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G R EENTOWN CHIN A Sketches of Greentown H OLDIN G S L IMITED GREENTOWN CHINA HOLDINGS LIMITED HaNGZHOU HEADQUarTERS 10/F, Block A, Century Plaza, No. 1 Hangda Road, Hangzhou, Zhejiang, PRC (Postcode: 310007) Tel: (86-571) 8898 8888 Fax: (86-571) 8790 1717 HONG KONG OffICE Rm 1406-1408, New World Tower 1 16-18 Queen's Road Central, Hong Kong Tel: (852) 2523 3137 Fax: (852) 2523 6608 www.chinagreentown.com Annual Annual Report 2010 GREENTOWN CHINA HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) (HKEx Stock Code: 03900) Design and Production by: Toppan Vite Limited Website: www.toppanvite.com Annual Report 2010 elcome to your home of Greentown. Walk into a world of luxury and style. Transform your dreams into Wreality here. From the minute you set foot on the majestic doorway that leads into the elegant hallway, you will be embraced by the luxury and grace of a bygone era. Traditional style combined with contemporary detailing gives the place a personal touch with a flair of splendour. Each unit is tastefully designed for home lovers who have an eye for quality and beauty. Nestled in breathtaking landscaped gardens, these homes allow you to experience the magical powers of nature in your own private setting. Join the Greentown family and live the dream of many others today. Find your home with Greentown and enjoy the luxury of life with peace of mind. Contents Corporate Profile 12 Corporate Information 14 Financial Highlights 16 Property Portfolio 18 Chairman’s Statement 38 CEO’s Report 40 Management Discussion and Analysis 44 Directors and Senior Management 56 Corporate Governance Report 64 Investor Relations 68 Report of the Directors 70 Independent Auditor’s Report 90 Consolidated Financial Statements 92 Definition 196 Ningbo Crown Garden Ningbo Crown Garden is situated in the core location of Ningbo National Hi-Tech Industrial Development Zone, adjacent to CBD of the Hi-Tech Industrial Development Zone under planning, close to Eastern New City and the new administration center, neighboring the shady and green Academician Park with approximately 22 hectares. With a total site area of approximately 150,000 sq.m. and a total gross floor area of approximately 530,000 sq.m., the project is designed as a urban complex project, being comprised of residential and commercial properties and hotels, in the Hi-Tech Industrial Development Zone. Its natural landscape is also fulfilled with neoclassicism in architectural style. Hangzhou Blue Patio The project is situated in the foot of Maoshan, Linping, with a site area of approximately 430,000 sq.m. and a total gross floor area of approximately 790,000 sq.m. Capitalizing the unique beautiful natural scenery, the design of the project is based on gardens, with different themes, including Mediterranean garden, central garden and Moorish garden. Integrating the Chinese traditional concept of human habitat and the Mediterranean romance, the project is designed as a residential community full of Mediterranean style, the style of Greentown. Hainan Clear Water Bay Along a coast of approximately 2 kilometers, with a site area of approximately 1,990,000 sq.m. and a total planned gross floor area of approximately 1,680,000 sq.m., the project is composed of a golf course, a luxury resort hotel, seascape apartments, golf villas, a commercial center and various resort services and facilities. Through its excellent quality management, it is aimed to be established into the Asia’s first-class and the world’s famous scenic, well- equipped, well-managed and tropica- style leisure seashore resort. Cixi Rose Garden A liveable community situated in the downtown of Cixi City, with a low plot ratio, a site area of approximately 120,000 sq.m. and a total gross floor area of approximately 230,000 sq.m., is comprised of French townhouses, large sized flats, landscape apartments of neoclassicism and other properties. The project adopts the classical European garden style, integrating the grand and noble spirit of royal gardens with the elegant and superior living atmosphere of the community, thereby conferring its buildings a constant, firm, stable and grand image. Shanghai Rose Garden Our large-scale villa project with a low plot ratio located in Shanghai, with a site area of approximately 800,000 sq.m. be and a total planned gross floor area of approximately 240,000 sq.m. The property bears the style of Shanghai old-western-style courtyard, mixing with the elegant style of European architectural style. The property has gardens in various styles, all in harmony with its architectural design. Its detailed design floor tiles, fountains, cast iron railings and others are decorating the project all around. The perfect image of Shanghai Rose Garden is composed of all the above elements, creating a life of arts. Corporate reentown China Holdings Limited (“Greentown”, “our Profile Company” or “the Company”), and its subsidiaries (the “Group”), together with its associates and jointly G controlled entities (the “Greentown Group”), is one of the leading property developers in the People’s Republic of China (the “PRC” or “China”). It commands a leading position in the industry by leveraging on its quality properties. From 2005 to 2011, we have been ranked for seven consecutive years as one of the TOP 10 property enterprises in China jointly by four authoritative institutions, including Enterprise Research Institute of the Development Research Center of the State Council, China Real Estate Association, Qinghua University Real Estate Research Center and China Index Institute. Since its establishment 16 years ago, the Group has been based in Zhejiang province, one of the most economically vibrant and developed provinces in the PRC. With property projects covering most of the prosperous cities in Zhejiang province such as Hangzhou, Ningbo, Wenzhou, Taizhou, Shaoxing and other places on the list of the Top 100 most competitive counties and county-level cities of China in Zhejiang province, the Greentown Group has built a sizable operation in the province with exceptionally high brand awareness. Due to the Group’s national expansion strategy commenced in 2000, Greentown has successfully extended its business to other important cities such as Shanghai, Nanjing, Suzhou, Wuxi and Nantong in Yangtze River Delta, Beijing, Tianjin, Qingdao, Jinan and Dalian in Bohai Rim Economic Belt, as well as other provincial cities such as Hefei in Anhui province, Zhengzhou in Henan province, Changsha in Hunan province, and Urumqi in Xinjiang. This expansion has boosted the Group’s business growth and reputation further. Greentown is currently at the forefront of quality property developers in the PRC. As at 31 December 2010, the Greentown Group’s premier land bank comprised over 37 million sq.m. of total GFA, which ensures the Group’s sustainable and steady development in the next three to five years. Leveraging on its quality human resources and effective corporate management structure, Greentown has established a strong presence in Zhejiang province and other cities where it has operations. The Group is confident that its excellent track record in developing high quality projects and outstanding operational capabilities has laid a solid foundation for its further expansion. 12 Greentown China Holdings Limited Annual Report 2010 Corporate Profile Hainan Clear Water Bay Shanghai Yulan Garden Hangzhou Sapphire Mansion Beijing Majestic Mansion Greentown China Holdings Limited 13 Annual Report 2010 Corporate Information Directors Audit Committee Notes: Executive Directors Mr XIAO Zhiyue (Chairman) The following changes have been effected up till the date of this Mr SONG Weiping (Chairman) Mr JIA Shenghua annual report and the information provided above has incorporated Mr SHOU Bainian (Executive Vice Chairman) Mr JIANG Wei such changes: Mr LUO Zhaoming (Vice Chairman) Mr SZE Tsai Ping, Michael Mr GUO Jiafeng Mr TANG Shiding (1) Mr TSUI Yiu Wa, Alec, retired by rotation as an independent non-executive director and ceased to be the Independent Non-Executive Directors Nomination Committee chairman of the audit committee and a member of the nomination committee of the Company on 3 June 2010; Mr JIA Shenghua Mr SZE Tsai Ping, Michael (Chairman) Mr JIANG Wei Mr SHOU Bainian (2) Mr XIAO Zhiyue was appointed as an independent non- Mr KE Huanzhang Mr TANG Shiding executive director, the chairman of the audit committee and Mr SZE Tsai Ping, Michael Mr XIAO Zhiyue a member of the nomination committee of the Company on Mr TANG Shiding 3 June 2010; Mr XIAO Zhiyue Remuneration Committee Mr JIA Shenghua (Chairman) (3) Mr FUNG Ching, Simon, was appointed as the chief Company Secretary Mr SHOU Bainian financial officer, the company secretary and an authorized representative of the Company on 1 August 2010; Mr FUNG Ching, Simon Mr SZE Tsai Ping, Michael (4) Mr CHEN Shunhua resigned as an executive director of the Authorized Representatives Company and a member of the remuneration committee on Mr SHOU Bainian 10 December 2010; and Mr FUNG Ching, Simon (5) Mr SHOU Bainian was appointed as a member of the remuneration committee on 28 March 2011. 14 Greentown China Holdings Limited Annual Report 2010 Corporate Information Auditors Legal Advisors to Our Company Principle Place of Business in Hong Kong Deloitte Touche Tohmatsu as to Hong Kong law and U.S. law: Room 1406-08, New World Tower 1 Hogan Lovells 16-18 Queen’s Road, Central Registered Office Hong Kong M&C Corporate Services Limited as to PRC law: PO Box 309GT, Ugland House Zhejiang
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