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Annual Report 2014

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Annual Report 2014 Annual Report 2014 Henderson Land has been at the forefront of sustainable design and development for many years. Our innovative approach embraces world-class standards, as we carefully anticipate the needs BUILDING and concerns of society in years to come. Offering a distinctive character and identity, the award-winning “Henderson 688”, VIBRANT located in Nanjing Road West, exemplifies the Group’s vision of development COMMUNITIES excellence. It is a new addition to the Group’s significant portfolio of investment properties in Shanghai. Annual Report 2014 DOUBLE COVE Contents 3 Corporate Profile 4 Awards & Accolades 6 Group Structure 7 Highlights of 2014 Final Results 10 Chairman’s Statement Review of Operations Business in Hong Kong 40 Progress of Major Development Projects THE H COLLECTION 46 Major Completed Investment Properties Business in Mainland China 52 Progress of Major Development Projects 63 Major Completed Investment Properties 64 Business Model and Strategic Direction 66 Financial Review 78 Five Year Financial Summary 80 Sustainability and CSR 82 Corporate Governance Report 93 Report of the Directors 110 Biographical Details of Directors and Senior Management 117 Financial Statements 118 Report of the Independent Auditor 214 Corporate Information HENDERSON 688 217 Notice of Annual General Meeting 220 Financial Calendar Forward-Looking Statements This annual report contains certain statements that are forward-looking or which use certain forward-looking terminologies. These forward-looking statements are based on the current beliefs, assumptions and expectations of the Board of Directors of the Company regarding the industry and markets in which it operates. These forward-looking statements are subject to risks, uncertainties and other factors beyond the Company’s control which may cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. 3.7 million sq.ft. Heilongjiang 14.3 million sq.ft. CORPORATE PROFILE Jilin Founded in 1976 by its Chairman, Dr The Honourable Lee Shau Kee, GBM, Henderson Land Development Company Limited is a leading property group with a focus on Hong Kong and mainland China. Its core Xinjiang Liaoning businesses comprise property development and property investment. In addition, it has direct equity 46.6 million sq.ft. interests in a listed subsidiary, Henderson Investment Limited, and three listed associates, The Hong Kong and China Gas Company Limited (which in turn has equity stakes in a listed subsidiary, Towngas China Beijing Inner Mongolia Company Limited), Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment 29.7 million sq.ft. Company, Limited. Hebei Henderson Land has been listed in Hong Kong since 1981 where it is one of the largest property groups. As Shanxi Ningxia Shandong at 31 December 2014, Henderson Land had a market capitalisation of HK$163 billion and the combined market capitalisation of the Company, its listed subsidiary and associates was HK$381 billion. Qinghai 0.9 million sq.ft. Gansu Jiangsu Shaanxi The Company is vertically integrated, with project management, construction, property management, and Henan financial services supporting its core businesses. In all aspects of its operations, Henderson Land strives to add value for its shareholders, customers and the community through its commitment to excellence in Anhui Shanghai 1.2 million sq.ft. product quality and service delivery as well as a continuous focus on sustainability and the environment. Hubei Sichuan Xizang Zhejiang 11.9 million sq.ft. Chongqing Jiangxi Hunan Fujian million sq.ft. Guizhou 1.4 Taiwan New Territories Yunnan Guangdong Guangxi 14.5 million sq.ft. Kowloon 1.9 million sq.ft. Hainan Hong Kong Island New Territories 6.3 million sq.ft. Kowloon 4.7 million sq.ft. Hong Kong Island 2.0 million sq.ft. The diagram above provides an overview of the Group’s substantial and diverse, yet balanced development land bank in Hong Kong and mainland China as at 31 December 2014. It illustrates the attributable developable gross floor area by location. Henderson Land’s quality land reserve is earmarked for both commercial and residential projects, which are expected to provide handsome returns for the Group during the years to come. Henderson Land Development Company Limited Henderson Land Development Company Limited 2 Annual Report 2014 Annual Report 2014 3 Awards & Accolades 1. HK-BEAM 11. HKCA Safety Award 2013 5 HK-BEAM Society Hong Kong Construction Association 1 2 3 4 Platinum Standard HKCA Proactive Safety Contractors Award (The Reach, The Gloucester, AIA Tower) 2013 (E Man, Heng Shung, Heng Tat) 2. BEAM Plus (New Buildings) 12. 2014 International ARC Awards Hong Kong Green Building Council MerComm, Inc. Provisional Platinum Rating Honors (Chairman's Letter: Real Estate (14-30 King Wah Road) Development/Service: Various & Multi-Use) Provisional Gold Rating 13. Gas Industry Award 2014 (33 Shing On Street, 200 Ma Tau Wai Road, IGEM and EUA Global Trade Square, H•Bonaire) Company of the Year (Towngas China) Provisional Silver Rating (50-56 and 58-64 Ma Tau Kok Road & 14. 2014 Questar Awards 9 8 162-168 Pau Chung Street) MerComm, Inc. 7 Provisional Bronze Rating (High One) Corporations: Brand Experience – 6 Silver (Mira Moon) 3. Green Building Award 2014 Hong Kong Green Building Council 15. 2013/14 One Factory-One Year-One Merit Award (14-30 King Wah Road) Environmental Project Programme Federation of Hong Kong Industries and 4. Quality Building Award 2014 Hang Seng Bank The Hong Kong Institute of Housing, Hang Seng-Pearl River Delta Environmental Hong Kong Construction Association, Awards – Green Participant (The Hongkong The Hong Kong Institute of Architects and & Yaumati Ferry Company Limited, The Hong six other institutes/disciplines Kong Shipyard Limited) Merit Award (Hong Kong Residential [Single 12 Hang Seng-Pearl River Delta Environmental Building] Category) (The Gloucester) 13 Awards – 3 Years+ Entrant (The Hong Kong 11 Shipyard Limited) 10 5. Intelligent Office Building of Year 2014 Asian Institute of Intelligent Buildings Hang Seng-Pearl River Delta Environmental Distinction Rank (Henderson 688 and Awards – 5 Years+ Entrant (The Hongkong & Greentech Tower, Shanghai) Yaumati Ferry Company Limited) 6. iProperty Best Development Awards 2014 16. 2013 Customer Relationship Excellence Awards iProperty Group Asia Pacific Customer Service Consortium Best Urban Living Development (The H Collection) Corporate Environmental Leadership 2013 (Property Management) (Hang Yick and 7. Autodesk HK BIM Awards 2014 Well Born) Autodesk 14 15 Field Support Team 2013 (Property 16 Autodesk HK BIM Awards 2014 Management) (Hang Yick and Well Born) (14-30 King Wah Road) 12 Consecutive Years of Participation 17 8. BCI Asia Top 10 Awards 2014 (Well Born) BCI Asia 17. Best Landscape Award 2014 Top 10 Developers Award 2014 HKSAR Leisure and Cultural Services 9. Hang Seng Corporate Sustainability Department Index Series Best Landscape Award for Private Property Hang Seng Indexes Company Limited Development – Gold Award (Double Cove Phase 1) Constituent Company (Henderson Land, Hong Kong & China Gas, Towngas China) 18. Excellence in Facility Management Award 2014 10. Caring Company 2013/14 The Hong Kong Institute of Facility Hong Kong Council of Social Services Management Limited (Henderson Land, Hong Kong & China Gas, Excellence in Facility Management Award Hong Kong Ferry, Miramar Hotel, Miramar (Retail) (Miramar Shopping Centre) Travel, Hang Yick, Well Born & Goodwill) MIPIM Asia Awards 2014 China Property Awards 2014 Excellence in Facility Management Award (Office Building) – Certificate of Merit Reed MIDEM Ensign Media and Perspective Limited (AIA Financial Centre) 18 Best Hotel & Tourism Development – Best Developer Asia Pacific Property Awards 2014 -2015 Bronze Prize (Mira Moon) Best Residential Development (China) (Double Cove) International Property Awards Best Residential Development – Large Scale (Hong Kong) Apartment (Hong Kong) – Highly Commended (Double Cove) (Double Cove) Office Development (Hong Kong) – Highly Commended Best Green Development (China) (14-30 King Wah Road) (14-30 King Wah Road) Residential High-rise Development (Hong Kong) – Best Residential Development (Hong Kong) – Highly Commended (The Hemispheres) Henderson Land Development Company Limited Highly Commended (High Park & High Park Grand) Annual Report 2014 5 Group Structure Henderson Land Group Structure Market capitalisation as at 31 December 2014 Henderson Land Development Company Limited: HK$163 billion Six listed companies of Henderson Land Group: HK$381 billion Henderson Land Development Company Limited Investment holding, property development and investment in Hong Kong and mainland China, hotel operation, project and property management, construction and provision of finance 33.33% 69.27% 41.51% 45.08% Hong Kong Ferry Henderson The Hong Kong and Miramar Hotel (Holdings) Investment China Gas and Investment Company Limited Limited Company Limited Company, Limited Property development Department store operation Production and distribution Hotel and serviced and investment in Hong Kong and of gas in Hong Kong and apartment, property rental, infrastructure in mainland China food and beverage, mainland China and travel 62.39% Towngas China Company Limited Sale and distribution of liquefied petroleum gas and natural gas in mainland China Note: all percentage shareholdings shown above were figures as of 31 December 2014. Henderson Land Development Company
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