Shanghai Zendai Property : 2020 Annual Report

CONTENTS

1. Board and Committees
2. Corporate Information
3. Chairman's Statement

14 Management Discussion and Analysis

1. Biographical Details of Directors and Senior Management

1. Report of the Directors

1. Corporate Governance Report

1. Environmental, Social and Governance Report

1. Independent Auditor's Report

1. Consolidated Income Statement
2. Consolidated Statement of Comprehensive Income
3. Consolidated Balance Sheet

1. Consolidated Statement of Changes in Equity

1. Consolidated Cash Flow Statement

1. Notes to the Consolidated Financial Statements

1. Financial Summary

BOARD AND COMMITTEES

BOARD	COMMITTEES
Executive Directors	Audit Committee
Mr. Wang Letian (Chairman)	Mr. Chu Chi Wen (Chairman)
Mr. Huang Yuhui	Dr. Guan Huanfei
Mr. He Haiyang	Mr. Chen Shuang, JP
Ms. Li Zhen	Mr. Cao Hailiang
Non-executive Directors	Dr. Lin Xinzhu
Remuneration Committee
Ms. Wang Zheng
Mr. Ma Yun	Mr. Chen Shuang, JP (Chairman)
Mr. Wu Junao	Mr. Wang Letian
Independent non-executive Directors	Ms. Li Zhen
Mr. Chu Chi Wen
	Mr. Cao Hailiang
Dr. Guan Huanfei	Nomination Committee
Mr. Chu Chi Wen
Mr. Chen Shuang, JP
Mr. Cao Hailiang	Mr. Wang Letian (Chairman)
Dr. Lin Xinzhu	Ms. Li Zhen
	Dr. Guan Huanfei
	Mr. Chen Shuang, JP
	Mr. Cao Hailiang

2	Shanghai Zendai Property Limited Annual Report 2020

CORPORATE INFORMATION

PRINCIPAL BANKERS	HEAD OFFICE AND PRINCIPAL
	PLACE OF BUSINESS IN HONG KONG
Bank of China
China Citic Bank International Limited	Unit 6508, 65/F
Bank of Communication	Central Plaza
China Bohai Bank	18 Harbour Road
Agricultural Bank of China	Wanchai
Bank of Beijing	Hong Kong
China Mingsheng Bank	AUDITOR
Bank of Dalian
Industrial and Commercial Bank of China
SOLICITORS	PricewaterhouseCoopers
Certified Public Accountants
Hong Kong	COMPANY SECRETARY
Slaughter and May	Mr. Wong Ngan Hung
47th Floor	(Ceased on 1 May 2021)
Jardine House	Mr. Lau Yin Fung Terence
One Connaught Place	(Appointed on 1 May 2021)
Central	REGISTRAR AND TRANSFER OFFICE
Hong Kong
	IN HONG KONG
Stevenson, Wong & Co.
39/F	Tricor Secretaries Limited
Gloucester Tower	Level 54
The Landmark	Hopewell Center
15 Queen's Road Central	183 Queen's Road East
Hong Kong	Wanchai
Bermuda	Hong Kong
Appleby
2206-19
Jardine House
1 Connaught Place
Central
Hong Kong
REGISTERED OFFICE
Victoria Place, 5th Floor
31 Victoria Street
Hamilton HM 10
Bermuda

Shanghai Zendai Property Limited Annual Report 2020

3

CHAIRMAN'S STATEMENT

FINANCIAL RESULTS

The board of directors (the "Directors") of Shanghai Zendai Property Limited (the "Company" or "Shanghai Zendai") hereby announces the annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2020 (the "year" or "year under review").

During the year under review, the Group recorded a turnover of approximately HK$4,598,703,000, representing a significant increase of HK$3,250,111,000 as compared with approximately HK$1,348,592,000 for 2019. During the year, despite the certain impact of the outbreak of new coronavirus disease on the overall business, however, as the key projects of the Group, being the

third phase office building of the "Nanjing Himalayas Center" project and the second phase project Riverside Mansion（濱江閱公館）of "Riverside Thumb Plaza" in Nanjing, began to be delivered to buyers in the second half of the year, the turnover still recorded a significant increase. The turnover

of the Group for the year was mainly attributed to:

• revenue recognition of the third phase office building of the "Nanjing Himalayas Center" project
• revenue recognition of the second phase project Riverside Mansion（濱江閱公館）of "Riverside Thumb Plaza" in Nanjing
• hotel operation, rental and property management income

Loss attributable to shareholders of the Company (the "Shareholders") was approximately HK$1,150,773,000 as compared to the loss of approximately HK$1,058,026,000 for the year ended

31 December 2019. Basic loss per share of the Company (the "Share") was HK$7.73 cents (basic loss per Share for 2019: HK$7.11 cents). The Group recorded an increase in loss after taxation as compared with the same period of last year, which was primarily due to a substantial increase in income tax and land appreciation tax provided for the year in accordance with the increase in delivery of properties.

BUSINESS REVIEW

During the year under review, with the development and operation for multiple types of properties including residential, office buildings, art hotels and complexes, Shanghai Zendai has risen as a comprehensive urban developer. Relying on its complete construction, operation and management capabilities and independent teams responsible for planning and development, investment promotion programming, operation and property management, Shanghai Zendai has developed its domestic business presence with Shanghai and Nanjing as the centre and radiating outwards into major cities nationwide.

During the year, driven by the beginning of the delivery of the third phase office building of the "Nanjing Himalayas Center" project and the second phase project Riverside Mansion（濱江閱公館） of "Riverside Thumb Plaza", the Group's turnover has increased significantly.

The Group is actively seeking to optimize the layout of projects and to improve the efficiency of operation for the assets of the Group, so as to pursue new development opportunities. Meanwhile, the Group shall focus on exploiting the potential development of core cities in the Yangtze River Delta, and continually deploying and planning the residential and commercial property projects with a quality and industry benchmark. Details are set out below.

4	Shanghai Zendai Property Limited Annual Report 2020