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Annual Report GREENTOWN CHINA HOLDINGS LIMITED GREENTOWN GREENTOWN CHINA HOLDINGS LIMITED ANNUAL REPORT Hangzhou Headquarters 10/F, Block A, Century Plaza, No.1 Hangda Road, 2017 ANNUAL REPORT ANNUAL 2017 Hangzhou, Zhejiang, PRC (Postcode: 310007) Tel: (86-571) 8898 8888 Fax: (86-571) 8790 1717 Hong Kong Offi ce Rm 1406-1408, New World Tower 1, 16-18 Queen's Road Central, Hong Kong Tel: (852) 2523 3138 Fax: (852) 2523 6608 Design and Production by: iOne Financial Press Limited GREENTOWN CHINA HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) Website: www.ione.com.hk www.chinagreentown.com (Stock Code: 03900) Welcome to your home of Greentown. Walk into a world of luxury and style. Transform your dreams into reality 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 breath-taking 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 002 Corporate Profile 004 Corporate Information 006 Financial Highlights 008 Chairman’s Statement 010 CEO’s Report 016 Property Portfolio 030 Management Discussion and Analysis 048 Biographical Details of Directors and Senior Management 058 Environmental and Social Responsibility Report 079 Corporate Governance Report 084 Investor Relations 090 Report of the Directors 109 Independent Auditor’s Report 116 Consolidated Statement of Profit or Loss and Other Comprehensive Income 117 Consolidated Statement of Financial Position 119 Consolidated Statement of Changes in Equity 120 Consolidated Statement of Cash Flows 123 Notes to the Consolidated Financial Statements 243 Definition Anji Peach Garden Corporate Profile GREENTOWN CHINA HOLDINGS LIMITED Greentown China Holdings Limited is a mixed ownership enterprise engaging in the business of property IS A QUALITY PROPERTY DEVELOPER AND development, featured towns construction, project INTEGRATED LIVING SERVICE PROVIDER IN management, asset operation and living services. It CHINA. IT MAINTAINS A LEADING POSITION IN maintains a leading position in the market with high construction quality and excellent living services. Over THE INDUSTRY BY VIRTUE OF THE QUALITY OF 23 years of development, the Company has over 300 ITS PROPERTIES, ITS UNIQUE ARCHITECTURAL member companies and its scope of business covers more than 20 provinces, autonomous regions and direct- AESTHETICS AND CUSTOMER-FOCUSED controlled municipalities. It establishes a presence in over SERVICES, AND IS COMMITTED TO BEING 100 cities, having constructed more than 400 exquisite THE NO. 1“CHINESE INTEGRATED SERVICE property complexes. PROVIDER FOR AN IDEAL LIFE”. THE COMPANY On 8 June 2012, Wharf was introduced as a strategic WAS AWARDED THE “TOP 10 AMONG 100 shareholder of Greentown. The aggregate investment CHINESE REAL ESTATE ENTERPRISES BY from Wharf amounted to approximately HK$5.1 billion (equivalent to approximately RMB4.16 billion), including COMPREHENSIVE STRENGTH” FOR THE 13TH the subscription of approximately 490 million placing CONSECUTIVE YEAR BY THE DEVELOPMENT shares and the subscription of convertible securities (which have been redeemed in full in February 2014). As RESEARCH CENTER OF THE STATE COUNCIL, at the date of this report, Wharf (through its wholly-owned THE INSTITUTE OF REAL ESTATE STUDIES AT subsidiary) held approximately 25.0% of the total issued TSINGHUA UNIVERSITY AND THE CHINA INDEX share capital of the Company. ACADEMY, WAS REELECTED AS THE “TOP 10 On 27 March 2015, CCCG completed the sale and AMONG 100 LARGEST CHINESE REAL ESTATE purchase transaction of shares with Mr SONG Weiping and other related shareholders, pursuant to which ENTERPRISES” AND WAS AGAIN NAMED THE CCCG acquired 524,851,793 shares of the Company at “TOP 10 CHINESE REAL ESTATE COMPANIES HK$11.46 per share in cash with a total consideration of BY BRAND VALUES (MIXED OWNERSHIP)” FOR approximately HK$6.015 billion. On 4 June 2015, CCCG acquired another 100 million shares of the Company at THE 14TH CONSECUTIVE YEAR WITH A BRAND HK$11.46 per share. As at the date of this report, CCCG VALUE OF RMB29.076 BILLION. MEANWHILE, held approximately 28.9% of the total issued share capital of the Company, making it the single largest shareholder GREENTOWN WAS AWARDED THE “2017 of Greentown. CHINA LEADING REAL ESTATE COMPANIES BY CUSTOMER SATISFACTION” FOR ITS QUALITY Being a professional developer of premium property in the PRC, Greentown Group has always insisted on innovation PRODUCTS AND SERVICES. and continued to explore the relationship between human and dwellings with excellent accomplishment in the low- rise, multi-storey and high-rise residential properties. Based on the construction of beautiful architecture, Greentown Group is committed to building a better life for more people. Its layout will focus on the first-tier and second-tier cities like Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Tianjin, Nanjing, Chongqing, Xi’an, Chengdu, and other major cities overseas. As at 31 December 2017, the premium land bank of Greentown Group comprised a total GFA of over 30.32 million sqm, ensuring the sustainable and steady development of the 002 Greentown China Holdings Limited Annual Report 2017 Corporate Profile Company in the future. With its quality industry with a complete standardized In 2017, a brand new management human resources and highly effective system of “Project Management 4.0”, structure and business development corporate management structure, the bringing in an increasingly sophisticated layout in the form of the “Five in One” was Company has established an outstanding asset-light operation model and established, with Greentown China being brand image in all cities where it operates. fast-growing business. In June 2016, the the core and five sub-groups, namely The Group’s experience in developing Company undertook a restructuring of Greentown Real Estate, Greentown numerous high-quality projects and Bluetown, involving, among other matters, Project Management, Greentown outstanding operational capabilities the integration of the project management Asset Management, Greentown Town accumulated so far has provided a strong business of Bluetown with the Greentown Development and Greentown Ideal Life. momentum for its further expansion. Project Management Group. As a result, With the full support of CCCG, a state- the new Greentown Project Management owned enterprise, and Wharf, a Hong Since September 2010, Greentown Group Group has further expanded its scale. As Kong blue-chip enterprise, together has commenced the project management at 31 December 2017, the total number of with our founder Mr. SONG Weiping, a business. In September 2015, the projects managed by the new Greentown renowned entrepreneur in China’s real Company acquired Greentown Dingyi Real Project Management Group, taking into estate industry, and other substantial Estate Investment Management Company account the restructuring as set out shareholders, the five business segments Limited and Greentown Shidai City above, has reached 190, with a planned will hand in hand build the brand of “No. 1 Construction & Development Company total GFA of approximately 44.53 million integrated service provider for an ideal life Limited, and established the Greentown sqm. To date, the Greentown Project in China”, facilitate the transformation of Project Management Group. The Company Management Group has evolved into Greentown China from the “home builder” has already undertaken an orderly the largest and the most professional to “lifestyle builder”, and uplift the future integration of businesses, management asset-light real estate operation group in core competitiveness of Greentown China. teams and governing systems and led the China. Hangzhou Arcadia Town Greentown China Holdings Limited Annual Report 2017 003 Corporate Information Board of Directors Remuneration Committee Share Registrar in Cayman Islands Mr JIA Shenghua (Chairman) Executive Directors Royal Bank of Canada Trust Company Mr LIU Wensheng (Appointed on 6 April 2018) Mr SONG Weiping (Co-chairman) (Cayman) Limited Mr SUN Guoqiang Mr LIU Wensheng (Co-chairman) 4th Floor, Royal Bank House Mr SHOU Bainian (Resigned on 6 April 2018) Mr SUN Guoqiang 24 Shedden Road, George Town Mr KE Huanzhang Mr SHOU Bainian (Resigned on 6 April 2018) Grand Cayman KY1-1110 Mr SZE Tsai Ping, Michael Mr CAO Zhounan Cayman Islands Mr HUI Wan Fai Mr LI Qingan Mr LI Yongqian Auditor Registered Office Mr LI Jun (Appointed on 6 April 2018) Deloitte Touche Tohmatsu Maples Corporate Services Limited Independent Non-Executive Directors PO Box 309, Ugland House Legal Advisors Mr JIA Shenghua South Church Street, George Town As to Hong Kong law: Mr KE Huanzhang Grand Cayman KY1-1104 Allen & Overy Mr SZE Tsai Ping, Michael Cayman Islands Mr HUI Wan Fai Share Registrar in Hong Kong As to the PRC law: Zhejiang T&C Law Firm Audit Committee Computershare Hong Kong Investor Mr SZE Tsai Ping, Michael (Chairman) Services Limited As to Cayman Islands law and Mr JIA Shenghua Shops 1712–1716, British Virgin Islands law: Mr HUI Wan Fai 17th Floor, Hopewell Centre Maples and Calder
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