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GREENTOWN CHINA HOLDINGS LIMITED (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 03900

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GREENTOWN CHINA HOLDINGS LIMITED (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 03900 GREENTOWN CHINA HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) Stock Code: 03900 年 2020報 Annual Report Contents 002 Corporate Profile 004 Corporate Information 006 Financial Highlights 008 Chairman’s Statement 098 Report of the Directors 012 Property Portfolio 121 Independent Auditor’s Report Management Discussion and Analysis 024 Consolidated Statement of Profit or Loss Biographical Details of Directors and 129 and Other Comprehensive Income Senior Management 040 Consolidated Statement of Financial Environmental and Social Responsibility 130 Position Report 050 Consolidated Statement of Changes in 133 Equity 087 Corporate Governance Report 135 Consolidated Statement of Cash Flows Investor Relations 094 Notes to the Consolidated Financial 138 Statements 287 Definition Corporate Profile 002 Greentown China Holdings Limited is a leading quality property developer and integrated living service provider in China. It maintains a leadership position in the industry by virtue of the quality of its properties, and its unique architectural aesthetics and customer centric services. The Company has been awarded the “Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength” for 16 consecutive years and named No.1 in customer satisfaction in the country for 10 consecutive years as well as recognized as “Product Quality First” by various mainstream organizations in the industry. It has also received such honors as “Enterprise with Social Responsibility” for many years. Greentown China Holdings Limited was the project management business, while founded in Hangzhou, China in January the “Greentown+” segment provides 1995, and listed on the Hong Kong Stock strong support for both the asset-heavy Exchange in July 2006. In June 2012, Wharf and asset-light segments by strengthening was introduced as a strategic shareholder the industry integration of the upstream of Greentown. As at the date of this and extending the scope of services of the report, Wharf (through its wholly-owned downstream. In 2020, each operational subsidiary) held approximately 22.4% of the indicator hit record highs: with contract total issued share capital of the Company. sales ranking 8th 1 in the industry amounting In December 2014, China Communications to RMB289.2 billion representing a year- Construction Group became a strategic on-year growth of 43%. The newly-added shareholder of Greentown China. As at the saleable value amounted to RMB300 date of this report, CCCG was interested billion and comprehensive financing in approximately 25.1% of the total issued costs continued to reduce, laying a solid Greentown China Holdings Limited share capital of the Company and became foundation for the Company’s sustainable its single largest shareholder. development. Throughout 26 years of development, the Being a professional developer of premium Company has adhered to the development properties in China, Greentown China strategy of “quality first” and developed has always insisted on innovation and the upstream and downstream of the continued to explore the relationship real estate business to form three major between humans and their living segments, namely asset-heavy, asset- space. Through creating aesthetically Annual Report 2020 light and “Greentown+”. The asset-heavy pleasing architecture, Greentown China segment focuses on the real estate is committed to building a better life investment and development business, for more people. Based in Zhejiang, and the asset-light segment strengthens Greentown focuses its attention on the Note 1: Ranking of Real Estate Developers by Sales, 2020 (CRIC) (克而瑞2020房企操盤榜排名) Corporate Profile top five core city clusters and important Project management business has best understanding of products”, while 003 city hubs as well as cultivating footprints maintained a rapid and steady growth focusing on nine major real estate-related in first- and second-tier cities and high since its commencement in September businesses. The Company balanced the quality third- and fourth-tier cities. On 2010. In July 2020, Greentown Management importance of institutional innovation and the basis of traditional development Holdings Company Limited was officially new business expansion while maintaining business, Greentown China has vigorously spun off from the Company and listed the core business and striving to shift from developed featured real estate business separately on the Main Board of the Stock “quality development” to “high-quality including town projects, TOD projects, Exchange (stock code: 09979), which development” in the coming five years. urban renewal and industry-city has since helped consolidate its leading integration. Leveraging on its rich land position in the project management Looking ahead, with the strong support of bank, high-calibre human resources and business, while accelerating the growth of CCCG, a state owned enterprise, Wharf, a highly effective management structure, the Company’s asset-light segment and Hong Kong enterprise and Xinhu Zhongbao Greentown China has established an enhancing the business synergy between along with our founder Mr. SONG Weiping, outstanding brand image in all the cities it the asset-light and asset-heavy segments. a renowned entrepreneur in China’s real operates. The rich experience Greentown estate industry, and other shareholders, has accumulated in developing numerous In 2020, after in-depth consideration, the Company will continue to adhere high-quality projects together with its and repeated argumentations and discussions, to the innovation and practice of mixed outstanding operational capabilities has the Company formulated the “Strategic ownership enterprise and maintain its served to provide strong momentum for 2025 Plan” aiming at building the “quality dedication to sincerity, meticulousness of its future development. benchmark among the Top 10” and strategies and excellence of operation, so developing the strategic pivot points of as to build the No. 1 brand of “integrated “best understanding of customers and service provider for an ideal life” in China. Greentown China Holdings Limited Annual Report 2020 Hangzhou Xixi Yunlu Corporate Information Board of Directors Audit Committee Registered Office Mr SZE Tsai Ping, Michael Executive Directors Maples Corporate Services Limited 004 (Resigned on 17 April 2020) Mr ZHANG Yadong PO Box 309, Ugland House Mr HUI Wan Fai (Chairman of the Board) South Church Street, George Town (Appointed as Chairman Mr LIU Wensheng Grand Cayman KY1-1104 on 17 April 2020) (Ceased to act on 21 March 2021) Cayman Islands Mr JIA Shenghua Mr GUO Jiafeng Mr QIU Dong Mr WU Wende Share Registrar in Hong Kong (Appointed on 17 April 2020) (Appointed on 22 March 2021) Mr ZHU Yuchen Computershare Hong Kong Investor Mr ZHOU Lianying (Appointed on 17 April 2020) Services Limited (Ceased to act on 21 March 2021) Shops 1712–1716 Mr GENG Zhongqiang Nomination Committee 17th Floor, Hopewell Centre Mr LI Jun Mr SZE Tsai Ping, Michael 183 Queen’s Road East Ms HONG Lei (Resigned on 17 April 2020) Wanchai, Hong Kong (Appointed on 22 March 2021) Mr ZHU Yuchen (Appointed as Chairman Share Registrar in Cayman Islands Non-Executive Directors on 17 April 2020) Royal Bank of Canada Trust Company Mr Stephen Tin Hoi NG Mr ZHANG Yadong (Cayman) Limited (Mr Andrew On Kiu CHOW Mr LIU Wensheng 4th Floor, Royal Bank House as his alternate) (Ceased to act on 21 March 2021) 24 Shedden Road, George Town Mr WU Yiwen Mr WU Wende Grand Cayman KY1-1110 (Appointed on 26 May 2020) (Appointed on 22 March 2021) Cayman Islands Mr JIA Shenghua Independent Non-Executive Directors Mr KE Huanzhang Mr JIA Shenghua Auditor (Resigned on 17 April 2020) Mr KE Huanzhang Deloitte Touche Tohmatsu Mr HUI Wan Fai (Resigned on 17 April 2020) Registered Public Interest Entity Auditor Mr QIU Dong Mr SZE Tsai Ping, Michael (Appointed on 17 April 2020) (Resigned on 17 April 2020) Legal Advisors Mr HUI Wan Fai Remuneration Committee As to Hong Kong law: Mr QIU Dong Mr JIA Shenghua (Chairman) Allen & Overy (Appointed on 17 April 2020) Mr ZHANG Yadong Mr ZHU Yuchen As to the PRC law: Greentown China Holdings Limited Mr LIU Wensheng (Appointed on 17 April 2020 (Ceased to act on 21 March 2021) Zhejiang T&C Law Firm Mr WU Wende (Appointed on 22 March 2021) As to Cayman Islands law and Mr KE Huanzhang British Virgin Islands law: (Resigned on 17 April 2020) Maples and Calder Mr SZE Tsai Ping, Michael (Resigned on 17 April 2020) Mr HUI Wan Fai Mr QIU Dong Annual Report 2020 (Appointed on 17 April 2020) Mr ZHU Yuchen (Appointed on 17 April 2020) Corporate Information Secretary of the Board The Hong Kong And Shanghai Banking Investor Relations Corp., Ltd. Mr SHANG Shuchen Email: [email protected] China CITIC Bank Corp., Ltd. 005 (Appointed on 20 March 2020) Tel: (852) 2523 3138 China Merchants Bank Co.,Ltd. Fax: (852) 2523 6608 Joint Company Secretaries Bank of Communications Co., Ltd. The Bank of East Asia, Limited Public Relations Ms XU Ying China Everbright Bank Corp., Ltd. (Appointed on 20 March 2020) Shanghai Pudong Development Bank Hill + Knowlton Strategies Asia Ms NG Sau Mei Co., Ltd Email: [email protected] (Appointed on 20 March 2020) Tel: (852) 2894 6321 Hangzhou Headquarters Fax: (852) 2576 1990 Authorized Representatives 10/F, Block A, Dragon Century Plaza Stock Code Mr ZHANG Yadong No.1 Hangda Road Hangzhou, Ms XU Ying Zhejiang PRC HKEx: 03900 (Appointed on 20 March 2020) (Postal code: 310007) Websites Principal Bankers Principal Place of Business in www.chinagreentown.com
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