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Annual Report 2020 年 報 Contents Radiance Holdings Radiance Holdings (Group) Company Limited Radiance Holdings (Group) Company Limited (G 金輝控股（集 團）有限公司 (Incorpor金輝控ated in股（集 the Cayman 團） Islands有限公 with limited lia司bility) （於開曼群島註冊成立的有限公司） r 9993 oup) (Stock Code: 9993) （股份代號： ） Company Limite 2020 2020 d Annual 金輝控 Report 年 報 （ 團） 股（集 有限公 司 Annual Report 2020 年 報 Contents RADIANCE HOLDINGS (GROUP) COMPANY LIMITED ANNUAL REPORT 2020 1 Contents 2 Corporate Profile 3 Corporate Information 4 Major Events of Radiance 13 Glossary and Definition 15 Chairman’s Statement 18 Performance Highlights 19 Management Discussion and Analysis 39 Biographies of Director and Senior Management 44 Corporate Governance Report 51 Directors’ Report 62 Independent Auditor’s Report 67 Consolidated Statement of Profit or Loss and Other Comprehensive Income 68 Consolidated Statements of Financial Position 70 Consolidated Statements of Changes in Equity 71 Consolidated Statements of Cash Flows 73 Notes to Financial Statements 179 Financial Summary Corporate Profile RADIANCE HOLDINGS (GROUP) COMPANY LIMITED 2 ANNUAL REPORT 2020 Corporate Profile ABOUT RADIANCE Radiance Holdings (Group) Company Limited (stock code: 9993.HK) is a reputable large property developer with national presence, regional focus and leading positions in select cities, and we focus on providing quality residential properties to first-time homebuyers and first-time upgraders. With over 20 years’ experience, we have expanded our operations into six regions with strong growth potential in China, namely, the Yangtze River Delta, the Bohai Economic Rim, Southern China, Central China, Southwestern China and Northwestern China. We have expanded our residential property development business into different cities across the PRC and further established four branded series: the New Block series , the Elite’s Mansion series , the King’s Garden series and the Metropolitan series . In（優 addition步系） to residential property development,（雲著系） we started to engage in the（銘 development,著系） operation and management（大城系） of commercial properties in 1999. In terms of comprehensive strengths, we were ranked as one of “China’s Top 50 Real Estate Developers” by the China Real Estate Association and the China Real Estate Appraisal Center of E-house China Research Institute for seven consecutive years since 2014 and the 36th among “2020 China’s Top 50 Real Estate Developers”, and were ranked as one of “China’s Top 10 Real Estate Developers of Comprehensive Strength”. We were ranked 37th among “China’s Top 100 Real Estate Developers” by the Enterprise Research Institute of Development Research Center of the State Council, the Center for Real Estate of Tsinghua University and the China Index Academy in 2020. In the future, Radiance will continue to pursue quality products and services, and keep up in innovation, so as to make us a leading enterprise and trustworthy brand in the industry. Company Mission Build properties with craftsmanship and make homes better. Corporate Values Customer first Accountability Openness and Innovation Integrity Pragmatism Inclusiveness Corporate Vision Devoted to improving the quality of our products and services through continuous innovation and aim to become a trustworthy leading property developer in the PRC. Corporate Information RADIANCE HOLDINGS (GROUP) COMPANY LIMITED ANNUAL REPORT 2020 3 Corporate Information BOARD OF DIRECTORS REGISTERED OFFICE Executive Directors PO Box 309, Ugland House Grand Cayman, KY1-1104 Mr. Lam Ting Keung (Chairman) Cayman Islands Mr. Lam Yu Mr. Chen Chaorong HEAD OFFICE IN THE PRC Mr. Huang Junquan 42/F, Radiance Plaza Independent non-executive Directors Qiyang Road Mr. Zhang Huaqiao Wangjing Mr. Tse Yat Hong Chaoyang District Mr. Chung Chong Sun Beijing PRC AUDIT COMMITTEE PRINCIPAL PLACE OF BUSINESS IN Mr. Chung Chong Sun (Chairman) HONG KONG Mr. Zhang Huaqiao Mr. Tse Yat Hong Unit 6701-02, 67/F The Center REMUNERATION COMMITTEE 99 Queen’s Road Central Central Mr. Zhang Huaqiao (Chairman) Hong Kong Mr. Tse Yat Hong Mr. Chen Chaorong HONG KONG BRANCH SHARE REGISTRAR NOMINATION COMMITTEE Tricor Investor Services Limited Mr. Lam Ting Keung (Chairman) Level 54, Hopewell Centre Mr. Zhang Huaqiao 183 Queen’s Road East Mr. Chung Chong Sun Hong Kong COMPANY SECRETARY CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Mr. Chiu Ngam (FHKICPA, AICPA) Tricor Services (Cayman Islands) Limited AUTHORISED REPRESENTATIVES Second Floor, Century Yard, Cricket Square P.O. Box 902 Mr. Chen Chaorong Grand Cayman Mr. Chiu Ngam KY1-1103 Cayman Islands AUDITOR PRINCIPAL BANKS Ernst & Young Certified Public Accountants Agricultural Bank of China Registered Public Interest Entity Auditor Industrial and Commercial Bank of China 22nd Floor, CITIC Tower Bank of China 1 Tim Mei Avenue China Construction Bank Central China Minsheng Bank Hong Kong China Merchants Bank China Everbright Bank COMPLIANCE ADVISOR China Guangfa Bank Industrial Bank Maxa Capital Limited WEBSITE LEGAL ADVISER http://www.radiance.com.cn Sidley Austin STOCK CODE 9993 Major Events of Radiance RADIANCE HOLDINGS (GROUP) COMPANY LIMITED 4 ANNUAL REPORT 2020 Major Events of Radiance 2020 MARCH On 17 March 2020, China Index Academy issued a list of “2020 China Top 100 Real Estate Developer” where Radiance was ranked 37th. Radiance was rewarded two prizes, namely “2020 China Specialized Real Estate Company – Integrated Urban Operator” 2020 （ 中國特色地產運營優秀企業—城市綜 and “2020 China Top 100 Commercial Real Estate 合運營商） Developers” 2020 , which once （ 年中國商業地產百強企業） again recognised Radiance’s business capability and its position in the industry, and served as a critical role in promoting the sound operation of the industry. On 18 March 2020, China Real Estate Association and China Real Estate Appraisal Center released （中國房地產測評中心） the list of the “2020 Best 500 China Real Estate Developers” 2020 500 , where Radiance Group （ 中國房地產開發企業 強） was ranked 36th in the “ List of Top 50 Enterprise in terms of Comprehensive Strength” 50 from its sound （綜合實力 強榜單） and steady growth in business and high-quality operation. At the same time, Radiance was also recognised as one of the “2020 Best 10 of China Real Estate Developer in terms of Comprehensive Strength” 2020 （ 中國房地產開發企業綜合發 10 for the 5 consecutive years, reflecting that the overall 展 強） strength of Radiance has been well-received and recognised by professional institutions. APRIL On 29 April 2020, the “Seventeenth (2020) Blue Chip Real Estate Annual Conference” 2020 , （第十七屆（ ）藍籌年會） organised by Economic Observer News , The （經觀新聞） Economic Observer ( ) and EEO.com.cn 《經濟觀察報》 （經 , was held online with the theme of “Ambition, 濟觀察網） Lean, Refinement” , and Radiance was （精 進、精 益、精 緻） awarded 2 titles, namely “Blue Chip Real Estate Enterprise” and “Well-established Enterprise with Steady （藍籌地產企業） Development” for its consolidated （穩健發展綜合實力企業） capability, strong performance, high quality, continuous innovation and steady development. RADIANCE HOLDINGS (GROUP) COMPANY LIMITED ANNUAL REPORT 2020 5 Major Events of Radiance JULY On 31 July 2020, Radiance completed the restoration of Fuzhou’s “Yijing Gucuo” , one of the only two （義井古厝） historical building complexes in Gulou District apart from Sanfang Qixiang , which was then opened to the （三坊七巷） public. Radiance’s conservation of the ancient buildings not only demonstrated its determination to promote and protect traditional Chinese architecture and culture, but also its commitment to grow with the city and cohabitate with it’s heritage. At the “2020 China Real Estate Brand Conference” 2020 （ 中國房 , jointly organised by China Real Estate Business 地產品牌大會） and China Real Estate Thinktank on 31 July 2020, Radiance was ranked 32nd in the “2020 Top 100 Chinese Real Estate Brand Value” 2020 TOP100 with a brand valuation （ 中國房地產品牌價值 ） of RMB55.2 billion. AUGUST “2020 China Real Estate Fashions Awards” were announced at the “2020 Boao Real Estate Forum” organised by the Guandian Index Academy （觀點 on 12 August 2020, in which Radiance Group was awarded 指數研究院） the “2020 Top 30 Real Estate Enterprises of the Year in China in terms of Investment Value” 2020 TOP30 in recognition （ 中國年度投資價值地產企業 ） of its value attained in steadily growing sales and enhancement in capital structure. SEPTEMBER The 24th anniversary of Radiance Group was held on 2 September 2020 in a joyful atmosphere. At the climax of the celebration, Radiance debuted a new mascot “Jin Xiao Rui” for its brand, which has （金小瑞） become a brand new mascot in the real estate industry by virtue of its attractive look. Jin Xiao Rui will work together with Radiance in creating a happy life in Radiance-style for users. RADIANCE HOLDINGS (GROUP) COMPANY LIMITED 6 ANNUAL REPORT 2020 Major Events of Radiance At the “2020 China Real Estate Brand Value Research Findings Release Ceremony “ 2020 （ 中國房地產品牌價值研 organised by the China Index Academy on 10 September 2020, Radiance was listed in the “Top 21 究成果發佈會） Brand of China Real Estate Companies (All Categories)” TOP21 , marking a （中國房地產公司品牌價值 （混合所有） 37% increase in brand value, as well as a consolidated brand capability. Each of its projects under the name of “Warm Light Community” , “Metropolitan Product Series” “ ” and “Shaoxing Jinhui • Peninsula Cloud” （暖光社區） 大城產品系 • were awarded the title of the “2020 Top 10 Leading Brand Value of China Residential Real （紹興金輝 半島雲著） Estate Company” 2020 TOP10 , the “2020 Top 10 Brand Value of China （ 中國房地產住宅開發專業領先品牌價值 ） Real Estate with Series of Products” 2020 TOP10 and the “2020 Top 10 Brand Value （ 中國房地產系列項目品牌價值 ） of China Real Estate
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