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Annual Report 2018 Annual Report 2018 3 Awards & Accolades

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Annual Report 2018 Annual Report 2018 3 Awards & Accolades Stock Code: 12 ANNUAL REPORT 2 0 18 Corporate Profile 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 businesses comprise property development and property investment. In addition, it has direct equity 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 Company Limited), Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited. Henderson Land has been listed in Hong Kong since 1981 where it is one of the largest property groups. As at 31 December 2018, Henderson Land had a market capitalisation of HK$172 billion and the combined market capitalisation of the Company, its listed subsidiary and its associates was about HK$453 billion. The Company is vertically integrated, with project management, construction, property management, and 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 product quality and service delivery as well as a continuous focus on sustainability and the environment. Contents Inside front Corporate Profile 2 Land Bank – Hong Kong and Mainland China 4 Awards & Accolades 6 Group Structure 7 Highlights of 2018 Final Results 10 Chairman’s Statement Review of Operations Business in Hong Kong 44 Progress of Major Development Projects 56 Major Completed Investment Properties Business in Mainland China 62 Progress of Major Development Projects 75 Major Completed Investment Properties 76 Business Model and Strategic Direction 78 Financial Review 92 Five Year Financial Summary 94 Sustainability and CSR 96 Corporate Governance Report 113 Report of the Directors 129 Biographical Details of Directors and Senior Management 137 Financial Statements 138 Report of the Independent Auditor 264 Corporate Information 267 Notice of Annual General Meeting 272 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. Land Bank – Hong Kong and Mainland China Heilongjiang Jilin 0.32 million sq.ft. Liaoning Xinjiang 4.51 million sq.ft. Inner Mongolia Beijing Hebei 7.62 million sq.ft. Ningxia Shanxi Shandong 5.15 Qinghai million sq.ft. Gansu Shaanxi Jiangsu Henan New Territories 3.57 6.3 Anhui million sq.ft. million sq.ft. Shanghai Hubei Kowloon 5.6 Xizang Sichuan million sq.ft. Zhejiang 3.28 million sq.ft. Chongqing Hong Kong Island 2.5 Hunan Jiangxi 5.07 million sq.ft. million sq.ft. Guizhou Fujian Taiwan 2.52 Yunnan Guangdong million sq.ft. Guangxi 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 2018. 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. Hainan Henderson Land Development Company Limited Henderson Land Development Company Limited 2 Annual Report 2018 Annual Report 2018 3 Awards & Accolades H Zentre 18 King Wah Road project* 1 2 3 4 5 International Property Awards 2018-2019 Quality Building Award 2018 Best International Commercial High-rise Development Grand Award – Hong Kong Non-Residential (New Building – Non-Government, Institution or Asia Pacific Property Awards 2018-2019 Community) Category Best Commercial High-rise Development Asia Pacific HKIA Annual Awards 2017/18 Best Commercial High-rise Development Hong Kong – 5-Star Merit Award of Hong Kong – Commercial Building Best Mixed-use Development Hong Kong – 5-Star Special Architectural Award – Architectural Sustainability * The transfer of the equity interests in the companies holding the office building at 18 King Wah Road, North Point, was completed in early 2018. 6 7 8 9 1. Asia Pacific Property Awards 6. Green Building Design Label 12. Hang Seng Corporate 16. 2017 International Customer 2018 -2019 (GBDL) Sustainability Index Series Relationship Excellence Awards International Property Awards China Green Building Council Hang Seng Indexes Company Asia Pacific Customer Service Mixed-use Development and China Green Building Limited Consortium Hong Kong – Award Winner (Hong Kong) Council Constituent Company Corporate Environmental (Park One) 3-Star Rating (218 Electric (Henderson Land, Leadership of the Year 2017 Residential High-rise Road) Hong Kong & China Gas (Property Management) (Hang Yick, Development Hong Kong – and Towngas China) Well Born and H-Privilege) Award Winner (456-462A 7. WELL Building Standard Customer Relationship Marketing Sai Yeung Choi Street North) International Well Building 13. HKCA Safety Award 2017 Service of the Year 2017 Institute Hong Kong Construction (Property Management) (Hang Yick, 2. The 2nd APIGBA Awards Gold Level Pre-certification Association Well Born and H-Privilege) 10 11 12 Competition (218 Electric Road) HKCA Proactive Safety 16 Consecutive Years of Asia Pacific Intelligent Green Contractor Award Participation (Well Born) Building Alliance 8. The Listed Enterprise (Heng Lai and Heng Shung) Gold Award (Design Category) Excellence Awards 2018 HKCA Safety Merit Award 17. Excellence in Facility (218 Electric Road) CAPITAL WEEKLY (E Man) Management Award 2018 Outstanding Corporate Results The Hong Kong Institute of 3. Best Landscape Award Performance Award 14. AEE Regional Awards Facility Management for Private Property Association of Energy Excellence Award (Retail) Development 2018 9. BCI Asia Top 10 Awards 2018 Engineers (Mira Place One) Leisure and Cultural Services BCI Asia Energy Project of the Year Excellence Award (Large-scale Department Top 10 Developers Award (Asia Pacific Rim Region) Residential) (Double Cove) Small-scale Domestic Property (Hong Kong & China Gas) (Well Born) 10. International ARC Awards 2018 (Properties below 6 years of Excellence Award (Medium-scale age) – Merit (The Zutten) MerComm, Inc. 15. BOCHK Corporate Environmental Leadership Residential) (The Beverly Hills) 13 14 15 Small-scale Domestic Property Honors Award (Specialized (Well Born) A.R.: CSR – Corporate Social Awards 2017 (Properties below 6 years of Excellence Award (Small-scale Responsibility Report) Federation of Hong Kong age) – Merit (Parker 33) Residential) (Hill Paramount) Honors Award (Cover Photo/ Industries (Well Born) 4. BEAM Plus (New Buildings) Design: Specialized A.R.: CSR EcoChallenger (The Hong Kong Hong Kong Green Building – Corporate Social Shipyard Limited) 18. Outstanding Model Property Council Responsibility Report) EcoPartner (The Hongkong & Management Projects 2018 Final Gold Rating Honors Award (Infographics: Yaumati Ferry Company Limited) The Trade Association of Shanghai (High Park Grand) Specialized A.R.: CSR – 5 Years + Eco Pioneer (The Property Management Corporate Social Responsibility Hong Kong Shipyard Limited, 5. Building Environmental Non-residential Report) The Hongkong & Yaumati Ferry (Henderson Metropolitan) Assessment Method (BEAM) Company Limited) BEAM Society Limited 11. Caring Company 2018/19 19. Outstanding Property Hong Kong Council of Social 3 Years + Eco Pioneer Platinum Standard (19 awarded properties in total) Management Award Service 16 17 18 19 (Double Cove Phases 4 & 5) Eco Partner Hong Kong Institute of Certified (Henderson Land, Hong Kong (20 awarded properties in total) Property Managers & China Gas, Hong Kong Ferry, Miramar, Miramar Outstanding Grade A Office Project Travel, Hang Yick, Well Born, (Green Building) Goodwill and H-Privilege) (World Financial Centre) Henderson Land Development Company Limited Henderson Land Development Company Limited 4 Annual Report 2018 Annual Report 2018 5 Group Structure Henderson Land Group Structure Market capitalisation as at 31 December 2018 Henderson Land Development Company Limited: HK$172 billion Six listed companies of Henderson Land Group: HK$453 billion Henderson Land Development Company Limited Investment holding, property development and investment in Hong Kong and mainland China, project and property management, construction and provision of finance 33.41% 69.27% 41.53% 48.70% Hong Kong Ferry Henderson Investment The Hong Kong and Miramar Hotel (Holdings) Limited China Gas and Investment Company Limited Department store operation Company Limited Company, Limited Property development in Hong Kong Production and distribution Hotel and serviced and investment of gas in Hong Kong and apartment, property rental, mainland China food and beverage, and travel 67.45% Towngas China Company Limited Sale and distribution of liquefied petroleum gas and natural gas in mainland China Note: All attributable interests shown above were figures as of 31 December 2018. Henderson Land Development Company
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