Annual Report 二零一六年年報

Stock Code:119 ANNUAL REPORT 2016 REPORT ANNUAL 二零一六年年報 Room 2503, Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong 香港夏愨道 1 8 號海富中心第一期 2503 室 ANNUAL REPORT 二零一六年年報 2016 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 02 Corporate Information 147 Consolidated Statement of Profit or Loss 公司資料綜合損益表 04 Chairman’s Statement 148 Consolidated Statement of Comprehensive Income 主席報告綜合全面收益表 12 Projects Portfolio 149 Consolidated Statement of Financial Position 項目概覽綜合財務狀況表 20 Management Discussion and Analysis 152 Consolidated Statement of Changes in Equity 管理層討論與分析綜合權益變動表 57 Corporate Governance Report 155 Consolidated Statement of Cash Flows 企業管治報告綜合現金流動表 77 Environmental, Social and Governance Report 160 Notes to the Consolidated Financial Statements 環境、社會及管治報告綜合財務報表附註 116 Profiles of Directors, Company Secretary and 332 Financial Summary Senior Management 財務概要董事、公司秘書及高級管理人員簡介 333 Summary of Properties Held for Investment Purposes 121 Directors’ Report 持有作投資物業概要董事會報告 342 Summary of Properties Held for Development 137 Independent Auditor’s Report 持有作發展物業概要獨立核數師報告 353 Summary of Properties Held for Sale 持有作銷售物業概要 02 POLY PROPERTY GROUP CO., LIMITED ANNUAL REPORT 2016 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 (Managing Director) 韓清濤（董事總經理） WANG Xu 王旭 YE Liwen 葉黎聞 ZHU Weirong (Appointed on 8th August, 2016) 竺偉荣（於二零一六年八月八日獲委任） 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 HAN Qingtao 韓清濤 RISK MANAGEMENT COMMITTEE 風險管理委員會 CHOY Shu Kwan (Chairman) 蔡澍鈞（主席） IP Chun Chung, Robert 葉振忠 LEUNG Sau Fan, Sylvia 梁秀芬 WONG Ka Lun 黃家倫 HAN Qingtao 韓清濤 YE Liwen 葉黎聞 COMPANY SECRETARY AND 公司秘書及 AUTHORIZED REPRESENTATIVE 授權代表 POON Man Man 潘敏敏保利置業集團有限公司二零一六年年報 03 CORPORATE INFORMATION 公司資料 LEGAL ADVISER 法律顧問 ALLEN & OVERY 安理國際律師事務所 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 PRINCIPAL BANKERS 主要往來銀行 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 CITIC Bank International Limited 中信銀行（國際）有限公司 China Construction Bank Corporation 中國建設銀行股份有限公司 China Construction Bank (Asia) Corporation Limited 中國建設銀行（亞洲）股份有限公司 China Everbright Bank Co Ltd 中國光大銀行股份有限公司 Chong Hing Bank Limited 創興銀行有限公司 DBS Bank Ltd 星展銀行有限公司 Dah Sing Bank Limited 大新銀行有限公司 Hang Seng Bank Limited 恒生銀行有限公司 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 Industrial and Commercial Bank of China (Asia) Limited 中國工商銀行（亞洲）有限公司 Malayan Banking Berhad 馬來亞銀行 Shanghai Commercial Bank Limited 上海商業銀行有限公司 The Bank of East Asia Limited 東亞銀行有限公司 INVESTOR RELATIONS CONSULTANT 投資者關係顧問 DLK Advisory Limited 金通策略有限公司 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 7合和中心1 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 8夏愨道1 號 Hong Kong 海富中心第一期2503室 COMPANY WEBSITE 公司網址 www.polyhongkong.com www.polyhongkong.com 04 POLY PROPERTY GROUP CO., LIMITED ANNUAL REPORT 2016 CHAIRMAN’S STATEMENT 主席報告保利置業集團有限公司二零一六年年報 05 CHAIRMAN’S STATEMENT 主席報告 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 Turnover development, investment and management. The 營業額 Group develops residential and commercial properties in the cities along Yangtze River Delta and Pearl River Delta as well as the second-tier HK$30.6 billion cities and provincial capitals. Projects of the Group are located in 20 cities including Shanghai, Hong 306億港元 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. HK$122.1 billion 企業背景 1,221億港元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 Total Asset 要業務包括物業發展、投資和管理，於長三角、總資產珠三角流域、二線城市和省會城市發展房地產項目，發展項目覆蓋中國 20 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。 Xue Ming 雪明 Chairman 主席 06 POLY PROPERTY GROUP CO., LIMITED ANNUAL REPORT 2016 CHAIRMAN’S STATEMENT 主席報告 BUSINESS REVIEW 業務回顧 In 2016, with China progressively entering into a new normal 二零一六年，隨著國家步入社會經濟結構轉型 of economic restructuring, the government continued its two- 的新常態，政府對房地產市場的態度及導向始 pronged approach for the real estate market with focuses on 終堅持以「去庫存」與「因城施策」兩線策略貫 “Inventory Reduction” and “Policy by City” throughout the 穿全年，旨從供需兩端改善市場環境。年初以 year, aiming to improve the market environment from both 全國「去庫存」的刺激性政策為主基調，推動了 demand and supply sides. At the beginning of the year, in line 剛性及改善性購房需求釋放，樓市成交量迅速 with the nationwide stimulus policy of “Inventory Reduction”, 回升；二季度開始靈活鋪開「因城施政」政策， the rigid demand of property market and demand for 針對一、二線及三、四線城市的市場環境，以 improved accommodations had been released and fed through 不同的調控力度嚴控市場風險；三季度各地政 to a rally in housing transactions. In the second quarter, the 府密集出台新一輪調控政策，加碼遏制投資投 strategic “Policy by City” had been agilely implemented in the 機性需求；四季度調控政策明顯進一步收緊， first-tier, second-tier, third-tier and fourth-tier cities under 促使早前經歷非理性上漲的房價及住宅成交量 which different efforts were put to control the market risks by 出現回落，同時回應市場差異化的佈局，繼續 taking into consideration of respective market conditions in 以「去庫存」政策推進消化部分庫存量較大的地 these cities. In the third quarter, local governments launched a 區。總括來看，二零一六年的房地產市場延續 new round of control measures, under which greater efforts 了二零一五年樓市的回暖態勢，而剛性需求的 were exerted to inhibit speculative investment needs. In the 釋放亦令商品房銷售面積、銷售金額均創歷史 fourth quarter, the control policies were further tightened, 新高。 giving rise to a downtrend in the housing prices and transaction volume that rose to an unreasonable level previously. Meanwhile, in response to the diversified market conditions, the “Inventory Reduction” policy continued to take effect in some regions with greater inventory level. In conclusion, the real estate market in 2016 had continued the recovery momentum prevailing in 2015. With the release of rigid demand, sales area and sales amount of commodity housing has reached a record high during the year. During the year, the Group recorded profit attributable to 年內本集團實現股東應佔溢利為80,745,000港 shareholders of HK$80,745,000, reflecting its success in 元，成功轉虧為盈，主要受益於部分城市結轉 turning loss into profit, which was mainly due to the 項目的毛利率較高，使整體毛利率有明顯改善； significant improvement in overall gross profit margin as a 同時，部分城市的市場環境較去年有明顯好 result of a higher gross profit margin of the recognised 轉，銷售價格顯著提升，兩項主要原因使股東 property sales in certain cities. In addition, as the market 應佔溢利實現較大改善。 conditions of certain cities had a remarkable improvement over last year, the sales amount recorded a dramatic increase. Such two major reasons gave rise to the significant improvement in profit attributable to shareholders. 保利置業集團有限公司二零一六年年報 07 CHAIRMAN’S STATEMENT 主席報告 As the real estate industry and market environment continued 隨著房地產行業的復蘇和市場環境持續回暖， to recover, the Group has closely monitored and adapted to 本集團密切注意及適應市場形勢，致力把握市 the market conditions. By capitalising on market opportunities 場窗口期，制定積極、靈活的營銷策略，不斷 and formulating proactive and flexible marketing strategies, 創新與提升符合市場需求的產品品質，年內加 the Group consistently innovated and improved product 快庫存去化，使銷售業績成功再創歷史新高。 quality that satisfied market needs while increasing sell- 年內，本集團新推售及持續銷售樓盤項目共60 through rate during the year. As such, a historic high in sales 個，房地產簽約銷售金額繼續保持比較穩定的 results was recorded. During the year, the Group launched 60 增長態勢，同比增加約16%，實現349億元人 new and continual projects and property contracted sales 民幣；簽約銷售面積279萬平方米，同比增加 were on a stable rise. The total property contracted sales %約；而銷售均價每平米約9 12,500元人民幣， amounted to RMB34.9 billion, representing a year-on-year 同比上升約7%。新推產品銷售去化率同比增長 increase of approximately 16%. Contracted area sold 3 個百分點，續推產品銷售去化率同比增長5個 amounted to 2.79 million square metres, representing a year- 百分點；144 平方米以上的大戶型住宅產品庫 on-year increase of approximately 9%, while the average 存去化亦大幅改善。 selling price amounted to approximately RMB12,500 per square metre, representing a year-on-year increase of approximately 7%. The sell-through rate of the new launches recorded a year-on-year increase of 3 percentage points and the sell-through rate of the continual launches recorded a year-on-year increase of 5 percentage points. Inventory reduction

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