemarket. to curbrapidrisinghomepricesandspeculativeactivitiesin2010 The CentralGovernmentimplementedaseriesofausteritymeasures (Continued) 財務回顧（續） (ii) 營業額合約銷售額增長銷售總額之 3,021,000,000 物業項目，合約銷售額為人民幣廣東於二零一零年有十七個在售來源。及大連合生江山帝景為主要銷售額零一零年合約銷售總額之民幣北京及天津之合約銷售額合共為人年：每平方米人民幣平方米人民幣之平均售價亦較去年上升民幣 11,040,000,000 團仍取得合約銷售額合共人民幣房地產市場。在市況波動下，本集機性需求，以期維持有序及穩定之調控措施遏抑急速上升的房價及投中央政府於二零一零年實施一系列中合生霄雲路京及天津有九個在售物業項目，其售總額 3,520,000,000 城。上海之合約銷售額為人民幣郊別墅、合生御廷園及合生國際生國際花園、佘山東紫園、合生東括合生城邦、合生高爾夫公寓、合上海共有七個在售物業項目，包景灣及惠州高爾夫莊園。惠州國際新城、湖山國際、惠州帝駿景南苑、華南新城、中山帝景苑、包括頤景華苑、君景灣、珠江帝景、 1,074,000,000 合約銷售額（續） 4,496,000,000 15,090,000,000 32% 。 27% 元，佔本集團合約銷元。廣東之主要項目元，佔本集團合約 8 元 15,684 號、世界村、麒麟社（二零零九年：人。惠州地區錄得元，佔本集團二元） 16% 13,041 元。合約銷售（二零零九至人民幣 20% 41% 元）。至每。北 of higherpriceproducts. HK$8,728 million)dueprimarily tothedeliveryofaconsiderableamount Operating profitin2010was upby4%toHK$9,079million(2009: OPERATING PROFIT charitable organisationsintheMainland. activities andstaffcostsfornewprojects;(2)donations madeto primarily attributableto(1)greateramountsexpendedon promotional increase of11%from2009HK$1,374million.The increase was and administrationamountedtoHK$1,528millionrepresenting an The netoperatingcostsrelatingtoexpensesforselling,marketing, general OPERATING COSTS investment inlistedsecurities. of HK$15.3million,and(4)afairvaluegainHK$0.6millionfrom the governmentauthoritiesinMainlandChina;(3)adividendincome disposal ofsubsidiaries;(2)grantsamountingtoHK$150.0millionfrom HK$734.0 million)comprising(1)anetgainofHK$958.2millionfromthe Other income/gainsamountedtoHK$1,124.1millionin2010(2009: OTHER INCOME/GAINS,NET primarily totheincreaseincostofsales. Gross profitmargindroppedfrom41.6%in2009to39.6%2010due GROSS PROFIT (2009: 58%) HK$6,558 million)and,asapercentageofturnover,upby2%to60% elevated capitalisedinterest,costofsalesraisedtoHK$8,692million(2009: plans andimprovedqualitydecorationdesignincertainprojects higher costabsorptionduetosomeextentchangeofdevelopment costs andcapitalisedinterest.Inlinewiththeincreaseinturnover Cost ofsalesincludedlandandconstructioncosts,decorationdesign COST OFSALES Financial Review(continued) 財務回顧（續）所致。工成本增加；及主要由於數量價格較高之產品所致。 8,728,000,000 9,079,000,000 一零年之毛利率由二零零九年之毛利升 6,558,000,000 升至導致較高成本攤分，帶動銷售成本亦上修和設計質量提高以及資本化利息上升加、若干發展計劃改變、若干項目之裝設計成本及資本化利息。受到營業額增銷售成本包括土地及建築成本、裝修和銷售成本所致。二零一零年之經營溢利上升經營溢利零零九年之經營成本淨額為有關銷售、市場推廣、一般及行政開支之經營成本司之淨收益 734,000,000 1,124,100,000 二零一零年之其他收入╱收益達其他收入╱收益，淨額 (3) 地政府機關之補助金市證券之公平值收益 2% 股息收入 8,692,000,000 至 60% 39.6% (1) 1,374,000,000 （二零零九年：港元） 15,300,000 新項目的宣傳活動開支及員 958,200,000 港元）港元）港元港元，主要由於銷售成本上升 1,528,000,000 (2) ，包括：（二零零九年：（二零零九年：港元向內地慈善機構捐款，主要由於交付相當，佔營業額百分比上 600,000 150,000,000 港元；及（二零零九年： 41.6% 港元；港元增加 (1) 58% 港元。出售附屬公下降至二零港元，較二 (2) (4) ）。中國內投資上港元； 11% 4% ，至 77 合生創展集團有限公司 . 二零一零年年報 78 Hopson Development Holdings Limited . Annual Report 2010 up HK$768millionor34%ascomparedwithpreviousyear. amounting toHK$2,846million,underlyingprofitwasHK$3,043 million, effect ofthenettaxgainfromrevaluationinvestment properties HK$5,800 million).BasicearningspersharewasHK$3.43. Excluding the Profit attributabletoequityholderswasHK$5,889millionfor 2010(2009: OF THECOMPANY PROFIT ATTRIBUTABLETOEQUITYHOLDERS year. provision madeforMainlandChina’slandappreciationtaxduringthe The decreasewastoalargeextentattributablethein HK$1.1 million,theeffectivetaxratewouldhavebeen33%(2009:35%). controlled entityofHK$0.7millionandshareprofitfromassociates and interestincomeofHK$17million,(2)sharelossfromajointly listed securitiesofHK$15million,governmentgrantsHK$150million of subsidiariesHK$958million,dividendincomefrominvestmentin last year.Excludingthe(1)non-taxableitemscomprisinggainondisposal The effectivetaxratewas29%in2010,slightlydown2%comparedwith TAXATION loss ofHK$0.7millionfromajointlycontrolledentitylocatedinBeijing. Share oflossajointlycontrolledentityrepresentedtheGroup’sshare ENTITY SHARE OFLOSSAJOINTLYCONTROLLED 5.8% perannum(2009:6.2%). interest rateinrespectoftheGroup’sbankborrowingswasapproximately additional bankborrowingsmadeinthesecondhalfof2010.Theeffective from HK$1,148millionin2009.Theincreasewasmainlycausedbythe Gross interestbeforecapitalisationincreased10%toHK$1,268million FINANCE COSTS Financial Review(continued) 財務回顧（續）貸之實際年利率約為年下半年增加銀行借貸所致。本集團借 1,268,000,000 項收益淨額 3.43 5,800,000,000 心利潤為 700,000 佔位於北京之該間共同控制實體虧損分佔一間共同控制實體虧損指本集團應分佔一間共同控制實體虧損年之撥充資本前之利息總額由二零零九財務成本為二零一零年之股權持有人應佔溢利本公司股權持有人應佔溢利益二零一零年之實際稅率為稅項 6.2 微減少 768,000,000 同控制實體虧損獲取之股息收入稅計提撥備減少。大程度上由於年內就中國內地土地增值 33% 公司溢利港元等毋須課稅項目；及助 150,000,000 958,000,000 5,889,000,000 厘）（二零零九年：港元。倘不計及來自投資物業重估稅。 1,148,000,000 2% 港元。 3,043,000,000 1,100,000 。倘不計及 2,846,000,000 港元或港元，主要原因是二零一零港元）港元及利息收入港元、於上市證券的投資港元 15,000,000 700,000 34% 港元，實際稅率應為 35% 。每股基本盈利為港元增加（二零零九年︰ 5.8 (1) 港元，較去年增加。）厘港元及分佔聯營出售附屬公司收。有關跌幅乃很港元之影響，核（二零零九年： 29% (2) 港元、政府補分佔一間共，較去年輕 17,000,000 10% 至 reserve. increase inassetsrevaluationreserveandcurrencytranslationdifferences to equityholders;(2)shareplacementof185,461,463shares,and(3) 31st December2009,dueprimarilyto(1)currentyear’sprofitattributable HK$40,993 millionat31stDecember2010fromHK$30,499 Current ratiowas2.75in2010(2009:2.19).Equityincreasedto payables andtaxliabilities. obtained, and(2)increaseinaccountspayable,accrualsother liabilities alsoincreased,primarilydueto(1)additionalbankborrowings and (4)investmentsinnewsitesofShanghai.Alignedwiththis,total development costincurredintheconstructionandcompletionofprojects, properties; (2)fairvalueofavailable-for-salefinancialassets;(3) attributable totheincreasein(1)surplusfromrevaluationofinvestment respectively overthepreviousyear.Theincreaseintotalassetswasmainly representing anincreaseofHK$20,506millionandHK$10,013 HK$91,161 millionanditstotalliabilitiescametoHK$50,168million, As at31stDecember2010,totalassetsoftheGroupamountedto FINANCIAL POSITION Tianjin (4%). Group, followedbyGuangzhouandHuizhou(35%),Shanghai(20%) and HuanbohaiArea.Beijingcontributed41%tothetotalrevenueof core economicregions,namelythePearlRiverDelta,YangtzeDelta (95%). In2010,theGroupcontinuedtodevelopitsbusinessinthree Property developmentcontinuedtobetheGroup’scorebusinessactivity SEGMENT INFORMATION Financial Review(continued) 財務回顧（續）增加。及佔溢利；港元，主要由於一零年十二月三十一日之十一日之年：二零一零年之流動比率為項以及稅項負債增加。及時上升，主要由於於上海新地塊的投資。就此，負債總額同及完成項目所產生開發成本增加；及可供出售財務資產公平值增加； 91,161,000,000 集團之資產總值及負債總額分別為於二零一零年十二月三十一日，本財務狀況物業發展仍為本集團之核心業務分部資料主要由於及元，分別較去年上升 (35%) 益之域的營業持續發展。北京佔本集團總收江三角洲及環渤海地區三個核心經濟區於二零一零年，本集團在珠江三角洲、長 (3) (2) 10,013,000,000 2.19 41% 資產重估儲備及貨幣匯兌差額儲備應付賬款、應計款項及其他應付款、上海） (2) ，緊隨其後分別為廣州及惠州。權益由二零零九年十二月三 30,499,000,000 (1) 股份配售投資物業重估盈餘增加； (20%) 港元及 (1) 港元。資產總值增加， (1) 及天津本年度權益持有人應 185,461,463 取得額外銀行借貸； 20,506,000,000 50,168,000,000 港元增加至二零 (4%) 2.75 40,993,000,000 。（二零零九股股份； (95%) (3) 港元建設 (4) (2) 港。 79 合生創展集團有限公司 . 二零一零年年報 80 Hopson Development Holdings Limited . Annual Report 2010 denominated in Renminbi. All oftheotherborrowingswere unsecured,interest-freeandsubstantially Group’s totalborrowings. rate, representingapproximately 82%and10%,respectivelyofthe jointly andseverallyguaranteedbycertainsubsidiarieswith fixedinterest whereas theUnitedStatesDollardenominatedSeniorNotesdue 2012was and weresubstantiallydenominatedinRenminbiwithfixed interestrates All ofthebankborrowingswereeithersecuredorcoveredby guarantees during theyear. increase inbankborrowingsanddecreasecash deposits 32% asat31stDecember2009.Theincreasewasmainly duetothe of shareholders’equity,was51%,increase19percentage pointsfrom and GuaranteedSeniorNoteslesscashbankdeposits)asapercentage bank borrowingsandGuaranteedSeniorNotes(i.e.total compared tothoseat31stDecember2009.Gearingmeasuredbynet December 2010representinganincreaseof83%orHK$9,519millionas Total borrowingsfrombanksamountedtoHK$21,022millionasat31st dollars and0.2%inUnitedStatesdollars. and bankdepositsweredenominatedinRenminbi,1.7%HongKong by thebankstobuyersofGroup’sproperties.98.1%cash by certainbanksinrespectoftheprocessingmortgagefacilitiesgranted which approximatelyHK$77million(2009:HK$107million)wascharged deposits amountingtoHK$2,697million(2009:HK$6,714million)of As at31stDecember2010,theGrouphadcashandshort-termbank 32%). debt lesscashandbankdepositsovershareholders’equity)was51%(2009: interests) was55%(2009:57%).Thenetdebt-to-equityratio(i.e.total between totalliabilitiesandassets,excludingnon-controlling As at31stDecember2010,theGroup’sliability-to-assetratio(i.e. sufficient cashtomeetitsbusinessdevelopmentrequirements. Group’s operationsaccordingtoitscashflowprojectionsandmaintain flow atalevelwhichisconsideredadequatebytheGrouptofinance current andexpectedliquidityrequirementstomaintainitsrollingcash In managingtheliquidityrisk,Groupregularlyandcloselymonitorsits LIQUIDITY ANDBORROWINGS Financial Review(continued) 財務回顧（續）（不包括非控制性權益）年十二月三十一日之東權益百分比計算）及保證優先票據減現金及銀行存款）貸淨額及保證優先票據以人民幣計算。所有其他借貸均為無抵押、免息及大部分行。現金及銀行存款當中團物業買家之按揭貸款而抵押予該等銀 107,000,000 總額約以固定利率計息。兩者分別佔本集團借貸由若干附屬公司共同及個別作出擔保，並二零一二年到期之美元計值優先票據則分以人民幣計算並按固定利率計息，而於所有銀行借貸均為有抵押或擔保，且大部以及現金及銀行存款減少。點，上升之主要原因是年內銀行借貸增加 9,519,000,000 借貸總額為於二零一零年十二月三十一日，銀行元計算。其中約負債對資產比率於二零一零年十二月三十一日，本集團之務發展所需。作提供資金，以及維持足夠現金應付其業平，以因應現金流量預測為本集團業務運其滾存現金流量在本集團認為足夠之水監控其現時及預期流動資金需求，以維持管理流動資金風險時，本集團定期並密切流動資金及借貸之比率）債務總額減現金及銀行存款對股東權益零零九年：零零九年十二月三十一日增加計算，餘下港元之現金及短期銀行存款達於二零一零年十二月三十一日，本集團（二零零九年： 82% 77,000,000 為 51% 57% 1.7% 及港元） 21,022,000,000 港元。負債比率 10% （二零零九年：（即負債總額對資產總值）及。淨債務對權益比率已就若干銀行授予本集。港元 0.2% 6,714,000,000 為 32% （即銀行借貸總額 51% （二零零九年：之比率）分別以港元及美 98.1% 上升，較二零零九 2,697,000,000 港元，較二（以銀行借 32% 為 19 以人民幣港元） 55% ）個百分 83% 。佔股（即（二或， Net borrowings 1 year Total 1–2 years 2–5 years After 5years Less: Cashand

bank deposits 借貸淨額 pledged withbanksforloanfacilitiesusedbysubsidiaries. carrying valueofHK$11,853million(2009:HK$7,355 million) were As at31stDecember2010,certainassetsoftheGroupwith anaggregate CHARGE ONASSETS amounted toHK$10,502million(2009:HK$9,981million). mortgage facilitiesgrantedtobuyersoftheGroup’spropertieswhich As at31stDecember2010,theGroupprovidedguaranteestobanksfor FINANCIAL GUARANTEE HK$25,474 million)wereunutilised. term andlong-termbankloans,ofwhichHK$34,539million(2009: approximately HK$55,561million(2009:HK$36,976million)forshort- As at31stDecember2010,theGrouphadbankingfacilitiesof LIQUIDITY ANDBORROWINGS Financial Review(continued) as follows: The Group’sborrowingrepaymentprofileasat31stDecember2010was 一年總計一年至兩年兩年至五年五年後減：現金及銀行存款 Borrowings 財務回顧銀行借貸 10226820025,780 2,060 2,698 21,022 ,7 ,6 ,3 (22%) 5,732 2,060 — 3,672 ,2 ,9 ,2 (32%) 8,324 — 2,698 5,626 ,6 ,6 (35%) 8,863 — — 8,863 ,6 ,6 (11%) 2,861 — — 2,861 Bank 於二零一零年十二月三十一日 Guaranteed As at31stDecember2010 （續） (Continued) 先據其借總計其他借貸優先票據 Senior notes （百萬港元） (HK$ million) 保證

orwnsTotal borrowings Other 23,083 (2,697) Borrowings 銀行借貸屬公司使用之貸款融資抵押予銀行。九年：零零九年：借貸還款時間表如下：本集團於二零一零年十二月三十一日之流動資金及借貸干賬面總值為於二零一零年十二月三十一日，本集團若資產抵押銀行提供之擔保為本集團物業之買家獲提供按揭貸款而向於二零一零年十二月三十一日，本集團就財務擔保 25,474,000,000 其中 36,976,000,000 55,561,000,000 集團就短期及長期銀行貸款取得約於二零一零年十二月三十一日，本 15226721020218,371 2,022 2,170 2,677 11,502 ,6 ,7 ,2 ,5 (45%) 8,255 2,022 2,170 — 4,063 ,0 ,0 (10%) 1,907 — — — 1,907 ,7 ,7 ,4 (41%) 7,448 — — 2,677 4,771 Bank 6 6 (4%) 761 — — — 761 34,539,000,000 Senior notes 7,355,000,000 Guaranteed 優先票據於二零零九年十二月三十一日 As at31stDecember2009 9,981,000,000 保證（百萬港元） (HK$ million) 11,853,000,000 港元）港元）之銀行信貸額，港元 Guaranteed Convertible 換債他貸總計其他借貸可換股債券 10,502,000,000 （二零零九年：港元港元）仍未被動用。 bond （續）保證（二零零九年：港元）之資產已就附 borrowings 港元。 11,657 Other (6,714) （二零零港元（二 Total 81 合生創展集團有限公司 . 二零一零年年報 82 Hopson Development Holdings Limited . Annual Report 2010 The Group’scommitmentsasat31stDecember2010werefollows: COMMITMENTS Financial Review(continued)

Authorised butnotcontractedfor certain entities (“BJ Dongfangwenhua”) controlled entity incertain MainlandChinaentities Contracted butnotprovidedfor Capital commitments — Propertyconstructioncosts — Acquisitionoflandandequityinterestsin — Capitalcontributiontoajointly — Acquisitionoflandandequityinterests — Propertyconstructioncosts 財務回顧（續）已授權但未訂約股本權益資本貢獻之土地及股本權益

已訂約但未撥備資本承擔 — — — — —

物業建築成本對一間共同控制實體收購若干中國大陸實體物業建築成本收購若干實體之土地及（「北京東方文華」）之承擔如下：本集團於二零一零年十二月三十一日之承擔十二月三十一日 31st December 於二零一零年 HK$ million 百萬港元 19,415 11,385 7,859 1,785 3,526 8,030 6,245 As at 2010 — 十二月三十一日 31st December 於二零零九年 HK$ million 百萬港元 4,905 3,597 3,531 1,308 2009 As at 880 258 170 66 COMMITMENTS Financial Review(continued) Authorized butnotcontractedfor Contracted butnotprovidedfor Property developmentcommitments — Propertyconstructioncosts — Propertyconstructioncosts (Continued) 財務回顧（續）已授權但未訂約已訂約但未撥備物業發展承擔 — —

物業建築成本物業建築成本承擔（續）十二月三十一日 31st December 於二零一零年 HK$ million 百萬港元 79,287 66,221 13,066 As at 2010 十二月三十一日 31st December 於二零零九年 HK$ million 百萬港元 48,442 38,258 10,184 2009 As at 83 合生創展集團有限公司 . 二零一零年年報 84 Hopson Development Holdings Limited . Annual Report 2010 stages. adequate liquiditypositiontomeettheseon-goingcommitmentsby available andthecashinhand,Groupisexpectedtobean With continuouscashinflowfrompropertysales,thebankingfacilities are directlyrelatedtotheunderlyingbusinessofGroup. funding policies,withafocusonriskmanagementandtransactionsthat The Groupadoptsaprudentapproachwithrespecttotreasuryand TREASURY POLICIES COMMITMENTS Financial Review(continued) follows: minimum leasepaymentsundernon-cancellableoperatingleasesareas various non-cancellableoperatingleaseagreements.Thefutureaggregate The Grouphasoperatingleasecommitmentsinrespectofpremisesunder

Amounts payable — After5years — Withintwotofiveyears — Withinoneyear (Continued) 財務回顧（續）

下列期內應付之款項 — — —

五年後兩年至五年內一年內承擔。有充足流動資金以應付不同階段之持續動用銀行信貸及手頭現金，本集團預期備由於物業銷售持續提供現金流入，加上可總額如下：可註銷經營租約於日後之最低應付租金經營租賃協議而有經營租賃承擔。根據不本集團就多份有關租賃物業之不可註銷承擔務有直接關係之交易。度，並專注於風險管理及與本集團核心業本集團就其財資及融資政策採取審慎態財資政策（續）十二月三十一日 31st December 於二零一零年 HK$ million 百萬港元 As at 2010 144 30 40 74 十二月三十一日 31st December 於二零零九年 HK$ million 百萬港元 2009 As at 152 27 49 76 ended 31stDecember2010isasfollows: An analysisoftheGroup’sturnoverbybusinesssegments fortheyear locations isasfollows: operating profitfortheyearended31stDecember2010bygeographical An analysisoftheGroup’sturnoverandtheirrespectivecontributionsto management andhoteloperations. investment holding,propertydevelopment,investment, associates andajointlycontrolledentityareprincipallyengagedin The Companyisaninvestmentholdingcompany.Itssubsidiaries, PRINCIPAL ACTIVITIES ended 31stDecember2010. “Company”) anditssubsidiaries(togetherthe“Group”)foryear audited financialstatementsofHopsonDevelopmentHoldingsLimited(the The Directorsarepleasedtopresenttheirannualreporttogetherwiththe Report oftheDirectors Property managementincome Sales ofproperties Others Huizhou Tianjin Shanghai Beijing Guangzhou Income fromhoteloperation Rental income 其他惠州天津上海北京廣州物業管理收入物業銷售酒店營運收入租金收入董事會報告（經營溢利之貢獻分析如下：止年度按地區劃分之營業額及其各自對本集團截至二零一零年十二月三十一日理業務及酒店營運。投資控股、物業發展、物業投資、物業管公司、聯營公司及共同控制實體主要從事本公司為一間投資控股公司，旗下各附屬主要業務下：止年度按業務分部劃分的營業額分析如本集團截至二零一零年十二月三十一日「本公司」董事會欣然提呈合生創展集團有限公司的年報連同經審核財報報表。截至二零一零年十二月三十一日止年度） 439239,078,972 14,379,253 ,0,0 174,718 2,540,747 1,803,107 3,004,583 2,236,845 2,891,854 5,837,780 3,331,772 及其附屬公司 Turnover K’0 HK$’000 HK$’000 1,4 (109,704) 514,740 港千港元千港元營業額 1,231,783 — operating profit Contribution to （統稱對經營溢利 13,696,356 14,379,253 「本集團」 Turnover HK$’000 410,634 179,792 千港元營業額之貢獻 92,471 ） 85 合生創展集團有限公司 . 二零一零年年報 86 Hopson Development Holdings Limited . Annual Report 2010 HK$525,776,000 (2009:HK$596,215,000). calculated undertheCompanies ActofBermuda,amountedto Distributable reservesoftheCompanyasat31stDecember 2010, are setoutinNote28tothefinancialstatements. Movements inreservesoftheGroupandCompanyduring theyear RESERVES 27 tothefinancialstatements. Details ofmovementsinsharecapitaltheCompanyareset outinNote SHARE CAPITAL December 2010toapproximatelyHK$300,531,000. share, whichwillbringthetotaldividendsforyearended31st recommended thepaymentofafinaldividendHK17.15centsper No interimdividendwasdeclaredandpaidduringtheyear.TheDirectors report. set outintheconsolidatedincomestatementonpage122ofthisannual Details oftheGroup’sresultsforyearended31stDecember2010are RESULTS ANDAPPROPRIATIONS Group’s fivelargestcustomersorsuppliers. than 5%oftheCompany’ssharecapital)hasabeneficialinterestin any shareholders(whichtotheknowledgeofDirectorsownedmore 41 tothefinancialstatements,noneofDirectors,theirassociatesor Save fortheassociationwithcertainrelatedcompaniesassetoutinNote Group’s purchases. the largestsupplierofGroupaccountedforapproximately9% Group accountedforapproximately0.65%oftheGroup’sturnoverwhile 22% oftheGroup’spurchases.Inaddition,largestcustomer while thefivelargestsuppliersofGroupaccountedforapproximately the Groupaccountedforapproximately2.46%ofGroup’sturnover During theyearended31stDecember2010,fivelargestcustomersof MAJOR CUSTOMERSANDSUPPLIERS Report oftheDirectors (continued) 董事會報告（續）供應商中擁有實益權益。 5% 何股東有聯繫外，概無董事、彼等的聯繫人或任 596,215,000 除財務報表附註的最大供應商則佔本集團採購額約客戶佔本集團營業額約本集團採購額約約度，本集團五名最大客戶佔本集團營業額截至二零一零年十二月三十一日止年主要顧客及供應商於財務報表附註本集團及本公司於本年度之儲備變動載儲備 27 本公司股本變動詳情載於財務報表附註股本止年度業績詳情載於本年報第本集團截至二零一零年十二月三十一日業績及分派儲備為百慕達公司法計算，本公司可供分派於二零一零年十二月三十一日，根據議派發末期股息每股本年度並無宣派及支付中期股息。董事建損益表內。之股息總額將約為截至二零一零年十二月三十一日止年度 2.46% 。）於本集團五名最大客戶或五名最大（據董事所知擁有本公司股本超過 525,776,000 ，而本集團五名最大供應商則佔港元） 28 22% 41 。 300,531,000 。所載與若干關連公司港元。此外，本集團最大 17.15 0.65% （二零零九年：港仙。故此，，而本集團港元。 122 頁綜合 9% 。 the lastfivefinancialyearsisset outonpages250to252. A summaryoftheresultsand of theassetsandliabilitiesGroupfor FIVE YEARFINANCIALSUMMARY statements. Details ofthepensionschemesaresetoutinNote31to thefinancial PENSION SCHEMES to thefinancialstatements. Particulars ofborrowingsasat31stDecember2010aresetoutinNote24 BORROWINGS Notes 12and13tothefinancialstatements,respectively. Particulars oftheCompany’ssubsidiariesandassociatesaresetoutin SUBSIDIARIES ANDASSOCIATES the financialstatements,respectively. properties oftheGroupduringyeararesetoutinNotes7and8to Details ofmovementsinpropertiesandequipmentinvestment INVESTMENT PROPERTIES PROPERTIES ANDEQUIPMENT Bermuda. laws andthereisnorestrictionagainstsuchrightsundertheof There arenoprovisionsforpre-emptiverightsundertheCompany’sBye- PRE-EMPTIVE RIGHTS organizations. HK$202,771,000 (2009:HK$35,640,000)tovariouscharitable During theyear,Groupmadecharitabledonationstotalling DONATIONS Report oftheDirectors (continued) 董事會報告（續）物業及設備和投資物業文，而百慕達法例亦無限制該等權利。本公司之公司細則並無優先購買權條優先購買權年：慈善捐款合共於本年度，本集團向多個慈善機構作出捐款產與負債摘要載於第本集團於過去五個財政年度之業績及資五年財務摘要退休金計劃詳情載於財務報表附註退休金計劃情載於財務報表附註於二零一零年十二月三十一日之借貸詳借貸載於財務報表附註本公司之附屬公司及聯營公司詳情分別附屬公司及聯營公司註業變動詳情分別載於財務報表附註本集團於本年度之物業及設備和投資物 8 。 35,640,000 202,771,000 港元） 12 。 250 24 及附註。至港元 252 13 （二零零九。頁。 31 7 及附。 87 合生創展集團有限公司 . 二零一零年年報 88 Hopson Development Holdings Limited . Annual Report 2010 (i) Construction continuing connectedtransactionsaresetoutasfollows: transactions oftheCompanyunderListingRules.Detailssuch under theFrameworkAgreementconstitutecontinuingconnected transactions betweentheGroupandHanjiangascontemplated Exchange ofHongKongLimited(the“StockExchange”).Hence,the Rules GoverningtheListingofSecurities(the“ListingRules”)onTheStock Chu asto10percent,isaconnectedpersonoftheCompanyunder Company) (“Mr.Chu”)asto90percentandthebrother-in-lawofMr. controlling shareholderandchairmanoftheboardDirectors Hanjiang, acompanyownedbythebrotherofMr.ChuMangYee(the for atermcommencingfrom16thJune2009to31stDecember2011. the GrouptoHanjiangGroup.TheFrameworkAgreementiseffective by theHanjiangGroupandofservices/leasedpremisestobeprovided terms inrespectofservices/leasedpremisestobeprovidedtheGroup “Framework Agreement”)settingout,amongotherthings,theprincipal subsidiaries anditsassociates),enteredintoaframeworkagreement(the companies oftheGroupandHanjiang(comprisingHanjiang,its Installation ProjectLimited(“Hanjiang”),beingtherespectiveholding On 30thApril2009,theCompanyandGuangdongHanjiangConstruction CONTINUING CONNECTEDTRANSACTIONS Report oftheDirectors (continued) approximately HK$2,275,708,000(2009:HK$1,899,903,000). payable bytheGrouptoHanjiangamounted to the yearended31stDecember2010,totalconstructionfees paid/ such areawheretheparticularpropertyprojectislocated. During standards prescribedby third partiesforsimilarconstructionprojectsandthestipulated by referencetotheprevailingmarketrateschargedindependent projects oftheGroupinPRCshallbedeterminedbyparties Group forcarryingoutconstructionworksvariousproperty Group. TheconstructionfeespayablebytheGrouptoHanjiang Hanjiang Groupagreestocarryoutsuchconstructionworksforthe certain propertydevelopmentprojectsoftheGroupand appoint theHanjiangGrouptocarryoutconstructionworksfor For thethreeyearsending31stDecember2011,Groupmay 建設委員會 (ConstructionCommittee)of 董事會報告（續）一份框架協議屬公司及其聯營公司）自為本集團及韓江集團東兼董事會主席）為一間分別由朱孟依先生起至二零一一年十二月三十一日止。韓江協議之有效期自二零零九年六月十六日提供之服務╱租賃物業之主要條款。框架服務╱租賃物業以及本集團將向韓江集團中包括）易。該等持續關連交易詳情如下：擬進行之交易構成本公司之持續關連交框架協議所涉及在本集團與韓江集團間公司之關連人士。因此，根據上市規則，證券上市規則根據香港聯合交易所有限公司先生之妹夫擁有韓江建築安裝工程有限公司於二零零九年四月三十日，本公司與廣東持續關連交易 (i) 1,899,903,000 2,275,708,000 應付韓江集團之建築費用總額約為月三十一日止年度，本集團已付╱ 之規定標準。截至二零一零年十二員會就個別物業項目所在地區頒佈之市場價格釐定，並應符合建設委獨立第三方就同類建築項目收取團之建築費用，將由訂約各方參考項目進行建築工程而應付予韓江集集團為本集團若干位於中國之物業進行該等建築工程。本集團就韓江築工程，而韓江集團同意為本集團為本集團若干物業發展項目進行建三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止建築有關韓江集團將向本集團提供之（（「框架協議」「上市規則」 90% （「朱先生」港元）港元及（包括韓江、其附 10% （二零零九年：之控股公司）。（本公司控股股）權益之公司，（）），以載列「韓江」（，韓江為本之胞弟及朱「聯交所」）訂立（其（各） (iii) Design (ii) Property management Report oftheDirectors (continued) approximately HK$1,104,000(2009:HK$899,000). fees paid/payablebytheGrouptoHanjiangamounted located. Duringtheyearended31stDecember2010,management Administration Bureau)ofsuchareawheretheparticularpropertyis standards prescribedby services insimilarlocations,whichshallconformwiththestipulated independent thirdpartiesforprovidingsimilarpropertymanagement the partiesbyreferencetoprevailingmarketratescharged services tothesaidpropertiesinShanghaishallbedeterminedby by theGrouptoHanjiangforprovidingmanagement by theGroupinShanghai.Theamountofmanagementfeespayable appoint theHanjiangGrouptomanagecertainpropertiesdeveloped For thethreeyearsending31stDecember2011,Groupmay HK$13,787,000). Hanjiang GroupamountedtoapproximatelyHK$2,759,000 (2009: December 2010,designfeespaid/payablebytheGroupto provision ofsimilarservices(ifany).Duringtheyearended31st the relevantgovernmentauthorityonfeeschargeablefor similar designprojectsandthestandardsorguidelinesprescribedby prevailing marketrateschargedbyindependentthirdpartiesfor the partiesbyreferenceto,andshallnotbehigherthan, property developmentprojectsoftheGroupshallbedeterminedby Hanjiang Groupforcarryingoutthedesignworksvarious Group. TheamountofdesignfeespayablebytheGroupto business ofpropertydesign,tocarryoutsuchdesignworksforthe procure anymemberoftheHanjiangGroupwhichisengagedin property developmentprojectsoftheGroupandHanjiangagreesto appoint theHanjiangGrouptocarryoutdesignworksforcertain For thethreeyearsending31stDecember2011,Groupmay 房屋土地管理局董事會報告 (HousingandLand （續） (ii) (iii) （二零零九年：約為集團已付╱應付韓江集團之設計費一零年十二月三十一日止年度，本 13,787,000 江集團之管理費約為一日止年度，本集團已付╱應付韓標準。截至二零一零年十二月三十局就個別物業所在地區頒佈之規定價格釐定，並須遵守房屋土地管理提供同類物業管理服務收取之市場訂約方參考獨立第三方在毗鄰地區予該集團之管理費用金額，將由各於上海之物業提供管理服務而應付物業。本集團就韓江集團為上述位管理本集團若干位於上海之已發展三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止規定標準或指引機關就提供類似服務應收費用所超出有關市價，並應符合有關政府項目收取之市場價格釐定，且不得約方參考獨立第三方就同類設計韓江集團之設計費金額，將由各訂業發展項目提供設計工作而應付予本集團就韓江集團為本集團多個物公司為本集團進行該等設計工作。團任何從事物業設計業務之成員設計工作，而韓江同意促使韓江集為本集團若干物業發展項目進行三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止物業管理設計 2,759,000 港元） 899,000 港元（如有）。（二零零九年： 1,104,000 港元）。截至二零。港元 89 合生創展集團有限公司 . 二零一零年年報 90 Hopson Development Holdings Limited . Annual Report 2010 (v) Office lease Installationanddecoration (iv) Report oftheDirectors (continued) approximately HK$42,487,000(2009:HK$39,871,000). payable bytheGrouptoHanjiangamounted ended 31stDecember2010,installationanddecorationfeespaid/ such areawheretheparticularpropertyislocated.Duringyear standards prescribedbytherelevantgovernmentalauthoritiesof third partiesforsimilarinstallationanddecorationworksthe be higherthan,theprevailingmarketrateschargedbyindependent PRC shallbedeterminedbythepartiesreferenceto,andnot works forvariouspropertydevelopmentprojectsoftheGroupin the HanjiangGroupforcarryingoutinstallationanddecoration amount ofinstallationanddecorationfeespayablebytheGroupto carry outsuchinstallationanddecorationworksfortheGroup.The which isengagedinthebusinessofinstallationanddecoration,to Hanjiang agreestoprocureanymemberoftheGroup works forcertainpropertydevelopmentprojectsoftheGroupand appoint theHanjiangGrouptocarryoutinstallationanddecoration For thethreeyearsending31stDecember2011,Groupmay approximately HK$1,203,000(2009:HK$2,363,000). payable bytheGrouptoHanjiangamounted the vicinity.Duringyearended31stDecember2010,rentalpaid/ by independentthirdpartiesfortheleasingofsimilarpropertiesin be determinedbyreferencetotheprevailingmarketrentscharged as office.TherentpayablebytheGrouptoHanjiangwill agrees toleasecertainpremisesinGuangzhoutheGroupforuse For thethreeyearsending31stDecember2011,HanjiangGroup 董事會報告（續） (iv) (v) 約為付韓江集團之安裝及裝修工程費用三十一日止年度，本集團已付╱應規定標準。截至二零一零年十二月關政府機關就個別物業所在地區所且不得超出有關市價，並應符合有及裝修工程收取之市場價格釐定，訂約方參考獨立第三方就同類安裝安裝及裝修工程費用金額，將由各及裝修工程而應付予韓江集團之集團多個物業發展項目提供安裝裝修工程。本集團就韓江集團為本成員公司為本集團進行該等安裝及江集團任何從事安裝及裝修業務之裝及裝修工程，而韓江同意促使韓為本集團若干物業發展項目進行安三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止港元應付韓江集團之租金約為月三十一日止年度，本集團已付╱ 值租金釐定。截至二零一零年十二就出租毗鄰地區同類物業收取之市江集團之租金，將參考獨立第三方本集團用作辦公室。本集團應付韓於廣州之物業租賃予本集團，以供三個年度，韓江集團同意將若干位截至二零一一年十二月三十一日止安裝及裝修辦公室租賃 39,871,000 （二零零九年： 42,487,000 港元）港元。 2,363,000 （二零零九年： 1,203,000 港元）。 (vi) Report oftheDirectors (continued) HK$109,403,000 (2009:HK$76,579,000). Group totheHanjiangamountedapproximately construction costcontrolconsultationservicespaid/payable bythe works, intelligentbuildinginstallationworksandbudgeting and ended 31stDecember2010,feesforelectricalpowerinstallation in respectoftheprovisionbudgetingservices.During year 房和城鄉建設部 department of Consultation FeesforConstructionBudgeting)issuedbytherelevant 諮詢服務收費管理暫行辦法 the provisionofservicestoassistintenderprocessand Municipal CommissionofDevelopmentandReform)inrespect Fees forTenderAgencies)issuedby to, andshallnotbehigherthan, consultation servicestotheGroupwillbedeterminedbyreference the provisionofbudgetingandconstructioncostcontrol The amountoffeespayablebytheGrouptoHanjiangfor governmental authoritiesofsuchareawherethepropertyislocated. parties forsimilarworksandthestandardsprescribedbyrelevant than, theprevailingmarketrateschargedbyindependentthird PRC willbedeterminedbyreferenceto,andshallnothigher installation worksforcertainpropertyprojectsoftheGroupin Group totheHanjiangforcarryingoutintelligentbuilding where thepropertyislocated.Theamountoffeespayableby prescribed bytherelevantgovernmentalauthoritiesofsucharea independent thirdpartiesforsimilarworksandthestandards and shallnotbehigherthan,theprevailingmarketrateschargedby property projectsoftheGroupwillbedeterminedbyreferenceto, Group forcarryingoutelectricalpowerinstallationworksthe control. TheamountoffeespayablebytheGrouptoHanjiang services totheGroupinrelationbudgetingandconstructioncost development projectsoftheGroupandtoprovideconsultation and intelligentbuildinginstallationworksforcertainproperty appoint theHanjiangGrouptocarryoutelectricalpowerinstallation For thethreeyearsending31stDecember2011,Groupmay control consultation building installationworks,budgetingandcost Electrical powerinstallation,intelligent 建設部 (MinistryofHousingandUrban-RuralDevelopment) (MinistryofConstruction)nowknownas (ProvisionalAdministrativeMeasureson 招標代理服務收費標準北京市發展和改革委員會董事會報告（續） (Standard 工程造價 (Beijing (Beijing 住 (vi) 零零九年：問服務費用約為裝工程以及預算及建築成本控制顧集團之電力安裝工程、智能大廈安日止年度，本集團已付╱應付韓江法。截至二零一零年十二月三十一法釐定，且不得超出有關標準及辦工程造價諮詢服務收費管理暫行辦下相關部門就提供預算服務所頒佈建設部頒佈招標代理服務收費標準，以及員會就提供服務以協助進行投標所金額，將參考北京市發展和改革委制顧問服務而應付韓江集團之費用團為本集團提供預算及建築成本控地區規定之標準。本集團就韓江集並須符合有關政府機關就物業所在價格釐定，且不得超出有關市價，立第三方就同類工程收取之市場付韓江集團之費用金額，將參考獨業項目提供智能大廈安裝工程而應韓江集團為本集團於中國之若干物業所在地區規定之標準。本集團就市價，並須符合有關政府機關就物之市場價格釐定，且不得超出有關將參考獨立第三方就同類工程收取工程而應付韓江集團之費用金額，集團多個物業項目提供電力安裝顧問服務。本集團就韓江集團為本預算及建築成本控制向本集團提供力安裝及智能大廈安裝工程，並就為本集團若干物業發展項目進行電三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止問工程、預算及成本控制顧電力安裝、智能大廈安裝（現稱住房和城鄉建設部） 76,579,000 109,403,000 港元）。港元（二轄 91 合生創展集團有限公司 . 二零一零年年報 92 Hopson Development Holdings Limited . Annual Report 2010 i) Vacantpropertymanagement (ix) (viii) (vii) Report oftheDirectors (continued) Construction supervision Shop lease Shop approximately HK$6,418,000(2009:HK$1,968,000). payable bytheGrouptoHanjiangamounted year ended31stDecember2010,constructionsupervisionfeespaid/ Project MonitoringandRelatedServicesFeesStandard).Duringthe prescribed under provision ofsimilarconstructionsupervisionworksandthestandards prevailing marketrateschargedbyindependentthirdpartiesforthe of theGroupshallbedeterminedbypartiesreferenceto Group forsupervisingtheconstructionofcertainpropertyprojects construction supervisionfeespayablebytheGrouptoHanjiang property developmentprojectsoftheGroup.Theamount appoint theHanjiangGrouptosuperviseconstructionofcertain For thethreeyearsending31stDecember2011,Groupmay (2009: HK$13,919,000). from theHanjiangGroupamounted toapproximatelyHK$ vacant propertymanagement fees received/receivablebytheGroup local government.Duringtheyearended31stDecember 2010, local authoritiesandthepropertypricingguidelinesissued bythe prescribed bytheGuangdongProvincial,BeijingMunicipaland Xi’an the standardsonpropertymanagementfeesandrelated costs Hanjiang Groupwillbedeterminedbythepartiesreference to amount ofmanagementfeesreceivablebytheGroupfrom the Hanjiang GrouplocatedinGuangzhou,BeijingandXi’an. The may appointtheGrouptomanagecertainvacantproperties ofthe For thethreeyearsending31stDecember2011,Hanjiang Group by theGroupfromHanjiang(2009:nil). year ended31stDecember2010,norentalwasreceived/receivable properties toindependentthirdpartiesinthevicinity.During market rentschargedbyGroupfortheleasingofsameorsimilar from theHanjiangGroupwillbedeterminedbyreferenceto Hanjiang Groupforuseasshops.Therentreceivablebythe to leasecertainpremisesinGuangzhou,BeijingandTianjinthe For thethreeyearsending31stDecember2011,Groupagrees 建設工程監理與相關服務收費標準董事會報告（續） (Construction 5,967,000

(vii) (ix) (viii)

費用約為集團已付╱應付韓江集團建築監督一零年十二月三十一日止年度，本收費標準項下規定標準。截至二零並須符合建設工程監理與相關服務築監督工程收取之市場價格釐定，將參考獨立第三方就提供同類建付韓江集團之建築監督費用金額，團若干物業項目監督建築工程而應築工程。本集團就韓江集團為本集為本集團若干物業發展項目監督建三個年度，本集團可委任韓江集團截至二零一一年十二月三十一日止約為應收韓江集團之空置物業管理費用月三十一日止年度，本集團已收╱ 價指引釐定。截至二零一零年十二關成本以及地方政府所發出物業定機關所規定物業管理費標準及有方參考廣東省、北京市及西安地方江集團之管理費金額，將由各訂約西安若干空置物業。本集團應收韓團管理韓江集團位於廣州、北京及止三個年度，韓江集團可委任本集截至二零一一年十二月三十一日無）應收韓江集團的租金十一日止年度，本集團並無已收╱ 金釐定。截至二零一零年十二月三類物業向獨立第三方收取之市值租考本集團就出租毗鄰地區相同或同本集團應收韓江集團之租金，將參江集團，以供韓江集團用作商舖。廣州、北京及天津之物業租賃予韓三個年度，本集團同意將若干位於截至二零一一年十二月三十一日止商舖租賃 13,919,000 空置物業管理建築監督年：。 1,968,000 5,967,000 6,418,000 港元）港元）港元。（二零零九年：。港元（二零零九年：（二零零九 (x) Design Report oftheDirectors (continued) i) duringtheyearended31stDecember2010,totalconstruction (ii) theabovetransactionshavebeenconductedatarm’s a. (i) transactions andconfirmedthat: The independentnon-executiveDirectorshavereviewedtheabove HK$19,917,000). amounted toapproximatelyHK$16,312,000(2009: received/receivable bytheGroupfromHanjiang any). Duringtheyearended31stDecember2010,designfees authority onfeeschargeablefortheprovisionofsimilarservices(if the standardsandguidelinesprescribedbyrelevantlocal independent thirdpartiesforundertakingsimilardesignprojectsand by thepartiesreferencetoprevailingmarketratescharged receivable bytheGroupfromHanjiangwillbedetermined property projectsoftheHanjiangGroup.Theamountdesignfees may appointtheGrouptocarryoutdesignworksforcertain For thethreeyearsending31stDecember2011,HanjiangGroup . theabovetransactionshavebeencarriedoutin c. theabovetransactionshavebeen enteredintointhe b. dated 30thApril2009(the“Announcement”); concerned asdisclosedinthe announcement oftheCompany payable totheHanjiangGroup inrespectoftheyear which havenotexceededthe annualconstructionfeespaid/ approximately HK$2,275,708,000(2009:HK$1,899,903,000), fees paid/payabletotheHanjiangGroupamounted to as awhole; and intheinterestsofshareholdersCompany governing themontermsthatarefairandreasonable accordance withthetermsofrelevantagreement ordinary andusualcourseofthebusinessGroup; from (asappropriate)independentthirdparties; terms nolessfavorabletotheCompanythanor judge whethertheyareonnormalcommercialterms, or, iftherearenotsufficientcomparabletransactionsto length betweenthepartiesonnormalcommercialterms 董事會報告（續） (x) (i) a. 並確認：獨立非執行董事已審閱上述交易， 19,917,000 (ii) 標準及指引關就提供類似服務應收費用規定之場價格釐定，並須符合有關地方機三方就進行同類設計項目收取之市用金額，將由各訂約方參考獨立第工程。本集團應收韓江集團設計費為韓江集團若干物業項目進行設計三個年度，韓江集團可委任本集團截至二零一一年十二月三十一日止為已收╱應收韓江集團之設計費用約年十二月三十一日止年度，本集團設計 16,312,000 c. b. 四月三十日之公佈超過本公司日期為二零零九年年： 2,275,708,000 江集團之建築費用總額約為一日止年度，已付╱應付韓截至二零一零年十二月三十付╱應付之全年建築費用；披露於有關年度向韓江集團支 1,899,903,000 條款方可取得或向其提供之司而言不遜於獨立第三般商業條款，則按對本公斷該等交易是否符合一夠可資比較之交易以判一般商業條款，或倘無足按公平磋商原則、並符合體利益；理，且符合本公司股東整進行，該等條款屬公平合等交易之有關協議條款上述交易乃根據監管該立；般及日常業務過程中訂上述交易乃於本集團一上述交易已由訂約各方港元）（如有）港元（如適用）。（二零零九年：港元。截至二零一零（二零零九港元）（進行；「公佈」，並未）所 93 合生創展集團有限公司 . 二零一零年年報 94 Hopson Development Holdings Limited . Annual Report 2010 Report oftheDirectors (continued) vi duringtheyearended31stDecember2010, feesforelectrical (vii) duringtheyearended31stDecember2010,officerentalpaid/ (vi) duringtheyearended31st December2010,installationand (v) duringtheyearended31stDecember2010,designfeespaid/ (iv) duringtheyearended31stDecember2010,management (iii) disclosed intheAnnouncement; the HanjiangGroupinrespect oftheyearconcernedas construction costcontrolconsultationservicespaid/payable to installation, intelligentbuildingandbudgeting which havenotexceededtheannualfeesforelectricalpower approximately HK$109,403,000(2009:HK$76,579,000), paid/payable totheHanjiangGroupamounted to budgeting andconstructioncostcontrolconsultationservices power installation,intelligentbuildingand Announcement; Group inrespectoftheyearconcernedasdisclosed exceeded theannualofficerentalpaid/payabletoHanjiang HK$1,203,000 (2009:HK$2,363,000),whichhasnot payable totheHanjiangGroupamountedapproximately of theyearconcernedasdisclosedinAnnouncement; decoration feespaid/payabletotheHanjiangGroupinrespect which havenotexceededtheannualinstallationand to approximatelyHK$42,487,000(2009:HK$39,871,000) decoration feespaid/payabletotheHanjiangGroupamounted Announcement; Group inrespectoftheyearconcernedasdisclosed exceeded theannualdesignfeespaid/payabletoHanjiang HK$2,759,000 (2009:HK$13,787,000)whichhavenot payable totheHanjiangGroupamountedapproximately disclosed intheAnnouncement; to theHanjiangGroupinrespectofyearconcernedas have notexceededtheannualmanagementfeespaid/payable approximately HK$1,104,000(2009:HK$899,000),which fees paid/payabletotheHanjiangGroupamounted 董事會報告（續） (iv) (iii) (v) (vi) (vii) （二零零九年：元團之設計費約為日止年度，已付╱應付韓江集截至二零一零年十二月三十一年管理費；度向韓江集團支付╱應付之全並未超過公佈所披露於有關年團之管理費約為日止年度，已付╱應付韓江集截至二零一零年十二月三十一 42,487,000 團之安裝及裝修工程費用約為日止年度，已付╱應付韓江集截至二零一零年十二月三十一付之全年設計費；有關年度向韓江集團支付╱應元） 39,871,000 港元團之辦公室租金約為日止年度，已付╱應付韓江集截至二零一零年十二月三十一修工程費用；團支付╱應付之全年安裝及裝佈所披露於有關年度向韓江集元服務費用約為裝、預算及建築成本控制顧問集團之電力安裝、智能大廈安一日止年度，已付╱應付韓江截至二零一零年十二月三十應付之全年辦公室租金；於有關年度向韓江集團支付╱ 港元）顧問服務費用；安裝以及預算及建築成本控制付之全年電力安裝、智能大廈有關年度向韓江集團支付╱應元）（二零零九年：（二零零九年：，並未超過公佈所披露於，並未超過公佈所披露於（二零零九年：，並未超過公佈所披露港元港元）（二零零九年： 899,000 109,403,000 1,104,000 ，並未超過公 13,787,000 76,579,000 2,759,000 1,203,000 2,363,000 港元）港元港，港港港 Report oftheDirectors (continued) Exchange ofHong KongLimited. auditor’s letterhasbeenprovided bytheCompanytoTheStock accordance withMainBoard Listing Rule14A.38.Acopyofthe continuing connectedtransactions disclosedbytheGroupin his findingsandconclusions inrespectoftheabovementioned Accountants. Theauditorhasissuedhisunqualifiedlettercontaining Listing Rules”issuedbytheHongKongInstituteofCertified Public Letter onContinuingConnectedTransactionsundertheHong Kong Information” andwithreferencetoPracticeNote740“Auditor’s Engagements OtherThanAuditsorReviewsofHistoricalFinancial Standard onAssuranceEngagements3000“Assurance continuing connectedtransactionsinaccordancewithHong Kong The Company’sauditorwasengagedtoreportonthe Group’s duringtheyearended31stDecember2010,designfees (xi) duringtheyearended31stDecember2010,vacantproperty (x) duringtheyearended31stDecember2010,noshoprental (ix) duringtheyearended31stDecember2010,construction (viii) disclosed intheAnnouncement. from theHanjiangGroupinrespectofyearconcernedas have notexceededtheannualdesignfeesreceived/receivable approximately HK$16,312,000(2009:HK$19,917,000),which received/receivable fromtheHanjiangGroupamountedto in theAnnouncement;and Hanjiang Groupinrespectoftheyearconcernedasdisclosed property managementfeesreceived/receivablefromthe HK$13,919,000), whichhavenotexceededtheannualvacant Group amountedtoapproximatelyHK$5,967,000(2009: management feesreceived/receivablefromtheHanjiang concerned asdisclosedintheAnnouncement; receivable fromtheHanjiangGroupinrespectofyear which havenotexceededtheannualshoprentalreceived/ was received/receivablefromtheHanjiangGroup(2009:nil), concerned asdisclosedintheAnnouncement; paid/payable totheHanjiangGroupinrespectofyear have notexceededtheannualconstructionsupervisingfees to approximatelyHK$6,418,000(2009:HK$1,968,000),which supervision feespaid/payabletotheHanjiangGroupamounted 董事會報告（續） (x) (ix) (viii) (xi) 件副本。合交易所有限公司提交該核數師函的結果及結論。本公司已向香港聯本集團上述所披露的持續關連交易意見函件，函件載有核數師對有關板上市規則第的持續關連交易。核數師已根據主關連交易的核數師函件」 740 以外的核證工作」 3000 師公會頒佈的香港核證工作準則第本公司核數師已獲聘根據香港會計號號「關於香港上市規則所述持續 5,967,000 集團之空置物業管理費約為一日止年度，已收╱應收韓江截至二零一零年十二月三十應收之全年商舖租金；於有關年度向韓江集團收取╱ 年：無）江集團之商舖租金日止年度，並無已收╱應收韓截至二零一零年十二月三十一費用；團支付╱應付之全年建築監督佈所披露於有關年度向韓江集 6,418,000 江集團之建築監督費用約為一日止年度，已付╱應付韓截至二零一零年十二月三十 13,919,000 1,968,000 港元團之設計費用約為日止年度，已收╱應收韓江集截至二零一零年十二月三十一管理費；及團收取╱應收之全年空置物業佈所披露於有關年度向韓江集應收之全年設計費用。於有關年度向韓江集團收取╱ 港元）「審核或審閱歷史財務資料（二零零九年：，並未超過公佈所披露，並未超過公佈所披露 14A.38 港元）港元港元港元）及參照應用指引第（二零零九年：（二零零九年：，並未超過公條發出無保留，並未超過公（二零零九報告本集團 16,312,000 19,917,000 95 合生創展集團有限公司 . 二零一零年年報 96 Hopson Development Holdings Limited . Annual Report 2010 under theListingRulesinforcefromtimetotime. transaction, theCompanyhascompliedwithdisclosure requirements In respectofthecontinuingconnectedtransactionsand connected at thespecialgeneralmeetingheldon22ndFebruary2011. transaction wasapprovedbyindependentshareholdersoftheCompany is aconnectedpersonoftheCompanyunderListingRules.Thesaid Company, executiveDirectorandchairmanoftheBoard.Assuch,Farrich is thecontrollingshareholder(throughSoundaPropertiesLimited)of wholly-owned byMr.ChuYatHong,thesonofMangYeewho Consideration Sharesandpartlybycash.Farrichisacompanyindirectly Consideration willbesatisfiedpartlybyallotmentandissueofthe Purchase AgreementfromHK$8.806toHK$9.5pershare.The its nominee(s)uponcompletionpursuanttothetermsofShare Company (“ConsiderationShares”)tobeallottedandissuedFarrichor the increaseofissueprice523,246,625newshares Original ConsiderationtoRMB6,605,066,000(“Consideration”)and(ii) Purchase Agreement,including,amongothers,(i)thereductionof Agreement”) tovaryandamendcertaintermsconditionsoftheShare and Farrichenteredintosupplementalagreement(“Supplemental (the “OriginalConsideration”).On13thDecember2010,theCompany incorporated intheBritishVirginIslandsforasumofRMB6,875,066,000 share capitalofSunExcelInvestmentsLimited(“SunExcel”),acompany and theCompanyhasconditionallyagreedtopurchaseentireissued Purchase Agreement”),whereby,Farrichhasconditionallyagreedtosell, agreement withFarrichInvestmentsLimited(“Farrich”)(the“Share On 3rdNovember2010,theCompanyenteredintoasharepurchase following connectedtransaction: During theyearended31stDecember2010,Groupenteredinto CONNECTED TRANSACTION Report oftheDirectors (continued) 董事會報告（續）已遵守不時生效之上市規則披露規定。就持續關連交易及關連交易而言，本公司會上批准。一一年二月二十二日舉行之股東特別大人士。上述交易獲本公司獨立股東於二零此，根據上市規則，遠富為本公司的關連之子朱一航先生間接全資擁有的公司。因置業有限公司）孟依先生其餘部分則以現金支付。遠富為一間由朱分以配發及發行代價股份的方式支付， 8.806 股新股份予遠富或其代名人之本公司份購買協議條款於完成後將配發及發行民幣條款及條件，其中包括議」公司與遠富訂立一項補充協議行股本。於二零一零年十二月十三日，本英屬處女群島註冊成立的公司）購買日佳投資有限公司條件同意以人民幣買協議價」投資有限公司於二零一零年十一月三日，本公司與遠富度，本集團曾進行以下關連交易：截至二零一零年十二月三十一日止年關連交易）），以更改及修訂股份購買協議的若干出售，而本公司有條件同意按原代價 6,605,066,000 港元增加至每股（「股份購買協議」（為本公司控股股東（「代價股份」（「遠富」、執行董事及董事會主席）元 6,875,066,000 （「代價」 9.5 ））（ (i) 「日佳」之發行價由每股訂立一項股份購）原代價下調至人港元。代價將部，據此，遠富有）（透過新達 523,246,625 及（「補充協全部已發，一間於 (ii) 元（根據股「原代 of compensationotherthanstatutory compensation. its subsidiarieswhichisnotterminable withinoneyearwithoutpayment None oftheDirectorshasaservice contractwiththeCompanyoranyof forthcoming annualgeneralmeeting. retires fromofficeand,beingeligible,offershimselfforre-election atthe following theirappointment.Accordingly,Mr.TanLengCheng, Aaron by theDirectorsduringyearretireatannualgeneral meetingnext In accordancewiththeCompany’sBye-laws,allDirectors appointed forthcoming annualgeneralmeeting. rotation and,beingeligible,offerthemselvesforre-election atthe Mr. WongShingKay,OliverandChuMangYeeretirefrom officeby In accordancewiththeCompany’sBye-laws,Mr.LeeTsungHei,David, meetings oftheCompanyinaccordancewithCompany’sBye-laws. All Directorsaresubjecttoretirementbyrotationatannualgeneral Mr. TanLengCheng,Aaron Mr. WongShingKay,Oliver Mr. LeeTsungHei,David Mr. YuenPakYiu,Philip Independent Non-executiveDirectors 21stJanuary2010) Mr. LiaoRuoQing Ms. ZhaoMingFeng Mr. AuWaiKin 22ndMarch2010) Mr. XueHu (resignedon21stJanuary2010) Mr. ChenChangYing Mr. XiangBin Mr. ChuMangYee Executive Directors report were: The Directorswhoheldofficeduringtheyearanduptodateofthis CONTRACTS DIRECTORS ANDDIRECTORS’SERVICE Report oftheDirectors (continued) (appointed as Chief Executive Officer on on Officer Executive Chief as (appointed (Deputy Chairman) (appointed on (Chairman) (Chief FinancialOfficer) (Chief ExecutiveOfficer) (resigned on2ndJuly2010) (appointed on2ndJuly2010) 董事會報告（續）廖若清先生趙明豐女士歐偉建先生薛虎先生陳長纓先生項斌先生朱孟依先生執行董事董事如下：本年度內及直至本報告刊發日期之在任董事及董事服務合約立於一年內不作賠償董事並無與本公司或其任何附屬公司訂膺選連任。彼合資格且願意於應屆股東週年大會上會上退任。因此，陳龍清先生須退任，惟之董事須於獲委任後下一個股東週年大根據本公司之公司細則，所有獲董事委任膺選連任。等合資格且願意於應屆股東週年大會上承基先生及朱孟依先生須輪值退任，惟彼根據本公司之公司細則，李頌熹先生、黃本公司股東週年大會輪值退任。全體董事均須根據本公司之公司細則於陳龍清先生黃承基先生李頌熹先生阮北耀先生獨立非執行董事不可終止之服務合約。

（於二零一零年一月二十一日辭任）獲委任為行政總裁）獲委任）獲委任）辭任）（於二零一零年三月二十二日（副主席）（於二零一零年一月二十一日（財務總監）（行政總裁）（主席）（於二零一零年七月二日（於二零一零年七月二日（法定賠償除外）即 97 合生創展集團有限公司 . 二零一零年年報 98 Hopson Development Holdings Limited . Annual Report 2010 time duringtheyear. Directors hadamaterialinterest,subsistedattheendofyearorany entity orholdingcompanywasapartyandinwhichanyoftheCompany’s which theCompanyoranyofitssubsidiaries,associates,jointlycontrolled other contractsofsignificanceinrelationtotheCompany’sbusiness Save asdisclosedinNote41totheaccompanyingfinancialstatements,no DIRECTORS’ INTERESTSINCONTRACTS considers themtobeindependent. Mr. WongShingKay,OliverandTanLengCheng,Aaron independent non-executiveDirectors,namelyMr.LeeTsungHei,David, The Companyhasreceivedindependenceconfirmationfromeachofthe CONFIRMATION OFINDEPENDENCE INDEPENDENT NON-EXECUTIVEDIRECTORS’ Report oftheDirectors (continued) 董事會報告（續）持有重大權益。何與本公司業務有關之其他重大合約中公司、共同控制實體或控股公司所訂立任時間，在本公司或其任何附屬公司、聯營公司董事概無於本年度年終或年內任何除於隨附財務報表附註董事於合約之權益立人士。立身份確認函件，本公司認為彼等均為獨熹先生、黃承基先生及陳龍清先生）本公司已接獲各獨立非執行董事認函件獨立非執行董事之獨立身份確 41 所披露外，本（即李頌之獨 . Mr. AuWaiKinheld34,500,000sharesoftheCompanythroughacompanywholly- b. Mr.ChuMangYeeheld 1,032,363,809sharesoftheCompanythroughSounda a. Notes: Long positionsinshares Stock Exchange,wereasfollows: Listed Issuers(the“ModelCode”),tobenotifiedtheCompanyand pursuant totheModelCodeforSecuritiesTransactionsbyDirectorsof to beenteredintheregisterreferredtherein,orwhichwererequired, of theSFO),orwhichwererequired,pursuanttosection352SFO, positions whichtheyaretakenordeemedtohaveundersuchprovisions Divisions 7and8ofPartXVtheSFO(includinginterestsorshort which werenotifiedtotheCompanyandStockExchangepursuant the meaningofPartXVSecuritiesandFuturesOrdinance(the“SFO”)) debentures oftheCompanyoranyitsassociatedcorporations(within and chiefexecutivesoftheCompanyinshares,underlyingshares As at31stDecember2010,theinterestsorshortpositionsofDirectors UNDERLYING SHARESANDDEBENTURES INTERESTS ANDSHORTPOSITIONSINSHARES, DIRECTORS’ ANDCHIEFEXECUTIVES’ Report oftheDirectors (continued) 事名個權族益公權他益合計其他權益公司權益家族權益個人權益 Mr. AuWaiKin(b) Mr. ChuMangYee(a) 董事姓名 Name ofdirectors owned andcontrolledbyhim. owned byMr.Chu. Company throughHopsonEducationCharitableFundsLimited,acompany wholly- Properties Limited,acompanywholly-ownedbyhim,and68,640,000shares ofthe 歐偉建先生朱孟依先生（（ b) a) interests Personal 董事會報告 45000—3,0,0 1.97% 62.83% 34,500,000 — 1,101,003,809 — 34,500,000 — 1,101,003,809 — — — interests Family Number ofsharestheCompany （續）本公司股份數目 Corporate interests （附註：權益或淡倉載列如下：「標準守則」市發行人董事進行證券交易的標準守則第淡倉）之該等規定被認為或視作擁有之權益或之權益或淡倉 XV 何相聯法團知會本公司及聯交所其於本公司或其任券及期貨條例」事及行政總裁根據證券及期貨條例於二零一零年十二月三十一日，本公司董淡倉關股份及債券擁有之權益及董事及行政總裁於股份、相於股份之好倉 a. a. 352 部） b. b. neet Total interests ，或必須列入根據證券及期貨條例條予以存置之登記冊內，或根據上朱孟依先生透過其全資擁有之公司新達置業 Other 之股份、相關股份及債券中擁有有限公司及合生教育慈善基金有限公司分別持有本公司歐偉建先生透過其全資擁有及控制之公司持有本公司（定義見證券及期貨條例第）（包括根據證券及期貨條例必須知會本公司及聯交所之） 1,032,363,809 34,500,000 第 XV 部第股股份。及 7 percentage of 佔已發行股份及第 68,640,000 Approximate outstanding 概約百分比 8 shares 分部已（股股份。「證 99 合生創展集團有限公司 . 二零一零年年報 100 Hopson Development Holdings Limited . Annual Report 2010 3 ofPartXVtheSFO: Company whichfalltobedisclosedtheunderDivisions 2and following entityhadinterestsorshortpositionsinthesharesof of interestskeptbytheCompanyundersection336SFO, debentures” above,asat31stDecember2010,accordingtotheregister executives’ interestsandshortpositionsinshares,underlyingshares Other thaninterestsdisclosedinthesectionheaded“Directors’andchief SUBSTANTIAL SHAREHOLDERS for equityordebtsecuritiesoftheCompanynorexercisedanysuchright. or childrenunder18yearsofagehadbeengrantedanyrighttosubscribe corporate, andnoDirectorsorchiefexecutivestheirrespectivespouses acquisition ofsharesinordebenturestheCompanyanyotherbody or childrenunder18yearsofagetoacquirebenefitsbymeansthe party toanyarrangementsenabletheDirectorsoroftheirspouses At notimeduringtheyearwasCompanyoranyofitssubsidiariesa the StockExchange. required, pursuanttotheModelCode,benotifiedCompanyand the SFO,tobeenteredinregisterreferredtherein,orwhichwere provisions oftheSFO),orwhichwererequired,pursuanttosection352 short positionswhichtheyaretakenordeemedtohaveundersuch pursuant toDivisions7and8ofPartXVtheSFO(includinginterestsor would havetobenotifiedtheCompanyandStockExchange associated corporations(withinthemeaningofPartXVSFO)which shares, underlyingsharesordebenturesoftheCompanyanyits personal, family,corporateorotherinterestsshortpositionsinthe chief executivesoftheCompanyandtheirrespectiveassociateshadany Save asdisclosedabove,at31stDecember2010,noneoftheDirectors, Report oftheDirectors (continued) onaPoete iie eeiilonr102338958.91% 1,032,363,809 身份及權益性質實益擁有人 Beneficialowner 新達置業有限公司 Sounda PropertiesLimited 股東名稱 aeo hrhle Capacityandnatureofinterests Name ofshareholder 董事會報告（續）第自之聯繫人概無於根據證券及期貨條例十一日，本公司董事、行政總裁及彼等各除上文披露者外，於二零一零年十二月三按本公司根據證券及期貨條例第權益外，於二零一零年十二月三十一日，份及債券擁有之權益及淡倉」除上文主要股東份中擁有根據證券及期貨條例第置之登記冊所記錄，下列實體於本公司股倉： 2 券或已行使任何該等權利。授任何權利以認購本公司股份或債務證彼等各自之配偶或十八歲以下子女已獲債券而從中獲益，亦無董事或行政總裁或買本公司或任何其他法人團體之股份或任何配偶或十八歲以下子女有權透過購司並無訂立任何安排，以使董事或彼等之於年內任何時間，本公司或其任何附屬公倉。之任何個人、家族、公司或其他權益或淡根據標準守則必須知會本公司及聯交所貨條例第權益或淡倉）貨條例之該等規定被認為或視作擁有之司或其他權益或淡倉關股份或債券中擁有任何個人、家族、公義見證券及期貨條例第交所有關於本公司或其任何相聯法團及第 XV issued shares 部第「董事及行政總裁於股份、相關股 3 Number of 分部須向本公司披露之權益或淡股份數目 352 7 已發行及第，或必須列入根據證券及期條予以存置之登記冊內，或 8 分部須知會本公司及聯 shares outstanding （包括根據證券及期 XV percentage of 佔已發行股份 Approximate 部）概約百分比一節披露的之股份、相 336 XV 部第條存（定 .PurposeoftheScheme 1. disclosed inaccordancewiththeListingRules: 4th November2002.ThefollowingtableisasummaryoftheScheme The Company’sshareoptionscheme(the“Scheme”)wasadoptedon INFORMATION ONSHAREOPTIONSCHEME SFO. or asrecordedintheregisterrequiredtobekeptunderSection336of disclosed totheCompanyunderDivisions2and3ofPartXVSFO shares orunderlyingoftheCompanywhichwouldfalltobe who, asat31stDecember2010,hadinterestsorshortpositionsinthe Save asdisclosedabove,theDirectorsarenotawareofanyotherpersons Report oftheDirectors (continued) .ParticipantsoftheScheme 2. .Totalnumberofsharesavailablefor 3. .Maximumentitlementof each 4. 該計劃目的該計劃之參與者行股本百分比二零一一年三月三十一日佔已發根據該計劃可發行股份總數及於 at 31stMarch2011 percentage ofissuedsharecapitalas issue undertheSchemeand 最高購股權數目根據該計劃每名參與者可獲授之 participant undertheScheme 董事會報告向參與者授予購股權以表揚彼等的貢獻，並以此作激勵或回饋。 them asincentivesorrewards. As recognitionofthecontributionparticipantsbygrantingoptionsto 事及獨立非執行董事）本公司或其任何附屬公司之任何行政人員、僱員、董事 Company oranyofitssubsidiaries. independent non-executivedirector),consultant,adviserand/oragentofthe Any executive,employee,director(includingnon-executiveand 約除非根據該計劃條款獲股東批准，否則為 to thetermsofScheme(approximately5.72%issuedsharecapital). 100,200,000 sharesunlessshareholders’approvalhasbeenobtainedpursuant 出任何超逾上述限額之購股權，須遵守該計劃規則內訂明之若干規定。及尚未行使的購股權）或將獲授之購股權予以行使時所發行及將發行之股份總數每名參與者在任何截至授出日期 subject tocertainrequirementsasstipulatedintherulesof Scheme. at thedateofgrant.Anygrantfurtheroptionsabove the limitshallbe including thedateofgrantshallnotexceed1%issued sharecapitalas exercised andoutstandingshareoptions)inany12-month perioduptoand options alreadygrantedortobeeachparticipant (includingboth The totalnumberofsharesissuedandtobeuponthe exerciseofshare 5.72% ）。（續）、諮詢人、顧問及╱或代理人。，不得超逾於授出日期已發行股本該計劃的概要所作披露如下：零二年十一月四日採納。根據上市規則就本公司之購股權計劃購股權計劃的資料證券及期貨條例第於本公司之股份或相關股份中，擁有根據其他人士於二零一零年十二月三十一日除上文披露者外，就董事所知，概無任何記冊內之權益或淡倉。據證券及期貨條例第向本公司披露之權益或淡倉或須列入根（包括當日） 100,200,000 止十二個月期間內已獲授 XV （ 336 部第「該計劃」股條予以存置之登（包括非執行董（佔已發行股本 1% 2 （包括已行使及第。進一步授） 3 於二零分部須 101

合生創展集團有限公司 . 二零一零年年報 102 Hopson Development Holdings Limited . Annual Report 2010 .Theperiodwithinwhichtheshares 5. Report oftheDirectors (continued) .Theminimumperiodforwhichan 6. .Theamountpayableonapplication 7. .Thebasisofdetermining 8. 須行使購股權認購股份之期限 must betakenupunderanoption 限須於行使前持有購股權之最短期 exercised option mustbeheldbeforeitcan 申請購股權貸款之期限及付款或通知付款之期限或償還申請或接納購股權之應付金額以 for suchpurposemustbepaid calls mustormaybemadeloans period withinwhichpaymentsor or acceptanceoftheoptionand 釐定行使價之基準 the exerciseprice 董事會報告該計劃第十週年之上一個營業日自購股權授出日期起至該授出日期第五週年之上一個營業日或至採納 was adopted. business dayprecedingthetenthanniversaryofonwhichScheme the earlierofbusinessdayprecedingfifthanniversarythereofand Commencing onthedateofgrantanoptionandexpiringat5:00p.m. 於本公司或一間附屬公司履行半年全職服務。 Completion ofhalfyear’sfull-timeserviceswiththeCompanyorasubsidiary. 無 Nil thenominalvalueof Company’sshares. d. thenetassetvaluepershareas determined inaccordancewiththeHong c. the averageclosingpriceoftheCompany’ssharesasstatedinStock b. theclosingpriceofCompany’s sharesasstatedintheStock a. 行使價由董事會釐定，不得低於以下之最高者： the highestof: The exercisepriceisdeterminedbytheboardofDirectorsandshallatleastbe 本公司股份面值。內未經審核賬目團最近期刊發之年報內經審核財務報表或最近期刊發之中期報告於提供有關購股權當日，按照香港財務報告準則計算並參考本集 recent) oftheGroupondate ofoffertherelevantoptions;and published unauditedaccountsintheinterimreport(whichever ismore published auditedfinancialstatementsintheannualreport or thelatest Kong FinancialReportingStandardsandwithreferenceto thelatest 日報價表之平均收市價；於緊接提供有關購股權當日前五個營業日本公司股份於聯交所每 preceding thedateofofferrelevantoptions; Exchange’s dailyquotationssheetsforthefivebusinessdays immediately 價；於提供有關購股權當日本公司股份於聯交所每日報價表之收市 options; Exchange’s dailyquotationssheetonthedateofofferrelevant （續）（以較近期者為準）（以較早者為準）所釐定每股資產淨值；及下午五時正屆滿。 other benefits-in-kind. senior managementcomprises salaries,bonuses,discretionarybonusand and retaintalent.Theremuneration packageofexecutiveDirectorsand practice andcompetitivemarketconditionsinordertoattract, motivate performance-based andtakesintoaccountbusinessperformance, market and long-termcorporategoalsobjectives.Remuneration packageis management andemployeeswiththeachievementofGroup’s annual scheme istolinktotalcompensationofexecutiveDirectors, senior The fundamentalpolicyoftheGroup’sremunerationand incentive million (2009:HK$401million)fortheyearended31stDecember2010. Employees’ costs(includingDirectors’emoluments)amountedtoHK$445 6,816) staff,themajorityofwhichwereemployedinMainlandChina. controlled entity,employedatotalof7,239(asat31stDecember2009: As at31stDecember2010,theGroup,excludingitsassociatesandjointly EMPLOYEES or existedduringtheyear. or anysubstantialpartofthebusinessCompanywasenteredinto No contractconcerningthemanagementandadministrationofwhole MANAGEMENT CONTRACT dollar, USdollarandRenminbiintheforeseeablefuture. exchange lossasaresultofchangesinratebetweenHongKong movement andtheDirectorsdonotanticipateanysignificantforeign the Grouphasnotexperiencedanysignificantforeignexchange exposure ofRenminbiagainstHongKongdollarandUSdollar.However, Renminbi andisexposedtoforeignexchangeriskarisingfromthe The Groupearnsrevenueandincurscostsexpensesmainlyin FOREIGN EXCHANGEFLUCTUATIONS TheremaininglifeoftheScheme 9. Report oftheDirectors (continued) 該計劃的剩餘期限董事會報告業日下午五時正終止。該計劃於二零零二年十一月四日採納，至緊接其十週年前之上一個營 on thebusinessdayimmediatelyprecedingtenthanniversarythereof. The Schemewasadoptedon4thNovember2002andwillexpireat5:00p.m. （續）（不包括其聯營公司及共同控制實體）率變動而產生重大外匯虧損。見將來亦不會因港元、美元與人民幣之匯面對任何重大外匯波動，而董事預計在可元及美元之匯兌風險。然而，本集團並無支付成本及費用，因而須承受人民幣兌港本集團之主要收入為人民幣，並以人民幣外匯波動紅、酌情花紅及其他實物福利。事及高級管理層之薪酬組合包括薪金、花境，從而吸引、鼓勵及保留人才。執行董考慮業務表現、巿場慣例及巿場競爭環成績掛鈎。薪酬組合乃按表現釐定，並會本集團年度及長期企業目標及目的整體執行董事、高級管理層及僱員的總薪酬與本集團薪酬及激勵計劃之基本政策為將 401,000,000 金）達十一日止年度，僱員成本國內地僱員。截至二零一零年十二月三一日：僱用於二零一零年十二月三十一日，本集團僱員業務方面訂立或存在管理及行政合約。年內，本公司並無就整體或任何重要環節管理合約 7,239 6,816 445,000,000 名（於二零零九年十二月三十港元）名）職員，其中大多數為中。港元（二零零九年：（包括董事酬共 103

合生創展集團有限公司 . 二零一零年年報 104 Hopson Development Holdings Limited . Annual Report 2010 HK$267,752,000 werechargedtothereserves. paid fortherepurchaseofsharesandrelatedexpenses totaling value oftherepurchasedshareswhichhadbeencancelled. The premium The issuedsharecapitaloftheCompanywasreducedby thenominal Stock ExchangeofHongKongLimited,detailswhichareasfollows: 25,462,000 sharesofHK$0.10eachinthecapitalCompanyonThe During theyearended31stDecember2010,Companyrepurchased COMPANY’S LISTEDSECURITIES PURCHASE, REDEMPTIONANDSALEOFTHE statements. Appendix 16oftheListingRulesaresetoutinNote31tofinancial disclosed pursuanttoSection161oftheCompaniesOrdinanceand Particulars oftheDirectors’andseniormanagement’semoluments Note 31tothefinancialstatements. The remunerationofalltheDirectorsduringfinancialyearissetoutin representation onboardcommittees. non-executive Directorscomprisesannualdirector’sfeeandfor meetings. Therecommendedremunerationpackageoftheindependent their effortsandtimededicatedtotheBoardvariouscommittee Non-executive Directorsarecompensatedwiththeaimtofairlyrepresent Report oftheDirectors (continued) 二零一零年二月 February 2010 回份購回股份數目購回月份 Month ofrepurchase 董事會報告 repurchased Number of 542001.01.8269,402,280 10.18 11.00 25,462,000 （續） shares paid pershare Highest price 已付每股港）（元（港元）（港元）（港元）最高價財務報表附註披露之董事及高級管理層酬金詳情，載於根據公司條例第報表附註本財政年度全體董事之薪酬已載於財務事委員會會議酬金。事薪酬組合包括年度董事袍金及出席董及時間為目標。建議採納之獨立非執行董於董事會及其他委員會會議所付出努力非執行董事之薪酬均以可充份反映彼等市證券購買、贖回及出售本公司之上儲備。及相關開支合共份之面值而削減。就購回股份支付之溢價本公司已發行股本已就所購回已註銷股 0.10 購回度，本公司自香港聯合交易所有限公司截至二零一零年十二月三十一日止年 H$ H$ (HK$) (HK$) (HK$) 港元之股份，有關詳情如下： 25,462,000 paid pershare 31 Lowest price 。已付每股 31 股本公司股本中每股面值最低價。 161 267,752,000 節及上巿規則附錄（不包括開支） consideration Aggregate (excluding 港元已計入 expenses) 總代價 16 a On21stJanuary2011,theCompanyissued11.75%seniornotes (a) EVENTS AFTERTHEBALANCESHEETDATE public floatasrequiredundertheListingRules. Company hasmaintainedduringtheyearunderreviewamountof within theknowledgeofitsDirectors,Directorsconfirmthat Based ontheinformationthatispubliclyavailabletoCompanyand SUFFICIENCY OFPUBLICFLOAT Company issetoutonpages107to117oftheannualreport. A reportontheprincipalcorporategovernancepracticesadoptedby CORPORATE GOVERNANCE during theyearended31stDecember2010. has purchased,redeemedorsoldanyoftheCompany‘slistedsecurities Save asdisclosedabove,neithertheCompanynoranyofitssubsidiaries of RMB1,830,400,000atanaggregatepriceUS$280,418,000. settled zerocouponconvertiblebondsdue2010intheprincipalamount On 2ndFebruary2010,theCompanyredeemedfullamountofitsUS$ share andearningsperoftheGroup. benefiting shareholdersasawholebyenhancingthenetassetvalueper meeting oftheCompanyheldon16thJune2009,withaviewto general mandateapprovedbytheshareholdersatannual The repurchaseofshareswaseffectedbytheDirectorspursuantto Report oftheDirectors (continued) the relevantredemptiondate. 2014 attheredemptionprices,plusaccruedandunpaidinterests to redeem alloraportionoftheseniornotesonafter21st January US$300,000,000. TheCompanywillbeentitledatitsoption to years (January2016)andarerepayableattheirnominalvalue of approximately HK$2,340,000,000).Theseniornotesmature infive with anaggregatenominalvalueofUS$300,000,000(equivalent to 董事會報告（續）券。止年度購買、贖回或出售本公司之上市證概無於截至二零一零年十二月三十一日除上述者外，本公司或其任何附屬公司之美元償付零息可換股債券。 (a) 結算日後事項公眾持股量符合上市規則所規定水平。所知，董事確認，本公司於回顧年度內之根據本公司可公開取得之資料及據董事充足公眾持股量報告載於年報第有關本公司所採納主要企業管治常規之企業管治年到期本金額為人民幣 280,418,000 於二零一零年二月二日，本公司以總額東整體帶來利益。本集團每股資產淨值及每股盈利而為股會上批准之一般授權進行，旨在透過提升年六月十六日舉行之本公司股東週年大購回股份乃由董事根據股東於二零零九（二零一六年一月）票據。計未付利息，贖回全部或部份優先之後按贖回價另加相關贖回日的累選擇於二零一四年一月二十一日或 300,000,000 厘優先票據。優先票據於五年後等於約司發行總面值為於二零一一年一月二十一日，本公美元全數贖回其於二零一零 2,340,000,000 107 美元償還。本公司有權至 300,000,000 117 到期，須按面值 1,830,400,000 頁。港元）的美元 11.75 （相元 105

合生創展集團有限公司 . 二零一零年年報 106 Hopson Development Holdings Limited . Annual Report 2010 Hong Kong,31stMarch2011 Chairman CHU MANGYEE On behalfoftheboardDirectors to beproposedattheforthcomingannualgeneralmeeting. PricewaterhouseCoopers astheCompany’sauditorforensuingyearis PricewaterhouseCoopers. Aresolutionforthere-appointmentofMessrs. The financialstatementshavebeenauditedbyMessrs. AUDITOR On22ndFebruary2011,theCompany’sacquisitionofentire (b) Report oftheDirectors (continued) meeting oftheCompany. independent shareholdersoftheCompanyataspecialgeneral connected transactionoftheCompanywasapprovedby consideration ofRMB6,605,066,000,whichconstitutedamajorand located inMajuqiaoTownofTongzhouDistrictBeijingfora Supplemental Agreement)relatingtotheacquisitionofproject Share PurchaseAgreement(asvariedandamendedbythe issued sharecapitalofSunExcelfromFarrichandtheterms 董事會報告（續）主席代表董事會司來年之核數師。案，續聘羅兵咸永道會計師事務所為本公審核。將於應屆股東週年大會上提呈決議財務報表已由羅兵咸永道會計師事務所核數師香港，二零一一年三月三十一日朱孟依 (b) 司股東特別大會上批准。交易，已獲本公司獨立股東於本公的條款構成本公司一項重大及關連元收購於北京通州區馬駒橋鎮項目及修訂）以及股份購買協議司向遠富收購日佳全部已發行股本於二零一一年二月二十二日，本公以代價人民幣（經補充協議更改 6,605,066,000 the interestsofallshareholders areconsideredandsafeguarded. conflict ofinterestandtheoverallmanagementCompany suchthat independent judgementadviceonissuesrelatingtostrategy, performance, with diversifiedbackgroundsandindustryskills,shalloffer experience, meeting. TheBoardbelievesthattheindependentnon-executive directors, their re-electionissubjecttoavoteofshareholdersattheannual general Company’s Bye-laws,alldirectorsaresubjecttoretirementby rotationand competence havingregardtothebusinessofGroup.Pursuant tothe Profile sectiononpages70to73whichdemonstrateabalance ofcore executive directors,whosebiographicaldetailsaresetoutin the Directors’ The Boardcurrentlycomprisessixexecutiveandthreeindependentnon- BOARD OFDIRECTORS December 2010. standards setoutintheModelCodeduringyearended31st all Directorshaveconfirmedthattheycompliedwiththerequired transactions duringtheyearunderreview.UponenquirybyCompany, of theListingRulesascodeconductregardingDirectors’securities Directors ofListedIssuers(the“ModelCode”)assetoutinAppendix10 The CompanyadoptedtheModelCodeforSecuritiesTransactionsby COMPLIANCE WITHMODELCODE to otherbusinesscommitment. of theBoarddidnotattendannualgeneralmeetingforyear2010due opinion oftheBoardmeetsobjectiveCodeandChairman three yearsinaccordancewiththeBye-lawsofCompanywhich election byshareholdersattheannualgeneralmeetingleastonceevery specific termsastheyareallsubjecttoretirementbyrotationandre- that thenon-executivedirectorsofCompanyarenotappointedfor of HongKongLimited(the“ListingRules”)duringtheyear2010,except 14 oftheRulesGoverningListingSecuritiesonTheStockExchange Corporate GovernancePractices(the“Code”)ascontainedinAppendix The CompanyhascompliedwiththecodeprovisionsofCodeon value. improve transparency,riskcontrolsandultimatelyenhanceshareholders’ The Boardbelievesthateffectivecorporategovernancewillcontinueto The Companystrivestoattainhighstandardsofcorporategovernance. Report Corporate Governance 第立非執行董事董事會現時包括六名執行董事及三名獨董事會準守則所載規定準則。零年十二月三十一日止年度一直遵守標後，全體董事已確認，彼等於截至二零一行證券交易之操守守則。經本公司查詢易的標準守則十所載關於上市發行人董事進行證券交本公司於回顧年度內採納上市規則附錄遵守標準守則則市規則」聯合交易所有限公司證券上市規則外，本公司於二零一零年內一直遵守香港而未能出席二零一零年度股東週年大會則之目的）事並無特定任期次及由股東重選連任，故本公司非執行董須每三年於股東週年大會上輪值退任一除根據本公司之細則，所有董事均最少價值。善透明度，風險監控，最終將可提升股東會相信，有效之企業管治將繼續令公司改本公司致力樹立高水平之企業管治。董事及和保障全體股東利益。事宜作出獨立判斷及發表意見，確保已顧之策略、表現、利益衝突及整體管理程序事，將會分享彼等的經驗，並會在本公司面背景及行業專業知識之獨立非執行董股東投票重選連任。董事會相信，有多方事均須於股東週年大會輪值告退，並經力相當平衡。根據本公司之細則，所有董之業務而言，董事會之架構顯示其核心能企業管治報告（ 70 「守則」至第） 73 附錄）及董事會主席因履行其他事務之守則條文。頁董事履歷一節）（（有關彼等之履歷詳情載於「標準守則」 14 （董事會認為此舉達到守所載之企業管治常規守），作為董事進，就本集團（「上 107

合生創展集團有限公司 . 二零一零年年報 108 Hopson Development Holdings Limited . Annual Report 2010 made onbehalfoftheGroup. as tothemattersthatmustbeapprovedbyBoardbefore decisionsare the management.However,cleardirectionsaregivento management delegated theexecutionanddailyoperationsofGroup’s businessto to overseeparticularaspectsoftheGroup’saffairs.The Boardhas Transactions/Related PartyTransactionsCommitteehavebeen established Committee, theOptionSharesCommitteeand Connected Four Boardcommittees,namelytheRemunerationCommittee, theAudit the ListingRules. directors tobeindependentundertheguidelinessetoutinrule3.13of annual confirmationofhisindependence,andtheBoardconsidersthese Rules. Eachindependentnon-executivedirectorgivestheCompanyan appropriate financialmanagementexpertiseincompliancewiththeListing Of thethreeindependentnon-executivedirectorsatleastonehas professional opinion. management experienceandhavecontributedtotheBoardwiththeir appropriate academicandprofessionalqualificationsrelated efforts toservethebusinessaffairsofCompanyandpossess All independentnon-executivedirectorshaveofferedsufficienttimeand the Boardon21stJanuary2010. the ChiefExecutiveOfficeron22ndMarch2010.Mr.Chenresignedfrom Hu, theChiefExecutiveOfficerwhosucceededMr.ChenChangYingas between Mr.ChuMangYee,theChairmanofCompanyandXue relevant relationshipswitheachother.Therewasnosuchrelationshipas The Boardmembershavenofinancial,business,familyorothermaterial/ actions againstitsdirectors. Company hasarrangedappropriateinsurancecoverinrespectoflegal issues relatingtotheGroup’sbusinessatexpenses.The necessary. TheDirectorsmayseekindependentprofessionaladviceon in relationtotheGroup’sbusinessandmakefurtherenquireswhen strategic objectives.TheBoardmembershaveaccesstotimelyinformation and controlsoperatingfinancialperformanceinpursuitoftheGroup’s objectives, strategiesandpoliciesoftheGroup.TheBoardalsomonitors The BoardoverseestheGroup’sstrategicdevelopmentanddetermines Group anditsbusinessbydirectingsupervisingtheGroup’saffairs. the Groupandiscollectivelyresponsibleforpromotingsuccessof The Boardisresponsibletotheshareholdersforleadershipandcontrolof Report(continued) Corporate Governance 企業管治報告（續）（本公司主席）家族或其他重大╱相關關係。朱孟依先生董事會成員彼此間並無任何財務、業務、行動作出適當保險安排。團支付。本公司已就董事可能面對之法律關的事宜尋求獨立專業意見，費用由本集作進一步查詢。董事可就與本集團業務有事會成員可適時獲取資料並在有需要時團之策略目標。就本集團之業務而言，董監察及控制營運及財務表現，以達致本集集團制訂目標、策略及政策。董事會亦會事會須審視本集團之策略發展，以及為本察，帶領本集團及使其業務步向成功。董團，共同對本集團之事宜作出指示及監董事會有責任替股東領導及監控本集事宜作出決定前均會獲發清晰指示。層代表本集團就必須經由董事會批准之本集團之業務及其日常運作。然而，管理士交易委員會。董事會已委派管理層執行會、購股權委員會及關連交易╱有關連人個董事委員會，即薪酬委員會、審核委員為審視本集團特定方面之事宜，已成立四該等董事均為獨立人士。上市規則第其獨立性向本公司發出年度確認，而根據理專業知識。每名獨立非執行董事均會就董事當中，最少有一人具備合適之財務管遵照上市規則之規定，在三名獨立非執行已向董事會提供彼等的專業意見。當的學術及專業資格及相關管理經驗，並業務付出充足時間及努力，彼等均具備適全體獨立非執行董事已為處理本公司的會。生於二零一零年一月二十一日辭任董事為行政總裁）三月二十二日接任行政總裁陳長纓先生 3.13 間亦不存在該等關係。陳先及薛虎先生條所載指引，董事會認為（於二零一零年 Listing Rules. connected transactionoftheCompany underChapters14and14Aofthe discloseable transactionsand oneofwhichconstitutedmajorand Agent, theentryintovarioustransactionssomeofwhich constituted Company’s subsidiaries,changeofBermudaShareRegistrar andTransfer of guaranteesbytheCompanyinrespectbankloansgranted tothe of approvingsomeoperationalmatterssuchasapproval theprovision 19 additionalBoardmeetingswereheldduringyear2010for thepurposes Mr.TanLengCheng,Aaronwas appointedasanindependentnon-executivedirector 4. Mr. YuenPakYiu,Philipresignedon2ndJuly2010. 3. Mr.LiaoRuoQingwasappointedasanexecutivedirectoron21stJanuary2010. 2. Mr.ChenChangYingresignedon21stJanuary2010. 1. Notes: Board meetingsattendedbyeachoftheDirectorswereasfollows: investments. reports, changeinBoardmembersaswellacquisitionoflandsitesand other things,interimandfinalresultsoftheGroup,statutoryfinancial directors consideredandapprovedsignificantmattersincluding,among The Boardmet10timesduringyear2010underreviewatwhichthe BOARD MEETINGS Report(continued) Corporate Governance ogSigKy lvr8/10 7/10 Yuen PakYiu,Philip Tan LengCheng,Aaron Wong ShingKay,Oliver Lee TsungHei,David Independent Non-ExecutiveDirectors Chen ChangYing u u7/10 6/10 7/10 3/10 2/10 Liao RuoQing Zhao MingFeng Xue Hu Au WaiKin Xiang Bin Chu MangYee Executive Directors on 2ndJuly2010. (2) (1) (3) (4) Meetings attended 企業管治報告 2/4 4/5 0/0 4/9 （續）附註：及關連交易）予披露之交易及一項構成本公司之重大各董事出席董事會會議的情況如下：土地及投資。法定財務報告、董事會成員變更以及收購宜，當中包括本集團之中期及全年業績、事會會議，董事於會上考慮及批准重大事於二零一零年回顧年度合共舉行十次董董事會會議第處之變更、訂立多項交易之銀行貸款提供擔保、百慕達登記及過戶宜事會會議，有關會議乃為批准若干營運事於二零一零年內亦額外舉行了十九次董 1. 1. （如批准本公司就本公司附屬公司獲授廖若清趙明豐薛虎歐偉建項斌朱孟依執行董事阮北耀陳龍清黃承基李頌熹獨立非執行董事陳長纓 2. 2. 14 3. 3. 4. 4. 及陳長纓先生於二零一零年一月二十一日辭任。 14A 廖若清先生於二零一零年一月二十一日獲委任為執行董事。 (3) (4) (1) (2) 阮北耀先生於二零一零年七月二日辭任。陳龍清先生於二零一零年七月二日獲委任為獨立非執行董事。章，其中部分構成本公司之須）而召開。（根據上市規則出席會議 6/10 7/10 7/10 3/10 2/10 8/10 7/10 2/4 4/5 0/0 4/9 109

合生創展集團有限公司 . 二零一零年年報 110 Hopson Development Holdings Limited . Annual Report 2010 Code. Company. Inthe opinionoftheBoard,this meetstheobjectiveof least onceeverythreeyears inaccordancewiththeBye-lawsof rotation andre-electionbyshareholders attheannualgeneralmeeting subject tore-election.However, alldirectorsaresubjecttoretirementby respect totheappointmentof non-executivedirectorsforaspecificterm specific term.ThisconstitutesadeviationfromCodeprovision A.4.1with The threeindependentnon-executivedirectorsarenotappointed fora NON-EXECUTIVE DIRECTORS Board meetingsattendedbyeachoftheDirectorswereasfollows: Report(continued) Corporate Governance available forinspectionbyalldirectors. The companysecretarykeepsdetailedminutesofeachmeeting whichare business andoperationalmattersoftheGroup. the independentnon-executivedirectorstoseektheirviewson activities anddevelopmentsinthebusinessesofGroupmeetswith provides thedirectorswithinformationonatimelybasisregarding Between Boardmeetings,theseniormanagementofCompany Company’s circular. the purposeofapprovingcertaindocumentsfordisclosurein namely Mr.AuWaiKinandXueHupassedawrittenresolutionfor 2010, theboardcommitteewhichcomprisedtwoexecutivedirectors, namely Mr.AuWaiKinandXueHu.Inaddition,duringtheyear Company. ThesaidMeetingwasattendedbytwoexecutivedirectors, purpose ofapprovingcertainmattersrelatingtosharerepurchasebythe One meetingofaboardcommitteewasheldduringtheyear2010for unPkYu hlp0/8 3/11 3/19 2/19 0/3 9/16 19/19 17/19 12/19 4/19 15/19 Yuen PakYiu,Philip Tan LengCheng,Aaron Wong ShingKay,Oliver Lee TsungHei,David Independent Non-ExecutiveDirectors Chen ChangYing Liao RuoQing Zhao MingFeng Xue Hu Au WaiKin Xiang Bin Chu MangYee Executive Directors Meetings attended 企業管治報告（續）錄，該等記錄可供全體董事查閱。公司秘書保存每次會議之詳盡會議記營運事宜之意見。行董事會晤，以聽取彼等對本集團業務及業務活動及發展之資料，並會與獨立非執會於適當時候向各董事提供有關本集團於各董事會會議之間，本公司高級管理層之通函中披露若干文件。會通過一項書面決議案，以批准於本公司歐偉建先生及薛虎先生）外，於二零一零年，由兩名執行董事建先生及薛虎先生）股份之若干事宜。兩名執行董事議，有關會議乃為批准有關本公司購回董事委員會於二零一零年舉行一次會守則之目的。由股東重選連任。董事會認為，此舉達到三年於股東週年大會上輪值退任一次及根據本公司之細則，所有董事均最少須每特定任期委任及重選連任之規定。然而，偏離守則第三名獨立非執行董事並無固定任期。此舉非執行董事各董事出席董事會會議的情況如下：阮北耀陳龍清黃承基李頌熹獨立非執行董事陳長纓廖若清趙明豐薛虎歐偉建項斌朱孟依執行董事 A.4.1 條有關非執行董事須以已出席上述會議。此組成之董事委員出席會議（即歐偉 17/19 19/19 12/19 15/19 3/11 3/19 2/19 9/16 4/19 0/8 0/3 （即 significant developmentsandissues. taking remedialactionwhennecessaryandadvisingtheBoardofany monitors theoperatingandfinancialresultsagainstplansbudgets, that thefundingrequirementsofbusinessaremetandclosely Company. WiththeassistanceofChiefFinancialOfficer,heensures business operationsandmaintainingtheoperationalperformanceof management ofthebusinessCompany,co-ordinatingoverall The ChiefExecutiveOfficerisdirectlyresponsiblefortheday-to-day manner. meetings andreceivecompletereliableinformationinatimely ensure thatalldirectorsareproperlybriefedonissuesarisingatBoard executive directorsandthecompanysecretary,Chairmanseeksto active contributiontotheaffairsofBoard.Withsupport practices andprocedures,encouragesthedirectorstomakefull effective functionsoftheBoard,applicationgoodcorporategovernance policies oftheCompany.TheChairmanisalsoresponsibleforoverseeing Board intermsofformulatingoverallstrategies,businessdirectionsand The Chairmanisresponsibleformanagingandprovidingleadershiptothe Officer duringyear2010. The roleoftheChairmanwassegregatedfromthatChiefExecutive 2010. Mr. ChenChangYingwhoresignedfromtheBoardon21stJanuary Chief ExecutiveOfficeroftheCompanyon22ndMarch2010tosucceed Officer oftheCompanyisMr.XueHu.wasappointedas The ChairmanoftheCompanyisMr.ChuMangYee.ChiefExecutive CHAIRMAN ANDCHIEFEXECUTIVEOFFICER Report(continued) Corporate Governance 企業管治報告（續）大發展及事宜向董事會提供意見。於有需要時採取補救措施，以及就任何重財務業績是否與計劃及財政預算相符，並應付業務之資金需求，並密切監視營運及運表現。在財務總監之支援下，彼確保能理，協調整體業務運作及維持本公司之營行政總裁直接負責本公司業務之日常管可於適當時候獲取完整可靠之資料。獲充分知會於董事會會議討論之事宜，並書之支援下，主席將設法確保所有董事均極參與董事會事務。在執行董事及公司秘企業管治常規及程序，並鼓勵董事全體積亦負責監督董事會之有效職能，應用良好公司之整體策略、業務方向及政策。主席主席負責管理董事會，並帶領其制訂定本開。於二零一零年，主席之職能與行政總裁分會之陳長纓先生。任於二零一零年一月二十一日辭任董事月二十二日獲委任為本公司行政總裁，接裁為薛虎先生。薛虎先生於二零一零年三本公司主席為朱孟依先生。本公司行政總主席及行政總裁 111

合生創展集團有限公司 . 二零一零年年報 112 Hopson Development Holdings Limited . Annual Report 2010 consideration oftheannualperformancebonusforexecutive • determinationof the criteriaforassessingemployeeperformance; • reviewandapprovalofthecompensationarrangementsin • determinationoftheremunerationexecutivedirectorsandsenior • recommendationtotheBoardpolicyandstructure for the • establishingguidelinesfor therecruitmentofChiefExecutive • formulationofremunerationpolicyforapprovalbytheBoard; • Committee include: the Company’swebsite.TheprincipalfunctionsofRemuneration which dealclearlywithitsauthorityandresponsibilitiesarepostedon Mr. LeeTsungHei,Davidandhasspecificwrittentermsofreference their remunerationpackages.TheRemunerationCommitteeischairedby directors andseniormanagementoftheCompanyfordetermining transparent procedureindeterminingtheremunerationpoliciesfor Committee isalsoresponsibleforthedevelopmentofafairand needed todeveloptheGroup’sbusinesssuccessfully.TheRemuneration directors andseniormanagementofthehighestcaliberexperience assisting theBoardinachievingitsobjectiveofattractingandretaining executive directors.TheRemunerationCommitteeisresponsiblefor The RemunerationCommitteecomprisesallthreeindependentnon- REMUNERATION OFDIRECTORS Report(continued) Corporate Governance recommendation totheBoard. directors, seniormanagementandgeneralstaff making and directors andseniormanagement; appointment, ordismissalremovalformisconducttoexecutive connection withanylossorterminationoftheiroffice payments; management, includingbenefitsinkindandcompensation Chief ExecutiveOfficer)andseniormanagement; remuneration ofDirectors(includingnon-executivedirectorsandthe Officer andseniormanagement; 企業管治報告（續） ‧ ‧ ‧ ‧ ‧ ‧ ‧ 職能如下︰已於本公司網站登載。薪酬委員會之主要權及責任已於職權範圍書內清晰訂明，並酬委員會之主席為李頌熹先生，其特定職薪酬政策，以及釐訂彼等之薪酬組合。薪序，用以制訂本公司董事及高級管理層之酬委員會亦負責發展一套公平透明之程層，以使本集團之業務能成功發展。薪及保留具才幹及經驗之董事及高級管理組成。薪酬委員會負責協助董事會招攬薪酬委員會由全部三名獨立非執行董事董事之薪酬

事會提供推薦意見。般僱員發放年度表現花紅，並向董考慮向執行董事、高級管理層及一釐訂評核僱員表現之準則；及之執行董事及高級管理層；安排，或審批遣散或解僱行為失當審閱及批准離職或終止委任之補償酬，包括實物利益及補償金；釐訂執行董事及高級管理層之薪向董事會提供推薦意見；裁）就董事指引；制訂招聘行政總裁及高級管理層之制訂薪酬政策供董事會審批；及高級管理層之薪酬政策及架構（包括非執行董事及行政總 and nofee(2009:nil)waspaidfornon-auditservices. audit relatedservicesamountedtoHK$5,280,000(2009:HK$5,000,000) During theyear,feespayabletoCompany’sauditorforauditand AUDITOR’S REMUNERATION the firstannualgeneralmeetingafterthisappointment. director appointedbytheBoardissubjecttore-electionshareholdersat identified byexistingdirectorsandsubmittedtotheBoardforapproval.A of skillsandexperienceappropriatetotheCompany’sbusiness,are contribution totheperformanceofBoardhavingregardbalance individuals whoaresuitablyqualifiedandexpectedtomakeapositive The GroupdoesnothaveaNominationCommittee.Newdirectors,being NOMINATION OFDIRECTORS 2nd July2010. and succeededMr.YuenPakYiu,PhilipasthechairmanofRemunerationCommitteeon Mr. YuenPakYiu,Philipresignedon2ndJuly2010.LeeTsungHei,Davidwasappointed Note: by theshareholdersofCompanyat2009annualgeneralmeeting. Remuneration oftheindependentnon-executivedirectorswasapproved No directorisinvolvedindecidinghis/herownremuneration. directors andtheindependentnon-executivedirectors. approved, bywayofwrittenresolutions,theremunerationexecutive the aforesaidmeeting,during2010,RemunerationCommitteealso attended byallmembersoftheRemunerationCommittee.Inadditionto approve theremunerationofanexecutivedirector.Themeetingwas One meetingwasheldbytheRemunerationCommitteeduring2010to Report(continued) Corporate Governance 企業管治報告（續）附註：務支付任何費用九年：司核數師之費用為年內，就審核及審核相關服務應付予本公核數師之酬金年大會上經股東重選連任。任之董事須於是次委任後之首次股東週物色，並提交予董事會審批。獲董事會委現帶來正面貢獻之人士，彼等由現任董事務之技能及經驗後，預期會對董事會之表備合適資格，且於考慮到適用於本公司業本集團並無設立提名委員會。新董事為具提名董事零九年股東週年大會批准。執行董事之薪酬乃由本公司股東於二零概無董事參與釐訂彼本身之薪酬。獨立非獨立非執行董事之薪酬。一零年透過書面決議案批准執行董事及體成員已出席會議。薪酬委員會亦於二零議，批准執行董事之薪酬。薪酬委員會全薪酬委員會於二零一零年內舉行一次會阮北耀先生於二零一零年七月二日辭任。李頌熹先生於二零一零年七月二日獲委任並接任阮北耀先生為薪酬委員會之主席。 5,000,000 （二零零九港元） 5,280,000 ，並無就非審核服年︰無）港元（二零零。 113

合生創展集團有限公司 . 二零一零年年報 114 Hopson Development Holdings Limited . Annual Report 2010 selection, appointment orresignationofexternal auditor. disagreement between theBoardand AuditCommitteeonthe also reviewedtheexternal auditor’s remuneration.Therewasno statements andtheannualreport oftheCompany.TheAuditCommittee Committee includedanappraisal oftheintegrityfinancial management andfinancialreporting matters.ThisreviewbytheAudit principles andpracticesadoptedbytheGroupinternal control,risk auditor oftheCompany,theirrespectiveauditfindings, accounting Committee reviewedwiththeseniormanagementand the external results oftheCompanyforyearended31stDecember2010, theAudit preventions againstfraudandotherirregularities.Withrespect tothe of theGroup’sinternalcontrolsystems,businessmanagement and In year2010,theAuditCommitteereviewedresultsofan assessment toreviewtheexternalauditor’smanagementletterandany • toreviewinternalauditprogrammeandensurethatitisallocated • toensurethemanagementhasfulfilleditsdutymaintainan • tomonitortheintegrityoffinancialstatements,annualand • todevelopandimplementpoliciesontheengagementofexternal • tomakerecommendationsontheappointment,reappointmentand • include: the Company’swebsite.TheprincipalfunctionsofAuditCommittee The AuditCommitteehaswrittentermsofreferencewhicharepostedon legal orotherindependentprofessionaladviceifitconsidersnecessary. their duties.However,theAuditCommitteeisauthorisedtoobtainoutside accounting andfinancialmanagementexpertiseorexperiencetodischarge opinion thatthemembersofAuditCommitteehavesufficient directors. ItischairedbyMr.LeeTsungHei,David.TheBoardofthe The AuditCommitteecomprisesthethreeindependentnon-executive AUDIT COMMITTEE Report(continued) Corporate Governance management’s response. questions raisedbytheauditortomanagementand the with adequateresourcesandiseffective; effective internalcontrolsystem; financial position; information presentsatrueandbalancedassessmentoftheGroup’s interim reportsandtheauditor’sreporttoensurethat auditor fornon-auditservices; appointments; removal ofexternalauditorandtoconsiderthetermssuch 企業管治報告（續）任方面並無任何意見分歧。核委員會於外聘核數師之遴選、委任或辭亦已審閱外聘核數師之酬金。董事會與審之財務報表及年報之完整性。審核委員會事宜。審核委員會之審閱包括評定本公司例，以及內部監控、風險管理及財務申報之審核結果、本集團採納之會計準則及慣高級管理層及外聘核數師審閱彼等各自度之業績而言，審核委員會已聯同本公司司截至二零一零年十二月三十一日止年其他違規行為之措施之評估結果。就本公內部監控制度、業務管理以及防範欺詐及於二零一零年，審核委員會已審閱本集團 ‧ ‧ ‧ ‧ ‧ ‧ 主要職能包括︰關資料登載於本公司網站。審核委員會之見。審核委員會已訂有書面職權範圍，有權聽取外部法律意見或其他獨立專業意而，倘審核委員會認為有需要，其將獲授務管理專業知識或經驗以履行其職責。然為審核委員會之成員具備充足會計及財成，並由李頌熹先生擔任主席。董事會認審核委員會由三名獨立非執行董事組審核委員會

管理層之回應。核數師向管理層作出之任何提問及審閱外聘核數師之管理函件，以及配充足資源及具有效益；及檢討內部審核程序，並確保其獲分監控制度；確保管理層已盡責維持有效之內部狀況，並就此作出中肯評估；所呈列資料真確反映本集團之財務以及核數師報告之完整性，以確保監察財務報表、年度及中期報告，審核服務之政策；制訂及實行委聘外聘核數師進行非供推薦意見，並考慮有關委聘條款；就委聘、續聘及解僱外聘核數師提 Party TransactionsCommitteeon2ndJuly 2010. and succeededMr.YuenPakYiu,Philip asthechairmanofConnectedTransactions/Related Mr. YuenPakYiu,Philipresignedon2nd July2010.Mr.LeeTsungHei,Davidwasappointed Note: OptionSharesCommittee (2) (1) the executionofitsduties. two otherBoardCommitteeshavebeenestablishedtoassistthein In additiontotheRemunerationCommitteeandAuditCommittee, BOARD COMMITTEES 2010. and succeededMr.YuenPakYiu,PhilipasthechairmanofAuditCommitteeon2ndJuly Mr. YuenPakYiu,Philipresignedon2ndJuly2010.LeeTsungHei,Davidwasappointed Note: Yuen PakYiu,Philipattendedonemeeting. Oliver recordedfullattendanceinrespectofsuchmeetingswhileMr. Committee meetings.Mr.LeeTsungHei,DavidandWongShingKay, the Boardaftereachmeeting.Duringyear2010,thereweretwoAudit The AuditCommitteereportsitswork,findingsandrecommendationsto Report(continued) Corporate Governance Company’s shareoptionschemeadoptedon4thNovember2002. the exerciseofoptionsgrantedortobeunder the to dealwiththeallotmentandissueofsharesCompany upon 2005 andcomprisestwoexecutivedirectors.Itsprimaryfunction is The OptionSharesCommitteewasestablishedon4thNovember Board correctivemeasuresinsuchtransactionsifneeded. and usualcourseofbusinesstheGrouptorecommend they areconductedonnormalcommercialtermsandintheordinary connected transactionsandrelatedpartytoensurethat Transactions/Related PartyTransactionsCommitteeistoreviewall Tsung Hei,David.TheprimaryfunctionoftheConnected three independentnon-executivedirectors,andchairedbyMr.Lee was establishedon4thOctober2005andpresentlycomprisesthe The ConnectedTransactions/RelatedPartyTransactionsCommittee Transactions Committee Connected Transactions/RelatedParty 企業管治報告（續）附註：附註：職務。另外兩個董事會委員會協助董事會執行除薪酬委員會及審核委員會外，亦已成立董事委員會阮北耀先生出席了一次會議。生及黃承基先生已出席全部有關會議，而年度舉行兩次審核委員會會議。李頌熹先匯報其工作、結果及推薦意見。二零一零審核委員會於每次會議後均會向董事會 (2) (1) 阮北耀先生於二零一零年七月二日辭任。李頌熹先生阮北耀先生於二零一零年七月二日辭任。李頌熹先生於二零一零年七月二日獲委任並接任阮北耀先生為於二零一零年七月二日獲委任並接任阮北耀先生為審核委員會之主席。關連交易╱有關連人士交易委員會之主席。發行事宜。行使時，處理本公司股份之配發及權計劃已授出或將授出之購股權獲二零零二年十一月四日採納之購股事。其主要職能為於根據本公司在月四日成立，成員包括兩名執行董購股權委員會於二零零五年十一等交易向董事會提供更正措施。商業條款進行，並於有需要時就該團之日常及一般業務過程中按正常人士交易，確保該等交易乃於本集職能為審閱所有關連交易及有關連易╱有關連人士交易委員會之主要並由李頌熹先生擔任主席。關連交前成員包括三名獨立非執行董事，已於二零零五年十月四日成立，目關連交易╱有關連人士交易委員會購股權委員會易委員會關連交易╱有關連人士交 115

合生創展集團有限公司 . 二零一零年年報 116 Hopson Development Holdings Limited . Annual Report 2010 corporate governancematters. ensure thattheyareawareoftheircontinuingobligationsas directorsand Circulars orguidancenoteswereissuedtodirectorswhereappropriate to system ofinternalcontroltheGroup. controls isinadequate.TheBoardsatisfiedwiththeadequacy ofthe the AuditCommitteetocauseitbelievethatsystem ofinternal infringement oflaws,rulesandregulationshavecometothe attentionof In year2010,nofraudsandirregularities,internalcontroldeficiencies or are reviewedbytheAuditCommittee. Board. Summariesofmajorauditfindingsandcontrolweaknesses,ifany, functions oftheGroupandhasdirectindependentaccessto The InternalControlDepartmentisindependentofallmanagement Supervisory CommitteewhichinturnreportsindependentlytotheBoard. the Group.TheInternalControlDepartmentreportsdirectlytoGroup operational andcompliancecontrolsriskmanagementfunctionsof regular reviewsalsocoverallmaterialcontrols,includingfinancial, maintains properaccountsandensurescompliancewithregulations.The practices andsystemstosafeguardassetsfrominappropriateuse, Control Department,performsregularchecksonofficeprocedures, interests. ThedirectorsconfirmthattheGroup,throughitsInternal internal controlstosafeguardtheGroup’sassetsandshareholders’ The Boardhasoverallresponsibilityformaintainingsoundandeffective manner withinthelimitsaslaiddowninListingRules. The Grouphasannounceditsannualandinterimresultsinatimely are prudentandreasonable. applied themconsistently,andhavemadejudgementestimatesthat 2010, thedirectorshaveselectedappropriateaccountingpoliciesand In preparingthefinancialstatementsforyearended31stDecember responsibilities. Board withtherelevantinformationitneedstodischargethese announcements andfinancialdisclosures.Themanagementprovidesthe financial positiononagoing-concernbasisandotherprice-sensitive preparing financialstatementsthatgiveatrueandfairviewoftheGroup’s the Group’sperformance,positionandprospects.Itisalsoresponsiblefor The Boardisresponsibleforpresentingaclearandbalancedassessmentof ACCOUNTABILITY ANDINTERNALCONTROLS Report(continued) Corporate Governance 企業管治報告（續）任及企業管治事宜。註，確保彼等明白彼等作為董事之持續責在適用情況下，董事已獲發通函或指引附擁有完善內部監控制度。監控系統有不足之處。董事會信納本集團律、守則及規例之行為，以使其相信內部欺詐及違規行為、內部監控不足或觸犯法於二零一零年，審核委員會並無發現任何乃由審核委員會審閱。審核結果及監控不足之處之概要部門，並可直接與董事會獨立會晤。主要報。內部監控部門獨立於本集團所有管理會匯報而監視委員會則獨立向董事會匯內部監控部門直接向本集團之監事委員合規監控，以及本集團之風險管理職能。核涵蓋所有重大監控，包括財務、營運及存賬目，並確保已遵守有關規例。定期審以保障資產不會被不當運用，以及妥善保門對辦公程序、慣例及制度作定期檢查，益。董事確認，本集團透過其內部監控部監控措施，以保障本集團之資產及股東權董事會須負全責維持良好及有效之內部時公佈其年度及中期業績。本集團已按上市規則所訂明之期限內，適判斷及估計。計政策並貫徹使用，並已作出審慎合理之止年度之財務報表時，董事已選定合適會於編製截至二零一零年十二月三十一日供其履行該等責任所須之相關資料。之公佈及財務披露。管理層會向董事會提狀況之財務報表，以及編製其他股價敏感基準編製能真實及公平反映本集團財務前景作出清晰及中肯評估，並負責按持續董事會負責對本集團之表現、財務狀況及問責制及內部監控（如有） meeting atthebeginningofmeeting. a pollwereexplainedbythechairmanpresidingatannualgeneral procedures andotherrelevantinformation.Theforconducting general meeting,settingoutdetailsofeachproposedresolution,voting shareholders notlessthan20clearbusinessdayspriortotheannual meetings. The2010annualgeneralmeetingcircularwasdistributedtoall resolutions areproposedforeachissueconsideredattheannualgeneral at theannualgeneralmeetingstoaddressshareholders’queries.Separate management makeanefforttoattend.Externalauditorsarealsoavailable views tobecommunicatedtheBoard.Bothdirectorsandsenior communicate withshareholders,providingaforumfortheshareholders’ The Company’sannualgeneralmeetingsallowthedirectorstomeetand general publicinformedofthelatestdevelopmentGroup. website oftheGroupisalsoupdatedregularlytokeepinvestorsand are madeimmediatelyaftertheannouncementoffinancialresults.The informed oftheGroup’sstatusanddevelopments.Generalpresentations annual reportandinterimreport,toensurethattheyareeffectively shareholders ontheGroup’sbusinessandfinancialpositionswithtimely The Companyprovidesdetailedpressreleasesandreportstoits developments. institutional investorsandanalyststokeepthemabreastoftheCompany’s Designated seniormanagementmaintainsregulardialoguewith with themedia,analystsandfundmanagersthroughmeetings. communications withitsinvestors.Communicationhavebeenmaintained The Companycontinuestopromoteandenhanceinvestorrelations INVESTOR RELATIONS CORPORATE COMMUNICATIONSAND Report(continued) Corporate Governance 企業管治報告（續）按股數投票方式表決之程序。週年大會之主席已於大會開始時說明以詳情、投票程序以及其他相關資料。股東發予股東，當中載有每項擬提呈決議案之年大會舉行日期最少足一零年股東週年大會之通函已於股東週之每項事宜均會以獨立決議案提呈。二零解答股東之查詢。於股東週年大會上商討席大會。外聘核數師亦會於股東週年大會意見。所有董事及高級管理層均會盡量出觸及交流，為股東提供平台向董事會表達本公司之股東週年大會讓董事與股東接士提供本集團最新發展動向。網站亦會定期更新，以向投資者及公眾人佈財務業績後隨即舉行發布會。本集團之準確地得知本集團狀況及發展，並會於公時候發出年報及中期報告，以確保股東們財務狀況之詳盡新聞稿及報告，並於適當本公司會向股東提供有關本集團業務及話，令彼等能緊貼本公司發展情況。理層與機構投資者及分析員經常維持對員及基金經理保持聯繫。被指派的高級管及通訊方式，並會透過會議與傳媒、分析本公司不斷提倡及改善與投資者之關係企業通訊及投資者關係 20 個營業日前寄 117

合生創展集團有限公司 . 二零一零年年報 118 Hopson Development Holdings Limited . Annual Report 2010 獨立核數師報告 report. towards oracceptliabilityto any otherpersonforthecontentsofthis Bermuda, andfornootherpurpose.Wedonotassume responsibility a body,inaccordancewithSection90oftheCompanies Act1981of statements basedonourauditandtoreportopinionsolely toyou,as Our responsibilityistoexpressanopinionontheseconsolidated financial AUDITOR’S RESPONSIBILITY material misstatement,whetherduetofraudorerror. preparation ofconsolidatedfinancialstatementsthatarefreefrom internal controlasthedirectorsdetermineisnecessarytoenable requirements oftheHongKongCompaniesOrdinance,andforsuch Hong KongInstituteofCertifiedPublicAccountantsandthedisclosure accordance withHongKongFinancialReportingStandardsissuedbythe consolidated financialstatementsthatgiveatrueandfairviewin The directorsoftheCompanyareresponsibleforpreparation CONSOLIDATED FINANCIAL DIRECTORS’ RESPONSIBILITYFORTHE information. a summaryofsignificantaccountingpoliciesandotherexplanatory consolidated statementofchangesinequityfortheyearthenended,and comprehensive income,theconsolidatedcashflowstatementand the consolidatedincomestatement,statementof consolidated andcompanybalancesheetsasat31stDecember2010, (together, the“Group”)setoutonpages120to249,whichcomprise Development HoldingsLimited(the“Company”)anditssubsidiaries We haveauditedtheconsolidatedfinancialstatementsofHopson (incorporated inBermudawithlimitedliability) HOPSON DEVELOPMENTHOLDINGSLIMITED TO THESHAREHOLDERSOF Report oftheIndependentAuditor STATEMENTS （於百慕達註冊成立之有限公司）「貴集團」（以下簡稱他人士負上或承擔任何責任。目的。我們不會就本報告的內容向任何其告我們的意見，除此之外本報告別無其他九八一年公司法》合財務報表提出意見，並按照百慕達我們的責任是根據我們的審計對該等綜核數師的責任欺詐或錯誤而導致的重大錯誤陳述。內部控制，以使綜合財務報表不存在由於落實其認為編製綜合財務報表所必要的綜合財務報表作出真實而公平的反映，及例》頒佈的香港財務報告準則及香港貴公司董事須負責根據香港會計師公會的責任董事就綜合財務報表須承擔主要會計政策概要及其他附註解釋資料。綜合現金流量表及綜合權益變動表，以及年度的綜合損益表、綜合全面收入報表、的綜合和公司資產負債表與截至該日止報表包括於二零一零年十二月三十一日於第本核數師全體股東致合生創展集團有限公司的披露規定編製綜合財務報表，以令 120 至（以下簡稱）「貴公司」的綜合財務報表，此綜合財務 249 頁合生創展集團有限公司第「我們」） 90 及其附屬公司條僅向整體股東報）已審計列載《公司條（統稱《一 appropriate toprovideabasisforourauditopinion. We believethattheauditevidencewehaveobtainedissufficientand statements. evaluating theoverallpresentationofconsolidatedfinancial reasonableness ofaccountingestimatesmadebythedirectors,aswell evaluating theappropriatenessofaccountingpoliciesusedand effectiveness oftheentity’sinternalcontrol.Anauditalsoincludes circumstances, butnotforthepurposeofexpressinganopinionon view inordertodesignauditproceduresthatareappropriatethe preparation ofconsolidatedfinancialstatementsthatgiveatrueandfair assessments, theauditorconsidersinternalcontrolrelevanttoentity’s financial statements,whetherduetofraudorerror.Inmakingthoserisk assessment oftherisksmaterialmisstatementconsolidated procedures selecteddependontheauditor’sjudgement,including the amountsanddisclosuresinconsolidatedfinancialstatements.The An auditinvolvesperformingprocedurestoobtainevidenceabout from materialmisstatement. assurance aboutwhethertheconsolidatedfinancialstatementsarefree requirements andplanperformtheaudittoobtainreasonable Accountants. Thosestandardsrequirethatwecomplywithethical Auditing issuedbytheHongKongInstituteofCertifiedPublic We conductedourauditinaccordancewithHongKongStandardson Hong Kong,31stMarch2011 Certified PublicAccountants PricewaterhouseCoopers requirements oftheHongKongCompaniesOrdinance. and havebeenproperlypreparedinaccordancewiththe disclosure then endedinaccordancewithHongKongFinancialReportingStandards December 2010,andoftheGroup’sprofitcashflowsforyear view ofthestateaffairsCompanyandGroupasat31st In ouropinion,theconsolidatedfinancialstatementsgiveatrueandfair OPINION Report oftheIndependentAuditor(continued) 獨立核數師報告（續）執業會計師和適當地為我們的審計意見提供基礎。我們相信，我們所獲得的審計憑證能充足及評價綜合財務報表的整體列報方式。的合適性及所作出會計估計的合理性，以見。審計亦包括評價董事所採用會計政策的並非對公司內部控制的有效性發表意內部控制，以設計適當的審計程序，但目務報表以作出真實而公平的反映相關的風險時，核數師考慮與該公司編製綜合財表存在重大錯誤陳述的風險。在評估該等評估由於欺詐或錯誤而導致綜合財務報所選定的程序取決於核數師的判斷，包括報表所載金額及披露資料的審計憑證。審計涉及執行程序以獲取有關綜合財務錯誤陳述。確定綜合財務報表是否不存在任何重大守道德規範，並規劃及執行審計，以合理審計準則進行審計。該等準則要求我們遵我們已根據香港會計師公會頒佈的香港香港，二零一一年三月三十一日羅兵咸永道會計師事務所條例》的溢利及現金流量，並已按照香港的事務狀況，及及貴集團於二零一零年十二月三十一日財務報告準則真實而公平地反映貴公司我們認為，該等綜合財務報表已根據香港意見的披露規定妥為編製。

貴集團截至該日止年度《公司 119

合生創展集團有限公司 . 二零一零年年報 for long-term investment Investment acquisition of Prepayments land for other current assets Accounts throughprofitorloss Properties investment Depositforproposed financial Available-for-sale controlled entity Intangible

development for sale Deferredtaxassets

Land Non-current assets ASSETS

Total assets acquisition of Prepayments land Current assets Due fromrelatedcompanies Properties underdevelopment Properties andequipment Cash andcashequivalents Loans tosubsidiaries Prepayments, depositsand Financial assetsatfairvalue Completed propertiesforsale Investment inajointly Investments insubsidiaries Due fromanassociate Pledged/charged bankdeposits Investments inassociates 120 Hopson Development Holdings Limited . Annual Report 2010 costs receivable 資產負債表 As at31stDecember2010 Balance Sheets under assets assets properties for 應收賬款可供出售財務資產遞延稅項資產應收關連公司之款項持作長期投資之投資物業物業及設備收購土地預付款項附屬公司之貸款預付款項、按金及按公平值透過損益可供出售之已落成物業於一間共同控制於附屬公司之投資無形資產可供出售之應收一間聯營公司之款項土地成本非流動資產資產已抵押╱押記銀行存款總資產收購土地預付款項於聯營公司之投資流動資產發展中物業其他流動資產列賬的財務資產實體之投資發展中物業

於二零一零年十二月三十一日現金及現金等價物建議投資之按金附註 Note 20 16 25 41 19 12 19 18 10 14 12 11 41 21 8 7 9 19 13 6 21 17 二零一零年 15,405,498 10,487,033 31,967,756 18,053,335 25,162,663 91,160,760 65,998,097 As at31stDecember 十月十日於月日於十二月三十一日於一月一日於十二月三十一日 3,199,845 2,565,026 3,316,388 1,512,923 2,573,604 HK$’000 209,795 622,193 123,671 171,953 167,541 124,837 560,210 千港元 13,644 11,693 43,433 30,382 2010 — — — osldtdCompany Consolidated Restated 零九二零零九年二零零九年重經重列經重列 0566730,544,173 30,556,607 10,187,390 16,362,819 0642458,271,788 70,654,264 48,084,398 54,291,445 ,6,8 6,142,999 7,363,482 ,7,0 2,856,094 2,405,623 8,378,105 3,175,029 ,2,2 1,528,568 1,620,126 7,336,763 7,835,600 476,250 2,671,719 801,240 1,188,692 ,4,4 2,142,696 6,546,144 K’0 HK$’000 HK$’000 合公司綜合 6,6 2,436,630 266,962 749,663 329,440 6,7 271,450 168,479 72,577 146,895 173,378 191,287 120,455 120,660 港千港元千港元 09542,201 40,925 3646,979 26,538 13,664 29,365 11,655 11,083 092009 2009 —— —— 125,856 — —— Restated 1st January As at at As 1st January As at 二零一零年 15,228,037 15,228,037 15,467,050 HK$’000 218,274 239,013 千港元 20,449 2010 290 — — — — — — — — — — — — — — — — — — — 31st December 二零零九年 14,665,885 14,665,885 14,905,050 HK$’000 217,638 239,165 千港元 21,303 2009 224 — — — — — — — — — — — — — — — — — — —

Landcostpayable Borrowings Borrowings Total equity

Share Company’sequityholders capital attributabletothe Capital andreserves EQUITY Reserves of subsidiaries Deferred Total equityandliabilities Total liabilities Accounts Current liabilities Duetominorityshareholders current Total assetsless Non-controlling Net currentassets/(liabilities) Non-current liabilities LIABILITIES Due torelatedcompanies Current taxliabilities Due toajointlycontrolledentity Accruals andotherpayables Deferred taxliabilities Due toanassociate Land costpayable liabilities 資產負債表 statements. The notesonpages 128to249areanintegral partofthesefinancial As at31stDecember2010 Balance Sheets revenue payable interests 權益總額

本公司股權持有人權益

權益及負債總額負債總額流動負債總資產減流動負債非控制性權益非流動負債負債流動資產 H AGYEXUEHU CHU MANGYEE 借貸應付關連公司之款項本期稅項負債應付一間共同控制應計款項及其他借貸遞延稅項負債應付土地成本應付一間聯營公司之股本應佔股本及儲備儲備遞延收入應付賬款應付附屬公司少數應付土地成本實體之款項應付款項款項股東之款項

ietrDirector Director 孟薛虎朱孟依於二零一零年十二月三十一日事董事董事 ╱ （負債）淨值附註 Note 41 26 41 24 25 22 24 41 27 28 23 41 22 二零一零年 38,187,155 38,011,918 67,135,252 91,160,760 50,167,661 24,025,508 26,142,153 20,047,524 40,993,099 41,972,589 As at31stDecember 十月十日於月日於十二月三十一日於一月一日於十二月三十一日 2,805,944 4,643,003 1,709,345 2,196,200 5,544,615 3,671,919 5,645,612 5,551,128 HK$’000 432,323 175,237 344,057 264,271 111,178 千港元 6,486 2010 osldtdCompany Consolidated Restated 零九二零零九年二零零九年重經重列經重列 8137320,179,894 28,193,743 20,032,657 28,034,506 0165812,330,211 10,116,598 22,564,073 30,499,476 5892638,940,542 45,809,256 58,271,788 70,654,264 35,707,715 40,154,788 19,331,246 24,845,008 16,376,469 15,309,780 9464728,753,152 29,446,437 ,0,3 2,384,179 2,305,733 ,6,3 4,458,379 7,260,538 2,933,721 2,941,424 ,5,3 4,162,230 759,380 4,357,337 1,842,289 2,249,864 1,728,752 4,262,798 6,232,260 3,890,102 4,502,743 K’0 HK$’000 HK$’000 合公司綜合 5,3 147,237 159,237 1,1 49,983 419,411 106,173 271,028 7,2 174,920 173,721 323,696 302,418 第一部份。港千港元千港元 ,6 6,258 6,269 092009 2009 128 至 249 Restated 1st January As at at As 1st January 頁之附註為此財務報表其中 As at 二零一零年 12,713,744 12,713,744 12,538,507 15,411,320 15,467,050 2,753,306 2,697,576 2,697,576 HK$’000 175,237 183,283 千港元 55,730 17,783 37,947 2010 — — — — — — — — — — — 31st December 二零零九年 10,005,205 12,681,902 14,905,050 10,005,205 (1,983,983) 4,899,845 2,223,148 2,676,697 2,676,697 9,845,968 2,169,685 HK$’000 159,237 千港元 16,317 37,146 2009 — — — — — — — — — — 121

合生創展集團有限公司 . 二零一零年年報 122 Hopson Development Holdings Limited . Annual Report 2010 綜合損益表 For theyearended31stDecember2010 Consolidated IncomeStatement statements. The notesonpages 128to249areanintegral partofthesefinancial Revenues Gross profit Cost ofsales Other income/gains,net Fair valuegainsoninvestmentproperties Finance income Selling andmarketingcosts Dividends — — basic (inHK$pershare) oftheCompanyduringyear Earnings pershareforprofit Non-controlling EquityholdersoftheCompany Attributable to: Profit fortheyear Taxation Profit beforetaxation Finance costs Share of(loss)/profit Share ofprofitlesslossassociates Operating profit General andadministrativeexpenses attributable toequityholders a jointlycontrolledentity diluted interests

截至二零一零年十二月三十一日止年度收益毛利銷售成本其投資物業公平值收益財務收入銷售及市場推廣成本股息按年內本公司股權持有人應佔年度溢利稅項除稅前溢利財務成本分佔一間共同控制實體分佔聯營公司溢利減虧損經營溢利一般及行政費用（虧損） — — 盈利應佔溢利計算之每股非控制性權益本公司股權持有人他收入╱收益，淨額

：攤薄基本（每股港元） ╱溢利第一部份附註 Note 30 35 29 32 30 35 36 34 33 32 14 13 30 128 5 至。 249 二零一零年 14,379,253 頁之附註為此財務報表其中 (8,692,021) (1,117,712) (2,550,097) 3,795,624 5,687,232 9,078,972 1,124,053 6,293,012 5,889,412 6,293,012 8,843,109 (253,307) (410,225) HK$’000 300,531 403,600 千港元 17,039 1,071 2010 (666) 3.42 3.43 二零零九年 11,225,246 (6,557,985) (2,699,383) 4,700,097 4,667,261 8,727,593 6,092,535 5,799,573 6,092,535 8,791,918 (333,639) (995,041) (378,757) HK$’000 734,033 146,498 292,962 385,759 千港元 13,551 (1,346) 2009 3.69 3.77 綜合全面收入報表 For theyearended31stDecember2010 Consolidated StatementofComprehensive Income statements. The notesonpages 128to249areanintegral partofthesefinancial Other comprehensiveincome Deferred Other comprehensiveincome attributable Total comprehensiveincome disposalofpropertiesheldforsales available-for-sale financial assets Profit fortheyear Non-controlling Total comprehensiveincome EquityholdersoftheCompany for theyear,netoftax Currency translationdifferences Assets revaluationreserverealisedupon Fair valuegainon for theyear tax to: interests

截至二零一零年十二月三十一日止年度年度其他全面收入其他全面收入年度溢利

年度全面收入總額

下列人士應佔全面貨幣匯兌差額出售持作出售物業時可供出售財務資產之扣除稅項後非控制性權益遞延稅項本公司股權持有人收入總額：變現之資產重估儲備公平值收益，第一部份附註 Note 28 128 至。 249 二零一零年頁之附註為此財務報表其中 1,302,553 6,293,012 1,783,761 8,076,773 8,076,773 7,586,266 HK$’000 542,775 490,507 (86,447) 千港元 24,880 2010 二零零九年 1,082,325 6,092,535 7,032,113 7,032,113 6,735,283 (282,222) HK$’000 939,578 296,830 千港元 92,369 47,106 2009 123

合生創展集團有限公司 . 二零一零年年報 124 Hopson Development Holdings Limited . Annual Report 2010 綜合現金流量表 For theyearended31stDecember2010 Consolidated CashFlowStatement Net cashusedininvestingactivities Net cash(usedin)/fromoperatingactivities Dividend Interest received Cash flowsfromoperatingactivities Cash flowsfrominvestingactivities bank deposits related companies controlled entity investment development for long-term financial asset equityinterestinasubsidiary appreciation tax paid income tax paid investment foracquisitionofland forlong-term Cash (usedin)/generatedfromoperations Additions oflandcosts Decrease/(Increase) inpledged/charged Increase inamountsduefrom Capital injectiontoajointly Proceeds fromdisposalofsubsidiaries (Increase)/decrease indepositpaid Additions ofpropertiesunder Additions ofanavailable-for-sale Deposit forproposedinvestment Proceeds fromdisposalofcertain Mainland Chinaland Mainland Chinacorporate Hong Kongprofitstax(paid)/refunded Decrease/(increase) inprepayments Additions ofinvestmentproperties Additions ofpropertiesandequipment income

截至二零一零年十二月三十一日止年度投資活動所用之經營活動經營活動之現金流量投資活動之現金流量

（已付）現金淨額購入土地成本已抵押╱押記銀行存款應收關連公司款項向一間共同控制出售附屬公司所得款項已付按金購入持作長期投資之購入可供出售財務資產建議投資之按金出售一間附屬公司若干已付中國大陸土地已付中國大陸企業收購土地作長期投資之購入投資物業購入物業及設備經營已收利息現金淨額股息收入（增加）減少╱ 增加實體注資發展中物業股本權益所得款項增值稅所得稅利得稅預付款項減少╱ （所用）（所 ╱退還香港（增加）（增加）用） ╱產生之現金 ╱產生之 ╱減少

37(b) 37(a) 附註 Note 二零一零年 (1,700,601) (1,220,350) (6,193,801) (7,669,016) (256,876) (278,925) (175,589) (471,920) (550,678) (282,056) HK$’000 (15,028) (71,347) 千港元 49,779 64,843 17,039 15,292 2010 — — — — — 二零零九年 (2,324,483) (1,301,248) (1,112,197) 6,251,936 4,780,683 (186,234) (266,891) (342,555) (856,999) HK$’000 212,837 (24,357) 千港元 44,261 13,551 31,313 (7,293) (8,163) 2,678 5,561 2009 — — — statements. The notesonpages 128to249areanintegral partofthesefinancial For theyearended31stDecember2010 Consolidated CashFlowStatement(continued) cash Net (decrease)/increaseincashand cash Exchange gainoncashand Net cashfromfinancingactivities Interest

Cash andcashequivalents Cash andcashequivalents equity holders interests (Repayment)/advances Cash flowsfromfinancingactivities ajointlycontrolledentity Net proceedsfromshareplacements New long-termbankloans Advances fromrelatedcompanies at 31stDecember at 1stJanuary Dividends paidtoCompany’s Dividends paidtoaminorityshareholder Repurchase ofownshares Capital contributionsbynon-controlling Advance fromaminorityshareholder Repayments toanassociate Redemption ofconvertiblebonds Repayments oflong-termbankloans New short-termbankloans Repayments ofshort-termbankloans equivalents equivalents paid from

截至二零一零年十二月三十一日止年度融資活動產生之

於十二月三十一日之於一月一日之融資活動之現金流量現金及現金等價物之現金及現金等價物之（減少）現金淨額發行股份之淨所得款項新增長期銀行貸款關連公司墊款現金及現金等價物現金及現金等價物派發予本公司股權派發予一名少數股東之購回本身股份非控制性權益出資一名少數股東墊款償還一間聯營公司款項贖回可換股債券償還長期銀行貸款新增短期銀行貸款匯兌收益已付利息一間共同控制實體償還短期銀行貸款（償還墊款）持有人之股息股息 ╱增加淨額綜合現金流量表 ╱墊款第一部份（續）附註 Note 128 至。 249 二零一零年 12,786,036 頁之附註為此財務報表其中 (2,211,510) (1,610,374) (1,250,864) (4,228,791) (4,151,066) 5,218,551 2,019,084 2,573,604 6,546,144 (270,298) (193,378) HK$’000 162,011 178,526 千港元 16,635 2010 — — — — — 二零零九年 (5,376,865) 1,939,852 6,411,204 6,546,144 2,142,696 1,579,663 1,080,695 4,396,052 (301,097) (993,077) (736,608) HK$’000 155,600 124,838 千港元 (1,722) (2,779) 7,396 2009 — — — — 125

合生創展集團有限公司 . 二零一零年年報 126 Hopson Development Holdings Limited . Annual Report 2010 綜合權益變動表 For theyearended31stDecember2010 Consolidated StatementofChangesinEquity Balance at31stDecember2009 Dividends paid Disposal ofsubsidiaries interestinasubsidiary Disposal ofcertainequity — Placements netofshareissueexpenses Proceeds fromissueofshares, fortheyear Total comprehensiveincome fortheyear,netoftax Other comprehensiveincome differences Currency translation Deferred tax (Note propertiesheldforsale 28) realisedupondisposalof Assetsrevaluationreserve financial assets available-for-sale Fairvaluegainon Other comprehensiveincome: Profit fortheyear Balance at1stJanuary2009 於二零零九年十二月已付股息出售附屬公司出售一間附屬公司發行股份之所得款項，年度全面收入總額年度其他全面收入，其他全面收入：年度溢利於二零零九年三十一日之結餘若干股權一配售扣除股份發行開支扣除稅項貨幣匯兌差額遞延稅項出售持作出售物業時可供出售財務資產之一月一日之結餘

截至二零一零年十二月三十一日止年度儲備變現之資產重估公平值收益（附註 28 ）本公司股權持有人應佔 holders oftheCompany Attributable toequity K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 5,3 804562357330,499,476 2,305,733 28,034,506 159,237 22,564,073 2,384,179 20,032,657 147,237 港港港千港元千港元千港元千港元 20012656(7,7)903,290 (375,276) 1,266,566 1,579,663 12,000 — 1,567,663 12,000 aia Reserves capital Share 本儲備股本 ,9 5,697 (379,251) (302,819) (379,251) 5,697 (1,722) — (301,097) — — — — 7,032,113 939,578 296,830 92,369 3,868 6,735,283 47,106 3,868 — 935,710 (282,222) — — 88,501 — 47,106 — 1,082,325 (282,222) — — — 1,082,325 6,092,535 — 292,962 5,799,573 — controlling 非控制性 neet Total interests Non- 益總計權益 statements. The notesonpages 128to249areanintegral partofthesefinancial For theyearended31stDecember2010 Consolidated StatementofChangesinEquity(continued) Other comprehensiveincome: Profit fortheyear Balance at1stJanuary2010 financial assets available-for-sale Fairvaluegainon Balance at31stDecember2010 non-controlling Capital contributionby Acquisition ofadditionalequity Repurchase ofownshares — Placements Proceeds fromissueofshares, Total comprehensiveincome Other comprehensiveincome differences Currency translation Deferred tax (Note propertiesheldforsale 28) Assetsrevaluationreserve interests ofasubsidiary net ofshareissueexpenses for theyear for theyear,netoftax realisedupondisposalof interests 其他全面收入年度溢利於二零一零年

於二零一零年十二月非控制性權益出資進一步收購一間購回本身股份發行股份之所得款項，年度全面收入總額年度其他全面收入，一月一日之結餘可供出售財務資產之三十一日之結餘附屬公司的股權 — 扣除股份發行開支扣除稅項貨幣匯兌差額遞延稅項出售持作出售物業時

截至二零一零年十二月三十一日止年度公平值收益儲備變現之資產重估配售（附註： 28 ）

holders oftheCompany 本公司股權持有人應佔 Attributable toequity K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 5,3 804562357330,499,476 2,305,733 28,034,506 159,237 7,3 801982859440,993,099 2,805,944 38,011,918 175,237 港港港千港元千港元千港元千港元 aia Reserves capital 85626290—2,711,446 — 2,692,900 18,546 16,000 256 2772 (270,298) — (267,752) (2,546) Share 本儲備股本 ,8,1 0,0 6,293,012 403,600 5,889,412 — 66516,635 16,635 (40,933) — (6,931) (34,002) — — 8,076,773 490,507 1,783,761 7,586,266 24,880 86,907 1,302,553 — (86,447) — 1,696,854 86,907 — — 1,215,646 542,775 24,880 — (86,447) — — — 542,775 — 綜合權益變動表第一部份 ,9,4 ,0 2,416,850 9,704 2,391,146 128 至。 249 頁之附註為此財務報表其中（續） controlling 非控制性 neet Total interests Non- 益總計權益 127

合生創展集團有限公司 . 二零一零年年報 128 Hopson Development Holdings Limited . Annual Report 2010 綜合財務報表附註 SUMMARYOFSIGNIFICANTACCOUNTING 2 1 GENERAL INFORMATION Notes totheConsolidatedFinancialStatements POLICIES by theBoardofDirectorson31stMarch2011. The consolidatedfinancialstatementshavebeenapprovedforissue Limited. The CompanyislistedonStockExchangeofHongKong Street, HamiltonHM11,Bermuda. The addressofitsregisteredofficeisClarendonHouse,2Church The CompanyisalimitedliabilitycompanyincorporatedinBermuda. property management. is alsoinvolvedinpropertyinvestment,hoteloperationsand development ofresidentialpropertiesinMainlandChina.TheGroup subsidiaries (together“theGroup”)aremainlyengagedinthe Hopson DevelopmentHoldingsLimited(“theCompany”)andits . Basisofpreparation 2.1 otherwise stated. have beenconsistentlyappliedtothetwoyearspresented,unless consolidated financialstatementsaresetoutbelow.Thesepolicies The principalaccountingpoliciesappliedinthepreparationofthese consolidated financialstatements, aredisclosedinNote4. where assumptionsandestimates aresignificanttothe involving ahigherdegreeofjudgement orcomplexity,areas process ofapplyingtheGroup’s accountingpolicies.Theareas It alsorequiresmanagementto exerciseitsjudgementinthe HKFRS requirestheuseofcertaincriticalaccountingestimates. The preparationoffinancialstatementsinconformitywith at fairvalue. assets atfairvaluethroughprofitorloss,whicharemeasured properties, available-for-salefinancialassetsand convention, asmodifiedbytherevaluationofinvestment statements havebeenpreparedunderthehistoricalcost Reporting Standards(“HKFRS”).Theconsolidatedfinancial been preparedinaccordancewithHongKongFinancial The consolidatedfinancialstatementsoftheCompanyhave 1 2 （一般資料主要會計政策概要及其附屬公司合生創展集團有限公司 2.1 徹應用。該等政策已於兩個呈報年度內獲貫計政策載列如下。除另有說明外，編製本綜合財務報表採用之主要會月三十一日經董事會批准刊發。本綜合財務報表已於二零一一年三「聯交所」本公司於香港聯合交易所有限公司 Hamilton HM11,Bermuda 為限責任公司，其註冊辦事處地址本公司為於百慕達註冊成立的有物業管理。集團亦參與物業投資、酒店經營及於中國大陸從事住宅物業發展。本 ClarendonHouse,2ChurchStreet, 附註言屬重要之假設及估計，已在方面，或對本綜合財務報表而斷。涉及較多判斷或複雜性之集團會計政策之過程中作出判估計，亦要求管理層於採用本報表時需採用若干重要之會計按香港財務報告準則編製財務修訂。平值透過損益列賬之財務資產業、可供出售財務資產及按公經按公平值計量之重估投資物表乃按歷史成本慣例編製，並告準則」港財務報告準則本公司之綜合財務報表依照香編製基準） 4 上市。內披露。）（統稱編製。本綜合財務報「本集團」（「香港財務報（。「本公司」）主要） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 a Changeinaccountingpolicy (a) consistent withtheindustrypractice. on theuseoflandand results inapresentation revised treatmentreflectsthe management’sintention the Group,andofitsperformance fortheyear.The more relevantpresentationofthefinancialposition held fordevelopmentsaleasinventoriesresultsina Management believesthatthenewclassificationofland measured atthelowerofcostandnetrealisablevalue. classified asinventoriesinaccordancewithHKAS2and relating topropertyheldfordevelopmentsaleare Subsequent tothechangeinaccountingpolicy,land the incomestatement. all otherperiods,thelandamortisationwaschargedto part ofthecostspropertiesunderdevelopment.In intended use,thelandamortisationwascapitalisedas time thatisrequiredtodevelopthepropertiesforits lease inaccordancewithHKAS17.Duringtheperiodof amortised onastraightlinebasisovertheperiodof classified asprepaidoperatingleaseandpaymentswere Previously, landheldfordevelopmentsalewere leasehold landunderHKAS17“Leases”. of bothinventoriesunderHKAS2“Inventories”and Land heldfordevelopmentsalemeetthedefinition policy forlandhelddevelopmentsale. During theyear,Groupchangeditsaccounting (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.1 (a) (a) 編製基準「租賃」會計政策之變更及香港會計準則第第土地符合香港會計準則持有發展作出售用途的地的會計政策。有發展作出售用途的土本集團在年內更改其持業慣例一致。意向，亦使呈列方式與行理層在使用土地方面的修訂的處理方式反映管具關聯性的方式呈列。經務狀況及年內業績以更類為存貨使本集團的財出售用途的土地最新分管理層相信，持有發展作量。值兩者之間的較低者計存貨，並按成本及變現淨會計準則第業有關的土地根據香港有發展作出售用途的物隨著會計政策改變，與持除。攤銷額乃自損益表內扣於所有其他期間內，土地發展中物業成本一部分。土地攤銷額資本化作為定用途之物業之期限內，攤銷。在規定須發展作擬號按直線法於租賃期內根據香港會計準則第經營租賃，而土地款項則途的土地被分類為預付以往，持有發展作出售用定義。（續） 2 號「存貨」（續）項下的租賃土地的 2 項下的存貨號被分類為（續） 17 17 號 129

合生創展集團有限公司 . 二零一零年年報 130 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 a Changeinaccountingpolicy (a) As at1stJanuary2009 January 2009and31stDecemberasfollows: consolidated balancesheetoftheGroupasat1st for saleandcompletedpropertiesinthe sale werereclassifiedtopropertiesunderdevelopment years. Landcostsrelatingtopropertiesdevelopedfor December 2009,andtheprofitforcurrentprior on theretainedearningsasat1stJanuary2009and31st The changeinaccountingpolicyhasnomaterialimpact As at31stDecember2009 Properties under Land costs Current assets for Completed properties Land costs Current assets developmentforsale Properties under for sale Completed properties (Continued) development forsale sale (Continued) 土地成本流動資產可供出售之發展中可供出售之已落成土地成本流動資產可供出售之發展中可供出售之已落成物業物業物業物業 (Continued) As previously 45087(45087 — (24,580,807) 24,580,807 As previously ,9,3 ,3,7 7,835,600 3,635,670 30,556,607 20,945,137 4,199,930 9,611,470

41340(41340 — (24,163,460) 24,163,460 往列重分分類後餘額重新分類過往呈列 eotdRe-classification reported K’0 K’0 HK$’000 HK$’000 HK$’000 ,1,2 1636130,544,173 21,633,651 8,910,522 ,0,5 ,2,0 7,336,763 2,529,809 4,806,954 往列重分分類後餘額重新分類過往呈列港港千港元千港元千港元 K’0 K’0 HK$’000 HK$’000 HK$’000 綜合財務報表附註 eotdRe-classification reported 港港千港元千港元千港元 2 主要會計政策概要 2.1 (a) (a) 編製基準會計政策之變更出售之已落成物業如下：售之發展中物業及可供表內，重新分類為可供出十一日之綜合資產負債及二零零九年十二月三於二零零九年一月一日的土地成本已在本集團作出售用途之物業有關無造成重大影響。與發展度及過往年度的溢利並日之保留盈利以及本年零零九年十二月三十一零零九年一月一日及二會計政策之變更對於二於二零零九年十二月三十一日於二零零九年一月一日（續）（續） Reclassified Reclassified （續） balance balance （續） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 b Theadoption ofnew/revisedHKFRS (b) KIt5Presentationof HK-Int 5 BusinessCombinations HKFRS 3(Revised) ConsolidatedandSeparate HKAS 27(Revised) operations. or after1stJanuary2010andrelevanttotheGroup’s which areeffectiveforaccountingperiodsbeginningon standards, amendmentsandinterpretationsofHKFRS, In 2010,theGroupadoptedfollowingnew (Continued) (Continued) onDemandClause thatContainsaRepayment BorrowerofaTermLoan —Classificationbythe Financial Statements Financial Statements 綜合財務報表附註 2 主要會計政策概要 2.1 (b) (b) 編製基準採納新訂╱經修訂香香港詮釋香港財務報告香港會計釋。準則新訂準則、修訂及詮務有關之香港財務報告期間生效並與本集團業月一日或之後開始會計納以下於二零一零年一於二零一零年，本集團採港財務報告準則（經修訂）（經修訂）（續）第準則第準則第 5 號（續） 3 27 號號（續）

財務報表之呈列業務合併綜合及獨立歸類定期貸款之要求條款之對包含償還財務報表 —

借款人 131

合生創展集團有限公司 . 二零一零年年報 132 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 b Theadoption ofnew/revisedHKFRS (b) (Revised) assetoutbelow: statements, exceptforHKAS27(Revised)andHKFRS3 and presentationoftheconsolidatedfinancial substantial changesintheGroup’saccountingpolicies the Group’sresultsandfinancialpositionnorany and consideredthattherewasnosignificantimpacton these newstandards,amendmentsandinterpretations The Grouphasassessedtheimpactofadoption OperatingSegments HKFRS 8Amendment Non-currentAssetsHeld HKFRS 5Amendment IntangibleAssets HKAS 38Amendment ImpairmentofAssets HKAS 36Amendment Revenue HKAS 18Amendment Leases HKAS 17Amendment HKAS 7Amendment PresentationofFinancial HKAS 1Amendment 2009 Annual improvementstoHKFRSpublishedinMay (Continued) (Continued) Operations forSaleandDiscontinued Statement ofCashFlows Statements (Continued) 綜合財務報表附註 2 主要會計政策概要 2.1 (b) (b) 編製基準採納新訂╱經修訂香香港會計準則度改進之香港財務報告準則年於二零零九年五月發佈修訂）財務報告準則第第動，惟下述香港會計準則務報表呈報方法大幅變集團會計政策及綜合財成重大影響，亦無導致本團之業績及財務狀況構影響，且認為並無對本集新訂準則、修訂及詮釋之本集團已評估採納該等香港會計準則

香港財務報告香港財務報告香港會計準則香港會計準則香港會計準則香港會計準則港財務報告準則（修訂本）（修訂本）（續）第第準則第準則第第第第第 27 1 7 38 36 18 17 號除外：號號（續）（經修訂）及香港號號號號（修訂本）（修訂本）（修訂本）（修訂本）（修訂本）（修訂本） 8 5 號號（續） 3 （續）號財務報表之營運分部持作出售無形資產資產減值收益租賃現金流量表（經呈列業務終止經營資產及已非流動 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 b Theadoption ofnew/revisedHKFRS (b) the acquiree’snetassets. at thenon-controllinginterest’sproportionateshareof controlling interestintheacquireeeitheratfairvalueor on thebasisofeachacquisition,tomeasurenon- in theconsolidatedincomestatement.Thereisachoice, between itsfairvalueandcarryingamountisrecognised acquiree isremeasuredatfairvalueandthedifference phases/stages, thepreviouslyheldequityinterestin consideration. Inabusinesscombinationundertakenin value attheacquisitiondateofanycontingentpurchase be expensed.Thecostofacquisitionincludesthefair changes. Forexample,allacquisition-relatedcostsshould method tobusinesscombinations,withsomesignificant HKFRS 3(Revised)continuedtoapplytheacquisition be recordedinequity. from thenon-controllinginterestofHK$34,002,000to relevant shareofthecarryingnetassetvalueacquired difference betweentheconsiderationpaidand The adoptionofHKAS27(Revised)hasresultedinthe recognised intheconsolidatedincomestatement. difference betweenitsfairvalueandcarryingamountis interest intheentityisremeasuredtofairvalue, or gainsandlosses.Whencontrolislost,anyremaining and thesetransactionswillnolongerresultingoodwill change ofcontroltoberecordedasequitytransactions with non-controllingintereststhatdonotresultinthe HKAS 27(Revised)requirestheeffectsofalltransactions (Continued) (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.1 (b) (b) 編製基準（經修訂）採納新訂╱經修訂香性權益。計量被收購公司非控制資產淨值之份額比例，來性權益所佔被收購公司擇按公平值或按非控制根據各次收購為準，可選額在綜合損益表內確認。其公平值與賬面值之差乃按公平值重新計量，而持有之被收購公司股權行之業務合併而言，先前之公平值。對於分階段進然購買代價於收購日期銷。收購成本包括任何或收購相關之成本應予支重大變動。例如，所有與應用收購方法，並有若干香港財務報告準則第錄為權益。 34,002,000 面淨值有關份額之差額性權益收購所得資產賬已付代價及與從非控制 27 採納香港會計準則第賬。差額在綜合損益表內入值，而公平值與賬面值之下權益重新計量至公平去控制權，實體之任何餘商譽或收益及虧損。當失而該等交易將不再導致響，應記錄為股權交易，控制權變動之交易之影性權益進行並且不導致修訂）香港會計準則第港財務報告準則（續）號（經修訂）已導致（續）規定所有與非控制繼續對業務合併港元，目前記（續） 27 （續）號（經 3 號 133

合生創展集團有限公司 . 二零一零年年報 134 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Basisofpreparation 2.1 b Theadoption ofnew/revisedHKFRS (b) financial position. to ascertaintheirimpactonits resultsofoperationsand statements. However,theGroupisnotyetinaposition measurement ofcertainitemsinthefinancial changes inaccountingpolicies,disclosuresor relevant totheGroup’soperationandwillgiverise interpretations andamendments,certainofwhichare the impactoftheseneworrevisedstandards, The Grouphasalreadycommencedanassessmentof effective existing standardsthatarerelevantbutnotyet Standards, interpretationsandamendmentsto financial positionattheyearend. impact ontheGroup’sresultincurrentyearnor The adoptionofHKFRS3(Revised)doesnotresultinany KR iaca ntuet 1stJanuary2013 FinancialInstruments 香港財務報告準則第 HKFRS 9 KS1 mnmnsDfre a:Rcvr fUdryn ses1stJanuary2012 DeferredTax:RecoveryofUnderlyingAssets 香港會計準則第 HKAS 12Amendments KS3 mnmn lsiiaino ihsIse 1stFebruary2010 ClassificationofRightsIssues 香港會計準則第 HKAS 32Amendment KS2 Rvsd eae at icoue1stJanuary2011 RelatedPartyDisclosure 香港會計準則第 HKAS 24(Revised) 新訂或經修訂之準則、詮釋及修訂 New orrevisedstandards,interpretationsandamendments KIRC-n 4AedetPeamn faMnmmFnigRqieet1stJanuary2011 PrepaymentofaMinimumFundingRequirement – 香港 HK(IFRIC)-Int 14Amendment KIRC-n 9ExtinguishingFinancialLiabilitieswith – 香港 HK(IFRIC)-Int 19 KRsAedet mrvmnst KRs21 1stJanuary2011 Improvements toHKFRSs2010 香港財務報告準則 HKFRSs Amendments (Continued) （國際財務報告詮釋委員會）（國際財務報告詮釋委員會）詮釋第詮釋第 14 19 號號（修訂本） 12 32 24 修本零零香財報準之進二零一一年一月一日二零一零年香港財務報告準則之改進（修訂本）號號號修本延項收相資二零一二年一月一日遞延稅項：收回相關資產（修訂本）修本股分二零一零年二月一日供股之分類（修訂本）經訂連士披二零一一年一月一日關連人士之披露（經修訂） 9 (Continued) 融具二零一三年一月一日金融工具號低金求預款二零一一年一月一日最低資金要求之預付款項權工抵財負二零一零年七月一日以權益工具抵銷財務負債 Equity Instruments (Continued) 綜合財務報表附註 2 主要會計政策概要 2.1 (b) (b) 編製基準採納新訂╱經修訂香現有準則詮釋及修訂有關但尚未生效之準則、財務狀況概無任何影響。本年度之業績和年末之第採納香港財務報告準則財務狀況造成之影響。其對本集團營運業績及然而，本集團尚未能確定計量財務報表若干事項。策作出改動、披露事宜或關，並將導致須對會計政若干與本集團之業務有及修訂帶來之影響，當中新訂或經修訂準則、詮釋本集團已開始評估此等港財務報告準則（續） 3 號（經修訂）（續）開始之會計期間生效於以下日期或之後 beginning onorafter accounting periods Effective for 1st July2010 （續）對本集團（續） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (a) Subsidiaries to 31stDecember. statements oftheCompanyandallitssubsidiariesmadeup The consolidatedfinancialstatementsincludethe consolidated fromthedatethatcontrolceases. which controlistransferredtotheGroup.Theyarede- Subsidiaries arefullyconsolidatedfromthedateon Group controlsanotherentity. convertible areconsideredwhenassessingwhetherthe potential votingrightsthatarecurrentlyexercisableor one halfofthevotingrights.Theexistenceandeffect generally accompanyingashareholdingofmorethan power togovernthefinancialandoperatingpolicies, Subsidiaries areallentitiesoverwhichtheGrouphas (Continued) 綜合財務報表附註 2 主要會計政策概要 2.2 (a) (a) 一日止的財務報表。所有附屬公司截至十二月三十綜合財務報表包括本公司及其綜合賬目附屬公司賬。終止之日起停止綜合入入賬。附屬公司在控制權至本集團之日全面綜合附屬公司在控制權轉移存在及影響均予考慮。可兌換的潛在投票權的一主體時，目前可行使或評定本集團是否控制另過半數投票權的股權。在的所有主體，一般附帶超管控其財政及經營政策附屬公司指本集團有權（續）（續） 135

合生創展集團有限公司 . 二零一零年年報 136 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (a) Subsidiaries are measuredinitiallyattheirfairvaluesthe contingent liabilitiesassumedinabusinesscombination incurred. Identifiableassetsacquiredandliabilities arrangement. Acquisition-relatedcostsareexpensedas asset orliabilityresultingfromacontingentconsideration consideration transferredincludesthefairvalueofany and theequityinterestsissuedbyGroup.The values oftheassetstransferred,liabilitiesincurred transferred fortheacquisitionofasubsidiaryisfair account forbusinesscombinations.Theconsideration The Groupusestheacquisitionmethodofaccountingto recognised directlyintheincomestatement. in thecaseofabargainpurchase,differenceis the fairvalueofnetassetssubsidiaryacquired assets acquiredisrecordedasgoodwill.Ifthislessthan in theacquireeoverfairvalueofidentifiablenet acquisition-date fairvalueofanypreviousequityinterest of anynon-controllinginterestintheacquireeand The excessoftheconsiderationtransferred,amount assets. interest’s proportionateshareoftheacquiree’snet acquiree eitheratfairvalueorthenon-controlling the Grouprecognisesanynon-controllinginterestin acquisition date.Onanacquisition-by-acquisitionbasis, (Continued) (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.2 (a) (a) 綜合賬目附屬公司直接在損益表中確認。淨資產的公平值，該差額額低於所購入附屬公司就廉價購買而言，若該數平值的數額，列為商譽。所購買可辨認淨資產公購買日期的公平值，超過收購方任何之前權益在何非控制性權益，以及被轉讓的對價、被購買方任益。被收購方的非控制性權買方淨資產的比例，計量非控制性權益應佔被購本集團可按公平值或按計量。就個別收購基準，等於購買日期的公平值債及或有負債，首先以彼的資產以及所承擔的負務合併中所購買可辨認成本在產生時支銷。在業負債的公平值。購買相關排所產生的任何資產或的對價包括或有對價安具的公平值計算。所轉讓的負債及發行的股本工給予資產、所產生或承擔司的對價根據本集團所務合併入賬。收購附屬公本集團利用購買法將業（續）（續）（續）（續） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (a) Subsidiaries b Transactionswithnon-controllinginterests (b) impairment losses.Theresultsofsubsidiariesare settled intheforeseeablefuture,lessprovisionfor the Company,whichareneitherplannednorlikelytobe subsidiaries arestatedatcosttogetherwithadvancesby In theCompany’sbalancesheet,investmentsin with thepoliciesadoptedbyGroup. been changedwherenecessarytoensureconsistency transferred. Accountingpoliciesofsubsidiarieshave considered asindicatorofimpairmenttheasset eliminated. Unrealisedlossesarealsoeliminatedbut gains ontransactionsbetweenGroupcompaniesare Inter-company transactions,balancesandunrealised received andreceivable. accounted forbytheCompanyonbasisofdividend recorded inequity. losses ondisposalstonon-controllinginterestsarealso assets ofthesubsidiaryisrecordedinequity.Gainsor relevant shareacquiredofthecarryingvaluenet difference betweenanyconsiderationpaidandthe Group. Forpurchasesfromnon-controllinginterests,the interests astransactionswithequityownersofthe The Grouptreatstransactionswithnon-controlling (Continued) (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.2 (a) (a) (b) (b) 綜合賬目附屬公司與非控制性權益之入賬。公司按已收及應收股息賬。附屬公司之業績由本項）劃亦無可能償付該等款款，於可見之未來並無計成本值內，於附屬公司之投資按在本公司之資產負債表一致。本集團採用的政策符合需要作出改變，以確保與屬公司的會計政策已按轉讓資產減值之顯示。附亦予以對銷但會考慮所益予以對銷。未實現損失交易的結餘及未實現收集團內公司之間的交易、虧亦記錄在權益中。控制性權益的處置的盈的差額記錄為權益。向非附屬公司淨資產賬面值對價與相關應佔所收購益的購買，所支付的任何的交易。來自非控制性權本集團權益持有者進行權益進行的交易視為與本集團將其與非控制性交易（續）扣除減值虧損準備列（續）（連同本公司之墊（續）（續） 137

合生創展集團有限公司 . 二零一零年年報 138 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (b) (c) Associates Note 2.8). accumulated impairmentloss)identifiedonacquisition(see investment inassociatesincludesgoodwill(netofany and areinitiallyrecognisedatcost.TheGroup’s accounted forusingtheequitymethodofaccounting 50% ofthevotingrights.Investmentsinassociatesare accompanying ashareholdingofbetween20%and significant influencebutnotcontrol,generally Associates areallentitiesoverwhichtheGrouphas where appropriate. comprehensive incomearereclassifiedtoprofitorloss share oftheamountspreviouslyrecognisedinother significant influenceisretained,onlyaproportionate If theownershipinterestinanassociateisreducedbut loss. other comprehensiveincomearereclassifiedtoprofitor This maymeanthatamountspreviouslyrecognisedin had directlydisposedoftherelatedassetsorliabilities. respect ofthatentityareaccountedforasiftheGroup previously recognisedinothercomprehensiveincome venture orfinancialasset.Inaddition,anyamounts accounting fortheretainedinterestasanassociate,joint initial carryingamountforthepurposesofsubsequently amount recognisedinprofitorloss.Thefairvalueisthe remeasured toitsfairvalue,withthechangeincarrying influence, anyretainedinterestintheentityis When theGroupceasestohavecontrolorsignificant (Continued) Transactions withnon-controllinginterests (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.2 (b) (b) (c) (c) 綜合賬目（如適當）與非控制性權益之聯營公司的數額重新分類至損益在其他全面收入中確認響力，只有按比例將之前被削減但仍保留重大影如聯營公司的權益持有重新分類至損益。全面收入中確認的數額債。這意味著之前在其他直接處置相關資產和負任何數額猶如本集團已其他全面收入中確認的產。此外，之前就主體在作為聯營、合營或金融資賬而言的初始賬面值，為就保留權益的後續入動在損益中確認。公平值量至公平值，賬面值的變的任何保留權益重新計權或重大影響力，在主體當本集團不再持有控制附帶有控制權的所有實體，通常對其有重大影響力而無聯營公司是指凡本集團見附註任何累計減值虧損）收購時確認的商譽於聯營公司的投資包括初始以成本確認。本集團投資以權益會計法入賬，權的股權。於聯營公司之交易（續）（續）（續） 2.8 20% 。）。至（續） 50% （扣除投票（參

SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (c) Associates adopted bytheGroup. necessary toensureconsistencywiththepolicies policies ofassociateshavebeenchangedwhere an impairmentoftheassettransferred.Accounting eliminated unlessthetransactionprovidesevidenceof interest intheassociates.Unrealisedlossesarealso its associatesareeliminatedtotheextentofgroup’s Unrealised gainsontransactionsbetweentheGroupand obligations ormadepaymentsonbehalfoftheassociate. does notrecognisefurtherlosses,unlessithasincurred including anyotherunsecuredreceivables,theGroup associate equalsorexceedsitsinterestintheassociate, the investment.WhenGroup’sshareoflossesinan movements areadjustedagainstthecarryingamountof comprehensive income.Thecumulativepost-acquisition comprehensive incomeisrecognisedinother and itsshareofpost-acquisitionmovementsinother profits orlossesisrecognisedintheincomestatement, The Group’sshareofitsassociates’post-acquisition (Continued) (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.2 (c) (c) 綜合賬目聯營公司策符合一致。確保與本集團採用的政策已按需要作出改變，以對銷。聯營公司的會計政否則未實現虧損亦予以所轉讓資產減值之憑證，數額對銷。除非交易提供集團在聯營公司權益的間交易的未實現收益按本集團與其聯營公司之擔責任或作出付款。本集團已代聯營公司承會確認進一步虧損，除非無抵押應收款，本集團不司之權益，包括任何其他於或超過其在該聯營公一家聯營公司之虧損等作出調整。如本集團應佔計之收購後儲備變動而認。投資賬面值會根據累則於其他全面收入內確後其他全面收入的變動益表內確認，而應佔收購公司的溢利或虧損於損本集團應佔收購後聯營（續）（續）（續）（續） 139

合生創展集團有限公司 . 二零一零年年報 140 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation (d) Joint ventures entities isincludedintheincomestatement. post-acquisition resultsaftertaxationofjointlycontrolled accumulated impairmentlosses.TheGroup’sshareof is indicationofimpairment,andcarriedatcostless is testedannuallyforimpairment,aswellwhenthere identifiable netassetsacquiredatthedateofacquisition the Group’sshareofaggregatefairvalue controlled entity.Theexcessofcostinvestmentover included intheincomestatementofjointly in equityofjointlycontrolledentitythathavenotbeen interest injointlycontrolledentityarisingfromchanges necessary alterationsintheGroup’sproportionate the post-acquisitionresults,distributionsreceived,other is adjustedthereaftertorecognisetheGroup’sshareof whereby theinvestmentisinitiallyrecordedatcostand is accountedforundertheequitymethodofaccounting, economic activity.Investmentinjointlycontrolledentity participating partieshasunilateralcontroloverthe which issubjecttojointcontrolandnoneofthe Group andotherpartiesundertakeaneconomicactivity A jointlycontrolledentityisajointventurewherethe (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.2 (d) (d) 綜合賬目合營企業損益表內。收購後稅後業績已計入團所佔共同控制實體的累計減值虧損列賬。本集減值測試，及以成本值減有跡象出現減值時進行總額之差額會每年並當識別資產淨值之公平值團所佔於收購日期的可整，投資成本值超逾本集比例的其他改變作出調所佔共同控制實體權益益變動而產生之本集團表內之共同控制實體權的分派、因尚未計入損益業績、來自共同控制實體共同控制實體的收購後並於其後就本集團應佔項投資最初按成本記錄，益會計法入賬，據此，該控制實體之投資乃按權並無單獨控制權。於共同乃受共同控制，參與各方濟活動，而該項經濟活動其他合營方參與一項經營企業，據此，本集團與共同控制實體乃一項合（續）（續）（續） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.2 Consolidation . Foreigncurrencytranslation 2.4 2.3 Segment reporting (d) Joint ventures a Functional andpresentationcurrency (a) Directors whomakestrategicdecisions. operating segments,hasbeenidentifiedastheExecutive for allocatingresourcesandassessingperformanceofthe maker. Thechiefoperatingdecision-maker,whoisresponsible the internalreportingprovidedtochiefoperatingdecision- Operating segmentsarereportedinamannerconsistentwith presentation currency. presented inHongKong dollars, whichisthe currency”). Theconsolidated financial statementsare the Companyanditssubsidiariesoperate(the“functional currency oftheprimaryeconomicenvironmentinwhich Group’s entitiesaremeasuredinRenminbi,whichisthe Items includedinthefinancialstatementsofeach of jointlycontrolledassetsisrecognisedasincurred. Group, whilsttheGroup’sshareofexpensesinrespect benefits associatedwiththetransactionwillflowto recognised whenitisprobablethattheeconomic Group’s shareoftheoutputjointlycontrolledassetsis the relevantitems.Incomefromsaleoruseof are recognisedandclassifiedaccordingtothenatureof liabilities incurredjointlywithotherjointventurepartners Group’s shareofjointlycontrolledassetsandany venture isaccountedforasajointlycontrolledasset.The contributed to,oracquiredforthepurposeof,joint ownership bytheGroupandotherpartiesofassets of aseparateentitybutinvolvesthejointcontroland A jointventurewhichdoesnotinvolvetheestablishment (Continued) (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.2 2.4 2.3 (d) (d) (a) (a) 行董事。人，已獲確定為作出決策之執經營分部表現之主要營運決策式呈報。負責分配資源及評估人提供之內部報告一致之方經營分部乃按向主要營運決策綜合賬目外幣換算分部報告合營企業功能和呈列貨幣確認。的開支則於產生時予以應佔有關共同控制資產團時予以確認，而本集團濟利益可能會流入本集入，於該項交易的相關經同控制資產所產生之收或使用本集團的應佔共予以確認及分類。因出售乃根據有關項目的性質伴共同招致的任何負債制資產及與其他合營夥賬。本集團應佔之共同控乃列作共同控制資產入就合營項目收購之資產，之合營項目資產貢獻或他人士共同控制及擁有立而涉及由本集團及其就不涉及獨立實體的成司的呈列貨幣。以港元呈報，港元為本公幣」濟環境的貨幣）公司營運所在的主要經幣報表所列項目均以人民本集團每個實體的財務（即本公司及其附屬（續））計量。綜合財務報表（續）（續）（（續）「功能貨 141

合生創展集團有限公司 . 二零一零年年報 142 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Foreigncurrencytranslation 2.4 (c) Group companies Transactions andbalances (b) ii allresultingexchangedifferencesare recognised (iii) incomeandexpensesforeachstatement (ii) (i) presentation currencyasfollows: the presentationcurrencyaretranslatedinto economy) thathaveafunctionalcurrencydifferentfrom (none ofwhichhasthecurrencyahyperinflationary The resultsandfinancialpositionofalltheGroupentities income statement. denominated inforeigncurrenciesarerecognisedthe exchange ratesofmonetaryassetsandliabilities transactions andfromthetranslationatyear-end and lossesresultingfromthesettlementofsuch at thedatesoftransactions.Foreignexchangegains functional currencyusingtheexchangeratesprevailing Foreign currencytransactionsaretranslatedintothe (Continued) as aseparatecomponentofequity. transactions); and expenses aretranslatedatthedatesof transaction dates,inwhichcaseincomeand the cumulativeeffectofratesprevailingon this averageisnotareasonableapproximationof are translatedataverageexchangerates(unless date ofthatbalancesheet; presented aretranslatedattheclosingrate assets andliabilitiesforeachbalancesheet (Continued) 綜合財務報表附註 2 主要會計政策概要 2.4 (c) (c) (b) 外幣換算集團公司交易及結餘 (iii) (ii) (i) 算為呈列貨幣：務狀況均按以下方法換體系之貨幣）擁有惡性通貨膨脹經濟幣不同之集團實體所有功能貨幣與呈列貨虧在損益表確認。匯率換算產生的匯兌盈貨幣資產和負債以年終盈虧以及將外幣計值的算此等交易產生的匯兌匯率換算為功能貨幣。結外幣交易採用交易日的（續）之獨立項目。額均確認為股本內所有產生之匯兌差算）按交易日之匯率換況下收入及開支乃理近似值，在此情匯率累計影響之合並非於交易日通行換算開支均按平均匯率各損益表之收入及日之收市匯率折算；該資產負債表結算之資產及負債均以各資產負債表呈列（續）；及（除非該平均值之業績及財（續）（概無 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Foreigncurrencytranslation 2.4 . Propertiesandequipment 2.5 oo eils 3to5years Shorterofusefullife or Motor vehicles 5years Furniture andofficeequipment Buildings 28to30years Hotel property(superstructure) over theirestimatedusefullives,asfollows: the straight-linemethodtoallocatecosttheirresidualvalues Depreciation ofpropertiesandequipmentiscalculatedusing in whichtheyareincurred. lease expensed intheincomestatementduringfinancialperiod measured reliably.Allotherrepairsandmaintenanceare item willflowtotheGroupandcostofcanbe is probablethatfutureeconomicbenefitsassociatedwiththe or recognisedasaseparateasset,appropriate,onlywhenit Subsequent costsareincludedintheasset’scarryingamount the items. expenditure thatisdirectlyattributabletotheacquisitionof accumulated impairmentlosses.Historicalcostincludes term are statedathistoricalcostlessaccumulateddepreciationand Properties andequipmentotherthanconstructioninprogress (c) Group companies closing rate. liabilities oftheforeignentityandtranslatedat acquisition ofaforeignentityaretreatedasassetsand Goodwill andfairvalueadjustmentsarisingonthe or lossonsale. recognised intheincomestatementaspartofgain exchange differencesthatwererecordedinequityare shareholders’ equity.Whenaforeignoperationissold, designated ashedgesofsuchinvestments,aretakento and ofborrowingsothercurrencyinstruments translation ofthenetinvestmentinforeignoperations, On consolidation,exchangedifferencesarisingfromthe (Continued) (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.4 2.5 (c) (c) 汽車傢俬及辦公樓宇酒店物業法分攤至剩餘價值計算：估計可使用年期將成本按直線物業及設備的折舊採用以下的表支銷。養在產生的財政期間內於損益用情況）值或確認為獨立資產計量時，才包括在資產的賬面集團，而該項目的成本能可靠的未來經濟利益有可能流入本其後成本只有在與該項目有關購該項目直接應佔的開支。值虧損列賬。歷史成本包括收歷史成本減累計折舊和累計減物業及設備外幣換算物業及設備（結構）室設備 3 集團公司換算。負債處理，並以期終匯率為該境外實體之資產及商譽及公平值調整乃作收購境外實體時產生之份。為出售收益或虧損之部兌差額於損益表中確認時，計入股東權益內之匯權益內。於出售境外業務之匯兌差額乃計入股東套期的貨幣工具所產生其他指定作為該等投資務之投資淨額及借貸及綜合賬目時，換算境外業（續）。所有其他維修及保 28 （在建工程除外）（續） 5 可使用年期或至年（續）租期的較短者至 5 30 年（續）年（視乎適按 143

合生創展集團有限公司 . 二零一零年年報 144 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Propertiesandequipment 2.5 income statement. proceeds withcarryingamount.Theseareincludedinthe Gains andlossesondisposalsaredeterminedbycomparing and putintocommercialuse. provided forconstructioninprogressuntiltheyarecompleted less accumulatedimpairmentlosses.Nodepreciationis appropriate categoriesofpropertiesandequipmentatcost On completion,thepropertiesaretransferredto properties andotherdirectcosts,lessanyimpairmentlosses. borrowing costsdirectlyattributabletoconstructionofsuch are carriedatcostwhichincludesconstructionexpenditures, or servicesintheordinarycourseofbusiness.Theseproperties completion, managementintendstoholdforprovidinggoods construction workhasnotbeencompletedandwhich,upon Construction inprogressisinvestmentsbuildingsonwhich estimated recoverableamount(Note2.9). amount iftheasset’scarryingisgreaterthanits carrying amountiswrittendownimmediatelytoitsrecoverable adjusted ifappropriate,ateachbalancesheetdate.Anasset’s The assets’residualvaluesandusefullivesarereviewed, (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.5 （附註入損益表中。項與賬面值之差額釐定，並列出售之收益及虧損乃按所得款及投入作商業用途前不作折舊。虧損列賬。在建工程直至完工設備分項，按成本減累積減值於完工後轉撥至適當的物業及費用減去任何減值虧損。物業設開支、借貸成本及其他直接就建設該等物業直接應計的建等物業按成本列賬，當中包括服務而持有之樓宇之投資。該在日常業務過程中提供貨品或工，而於完工後，管理層擬因在建工程指於建設工程尚未完賬面值即時撇減至可收回金額值高於其估計可收回金額，其在適當時調整。若資產的賬面期在每個結算日進行檢討，及資產的剩餘價值及可使用年物業及設備 2.9 （續））。（續）（續） SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.6 Investment properties applied ifthefairvalueisconsideredtobereliablymeasurable. Fair valuemeasurementonpropertyunderconstructionisonly annually byexternalindependentvaluers. Standards Committee.Thesevaluationsareperformed with theguidanceissuedbyInternationalValuation projections. Thesevaluationsareperformedinaccordance as recentpricesonlessactivemarketsordiscountedcashflow available, theGroupusesalternativevaluationmethodssuch condition ofthespecificasset.Ifthisinformationisnot necessary, foranydifferenceinthenature,locationor value. Fairvalueisbasedonactivemarketprices,adjusted,if After initialrecognition,investmentpropertyiscarriedatfair related transactioncostsandborrowingcosts. Investment propertyismeasuredinitiallyatitscost,including for asifitwereafinancelease. investment propertyismet.Theoperatingleaseaccounted investment propertywhentherestofdefinition under operatingleasesareclassifiedandaccountedforas leases andbuildingsheldunderfinanceleases.Land Investment propertycompriseslandheldunderoperating future useasinvestmentproperty. includes propertythatisbeingconstructedordevelopedfor classified asinvestmentproperty.Investmentpropertyalso appreciation orboth,andthatisnotoccupiedbytheGroup, Property thatisheldforlong-termrentalyieldsorcapital (Continued) 綜合財務報表附註 2 主要會計政策概要 2.6 用。平值被視為能可靠計量時運在建物業之公平值計量僅於公行。估值每年由外聘獨立估值師執委員會發出的指引執行。此等此等估值法根據國際估值準則價格或貼現現金流量預測法。法，例如較不活躍市場的近期資料，本集團利用其他估值方何差異作出調整。如沒有此項資產的性質、地點或狀況的任場價格計算，如有需要就個別平值列賬。公平值根據活躍市在初步確認後，投資物業按公本。包括相關交易成本及借貸成投資物業初步按其成本計量，賃猶如其為融資租賃而記賬。投資物業分類及記賬。經營租如符合投資物業其餘定義，按宇。以經營租賃持有的土地，的土地及以融資租賃持有的樓投資物業包括以經營租賃持有物業。在建或發展作未來用途之投資資物業。投資物業亦包括屬於由本集團佔用的物業分類為投值或兩者兼備而持有，且並非為獲得長期租金收益或資本增投資物業（續）（續） 145

合生創展集團有限公司 . 二零一零年年報 146 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.6 Investment properties classified asnon-currentasset held forsale,underHKFRS5. Investment propertyheldfor sale withoutredevelopmentis the incomestatement. reverses apreviousimpairmentloss,thegainisrecognised in equipment underHKAS16.However,ifafairvaluegain taken directlytoequityasarevaluationofpropertiesand of transferisrecognisedinothercomprehensiveincomeand the carryingamountandfairvalueofthisitematdate property becauseitsusehaschanged,anydifferencebetween If anitemofpropertiesandequipmentbecomesinvestment purposes. the dateofreclassificationbecomesitscostforaccounting reclassified aspropertiesandequipment,itsfairvalueat If aninvestmentpropertybecomesowner-occupied,itis in theconsolidatedincomestatement. Changes infairvaluesofinvestmentpropertyarerecognised during thefinancialperiodinwhichtheyareincurred. maintenance costsareexpensedintheincomestatement of theitemcanbemeasuredreliably.Allotherrepairsand associated withtheitemwillflowtoGroupandcost amount onlywhenitisprobablethatfutureeconomicbenefits Subsequent expenditureischargedtotheasset’scarrying rent payments,arenotrecognisedinthefinancialstatements. classified asinvestmentproperty;others,includingcontingent liability, includingfinanceleaseliabilitiesinrespectofland the property.Someofthoseoutflowsarerecognisedasa basis, anycashoutflowsthatcouldbeexpectedinrespectof market conditions.Thefairvaluealsoreflects,onasimilar about rentalincomefromfutureleasesinthelightofcurrent things, rentalincomefromcurrentleasesandassumptions The fairvalueofinvestmentpropertyreflects,amongother (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.6 動資產。第資物業，按香港財務報告準則持作出售且並無重新發展之投確認。轉回，有關收益將於損益表內收益導致過往之減值虧損出現接計入權益。然而，倘公平值認，並作為物業及設備重估直之差異將於其他全面收入內確轉讓當日之賬面值與公平值間港會計準則第改變而成為投資物業，根據香倘物業及設備項目因其用途之公平值成為其成本。會計而言，其於重新分類當日重新分類為物業及設備，而就倘投資物業成為業主自用，則益表中確認。投資物業公平值變動於綜合損表支銷。本在產生的財政期間內於損益值中。所有其他維修及保養成衡量時，才計入在資產的賬面集團，而該項目的成本能可靠的未來經濟利益有可能流入本其後支出只有在與該項目有關賬。然租金款項，不在財務報表列資租賃負債；而其他，包括或為投資物業的土地有關的融流出部份確認為負債，包括列期的任何現金流出。此等現金亦反映，在類似基準下物業預租賃的租金收入假設。公平值入，及在現時市場情況下未來包括）投資物業的公平值反映投資物業 5 號分類為持作出售之非流來自現有租賃的租金收（續）（續） 16 號，該項目於（續）（其中 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES . Propertiesunderdevelopmentforsaleand 2.7 2.8 Intangible assets Impairment lossesongoodwillarenotreversed. and carriedatcostlessaccumulatedimpairmentlosses. impairment, aswellwhenthereisindicationof Separately recognisedgoodwillistestedannuallyfor jointly controlledentityrespectively. included ininvestmentsassociatesandinvestmenta acquisitions ofassociatesandjointlycontrolledentitiesis subsidiaries isincludedinintangibleassets.Goodwillon entity atthedateofacquisition.Goodwillonacquisitions assets oftheacquiredsubsidiary/associate/jointlycontrolled over thefairvalueofGroup’ssharenetidentifiable Goodwill representstheexcessofcostanacquisition Goodwill to completionandsellingmarketingcosts. market conditions,lessfurthercostsexpectedtobeincurred determined bymanagementwithreferencetotheprevailing on estimatedsellingpriceintheordinarycourseofbusinessas properties andotherdirectcosts.Netrealisablevalueisbased borrowing costsdirectlyattributabletoconstructionofsuch construction expenditures,amountscapitalisedinrespectof completed propertiesforsaleconsistoflandcosts, The costsofpropertiesunderdevelopmentforsaleand of costandnetrealisablevalue. properties forsaleareincludedincurrentassetsatthelower Properties underdevelopmentforsaleandcompleted completed propertiesforsale (Continued) 綜合財務報表附註 2 主要會計政策概要 2.7 2.8 商譽售及市場推廣費用計算。竣工時產生的其他成本以及銷釐定的估計售價，減去預期至務過程中管理層參照當時市況之款項。變現淨值乃於日常業成本及其他直接成本已資本化造該等物業而直接產生之借貸土地成本、建造開支、就因建出售之已落成物業之成本包括可供出售之發展中物業及可供列入流動資產內。及可變現淨值兩者中的較低者出售之已落成物業乃按成本值可供出售之發展中物業及可供之減值虧損概不予回撥。本減累計減值虧損列賬。商譽值跡象時進行減值測試及按成獨立確認之商譽每年或當有減一間共同控制實體之投資中。別計入於聯營公司之投資及於及共同控制實體產生之商譽分計入無形資產。收購聯營公司額。收購附屬公司產生之商譽可認別資產淨值之公平值之差司╱聯營公司╱共同控制實體收購日期應佔所收購附屬公商譽指收購成本高於本集團於成物業業及可供出售之已落可供出售之發展中物無形資產（續）（續） 147

合生創展集團有限公司 . 二零一零年年報 148 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.8 Intangible assets . Impairmentofassets 2.9 the goodwillaroseidentifiedaccordingtooperatingsegment. expected tobenefitfromthebusinesscombinationinwhich generating unitsorgroupsofcash-generatingthatare of impairmenttesting.Theallocationismadetothosecash- Goodwill isallocatedtocash-generatingunitsforthepurpose carrying amountofgoodwillrelatingtotheentitysold. Gains andlossesonthedisposalofanentityinclude of theimpairmentateachreportingdate. that sufferedanimpairmentarereviewedforpossiblereversal generating units).Non-financialassetsotherthangoodwill levels forwhichthereareseparatelyidentifiablecashflows(cash- of assessingimpairment,assetsaregroupedatthelowest fair valuelesscoststosellandinuse.Forthepurposes amount. Therecoverableamountisthehigherofanasset’s by whichtheasset’scarryingamountexceedsitsrecoverable recoverable. Animpairmentlossisrecognisedfortheamount circumstances indicatethatthecarryingamountmaynotbe reviewed forimpairmentwhenevereventsorchangesin recoverable. Assetsthataresubjecttoamortisation in circumstancesindicatethatthecarryingamountmaynotbe and arereviewedforimpairmentwhenevereventsorchanges amortisation, whichareatleasttestedannuallyforimpairment Assets thathaveanindefiniteusefullifearenotsubjectto Goodwill (Continued) (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.9 2.8 商譽分部劃分。金產生單位組別，並根據經營併中受惠之現金產生單位或現者為預期於產生商譽之業務合至現金產生單位。獲劃分商譽為進行減值測試，商譽被劃分關已售出實體之商譽賬面值。出售實體之收益及虧損包括有機會撥回進行檢討。於各個呈報日期就減值是否有值之非財務資產產生單位）別現金流量之最低水平估減值時，資產將按可單獨認本與使用價值之較高者。於評金額為資產之公平值減銷售成收回金額之金額確認。可收回值虧損按資產賬面值超出其可不可收回時檢討有否減值。減有事項或情況轉變顯示賬面值值。受攤銷所限之資產在每當不可收回賬面值時檢討有否減及每當有事項或情況轉變顯示攤銷，並於每年進行減值測試擁有無限可用年期之資產毋須資產減值無形資產（續）（續）（續）集中歸類。出現減（商譽除外）（續）（現金將 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.10 Financial assets b Loansandreceivables (b) Financialassetsatfairvaluethroughprofitor (a) assets atinitialrecognition. Management determinestheclassificationofitsfinancial the purposeforwhichfinancialassetswereacquired. receivable andavailable-for-sale.Theclassificationdependson categories: atfairvaluethroughprofitorloss,loansand The Groupclassifiesitsfinancialassetsinthefollowing assets. balance sheetdate.Theseareclassifiedasnon-current except formaturitiesgreaterthan12monthsafterthe in anactivemarket.Theyareincludedcurrentassets, with fixedordeterminablepaymentsthatarenotquoted Loans andreceivablesarenon-derivativefinancialassets classified ascurrentasset. designated ashedges.Assetsinthiscategoryare categorised asheldfortradingunlesstheyare purpose ofsellingintheshortterm.Derivativesarealso classified inthiscategoryifacquiredprincipallyforthe financial assetsheldfortrading.Aassetis Financial assetsatfairvaluethroughprofitorlossare loss (Continued) 綜合財務報表附註 2 主要會計政策概要 2.10

(a) (a) (b) (b) 產之分類。層於初步確認時釐定其財務資項及可供出售財務資產。管理賬之財務資產、貸款及應收款下類別：按公平值透過損益列本集團將其財務資產分類為以財務資產按公平值透過損益貸款及應收款項之資產分類為流動資產。沖項目者則除外。此類別作買賣用途，惟指定為對別。衍生工具亦分類為持之財務資產分類為此類購目的為在短期內出售用途之財務資產。主要收之財務資產為持作買賣按公平值透過損益列賬動資產。二個月者，則分類為非流日由結算日起計超過十計入流動資產內，但到期躍市場上報價。此等款項釐定付款額且不會在活生財務資產，有固定或可貸款及應收款項為非衍列賬之財務資產（續）（續） 149

合生創展集團有限公司 . 二零一零年年報 150 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.10 Financial assets Group’s righttoreceivepayments isestablished. statement aspartof“otherincome/gains,net”whenthe profit orlossisrecognisedintheconsolidatedincome Dividend incomefromfinancialassetsatfairvaluethrough “other income/gains,net”,intheperiodwhichtheyarise. are presentedintheconsolidatedincomestatementwithin “financial assetsatfairvaluethroughprofitorloss”category Gains orlossesarisingfromchangesinthefairvalueof amortised costusingtheeffectiveinterestmethod. carried atfairvalue.Loansandreceivablesare assets atfairvaluethroughprofitorlossaresubsequently ownership. Available-for-salefinancialassetsand Group hastransferredsubstantiallyallrisksandrewardsof investments haveexpiredorbeentransferredandthe derecognised whentherightstoreceivecashflowsfrom the consolidatedincomestatement.Financialassetsare recognised atfairvalueandtransactioncostsareexpensedin assets carriedatfairvaluethroughprofitorlossareinitially assets notcarriedatfairvaluethroughprofitorloss.Financial recognised atfairvalueplustransactioncostsforallfinancial commits topurchaseorselltheasset.Investmentsareinitially recognised onthetrade-date—datewhichGroup Regular waypurchasesandsalesoffinancialassetsare c Available-for-salefinancialassets (c) date. the investmentwithin12monthsofbalancesheet current assetsunlessmanagementintendstodisposeof any oftheothercategories.Theyareincludedinnon- are eitherdesignatedinthiscategoryornotclassified Available-for-sale financialassetsarenon-derivativesthat (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.10 其他收入收益淨額」益，淨入╱收收他「其「按公平值透過損益列賬之財

(c) (c) 份。利確立時於綜合損益表確認為入於本集團收取有關款項之權損益列賬之財務資產之股息收收益，淨額」損益表內呈列為產生損益，於產生期間在綜合務資產按攤銷成本列賬。款及應收款項利用實際利率法資產其後則按公平值列賬。貸按公平值透過損益列賬之財務止確認。可供出售財務資產及報實際轉移時，財務資產即終將擁有權之絕大部份風險和回已到期或已轉讓，而本集團已當從投資收取現金流量之權利易成本則在綜合損益表支銷。產則初步按公平值確認，而交公平值透過損益列賬之財務資按公平值加交易成本確認。按之所有財務資產，其投資初步於並非按公平值透過損益列賬或出售該資產當日）於交易日常規購買及出售之財務資產均財務資產可供出售財務資產非流動資產內。供出售財務資產將計入內出售有關投資，否則可於結算日起計十二個月生項目，除非管理層計劃為任何其他類別之非衍定劃入該類別或未分類可供出售財務資產為指（續）

」（即本集團承諾購入類別之公平值變動所（續）。按公平值透過「其他收入╱ （續）確認。對一部 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.10 Financial assets 2.11. Impairment testingofaccounts receivableisdescribedinNote are notreversedthroughtheconsolidated incomestatement. in theconsolidatedincomestatementonequityinstruments consolidated incomestatement.Impairmentlossesrecognised profit orloss—isremovedfromequityandrecognisedinthe impairment lossonthatfinancialassetpreviouslyrecognised in the acquisitioncostandcurrentfairvalue,lessany the cumulativeloss—measuredasdifferencebetween any suchevidenceexistsforavailable-for-salefinancialassets, considered asanindicatorthatthesecuritiesareimpaired. If decline inthefairvalueofsecuritybelowitscost is classified asavailable-for-sale,asignificantorprolonged financial assetsinimpaired.Inthecaseofequitysecurities is objectiveevidencethatafinancialassetorgroupof The Groupassessesateachbalancesheetdatewhetherthere and relyingaslittlepossibleonentity-specificinputs. option pricingmodels,makingmaximumuseofmarketinputs substantially thesame,discountedcashflowanalysis,and length transactions,referencetootherinstrumentsthatare valuation techniques.Theseincludetheuseofrecentarm’s unlisted securities),theGroupestablishedfairvaluebyusing prices. Ifthemarketforafinancialassetisnotactive(and The fairvaluesofquotedinvestmentsarebasedoncurrentbid payments isestablished. “other income/gains,net”whentheGroup’srighttoreceive recognised intheconsolidatedincomestatementaspartof Dividends onavailable-for-saleequityinstrumentsare income statementaspartof“otherincome/gains,net”. the effectiveinterestmethodisrecognisedinconsolidated Interest onavailable-for-saledebtsecuritiescalculatedusing in equityareincludedtheconsolidatedincomestatement. impaired, theaccumulatedfairvalueadjustmentsrecognised When securitiesclassifiedasavailable-for-salearesoldor (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.10

2.11 應收賬款之減值測試於附註會透過綜合損益表撥回。表確認之股本工具減值虧損不綜合損益表確認。在綜合損益虧損計算）在綜合損益表確認之任何減值值之差額，減該財務資產之前虧損財務資產存在此等證據，累計券已經顯示減值。若可供出售至低於其成本值，會被視為證證券公平值若大幅度或長期跌分類為可供出售之股本證券，某組財務資產經已減值。對於客觀證據表明某項財務資產或本集團於各結算日評估是否有據。據而盡量少依賴實體特有之數權定價模式，充分利用市場數具、貼現現金流量分析法和期交易、參考大致相同之其他工方法包括利用近期公平原則用估值方法設定公平值。該等非上市證券而言）務資產之市場並不活躍當時之買盤價計算。若某項財有報價之投資之公平值根據額」內確認為項之權利確定時在綜合損益表之股息則於本集團收取有關款額」確認為法計算之利息在綜合損益表內可供出售債券證券以實際利率列賬。計公平值調整會於綜合損益表或減值時，於權益中確認之累分類為可供出售之證券於售出財務資產一部份。（按收購成本與當時公平部份。可供出售股本工具概述。 ╱ ，淨益，入╱收收他其「（續）「其他收入╱收益，淨（續）自權益中剔除並在，本集團利（續）（及就 151

合生創展集團有限公司 . 二零一零年年報 152 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.11 2.13 2.12 Share capital Cash and cash equivalents Accounts receivable investments withoriginalmaturitiesofthreemonthsorless. at callwithbanksandothershort-termhighlyliquid Cash andcashequivalentsincludeinhand,depositsheld statement. amount oftheprovisionisrecognisedinincome cash flows,discountedattheeffectiveinterestrate.The carrying amountandthepresentvalueofestimatedfuture amount oftheprovisionisdifferencebetweenasset’s amounts dueaccordingtotheoriginaltermsofreceivable.The objective evidencethattheGroupwillnotbeabletocollectall impairment ofaccountsreceivableisestablishedwhenthere interest method,lessprovisionforimpairment.A subsequently measuredatamortisedcostusingtheeffective active market.Theyarerecognisedinitiallyatfairvalueand fixed ordeterminablepaymentsthatarenotquotedinan Accounts receivablearenon-derivativefinancialassetswith holders untilthesharesarecancelled. deducted fromequityattributabletotheCompany’s attributable incrementalcosts(netofincometaxes), is share capital,theconsiderationpaid,includinganydirectly Where anygroupcompanypurchasestheCompany’sequity shown inequityasadeduction,netoftax,fromtheproceeds. directly attributabletotheissueofnewsharesoroptionsare Ordinary sharesareclassifiedasequity.Incrementalcosts (Continued) 綜合財務報表附註 2 主要會計政策概要 2.11 2.13 2.12

認。現。撥備之數額於損益表中確之間之差額，並按實際利率貼面值與估計未來現金流量現值值撥備。撥備之數額為資產賬款項，則會對應收賬款作出減賬款之原有條款收回所有到期憑證顯示本集團將不能按應收本減減值撥備計量。倘有客觀則採用實際利率法按已攤銷成項初步按公平值確認，而其後會在活躍市場上報價。這些款有固定或可釐定付款額且不應收賬款為非衍生金融資產，應收賬款股份被註銷。人應佔股本中扣除，直至該等所得稅）任何直接應佔之新增成本減去股本，則所支付之代價團成員公司購買本公司之權益除稅項）乃於股本內列作所得款項或購股權直接應佔之新增成本普通股分類為股本。發行新股而流通量極高之短期投資。其他原定期限為三個月或以內金、存於銀行之通知存款，及現金及現金等價物包括手頭現股本現金及現金等價物（續）乃從本公司股權持有之扣減。倘任何本集（續）（包括（扣 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.14 earnings. the relevantequitycomponent istransferredtoretained premium forthesharesissued. Whenthebondisredeemed, of conversionaretransferred tosharecapitaland and thecarryingamountof liabilitycomponentatthetime When thebondisconverted, the relevantequitycomponent is recognisedinequity,netofanytaxeffects. extinguished onconversionormaturity.Theequitycomponent cost, calculatedusingtheeffectiveinterestmethod,until The liabilitycomponentissubsequentlycarriedatamortised proceeds. and equitycomponentsinproportiontotheallocation of compound financialinstrumentareallocatedtotheliability component. Transactioncoststhatrelatetotheissueofa proceeds isallocatedtotheconversionoptionasequity equivalent non-convertiblebond.Theremainderofthe bonds isdeterminedusingamarketinterestrateforan At initialrecognition,theliabilitycomponentofconvertible contain bothaliabilitycomponentandanequitycomponent. accounted forascompoundfinancialinstrumentswhich the considerationthatwouldbereceiveddonotvary,are shares thatwouldbeissuedonconversionandthevalueof capital attheoptionofholders,wherenumber Convertible bondsthatcanbeconvertedtoequityshare the effectiveinterestmethod. the incomestatementoverperiodofborrowingsusing of transactioncosts)andtheredemptionvalueisrecognisedin at amortisedcost;anydifferencebetweentheproceeds(net transfer taxesandduties.Borrowingsaresubsequentlystated levies byregulatoryagenciesandsecuritiesexchanges, and commissionspaidtoagents,advisers,brokersdealers, disposal ofafinancialassetorliability,includingfees costs thataredirectlyattributabletotheacquisition,issueor transaction costsincurred.Transactionareincremental Borrowings arerecognisedinitiallyatfairvalue,netof Borrowings (Continued) 綜合財務報表附註 2 主要會計政策概要 2.14 關之權益部分撥入保留盈利。溢價列賬。如債券獲贖回，有所發行之股份撥入股本及股份分及負債之賬面值於轉換時就如債券獲轉換，有關之權益部並扣除任何稅項影響。止。權益部分於權益內確認，至可換股債券被註銷或到期為率法計算的攤銷成本列值，直負債部分其後按使用實際利分。的分配比例列入負債及權益部具有關之交易成本按所得款項權益部分。與發行複合金融工得款項之餘額列作轉換權下之換股債券之市場利率釐定。所負債部分的價值使用相若非可於初步確認時，可換股債券之合金融工具。包含負債部分及權益部分之複權益股本的可換股債券乃列作變，則可由持有人選擇轉換為及可收取之代價之價值不會改如於轉換時可發行之股份數目損益表內確認。額於借貸期使用實際利率法於成本）本列賬；所得款項及稅款。借貸其後按已攤銷成所徵收之款項及過戶登記稅項金、監管代理機構及證券交易經紀及交易商支付之費用及佣增成本，包括向代理、顧問、產或財務負債直接應佔之新本為收購、發行或出售財務資生之交易成本）借貸初步按公平值借貸與贖回價值間之任何差（續）確認。交易成（扣除交易（扣除已產（續） 153

合生創展集團有限公司 . 二零一零年年報 154 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.15 2.16 Current anddeferredincometax Borrowing cost is realisedorthe deferredincometaxliabilityis settled. expected toapplywhentherelated deferredincometaxasset or substantiallyenactedbythe balancesheetdateandare determined usingtaxratesand lawsthathavebeenenacted profit orloss,itisnotaccounted for.Deferredincometaxis time ofthetransactionaffectsneitheraccountingnortaxable in atransactionotherthanbusinesscombinationthatatthe income taxarisesfrominitialrecognitionofanassetorliability consolidated financialstatements.However,ifthedeferred bases ofassetsandliabilitiestheircarryingamountsinthe method, ontemporarydifferencesarisingbetweenthetax Deferred incometaxisprovidedinfull,usingtheliability amounts expectedtobepaidthetaxauthorities. establishes provisionswhereappropriateonthebasisof applicable taxregulationissubjecttointerpretation.It taken intaxreturnswithrespecttosituationswhich taxable income.Managementperiodicallyevaluatespositions associates andjointlycontrolledentityoperategenerate date inthecountrieswhereCompanyanditssubsidiaries, tax lawsenactedorsubstantiallyatthebalancesheet The currentincometaxchargeiscalculatedonthebasisof equity, respectively. is alsorecognisedinothercomprehensiveincomeordirectly comprehensive incomeordirectlyinequity.Inthiscasethetax except totheextentthatitrelatesitemsrecognisedinother tax. Taxisrecognisedintheconsolidatedincomestatement, The taxexpensefortheyearcomprisescurrentanddeferred in theperiodwhichtheyareincurred. All otherborrowingcostsarechargedtotheincomestatement to completeandpreparetheassetsforitsintendeduse. assets arecapitalisedduringtheperiodoftimethatisrequired Borrowing costsincurredfortheconstructionofanyqualifying (Continued) 綜合財務報表附註 2 主要會計政策概要 2.16 2.15

定。期將會適用之稅率及法例而釐現或遞延所得稅負債結算時預並在有關之遞延所得稅資產變結算日前已頒佈或實質採用，不作記賬。遞延所得稅採用在響會計損益或應課稅盈虧，則的初步確認，而在交易時不影括業務合併）遞延所得稅來自在交易時差額作全數撥備。然而，若財務報表之賬面值兩者之暫產與負債之稅基與彼等在綜合遞延所得稅乃利用負債法就資計提撥備。期將支付稅務機關的款項基準報狀況，並在適當情況下按預相關詮釋規限情況下之納稅申理層定期評估適用稅法須受到或實質已頒佈之稅法計算。管生應課稅收入所在國家已頒佈及共同控制實體經營業務及產公司及其附屬公司、聯營公司即期所得稅開支乃按結算日本中確認。他全面收入確認或直接於權益在此情況下，稅項亦分別於其認之項目相關之情況則除外。面收入確認或直接於權益內確認，惟如有關稅項與於其他全得稅。稅項均於綜合損益表確稅項費用包括即期及遞延所即期及遞延所得稅度內在損益表支銷。所有其他借貸成本均於發生年內資本化。有關資產作擬定用途所需期間借貸成本，於完成建設並預備為建設任何合資格資產產生之借貸成本（續）中對資產或負債（續）（不包 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.16 2.17 Current anddeferredincometax Employee benefits balances onanetbasis. taxable entitieswherethereisanintentiontosettlethe taxation authorityoneitherthetaxableentityordifferent assets andliabilitiesrelatetoincometaxesleviedbythesame current taxliabilitiesandwhenthedeferredincometaxes is alegallyenforceablerighttooffsetcurrenttaxassetsagainst Deferred incometaxassetsandliabilitiesareoffsetwhenthere foreseeable future. probable thatthetemporarydifferencewillnotreversein the temporarydifferenceiscontrolledbyGroupandit controlled entities,exceptwherethetimingofreversal arising oninvestmentsinsubsidiaries,associatesandjointly Deferred incometaxisprovidedontemporarydifferences which thetemporarydifferencescanbeutilised. is probablethatfuturetaxableprofitwillbeavailableagainst Deferred incometaxassetsarerecognisedtotheextentthatit (a) Pension obligations is available. that acashrefundorreductioninthefuturepayments contributions arerecognisedasanassettotheextent benefit expensewhentheyaredue.Prepaid been paid.Thecontributionsarerecognisedasemployee further paymentobligationsoncethecontributionshave mandatory orcontractualbasis.TheGrouphasno privately administeredpensioninsuranceplansona only. TheGrouppayscontributionstopubliclyor Group companiesoperatedefinedcontributionplans (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.16 2.17 （而其有意按淨額基準償付餘

(a) (a) 所得稅資產可抵銷負債。款）應課稅實體或不同應課稅實體及負債乃關於同一稅務機關對債，以及當遞延收入稅項資產本期稅項資產抵銷本期稅項負當存在法律上可執行權利以將見未來不會撥回則除外。差額之撥回，並有可能在可預備，但假若本集團可控制暫時之投資所產生之暫時差額而撥司、聯營公司及共同控制實體遞延所得稅會就有關在附屬公時差額抵銷而確認。未來應課稅溢利與可動用之暫遞延所得稅資產乃就有可能將即期及遞延所得稅僱員福利所徵收之所得稅時，遞延退休金責任供款會確認為資產。或扣減未來付款之預付利開支。可提供現金退還期支付時確認為僱員福款承擔。該等供款會於到本集團毋須作進一步供性質供款。作出供款後，險計劃作出強制或合約公營或私人管理退休保界定供款計劃。本集團向本集團屬下公司僅設有（續）（續）（續） 155

合生創展集團有限公司 . 二零一零年年報 156 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.17 2.18 Provisions Employee benefits (b) Share-based compensation small. any oneitemincludedinthesame classofobligationsmaybe recognised evenifthelikelihood ofanoutflowwithrespectto considering theclassofobligationsasawhole.Aprovision is that anoutflowwillberequiredinsettlementisdeterminedby Where thereareanumberofsimilarobligations,thelikelihood Provisions arenotrecognisedforfutureoperatinglosses. the obligation;andamounthasbeenreliablyestimated. probable thatanoutflowofresourceswillberequiredtosettle or constructiveobligationasaresultofpastevents;it is Provisions arerecognisedwhen:theGrouphasapresentlegal exercised. value) andsharepremiumwhentheoptionsare transaction costsarecreditedtosharecapital(nominal The proceedsreceivednetofanydirectlyattributable expected tovest. revises itsestimatesofthenumberoptionsthatare expected tovest.Ateachbalancesheetdate,theentity assumptions aboutthenumberofoptionsthatare targets). Non-marketvestingconditionsareincludedin conditions (forexample,profitabilityandsalesgrowth excluding theimpactofanynon-marketvesting reference tothefairvalueofoptionsgranted, expensed overthevestingperiodisdeterminedby is recognisedasexpenses.Thetotalamounttobe services receivedinexchangeforthegrantofoptions compensation plan.Thefairvalueoftheemployee The Groupoperatesanequity-settled,share-based (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.17 2.18

(b) (b) 僱員福利可能性極低，仍須確認撥備。何一個項目相關的資源流出的使在同一責任類別所包含的任據責任的類別作整體考慮。即償付中流出資源的可能性是根如有多項類似責任，其需要在虧損概不作撥備。金額已經可靠估計。未來經營需要有資源流出以償付責任；現有的法律或推定責任；可能本集團因已發生的事件而產生在出現以下情況時作出撥備：撥備（如盈利能力及銷售增長股份補償價中。計入股本直接應佔之交易成本）取之所得款項於購股權獲行使時，所收歸屬之購股權數目。均會修訂其估計將可予慮。於每個結算日，實體歸屬之購股權數目時考屬條件乃於估計將可予目標）括任何非市況歸屬條件權之公平值釐訂，且不包額乃經參考所授出購股歸屬期內支銷之款項總值，乃確認為開支。將於所授出之購股權之公平交換僱員所提供之服務結算之股份補償計劃。就本集團設有一項以股權（續）（續）之影響。非市況歸（面值）（扣除任何（續）及股份溢乃 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.19 Revenue recognition a Saleofproperties (a) as follows: ordinary courseoftheGroup’sactivities.Revenueisrecognised or receivableforthesaleofpropertiesandservicesin Revenue comprisesthefairvalueofconsiderationreceived (e) Interest income (d) Hotel operations Propertymanagementfees,propertydesign (c) (b) Rental income using theeffectiveinterestmethod. Interest incomeisrecognisedon atime-proportionbasis provision ofservices. Revenue fromhoteloperationsisrecognisedupon services arerendered. marketing consultancyfeesarerecognisedwhenthe Property managementfees,propertydesignfeesand the periodofrelevantleases. Rental incomeisrecognisedonastraight-linebasisover current liabilities. the propertiesareincludedasdeferredrevenueunder prior totransferofthesignificantrisksandrewards Deposits andinstalmentsreceivedonpropertiessold pursuant tothesaleagreementsisreasonablyassured. the buyersandcollectabilityofrelatedreceivables notification ofdeliverypropertieshavebeenissuedto of therelevantpropertieshavebeencompleted, transferred tothebuyers,whichiswhenconstruction significant risksandrewardsofthepropertiesare Revenue fromsaleofpropertiesisrecognisedwhenthe fees andmarketingconsultancy (Continued) 綜合財務報表附註 2 主要會計政策概要 2.19

(a) (a) (e) (e) (d) (c) (b) 下：之代價之公平值。收入確認如出售物業及服務收取或應收收入包括於本集團一般業務中收入確認銷售物業利息收入酒店營運物業管理費、物業設租金收入之遞延收入。項乃計入流動負債項下所收取之按金及分期款報轉移之前就銷售物業於物業之重大風險及回之可收回性之時）銷售協議相關應收款項通知及可合理確定根據向買家發出交付物業之完成有關物業之興建、已報轉移至買家時於物業之重大風險及回銷售物業所得之收入乃法按時間比例確認。利息收入採用實際利率務時確認。酒店營運收益於提供服務時確認。及營銷顧問費於提供服物業管理費、物業設計費限以直線法確認。租金收入按有關租賃期計費及營銷顧問費（續）（續）（即於已確認。 157

合生創展集團有限公司 . 二零一零年年報 158 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.19 2.20 Operating leases(asthelessee) Revenue recognition (g) Dividend income (f) Government grants Paymentsmadeunderoperatingleases(netofany TheGroupisthelesseeotherthanoperating (i) leases. ownership areretainedbythelessorclassifiedasoperating Leases whereasignificantportionoftherisksandrewards payment isestablished. Dividend incomeisrecognisedwhentherighttoreceive are accountedforasdeferredrevenue. for whichtheearningprocesshasnotbeencompleted expected livesoftherelatedassets.Amountsreceived income statementonastraight-linebasisoverthe liabilities asdeferredincomeandarecreditedtothe properties andequipmentareincludedinnon-current compensate. Grantsrelatingtothepurchaseof match themwiththecoststheyareintendedto the incomestatementoverperiodnecessaryto Grants relatingtoincomearedeferredandrecognisedin be received. the conditionsattachingwithitandthatgrantwill reasonable assurancethattheGroupwillcomplywith A governmentgrantisrecognisedwhenthere of thelease. income statementonastraight-linebasisovertheperiod incentives receivedfromthelessor),arechargedto lease oflanduserights (Continued) (Continued)

綜合財務報表附註 2 主要會計政策概要 2.19 2.20

(f) (f) (i) (i) (g) 收入確認分類為經營租賃。報由出租人保留時，有關租賃當擁有權的重大部份風險及回經營租賃政府補助本集團為承租人股息收入列作遞延收入。未完成的已收款項入賬益表內。賺取收益過程尚期內以直線基準計入損入，在相關資產之預計年入非流動負債為遞延收業及設備之政府補助計表確認入賬。有關購入物需之期間遞延並在損益會於符合擬彌償成本所有關收入之政府補助均入賬。合所有相關條件時確認定將會收取而本集團符政府補助於可合理地確線法在損益表支銷。何獎勵）項根據經營租賃支付的款權利確定時確認。股息收入在收取款項的地使用權經營租賃除外）（扣除收取出租人的任（續）（作為承租人）（續）於租賃期內以直（續）（土 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.20 Operating leases(asthelessee) TheGroupmadeupfrontpaymentstoobtainoperating TheGroupisthelesseeunderoperatinglease (ii) income statement. other periods,thelandamortisationischargedto capitalised asthecostofconstructioninprogress.In properties foritsintendeduse,thelandamortisationis the periodoftimethatisrequiredtodevelop periods onastraightlinebasis.Theamortisationduring separately recordedasassetsandamortisedoverthe and self-usebuildings,theupfrontpaymentsare For landuserightstobedevelopedforhotelproperties properties andaccountedforasfinancelease(Note2.6). payments areincludedinthecostofinvestment properties whicharemeasuredatfairvalues,theupfront For landuserightstobedevelopedforinvestment developed. leases oflanduserightsonwhichpropertieswillbe of landuserights (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.20 （續）

(ii) (ii) 經營租賃本集團為土地使用支銷。間，土地攤銷於損益表中建工程之成本。於其他期銷會被資本化以作為在業之期間之攤銷，土地攤於按其擬定用途發展物並於期內以直線法攤銷。付款項分開記錄為資產用樓宇之土地使用權，所用作發展酒店物業及自列為融資租賃投資物業的成本並入賬量，而所支付款項則計入地使用權按公允價值計用作發展投資物業的土賃需預先支付款項。之土地使用權之經營租本集團就獲取發展物業權經營租賃下之承租人（續）（作為承租人）（附註（續） 2.6 ）。 159

合生創展集團有限公司 . 二零一零年年報 160 Hopson Development Holdings Limited . Annual Report 2010 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.20 2.21 Insurance contracts Operating leases(asthelessee) liabilities arerecognisedintheincomestatement. cash flows.Changesincarryingamountoftheseinsurance under itsinsurancecontractsusingcurrentestimatesoffuture The Groupassessesateachbalancesheetdatetheliabilities as insurancecontracts. and guaranteesprovidedtoitsjointventuressubsidiaries of mortgagefacilitiesprovidedtocertainpropertypurchasers The Groupregardsitsfinancialguaranteecontractsinrespect TheGroupisthelesseeunderoperatinglease (ii) cost andnetrealisablevalue. properties forsalewhicharemeasuredatthelowerof properties underdevelopmentforsaleorcompleted property heldfordevelopmentsaleareincludedas year. AsdescribedinNote2.1(a),thelandrelatingto sale, thereischangeinaccountingpolicyduringthe For landuserightstobedevelopedforproperties of landuserights (Continued) (Continued) (Continued) 綜合財務報表附註 2 主要會計政策概要 2.20 2.21 （續）

(ii) (ii) 經營租賃表確認。險責任之賬面值變動會於損益於保險合約下之責任。此等保對未來現金流量之估計評估其本集團會於各結算日利用現時保合約視為保險合約。業及附屬公司之擔保之財務擔家之按揭信貸及給予其合營企本集團將有關給予若干物業買保險合約本集團為土地使用列賬。現淨值兩者中之較低者成物業，並按成本及可變物業或可供出售之已落計入可供出售之發展中銷售用途之物業之土地 2.1(a) 內有所改變。誠如附註使用權之會計政策於年的物業所使用的土地有關發展作銷售用途權經營租賃下之承租人（續）（續），有關持作發展供（作為承租人）（續） FINANCIALRISKMANAGEMENT 3 SUMMARYOFSIGNIFICANTACCOUNTING 2 Notes totheConsolidatedFinancialStatements(continued) POLICIES 2.22 . Financialriskfactors 3.1 Dividend distribution any ofthesefinancialrisks. its exposureandcurrentlyconsidersnotnecessarytohedge Group’s financialperformance.TheGroupregularlymonitors markets andseekstominimisepotentialadverseeffectonthe management policyfocusesontheunpredictabilityoffinancial and fairvalueinterest-raterisk.TheGroup’soverallrisk foreign exchangerisk,creditliquidityriskandcashflow The Group’sactivitiesexposeittoavarietyoffinancialrisks: Company’s Directors/shareholders. the periodinwhichdividendsareapprovedby recognised asaliabilityintheGroup’sfinancialstatements Dividend distributiontotheCompany’sshareholdersis a Foreignexchangerisk (a) not hedgeditsforeignexchange raterisk. Renminbi againstUSdollarand HongKongdollar.Ithas foreign exchangeriskarisingfromtheexposureof denominated inRenminbi.TheGroupisexposedto Mainland Chinawithmostofthetransactions Majority ofthesubsidiariesGroupoperatesin currency arenottakenintoconsideration. financial statementsintotheGroup’spresentation currency; differencesresultingfromthetranslationof denominated inacurrencythatisnotthefunctional account ofmonetaryassetsandliabilitiesbeing Foreign exchangerisksasdefinedbyHKFRS7ariseon (Continued) 綜合財務報表附註 3 2 財務風險管理主要會計政策概要 3.1 2.22

(a) (a) 對沖。無須為任何此等財務風險進行風險情況，並認為至目前為止影響。本集團定期監察其承受對本集團財務表現的潛在不利場的不可預測性，並力求減低體風險管理政策專注於金融市公平值利率風險。本集團的整險、流動資金風險及現金流及財務風險本集團之業務令其承受多種列為負債。期間內於本集團的財務報表內息獲本公司董事╱股東批准的向本公司股東分派的股息在股股息分派財務風險因素外匯風險出對沖。並無就外幣匯率風險作港元之匯率引致。本集團風險由人民幣兌美元及算。本集團須承受之外匯部份交易均以人民幣計均於中國內地經營，而大本集團大部份附屬公司兌差額。之呈列貨幣所產生之匯財務賬目換算為本集團而產生；但並無計及因將計值之貨幣資產及負債以功能貨幣以外之貨幣所界定之外匯風險乃因香港財務報告準則第（續）

：外匯風險、信貸風（續） 7 號 161

合生創展集團有限公司 . 二零一零年年報 162 Hopson Development Holdings Limited . Annual Report 2010 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Financialriskfactors 3.1 a Foreignexchangerisk (a) (b) Credit risk these creditrisksaremonitoredonanongoingbasis. The Grouphascreditpoliciesinplaceandexposuresto deposits withbanksandcreditexposurestocustomers. The Group’screditriskisprimarilyattributableto bank deposits. gains/losses ontranslationofHKdollardenominated higher/lower, mainlyasaresultofforeignexchange would havebeenHK$0.4million(2009:HK$1.2million) variables heldconstant,post-taxprofitfortheyear strengthened by1%againstHKdollarwithallother At 31stDecember2010,ifRenminbihadweakened/ denominated seniornotesandbankdeposits. exchange losses/gainsontranslationofUSD million) lower/higher,mainlyasaresultofforeign would havebeenHK$26.7million(2009:HK$22.7 variables heldconstant,post-taxprofitfortheyear strengthened by1%againstUSdollarwithallother At 31stDecember2010,ifRenminbihadweakened/ China government. foreign exchangecontrolpromulgatedbytheMainland currencies issubjecttotherulesandregulationsof In addition,theconversionofRenminbiintoforeign (Continued) (Continued) (Continued)

綜合財務報表附註 3 財務風險管理 3.1 (a) (a) (b) (b) 財務風險因素外匯風險信貸風險收益╱虧損所致。之銀行存款而產生外匯是由於換算以港元計值年：少度除稅後溢利將增加╱減其他變數保持不變，則年升跌╱上下十一日，倘人民幣兌港元於二零一零年十二月三益所致。存款而產生外匯虧損╱收計值之優先票據及銀行主要是由於換算以美元零九年增加度除稅後溢利將減少其他變數保持不變，則年升跌╱上下十一日，倘人民幣兌美元於二零一零年十二月三規例監管。頒佈之外匯管制規則及幣須受中國內地政府所此外，將人民幣換算為外基準監控該等信貸風險。訂有信貸政策並按持續貸風險所引致。本集團制是由銀行存款及客戶信本集團之信貸風險主要（續） 0.4 1.2 26.7 百萬港元：

百萬港元）（續） 22.7 百萬港元（續） 1% 1% （續）百萬港元）（二零零九，而所有，而所有（二零，主要

， ╱ FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Financialriskfactors 3.1 (b) Credit risk credit riskisminimal(seealsoNote38). the directorsofCompanyconsiderthatGroup’s amounts paidbytheGrouptobank.Inthisregard, the customersandsellpropertytorecoverany able toretainthepropertysalesproceedsreceivedfrom interest thereon.Undersuchcircumstances,theGroupis outstanding amountundertheloanandanyaccrued mortgage maydemandtheGrouptorepay during thetermofguarantee,bankholding a purchaserdefaultsonthepaymentofitsmortgage secure obligationsofsuchpurchasersforrepayments.If purchasers ofpropertyunitsandprovidedguaranteesto The Grouphasarrangedbankfinancingforcertain and reviewingtheirfinancialpositionsonaregularbasis. controlling theirfinancialandoperatingpolicydecisions amounts duefromjointventuresthroughjointly monitors theexposuretocreditriskinrespectof completion oftransactions.Inaddition,theGroup sales ofresidentialpropertiestocustomerspriorthe normally receivesdepositsorprogresspaymentsfrom In respectofcreditexposurestocustomers,theGroup municipal financialinstitutionswithsoundcreditratings. with anumberofinternational/national/provincial/ HK$2,697 million(2009:HK$6,714million)wereplaced December 2010,depositswithbanksamountedto institutions bymonitoringcreditratings.At31st The Groupmanagesitsdepositswithbanksandfinancial (Continued) (Continued) (Continued)

綜合財務報表附註 3 財務風險管理 3.1 (b) (b) 財務風險因素信貸風險最低集團之信貸風險已降至言，本公司董事認為，本付予銀行之款項。就此而業以收回任何本集團支銷售所得款項並出售物扣留自客戶收取之物業在該等情況下，本集團可款項及其任何應計利息。集團償還貸款之未償還揭之銀行可能會要求本能支付其按揭，則持有按倘買家於擔保期限內未買家須承擔還款之責任。並提供擔保以確保該等位之買家安排銀行融資，本集團已為若干物業單企業款項之信貸風險。務狀況，以監控應收合營及定期審閱該企業之財企業之財務及營運政策集團透過共同控制合營金或進度款項。此外，本宅物業予客戶而收取按成有關交易前就出售住險而言，本集團通常於完就客戶所承受之信貸風構。國性╱省級╱市級金融機信貸評級之多家國際╱全萬港元）元行存款為數年十二月三十一日，銀構之存款。於二零一零級管理其銀行及金融機本集團透過監控信貸評（二零零九年：（續）（參見附註（續）乃存置於具良好（續）（續） 2,697 38 ） 6,714 百萬港。百 163

合生創展集團有限公司 . 二零一零年年報 164 Hopson Development Holdings Limited . Annual Report 2010 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Financialriskfactors 3.1 (c) Liquidity risk (b) Credit risk maintain sufficientfinancialresourcestomeetitsneeds. Directors considerthattheGroupwillbeableto Mainland Chinaeconomicconditions.TheCompany’s may beaffectedbyanyunexpectedchangesinglobal/ there becircumstancesthattheanticipatedcashflow business developmentandcurrentoperation,should plans tooffsetthepotentialimpactonGroup’s projections andtheGrouphasanumberofalternative Management hasperiodicallypreparedcashflow to meetitsbusinessdevelopmentrequirements. the Group’soperationsandtomaintainsufficientcash which isconsideredadequatebytheGrouptofinance requirements tomaintainitsrollingcashflowatalevel closely monitorsitscurrentandexpectedliquidity In managingtheliquidityrisk,Groupregularlyand accounts receivableissetoutinNote20. parties. TheGroup’sexposuretocreditriskarisingfrom impairment allowance,andguaranteesprovidedtothird assets) inthebalancesheetafterdeductingany through profitorlossandavailable-for-salefinancial equity securitiesincludedinfinancialassetsatfairvalue the carryingamountofeachfinancialasset(otherthan The maximumexposuretocreditriskisrepresentedby (Continued) (Continued) (Continued)

綜合財務報表附註 3 財務風險管理 3.1 (c) (c) (b) 財務風險因素流動資金風險信貸風險風險載於附註應收賬款所承受之信貸方提供的擔保。本集團就任何減值撥備）證券除外）供出售財務資產之股本益列賬的財務資產及可產為資產負債表各財務資所承受之最大信貸風險應付其所需。能維持足夠的財務資源，公司董事認為本集團將展及現有業務的影響。本銷事件對本集團業務發產生影響，該等方案可抵突變而對預期的現金流全球╱中國大陸經濟出現團並備有不同方案，一旦編製現金流量預測，本集發展所需。管理層已定期夠的現金以應付其業務運所需資金，以及保持足的水平，以應付本集團營流量在本集團認為足夠需要，以維持其滾存現金現時及預期的流動資金本集團經常密切監控其在管理流動資金風險時，（計入按公平值透過損（續）（續）（續）之賬面值（續） 20 及向第三。（扣減 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Financialriskfactors 3.1 (c) Liquidity risk Due torelatedcompanies controlled entity Due toajointly Due toanassociate Group Accruals andotherpayables Company Land costpayable accrualsandotherpayables Accounts payableand undiscounted cashflows. amounts disclosedinthetablearecontractual sheet datetothecontractualmaturitydate.The groupings basedontheremainingperiodatbalance Company’s financialliabilitiesintorelevantmaturity The tablebelowanalysestheGroup’sand Borrowings Borrowings At 31stDecember2010 Borrowings (includinginterests) Borrowings (includinginterests) At 31stDecember2010 Accruals andotherpayables controlled entity Due toajointly Due toanassociate At 31stDecember2009 Due torelatedcompanies Land costpayable accrualsandotherpayables Accounts payableand At 31stDecember2009 (Continued) (Continued) 應付關連公司之款項應付一間聯營公司之款項應付土地成本應付賬款、應計款項及借貸於二零零九年應付一間共同控制應付關連公司之款項應付一間聯營公司之款項應付土地成本應付賬款、應計款項及借貸於二零一零年集團應計款項及其他應付款項借貸於二零零九年應計款項及其他應付款項借貸於二零一零年公司應付一間共同控制其他應付款項十二月三十一日實體之款項其他應付款項十二月三十一日十二月三十一日十二月三十一日實體之款項（包含利息）（包含利息） (Continued)

4163428078813311,030,226 8,143,341 2,870,738 14,166,304 3,164,628 9,874,834 9,688,825 15,278,484 ,3,1 2,6 ,3,6 — 2,935,161 220,561 2,432,216 ,9,7 2,6 ,3,6 — 2,935,161 220,561 — 2,395,070 — — — — — 1,842,289 — 1,030,226 — 8,143,341 — 4,670,176 2,599,710 7,171,431 — — 1,709,345 — 3,164,628 9,874,834 7,841,812 9,577,647 5,112,513 Less than 綜合財務報表附註 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 5,7 ,4.4 — — 2,945.340 259,273 2,2 ,4,4 — — — 2,945,340 — — 221,326 — — — 271,028 173,721 302,418 — — — — 111,178 344,057 264,271 3 港港港千港元千港元千港元千港元 37,14 37,94 1 year 1 6,26 6,48 年內 9——— 6——— 6——— 7——— 財務風險管理 3.1 (c) (c) 財務風險因素 Between 1 2 years 至 1 and 2 流動資金風險現金流量。之金額為合約性未貼現間進行分析。表內所披露至合約到期日之剩餘期到期組別，根據由結算日司之財務負債，按照相關下表顯示本集團及本公年（續） Between （續） 2 5 years 至 2 and （續） 5 年超過（續） 5 years Over 5 年 165

合生創展集團有限公司 . 二零一零年年報 166 Hopson Development Holdings Limited . Annual Report 2010 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Financialriskfactors 3.1 . Capitalriskmanagement 3.2 d Cashflowand fairvalueinterest-raterisk (d) (c) Liquidity risk to reducethecostofcapital. other stakeholdersandtomaintain anoptimalcapitalstructure in ordertoprovidereturnsforequityownersandbenefits safeguard theGroup’sabilitytocontinueasagoingconcern The Group’sobjectiveswhenmanagingcapitalare to million (2009:HK$49million). the Group’spost-taxprofitbyapproximatelyHK$19 properties underdevelopment,wouldincrease/decrease the financecosts,netofamountcapitalisedin variables wereheldconstant,thefinanceincomeand decreased byonepercentage-pointandallother At 31stDecember2010,ifinterestrateshadincreased/ interest-rate risk. The Grouphasnothedgeditscashflowandfairvalue rates exposetheGrouptofairvalueinterest-raterisk. cash flowinterest-raterisk.Borrowingsissuedatfixed borrowings issuedatvariableratesexposetheGroupto bank depositsandborrowings.Bank The Group’sinterest-rateriskarisesfrominterestbearing management considerstheriskasminimal. Group’s properties(seeNote38and3.1(b))as mortgage facilitiesgrantedtocertainbuyersofthe The tableaboveexcludesguaranteesgiventobanksfor (Continued) (Continued) (Continued)

綜合財務報表附註 3 財務風險管理 3.1 3.2 (d) (d) (c) 降低資本成本。惠，以及維持最佳資本架構以造回報並使其他利益相關者受準經營，從而為股權持有人創本集團能夠繼續根據持續基本集團管理資本之目標乃保障財務風險因素資金風險管理現金流及公平值利流動資金風險後溢利上升╱下降約款項）展中物業中已資本化之收入及財務成本他變數保持不變，則財務萬港元降十一日，倘利率上升╱下於二零一零年十二月三風險作出對沖。其現金流及公平值利率利率風險。本集團並無就則令本集團承受公平值以固定利率發放之借貸承受現金流利率風險。而率發放之借貸令本集團生。銀行存款及以浮動利有息銀行存款及借貸產本集團之利率風險乃由之擔保揭貸款而向銀行作出團物業之若干買家之按上表不包括就授予本集百萬港元）為有關風險已降至最低。 3.1(b) 率風險（續） 1 個百分點，而所有其）將會使本集團之稅（二零零九年：，原因為管理層認（參見附註（續）。（續）（續）（扣除發 38 19 49 百及 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Capitalriskmanagement 3.2 current andnon-currentborrowings,asshowninthe capital. Netdebtiscalculatedastotalborrowings(including The gearingratioiscalculatedasnetdebtdividedbytotal The Groupmonitorscapitalonthebasisofgearingratio. issue newsharesorsellassetstoreducedebt. may adjusttheamountofdividendspaidtoequityowners, In ordertomaintainoradjustthecapitalstructure,Group follows: The gearingratiosat31stDecember2010and2009wereas sheet. represents totalequityasshownintheconsolidatedbalance deposits andcashequivalents.Totalcapital consolidated balancesheet)lesspledged/chargedbank deposits duringtheyear. increase inbankborrowingsanddecreasecash The increaseinthegearingratiowasmainlydueto Gearing ratio equivalents(Note21) andcash Less: Total equity Net debt Total borrowings Pledged/charged bankdeposits (Continued) (Continued) 資本負債比率減：已抵押╱押記銀行權益總額負債淨額總借貸存款及現金及現金等價物（附註

綜合財務報表附註 21 3 ）財務風險管理 3.2 如下：二月三十一日之資本負債比率於二零一零年及二零零九年十產負債表所示）總資本乃權益總額款及現金及現金等價物計算。借貸）產負債表所示之流動及非流動淨額乃以總借貸債淨額除以總資本計算。負債控資本。資本負債比率乃以負本集團按資本負債比率基準監持或調整資本架構。或出售資產減少債務，藉以維持有人之股息數額、發行新股本集團可透過調整派付予股權資金風險管理存款減少所致內銀行借貸增加及現金及銀行資本負債比率增加主要由於年二零一零年 40,993,099 21,022,168 23,719,443 (2,697,275) HK$’000 千港元減已抵押╱押記銀行存（續） 2010 51% （續）。。（包括綜合資二零零九年（續） 30,499,476 16,348,858 (6,714,623) （如綜合資 9,634,235 HK$’000 千港元 2009 32% 167

合生創展集團有限公司 . 二零一零年年報 168 Hopson Development Holdings Limited . Annual Report 2010 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Fairvalueestimation 3.3 measured atfairvalue31stDecember2010: The followingtablepresentstheGroup’sassetsthatare Inputsfortheassetorliabilitythatarenotbasedon • Inputsother thanquotedpricesincludedwithinlevel1 • Quotedprices(unadjusted)inactivemarketsforidentical • defined asfollows: value, byvaluationmethod.Thedifferentlevelshavebeen The tablebelowanalysesfinancialinstrumentscarriedatfair Total assets —Equitysecurities assets Available-for-sale financial —Tradingsecurities throughprofitorloss Financial assetsatfairvalue Assets (level 3). observable marketdata(thatis,unobservableinputs) from prices)(level2). directly (thatis,asprices)orindirectlyderived that areobservablefortheassetorliability,either assets orliabilities(level1). 總資產可供出售財務資產按公平值透過損益資產 — — 列賬的財務資產

股本證券買賣證券 (Continued) 綜合財務報表附註 3 財務風險管理 3.3 ,7,9 ,5,8 3,328,081 1,151,682 2,176,399 ,6,0 ,5,8 3,316,388 1,151,682 2,164,706 K’0 K’0 HK$’000 HK$’000 HK$’000 ee ee Total Level3 Level 1 港港千港元千港元千港元 163—11,693 — 11,693 第 • • 義如下：量之財務工具。不同級別之定下表以估值法分析按公平值計公平值估算團資產：三十一日按公平值計量之本集下表呈列於二零一零年十二月 • 1 級第（第（報價除外）第躍市場之報價就相同資產或負債於活數據負債可觀察之直接輸入據）輸入數據根據可觀察市場數據之就資產或負債而言並非入數據（續） 1 （第 1 （即如價格）級內所包括就資產或級）（即自價所計算者） 3 3 。級）（續）（即不可觀察數級總計（第。（未調整） 2 或間接輸級）。 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) . Fairvalueestimation 3.3 Specific valuationtechniquesusedtovaluefinancial securities. Instruments includedinlevel3representunlistedequity observable marketdata,theinstrumentisincludedinlevel 3. If oneormoreofthesignificantinputsisnotbasedon 2010. There isnoinstrumentincludedinlevel2at31stDecember instrument areobservable,theisincludedinlevel2. estimates. Ifallsignificantinputsrequiredtofairvaluean it isavailableandrelyaslittlepossibleonentityspecific techniques maximisetheuseofobservablemarketdatawhere determined byusingvaluationtechniques.These active market(forexample,over-the-counterderivatives)is The fairvalueoffinancialinstrumentsthatarenottradedinan for-sale. equity investmentsclassifiedastradingsecuritiesoravailable- in level1compriseprimarilyMainlandChinaandHongKong These instrumentsareincludedinlevel1.Instruments financial assetsheldbytheGroupiscurrentbidprice. on anarm’slengthbasis.Thequotedmarketpriceusedfor represent actualandregularlyoccurringmarkettransactions group, pricingservice,orregulatoryagency,andthoseprices regularly availablefromanexchange,dealer,broker,industry market isregardedasactiveifquotedpricesarereadilyand is basedonquotedmarketpricesatthebalancesheetdate.A The fairvalueoffinancialinstrumentstradedinactivemarkets Othertechniques, suchasdiscountedcashflowanalysis, • Quotedmarket pricesordealerquotesforsimilar • instruments include: financial instruments. are usedtodeterminefair value fortheremaining instruments. (Continued) (Continued)

綜合財務報表附註 3 財務風險管理 3.3 工具已計入第場報價為目前之買入價。此等本集團所持財務資產所用之市場交易，則市場可視為活躍。際及定期按公平基準進行之市構獲得報價，且該等價格屬實業界組別、報價服務或監管機透過交易所、交易商、經紀、市場價格計算。倘即時及定時公平值乃根據於結算日之所報於活躍市場所買賣金融工具之公平值估算有關工具會計入第非根據可觀察市場數據計算，倘一個或多個重大輸入數據並具計入第零年十二月三十一日止並無工具會計入第輸入數據屬可觀察時，有關工算一項工具之公平值所需重大依賴實體特定估計。倘所有計用途發揮至極，並盡可能減少方法使所得可觀察市場數據之乃採用估值法釐定。此等估值具未有在活躍市場買賣之金融工大陸及香港之股本投資。易或可供出售財務資產之中國之工具主要包括分類為證券交 • • 估值包括：用於計算金融工具價值之特定券。第（如場外衍生工具） 3 級之工具指非上市股本證餘金融工具之公平值。其他方法乃用於釐定其如貼現現金流量分析等交易商報價。類似工具之市場報價或（續） 2 級。 2 （續）級。截至二零一（續） 1 級。第 3 之公平值。入級。計 1 級計入 169

合生創展集團有限公司 . 二零一零年年報 170 Hopson Development Holdings Limited . Annual Report 2010 CRITICALACCOUNTINGESTIMATESAND 4 FINANCIALRISKMANAGEMENT 3 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Fairvalueestimation 3.3 . Criticalaccountingestimatesand 4.1 circumstances. future eventsthatarebelievedtobereasonableunder the on historicalexperienceandotherfactors,includingexpectations of Estimates andjudgementsarecontinuallyevaluated based December 2010areasfollows: The changesinlevel3instrumentsfortheyearended31st within thenextfinancialyearare discussedbelow. adjustment tothecarryingamounts ofassetsandliabilities assumptions thathaveasignificant riskofcausingamaterial seldom equaltherelatedactual results.Theestimatesand future. Theresultingaccountingestimateswill,bydefinition, The Groupmakesestimatesandassumptionsconcerningthe based onthecurrentbidpriceinmarket. is availabletotheGroupforsimilarfinancialinstrumentsor contractual cashflowsatthecurrentmarketinterestratethat disclosure purposesisestimatedbydiscountingthefuture their fairvalues.Thevalueoffinancialliabilitiesfor parties andlandcostpayablesareassumedtoapproximate accounts receivable,payable,balanceswithrelated The nominalvaluelessestimatedcreditadjustmentsof assumptions Exchange difference Opening balance Closing balance (Continued) 匯兌差額年初結餘年終結餘 (Continued) 綜合財務報表附註 3 4 財務風險管理重要會計推算及判斷 3.3 4.1 理預期。包括在目前情況下對未來事件之合以過往經驗及其他因素作為基礎，推算及判斷乃持續進行之評估，並下：日止年度，第截至二零一零年十二月三十一文論述。重大調整之推算及假設將於下政年度之資產與負債賬面值作相同。具相當風險導致下個財計推算極少與相關之實際結果設。在定義上，由此而生之會本集團就未來作出推算及假流量貼現作出估算。時之買入價，把未來合約現金之現行市場利率或根據市場現本集團可取得之類似金融工具而言，財務負債之公平值乃按假設與其公平值相若。就披露面值減去估計信貸調整後，乃人士之結餘及應付土地成本之應收賬款、應付賬款、與關連公平值估算重要會計推算及假設（續）可供出售財務資產 Available-for-sale （續） financial assets （續） 3 級工具變動如 1,113,144 1,151,682 HK$’000 千港元 38,538 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 (b) (a) assumptions assessment requirestheuseofjudgementandestimates. carrying amountsmaynotberecoverable.The events orchangesincircumstancesindicatethatthe prevailing marketconditions.Provisionismadewhen based onpastexperienceandnetsalesvalue determined takingintoaccountcoststocompletion their fairvaluelesscoststosell.Theis the carryingamountsoftheseassetisassessedbasedon separately identifiablecashflows.Therecoverabilityof sale aregroupedatthelowestlevelsforwhichthere under developmentandcompletedpropertiesheldfor For thepurposeofdeterminingprovision,properties use ofjudgementsandestimates. experience. Thesecalculationandvaluationsrequirethe into accountlatestmarketinformationandpast determined basedonvalue-in-usecalculations,taking and equipmentintangibleassetshavebeen be recoverable.Therecoverableamountsofproperties circumstances indicatethatthecarryingamountmaynot balance sheetdateorwhenevereventschangesin Intangible assetsarereviewedforimpairmentateach that thecarryingamountmaynotberecoverable. whenever eventsorchangesincircumstancesindicate Properties andequipmentarereviewedforimpairment properties forsale development forsaleandcompleted Estimated provisionofpropertiesunder equipment andintangibleassets Estimated impairmentofpropertiesand (Continued) (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (a) (a) (b) (b) 重要會計推算及假設物業及設備及無形可供出售之發展中物用判斷及推算。驗。此等計算及估值須運近期市場資料及過往經使用價值釐訂並考慮最產之可收回金額乃按其討。物業及設備及無形資能不能收回時作減值檢況變動顯示其賬面值可個結算日或有事件或情值檢討。無形資產乃於每值可能不能收回時作減或情況變動顯示其賬面物業及設備乃於有事件評估須運用判斷及估計。能無法收回時計提撥備。情況變動顯示賬面值可淨額後釐定。當有事件或據當前市況計算之銷售經驗之竣工成本以及根平值乃經計及基於過往減銷售成本進行評估。公可收回，乃根據其公平值該等資產之賬面值是否金流量之最低水平分類。成物業按可獨立分辨現物業及持作出售之已落就釐定撥備而言，發展中資產之估計減值業及可供出售之已落成物業估計撥備（續）（續） 171

合生創展集團有限公司 . 二零一零年年報 172 Hopson Development Holdings Limited . Annual Report 2010 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 c Estimateoffairvalueinvestmentproperties (c) assumptions i) recentpricesofsimilarpropertiesinlessactive (ii) currentpricesinanactivemarketforpropertiesof (i) information fromavarietyofsourcesincluding: estimates. Inmakingitsjudgement,theGroupconsiders amount withinarangeofreasonablefairvalue absence ofsuchinformation,theGroupdetermines active marketforsimilarleaseandothercontracts.Inthe The bestevidenceoffairvalueiscurrentpricesinan reference toindependentvaluations. transactions thatoccurredatthoseprices,by in economicconditionssincethedateof markets, withadjustmentstoreflectanychanges independent valuations;and reflect thosedifferences,byreferenceto to differentleaseorothercontracts),adjusted different nature,conditionorlocation(orsubject (Continued) (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (c) (c) 重要會計推算及假設投資物業之公平值 (ii) (i) 多項資料來源，包括︰出判斷時，本集團將考慮公平值估算範圍內。於作會把金額釐訂在合理之缺乏有關資料，本集團將躍市場中之現行價格。倘似租賃及其他合約於活公平值之最佳憑證為類估計（續）等價格之影響。境之任何變動對該易日期以來經濟環出調整以反映自交之近期價格，並作之市場中類似物業後，於交投較淡靜經參考獨立估值述不同之處；及作出調整以反映上參考獨立估值）物業之現行價格租賃或其他合約）或地點中不同性質、狀況於交投活躍之市場（或訂有不同（續），並（經之 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 c Estimateoffairvalueinvestment properties (c) assumptions fair valueismadebyreferencetoindependentvaluation. investors’ returnasapercentageofvalueorcost.The projects andgeneratingincomeaftercompletion professional costs,riskassociatedwithcompletingthe outstanding constructioncosts,financeother value ofcompletedproperties,perioddevelopment, the balancesheetdate.Thekeyassumptionsinclude used inthevaluationshouldreflectmarketconditionsat profit andrisk.Thevaluationallkeyassumptions complete theprojectsandappropriateadjustmentsfor completed, lessdeductionsforthecostsrequiredto participants ofthevaluepropertieswhentheyare their fairvaluereflectstheexpectationsofmarket In thecaseofinvestmentpropertiesunderdevelopment, (Continued) (Continued) (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (c) (c) 重要會計推算及假設投資物業之公平值訂。值經參考獨立估值後釐或成本值之百分比。公平以及投資者回報佔價值所賺取收入之相關風險，費用、完成項目及完成後本、財務成本、其他專業發展期、尚未支付建築成包括已落成物業之價值、日之市場狀況。主要假設主要假設應反映於結算進行估值時採用之所有風險之適當調整。估值及減之成本以及就溢利及之預期，減完成項目需扣者對物業價值於落成時其公平值反映市場參與就發展中投資物業而言，估計（續）（續）（續） 173

合生創展集團有限公司 . 二零一零年年報 174 Hopson Development Holdings Limited . Annual Report 2010 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 c Estimateoffairvalueinvestment properties (c) d Currenttaxationanddeferred (d) assumptions determination aremade. and deferredtaxprovisionsin the periodsinwhichsuch recorded, suchdifferenceswill impacttheincometax is differentfromtheamounts thatwereinitially business. Wherethefinaltaxoutcomeofthesematters determination isuncertainduringtheordinarycourseof transactions andcalculationsforwhichtheultimatetax payment oftherelatedtaxation.Therearemany amount oftheprovisionfortaxationandtiming Hong Kong.Judgementisrequiredindeterminingthe The GroupissubjecttotaxationinMainlandChinaand Statusofconstructionpermits • Pastexperiencewithsimilarconstructions • Thedevelopmentriskspecifictotheproperty • Thelevelofreliability ofcashinflowsafter • Whetherthe project/propertyisstandard(typical • Thestageofcompletion • Theprovisionsoftheconstructioncontract • following factors,amongothers: determined reliably,managementconsidersthe investment propertyunderdevelopmentcanbe In ordertoevaluatewhetherthefairvalueofan fair valueoftheinvestmentpropertyunderdevelopment. It maysometimesbedifficulttodeterminereliablythe (Continued) completion for themarket)ornon-standard (Continued) (Continued)

綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (c) (c) (d) (d) 重要會計推算及假設（其中包括）投資物業之公平值本期稅項及遞延稅靠釐定，管理層將考慮資物業公平值是否能可釐定，故為評估發展中投平值有時或會難以可靠由於發展中投資物業公項撥備。間內之所得稅及遞延稅異將影響作出釐定之期記錄之金額不同，有關差之最終稅務結果與初步交易及計算。倘該等事宜多未能確定最終稅項之於日常業務過程中有頗支付時間時須作出判斷。稅項之稅項撥備金額及及香港稅項。於釐訂相關本集團須繳納中國內地估計項（續） • • • • • • • （續）況建築許可證之狀過往經驗類似建築工程之風險物業獨有之發展之可靠程度落成後現金流入屬普遍）標準項目╱物業是否屬已落成階段建築合約條款以下因素：（對市場而言或非標準（續） CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 (d) assumptions local taxauthorities. the periodsinwhichsuchtaxeshavebeenfinalisedwith differences willimpactthetaxationandtaxprovisionsin amounts thatwereinitiallyrecorded,andthese rules. Thefinaltaxoutcomecouldbedifferentfromthe best estimatesaccordingtotheunderstandingoftax these landappreciationtaxesbasedonmanagement’s appreciation anditsrelatedtaxes.TheGrouprecognised required indeterminingtheamountofland Mainland China.Accordingly,significantjudgementis clearance andpaymentswiththelocaltaxauthoritiesin has notfinalisedmostofitslandappreciationtaxes jurisdictions incitiesofMainlandChina,andtheGroup settlement ofthesetaxesvariesamongvarioustax Mainland China.However,theimplementationand The Groupissubjecttolandappreciationtaxesin in theperiodswhichsuchestimateischanged. the recognitionofdeferredtaxationassetsand from theoriginalestimate,suchdifferenceswillimpact losses canbeutilised.Wheretheexpectationisdifferent available againstwhichthetemporarydifferencesortax considers itisprobablethatfuturetaxableprofitwillbe differences andtaxlossesarerecognisedasmanagement Deferred taxassetsrelatingtocertaintemporary Current taxationanddeferred (Continued) (Continued) (Continued)

綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (d) (d) 重要會計推算及假設本期稅項及遞延稅撥備。響期間內的稅項及稅項而出現的有關差異將影稅務機關落實該等稅項錄的金額不同，而因當地稅務結果可能與最初記認此等土地增值稅。最終理解作出的最佳估計，確理層按其對稅務規則的項的金額。本集團根據管定土地增值及其相關稅此，須作出重大判斷以釐稅的結算及付款方法。因關落實大部份土地增值尚未與中國地方稅務機司法權區有異，而本集團中國各城市的不同稅務等稅項的執行及支付，在納土地增值稅。然而，該本集團須於中國內地繳項之確認構成影響。間內遞延稅項資產及稅有關估算出現變動之期估算不同，有關差異會對損。倘預期結果與原先之稅項資產淨值及稅項虧暫時性差異有關之遞延動用時，則會確認與若干性差異或稅項虧損可予稅溢利可用作對銷暫時倘管理層認為未來應課項（續）（續）（續） 175

合生創展集團有限公司 . 二零一零年年報 176 Hopson Development Holdings Limited . Annual Report 2010 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingestimatesand 4.1 (e) Depreciation f Acquisition ofsubsidiaries (f) assumptions acquired overthecostsofacquisition. the excessoffairvaluenetassetssubsidiaries well astheamountofgoodwillfromacquisitionand the carryingamountoftheseassetsandliabilities,as contingent liabilitiesoftheacquiredentitywillimpact and management’sabilitytomeasurereliablythe used andestimatesmadeindeterminingthefairvalues, flows fromtheassets.Anychangesinassumptions market pricesorpresentvalueofexpectednetcash properties heldforsalearedeterminedbyreferenceto values ofinvestmentpropertiesanddevelopment contingent liabilitiesoftheacquiredentities.Thefair assigned totheidentifiableassets,liabilitiesand involves identifyinganddeterminingthefairvaluestobe The initialaccountingontheacquisitionofsubsidiaries assets. future economicbenefitsfromtheuseofGroup’s estimate oftheperiodsthatGroupintendstoderive equipment intoproductiveusereflectstheDirectors’ lives anddatesthattheGroupplacesproperties asset isplacedintoproductiveuse.Theestimateduseful estimated residualvalue,commencingfromthedate years, respectively,andaftertakingintoaccountoftheir useful lifeof28to30years,505yearsand3 motor vehiclesonastraightlinebasisovertheestimated property, building,furnitureandofficeequipment HK$3,199,845,000. TheGroupdepreciatesthehotel as at31stDecember2010wasapproximately The Group’snetbookvalueofpropertiesandequipment (Continued) (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.1 （續） (e) (e) (f) (f) 重要會計推算及假設折舊收購附屬公司年以及分別用途之日起，以直線法於團由資產可投入作生產 3,199,845,000 一日之賬面淨值約為二零一零年十二月三十本集團之物業及設備於金額產生影響。公平值高於收購的成本被收購附屬公司淨資產以及自收購所得商譽及等資產及負債之賬面值體之或然負債，均將對該能否可靠計量被收購實現任何變動以及管理層之假設及作出之估計出在釐定公平值時所使用淨值之市價或現值釐定。等資產之預期現金流量業之公平值乃經參照該業及持作出售發展中物然負債之公平值。投資物之可識別資產、負債及或予以分配予被收購實體計處理涉及識別及釐定收購附屬公司之初始會益之期間之估計。團資產產生未來經濟利對本集團擬自運用本集產用途之日期，反映董事團把物業及設備投入生舊。估計可用年期及本集室設備以及汽車計算折物業、樓宇、傢俬及辦公估計剩餘價值後，對酒店用年期期間，在計及資產（續） 28 3 至至 30 5 年之估計可年、港元。本集 50 （續）年、 5 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingjudgements 4.2 (a) Revenue recognition transferred tothepurchasers. associated withownershipofthepropertieshavebeen Directors believethatsignificantrisksandrewards in executionofthebankguarantees.Accordingly, defaults ofmortgagefacilitiesbythepurchasersresulting based onpastexperiences,therewerenosignificant contractual obligationsofthebankloans.Inaddition, of thepurchasers’commitmenttohonourtheir opinion thatsuchsettlementsprovidesufficientevidence delivery oftheproperties.TheDirectorsare accordance withtherelatedPRCregulationsupon certain percentageofthetotalcontractamountin to obtainmortgages,thepurchaserswouldhavesettled certificates arelodgedwiththevariousbanks.Inorder will expirewhentherelevantpropertyownership purchasers oftheGroup’sproperties.Theseguarantees relating tothemortgageloansarrangedforcertain in respectofmortgagefacilitiesgrantedbycertainbanks As disclosedinnote38,theGroupprovidedguarantees property tothebuyer. vests withthebuyeruponhandoverofrespective the datewhenequitableinterestinproperty transfer ofrisksandrewardsownershipcoincideswith circumstances ofthetransaction.Inmostcases, ownership tobuyersrequirestheexaminationof transferred thesignificantrisksandrewardsof in note2.19.Theassessmentofwhenanentityhas properties intheordinarycourseofbusiness,asdisclosed The Grouphasrecognisedrevenuefromthesaleof (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.2 (a) (a) 重要會計判斷收入確認誠如附註相一致。平權益轉歸買家的時間轉移時間會與物業的衡後，所有權風險和收益的在各物業交付予買家之行審查。大多數情況下，至買家須對交易狀況進的重大風險及回報轉移對於實體何時將擁有權業務中出售物業的收益。集團已確認來自於一般誠如附註回報已被轉移至買家。業所有權的重大風險與付。因此，董事認為，物欠事件，以致進行擔保賠家並無重大按揭貸款拖再者，根據過往經驗，買責任提供了充分證據。家履行銀行貸款的合約董事認為，該等付款為買合同總金額的一定比例。物業交吉之前，需已交付為取得按揭貸款，買家在華人民共和國有關法規，等擔保將告到期。根據中有權證交予各銀行時，該提供擔保。當相關物業所干買家安排的按揭貸款集團就為本集團物業若（續） 2.19 38 所披露，本所披露，本（續） 177

合生創展集團有限公司 . 二零一零年年報 178 Hopson Development Holdings Limited . Annual Report 2010 CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingjudgements 4.2 b Financialimplication ofregulationsidleland (b) c Distinctionbetweeninvestmentpropertiesand (c) to otherassetsusedintheproductionorsupplyprocess. flows thatareattributablenotonlytopropertybutalso an entity.Owner-occupiedpropertiesgeneratecash flows largelyindependentlyoftheotherassetsheldby Group considerswhetherthepropertygeneratescash an investmentproperty.Inmakingitsjudgement,the The Groupdetermineswhetherapropertyqualifiesas development plans. extension oftimecommencementorrevision negotiation withthegovernmentauthoritiesasto development ofthewholetractsland,status this judgement,theGroupevaluatesextentof in anyadversefinancialimpacttotheGroup.Inmaking be reclaimedbytheGovernmentandtherebyresulting of landwillbesubjecttothepenaltyidleormay Judgement isrequiredinassessingwhetherthesetracts specified termsoftherespectivelandgrantcontracts. development hasnotcommencedaccordingtothe the land.TheGrouphascertaintractsoflandforwhich warning orimposeapenaltyonthedeveloperreclaim Government mayregardthelandasidleandissuea completion ofthepropertydevelopment,PRC the landandtimeofcommencement a landgrantcontract,includingthedesignateduseof developer failstodeveloplandaccordingthetermsof Under thePRClawsandregulations,ifaproperty owner-occupied properties (Continued) (Continued) 綜合財務報表附註 4 重要會計推算及判斷 4.2 (b) (b) (c) (c) 重要會計判斷閒置土地法規之財分辨投資物業與自狀況。與政府機關進行磋商之工時限或修訂發展規劃發展程度，以及就延長施集團將評估土地整體之斷。在作出此判斷時，本利財務影響時須作出判政府收回而帶來任何不受閒置土地之懲罰或遭評估該等土地會否遭接條款進行發展。本集團在自之土地批授合約特定有若干土地並無按照各罰款或收回土地。本集團發展商發出警告或徵收能視土地為閒置，並向該完工時限，則中國政府可以及物業發展之施工及土地，包括土地指定用途地批授合約之條款發展物業發展商未能根據土根據中國法例及法規，倘之其他資產佔有。產或供應過程中所使用由該物業佔有，亦會由生所產生之現金流量不只產之現金流量。自用物業獨立於公司所持其他資慮該物業能否產生大致作出判斷時，本集團會考合資格成為投資物業。於本集團會釐訂物業是否務涵意用物業（續）（續）（續） 5 SEGMENT INFORMATION CRITICALACCOUNTINGESTIMATESAND 4 Notes totheConsolidatedFinancialStatements(continued) JUDGEMENTS . Criticalaccountingjudgements 4.2 based onthesereports. resources. Managementhasdeterminedtheoperatingsegments internal reportinginordertoassessperformanceand allocate Executive Directors.TheDirectorsreviewtheGroup’s The chiefoperatingdecisionmakerhasbeenidentifiedasthe c Distinctionbetweeninvestmentpropertiesand (c) its judgement. The Groupconsiderseachpropertyseparatelyinmaking that apropertydoesnotqualifyasinvestmentproperty. determining whetherancillaryservicesaresosignificant administrative purposes.Judgementisappliedin the productionorsupplyofgoodsservicesfor property onlyifaninsignificantportionisheldforusein separately, thepropertyisaccountedforinvestment portions separately.Ifthecannotbesold under afinancelease),theGroupaccountsfor portions canbesoldseparately(orleasedout or servicesforadministrativepurposes.Ifthese that isheldforuseintheproductionorsupplyofgoods rentals orforcapitalappreciationandanotherportion Some propertiescompriseaportionthatisheldtoearn owner-occupied properties (Continued) (Continued) (Continued)

綜合財務報表附註 4 5. 重要會計推算及判斷分部資料 4.2 層已據該等報告釐定營運分部。告，以評估表現及分配資源。管理董事。執行董事審閱本集團內部報主要營運決策人已獲確定為執行 (c) (c) 重要會計判斷分辨投資物業與自作獨立考慮。判斷時均會對每項物業作出判斷。本集團於作出投資物業是否重要時須對物業未能合資格成為資物業。於釐訂附屬服務極少部份時，被確認為投或行政用途之部份只佔生產或供應貨物或服務售，則該物業僅會於持作倘該等部份不可分開出將會把該部份分開入賬。賃分開出租）分開出售行政用途。倘該等部份可產或供應貨物或服務或份，而另一部份可持作生取租金或資本增值之部部份物業可分為持作賺用物業（續）（續）（或根據融資租（續），則本集團（續） 179

合生創展集團有限公司 . 二零一零年年報 180 Hopson Development Holdings Limited . Annual Report 2010 5 SEGMENT INFORMATION Notes totheConsolidatedFinancialStatements(continued) management income. of properties,revenuefromrentalandhoteloperation,property Revenue compriseturnoverwhichincludedgrossproceedsfrom sale manner consistentwiththatintheconsolidatedincomestatement. external partiesreportedtotheExecutiveDirectorsismeasured ina those thatprevailinarm’slengthtransactions.Therevenue from Sales betweensegmentsarecarriedoutontermsequivalent to areas Segment resultsbybusinesslinesandgeographical total balancesheetassets. basis, anddeferredtaxassets.Thesearepartofthereconciliationto deposit forproposedinvestmentswhicharemanagedonacentral cash equivalents.Theyexcludeavailable-for-salefinancialassetsand sale, prepayments,depositsandothercurrentassetscash properties underdevelopmentforsale,completed investment properties,inajointlycontrolledentity, Segment assetsconsistprimarilyofpropertiesandequipment, by theExecutiveDirectors. included intheresultsforeachoperatingsegmentthatisreviewed Corporate expense,financeincomeandcostsarenot segments basedonameasureofadjustedsegmentresults. The ExecutiveDirectorsassesstheperformanceofoperating Shanghai, HangzhouandNingbo). Taiyuan andQinhuangdao)EasternChina(EC)(including Kong), NorthernChina(NC)(includingBeijing,Tianjin,Dalian, China (SC)(includingGuangzhou,Huizhou,ZhongshanandHong segregated intothreemaingeographicalareas,namelySouthern consider thatthereportablebusinesssegmentscanbefurther and propertymanagement.Geographically,theExecutiveDirectors are propertydevelopment,investment,hoteloperations and geographicperspective.Reportablebusinesssegmentsidentified The ExecutiveDirectorsconsiderthebusinessfrombotha (Continued)

綜合財務報表附註 5. （包括廣州、惠州、中山及香港）分部資料計之對賬一部分。稅項資產，並為資產負債表資產合財務資產、建議投資之按金及遞延價物。其不包括集中管理可供出售金及其他流動資產及現金及現金等成之可供出售物業、預付款項、按資、可供出售之發展中物業、已落資物業、於一間共同控制實體之投分部資產主要包括物業及設備、投所審閱之各營運分部業績。收入及財務成本並無計入執行董事營運分部之表現。公司開支、財務執行董事根據經調整分部業績評估寧波）秦皇島）北步劃分為三個主要地區，包括華南行董事認為可呈報業務分部可進一及物業管理。就地理方面而言，執括物業發展、物業投資、酒店營運業務。已識別之可呈報業務分部包執行董事會從商業及地理角度考慮營運及物業管理收入。售總所得款項、租金收益以及酒店收益包括營業額，其中包括物業銷按與綜合損益表一致之方式計量。行。向執行董事呈報之對外銷售額分部間銷售乃按公平交易條款進業績按業務及地區劃分之分部（包括北京、天津、大連、太原及。及華東（續）（續）（包括上海、杭州及、華 5 SEGMENT INFORMATION Notes totheConsolidatedFinancialStatements(continued) Total revenues Year ended31stDecember2010 associates Share ofprofitlessloss Inter-segment revenues controlled entity Share oflossajointly Revenues Depreciation Adjusted segmentresults Amortisation investment Fair valuegainson the yearended31stDecember2010areasfollows: The segmentresultsbybusinesslinesandgeographicalareasfor areas Segment resultsbybusinesslinesandgeographical Property managementincome — Rental income Income fromhoteloperation Sales ofproperties — Investmentproperties properties Others (Continued) 投資物業之分佔一間共同控制總收益截至二零一零年分佔聯營公司溢利分部間收益收益折舊經調整分部業績攤銷公平值收益實體虧損止年度十二月三十一日減虧損 ,5,6 ,8,6 ,7,2 8——3,9 4,1 1,4 14,697,000 411,347 240,515 31,693 — — 98 6,075,622 2,885,163 5,052,562 ,6,4 ,8,6 ,3,2 8——3,9 4,9 1,3 14,379,253 410,634 148,099 31,693 — — 98 6,034,523 2,885,163 4,869,043 ,9,1 6,9 ,1,1 ,8,6 ,7,2 1,7 317(5,7)2,6 9,041,472 28,968 (153,779) 13,187 514,979 1,579,726 1,687,466 2,516,914 962,895 1,891,116 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 1359 (41,099) — (183,519) 港港港港港港港港港千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元 836 207 680 18 18 670 9,1)(,2)(118,922) (1,820) (92,813) (6,750) — (118) (178) (6,850) (2,057) (8,336) ,5 (187) — 1,258 南華北華東華南華北華南華北華東華南華北華東華南 rprydvlpetPoet netetHotel operations Propertyinvestment Property development CE CS CN CNC SC NC EC SC NC EC SC ,9,0 ,8,5 1,6 3,795,624 — — — 516,162 (666) 1,584,659 1,694,803 — — — — — ——————(2,691)(3,154) —(5,845) 業展物投店運物管集團物業管理酒店營運物業投資物業發展 (Continued) 物業管理收入租金收入酒店營運收入物業銷售 — — 其他投資物業 —— — ————— —— — ————— ———— 綜合財務報表附註 5. 分部資料業績按業務及地區劃分之分部如下︰年度按業務及地區劃分之分部業績截至二零一零年十二月三十一日止（續）二零一零年 14,379,253 13,696,356 HK$’000 179,792 410,634 92,373 千港元（續）（續） 2010 98 二零零九年 9,1)(1)(317,747) (713) (92,416) 11,225,246 10,631,159 HK$’000 131,558 431,355 31,174 千港元 2009 aaeetGroup management — Property 181

合生創展集團有限公司 . 二零一零年年報 1,071 (666) 182 Total revenues Year ended31stDecember2009 Inter-segment revenues Revenues Adjusted segmentresults Depreciation Amortisation investment properties Fair valuegainson associates Share ofprofitlessloss Hopson Development Holdings Limited . Annual Report 2010 controlled entity Share ofprofitajointly 5 SEGMENT INFORMATION Notes totheConsolidatedFinancialStatements(continued) Investmentsinassociates anddeferredtaxassets) financial instruments assets Additionstonon-current (other than 31stDecember2010 For theyearended controlled Investmentinajointly entity Segment assetsinclude: As at31stDecember2010 the yearended31stDecember2009areasfollows: The segmentresultsbybusinesslinesandgeographicalareasfor areas Segment resultsbybusinesslinesandgeographical 31st December2010areasfollows: The segmentassetsbybusinesslinesandgeographicalareasasat IncludessegmentresultsofTianjinwhichwasseparatelydisclosedin2009. Note: (Continued) 總收益截至二零零九年分部間收益收益經調整分部業績折舊攤銷投資物業之分佔聯營公司溢利分佔一間共同控制十二月三十一日止年度公平值收益減虧損實體溢利

截至二零一零年分部資產包括於二零一零年於聯營公司之添置非流動資產止年度十二月三十一日於一間共同控制十二月三十一日（不包括金融投資稅項資產）工具及遞延實體之投資 581991,9,2 87818371321,8,4 ,2,9 2,1 86428876579687,116,621 577,936 2,828,796 28,624 525,512 1,027,794 10,688,141 3,711,362 28,798,138 13,098,329 25,831,989 ： K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港港港港港港港千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元 5122572,4 3,2 7,4 9396191,6 0,1 9 745,215 394 208,015 17,662 6,179 69,309 270,042 134,721 21,244 2,527 15,122 ,3 41,494 — 1,939 南華北華東華南華華北華東華南華北華東華南華北華東華南 rprydvlpetPoet netetHotel operations Propertyinvestment Property development CE CS CN CE NC EC SC NC EC SC NC EC SC 1,512,92 — — ,8,3 ,7,6 ,6,7 114—2,3 0,2 4,1 11,328,511 444,313 106,927 24,631 — 31,174 3,165,270 3,675,466 3,880,730 ,0,1 ,7,6 ,4,7 114—2,3 0,2 3,5 11,225,246 431,355 106,927 24,631 — 31,174 3,145,874 3,675,466 3,809,819 ,3,9 ,1,0 ,0,4 ,1,5 ,2,4 ,5 1461 9859,129,138 79,825 (144,681) 7,050 3,020,245 1,710,754 1,505,148 1,510,900 1,439,897 業展物投店運物管集團物業管理酒店營運物業投資物業發展 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 7,1)—(936 1,5)(103,265) (12,958) — — — — (19,396) — (70,911) 港港港港港港港港千港元千港元千港元千港元千港元千港元千港元千港元千港元 604 193 1,6)(1 8)(,0)(282 167 (91,250) (1,697) (62,832) (7,306) (81) (11) (11,366) (1,953) (6,004) 277 192 90 260 110 (9,409) — (1,150) (2,620) — — (900) (1,962) (2,777) 南華北華東華華北華南華東華南華北華東華南 52 84 (1,346) — — — — — (824) — (522) CE CS CS NC SC EC SC NC EC SC ,7,7 ,2,1 4,700,097 — — — 3,020,518 1,679,579 — — — 8,5 385,759 — — — — — 385,759 — — rprydvlpetPoet netetHoteloperations Propertyinvestment Property development (Continued) 業展物投店運物管集團物業管理酒店營運物業投資物業發展 ——— — 3—————— 附）（附註）（附註） Nt)(Note) (Note) ———— —————— 綜合財務報表附註 5. 附註：包括於二零零九年分開披露之天津之分分部資料如下︰年度按業務及地區劃分之分部業績截至二零零九年十二月三十一日止業績按業務及地區劃分之分部務及地區劃分之分部資產如下︰於二零一零年十二月三十一日按業（續）部業績。（續）（續） aaeetGroup management aaeetGroup management Property Property 1,512,923 43,433 deferred tax instruments assets) and (other Additionstonon-currentassets than financial 31stDecember2009 For theyearended controlled Investmentinajointly entity As at31stDecember2009 Investmentsinassociates Segment assetsinclude: 5 SEGMENT INFORMATION Notes totheConsolidatedFinancialStatements(continued) 31st December2009areasfollows: The segmentassetsbybusinesslinesandgeographicalareasasat areas Segment resultsbybusinesslinesandgeographical before taxationisasfollows: Reconciliation ofreportablesegmentprofitfromoperationsto IncludessegmentassetsofTianjinwhichwasseparatelydisclosedin2009. Note: Profit beforetaxation Finance income from Reportable segmentprofit Finance costs income/(expenses), Unallocated corporate (Continued) operations

截至二零零九年

於二零零九年分部資產包括：添置非流動資產十二月三十一日止年度於一間共同控制實體十二月三十一日於聯營公司之投資資產）金融工具及遞延稅項之投資 net （不包括 31461776552,3,6 ,7,6 ,3,6 0,0 ,6,7 9,7 67,791,258 195,875 2,566,271 507,104 5,938,360 2,476,368 25,236,064 7,736,545 23,134,671 K’0 K’0 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港港港港港千港元千港元千港元千港元千港元千港元千港元千港元千港元 1951,0 8,4 650541558540172731,519,433 2,733 450,177 5,855 514,115 36,570 483,242 14,806 11,935 南華北華東華華北華南華東華南華北華東華南 3 028—————40,925 — — — — — 40,288 — 637 CE CS CS NC SC EC SC NC EC SC ,8,9 1,188,692 — — — — — 1,188,692 — — rprydvlpetPoet netetHoteloperations Propertyinvestment Property development (Continued) 除稅前溢利財務收入可呈報分部經營溢利財務成本未分配公司收入╱ 業展物投店運物管集團物業管理酒店營運物業投資物業發展附）（附註）（附註） Nt)(Note) (Note) （開支），淨額綜合財務報表附註 5. 附註：包括於二零零九年分開披露之天津之分分部資料務及地區劃分之分部資產如下︰於二零零九年十二月三十一日按業業績按業務及地區劃分之分部利對賬如下：可呈報分部之經營溢利與除稅前溢（續）部資產。二零一零年 8,843,109 9,041,472 (253,307) HK$’000 17,039 37,905 千港元（續）（續） 2010 二零零九年 8,791,918 9,129,138 (333,639) HK$’000 (17,132) 13,551 千港元 aaeetGroup management 2009 Property 183

合生創展集團有限公司 . 二零一零年年報 184 Hopson Development Holdings Limited . Annual Report 2010 5 SEGMENT INFORMATION Notes totheConsolidatedFinancialStatements(continued) Mainland China. than financialinstrumentsanddeferredtaxassetsarelocatedin As at31stDecember2010and2009,allnon-currentassets,other China. the yearended31stDecember2010and2009arefromMainland The GroupprimarilyoperatesinMainlandChina.Allrevenuesfor Reconciliation ofreportablesegmentassetstototalare: areas Segment resultsbybusinesslinesandgeographical Total assets Available-for-sale financialassets Deferred taxassets Total segmentassets Deposit forproposedinvestment (Continued) (Continued) 總資產可供出售財務資產遞延稅項資產分部資產總額建議投資之按金綜合財務報表附註 5. 分部資料下︰可呈報分部之資產與總資產對賬如業績按業務及地區劃分之分部國大陸。金融工具及遞延稅項資產）三十一日，所有非流動資產於二零一零年及二零零九年十二月自中國大陸。月三十一日止年度，所有收益均來截至二零一零年及二零零九年十二本集團主要於中國大陸經營業務。（續）二零一零年 87,116,621 91,160,760 3,316,388 HK$’000 167,541 560,210 千港元（續）（續） 2010 二零零九年 67,791,258 70,654,264 2,671,719 HK$’000 191,287 均位於中（不包括千港元 2009 — 6 LAND COSTS Notes totheConsolidatedFinancialStatements(continued) pledged ascollateralfortheGroup’sbankingfacilities(Note 24). HK$90,069,000 (2009:HK$14,450,000)oftheGroup’sland was As at31stDecember2010,netbookamountofapproximately properties andself-usebuildings. Land costsrepresentprepaidoperatingleasepaymentsforhotel Amortisation In HongKong,heldon: At 31stDecember Exchange difference Leasesofover50years 10and50years Landuserightsofbetween andprepaymentsforacquisitionofland Additions In MainlandChina,heldon: At 1stJanuary Transfer from/(to)investmentproperties, properties underdevelopmentforsale 於香港 50

於中國大陸攤銷於十二月三十一日匯兌差額

轉撥自╱ 新增於一月一日介乎使用權款項之發展中物業及收購土地預付年以上之租約，按以下方式持有： 10 （至）年至，按以下方式持有： 50 投資物業、可供出售年之土地綜合財務報表附註 6 品已抵押作本集團之銀行信貸之抵押零零九年：土地成本預付經營租賃款項。土地成本指酒店物業及自用樓宇之集團賬面淨值約於二零一零年十二月三十一日（附註二零一零年二零一零年 24 HK$’000 HK$’000 622,193 618,871 622,193 201,055 329,440 ） 78,750 18,793 千港元千港元 (5,845) 。 14,450,000 3,322 （續） 2010 2010 Group Group 集團集團 90,069,000 港元）二零零九年二零零九年 (431,069) HK$’000 HK$’000 329,440 326,154 329,440 749,663 13,680 千港元千港元港元 (3,526) 3,286 之土地 2009 2009 692 ，本（二 185

合生創展集團有限公司 . 二零一零年年報 Opening netbookamount Year ended31stDecember2010 186 Hopson Development Holdings Limited . Annual Report 2010 PROPERTIESANDEQUIPMENT 7 Notes totheConsolidatedFinancialStatements(continued) Disposal ofsubsidiaries amortisation) capitalisationofland Additions (including amortisation) Transfer Disposals Depreciation Additions (including Net bookamount Accumulated depreciation Cost At 31stDecember2009 Closing netbookamount Exchange difference Transfer Disposals Depreciation Opening netbookamount Year ended31stDecember2009 Net bookamount Accumulated depreciation Cost At 31stDecember2010 Closing netbookamount Exchange difference capitalisation ofland 期初賬面淨值截至二零一零年十二月三十一日止年度出售附屬公司新增新增轉撥出售折舊賬面淨值累計折舊成本於二零零九年期終賬面淨值匯兌差額轉撥出售折舊期初賬面淨值截至二零零九年賬面淨值累計折舊成本於二零一零年期終賬面淨值匯兌差額 Construction in 攤銷）攤銷）十二月三十一日十二月三十一日止年度十二月三十一日（包括資本化土地（包括資本化土地 progress 建程酒物樓宇酒店物業在建工程 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港港千港元千港元千港元千港元千港元千港元 ,8,5 ,6,9 2,6 8,5 4093,175,029 24,069 181,650 222,664 1,566,295 1,180,351 6056 4,3 7,30 643,235 (650,536) 0,4 ,7,2 3,8 5,0 5453,199,845 25,485 3,614,205 158,106 57,426 3,199,845 233,786 337,280 25,485 2,175,026 257,219 607,442 158,106 2,354,838 233,786 607,442 2,175,026 607,442 726——1,7 ,6 71,347 5,962 18,179 — — 47,206 0412,1 ,6 ,8 4 74,227 843 5,781 7,767 29,415 30,421 rprisBuildings properties 1)(,3)(8)(1,836) (488) (1,335) (118,922) (4,901) (13) (46,169) — (3,933) (63,919) — — 1982 2,3)(7,7)(191 (414,360) (31,941) (179,174) (23,433) (179,812) — Hotel 綜合財務報表附註 ,8,5 ,6,9 2,6 8,5 4093,175,029 24,069 3,461,840 51,882 181,650 3,175,029 310,922 24,069 222,664 241,445 1,566,295 181,650 1,180,351 1,677,240 222,664 1,180,351 1,566,295 1,180,351 7 6229 2,6 3)——— — — (33) 622,262 (622,229) 3,0 615415856,999 4,185 16,105 — — 836,709 964,047 ,2 ,6 8 3 24,753 42 333 386 2,168 1,824 物業及設備 11 (101) — (101) — — — 9)(3)(6)(995) (286,811) (27,813) (365) (129,272) (91,250) (538) (18,781) (3,724) (110,945) (92) — (42,289) (7,327) — (37,910) — — Group 集團 equipment 公設車總額汽車辦公室設備 7,7 2,3 0,4 3912,405,623 23,931 208,140 229,730 979,775 and office Furniture 1——— （續）傢俬及 eilsTotal vehicles Motor PROPERTIESANDEQUIPMENT 7 8 INVESTMENT PROPERTIES Notes totheConsolidatedFinancialStatements(continued) administrative expensesintheincomestatement. Depreciation expenseshavebeenincludedingeneraland rights expiringfrom2042through2046. progress islocatedinMainlandChinaonlandheldunderuse properties, whichwillbeheldforthelong-term.Allconstructionin Construction inprogressmainlyrepresentsbuildingsandhotel 24). 2010 werepledgedascollateralfortheGroup’sbankingfacilities(Note HK$1,946,733,000 (2009:HK$90,104,000)asat31stDecember Hotel propertieswithanetbookamountofapproximately investment properties Fair valuegainson Exchange difference Disposals andprepayments foracquisitionofland Transfer from/(to)completedproperties, At 31stDecember At 1stJanuary development Investment propertiesunder Completed investmentproperties interest) Additions (includingcapitalisationof properties underdevelopmentforsale 發展中投資物業已落成投資物業投資物業公平值收益

於十二月三十一日匯兌差額出售轉撥自╱ 於一月一日新增付款項售之發展中物業及收購土地預 (Continued) （包括資本化利息）（至）已落成物業、可供出

綜合財務報表附註 7 8 （附註已抵押作本集團銀行信貸之抵押品行政費用內。折舊開支已包括在損益表之一般及權持有之土地。至二零四六年期間屆滿之土地使用大陸，以及位於根據於二零四二年酒店物業。所有在建工程位於中國在建工程主要指長期持有之樓宇及物業及設備投資物業九年：面淨值約於二零一零年十二月三十一日，賬 24 二零一零年二零一零年 90,104,000 15,405,498 15,405,498 11,707,191 3,795,624 2,335,722 8,378,105 3,698,307 ） HK$’000 HK$’000 。 1,946,733,000 424,127 471,920 千港元千港元（續） 2010 2010 — Group Group （續）集團集團港元）二零零九年二零零九年港元之酒店物業 8,378,105 4,700,097 2,856,094 8,378,105 8,378,105 (122,120) HK$’000 HK$’000 593,199 342,555 （二零零千港元千港元 8,280 2009 2009 — 187

合生創展集團有限公司 . 二零一零年年報 188 Hopson Development Holdings Limited . Annual Report 2010 8 INVESTMENT PROPERTIES PROPERTIESUNDERDEVELOPMENTFOR 9 Notes totheConsolidatedFinancialStatements(continued) SALE pledged ascollateralfortheGroup’sbankingfacilities(Note24). HK$504,743,000) oftheGroup’sinvestmentpropertieswere As at31stDecember2010,approximatelyHK$4,137,958,000(2009: 31st December2010. Debenham TieLeungLimited,independentqualifiedvaluers,asat valuations performedonanopenmarketvaluebasisbyDTZ through 2058).Theywerestatedatfairvalueswithreferenceto under landuserightsexpiringfrom2037through2058(2009:2057 All investmentpropertiesarelocatedinMainlandChinaonlandheld Land Amount comprises: twelve months morethan twelvemonths capitalised Constructioncostsand available forsalewithin Expected tobecompletedand availableforsaleafter Expected tobecompletedand Finance costscapitalised costs expenditures 金額包括

(Continued) 土地成本預期將於十二個月內預期將於超過十二個月已資本化財務成本建築成本及已資本化竣工及可供出售後竣工及可供出售開支：

二零一零年 31,967,756 26,131,885 31,967,756 20,970,601 綜合財務報表附註 5,835,871 1,610,865 9,386,290 As at31stDecember 8 9 HK$’000 於十二月三十一日千港元 2010 （二零零九年：於二零五七年至二零投資物業可供出售之發展中物業年：集團約於二零一零年十二月三十一日，本值列賬。市場價格基準進行之估值，以公平二零一零年十二月三十一日按公開格獨立估值師戴德梁行有限公司於之土地。所有投資物業已參考合資五八年）於根據於二零三七年至二零五八年所有投資物業均位於中國大陸及位註抵押作本集團銀行信貸之抵押品 24 504,743,000 ）。 4,137,958,000 零九二零零九年二零零九年 0566730,544,173 30,556,607 25,702,782 23,256,452 30,544,173 30,556,607 21,633,651 20,945,137 期間屆滿的土地使用權持有 ,0,5 4,841,391 7,300,155 7,676,606 1,398,196 8,213,274 Group K’0 HK$’000 HK$’000 集團港千港元千港元（續）（續） 092009 2009 港元）港元之投資物業已於一月一日 1st January （二零零九 1,233,916 As at （附 PROPERTIESUNDERDEVELOPMENTFOR 9 11 INTANGIBLE ASSETS COMPLETEDPROPERTIESFORSALE 10 Notes totheConsolidatedFinancialStatements(continued) SALE HK$259 million(2009:HK$241million)wasrestrictedfor (2009: 239,000squaremetre)oflandwithacarryingamount As at31stDecember2010,approximately239,000squaremetre (Note 24). for salewerepledgedascollateraltheGroup’sbankingfacilities HK$4,677,986,000) oftheGroup’spropertiesunderdevelopment As at31stDecember2010,approximatelyHK$4,055,569,000(2009: from 2037through2078. China andarelocatedonlandheldunderuserightsexpiring All propertiesunderdevelopmentforsalearelocatedinMainland development, transferandpledgeduetoapendinglitigation. 24). were pledgedascollateralfortheGroup’sbankingfacilities(Note HK$2,067,747,000) oftheGroup’scompletedpropertiesforsale As at31stDecember2010,approximatelyHK$1,623,111,000(2009: through 2078. are locatedonlandheldunderuserightsexpiringfrom2037 All completedpropertiesforsalearelocatedinMainlandChinaand Net bookamount Accumulated impairmentcharge Cost Exchange difference At 1stJanuary At 31stDecember (Continued) 賬面淨值累計減值費用成本匯兌差額於一月一日於十二月三十一日

綜合財務報表附註 9 11 10 （續）可供出售之發展中物業無形資產可供出售之已落成物業，約日，於二零一零年十二月三十一信貸之抵押品之發展中物業已抵押作本集團銀行年：集團約於二零一零年十二月三十一日，本用權持有之土地。年至二零七八年期間屆滿的土地使中國大陸，並位於根據於二零三七所有可供出售之發展中物業均位於信貸之抵押品之已落成物業已抵押作本集團銀行年：集團約於二零一零年十二月三十一日，本權持有之土地。至二零七八年期間屆滿之土地使用中國大陸及位於根據於二零三七年全部可供出售之已落成物業均位於 241,000,000 259,000,000 年：押限制。項待決訢訟而受到發展、轉讓及質 4,677,986,000 2,067,747,000 239,000 二零一零年 4,055,569,000 1,623,111,000 239,000 HK$’000 124,837 136,666 124,837 120,660 (11,829) 千港元港元） 4,177 港元平方米）賬面值為（續） 2010 （附註（附註 Goodwill 平方米 Group 集團商譽（二零零九年：之土地開發，因一港元）港元） 24 24 港元港元））（二零零九二零零九年。。之可供出售之可供出售（二零零九（二零零九 HK$’000 120,660 132,095 120,660 120,455 (11,435) 千港元 2009 205 189

合生創展集團有限公司 . 二零一零年年報 190 Northern China Southern China Hopson Development Holdings Limited . Annual Report 2010 11 INTANGIBLE ASSETS Notes totheConsolidatedFinancialStatements(continued) of thegoodwillallocationispresentedbelow: identified accordingtooperatingsegment.Asegmentlevelsummary Goodwill isallocatedtotheGroup’scash-generatingunits(“CGUs”) Impairment testsforgoodwill Key assumptionsusedforvalue-in-usecalculationsin2010: using zerogrowthrate. period. Cashflowsbeyondthefive-yearperiodareextrapolated on financialbudgetsapprovedbymanagementcoveringafive-year use calculations.Thesecalculationscashflowprojectionsbased The recoverableamountofaCGUisdeterminedbasedonvalue-in- Discount rate Gross margin 華北華南 (Continued) development 業展物管總計物業管理物業發展 Property K’0 K’0 HK$’000 HK$’000 HK$’000 折現率毛利率港港千港元千港元千港元 6892,2 124,837 96,809 28,028 — 96,809 96,809 80828,028 28,028 — 二零一零年 management 2010 Property rprydvlpet Propertymanagement Property development 綜合財務報表附註 11. otenCiaNorthernChina Southern China Total 無形資產下：位」本集團現金產生單位商譽分配至根據地區分部確認之商譽之減值測試假設：二零一零年使用價值計算法之主要長率推斷。出五年期以上之現金流量乃按零增蓋五年期間之現金流預測進行。超據由管理層批核之財務預算得出涵使用價值計算。該計算方法使用根現金產生單位之可收回金額乃根據 development 業展物業管理物業發展）業展物管總計物業管理物業發展。商譽分配之分部概要呈列如 40 14.0% 13.8% 14.0% 12.7% K’0 K’0 HK$’000 HK$’000 HK$’000 Property 港港千港元千港元千港元 350—93,570 — 93,570 3502,9 120,660 27,090 93,570 南華北華南 70027,090 27,090 — （續）（續）二零零九年 aaeetTotal management 2009 Property （「現金產生單 12 SUBSIDIARIES 11 INTANGIBLE ASSETS Notes totheConsolidatedFinancialStatements(continued) Impairment testsforgoodwill a Investmentsinsubsidiaries (a) Key assumptionsusedforvalue-in-usecalculationsin2009: market development.Thediscountratesusedarepre-tax. gross marginbasedonpastperformanceanditsexpectationsforthe within theoperatingsegment.Managementdeterminedbudgeted These assumptionshavebeenusedfortheanalysisofeachCGU Gross margin Discount rate time duringtheyearended31st December2010. None ofthesubsidiarieshad any loancapitalinissueat are setoutinNote42. Details oftheprincipalsubsidiariesasat31stDecember2010 amounts duefromsubsidiariesareconsideredequityinnature. bearing andwithoutpre-determinedrepaymentterms.These Amounts duefromsubsidiariesareunsecured,non-interest Due fromsubsidiaries Unlisted shares,atcost (Continued) (Continued) 毛利率折現率應收附屬公司款項非上市股份，按成本值 rprydvlpet Propertymanagement Property development 綜合財務報表附註 11. 12 otenCiaNorthernChina Southern China 無形資產附屬公司假設：二零零九年使用價值計算法之主要商譽之減值測試 (a) 及稅項。算毛利率。所採用之折現率並未計表現及其對市場發展之預測釐訂預現金產生單位此等假設乃用於分析經營分部內各業展物業管理物業發展 14.3% 25.7% 貸資本。屬公司均無擁有任何已發行借一日止年度內任何時間，各附於截至二零一零年十二月三十 42 之主要附屬公司詳情載於附註於二零一零年十二月三十一日益性質。等應收附屬公司款項被視為權免息及並無預定還款時間。該應收附屬公司款項為無抵押、於附屬公司之投資二零一零年南華北華南 15,228,037 15,140,016 。 HK$’000 88,021 千港元（續）（續） 2010 Company 。管理層會根據過往公司（續）二零零九年 14,665,885 14,580,809 HK$’000 85,076 千港元 14.3% 16.6% 2009 191

合生創展集團有限公司 . 二零一零年年報 192 Hopson Development Holdings Limited . Annual Report 2010 3 INVESTMENTSINASSOCIATES 13 12 SUBSIDIARIES Notes totheConsolidatedFinancialStatements(continued) b Loanstosubsidiaries (b) At 31stDecember Share ofprofitlesslossassociates At 1stJanuary Exchange difference 8.9% (2009:8%to8.9%)perannum. Loans tosubsidiariesareunsecuredandcarryinterestat8% Current Loans tosubsidiaries (Continued) 於十二月三十一日分佔聯營公司溢利減虧損於一月一日匯兌差額流動

附屬公司之貸款綜合財務報表附註 12 13 附屬公司於聯營公司之投資 (b) 附屬公司之貸款利率為附屬公司之貸款乃無抵押年：二零一零年二零一零年 HK$’000 HK$’000 8 218,274 218,274 43,433 40,925 厘至千港元千港元 1,437 1,071 （續）（續） 8 2010 2010 Company 厘至 Group 8.9 公司集團厘） 8.9 。二零零九年二零零九年厘（二零零九 HK$’000 HK$’000 217,638 217,638 40,925 42,201 千港元千港元 (1,346) 2009 2009 70 ，年 3 INVESTMENTSINASSOCIATES 13 Notes totheConsolidatedFinancialStatements(continued) of HK$8,286,000(2009:HK$8,009,000). Investments inassociatesat31stDecember2010includegoodwill The Group’sinterestinassociates,whichareunlisted,isasfollows: Name 稱所已行份情註成地要務資債收入負債資產主要業務註冊成立地點所持已發行股份詳情名稱北京京泰物流置業 Limited Beijing BHLLogistics 廣東華生教育文化發展 Company Limited Development Huasheng Cultural Guangdong 二零一零年 2010 北京京泰物流置業 Limited Beijing BHLLogistics 廣東華生教育文化發展 Company Limited Development Huasheng Cultural Guangdong 二零零九年 2009 有限公司有限公司有限公司有限公司 issued sharesheld Particulars of 20,000,000 註冊股本 US$20,000,000 Registered capitalof 註冊股本 RMB5,000,000 Registered capitalof 20,000,000 註冊股本 US$20,000,000 Registered capitalof 註冊股本 RMB5,000,000 Registered capitalof 人民幣人民幣 5,000,000 5,000,000 美元美元元元中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China incorporation Place of (Continued) 物業發展 development Property 物業發展 development Property 營辦學校 school Operation of 營辦學校 school Operation of ciiisAst iblte Revenues Liabilities Assets activities Principal 綜合財務報表附註 13 於聯營公司之投資下：本集團於非上市聯營公司之權益如港元聯營公司之投資包括商譽於二零一零年十二月三十一日，於 K’0 K’0 K’0 K’0 % HK$’000 HK$’000 HK$’000 HK$’000 港港港千港元千港元千港元千港元 6181,1 83 25.0% (823) — 13,918 46,198 25.0% (187) 50,333 14,747 47,954 ,1 ,7 ,9 ,5 40.0% 1,258 1,691 1,979 3,919 ,4 ,0 53 40.0% (523) — 5,607 6,243 （二零零九年：（續） 8,009,000 （續） 8,286,000 港元）虧）所持權益（虧損）溢利╱ Profit/ (loss) 。 193 Interest 合生創展集團有限公司 . 二零一零年年報 held 194 Hopson Development Holdings Limited . Annual Report 2010 4 INVESTMENTINAJOINTLYCONTROLLED 14 Notes totheConsolidatedFinancialStatements(continued) ENTITY building (North)inthepropertydevelopmentproject. building (South)and45%oftheprofitarisingfrom office Group isentitledto100%oftheprofitarisingfrom office require 75%ofthevotingBoardDirectors.Besides, the BJ Dongfangwenhua.OrdinaryresolutionsofDongfangwenhua Dongfangwenhua andisentitledto57.14%ofthevotingpower in The Groupisresponsibleforcontributing97%ofthecapital ofBJ of HK$820,190,000(equivalentapproximatelyRMB795,584,000). Dongfangwenhua, foratotalconsiderationandcapitalcontribution In 2007,theGroupacquired60.98%equityinterestinBJ project inBeijing,MainlandChina. Dongfangwenhua”), acompanywithpropertydevelopment Dongfangwenhua InternationalPropertiesCompanyLimited(“BJ controlled entityrepresentstheGroup’sinvestmentinBeijing As at31stDecember2009and2010,investmentinajointly At 1stJanuary2009 At 31stDecember2010 Exchange difference Share ofpost-acquisitionresults Capital injection At 1stJanuary2010 At 31stDecember2009 Exchange difference Share ofpost-acquisitionresults 於二零零九年一月一日於二零一零年匯兌差額分佔收購後業績注資於二零一零年一月一日於二零零九年匯兌差額分佔收購後業績十二月三十一日十二月三十一日 Share ofnet 佔資款總計墊款分佔淨資產綜合財務報表附註 14 K’0 K’0 HK$’000 HK$’000 HK$’000 185,068 7,3 3,9 1,512,923 638,590 278,925 874,333 — 1,188,692 617,222 278,925 571,470 7,7 1,2 1,188,692 385,759 617,222 — 571,470 385,759 港港千港元千港元千港元 4642,6 45,972 21,368 24,604 sesAvneTotal Advance assets （相等於約人民幣 66 (666) — (666) 4 ,5 1,693 1,050 643 投資於一間共同控制實體之資本注資總額為中之利及來自物業發展項目寫字樓文華 97% 本集團有責任分擔北京東方文華之方文華之於二零零七年，本集團收購北京東北京一個物業發展項目之公司。之投資，北京東方文華為擁有中國東方文華來自寫字樓權。此外，本集團亦有權分佔北京華之普通決議案須董事會際置業有限公司投資乃指本集團於北京東方文華國三十一日，於一間共同控制實體之於二零零九年及二零一零年十二月 45% 資本貢獻及有權擁有北京東方 57.14% 60.98% 溢利。 Group 集團 1,7 801,240 616,172 （續）投票權。北京東方文（「北京東方文華股本權益，代價及 795,584,000 820,190,000 （南）之 75% 100% （北）元）港元投票

溢。」） 5 INVESTMENTSINJOINTLYCONTROLLED 15 INVESTMENTINAJOINTLYCONTROLLED 14 Notes totheConsolidatedFinancialStatements(continued) ASSETS ENTITY and 2010areasfollows: the jointlycontrolledentityforyearended31stDecember2009 2009 and2010,theGroup’sshareofrevenuesresults The Group’sshareoftheassetsandliabilitiesasat31stDecember to HK$1,295,173,000(2009:HK$1,112,228,000). of thejointlycontrolledassets as at31stDecember2010amounted HK$140,182,000 (2009:lossof HK$29,228,000)andthenetassets the netgainofjointlycontrolled assetsfortheyearamountedto controlled assetswas95.5% (2009: 95.5%).TheGroup’sshareof December 2010,theGroup’sparticipatinginterestinthese jointly Guangdong Province,mainlandChina.Duringtheyearended 31st assets forthedevelopmentofpropertieslocatedinGuangzhou, Estate DevelopmentCompanyLimitedcontributedlandand other which eachoftheGroupcompaniesandGuangzhouZhuguang Real Development CompanyLimited,anindependentthirdparty, under assets arrangementwithGuangzhouZhuguangReal Estate Certain subsidiariesoftheGroupenteredintoajointlycontrolled (Loss)/profit fortheyear (Loss)/profit beforetaxation Net assets Current Non-current liabilities Liabilities: Non-current assets Assets: Taxation Cost ofsalesandexpenses Revenues Current (Continued) liabilities assets 本年度除稅前資產淨值負債資產稅項銷售成本及開支收益

流動負債非流動負債非流動資產流動資產：：（虧（虧損）損） ╱溢利 ╱溢利綜合財務報表附註 14 15 投資於一間共同控制實體之於共同控制資產之投資績如下：度所分佔共同控制實體之收益及業及二零一零年十二月三十一日止年債，以及本集團於截至二零零九年十二月三十一日所分佔之資產及負本集團於二零零九年及二零一零年元）港元控制資產淨值部份為零一零年十二月三十一日應佔共同損 140,182,000 年度應佔共同控制資產收益淨額為九年：有該等共同控制資產二月三十一日止年度內，本集團擁及其他資產。於截至二零一零年十國大陸廣東省廣州之物業提供土地地產開發有限公司各就開發位於中此，本集團旗下公司及廣州珠光房司訂立一項共同控制資產安排，據三方廣州珠光房地產開發有限公本集團若干附屬公司與一名獨立第 29,228,000 。（二零零九年：（續）二零一零年 95.5% (1,605,924) 2,480,257 2,478,739 (768,779) (837,145) HK$’000 874,333 千港元 (2,251) 港元 1,518 1,585 （續） 2010 ） (666) (666) 港元）之參與權益。本集團 — （二零零九年，而本集團於二 1,112,228,000 95.5% 1,295,173,000 二零零九年 (1,838,545) (1,147,095) 2,410,015 2,408,512 1,680,276 (370,308) (924,209) (691,450) HK$’000 385,759 756,067 571,470 （二零零千港元 1,503 2009

：虧港 195

合生創展集團有限公司 . 二零一零年年報 196 Hopson Development Holdings Limited . Annual Report 2010 6 AVAILABLE-FOR-SALEFINANCIALASSETS 16 Notes totheConsolidatedFinancialStatements(continued) (b) TheinvestmentisdenominatedinHongKongdollar. Available-for-sale financialassetsincludethefollowing: (a) Exchange difference Unlisted securities: Equity securities—MainlandChina — (Note (b)) At 31stDecember atmarketvalue(Note(a)) Equity securities—HongKong, — Fair valuegainrecognised At 1stJanuary Listed securities: Additions in equity(Note28) The investmentisdenominated inRenminbi. Note 41(f)). attributable equityinterestinaPRCfinancialinstitution(see The available-for-salefinancialassetrepresents5.09% the HongKongStockExchange. The Group’sinvestmentrepresentsequitysecuritieslistedon 匯兌差額非上市證券

於十二月三十一日於權益中確認之公平值收益

於一月一日上市證券新增（附註 — —

股本證券股本證券（附註（附註 28 ：）： (b) (a)

— — ））

中國大陸香港，按市值綜合財務報表附註 16. 可供出售財務資產 (b) (a) 可供出售財務資產包括以下各項：投資乃以人民幣計值。益中國金融機構可供出售財務資產指應佔一間投資乃以港元計值。上市之股本證券。本集團之投資指於香港聯交所二零一零年二零一零年（見附註 3,316,388 3,316,388 1,151,682 2,164,706 2,671,719 HK$’000 HK$’000 101,894 542,775 千港元千港元（續） 2010 2010 — Group Group 41(f) 集團集團 5.09% ）。二零零九年二零零九年 2,671,719 1,082,325 2,671,719 1,113,144 1,558,575 1,112,197 HK$’000 HK$’000 476,250 之股本權千港元千港元 2009 2009 947 8 FINANCIALASSETSATFAIRVALUE 18 DEPOSITFORPROPOSEDINVESTMENT 17 Notes totheConsolidatedFinancialStatements(continued) THROUGH PROFITORLOSS income statement(Note29). or lossarerecordedinotherincome/gains,net,theconsolidated Changes infairvaluesoffinancialassetsatvaluethrough profit the consolidatedcashflowstatement(Note37). within operatingactivitiesaspartofchangesinworkingcapital Financial assetsatfairvaluethroughprofitorlossarepresented investment. HK$1,120,421,000) waspaidasadditionaldepositfortheproposed additional sumofRMB953,400,000(approximately be confirmedbythePRCfinancialinstitution.InJanuary2011,an equity interestinaPRCfinancialinstitution.Theinvestmentisyetto The balancerepresentsdepositpaidforproposedinvestmentin4.73% —EquitysecuritiesMainlandChina Unlisted securities: at —EquitysecuritiesHongKong, market value Listed securities: 非上市證券

上市證券 — —

股本證券股本證券：：

— —

中國大陸香港，按市值綜合財務報表附註 18. 17. 之財務資產按公平值透過損益列賬建議投資之按金額外支付人民幣機構確認。於二零一一年一月，已按金。該項投資尚待該中國金融 4.73% 該結餘指就於一間中國金融機構 1,120,421,000 其他收入╱收益，淨額內之公平值變動乃列入綜合損益表之按公平值透過損益列賬之財務資產營運資金之部分變動於綜合現金流量表經營活動內列作按公平值透過損益列賬之財務資產額外按金。二零一零年股本權益之建議投資支付之 HK$’000 11,693 11,340 千港元（續） 2010 港元） 353 Group 集團 953,400,000 作為建議投資之（附註二零零九年（附註 HK$’000 37 11,083 10,742 千港元） 2009 元。 341 29 （約）。 197

合生創展集團有限公司 . 二零一零年年報 198 Hopson Development Holdings Limited . Annual Report 2010 9 PREPAYMENTSFORACQUISITIONOFLAND 19 Notes totheConsolidatedFinancialStatements(continued) OTHER CURRENTASSETS AND PREPAYMENTS,DEPOSITS Prepaymentsforacquisition oflandincludeanamount (i) Prepayments for Non-current Prepayments, depositsand Other receivables(ii) Prepayments for Current Others Receivable fromdisposal Utility andotherdeposits Prepaid salestaxes Land tenderdeposits expenditures Prepaid construction Guarantee deposit Deposits foracquisition other currentassets acquisition ofland(i) of asubsidiary(iv) of equityinterests(iii) acquisition ofland(i) Jing RunProject ontheland(seeNote41(g)). wholly ownedsubsidiary,possesses therighttodevelop interest inBelieveBestInvestments Limitedwhich,throughits connection withtheGroup’s acquisitionof80%equity the landsituatedinChaoyang districtofBeijingin approximately HK$4,400million (2009:HK$4,300million)for December 2010. use rightcertificateshavenotyetbeenobtainedasat31st Guangzhou, TianjinandDalian,MainlandChina.Formalland for theacquisitionsoflanduserightsinBeijing,Shanghai, Prepayments foracquisitionoflandrepresentsadvancesmade 非流動預付款項、按金及其他其他應收款項收購土地流動其他出售一間附屬公司公用設施及其他按金預付銷售稅土地投標按金預付建築擔保按金收購股本權益收購土地流動資產預付款項之應收款項開支之按金預付款項 (iii) (i) (i) (iv) (ii) 二零一零年 18,053,335 2,565,026 HK$’000 209,795 153,579 205,542 317,375 337,794 344,329 571,984 579,345 千港元 30,399 24,679 2010 ru Company Group 團公司集團綜合財務報表附註 19 二零零九年 7,363,482 1,620,126 HK$’000 266,962 121,899 198,664 213,315 334,690 160,156 488,175 千港元動資產付款項、按金及其他流收購土地預付款項及預 (i) 26,075 23,853 53,299 2009 4,400,000,000 位於北京朝陽區之地塊約收購土地之預付款項包括地使用權證。月三十一日，尚未取得正式土出之墊款。於二零一零年十二津及大連收購土地使用權而作國大陸北京、上海、廣州、天收購土地之預付款項指就於中 41(g) 京潤項目地塊之權利公司透過其附屬公司持有發展限公司之塊乃與本集團收購信佳投資有年：二零一零年 4,300,000,000 ）。（續） HK$’000 千港元 80% 2010 290 290 — — — — — — — — — — 港元權益有關，而該（二零零九二零零九年港元）（見附註 HK$’000 千港元，該地 2009 224 224 — — — — — — — — — —

20 ACCOUNTS RECEIVABLE PREPAYMENTSFORACQUISITIONOFLAND 19 Notes totheConsolidatedFinancialStatements(continued) OTHER CURRENTASSETS AND PREPAYMENTS,DEPOSITS The ageinganalysisofaccountsreceivableisasfollows: basis. management feesaregenerallypayableinadvanceona monthly agreements. Rentalsinrespectofleasedpropertiesandproperty the buyersattimeofcompletionsaleandpurchase Consideration inrespectofpropertiessoldisgenerallypayableby i) Thebalancerepresentsconsiderationreceivablefromthe (iv) Thisrepresentsadvancesmadetoindependentthirdparties (iii) Otherreceivables relatetotheGroup’sparticipationinfirst (ii) 0 to3months 3 to6months Over 12months 9 to12months 6 to9months to JumboAdvanceInvestmentLimited,arelatedparty. disposal ofasubsidiary,NamFongGuangzhouPlazaLimited 31st December2010. and development.Theacquisitionsarenotyetcompletedasat China entitieswhoseprincipalactivitiesarepropertyholding for theacquisitionofmajorityinterestsincertainMainland amounts approximatefairvalues. Other receivablesaredenominatedinRenminbi.Theircarrying funds utilisedbytheGroup. guaranteed returnsbasedonapre-determinedpercentageof class landdevelopmentprojectsinMainlandChinawithfixed (Continued) 0 3 超過 9 6 至至至至 3 6 12 9 12 個月個月個月個月個月綜合財務報表附註 19 20 動資產付款項、按金及其他流收購土地預付款項及預應收賬款 (iv) (iii) (ii) 應收賬款之賬齡分析如下：付。之租金及物業管理費一般須每月預議完成當日由買方支付。租賃物業已出售物業之代價一般須於買賣協收之代價。司南方越秀廣場有限公司而應投資有限公司出售一間附屬公有關結餘指就向關連人士鉅偉尚未完成。一零年十二月三十一日，收購立第三方作出之墊款。於二零開發）體此乃指就收購若干中國大陸實賬面值與公平值相若。其他應收款項以人民幣計值，發項目有關。訂百分比計算）本集團所動用資金某個預先釐國大陸有保證固定回報其他應收款項與本集團參與中二零一零年（其主要業務為物業持有及（續） HK$’000 171,953 87,995 58,501 千港元之多數股東權益而向獨 9,128 8,871 7,458 （續） 2010 之土地一級開二零零九年 HK$’000 146,895 78,607 54,317 千港元 3,250 4,378 6,343 （根據 2009 199

合生創展集團有限公司 . 二零一零年年報 200 Hopson Development Holdings Limited . Annual Report 2010 20 ACCOUNTS RECEIVABLE Notes totheConsolidatedFinancialStatements(continued) receivable isasfollows: recent historyofdefault.Theageinganalysistheseaccounts relate toanumberofindependentcustomersforwhomthereisno (2009: HK$92,578,000)werepastduebutnotimpaired.These As at31stDecember2010,accountsreceivableofHK$113,452,000 (2009: HK$54,317,000)wereneitherpastduenorimpaired. As at31stDecember2010,accountsreceivableofHK$58,501,000 accounts receivableastheGrouphasalargenumberofcustomers. than this,thereisnoconcentrationofcreditriskwithrespectto accounts receivablewasduefromone(2009:one)customer.Other As at31stDecember2010,approximately14%(2009:16%)ofthe approximate theirfairvalues. Carrying valuesofaccountsreceivabledenominatedinRenminbi accounts receivablementioned above. The maximumexposuretocredit riskisthecarryingamountof statement. HK$19,522,000) wasrecognisedintheconsolidated income During theyear,noimpairmentlossonaccountsreceivable (2009: 3 to6months Over 12months 9 to12months 6 to9months (Continued) 3 超過 9 6 至至至 6 12 9 12 個月個月個月個月

綜合財務報表附註 20 應收賬款收賬款中約有於二零一零年十二月三十一日，應與其公平值相若。以人民幣計值之應收賬款之賬面值收賬款於二零一零年十二月三十一日，應風險。顧客眾多，應收賬款並無信貸集中客戶結欠。除此以外，由於本集團 16% 零九年：年內，應收賬款概無減值虧損款之賬齡分析如下：記錄之獨立客戶有關。該等應收賬值。此等款項與多名近期並無拖欠年收賬款於二零一零年十二月三十一日，應無減值。年：文所述應收賬款之賬面值。本集團所面臨之最大信貸風險為上益表確認。

： 92,578,000 54,317,000 ）乃由一名二零一零年 113,452,000 58,501,000 HK$’000 19,522,000 113,452 87,995 千港元 9,128 8,871 7,458 （續）（續） 2010 （二零零九年：一名）港元）既無逾期，亦港元） Group 14% 集團（二零零九年︰港元港元港元）已逾期但未減二零零九年（二零零九（二零零九 HK$’000 於綜合損 92,578 78,607 千港元 3,250 4,378 6,343 2009 （二零

1 PLEDGED/CHARGEDBANKDEPOSITSAND 21 Notes totheConsolidatedFinancialStatements(continued) Cash andcashequivalents includepresaleproceedsof As at31stDecember2010,theGroup’scashbankof CASH ANDEQUIVALENTS and cashequivalentsaredenominatedinthefollowingcurrencies: The carryingamountsofpledged/chargedbankdepositsandcash restricted duetopendinglitigations. approximately HK$14,095,000(2009:HK$13,890,000)was As at31stDecember2010,theGroup’scashbankof facilities grantedbythebankstobuyersofGroup’sproperties. charged bycertainbanksinrespectoftheprocessingmortgage approximately HK$76,908,000(2009:HK$107,231,000)was from localState-Owned LandandResourceBureau isobtained. construction feeoftherelevant propertyprojectswhenapproval for purchasesofconstruction materialsandpaymentsof HK$566,675,000 (2009:HK$825,025,000), whicharetobeused Less: pledged/charged Short-term bankdeposits Cash atbankandonhand Hong Kongdollar US dollar Renminbi Cash andcashequivalents bank deposits 短期銀行存款銀行及手頭現金港元美元人民幣現金及現金等價物減：已抵押╱押記銀行存款二零一零年二零一零年 2,697,275 2,697,275 2,344,666 2,645,247 2,573,604 (123,671) HK$’000 HK$’000 352,609 千港元千港元 45,430 6,598 2010 2010

ru Company Group ru Company Group 團公司集團團公司集團綜合財務報表附註 21 二零零九年二零零九年 6,714,623 6,714,623 6,714,577 6,157,092 6,546,144 (168,479) HK$’000 HK$’000 120,610 436,921 千港元千港元之建造費用。用於購買建材及支付有關物業項目得地方國有土地資源管理局批准時 825,025,000 項現金及現金等價物包括預售所得款列值︰現金等價物之賬面值乃以下列貨幣已抵押╱押記銀行存款以及現金及乃因待決訴訟而受到限制。九年：集團為數約於二零一零年十二月三十一日，本本集團物業買家授予按揭信貸額。予若干銀行，以便銀行處理有關向零零九年：及現金及現金等價物已抵押╱押記銀行存款以集團銀行現金約於二零一零年十二月三十一日，本 2009 2009 566,675,000 46 13,890,000 二零一零年二零一零年 107,231,000 港元） 14,095,000 （續） HK$’000 HK$’000 千港元千港元 20,449 20,449 20,449 20,000 20,449 港元 2010 2010 76,908,000 449 ，該等款項將於獲港元） — — — （二零零九年港元二零零九年二零零九年港元）之銀行現金 HK$’000 HK$’000 （二零零港元千港元千港元 21,303 21,303 21,303 11,719 21,303 已抵押 9,584 2009 2009 （二 — — —

： 201

合生創展集團有限公司 . 二零一零年年報 202 Hopson Development Holdings Limited . Annual Report 2010 23 ACCOUNTS PAYABLE LANDCOSTPAYABLE 22 Notes totheConsolidatedFinancialStatements(continued) amounts approximatefairvalues. Land costpayableisdenominatedinRenminbi.Theircarrying related companiesoftradingnature)isasfollows: The ageinganalysisofaccountspayable(includingamountsdueto amounts approximatefairvalues. Accounts payablearedenominated inRenminbi.Theircarrying companies inrespectofpropertyconstructionfees(Note41(b)). HK$2,471,757,000) ofaccountspayablewereduetocertain related As at31stDecember2010,approximatelyHK$2,534,380,000 (2009: includedincurrentliabilities 0–3 months Less: Land compensationpayable Land premiumpayable Amount duewithinoneyear 減：計入流動負債須於一年內 0 應付土地補償款應付土地出讓金至 3 個月償還之金額綜合財務報表附註 22 23 （附註應付土地成本應付賬款付賬款中約於二零一零年十二月三十一日，應公司屬於交易性質之賬款）如下：應付賬款之賬齡分析（包括應付予關連值與公平值相若。應付土地成本以人民幣計值，賬面平值相若。應付賬款以人民幣計值，賬面值與公業建築費應付若干關連公司之賬款零九年︰ 41(b) 二零一零年二零一零年 5,645,612 (264,271) HK$’000 HK$’000 2,471,757,000 111,178 375,449 295,857 ） 79,592 千港元千港元。 2,534,380,000 （續） 2010 2010 Group Group 集團集團二零零九年二零零九年港元） 2,941,424 港元 (302,418) HK$’000 HK$’000 271,028 573,446 497,757 75,689 千港元千港元為就物 2009 2009 （二零 24 BORROWINGS Notes totheConsolidatedFinancialStatements(continued) The seniornotesrecognisedinthebalancesheetareasfollows: circular, plusaccruedandunpaidinteresttotheredemptiondate. November 2009attheredemptionpricesspecifiedinoffering redeem alloraportionoftheseniornotesonandafter9th US$350,000,000. TheCompanywillbeentitledatitsoptionto years (November2012)andarerepayableattheirnominalvalueof approximately HK$2,733,182,000.Theseniornotesmatureinseven approximately HK$2,730,000,000),foratotalconsiderationof an aggregatenominalvalueofUS$350,000,000(equivalentto In November2005,theCompanyissued8.125%seniornoteswith Bank Non-current Bank Current Total borrowings Convertible Senior Amortisation ofissuecosts At 1stJanuary Exchange difference Amortisation ofpremium At 31stDecember borrowings borrowings notes bonds 非流動流動總借貸

可換股債券銀行借貸優先票據銀行借貸攤銷發行成本於一月一日匯兌差額攤銷溢價於十二月三十一日二零一零年 23,719,443 20,047,524 17,349,948 3,671,919 3,671,919 2,697,576 HK$’000 千港元 2010 — ru Company Group 團公司集團綜合財務報表附註 24 二零零九年 16,348,858 10,116,598 6,232,260 2,169,685 4,062,575 2,676,697 7,439,901 HK$’000 千港元於資產負債表確認之優先票據如下：贖回全部或部份優先票據。上截至贖回日期應付及未付之利息）以後按發售通函所訂明之贖回價權選擇於二零零九年十一月九日或 350,000,000 二年十一月）港元。優先票據於七年後先票據，總代價約為於借貸總面值達於二零零五年十一月，本公司發行 2009 2,730,000,000 二零一零年 2,697,576 2,676,697 HK$’000 二零一零年 350,000,000 13,085 千港元 2,697,576 2,697,576 2,697,576 美元償還。本公司將有 8,320 （續） HK$’000 2010 (526) 千港元到期，並須按其面值 2010 港元）之 — — — — 美元 2,733,182,000 二零零九年二零零九年 2,676,697 2,663,312 4,846,382 2,676,697 2,169,685 2,169,685 2,676,697 8.125 HK$’000 （約相當（二零一 HK$’000 11,857 千港元千港元 2,044 2009 (516) 2009 厘優（加 — — 203

合生創展集團有限公司 . 二零一零年年報 Within oneyear Over fiveyears five years Between twoand two Between oneand 204

Hopson Development Holdings Limited . Annualyears Report 2010 24 BORROWINGS Notes totheConsolidatedFinancialStatements(continued) The netassetsofthesesubsidiarieswereapproximately subsidiaries andaresecuredbythecapitalstockofsubsidiaries. The seniornotesarejointlyandseverallyguaranteedbycertain The maturityanalysisoftheborrowingsisasfollows: approximately RMB1,914,415,000). convertible bondsatapproximatelyUS$280,418,000(equivalentto On 2ndFebruary2010,theGroupredeemedalloutstanding exchange rateofRMB0.9958toHK$1. March 2007ataconversionpriceofHK$30.08persharefixed be convertedintoordinarysharesoftheCompanyonorafter14th 2010) fromtheissuedateat104.59%ofnominalvalueorcan Coupon ConvertibleBonds.Thebondsmatureinthreeyears(February RMB1,830,400,000 aggregateprincipalamountofUSDsettledZero On 2ndFebruary2007,theCompanycompletedissueof 2010. HK$4,717,647,000 (2009:HK$4,026,468,000)asat31stDecember 一年內一年至兩年至超過五年兩年內五年內 (Continued) 二零一零年 21,021,867 8,862,973 5,626,010 2,860,965 3,671,919 HK$’000 akbroig eirntsCnetbebnsTotal Convertiblebonds Seniornotes Bank borrowings 千港元 2010 行貸優票換債總計可換股債券優先票據銀行借貸二零零九年 11,502,476 4,770,621 1,907,019 4,062,575 HK$’000 762,261 千港元 2009 二零一零年 2,697,576 2,697,576 HK$’000 千港元 2010 — — — 二零零九年 2,676,697 2,676,697 HK$’000 千港元

2009 綜合財務報表附註 — — — 24 二零一零年 HK$’000 千港元 1,914,415,000 約於二零一零年二月二日，本集團以元兌通股，其固定匯率為人民幣 30.08 零零七年三月十四日或以後按每股借貸為一日，該等附屬公司之資產淨值約作抵押。於二零一零年十二月三十別提供擔保，並以附屬公司之股本優先票據由若干附屬公司共同及個 4,026,468,000 借貸之到期分析如下：的可換股債券。按其面值之日期起計三年後 1,830,400,000 換股債券，本金額合共人民幣司完成發行以美元償付零息可於二零零七年二月二日，本公 2010 280,418,000 4,717,647,000 — — — — — 1 （續）港元之換股價轉換成本公司普港元。二零零九年 2,169,685 2,169,685 HK$’000 千港元 2009 104.59% （續） — — — 港元）元）元。該等債券由發行美元（二零一零年二月）港元二零一零年 23,719,443 贖回所有尚未贖回（約相當於人民幣 8,862,973 8,323,586 2,860,965 3,671,919 HK$’000 。千港元（到期，或可於二 2010

二零零九年：二零零九年 16,348,858 7,447,318 1,907,019 6,232,260 HK$’000 762,261 0.9958 千港元 2009 24 BORROWINGS Notes totheConsolidatedFinancialStatements(continued) (i) secured by: As at31stDecember2010,theGroup’sbankingfacilities were borrowings. 5.7% perannum),dependingonthecurrencydenomination ofthe rate of5.4%to5.9%perannumasattheyearend(2009:4.9% to discounted usingratesbasedontheGroup’saverageborrowings The fairvaluesofthebankborrowingsarebasedoncash flows follows: The carryingamountsandthefairvaluesofborrowingsareas interest rates: following currencieswiththerespectiveweightedaverageeffective The carryingamountsoftheborrowingsaredenominatedin Convertible bonds Senior notes Bank borrowings Renminbi

US dollar — Bankborrowings — Convertiblebonds — Seniornotes the Group’slandcostofapproximately HK$90,069,000(2009: HK$14,450,000); (Continued) 可換股債券優先票據銀行借貸人民幣美元

— — —

銀行借貸可換股債券優先票據二零一零年 23,719,443 21,021,867 101875.8% 21,021,867 2,697,576 ,9,7 8.6% 2,697,576 HK$’000 HK$’000 arigaon Fairvalues Carrying amount 千港元港實際利率千港元 2010 二零一零年 — —— 面公平值賬面值 2010 綜合財務報表附註 interest rate 24 二零零九年 16,348,858 11,502,476 2,169,685 2,676,697 Effective HK$’000 千港元借貸 (i) 保︰集團之銀行信貸乃以下列抵押品擔於二零一零年十二月三十一日，本計算之折算現金流釐訂。厘）厘本集團平均借貸年利率於年底，銀行借貸的公平值乃根據借貸之賬面值及公平值如下：各自之實際加權平均利率如下：借貸賬面值以下列貨幣為單位及其（二零零九年︰年利率 2009 釐訂之利率零九年︰地成本；本集團約（續）二零一零年 23,714,268 21,092,979 152466.2% 11,502,476 2,621,289 ,6,8 7.0% 2,169,685 ,7,9 8.6% 2,676,697 （續） HK$’000 HK$’000 千港元港實際利率千港元（視乎借貸貨幣種類） 14,450,000 90,069,000 2010 二零零九年 — 2009 二零零九年 interest rate 16,132,901 11,608,873 5.4 4.9 1,812,670 2,711,358 港元）港元 HK$’000 Effective 千港元厘至厘至（二零 2009 之土 5.7 5.9 205

合生創展集團有限公司 . 二零一零年年報 206 Hopson Development Holdings Limited . Annual Report 2010 5 DEFERREDINCOMETAX 25 24 BORROWINGS Notes totheConsolidatedFinancialStatements(continued) (ii) (v) theGroup’scompletedpropertiesforsaleofapproximately (iv) (iii) the sametaxauthority.Theoffsetamountsareasfollows: current taxliabilitiesandwhenthedeferredincometaxesrelateto is alegallyenforceablerighttooffsetcurrenttaxassetsagainst Deferred taxassetsanddeferredliabilitiesareoffsetwhenthere realisedwithintwelve months realisedaftermorethan twelve Deferredtaxliabilities tobe — months Deferred taxliabilities: recoveredwithintwelvemonths recoveredaftermorethan twelve Deferredtaxassetstobe — months Deferred taxassets: Deferredtaxliabilitiestobe — Deferredtaxassetstobe — the Group’shotelpropertiesofapproximately HK$4,137,958,000 (2009:HK$504,743,000). the Group’sinvestmentpropertiesofapproximately HK$1,623,111,000 (2009:HK$2,067,747,000);and approximately HK$4,055,569,000(2009:HK$4,677,986,000); the Group’spropertiesunderdevelopmentforsaleof HK$1,946,733,000 (2009:HK$90,104,000); (Continued) 遞延稅項負債

遞延稅項資產 — — — —

將於十二個月內變現之將於十二個月後變現之將於十二個月內收回之將於十二個月後收回之遞延稅項負債遞延稅項負債遞延稅項資產遞延稅項資產︰︰

綜合財務報表附註 24 25 (v) (iv) (iii) 借貸遞延所得稅 (ii) 額載列如下︰機關有關，方可互相抵銷。抵銷金互相抵銷及遞延所得稅與同一稅務資產及負債有合法可強制執行權利遞延稅項資產及負債僅在本期稅項投資物業。零零九年︰本集團約之可供出售之已落成物業；及零零九年︰本集團約之可供出售之發展中物業；零零九年︰零零九年︰本集團約酒店物業；本集團約（續）二零一零年 (5,383,587) (5,551,128) (4,963,673) (587,455) HK$’000 167,541 165,205 千港元 2,336 （續） 2010 4,137,958,000 1,623,111,000 4,055,569,000 1,946,733,000 Group 集團 504,743,000 2,067,747,000 4,677,986,000 90,104,000 二零零九年 (4,311,456) (4,502,743) (4,015,543) (487,200) HK$’000 191,287 139,318 51,969 港元）千港元港元港元港元港元港元） 2009 港元）港元）（二（二（二（二之之 5 DEFERREDINCOMETAX 25 Notes totheConsolidatedFinancialStatements(continued) the sametaxjurisdiction,areasfollows: without takingintoconsiderationtheoffsettingofbalanceswithin The movementsindeferredtaxassetsandliabilities, The netmovementsindeferredtaxationareasfollows: Deferred taxliabilities Credited directlytoequity(Note28) Disposal ofsubsidiaries At 31stDecember Disposal ofsubsidiaries income Recognised intheconsolidated At 1stJanuary At 31stDecember Recognised intheconsolidated Exchange difference Credited directlytoequity(Note28) Exchange differences At 1stJanuary Assets/(liabilities) income statement(Note33) statement (Continued) 於十二月三十一日出售附屬公司於綜合損益表於一月一日匯兌差額直接增加權益直接增加權益出售附屬公司於十二月三十一日於綜合損益表匯兌差額於一月一日資產確認確認 ╱ （負債）（附註（附 33 （附）註註 28 28 ））綜合財務報表附註 25 遞延所得稅遞延稅項淨變動如下：抵銷）動遞延稅項資產及遞延稅項負債之變遞延稅項負債（並無考慮相同司法權區內之結餘如下︰二零一零年二零一零年 (4,311,456) (5,551,128) (4,502,743) (5,383,587) Revaluation surplus (926,041) (177,597) (895,668) (170,449) HK$’000 HK$’000 24,880 24,880 千港元千港元（續） 2010 2010 (521) 重估盈餘 — Group （續）集團二零零九年二零零九年 (1,058,758) (3,716,724) (4,502,743) (1,089,538) (3,890,102) (4,311,456) HK$’000 HK$’000 427,335 440,466 (10,675) (10,415) 47,106 47,106 千港元千港元 2009 2009 207

合生創展集團有限公司 . 二零一零年年報 208 Hopson Development Holdings Limited . Annual Report 2010 5 DEFERREDINCOMETAX 25 Notes totheConsolidatedFinancialStatements(continued) subsidiaries, astheseearningsareexpectedtobereinvested. recognised forwithholdingtaxontheunremittedearningsof certain HK$1,369,210,000 (2009:HK$767,918,000)havenot been As at31stDecember2010,deferredtaxliabilities of remaining taxlossesdonothaveexpirydates. HK$428,256,000) areexpiringfrom2011through2015.The Tax lossesamountingtoapproximatelyHK$579,732,000(2009: HK$893,802,000). amounting toapproximatelyHK$1,078,801,000(2009: HK$227,280,000 (2009:HK$183,879,000)inrespectoftaxlosses did notrecognisedeferredtaxassetsofapproximately taxable profitsisprobable.Asat31stDecember2010,theGroup extent thattherealisationofrelatedtaxbenefitthroughfuture Deferred taxassetsarerecognisedforlosscarriedforwardtothe Deferred taxassets income Recognised intheconsolidated At 1stJanuary Exchange difference Disposal ofsubsidiaries At 31stDecember statement (Continued) 於一月一日匯兌差額出售附屬公司於十二月三十一日於綜合損益表確認

綜合財務報表附註 25 遞延所得稅遞延稅項資產就稅項虧損約零年十二月三十一日，本集團並無結轉之稅項虧損作確認。於二零一可透過未來應課稅溢利變現而就所遞延稅項資產乃因應相關稅務利益為數約零零九年︰延稅項資產約零零九年︰年：預期將用作再投資。 767,918,000 1,369,210,000 盈利的預扣稅確認遞延稅項負債集團尚未就若干附屬公司未匯出於二零一零年十二月三十一日，本滿。其餘稅項虧損沒有屆滿時限。於二零一一年至二零一五年期間屆 428,256,000 二零一零年 579,732,000 HK$’000 191,287 167,541 (30,373) 千港元 183,879,000 893,802,000 港元） 7,148 （續） 2010 (521) 1,078,801,000 Tax losses 港元稅務虧損 227,280,000 （續）港元），原因為此等盈利（港元

二零零九年：之稅項虧損將二零零九年港元）港元）（二零零九 HK$’000 173,378 191,287 (13,131) 港元 30,780 千港元港元。確認遞 2009 260 （二（二 27 SHARE CAPITAL CURRENTTAXLIABILITIES 26 Notes totheConsolidatedFinancialStatements(continued) Mainland Chinacorporate payable Hong Kongprofitstax Mainland Chinaland At 1stJanuary2009 At 31stDecember2010 Repurchase ofownshares — Placements Issue ofshares At 1stJanuary2010 At 31stDecember2009 — Placements Issue ofshares appreciation taxpayable income taxpayable 應付香港利得稅應付中國大陸土地應付中國大陸企業增值稅所得稅於二零零九年一月一日於二零一零年十二月三十一日購回本身股份發行股份於二零一零年一月一日於二零零九年十二月三十一日發行股份 — —

配售配售二零一零年 4,643,003 3,946,836 HK$’000 692,742 千港元 3,425 2010 ru Company Group 團公司集團綜合財務報表附註 27 26 二零零九年 4,357,337 3,485,643 HK$’000 852,035 千港元股本本期稅項負債 19,659 2009 通數面值普通股數目 Number of ,7,6 147,237 1,472,368 ,5,6 175,237 1,752,367 159,237 159,237 1,592,368 1,592,368 ordinary 二零一零年 8,6 18,546 185,461 12,000 120,000 2,6)(2,546) (25,462) hrsParvalue shares （續） HK$’000 股千港元千股 00HK$’000 ’000 千港元 17,783 17,783 2010 — — 二零零九年 HK$’000 千港元 16,317 16,317 2009 — — 209

合生創展集團有限公司 . 二零一零年年報 210 Hopson Development Holdings Limited . Annual Report 2010 27 SHARE CAPITAL Notes totheConsolidatedFinancialStatements(continued) In March2010,theCompanyissued185,461,463sharesat cancelled. approximately HK$270,298,000.Thesesharesweresubsequently In February2010,theCompanyrepurchased25,462,000sharesfor share (2009:HK$0.1pershare).Allissuedsharesarefullypaid. shares (2009:2,000,000,000shares)withaparvalueofHK$0.1per The totalauthorisednumberofordinarysharesis2,000,000,000 in PanyuZhujiangRealEstateLimited(seeNote41(e)). part oftheconsiderationforacquisition100%equityinterest HK$14.62 pershare,totalingapproximatelyHK$2,711,447,000as outstanding shareoptions. As at31stDecember2010and 31stDecember2009,therewereno ended 31stDecember2010and 31stDecember2009. There wasnoshareoptiongrantedandexercisedduringthe years remain inforceforaperiodof10yearsfrom2002upto2012. shares ofHK$0.1each.Thisemployeeshareoptionsscheme will of therelevantoptions;and(iv)nominalvalueCompany’s report (whicheverismorerecent)oftheGroupondate of offer published unauditedinterimfinancialinformationinthe interim audited financialstatementsintheannualreportor latest Reporting Standardsandwithreferencetothelatestpublished per shareasdeterminedinaccordancewiththeHongKongFinancial preceding thedateofofferoptions,(iii)netassetvalue the Company’ssharesforfivetradingdaysimmediately on thedateofofferoptions,(ii)averageclosingprice least bethehighestof(i)closingpriceCompany’sshares be determinedbytheCompany’sboardofdirectorsandshallat 30% ofthesharesinissuefromtimetotime.Theexercisepricewill under theshareoptionsschemesofCompanyshallnotexceed exercise ofalloutstandingoptionsgrantedandyettobeexercised limit thatthetotalnumberofshareswhichmaybeissuedupon the Company)tosubscribeforsharesinCompany,subjecta it maygrantoptionstoemployees(includingexecutivedirectorsof The Companyhasanemployeeshareoptionsscheme,underwhich Share options (Continued)

綜合財務報表附註 27 （二零零九年：面值定每股資產淨值；及期財務資料近期刊發之中期報告內未經審核中刊發之年報內經審核財務報表或最報告準則計算並參考本集團最近期供有關購股權當日，按照香港財務本公司股份之平均收市價；緊接提供購股權當日前五個交易日份於提供購股權日之收市價；股本法定普通股總數為股面值行使之購股權。零零九年十二月三十一日，概無未於二零一零年十二月三十一日及二度，概無購股權獲授出或予以行使。及二零零九年十二月三十一日止年於截至二零一零年十二月三十一日十年期間維持有效。計劃於二零零二年至二零一二年之於下列四者之最高者：將由本公司董事會釐定，並將不少司不時已發行股份之時發行之股份總數，不得超過本公已授出但未行使之購股權予以行使份，惟按本公司購股權計劃，所有行董事）此，本公司可向僱員本公司有一項僱員購股權計劃，據購股權 185,461,463 於二零一零年三月，港元。該等股份其後註銷。 25,462,000 於二零一零年二月，本公司購回均已繳足股款。 0.1 41(e) 100% 作為收購番禺珠江房地產有限公司元，合共約港元）（每股）（續）。股權的部分代價 0.1 授出購股權以認購本公司股之股份。所有已發行股份股股份，代價約港元 0.1 （以較近期者為準）股股份，每股（續） 2,711,447,000 港元）（二零零九年：每股 2,000,000,000 。本僱員購股權（包括本公司執 2,000,000,000 (iv) （請參閱附註

30% 本公司發行本公司股份 (i) 270,298,000 本公司股港元，乃。行使價 (iii) 14.62 股）每所釐於提 (ii) 於股港 Profit fortheyear Currency translationdifferences Balance at1stJanuary2009 Dividend relatingto2008 Dividend relatingto2009 — Placements Issue ofshares Share issueexpenses financialassets(Note16) Fair valuegainonavailable-for-sale propertiesheldforsale(ii) Realised upondisposalof Balance at31stDecember2009 Deferred tax(Note25) 28 RESERVES Notes totheConsolidatedFinancialStatements(continued) Balance at1stJanuary2010 Balance at31stDecember2010 Acquisition ofadditionalequity Repurchase ofownshares — Issue ofshares Profit fortheyear Currency translationdifferences Deferred tax(Note25) Realised upondisposalof Redemption ofconvertiblebonds Fair valuegainonavailable-for-sale financial assets(Note16) properties heldforsale(ii) interest ofasubsidiary Placements 年度溢利貨幣匯兌差額於二零零九年屬於二零零八年之股息屬於二零零九年之股息發行股份股份發行開支可供出售財務資產之出售持作出售物業時於二零零九年遞延稅項一月一日之結餘－公平值收益變現十二月三十一日之結餘

配股 (ii) （附註（附註 25 於二零一零年一月一日於二零一零年購回本身股份發行股份年度溢利貨幣匯兌差額可供出售財務資產之遞延稅項出售持作出售物業時贖回可換股債券進一步收購一間附屬公司

之結餘十二月三十一日之結餘公平值收益變現之股權－）

16 配股股份溢價 premium ） (ii) K’0 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 （附港港港港港港港千港元千港元千港元千港元千港元千港元千港元千港元 Share （附註註 ,6,9 6,1 ,5,3 2,3 ,7,3 ,4,4 20,032,657 9,041,244 2,278,132 227,734 1,659,834 161,117 6,664,596 ,8,0 1,584,000 — — — — — 1,584,000 ,3,5 6,1 ,0,4 2,3 ,6,3 4597028,034,506 14,539,720 2,366,633 227,734 2,507,043 161,117 8,232,259 份價法定儲備股份溢價 premium 25 07355256111729821—352292,8,0 38,011,918 20,484,200 3,582,279 — 2,988,251 161,117 2,546 10,793,525 K’0 K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 ,3,5 6,1 ,0,4 2,3 ,6,3 4597028,034,506 14,539,720 2,366,633 227,734 2,507,043 161,117 — 8,232,259 2,692,900 1,3)—————(16,337) — — — — — (16,337) 港港港港港港千港元千港元千港元千港元千港元千港元千港元 1164 2,546 (131,634) redemption ） Share 16 資本贖回 851—88,501 5,799,573 — 5,799,573 — 88,501 — — — — — — — — 1459 (154,599) (154,599) — — — — — 1648 (146,498) (146,498) — — — — — ,8,2 1,082,325 — — — 1,082,325 — — 2222 (282,222) — — — (282,222) — — 716———47,106 — — — 47,106 — — reserve ——————5, —————1, ——————(34,002)(34,002) 480———24,880 (86,447) — — 542,775 — — — — — — — 24,880 (86,447) — — 542,775 — — — — — — — ————( ） Capital 備法定儲備儲備 reserve (i) Statutory reserve (i) Statutory (i) ————— (i) revaluation reserve (iii) 資產重估儲備 revaluation reserve (iii) Assets 綜合財務報表附註資產重估儲備 (iii) 28 Assets ———— (iii) Convertible Group 儲備債券儲備集團 Group Convertible 集團可換股 reserve bonds 債券儲備 reserve 可換股 bonds differences 227,734) translation 貨幣匯兌（續） differences Currency translation 貨幣匯兌 Currency 額保盈總計保留盈利差額額保盈總計保留盈利差額 215,646 Retained annsTotal earnings 2,3 — 227,734 — Retained annsTotal earnings 889,412 1864 (267,752) (138,664) 1,215,646 — 211 2,692,900 — 合生創展集團有限公司 . 二零一零年年報 5,889,412 212 Hopson Development Holdings Limited . Annual Report 2010 28 RESERVES Notes totheConsolidatedFinancialStatements(continued) i AsstipulatedbyregulationsinMainlandChina,theCompany’ssubsidiaries (i) Note: At 31stDecember2009 convertible Redemption of Payment ofdividends Share issueexpenses Loss fortheyear differences Currency translation — Placements Issue ofshares own shares Repurchase of At 1stJanuary2010 At 1stJanuary2009 — Placements At 31stDecember2010 Issue ofshares Profit fortheyear differences Currency translation capital oftheCompany’ssubsidiaries,further appropriationneedsnotbemade. When thestatutoryreservesreachan amount equalto50%oftheregistered expansion fundcanbeutilisedforthe developmentofbusinessoperations. losses orbeutilisedfortheissuance ofbonusshares,whilsttheenterprise boards ofdirectors.Thestatutoryreservescanbeutilisedtooffsetprioryear reserves andenterpriseexpansionfund,atratesdeterminedbytheirrespective portion oftheirafter-taxprofit(afteroffsettingprioryearlosses)tothestatutory established andoperatedinMainlandChinaarerequiredtoappropriate a bonds (Continued) 於二零零九年支付股息股份發行開支年度虧損貨幣匯兌差額發行股份於二零一零年於二零零九年於二零一零年發行股份年度溢利貨幣匯兌差額購回本身股份贖回可換股債券十二月三十一日 — 一月一日一月一日 — 十二月三十一日

配售配售股份溢價 premium K’0 K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港港千港元千港元千港元千港元千港元千港元 Share 07355256—12660557612,538,507 525,776 1,216,660 — 2,546 10,793,525 ,3,5 2,3 8,6 9,1 9,845,968 596,215 789,760 227,734 — 8,232,259 ,9,0 2,692,900 — — — — 2,692,900 1164 ,4 1864 (267,752) (138,664) — — 2,546 (131,634) 1959 (159,509) (159,509) — — — — 2,0 426,900 — 426,900 — — — — 2774 2,3 — 227,734 — (227,734) — — ,3,5 2,3 8,6 9,1 9,845,968 596,215 789,760 227,734 — 8,232,259 ,8,0 1,584,000 — — — — 1,584,000 6,664,596 redemption 1,3)————(16,337) — — — — (16,337) 資本贖回 reserve Capital 3107 (301,097) (301,097) — — — — 1,4 618,940 618,940 — — — — 053—10,553 — 10,553 — — — 儲備 bonds reserve Convertible 債券儲備綜合財務報表附註可換股 28 2,3 7,0 7,7 7,949,909 278,372 779,207 227,734 — Company 公司附註：儲備 (i) (i) differences translation 兌額保盈總計保留盈利匯兌差額 Currency （續）按照中國大陸法規所訂明，本公司於中國大陸成立及經營之附屬公司須自其除稅後溢利出一部分至法定儲備及企業發展基金，比率乃由各董事會釐定。法定儲備可用作抵銷過往年度虧損或用作發行紅股，貨幣而企業發展基金則可用作發展業務。當法定儲備達到相當於本公司附屬公司註冊資本出撥款。（續）（經抵銷過往年度虧損後） 50% Retained annsTotal earnings 之金額時，將毋須進一步作中撥 28 RESERVES 9 OTHERINCOME/GAINS,NET 29 Notes totheConsolidatedFinancialStatements(continued) ii Assetsrevaluationreserverepresentsofavailable-for-sale (iii) UponcompletionoftheacquisitionGuangzhou NonggongshangConstruction (ii) Note: (Continued) Dividend income (Note Gain ondisposalofsubsidiaries throughprofitorloss Fair valuegain/(loss)on Government grants Loss ondisposalofcertain financial assetsatfairvalue equity interestinasubsidiary previously heldbytheGroup(see(ii)above). financial assets,andfairvaluegaininrespectof69.5%interestGZQREL of theassetrevaluationreserveisreleasedtoconsolidatedincomestatement. which representspartialdisposalofthebusinessGZQREL,relatedportion acquisition. UponsubsequentdeliveryofthepropertiesdevelopedbyGZQREL, been accountedforasanassetrevaluationreservedirectlyinequityon a jointlycontrolledentity)ofapproximatelyHK$2,180,096,000nettaxhas gain inrespectofthe69.5%interestGZQRELpreviouslyheldbyGroup(as Estate Limited(“GZQREL”)becameasubsidiaryoftheGroupandfairvalue and DevelopmentCompanyLimitedin2007,GuangzhouZhujiangQiaodaoReal 37(b)) (Continued) 股息收入出售附屬公司之收益按公平值透過損益列賬之政府補助出售一間附屬公司若干股權之（附註財務資產之公平值收益╱ 虧損 37(b) ）綜合財務報表附註（虧損） 28 29 附註：儲備其他收入╱收益，淨額 (ii) (ii) （續）（續）二零一零年於二零零七年完成收購廣州市農工商集團建設開發公司州珠江僑都房地產有限公司 (iii) (iii) 1,124,053 為本集團之附屬公司，本集團先前持有僑都（已扣除稅項）權益之公平值收益約 HK$’000 149,943 958,217 作資產估值儲備。在往後交付由僑都開發之物業時 15,292 千港元產重估儲備之有關部分將撥入綜合損益（作為一間共同控制實體）表。（續） 2010 資產重估儲備指可供出售財務資產及有關本集團先前所持僑都 601 值收益之重估儲備 — （（指出售僑都部分業務）「農工商公司」已於收購時直接在權益列二零零九年 2,180,096,000 HK$’000 734,033 621,933 81,496 31,313 千港元（參見上文（ 2009 「僑都」 (573) (136) ） 69.5% 的後，廣 69.5% ）港元成 (ii) 權益公平，資） 213 。合生創展集團有限公司 . 二零一零年年報 214 Hopson Development Holdings Limited . Annual Report 2010 1 EMPLOYEES’BENEFITS COSTS(INCLUDING 31 EXPENSESBYNATURE 30 Notes totheConsolidatedFinancialStatements(continued) DIRECTORS’ EMOLUMENTS) general andadministrativeexpensesareanalysedasfollows: Expenses includedincostofsales,sellingandmarketingcosts Cost ofcompletedpropertiessold Auditor’s remuneration Amortisation oflandcosts Pension costs Sales commissionandbonus Advertising costs Salaries andallowances and Depreciation ofproperties —generaterentalincome Direct operatingexpensesarising long-service provision payment for and Loss ondisposalofproperties Employees’ benefitscosts(including Operating leaserentalin expenses) Net exchange(gain)/loss(included — Definedcontributionplans from investmentpropertiesthat — (Write-back of provision)/ Directors’ emoluments)(Note31) respect ofpremises in generalandadministrative — didnotgeneraterentalincome equipment equipment （計入一般及行政費用）出售已落成物業之成本核數師酬金土地成本攤銷退休金成本銷售佣金及花紅廣告開支薪金及津貼

以下類別投資物業產生之出售物業及設備虧損物業及設備折舊僱員褔利成本物業之經營租賃租金匯兌（包括董事酬金） — －產生租金收入直接經營開支 — －並無產生租金收入（收益）

界定供款計劃長期服務金 ╱虧損淨額 ( 撥備撥回（附註 31 綜合財務報表附註） ) 30 31 ╱撥備按性質劃分之開支酬金）僱員福利成本析如下：廣成本，以及一般及行政費用，分開支包括銷售成本、銷售及市場推二零一零年二零一零年 8,210,779 HK$’000 HK$’000 242,174 343,394 118,922 445,466 445,466 (82,612) 31,607 70,547 30,975 千港元千港元 5,280 5,845 1,836 2,531 5,489 （續） 2010 2010 (82) （包括董事二零零九年二零零九年 6,129,462 HK$’000 HK$’000 239,019 301,826 400,674 400,674 43,992 91,250 54,810 25,309 千港元千港元 5,000 9,409 2,430 2009 2009 442 995 532 46 1 EMPLOYEES’BENEFITSCOSTS(INCLUDING 31 Notes totheConsolidatedFinancialStatements(continued) DIRECTORS’ EMOLUMENTS) a Pensions—definedcontributionplans (a) to theretiredemployees. plans areresponsiblefortheentirepensionobligationspayable beyond thecontributions.Thestate-sponsoredretirement has nofurtherobligationsfortheactualpaymentofpensions while theGroupcontributes12%to22%ofsuchincomeand relevant income(comprisingsalaries,allowancesandbonus), monthly contributionstotheplansatapproximately8%of employees inmainlandChina.TheGroup’smake Group contributestostate-sponsoredretirementplansforits As stipulatedbyrulesandregulationsinmainlandChina,the voluntary. subject toacapofHK$1,000andthereaftercontributionsare contributions ofeachtheemployerandemployeesare under theMandatoryProvidentFundlegislation.Themonthly the schemeat5%ofemployees’earningsasdefined employer) anditsemployeesmakemonthlycontributionsto trustee. UndertheMPFscheme,eachofGroup(the defined contributionschememanagedbyanindependent the MandatoryProvidentFundScheme(“theMPFScheme”),a The GrouphasarrangedforitsHongKongemployeestojoin (Continued) 綜合財務報表附註 31 酬金）僱員福利成本 (a) 部退休金。休計劃負責支付退休僱員之全休金付款責任。國家資助之退外，本集團並無其他對實際退至款，本集團則按該等收入貼及花紅）按其相關收入之退休計劃。本集團僱員每月陸之僱員選擇一個由國家資助所規定，本集團為其於中國大按照中國大陸之規則及法規性質。於款之上限各為款。僱主及僱員所作之每月供收入之金法例所界定各自按該僱員及其僱員各自須按強制性公積據強積金計劃，本集團積金計劃之定額供款計劃，即強制性公與一項由一位獨立信託人管理本集團已替其香港僱員安排參劃退休金（續） 22% 1,000 （續）作出供款。除這些供款 5% 港元之供款則屬自願（

「強積金計劃」 — 約向該計劃作每月供 8%

（包括董事（包括薪金、津 1,000 界定供款計對計劃作出供港元，而多（僱主）） 12% 。根 215

合生創展集團有限公司 . 二零一零年年報 216 Hopson Development Holdings Limited . Annual Report 2010 1 EMPLOYEES’BENEFITSCOSTS(INCLUDING 31 Notes totheConsolidatedFinancialStatements(continued) DIRECTORS’ EMOLUMENTS) (b) Directors’ emoluments December 2010issetoutbelow: The remunerationofeachdirectorfortheyearended31st Mr. XueHu Mr. XiangBin Mr. LiaoRuoQing(ii) Ms. ZhaoMingfeng Aaron Mr. TanLengCheng, Mr. ChuMangYee Mr. YuenPakYiu,Phillip(iii) Mr. AuWaiKin Mr. ChenChangYing(i) Executive directors non-executive Independent Mr. WongShingKay,Oliver Name ofDirector 董事姓名 Mr. LeeTsungHei,David (iv) directors 趙明豐女士薛虎先生項斌先生廖若清先生朱孟依先生阮北耀先生陳長纓先生歐偉建先生執行董事黃承基先生陳龍清先生獨立非執行董事李頌熹先生 (Continued) (ii) (iii) (i) (iv) K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港千港元千港元千港元千港元千港元金薪金及津貼袍金 Fees 4 240 — — — 240 2 120 — 240 — — — — 840 — 120 240 4 240 — — — 240 ,0 23,012 2,973 12 2,012 22 2,973 12 22 — — — 3,000 — 2,951 2,000 — 2,951 — — — ————— — 8 385 252 — 12 — — 385 240 — — Salaries and allowances 綜合財務報表附註 31 157—8 11,607 80 — 11,527 酬金）僱員福利成本 (b) 840 — — — payments 如下：日止年度，各董事之酬金載列截至二零一零年十二月三十一董事酬金（續）之償付為基礎以股份 Share- based （續） contribution 計劃之供款 Employer’s to pension （包括董事 scheme 退休金僱主對 Total 總計 1 EMPLOYEES’BENEFITSCOSTS(INCLUDING 31 Notes totheConsolidatedFinancialStatements(continued) DIRECTORS’ EMOLUMENTS) (b) Directors’ emoluments December 2009issetoutbelow: The remunerationofeachdirectorfortheyearended31st Mr. LeeTsungHei,David Mr. YuenPakYiu,Phillip Mr. WongShingKay,Oilver executive directors Independent non- Ms. ZhaoMingfeng Mr. XueHu Mr. XiangBin Mr. ChuMangYee Mr. ChenChangYing(i) Mr. AuWaiKin Executive directors 事名袍薪金及津貼袍金董事姓名 aeo ietrFees Name ofDirector 阮北耀先生黃承基先生李頌熹先生獨立非執行董事趙明豐女士薛虎先生項斌先生朱孟依先生陳長纓先生歐偉建先生執行董事 (Continued) (Continued) (i) K’0 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港港港港千港元千港元千港元千港元千港元 2 720 240 240 — 240 — — — — — — — — — — — 720 240 240 240 339—1013,499 3,012 150 12 — — 13,349 3,000 — — ,2 41,378 54 — 1,324 — ,0 22,012 12 — 2,000 — ————— ,8 06,845 60 — 6,785 — 4 2252 12 — 240 — 綜合財務報表附註 31 Salaries and allowances 酬金）僱員福利成本 (b) 如下：日止年度，各董事之酬金載列截至二零零九年十二月三十一董事酬金（續） payments （續）之償付為基礎以股份 Share- based （續）（包括董事 contribution 劃供總計計劃之供款 Employer’s to pension ceeTotal scheme 退休金僱主對 217

合生創展集團有限公司 . 二零一零年年報 218 Hopson Development Holdings Limited . Annual Report 2010 1 EMPLOYEES’BENEFITSCOSTS(INCLUDING 31 Notes totheConsolidatedFinancialStatements(continued) DIRECTORS’ EMOLUMENTS) (b) Directors’ emoluments c Fivehighestpaidindividuals (c) two) individualsareasfollows: emoluments paidandpayabletotheremainingone(2009: emoluments arereflectedintheanalysispresentedabove.The Group fortheyearincludefour(2009:three)directorswhose The fiveindividualswhoseemolumentswerethehighestin HK$240,000 (2009:HK$240,000). During theyear,Mr.ChuMangYeewaivedemolumentsof Mr.TanLengCheng,Aaronwasappointedon2ndJuly2010. (iv) Mr.YuenPakYiu,Philipresignedon2ndJuly2010. (iii) Mr.LinRuoQingwasappointedon21stJanuary2010. (ii) Mr.ChenChangYingresignedon21stJanuary2010. (i) Note: The emolumentsfellwithinthefollowingband: pension Employer’s contributionto HK$2,000,001 to HK$2,500,000 HK$1,500,001 toHK$2,000,000 Salaries andallowances scheme (Continued) (Continued) 2,000,001 1,500,001 薪金及津貼僱主對退休金計劃之供款港元至港元至 2,500,000 2,000,000 綜合財務報表附註 31 港元港元僱員福利成本酬金） (b) (c) 個別人士數目附註：年內，酬金介乎以下組別：名）予其餘一名呈列之分析反映。已付及應付董事，彼等之酬金已於上文所包括四名本年度本集團五名最高薪人士董事酬金五名最高薪人士 240,000 240,000 二零一零年二零一零年 (i) (i) individuals Number of （續） (ii) (ii) 個別人士之酬金如下： HK$’000 (iii) (iii) 千港元

(iv) (iv) 陳長纓先生於二零一零年一月二 2,272 2,274 十一日辭任。（續）朱孟依先生放棄酬金 2010 2010 港元）港元廖若清先生於二零一零年一月二十一日獲委任。（二零零九年：三名）阮北耀先生於二零一零年七月二 — 日辭任。 1 1 2 （續）陳龍清先生於二零一零年七月二（二零零九年：兩日獲委任。（二零零九年：。（包括董事個別人士數目二零零九年二零零九年 Number of individuals HK$’000 千港元 3,982 3,996 2009 2009 14 2 1 1 33 TAXATION FINANCEINCOMEANDCOSTS 32 Notes totheConsolidatedFinancialStatements(continued)

Net financecosts Total borrowingcostsincurred Interest incomefrombanks Less: withinfiveyears HongKongprofitstax(Note(a)) Current tax Taxation consistsof: repayablewithinfiveyears repayablewithinfiveyears withinfiveyears — on bankloanswhollyrepayable Interest expense: Taxation (Note (d)) tax (Note (c)) incometax(Note(b)) Deferred tax tax (Note (c)) costofpropertiesunder development incometax (Note(b)) — on seniornoteswhollyrepayable onconvertiblebondswholly — — on bankloansnotwholly Mainland Chinalandappreciation Mainland Chinacorporate Mainland Chinalandappreciation Mainland Chinacorporate Amount capitalisedaspartofthe

財務成本淨額所涉及之總借貸成本銀行利息收入

本期稅項稅項包括利息開支稅項遞延稅項減：

— 香港利得稅 — — — 中國大陸土地增值稅中國大陸企業所得稅中國大陸土地增值稅中國大陸企業所得稅（附

撥充作為發展中物業之

須於五年內悉數償還之須於五年內悉數償還之不須於五年內悉數償還之須於五年內悉數償還之優先票據可換股債券銀行貸款銀行貸款部份成本之款項註：： (d) （附註） (a) ）（附註（附註（附註（附註綜合財務報表附註 32 33 (c) (b) (c) (b) ））））財務收入及成本稅項二零一零年二零一零年 (1,015,022) 1,268,329 2,550,097 1,624,056 1,034,209 HK$’000 HK$’000 234,864 989,928 236,268 253,307 926,041 957,124 591,446 (17,039) (31,083) 38,685 千港元千港元 (1,599) 4,852 （續） 2010 2010 二零零九年二零零九年 1,148,408 2,699,383 1,058,758 1,096,835 1,640,625 (814,769) HK$’000 HK$’000 143,990 231,856 743,848 320,088 333,639 858,868 778,360 (13,551) (38,077) 28,714 千港元千港元 3,397 2009 2009 219

合生創展集團有限公司 . 二零一零年年報 220 Hopson Development Holdings Limited . Annual Report 2010 33 TAXATION Notes totheConsolidatedFinancialStatements(continued) Mainland Chinalandappreciationtaxisleviedatprogressive MainlandChinalandappreciationtax (c) SubsidiariesestablishedandoperatedinMainlandChinaare MainlandChinacorporateincometax (b) HongKongprofitstaxhasbeenprovidedattherateof16.5% HongKongprofitstax (a) taxation fortheyearended31stDecember2010. controlled entity.Therewasnoshareofthejointlyentity‘s consolidated incomestatementasshareofprofitajointly 31st December2009ofHK$370,308,000wasincludedinthe Share ofthejointlycontrolledentity’staxationforyearended not liabletopayanyformoftaxationintheBritishVirginIslands. Business CompaniesAct,2004oftheBritishVirginIslands,andare Companies Act,2004)oftheBritishVirginIslands,orBVI the InternationalBusinessCompaniesAct(nowBVI 2016. SubsidiariesintheBritishVirginIslandsareincorporatedunder The CompanyisexemptedfromtaxationinBermudauntilMarch construction expenditures. expenditures includingcostsoflandanddevelopment value, beingtheproceedsofsalespropertieslessdeductible rates rangingfrom30%to60%ontheappreciationofland 25% (2009:25%)fortheyearended31stDecember2010. subject toMainlandChinacorporateincometaxattherateof (2009: 16.5%)ontheestimatedassessableprofitforyear. (Continued) 綜合財務報表附註 33 稅項稅項。日止年度並無分佔該共同控制實體利。截至二零一零年十二月三十一表內列作分佔該共同控制實體之溢 370,308,000 年度，分佔該共同控制實體稅項為截至二零零九年十二月三十一日止屬處女群島稅項。冊成立，故毋須支付任何形式之英英屬處女群島商業公司法業公司法際商業公司法島附屬公司乃根據英屬處女群島國至二零一六年三月止。英屬處女群本公司獲豁免繳納百慕達稅項，直 (c) (b) (a) 率展開支及建築成本）除可扣減項目值，即出售房地產所得款項扣中國大陸土地增值稅就土地增國大陸企業所得稅。零零九年：經營之附屬公司乃按日止年度，於中國大陸成立及截至二零一零年十二月三十一溢利按年內香港利得稅之估計應課稅 16.5% 中國大陸土地增值稅中國大陸企業所稅香港利得稅（續） 30% 2004 ）港元，並已於綜合損益（續）至的稅率撥備。（現為英屬處女群島商 16.5% ） 60% ，或英屬處女群島之 25% （二零零九年：（包括土地及發徵收。）之稅率繳納中，按累進稅 2004 25% （二，註 33 TAXATION Notes totheConsolidatedFinancialStatements(continued) (d) ThetaxontheGroup’sprofitbeforediffersfrom as follows: average taxrateapplicabletoprofitsofthegroupcompanies theoretical amountthatwouldariseusingtheweighted 25%). The weightedaverageapplicabletaxratewas24%(2009: Utilisation ofpreviously Expenses notdeductiblefortax Deferred taxassetnotrecognised Less: Shareofprofitlessloss Taxation Land appreciationtax Income notsubjecttotax intherespectivecountries Tax calculatedatdomestictax ajointlycontrolledentity Less: Profit beforetaxation incometaxpurposes Land appreciationtax unrecognised taxlosses rates applicabletoprofits deductible forcalculationof of associates Share ofloss/(profit) (Continued) 動用過往未確認稅項虧損不可扣稅支出未確認遞延稅項資產減：分佔聯營公司溢利稅項土地增值稅不用課稅收入按於各國之溢利適用國內減：分佔一間共同控制實體除稅前溢利可扣減作為計算所得稅用途之稅率計算之稅項土地增值稅減虧損虧損╱ （溢利）綜合財務報表附註 33 稅項 (d) 如下：算之理論金額有所差異，詳情公司加權平均適用溢利稅率計本集團除稅前溢利與按照集團零零九年：加權平均適用稅率為（續）二零一零年 8,843,109 2,550,097 1,989,734 2,125,355 8,842,704 (140,091) (164,899) HK$’000 560,363 125,968 46,450 千港元 (1,071) (3,049) （續） 2010 666 25% ）。二零零九年 8,791,918 2,699,383 1,878,592 2,079,192 8,407,505 (385,759) (205,198) (121,027) HK$’000 820,791 68,438 57,305 千港元 24% 1,346 2009 (118) （二 221

合生創展集團有限公司 . 二零一零年年報 222 Hopson Development Holdings Limited . Annual Report 2010 5 EARNINGSPERSHARE 35 PROFITATTRIBUTABLETOEQUITY 34 Notes totheConsolidatedFinancialStatements(continued) HOLDERS OFTHECOMPANY loss ofHK$159,509,000(2009:profitHK$618,940,000). with inthefinancialstatementsofCompanytoextenta The profitattributabletoequityholdersoftheCompanyisdealt assuming theconversionofconvertiblebonds. compared withthenumberofsharesthatwouldhavebeen issued the relatedtaxeffect.Thenumberofsharescalculatedasabove is and thenetprofitisadjustedtoeliminateinterestexpense less bonds areassumedtohavebeenconvertedintoordinaryshares, conversion ofalldilutivepotentialordinaryshares.Theconvertible average numberofordinarysharesoutstandingtoassume Diluted earningspershareiscalculatedbyadjustingtheweighted Diluted average numberofordinarysharesinissueduringtheyear. attributable toequityholdersoftheCompanybyweighted Basic earningspershareiscalculatedbydividingtheprofit Basic Profit attributabletoequityholders Basic earningspershare Weighted averagenumberof of theCompany(HK$’000) (HK$ pershare) ordinary sharesinissue(’000) 本公司股權持有人應佔溢利每股基本盈利已發行普通股之加權平均數（千港元）（千股）（每股港元）綜合財務報表附註 35 34 每股盈利溢利本公司股權持有人應佔股之加權平均數得出。有人應佔溢利除以年內已發行普通每股基本盈利乃根據本公司股權持基本虧損本公司股權持有人應佔溢利，其中而已發行之股份數目進行對比。股份數目將和假設兌換可換股債券影響加以調整。以上述方法計算之純利經撇銷利息支出扣減有關稅務所有可換股債券已兌換成普通股，數轉換。就可換股債券而言，假設假設所有具攤薄潛力之普通股獲悉普通股之加權平均數作出調整，以計算每股攤薄盈利時，已對已發行攤薄司財務報表內反映。年：溢利 159,509,000 二零一零年 1,717,330 5,889,412 618,940,000 （續） 2010 3.43 港元港元）（二零零九年

1,539,437 5,799,573 二零零九已於本公 2009 3.77 36 DIVIDENDS EARNINGSPERSHARE 35 Notes totheConsolidatedFinancialStatements(continued) reflected suchdividendpayable. end. Thefinancialstatements as at31stDecember2010havenot the forthcomingAnnualGeneral Meetingsubsequenttotheyear The proposedfinaldividendshave tobeapprovedbyshareholdersat Diluted perordinaryshare (2009: Interim dividendpaidofnil convertiblebonds(’000) Adjustments forsharestobe Weighted averagenumberofordinary Profit forcalculationofdiluted Interest expenseonconvertiblebonds Profit attributabletoequityholders perordinaryshare Proposed finaldividendof Diluted earningspershare earningspershare(’000) Weighted averagenumberof issued onconversionof shares inissue(’000) earnings pershare(HK$’000) (net oftax)(HK$’000) of theCompany(HK$’000) HK$0.1715 (2009:nil) (HK$ pershare) ordinary sharesfordiluted (Continued) HK$0.092) (Continued) 已付中期股息每股普通股零港元擬派末期股息每股普通股（二零零九年：（二零零九年：零港元）調整涉及於轉換可換股已發行普通股之加權平均數計算每股攤薄盈利之溢利可換股債券之利息開支本公司股權持有人應佔溢利每股攤薄盈利計算每股攤薄盈利之（千股）（千港元）（扣除稅項）（千港元）債券時將予發行之股份普通股加權平均數 0.092 （（每股港元）

千港元）港元）（千股） 0.1715 綜合財務報表附註（千股） 35 36 港元每股盈利股息攤薄並未反映有關應付股息。一零年十二月三十一日的財務報表應屆股東週年大會上批准。於二零擬派末期股息須待年結日後股東於（續）二零一零年二零一零年 1,717,330 5,893,172 5,889,412 1,722,687 HK$’000 300,531 300,531 千港元 3,760 5,357 （續）（續） 2010 2010 3.42 — 二零零九年二零零九年 1,539,437 5,909,937 5,799,573 1,600,545 HK$’000 110,364 146,498 146,498 61,108 千港元 2009 2009 3.69 — 223

合生創展集團有限公司 . 二零一零年年報 224 Hopson Development Holdings Limited . Annual Report 2010 7 NOTESTOTHECONSOLIDATEDCASH 37 Notes totheConsolidatedFinancialStatements(continued) FLOW STATEMENT a Cash(usedin)/generatedfromoperations (a) Adjustments for: Profit beforetaxation properties equityinterestinasubsidiary and equipment — Interest income othercurrentassets profitorloss assetsatfairvaluethrough and equipment of land on consolidation): exchange differences subsidiaries acquisition,disposalof and associates controlled entity — Properties underdevelopment

from Cash (usedin)/generated

Changes inworkingcapital — Accruals andother payables — Land costpayable — Fair valuegainsoninvestment — Loss ondisposalofcertain — Dividend income — Depreciation ofproperties — Deferred revenue — Prepayments, depositsand — Fair value(gain)/lossonfinancial — Loss ondisposalofproperties — Gain ondisposalofsubsidiaries — Finance costs — Prepayments foracquisition (excluding theeffectsof — Amortisation oflandcosts — Share ofprofitlessloss — Share ofloss/(profit)ajointly — Accounts payable — Accounts receivable — Net exchange(gain)/loss propertiesforsale forsaleandcompleted operations 調整除稅前溢利

經營

營運資金變動

— — — — — — — — — — — — — — — — 對綜合賬目之影響）出售附屬公司及匯兌差額 — — — — — （所用）

：應計款項及其他應付款項應付土地成本股息收入投資物業公平值收益出售於一間附屬公司若干遞延收入物業及設備折舊利息收入預付款項、按金及按公平值透過損益列賬之出售物業及設備虧損出售附屬公司收益財務成本應付賬款收購土地之預付款項應收賬款匯兌土地成本攤銷分佔聯營公司溢利分佔一間共同控制實體之可供出售之發展中物業及（收益）股權之虧損其他流動資產財務資產之公平值可供出售之已落成物業減虧損虧損╱ （收益） ╱產生之現金（溢利） ╱虧損（不包括收購、 ╱虧損淨額：綜合財務報表附註 37 綜合現金流量表附註 (a) 經營二零一零年 (6,193,801) (3,075,071) (1,934,476) (7,661,085) (3,795,624) 8,843,109 2,558,072 (707,630) (958,217) HK$’000 253,307 267,854 118,922 （所用） (15,292) (17,039) (19,633) (82,612) 24,939 千港元 (1,071) 5,845 1,836 （續） 2010 (601) 666 — ╱產生之現金二零零九年 (1,003,437) (4,700,097) 8,791,918 6,251,936 4,359,799 (385,759) (249,726) (563,429) (621,933) HK$’000 333,639 205,772 (31,313) (13,551) (74,131) 97,331 91,250 千港元 1,346 2,702 9,409 2009 136 573 442 995 7 NOTESTOCONSOLIDATEDCASHFLOW 37 Notes totheConsolidatedFinancialStatements(continued) STATEMENT (b) (c) Non-cash transactions disposal wereasfollows: 41(e)). ThenetliabilitiesofCheeroceanGroupatthetime (collectively the“CheeroceanGroup”)toarelatedparty(Note Guangdong HeShengTaijingRealEstateCompanyLimited interest inCheeroceanInvestmentsLimitedanditssubsidiary, On 16thMarch2010,theGroupdisposedof100%equity issuance ofthe shares oftheCompany(Note 41(e)). Net considerationpaidofRMB2,386 millionwassettledbythe consideration payableforthe acquisitionofPanyuZhujiang. Investment Limitedwassettled againstpartofthe The disposalof100%equity interestinCheerocean Cheerocean InvestmentsLimited Disposal of100%EquityInterestin Total consideration inCheeroceanGroup disposalof100%equityinterest Net cashflowinrespectofthe Gain ondisposalofsubsidiaries

es Netliabilitiesdisposedof Less: Consideration equityinterestinCheeroceanGroup: respectofthedisposal100% Analysis ofthenetcashflowin

Less:

Amounts duefrom

Consideration receivablesettled Properties under Deferred taxassets Other payables Cheerocean Group of PanyuZhujiang(Note41(e)) payable fortheacquisition against partofconsideration development forsale (Continued)

總代價出售超洋集團之出售附屬公司之收益

減︰已出售負債淨額出售超洋集團之

減：應收超洋集團款項本權益之現金流量淨額淨額之分析：本權益之現金流量減：與收購番禺珠江部分代價可供出售之遞延稅項資產其他應付款項（附註應收代價應付代價對銷之發展中物業 41(e) 100% 100% 綜合財務報表附註） 37 股股綜合現金流量表附註 (b) (c) （統稱超洋集團之負債淨額如下：本權益東合生泰景房地產有限公司投資有限公司及其附屬公司廣集團向一名關連方出售於超洋於二零一零年三月十六日， 41(e)) 與本公司發行股份對銷價淨額人民幣江部分應付代價對銷。已付代 100% 出售超洋集團投資有限公司司之出售超洋投資有限公非現金交易 (142,105) K’0 HK$’000 HK$’000 139,945 。「超洋集團」港千港元千港元股本權益與收購番禺珠 100% （附註（續） 521 41(e) 股本權益 2,386,000,000 ） (1,095,109) ）。於出售時 1,095,109 1,095,109 之 (138,531) 958,217 100% 1,639 （續） ( 附註 —

本股元 225

合生創展集團有限公司 . 二零一零年年報 226 Hopson Development Holdings Limited . Annual Report 2010 39 PENDING LITIGATION 38 FINANCIAL GUARANTEES Notes totheConsolidatedFinancialStatements(continued) to YTOGroup. balance ofRMB93,138,320was dueandpayablebyLaurelandCo respect ofabankloanobtained byHenanJianYeCompany.A RMB127,138,320 undertheguarantee providedbyYTOGroupin seven villasassecurityforrepaymentinrespectoftheamount of Laureland Coagreedtoprovideacounter-guaranteebypledging its independent thirdpartiesenteredintoanagreement,whereby Guangzhou LaurelandPropertyCo.,Ltd.(“LaurelandCo”), both In December2004,YTOGroupCorporation(“YTOGroup”) and over guarantee Company Limited,asubsidiaryoftheGroup,inrelationto dispute 州羅蘭德房地產有限公司拖集團有限公司 Summary oflitigationinstitutedbyYTOGroupCorporation Financial guaranteesnot ajointlycontrolledentity forbankborrowingsof subsidiaries forbankborrowingsof oftheGroup’sproperties grantedtocertainbuyers for mortgage Guaranteesgiventobanks facilities as follows: financialstatementsare Guarantees giventobank Guarantees giventobanks provided forinthe ) againstGuangzhouLaurelandPropertyCo.,Ltd. ) andGuangzhouZiyunVillageRealEstate

未於財務報表中作出就一間共同控制實體就附屬公司之銀行就購買本集團物業之如下：撥備之財務擔保擔保銀行借貸作出之之擔保借貸而向銀行作出之擔保貸款而向銀行作出若干買家提供按揭二零一零年 11,676,972 10,501,787 ( 1,175,185 中國一 HK$’000 千港元 ( 廣 2010 — ru Company Group 團公司集團綜合財務報表附註 38 39 二零零九年 10,548,764 9,980,834 HK$’000 567,930 千港元財務擔保待決訴訟司」蘭德房地產有限公司團有限公司於二零零四年十二月，中國一拖集地產有限公司提出訴訟概要集團旗下附屬公司廣州紫雲山莊房向廣州羅蘭德房地產有限公司及本中國一拖集團有限公司就擔保糾紛 93,138,320 司逾期應付一拖集團結餘人民幣 127,138,320 取得銀行貸款而提供為數人民幣以償還一拖集團就河南建業公司其七幢別墅為抵押品提供反擔保議，當中羅蘭德公司同意透過質押 2009 ） — 均為獨立第三方，雙方訂立協二零一零年 14,740,220 13,565,035 元。（ 1,175,185 元之擔保。羅蘭德公「一拖集團」（續） HK$’000 千港元 2010 — （二零零九年「羅蘭德公） 6,919,853 6,351,923 與廣州羅 HK$’000 567,930 千港元 2009 — 39 PENDING LITIGATION Notes totheConsolidatedFinancialStatements(continued) On thebasisofdamagearisingfrominjunctionas use rightsofcertainotherlandsituatedinthesamelocation. court releasedthesaidlandandmadeanordertofreeze Zengcheng XintangTown,GuangzhouProvince.InMarch2008,the the landuserightsofcertainsituatedinNananVillage, the sumofRMB11,446,100inbankaccountZiyunCoand In August2007,theLuoyangCourtmadeaninjunctiontofreeze to repaythesaidbalance. undervalue bedeclaredvoidandthattheco-defendantordered co-defendant andpleadingthatcertaintransfer(s)ofassetsatan Estate CompanyLimited(“ZiyunCo”),asubsidiaryoftheGroup issued “supplementarypleadings”addingGuangzhouZiyunReal of thesaidbalanceRMB93,138,320.InJuly2007,YTOGroup Court ofLuoyangCity(“LuoyangCourt”),claimingforthepayment against LaurelandCo,asdefendant,intheIntermediatePeople’s In June2007,YTOGroup,asplaintiff,institutedaproceeding seeking compensationforitseconomiclossofRMB20,000,200. defendants beinjunctedfrominfringingtherightsofZiyunCoand Court againstYTOGroupandLaurelandCo,pleadingthattheco- aforementioned, ZiyunCoinstitutedaproceedingintheLuoyang (Continued)

綜合財務報表附註 39 11,446,100 凍結紫雲公司銀行賬戶總數人民幣於二零零七年八月，餘。無效及勒令共同被告人償還上述結被告並要求宣佈若干低價資產轉讓 20,000,200 同被告及要求就其經濟損失人民幣禁制就紫雲公司違反權利而成為共集團及羅蘭德公司提出訴訟，要求害，紫雲公司於洛陽巿法院向一拖根據誠如上述禁制令所帶來之損點之若干其他土地之土地使用權。除上述土地，用權。於二零零八年三月，法院解新塘鎮南安村之若干土地之土地使地產有限公司入本集團旗下附屬公司廣州紫雲房月，一拖集團發出民幣人）待決訴訟陽市法院」原告人）於二零零七年六月，一拖集團提出訴訟，要求償還上述結餘人 93,138,320 於洛陽巿中級人民法院）元作出賠償。元及位於廣州巿增城區向羅蘭德公司（續）（續）

並勒令凍結位於同一地（「紫雲公司」元。於二零零七年七「補充起訴」

洛陽巿法院頒令（作為被告）為共同（作為（，加「洛 227

合生創展集團有限公司 . 二零一零年年報 228 Hopson Development Holdings Limited . Annual Report 2010 39 PENDING LITIGATION Notes totheConsolidatedFinancialStatements(continued) these financialstatements. the disputeinMarch2011.Assuch,noprovisionhasbeenmade has appliedtotheSupremePeople’sCourtofPRCforaretrial adequate groundstodefendthecaseandaccordingly,Group and externallegalcounsel,theDirectorsconsiderthatthereare That notwithstandingbasedontheadviceofGroup’sinternal shall paythecostsofappeal. upheld thedecisionofLuoyangCourtandorderedthatZiyunCo In August2010,theHigherPeople’sCourtofHenanProvince against thedecisionandappliedtosetasidejudgement. which LaurelandComaybeunabletosettle.Ziyunappealed mortgaged propertiesand(iii)ZiyunCoshallbeliableforsums shall havepriorityinsumsrecoveredbyauctionorsaleofthe the sumofRMB93,138,320owedtoYTOGroup,(ii)Group to YTOGroup’sclaimsandorderedthat(i)LaurelandCoshallrepay In May2008,theLuoyangCourtheardproceedingsinrelation (Continued) 綜合財務報表附註 39 撥備。糾紛。因而亦無於本財務報表作出向中國最高人民法院申請復審此項因此於二零一一年三月，本集團已現存充分理據就此案件作出抗辯，法律顧問之意見，本公司董事認為儘管如此，根據本集團內部及外聘令紫雲公司支付訟費。民法院維持洛陽市法院的判決並頒於二零一零年八月，河南省高等人回判決。紫雲公司就判決提出上訴及申請駁司可能未能清償之款項負上責任。得退款及優先透過拍賣或出售抵押物業而獲待決訴訟人民幣蘭德公司償還結欠一拖集團之款項理有關一拖集團之訴訟，並頒令於二零零八年五月，洛陽巿法院審 93,138,320 (iii) （續）（續）紫雲公司須就羅蘭德公元， (ii) 一拖集團可 (i) 羅 40 COMMITMENTS Notes totheConsolidatedFinancialStatements(continued) (a) Capital commitments b Operatingleasecommitments (b) incurred areasfollows: Capital expendituresatthebalancesheetdatebutnotyet under non-cancellableoperatingleaseareasfollows: agreements. Thefutureaggregateminimumleasepayments premises undervariousnon-cancellableoperatinglease The Grouphasoperatingleasecommitmentsinrespectof December 2010 (2009:nil). The Companyhas nooperatingleasecommitment asat31st (Note (“BJ interestincertainMainland 14) controlled Dongfangwenhua”) entity Acquisitionoflandandequity China — entities interestsincertainentities Authorised butnotcontractedfor —Within twotofiveyears Amounts payable Contracted butnotprovidedfor Capitalcontributiontoajointly — Acquisitionoflandandequity — — Afterfiveyears Propertyconstructioncosts — — Withinoneyear Propertyconstructioncosts —

下列期內應付之款項

已授權但未訂約

已訂約但未撥備 — — — — — — — —

五年後兩年至五年內一年內

對一間共同控制實體收購若干中國大陸實體收購若干實體之土地及物業建築成本物業建築成本（資本貢獻「北京東方文華」之土地及股本權益股本權益（附註綜合財務報表附註 14 40 ））之承擔 (a) (b) 如下：於結算日尚未產生之資本開支零零九：無）十一日並無經營租賃承擔本公司於二零一零年十二月三租金總額如下：營租約於日後之最低應付經營營租賃承擔。根據不可註銷經不可註銷經營租賃協議而有經本集團就多份有關租賃物業之資本承擔經營租賃承擔二零一零年二零一零年 19,414,930 11,384,646 6,245,172 1,785,112 3,525,727 7,858,919 8,030,284 HK$’000 HK$’000 144,343 40,099 74,285 29,959 千港元千港元（續） 2010 2010 — Group Group 集團集團。二零零九年二零零九年 4,904,863 3,597,062 3,530,730 1,307,801 HK$’000 HK$’000 169,562 879,839 152,060 258,400 49,129 76,077 26,854 66,332 千港元千港元 2009 2009 （二 229

合生創展集團有限公司 . 二零一零年年報 230 Hopson Development Holdings Limited . Annual Report 2010 41 RELATED-PARTY TRANSACTIONS 40 COMMITMENTS Notes totheConsolidatedFinancialStatements(continued) c Futureminimumrentalreceivable (c) a Thefollowingsignificant transactionswere (a) The ultimateholdingcompanyisSoundaPropertiesLimited. remaining sharesarewidelyheld. Company’s sharesduringtheyearended31stDecember2010.The approximately 57.5%to62.83%(2009:62.18%)ofthe The CompanyiscontrolledbyMr.ChuMangYee,whoowns December 2010(2009:nil). The Companyhasnofuturerentalreceivableasat31st Property managementservices Within oneyear Within twotofiveyears related Property designservicesto After fiveyears operating leasesisasfollows: The futureminimumrentalreceivableundernon-cancellable The Groupleasedoutcertainpropertiesunderoperatingleases. Sales ofgoodsandservices(note) carried outwithrelatedparties: to relatedcompanies companies (Continued) 提供予關連公司之物業管理一年內提供予關連公司之物業設計兩年至五年內五年後服務服務綜合財務報表附註 40 41 度內擁有約至二零一零年十二月三十一日止年承擔關連人士交易 (c) (a) 最終控股公司為新達置業有限公司。份。餘下股份由其他人士廣泛持有。零九年：本公司由朱孟依先生控制，（二零零九銷售貨品及服務十一日並無任何未來應收租金本公司於二零一零年十二月三之未來最低應收租金如下：物業。依據不可撤銷經營租賃本集團根據經營租賃出租若干未來最低應收租金行之重要下列為與關連人士進（續）二零一零年二零一零年 57.5% HK$’000 HK$’000 490,323 170,792 237,929 22,279 16,312 81,602 千港元千港元 5,967 （續） 2010 2010 57.5% Group 年：無）至集團交易： 62.18% 至 62.83% 二零零九年二零零九年。 ( ） HK$’000 HK$’000 附註 363,725 145,303 164,543 本公司股 33,836 19,917 53,879 13,919 千港元千港元

（其於截 2009 2009

二零 ) 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) a Thefollowingsignificanttransactionswere (a) Purchases ofgoodsandservices(note) Directors oftheCompany). Mr. ChuMangYee(thecontrollingshareholderandChairmanoftheBoard of These relatedcompaniesareownedbythebrotherandbrother-in-law of Note: carried outwithrelatedparties: related Property designservicesfrom companies servicesfromrelated costcontrolconsultation work,budgetingand Electrical powerinstallation, arelatedcompany Property construction Property managementservices Property constructionservices related Office rentalservicesfrom related Decoration servicesfroma intelligent buildinginstallation supervision servicesfrom from relatedcompanies from relatedcompanies companies companies company 關連公司提供之物業設計服務關連公司提供之電力安裝、一間關連公司提供之物業建築關連公司提供之物業管理服務關連公司提供之物業建築服務關連公司提供之辦公室租賃一間關連公司提供之裝飾服務成本控制顧問服務智能大廈安裝工程、預算及監督服務服務 (Continued) (Continued) 綜合財務報表附註 41 關連人士交易 (a) 購買貨品及服務附註：行之重要下列為與關連人士進二零一零年該等關連公司為由朱孟依先生控股股東兼董事會主席）擁有之公司。 2,275,708 2,439,082 HK$’000 109,403 42,487 千港元 2,759 6,418 1,104 1,203 （續） 2010 交易：（續）二零零九年（續） 1,899,903 2,035,370 ( HK$’000 附註之胞弟及妹夫 76,579 39,871 13,787 千港元 1,968 2,363 2009 （本公司 899 ) 231

合生創展集團有限公司 . 二零一零年年報 232 Hopson Development Holdings Limited . Annual Report 2010 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) b Amountsduefrom/torelatedpartieswere (b) c Amountduetominority shareholdersof (c) considered equityinnature. without pre-determinedrepayment terms.Theamountis shareholders, whichisunsecured, non-interestbearingand shareholders’ loanstosubsidiariesfromtheminority The amountduetominorityshareholdersrepresents Directors oftheCompany). Mr. ChuMangYee(thecontrollingshareholderandChairmanoftheBoard of These relatedcompaniesareownedbythebrotherandbrother-in-law of Note: of approximatelyHK$2,534,380,000(2009:HK$2,471,757,000) As at31stDecember2010,theGrouphadaccountspayable determined repaymentterms. were unsecured,non-interestbearingandwithoutpre- related companies,associatesandajointlycontrolledentity As at31stDecember2010,alloutstandingbalanceswith construction fees(seeNote23). due tocertainrelatedcompanies(Note)inrespectofproperty as follows: subsidiaries Due torelatedcompanies Due toajointlycontrolledentity Due toanassociate Due fromrelatedcompanies Due fromanassociate (Note) (Note) 應付關連公司之款項應付一間共同控制實體之應收關連公司之款項應付一間聯營公司之款項應收一間聯營公司之款項款項 (Continued)

（附註）（附註）綜合財務報表附註 41 關連人士交易 (b) (c) 附註：被視為權益。預定還款期。有關金額之性質有關款項為無抵押、免息及無向附屬公司借出之股東貸款，應付少數股東款項指少數股東 2,534,380,000 公司一日，本集團應付若干關連於二零一零年十二月三十項如下：應收╱付關連公司之款東之款項應付附屬公司少數股年：款期。均無抵押、免息及並無預定還一間共同控制實體之全部結餘日，與關連公司、聯營公司及於二零一零年十二月三十一註二零一零年該等關連公司為由朱孟依先生控股股東兼董事會主席）擁有之公司。 23 1,709,345 HK$’000 （附註）物業建築費約 2,471,757,000 344,057 ） 13,644 30,382 千港元。 6,486 （續） 2010 （續）港元二零零九年（二零零九港元） 1,842,289 HK$’000 173,721 之胞弟及妹夫 13,664 29,365 千港元 6,269 （見附 2009 （本公司 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) d Keymanagementcompensation: (d) e AcquisitionofPanyuZhujiangRealEstate (e) the Agreement. Land A,atitsownexpense,withinoneyearfromthedate of preparation worktoobtainthelanduserightcertificate of perform andcompleteallnecessarydemolition of theGroup.PursuanttoAgreement,Hanjiangwill Huanan NewCityRealEstateLimited,a99%-ownedsubsidiary China (“LandB”);and(iii)1%equityinterestinGuangdong land userightofapieceinPanyuDistrict,Guangdong, land inPanyuDistrict,Guangdong,China(“LandA”);(ii)the Panyu Zhujiangpossesses(i)therighttodevelopapieceof (“Cheerocean”) foraconsiderationofRMB960million. of theentireinterestinCheeroceanInvestmentsLimited consideration ofapproximatelyRMB3,810millionanddispose Zhujiang RealEstateLimited(“PanyuZhujiang”)fora related company,toacquiretheentireinterestinPanyu Construction InstallationProjectLimited(“Hanjiang”),a agreement (the“Agreement”)withGuangdongHanjiang On 2ndNovember2009,theGroupenteredintoan Investments Limited Limited anddisposalofCheerocean Salaries andallowances Fees Pension costs 薪金及津貼袍金退休金成本 (Continued) 綜合財務報表附註 41 關連人士交易 (d) (e) （地」中國廣東省番禺市的土地番禺珠江擁有全部權益。售超洋投資有限公司人民幣「番禺珠江」購番禺珠江房地產有限公司民幣訂立協議築安裝工程有限公司集團已與關連公司廣東韓江建於二零零九年十一月二日，本主要管理層報酬：投資有限公司有限公司及出售超洋收購番禺珠江房地產協議日期的一年之內。證，費用自行承擔，期限為該工作以獲取會進行所有必要的拆卸及準備 1% 擁有新城房地產有限公司之土地使用權；及廣東省番禺市的土地二零一零年）權益。根據該協議，韓江將 HK$’000 之權利； 3,810,000,000 99% 12,447 11,527 千港元（續） 960,000,000 2010 840 （權益的附屬公司） 80 「該協議」 A ）（續）地的土地使用權 (ii) 全部權益，並以 (i) 一幅位於中國發展一幅位於二零零九年 (iii) 元的代價收元的代價出）（（ HK$’000 （本集團，以約人廣東華南（「超洋」「韓江」 14,219 13,349 千港元「 2009 B 150 720 （地」「的 A ））） 233

合生創展集團有限公司 . 二零一零年年報 234 Hopson Development Holdings Limited . Annual Report 2010 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) e AcquisitionofPanyuZhujiangRealEstate (e) Chairman oftheGroup,afterdeductingfrom of sharestheCompanyinfavourMr.ChuMangYee, consideration ofRMB2,386millionwassettledbytheissuance The transactionswerecompletedinMarch2010.Anet of CheeroceanRMB960million. RMB464 millionandthesaleconsiderationfromdisposal costs inrelationtoLandApreviouslypaidbytheGroupof consideration ofacquiringPanyuZhujiangthecompensation or beforethecompletionoftransactionsinMarch2010. pay thenetconsiderationofRMB2,386milliontoHanjiangon A (subjecttoamaximumamountofRMB3,600million);and(ii) performance byHanjiangofitsobligationsinrelationtoLand to theGroup(i)guaranteedueandpunctual disposal ofCheerocean,Mr.ChuMangYee,hasundertaken In relationtotheGroup’sacquisitionofPanyuZhujiangand Chairman, totheGroup Undertaking providedbyMr.ChuMangYee,the Investments Limited Limited anddisposalofCheerocean (Continued) (Continued)

綜合財務報表附註 41 關連人士交易 (e) 主席朱孟依先生向本集價淨額。付人民幣成該等交易時或之前向韓江支元）款項可達人民幣履行其有關公司股份支付。本集團主席朱孟依先生發行本民幣 960,000,000 及出售超洋的銷售代價人民幣賠償費用人民幣之代價扣除有關完成。從本集團收購番禺珠江該等交易已於二零一零年三月向本集團承諾出售超洋而言，朱孟依先生已就有關本集團收購番禺珠江及投資有限公司有限公司及出售超洋收購番禺珠江房地產團提供之承諾；

2,386,000,000 及（續） (ii) 2,386,000,000 於二零一零年三月完元後，代價淨額人 A （續）地的債務 (i) 保證韓江如期 464,000,000 A 3,600,000,000 （續）元已透過向地的已支付（最高元的代元 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) (f) thereto) totheGroup. investment (togetherwithalldividendsandinterestaccrued such rightagainstthetrustees,itwillbeobligedtoreturn it maydesignateatcost.IftheFinancialInstitutionexercises to sellthesharesbackFinancialInstitutionoranyparty subscribed thesharesnotincapacityasbeneficialowners, Institution hastherighttorequiretrustees,whohave Group andthetrusteesareconcerned.However,Financial agreements arelegalandvalidunderPRClawssofarasthe According tothelegaladviceobtainedbyGroup,trust Yee, ChairmanoftheCompany,infavourGroup. of thetrustees,withguaranteesgivenbyMr.ChuMang certain trustagreementsmadebetweentheGroupandeach related partiesoftheCompany(“trustees”)pursuantto HK$1,112,197,000). Suchsharesareheldthroughthree Institution”) forRMB980million(equivalentto equity interestinaPRCfinancialinstitution(the“Financial In September2009,theGroupinvestedin5.09%attributable financial asset Investment inanavailable-for-sale (Continued) 綜合財務報表附註 41 關連人士交易 (f) 同所有股息及應計利息）彼等須向本集團退回投資機關對信託人行使有關權利，之任何一方售回股份。倘金融成本向金融機關或其可能指定人之身份認購股份之信託人按機關有權要求並非以實益擁有項下屬合法有效。然而，金融所得悉，信託協議於中國法律法律意見，就本集團及信託人人」過三間本公司關連方立若干信託協議，有關股份透人）提供之擔保根據本公司主席朱孟依先生 1,112,197,000 民幣融機關」應佔一間中國金融機關於二零零九年九月，本集團就資產投資於可供出售財務），本集團與信託人各自訂持有。根據本集團獲得之 980,000,000 （續）） 5.09% （以本集團為受益（續）港元）股本權益人元（相等於作出投資。（「信託。（「金（連 235

合生創展集團有限公司 . 二零一零年年報 236 Hopson Development Holdings Limited . Annual Report 2010 41 RELATED-PARTY TRANSACTIONS Notes totheConsolidatedFinancialStatements(continued) (g) Undertaking providedbyMr.ChuMang (g) approval forincreaseinplotratioispending. plot ratiofortheJingRunProject.However,government Such additionalcostsmaybecompensatedbyanincrease in Group upto31stDecember2010(2009:RMB1,410million). approximately RMB1,430millionhadbeenincurredbythe on theextrapublicgreenfieldisongoingandrelatedcosts of Project hasbeenobtained.Thedemolitionandrelocationwork and pre-salepermitinrespectofonephasetheJingRun site havebeencompleted,buildingconstructionisinprogress approve. Thedemolitionandrelocationontheconstruction respect ofanyincreaseinplotratioasthegovernmentmay area tobedeveloped,payablebytheprojectcompanyin agreed valuationpriceofJingRunProject)forthegrossfloor site andthelandtransferfeesascomparedwithoriginal demolition andrelocationfeesfortheextrapublicgreenfield the differenceinunitcostpersquaremeter(including Group toberesponsiblefortheexcessamount,ifany,being request ofthelocalgovernment;and(ii)undertakento public greenfieldsiteperipheraltotheJingRunProjectat project companyforthedemolitionandrelocationofextra has (i)fullyguaranteedthebankloanswhichwereusedby through its80%interestinBelieveBest,Mr.ChuMangYee, In relationtotheGroup’sinterestinJingRunProject Project”). Chaoyang District,Beijing,China(knownasthe“JingRun project company),acquiredapieceoflandfordevelopmentin Believe Besthas,throughitsindirectwholly-ownedsubsidiary(the Best”) fromMr.ChuMangYee,ChairmanoftheCompany. issued sharecapitalofBelieveBestInvestmentsLimited(“Believe In 2007,theGroupcompletedacquisitionof80% Best Group inrelationtoacquisitionofBelieve Yee, theChairmanofCompany,to (Continued) 綜合財務報表附註 41 關連人士交易 (g) 佳投資有限公司本公司主席朱孟依先生收購信於二零零七年，本集團完成向團提供之承諾生就收購信佳向本集本公司主席朱孟依先行股本之益而言，朱孟依先生已 80% 就有關本集團透過其於信佳為市朝陽區可供發展之土地公司）過其間接全資附屬公司關成本約人民幣零年十二月三十一日已產生行中，而本集團於截至二零一用綠化土地之拆遷工作正在進目一期之預售許可證。額外公施工中，並已獲得有關京潤項地之拆遷經已完成，樓宇正在建築面積超出之金額。建設用先生承擔支付該項目公司可高於原本議定之估價，朱孟依地之拆遷費用及土地轉讓費）定估價為高之額外公共綠化土米之成本增加批出之容積率，而每平方成額外公用綠化土地之拆遷而向本集團承諾倘當地政府就完能需要之任何銀行貸款；及額外公用綠化土地之拆遷而可政府之要求，就京潤項目周邊擔保本集團之項目公司應當地增加容積率之批准。以補償。然而，政府尚未發出會於增加京潤項目之容積率得 1,410,000,000 「京潤項目」權益而擁有京潤項目之權收購一幅位於中國北京（續） ( 二零零九年：人民幣（包括較京潤項目原 80% 1,430,000,000 （續））元權益。信佳則透。（ ) 。額外成本或「信佳」元之相（項目 (i) ）全數已發（名 (ii) Notes totheConsolidatedFinancialStatements(continued) 2DETAILSOFPRINCIPALSUBSIDIARIES 42 2010: The followingisalistoftheprincipalsubsidiariesat31stDecember Development Limited Beijing HopsonXingYeRealEstate Company Limited RealEstateDevelopment Beijing HopsonWangJing Development Limited Beijing HopsonLuZhouRealEstate Development Limited Beijing HopsonBeifangRealEstate Development Limited Beijing HopsonYujingRealEstate 北京合生興業房地產開發北京合生望景房地產開發北京合生綠洲房地產開發北京合生北方房地產開發北京合生北方教育科技 Name ofcompany 北京合生愉景房地產開發公司名稱 andTechnologyLimited Beijing HopsonBeifangEducation 愛寶置業有限公司 Archibald PropertiesLimited 永熹國際有限公司 Addup InternationalLimited 合生創展國際有限公司 International Limited Hopson Development 有限公司有限公司有限公司有限公司有限公司有限公司 ø # ø # # # # # # # # ø 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China and operations incorporation Place of 英屬處女群島 British VirginIslands 香港 Hong Kong 營運地點註冊成立及英屬處女群島 British VirginIslands 人民幣人民幣人民幣 RMB364,990,000 RMB463,370,000 Issued andfully 86,500,000 63,160,000 31,600,000 US$86,500,000 US$63,160,000 US$31,600,000 364,990,000 463,370,000 RMB1,000,000 1,000,000 paid capital 2,000 繳足股本已發行及 US$2,000 2 1 HK$1 US$2 美元美元美元美元港元美元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 0%—Investmentholding — 100% 之主要附屬公司名單：以下為於二零一零年十二月三十一日接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — Provisionoftraining 49%(ii) — 0%Propertydevelopment 100% — Propertydevelopment 100% — 0%Propertydevelopment 100% — Propertydevelopment 100% — 0%Investmentholding 100% — 0%Investmentholding 100% — （續）物業發展物業發展物業發展提供技術培圳及教育 andconsultancyservices 物業發展物業發展投資控股投資控股投資控股諮詢 237

合生創展集團有限公司 . 二零一零年年報 238 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 佳龍集團有限公司 Chia LungGroupCompanyLimited 信佳投資有限公司 Believe BestInvestmentsLimited Company Limited Investment Management Dalian HopsonHotel 北京益上房地產開發北京新京潤房地產有限公司 Name ofcompany 大連合生興業房地產開發大連合生酒店投資管理北京珠江世紀物業管理頤和投資有限公司 Dynawell InvestmentLimited Company Limited RealEstateDevelopment Dalian HopsonXingYe Management Limited Beijing ZhujiangCenturyProperty Development Limited Beijing YishangProperty PropertyCo.,Ltd. Beijing Xingjingrun 北京龍祥置地房地產開發有限公司 Company Limited Property Development Beijing LongXiangLandmark 北京龍嘉錦程房地產開發 DevelopmentCompanyLimited Beijing LongJiaJinchengProperty 公司名稱有限公司有限公司有限公司有限公司有限公司 ∆ ø ø # ø ø # ∆ # # 薩摩亞國 Samoa 英屬處女群島 British VirginIslands and operations incorporation Place of 香港 Hong Kong 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣人民幣 131,990,000 Issued andfully RMB10,000,000 US$131,990,000 RMB10,000,000 RMB50,000,000 RMB30,000,000 RMB10,000,000 (Continued) RMB5,000,000 6,500,000 10,000,000 US$6,500,000 10,000,000 50,000,000 30,000,000 10,000,000 5,000,000 paid capital 10,000 HK$10,000 繳足股本已發行及 100 US$100 美元美元港元美元元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — 0 Investmentholding 80% — Propertymanagement 100% — 0%Investmentholding 100% — 0%Propertydevelopment 100% — 0(i Investmentholding 50%(ii) — Propertydevelopment 100% — Hoteloperation 100% — Propertydevelopment 80% — 0%Propertydevelopment 100% — （續）物業發展投資控股物業發展投資控股物業發展投資控股物業發展酒店經營物業發展物業發展（續） 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 廣東合生帝景房地產廣東康景物業服務有限公司 Name ofcompany 廣東華景新城房地產廣東合生越華房地產廣東合生明暉房地產廣東合生樂景房地產廣東合生泓景房地產 RealEstateCo.Limited Guangdong HopsonLejing Company Limited HongJingRealEstate Guangdong Hopson RealEstateLimited Guangdong Huajingxincheng Real EstateLimited Guangdong HopsonYuehua RealEstateLimited Guangdong HopsonMinghui RealEstateCo.Ltd. Guangdong HopsonDijing Services Limited Guangdong EsteemProperty 勁途有限公司 Grand AvenueLimited 恒新置業有限公司 Ever NewPropertiesLimited 公司名稱奔騰置業有限公司 Funland PropertiesLimited 有限公司有限公司有限公司有限公司有限公司有限公司 # # # # 1 # # # # # 1 # # # and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 香港 Hong Kong 香港 Hong Kong 營運地點註冊成立及英屬處女群島 British VirginIslands 人民幣人民幣人民幣人民幣人民幣 deferred shares(i) RMB200,280,000 Issued andfully HK$3 non-voting RMB44,500,000 RMB93,500,018 RMB41,500,000 RMB41,532,852 37,500,000 22,500,000 (Continued) HK$22,500,000 US$37,500,000 200,280,000 3 5,000,000 HK$5,000,000 HK$2 ordinary 44,500,000 93,500,018 41,500,000 41,532,852 港元無投票權 2 paid capital 港元普通股遞延股份繳足股本已發行及 2 US$2 美元港元港元美元元元元元元 (i) 綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — 0%Propertymanagement 100% — 0%Propertydevelopment 100% — 0%Propertydevelopment 100% — 0%Propertydevelopment 100% — Propertydevelopment 100% — Propertydevelopment 90% — 0%Investmentholding 100% — 0%Investmentholding 100% — 0%Investmentholdingand 100% — （續）物業發展物業發展物業發展物業管理物業發展物業發展物業發展投資控股投資控股投資控股及物業投資 property investment （續） 239

合生創展集團有限公司 . 二零一零年年報 240 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) RealEstateLimited Guangzhou HopsonCuijing RealEstateLimited Guangdong Huanan Real EstateLimited Guangzhou HopsonQinghui RealEstateLimited Guangzhou HopsonKejiGarden 廣州合創工程總承包有限公司廣東新泰安房地產有限公司廣東暨南房地產有限公司廣東華南房地產有限公司廣東華南新城房地產 Name ofcompany 廣州合生清源淨水有限公司廣州合生清暉房地產有限公司廣州合生科技園房地產有限公司廣州合生駿景房地產有限公司廣州合生東宇房地產有限公司廣州合生翠景房地產有限公司 Qingyuan WaterSupplyLimited Guangzhou Hopson RealEstateLimited Guangzhou HopsonJunjing RealEstateLimited Guangzhou HopsonDongyu ConstructionCompanyLimited Guangzhou Hechuang RealEstateLimited Guangdong NewTaiAn RealEstateLimited Guangdong Jinan RealEstateLimited Guangdong HuananNewCity 公司名稱有限公司 1 1 1 # 1 1 1 1 1 1 1 1 ø # 1 1 1 1 ø 1 ø ø and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣 RMB100,000,000 RMB464,750,000 RMB133,340,000 RMB221,670,000 Issued andfully RMB42,500,000 RMB53,550,000 RMB19,100,000 RMB65,084,340 RMB48,046,856 RMB42,287,624 (Continued) 100,000,000 464,750,000 133,340,000 221,670,000 RMB3,000,000 42,500,000 53,550,000 19,100,000 65,084,340 48,046,856 42,287,624 3,000,000 paid capital 繳足股本已發行及元元元元元元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Provisionof construction 100% — Propertydevelopment 100% — 5 Propertydevelopment 95% — Propertydevelopment 95% — 0%Watersupply 100% — 0%Propertydevelopment 100% — Propertydevelopment 97% — Propertydevelopment 100% — Propertydevelopment 90% — Propertydevelopment 70% — 0%Propertydevelopment 100% — （續）提供建築服務 service 物業發展物業發展物業發展供水物業發展物業發展物業發展物業發展物業發展物業發展（續） 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 廣州合生愉景房地產有限公司廣州合生逸景房地產有限公司廣州合生怡暉房地產廣州合生星景商務有限公司 Name ofcompany 廣州市溢暉房地產開發有限公司廣州市溢晟房地產開發有限公司廣州新長江建設開發有限公司廣州市萬想營物業發展有限公司廣州三聯華僑房產有限公司廣州市農工商集團建設開發公司廣州建南房產發展有限公司 RealEstateLimited Guangzhou HopsonYijing DevelopmentCompanyLimited Construction and Guangzhou Nonggongshang Development Limited Guangzhou YiHuiRealEstate Development Limited Guangzhou YiChengRealEstate DevelopmentLimited Guangzhou XinChangJiang RealEstateCompanyLimited Guangzhou Wanxiangying EstateCompanyLimited Guangzhou SanlianHuaqiao Development Limited Guangzhou JianNanProperty RealEstateLimited Guangzhou HopsonYujing RealEstateLimited Guangzhou HopsonYihui BusinessServicesLimited Guangzhou HopsonXingjing 公司名稱有限公司 1 1 1 1 # 1 1 ø ∆ ø ∆ # ø ø 1 1 ∆ 1 1 ∆ # # and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣人民幣 RMB131,420,019 Issued andfully RMB30,000,000 RMB47,250,000 RMB82,073,720 RMB37,000,000 RMB42,000,000 RMB60,000,000 12,000,000 (Continued) US$12,000,000 131,420,019 RMB1,000,000 RMB2,170,243 30,000,000 47,250,000 82,073,720 37,000,000 42,000,000 60,000,000 RMB500,000 1,000,000 2,170,243 paid capital 500,000 繳足股本已發行及美元元元元元元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — 0%Propertydevelopment 100% — Propertydevelopment 100% — 0%Propertydevelopment 100% — 7 Propertydevelopment 67% — Propertydevelopment 70% — Propertydevelopment 99.5% — Provisionofclubhouse 100% — 5 Propertydevelopment 75% — Propertydevelopment 75% — Propertydevelopment 95.5% — （續）物業發展物業發展物業發展物業發展物業發展提供會所及住宅服務 andresidentialservices 物業發展物業發展物業發展物業發展物業發展（續） 241

合生創展集團有限公司 . 二零一零年年報 242 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) Industries Limited Hopson (Guangzhou) 合生創展 (Properties) Limited Hopson Development RealEstateCompanyLimited Guangzhou ZiyunVillage 廣州紫雲山莊房地產有限公司廣州珠江僑都房地產有限公司廣州頤明房地產開發有限公司廣州藝景文化藝術發展有限公司 Name ofcompany 合生合生中國房地產有限公司 Hopson Properties(China)Limited 合生集團有限公司 Hopeson HoldingsLimited 合生創展 (Consultants) Limited Hopson Development RealEstateLimited Guangzhou ZhujiangQiaodao Limited DevelopmentCompany Guangzhou YimingRealEstate CultureCompanyLimited Guangzhou YijingArtsand 公司名稱（廣州）（置業）（顧問） # 實業有限公司有限公司有限公司 # 1 ø # # 1 # # ø 香港 Hong Kong and operations incorporation Place of 英屬處女群島 British VirginIslands 香港 Hong Kong 中國大陸 Mainland China 英屬處女群島 British VirginIslands 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣 10,000 人民幣 non-voting deferred 人民幣 RMB535,500,000 Issued andfully RMB43,800,000 (Continued) 535,500,000 4,830,000 2,000,000 US$4,830,000 US$2,000,000 HK$2 ordinary 43,800,000 港元無投票權 RMB500,000 2 paid capital 10,000 港元普通股 HK$10,000 HK$10,000 遞延股份 500,000 繳足股本已發行及 shares (i) 2 1 US$1 US$2 港元美元美元美元美元元元元 (i) 綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertyinvestment 100% — 0%Provisionofproperty 100% — Propertydevelopment 99.5% — 0%Investment holding 100% — 0(i Propertydevelopment 50%(ii) — 0%Investmentholding 100% — Propertydevelopment 100% — Propertydevelopment 100% — 0%Investmentholding 100% — （續）物業投資提供物業設計及顧問 services designandadvisory 物業發展投資控股物業發展投資控股投資控股物業發展物業發展服務（續） 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 惠州市亞派房地產有限公司惠州市合生信能置業有限公司惠州市灝龍實業發展有限公司惠州大亞灣新海岸城市建設 Name ofcompany 惠州市亞新房地產有限公司 Development(GuangZhou)Ltd. Malaysian TeoghewIndustrialEstate 昆山合生房地產開發有限公司 DevelopmentCompanyLimited Kun ShanHopsonProperty 嘉和集團有限公司 Karworld HoldingsLimited 吉潤置業投資有限公司 Limited Ji RunPropertyInvestments Company Limited Huizhou YaxinRealEstate 南博置業有限公司 Nambour PropertiesLimited 先卓投資有限公司 Max ClearInvestmentsLimited Company Limited Huizhou YapaiRealEstate Properties Limited Huizhou HopsonXinNeng Development CompanyLimited Huizhou HaolongIndustrial 廣州馬潮工業村發展有限公司 andInvestmentCo.,Ltd. NewCoastalCityDevelopment Huizhou DayaBay 公司名稱投資有限公司 ø # # # ø # # ∆ # ø ø ∆

and operations incorporation Place of 中國大陸 Mainland China 香港 Hong Kong 香港 Hong Kong 英屬處女群島 British VirginIslands 香港 Hong Kong 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣 RMB119,000,000 RMB250,000,000 RMB200,000,000 Issued andfully 25,000,000 RMB10,000,000 RMB72,500,000 50,000,000 (Continued) HK$50,000,000 HK$25,000,000 200,000,000 119,000,000 250,000,000 1,000,000 HK$1,000,000 10,000,000 72,500,000 paid capital 10,000 HK$10,000 繳足股本已發行及 2 1 HK$1 US$2 港元港元美元港元港元港元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — Investmentholding 100% — Investmentholding 80% — 0%Propertydevelopment 100% — Propertydevelopment 100% — 0%Investment holding 100% — Investmentholding 100% — Propertydevelopment 100% — Propertydevelopment 100% — Propertydevelopment 60% — 5 Propertydevelopment 55% — （續）物業發展投資控股投資控股物業發展物業發展投資控股投資控股物業發展物業發展物業發展物業發展（續） 243

合生創展集團有限公司 . 二零一零年年報 244 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) Co. Limited ConventionHotelTianjin Plaza RoyaleWaterPalace 番禺珠江房地產有限公司 Limited Panyu ZhujiangRealEstateCompany 廣大投資有限公司 Limited Outward ExpanseInvestments RealEstateCompanyLimited Ningbo HopsonMingCity 譽龍發展有限公司 Limited Prestige DragonDevelopment 信能國際有限公司 Right StrongInternationalLimited 寧波合生創展房地產有限公司寧波合生名城房地產有限公司寧波合生錦城房地產有限公司寧波合生慈城休閒體育發展 Name ofcompany 天津帝景溫泉酒店有限公司邦萊置業有限公司 Pomeroy PropertiesLimited Company Limited Ningbo HopsonRealEstate RealEstateCompanyLimited Ningbo HopsonKamCity SportsCompanyLimited Ningbo HopsonCiCityLeisure 公司名稱有限公司 ø ∆ ø ø ∆ ø ø ø ø ø 中國大陸 Mainland China 英屬處女群島 British VirginIslands 香港 Hong Kong 香港 Hong Kong and operations incorporation Place of 英屬處女群島 British VirginIslands 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣 RMB220,000,000 RMB150,000,000 Issued andfully RMB72,000,000 RMB10,000,000 10,000,000 (Continued) US$10,000,000 220,000,000 150,000,000 RMB5,000,000 72,000,000 10,000,000 5,000,000 paid capital 10,000 HK$10,000 繳足股本已發行及 2 2 1 HK$1 US$2 US$2 美元港元美元港元美元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — 0%Investmentholding 100% — 0%Investmentholding 100% — Propertydevelopment 100% — 0%Investmentholding 100% — 0%Investmentholding 100% — 0%Investmentholding 100% — 0 Hoteloperation 70% — Propertydevelopment 100% — Propertydevelopment 100% — （續）物業發展投資控股投資控股物業發展投資控股投資控股投資控股酒店經營物業發展物業發展（續） 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 上海龍盟房地產開發有限公司上海龍嘉置業有限公司上海合生房地產開發有限公司上海大展投資管理有限公司 Name ofcompany 上海正澤房地產有限公司上海澤宇置業有限公司上海御泰房地產發展有限公司上海三象房產發展有限公司上海上實海雲置業有限公司 Shanghai ZeYuPropertiesLimited DevelopmentCompanyLimited Shanghai SonXiangRealEstate DevelopmentCompanyLimited Shanghai HopsonProperty 上海合創臨海房地產開發有限公司 DevelopmentCompanyLimited Shanghai HechuangLinHaiProperty PropertiesCompanyLimited Shanghai ShangzhiHaiyun Limited Shanghai LongJiaProperties DevelopmentCompanyLimited Shanghai ZhengzeRealEstate DevelopmentCompanyLimited Shanghai YuTaiRealEstate DevelopmentCompanyLimited Shanghai LungMengRealEstate ManagementCompanyLimited Shanghai DazhanInvestment 公司名稱 ø ø ø ø # ø ø ø ø # # # # ø ø ø # ø and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣人民幣人民幣 RMB400,000,000 RMB400,000,000 RMB900,000,000 RMB600,000,000 Issued andfully RMB20,000,000 RMB50,000,000 RMB50,000,000 44,370,000 59,900,000 (Continued) US$44,370,000 US$59,900,000 600,000,000 400,000,000 400,000,000 900,000,000 8,000,000 US$8,000,000 20,000,000 50,000,000 50,000,000 paid capital 繳足股本已發行及美元美元美元元元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Propertydevelopment 100% — Propertydevelopment 100% — 0%Propertydevelopment 100% — 0%Propertydevelopment 100% — 0%Propertydevelopment 100% — Propertydevelopment 100% — Propertydevelopment 100% — 0%Propertydevelopment 100% — 0%Propertydevelopment 100% Propertydevelopment — 94% — （續）物業發展物業發展物業發展物業發展物業發展物業發展物業發展物業發展物業發展物業發展（續） 245

合生創展集團有限公司 . 二零一零年年報 246 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) Development Corporation Suizhong HaishengTourism 崇偉置業有限公司 Solawide PropertiesLimited 廣都投資有限公司 Size UpInvestmentsLimited DevelopmentCompanyLimited Tianjin BaboRealEstate Company Limited Technology Development ProtectionandEnergySaving Tianjin HopsonEnvironmental 亮豐顧問有限公司 Shine WealthConsultantsLimited 新益置業有限公司 Sun YickPropertiesLimited 綏中海盛旅遊置業發展有限公司山西合生帝景建設有限公司 Name ofcompany 天津合生環保節能技術開發天津合生濱海房地產開發天津市巴博房地產開發有限公司 DevelopmentCompanyLimited Tianjin HopsonBinhaiRealEstate 日進投資有限公司 Sun AdvanceInvestmentsLimited Company Limited Shanxi HopsonDijingConstruction 公司名稱有限公司有限公司 ^ 1 # ^ # ø ∆ ø 1 ∆ 英屬處女群島 British VirginIslands 香港 Hong Kong 英屬處女群島 British VirginIslands 英屬處女群島 British VirginIslands and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 英屬處女群島 British VirginIslands 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣 RMB375,826,000 RMB185,000,000 Issued andfully RMB20,000,000 RMB10,000,000 (Continued) 375,826,000 185,000,000 20,000,000 10,000,000 500,000 paid capital US$500,000 繳足股本已發行及 2 1 1 2 1 HK$1 US$2 US$1 US$2 US$1 美元港元美元美元美元美元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Investmentholding 100% — 0%Investmentholding 100% — 0%Provisionofconsultancy 100% — 0%Investmentholding 100% — 89 Propertydevelopment 98.9% — Propertydevelopment 100% — — 75% Research and development Researchanddevelopment 75% — Investmentholding 100% — 0%Propertydevelopment 100% — Propertydevelopment 51% — （續）投資控股投資控股提供顧問服務 services 投資控股物業發展物業發展研究及開發環保技術及 technologyandproduct of environmental 投資控股物業發展物業發展產品（續） 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) 天津美新建築設計有限公司天津合生珠江房地產開發 Name ofcompany 中山市合生宏景房地產有限公司中山市合生灝景房地產有限公司浙江科華數碼廣場有限公司廣州市加益有限公司 Company Limited Tianjin MeixinArchitecturalDesign 天津市寶坻區玉佛宮博物館 Company Limited Museum Management Tianjin JadeBuddhaTemple Value-Added GuangzhouLimited 豐深投資有限公司 Trisum InvestmentLimited RealEstateCompanyLimited Zhongshan HopsonHongJing RealEstateCompanyLimited Zhongshan HopsonHaoJing Company Limited Zhejiang KeHuaDigitalPlaza 祥能置業有限公司 Tumen PropertiesLimited RealEstateDevelopmentLimited Tianjin HopsonZhujiang 公司名稱有限公司經營管理有限公司 1 ø ø ø ø ø ø ø ø ø ø 1 and operations incorporation Place of 中國大陸 Mainland China 香港 Hong Kong 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 英屬處女群島 British VirginIslands 中國大陸 Mainland China 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣人民幣人民幣人民幣人民幣人民幣 RMB280,000,000 Issued andfully RMB10,000,000 RMB10,000,000 RMB10,000,000 (Continued) 280,000,000 RMB8,000,000 RMB3,000,000 RMB5,000,000 5,000,000 HK$5,000,000 10,000,000 10,000,000 10,000,000 5,000,000 8,000,000 3,000,000 paid capital 繳足股本已發行及 2 US$2 港元美元元元元元元元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接主要附屬公司詳情分主要業務百分比 0%Investmentholding 100% Investmentholding — 100% — 0 Propertydevelopment 70% — ArchitecturalDesign 100% — 0%Museumoperation 100% — 23 Propertydevelopment 92.3% — 0%Propertydevelopment 100% — Propertydevelopment 95% — 0%Propertydevelopment 100% — （續）博物館經營管理物業發展投資控股投資控股物業發展物業發展物業發展建築設計物業發展（續） 247

合生創展集團有限公司 . 二零一零年年報 248 Hopson Development Holdings Limited . Annual Report 2010 2DETAILSOFPRINCIPALSUBSIDIARIES 42 Notes totheConsolidatedFinancialStatements(continued) ø 1 ∆ # i) ThesearesubsidiariesbecausetheGroup hasthepowertogovernfinancial (ii) Thenon-votingdeferredshareshavenovotingrightsandarenotentitledtoany (i) Notes: TheseareforeignenterprisesestablishedinMainlandChina. ^ ThesearedomesticenterprisesestablishedinMainlandChina. ThesearecooperativejointventuresestablishedinMainlandChina. ThesearewhollyownedforeignenterprisesestablishedinMainlandChina. TheseareequityjointventuresestablishedinMainlandChina. 中先國際控股有限公司中山市合生熙景房地產有限公司 Name ofcompany Company Limited Zhongxian International RealEstateCompanyLimited Zhongshan HopsonXiJing 公司名稱 equity interestsinthesecompaniesarenotmorethan50%. and operatingpoliciesofthesecompanies,notwithstandingthattheGroup’s non-voting deferredshares. shares andthereafterone-halfoftheassetsaredistributabletoholders HK$100,000,000,000,000 hasbeendistributedtotheholdersofordinary dividend ordistributionsuponwindingupunlessasumof ø ø ø ø and operations incorporation Place of 中國大陸 Mainland China 中國大陸 Mainland China 營運地點註冊成立及人民幣人民幣 RMB900,000,000 Issued andfully RMB10,000,000 (Continued) 900,000,000 10,000,000 paid capital 繳足股本已發行及元元綜合財務報表附註 42 Percentage ofequity interest attributable ietyIndirectly Directly 集團應佔股權 oteGopPrincipalactivities to theGroup 接間接直接 # # ^ ^ ø 1 Δ 主要附屬公司詳情分主要業務百分比附註：

0%Propertydevelopment 100% — 0%Propertydevelopment 100% — (i) (i) (ii) (ii)

該等為於中國大陸成立之外資企業。該等為於中國大陸成立之內資企業。資企業。業。業。該等為於中國大陸成立之全資擁有外該等為於中國大陸成立之合作合營企該等為於中國大陸成立之合資合營企取任何股息或無權於清盤時享有分派，無投票權遞延股份並無投票權，無權收除非普通股持有人，則其後資產之一半可分派予無投票權遞延股份持有人。儘管本集團於該等公司之股本權益並不超過本集團有權規管該等公司之財務及經營政策。 100,000,000,000,000 （續） 50% 物業發展物業發展，該等公司為附屬公司乃由於（續）港元已分派予 3 EVENTSAFTERTHEBALANCESHEETDATE 43 Notes totheConsolidatedFinancialStatements(continued) b On22ndFebruary2011,theCompany'sacquisitionof (b) On21stJanuary2011,theCompanyissued11.75%senior (a) the CompanyataspecialgeneralmeetingofCompany. Company wasapprovedbytheindependentshareholdersof constituted amajorandconnectedtransactionofthe Beijing foraconsiderationofRMB6,605,066,000,which project locatedinMajuqiaoTownofTongzhouDistrict Supplemental Agreement)relatingtotheacquisitionof Purchase Agreement(asvariedandamendedbythe from FarrichInvestmentsLimitedandthetermsofShare entire issuedsharecapitalofSunExcelInvestmentsLimited interests totheredemptiondate. specified intheofferingcircular,plusaccruedandunpaid notes onorafter21stJanuary2014attheredemptionprices entitled atitsoptiontoredeemalloraportionofthesenior their nominalvalueofUS$300,000,000.TheCompanywillbe notes matureinfiveyears(January2016)andarerepayableat (equivalent toapproximatelyHK$2,340,000,000).Thesenior notes withanaggregatenominalvalueofUS$300,000,000 綜合財務報表附註 43 結算日後事項 (b) (a) （二零一六年一月）本公司股東特別大會上批准。交易，已獲本公司獨立股東於款構成本公司一項重大及關連北京通州區馬駒橋鎮項目的條 2,340,000,000 人民幣補充協議更改及修訂）行股本以及股份購買協議購日佳投資有限公司全部已發本公司向遠富投資有限公司收於二零一一年二月二十二日，部份優先票據。的累計未付利息，贖回全部或訂明之贖回價另加相關贖回日月二十一日或之後按發售通函公司有權選擇於二零一四年一面值優先票據。優先票據於五年後 300,000,000 日，本公司發行總面值為於二零一一年一月二十一 300,000,000 （續） 6,605,066,000 美元港元）的（相等於約美元償還。本到期，須按元收購於 11.75 以代價（經厘 249

合生創展集團有限公司 . 二零一零年年報 250 Hopson Development Holdings Limited . Annual Report 2010 財務資料概要 CONSOLIDATED BALANCESHEETS Summary ofFinancialInformation Pledged/charged bankdeposits Duefrom relatedcompanies current Prepayments,depositsandother Financialassetsatfairvalue Othernon-currentasset Deposit paid controlled Investmentinajointly Investmentsinassociates long-term Propertiesunderdevelopmentfor Investment properties Land Non-current assets ASSETS Intangible assets Propertiesandequipment acquisition Prepayments for Cashand cashequivalents Duefromanassociate Available-for-salefinancialassets Accounts receivable Completedpropertiesforsale for Propertiesunderdevelopment Current assets Depositforproposedinvestment Deferredtaxassets Prepayments foracquisitionofland throughprofitorloss costs sale assets investment entity of land

非流動資產資產

流動資產

收購土地預付款項可供出售之發展中收購土地預付款項已抵押應收關連公司款項預付款項、按金及按公平值透過損益其他非流動資產已付按金於一間共同控制實體於聯營公司之投資投資物業土地成本持作長期投資之發展無形資產物業及設備現金及現金等價物應收一間聯營公司可供出售財務資產應收賬款可供出售之已落成建議投資之按金遞延稅項資產物業存款其他流動資產列賬之財務資產之投資中物業款項物業 ╱押記銀行零六零七零八二零零九年二零零八年二零零七年二零零六年 827154,5,1 8043854,291,445 48,084,398 40,959,913 18,257,175 ,4,8 ,7,2 0173016,362,819 10,187,390 6,973,529 7,447,385 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 ettdRsae ettdRestated Restated Restated Restated 港港港千港元千港元千港元千港元經重列 0620 082009 2008 2007 2006 091762,8,0 0541330,556,607 30,544,173 20,281,103 10,941,716 ,8,4 ,5,9 ,2,6 1,620,126 1,528,568 2,956,191 1,687,347 1,188,692 801,240 676,460 1,033,245 2,503,845 1,267,460 2,412,479 2,294,563 3,8 20712612997,363,482 6,142,999 12,027,112 634,080 5,1 7,3 7,5 168,479 271,450 277,031 157,317 919,584 554,579 0,6 3,0 4,6 329,440 749,663 639,205 500,367 2,6 3,5 2,5 — 125,856 135,157 227,765 106,349 291,834 111,142 18,531 42,357 綜合資產負債表重重經重列經重列經重列 ,3,3 266,962 2,436,630 — — 0201,5 11,083 11,655 20,280 — — — ———— ,6,1 ,0,2 3,175,029 2,405,623 2,063,811 ,8,5 ,4,9 6,546,144 2,142,696 1,985,055 ,3,6 ,3,6 7,835,600 7,336,763 3,234,664 ,3,3 ,5,9 8,378,105 2,856,094 2,736,835 0,7 7,7 191,287 173,378 107,878 1,1 2,5 120,660 120,455 111,819 6,5 7,5 2,671,719 476,250 463,158 3,4 257146,895 72,577 138,743 2342,3 29,365 26,538 22,344 9264,0 40,925 42,201 39,206 73069913,664 6,979 17,390 ——— ——— 二零一零年 15,405,498 65,998,097 10,487,033 31,967,756 18,053,335 25,162,663 3,199,845 2,573,604 3,316,388 2,565,026 1,512,923 HK$’000 171,953 167,541 124,837 209,795 622,193 123,671 560,210 千港元 13,644 30,382 43,433 11,693 2010 — — — CONSOLIDATED BALANCESHEETS Summary ofFinancialInformation(continued) Total equity Non-controlling interests Share capital Capital andreservesattributable EQUITY Othernon-currentliability of Duetominorityshareholders Deferredtaxliabilities Borrowings Non-current liabilities Total assetslesscurrentliabilities Net currentassets Currenttaxliabilities Duetoajointlycontrolledentity Duetorelatedcompanies Duetoanassociate Accrualsandotherpayables Deferred revenue Borrowings Accounts Current liabilities LIABILITIES Reserves Net assets Landcostpayable to theCompany’sequityholders Land costpayable subsidiaries payables 本公司股權持有人應佔股本及儲備

權益總額非控制性權益股本權益非流動負債總資產減流動負債流動資產淨值流動負債負債儲備資產淨值應付賬款應付附屬公司少數其他非流動負債遞延稅項負債借貸應付土地成本本期稅項負債應付一間共同控制應付關連公司之款項應付一間聯營公司之應計款項及其他遞延收入借貸應付土地成本股東款項實體之款項款項應付款項 (Continued) 財務資料概要零六零七零八二零零九年二零零八年二零零七年二零零六年 ,3,6 784332,7,9 28,193,743 20,179,894 17,864,383 7,837,665 24,845,008 19,331,246 14,092,488 9,698,618 ,7,2 372641,7,6 15,309,780 16,376,469 13,762,644 7,778,027 K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 ettdRsae ettdRestated Restated Restated Restated 港港港千港元千港元千港元千港元經重列 0620 082009 2008 2007 2006 16,005,942 8,227,915 1,119,814 6,076,963 8,558,557 1,037,287 4,167,431 1,345,042 7,709,155 8,227,915 1,070,928 416,109 103,398 6,7 5,2 ,3,2 2,941,424 2,933,721 953,128 563,378 2,1 4,3 4,3 159,237 147,237 390,250 147,237 128,510 581,250 989,702 （續） 5,343 綜合資產負債表重重經重列經重列經重列 993419,411 49,983 — — 7,5 0,7 271,028 106,173 175,959 — 777162,3,5 28,034,506 20,032,657 17,717,146 30,499,476 22,564,073 20,078,310 380943,4,4 45,809,256 38,940,542 33,840,954 008302,6,7 30,499,476 22,564,073 20,078,310 29,446,437 28,753,152 26,867,425 ,1,2 ,8,7 2,305,733 2,384,179 2,213,927 4,502,743 3,890,102 10,116,598 12,330,211 3,867,687 9,718,998 4,357,337 4,162,230 2,515,248 1,728,752 2,249,864 7,260,538 6,232,260 1,763,446 4,458,379 4,262,798 4,981,769 2,898,895 0,8 2,9 302,418 323,696 605,289 3,3 7,2 173,721 174,920 137,836 3,5 5,8 1,842,289 759,380 231,253 ,2 ,5 6,269 6,258 5,624 ——— （續）二零一零年 40,993,099 38,187,155 38,011,918 40,993,099 20,047,524 67,135,252 41,972,589 24,025,508 26,142,153 2,805,944 5,551,128 4,643,003 1,709,345 2,196,200 5,544,615 3,671,919 5,645,612 HK$’000 432,323 111,178 344,057 264,271 175,237 千港元 6,486 2010 — 251

合生創展集團有限公司 . 二零一零年年報 252 Hopson Development Holdings Limited . Annual Report 2010 Revenues Dividends Cost ofsales Non-controlling interests EquityholdersoftheCompany Attributable to: Profit fortheyear Taxation Profit beforetaxation jointlycontrolledentities Share ofprofit/(loss)and of associates Share ofprofitlessloss Finance costs Finance income Operating profit expenses General andadministrative Selling andmarketingcosts Other income/gains,net investment properties Fair valuegainson Gross profit CONSOLIDATED INCOMESTATEMENTS Summary ofFinancialInformation(continued) other gainsrelatingto 收益股息銷售成本應佔年度溢利稅項除稅前溢利分佔共同控制實體之分佔聯營公司財務成本財務收入經營溢利一般及行政費用銷售及市場推廣成本其投資物業公平值收益毛利

非控制性權益本公司股權持有人溢利╱ 溢利減虧損淨額其他收益他收入╱收益，：（虧損）及零六零七零八二零零九年二零零八年二零零七年二零零六年 (4,509,340) 6,920,294 ,5,5 ,1,1 ,6,2 5,799,573 1,963,724 3,517,312 1,553,752 1,624,178 2,461,536 2,391,267 2,410,954 ,2,7 ,4,0 ,4,5 6,092,535 1,948,950 3,548,206 1,624,178 (837,358) (995,041) (690,877) (510,672) (296,600) (228,618) K’0 K’0 K’0 HK$’000 HK$’000 HK$’000 HK$’000 480,980 4,1 ,0,8 6,9 734,033 265,395 4,700,097 34,076 1,106,985 244,117 386,732 261,414 2,4 0,6 170 385,759 (1,710) 101,964 128,343 (84,808) 財務資料概要港港港千港元千港元千港元千港元 70,426 26,814 0620 082009 2008 2007 2006 8)(9)(3 (1,346) (33) (599) (80) 110631,7,2 11,225,246 10,774,624 11,130,643 66998 59596 (6,557,985) (5,915,976) (6,669,998) 16925 19282 (2,699,383) (1,912,812) (1,629,245) ,4,0 ,4,5 6,092,535 1,948,950 3,548,206 8,791,918 3,861,762 5,177,451 8,727,593 4,077,894 5,162,608 4,667,261 4,858,648 4,460,645 1696 2675 (333,639) (226,765) (136,916) (378,757) (389,348) (281,082) 1,2 9,2 146,498 294,621 616,922 084(474 292,962 (14,774) 30,894 13,551 12,376 50,394 （續）綜合損益表二零一零年 14,379,253 (1,117,712) (8,692,021) (2,550,097) 1,124,053 3,795,624 5,687,232 6,293,012 5,889,412 6,293,012 8,843,109 9,078,972 (410,225) (253,307) HK$’000 300,531 403,600 千港元 17,039 1,071 2010 (666) 主要辦事處 ce 香港 Suites 3305-3309 中環 33rd Floor, Jardine House 康樂廣場一號 1 Connaught Place 怡和大廈33樓 Central 3305-3309室 Hong Kong

北京代表辦事處 ce 北京市 Zhujiang Development Centre 朝陽區 23 Dawang Road West 西大望路23號 Chaoyang District 珠江發展中心 Beijing

廣州代表辦事處 ce 廣州市 16th Floor, South Tower 珠江新城 Zhujiang Investment Building 珠江東路421號 421 Zhujiang East Road 珠江投資大廈 Zhujiang New City 南塔16樓 Guangzhou

上海代表辦事處 ce 上海市 19th Floor, No. 695 Lingshi Road 閘北區 Zhabei District 靈石路695號19層 Shanghai

天津代表辦事處 ce 天津市 No. 14 Dongcheng South Road 寶坻區 Baodi District 東城南路14號 Tianjin

Quality Excellence Home of Dreams 完美品質 夢想家園

Quality Excellence Home of Dreams 完美品質夢想家園