宏安地产二零二三年年报

CONTENTS目錄 2Corporate Information6Financial Highlights8Chief Executive Officer’s Statement15Management Discussion and Analysis32Board of Directors and Senior Management38Corporate Governance Report68Report of the Directors83Independent Auditor’s Report92Consolidated Statement of Profit or Lossand Other Comprehensive Income94Consolidated Statement of Financial Position96Consolidated Statement of Changes in Equity97Consolidated Statement of Cash Flows100 Notes to Financial Statements250 Particulars of Key Properties252 Five Year Financial Summary Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Tang Ho Hong,Chief Executive OfficerMs. Ching Tak Won TeresaMs. Wong Chin Han Independent Non-executive Directors Mr. Li Wing Sum StevenMr. Sung Tze WahSr Dr. Leung Tony Ka TungDr. Chan Ho Wah Terence(appointed on 1 December 2022) AUDIT COMMITTEE Mr. Li Wing Sum Steven,ChairmanMr. Sung Tze WahSr Dr. Leung Tony Ka TungDr. Chan Ho Wah Terence(appointed on 1 December 2022) REMUNERATION COMMITTEE Sr Dr. Leung Tony Ka Tung,ChairmanMr. Li Wing Sum StevenMr. Sung Tze WahDr. Chan Ho Wah Terence(appointed on 1 December 2022)Mr. Tang Ho Hong NOMINATION COMMITTEE Mr. Sung Tze Wah,ChairmanMr. Li Wing Sum StevenSr Dr. Leung Tony Ka TungDr. Chan Ho Wah Terence(appointed on 1 December 2022)Mr. Tang Ho Hong In case of any inconsistency between the English text and Chinese translation ofthe annual report, the English text shall prevail. Corporate Information (Continued) EXECUTIVE COMMITTEE Mr. Tang Ho Hong,ChairmanMs. Ching Tak Won TeresaMs. Wong Chin Han COMPANY SECRETARY Ms. Wong Chin Han AUTHORISED REPRESENTATIVES Mr. Tang Ho HongMs. Wong Chin Han AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISERS Reed Smith Richards ButlerMayer BrownGallant PRINCIPAL BANKERS Bank of Communications (Hong Kong) LimitedBank SinoPacChina CITIC Bank International LimitedChina Everbright Bank Co., Ltd.Chiyu Banking Corporation Ltd.Chong Hing Bank LimitedCTBC Bank Co Ltd.Dah Sing Bank, LimitedHang Seng Bank LimitedIndustrial and Commercial Bank of China (Asia) LimitedThe Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation LimitedUnited Overseas Bank Limited Corporate Information (Continued) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 39323201 Suite 3201, 32/F., Skyline Tower39 Wang Kwong RoadKowloon BayKowloonHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN BERMUDA Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda BRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong BOARD LOT 4,000 4,000 shares Corporate Information (Continued) pr@woproperties.com INVESTOR RELATIONS Email: pr@woproperties.com www.woproperties.com STOCK CODE 1243 1243 Financial Highlights (Continued) As at 31 March 2023 Chief Executive Officer’sStatement行政總裁報告 Chief Executive Officer’s Statement DEAR SHAREHOLDERS, On behalf of the board of directors (the “Board” or the“Director(s)”) of Wang On Properties Limited (the “Company”or “Wang On Properties”, together with its subsidiaries, the“Group”), I am pleased to present the annual results of theGroup for the year ended 31 March 2023 (the “Financial Year”). BUSINESS DEVELOPMENT 120 The Group has always been aiming at “making progresswhile ensuring stability, continuous innovation and striving forperfection” in its business development, and has completednumerous local property development and investment projects.Since its listing in 2016, a total of six residential projects havebeen delivered in the past seven years, with a total gross floorarea exceeding 1.2 million square feet. Since 2019, the Group has implemented an asset-light businessmodel, providing asset management services and continuouslydeploying additional resources to strengthen its business.By forming joint ventures with different strategic partners inresidential development and commercial investment to jointlydevelop suitable properties, the Group acts as the assetmanager to manage the property development, sales and otheroperations of these joint ventures. This business model allowsthe Group to leverage the expertise and resources of its jointventure strategic partners in property development, while fullyutilizing its own knowledge and expertise in property investmentand asset management to generate sustainable managementfee income (including asset management fees, acquisition fees,renovation management fees, construction management fees,leasing fees, etc.), as well as sharing the operating profits of theproperties. In addition, this approach effectively ex