宏安地产二零二四年年报

CONTENTS目錄 2Corporate Information5Financial Highlights7Chief Executive Officer’s Statement14Management Discussion and Analysis35Board of Directors and Senior Management41Corporate Governance Report71Report of the Directors85Independent Auditor’s Report96Consolidated Statement of Profit or Loss andOther Comprehensive Income98Consolidated Statement of Financial Position100Consolidated Statement of Changes in Equity101Consolidated Statement of Cash Flows104Notes to Financial Statements254Particulars of Key Properties256Five Year Financial Summary CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Tang Ho Hong,Chief Executive OfficerMs. Ching Tak Won Teresa Independent Non-executive Directors Mr. Li Wing Sum StevenMr. Sung Tze WahDr. Chan Ho Wah TerenceSr. Dr. Leung Tony Ka Tung(resigned with effect from 1 July 2024) AUDIT COMMITTEE Mr. Li Wing Sum Steven,ChairmanMr. Sung Tze WahDr. Chan Ho Wah TerenceSr. Dr. Leung Tony Ka Tung(resigned with effect from 1 July 2024) REMUNERATION COMMITTEE Dr. Chan Ho Wah Terence(appointed as Chairman with effect from 1 July 2024)Sr. Dr. Leung Tony Ka Tung,Chairman(resigned with effect from 1 July 2024)Mr. Li Wing Sum StevenMr. Sung Tze WahMr. Tang Ho Hong NOMINATION COMMITTEE Mr. Sung Tze Wah,ChairmanMr. Li Wing Sum StevenDr. Chan Ho Wah TerenceMr. Tang Ho HongSr. Dr. Leung Tony Ka Tung(resigned with effect from 1 July 2024) In case of any inconsistency between the English text andChinese translation of the annual report, the English text shallprevail. Corporate Information (Continued)公司資料（續） EXECUTIVE COMMITTEE Mr. Tang Ho Hong,ChairmanMs. Ching Tak Won Teresa COMPANY SECRETARY Mr. Cheung Chin Wa Angus AUTHORISED REPRESENTATIVES Mr. Tang Ho HongMr. Cheung Chin Wa Angus AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISERS Reed Smith Richards ButlerMayer BrownGallant PRINCIPAL BANKERS Bank of Communications (Hong Kong) LimitedBank of DongguanBank SinoPacChina Construction Bank (Asia)Chiyu Banking Corporation Ltd.Chong Hing Bank LimitedCTBC Bank Co Ltd.Dah Sing Bank, LimitedHang Seng Bank LimitedIndustrial and Commercial Bank of China (Asia) LimitedO-Bank Co., Ltd.Shanghai Pudong Development BankThe Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation LimitedUnited Overseas Bank Limited Corporate I nformation ( 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 4,000pr@woproperties.com 4,000 shares Email: pr@woproperties.com www.woproperties.com www.woproperties.com STOCK CODE 1243 1243 *Core profit attributable to owners of the parent is defined as theprofit or loss attributable to owners of the Company excludingthe effects of non-cash items and non-recurring items, namelywrite-down of properties under development and properties heldfor sale, loss on disposal/redemption of debt investments at fairvalue through other comprehensive income, fair value changeson investment properties and financial assets and liabilities at fairvalue through profit or loss and impairment losses on financialassets. FINANCIAL HIGHLIGHTS CAPITAL AND LIABILITIES ASSETS EMPLOYED As at 31 March 2024 As at 31 March 2024 Chief ExecutiveOfficer’s Statement 行政總裁報告 Chief Executive Ofcer’s Statement ( Continued) 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 ofthe Group for the year ended 31 March 2024 (the “Year” or“Financial Year”). BUSINESS DEVELOPMENT 39.4%45,05013.8% Hong Kong real estate has faced a number of challenges in2023. The pace of recovery of Hong Kong economy after therelaxation of pandemic restrictions and the re-opening ofborders in early 2023 was slower than expected. Higher interestrates have pushed a significant number of investors out ofthe market. In 2023, the total residential transaction volumedeclined by 39.4% year-on-year to 45,050 units, based on datafrom the Land Registry. In addition, the Hang Seng Index (HSI)has declined by 13.8% in 2023, marking the fourth consecutiveyear of decline. The poor performance of the stock market hasfurther discouraged potential homebuyers from investing inreal estate. Despite these adversitie