正商实业2023年年报

TABLE OF CONTENTS Independent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFinancial SummaryParticulars of Major Investment Properties77808182848587191192 Corporate ProfileCorporate InformationChairman’s MessageHong Kong and Overseas Property PortfolioProperty Development Project Summaryin the PRCManagement Discussion and AnalysisBoard of Directors and Senior ManagementReport of the DirectorsCorporate Governance Report236111428384363 Past Performance and Forward Looking Statements The performance and the results of operations of Zensun Enterprises Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as set out in this annual reportare historical in nature and past performance is not a guarantee of future performance. This annual report may contain forward-looking statements and opinions (includingstatements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differ materially from expectations discussed in suchforward-looking statements and opinions. Neither the Group nor any of its directors, employees or agents shall assume any obligations or liabilities in the event that anyforward-looking statements or opinions does not materialise or turns out to be incorrect. In case of any inconsistency between the English text and the Chinese translation of this annual report, the English text shall prevail. CORPORATE PROFILE Zensun Enterprises Limited (the “Company”) was founded in 1965 and listed onthe Main board of The Stock Exchange of Hong Kong Limited (“Stock Exchange”)since 1972. The Company and its subsidiaries (collectively, the “Group”) primarilyengages in property development, property investment, project management andsale services, hotel operations and securities trading and investment in Hong Kong,the People’s Republic of China (the “PRC”) and overseas. 正商實業有限公司（「本公司」）於1965年成立，自1972年起於香港聯合交易所有限公司（「聯交所」）主板上市。本公司及其附屬公司（統稱「本集團」）主要於香港、中華人民共和國（「中國」）及海外從事物業發展、物業投資、項目管理及銷售服務、酒店營運以及證券買賣及投資。 With the change of controlling shareholder of the Company since July 2015, theGroup has been expanding its business in the property development sector in thePRC. From mid-2015 and up to 2023, the Group completed 161 land acquisitionsthrough tenders, public listings for sale auctions and other merger and acquisitionsin support of the land reserves for property development business in HenanProvince, Beijing and Hubei Province. As at 31 December 2023, the Group had65 completed property projects and/or sub-phases and 38 on-going complexproperty projects on hand with 90 land parcels under development and planningconstituting the Group’s land reserves with an aggregate site area of approximately6.3 million square metres (“sq.m.”) and aggregate estimated gross floor area (“GFA”)of approximately 13.5 million sq.m. in the PRC. In return, it is expected that theland reserves will bring to the Group an estimated saleable/leasable GFA underdevelopment of approximately 4.2 million sq.m. and estimated GFA under planningof approximately 2.5 million sq.m. The Group has built up strong land reserves forthe Group’s property development business in the PRC for the next three to fouryears with a strong presence in Henan Province. In the foreseeable future, theCompany will continue to identify new property development projects and bid forland use rights of selective land parcels in the PRC with focus on Henan Province,as well as other selective first and second tier cities in the PRC. Since 2022, theGroup has started to operate a hotel, namely, Zensun Jianguo Hotel, the first LOFTthemed space art hotel in Zhengzhou City, the PRC. In January 2023, ZensunJianguo Hotel won the “2022 Best Reputation Hotel Award” from Trip.com. 隨著2015年7月之本公司控股股東變更，本集團不斷擴張於中國物業發展行業之業務。自2015年年中至2023年，本集團透過招標及掛牌出售之公開拍賣會及其他合併及收購事項完成161幅位於河南省、北京及湖北省之土地收購以支持房地產發展業務之土地儲備。於2023年12月31日，本集團於中國擁有65個已落成之物業項目及╱或項目分期及38個現行發展及規劃中綜合物業項目（共90幅地塊）。有關項目構成本集團之土地儲備，總佔地面積約為6.3百萬平方米及估計總建築面積（「建築面積」）約為13.5百萬平方米。預期土地儲備將為本集團提供發展中估計可出售╱租賃建築面積約4.2百萬平方米及規劃中估計建築面積約2.5百萬平方米。本集團已於後續三至四年為中國物業發展業務打造堅實的土地儲備，在河南省佔有一席之地。在可見將來，本公司繼續集中在河南省及中國其他一綫及二綫城市物色新物業發展項目並競投中國其他經揀選地塊之土地使用權。自2022年起，本集團開始於鄭州營運一家酒店，即中國鄭州市首家LOFT主題空間藝術酒店－正商建國飯店。於2023年1月，正商建國飯店獲攜程旅行頒「2022年最佳口碑酒店」獎。 In the United States (“USA” or “U.S.”), the Group holds approximately 5.7% equityinterest over a real estate investment trust (“REIT”) listed on the New York StockExchange (“NYSE”), Global Medical REIT, Inc. (“GMR”) as of 31 December 2023,and continues to share GMR’s growth through receipt of dividend income, therebyachieving long-term capital appreciation of the Group’s investment. 在美國，於2023年12月31日本集團持有在紐約證券交易所上市的房地產投資信託基金Global MedicalREIT, Inc.（「GMR」）約5.7%的股權，並透過收取股息收入繼續分享GMR的增長，藉此實現本集團投資之長期資本增值。 The Company will make use of the Grou