ANNUAL REPORT 2014 二零一四年年報 ANNUAL REPORT 2014 REPORT ANNUAL 二零一四年年報 Room 2503, Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong 香港夏愨道 18 號 海富中心第一期 2503 室 VISION 願景 The Group aspires to be a leading Chinese property developer with a renowned brand backed by cultural substance. 本集團旨在成為富有文化內涵、品牌彰顯的中國領先房地產開發商。 MISSION 使命 The Group is driven by a corporate spirit and fine tradition that attaches importance to dedication, honesty and integrity. Its development strategy advocates professionalism, market-orientation and internationalism. It also strives to enhance the architectural quality and commercial value of the properties by instilling cultural substance into its property projects. Ultimately, it aims to build a pleasant living environment for its clients and create satisfactory returns to its shareholders. 本集團秉承「用心做事，誠信做人」的企業精神和優良傳統，推行專業化、市場化、國際化的發展策略， 藉著文化內涵提升建築的品質與商業價值，為客戶締造良好的生活環境，同時為股東創造理想的回報。 CONTENTS 目錄 ANNUAL REPORT 2014 二零一四年年報 2 Corporate Information 101 Consolidated Statement of Comprehensive Income 公司資料 綜合全面收益表 4 Chairman’s Statement 102 Consolidated Statement of Financial Position 主席報告 綜合財務狀況表 20 Management Discussion and Analysis 105 Statement of Financial Position 管理層討論與分析 財務狀況表 57 Corporate Social Responsibility Report 107 Consolidated Statement of Changes in Equity 企業社會責任報告 綜合權益變動表 69 Corporate Governance Report 110 Consolidated Statement of Cash Flows 企業管治報告 綜合現金流動表 86 Directors’ Profile 115 Notes to the Consolidated Financial Statements 董事個人簡介 綜合財務報表附註 89 Directors’ Report 276 Financial Summary 董事會報告 財務概要 97 Independent Auditor’s Report 277 Summary of Properties Held for Investment Purposes 獨立核數師報告 持有作投資物業概要 100 Consolidated Statement of Profit or Loss 284 Summary of Properties Held for Development 綜合損益表 持有作發展物業概要 296 Summary of Properties Held for Sale 持有作銷售物業概要 2 Poly Property Group Co., Limited | Annual Report 2014 CORPORATE INFORMATION 公司資料 Board of Directors 董事會 Executive directors 執行董事 XUE Ming (Chairman) 雪明（主席） HAN Qingtao 韓清濤（董事總經理， (Managing Director, Appointed on 21st October, 2014) 於二零一四年十月二十一日獲委任） WANG Xu 王旭 CHEN Hong Sheng (Resigned on 27th June, 2014) 陳洪生（於二零一四年六月二十七日辭任） ZHANG Wan Shun (Resigned on 21st October, 2014) 張萬順（於二零一四年十月二十一日辭任） YE Li Wen 葉黎聞 Non-executive director 非執行董事 IP Chun Chung, Robert 葉振忠 Independent non-executive directors 獨立非執行董事 CHOY Shu Kwan 蔡澍鈞 LEUNG Sau Fan, Sylvia 梁秀芬 WONG Ka Lun 黃家倫 Audit Committee 審核委員會 LEUNG Sau Fan, Sylvia (Chairlady) 梁秀芬（主席） IP Chun Chung, Robert 葉振忠 CHOY Shu Kwan 蔡澍鈞 WONG Ka Lun 黃家倫 Remuneration Committee 薪酬委員會 WONG Ka Lun (Chairman) 黃家倫（主席） CHOY Shu Kwan 蔡澍鈞 LEUNG Sau Fan, Sylvia 梁秀芬 XUE Ming 雪明 WANG Xu 王旭 Company Secretary 公司秘書 POON Man Man 潘敏敏 Legal Adviser 法律顧問 Ashurst Hong Kong 亞司特律師事務所 Auditor 核數師 Shu Lun Pan Union (HK) CPA Limited 立信聯合（香港）會計師事務所有限公司 保利置業集團有限公司 | 二零一四年年報 3 CORPORATE INFORMATION 公司資料 Principal Bankers 主要往來銀行 China CITIC Bank International Limited 中信銀行（國際）有限公司 Malayan Banking Berhad 馬來亞銀行 Agricultural Bank of China Limited 中國農業銀行股份有限公司 Bank of China Limited 中國銀行股份有限公司 China Construction Bank Corporation 中國建設銀行股份有限公司 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 Investor Relations Consultant 投資者關係顧問 Artemis Associates Limited 安達信顧問有限公司 Share Registrar and Transfer Office 股份過戶登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712–1716 香港 17th Floor, Hopewell Centre 皇后大道東183號 183 Queen’s Road East 合和中心17樓 Hong Kong 1712–1716號舖 Registered Office 註冊辦事處 Room 2503, Admiralty Centre, Tower 1 香港 18 Harcourt Road 夏愨道18號 Hong Kong 海富中心第一期2503室 Company Website 公司網址 www.polyhongkong.com.hk www.polyhongkong.com.hk www.irasia.com/listco/hk/polyhk www.irasia.com/listco/hk/polyhk Financial Calendar 財政紀要 2014 Results Announcement Date: 27th March, 2015 二零一四年度業績公佈日期： 二零一五年三月二十七日 Proposed 2014 Final Dividend: HK$0.076 Per Share 建議二零一四年度末期股息：每股0.076港元 Book Closure Period: From 15th June, 2015 to 暫停辦理股份 自二零一五年六月十五日 17th June, 2015 過戶登記 至二零一五年六月十七日 (both dates inclusive) 手續期間： （包括首尾兩天） Payment Date of 2014 3rd July, 2015 派發二零一四年度 二零一五年七月三日 Final Dividend: 末期股息日期： 4 Poly Property Group Co., Limited | Annual Report 2014 Chairman’s 主席 STATEMENT 報告 Corporate Background The Group is one of the foremost property developers in China and is the real estate offshore listed flagship of China Poly Group (a state-owned enterprise). Its major businesses include property development, investment and management. The Group develops residential and commercial properties in the cities along Yangtze River Delta and Pearl River Delta as well as the second-tier cities and provincial capitals. Projects of the Group are located in 22 cities including Shanghai, Hong Kong, Guangzhou, Shenzhen, Wuhan, Suzhou, Guiyang and Nanning, among others. Meanwhile, the Group maintains a high-quality investment portfolio in various cities comprising of landmark properties such as Shanghai Poly Plaza, Shanghai Stock Exchange Building and Beijing Poly Plaza. 企業背景 本集團是中國主要的地產發展商之一，為央企「中 國保利集團」的境外上市房地產旗艦。集團的主要 業務包括物業發展、投資和管理，於長三角、珠三 角流域、二線城市和省會城市發展房地產項目，發 展項目覆蓋中國 22 個主要城市，包括上海、香港、 廣州、深圳、武漢、蘇州、貴陽、南寧等，且擁有 高質素的物業投資組合，包括多個城市的標誌性物 業，如上海保利廣場、上海證券大廈和北京保利大 廈等。 保利置業集團有限公司 | 二零一四年年報 5 CHAIRMAN’S STATEMENT 主席報告 Turnover 營業額 Asset 總資產 HK$28.5 billion HK$129.4 billion 285億港元 1,294億港元 6 Poly Property Group Co., Limited | Annual Report 2014 CHAIRMAN’S STATEMENT 主席報告 Business Review 業務回顧 In 2014, the macro-economy entered into a stock-taking 二零一四年，宏觀經濟進入盤整期的新常態， phase under the “new normal”, while the property market also 房地產市場亦步入調整期，走勢更為波動。年 began a period of correction, marked by increasing volatility. 初在限購、限貸調控政策不放鬆、信貸政策趨 Early in the year, the property market fell into the doldrums as 緊的情況下，房地產市場低迷，全國主要城市 property prices declined across major Chinese cities due to 房價出現集體下跌，隨著下半年宏觀政策面的 unrelenting regulatory policies on loan restrictions and a 適時調整，限購措施的基本退出以及信貸環境 tightening credit policy. With timely adjustments to the 的持續好轉，房地產市場築底回穩。 macro-economic policy, the effective withdrawal of property purchase restrictions and continuous improvement in the credit market, however, the property market bottomed out and stabilised in the latter half of the year. Confronted with vehement volatility, deep market correction 期內，面對房地產市場的劇烈波動、深度調整 and intensified competition during the period, the Group 和競爭加劇，本集團尊重市場規律，努力配合 worked diligently to accommodate changes in market 市場需求的變化，根據市場的不斷變化及時調 demands and adjusted its own development in a timely 整自身發展。期內本集團利潤水平和毛利率水 manner in accordance with ongoing market changes. During 平出現較大幅度的波動，主要是由於本集團把 the period, the Group’s profit level and gross profit margin 庫存去化放在更為重要的位置，加上在房地產 was subject to considerable fluctuation, as more emphasis 市場整體銷售回落的大環境下隨行就市的靈活 was placed on clearing inventories. Profit for the period was 推盤及定價策略以及行業開發成本的普遍上 also eroded by flexible launch and pricing strategies adopted 升，亦削減了本集團在期內的利潤空間。 to cope with the overall decline in prices, as well as the general increase in development costs for the property sector. Despite fluctuations in the results for the period and 雖然期內業績有所波動，各項經營指標有所調 corrections in various business indicators, the Group 整，但本集團積極應對環境變化、努力克服企 maintained a relatively high level of property sales against a 業轉型升級帶來的陣痛，房地產銷售在受不利 backdrop of adverse market conditions, as it responded 市場環境影響的情況下仍保持了 較高水平，總 proactively to market changes and overcame the hardships in 部管控和專業化、標準化管理能力持續提升， its corporate upgrade and transformation. Continuous 確保了本集團各項經營工作平穩運行。 enhancements in headquarters’ control and professionalism, as well as an improved ability in standardised management, have ensured stable operation of the Group’s businesses. 保利置業集團有限公司 | 二零一四年年報 7 CHAIRMAN’S STATEMENT 主席報告 During the period, the Group reported contracted property 期內，本集團新推售及續售樓盤共48個，實現 sales of approximately RMB24.1 billion from new launches 房地產銷售簽約241億元人民幣，雖然堅持貫 and the ongoing sales of 48 property development projects. 徹積極主動的銷售策略，但未能達成年初制定 Notwithstanding our persistent implementation of a proactive 的280億元人民幣的全年銷售目標，同比下降 sales strategy, our property sales fell short of our annual target 約9.7%；簽約面積235萬平方米，同比下降約 of RMB28.0 billion set at the start of the year and decreased 6%；銷售均價每平方米約1.03萬元人民幣，與 by approximately 9.7% compared to the previous year. 同期基本持平。期內，本集團始終堅持以品牌 Contracted area sold was 2.35 million square metres, 為先導，以品質為核心，適應市場需求，堅持 representing a year-on-year decrease of approximately 6%, 剛性需求及首置首改的主流產品定位，期內實 while our average selling price remained flat at approximately 現的簽約銷售中，住宅類產品成交額佔銷售額 RMB10,300 per square metre. During the period, the Group 的87%，同比進一步提升2個百分點；中小戶 remained focused on the ordinary products for genuine 型產品在住宅產品中佔比高達92%，同比大幅 housing demand, first-time homebuyers and first-time 提升8個百分點。 upgraders to accommodate market requirements in firm adherence to its emphasis on brand name and quality. Residential products accounted for 87% of contracted sales for the period, representing a year-on-year increase of 2 percentage points, while small- to medium-sized residential units accounted for 92% of all residential products, representing a substantial year-on-year increase of 8 percentage points. As the land markets across major Chinese cities cooled down 期內，全國主要城市的土地市場明顯降溫，本 notably during the period, the Group persisted with its prudent 集團順應深入調整的態勢，始終堅持審慎的態 approach to cope with the deep correction, and acquired 11 度，以 掛 牌、收 購、拍 賣 等 形 式 在 香 港、上 land plots with an aggregated GFA of approximately 3.93 海、廣州、濟南等地獲取11幅地塊，總建築面 million square metres in Hong Kong, Shanghai, Guangzhou 積約393萬平方米。為嚴格控制投資風險、確 and Jinan through listing, acquisition and auction. With a view 保經營安全和現金流平穩，本集團在新獲取項 to exercising stringent