Infrastructure Paves the Way to Glory
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ANNUAL REPORT 2016/17 5-Year Financial Summary
HOPEWELL HOLDINGS LIMITED Stock Code: 54 ANNUAL 2016/17 REPORT 64th Floor, Hopewell Centre 183 Queen’s Road East A Wan Chai, Hong Kong N N Tel: (852) 2528 4975 U A Fax: (852) 2861 2068 L REPORT www.hopewellholdings.com 2 0 1 6 / 1 7 Hopewell Holdings Limited, a Hong Kong-based group listed on the Stock Exchange since 1972 (stock code: 54). The Group has continuously grown and become one of the leading business conglomerates in Hong Kong. The Group is actively engaged in property development and investment, highway infrastructure, power, hotel & hospitality and other businesses. While achieving substantial long term growth, the Group recognises the vital importance of promoting sustainable development. It devotes significant resources to enhance corporate governance, promote environmental protection, make community investment, instill best workplace practices and engage stakeholders. CONTENTS 2 Financial Highlights 3 5-Year Financial Summary 4 Chairman’s Statement 10 Awards & Recognition 12 Profile of Directors 21 Management Discussion and Analysis 21 Business Review 59 Financial Review 68 Others 69 Highlights of Sustainability Report 71 Corporate Governance Report 89 Report of the Directors 101 Independent Auditor’s Report 107 Consolidated Statement of Profit or Loss and Other Comprehensive Income 108 Consolidated Statement of Financial Position 110 Consolidated Statement of Changes in Equity 111 Consolidated Statement of Cash Flows 113 Notes to the Consolidated Financial Statements 113 Company’s Statement of Financial Position 114 Notes -
Les Politiques De Développement Régional D'une Zone Périphérique
Les politiques de développement régional d’une zone périphérique chinoise, le cas de la province de Hainan Sébastien Goulard To cite this version: Sébastien Goulard. Les politiques de développement régional d’une zone périphérique chinoise, le cas de la province de Hainan . Science politique. EHESS, 2014. Français. tel-01111893 HAL Id: tel-01111893 https://hal.archives-ouvertes.fr/tel-01111893 Submitted on 31 Jan 2015 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Distributed under a Creative Commons Attribution - NonCommercial - NoDerivatives| 4.0 International License ÉCOLE DES HAUTES ÉTUDES EN SCIENCES SOCIALES Thèse en vue de l‟obtention du Doctorat en socio-économie du développement Sébastien GOULARD Les politiques de développement régional d’une zone périphérique chinoise, le cas de la province de Hainan Thèse dirigée par François GIPOULOUX, directeur de recherche au CNRS Présentée et soutenue publiquement à l‟École des Hautes Études en Sciences Sociales à Paris, le 18 décembre 2014. Membres du jury : François GIPOULOUX, directeur de recherche, -
Joint Announcement: Connected Transaction
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 深 圳 高 速 公 路 股 份 有 限 公 司 SHENZHEN EXPRESSWAY COMPANY LIMITED (Incorporated in Bermuda with limited liability) (a joint stock limited company incorporated in the People's (Stock Code: 00152) Republic of China with limited liability) (Stock Code: 00548) JOINT ANNOUNCEMENT CONNECTED TRANSACTION SUPPLEMENTAL AGREEMENT TO THE ENTRUSTED CONSTRUCTION MANAGEMENT AGREEMENT IN RELATION TO GUANGSHEN COASTAL EXPRESSWAY SHENZHEN SECTION References are made to the joint announcements of Shenzhen International Holdings Limited (“Shenzhen International”) and Shenzhen Expressway Company Limited (“Shenzhen Expressway”, a 50.889%-owned subsidiary of Shenzhen International) dated 6 November 2009 and 9 September 2011 (the “Announcement”), respectively, the circular of each of Shenzhen International and Shenzhen Expressway dated 4 October 2011, and the announcement of Shenzhen Expressway dated 19 August 2014. Unless the context otherwise requires, capitalized terms used in this announcement shall have the same meanings as those defined in the Announcement. Introduction According to the Entrusted Construction Management Agreement (the “Entrusted Construction Management Agreement”) dated 9 September -
China Toll Roads Morgan Stanley Asia (Singapore) Chin Y
MORGAN STANLEY RESEARCH ASIA/PACIFIC Morgan Stanley Asia Limited+ Andy Meng, CFA [email protected] +852 2239 7689 Edward H Xu, CFA [email protected] +852 2239 1521 Tommy Wong January 14, 2010 [email protected] Ying Guo [email protected] Industry View China Toll Roads Morgan Stanley Asia (Singapore) Chin Y. Lim, CFA In-Line Pte.+ +65 6834 6858 Driven by China’s Long-term Economic Growth: In-Line Rating & Price Target Company Ticker Rating Price Target Conclusion: We initiate coverage of China’s toll road Zhejiang Exp. 576.HK Overweight HKD 8.96 industry with an In-Line view. We believe the industry is Sichuan Exp. 107.HK Overweight HKD 4.96 well positioned to benefit from long-term economic Jiangsu Exp. 177.HK Equal-weight HKD 7.59 growth and rising car consumption in China. Aggressive toll road network expansion by the government might Anhui Exp. 995.HK Equal-weight HKD 5.87 lead to traffic migration away from existing toll roads, in Shenzhen Exp. 548.HK Equal-weight HKD 4.17 addition to declining IRR, but we actually expect limited HHI 737.HK Equal-weight HKD 5.26 impact on the listed companies. Of them, we view Source: Morgan Stanley Research Zhejiang Expressway as the largest beneficiary of a potential export recovery in 2010, while Sichuan Toll Road Traffic Continues to Recover Expressway will be a good proxy for a strong economy 1,200 25% in southwest China, in our view. 2008 2009 YoY Growth (RHS) 1,000 18% 20% Aggressive road expansion not a major concern: 17% 800 15% We hold this non-consensus view for three reasons. -
Hopewell Holdings Limited (Stock Code: 54), Listed on the Stock Exchange of Hong Kong Since
Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. The Group, with strong expertise in investment, development and engineering of major projects, focuses on Hong Kong and the Pearl River Delta, and is founded on visionary strategic initiatives. 合和實業有限公司 Hopewell Holdings Limited 64th Floor, Hopewell Centre 183 Queen’s Road East Hong Kong Tel : (852) 2528 4975 Fax : (852) 2861 2068 二零零五年年報 Web Page: www.hopewellholdings.com 合和實業有限公司 香港皇后大道東183號 合和中心64樓 電話 ︰(852) 2528 4975 圖文傳真 ︰(852) 2861 2068 網址 ︰www.hopewellholdings.com Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. -
Media Review 16/2006
Media Review No.16/2006 (26 April - 3 May) No. of substantive news reports mentioning UST : 23 No. of reports involving OUDPA initiatives : 7 ** denotes items involving OUDPA in providing information or statements upon enquiries, issuing media invitation, issuing press releases, or setting up interviews. 1. Prof Stephen HAWKING will deliver a public lecture on "The Origin of the Universe" at UST** 3 clippings (29/4 - 3/5). 2. Prof Kar Yan TAM (ISMT) commented on the science and technology development in Hong Kong Sing Tao Daily (3/5). 3. A story quoted Dr Hong Kam LO (CIVL)'s research on traffic accident analysis and prevention Apple Daily (3/5). 4. Dr Chak Keung CHAN (CENG) and Dr Alexis LAU (IENV) commented on air pollution in Hong Kong Ming Pao Daily News (2/5) and Sing Tao Daily (30/4). 5. Sir Gordon WU, Chairman of Hopewell Holdings Limited, delivered a distinguished lecture on Asian Infrastructure** Sing Tao Daily (1/5). 6. President CHU will deliver talks for the Hong Kong New Generation Cultural Association to nurture young scientists Sing Tao Daily (1/5). 7. UST recruited three mainland highflyers from Beijing, Guangdong and Chengdu last year Sing Pao Daily News (30/4). 8. Graduates from the Class of 2005 were highly sought after with higher salaries and better job opportunities** The Sun (29/4). 9. UST signed a memorandum of understanding with a delegation from the Commission of Science Technology and Industry for National Defense Lunar Exploration on research collaboration** Sing Tao Daily (28/4) and Macau Daily News (27/4). -
Annual Report
行 The Chinese character “行” (pronounced as “xing”) denotes the idea of going forward( 前 行). The annual report this year is centred on the theme of “行”, which on the first level of significance, refers to the relentless efforts made by the Company to go forward despite numerous challenges and pressure on the operating results in the near future. “行” also has the meaning of action. On another level, the theme this year reflects the actions of * The Ming philosopher, Wang Shouren the Company to continuously enhance its (Yangming)(王守仁(陽明)), advocated the executive power based on meticulous analysis philosophy of uniting knowledge (“知”) with of external opportunities and challenges as well action (“行”) for achievement of virtue (“善”), as recognition of its own advantages and which exemplifies the inseparability of the shortcomings, with the aim of achieving the unity theoretic knowledge and actual actions. of knowledge and action( 知行合一)*. In the future, the Company will insist on the market- oriented principle, continuously develop the expressway industry business and strengthen the exploring of relative business of entrusted construction management and entrusted operation management, realising a synergistic growth in both of scale and return. The character “行” can also mean “capability”. With the recovery of economy, support of the national policies and ceaseless self-improvement of the Company, we firmly believe that the Company is embracing a bright future. The Chronicle of Yan Zi(晏子春秋) says: “the one who works completes his mission, the -
Dwelling in Shenzhen: Development of Living Environment from 1979 to 2018
Dwelling in Shenzhen: Development of Living Environment from 1979 to 2018 Xiaoqing Kong Master of Architecture Design A thesis submitted for the degree of Doctor of Philosophy at The University of Queensland in 2020 School of Historical and Philosophical Inquiry Abstract Shenzhen, one of the fastest growing cities in the world, is the benchmark of China’s new generation of cities. As the pioneer of the economic reform, Shenzhen has developed from a small border town to an international metropolis. Shenzhen government solved the housing demand of the huge population, thereby transforming Shenzhen from an immigrant city to a settled city. By studying Shenzhen’s housing development in the past 40 years, this thesis argues that housing development is a process of competition and cooperation among three groups, namely, the government, the developer, and the buyers, constantly competing for their respective interests and goals. This competing and cooperating process is dynamic and needs constant adjustment and balancing of the interests of the three groups. Moreover, this thesis examines the means and results of the three groups in the tripartite competition and cooperation, and delineates that the government is the dominant player responsible for preserving the competitive balance of this tripartite game, a role vital for housing development and urban growth in China. In the new round of competition between cities for talent and capital, only when the government correctly and effectively uses its power to make the three groups interacting benignly and achieving a certain degree of benefit respectively can the dynamic balance be maintained, thereby furthering development of Chinese cities. -
The Trilateral Commission
THE TRILATERAL COMMISSION MARCH 2009 *Executive Committee PETER SUTHERLAND JOSEPH S. NYE, JR. YOTARO KOBAYASHI European Chairman North American Chairman Pacific Asian Chairman HERVÉ DE CARMOY ALLAN E. GOTLIEB HAN SUNG-JOO European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman ANDRZEJ OLECHOWSKI LORENZO H. ZAMBRANO SHIJURO OGATA European North American Pacific Asian Deputy Chairman Deputy Chairman Deputy Chairman DAVID ROCKEFELLER Founder and Honorary Chairman GEORGES BERTHOIN PAUL A. VOLCKER OTTO GRAF LAMBSDORFF European Honorary Chairman North American Honorary Chairman European Honorary Chairman *** PAUL RÉVAY MICHAEL J. O'NEIL TADASHI YAMAMOTO European Director North American Director Pacific Asian Director EUROPEAN GROUP Urban Ahlin, Member of the Swedish Parliament and Deputy Chairman of the Committee on Foreign Affairs, Stockholm *Edmond Alphandéry, Chairman, CNP Assurances, Paris; former Chairman, Electricité de France (EDF); former Minister of the Economy and Finance Jacques Andréani, Ambassadeur de France, Paris; former Ambassador to the United States Jorge Armindo, President and Chief Executive Officer, Amorim Turismo, Lisbon Jerzy Baczynski, Editor-in-Chief, Polityka, Warsaw Patricia Barbizet, Chief Executive Officer and Member of the Board of Directors, Artémis Group, Paris Estela Barbot, Director, AGA; Director, Bank Santander Negocios; Member of the General Council, AEP -- Portuguese Business Association, Porto; General Honorary Consul of Guatemala, Lisbon *Erik Belfrage, Senior Vice President, -
Basic Information of Toll Highways
Basic Information of Toll Highways 50 Shenzhen Expressway Company Limited Basic Information of Toll Highways The principal assets of the Group and its jointly controlled entities Extension in Shenzhen City, Jiangzhong Expressway and GZ W2 and associated companies are all toll highway projects, of which Expressway in other areas of Guangdong Province as well as Nanjing Meiguan Expressway, Jihe East, Jihe West, Yanba A & B in Shenzhen Third Bridge in Jiangsu Province are under construction or planning. City, Yangmao Expressway and Guangwu Expressway in other areas Apart from investment, operation and management of toll highway of Guangdong Province, Changsha Ring Road in Hunan Province projects, the Group has been entrusted by the government to be as well as Geputan Bridge in Hubei Province are in operations and responsible for the construction and management of Nanping Project Yanpai Expressway, Nanguang Expressway, Yanba C and Shuiguan and Hengping Project. Length Interests No. of Toll Highways Location (km) Held Lane(s) Condition Operation Period Meiguan Expressway Shenzhen 19.30 95% 6/4 Operation May 1995 – Mar 2027 Jihe East Shenzhen 23.30 55% 6 Operation Oct 1997 – Mar 2027 Jihe West Shenzhen 21.00 100% 6 Operation May 1999 – Mar 2027 Yanba A&B Shenzhen 18.80 100% 6 Operation Apr 2001 – Dec 2031 Shuiguan Expressway Shenzhen 20.14 40% 6 Operation Feb 2002 – Dec 2025 Yangmao Expressway Guangdong 79.76 25% 4 Operation Nov 2004 – Jul 2027 Guangwu Expressway* Guangdong 36.50 30% 4 Operation Dec 2004 – Nov 2027 Changsha Ring Road Hunan -
Tilburg University Alternative Investment Fund Industry in China
Tilburg University Alternative investment fund industry in China: Essays on the positioning and developments under the overarching governmental influence Li, J. Publication date: 2015 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal Citation for published version (APA): Li, J. (2015). Alternative investment fund industry in China: Essays on the positioning and developments under the overarching governmental influence. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 03. okt. 2021 ALTERNATIVE INVESTMENT FUND INDUSTRY IN CHINA: ESSAYS ON THE POSITIONING AND DEVELOPMENTS UNDER THE OVERARCHING GOVERNMENTAL INFLUENCE ALTERNATIVE INVESTMENT FUND INDUSTRY IN CHINA: ESSAYS ON THE POSITIONING AND DEVELOPMENTS UNDER THE OVERARCHING GOVERNMENTAL INFLUENCE PROEFSCHRIFT TER VERKRIJGING VAN DE GRAAD VAN DOCTOR AAN TILBURG UNIVERSITY OP GEZAG VAN DE RECTOR MAGNIFICUS, PROF. DR.PH.EIJLANDER, IN HET OPENBAAR TE VERDEDIGEN TEN OVERSTAAN VAN EEN DOOR HET COLLEGE VOOR PROMOTIES AANGEWEZEN COMMISSIE IN DE AULA VAN DE UNIVERSITEIT OP WOENSDAG 25 FEBRUARI 2015 OM 10.15 UUR DOOR JING LI GEBOREN OP 29 JUNI 1981 TE DATONG,CHINA Promoteres: Prof. -
Did Government Decentralization Cause China's Economic Miracle?
Did government decentralization cause China’s economic miracle? a b Hongbin Cai Daniel Treisman Many scholars attribute China’s remarkable economic performance since 1978 in part to the country’s political and fiscal decentralization. Political decentralization is said to have stimulated local policy experiments and restrained predatory central interventions. Fiscal decentralization is thought to have motivated local officials to promote development and harden enterprises’ budget constraints. The locally diversified structure of the pre- reform economy is said to have facilitated liberalization. We examine these arguments and find that none establishes a convincing link between decentralization and China’s successes. We suggest an alternative view of the reform process, in which growth-enhancing policies emerged from competition between pro- and anti-market factions in Beijing. a Department of Economics, University of California, Los Angeles b Department of Political Science, University of California, Los Angeles, 4289 Bunche Hall, Los Angeles CA 90095-1472 March 2006 We thank Richard Baum, Tom Bernstein, Dorothy Solinger, Bo Li, Dali Yang, Li-An Zhou, and James Tong for comments and suggestions. 1 Introduction What roles have political and fiscal decentralization played in China’s economic reforms and in the remarkable boom they fostered? Since the late 1970s, China has liberalized most prices, de- collectivized agriculture, and integrated into world markets. These changes fueled an unprecedented period of growth, with GDP per capita rising from $674 in 1978 to $5,085 in 2004 (in PPP-adjusted 2000 dollars).1 Scholars have attributed this economic miracle to many causes— recovery from the Cultural Revolution, initial underdevelopment, and a rich diaspora, to name a few.