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Worldreginfo - 26Cc2013-93Dc-42C5-8D66-B83812c35af7 COP City Plaza, Tianjin Worldreginfo - 26Cc2013-93Dc-42C5-8D66-B83812c35af7 Contents

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Worldreginfo - 26Cc2013-93Dc-42C5-8D66-B83812c35af7 COP City Plaza, Tianjin Worldreginfo - 26Cc2013-93Dc-42C5-8D66-B83812c35af7 Contents WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 COP City Plaza, Tianjin WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 Contents Board of Directors and Committees 2 Directors and Organisation 72 Corporate Information 3 Sustainable Development 82 Shareholders’ Information and Financial Calendar 4 Accolades & Awards 2019 92 Corporate Structure 5 Investor Relations 94 Financial Highlights 6 Corporate Governance Report 96 Group Financial Summary 8 Report of Directors 111 2019 Business Milestones 9 Financial Information Chairman’s Statement 14 Independent Auditor’s Report 141 Management Discussion and Analysis Consolidated Income Statement 147 Land Reserve 22 Consolidated Statement of Comprehensive Income 148 Property Development 30 Consolidated Statement of Commercial Properties 52 Financial Position 149 Consolidated Statement of Other Property Related Operations 62 Changes in Equity 151 Group Finance 66 Consolidated Statement of Cash Flows 153 Operational and Financial Position Analysis 68 Notes to the Financial Statements 156 Five Year Financial Summary 239 WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 2 China Overseas Land & Investment Ltd. Board of Directors and Committees EXECUTIVE DIRECTORS AUDIT AND RISK MANAGEMENT COMMITTEE Yan Jianguo Chairman Luo Liang Vice Chairman Li Man Bun, Brian David* Zhang Zhichao Chief Executive Officer Lam Kwong Siu (appointed w.e.f. 11 February 2020) Fan Hsu Lai Tai, Rita Guo Guanghui REMUNERATION COMMITTEE NON-EXECUTIVE DIRECTORS Lam Kwong Siu* Zhuang Yong Vice Chairman Fan Hsu Lai Tai, Rita (appointed w.e.f. 11 February 2020) Li Man Bun, Brian David Chang Ying NOMINATION COMMITTEE INDEPENDENT NON-EXECUTIVE DIRECTORS Fan Hsu Lai Tai, Rita* Lam Kwong Siu Lam Kwong Siu Li Man Bun, Brian David Fan Hsu Lai Tai, Rita Li Man Bun, Brian David * Committee Chairman AUTHORISED REPRESENTATIVES Yan Jianguo Luo Liang WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 Annual Report 2019 3 Corporate Information REGISTERED OFFICE LEGAL ADVISOR 10/F., Three Pacific Place Mayer Brown 1 Queen’s Road East, Hong Kong Telephone : (852) 2988 0666 INDEPENDENT AUDITOR Facsimile : (852) 2865 7517 Website : www.coli.com.hk PricewaterhouseCoopers Certified Public Accountants and COMPANY SECRETARY Registered Public Interest Entity Auditor Edmond Chong PRINCIPAL BANKERS (In Alphabetical Order) REGISTRAR AND TRANSFER OFFICE Agricultural Bank of China Bank of China Tricor Standard Limited Bank of Communications Co., Ltd. Hong Kong Branch Level 54, Hopewell Centre Bank of Shanghai Co., Ltd 183 Queen’s Road East, Hong Kong China CITIC Bank Corporation Limited Telephone : (852) 2980 1333 China Construction Bank Corporation Facsimile : (852) 2810 8185 China Construction Bank (Asia) Corporation Limited E-mail : [email protected] China Merchants Bank DBS Bank Ltd., Hong Kong Branch INVESTOR RELATIONS Hang Seng Bank Limited Industrial Bank Co., Ltd. Corporate Communications Department Industrial and Commercial Bank of China Telephone : (852) 2988 0666 Nanyang Commercial Bank, Limited Facsimile : (852) 2865 7517 Postal Savings Bank of China E-mail : [email protected] Shanghai Pudong Development Bank Co., Ltd. Sumitomo Mitsui Banking Corporation The Bank of East Asia, Limited PUBLIC RELATIONS The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited, Hong Kong Branch Corporate Communications Department Telephone : (852) 2988 0666 Facsimile : (852) 2865 7517 E-mail : [email protected] WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 4 China Overseas Land & Investment Ltd. Shareholders’ Information and Financial Calendar LISTING The Company’s shares are listed on The Stock Exchange of Hong Kong Limited (“SEHK”) and certain notes issued by the Company’s subsidiaries are listed in SEHK and/or other stock exchange. STOCK CODE Shares SEHK : 00688 Bloomberg : 688:HK Reuters : 0688.HK FINANCIAL CALENDAR Interim results announcement : 22 August 2019 Share register closed : 19 September 2019 for interim dividend Interim dividend paid : 4 October 2019 Final results announcement : 26 March 2020 Share register closed for : 23 June 2020 to annual general meeting 26 June 2020 (both days inclusive) Annual General Meeting : 26 June 2020 Share register closed : 3 July 2020 for final dividend Final dividend payable : 15 July 2020 WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 Annual Report 2019 5 Corporate Structure PROPERTY DEVELOPMENT* • Mainland China • Hong Kong • Macau COMMERCIAL PROPERTIES • Mainland China • Hong Kong • Macau • London OTHER PROPERTY RELATED OPERATIONS • Mainland China • Hong Kong * Property development in 70 major cities in mainland China, including Beijing, Shanghai, Guangzhou, Shenzhen, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Ezhou, Foshan, Fuzhou, Guiyang, Haikou, Hangzhou, Harbin, Jiangmen, Jinan, Kunming, Nanchang, Nanjing, Ningbo, Qingdao, Sanya, Shenyang, Shijiazhuang, Suzhou, Taiyuan, Tianjin, Urumqi, Wanning, Wuhan, Wuxi, Xiamen, Xi’an, Yantai, Zhangzhou, Zhaoqing, Zhengzhou, Zhenjiang, Zhongshan, Zhuhai, Baotou#, Changzhou#, Ganzhou#, Guilin#, Hefei#, Hohhot#, Huangshan#, Huizhou#, Jilin#, Jining#, Jiujiang#, Lanzhou#, Liuzhou#, Nanning#, Nantong#, Qingyuan#, Quanzhou, Shantou#, Shaoxing#, Weifang#, Weinan#, Xining#, Xuzhou#, Yancheng#, Yangzhou#, Yinchuan#, Zibo# as well as in Hong Kong and Macau # The cities where China Overseas Grand Oceans Group Limited (“COGO”) has operations WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 6 China Overseas Land & Investment Ltd. Financial Highlights For the year ended 31 December 2019 2018 Change (%) Financial Highlights (RMB billion) Revenue 163.65 144.03 +14 Profit attributable to equity shareholders of the Company 41.62 37.72 +10 Contracted property sales1 (HK$ billion) 377.17 301.24 +25 Financial Ratios Net gearing ratio (%) 34 34 –2 Interest cover (times) 7 8 –13 Dividend payout (%)4 29 27 +22 Financial Information per Share (RMB) Earnings 3.80 3.44 +10 Dividends (HK$) 1.02 0.90 +13 — Interim dividend (HK$) 0.45 0.40 +13 — Final dividend (HK$) 0.57 0.50 +14 Net assets 25.61 22.61 +13 Land Reserves (million sq m) Development land bank5 65.22 70.10 –7 Notes: 1 Representing China Overseas Land & Investment Limited (the “Company”) and its subsidiaries (the “Group”) together with its joint ventures and associates (collectively the “Group Series of Companies”) 2 Change in percentage points 3 Change in number of times 4 Calculated based on the profit attributable to equity shareholders of the Company, after deducting the net gains after tax arising from changes in fair value of investment properties 5 Representing year end figures of the Group Series of Companies (excluding COGO) WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 Annual Report 2019 7 Financial Highlights (continued) EARNINGS PER SHARE DIVIDENDS PER SHARE RMB HK$ 3.80 1.02 3.44 0.92 0.90 3.20 3.08 3.00 0.77 0.80 FY 15 16 17 18 19 FY 15 16 17 18 19 NET ASSETS PER SHARE RMB 25.61 22.61 20.13 17.72 18.12 FY 15 16 17 18 19 NET GEARING RATIO LAND RESERVES* % million sq m 37.34 70.10 33.65 33.68 63.75 65.22 56.77 27.92 41.44 7.50 FY 15 16 17 18 19 FY 15 16 17 18 19 * Representing the Group Series of Companies (excluding COGO) WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 8 China Overseas Land & Investment Ltd. Group Financial Summary KEY FINANCIAL INFORMATION AND RATIOS Financial Year 2015 2016 2017 2018 2019 RMB RMB RMB RMB RMB Earnings per share 3.00 3.08 3.20 3.44 3.80 Dividends per share (HK$) 0.92 0.77 0.80 0.90 1.02 — Interim dividend (HK$) 0.20 0.35 0.35 0.40 0.45 — Special interim dividend (HK$) 0.31* – – – – — Final dividend (HK$) 0.41 0.42 0.45 0.50 0.57 Net assets per share 17.72 18.12 20.13 22.61 25.61 Net gearing ratio (%) 37.34 7.50 27.92 33.65 33.68 Net debt Shareholders’ funds Interest cover (times) 5 6 8 8 7 Operating profit – Total interest income Interest expense** KEY PROFIT AND LOSS ITEMS For the year ended 31 December 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 135,649,438 138,637,906 142,798,668 144,027,289 163,650,953 Operating profit 40,442,872 48,929,983 54,071,963 59,414,910 62,344,200 Profit attributable to equity shareholders of the Company 27,714,569 31,282,439 35,059,478 37,716,257 41,618,313 KEY STATEMENT OF FINANCIAL POSITION ITEMS At 31 December 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Fixed assets# 58,042,368 63,384,862 84,058,238 100,720,347 118,040,070 Long-term investments 16,883,548 14,476,555 17,245,299 23,320,828 36,306,418 Other non-current assets 14,432,903 8,202,326 17,896,314 14,320,460 8,917,738 Net current assets 241,813,469 245,850,787 245,055,790 277,841,093 302,383,346 Non-current liabilities (151,378,964) (128,825,470) (137,214,595) (159,590,874) (176,502,947) Net assets 179,793,324 203,089,060 227,041,046 256,611,854 289,144,625 * Representing the distribution in specie of China Overseas Property Holdings Limited Shares ** Before capitalisation and excluding interest on amounts due to non-controlling shareholders # Representing investment properties and property, plant and equipment WorldReginfo - 26cc2013-93dc-42c5-8d66-b83812c35af7 Annual Report 2019 9 2019 Business Milestones 24 January The Group signed a HK$30 billion five-year club loan with a syndicate of 20 well-known banks. The move is the largest amount of bank financing arrangement in the Group’s history in Hong Kong, also involving the most participating banks. Five-year club loan agreement signing ceremony 19 March The Viewpoint Index Research Institute released the “2019 Top 30 Listed Real Estate Companies in China” at the “2019 Viewpoint Annual Forum”. With its outstanding financial and operational advantages, the Group came first on the list. 22 March The Group successfully expanded into Shijiazhuang. On 12 June, it expanded into Guiyang.
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