金地商置2024年报

Gemdale Properties and Investment Corporation Limited金地商置集團有限公司* (Incorporated in Bermuda with limited liability)（於百慕達註冊成立之有限公司） (Stock Code股份代號: 535) * For identification purpose only 僅供識別 ANNUAL REPORT年報2024 Contents Corporate Information2Chairman’s Statement4Management Discussion and Analysis7Financial Highlights7Financial Review8Five-year Financial Summary16Review of Operations17Profiles of Directors and Company Secretary20Corporate Governance Report24Statutory Reports and Financial Statements53Directors’ Report53Independent Auditor’s Report87Consolidated Statement of Profit or Loss97Consolidated Statement of Comprehensive Income98Consolidated Statement of Financial Position99Consolidated Statement of Changes in Equity101Consolidated Statement of Cash Flows103Notes to the Financial Statements106Particulars of Major Interests in Properties276 Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Ling KeMr. Huang Juncan(Chairman)Mr. Xu Jiajun(Chief Executive Officer)Mr. Wei Chuanjun(Chief Financial Officer) Non-executive Directors Mr. Loh Lian HuatMs. Zhang Feiyun Loh Lian Huat Independent Non-executive Directors Mr. Hui Chiu ChungMr. Chiang Sheung Yee, AnthonyMr. Xia Xinping COMMITTEES Audit Committee Mr. Xia Xinping(Chairman)Mr. Hui Chiu ChungMr. Chiang Sheung Yee, Anthony Nomination Committee Mr. Huang Juncan(Chairman)Mr. Hui Chiu ChungMr. Chiang Sheung Yee, Anthony Remuneration Committee Mr. Hui Chiu Chung(Chairman)Mr. Xia XinpingMr. Xu Jiajun COMPANY SECRETARY Mr. Wong Ho Yin REGISTERED OFFICE Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Corporate Information HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 19/F, Central Tower28 Queen’s Road CentralCentralHong Kong 2819 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Ocorian Services (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Ocorian Services (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda B R A N C HS H A R ER E G I S T R A RA N DT R A N S F E ROFFICE IN HONG KONG Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong1617 AUDITORS Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISERS Sidley AustinSit, Fung, Kwong & Shum PRINCIPAL BANKERS The Bank of East Asia, LimitedBank of Communications (Hong Kong) LimitedChong Hing Bank LimitedIndustrial Bank Co., Ltd. Hong Kong BranchStandard Chartered Bank (Hong Kong) Limited COMPANY WEBSITE http://www.gemdalepi.com http://www.gemdalepi.com Chairman’s Statement I am pleased to present to shareholders the business review andoutlook of Gemdale Properties and Investment Corporation Limited(“the Company”, together with its subsidiaries, collectively “theGroup”) for the year ended 31 December 2024. 20241231 MARKET OVERVIEW In2024,thoughfacingrelativelyweakdomesticdemandandincreased geopolitical pressures from external areas, the Chineseeconomy achieved a 5% growth rate, which was mainly supportedby government stimulus measures, strong exports and continualhigh-technology investments. Meanwhile, the real estate markethascontinuedtoexperienceadownwardtrend.Accordingtodata from the National Bureau of Statistics of China, the nationalnew home sales in 2024 fell by 17% as compared to 2023. It wasmainly driven by insufficient demand and variable risks in differentareas. Along with the various industry easing policies to stimulatedemand,propertiessalesinthemarketshowedremarkablegrowth and recovery since fourth quarter in 2024. BUSINESS REVIEW Though facing difficult market environment unseen in decades,theGroupcontinuedtodevoteitsveryeffortforsustainablebusinessoperations,enhancingoperatingcashflow,financialstability and costs reductions. We still maintain number one rulein daily operations - “Cashflow is King”. It is the core and utmostimportant objective for the Group. It adopted various measuresto maximize its cash flow, maintain a balance between price andsales volume in 2024 and steadily reduce its indebtedness. Duringtheyear,theGroupachievedcontractedsalesofRMB20.31 billion, a decrease of 43% as compared to last year. In2024, the Group was proud to announce that we have deliveredmore than 30,000 quality housing units on schedule, with customer Chairman’s Statement satisfaction above 94%. The consolidated revenue of the Groupfor the year ended 31 December 2024 was RMB13.2 billion. Theloss attributed to the shareholders of the Company was RMB4.57billion. The loss was mainly contributed by low margin recognizedforpropertiesdeliveredandlargeimpairmentinpropertiesinventory. ThoughtheGroup’sfinancialperformancehasbeenunderpressure in 2024, it managed to be one of the few privately-ownedMainland property developers that did not default on outstandingdebts.Thisislargelycontributedbyourindulgenceofqualitymanagement,prudentop