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What Is Country Garden? For more than 20 years, Country As a company with over 70,000 WHAT IS Garden has been a practitioner in employees, Country Garden provides China's urbanization across more than decorated housing units at an average COUNTRY 200 cities. Country Garden strived price around RMB6,000/m2 only, to bring modernization to cities and which is the lowest among the top-10 improve the living quality of people's life. property developers in China. Country GARDEN? Garden strives to offer the best A typical Country Garden project value-for-money products to the world. would usually become the postcard image of the city due to its scenery Every Country Garden employee is presence. With unforgettable gardening expected to adopt our corporate value: environment and experienced property management services, Country “To create a better society Garden aims to make customers feel with our existence”; comfortable and safe. “To shape a prosperous The architectural design and property future through our management service of Country conscience and social Garden’s new community should be responsibility”. able to stand the test of time. Country Country Garden and its founders are Garden offers world-class communities dedicated to charity events and over and is now the choice for over one RMB1.9 billion have been donated. million people. This is Country Garden, a company Country Garden was listed on the dedicated to the development of a Hong Kong Stock Exchange in 2007. harmonious society. With a contract sales of over RMB100 billion and tax payment of over Country Garden, five-star living for you. RMB10 billion in 2013, it has become a ---Founder and Chairman of Country leading property developer that strictly Garden, Mr. YEUNG Kwok Keung follows compliance and regulations. Design Concept: The design concept is initiated from a 12-hour clock. It hosts the vision of Country Garden that the founder dreamed of. Each of the twelve denominations on the dial tells one of his 12 operating philosophies of Country Garden with relevant photos, illustrating its contributions to the staff, community and nation. Annual 2014 Report Checks are radiating in a matched pattern from 12 to 6 of dial in iconic colors of the Company. Timeless eternity is manifested as well as the history of committed operation of Country Garden over years, with the future in pursuit of innovation COUNTRY with time. The radiant glamour highlights the social awareness of the Company GARDEN Holdings Company Limited 碧桂園控股有限公司 (Incorporated in the Cayman Islands with limited liability) which improves people’s quality of life. Stock Code: 2007 4 Corporate Profile 6 Core Values 8 Corporate Information Corporate Overview 12 Chairman’s Statement 18 Business Overview 54 Financial Summary 55 Financial Highlights Performance and 56 Management Discussion and Analysis Governance 69 Biographical Details of Directors and Senior Management 81 Corporate Social Responsibility Report 88 Corporate Governance Report 102 Report of the Directors CONTENTS Financial Statements 118 Independent Auditor’s Report 120 Consolidated Statement of Financial Position 122 Company Statement of Financial Position 124 Consolidated Statement of Comprehensive Income 126 Consolidated Statement of Changes in Equity 128 Consolidated Cash Flow Statement 129 Notes to the Consolidated Financial Statements 226 Glossary CORPORATE OVERVIEW 2 Annual Report 2014 Country Garden Holdings Company Limited 3 Corporate Overview CORPORATE PROFILE Country Garden Holdings Company “Chinese Well-known Trademarks” by Limited (stock code: 2007.HK) is PRC State Administration for Industry one of China’s leading integrated and Commerce in 2006. property developers. The Group runs a centralized and standardized Country Garden was listed on the business model that comprises main board of the Stock Exchange property development, construction, on 20 April 2007. The listing not only decoration, property management, provided the Group with additional property investment, as well as hotel funding to sustain healthy growth in development and management. the future, but it also assisted the Country Garden offers a broad range Group to establish its foothold in the of products to cater for diverse international capital market. Country market demands. Its various Garden was well recognized by the products include residential projects market after listing. It was included in such as townhouses, condos, as well the MSCI Global Standard Index on 1 as car-parks and retail shops. The September 2007. It was also covered Group also develops and manages by the Hang Seng Composite Index, hotels within some of its projects to Hang Seng Mainland Composite enhance the potential for property Index and Hang Seng Mainland value appreciation. The Group Freefloat Index (currently known as operates independent hotels as well. The Hang Seng Main Land 100) The Group was recognized as one of on 10 September 2007. All the Huaxi Country Garden 4 above facts symbolized the capital property development projects in strategic direction, Country Garden market’s recognition of Country Malaysia and Australia currently. will further replicate its successful Garden as a major component of the The strategic expansions further business model into new high growth Hong Kong stock market and also reinforced the Group’s leading regions. In addition, Country Garden strengthened the Group’s position in position in Guangdong Province, is known for its fast asset turnover the international capital markets. strengthened its developments in and excellent execution ability, as other regions, and demonstrated the well as innovative products which Since the beginning, Country Garden excellent execution ability and the can meet market demand. All the has been benefiting from the thirving potential of the Group’s successful above factors contribute to the economy of the PRC. It has also business model. Group’s leading nationwide residential expanded its business operation out property developer status and its of Guangdong Province into other Looking forward, Country Garden brand prestige. high economic growth regions. As will continue to focus on developing of 31 December 2014, excluding high quality property projects in the Guangdong Province, Country suburban areas of first and second Garden had property development tier cities as well as third and fourth operations in a number of strategically tier cities in China with promising selected locations in 23 Provinces/ economic growth potential. Besides, Municipalities/Autonomous Regions the Group will also select suitable in China. Since December 2011, the projects with potential in oversea Group has successfully expanded markets. Leveraging on its unique into overseas market, and has competitive strengths with right 5 Corporate Overview CORE VALUES SERVICE CONCEPT: Five-star living for you This is a company that is highly recognized and appreciated by the society CORPORATE CORE MISSION: This is VALUES OF To create a better society with a company that COUNTRY our existence excels in social well GARDEN: being, corporate benefits and To shape a staff benefits prosperous future through our conscience and social responsibility awareness This is a company that builds quality and affordable CORPORATE houses for the SPIRIT: whole world To benefit people and the society 6 Annual Report 2014 Country Garden Holdings Company Limited This is an elitist company This is a company dedicates to the This is development of a good place for human society the talents This is a place to learn and make progress Mr. YEUNG Kwok Keung This is a harmonious big the founder: Country family Garden that I dreamed of This is a company of integrity and commitment, operating in compliance with laws and regulations This is a This is a company sensible company that prospers that constantly and constantly This is corrects itself better itself with a company experiences and of equality practices which rewards excellence Annual Report 2014 Country Garden Holdings Company Limited 7 Corporate Overview CORPORATE INFORMATION DIRECTORS AUDIT COMMITTEE Executive Directors Mr. LAI Ming, Joseph (Chairman) Mr. SHEK Lai Him, Abraham Mr. YEUNG Kwok Keung (Chairman) Mr. TONG Wui Tung, Ronald Ms. YANG Huiyan (Vice Chairman) Mr. HUANG Hongyan Mr. MO Bin (President) Ms. HUANG Xiao Mr. ZHU Rongbin (Associate President) Mr. WU Jianbin (appointed on 1 April 2014) REMUNERATION COMMITTEE (Chief Financial Officer) (appointed on 30 April 2014) Ms. YANG Ziying Mr. TONG Wui Tung, Ronald (Chairman) Mr. YANG Erzhu Mr. YEUNG Kwok Keung Mr. SU Rubo Mr. MO Bin Mr. OU Xueming Mr. LAI Ming, Joseph Mr. YANG Zhicheng Mr. SHEK Lai Him, Abraham Mr. YANG Yongchao (resigned on 19 August 2014) Mr. HUANG Hongyan Mr. XIE Shutai Ms. HUANG Xiao Mr. SONG Jun Mr. LIANG Guokun NOMINATION COMMITTEE Mr. SU Baiyuan Mr. YEUNG Kwok Keung (Chairman) Mr. LAI Ming, Joseph Independent Non-executive Directors Mr. TONG Wui Tung, Ronald Mr. LAI Ming, Joseph Mr. HUANG Hongyan Mr. SHEK Lai Him, Abraham Ms. HUANG Xiao Mr. TONG Wui Tung, Ronald Mr. HUANG Hongyan CORPORATE GOVERNANCE Ms. HUANG Xiao COMMITTEE Mr. LIU Hongyu Mr. MEI Wenjue Mr. YEUNG Kwok Keung (Chairman) Mr. YEUNG Kwok On (appointed on 1 April 2014) Ms. YANG Huiyan Mr. MO Bin CHIEF FINANCIAL OFFICER EXECUTIVE COMMITTEE Mr. WU Jianbin (appointed on 30 April 2014) (established on 6 June 2014) Ms. NG Yi Kum, Estella (resigned on 30 April 2014) Mr. YEUNG Kwok Keung (Chairman) Ms. YANG Huiyan COMPANY SECRETARY Mr. MO Bin Mr. HUEN Po Wah Mr. ZHU Rongbin Mr. WU Jianbin Ms. YANG Ziying AUTHORIZED REPRESENTATIVES Mr. YANG Zhicheng Mr. YANG Yongchao (resigned on 19 August 2014) Ms. YANG Huiyan Mr. MO Bin FINANCE COMMITTEE Mr. WU Jianbin (alternate to Ms. YANG Huiyan) (appointed on 30 April 2014) (established on 22 August 2014) Ms. NG Yi Kum, Estella (alternate to Ms. YANG Huiyan) Mr. WU Jianbin (Chairman) (resigned on 30 April 2014) Ms. YANG Huiyan Ms. SIN Lai Lan (alternate to Mr. MO Bin) Mr. MO Bin (appointed on 30 April 2014) Ms. WU Bijun Ms. NG Chi Man (alternate to Mr. MO Bin) Mr.
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