港龙中国地产年报2023

年 報2023 Contents 2Corporate Information5Chairman’s Statement7Management’s Discussion and Analysis35Biographical Details of Directors and Senior Management43Directors’ Report64Corporate Governance Report96Independent Auditor’s Report108Consolidated Statement of Comprehensive Income109Consolidated Statement of Financial Position111Consolidated Statement of Changes in Equity113Consolidated Statement of Cash Flows115Notes to the Consolidated Financial Statements236Financial Summary Corporate Information Executive DirectorsMr. Lui Ming(Chairman)Mr. Lui Jin LingMr. Lui Chi Chung Jimmy Non-Executive DirectorsMr. Lui Wing MauMr. Lui Wing Nam Independent Non-Executive DirectorsMr. Chan Pak HungMs. Tang Lo NarMr. Wong Tung Yuen Audit Committee Mr. Chan Pak Hung(Chairman)Mr. Lui Wing NamMs. Tang Lo NarMr. Wong Tung Yuen Remuneration Committee Mr. Wong Tung Yuen(Chairman)Mr. Chan Pak HungMs. Tang Lo Nar Nomination Committee Mr. Lui Ming(Chairman)Mr. Chan Pak HungMs. Tang Lo NarMr. Wong Tung Yuen Authorised RepresentativesMr. Lui Jin LingMr. Chan Pui Tak Company SecretaryMr. Chan Pui Tak Registered Office Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Corporate Information (Continued) Headquarters in the PRCNo. 11 Building, PortMix South DistrictNo. 2177 Shenkun RoadMinhang DistrictShanghaiChina 217711 Principal Place of Business in Hong KongSuite 5015/F, Five Pacific Place28 Hennessy RoadWanchaiHong Kong 285501 The Cayman Islands PrincipalShare Registrar and Transfer Office Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands 1617 Hong Kong Branch Share Registrar Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal Banks Bank of China (Hong Kong)DBS Hong KongBank of JiangsuBank of ChinaIndustrial BankBank of Communications Legal AdvisersAs to Hong Kong law:CFN Lawyers As to Cayman Islands law:Harney Westwood & Riegels Corporate Information (Continued) AuditorPricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor Listing InformationShare ListingThe Company’s ordinary shares were listed on the Main Board ofThe Stock Exchange of Hong Kong Limited (Stock Code: 6968)on 15 July 2020 20207 156968 Company’s Websitewww.glchina.group www.glchina.group Stock Code06968.HK 06968.HK Chairman’s Statement CHAIRMAN’S STATEMENT Dear Shareholders, In 2023, China’s real estate market continued to adjust at the bottom.With the meeting of the Political Bureau in July which emphasized“major change in the industry’s supply and demand relationship” as awatershed, policy efforts gradually shifted to “support and stimulate atthe same time” (). Favorable policies on the demand includinglowering down payments, reducing interest rates and “grant of loansbased on buyers’ houses but not loans” () side wereimplemented one after another to support residents’ property purchaseby mortgage, and entity protection measures including “three no lessthan“() and equal support for financing on the supply sidewere successively implemented. The government has taken the leadin releasing a white list of real estate enterprises to ease their capitalpressure. 20237 201,476,000170202248%29% Despite the launch of various favorable policies and the market pickingup to a certain extent, residents have lowered their expectationsof future income and their willingness on property purchases hasweakened, making market sales still very difficult. In such a challengingenvironment, the Company has always adhered to the corporatevision of “becoming a city builder for a better life”, overcome internaldifficulties, and made strenuous efforts to fulfill the objectives of “ensuringdelivery and cash flow” with a proactive, accountable and pragmaticattitude. The Group made a reverse schedule for the delivery of projectsthroughout the year, designated responsible personnel, and focusedits manpower and financial resources on overcoming the difficulties indelivery. During the year, a total of more than 20 projects were deliveredwith a delivered area of more than 1,476,000 sq.m. and the revenuefrom delivery also exceeded RMB17 billion. The Group preserved cashflow, accelerated cash collection, controlled three expenses and keptexpenditure within the limits of revenues; adjusted the financing structureto further reduce financing costs; revitalized assets and realized rapidclearance while balancing the value of goods and the preservation ofassets. Compared with the same period in 2022, the Group’s revenuefrom delivery for the period increased