(incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號 : 01628.HK Stock Code 股份代號 : 01628.HK www.xmyuzhou.com.cn ANNUAL REPORT Principal administration and management center in the PRC 中國主要行政及管理中心 年報 39 West Hubin Road 中華人民共和國 ANNUAL Xiamen Fujian 福建廈門 People’s Republic of China 湖濱西路39號 REPORT Principal place of business in Hong Kong 2016 香港主要營業地址 Units 4905-06, 49th Floor 香港中環 The Center 皇后大道中99號 年報 99 Queen’s Road Central 中環中心 Central, Hong Kong 49樓4905-06室 CONTENTS 目錄 2 Corporate Information 公司資料 108 Directors’ Biographies 4 Major Events of 2016 董事簡介 2016 年度大事記 114 Senior Management’s Biographies 12 Income Statement Highlights 高級管理層簡介 收益表概要 115 Report of the Directors 13 Statement of Financial Position Highlights 董事會報告 財務狀況表概要 132 Corporate Governance Report 16 Chairman’s Statement 企業管治報告 主席報告 144 Independent Auditor’s Report 27 Management Discussion and Analysis 獨立核數師報告 管理層之討論及分析 153 Financial Statements 68 Environment, Social and Governance 財務報表 環境、社會及管治 302 Five Years Financial Summary 72 Business and Landbank Summary 五年財務概要 業務及土地儲備概覽 304 Schedule of Major Properties 102 Investor Relations 主要物業一覽表 投資者關係 二零一六年年報 Annual Report 2016 1 CORPORATE INFORMATION 公司資料 EXECUTIVE DIRECTORS 執行董事 Mr. Lam Lung On (Chairman) 林龍安先生（主席） Ms. Kwok Ying Lan (Vice Chairman) 郭英蘭女士（副主席） Mr. Lin Longzhi 林龍智先生 Mr. Lin Conghui 林聰輝先生 INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事 Mr. Lam Kwong Siu 林廣兆先生 Mr. Wee Henny Soon Chiang 黃循強先生 Dr. Zhai Pu 翟普博士 AUDIT COMMITTEE 審核委員會 Mr. Wee Henny Soon Chiang (Chairman) 黃循強先生（主席） Mr. Lam Kwong Siu 林廣兆先生 Dr. Zhai Pu 翟普博士 REMUNERATION COMMITTEE 薪酬委員會 Mr. Lam Kwong Siu (Chairman) 林廣兆先生（主席） Mr. Lam Lung On 林龍安先生 Mr. Wee Henny Soon Chiang 黃循強先生 NOMINATION COMMITTEE 提名委員會 Mr. Lam Kwong Siu (Chairman) 林廣兆先生（主席） Mr. Lam Lung On 林龍安先生 Mr. Wee Henny Soon Chiang 黃循強先生 COMPANY SECRETARY 公司秘書 Mr. Hui Chun Yip 許進業先生 AUTHORISED REPRESENTATIVES 授權代表 Mr. Lam Lung On 林龍安先生 Ms. Kwok Ying Lan 郭英蘭女士 REGISTERED OFFICE 註冊辦事處 Cricket Square Cricket Square Hutchins Drive, P.O. Box 2681, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands 2 禹洲地產股份有限公司 Yuzhou Properties Company Limited Corporate Information 公司資料 PRINCIPAL ADMINISTRATION AND 中國主要行政及管理中心 MANAGEMENT CENTERS IN THE PRC Yuzhou Plaza 中華人民共和國 299 Jingang Road 上海浦東新區 Pudong New District 金港路299號 Shanghai 禹洲廣場 People’s Republic of China Yuzhou Plaza 中華人民共和國 55 South Hubin Road 福建廈門 Xiamen Fujian 湖濱南路55號 People’s Republic of China 禹洲廣場 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港主要營業地址 Units 4905-06, 49th Floor 香港 The Center 中環 99 Queen’s Road Central 皇后大道中99號 Central 中環中心 Hong Kong 49樓4905-06室 COMPANY’S WEBSITE 本公司網址 www.xmyuzhou.com.cn www.xmyuzhou.com.cn PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE 主要股份過戶登記處 Royal Bank of Canada Trust Company (Cayman) Limited Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 4th Floor, Royal Bank House 24 Shedden Road, George Town 24 Shedden Road, George Town Grand Cayman KY1-1110 Grand Cayman KY1-1110 Cayman Islands Cayman Islands HONG KONG SHARE REGISTRAR 香港證券登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712-1716, 17th Floor, Hopewell Centre 香港灣仔皇后大道東183號 183 Queen’s Road East, Wanchai, Hong Kong 合和中心17樓1712-1716室 AUDITOR 核數師 Ernst & Young 安永會計師事務所 LEGAL ADVISORS 法律顧問 Paul Hastings, Janofsky & Walker (as to Hong Kong law) 普衡律師事務所（關於香港法律） Conyers Dill & Pearman (as to Cayman Islands law) Conyers Dill & Pearman（關於開曼群島法律） PRINCIPAL BANKERS 主要往來銀行 Industrial and Commercial Bank of China 中國工商銀行 China Construction Bank Corporation 中國建設銀行 Agricultural Bank of China 中國農業銀行 Bank of China 中國銀行 Bank of China (Hong Kong) 中國銀行（香港） Hongkong and Shanghai Banking Corporation 滙豐銀行 Hang Seng Bank 恒生銀行 Oversea Chinese Banking Corporation 華僑銀行 二零一六年年報 Annual Report 2016 3 MAJOR EVENTS OF 2016 2016年度大事記 JANUARY 一月 On January 21, 2016, the Company successfully bid a quality residential land parcel in Maqiao Town, Minhang District, Shanghai at a total consideration of RMB2.63 billion. The site area of the land parcel is 41,262 sq.m. and the GFA is 90,776 sq.m. with an average land cost per GFA of RMB28,972/sq.m.. 2016年1月21日，公司以人民幣26.3億元競得上海閔行區馬橋鎮一塊優質住宅 用地，地塊佔地面積為41,262平方米，建築面積為90,776平方米，平均樓面 地價為人民幣28,972元╱平方米。 On January 29, 2016, through public auction, the Company successfully acquired a parcel of quality commercial and residential land in Tiexinqiao Street Central District, Yuhuatai District, Nanjing, at the price of RMB710 million, with an average land cost per GFA of RMB11,608/sq.m.. 2016年1月29日，公司以人民幣7.1億元，樓面地價為人民幣11,608元╱平方 米成功競得位於南京雨花台區鐵心橋街道中心區的優質商住用地。 FEBRUARY 二月 On February 22, 2016, the contest results of 2015/16 Mercury Awards were announced. Yuzhou Properties stood out from the crowd with its absolute brand strength. The 2015 interim report was awarded three honors, including: Best of Annual Report Cover Design (Die-cut)-Gold Award, Annual Report Cover Design (Special Treatment)-Silver Award, Overall Presentation (Property Category)-Bronze Award. 2016年2月22日，2015/16 Mercury Awards大賽獎項評比結果揭曉，禹洲地 產憑藉絕對的品牌實力脫穎而出，2015年中期報告分別獲得三項殊榮，包 括：年報封面設計雕刻花紋——金獎，年報封面設計特殊效果——銀獎，和 年報整體：物業開發組別——銅獎。 On February 23, 2016, the 2015 interim report of Yuzhou Properties was awarded Gold Award-Real Estate/ REIT and the honor of Top 50 Worldwide Annual Reports (Rank 39) at the 2014/15 LACP Vision Award with its excellent design and extraordinary editorial strength. 2016年2月23日，禹洲地產2015年中期報告憑藉出色的設計，及非凡的編採實力，於2014/15 LACP Vision Award大賽中，榮膺房地產開發及房地產信託基金組別——金獎，及全球年報50強排行第39名。 4 禹洲地產股份有限公司 Yuzhou Properties Company Limited Major Events of 2016 2016年度大事記 MARCH 三月 APRIL On March 30, 2016, Yuzhou Properties announced 2015 Annual Results. Total revenue increased 四月 by 32.40% to a record high of RMB10,375.50 million. Gross profit increased by 30.39% year- on-year to RMB3,709.32 million, also hitting a On April 27, Yuzhou Properties won the record high. Gross profit margin reached a high Fourth Place of Comprehensive Strength level to 35.75%, which was a relatively high level of 2015 Hong Kong Stock Top 100 by in the industry. The 2015 target for contract QQ.com and Finet. sales was exceeded. Contract sales increased by 16.80% year-on-year to a record high of 2016年4月27日，禹洲地產位列由騰訊 RMB14,018.01 million. Annual dividend was 網及才財華社主辦的「2015年港股100 HK18 cents per share, up 12.50% year-on-year 強」之「綜合實力10強」第四位。 and the dividend payout ratio was approximately 35.54% of the core net profit for 2015. 2016年3月30日，公佈2015年全年業績。總收入 32.40% 103 7,550 增加 至人民幣 億 萬元，創歷史 On April 28, 2016, the Group invested nearly RMB5 billion and obtained three 30.39% 37 932 新高。毛利按年上升 至人民幣 億 萬 major projects in one day, adding approximately 650,000 sq.m. in total to the 35.75% 元，亦創歷史新高。毛利率高達 ，屬行 land bank. The Group, through public auction, successfully acquired three 2015 業較高水準。超額完成 年合約銷售目標， premium land parcels in Yaohai District and Xinzhan District, Hefei, which 16.80% 140 1,801 按年上升 ，至人民幣 億 萬元， are all located in the bustling old city district of Hefei with well-established 18 創歷史新高。全年派發股息每股港幣 仙，按年 ancillary facilities. Two of the parcels are located in Longgang commercial and 12.50% 2015 上升 ，派息率約為 年核心淨利潤的 residential district of Yaohai District. The district mainly comprises commercial 35.54% 。 housings and is planned to build modern business service areas and high-end residential areas. Another parcel is located in the core district of Qilitang Sector, Xinzhan. The district mainly comprises regional businesses with many schools and a strong living atmosphere. The Group further consolidated the leading edge of Hefei and continued to be optimistic about the development potential of Hefei. 2016年4月28日，集團投資人民幣近50億元，一天囊括三大項目新增土儲共約 65萬平米，成功競得分別位於合肥瑤海區及新站區共計三塊優質用地，均位 處繁華的合肥老城區，配套醇熟。其中兩地塊處於瑤海區龍崗商貿居住區，區 域以商居為中心，規劃建設現代商貿服務區和高檔居住區；另一地塊則位於新 站七里塘板塊核心區，該區以區域型商業為主，學校眾多，居住氛圍濃厚。集 團進一步鞏固合肥領先優勢，持續看好合肥發展潛力。 二零一六年年報 Annual Report 2016 5 Major Events of 2016 2016年度大事記 MAY 五月 On May 26, 2016, at the “2016 Chinese Real Estate Listed Companies Assessment Results Press Conference and Listed Real Estate Enterprises Summit Forum” hosted by China Real Estate Association and China Real Estate Appraisal Center, Yuzhou Properties (01628.HK) ranked 36th in the list of “2016 Comprehensive Strength of Chinese Real Estate Listed Companies” and once again ranked 3rd in the list of “2016 Chinese Real Estate Listed Companies with Operation Efficiency Top 5”. 2016年5月26日，由中國房地產業協會與中國房地產測評中心主辦的「2016中國房地產上市公司測評成果 發佈會暨上市房企高峰論壇」中，禹洲地產(01628.HK)榮膺「2016中國房地產上市公司綜合實力」第36 名，並蟬聯「2016中國房地產上市公司經營績效5強」第3名。 JUNE 六月 On June 3, 2016, the contest results of the Questar Award were announced. The brand image promo for 2016 of Yuzhou Properties stood out from the crowd with its excellent creativity, novel shooting themes and skills and was awarded Brand Image Campaign-Bronze Award. 2016年6月3日，Questar Award大賽獎項評比結果揭曉，禹洲地產2016年品牌形象宣傳片憑藉卓越的創 意，新穎的拍攝題材及技巧脫穎而出，在品牌形象系列宣傳(Brand Image Campaign)榮獲銅獎。 On June 16, 2016, Xiamen Yuzhou Grand Future successfully issued domestic private corporate bonds in an aggregate amount of RMB2.0 billion with a term of three years. The interest rate was 6.28% and was also the minimum interest rate for domestic private corporate bonds issued by the Group. 2016年6月16日，廈門禹洲鴻圖成功發行總額為人民幣20億元的境內私募公司債券，年期為3年，利率低至 6.28%，亦創下集團發行境內私募公司債的最低利率。 6 禹洲地產股份有限公司 Yuzhou Properties Company Limited Major Events of 2016 2016年度大事記 JULY 七月 On July 11, 2016, through acquisition, the Company successfully acquired a high-quality commercial and residential project in Zhijiang area in West Lake District, Hangzhou, covering a site area