弘阳地产2024年年报

ANNUAL REPORT2024年報 ABOUT US Redsun Properties is a comprehensive property enterprise withestablished presence in the Yangtze River Delta region and dual-drivensynergic development in property development and commercial realestate. We focus on residential property development, commercialproperty investment and operations as well as hotel operatingmanagement. Adhering to the core values of “professionalism andbuilding credibility for the long term” and promoted the secondentrepreneurial spirit of “three dares and three cooperations”, westrictly implement the investment strategy of “penetrating the GreaterJiangsu Region, strengthening foothold in major metropolitan areas andexpanding into core cities” and operate steadily to achieve high-qualityand sustainable development. CONTENTS 117Corporate Governance Report148Independent Auditor’s Report152Consolidated Statement ofProfit or Loss and OtherComprehensive Income153Consolidated Statement ofFinancial Position 155Consolidated Statement ofChanges in Equity157Consolidated Statement ofCash Flows160Notes to Consolidated FinancialStatements336Financial Summary 3Corporate Information6Chairman’s Statement9Breakdown of Primary Properties14Management Discussion andAnalysis48Directors and SeniorManagement60Directors’ Report CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors 20247220247220247220241120 Mr. Zeng Huansha () (Chairman and Chief Executive Officer)Mr. Zeng Junkai () (resigned on 2 July 2024)Mr. Lui Wai Pang () (resigned on 2 July 2024)Mr. Chen Bin () (appointed on 2 July 2024)Ms. Hu Fang () (appointed on 20 November 2024) Independent Non-executive Directors Mr. Lee Kwok Tung Louis ()Mr. Leung Yau Wan John ()Mr. Au Yeung Po Fung () AUDIT COMMITTEE Mr. Leung Yau Wan John () (Chairman)Mr. Lee Kwok Tung Louis ()Mr. Au Yeung Po Fung () REMUNERATION COMMITTEE 20247220247220241120 Mr. Lee Kwok Tung Louis () (Chairman)Mr. Zeng Junkai () (resigned on 2 July 2024)Mr. Chen Bin () (appointed on 2 July 2024)Ms. Hu Fang () (appointed on 20 November 2024)Mr. Leung Yau Wan John ()Mr. Au Yeung Po Fung () NOMINATION COMMITTEE Mr. Zeng Huansha () (Chairman)Mr. Lui Wai Pang () (resigned on 2 July 2024)Mr. Leung Yau Wan John ()Mr. Lee Kwok Tung Louis ()Mr. Au Yeung Po Fung () 202472 C O R P O R A T E I N F O R M A T I O N AUDITOR 51215 1510-1517 CCTH CPA LimitedUnit 1510-1517, 15/F, Tower 2Kowloon Commerce CentreNo. 51 Kwai Cheong RoadKwai Chung, New TerritoriesHong Kong LEGAL ADVISERS As to Hong Kong law:Paul Hastings Walkers As to Cayman Islands law:Walkers CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands HONG KONG SHARE REGISTRAR MUFG Corporate Markets Pty Limited28161601 MUFG Corporate Markets Pty LimitedSuite 1601, 16/F, Central Tower28 Queen’s Road CentralHong Kong REGISTERED OFFICE Cayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands Annual Report 2024Cayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands C O R P O R A T E I N F O R M A T I O N HEAD OFFICES IN THE PRC 926 26th Floor,Hong Yang Building,No. 9 Daqiao North Road, Pukou District, Nanjing,Jiangsu Province PRINCIPAL PLACE OF BUSINESS IN HONG KONG 262612 Room 2612, 26/FChina Merchants Tower, Shun Tak CentreSheung WanHong Kong JOINT COMPANY SECRETARIES Mr. Li Yonggang () (resigned on 29 May 2024)Mr. Jia Hongbo () (appointed on 29 May 2024)Ms. Yung Mei Yee () (resigned on 30 September 2024)Ms. Chan Charmayne () (appointed on 30 September 2024) 2024529202452920249302024930 AUTHORIZED REPRESENTATIVES 20249302024930 Mr. Zeng Huansha ()Ms. Yung Mei Yee () (resigned on 30 September 2024)Ms. Chan Charmayne () (appointed on 30 September 2024) PRINCIPAL BANKS Agricultural Bank of China(Pukou Sub-branch) Industrial and Commercial Bank of China(Xiaguan Sub-branch) Bank of Communications(Nanjing City Chengzhong Sub-branch) WEBSITEwww.rsunproperty.hk www.rsunproperty.hk STOCK CODE 1996 HKEx: 1996 CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, 202412 31 On behalf of the Board, I hereby present to all shareholders the annualresults of the Group as of 31 December 2024. 2024 In 2024, the real estate market has reached a crucial inflection pointtransitioning from a downturn to stabilization, with an unprecedentedlyloose policy environment. From the central to local governments, loosepolicies and favorable measures have been frequently introduced for thereal estate market. 926 On September 26, the Meeting of the Political Bureau of the CPC CentralCommittee clearly stated that “to promote the real estate markettransitioning from a downturn to stabilization”, followed by coordinatedactions from multiple departments to advance the “four cancelations”,“four reductions” and “two