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China Sce Property Holdings Limited 中 駿 置 業 控 股 有 限

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China Sce Property Holdings Limited 中 駿 置 業 控 股 有 限 非供於美國公佈 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成邀請或游說收購、購買或認購證券之建議，或邀請作出上述行動，亦 不被視作邀請任何收購、購買或認購任何證券之建議。 本公告並不構成在美國提呈證券出售的要約。在並無登記或不獲豁免登記下，證券不一定可在美 國提呈發售或出售。在美國進行的任何公開發售證券，將以可向本公司索取的發售章程進行，發 售通函將載有本公司及管理層的詳細資料以及財務報表。本公司並無亦不擬在美國註冊任何部分 的票據。 CHINA SCE PROPERTY HOLDINGS LIMITED 中駿置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1966） 建議的優先票據發行 本公司擬進行建議的票據發行，並將於二零一一年一月五日起向機構投資者展 開連串路演簡介會。有關這次建議的票據發行，本公司將向若干機構投資者提 供有關本集團的最新企業及財務信息，包括風險因素、本公司業務及本集團承 辦項目的概況、管理層就財務狀況及經營業績的討論與分析、關聯方交易、債 務資料及財務報表。該等信息尚未公開過（惟本公司於二零一零年八月十七日刊 發的中期業績報告中有關本公司截至二零一零年六月三十日止六個月的財務業 績的披露以及本公司於二零一零年四月十五日刊發的業績公佈中有關本公司截 至二零零九年十二月三十一日止年度的財務業績的披露則除外）。 – 1 – 該等最新信息摘要隨附於本公告並在向機構投資者發放的相若時間，可於本公 司網址www.sce-re.com瀏覽。 建議的票據發行的完成須受市況及投資者反應規限。德意志銀行及㶅豐為建議 的票據發行的聯席賬簿管理人及聯席牽頭經辦人。於本公告日期，尚未釐定建 議的票據發行的款額、條款及條件。本公司現擬使用票據收益對新增及現有項 目提供資金（包括建造成本及土地成本）及供作一般公司用途。本公司或會因應 變動中的市況及情況調整其收購及發展計劃，並因此可能重新分配建議的票據 發行的收益。 建議的票據發行將僅以要約形式(i)於美國發售，但僅根據證券法第144A條獲豁 免註冊規定向合資格機構買家發售，以及(ii)於美國境外遵照證券法項下的S規 例發售。概無票據將於香港公開發售。 票據已獲原則性批准於新加坡交易所上市。票據是否獲納入新加坡交易所並不 視為本公司或票據價值之指標。本公司將不會尋求票據於香港或任何其他證券 交易所上市。 由於於本公告日期尚未就建議的票據發行訂立具約束力的協議，故建議的票據 發行不一定會落實。投資者及本公司股東於買賣本公司證券時，務須審慎行事。 倘購買協議獲予訂立，本公司將就建議的票據發行作進一步公告。 建議的票據發行 緒言 本公司擬進行建議的票據發行，並將於二零一一年一月五日起向機構投資者展開 連串路演簡介會。有關這次建議的票據發行，本公司將向若干機構投資者提供有 關本集團的最新企業及財務信息，包括風險因素、本公司業務及本集團承辦項目 的概況、管理層就財務狀況及經營業績的討論與分析、關聯方交易、債務資料及 財務報表。該等信息尚未公開過（惟本公司於二零一零年八月十七日刊發的中期 – 2 – 業績報告中有關本公司截至二零一零年六月三十日止六個月的財務業績的披露以 及本公司於二零一零年四月十五日刊發的業績公佈中有關本公司截至二零零九年 十二月三十一日止年度的財務業績的披露則除外）。該等最新信息摘要隨附於本 公告並在向機構投資者發放的相若時間，可於本公司網址www.sce-re.com瀏覽。 建議的票據發行的完成須受市況及投資者反應規限。德意志銀行及㶅豐為建議的 票據發行的聯席賬簿管理人及聯席牽頭經辦人。除非根據票據的條款予以提前贖 回或購回，票據（倘獲發行）將於到期時還款。於本公告日期，尚未釐定建議的票 據發行的款額、條款及條件。在落實最終票據條款後，德意志銀行、㶅豐及本公 司等將訂立購買協議，據此，德意志銀行及㶅豐將為票據的初步買方。倘購買協 議獲予訂立，本公司將就建議的票據發行作進一步公告。 建議的票據發行將僅以要約形式(i)於美國發售，但僅根據證券法第144A條例獲豁 免註冊規定向合資格機構買家發售，以及(ii)於美國境外遵照證券法項下的S規例 發售。概無票據將於香港公開發售，及概無票據將配售予本公司的任何關連人士。 進行建議的票據發行的原因 本集團為福建省領先的房地產開發商。根據中國房地產十強調查小組，於二零零 八年至二零一零年各年獲頒發「中國房地產百強企業」之一及「中國房地產百強企 業— 百強之星」之一。以廈門為總部，本集團專注在海峽西岸經濟圈的中心區域 ─福建省內較繁華的地區開發高質量的中端至高端住宅房地產項目。憑藉其於福 建省的經驗，本集團已擴展至，並計劃繼續整固其在環渤海經濟圈如北京及其他 經濟發達城市的市場地位。 – 3 – 於二零一零年九月三十日，本集團已交付十一項位於福建省，總建築面積約 843,000平方米的房地產項目，以及一項位於環渤海經濟圈，總建築面積約119,000 平方米的開發項目。 本公司目前擬利用票據所得款項就其新增及現有項目提供資金（包括建造費用及 土地成本）及供作一般公司用途。本公司或會因應變動中的市況調整其收購及發 展計劃，並因此可能重新分配建議的票據發行的所得款項。 上市 票據已獲原則性批准於新加坡交易所上市。票據是否獲納入新加坡交易所並不視 為本公司或票據價值之指標。本公司將不會尋求票據於香港或任何其他證券交易 所上市。 一般事項 由於於本公告日期尚未就建議的票據發行訂立具約束力的協議，故建議的票據發 行不一定會落實。投資者及本公司股東於買賣本公司證券時，務須審慎行事。倘 購買協議獲予訂立，本公司將就建議的票據發行作進一步公告。 釋義 本公告中，除文義另有規定外，下列詞彙的含義如下： 「董事會」 指 本公司董事會 「本公司」 指 中駿置業控股有限公司，一家於開曼群島註冊成 立的有限公司，其股份於聯交所上市 「關連人士」 指 具有上市規則所賦予的涵義 「德意志銀行」 指 Deutsche Bank AG, Singapore Branch，為有關建 議的票據發行的聯席牽頭經辦人及聯席賬簿管理 人之一 – 4 – 「董事」 指 本公司董事 「本集團」 指 本公司及其子公司 「㶅豐」 指 㶅豐控股有限公司，為有關建議的票據發行的聯 席牽頭經辦人及聯席賬簿管理人之一 「香港」 指 中國香港特別行政區 「上市規則」 指 聯交所證券上市規則 「票據」 指 本公司將發行的優先票據 「中國」 指 中華人民共和國 「建議的票據發行」 指 本公司建議進行的票據發行 「購買協議」 指 由（其中包括）本公司、德意志銀行與㶅豐就建議 的票據發行擬簽訂的協議 「證券法」 指 經修訂的1933年美國證券法 「新加坡交易所」 指 新加坡證券交易所有限公司 「聯交所」 指 香港聯合交易所有限公司 承董事會命 中駿置業控股有限公司 主席 黃朝陽 香港，二零一一年一月四日 於本通告刊發日期，本公司執行董事為黃朝陽先生、陳元來先生、鄭曉樂先生及李維先生，本公 司非執行董事為馮家彬先生，及獨立非執行董事為丁良輝先生、呂鴻德先生及戴亦一先生。 – 5 – TABLE OF CONTENTS Page Risk Factors............................................................ 2 Exchange Rate Information................................................ 26 Capitalization ........................................................... 28 Selected Consolidated Financial and Other Data .............................. 29 Management’s Discussion and Analysis of Financial Condition and Results of Operations .................................................. 31 Industry Overview ....................................................... 66 Business............................................................... 85 Regulation ............................................................. 111 Management ........................................................... 147 Principal Shareholders ................................................... 154 Related Party Transactions ............................................... 155 Description of Other Material Indebtedness .................................. 157 Index to Consolidated Financial Statements .................................. F-1 —1— RISK FACTORS The risks and uncertainties described below may not be the only ones that we face. Additional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect our business, financial condition or results of operations. If any of the possible events described below occurs, our business, financial condition or results of operations could be materially and adversely affected. RISKS RELATING TO OUR BUSINESS Our business is heavily dependent on the performance of the real estate market in the PRC, particularly in Fujian Province and the Bohai Economic Rim We are heavily dependent on the performance of the real estate markets in Fujian Province and the Bohai Economic Rim. As of September 30, 2010, 66.6% of our land bank was located in Fujian Province. In particular, 57.6% of our land bank is located in Quanzhou in Fujian Province. In addition, 28.6% of our land bank is located in the Bohai Economic Rim. Our financial condition, results of operations and profitability may be materially and adversely affected by the performance of the real estate market in the PRC and particularly, any adverse development in the demand for, or price of, real estate in Fujian Province, in particular Quanzhou, and the Bohai Economic Rim. Policies, measures and regulations that have been introduced and may be introduced by the PRC government may lead to changes in market conditions, including price instability and an imbalance between the supply of, and demand for, properties in the PRC. We cannot assure you that significant declines in both demand and price will not take place in the real estate markets of Fujian Province, the Bohai Economic Rim or the rest of the PRC, in the future. Demand for properties in the PRC, particularly in Fujian Province and the Bohai Economic Rim, has grown in recent years, but such growth is often coupled with volatility in market conditions and fluctuations in real estate prices. In addition, demand for properties has been affected and will continue to be affected by the macro-economic control measures implemented by the PRC government from time to time. In the past few years, the PRC government has announced a series of measures designed to stabilize the development of the real estate market, to a more sustainable level. For a detailed discussion of policy or other government measures that may affect our business, see “— Risks relating to the real estate sector in the PRC — The restrictive measures adopted from time to time by the PRC government to curtail the overheating of, and foreign investment in, the PRC real estate market could slow the industry’s rate of growth or cause the real estate market to decline”. Furthermore, we cannot assure you that the PRC government will not implement additional measures to restrict the growth or curb the overheating of the PRC real estate market, or that there will not be material adverse changes in the PRC economy and the PRC real estate market as a result of such policies, measures and/or regulations. Any such changes could have a material adverse effect on our business, financial condition and results of operations. We face intense competition from other real estate developers In recent years, an increasing number of real estate developers, including a number of leading Hong Kong and foreign real estate developers, have entered the PRC property development market including in Fujian Province and the Bohai Economic Rim. Some of such developers may have better track records, greater financial, land or other resources, broader name recognition or greater economies of scale than we do. In addition, the PRC government may periodically introduce various policies and measures to limit the growth and to prevent the overheating of the real estate market, which may further increase competition for land among real estate developers. For further details on some of these policies, and measures, please see “— Risks relating to the real estate sector in the PRC — The restrictive measures adopted from time to time by the PRC government to curtail the overheating of, and foreign investment in, the PRC real estate market could slow the industry’s rate of growth or cause the real estate market to decline”. —2— Enhanced competition among real estate developers may result in increases in costs for land acquisition and labor. It may also result in an oversupply of properties, decreases in real estate prices, the inability to sell such properties or a more restrictive approach to approval of new property developments by PRC authorities. The occurrence of any of such events may adversely affect our business, financial position and results of operations. If we cannot compete effectively against our competitors, our business, financial position and results of operations may be materially and adversely affected. We may not be able to obtain adequate funding for our property developments Our business is capital intensive. We generally fund our property development projects through bank and other borrowings, pre-sale proceeds of our properties and equity and debt issuances. There can be no assurance that we will always have sufficient funds available, or available on acceptable terms, or at all, to fund our current and future property developments. Our ability to arrange adequate bank financing for our property developments on acceptable terms may depend
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