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Oriented towards Greatness 2016 SHUN TAK HOLDINGS LIMITED ANNUAL REPORT 信德集團有限公司年報 STOCK CODE 股份代號 : 242 Contents 2 Corporate Information 3 Corporate Profile 6 Management Profile 13 Financial Highlights and Book Closure Period 14 Significant Events 16 Chairman’s Statement 18 Review of Operations 36 Recent Developments and Prospect 38 Corporate Social Responsibility 42 Schedule of Major Properties 48 Group Financial Review 55 Report of the Directors 70 Corporate Governance Report 84 Independent Auditor’s Report 89 Consolidated Income Statement 90 Consolidated Statement of Comprehensive Income 91 Consolidated Balance Sheet 93 Consolidated Statement of Changes in Equity 95 Consolidated Cash Flow Statement 98 Notes to the Financial Statements 184 Five-Year Financial Summary Past Performance and Forward Looking Statements The performance and the results of operation of the Group as set out in this Annual Report are historical in nature and past performance is not a guarantee of future performance. This Annual Report may contain forward-looking statements and opinions that involve risks and uncertainties. Actual result may also differ materially from expectations discussed in such forward-looking statements and opinions. Neither the Group nor the Directors, employees or agents of the Group assume any obligations or liabilities in the event that any of the forward-looking statements or opinions does not materialise or turns out to be incorrect. Oriented towards Greatness With a well-established foundation of diversified businesses, we are extending our vision to pursue emerging prospects across Greater China and Asia. We are taking a strategic and disciplined approach to instill new vitality into our portfolio in order to drive for long-term growth. As years of careful planning lead us to the cusp of more exciting chapters, we look forward to sharing a brighter future with all our stakeholders. 2 Shun Tak Holdings Limited Corporate Information Board of Directors Audit Committee Auditor Dr. Stanley Ho Mr. Norman Ho (Chairman) PricewaterhouseCoopers Group Executive Chairman Mr. Michael Ng Mr. Kevin Yip Mr. Norman Ho Solicitor Independent Non-Executive Director Norton Rose Fulbright Remuneration Committee Mr. Charles Ho Mr. Michael Ng (Chairman) Independent Non-Executive Director Mr. Norman Ho Principal Bankers Mr. Charles Ho Mr. Michael Ng Bank of China (Hong Kong) Limited Ms. Pansy Ho Independent Non-Executive Director The Hongkong and Shanghai Banking Ms. Daisy Ho Corporation Limited Mr. Kevin Yip Bank of China, Macau Branch Hang Seng Bank Limited Independent Non-Executive Director Nomination Committee China Construction Bank (Asia) Ms. Pansy Ho Mr. Charles Ho (Chairman) Corporation Ltd Managing Director Mr. Norman Ho Crédit Agricole Corporate & Mr. Michael Ng Investment Bank Ms. Daisy Ho Ms. Pansy Ho The Bank of Nova Scotia Deputy Managing Director Ms. Daisy Ho Nanyang Commercial Bank, Ltd. Ms. Maisy Ho Executive Director Company Secretary Share Registrar Ms. Angela Tsang Computershare Hong Kong Investor Mr. David Shum Services Limited Executive Director Shops 1712-1716 Registered Office 17th Floor, Hopewell Centre Mr. Rogier Verhoeven 183 Queen’s Road East Penthouse 39th Floor, West Tower Executive Director Wanchai Shun Tak Centre Hong Kong 200 Connaught Road Central Hong Kong Tel: (852) 2859 3111 ADR Depositary Fax: (852) 2857 7181 Website: www.shuntakgroup.com The Bank of New York Mellon E-mail: [email protected] Share Listing The Company’s shares are listed on The Stock Exchange of Hong Kong Limited and traded in the form of American Depositary Receipts on the OTC market in the United States of America. Annual Report 2016 3 Corporate Profile PROPERTY TRANSPORTATION HOSPITALITY INVESTMENT Shun Tak Holdings Limited (the “Company”) and its subsidiaries (the “Group”) is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) has been listed on the Hong Kong Stock Exchange since 1973. 4 Shun Tak Holdings Limited Corporate Profile Property residential and retail property ventures. of gross floor area. When completed, The Group’s signature residential the hotel property will be operated by the The Group has a prominent and projects in Hong Kong include The Group’s hotel management subsidiary, successful track record in the Macau and Belcher’s, liberté and Chatham Gate. Artyzen Hospitality Group (“AHG”), to Hong Kong property markets. The Group extend two hotel product offerings. owns one of the largest developable Its property management branch floor areas in Macau among Hong Kong currently offers professional In 2016, the Group formed a 50:50 listed companies. It is an important management services to residential, joint venture with Shanghai Lujiazui player in Macau’s property market with commercial and industrial properties (Group) Company Limited, and has a host of property development projects, across Hong Kong and Macau. successfully bid the land use rights of and has growing presence in the a 26,707 square meters site in Qiantan. Greater China real estate market with The Group made its foray into the It will be developed into a mixed-use investments in Tongzhou and Dong Zhi Northern China property market through project encompassing office, retail, Men in Beijing, and Minhang and Qiantan an investment in the Beijing Tongzhou hotel and cultural centre. in Shanghai, as well as Hengqin in Integrated Development. The complex Zhuhai. It has also recently made foray will be developed into an iconic landmark Strategically extending its footprint to into Singapore through the acquisition comprising retail, office and serviced Southeast Asia, the Group entered of premium properties located at central apartments all amalgamated under Singapore’s property market through business district. one prime address along the famous the acquisition of a prime freehold site Grand Canal. located at No. 9 Cuscaden Road. One Central, the Group’s joint venture Situated within the central business with Hongkong Land Holdings Limited, Shun Tak Tower, the Group’s wholly- district, the land parcel is surrounded is located on a prime waterfront site in owned property in Beijing Dong Zhi Men by a number of tourist attractions and Macau Peninsula. The project comprises near East 2nd Ring Road, is located renowned hotels, and is within walking 7 prestigious residential towers, a next to the airport highway, serviced by distance to the Orchard MRT station luxurious flagship shopping mall, a convenient network of major metro where major shopping complexes stand. a five-star Mandarin Oriental Hotel lines and bus routes. The 63,000-square- The Group will consider redeveloping and serviced apartments managed by foot site comprises both office and the property for hotel purpose. the same hotel group. hospitality components and is close to Beijing downtown, embassy area, and Transportation Nova City in Taipa is one of the largest YanSha district. luxury developments in Macau. The The Group’s origin dates back to 1962 project comprises upscale residential with the inauguration of a passenger Hengqin Integrated Development is a units, world-class landscaping and ferry service between Hong Kong and joint development between the Group clubhouse facilities. Sales of the first Macau. In a strategic move in 1999 to and Perennial Hengqin Investment four phases have generated strong strengthen its shipping business and Group Pte. Ltd.. The site boasts public response. Joint development expand its market share, the Group unparalleled connectivity, with direct partner, China State Construction successfully merged its shipping access to the port and commercial International Holdings Limited, has been operation with that of China Travel facilities at the border to Macau, introduced to co-develop the residential International Investment Hong Kong to be serviced by an extension of portion of Phase 5, which will sit above a Limited to create a combined entity the Guangzhou-Zhuhai Intercity Rail large-scale lifestyle shopping centre with under the brand name “TurboJET”. as well as the Hengqin and Macau a gross floor area over 655,000 square TurboJET, operated and managed by light rails in the future. It is set to be feet. In 2016, the Group formed a joint Shun Tak – China Travel Shipping developed into an integrated landmark venture with HIP Company Limited, a Investments Limited and its subsidiaries, which comprises office, retail, hotel and wholly-owned subsidiary of the Abu offers passengers speedy, reliable and serviced apartments. Dhabi Investment Authority to co-invest comfortable sea travel services across in the shopping centre. It will become an major destinations within the Pearl In 2015, the Group agreed to acquire a activity hub serving the Taipa community River Delta (“PRD”), developing a hotel property in Shanghai as part of the upon completion. well-connected sea transportation Shanghai MixC integrated commercial network linking major cities and airports development project. The property will The Group plays a prominent role in in the region such as Hong Kong, Macau, be developed into an 8-storey hotel the Hong Kong property market with Shenzhen, Nansha and Shekou. building spanning 29,200 square meters a portfolio comprising commercial, Annual Report 2016 5 In 2003, TurboJET launched “TurboJET Resort, formerly Westin Resort Macau, is Partnering with Shanghai International Airport Routes” (previously known as a lavish boutique resort on the beautiful Port
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