阳光100中国2022年度报告

CONTENTS 2Corporate Information Chairman’s Statement 5 Financial Summary 9 Management Discussion and Analysis 49Directors and Senior Management Report of the Directors 58 Corporate Governance Report 90 Independent Auditor’s Report 117 Consolidated Statement of ComprehensiveIncome 123 Consolidated Statement of Financial Position 125 Consolidated Statement of Changes in Equity 129Consolidated Statement of Cash Flows 132Notes to the Consolidated Financial Statements CORPORATE INFORMATION Board of DirectorsExecutive DirectorsMr. Yi Xiaodi(Chairman)Mr. Fan Xiaochong(Vice Chairman) Non-executive DirectorsMs. Fan XiaohuaMr. Wang Gongquan Independent Non-executive DirectorsMr. Gu YunchangMr. Ng Fook Ai, VictorMr. Li Chunping Audit CommitteeMr. Ng Fook Ai, Victor(Chairman)Mr. Gu YunchangMr. Li Chunping Remuneration CommitteeMr. Li Chunping(Chairman)Mr. Fan XiaochongMr. Gu Yunchang Nomination CommitteeMr. Yi Xiaodi(Chairman)Mr. Gu YunchangMr. Li Chunping Company SecretaryMr. Tsang Ho Yin www.ss100.com.cn Company’s Websitewww.ss100.com.cn Authorised RepresentativesMr. Yi XiaodiMr. Tsang Ho Yin CORPORATE INFORMATION Registered Office One Nexus Way,Camana Bay,Grand Cayman KY1-9005,Cayman Islands One Nexus Way,Camana Bay,Grand Cayman KY1–9005,Cayman Islands Head Office 12th Floor, Tower DNo. 2 Guang Hua RoadBeijing 100026PRC 2D12100026 Principal Place Of Business in Hong Kong 39/F, Gloucester Tower, The Landmark15 Queen’s Road CentralCentralHong Kong 1539 1533 Legal Adviser Morrison & Foerster33/F, Edinburgh Tower, The Landmark15 Queen’s Road CentralCentralHong Kong Auditor 1842 Mazars CPA Limited42nd Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong Principal Banks Bank of ChinaHua Xia BankChina Construction BankChina Everbright BankChina Merchants Bank CORPORATE INFORMATION Hong Kong Branch Share Registrar andTransfer Office 18317M Computershare Hong Kong Investor Services Limited17M Floor, Hopewell Centre183 Queen’s Road East,WanchaiHong Kong Principal Share Registrar and Transfer Office Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1–1100, Cayman Islands Listing Information 2608 Place of listing: The Stock Exchange of Hong Kong Limited(the “Stock Exchange”)Stock code: 2608 CHAIRMAN’S STATEMENT Yi Xiaodi Dear Shareholders, 10020221231 On behalf of the board (the “Board”) of directors (the “Director(s)”) ofSunshine 100 China Holdings Ltd. (the “Company”,together with itssubsidiaries, the “Group”), I present the business review and outlookof the Group for the year ended 31 December 2022 (the “ReportingPeriod”). Market Review 20212022 Since the large-scale real estate defaults in China in 2021, the entireindustry has faced unprecedented difficulties, decline, and adjustment.By 2022, the state has introduced a series of macro policies to stabilizeland and housing prices and expectations, and the “bottom” of policyadjustments has already appeared, but market volatility has not yetended. Although the performance of different local markets varies,prices are stabilizing in general, sales are still declining, the land marketis cautious, bank loans and financing channels have not yet opened up,and the fundamentals of real estate developers have not significantlyimproved. Since the end of epidemic control at the end of the year,consumption has improved significantly, and commercial real estatehas partially rebounded, especially the commercial leasing business.In summary, the fundamentals of real estate developers have notimproved, market confidence needs to be restored, and the difficultsituation of the entire industry may continue for some time. The realimprovement of the real estate industry depends on greater supportfrom banks and credit policies, as well as the recovery of the macroeconomy and the restoration of public purchasing confidence. CHAIRMAN’S STATEMENT Business Review 20221002021 The year 2022 is the most difficult and uncertain year for Sunshine100. After the debt default in 2021, the entire Group faced a cash flowcrisis, resulting in a series of unprecedented chaos and difficulties,including project suspensions, debt disputes, employee turnover,customer complaints, and government intervention. However, in sucha difficult situation, all employees and management did not shrink backto become discouraged, and did not adopt a non-responsible attitude.After experiencing the initial shock for several months, the Company,starting from its executives, actively faced creditors, governments,construction parties and other partners, faced reality, and sought thebest solutions to solve problems and cooperate. After a year of effortand dedication, the overall situation has finally stabilized, variousconflicts and crises have been resolved,