天安二零二三年年报

CONTENTS 2Corporate Information4Managing Director’s Statement10Management Discussion and Analysis10Operational Review13Financial Review17Project Review17• Major Property Developments26• Major Property Investments28• Other Investments29Particulars of Property Development36Particulars of Properties under Construction38Particulars of Property and Hotel Investments45Corporate Governance Report70Directors’ Report97Independent Auditor’s Report105Consolidated Statement of Profit or Loss106Consolidated Statement of Profit or Loss andOther Comprehensive Income107Consolidated Statement of Financial Position110Consolidated Statement of Changes in Equity113Consolidated Statement of Cash Flows116Notes to the Consolidated Financial Statements288Financial Summary CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Song Zengbin,Deputy ChairmanPatrick Lee Seng Wei,Managing DirectorEdwin Lo King YauTao Tsan Sang Non-Executive Directors Lee Seng Hui,ChairmanMoses Cheng Mo Chi Independent Non-Executive Directors Francis J. Chang Chu FaiJiang GuofangJin Hui ZhiNgai Wah SangLisa Yang Lai Sum EXECUTIVE COMMITTEE Patrick Lee Seng Wei,ChairmanEdwin Lo King YauTao Tsan SangChew Chee Choong AUDIT COMMITTEE Ngai Wah Sang,ChairmanFrancis J. Chang Chu FaiMoses Cheng Mo ChiJiang GuofangJin Hui ZhiLisa Yang Lai Sum REMUNERATION COMMITTEE Francis J. Chang Chu Fai,ChairmanJiang GuofangJin Hui ZhiNgai Wah SangLisa Yang Lai Sum NOMINATION COMMITTEE Lisa Yang Lai Sum,ChairmanFrancis J. Chang Chu FaiJiang GuofangJin Hui ZhiNgai Wah SangEdwin Lo King Yau CORPORATE INFORMATION BANKERS Hong Kong Bank of China (Hong Kong) LimitedThe Bank of East Asia, LimitedChina CITIC Bank International LimitedThe Hongkong and Shanghai Banking Corporation LimitedStandard Chartered Bank (Hong Kong) Limited Mainland China Bank of China LimitedBank of Communications Co., Ltd.The Bank of East Asia (China) LimitedChina Construction Bank CorporationChina Merchants Bank Co., Ltd.Industrial and Commercial Bank of China LimitedPing An Bank Co., Ltd. REGISTERED OFFICE 138222533 32332845 3034info@tiananchina.com 22nd Floor, Allied Kajima Building138 Gloucester Road, Wanchai, Hong KongTel.:2533 3233Fax:2845 3034E-mail:info@tiananchina.com SHARE REGISTRAR Tricor Secretaries Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong 1617 COMPANY SECRETARY Cindy Yung Yee Mei AUDITOR Deloitte Touche TohmatsuRegistered Public Interest Entity Auditors • SOLICITOR P. C. Woo & Co. STOCK CODE 28 28 WEBSITES http://www.tiananchina.comhttp://www.irasia.com/listco/hk/tiananchina/index.htm http://www.tiananchina.comhttp://www.irasia.com/listco/hk/tiananchina/index.htm MANAGING DIRECTOR’S STATEMENT I am pleased to present to you the annual results for 2023. FINANCIAL RESULTS 2,782.15,087.045%1,217.41,528.620% The revenue of the Group for the year ended 31st December, 2023was HK$2,782.1 million (2022: HK$5,087.0 million), a decrease of45% compared to the year before. The profit attributable to owners ofthe Company amounted to HK$1,217.4 million (2022: HK$1,528.6million), representing a decrease of 20% from 2022. The profit attributable to owners of the Company for the year ended31st December, 2023 is lower than last year. Some material items areas follows: •a decrease in revenue of sales of completed properties ofHK$2,883.2 million was mainly due to lower revenue recognitionas there was no new major development projects completed andhanded over to customers as of last year as well as lower sales ofproperties due to the downturn in the Mainland property market; •2,883.2 •an increase in the net impairment losses on loan receivablesand interest receivables of HK$232.7 million. In determiningthe impairment loss allowance on these loan receivables, themanagement of the Group considered (i) the increased uncertaintyin value of the collaterals provided by a debtor with reference tothe recent performance in property market in Mainland China;and (ii) the increased uncertainty for the Group to assess thetiming and ability of this debtor and guarantor of this loan incarrying out repayment plan by realising their owned assets; •232.7(i)(ii) •the gain on bargain purchase of HK$495.1 million of a subsidiary,China Medical & HealthCare Group Limited (“CMH”), a listedcompany in Hong Kong; and •495.1 •an increase in fair value of the Group’s investment properties ofHK$207.7 million which was mainly attributable to the fair valuegain of investment properties held by the acquired subsidiary inthe current year. •207.7 0.831.0418.5718.34 Earnings per share amounted to HK$0.83 (2022: HK$1.04), while thenet asset value per share attributable to owners of the Company wasHK$18.57 at the end of 2023 (2022: HK$18.34). MANAGING DIRECTOR’S STATEMENT DIVIDEND The board of directors of the Company (“Board”) has declared aninterim dividend of HK20 cents per share (in lieu of a final dividend)for the year ended 31st December, 2023 (2022 interim