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Glorious Property Holdings Limited 囱 盛 地 產 控 股 有 限

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Glorious Property Holdings Limited 囱 盛 地 產 控 股 有 限 非供於美國公佈 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 本公告並不構成在美國提呈證券出售的要約。在並無登記或不獲豁免登記下，證券不一定可在美 國提呈發售或出售。在美國進行的任何公開發售證券，將以可向本公司索取的發售章程進行，發 售通函將載有本公司及管理層的詳細資料以及財務報表。本公司不擬在美國註冊任何部分的票據。 Glorious Property Holdings Limited 囱盛地產控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：845） 建議的優先票據發行 本公司擬進行建議的票據發行。有關這次建議的票據發行，本公司將向若干機 構投資者提供有關本集團的最新企業及財務信息，包括已更新風險因素、本公 司業務的及本集團承辦項目的概況、管理層就財務狀況及經營業績的討論與分 析、近期發展、關聯方交易及債務資料，該等資料之前尚未公開過。該等最新 信息摘要隨附於本公告並在向機構投資者發放的相若時間，可於本公司網址 www.gloriousphl.com.cn瀏覽。 – 1 – 建議的票據發行的完成須受市況及投資者反應規限。建議的票據的定價，包括 總本金金額、發售價及息率將由唯一賬簿管理人及唯一牽頭經辦人渣打銀行透 過使用入標定價的方式釐定。在落實最終票據條款後，渣打銀行及本公司等將 訂立購買協議。倘票據予以發行，本公司現擬使用票據收益對新增及現有項目 提供資金（包括建造費用及土地成本）及供作一般公司用途。本公司或會因應變 動中的市況及情況調整上述計劃，並因此可能重新分配建議的票據發行的收益。 本公司已申請票據於新加坡交易所上市。票據是否獲納入新加坡交易所並不視 為本公司或票據價值之指標。本公司將不會尋求票據於香港上市。 由於於本公告日期尚未就建議的票據發行訂立具約束力的協議，故建議的票據 發行不一定會落實。投資者及本公司股東於買賣本公司證券時，務須審慎行事。 倘購買協議獲予訂立，本公司將就建議的票據發行作進一步公告。 建議的票據發行 緒言 本公司擬進行建議的票據發行。有關這次建議的票據發行，本公司將向若干機構 投資者提供有關本集團的最新企業及財務信息，包括已更新風險因素、本公司業 務及本集團承辦項目的概況、管理層就財務狀況及經營業績的討論與分析、近期 發展、關聯方交易及債務資料，該等資料之前尚未公開過。該等最新信息摘要隨 附於本公告並在向機構投資者發放的相若時間，可於本公司網址 www.gloriousphl.com.cn瀏覽。 – 2 – 建議的票據發行的完成須受市況及投資者反應規限。建議的票據的定價，包括總 本金金額、發售價及息率將由唯一賬簿管理人及唯一牽頭經辦人渣打銀行透過使 用入標定價的方式釐定。除非根據票據的條款予以提前贖回，票據（倘獲發行）將 具有一次性還款。於本公告日期，尚未釐定建議的票據發行的款額、條款及條件。 在落實最終票據條款後，渣打銀行及本公司等將訂立購買協議，據此，渣打銀行 將為票據的初步買方。倘購買協議獲予簽署，本公司將就建議的票據發行作進一 步公告。 建議的票據發行將僅供渣打銀行以要約形式於美國境外遵照證券法項下的S規例 發售。概無票據將於香港公開發售，及概無票據將配售予本公司的任何關連人士。 進行建議的票據發行的原因 本集團是專注在中國主要經濟城市發展及銷售優質物業的最大的房地產發展商之 一。於二零一零年六月三十日，本集團在全中國11個主要城市，包括3個直轄市 （上海、天津及北京）、5個省會城市（合肥、瀋陽、哈爾濱、南京及長春）及3個位 於長三角主要區域的經濟城市（無錫、蘇州及南通）有多個項目處於已開發或正在 開發階段。本集團提供各類產品，包括一般洋房、排屋、零售性物業、辦公室及 酒店。本集團發展並銷售優質住宅物業，同時尋求揀選保留若干商用物業的長期 擁有權以圖潛在資本升值利益及將本集團的未來收入來源多元化。 進行建議的票據發行乃為令本公司為下列用途募資。 集資的擬定用途 建議的票據發行的淨集資額將由本公司用作就其新增及現有項目提供資金（包括 建造費用及土地成本）及供作一般公司用途。 本公司或會因應變動中的市況調整上述計劃，並因此可能重新分配建議的票據發 行的收益。 – 3 – 上市 本公司已申請票據於新加坡交易所上市。票據是否獲納入新加坡交易所並不視為 本公司或票據價值之指標。本公司將不會尋求票據於香港上市。 一般事項 由於於本公告日期尚未就建議的票據發行訂立具約束力的協議，故建議的票據發 行不一定會落實。投資者及本公司股東於買賣本公司證券時，務須審慎行事。 釋義 本公告中，除文義另有規定外，下列詞彙的含義如下： 「董事會」 指 董事會 「本公司」 指 囱盛地產控股有限公司，一家於開曼群島註冊成 立的有限公司，其股份於聯交所上市 「關連人士」 指 具有上市規則所賦予的涵義 「董事」 指 本公司董事 「本集團」 指 本公司及其子公司 「香港」 指 中華人民共和國香港特別行政區 「上市規則」 指 香港聯合交易所有限公司證券上市規則 「票據」 指 本公司將發行的優先票據 「發售價」 指 將發售票據的最終價格 「中國」 指 中華人民共和國 「建議的票據發行」 指 本公司建議進行的票據發行 – 4 – 「購買協議」 指 由（其中包括）本公司與渣打銀行就建議的票據發 行擬簽訂的協議 「證券法」 指 經修訂的1933年美國證券法 「新加坡交易所」 指 新加坡證券交易所有限公司 「渣打銀行」 指 渣打銀行，為有關建議的票據發行的唯一賬簿管 理人及牽頭經辦人 「聯交所」 指 香港聯合交易所有限公司 承董事會命 囱盛地產控股有限公司 主席 張志熔 香港，二零一零年十月十八日 於本公告日期，執行董事為張志熔先生、丁向陽先生、程立雄先生、劉寧先生、夏景華先生、李 曉斌先生和嚴志榮先生；獨立非執行董事為嚴炳權先生、廖舜輝先生、沃瑞芳先生和韓平先生。 – 5 – 囱盛地產控股有限公司的營運及財務數據摘要 （截至二零一零年十月十八日） RISK FACTORS RISKS RELATING TO OUR BUSINESS We are dependent on the performance of the PRC property sector. Our business is subject to the conditions of the real estate market in the PRC. Any adverse development in national and local economic conditions as a result of employment levels, consumer confidence, interest rates or other monetary and economic factors may significantly reduce the demand for PRC real estate and affect property prices in the PRC. As a result, our financial condition and results of operations would be materially adversely affected. The PRC government adjusts its monetary and economic policies from time to time to manage the rate of growth of the PRC economy and the economies of local areas within the PRC. Such economic adjustments may affect the real estate market in the parts of China where our projects are located. In the past two years, the PRC government announced a series of measures designed to stabilize the rapid growth of the PRC economy and to stabilize the growth of specific sectors, including the property market, to a more sustainable level. The property market in the PRC is still considered to be volatile and there can be no assurance that our property development and investment activities will continue to grow at a rate similar to past levels or that we will always be able to capitalize on the future growth, if any, of the property market of the PRC. If we cannot adapt timely to future changes in market conditions or customer preferences, our results of operations may be materially and adversely affected. Increasing competition among property developers, particularly in first-tier PRC cities, may adversely affect our business and financial condition. Over the past few years a large number of property developers have undertaken property development and investment projects in first-tier cities and elsewhere in the PRC, intensifying the competition in the domestic property development market. Our major competitors include large national and regional property developers and overseas developers (including a number of leading Hong Kong and Singapore property developers), some of whom have a longer track record and greater financial and other resources than we do. In certain markets, we also compete with small local property developers. The intense competition among property developers in Shanghai, Tianjin and Beijing and other parts of the PRC for land, financing, raw materials and skilled management and labor may result in increased cost of land acquisition, a decrease in development margins and a slowdown in the rate at which new property developments are approved and/or reviewed by the relevant government authorities. An oversupply of properties available for sale could also depress the prices of the properties we sell. Any of the above outcomes may materially and adversely affect our business, financial position and results of operations. —1— We cannot assure you that construction companies will perform construction services for us on terms comparable to those provided to us by Shanghai Ditong prior to our IPO. Prior to our IPO, substantially all our construction work was performed by Shanghai Ditong Construction (Group) Co., Ltd. (上海地通建設（集團）有限公司) (“Shanghai Ditong”), a company 98.7% owned by Mr. Zhang Zhi Rong’s parents and 1.3% owned by Mr. Zhang Zhi Rong, and such construction work constituted substantially all the overall construction services performed by Shanghai Ditong during such periods. In addition, in connection with our IPO and the satisfaction of the Hong Kong Stock Exchange requirements, we agreed that the annual construction fees payable to Shanghai Ditong with respect to new development projects for each of the three years ending December 31, 2009, 2010 and 2011 will not exceed more than 40%, 30% and 20%, respectively, of the total construction fees payable by us with respect to such projects. As a result, our business relationship with Shanghai Ditong may be affected, and there can be no assurance that Shanghai Ditong will continue to provide us with construction services on terms comparable to those provided to us prior to our IPO. For the year ended December 31, 2009, the total construction costs related to construction services provided to us by Shanghai Ditong amounted to RMB816.8 million (US$120.4 million), accounting for 33.5% of our total construction fees payable during that period. For the six months ended June 30, 2010, such construction costs amounted to RMB352.3 million (US$52.0 million). Because our fees payable to Shanghai Ditong for construction services are now subject to the annual capped amounts described above, we must engage the services of other construction companies with respect to a portion of our new development projects. There can be no assurance that the terms offered to us by such other construction companies will be comparable to those previously provided to us by Shanghai Ditong. Prior to our IPO, we did not work with many different external general contractors and we may not be able to achieve the same level of efficiency and could experience other difficulties working with many different external general contractors. Any of the above factors could have a material adverse effect on our business, financial condition or results of operations. For a description of our transactions with Shanghai Ditong and the limitations on our use of Shanghai Ditong for new development projects, see the section headed “Related Party Transactions — Construction Services Agreement.” We rely on the performance of external contractors and suppliers, including Shanghai Ditong, an affiliated company, to deliver our projects on time and up to our specified quality standards. We do not perform our own construction work. We rely on external construction contractors, certified engineering supervisory companies, service providers and suppliers for construction and related services and various types of construction materials as well as other services such as design and interior decoration which we monitor through our project management department in each project company. We cannot assure you that the services rendered or materials supplied by any of these external contractors and suppliers, including Shanghai Ditong or any of our other existing or new construction contractors, will always be satisfactory to us or meet our quality requirements. In the event that the performance any of our contractors or suppliers falls short of quality standards or such contractor or supplier encounters financial, operational or managerial difficulties, our construction progress of our property developments may be disrupted and we may incur additional costs in respect of remedial actions to be taken (including the replacement of such contractors) as well as potential compensation payable to our customers in the event of any delay in completion of our property developments. Moreover, we may suffer reputational loss and additional financial costs as a result of such delay of our property
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