天安二零二四年年报

CONTENTS 2Corporate Information4Managing Director’s Statement10Management Discussion and Analysis10Operational Review13Financial Review17Project Review17• Major Property Developments26• Major Property Investments28• Other Investments29Particulars of Property Development35Particulars of Properties under Construction36Particulars of Property and Hotel Investments41Corporate Governance Report66Directors’ Report91Independent Auditor’s Report99Consolidated Statement of Profit or Loss100Consolidated Statement of Profit or Loss andOther Comprehensive Income101Consolidated Statement of Financial Position104Consolidated Statement of Changes in Equity106Consolidated Statement of Cash Flows109Notes 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 Jiang GuofangNgai Wah SangLisa Yang Lai Sum EXECUTIVE COMMITTEE Patrick Lee Seng Wei,ChairmanEdwin Lo King YauTao Tsan SangChew Chee Choong AUDIT COMMITTEE Ngai Wah Sang,ChairmanMoses Cheng Mo ChiJiang GuofangLisa Yang Lai Sum REMUNERATION COMMITTEE Ngai Wah Sang,ChairmanJiang GuofangLisa Yang Lai Sum NOMINATION COMMITTEE Lisa Yang Lai Sum,ChairmanJiang GuofangNgai 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 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong COMPANY SECRETARY Lau Tung Ni 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 of the Company andits subsidiaries (collectively “Group”) for 2024. FINANCIAL RESULTS 3,012.22,782.18%1,217.4207.1 The revenue of the Group for the year ended 31st December, 2024was HK$3,012.2 million (2023: HK$2,782.1 million), an increase of8% compared to the year before. The loss attributable to owners of theCompany amounted to HK$207.1 million, as compared to the profit ofHK$1,217.4 million for last year. Some material items are as follows: • •an increase in revenue is due to the consolidation of Tian AnMedicare Limited (“TAMC”) which became a non wholly-ownedsubsidiary of the Company on 5th October, 2023; •a decrease in revenue from sales of completed properties fromHK$1,530.1 million in 2023 to HK$520.5 million in 2024. Thisis mainly due to lower revenue recognition as there was no majordevelopment projects handed over to customers during the yearended 31st December, 2024, as well as reduced demand in afalling Mainland property market; •1,530.1520.5 • •a decrease in the fair value of investment properties held by theGroup, its joint ventures and associates; •391.2145.8 •a decrease in share of profit of joint ventures from HK$391.2million in 2023 to HK$145.8 million in 2024; •495.1 •in 2024, there was an absence of one-off gain on bargain purchaseof HK$495.1 million recorded in 2023 arising from the acquisitionof a subsidiary; and •207.7 •in 2024, there was also no one-off increase in fair value ofinvestment properties similar to that of 2023 when the Groupenjoyed a fair value gain amounting to HK$207.7 million mainlyfrom the acquisition of a subsidiary. 0.140.8318.0018.56 Loss per share amounted to HK$0.14 (2023: earnings per shareamounted to HK$0.83), while the net asset value per share attributableto owners of the Company was HK$18.00 at the end of 2024 (2023(restated): HK$18.56). MANAGING DIRECTOR’S STATEMENT DIVIDEND 1020 The board of directors of the Company (“Board”) has declared aninterim dividend of HK10 cents per share (in lieu of a final dividend)for the year ended 31st December, 2024 (2023 interim dividend(in lieu of a final dividend): HK20 cents per share) payable on oraround Friday, 25th April, 2025 to the shareholders of the Company(“Shareholders”) whose names appear on the register of members ofthe Company on Wednesday, 9th April, 2025. CLOSURE OF REGISTER OF MEMBERS (1) (1)For