23/F Chong Hing Bank Centre
24 Des Voeux Road Central, Hong Kong
Tel: (852) 2983 7777
Fax: (852) 2983 7725
E-mail: Info@
Website:
Stock Code: 00194
香港德輔道中二十四號
創興銀行中心二十三樓
電話：(852) 2983 7777
傳真： (852) 2983 7725
電郵： Info@
網址：
股份代號：00194
A
nnual R
ep
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17
年
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TURNING CONCEPTS INTO REALITY
構思部署 願景成真
Annual Report 2017 年 報
Phase 3 The Grand riviera, Foshan
佛山翠湖綠洲花園第三期
Financial HigHligHts
財務 摘要
04 Five-Year Financial Summary 五年財務摘要
05 Five-Year Financial Highlights Charts 五年財務摘要圖表
Business Review and coRpoRate goveRnance
業 務回顧 及公司管治
06 Chairman’s Statement 主席報告書
1 8 Directors’ Report 董事會報告書
36 Liu Chong Hing Investment Limited 廖創興企業有限公司
Simplified Organisation Chart 簡化組織圖
37 Audit Committee Report 審核委員會報告書
39 Nomination Committee Report 提名委員會報告書
40 Remuneration Committee Report 薪酬委員會報告書
4 1 Summary of Financial Highlights 財務摘要
42 Management Discussion and Analysis 管理層之討論及分析
54 Corporate Governance Report 企業管治報告書
79 Environmental, Social and Governance Report 環境、社會及管治報告書
coRpoRate and sHaReHoldeRs’ inFoRmation
公司及 股 東 資料
102 Corporate Information 公司資料
107 Biographical Details of Directors 董事及高級
and Senior Management 管理人員簡介
1 16 Notice of Annual General Meeting 股東周年大會通告
122 Market Price Movement and 市價走勢及市值圖表
Market Capitalization Chart
123 Liu Chong Hing Group 廖創興集團簡化架構圖
Simplified Corporate Structure Chart
124 Schedule of Major Properties Held by the Group 本集團主要物業表
127 Shareholders’ Information 股東資料
Financial RepoRt
財務報表
130 Independent Auditor’s Report 獨立核數師報告書
137 Consolidated Statement of Profit or Loss 綜合損益表
138 Consolidated Statement of Profit or 綜合損益及其他
Loss and Other Comprehensive Income 全面收益表
139 Consolidated Statement of Financial Position 綜合財務狀況表
141 Consolidated Statement of Changes in Equity 綜合權益變動表
143 Consolidated Statement of Cash Flows 綜合現金流量表
145 Notes to the Consolidated Financial Statements 綜合財務報表附註
contents 目錄
Phase 2 The Grand riviera, Foshan
佛山翠湖綠洲花園第二期
Qualities of our management team
help us turn concepts into reality and take us global.
Qualities of our management team
help us turn concepts into reality and take us global.
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FIVE-YEAR FINANCIAL SUMMARY 五年財務摘要
NOTE 1: Dividend per share in 2014 did not include special cash dividend of HK$ per share due to the completion of Partial Offer (the meaning ascribed thereto in the Company’s
circular to shareholders dated 4 December 2013) for disposal of Chong Hing Bank Limited shares and the special dividend by way of distribution in specie to the shareholders of
the Company in the proportion of 1 share in the issued share capital of Chong Hing Bank Limited for every 10 shares in the issued share capital of the Company.
附註一： 二零一四年度每股股息不包括因完成出售創興銀行有限公司股份部分要約（與本公司二零一三年十二月四日致股東通函的定義一致）而派發的特別現金
股息每股港幣元，及以實物分派形式按本公司已發行股本每10股分配1股創興銀行有限公司已發行股本而派發之特別股息。
NOTE 2: Dividend payout ratio in 2014, if including the special cash dividend and the special dividend by way of distribution in specie, the ratio should be adjusted to 81%.
附註二： 如包括特別現金股息及以實物分派之特別股息，二零一四年之派息比率將調整至81%。
NOTE 3: Profi t for the year attributable to owners of the Company of HK$2, million recorded in 2014, including the profi t from discontinued operations of HK$1, million.
附註三： 二零一四年分配於本公司股東之本年度溢利港幣2,356,900,000元，包括來自已終止經營溢利港幣1,963,300,000元。
2013
二零一三年
HK$’000
港幣千元
2014
二零一四年
HK$’000
港幣千元
2015
二零一五年
HK$’000
港幣千元
2016
二零一六年
HK$’000
港幣千元
2017
二零一七年
HK$’000
港幣千元
Total assets
總資產
94,440,825 14,654,676 12,909,389 13,721,239 14,535,135
Total liabilities
總負債
81,424,503 3,617,900 1,965,058 2,798,303 2,696,260
Total net assetsTT
資產淨值總額
13,016,322 11,036,776 10,944,331 10,922,936 11,838,875
Net assets value per share
每股資產淨值
港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元
Profit for the year attributable to
owners of the Company
分配於本公司股東之本年度溢利
543,460 2,356,935 410,366 457,907 744,888
Basic earnings per share
每股基本盈利
港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元
Dividend per share
每股股息
港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元 港幣 HK$元
Dividend payout ratio
(from continuing operations only)
派息比率（只計來自持續經營）
39% 38% 39% 39% 30%
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FIVE-YEAR FINANCIAL HIGHLIGHTS CHARTS 五年財務摘要圖表
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13 14 15 16 1713 14 15 16 17 13 14 15 16 17
13 14 15 1616 17 13 14 15 16 17 13 14 15 16 17
Total Assets總資產
HK$ in Billion港幣十億元
Total Liabilities總負債
HK$ in Billion港幣十億元
Total Net Assets資產淨值總額
HK$ in Billion港幣十億元
20
0
100
80
60
40
20
0
0
100
80
60
40
500
0
2,500
2,000
1,000
1,500
1
7
4
5
6
3
2
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2
0
14
12
10
8
6
4
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to Owners of the Company
分配於本公司股東之本年度溢利
HK$ in Million港幣百萬元
Basic Earnings per Share
每股基本盈利
HK$港幣
Dividend per Share
每股股息
HK$港幣
CHAIRMAN’S STATEMENT 主席報告書
CHONG HING BANK CENTRE, HONG KONG
香港創興銀行中心 香港創興銀行中心
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CHAIRMAN’S STATEMENT 主席報告書
Dear Shareholders,
I am pleased to present to you a review of the Group’s business
performance as well as some observations from the overall
economic environment for the year 2017 and expectations for the
year ahead.
2017 REVIEW
Since President Trump’s inauguration in January 2017, he has
initiated a list of policies to stimulate the US economy including
those on employment, infrastructure, and energy development.
The Tax Reform plan passed through Congress and became law at
the end of last year. The US economic data improved; the
economy has grown %. The key Stock Indices have reached new
highs.
親愛的股東：
本人欣然向 閣下呈報本集團二零一七年之
業績回顧，以及本人對整體經濟環境之觀察
所得，對來年發展之期望。
二零一七年回顧
自特朗普二零一七年一月上任後，推動一系
列刺激經濟的政策，包括刺激就業、推動基
建、開發能源項目及年底通過稅改法案等，
美國經濟數據好轉，經濟增長率為%，股
指走勢強勁，屢創歷史新高。
I AM PLEASED TO PRESENT TO YOU A REVIEW
OF THE GROUP’S BUSINESS PERFORMANCE
AS WELL AS SOME OBSERVATIONS FROM
THE OVERALL ECONOMIC ENVIRONMENT FOR
THE YEAR 2017 AND EXPECTATIONS FOR
THE YEAR AHEAD.
本人欣然向 閣下呈報本集團二零一七年之業績
回顧，以及本人對整體經濟環境之觀察所得，
對來年發展之期望。
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The formal Brexit negotiations started between the EU and Britain
at the end of March 2017. As a result, both the British economy
and the Pound Sterling were weak. This state of affair persisted
until preliminary agreements were reached by both sides on the
British exist settlement and various other issues in December.
Since then, the stock market has revived upward.
On 29 November, North Korea test-fired an intercontinental
ballistic missile which she claimed could strike anywhere on the US
mainland. This incidence intensified further the already tensed
situation in the Korean Peninsula.
In 2017, the US Federal Reserve has put up interest rate 3 times,
making a total rate increase of %. The interest rate is now
forecast to be raised another 3 times in 2018. This together with
the Fed’s shrinking of its balance sheet adds uncertainty to the
direction of global fund flow, which will affect on the global
economy and, in particular, the Hong Kong property market.
The Mainland has successfully concluded the 19th National
Congress and has a new Politburo for the next five years. The
global impact of the economic policies announced therein needs
to be taken seriously. “The Belt and the Road”, in particular, will
broaden the already wide horizon of the Mainland economy and
will enable her to participate more closely to the International
economic order. In 2017, Mainland China has reversed, for the first
time since 2011, her downward growth trend. The GDP has broken
through the RMB80 trillion mark, an annual increase of %. The
properties prices have remained high. In spite of the effort made
the Government to cool the residential sector (through purchases
and price restrictions), the total residential property sales has
increased by %.
英國於二零一七年三月底啟動脫歐談判，拖
累英國的經濟表現，英鎊表現疲弱，直至
十二月英國和歐盟就退歐分手費等問題達成
初步意見，使英國股市恢復上揚。
北韓十一月廿九日又一次進行洲際導彈測試，
射程聲稱涵蓋美國本土全境，令朝鮮半島緊
張局勢急劇升溫，引致全球政經帶來潛在負
面影響。
聯儲局在二零一七年加息三次，全年共加息
%，並預期明年持續另加息三次，及宣
布啟動縮減資產負債表（「縮表」），未來資金
流向有很大不確定性，對全球經濟特別是香
港樓巿的影響加劇。
中國大陸成功召開十九大，確定未來五年新
政局。其經濟政策對世界影響不容忽視。尤
其是「一帶一路」，令中國經濟拓展為更具全
方位的開放格局，深度融入世界經濟體系。
二零一七年中國經濟增長呈現上升的態勢，
國民生產總值突破人民幣八十萬億元，全年
增長%，這是中國經濟增速自二零一一年
來首次扭轉下行局面，實現企穩回升。房地
產價格高企，雖然中國政府採取措施（限購、
限價）為住房銷售市場降溫，全年住宅地產銷
售額仍增長 %。
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CHAIRMAN’S STATEMENT 主席報告書
W S Chong Hing Bank Centre 創興銀行中心
T Chong Hing Square 創興廣場
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In 2017, Hong Kong SAR has a new Government. Under the new
SAR Chief Executive, the hitherto tensed political atmosphere has
appeared to be relaxing. The Hong Kong economy has continued
to improve driven by the global economic recovery. Both the stock
and the properties market boomed with each breaking its record
high, with public land auction prices achieving a new historical
record.
BUSINESS RESULTS
For the year ended 31 December 2017, the Group recorded profit
of HK$ million, it represents an increase of 65% when
comparing with the year of 2016.
The Board pf Directors has proposed to recommend at the
forthcoming Annual General Meeting to be held on 15 May 2018,
the payment of a final cash dividend of HK$ per share.
Together with the interim cash dividend of HK$ per share paid
on 29 September 2017, the total cash dividend amounted to
HK$ per share for the year 2017. It represented an increase of
28% compared with the total cash dividend of HK$ per share
for the year of 2016.
A detailed business review and analyses are to be found in the
“Management Discussion and Analysis” section of this Annual
Report.
二零一七年香港特區政府換屆，新任特首施
政開局至今、對立氣氛有所緩和。全球經濟
復甦態勢明顯，帶動香港經濟持續向好，股
巿樓巿暢旺，均創歷史新高。政府賣地收益
大幅提升，賣地價屢創歷史新高。
經營業績
截至二零一七年十二月三十一日止年度，本
集團錄得溢利約港幣773,800,000元，較二
零一六年上升65% 。
董事會擬於二零一八年五月十五日舉行之應
屆股東周年大會，建議派發末期現金股息每
股港幣元。連同於二零一七年九月
二十九日已派發之中期現金股息每股港幣
元，二零一七年度之現金股息合共為每股港
幣元。與二零一六年現金股息每股港幣
元相比增加28%。
在本年報之「管理層之討論及分析」一章之內，
將有詳盡的業務回顧及分析。
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CHAIRMAN’S STATEMENT 主席報告書
BUSINESS PREVIEW AND OUTLOOK OF 2018
After years of steady growth in profit, the Group, with a substantial
net cash balance, is in a strong financial position. However, we will
continue to uphold its prudent approach and at the same time
actively seek new business opportunity. Property investment and
development remains our core business. We will continue to keep
our focus and will search world-wide for investment opportunities.
In November 2017, the Group has invested through a 50% equity
participation in a joint-venture company in two warehouse
properties in Japan.
In the USA, we expect the passing of the Tax Reform Bill will bring
positive stimulus to the US economy, and the global economy
continues to recover. The market will focus on strength of the US
dollar and the direction of global fund flow. The shrinking of the
balance sheet by the Federal Reserve and its interest rate policy
will bring uncertainty to the market. Their impact on the Hong
Kong Property market needs cautious assessment.
Moreover, since January of this year, President Trump has imposed
a series of tariffs on certain trade items, and they may adversely
affect the world economy. We will continue to monitor closely the
unfolding of the forthcoming events.
The Brexit negotiation is bringing a long period of uncertainty to
Britain and EU and their economies will be affected. On the other
side of the globe the nuclear missile testings by the North Korea
will continue to destabilize the world.
業務前瞻及二零一八年展望
經過多年穩定的溢利增長，集團擁有大量淨
現金餘額，財務狀況穩健。但是，我們將繼
續秉持穩健發展的營商理念，於平穩發展中
積極尋找新商機。地產投資及物業發展仍是
本集團的主營業務，雖然覓地發展難求，但
我們仍會專注物業投資和發展，將積極在全
球範圍內尋找商機。於二零一七年十一月，
本集團收購一家公司50%股權，以合營公司
形式投資兩座位於日本的倉庫。
美國稅改法案通過，將對美國經濟帶來正面
刺激，預期全球經濟復甦趨勢維持不變，美
匯是否轉強及資金流向將是值得關注的焦點。
美國聯邦儲備局啟動「縮表」與加息，將對資
本巿場帶來不確定因素，對本港樓巿的影響
尤為值得關注及小心衡量。
此外，自本年一月以來，特朗普總統已對某
些貿易項目徵收了一系列關稅，恐對全球經
濟帶來負面的影響，本集團將密切留意事態
的發展。
英國脫歐啟動後，預期將出現一段漫長的不
明朗時期，影響英國及歐盟的經濟表現。另
一方面，朝鮮的核試令世界局勢繼續存在不
穩定因素。
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S Interior of Chong Yip Centre 創業商場內部
W One-Eight-One Hotel & Serviced Residences (under construction)
One-Eight-One 酒店及服務式住宅 （興建中）
T Exterior of Chong Hing Square 創興廣場外觀
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CHAIRMAN’S STATEMENT 主席報告書
Phase 1 The Grand Riviera, Foshan 佛山翠湖綠洲花園第一期
The US Tax Reform may attract fund flowing to the US and may
have an adverse effect on sentiment of investing in Mainland China
and in other countries. On the other hand, the Belt and Road
Initiative and the forthcoming development of the Guangdong —
Hong Kong — Macau Bay Area will bring about a new economic
momentum to the Mainland, the Asia region and the rest of the
world. They together with the forthcoming opening of the Hong
Kong — Zuhai — Macau Bridge and the Guangzhou — Shenzhen —
Hong Kong Express Rail Link will add new impetus to the Hong
Kong economy.
美國的稅改可能引發資金回流美國，並對在
中國大陸及其他國家的投資帶來負面影響。
另一方面，國家的「一帶一路」及「粵港澳大
灣區」發展規劃將創造培育國內、亞洲區域以
至全球範圍的新經濟增長點，此兩項大戰略
規劃與不久即將開通的「港珠澳大橋」及「中
港高鐵線」，將為香港經濟注入新動力。
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Phase 2 The Grand Riviera, Foshan 佛山翠湖綠洲花園第二期
Our new Chief Executive and Financial Secretary of the SAR have
proposed a series of policies to bring benefits to the people of
Hong Kong, such as adjusting the tax bands and marginal tax
rates, and a comprehensive promotion of Innovation and
Technology development etc. We are, therefore, expecting a
steady growth in the Hong Kong economy.
新任行政長官及財政司長於施政報告中建議
推出多項利民措施，包括：調整稅階及邊際
稅率及全方位推動創新及科技發展等，預期
可令香港經濟穩步增長。
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CHAIRMAN’S STATEMENT 主席報告書
S The Westwood 西寶城
W Chatham Gate 昇御門
T Japan Logistics Centres 日本物流中心
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CONDOLENCES AND ACKNOWLEDGEMENTS
Our past Chairman Dr. Liu Lit Mo regrettably passed away in mid
July last year. Dr. Liu had been the Managing Director of the Group
for over forty years. He has made important contributions to the
stability and development of the Group. We send our deepest
condolences to his family.
I would like to express my heartfelt thanks to stakeholders and
shareholders for their continued trust and support, to all my fellow
directors for their wise stewardship, and to our senior management
and staff for their commitment and dedication.
Liu Lit Chi
Chairman, Managing Director
and Chief Executive Officer
7 March 2018
悼念與致謝
本集團前主席廖烈武博士不幸於七月中旬病
逝，廖博士擔任本集團董事總經理長達四十
多年，對維持本集團之穩定及發展作出重要
貢獻，本集團向其家屬表示深切慰問。
本人謹此對持份者及股東之繼續信賴與支持、
各董事之精明籌劃，以及管理人員與員工之
盡心盡力服務，致以衷心謝意。
廖烈智
主席、董事總經理
兼行政總裁
二零一八年三月七日
DIRECTORS’ REPORT 董事會報告書
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CHONG HING FINANCE CENTER, SHANGHAI
上海創興金融中心 上海創興金融中心
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DIRECTORS’ REPORT 董事會報告書
Chong Hing Finance Center, Shanghai 上海創興金融中心
The Board of Directors of Liu Chong Hing Investment Limited (the
“Board”) has pleasure in presenting to the shareholders its annual
report together with the audited financial statements for the year
ended 31 December 2017.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activities of the Company and its subsidiaries (the
“Group”) are property investment, property development and
investment holding. The principal activities of the principal
subsidiaries and joint ventures are shown in notes 39 and 18 to the
consolidated financial statements respectively.
廖創興企業有限公司董事會（「董事會」）現將
截至二零一七年十二月三十一日止年度之年
度報告書及經審核之財務報表，欣然提呈列
位股東省覽。
主要業務及業務回顧
本公司及其附屬公司（「本集團」）之主要業務
為物業投資、物業發展及投資控股。各主要
附屬公司及合營企業之主要業務已分別詳列
於綜合財務報表附註第39及 18項內。
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如欲細閱按香港公司條例（「公司條例」）附表5
所規定而載列的本集團業務討論及分析，包
括業務的公允回顧、本集團面對的主要風險
及不明朗因素的描述、二零一七年財政年度
終結後發生並影響本集團的重要事件詳情，
以及對本集團業務未來或會採取的發展方向
的指示，可參閱年報內「五年財務摘要」、「主
席報告書」、「財務摘要」、「管理層之討論及
分析」以及「企業管治報告書」。以上章節構
成本報告一部份。
業績及業務狀況
本集團截至二零一七年十二月三十一日止年度
的業績及本公司與本集團於該日的業務狀況刊
於本年報第 137至232頁。
股息
中期現金股息每股港幣元已於二零一七
年九月二十九日派發。董事會建議派發末期
現金股息每股港幣元，全年合計共派發
現金股息每股港幣元。
儲備
本年度內本集團儲備之變動詳列於綜合權益
變動表，本年度本公司儲備之變動詳列於綜
合財務報表附註第36項內。
於二零一七年十二月三十一日，本公司可派
予 股 東 之 儲 備 包 括 累 積 溢 利 港 幣
7,186,558,000元（ 二 零 一 六 年： 港 幣
5,219,409,000元）。
投資物業
本年度投資物業變動詳列於綜合財務報表附
註第 15項內。
Further discussion and analysis of the Group’s activities as
required by Schedule 5 to the Hong Kong Companies
Ordinance (“Companies Ordinance”), including a fair review of
the business and a description of the principal risks and
uncertainties facing the Group, particulars of important events
affecting the Group that have occurred since the end of the
financial year 2017, and an indication of l ikely future
development in the Group’s business, can be found in the
“Five-Year Financial Summary”, “Chairman’s Statement”,
“Summary of Financial Highlights”, “Management Discussion
and Analysis” and “Corporate Governance Report” sections of
the Annual Report. The above sections form part of this report.
RESULTS AND STATE OF AFFAIRS
The results of the Group for the year ended 31 December 2017 and
the state of the Company’s and the Group’s affairs at that date are
set out on pages 137 to 232 of this annual report.
DIVIDENDS
An interim cash dividend of HK$ per share was paid to
shareholders on 29 September 2017. The Board recommends a
final cash dividend of HK$ per share, making a total cash
dividend of HK$ per share for the year.
RESERVES
Movements in reserves of the Group during the year are set out in
consolidated statement of changes in equity and the movements
in reserves of the Company during the year are set out in note 36
to the consolidated financial statements.
The Company’s reserves available for distribution to shareholders
as at 31 December 2017 comprised the accumulated profits of
HK$7,186,558,000 (2016: HK$5,219,409,000).
INVESTMENT PROPERTIES
Movements in investment properties during the year are set out in
note 15 to the consolidated financial statements.
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物業、廠房及設備
本年度物業、廠房及設備變動詳列於綜合財
務報表附註第 16項內。
發展中物業╱待出售發展中物業╱待
出售物業
本年度發展中物業╱待出售發展中物業╱待
出售物業變動詳列於綜合財務報表附註第 16
及 17項內。
股本
本公司股本詳情列於綜合財務報表附註第27
項內。
股份期權計劃
本公司股份期權計劃（「該計劃」）已於二零
一二年五月九日通過及實行，並取代舊有的
股份期權計劃，主要原因是為激勵各董事及
合資格僱員，該計劃將於二零二二年五月八
日屆滿。根據該計劃，本公司可提供期權給
予合資格僱員，包括向本公司及其附屬公司
之董事授予股份，以認購本公司股票。此外，
本公司可於任何時間，經董事會同意向任何
合資格第三者提供股份期權。
根據該計劃，在沒有獲得本公司股東事先批
准下，股份期權可授出股份總數不得超出本
公司不時已發行股本之 10%。而在沒有獲得
本公司股東事先批准下，有關授予任何個別
人士之期權，所授出股份總數不得超出本公
司不時已發行股本之 1%。
該股份期權可於授出日至授出日期起計第五
周年之任何時間內予以行使。行使價由本公
司董事釐訂，惟不低於本公司股份於授出日
之本公司股份面值、於授出日前五個交易日
之平均收市價或授出當日之收市價之較高者。
該計劃獲採納以來，本公司並無據此授出期
權。
PROPERTY, PLANT AND EQUIPMENT
Movements in property, plant and equipment during the year are
set out in note 16 to the consolidated financial statements.
PROPERTIES UNDER DEVELOPMENT/PROPERTIES
UNDER DEVELOPMENT FOR SALE/PROPERTIES HELD
FOR SALE
Movements in properties under development/properties under
development for sale/properties held for sale during the year are
set out in notes 16 and 17 to the consolidated financial statements.
SHARE CAPITAL
Details of the share capital of the Company are set out in note 27
to the consolidated financial statements.
SHARE OPTION SCHEME
The Company’s share option scheme (the “Scheme”), was adopted
pursuant to a resolution passed on 9 May 2012, which replaced the
previous share option scheme, for the primary purpose of
providing incentives to directors and eligible employees, and will
expire on 8 May 2022. Under the Scheme, the Company may grant
options to eligible employees, including directors of the Company
and its subsidiaries, to subscribe for shares in the Company.
Additionally, the Company may, from time to time, grant share
options to outside eligible third parties at the discretion of the
Board.
The total number of shares in respect of which options may be
granted under the Scheme is not permitted to exceed 10% of the
shares of the Company in issue at any point in time, without prior
approval from the Company’s shareholders. The number of shares
in respect of which options may be granted to any individual is not
permitted to exceed 1% of the shares of the Company in issue at
any point in time, without prior approval from the Company’s
shareholders.
Options may be exercised at any time from the date of grant of
the share option to the 5th anniversary of the date of grant. The
exercise price is determined by the directors of the Company, and
will not be less than the higher of the nominal value of the
Company’s share on the date of grant, the average closing price of
the shares for the five business days immediately preceding the
date of grant, or the closing price of the shares on the date of
grant.
No options have been granted under the above mentioned scheme
since the Scheme was adopted.
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The Grand Riviera, Foshan 佛山翠湖綠洲花園
S Phase 4 showflats 第四期示範單位
WTPhase 3 appearance and facilities 第三期外貌及設施
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The Grand Riviera, Foshan 佛山翠湖綠洲花園
S Garden landscape 園林景色
W Kindergarten in Phase 2 位於第二期的幼兒園
T Building facilities and features 大厦設施與特色
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附屬公司
有關附屬公司資料詳列於綜合財務報表附註
第39項內。
集團借款及資本化之利息
銀行貸款及其他需五年內歸還之借款已詳列
於綜合財務報表附註第24項內。
本集團於本年度內資本化之利息共港幣
19,033,000元（二零一六年：港幣36,670,000
元）。
董事會
本年度內及截至本報告書日期止，本公司董
事芳名詳列於本年報第 102頁內。
根據本公司章程細則，任何任期最長之董事
必須於任期屆滿時輪值告退，並建議推薦重
選連任。
根據章程細則第一零五及九十七條規定，廖
金輝先生、李偉雄先生、鄭慕智博士及唐晉
森先生，將於股東周年大會完結時退任。本
公司擬遵守《上市規則》附錄 14之企業管治守
則條文之規定，除其他情況，每名董事
（包括董事有特定期限任命）應至少每三年輪
值退任一次。廖金輝先生、李偉雄先生、鄭
慕智博士及唐晉森先生將於股東周年大會完
結時退任並合資格推薦重選連任。
董事及高級管理人員簡介詳列於第 107至 115
頁內。
本公司已接獲各位獨立非執行董事根據香港
聯合交易所有限公司證券上市規則（「上市規
則」）第條規定每年度發出之獨立性確認
函，而本公司對彼等之獨立性表示認同。
SUBSIDIARIES
Particulars relating to the subsidiaries are set out in note 39 to the
consolidated financial statements respectively.
GROUP BORROWINGS AND INTEREST CAPITALISED
Details of bank loans and other borrowings repayable within five
years are set out in note 24 to the consolidated financial
statements.
The Group’s interest capitalised during the year amounted to
HK$19,033,000 (2016: HK$36,670,000).
BOARD OF DIRECTORS
The directors of the Company during the year and up to the date
of this report are shown on page 102 of this annual report.
The term of office of each director, who has been longest in office,
shall retire by rotation and offer themselves for re-election in
accordance with the Company’s Articles of Association.
In accordance with Article 105 and 97 of the Articles of
Association, Mr. Liu Kam Fai, Winston, Mr. Lee Wai Hung, Dr.
Cheng Mo Chi, Moses and Mr. Tong Tsun Sum, Eric shall retire at
the conclusion of the AGM. The Company intends to comply with
code provision of the Corporate Governance Code as set out
in Appendix 14 of the Listing Rules, which provides, among other
things, that every director, including those appointed for a specific
term, should be subject to retirement at least once every three
years. Mr. Liu Kam Fai, Winston, Mr. Lee Wai Hung, Dr. Cheng Mo
Chi, Moses and Mr. Tong Tsun Sum, Eric, being eligible, will offer
themselves for re-election at the forthcoming AGM.
The biographical details of directors and senior management are
set out on pages 107 to 115.
The Company has received from each Independent Non-executive
Director an annual confirmation of his independent pursuant to
rule of the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (“Listing Rules”) and the
Company considered all Independent Non-executive Directors are
independent.
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S T Chong Hing Square retail shops 創興廣場商舖 X The Westwood 西寶城T Fairview Court 富慧閣
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遵守上市公司董事進行證券交易的標
準守則
於回顧期間，所有董事確認彼等已遵守上市
規則附錄 10所載之上市公司董事進行證券交
易的標準守則之規定。
董事在本公司及其相聯法團擁有之股
本權益
於二零一七年十二月三十一日，董事及行政
總裁於本公司及其相聯法團（定義見證券及期
貨條例第XV部）之股份、相關股份及債券中
擁有根據證券及期貨條例第XV部第7及第8
分部已知會本公司及香港聯合交易所有限公
司（「聯交所」）之權益，或根據證券及期貨條
例第352條已記入本公司所存置登記冊之權
益，或根據上市發行人董事進行證券交易之
標準守則已知會本公司及聯交所之權益如下：
在本公司及其相聯法團的股份及相關
股份中的權益
本公司
廖創興企業有限公司
附註：
1： 廖烈智先生及廖烈忠醫生為廖氏集團有限公
司之股東，該公司合共實益擁有本公司股份
132,326,710股。是項股數，在各董事名下之
公司權益項目內重複。
2： 廖烈智先生及其聯繫人士為愛寶集團有限公
司之股東，該公司實益擁有本公司股份
63,012,290股，並歸納在廖烈智先生名下之
公司權益項目內。
COMPLIANCE OF THE MODEL CODE FOR SECURITIES
TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS
All directors have confirmed that they complied with the required
standards set out in the Model Code for Securities Transactions by
Directors of Listed Issuers as set out in Appendix 10 to the Listing
Rules throughout the review period.
DIRECTORS’ INTERESTS IN SHARE CAPITAL OF THE
COMPANY AND ITS ASSOCIATED CORPORATIONS
As at 31 December 2017, the interests of the directors and the
Chief Executive Officer in the shares, underlying shares and
debentures of the Company and its associated corporations
(within the meaning of Part XV of the Securities and Futures
Ordinance (“SFO”)) which have been notified to the Company and
The Stock Exchange of Hong Kong Limited (“Stock Exchange”)
pursuant to Divisions 7 and 8 of Part XV of the SFO, or have been
recorded in the register maintained by the Company pursuant to
section 352 of the SFO, or have been notified to the Company and
the Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors of Listed Issuers were as follows:
INTERESTS IN THE SHARES AND UNDERLYING SHARES
OF THE COMPANY AND ITS ASSOCIATED
CORPORATIONS
THE COMPANY
Liu Chong Hing Investment Limited
NUMBER OF ORDINARY SHARES HELD 持有普通股股份數目
Name of director
董事姓名
Long/short
position
好倉╱淡倉
Personal interests
(held as
beneficial owner)
個人權益
（實益持有）
Family interests
(interests of spouse
or child under 18)
家族權益
（配偶或18歲
以下子女
之權益）
Corporate interests
(interests of controlled
corporation)
公司權益
（受控制公司之權益）
Total interests
總權益
Total interests
as approximate %
of the relevant
issued share capital
權益總數佔
已發行股本
概約百分率
Mr. Liu Lit Chi
廖烈智先生
Long
好倉
24,000 – 195,339,000
(notes 1 and 2)
（附註 1及2）
195,363,000 %
Mr. Liu Kam Fai, Winston
廖金輝先生
Long
好倉
2,570,000 – – 2,570,000 %
Dr. Liu Lit Chung
廖烈忠醫生
Long
好倉
– – 132,326,710
(note 1)
（附註 1）
132,326,710 %
notes:
1: 132,326,710 shares in the Company are beneficially held by Liu’s Holdings
Limited, of which Mr. Liu Lit Chi and Dr. Liu Lit Chung are amongst its
shareholders. The above numbers of shares are duplicated under the
corporate interests for each of these directors.
2: Alba Holdings Limited, of which Mr. Liu Lit Chi and his associates are
shareholders, beneficially holds 63,012,290 shares in the Company, and
thus is included in the corporate interests of Mr. Liu Lit Chi.
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INTERESTS OF SUBSTANTIAL SHAREHOLDERS AND
OTHER PERSONS
As at 31 December 2017, so far as is known to the Company, the
following persons (other than the directors or the Chief Executive
Officer of the Company) had interests or short positions in the
Shares and underlying shares of the Company which would fall to
be disclosed to the Company under the provisions of Division 2
and 3 of Part XV of the SFO, or were directly or indirectly
interested in 5% or more of the nominal value of any class of share
capital carrying rights to vote in all circumstances at general
meetings of any other member of the Group:
Name of substantial shareholder Long/short position Capacity No. of ordinary share held % of the issued share capital
主要股東名稱 好倉╱淡倉 身份 所持普通股股份數目 佔已發行股本百分比
Liu’s Holdings Limited
廖氏集團有限公司
Long
好倉
Beneficial owner
實益持有人
132,326,710
(note 1)
（附註1）
%
Alba Holdings Limited
愛寶集團有限公司
Long
好倉
Beneficial owner
實益持有人
63,012,290
(note 2)
（附註2）
%
notes:
1. Liu’s Holdings Limited, a private company incorporated in Hong Kong, is
owned by, amongst others, Mr. Liu Lit Chi and Dr. Liu Lit Chung. Such
corporate interests are also disclosed in the sub-section under “Directors’
interests in Share Capital of the Company and its Associated
Corporations.”
2. Alba Holdings Limited, a private company incorporated in Hong Kong, is
owned by Mr. Liu Lit Chi and his associates. Such corporate interests are
also disclosed in the sub-section under “Directors’ interests in Share
Capital of the Company and its Associated Corporations.”
Save as disclosed above, the Company had not been notified by
any person (other than the directors or Chief Executives Officer of
the Company) who had interests or short positions in the shares
and underlying shares of the Company of 5% or more as at 31
December 2017 which were required to be disclosed to the
Company under Part XV of the SFO or which were recorded in the
register required to be kept by the Company under section 336 of
the SFO.
主要股東及其他人士的權益
於二零一七年十二月三十一日，就本公司所
知，下列人士（本公司董事或行政總裁除外）
於本公司之股份及相關股份中擁有根據證券
及期貨條例第XV部第2及第3分部之規定須
向本公司披露之權益或淡倉，或直接或間接
擁有可在任何情況下於本集團任何其他成員
公司股東大會上投票之任何類別股本面值5%
或以上之權益：
附註：
1. 廖氏集團有限公司乃於香港註冊成立之私人
公司，擁有人包括廖烈智先生及廖烈忠醫
生。該等公司權益亦已於上列名為「董事在
本公司及其相聯法團擁有之股本權益」分節
披露。
2. 愛寶集團有限公司乃於香港註冊成立之私人
公司，分別由廖烈智先生及其聯繫人士共同
擁有。該等公司權益亦已於上列名為「董事
在本公司及其相聯法團擁有之股本權益」分
節披露。
除上述所披露外，並沒有任何人士（本公司董
事或行政總裁除外）就其根據證券及期貨條例
第XV部對於二零一七年十二月三十一日持有
本公司5%或以上之股份及相關股份之權益或
淡倉向本公司作出披露，或根據證券及期貨
條例第336條須予備存之登記冊內所記錄進
行披露。
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除綜合財務報表附註第37項內「關聯人士披
露事項」所述之外，於年結日或本年度內任何
時間，本公司各董事並無直接或間接在本公
司或其任何附屬公司所訂立之重大合約中享
有與本集團業務相關的重大利益。
本年度內本公司或其任何附屬公司從未參與
任何安排致使各董事因取得本公司或任何其
他公司之股份或債券而獲益。
於即將召開之股東周年大會上膺選連任之本
公司董事，並無與本公司訂有不可由僱主於
一年內毋須支付賠償金（但法定之賠償金除外）
而終止之服務合約。
關連人士交易
於二零一六年一月，本公司與前任主席廖烈
武博士及其配偶全資擁有的公司簽訂租賃合
約。租金為每月港幣456,000元，由二零
一六年一月一日起有效，為期兩年。廖烈武
博士於二零一七年七月逝世，租賃合約亦已
告終止。截至二零一七年十二月三十一日止
年度，本公司共支付租金港幣3,192,000元。
於二零一六年三月，本公司與非執行董事廖
烈忠醫生簽訂租賃合約。租金為每月港幣
75,000元，租賃期兩年由二零一六年三月一
日開始，並按同等條款再續約兩年，由二零
一八年三月一日起至二零二零年二月二十九
日止。截至二零一七年十二月三十一日止年
度，本公司共支付租金港幣900,000元。
DIRECTORS’ INTERESTS IN CONTRACTS
Save as disclosed in note 37 to the consolidated financial
statements, “Related Party Disclosures”, no contracts of
significance in relation to the Group’s business, to which the
Company or any of its subsidiaries was a party and in which a
director of the Company had, whether directly or indirectly, a
material interest, subsisted at the end of the year or at any time
during the year.
At no time during the year was the Company or any of its
subsidiaries a party to any arrangements to enable the directors of
the Company to acquire benefits by means of the acquisition of
shares, or debentures of, the Company or any other body
corporate.
None of the directors proposed for re-election at the forthcoming
annual general meeting has a service contract with the Company
which is not terminable within one year without payment of
compensation (other than statutory compensation).
CONNECTED PARTY TRANSACTIONS
In January 2016, the Company entered into a lease agreement with
the landlord, a company wholly owned by Dr. Liu Lit Mo, former
Chairman, and his spouse. The Company leased the property at a
monthly rent of HK$456,000 with effect from 1 January 2016 for a
term of two years. The lease agreement had been terminated upon
Dr. Liu Lit Mo passed away in July 2017. For the year ended 31
December 2017, the aggregate rent paid by the Company
amounted to HK$3,192,000.
In March 2016, the Company entered into a lease agreement with
Dr. Liu Lit Chung, a Non-executive Director. The Company leased
the property for a monthly rent of HK$75,000 for a term of two
years commencing from 1 March 2016 and the lease was renewed
with the same term, effective from 1 March 2018, for another two
years ending on 29 February 2020. For the year ended 31
December 2017, the aggregate rent paid by the Company
amounted to HK$900,000.
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於二零一一年三月，許金安則師樓與本公司
簽訂一份服務協議，為本公司提供建築及其
他顧問服務。本公司之非執行董事許榮泉先
生乃許金安則師樓之唯一董事及唯一股東。
另一補充協議於二零一六年二月簽訂，服務
費用修訂為港幣 12,900,000元。截至二零
一七年十二月三十一日止年度，本公司共支
付顧問費港幣924,000元。於二零一七年
十二月三十一日，本公司已付及應付的服務
費總額為 12,173,000港元。
根據香港會計師公會頒佈之香港監證業務準
則第3000號「非審核或審閱歷史財務資料監
證工作」及參考執行指引第740號「根據香港
上市規則就持續關連交易發出的核數師函
件」，本公司核數師已獲聘請為本集團持續關
連交易編製報告。核數師已根據主板上市規
則第 條發出持續關連交易之獨立保證
報告，詳情載於本集團綜合財務報表附註第
37項。本公司已將有關核數師報告副本送呈
聯交所。
若干對上述交易並無直接或間接利益之董事
認為上述交易均屬本集團經常業務，並按照
一般商業條款進行。
In March 2011, the Company entered into a service agreement with
. Kho & Associates for architectural and consultancy services
provided to the Company. Mr. Kho Eng Tjoan, Christopher, a Non-
executive Director, is the sole director and the sole shareholder of
. Kho & Associates. In addition, a supplemental agreement with
aggregate service fee of HK$12,900,000 was signed in February
2016. For the year ended 31 December 2017, the service fee paid
by the Company amounted to HK$924,000 and the aggregate
service fee paid and payable by the Company amounted to
HK$12,173,000 as at 31 December 2017.
The Company’s auditor was engaged to report on the Group’s
continuing connected transactions in accordance with Hong Kong
Standard on Assurance Engagements 3000 “Assurance
Engagements Other Than Audits or Reviews of Historical Financial
Information” and with reference to Practice Note 740 “Auditor’s
Letter on Continuing Connected Transactions under the Hong
Kong Listing Rules” issued by the Hong Kong Institute of Certified
Public Accountants. The auditor has issued the Independent
Assurance Report in respect of the continuing connected
transactions, details of which are also disclosed by the Group in
note 37 to the consolidated financial statements, in accordance
with Main Board Listing Rule . A copy of such report has
been provided by the Company to Stock Exchange.
In the opinion of the directors who do not have any interest,
whether directly or indirectly, in the above transactions, the
transactions were conducted in the ordinary course of business of
the Group on normal commercial terms.
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主要客戶及供應商
本年度內，本集團之前五大供應商共佔本集
團採購不足百分之三十，而本集團之前五大
客戶共佔本集團營業額不足百分之三十。本
公司各董事及其聯繫人士或任何股東（董事會
知悉擁有本公司已發行股本百分之五或以上）
概無佔有該五大供應商或客戶任何權益。
購買、出售或贖回股份
截至二零一七年十二月三十一日止年度內，
本公司及其附屬公司並無購買、出售或贖回
任何本公司之股份。
持股資料
持股量最高的 10位股東
根據本公司股東登記冊的資料，於二零一七年
十二月三十一日持股量最高的 10位股東如下：
MAJOR CUSTOMERS AND SUPPLIERS
During the year, the Group’s purchases attributable to the Group’s
five largest suppliers and the Group’s turnover attributable to the
Group’s five largest customers were both less than 30%. None of
the directors, their associates or any shareholder (which to the
knowledge of the Board owns more than 5% of the Company’s
issued share capital) has any interest in the Group’s five largest
suppliers or customers.
PURCHASE, SALE OR REDEMPTION OF SHARES
During the year ended 31 December 2017, the Company and its
subsidiaries have not purchased, sold or redeemed any of the
shares in the Company.
SHAREHOLDINGS INFORMATION
TOP 10 LARGEST SHAREHOLDERS
According to the register of members of the Company as at 31
December 2017, the top 10 largest shareholders are as follows:
Number of shares held %
Name of shareholder 股東名稱 持有股份數目 百分比
1. HKSCC Nominees Limited 香港中央結算（代理人）有限公司 149,791,920
2. Chong Hing (Nominees) Limited 創興（代理）有限公司 141,275,288
3. Alba Holdings Limited 愛寶集團有限公司 35,000,222
4. BTMU Nominees (HK) Limited BTMU Nominees (HK) Limited 10,000,000
5. Win Ever (Nominees) Limited Win Ever (Nominees) Limited 8,000,000
6. Wragg Limited Wragg Limited 4,472,000
7. Leung Hok Pang Leung Hok Pang 3,848,000
8. Cheng Kee Man Cheng Kee Man 3,160,000
9. Cheng Kee Hong Cheng Kee Hong 3,100,000
10. On Luk Tong Limited On Luk Tong Limited 1,090,000
Total 合計 359,737,430
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股東分佈
根據本公司股東登記冊的資料，於二零一七
年十二月三十一日股東分佈如下：
充分之公眾持股量
本公司於二零一七年十二月三十一日止年度，
全年均維持充分之公眾持股量。
董事就財務報表之責任
公司條例規定董事負責就各財政年度編製財
務報表，真實及公平地反映本公司及本集團
於該財政年度結算日之財政狀況，以及截至
結算日止年度本公司及本集團各自之溢利或
虧損情況。編製財務報表時，董事須選取並
貫徹採用合適之會計政策，作出審慎、公平
而合理之判斷及估計；就任何嚴重偏離會計
準則之情況申明理由；按持續經營基準編製
財務報表，除非情況不適宜假定本公司及本
集團於可見將來仍會繼續經營業務，另作別
論。
董事須負責存置妥當會計記錄，以保障本公
司及本集團資產，以及採取合理步驟防止及
查察有否任何欺詐及其他不合常規之情況。
LOCATION OF SHAREHOLDERS
According to the register of members of the Company as at 31
December 2017, the location of shareholders are as follows:
Number of shares held %
Location of shareholders 股東分佈 持有股份數目 百分比
Hong Kong 香港 378,521,140
China and South East Asia 中國及東南亞 36,060
Europe 歐洲 800
US and Canada 美國及加拿大 16,860
Others 其他 8,580
Total 合計 378,583,440 100
SUFFICIENCY OF PUBLIC FLOAT
The Company has maintained a sufficient public float throughout
the year ended 31 December 2017.
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL
STATEMENTS
The Companies Ordinance requires the directors to prepare the
financial statements for each financial year which give a true and
fair view of the state of affairs of the Company and of the Group
as at the end of the financial year and of their respective profit or
loss for the year then ended. In preparing the financial statements,
the directors are required to select suitable accounting policies
and apply them on a consistent basis, making judgements and
estimates that are prudent, fair and reasonable; state the reasons
for any significant departure from accounting standards; prepare
the financial statements on the going concern basis, unless it is not
appropriate to presume that the Company and the Group will
continue in business for the foreseeable future.
The directors are responsible for keeping proper accounting
records, for safeguarding the assets of the Company and of the
Group and taking reasonable steps for the prevention and
detection of fraud and other irregularities.
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執行管理委員會
執行管理委員會已於二零一四年十月三十日
成立。委員會現任委員包括廖烈智先生、廖
金輝先生、廖坤城先生及李偉雄先生。根據
董事會正式批准的職權範圍，委員會獲授權
就本公司及其附屬公司的日常管理及營運相
關事宜商討、制定政策，並作出決策。委員
會亦協助討論重大日常營運事宜、檢討業務
表現，並在適當的情況下迅速採取修正措施。
董事會相信，委員會之職能可減輕董事會作
詳盡審閱資料之負擔並提升各部門之間的營
運效率。
職權範圍之詳情請參見本公司網站。
審核委員會
審核委員會報告列於第37至38頁。審核委員
會之主要職責為審查本集團之內部監控程序
及符合財務報告之要求，審核委員會一般每
年開會兩次，主要在每年董事會通過中期及
末期業績前召開會議，委員會滿意本公司之
內部監控程序及財務報告所披露之資料。
提名委員會
提名委員會報告列於第39頁。該報告列示委
員會的主要職責及於二零一七年所進行的工
作。
薪酬委員會
薪酬委員會報告列於第40頁。該報告列示委
員會的主要職責及於二零一七年所進行的工
作。
EXECUTIVE MANAGEMENT COMMITTEE
The Executive Management Committee was established on 30
October 2014. The current members of the committee comprised
of Mr. Liu Lit Chi, Mr. Liu Kam Fai, Winston, Mr. Liu Kwun Shing,
Christopher and Mr. Lee Wai Hung. Based on the duly approved
terms of reference by the Board, the committee is authorised to
discuss, formulate policies and make decisions on all matters
relating to the daily management and operations of the Company
and its subsidiaries. It also helps to discuss significant daily
operational issues, review business performance and take prompt
corrective actions as appropriate. The Board believes that the
function of committee could help to relieve the Board of detailed
review of information and to increase the operational efficiency
among different departments.
Detailed terms of reference could be seen at the Company’s
website.
AUDIT COMMITTEE
Audit Committee report is shown on pages 37 to 38. The principal
duties of the Audit Committee are reviewing the internal controls
and the financial reporting requirements of the Group. The Audit
Committee meeting will normally hold twice in each financial year
immediately before the Board meeting for approving the interim
and final results. The committee is satisfied with the Company’s
internal control procedures and the financial reporting disclosures.
NOMINATION COMMITTEE
Nomination Committee report is shown on page 39. The report
showed the main duty and the work performed by the committee
during the year of 2017.
REMUNERATION COMMITTEE
Remuneration Committee report is shown on page 40. The report
showed the main duty and work performed by the committee
during the year of 2017.
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遵從企業管治守則
本公司於截至二零一七年十二月三十一日止
年度內，基本上已遵守其須申報有關上市規
則附錄 14所載之企業管治守則之所有條文。
本公司之企業管治指引及程序詳列於第54至
78頁內。
獲准彌償規定
本公司已就由企業活動招致針對董事及高級
管理層的法律行動而引起的董事及高級職員
責任，安排投保董事及高級職員責任保險。
在董事編製的本報告按照公司條例第391(1)
(a)條獲通過時，該獲准的彌償條款已經如公
司條例第470條為保障董事利益的規定而生
效。
附屬公司董事
於本年度及截至本報告日期，出任本公司附
屬公司董事會成員之董事的姓名如下：
廖綺華女士
陸智聰先生
廖鈞慧女士
潘思遠先生
甄玥霖女士
廖軍堡先生
COMPLIANCE WITH THE CORPORATE GOVERNANCE
CODE
The Company has substantially complied throughout the year
ended 31 December 2017 with those paragraphs of the Corporate
Governance Code as set out in Appendix 14 of the Listing Rules,
with which it is required to report compliance.
Guidelines and procedures for corporate governance of the
Company are set out on pages 54 to 78.
PERMITTED INDEMNITY PROVISION
The Company has arranged directors and officers liability
insurance for directors’ and officers’ liabilities in respect of legal
actions against its directors and senior management arising out of
corporate activities. The permitted indemnity provision is in force
for the benefit of the directors as required by section 470 of the
Companies Ordinance when this report prepared by the directors
is approved in accordance with section 391(1)(a) of the Companies
Ordinance.
DIRECTORS OF SUBSIDIARIES
The names of all directors who have served on the Board of
Directors of the subsidiaries of the Company during the year and
up to the date of this report are as follows:
Ms. Eva Liu
Mr. Luk Chi Chung
Ms. Cavior Liu
Mr. Pan Sze Yuen, Cecil
Ms. Yan Yuet Lam, Charmaine
Mr. Liu Kwun Bo, Darryl
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核數師
本年度之綜合財務報表經德勤 • 關黃陳方會
計師行審核，該會計師行已表示其願意繼續
擔任有關職務。故此即將舉行之股東周年大
會上將會提呈一項決議案以重聘德勤 • 關黃
陳方會計師行為本公司之核數師。
承董事會命
廖創興企業有限公司
廖烈智
主席、董事總經理
兼行政總裁
香港，二零一八年三月七日
AUDITOR
The consolidated financial statements for the year have been
audited by Messrs. Deloitte Touche Tohmatsu who have expressed
their willingness to continue in office. Accordingly, a resolution will
be submitted to the forthcoming annual general meeting to
reappoint Messrs. Deloitte Touche Tohmatsu as auditor of the
Company.
On behalf of the Board
Liu Chong Hing Investment Limited
Liu Lit Chi
Chairman, Managing Director
and Chief Executive Officer
Hong Kong, 7 March 2018
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LIU CHONG HING INVESTMENT LIMITED SIMPLIFIED ORGANISATION CHART
廖創興企業有限公司簡化組織圖
Secretarial Department
秘書部
Human Resources
Department
人力資源部
Project Development
Department
項目發展部
China Division
中國部
Property Development
Department
物業發展部
Property and
Facility Management
Department
物業及設施管理部
REMUNERATION
COMMITTEE
薪酬委員會
AUDIT
COMMITTEE
審核委員會
EXECUTIVE
MANAGEMENT
COMMITTEE
執行管理委員會
CORPORATE
GOVERNANCE
COMMITTEE
企業管治委員會
NOMINATION
COMMITTEE
提名委員會
BOARD OF DIRECTORS
董事會
Finance Management and
Information Technology
Department
財務管理及資訊科技部
Leasing Department
租務部
Legal and Corporate
Communications
Department
法律及企業資訊部
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AUDIT COMMITTEE REPORT 審核委員會報告書
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The Audit Committee is made up of three members, all of them are
Independent Non-executive Directors of the Company.
The committee oversees the financial reporting system and
internal control procedures. In this process, management is
principally responsible for the preparation of group financial
statements including the selection of suitable accounting policies.
External auditors are responsible for auditing and attesting to
group financial statements and will report to the management of
the Company from time to time on any weakness in controls which
come to their attention. The Audit Committee oversees the
respective work of management and external auditors to ensure
the management has discharged its duty to have an effective
internal control procedures.
The Audit Committee had performed the works as follows:
1. To review the audited financial statements of the Company for
the year ended 31 December 2017;
2. To review the interim results of the Company for the six
months ended 30 June 2017;
3. To review and monitor the external auditors’ independence;
4. To review the system of internal control of the Company;
5. To review the audit plan and the engagement from external
auditors;
6. To make recommendation on the re-appointment of external
auditors; and
7. To review the sufficiency of manpower resources of account
and finance team of the Group in order to carry out the duties.
It was reported that no major internal control weakness was found
and all the recommendations previously suggested by auditors
were agreed and implemented by the management in 2017.
Based on these reviews and discussions, and the report of the
external auditors, the Audit Committee recommended to the
Board approval of the consolidated financial statements for the
year ended 31 December 2017 with the Auditor’s Report thereon.
審核委員會由三名委員組成，全部為本公司
獨立非執行董事。
審核委員會監督本集團財務申報及其內部監
控程序。根據有關程序，管理層主要負責集
團財務報表之編製，包括揀選合適之會計政
策。外聘核數師負責審核及驗證集團之財務
報表及不時向本公司管理層匯報需要改善的
內部監控制度。審核委員會監督管理層及外
聘核數師之工作，確保管理層已履行其職責
建立有效的內部監控系統。
審計委員會已履行以下工作：
1. 檢討本公司截至二零一七年十二月三十一
日止年度之經審核財務報表；
2. 檢討本公司截至二零一七年六月三十日止
六個月之中期業績；
3. 檢討及監察外聘核數師之獨立性；
4. 檢討本公司之內部監控制度；
5. 檢討審計計劃及聘用外聘核數師；
6. 就再度委任之外聘核數師而提出建議；及
7. 檢討本集團會計及財務團隊之人手資源足
夠性，以便充分履行職責。
本公司之內部監控並無存在任何重大不足之
處，並且過往由核數師提出之所有建議亦獲
得管理層採納並已在二零一七年內執行。
基於上述檢討及討論以及外聘核數師之報告
書，審核委員會建議董事會批准截至二零
一七年十二月三十一日止年度綜合財務報表
連同有關之核數師報告書。
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AUDIT COMMITTEE REPORT 審核委員會報告書
審核委員會向董事會建議，尋求股東批准續
聘德勤 • 關黃陳方會計師行為本集團二零
一八年度之外聘核數師。
審核委員會委員
鄭毓和先生（主席）
鄭慕智博士
區錦源先生
香港，二零一八年三月六日
The Committee recommended to the Board that the shareholders
be asked to re-appoint Messrs. Deloitte Touche Tohmatsu as the
Company’s external auditor for 2018.
Members of the Audit Committee
Mr. Cheng Yuk Wo (Chairman)
Dr. Cheng Mo Chi, Moses
Mr. Au Kam Yuen, Arthur
Hong Kong, 6 March 2018
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NOMINATION COMMITTEE REPORT 提名委員會報告書
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The Nomination Committee (“NC”) consists of five members.
The main duties of the committee are (i) to review the structure,
size and composition of the Board and make recommendations on
any proposed changes to the Board to complement the
Company’s corporate strategy; (ii) to identify individuals suitably
qualified to become directors of the Company and select or make
recommendations to the Board on the selection of individuals
nominated for directorships; (iii) to assess the independence of
independent non-executive directors of the Company; and (iv)
make recommendations to the Board on the appointment or re-
appointment of the directors and succession plan for directors, in
particular the chairman and chief executive of the Company.
The NC discharges its responsibilities by reference to the terms of
reference which set out their roles, responsibilities and duties. The
terms of reference were duly authorised by the Board.
In year 2017, the NC had reviewed and discussed the following
issues at its meetings:
1. To review the composition, size and structure of the Board of
the Company.
2. To review the attendance records of directors of the
Company.
3. To review the scope of responsibilities of directors of the
Company.
4. To review and confirm the independence of al l the
Independent Non-executive Directors.
5. To review and amend as required from time to time the
Board diversity policies.
The NC is accountable to the Board and minutes of the meeting
are circulated to the Board for information.
The NC meets when required but at least once per year.
Members of the Nomination Committee
Mr. Liu Lit Chi (Chairman)
Mr. Au Kam Yuen, Arthur
Dr. Ma Hung Ming, John
Mr. Cheng Yuk Wo
Mr. Kho Eng Tjoan, Christopher
Hong Kong, 6 March 2018
提名委員會由五名委員組成。
委員會主要職責是(i)檢討董事會的架構、人
數及組成，並就任何為配合本公司之策略而
擬對董事會作出之變動提出建議；(ii)物色具
備合適資格可擔任董事之人士，並挑選提名
個別人士出任董事或就此向董事會提供意見；
(iii)評核本公司獨立非執行董事之獨立性；及
(iv)就董事委任或重新委任及董事（特別是本
公司主席及行政總裁）繼任計劃向董事會提出
建議。
提名委員會履行之職責會參照職權範圍書內
列明之角色、責任和義務。此職權範圍書亦
已獲董事會授權。
於二零一七年內，提名委員會曾於會議上審
議及討論下列事項：
1. 檢討本公司董事會的組織、人數及架構。
2. 檢討本公司董事出席會議之紀錄。
3. 檢討本公司董事的責任範圍。
4. 檢討及確認所有獨立非執行董事之獨立
性。
5. 按不時需要，檢討及修訂，董事會多元
化政策。
提名委員會向董事會負責說明及傳閱會議記
錄等資料。
提名委員會如有需要時可召開會議，但每年
最少要舉行一次。
提名委員會委員
廖烈智先生（主席）
區錦源先生
馬鴻銘博士
鄭毓和先生
許榮泉先生
香港，二零一八年三月六日
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REMUNERATION COMMITTEE REPORT 薪酬委員會報告書
The Remuneration Committee (“RC”) consists of four members, a
majority of whom are Independent Non-executive Directors of the
Company.
The main duties of the committee are to formulate the Company’s
remuneration policy as well as to determine and/or make
recommendation to the Board with regard to the structure of
remuneration packages for all directors and senior management.
When necessary and appropriate, the Chairman and Managing
Director are consulted on such issues.
The RC discharges its responsibilities by reference to the terms of
reference which set out their roles, responsibilities and duties. The
terms of reference were duly authorised by the Board.
The RC, having consulted with the Chairman of the Board, had
reviewed and discussed the following issues at its meeting:
1. To review the Company’s pol icy, structure and the
remunerations packages for all directors and senior
management;
2. To determine and/or make recommendation to the Board
regarding the Directors’ fees and other allowance for the year
2018; and.
3. To review and approve the annual performance bonus and its
policy.
The RC is accountable to the Board and minutes of the meeting
are circulated to the Board for information.
The RC meets when required but at least once per year.
Members of the Remuneration Committee
Dr. Cheng Mo Chi, Moses (Chairman)
Mr. Kho Eng Tjoan, Christopher
Dr. Ma Hung Ming, John
Mr. Cheng Yuk Wo
Hong Kong, 6 March 2018
薪酬委員會由四名委員組成，大部份為本公
司獨立非執行董事。
委員會主要職責是制定本公司之薪酬政策，
並向董事會推薦有關全部董事及高級管理人
員之薪酬組合的決定及╱或建議。如需要，
可向主席及董事總經理協商決定。
薪酬委員會履行之職責會參照職權範圍書內
列明之角色、責任和義務。此職權範圍書亦
已獲董事會授權。
薪酬委員會經諮詢董事會主席之意見後，並
於會議上審議及討論下列問題：
1. 審閱本公司有關董事及高級管理人員之
薪酬政策、架構及薪酬組合；
2. 決定及╱或建議董事會有關二零一八年
之董事酬金及其他津貼；及
3. 審閱及批准全年業績之花紅及政策。
薪酬委員會有義務向董事會說明及傳閱與會
議記錄有關的一切資料。
薪酬委員會如有需要時可召開會議，但每年
最少要舉行一次。
薪酬委員會委員
鄭慕智博士（主席）
許榮泉先生
馬鴻銘博士
鄭毓和先生
香港，二零一八年三月六日
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SUMMARY OF FINANCIAL HIGHLIGHTS 財務摘要
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2017
二零一七年
HK$’000
港幣千元
2016
二零一六年
HK$’000
港幣千元
Change
變動
%
百分率
Revenue
收益
2,215,351 1,031,138
Profit for the year attributable to owners
of the Company
分配於本公司股東之本年度溢利
744,888 457,907
Basic earnings per share
每股基本盈利
港幣HK$元 港幣HK$元
Net assets value per share
每股資產淨值
港幣HK$元 港幣HK$元
Dividend per share
每股股息
Interim
中期
港幣HK$元 港幣HK$元
Final
末期
港幣HK$元 港幣HK$元
Total
合共
港幣HK$元 港幣HK$元
Dividend payout ratio
派息比率
30% 39% (9)
MANAGEMENT DISCUSSION AND ANALYSIS 管理層之討論及分析
PHASE 1 THE GRAND RIVIERA, FOSHAN
佛山翠湖綠洲花園第一期
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MANAGEMENT DISCUSSION AND ANALYSIS 管理層之討論及分析
For the year ended 31 December 2017, the Group recorded audited
consolidated profit of approximately HK$ million, comparing
to that of 2016 amounted to approximately HK$ million,
representing an increase of approximately 65%. The net changes
were mainly due to the profits recognition from the sale of Foshan
residential project (Phase 3) and the increase in fair value of
investment properties.
Revenue mainly referred to the revenues generated from property
investment, property development, property management,
treasury investment, trading & manufacturing and hotel operation.
Other income referred to various miscellaneous income other than
the main revenue.
Other gains and losses mainly comprised of gain on changes in fair
value of investment properties, net exchange gains, impairment
loss recognised in respect of available-for-sale investments and
impairment loss recognised in respect of other receivables.
PROPERTY INVESTMENT
OVERALL RENTAL REVENUE
For the year ended 31 December 2017, the Group recorded gross
rental revenue of approximately HK$ million, increased by
approximately HK$ million from approximately of HK$
million in 2016, slightly increase of 1%.
OVERALL OCCUPANCIES
The Group’s overall occupancy from major investment properties
continued to maintain at % as at 31 December 2017.
截至二零一七年十二月三十一日止年度，本
集 團 錄 得 經 審 核 綜 合 溢 利 約 港 幣
773,800,000元，較二零一六年同期所得溢
利約港幣468,800,000元，上升約65%。變
動主要是由於出售佛山住宅項目（第三期）的
收益確認以及投資物業公平價值增加所致。
收益主要指從物業投資、物業發展、物業管
理、財務投資、貿易及製造以及酒店經營所
產生的收益。
其他收入是指主要收益以外的各個雜項收入。
其他收益及虧損主要包括投資物業公平價值
變動收益、匯兌淨收益、可供出售投資之減
值虧損確認，及其他應收款之減值虧損確認。
物業投資
整體租金收益
截至二零一七年十二月三十一日止年度，本
集團錄得之毛租金收益約港幣365,600,000
元，由二零一六年港幣361,100,000元增加
約港幣4,500,000元，輕微上升 1%。
整體出租率
於二零一七年十二月三十一日，本集團主要
投資物業之整體出租率持續維持於約%。
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Phase 4 The Grand Riviera, Foshan sales events
佛山翠湖綠洲花園第四期銷售活動
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MANAGEMENT DISCUSSION AND ANALYSIS 管理層之討論及分析
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Phase 4 The Grand Riviera, Foshan sales events
佛山翠湖綠洲花園第四期銷售活動
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香港物業
創興廣場
創興廣場，位處旺角彌敦道601號，為樓高
二十層之銀座式零售╱商業大廈，提供逾
182,000平方呎零售及娛樂用地。截至二零
一七年十二月三十一日止年度，創興廣場產
生之租金收益約港幣 122,200,000元，該大
廈於二零一七年十二月三十一日之出租率為
100%。由於翻新工程已於二零一七年完成，
大廈的整體形象和價值得到提升。這對持續
引入新租戶（如小米及實惠）和與現有租戶（如
Aeon）續租時，均能確保獲得可觀的租金收
入。總裝修費用約港幣64,000,000元，所
有支出均由內部資源撥付。
創興銀行中心
創興銀行中心位於中環德輔道中24號，為樓
高二十六層之甲級寫字樓。除保留數層供本
集團自用外，其餘辦公樓層出租予創興銀行
有限公司，租期五年。截至二零一七年十二
月三十一日止年度，該大廈錄得租金收益共
約港幣67,900,000元。
創業商場
創業商場位於德輔道西402–404號，提供逾
54,000平方呎之零售及商業用地。截至二零
一七年十二月三十一日止年度，該零售及商
業 購 物 中 心 產 生 之 租 金 收 益 約 港 幣
20,900,000元，相較二零一六年同期輕微
下降 %。於二零一七年十二月三十一日，
出租率下降至71%。管理層現正積極研究不同
的裝修方案，以提升該商場價值，從而獲得
更好的租金回報。
富慧閣
富慧閣位於淺水灣道94號，為一低密度樓
宇，本集團持有五個住宅單位，各單位出租
面積逾4,100平方呎。截至二零一七年十二月
三十一日止年度，富慧閣錄得租金收益約港
幣3,100,000元及 100%出租率。
HK PROPERTIES
CHONG HING SQUARE
Chong Hing Square, located at 601 Nathan Road Mongkok, is a
20-storey ginza-type retail/commercial development offers over
182,000 square feet of retail and commercial space. For the year
ended 31 December 2017, Chong Hing Square generated rental
revenue of approximately HK$ million with occupancy of
100% as at 31 December 2017. As the renovation work has been
completed in 2017, overall image and value of the building was
enhanced. This renovation enables the building to obtain a good
rental rates for both new leases (such as Xiaomi and Pricerite) and
existing leases renewals (such as Aeon). Total renovation cost was
amounted to approximately of HK$64 million and all expenditures
are funded by internal resources.
CHONG HING BANK CENTRE
Chong Hing Bank Centre, located at 24 Des Voeux Road Central, is
a 26-storey Grade A office building. Having retained several floors
for group’s use, the office building was leased to Chong Hing Bank
Limited for 5 years fixed tenancy. For the year ended 31 December
2017, a total of approximately HK$ million rental revenue was
derived from this building.
CHONG YIP CENTRE
Chong Yip Centre is located at 402–404 Des Voeux Road West. It
provides over 54,000 square feet of retail and commercial space.
For the year ended 31 December 2017, this retail and commercial
shopping center generated rental revenue of approximately
HK$ million, slightly decreased by % when comparing to
that of 2016. The occupancy was decreased to 71% as at 31
December 2017. The management has been intensively studying
different renovation proposals to upgrade this building for the
purpose of gaining better rental return.
FAIRVIEW COURT
Fairview Court is located at 94 Repulse Bay Road. The group owns
5 residential units, each of areas over 4,100 square feet, luxury
apartment on a low-rise building. For the year ended 31 December
2017, Fairview Court recorded rental revenue of approximately
HK$ million with 100% occupancy.
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中國物業
上海創興金融中心
本集團之國內旗艦物業座落於上海黃浦區南
京西路288號，是一座36層高的甲級商業大
廈，地點極具策略優勢，可飽覽對面人民廣
場之優美景觀。該物業提供寫字樓及商業總
樓面面積逾516,000平方呎及 198個車位，
於年結日，此物業之寫字樓出租率約為
86%，零售單位出租率則為 100%。本物業截
至二零一七年十二月三十一日止年度，產生
租金收益總額約港幣 144,300,000元，上升
約2%。
物業發展
香港
ONE-EIGHT-ONE酒店及服務式住宅
位處干諾道西 181–183號的原寫字樓（前稱為
滙港中心），現正改建成為一間擁有 183間客
房的酒店及服務式住宅。重建工程進入最後
階段，預計酒店將於二零一八年上半年取得
入伙紙。總改建費用包括專業費用約為港幣
499,000,000元，所有支出均由內部資源撥
付。
新界大埔
本集團購入新界大埔區一幅佔地262,000平
方呎之地塊。管理層已就該幅農地的日後發
展展開研究。
中國
佛山翠湖綠洲花園
該綜合發展項目位處佛山市南海區羅村貴隆
路 1號，交通便捷，距離佛山金融區不足半小
時車程，而距離新佛山西站不足5分鐘車程。
發展狀況
佛山住宅項目是一個綜合發展、分期開發的
項目。現時第一期、第二期和第三期已發展
完成。第四期已於二零一六年第三季度開始
施工，計劃於二零一八年完成。
PRC PROPERTIES
CHONG HING FINANCE CENTER, SHANGHAI
The Group’s mainland flagship property located at 288 Nanjing
Road West in Huang Pu District of Shanghai is a 36-storey Grade
A commercial building which commands a strategic location and
enviable view over The People’s Square just across the street. With
a total floor area of over 516,000 square feet of office and
commercial spaces and 198 carparks, this property was
approximately 86% let in terms of office space and 100% let in
terms of retail space as at year ended. For the year ended 31
December 2017, this office building generated rental revenue of
approximately HK$ million, representing an increase of 2%.
PROPERTY DEVELOPMENT
HONG KONG
ONE-EIGHT-ONE Hotel & Serviced Residences
The previous office building (formerly known as Western Harbour
Center), located at 181–183 Connaught Road West, was under
construction to convert into a 183-room hotel and serviced
residences. Construction work came to the final stage and the
occupation permit was scheduled to be obtained in the first half of
2018. Total renovation costs including professional fee amounted
to approximately of HK$499 million and all expenditures are
funded by internal resources.
Tai Po, New Territories
The Group had acquired a plot of land with 262,000 square feet in
Tai Po district, New Territories. The management has initiated the
studies for the future development of this agriculture land.
PRC
The Grand Riviera, Foshan
This comprehensive development situated at 1 Guilong Road,
Luocun in the Nanhai District of Foshan, is conveniently located
within half an hour’s drive from the Foshan financial district and
within 5 minutes’ drive from the new Foshan West Station.
Development Status
The Foshan residential project is a comprehensive development
and it is being developed by phases. As at today, Phase 1, 2 and 3
were completed. For Phase 4, construction already commenced in
the third quarter of 2016 and is scheduled to be completed in 2018.
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截至二零一七年十二月三十一日止年間，本
集團錄得銷售收入約港幣1,694,500,000元，
較二零一六年同期收入約港幣488,400,000
元 增 加 約 港 幣 1,206,100,000元， 增 幅
247%。變動主要是由於出售翠湖綠洲花園
（第三期）的收益及溢利確認。
佛山翠湖綠洲花園（第一期）
於二零一八年三月七日，共成功售出785個
住宅單位（佔單位總數的93%）及393個停車
位（佔停車位總數的35%），總銷售收益分別
約 人 民 幣711,800,000元 及 人 民 幣
55,200,000元。
佛山翠湖綠洲花園（第二期和第三期）
於二零一八年三月七日，第二期總數共售出
全部 1,542個住宅單位及477個停車位（佔停
車位總數的43%），產生總銷售收益分別約人
民幣932,300,000元及人民幣68,900,000
元。
第三期總數共 1,498個住宅單位亦已成功全部
售 罄， 產 生 總 銷 售 收 益 約 人 民 幣
1,130,800,000元。第三期建築工程已按計劃
完成，並於二零一七年十月交付買家入伙。
因此，第三期銷售業績已於二零一七年第四
季入帳。
佛山翠湖綠洲花園（第四期）
第四期發展項目計劃興建 11幢樓高 14層之住
宅樓宇，提供 1,377個住宅單位，發展面積超
過 156,000平方米。另提供零售商業面積約
5,900平方米、其他輔助設施約7,700平方
米及主要建於地庫的 1,227個停車位，四期總
發展面積超過216,000平方米。住宅單位提
供了四種面積分別為90，100，130和 140平
方米的典型戶型。建築工程已於二零一六年
第三季度開展。
Financial and Sale results
For the year ended 31 December 2017, the Group recorded sale
revenue of approximately HK$1, million, increased by
approximately HK$1, million from HK$ million in 2016,
representing an increase of 247%. This is due to the revenue and
profit recognition for The Grand Riviera Phase 3.
The Grand Riviera, Foshan (Phase 1)
As at 7 March 2018, a total of 785 residential units (representing
93% of the total units) and 393 car parking units (representing 35%
of the total units) were successfully sold generating total sale
proceeds of approximately million and million,
respectively.
The Grand Riviera, Foshan (Phase 2 and 3)
As at 7 March 2018, all 1,542 residential units and 477 car parking
units (representing 43% of the total units for sale) of Phase 2 were
successfully sold returning total sale proceeds of approximately
million and million, respectively.
For Phase 3, all 1,498 residential units were successfully sold out
returning sale proceeds of approximately RMB1, million. As
the construction of Phase 3 was completed on schedule, the flats
have been started to handover to the buyers since October 2017,
and thus the sale results of Phase 3 were recognized in the fourth
quarter of 2017.
The Grand Riviera, Foshan (Phase 4)
For Phase 4 development, it constructed 11 blocks of 14-storey
residential flats above the ground. It provides 1,377 residential units
with developable areas over 156,000 square metres. Including the
retail and commercial areas of approximately 5,900 square metres,
other amenities areas of approximately 7,700 square metres and
1,227 car parking spaces mainly built at the basement level, the
total developable areas of Phase 4 is over 216,000 square metres.
For the size of residential units, it provided four typical sizes with
areas of 90, 100, 130 and 140 square metres. Construction work
has commenced since the third quarter of 2016.
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MANAGEMENT DISCUSSION AND ANALYSIS 管理層之討論及分析
於二零一八年三月七日，共成功售出924個
住宅單位（佔推售單位總數的97%），產生總
銷售收益約人民幣 1,179,700,000元。
若所有剩餘（未售）物業（包括住宅單位、零售
商鋪和停車位）按目前市況出售，則本集團預
計可進一步獲得總銷售收益約港幣20億元。
經濟型酒店項目
本集團自二零零八年起，開始於上海、北京
及廣州經營經濟型酒店業務。該等經濟型酒
店全部均由漢庭管理並以漢庭之品牌名稱經
營。截至二零一七年十二月三十一日止年間，
酒店總收益由二零一六年約港幣 17,000,000
元 下 降 約35%至 二 零 一 七 年 約 港 幣
11,000,000元。鑒於本集團調整投資策略，
於二零一六年已出售上海和北京的經濟型酒
店，只維持營運廣州酒店。
投資日本倉庫
於二零一七年十一月，本集團收購一間於日
本實益擁有兩間倉庫的公司已發行股本的
50%。管理層認為，該投資由於擁有良好的
管理團隊，優質的租戶以及因2020年東京奧
運急速發展的物流業務，將為集團帶來穩定
的租金回報及長遠升值。該項目的總投資額
約港幣 191,000,000元。
資本架構
本集團的股東資金由二零一六年十二月
三十一日的港幣 10,923,900,000元增加至
二 零 一 七 年 十 二 月 三 十 一 日 的 港 幣
11,799,700,000元， 淨 增 幅 為 港 幣
875,800,000元。股東資金增加是由於(a)
分 配 於 本 集 團 股 東 應 佔 溢 利 約 港 幣
744,900,000元；(b)投資重估儲備及匯兌
儲備總計淨增加約港幣312,600,000元；及
(c)已付股息約港幣 181,700,000元。
As at 7 March 2018, 924 residential units (representing 97% of the
total units put up for pre-sale) were successfully sold, generating
total sale proceeds of approximately RMB1, million.
If all of the remaining (unsold) properties including residential
units, retail shops and car parks, could be sold under the current
market situation, it is estimated that the Group would receive
further total sale proceeds of approximately HK$2 billion.
BUDGET HOTEL PROJECT
Since 2008, the Group started to operate budget hotel business in
Shanghai, Beijing and Guangzhou. All of these budget hotels are
managed by and under the brand name of Hanting. For the year
ended 31 December 2017, hotel revenue decreased by 35% from
approximately of HK$17 million in 2016 to approximately HK$11
million in 2017. Due to the restructuring of the business strategy,
the Group had sold the budgeted hotels at Shanghai and Beijing in
2016, only the hotel in Guangzhou remains in operation.
INVESTMENT IN JAPAN WAREHOUSES
In November 2017, the Group acquired 50% of the issued share
capital of a company which in turn beneficially owned two
warehouses in Japan. The management regarded the investment
would bring the Group’s a stable rental return together with a long
term appreciation of the properties given the good management
team, quality of tenants and the fast growing logistic business
relating to 2020 Tokyo Olympic. Total investment for this project
amounted to HK$191 million.
CAPITAL STRUCTURE
The Group’s shareholders’ funds increased from approximately
HK$10, million as at 31 December 2016 to approximately
HK$11, million as at 31 December 2017, representing a net
increase of approximately HK$ million. The increase in
shareholders’ funds was attributed to (a) profit attributable to the
owners of the Group of approximately HK$ million; (b) net
increase of investment revaluation reserve and exchange reserve
totaling approximately HK$ million and (c) dividend paid
approximately HK$ million.
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淨現金結餘
於二零一七年十二月三十一日，本集團的淨
現金結餘（即現金及存款扣減借款）為約港幣
1,282,100,000元，由二零一六年約港幣
1,112,300,000元增加約港幣 169,800,000
元，增幅 %。
淨現金餘額的增加主要與佛山翠湖綠洲花園
住宅項目的銷售有關。於二零一七年，本集
團已收到該項目之現金銷售收益超過約港幣
1,356,900,000元。
於未來幾年，本集團主要的資本支出為佛山
住宅項目、重建酒店項目及裝修創業商場。
管理層將控制該資本支出在預算以內，並不
影響公司的營運資金。
管理層預期佛山翠湖綠洲花園銷售收益及來
自不同租賃物業的穩定租金收入，可進一步
增加本集團的現金餘額。
銀行貸款
於二零一七年十二月三十一日，大部份的銀
行貸款均為承諾貸款。在管理債務組合時，
本集團一直致力維持資金來源多元化。現時，
主要的融資來源仍然是來自銀行貸款，已有
數家銀行為本集團提供雙邊銀行融資額，而
且大部份已與本集團建立長久關係。若市況
及貸款條款皆對本公司有利，管理層將會考
慮擴闊來自資本市場的融資來源。
管理層會密切監察本公司的資金狀況，在未
來的發展計劃中會動用內部資金及成本較低
的外部資金來源。
FINANCE AND TREASURY OPERATIONS
NET CASH BALANCE
As at 31 December 2017, the Group’s net cash balance (being cash
and deposits less borrowings) stood at approximately HK$1,
million, increased by approximately HK$ million from
approximately HK$1, million in 2016, representing an increase
of %.
The increase of net cash balance mainly related to the sale of The
Grand Riviera, Foshan residential project. For the year of 2017, the
group has received cash sale proceeds of approximately
HK$1, million from this project.
In the years ahead, the Group’s major capital expenditures will be
incurred for the Foshan residential project, hotel redevelopment
project, and the renovation of Chong Yip Centre. The management
will ensure all these capital expenditures within the budget and do
not undermine the company’s working capital.
The management expected that the Group’s cash balances could
be increased further by the sale of The Grand Riviera, Foshan
residential project, and the stable rental revenue generated from
different rental properties.
BANKING FACILITIES
Most of the banking facilities as at 31 December 2017 were
committed banking facilities. In managing the debt portfolio, the
Group has endeavored to maintain diversified sources of funding.
Currently, the major source of financing is still coming from the
banking sector, in which the Group has bilateral banking facilities
with various banks, most of which have established long
relationship with the Group. The management will consider to
widen the funding source from capital market if both the market
conditions and terms are favorable to the Company.
The management will closely monitor the company’s funding
position, internal funding and cheaper external funding will be used
for coming development project.
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流動資金風險及現金結餘
本集團的財務政策是保持現金結餘及充裕流
動資金。保持充裕流動資金不僅有助本集團
履行所有短期還款責任，亦可改善本集團的
營運資金狀況。
本集團的流動資金主要來自各項投資物業的
經常性租金收入、來自各項落成及即將落成
發展項目的現金銷售收益以及承諾銀行信貸。
本集團的流動資金風險因提早再融資和現金
流的改善已進一步降低。
到期貸款分析
延長貸款期限可以減低流動資金風險。本集
團的中期到期債務組合分別為28%債務於一
年內到期，及72%債務則於一年至兩年內內
到期。事實上，本集團在中國的流動資金及
現金流量狀況在成功出售佛山翠湖綠州花園
後大幅改善。因此，有關的建築貸款無需在
到期時續約或延期。
風險管理
在監管利率及外匯風險時，本集團可使用若
干衍生工具，例如利率掉期、貨幣掉期、遠
期利率協議及外匯合約。本集團只容許使用
該等衍生工具作為對沖風險用途。至於衍生
工具的交易風險方面，本集團僅會與具備良
好投資評級的財務機構進行交易。
利率風險
利率波動及走勢不明朗可能會對本集團的財
政狀況產生潛在負面影響。管理層將會密切
留意及檢討利率走勢，以盡量減輕利率走勢
對財政構成的影響。
外匯風險
本集團的政策乃盡量減低貨幣錯配的風險，
亦不會進行外匯投機買賣。其他外匯風險乃
與上海、佛山及日本的重大投資項目有關。
於二零一七年十二月三十一日，該等投資約
港幣6,420,800,000元，佔本集團資產的
%。
LIQUIDITY RISK AND CASH BALANCES
It is the Group’s financial policy to maintain positive cash balance
and high liquidity. To maintain sufficient liquidity will not only help
the Group to fulfill all short term payment obligations but also to
improve the Group’s working capital.
Liquidity mainly comes from recurring rental income of various
investment properties, cash sale proceeds from various completed
and uncompleted development projects and committed banking
facilities. Liquidity risk of the Group is low and it has been further
reduced by early refinancing and improvement of cash flow.
LOAN MATURITY ANALYSIS
Liquidity risk could also be reduced by extending the loan tenors.
The Group’s debt maturity portfolio is spread out over a medium
term, with 28% of debts becoming due within 1 year, and 72% of
debts becoming due within 1-2 years respectively. It was the fact
that the Group’s liquidity and cash flow position in PRC was
improved substantially following the successful sale of Grand
Riviera, Foshan. Therefore, the construction loan was no need to
renew or extend upon maturity.
RISK MANAGEMENT
In managing interest rate and foreign exchange exposures, the
Group may use certain derivative instruments such as interest rate
swaps, cross currency swaps, forward rate agreements and foreign
exchange contracts. It is the Group’s policy to allow using
derivatives as hedging purposes only. With respect to the
counterparty risk of the derivatives, the Group transacts only with
financial institutions with strong investment-grade ratings.
INTEREST RATE EXPOSURE
The volatility and uncertainty of the movement of interest rate
may result in a potential negative impact to the Group’s financial
position. Given that, the management will actively involve and
review the movement of interest rate so as to minimize the
financial impact.
FOREIGN EXCHANGE EXPOSURE
It is the Group’s policy to minimize mismatch in currency and not
to speculate in currency movement. As at year ended 31 December
2017, other foreign exchange exposures related to some major
investments in Shanghai, Foshan and Japan projects which
altogether amounted to the equivalent of about HK$6, million
or % of the Group’s total assets.
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金融衍生工具
年內，本集團已與銀行進行衍生工具交易，
用作對沖在日本的新投資項目。為了使日圓
資產與日圓借款相匹配，此交叉貨幣掉期交
易可以減低外匯的風險。此外，為減低現金
流入的匯率風險，應收之日圓股息已利用單
一匯率遠期合約對沖。管理層通過及時及有
效地執行適當措施密切監察這些外匯風險。
僱員及薪酬政策
於二零一七年十二月三十一日，本集團聘有
464名員工（二零一六年十二月三十一日：
423名）。本年間之僱員成本（包括薪金、花
紅及津貼）總額約為港幣90,800,000元（二
零一六年：港幣87,500,000元）。
經薪酬委員會考慮及建議，本集團薪酬政策
相比市場僱員薪酬水平是合理及有競爭性的。
僱員總薪酬包括基本工資及花紅制度，均與
工作表現掛鈎。薪酬委員會之委員名單及其
工作詳列於第40頁。
DERIVATIVES FINANCIAL INSTRUMENTS
During the year, the Group has entered derivative transactions
with bank in order to hedge a new investment in Japan. The
foreign exchange risk exposure has been reduced by entering
Cross Currency Swap transaction for the purpose of matching the
Japanese assets with Yen borrowings. Besides, in order to
minimize the exchange rate risk effects of cash inflow, the
Japanese yen dividend receivable have been hedged by Single
Rate Forward. The management keep closely monitoring these
foreign exchange exposures by implementing different appropriate
measures on a timely and effective manner.
EMPLOYEE AND EMOLUMENT POLICY
As at 31 December 2017, the Group employed a workforce of 464
(31 December 2016: 423). Staff cost for the year include salaries,
bonuses and allowances, were approximately HK$ million.
(2016: HK$ million).
The Group’s remuneration policy, having been advised and
determined by the Remuneration Committee, will ensure that the
pay levels of its employee are reasonable and competitive in the
market and their total rewards including basic salary and bonus
system are linked with their performance. The members and work
done of Remuneration Committee are shown on page 40.
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CORPORATE GOVERNANCE REPORT 企業管治報告書
During the financial year ended 31 December 2017, the Company
has substantially complied with the Provisions of the Corporate
Governance Code (the “Corporate Governance Code” or the
“Code”) as set out in Appendix 14 of Listing Rules.
GUIDELINES AND PROCEDURES FOR CORPORATE
GOVERNANCE OF THE COMPANY
(A) CORPORATE GOVERNANCE CHART
The Board is committed to maintaining a high standard of
corporate governance for the purpose of enhancing long term
shareholders value. The corporate governance chart adopted by
the Company could be referred to Liu Chong Hing Investment
Limited Simplified Organisation Chart on page 36.
(B) DIRECTORS
(I) THE BOARD: RESPONSIBILITY FOR LEADERSHIP
AND CONTROL OF THE COMPANY
• The Board is accountable to the shareholders for leadership
and supervision of the senior management for the purpose of
creating long term shareholders value and producing a
sustainable growth and successful business.
• The principal tasks of the Board are to set objective,
formulate strategies and to monitor the operating and
financial performance.
• The Board is responsible for evaluating and determining the
nature and extent of the risks it is willing to take in achieving
the Company’s strategic objectives, and ensuring that the
Company establishes and maintains appropriate and effective
risk management and internal control systems.
• The Board also oversees management in the design,
implementation and monitoring of the risk management and
internal control systems, and management should provide a
confirmation to the Board on the effectiveness of these
systems.
• Duties of the Board include approving interim reports and
annual reports, announcements and press release of interim
and final results, setting the dividend policy, and approving
the issue, allotment or disposal or grant of options in respect
of unissued new shares of the Company.
截至二零一七年十二月三十一日止財政年度，
本公司基本已遵守上市規則附錄 14所載企業
管治守則（「企業管治守則」或「守則」）條文的
規定。
本公司企業管治指引及程序
(A) 公司管治架構圖
董事會致力維持高水平之企業管治，為股東
締造長遠價值。本公司採納之管治架構圖可
參照載於第36頁的廖創興企業有限公司簡化
組織圖。
(B) 董事
(I) 董事會：負責領導及監控本公司
• 董事會須就領導及監管高級管理層向股
東負責，透過維持不斷增長及成功之業
務，為股東締造長遠價值。
• 董事會之主要任務為設定目標、制訂策
略以及監控本公司之營運及財務表現。
• 董事會負責評估及釐定本公司達成策略
目標時所願意接納的風險性質及程度，
並確保本公司設立及維持合適及有效的
風險管理及內部監控系統。
• 董事會亦監督管理層對風險管理及內部
監控系統的設計、實施及監察，而管理
層應向董事會提供有關系統是否有效的
確認。
• 董事會之職責包括批准中期報告及年度
報告、公告以及中期及末期業績公告、
考慮股息政策，以及批准發行、配發或
出售或授出本公司未發行新股份之期權。
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(II) 主席及董事總經理：職責分工明確
• 本公司主席和董事總經理之間分工明
確，責任清晰。
• 董事會主席廖烈智先生領導及負責董事
會的有效運作，董事總經理負責本公司
的業務、日常管理和一般營運。
• 董事總經理負責集團之整體營運及表
現，透過轉授職責予不同執行董事及高
級管理人員達致指定目標。董事會就管
理層之權責及管理層須提交報告之情況
給予管理層清晰指引。
• 然而，緊隨前任主席廖烈武博士逝世後
的二零一七年下半年期間，本公司並未
遵循守則條文將主席及董事總經
理的職責予以區分。董事會認為，是項
安排符合本公司最佳利益，因本集團業
務性質要求具備豐富市場經驗，而廖烈
智先生於地產及銀行行業均累積豐富經
驗，故廖烈智先生應繼續身兼主席及董
事總經理之雙重職務。
(III) 董事會之組成：協調與獨立
• 董事會現時由四名執行董事、二名非執
行董事及五名獨立非執行董事組成。截
至二零一七年十二月三十一日止年度，
董事會已遵守上市規則有關委任獨立非
執行董事人數須佔董事會至少三分一之
要求。
• 獨立非執行董事之委任嚴格遵守上市規
則第條所載有關評估獨立性之指
引。本公司已接獲各獨立非執行董事就
彼等獨立性之書面確認。
(II) CHAIRMAN AND MANAGING DIRECTOR: CLEAR
DIVISION OF RESPONSIBILITIES
• The Company has clear and distinct division of responsibilities
between the Chariman and Managing director.
• Mr. Liu Lit Chi, the Chairman of the Board, provides leadership
and is responsible for the effective functioning and leadership
of the Board. The Managing Director is responsible for the
Company’s business, daily management and operations
generally.
• Managing Director assumes overall responsibility for Group’s
operation and performance by delegating duties to different
Executive Directors and senior management to achieve
targeted objectives. The Board gives clear directions to
management as to the i r powers o f management ,
circumstance in which the management should make report.
• However, immediate following the deceased of former
Chairman Dr. Liu Lit Mo and during the second half year of
2017, the role of Chairman and the Managing Director of the
Company has not been segregated as required by the code
provision of the Code. The Board considers this
arrangement is in the best interest of the Company that by
nature of the Group’s business which requires considerable
market expertise and Mr. Liu Lit Chi, with his profound
expertise in the property and banking industry, shall continue
in his dual capacity as the Chairman and Managing Director.
(III) BOARD COMPOSITION: BALANCE AND
INDEPENDENCE
• The Board currently comprises four Executive Directors, two
Non-executive Directors and five Independent Non-executive
Directors of the full Board. During the year ended 31
December 2017, the Board met the requirements of the
Listing Rules relating to the appointment of at least one-third
of the Board should be Independent Non-executive Directors.
• The appointment of Independent Non-executive Directors
strictly adheres to the guidelines for assessing independence
set out in Rule of the Listing Rules. The Company has
received written confirmation of their independence from
each of the Independent Non-executive Directors.
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• 董事會認為五名獨立非執行董事並無任
何業務或其他關係而可能影響其獨立判
斷，各獨立非執行董事運用彼等本身之
相關專業知識服務董事會。
• 委任獨立非執行董事可確保董事會能夠
有效及獨立運作。
• 獨立非執行董事兼任審核委員會、薪酬
委員會、提名委員會及企業管治委員會
之委員，換言之，該等委員會委員均有
獨立非執行董事。
• 此外，本公司於二零一二年三月七日成
立企業管治委員會，由三名執行董事及
兩名獨立非執行董事組成，負責履行企
業管治職責。
• 董事之簡歷載於第 107至第 115頁，顯示
彼等各有不同經驗，使董事會可以作出
明智之管理決定。
(IV) 委任、重選及罷免
• 提名委員會主要負責就董事委任或重新
委任以及就董事繼任計劃向董事會提出
建議。
• 任期最長之董事將於每屆股東周年大會
上退任董事，並可重選連任。
• 新委任董事須於獲委任後首次股東周年
大會上獲股東重選方可連任董事。
• 所有董事已與本公司訂立委任函件，並
有特定任期，惟須根據本公司章程細則
至少每三年輪值退任一次。
• The Board considers that the five Independent Non-executive
Directors are free from any business or other relationship
which might interfere with the exercise of their independent
judgment and each of Independent Non-executive Directors
brings their own relevant expertise to the Board.
• The presence of all Independent Non-executive Directors
could ensure that the Board functions effectively and
independently.
• The Independent Non-executive Directors are also the
committee members of the Audit Committee, Remuneration
Committee, Nominat ion Committee and Corporate
Governance Committee. In short, these committees have
Independent Non- executive Directors.
• In addition, the Company has set up the Corporate
Governance Committee on 7 March 2012 comprising three
Executive Directors and two Independent Non-executive
Directors to perform the corporate governance duties.
• The biographies of the directors appear on pages 107 to 115.
These demonstrate diversity of experience and calibre of the
Board in making management decisions.
(IV) APPOINTMENTS, RE-ELECTION AND REMOVAL
• The Nomination Committee is mainly responsible for making
recommendations to the Board on the appointment or re-
appointment of directors and succession planning for
directors.
• Those directors who have been longest in office as at each
annual general meeting will retire from office and be
subjected to re- election.
• For newly appointed directors, they are required to submit
themselves to shareholders for re-election to the Board at
the first annual general meeting following their appointment.
• All directors have entered into a letter of appointment with
the Company and were appointed for a specific term, subject
to re-election and retirement by rotation at least once every
three years in accordance with the Company’s Articles of
Association.
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• 守則條文規定每名董事應輪值退
任，至少三年一次。根據本公司章程細
則第 105條，所有董事均須輪值告退，
唯董事總經理根據本公司章程細則第
113條則毋須輪值退任。
• 然而，為提高公司管治水平，董事會將
動議一項特別決議案，並將於二零一八
年股東周年大會（二零一八年五月十五
日召開）上通過，修訂並完全替代成為
新的章程第113條。如果決議獲得通過，
董事總經理根據第 105條和第 106條應
當退任。
• 所有非執行董事及獨立非執行董事之委
任條款詳情如下：
(i) 履行及行使適合於本公司獨立非
執行董事或非執行董事職務之有
關職責及有關權力；
(ii) 遵守適用於本公司董事之所有法
律、規則及規例，包括但不限於
上市規則；及
(iii) 於發生或董事知悉任何可影響其
獨立性之事宜時立即通知董事會。
• 有關審核委員會、薪酬委員會、提名委
員會、企業管治委員會及執行管理委員
會之職權範圍，可瀏覽本公司網頁。
• Code provision stipulates that every director shall be
subject to retirement by rotation at least once every three
years. Under the Article 105 of the Company’s articles of
association, all directors are subject to retirement by rotation
except the Managing Director who shall not be subject to
retirement by rotation under Articles 113 of the Company’s
articles of association.
• However, for the purpose of enhancing better corporate
governance, the Board initiated a special resolution to be
passed on 2018 AGM (15 May 2018) for amending and
replacing entirely by a new article 113. If the resolution was
passed, a Managing Director shall be subject to retirement
under articles 105 and 106.
• Details of the term of appointment of all Non-executive
Directors and Independent Non-executive Directors are as
follows:
(i) to perform such functions and exercise such powers as
are appropriate to your position as an Independent
Non- executive Directors or Non-executive Directors of
the Company;
(ii) to comply with all laws, rules and regulations applicable
to you as a director of the Company, including but not
limit to the Listing Rules; and
(iii) to notify the Board immediately upon the occurrence
of, or the directors becoming aware of, any matter
which may affect their independence.
• The terms of reference of Audit Committee, Remuneration
Committee, Nomination Committee, Corporate Governance
Committee and Executive Management Committee are
available to review in the Company’s website.
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(V) 董事之責任：一般職責及股份交易
• 所有董事均充分瞭解彼等之角色及職
責，銳意創造一套健全之企業管治文化。
• 新任董事於入職時，將獲簡介本集團之
主要業務、彼等之責任及職責以及其他
監管要求。
• 年內，所有董事一直遵守上市規則附錄
10有關上市公司董事進行證券交易的標
準守則所規定之要求。
(VI) 持續專業發展
• 守則條文建議所有董事應參與持
續專業發展以開發及更新其知識和技能。
• 所有董事均清楚知悉截至二零一八年
十二月三十一日止年度須參加持續專業
培訓之規定。
(VII) 公司秘書
本公司之公司秘書亦為執行董事李偉雄
先生為本集團之全職僱員，並知悉本公
司之日常事務。公司秘書向主席匯報，
並負責透過董事會主席或執行管理委員
會就管治事宜向董事會提供意見，並協
助董事就任及專業發展。全體董事均可
獲公司秘書提供意見及服務，以確保遵
守董事會程序以及所有適用法律、規則
及規例。於年內，公司秘書已妥為遵守
上市規則第條下之相關專業培訓規
定。李先生之履歷載於本年度報告「董
事及高級管理人員簡介」一節內。
(V) RESPONSIBILITIES OF DIRECTORS: GENERAL
DUTIES AND SHARE DEALINGS
• The directors fully appreciate their role and duties as
directors with supportive commitment of creating a healthy
corporate governance culture.
• On appointment, new directors will be given an introduction
to the Group’s major business activities, induction into their
respons ib i l i t i es and dut ies , and other regu latory
requirements.
• Throughout the year, all directors complied with the required
standard set out in the Model Code in Appendix 10 of the
Listing Rules regarding Securities Transactions by Directors
of Listed Issuers.
(VI) CONTINUOUS PROFESSIONAL DEVELOPMENT
• Code provision proposes that all directors should
participate in continuous professional development to
develop and refresh their knowledge and skills.
• All directors are well aware of the requirement of attending
continuous professional training for the year ending 31
December 2018.
(VII) COMPANY SECRETARY
Mr. Lee Wai Hung, the company secretary also an Executive
Director of the Company, is a full time employee of the Group
and has day-to-day knowledge of the Company’s affairs. The
company secretary reports to the Chairman and is
responsible for advising the Board through the Chairman of
the Board or Executive Management Committee on
governance matters and also facilitates induction and
professional development of the directors. All directors have
access to the advice and services of the company secretary
to ensure that the Board procedures, all applicable law, rules
and regulations are followed. During the year, the company
secretary has duly complied with the relevant professional
training requirement under Rule of the Listing Rules. The
biography of Mr. Lee is set out in the section “Biographical
Details of Directors and Senior Management” in the annual
report.
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(C） 董事會議事程序
(I) 會議：須由全體董事議決之事宜及
一般程序
• 為達致高水平之企業管治及遵守附錄 14
企業管治守則所述之規定，於二零一七
年度董事會已履行最少每季舉行一次全
體董事會會議之責任。
執行管理委員會已於二零一四年十月
三十日成立。委員會現任委員包括廖烈
智先生、廖金輝先生、廖坤城先生及李
偉雄先生。根據董事會正式批准的職權
範圍，委員會獲授權：
(1) 就本公司及其附屬公司的日常管
理及營運相關事宜商討、制定政
策，並作出決策；
(2) 討論重大日常營運事宜；
(3) 檢討業務表現，並在適當的情況
下迅速採取修正措施；
(4) 討論並制定財政政策，包括審閱
及向董事會呈列本公司的末期及
中期業績，以及向董事會建議派
發中期及╱或末期股息或作出其
他分派；
(5) 討論形勢變化所帶來的商機，並
制定政策以確保本公司持續成長；
及
(6) 執行管理委員會現時每月均收到
管理報告，詳細分析本集團不同
商務活動的財務和經營業績。
• 委員會之主要職能可協助董事會減輕詳
盡審閱資料之負擔並提升部門間的營運
效率。為免生疑問，所有根據上市規則
或其他相關監管機構的規定須予以公佈
之事宜，必須尋求董事會批准。
(C) BOARD PROCESS
(I) MEETINGS: MATTERS RESERVED FOR FULL BOARD
DECISION AND GENERAL PROCEEDINGS
• In order to achieve a high standard of corporate governance
and in compliance with the requirement as mentioned under
Appendix 14 — Corporate Governance Code, the Board has
performed to hold full Board meeting at least quarterly
during the year 2017.
The Executive Management Committee was established on
30 October 2014. The current members of the committee
comprised of Mr. Liu Lit Chi, Mr. Liu Kam Fai, Winston, Mr. Liu
Kwun Shing, Christopher and Mr. Lee Wai Hung. Based on the
duly approved terms of reference by the Board, the
committee is authorised:
(1) to discuss, formulate policies and make decisions on all
matters relat ing to the dai ly management and
operations of the Company and its subsidiaries;
(2) to discuss significant daily operational issues;
(3) to review key business performance and take prompt
corrective actions as appropriate;
(4) to discuss and formulate financial policy, including
review and presentation of final and interim results of
the Company to the Board , as we l l as make
recommendation of interim and/or final dividends or
other distributions to the Board;
(5) to discuss business opportunities arising from changing
conditions so as to formulate policies to sustain the
growth of the Company; and
(6) The Executive Management Committee is currently
received monthly management report which shows the
Group’s financial and operating results with detailed
analysis of different business activities.
• The main function of the committee could help to relieve the
Board of detailed review of information and to increase the
operational efficiency among different departments. For the
avoidance of doubt, al l matters that require public
announcement pursuant to the Listing Rules or rules of any
other relevant regulatory body must be approved by the
Board.
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• 須由全體董事議決之事宜包括重大銀行
信貸安排、重大資產買賣事項、與關連
方之重大交易、包括涉及巨額資金之重
大投資項目、授權事項、財務及風險管
理政策以及主要股東或董事涉及利益衝
突之任何事項。
• 所有董事可聯絡公司秘書，彼負責確保
董事會符合議事程序，並就企業管治及
監管事宜向董事會提出建議。
• 公司秘書負責整理董事會及董事委員會
之會議記錄，該等會議記錄一般在每次
會議後之合理時間內送交董事傳閱，而
最終簽署作實之定稿則送交全體董事存
照，並可供董事隨時查閱。
• 所有董事均獲准利用公費尋求獨立專業
意見。
• 公司已為董事及要員購買責任保險。
• 二零一七年度董事會會議出席記錄載列
如下：
• Matters reserved for full Board decision include material bank
facilities arrangement, material acquisitions and disposals of
assets, material transactions with connected parties,
significant investments including large capital projects,
delegation of authority, treasury and risk management policy,
any matters involving a conflict of interest for a substantial
shareholder or director.
• All directors have access to the Company Secretary who is
responsible for ensuring that the Board procedures are
complied with and advises the Board on corporate
governance and compliance matters.
• The Company Secretary is responsible for taking minutes of
the Board and the Board committee meetings, which are
normally circulated to directors for comment within a
reasonable time after each meeting and the final signed
version is sent to all directors for their records and open for
directors’ inspection.
• All directors are allowed to take independent professional
advice at Company’s expense.
• There is in place a directors’ and officers’ liabilities insurance
cover.
• Details of 2017 Board meetings attendance record are set out
below:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Executive Directors 執行董事
Liu Lit Mo
(Former Chairman, passed away on 12 July 2017)
廖烈武
（前任主席，於二零一七年七月十二日逝世） 2/2 100%
Liu Lit Chi
(Chairman, Managing Director and Chief Executive Officer)
廖烈智
（主席、董事總經理兼行政總裁） 4/4 100%
Liu Kam Fai, Winston
(Deputy Managing Director)
廖金輝
（副董事總經理） 4/4 100%
Liu Kwun Shing, Christopher
(also alternate director to Dr. Liu Lit Chung)
廖坤城
（亦為廖烈忠醫生之替代董事） 4/4 100%
Lee Wai Hung 李偉雄 4/4 100%
Non-executive Directors 非執行董事
Liu Lit Chung 廖烈忠 4/4 100%
Andrew Liu (resigned on 8 March 2017) 廖駿倫（已於二零一七年三月八日辭任） 0/1 0%
Liu Chun Ning, Wilfred (retired on 9 May 2017) 廖俊寧（已於二零一七年五月九日退任） 0/1 0%
Kho Eng Tjoan, Christopher 許榮泉 4/4 100%
Independent Non-executive Directors 獨立非執行董事
Cheng Mo Chi, Moses 鄭慕智 2/4 50%
Tong Tsin Ka (retired on 9 May 2017) 唐展家（已於二零一七年五月九日退任） 1/1 100%
Au Kam Yuen, Arthur 區錦源 4/4 100%
Ma Hung Ming, John 馬鴻銘 3/4 75%
Cheng Yuk Wo 鄭毓和 4/4 100%
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(II) SUPPLY OF INFORMATION: QUALITY AND
TIMELINESS
• The Company attaches great importance to continually
improve on the quality and timeliness of the dissemination of
information to the directors.
• The Chairman is responsible for ensuring adequate supply of
information to the directors.
• The agenda and accompanying board papers will be sent in
full to all directors in a timely manner (we aim to give relevant
documents at least five clear days replacing current practice
of at least three clear days in advance of meeting). Where
appropriate, communications are sent electronically.
• Al l directors are currently provided with quarterly
management reports which shows the Group’s financial and
operating results with detailed analysis of those major rental
properties, property under development and other
investments.
• A full Board meeting, held by each quarter, was regularly
taken for the purpose of reviewing and updating the
Company’s business and operating results with reference to
the quarterly management report.
• Managing Director is currently holding internal management
meetings twice a week with all executive directors and
different department heads to update directors on their lines
of business and to review performance for delegated
assignment.
• Executive Management Committee meetings were held twice
a week to discuss the daily operation and to review the
Company matters by reference to monthly management
reports.
(II) 資料提供：質素和及時性
• 繼續改善向董事發放資料之質素和及時
性是本公司之首要任務。
• 主席有責任確保向董事提供充足資料。
• 議程及隨附之董事會文件將及時地全數
送交所有董事（目標是在召開董事會會
議前給予最少五日送交有關文件，代替
現時最少三日之慣例）。所有通訊將以
電子形式發佈（如適用）。
• 所有董事現時獲提供季度管理報告，內
容提供本集團之財務及營運業績詳盡分
析，其中包括主要租賃物業、發展中物
業及其他投資。
• 每季定期舉行一次全體董事會會議，根
據季度管理報告審閱及更新本公司業務
及營運業績。
• 董事總經理現時每週二次與所有執行董
事及不同部門主管舉行內部管理會議，
向董事提供彼等業務之最新狀況及審核
其獲指派工作之表現。
• 執行管理委員會每週舉行兩次會議，討
論日常營運事宜，並參考每月管理報告
檢討本公司事務。
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(III) 風險管理及內部監控系統
於二零一五年底後，執行管理委員會已聘請
德勤 •關黃陳方會計師行（「德勤」）對有關企
業風險管理和內部監控提供諮詢服務。董事
會了解評估公司的風險是董事會的責任，並
通過建立適當和有效的風險管理和內部監控
系統來實現公司的策略目標。
經與德勤討論了公司現有的制度和內部監控，
並確定主要風險後，高級管理層已制定出適
當的政策和詳細的工作計劃。
• 於二零一七年期間，管理層已經由德勤
調查結果和建議的基礎上完成了內部監
控評估和各種跟進行動。管理層高度重
視內部監控，認為此類建基於確定的審
計範疇的年度審查，將有利於管理層有
效進行風險管理和系統控制。
(D) 董事酬金
薪酬委員會釐定董事及高級管理人員薪酬政
策之程序：
• 本公司已於二零零五年三月三日成立薪
酬委員會，其職權範圍乃負責檢討及釐
定所有董事及高級管理人員之薪酬待遇。
• 薪酬委員會目前由四名委員組成，包括
三個獨立非執行董事，鄭慕智博士（主
席）、馬鴻銘博士、鄭毓和先生及非執
行董事許榮泉先生。
• 委員會每年至少舉行一次會議。
(III) RISK MANAGEMENT AND INTERNAL CONTROL
SYSTEMS
After the year ended of 2015, the Executive Management
Committee had engaged Messrs. Deloitte Touche Tohmatsu
(“Deloitte”) to provide consultancy services in relation to
enterprise risk management and internal controls. The Board
understands that it is the Board’s responsibility to evaluate the
risks of the Company and to implement the Company’s strategic
objective through an established, appropriate and effective risk
management and internal control systems.
Senior management had discussed with Deloitte regarding to the
Company’s existing system and internal controls and an
appropriate policy and detailed work plan had been formulated
after having identified the main area of risk.
• During the year of 2017, the management had completed the
internal control assessment and various follow up actions had
been done based on the findings and recommendations by
Deloitte. The management is highly regarded the internal
controls and considered that such review based on the
identified audit areas, will be performed annually so as to
manage the risk and control the effectiveness of the system.
(D) REMUNERATION OF DIRECTORS
Procedures for Remuneration Committee to set directors and
senior management’s remuneration policy:
• The Company has set up Remuneration Committee on 3
March 2005. Its terms of reference are to review and
determine the remuneration packages for all directors and
senior management.
• The Remuneration Committee currently comprises four
members, including three of the Independent Non-executive
Directors, namely Dr. Cheng Mo Chi, Moses (Chairman), Dr.
Ma Hung Ming, John and Mr. Cheng Yuk Wo and a Non-
executive Director, Mr. Kho Eng Tjoan, Christopher.
• The committee meets at least once per annum.
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• 委員會之主要職責包括下列各項：
(i) 就本公司所有董事及高級管理人
員之薪酬政策及架構以及就設立
正式而具透明度之程序制訂此等
薪酬政策，向董事會提出建議；
(ii) 授權釐訂個別執行董事及高級管
理人員之薪酬待遇，包括實物利
益、退休金權利及賠償費用及任
何失去或終止職務或委任之賠償；
(iii) 就釐定非執行董事之薪酬向董事
會作出建議；
(iv) 根據董事會擬定之企業目標作檢
討及批准管理層薪酬建議。
• 二零一七年度薪酬委員會會議出席記錄
載列如下：
• 委員會獲董事會授權監察及釐定執行董
事及高級管理人員之薪酬，並就此提供
建議。
• 董事並無參與釐定其本人之薪酬決定。
除有關牽涉其本身、主席或董事總經理
之事項外，主席或董事總經理可應邀出
席委員會之會議以提供意見。
• The main duties of the committee include the followings:
(i) to make recommendations to the Board on or
determine the Company’s policy and structure for all
directors and senior management remuneration and on
the establ ishment of a formal and transparent
procedure for developing remuneration policy;
(ii) to determine, with delegated responsibility, the
remuneration packages of individual executive directors
and senior management, including benefits in kind,
pension rights and compensation payment and any
compensation payable for loss or termination of their
office or appointment;
(iii) to make recommendations to the Board on or
determine the remuneration of Non-executive Directors;
(iv) to review and approve the management’s remuneration
proposals with reference to the Board’s corporate goals
and objectives.
• Details of 2017 Remuneration Committee meeting attendance
record are set out below:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Members of Remuneration Committee 薪酬委員會委員
Cheng Mo Chi, Moses (Chairman) 鄭慕智（主席） 1/1 100%
Kho Eng Tjoan, Christopher 許榮泉 1/1 100%
Ma Hung Ming, John 馬鴻銘 0/1 0%
Cheng Yuk Wo 鄭毓和 1/1 100%
Cavior Liu (Secretary) 廖鈞慧（秘書） 1/1 100%
• The committee is authorised by the Board to oversee and
determine the remuneration of Executive Directors and
Senior Management.
• No director is involved in deciding his own remuneration. On
matters other than those concerning him, the Chairman or
Managing Director may be invited to committee meetings to
give advices.
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• 根據若干程序，委員會委員獲准就作出
及釐定薪酬待遇方案採納獨立專業意
見，開支由本公司承擔。
• 委員會於每次會議後須向董事會呈交有
關其工作情況及審閱結果之報告。
• 委員會將就薪酬方案，包括所有董事之
董事袍金向董事會作出建議，以供股東
於股東周年大會批准。
• 年內薪酬委員會之授權及工作摘要載於
第40頁之薪酬委員會報告書內。
• 有關薪酬委員會之職權範圍，可瀏覽本
公司及聯交所網頁。
(E) 問責及審核
(I) 財務報告：對本公司之表現及前景
展望作出平衡、清晰及全面之評估
• 董事會相信，其在所有股東通訊內對本
集團之狀況及前景所作出之評估乃全
面、平衡及容易理解。
• 董事會充分瞭解其在編製財務報表時之
責任。
(II) 審核委員會及核數師：職權範圍及
與管理層及外聘核數師之關係
• 審核委員會目前由四名委員組成，所有
委員為獨立非執行董事，分別為鄭毓和
先生（主席）、鄭慕智博士、區錦源先生
和唐晉森先生。
• 所有委員在審閱及分析上市公司或大型
機構有關經審核財務報表方面具有豐富
經驗。
• Committee members are allowed under certain procedures
to take independent professional advice at Company’s
expense for making and determining the remuneration
package proposal.
• The committee will present a report to the Board after each
meeting, which addresses its work and findings.
• The committee will make recommendation to the Board
regarding the remuneration, comprising directors’ fees for all
Directors, for shareholders approval at the annual general
meeting.
• Details on the mandate and summary of the work by the
Remuneration Committee during the year are set out in the
Remuneration Committee Report on page 40.
• The terms of reference of Remuneration Committee are
avai lable on the Company’s website and the Stock
Exchange’s website.
(E) ACCOUNTABILITY AND AUDIT
(I) FINANCIAL REPORTING: BALANCED, CLEAR AND
COMPREHENSIVE ASSESSMENT OF THE COMPANY’S
PERFORMANCE, POSITION OF PROSPECTS
• The Board believes that it presents a comprehensive,
balanced and understandable assessment of the Group’s
position and prospects in all shareholder communications.
• The Board fully appreciates its responsibilities regarding the
preparation of financial statements.
(II) AUDIT COMMITTEE AND AUDITORS: TERMS OF
REFERENCE AND RELATIONSHIP WITH
MANAGEMENT AND EXTERNAL AUDITORS
• The Audit Committee currently comprises four members, all
of them are Independent Non-executive Directors, namely
Mr. Cheng Yuk Wo (Chairman), Dr. Cheng Mo Chi, Moses, Mr.
Au Kam Yuen, Arthur and Mr. Tong Tsun Sum, Eric.
• All members have experience in reviewing and analysing
audited financial statements of public companies or major
organisation.
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• 委員會每年舉行至少兩次會議。可邀請
主席、董事總經理及負責財務事宜之執
行董事出席會議。委員會亦與本公司核
數師每年至少舉行兩次會議。
• 委員會之主要職責包括下列各項：
(i) 主要負責就外聘核數師之委任、
重新委任及罷免向董事會提供建
議、批准外聘核數師之薪酬及聘
用條款，及處理任何有關該核數
師辭任或辭退該核數師之問題；
(ii) 按適用之準則檢討及監察外聘核
數師是否獨立客觀及核數程序是
否有效；
(iii) 就外聘核數師提供非核數服務制
定政策，並予以執行；
(iv) 監察本公司之財務報表以及年度
報告及賬目、半年度報告及（若擬
刊發）季度報告之完整性，並審閱
該等報表及報告所載有關財務申
報之重大意見；
(v) 檢討本公司的財務監控，以及檢
討本公司的風險管理及內部監控
系統（除非有另設的董事會轄下風
險委員會又或董事會本身會明確
處理）；
(vi) 與管理層討論風險管理及內部監
控系統，確保管理層已履行職責
建立有效的系統。討論內容應包
括本公司在會計及財務匯報職能
方面的資源、員工資歷及經驗是
否足夠，以及員工所接受的培訓
課程及有關預算又是否充足；
(vii) 主動或應董事會的委派，就有關
風險管理及內部監控事宜的重要
調查結果及管理層對調查結果的
回應進行研究；
• The committee meets not less than twice per annum.
Meetings are also attended by invitation by the Chairman, the
Managing Director and Executive Director who is in charge of
finance matters. The committee also meets not less than
twice per annum with the Company’s auditor.
• The main duties of the committee include the followings:
(i) to be primarily responsible for making recommendations
to the Board on the appointment, reappointment and
removal of the external auditor, and to approve the
remuneration and terms of engagement of the external
auditor, and any questions of its resignation or
dismissal;
(ii) to rev iew and monitor the externa l audi tor ’s
independence and objectivity and the effectiveness of
the audit process in accordance with applicable
standards;
(iii) to develop and implement policy on engaging an
external auditor to supply non-audit services;
(iv) to monitor integrity of the Company’s financial
statements and annual report and accounts, half year
report and, if prepared for publication, quarterly reports,
and to review significant financial reporting judgements
contained in them;
(v) to review the Company’s financial controls, and unless
expressly addressed by a separate board r isk
committee, or by the board itself, to review the
Company’s risk management and internal control
systems;
(vi) to discuss the risk management and internal control
systems with management to ensure that management
has performed its duty to have effective systems. This
discussion should include the adequacy of resources,
staff qualifications and experience, training programmes
and budget of the Company’s accounting and financial
reporting function;
(vii) to consider major investigation findings on risk
management and internal control matters as delegated
by the board or on its own initiative and management’s
response to these findings;
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(viii) 檢討本集團之財務及會計政策及
常規；
(ix) 檢查外聘核數師致管理層之函件、
核數師就會計紀錄、財務賬目或
監控制度向管理層提出的任何重
大疑問及管理層作出之回應；及
(x) 確保董事會及時回應於外聘核數
師給予管理層之審核情況說明函
件中提出的事宜。
• 二零一七年度審核委員會會議出席記錄
載列如下：
• 根據其職權範圍，委員會必須（其中包
括）監察與外聘核數師之關係、審閱本
公司之中期及年度財務報表，以及評估
集團內部監控制度。
• 審核委員會委員可根據既定程序，尋求
獨立專業意見，費用由本公司支付。
• 委員會於每次會議後向董事會提交有關
其工作情況及審閱結果之報告或提供意
見。
• 年內審核委員會之授權及工作詳情載於
第37至38頁之審核委員會報告書內。
• 有關審核委員會之職權範圍，可瀏覽本
公司及聯交所網頁。
(viii) to review the Group’s financial and accounting policies
and practices;
(ix) to review the external auditor’s management letter, any
material queries raised by the auditor to management
about the accounting records, financial accounts or
systems of control and management’s response; and
(x) to ensure that the Board will provide a timely response
to the i ssues ra ised in the externa l audi tor ’s
management letter.
• Details of 2017 Audit Committee meetings attendance record
are set out below:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Members of Audit Committee 審核委員會委員
Tong Tsin Ka
(Former Chairman, retired on 9 May 2017)
唐展家
（前任主席，於二零一七年五月九日退任） 1/1 100%
Cheng Yuk Wo (Chairman, since 9 May 2017) 鄭毓和（主席，自二零一七年五月九日起） 2/2 100%
Cheng Mo Chi, Moses 鄭慕智 2/2 100%
Au Kam Yuen, Arthur 區錦源 2/2 100%
Tong Tsun Sum, Eric (appointed on 7 March 2018) 唐晉森（於二零一八年三月七日委任） 0/0 0%
Lee Wai Hung (Secretary) 李偉雄（秘書） 2/2 100%
• Under its terms of reference, the committee is required,
amongst other things, to oversee the relationship with
external auditors, to review the Company’s interim and
annual financial statements, and to evaluate the Group
system of internal controls.
• There is an agreed procedure for Audit Committee members
to take independent professional advice at Company’s
expense.
• The committee presents a report or makes advice to the
Board after each meeting for addressing their work done and
findings.
• Details on the mandate and work performed by the Audit
Committee during the year are set out in the Audit
Committee Report on pages 37 to 38.
• The terms of reference of Audit Committee are available on
the Company’s website and the Stock Exchange’s website.
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(III) 核數師酬金
截至二零一七年十二月三十一日止年度，本
公司及其附屬公司之核數師就審核及審核相
關服務收取約港幣2,970,000元（二零一六
年：港幣2,890,000元），就非審核服務收取
港 幣300,000元（ 二 零 一 六 年： 港 幣
600,000元）。
(IV) 內部監控：以健全有效之系統保障
股東利益及本公司之資產
• 風險管理是本集團為監控本公司整體財
政狀況及保障其資產之策略性管理之關
鍵部分。
• 本集團致力落實有效風險管理政策及內
部監控程序，以確認及管理本集團可能
面對之風險。
• 於審核期間和獨立工作，執行管理委員
會在外聘核數師之協助下，定期檢討有
關政策及程序，以確保其成效，並遵守
企業管治常規守則。
• 董事總經理及執行董事將於審核委員會
會議上（每年最少舉行兩次），就內部監
控、審核結果及風險管理等主要事項與
外聘核數師進行討論。
• 誠如於二零一七年審核委員會會議所作
總結，核數師概無發現任何違規或監管
不足之情況。
(F) 提名委員會
• 本公司於二零一二年三月七日成立提名
委員會，主要負責就董事委任或重新委
任以及就董事繼任計劃向董事會提出建
議。
• 提名委員會主席由董事會主席擔任。委
員會須由不少於三名委員組成，而大部
分委員均為獨立非執行董事。
(III) AUDITOR’S REMUNERATION
For the year ended 31 December 2017, the auditor had received
from the Company and its subsidiaries approximately HK$
million for audit and audit related services (2016: HK$ million)
as well as HK$ million for non-audit services (2016: HK$
million).
(IV) INTERNAL CONTROL: SOUND AND EFFECTIVE
SYSTEM TO SAFEGUARD SHAREHOLDER INTERESTS
AND COMPANY ASSETS
• Risk management is a crucial part of the Group’s strategic
management to monitor the Company’s overall financial
position and to protect its assets.
• The Group is committed to implementing effective risk
management policies and internal control procedures to
identify and manage the risks that the Group may be exposed
to.
• These policies and procedures are reviewed regularly by
Executive Management Committee together with the
assistant by external auditors during the course of audit and
separate assignment to ensure their effectiveness and
compliance with Code on Corporate Governance Practices.
• The Managing Director and Executive Directors will discuss
with external auditor in the Audit Committee meeting at least
twice a year on key issues in relation to internal controls,
audit findings and risk management.
• As concluded in 2017 Audit Committee meeting, no
irregularities and major weakness in control were found by
the auditor.
(F) NOMINATION COMMITTEE
• The Company has set up the Nomination Committee on 7
March 2012, which is mainly responsible for making
recommendations to the Board on the appointment or re-
appointment of directors and succession planning for
directors.
• The Nomination Committee is chaired by the Chairman of the
Board. The committee shall comprise members not less than
three and a majority of the committee was Independent Non-
executive Directors.
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• 提名委員會主席現由董事會主席廖烈智
先生擔任。
• 委員會現時其他委員包括獨立非執行董
事區錦源先生、馬鴻銘博士、鄭毓和先
生及唐晉森先生，以及非執行董事許榮
泉先生。
• 委員會每年至少舉行一次會議。
• 委員會之主要職責包括下列各項：
(i) 至少每年檢討董事會之架構、人
數及組成（包括技能、知識及經驗
方面）並就任何為配合本公司之策
略而擬對董事會作出之變動提出
建議；
(ii) 物色具備合適資格可擔任本公司
董事之人士，並挑選提名個別人
士出任董事或就此向董事會提供
意見；
(iii) 評核本公司獨立非執行董事之獨
立性；及
(iv) 就董事委任或重新委任及董事（特
別是本公司主席及行政總裁）繼任
計劃向董事會提出建議。
• 二零一七年度提名委員會會議出席記錄
載列如下：
• 委員會委員可尋求獨立專業意見，費用
由本公司支付。
• The Nomination Committee is currently chaired by Mr. Liu Lit
Chi, the Chairman of the Board.
• Other members are Mr. Au Kam Yuen, Arthur, Dr. Ma Hung
Ming, John, Mr. Cheng Yuk Wo and Mr. Tong Tsun Sum, Eric
(Independent Non-executive Directors) and Mr. Kho Eng
Tjoan, Christopher (a Non-executive Director).
• The committee meets at least once per annum.
• The main duties of the committee include the followings:
(i) to review the structure, size and composition (including
the skills, knowledge and experience required) of the
Board at least annually and make recommendations on
any proposed changes to the Board to complement the
Company’s corporate strategy;
(ii) to identify individuals suitably qualified to become
directors of the Company and select or make
recommendations to the Board on the selection of
individuals nominated for directorships;
(iii) to assess the independence of Independent Non-
executive Directors of the Company; and
(iv) to make recommendations to the Board on the
appointment or re-appointment of the directors and
succession plan for directors, in particular the Chairman
and Chief Executive Officer of the Company.
• Details of 2017 Nomination Committee meeting attendance
record are set out belows:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Members of Nomination Committee 提名委員會委員
Liu Lit Mo
(Former Chairman, passed away on 12 July 2017)
廖烈武
（前任主席，於二零一七年七月十二日逝世） 1/1 100%
Liu Lit Chi (Chairman, Since 12 July 2017) 廖烈智（主席，自二零一七年七月十二日起） 1/1 100%
Tong Tsin Ka (retired on 9 May 2017) 唐展家（於二零一七年五月九日退任） 1/1 100%
Kho Eng Tjoan, Christopher 許榮泉 1/1 100%
Cheng Yuk Wo 鄭毓和 1/1 100%
Au Kam Yuen, Arthur (appointed on 8 March 2017) 區錦源（於二零一七年三月八日委任） 0/0 0%
Ma Hung Ming, John (appointed on 8 March 2017) 馬鴻銘（於二零一七年三月八日委任） 0/0 0%
Tong Tsun Sum, Eirc (appointed on 7 March 2018) 唐晉森（於二零一八年三月七日委任） 0/0 0%
Lee Wai Hung (Secretary) 李偉雄（秘書） 1/1 100%
1/1 100%
• Committee members are allowed to take independent
professional advice at Company’s expense.
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• 年內提名委員會之授權及工作詳情載於
第39頁之提名委員會報告書內。
• 有關提名委員會之職權範圍，可瀏覽本
公司及聯交所網頁。
(G) 企業管治委員會
• 本公司於二零一二年三月七日成立企業
管治委員會，主要負責履行董事會之企
業管治職務。
• 企業管治委員會主席由廖坤城先生擔任。
• 委員會現時其他委員包括廖金輝先生及
李偉雄先生，全部均為本公司執行董
事，以及兩位獨立非執行董事區錦源先
生及馬鴻銘博士。
• 委員會每年至少舉行一次會議。
• 企業管治委員會釐定本公司企業管治政
策。企業管治委員會履行之職責包括下
列各項：
(i) 制訂及檢討本公司之企業管治政
策及常規，並向董事會提出建議；
(ii) 檢討及監察本公司董事及高級管
理人員之培訓及持續專業發展；
(iii) 檢討及監察本公司之政策及常規
是否遵守法律及監管規定；
(iv) 制訂、檢討及監察適用於本公司
董事及僱員之行為守則；
(v) 檢討本公司是否遵守企業管治守
則及有否根據上市規則之規定於
企業管治報告作出披露；及
• Details of the mandate and summary of the work by the
Nomination Committee during the year are set out in the
Nomination Committee Report on page 39.
• The terms of reference of the Nomination Committee are
avai lable on the Company’s website and the Stock
Exchange’s website.
(G) CORPORATE GOVERNANCE COMMITTEE
• The Company has set up the Corporate Governance
Committee on 7 March 2012, which is mainly responsible for
performing the corporate governance duties of the Board.
• The Corporate Governance Committee is chaired by Mr. Liu
Kwun Shing, Christopher.
• Its other current members are Mr. Liu Kam Fai, Winston, and
Mr. Lee Wai Hung, both of them are Executive Directors of
the Company and two Independent Non- executive Directors
namely, Mr. Au Kam Yuen, Arthur and Dr. Ma Hung Ming,
John.
• The committee meets at least once per annum.
• The Corporate Governance Committee determines the policy
for the corporate governance of the Company. The duties
performed by the Corporate Governance Committee include
the followings:
(i) to develop and review the Company’s policies and
pract ices on corporate governance and make
recommendations to the Board;
(ii) to review and monitor the training and continuous
professional development of the directors of the
Company and the senior management;
(iii) to review and monitor the Company’s policies and
practices on compliance with legal and regulatory
requirements;
(iv) to develop, review and monitor the code of conduct
applicable to the directors and the employees of the
Company;
(v) to review the Company’s compliance with the Corporate
Governance Code and disclosure in the Corporate
Governance Report as required under the Listing Rules;
and
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(vi) 不時與所有部門主管定期舉行會
議，要求彼等檢討其部門內之企
業管治，並提呈建議或補救行動
糾正有關事宜。
• 二零一七年度企業管治委員會會議出席
記錄載列如下：
• 委員會委員獲准聽取獨立專業意見，費
用由本公司承擔。
• 有關企業管治委員會之職權範圍，可瀏
覽本公司網頁。
(H) 董事會授權
(I) 與管理層之關係
• 董事會及管理層（包括各部門主管）充分
瞭解彼此在支持創造一套健全企業管治
文化上擔當之角色。
• 董事會負責監察管理層（包括各部門主
管）確定商機及風險之現有程序。
• 董事會已授權執行管理委員會及各部門
主管處理公司日常營運及業務事宜。
(vi) to hold regular meetings with all department heads
from time to time requesting them to review their
corporate governance within the department and
require them to submit proposal or remedy action to
redress the matters.
• Details of 2017 Corporate Governance Committee meeting
attendance record are set out below:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Members of Corporate Governance Committee 企業管治委員會委員
Liu Kwun Shing, Christopher
(Chairman, appointed on 9 August 2017)
廖坤城
（主席，於二零一七年八月九日委任） 1/1 100%
Au Kam Yuen, Arthur 區錦源 1/1 100%
Ma Hung Ming, John 馬鴻銘 1/1 100%
Liu Kam Fai, Winston 廖金輝 1/1 100%
Lee Wai Hung 李偉雄 1/1 100%
1/1 100%
• Committee members are allowed to take independent
professional advice at Company’s expense.
• The terms of reference of the Corporate Governance
Committee are available on the Company’s website.
(H) DELEGATION BY BOARD
(I) RELATIONSHIP WITH MANAGEMENT
• The Board and management (include different departmental
heads) fully appreciate their respective roles with supportive
commitments of creating a healthy corporate governance
culture.
• The Board is responsible for overseeing the processes that
management (include different departmental heads) has in
place to identify business opportunities and risks.
• The Board has delegated management functions to Executive
Management Committee and different department heads for
the Company’s operations and daily business affairs.
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(II) 董事委員會：特定職權範圍，向董
事會全體成員負責
• 董事會現時設有五個董事委員會，分別
為審核委員會、薪酬委員會、提名委員
會、企業管治委員會及執行管理委員
會，各委員會均訂有特定職權範圍書。
• 審核委員會主席為鄭毓和先生及所有委
員全屬獨立非執行董事。
• 薪酬委員會主席為鄭慕智博士及其中獨
立非執行董事佔大多數。
• 提名委員會主席一職由董事會主席廖烈
智先生出任，其中獨立非執行董事佔大
多數。
• 企業管治委員會主席由廖坤城先生出
任，及由本公司兩名執行董事及兩名獨
立非執行董事組成。
• 執行管理委員會由本公司四名執行董事
組成。
• 各董事委員會於每次會議後向董事會提
交有關其工作情況及審閱結果之報告。
(I) 股東溝通政策
(I) 前言
本政策載列有關本公司與其股東及有意投資
者溝通之準則及常規。
• 本公司致力維持適時向股東公開及披露
其業務之相關資料，惟須受適用法律規
定所規限。
• 本公司相信與其股東及市場定期溝通，
對確保彼等獲得合理所需資訊以就本公
司之策略、營運及財務表現作出知情評
估至為重要。
(II) BOARD COMMITTEES: SPECIFIC TERMS OF
REFERENCE AND REPORT TO FULL BOARD
• The Board currently has five Board committees, namely the
Audit Committee, Remuneration Committee, Nomination
Committee, Corporate Governance Committee and Executive
Management Committee, each of the Committee have
specific written terms of reference.
• The Audit Committee is chaired by Mr. Cheng Yuk Wo and all
members are Independent Non-executive Directors.
• The Remuneration Committee is chaired by Dr. Cheng Mo
Chi, Moses and has a majority of Independent Non-executive
Directors.
• The Nomination Committee is chaired by Mr. Liu Lit Chi, the
Chairman of the Board and has a majority of Independent
Non-executive Directors.
• The Corporate Governance Committee is chaired by Mr. Liu
Kwun Shing, Christopher and comprises two Executive
Directors and two Independent Non-executive Directors of
the Company.
• The Executive Management Committee comprises four
Executive Directors of the Company.
• Each Board committees present their respective reports to
the Board after each meeting, for addressing their work done
and findings.
(I) SHAREHOLDER COMMUNICATION POLICY
(I) PREAMBLE
This policy sets out the Company’s standards and practice in
relation to communicating with its shareholders and prospective
investors.
• The Company is committed to maintaining a policy of open
and timely disclosure of relevant information on its activities
to shareholders, subject to applicable legal requirements.
• The Company believes that providing regular communications
to its shareholders and the market is important to ensure
they have the available information reasonably required to
make informed assessments of the Company’s strategy,
operations and financial performance.
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• 溝通渠道
上述溝通乃通過下列各項進行：
— 加強本公司年度及中期報告之內
容，以對本集團之狀況及前景作
出全面、平衡及易於理解之評估。
— 加強周年及其他股東大會之通告
及說明備忘錄之內容，以易於理
解之方式向股東提供進一步資料。
— 有關本公司及其附屬公司重大發
展之新聞公佈。
— 向聯交所及有關監管機構作出之
披露。
— 股東可藉瀏覽本公司之網頁（網
址：）
以獲悉本集團之資料。此網頁提
供（其中包括）本集團之企業公告、
業務發展及營運、新聞稿、年報
及企業資料。
(II) 股東大會
• 董事會歡迎股東在股東周年大會上提供
有建設性之建議，並視股東周年大會為
與個別股東接觸之主要機會。
• Communication channels
Communication is made through:
— the Company’s annual and interim reports, which have
been enhanced to present a comprehensive, balanced
and understandable assessment of the Group position
and prospects.
— notices of and explanatory memoranda for annual and
other general meetings, which have been enhanced to
provide shareholders with additional information in an
understandable manner.
— press releases on major developments of the Company
and its subsidiaries.
— disclosures to the Stock Exchange and relevant
regulatory bodies.
— Company’s website at from
which shareholders can access information on the
Group. The website provides, inter alia, corporate
announcements, business development and operations,
press re leases , annual reports , and corporate
information of the Group.
(II) SHAREHOLDERS’ MEETING
• The Board welcomes moves towards a more constructive use
of annual general meeting and regards the annual general
meeting as the principal opportunity to meet private
shareholders.
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• 截至二零一七年十二月三十一日止年度
之本公司股東大會董事出席記錄載列如
下：
• 為使股東有充裕時間考慮，本公司安排
於股東周年大會前至少21日向股東寄發
年報、財務報表及相關文件，而就所有
其他股東大會而言，則須在大會舉行前
至少 14日發送通知。
• 董事會鼓勵及支持股東參與股東大會。
董事會鼓勵無法出席有關大會之股東委
派代表代其出席大會並於會上投票。
• 董事會定期檢討准許股東參與股東大會
之機制，務求將參與程度提升至最高。
• 董事會主席、董事委員會之適當委員及
本公司之外聘核數師將參與股東周年大
會以回答股東之提問。
• Details of director’s attendance record of the annual general
meeting of the Company held for year ended 31 December
2017 are set out below:
Number of
meeting attended
Attendance
rate
出席會議次數 出席率
Executive Directors 執行董事
Liu Lit Mo
(Former Chairman, passed away on 12 July 2017)
廖烈武
（前任主席，於二零一七年七月十二日逝世） 1/1 100%
Liu Lit Chi
(Chairman, Managing Director and Chief Executive Officer)
廖烈智
（主席、董事總經理兼行政總裁） 1/1 100%
Liu Kam Fai, Winston (Deputy Managing Director) 廖金輝（副董事總經理） 1/1 100%
Liu Kwun Shing, Christopher
(also alternate director to Dr. Liu Lit Chung)
廖坤城
（亦為廖烈忠醫生之替代董事） 1/1 100%
Lee Wai Hung 李偉雄 1/1 100%
Non-executive Directors 非執行董事
Liu Lit Chung 廖烈忠 1/1 100%
Andrew Liu (resigned on 8 March 2017) 廖駿倫（於二零一七年三月八日辭任） 0/0 0%
Liu Chun Ning, Wilfred (retired on 9 May 2017) 廖俊寧（於二零一七年五月九日退任） 0/1 0%
Kho Eng Tjoan, Christopher 許榮泉 1/1 100%
Independent Non-executive Directors 獨立非執行董事
Cheng Mo Chi, Moses 鄭慕智 1/1 100%
Tong Tsin Ka (retired on 9 May 2017) 唐展家（於二零一七年五月九日退任） 1/1 100%
Au Kam Yuen, Arthur 區錦源 1/1 100%
Ma Hung Ming, John 馬鴻銘 1/1 100%
Cheng Yuk Wo 鄭毓和 1/1 100%
• The Company arranges for the annual report and financial
statements and related papers to be posted for shareholders
so as to allow at least 21 days for consideration prior to the
annual general meeting. And all other general meetings to be
sent at least 14 days.
• The Board encourages and supports shareholder participation
in general meetings. Shareholders are encouraged to appoint
proxies to attend and vote at meetings for and on their
behalf if they are unable to attend such meetings.
• Mechanisms for enabling shareholder participation will be
reviewed on a regular basis by the Board to encourage the
highest level of participation.
• Chairman of the Board, appropriate members of the Board
committees and the external auditor of the Company will
attend the annual general meetings to answer questions from
the shareholders.
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(III) 股東之查詢
• 股東、投資者、媒體或公眾之查詢，均
由執行董事、財務總監、公司秘書或適
當之高級管理人員作出回應。
• 本公司將即時回應股東之查詢及關注。
(IV) 股東周年大會之行政事宜
• 本公司所有普通股擁有同等投票權。股
東周年大會之議事程序將繼續根據企業
管治常規守則進行檢討。
• 會上須就各重大獨立事項（包括選舉個
別董事）提呈獨立決議案。
• 編製一份綜合以下內容之股東周年大會
通函：
• 重選董事；
• 回購股份之一般授權；
• 發行股份之一般授權；
• 修訂章程細則，如有；
• 於股東周年大會上投票；及
• 每個將予提呈之決議案之詳細資
料。
本公司章程細則亦訂明股東於股東大會上就
決議案要求以按股數投票方式表決之權利及
程序。有關要求以按股數投票方式進行表決
及表決程序之詳情載於所有就召開股東大會
而刊發之致股東通函內，並於股東大會進行
時加以說明。倘以按股數投票方式進行表決，
投票表決之結果將會於股東大會後下一個交
易日在聯交所及本公司網站刊登。
為加強溝通，本公司設立網站（網址：
）刊發本公司公告、
業務發展及營運、財務資料、企業管治常規
以及其他資料。
首 10名持股量最高股東之資料及股東分佈載
於第31頁之董事會報告書內。
(III) SHAREHOLDERS’ ENQUIRIES
• Inquiries from shareholders, investors, media or the public are
responded by the Executive Directors, Director of Finance,
Company Secretary or the appropriate members of senior
management.
• The Company wi l l respond in a t imely manner to
shareholders’ queries and concerns.
(IV) THE ADMINISTRATION OF ANNUAL GENERAL
MEETING
• All ordinary shares of the Company have equal voting rights.
Annual general meeting proceedings are continually reviewed
in the light of Code on Corporate Governance Practices.
• Separate resolutions are proposed at the meeting on each
substantially separate issue, including the election of
individual directors.
• Preparation of a comprehensive annual general meeting
circular containing:
• re-election of directors;
• general mandate to buy-back shares;
• general mandate to issue shares;
• amendments to the Articles of Association, if any;
• voting at annual general meeting; and
• comprehensive information on each resolution to be
proposed.
The Company’s Articles contain the rights of shareholders to
demand and the procedures for a poll voting on resolution at
shareholders’ meetings. Details of such rights to demand a poll and
the poll procedures are included in all circulars in relation to
shareholders’ meetings and wil l be explained during the
proceedings of shareholders’ meetings. In case poll voting is
conducted, the poll results will be posted on the websites of the
Stock Exchange and the Company on the business day following
the shareholders’ meeting.
To promote effective communication, the Company maintains a
website at where the Company’s
announcements, business development and operations, financial
information, corporate governance practices and other information
are posted.
Information on top 10 largest shareholders and location of
shareholders are set out in Directors’ Report on page 31.
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(V) 股東召開股東大會（「股東大會」）之
程序
• 持有全數不少於5%表決權之股東可提
出書面要求召開股東大會。
• 該書面要求須：(a)列明股東大會性質；
(b)可包含在該股東大會上恰當地動議
並擬在該股東大會上動議的決議案全
文；(c)須由提出該要求之股東簽署，
及(d)可能包括一名或多名該等股東簽
署之多份形式類似之文件。股份聯名持
有人提出之要求須由所有該等持有人簽
署。
• 該要求須寄交本公司註冊辦事處公司秘
書。
• 該要求須由本公司股份過戶登記處核
實，一旦確認該要求屬有效，公司秘書
將代表董事會根據法定要求或適用規則
或規例向所有登記股東送達充分通知而
召開股東大會。
• 倘該要求被證實無效，有關股東將獲知
會，而股東大會將不會召開。
• 如董事未能於收到要求日期起計21日內
召開股東大會，有關股東或任何擁有過
半總投票權之股東均可召開股東大會，
惟召開之股東大會不得於提出要求日期
起計三個月屆滿後舉行。
• 就提呈一項決議案為特別決議案之股東
大會而言，如董事未能根據公司條例（香
港法律第622章）第578條作出有關通
知，則彼等將被視為並無正式召開股東
大會。
(V) PROCEDURES FOR SHAREHOLDERS TO CONVENE A
GENERAL MEETING (“GM”)
• Shareholders holding not less than 5% of the total voting
rights of all shareholders having a right to vote may request
to call a GM of the Company.
• The written request: (a) must state the general nature of the
GM; (b) may include the text of a resolution that may
properly be moved and is intended to be moved at the GM;
(c) must be signed by the shareholders making such request,
and (d) may consist of several documents in like form each
signed by one or more of those shareholders. A request by
joint holders of shares must be signed by all such holders.
• The request should be deposited at the registered office of
the Company for the attention of the Company Secretary.
• The request will be verified with the Company’s share
registrar and upon its confirmation that the request is valid,
the Company Secretary will convene a GM on behalf of the
Board by serving sufficient notice in accordance with the
statutory requirements or applicable rules or regulations to
all the registered shareholders.
• If the request is verified to be not in order, shareholders
concerned will be advised of the result and no GM will be
convened.
• If the directors do not within 21 days from the date of the
deposit of the request proceed to convene a GM, the
shareholders concerned or any of them representing more
than one-half of the total voting rights of all of them may
themselves convene a GM, but any GM so convened shall not
be held after the expiration of three months from the date of
the deposit of the request.
• In the case of a GM at which a resolution is to be proposed as
a special resolution, the directors shall be deemed not to
have duly convened the GM if they do not give such notice as
is required by section 578 of the Companies Ordinance
(Chapter 622 of the Laws of Hong Kong).
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(VI) 股東於股東大會提呈建議之程序
• 根據公司條例（香港法律第622章）第
615條，本公司如接獲以下數目之股東
要求，必須就決議案作出通知：
(i) 持有最少%全體股東總表決
權，在該要求所關乎的股東周年
大會上就該決議案表決的股東；
或
(ii) 不少於50名有權在該要求所關乎
的股東周年大會上就該決議案表
決的股東。
• 書面要求：(a)須由所有有關股東簽署；
(b)可採用印本形式寄送至本公司註冊
辦事處；(c)須確認有待發出通知所關
乎的決議案；(d)須經所有提出該要求
的人認證；及(e)必須在不遲於該要求
所關乎的股東周年大會前或（如較遲）該
大會通知發出前六個星期送達本公司。
• 該要求須由本公司股份過戶登記處核
實，一旦該要求確認為有效，本公司將
發出決議案通告或傳閱聲明：
(a) 若該項要求與股東周年大會有關，
則
(i) 本公司接獲建議聲明後須有
足夠時間在寄發股東周年大
會通告時寄出聲明副本；或
(ii) 有關股東須在不遲於股東周
年大會7日前寄存合理足夠
的款項以支付本公司就此產
生的開支。
(b) 若該項要求與（股東周年大會以外
的）股東大會有關，則有關股東須
在不遲於股東大會7日前寄存合理
足夠的款項以支付本公司就此產
生的開支。
(VI) PROCEDURES FOR SHAREHOLDERS TO PUT
FORWARD PROPOSALS AT GENERAL MEETINGS
• Pursuant to section 615 of the Companies Ordinance (Cap
622, Laws of Hong Kong), the Company must give notice of
a resolution if it has received requests from the following
number of shareholders:
(i) Shareholders holding at least % of the total voting
rights of all shareholders having the right to vote on the
resolution at the annual general meeting to which the
request relates; or
(ii) not less than 50 shareholders who have the right to
vote on the resolution at the annual general meeting to
which the request relates.
• The written request: (a) must be signed by al l the
shareholders concerned; (b) may be sent to the Company in
hard copy form at the registered office of the Company; (c)
must identify the resolution of which notice is to be given; (d)
must be authenticated by the person or persons making it;
and (e) must be received by the Company not later than 6
weeks before the annual general meeting to which the
requests relate; or if later, the time at which notice is given of
that meeting.
• The request will be verified with the Company’s share
registrar and upon its confirmation that the request is valid,
the Company will give notice of the resolution or circulate the
statement provided that:
(a) if the request relates to an annual general meeting,
(i) the proposed statement is received in time to
enable the Company to send a copy of the
statement when the notice of annual general
meeting is despatched; or
(ii) otherwise, the shareholders concerned have
deposited a sum reasonably sufficient to meet the
Company’s expenses in regard thereto not later
than 7 days before the annual general meeting.
(b) if the request relates to a GM (other than an annual
general meeting), the shareholders concerned have
deposited a sum reasonably sufficient to meet the
Company’s expenses in regard thereto not later than 7
days before the GM.
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• 倘該要求被證實無效，或有關股東未能
照以上方式寄存足夠款項支付本公司就
所述目的之開支，本公司將通知有關股
東，且不會就此作出任何行動。
• 根據公司條例第616條，若有規定要求
本公司根據公司條例第615條發出決議
案通告，本公司必須向本公司每位有權
收取股東周年大會通告的股東寄發決議
案副本，費用由本公司支付，寄發方式
與大會通告一致；時間與寄出大會通告
時間一致，或合理時間範圍內盡快寄出
通告。
以上程序須遵守適用的法律和法規，具體而
言即公司條例（香港法律第622章）。有關股
東資格的進一步詳情，以及程序和時間表，
敬請股東查閱公司條例（香港法律第622章）
第566至567、571、578、580至582、610
及615條。
(VII) 股東提名董事候選人之程序
根據適用法例、規則及規例，包括公司條例
（香港法律），上市規則及本公司不時修訂之
組織章程細則，如本公司任何股東於任何股
東大會擬提名本公司董事以外之人士應選本
公司董事職務，以下程序將適用：
• 由正式合資格出席大會並有權投票之股
東（並非擬參選人士）簽署通告，表明建
議提名該人士參選的意向，並附上所提
名人士簽署表示願意參選的通告，該等
通告須呈交於本公司註冊辦事處之董事
會；
• If the request is verified to be not in order or the shareholders
concerned have failed in the above manner to deposit
sufficient money to meet the Company’s expenses for the
said purposes, the shareholders concerned will be advised of
the result and no action will be taken by the Company in that
regard.
• Pursuant to section 616 of the Companies Ordinance, the
Company that is required under section 615 of the Companies
Ordinance to give notice of a resolution must send a copy of
it at the Company’s own expenses to each shareholder of the
Company entitled to receive notice of the annual general
meeting in the same manner as the notice of the meeting;
and at the same time as, or as soon as reasonably practicable
after, it gives notice of the meeting.
The above procedures are subject to applicable legislation and
regulations, in particular, the Companies Ordinance (Cap 622, Laws
of Hong Kong). For further detai ls on the shareholder
qualifications, and the procedures and timeline, shareholders are
kindly requested to refer to Sections 566 to 567, 571, 578, 580 to
582, 610 and 615 of the Companies Ordinance (Cap 622, Laws of
Hong Kong).
(VII) PROCEDURES FOR SHAREHOLDERS TO PROPOSE A
PERSON FOR ELECTION AS A DIRECTOR
Subject to applicable laws, rules and regulations, including
Companies Ordinance (Laws of Hong Kong), the Listing Rules and
the articles of association of the Company as amended from time
to time, if any shareholder(s) of the Company intends to propose a
person other than a director of the Company for election as a
director of the Company at any GM, the following procedures shall
apply:
• a notice signed by a shareholder (other than the person to be
proposed) duly qualified to attend and vote at the meeting
for which such notice is given of his intention to propose
such person for election and also a notice signed by the
person to be proposed of his willingness to be elected shall
have been lodged with the Board at the registered office of
the Company;
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• 該等通告之最短通告期限為至少7日，
且該等通告之刊發期間由有關該推選之
股東大會通告寄發翌日起至不遲於該股
東大會舉行日期前7日止；及
• 根據上市規則之規定，為了讓本公司通
知股東有關提名，提名董事之通告須列
明提名應選董事之人士之全名，並載列
該名人士之履歷詳情。
(J) 章程文件
本公司之章程細則於二零一五年四月二十九
日舉行之股東周年大會上曾作出變動，本公
司股東批准對本公司修訂公司章程細則。所
作的更改乃符合於二零一四年三月三日最新
生效之香港公司條例（香港法例第622章）。
有關已修訂之章程細則可瀏覽本公司網站。
• the minimum length of the period during which such
notice(s) are given shall be at least 7 days and that the period
for lodgement of such notice(s) shall commence no earlier
than the day after the despatch of the notice of the GM
appointed for such election and end no later than 7 days
prior to the date of such GM; and
• in order for the Company to inform shareholders of the
Company of that proposal, such notice(s) for the nomination
of a director must state the full name of the person
nominated for election as a director and include the person’s
biographical details as required by the Listing Rules.
(J) CONSTITUTIONAL DOCUMENTS
There were changes to the Company’s Articles of Association in
the annual general meeting held on 29 April 2015, the shareholders
of the Company approved the amendments to the Articles of
Association of the Company. The changes were carried out in
compliance with the latest Hong Kong Companies Ordinance (Cap.
622) which came into effect on 3 March 2014. The revised Articles
of Association is available in the Company’s website.
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關於本報告
在多年來的經營和發展中，我們始終恪守我
們的企業社會責任經營理念。本報告根據香
港聯合交易所有限公司（「香港交易所」）《證券
上市規則》附錄二十七所載的「環境、社會及
管治報告指引」編製。自成立以來，本集團一
直力求以勤勉、專業的態度開展物業投資及
管理活動。我們認為此信念有助我們避免或
盡量降低我們對所管理物業周邊公眾的影響，
創造可持續和更美好的社區環境。
除非另有說明，本報告重點關注本集團的核
心業務（包括物業投資、物業發展、物業管理
及酒店經營業務），內容涵蓋我們自二零一七
年一月一日至二零一七年十二月三十一日止
期間在環境、社會及管治事宜上的進展和表
現。
關於廖創興企業有限公司
本集團的物業投資主要包括商業大廈及住宅
樓宇。我們的零售及住宅物業所處位置優越，
因此出租率高。截至二零一七年十二月
三十一日止年度，我們的主要物業包括位於
香港的寫字樓、商業大廈、住宅樓宇、工業
大廈、土地以及一間酒店及服務式住宅（預期
將於二零一八年開始營運）；及位於中國的商
業大廈、商業及住宅物業。
在過往二十年中，本集團憑藉物業發展及重
建工程提升所投資物業的價值，贏得良好聲
譽。
ABOUT THIS REPORT
Throughout the years of operation and development, we have
been adhering to our business philosophy of Corporate Social
Responsibility (“CSR”). This report is prepared with reference to
the “Environmental, Social and Governance (the “ESG”) Reporting
Guide” under Appendix 27 to the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited (“HKEx”).
Since its establishment, the Group has strived to carry out property
investment and management act iv i t ies d i l igent ly and
professionally. We believe such conviction can help us to avoid or
minimise the impacts on the public in the vicinity of our managed
properties and create a sustainable and better environment for the
community.
Unless otherwise specified, this report covers our progress and
performance on ESG issues from 1 January 2017 to 31 December
2017, focusing on the core activities of the Group, which include
property investment , property development , property
management and hotel operation business.
ABOUT LIU CHONG HING INVESTMENT LIMITED
The Group's investment properties mainly include commercial
buildings and residential buildings, and the prime locations of our
retail and residential properties result in their high occupancy
rates. For the year ended 31 December 2017, our primary
properties include offices, commercial buildings, residential
buildings, industrial building, land and a hotel and serviced
residences (which is expected to commence its operation in 2018)
in Hong Kong; and commercial building, commercial and residential
properties in PRC.
Over the past twenty years, the Group has built a solid reputation
with its property development and remodeling works to enhance
the value of the properties it invested in.
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環境、社會及管治報告書
持份者參與
識別及明確持份者對可持續發展而言不可缺
少。與持份者保持溝通有助我們作出知情決
定並準確地評估業務決策的潛在影響。下表
列出本集團的持份者以及我們的溝通及回應
措施。
重要性分析
為確保本報告針對處理對本集團而言至關重
要及對我們的持份者而言屬重要的問題，我
們已對本集團的企業社會責任計劃進行重要
性評估。藉此，我們能夠識別企業社會責任
工作中待改善的範疇，以更全面、透明及具
體的回應措施來提高年報的質素。
STAKEHOLDER ENGAGEMENT
Identifying and clarifying stakeholders is indispensable in
sustainable development. Continuous communication with our
stakeholders enables us to make informed decisions and to
accurately assess the potential impacts of our business decisions.
The table below shows a list of the Group’s stakeholders, as well as
our efforts in communication and response.
Stakeholder Groups Specific Stakeholders Methods of Communication
持份者組別 具體持份者 溝通方法
Investors
投資者
• Shareholders
股東
➢ Corporate website
公司網站
➢ Annual financial report
年度財務報告
➢ Annual general meetings
年度股東大會
➢ Conference call
電話會議
Employees
僱員
• Senior Management
高級管理層
• Staff
員工
• Potential recruits
潛在新僱員
➢ Training, seminars
培訓、研討會
➢ Face-to-face meetings
面對面會談
➢ Independent focus groups and interviews
獨立專項小組及面談
➢ CSR and volunteering activities
企業社會責任及志願者活動
Customers
客戶
• Tenants
租戶
• Buyers
買家
➢ Customer satisfaction survey
客戶滿意度調查
➢ Guest comment card and client feedback
survey
賓客意見卡及客戶反饋調查
➢ Designated customer hotline
專責客戶熱線
Suppliers/Contractors
供應商╱承包商
• Material suppliers
原材料供應商
• Subcontractors
分包商
➢ Supplier assessment
供應商評估
➢ Daily work review
每日工作檢討
➢ Site inspection/meeting with contractors
地盤視察╱會見承包商
Government
政府
• National and local governments
國家及地方政府
• Regulators
監管部門
➢ Written correspondence
書面通訊
MATERIALITY ANALYSIS
To ensure that this report addresses the issues that are critical to
the Group and significant to our stakeholders, we have conducted
a materiality assessment on the Group’s CSR agenda. By doing so,
we are able to identify the areas for improvement in our CSR work
with a more comprehensive, transparent and specific response to
enhance the quality of the annual report.
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保護環境
排放控制
就環境管理而言，本集團致力減少溫室氣體、
有害及無害廢物的產生，堅持探索對環境有
益的新措施。透過恪守環境政策，我們已在
節能系統、廢物回收及污染防治等多方面實
施獲業界認可的措施及計劃。我們定期監測
及檢討相關的核心表現指標，以保護經營地
點的環境。為遵守適用環境保護法律及規例，
創興銀行中心、創興廣場及富慧閣的經營按
英國標準學會認證的 ISO 14001:2015規定進
行管理。根據該等標準指引，我們審視並妥
善管理項目生命週期對環境的影響，並在本
集團的策略性規劃過程中提倡環境管理的重
要性。
環保設計
儘管本集團過往的排放對環境的影響甚小，
我們仍然致力確保可持續發展及保護環境免
受我們的日常業務營運可能產生的潛在影響。
本集團已採取多項有效措施以將節能減排理
念注入整個發展及經營流程中。
為節約能源，我們在One-Eight-One酒店及
服務式住宅安裝用戶感應器自動關起窗簾來
遮擋陽光，室內溫度預設在24˚C至26˚C之
間，並將創興金融中心的扶手電梯設定為當
無人使用時會慢速運行。上述措施有助降低
噪音排放及延長零部件的使用壽命。
作為負責任的企業，我們力求促進社會融合，
透過在我們的所有物業中安裝無障礙通道，
於日常營運中創造無障礙環境。
截至二零一七年十二月三十一日止年度，本
集團並未收到任何涉及環境法律及規例的不
合規通知。
PROTECTING OUR ENVIRONMENT
EMISSION CONTROL
As far as environmental management is concerned, the Group
strives to minimise greenhouse gas (“GHG”) emissions, hazardous
and non-hazardous waste generation and always develops new
practices that are beneficial to the environment. By adhering to
the environmental policy, we have implemented industry-accepted
measures and initiatives in a number of aspects including energy-
efficient system, waste recycling and pollution prevention. We
conducted periodic monitoring and reviews of the relevant key
performance indicators to protect the environment of our
operation location. To comply with applicable environmental
protection laws and regulations, the operations of Chong Hing
Bank Centre, Chong Hing Square and Fairview Court are governed
by the requirement under ISO 14001:2015 which is certified by the
British Standards Institution. Under the standard guidelines, we
consider and properly manage the impact of the lifecycle of our
projects on the environment and advocate the importance of
environmental management within the Group’s strategic planning
processes.
GREEN DESIGN
In spite of the insignificant emissions impact the Group had made
to the environment, we are dedicated to ensuring sustainable
development and protecting the environment from the potential
environmental impact which may be made by the development of
our daily business operations. The Group has taken a number of
efficient initiatives to infuse the energy-saving and emission
reduction philosophy into the entire process of its development
and operation.
To conserve energy, occupancy sensors are instal led to
automatically draw the curtains to block out the sunlight, room
temperature is pre-set between 24°C and 26°C at One-Eight-One
Hotel & Serviced Residences, and escalators are set to operate at a
slow speed when unoccupied in Chong Hing Finance Centre. These
measures can help to reduce noise emission and extend the
service life of the parts and components.
As a responsible corporation, we endeavour to support social
integration and to create a barrier-free environment in our daily
operations by installing disabled access in all our properties.
For the year ended 31 December 2017, the Group has not received
any notice of non-compliance in relation to environmental laws
and regulations.
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綠色經營
我們致力盡可能減少經營對環境及自然資源
的影響。我們著眼於確保溫室氣體排放降至
最低並提高人們對氣候變化問題的意識，創
興銀行中心及創興廣場獲香港政府室內空氣
質素檢定計劃檢定為「良好級」。
我們亦推廣使用電動車以減少城市污染。就
即將開始營運的One-Eight-One酒店及服務
式住宅而言，我們已安裝供電動車充電用的
電源插座，並將使用電動車提供酒店接送服
務，藉此進一步完善我們的溫室氣體排放控
制措施。此外，我們已引入及遵循「環保
4Rs」原則，在日常業務經營中探索可以減少
使用、重用、循環再造及取代使用廢物及污
染物的措施。
截至二零一七年十二月三十一日止年度，本
集團並未收到任何涉及《空氣污染管制條例》
的不合規通知。
於回顧期內的溫室氣體排放數據：
上述量化信息的計算為基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
GREEN OPERATION
We strive to minimise the impact of our operations on the
environment and natural resources. With a view to ensuring the
GHG emissions are reduced to the best possible amount and
raising the awareness on climate change issues, Chong Hing Bank
Centre and Chong Hing Square have been recognised by the Hong
Kong Government’s Indoor Air Quality Certification Scheme with
“Good Class” certifications.
We also promote the use of electric vehicles to reduce urban
pollution. For our forthcoming One-Eight-One Hotel & Serviced
Residences, electric sockets for charging such vehicles have been
installed. This initiative further complements our GHG emission
control as electric vehicles will be provided for our hotel limousine
service. Moreover, we have introduced and followed the
“Environmental 4Rs” Principles to explore possible measures in our
daily business operations, which are to reduce, reuse, recycle and
replace waste and pollutants.
For the year ended 31 December 2017, the Group has not received
any notice of non-compliance in relation to the Air Pollution
Control Ordinance.
GHG emission data during the review period:
Aspects CO2 equivalent (Unit: Tonne)
範疇 二氧化碳當量（單位：噸）
Scope 2
範圍2
Indirect GHG Emissions tonnes噸
間接溫室氣體排放
Scope 3
範圍3
Other Indirect GHG Emissions tonnes噸
其他間接溫室氣體排放
The calculation of the above quantitative information is based on
our best approximation and the data available up to 31 December
2017.
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減少廢物及促進回收利用
各業務分部所產生的廢物性質不一，需分類
處理。由於我們所屬行業的業務性質，於二
零一七年我們的經營並無產生重大有害廢物。
我們意識到減少廢物的重要性，因而已採取
廢物管理措施以盡量減少所產生的廢物及降
低對環境的影響。
我們自二零一六年起展開廢物回收利用活動，
並已實行多項措施，例如在便利的地點設置
回收箱。創興銀行中心已設置廢棄收集槽來
存放化學及金屬廢物，以供持牌廢物收集商
定期收集廢棄物品。持牌廢物收集商提供回
收服務乃為遵守環境保護署（「環保署」）及香
港相關例規的規定。
創興銀行中心及創興廣場的日常經營無可避
免會產生廢置煮食油。妥善回收廢置煮食油
不但能夠生產生物柴油及肥皂等工業產品，
亦可避免不當處理導致的環境污染。為保護
環境及避免廢置煮食油再次進入食物鏈，我
們承諾遵循環保署的指引，僅批准已登記的
合資格收集商處理我們的廢置煮食油。
我們堅持不懈地提高環境可持續性，致力完
善我們的回收利用措施及減少廢物。
二零一七年廢物管理成果
上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
REDUCING WASTE AND PROMOTING RECYCLING
Waste generated from each business division is different in nature
and needed to be handled differently. Due to our business nature,
no significant hazardous waste was generated from our operation
in 2017. We recognise the importance of waste reduction and thus
waste management measures have been introduced to minimise
both the amount of waste generated and the impact on the
environment.
Our waste recycling campaign has commenced in 2016 and we
have carried out a variety of initiatives, such as placing recycling
bins in convenient spots. Chong Hing Bank Centre has set up
disposal waste fluorescent tube to store chemical and metallic
waste for a licensed waste collector to collect disposal items
regularly. The provision of collection service from licensed waste
co l lectors are to comply with the requi rement of the
Environmental Protection Department (“EPD”) and relevant
regulations in Hong Kong.
From the daily operations of Chong Hing Bank Centre and Chong
Hing Square, waste cooking oils (“WCO”) were unavoidably
generated. Properly recycling WCO not only can produce industrial
products such b iodiese l and soap, but can a lso avoid
environmental pollution arising from improper handling. In order to
protect the environment and prevent WCO from re-entering the
food chain, we are committed to following the guidelines of the
EPD to only authorise registered eligible collectors to handle our
WCO.
With our efforts in promoting environmental sustainability, we
target to strengthen our recycling practices and reduce waste.
Waste Management Achievements in 2017
2017
Issue 廢物類型 Unit 單位 二零一七年
Non-hazardous waste 無害廢物 tonne 噸 1,800
Used cooking oil 經使用過的煮食油 tonne 噸
Grease trap waste 隔油池廢物 tonne 噸
Paper 紙 kg 公斤 29,
Plastic 塑膠 kg 公斤 82
Aluminium 鋁 kg 公斤
Electronic waste 電子廢物 kg 公斤 50
The calculation of the above quantitative information is based on
our best approximation and the data available up to 31 December
2017.
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環保採購實務
於回顧期內，我們一直在努力採用可持續的
消費和實踐。本集團會考慮供應商產品對生
命週期的環境影響，並在切實可行的範圍內，
優先選擇遵循對環境有利措施（如提供更耐用
及更節能的產品）的供應商及承包商。在採購
任何物料或產品之前，我們的採購人員會審
核所採購的產品或服務是否必要並管理需求
量，以避免任何不必要的消耗。在甄選程序
中，我們會在所有階段考慮產品質素及安全、
健康及排放、污染物、所需自然資源等方面，
如噪音、能源消耗及廢料。我們亦會考慮採
購更耐用及能源效益更高的替代產品。
就即將於二零一八年營運的酒店服務而言，
我們已選擇可生物降解的產品以減少對環境
的重大影響。生物降解可透過污水處理廠中
的微生物作用，將有機物料分解為二氧化碳、
水及氨氣等較簡單物質。該等材料通常會降
解至穩定化合物或其基本離子。
資源運用
我們對環境的承諾不只限於我們的業務。我
們亦把握機會於客戶的設施中減廢、節水及
節能，實現可持續的創新。
二零一七年創興銀行中心及創興廣場的環境
表現
上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
GREEN PURCHASING PRACTICES
During the review period, we have adopted sustainable
consumption pract ices . The Group would consider the
environmental impact of our suppliers’ products and to the extent
practicable, favour those suppliers and contractors who follow
environmentally-sound practices such as offering products with
greater durability and greater energy efficiency. Before procuring
any materials or products, our procurement staff examines the
necessity and manages demand of the product or service to avoid
any unnecessary consumption. During the selection process, the
aspects we take into account include the quality of products as
well as safety, health and emissions, pollutants, natural resources
required such as noise, energy consumption and waste materials
at all stages. We should also consider the alternatives for
purchasing a replacement product with greater durability and
greater energy efficiency.
For the forthcoming hotel service in 2018, we have selected
biodegradability products to reduce significant impact on the
environment as biodegradation is organic materials breaking down
into simpler substances, such as carbon dioxide, water and
ammonia, by the action of microorganisms in wastewater
treatment plants. The materials will normally be degraded into
stable compounds or their elemental ions.
USE OF RESOURCES
Our commitment to the environment extends beyond our
operations. We also capitalise on the opportunity to reduce waste,
conserve water, and save energy in our customers’ facilities by
achieving innovation in terms of sustainability.
Environmental Performance at Chong Hing Bank Centre and
Chong Hing Square in 2017
Aspects Unit Consumption
範疇 單位 消耗
Electricity consumption and its intensity (per full-time employee)
用電量及用電密度（每名全職僱員）
kWh
千瓦時
449,973
per employee
每名僱員
1, kWh千瓦時
Water consumption and its intensity (per full-time employee)
用水量及用水密度（每名全職僱員）
m3
立方米
819
per employee
每名僱員
m3立方米
The calculation of the above quantitative information is based on
our best approximation and the data available up to 31 December
2017.
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文明發展改善工程
本集團高度關注其項目發展期間對環境及社
區的影響。我們嚴格遵守所有適用的環境保
護法律及規例和文明施工標準。由於創興廣
場的經營時間相對較長，管理層已對該大廈
進行大規模的翻新工程，以提升該物業的資
本價值及進一步配合我們的環保關注點。我
們亦意識到經營產生的排放及廢水所帶來的
潛在環境影響以及本地社區的相關憂慮。因
此，為遵守香港機電工程署頒佈的《建築物能
源效益條例》，我們已更新創興廣場內的製冷
機組以實現高效經營。大廈外牆及廣告牌亦
更換為發光二極管（「LED」）照明以減少能源
消耗。
創新設計
在發展佛山翠湖綠洲花園第三期時，本集團
著重考慮對環境的影響。翠湖綠洲花園第三
期的設計理念沿用了第一期及第二期的綠色
設計概念，確保設計圍繞環保、成本效益管
理及舒適度。該項目設計有四個主要生態花
園及長達一公里的花園大道，超過47%的景
觀符合我們倡導的綠色理念。
CIVILISED DEVELOPMENT UPGRADES
The Group is highly attentive to the impact on the environment
and communities during its project development. We strictly
comply with all applicable laws and regulations on environmental
protection and follow the standards of civilised construction. Since
Chong Hing Square has been operating for a relatively long period
of time, the management had commenced a substantial renovation
to the building to increase the capital value of the property and
further complements our environmental concerns. We are also
aware of the potential environmental impacts resulting from
emissions and wastewater generated from operations and the
corresponding concerns from the local community. Therefore, to
adhere to the “Building Energy Efficiency Ordinance” issued by the
Electrical and Mechanical Services Department of Hong Kong, we
have upgraded the chiller plant inside Chong Hing Square for an
efficient operation. The building exterior and billboard are also
replaced with light-emitting diode (“LED”) lighting to reduce
energy consumption.
INNOVATIVE DESIGN
With the establishment of Phase 3 of The Grand Riviera, Foshan,
the Group has attached significance to the impact on the
environment. The design philosophy of The Grand Riviera Phase 3
adopts the green design concept of Phase 1 and Phase 2 and is to
ensure the design revolves around environmentally-friendliness,
cost–effective management and comfort. There are 4 major
ecological garden designs and a garden avenue up to one
kilometre in this project, and over 47% landscape area has
conformed to our determination on the philosophy of greening.
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In addition, water smoke spraying device is set in the self-provided
power supply system. The emission level is minimised to comply
with “the Standard for Emission of Air Pollutants” of Guangdong
Province. Sound absorption control has been incorporated into the
air inlet, wall and ceiling in order to comply with “Industrial
Enterpr i ses No ise Standard Boundary” and “Acoust ic
Environmental Quality Standards”. Elevator system is controlled by
microcomputer to increase energy efficiency of the device and
lower any noise pollution; elevator fans and lights will be turned off
automatically once the elevator has not been occupied for a period
of time.
For our new One-Eight-One Hotel & Serviced Residences, we
dedicated and considered the aspect of environmental impact
within our future daily operations. The interior lighting design in
the hotel adopts LED lighting system for power saving purpose.
To further conserve energy, the external windows of the hotel are
all applied with double Low-E coating which allows to minimise the
ultraviolet and infrared light that can pass through glass without
compromising the visible light that is transmitted.
Additionally, for better protection of our hotel guest’s privacy, we
have adopted an acoustic treatment in the hotel, the duct airflow
velocities shall be limited to control noise generated from airflow
system to achieve overall maximum STC50 level of sound
insulation requirement.
THE ENVIRONMENT AND NATURAL RESOURCES
As we look to the future, sustainability will remain an integral part
to our business, our employees, and the innovations we bring to
market. The environmental challenges in the world today must be
addressed by the leading corporations which are willing to
transform their industries with enhanced efficiency, technology
and sustainable practices. The Group will continue its sustainability
journey in the direction of positive social, environmental and
economic improvement.
此外，我們的自設能源供應系統配備水霧噴
灑設備，盡可能降低排放水平以遵守廣東省
「大氣污染物排放標準」。進風口、牆身及天
花板裝有吸音控制裝置，以遵守「工業企業廠
界環境噪聲排放標準」及「聲環境質量標準」。
升降機系統由微型電腦控制，以提高裝置的
能源效益及降低噪音污染；若升降機有一段
時間無人使用，升降機的風扇及燈將自動關
閉。
就本集團的全新One-Eight-One酒店及服務
式住宅而言，我們專門考慮了未來日常經營
中的環境影響問題。酒店的內部燈光設計採
用LED照明系統以節省用電。為進一步節約
能源，酒店外窗均採用雙層Low-E鍍膜，可
最大程度降低穿透玻璃的紫外光及紅外線而
不減少射入的可見光。
此外，為更好地保護酒店賓客私隱，我們在
酒店中採取隔音處理，利用牆身及結構阻隔
噪音，限制排氣管道氣流速度以控制氣流系
統產生的噪音，從而令整體隔音最高可達
STC50水平。
環境及自然資源
展望未來，可持續性仍將貫穿我們的業務、
僱員及推動市場創新。願意透過提升效率、
科技及可持續措施來推動行業變革的領軍企
業必須處理當前世界面臨的環境挑戰。本集
團將沿推動社會、環境及經濟發展之方向，
繼續走在可持續發展之路上。
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根據水務署的建議，創興銀行中心遵循大廈
優質供水認可計劃的標準，採取各種節水措
施以確保高效用水，包括在水龍頭安裝節流
器、使用雙掣式沖廁水箱、更耐用的材料及
換用自動感應小便器。
僱傭及勞工實務
關懷僱員及社區
僱員為寶貴資產，人權應當受到尊重 — 我們
秉承此理念，制定以合理薪酬及福利以招聘、
僱傭、晉升及留住僱員的綜合方案。我們提
倡建立以互相尊重及平等機會為本的社區精
神，堅定不移地遵守平等機會相關法例，如
《性別歧視條例》、《種族歧視條例》、《殘疾歧
視條例》及《家庭崗位歧視條例》。
為確保平等及多元化，我們的甄選程序並無
歧視成分且完全基於僱員的表現、經驗及技
能。於招聘過程中，對於在測試中能夠表現
出能勝任所申請的職位的應聘者，測試評審
員會給予正面評價，且我們更加關注個人行
為而非簡單地評估個性。我們已制定綜合性
架構，納入詳細的人力資源管理政策，並載
刊於人力資源操作手冊及員工手冊。該操作
手冊及員工手冊向我們位於香港及中國內地
的員工提供了工作條件、福利薪酬、培訓發
展及健康安全方面的資訊及指引。我們亦鼓
勵僱員在日常活動中與高級管理人員討論其
工作晉升及職業發展目標，並會進行年度績
效評估。
此外，我們盡全力遵守與上述條例相關的任
何法律及規例，且無僱用任何強制勞工及童
工。
截至二零一七年十二月三十一日止年度，本
集團並未收到任何涉及僱傭及勞工法律及規
例的不合規通知。
WATER CONSERVATION
In accordance with the suggestions from the Water Supplies
Department, Chong Hing Bank Centre complies with the standards
of the Quality Water Supply Scheme for Buildings and takes
various water–saving measures to ensure water is efficiently
utilised. These measures include the installation of flow controllers
on water taps, dual flush toilet cisterns, more durable materials and
replacement of Eco urinals with automatic sensors.
EMPLOYMENT AND LABOUR PRACTICES
CARING FOR OUR EMPLOYEES AND COMMUNITY
Employees are valuable assets and human rights should be
respected — we uphold this idea by planning a comprehensive
approach of recruitment, employment, promotion and retention
with reasonable remuneration and benefits for our employees. We
advocate a community spirit that thrives on mutual respect and
equal opportunities and we firmly comply with the legislation on
equal opportunities, such as the Sex Discrimination Ordinance,
Race Discrimination Ordinance, Disability Discrimination Ordinance
and Family Status Discrimination Ordinance.
To ensure diversity and equality, our selection process is non-
discriminatory and is solely based on employees’ performance,
experience and skills. During the hiring process, candidates may be
perceived positively by test assessors who see the close
connection between the test taken and the job, and we focus more
heavily on behaviour rather than simply assessing characteristics.
A comprehensive framework incorporating detailed human
resources management policies is embedded in our Human
Resources Operation Manual and Staff Handbook. The operation
manual and handbook provide information and guidelines to our
staff in both Hong Kong and the PRC in the areas of working
conditions, benefits and remunerations, training and development
as well as health and safety. Employees are also encouraged to
discuss their goals in job advancement and career development
with their senior management in daily activities and a performance
appraisal is to be conducted annually.
Additionally, we are fully committed to complying with any laws
and regulations that are relevant to the Ordinances mentioned
above and do not engage any forced and child labour.
For the year ended 31 December 2017, the Group has not received
any notice of non-compliance in relation to employment and
labour laws and regulations.
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員工組成
我們於年內總共僱用了284位員工，包括後
勤及場地員工。所有員工均位於香港及中國。
員工流失率
於回顧期內，本集團的員工流失率約 18%。按
性別劃分，其中45%為男性僱員，55%為女
性僱員，比例相當均衡。按地區劃分，60%
的員工來自香港，其餘40%來自中國。
按年齡段劃分的員工流失率分佈如下：40%
的僱員介乎 18歲至30歲，15%介乎31歲至
40歲，17%介 乎41歲 至50歲，21%介 乎51
歲至60歲，其餘為60歲以上。
上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
STAFF COMPOSITION
During the year, we employed a total of 284 staff, including back
office and site staff. All our staff members are located in Hong
Kong and PRC.
Number of employees
僱員人數
154
130
110 44
60 70
10%
26%
21%
20%
23%
Age over 60
60歲以上
51 – 60
41 – 50
31 – 40
18 – 30
Employees by age group
僱員按年齡段劃分
4
15
40
225
Employees by employment category
僱員按僱傭類別劃分
Employees by gender and region
僱員按性別及地區劃分
Junior Level
初級員工
Middle Management
中層管理人員
Senior Management
高級管理人員
Contract/Short-term staff
合約╱短期工作人員
Hong Kong
香港
PRC
中國
STAFF TURNOVER
During the review period, the Group has a turnover rate of
approximately 18%. The employee turnover by gender is rather
balanced this year 45% male and 55% female. Geographically, 60%
of the staff were from Hong Kong, whereas the remaining 40%
were from PRC.
The employee turnover rate by age group was distributed as
follows: 40% of the employees were from 18 to 30 years old, 15%
were 31 to 40 years old, 17% were 41 to 50 years old, 21% were 51
to 60 years old, and the rest of them were over 60 years old.
The calculation of the above quantitative information is based on
our best approximation and the data available up to 31 December
2017.
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本集團嚴格遵循勞工法律及規例，向僱員提
供全面的休假方案，包括病假、事假、婚假、
喪假、產假、年假、工傷假及法定假期。此
福利系統旨在關懷全體僱員，豐富公司文化
活動的多樣性，提升僱員歸屬感。
除基本社會保障計劃外，本集團亦提供多項
福利，包括：
• 團體醫療保險（提供予僱員配偶）
• 用於工作相關培訓的教育津貼
職業健康與安全
作為專注於物業開發及投資的頂尖物業企業，
我們與物業管理業務及工作場所作業相關的
職業健康及安全風險相對較低。在物業發展
業務經營過程中，我們的僱員及工人無可避
免會承受健康及安全風險。為確保工地安全
及及時發現並糾正任何重大違規及不安全狀
況，項目團隊會定期進行地盤巡查及視察。
本集團不斷改善保障員工健康與安全的工作
規範及日常管理，以創造安全、健康及舒適
的工作環境。因此，我們的目標是於二零
一八年實現零事故及零傷亡。
作為對我們遵守職業健康與安全要求的肯定，
我們的物業管理業務已通過英國標準學會的
OHSAS 18001認證。
截至二零一七年十二月三十一日止年度，本
集團並未收到任何涉及健康與安全法律及規
例的不合規通知。
EMPLOYEE WELFARE
The Group strictly follows the labour laws and regulations and
provides comprehensive leave packages to employees, which
cover sick leave, casual leave, marriage leave, funeral leave,
maternity leave, annual leave, injury leave and statutory holidays.
The welfare system aims to take care of all employees, enrich the
variety of corporate culture activities, and increase the sense of
belonging among the employees.
In addition to the basic social insurance program, the Group
provides a number of benefits, including:
• Group medical coverage (to employee’s spouse)
• Education allowances for work-related training
OCCUPATIONAL HEALTH AND SAFETY
As a leading property enterprise focusing on property
development and investment, the occupational health and safety
risk related to property management business and workplace
operations is relatively low. For the operations of property
development business, inevitably our employees and workers may
suffer from health and safety risks. To ensure site safety and
promptly rectify any findings in major breaches and unsafe
condition, the project team carries out site visits and inspections
on a regular basis. The Group has continued to optimise its work
practices and daily management for the sake of the staff’s health
and safety with the aim to create a safe, healthy and comfortable
working environment. As such, we target to have zero accident
and fatal case in 2018.
Our property management business had obtained OHSAS 18001
certified by the British Standards Institution for the recognition of
our compliance with occupational health and safety requirements.
For the year ended at 31 December 2017, the Group has not
received any notice of non-compliance in relation to health and
safety laws and regulations.
Work Injury Statistics for 2017 二零一七年工傷統計數據
Number of work-related fatalities 工作相關死亡人數 0人
Rate of work-related fatalities 工作相關死亡率 0%
Lost days due to work injury 因工傷而損失的工作日 14 days日
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發展及培訓
我們深諳人力資本在我們的業務中發揮重要
作用。因此，我們已制定一系列培訓計劃，
確保所有僱員均已接受高水平培訓。
在回顧期內，我們推出了一系列為營運人員
而設的培訓項目，如下所示：
• 為寫字樓及物業管理人員而設的火災、
化學品及漏水防治工作坊；
• 為酒店房務而設的化學品處理及清潔培
訓；
• 為物業管理人員而設的建築安全及維修
工作坊；
• 為市場營銷部而設的數字營銷培訓工作
坊；
• 為物業管理人員而設的可持續發展及廢
物管理研討會；及
• 升級版綠建環評方法（「BEAM」）專業人
士提供的綠色建築培訓，鼓勵可持續發
展。
綠建專才（「BEAM Pro」）是獲香港綠色建築
議會認可的綠色建築專業人才，來自綠色建
築生命週期中的不同領域。在我們的日常營
運中，綠建專才能協助將最新的綠色建築標
準及實務融入我們的建築規劃、設計、建造
當中並拓闊我們的綠色知識，從而促進我們
對創造可持續社區的貢獻。
為提高本集團及每位員工的競爭力，我們不
僅為高級管理層提供大量培訓課程，亦鼓勵
各階層僱員參與本集團提供的培訓課程。
於回顧期內，按性別劃分參與培訓的僱員比
例，男性為 10%，女性為9%，平均培訓時長
分別約為2小時及小時。高級管理層、中
級管理層及初級員工參與培訓的僱員比例分
別約為25%、43%及4%。該等僱員類別各自
的平均培訓時長分別約為9小時、小時及
小時。
上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
DEVELOPMENT AND TRAINING
We understand that human capital plays a crucial part of our
business. Thus, we have established a series of training
programmes to ensure all the employees receive a significant level
of training.
During our review period, we have launched a series of training
programmes for our operational staff as shown below:
• Fire, chemical and water leakage prevention workshops for
office and property management staff;
• Chemical handling and cleaning trainings for housekeepers in
hotel;
• Building safety and maintenance workshops for property
management staff;
• Digital marketing training workshop for marketing
department;
• Seminars on susta inab le deve lopment and waste
management for property management staff; and
• Green building training provided by Building Environmental
Assessment Method (“BEAM”) Plus professionals to
encourage sustainable development.
BEAM Professionals (“BEAM Pro”) are green building professionals
accredited by the Hong Kong Green Building Council in various
aspects of the green building lifecycle. In our daily operations,
BEAM Pro can assist in integrating the latest green building
standards and practices into our building planning, design and
construction as well as broadening our green knowledge, in order
to facilitate our contribution in creating a sustainable community.
To enhance the competitiveness of the Group and of each
individual, we not only have provided plenty of training sessions to
the senior management, but have also encouraged employees
from all levels to participate in training sessions offered by the
Group.
During the review period, the percentage of employees
participated in trainings by gender was 10% of male and 9% of
female, with average training duration of approximately 2 hours
and hours respectively. The percentage of employees
participated in trainings for senior management, middle
management and junior level were approximately 25%, 43% and 4%
respectively. The average training duration by each of these
employee categories were approximately 9 hours, hours and
hours respectively.
The Calculation of the above quantitative information is based on
our best approximation and the data available up to 31 December
2017.
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我們致力支援社區，將社會參與及貢獻融入
發展策略。我們相信這將為本集團培育卓越
的企業文化及工作規範。
於回顧期內，我們持續為社區及本集團持份
者的福祉參與社區活動，從不止步於香港，
更向中國獻愛心，並努力激勵員工在僱員關
係及社會福利計劃中發揮積極作用。
於年內，我們辦事處的其中一個部門進行搬
遷，向仁濟醫院捐贈一些辦公設備。此舉不
僅有助於提倡延長辦公設備使用壽命的理念，
亦支持慈善事業及社區發展。
惜食
我們一直支持在食品業的不同部門從原本會
當作垃圾棄置的食品中回收可食用部分，為
此，我們於二零一七年十二月與「惜食堂」合
作，協助準備蔬菜和包裝食品。
惜食堂中央廚房會將包裝食品加工為營養豐
富的熱食，重新分發給香港的弱勢社區。
GIVING BACK TO THE COMMUNITY
We are committed to supporting the community by incorporating
social participation and contribution in our strategic development
and we believe this will nurture great corporate culture and
practices in the Group.
During the review period, we continually took part in community
activities, which not limited to Hong Kong but also sparing our love
to the PRC for the benefit of the community and the Group’s
stakeholders and strived to inspire our staff to play an active part
in employees’ relationship and social welfare initiatives.
During the year, we have had a relocation of one of the
departments in our office and donated some office equipment to
Yan Chai Hospital. This can not only help advocating the idea of
offering greater durability to office equipment but supporting
charity development and the community.
WASTE NO MORE
As part of our continuous support and belief of rescuing edible
surplus food from different sectors of the food industry that would
otherwise be disposed of as waste, we partnered with Food Angel
to assist in preparing raw vegetables and packed food in
December 2017.
The packed food will be turned into nutritious hot meals in Food
Angel’s central kitchen and be redistributed to the underprivileged
communities in Hong Kong.
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共融傳誠
於二零一七年十月，我們與「微型森林」合作
舉行了一項義工活動。「微型森林」是一間專
為單親媽媽及低收入婦女提供機會及幫助以
實現社會公平的社會企業。為了實踐我們扶
持下一代（特別是有需要的兒童）成長的承諾，
我們邀請了東華三院賽馬會利東綜合服務中
心的兒童一同參加此次活動，與我們的員工
著手創造獨一無二的微型盆栽。
僱員參與
我們相信，向有需要的人分享快樂及向其施
以關懷並在志願服務中作出貢獻，能形成更
強的社區凝聚力。我們希望員工能在參與志
願服務為社區作貢獻的同時，發展領導、管
理及溝通技巧等個人能力。於二零一七年，
我們的社區參與服務主要專注於為兒童及青
少年發展、關愛長者及減少貧困作出貢獻。
GIFT THAT EMPOWER
In October 2017, we partnered with MicroForests, a social
enterprise which focuses on providing opportunities and assistance
to single moms and low-income women to achieve social equality.
In the workshops held by the social enterprise, staff gets to create
their own unique MicroForests. As part of our commitment is to
support the next generation, especially children in need, we have
also invited children from Tung Wah Group of Hospitals — Jockey
Club Lei Tung Integrated Services Centre to join us in this event.
EMPLOYEE ENGAGEMENT
We believe by sharing happiness and care with those in need,
contributing in voluntary services promotes a stronger community
bonding. We hold a strong principle that our staff can contribute
to the community by participating in voluntary services while
developing their personal capabilities such as leadership,
management and communication skills. In 2017, our community
engagement services mainly focus on contributing in children and
youth development, elderly caring and poverty alleviation.
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供應鏈管理
供應商為我們價值鏈上不可或缺的一環，因
為其負責任的商業實踐對我們追求卓越品質
和提高我們的聲譽至為重要。憑藉全面的供
應鏈管理機制，我們能夠監控及評估其表現
的不同方面，包括產品及服務質素、商業道
德（定期評估）及收集對供應商表現的反饋。
我們會定期檢討以確保合規。例如，我們會
要求承包商提供一套證明文件供我們進行背
景調查。該等文件可作為其相關產品╱服務、
維護手冊、健康及安全記錄簿及產品保證的
證明。
於回顧期內，相比海外供應商，我們通常傾
向於選擇本地供應商，以盡量減少運輸足跡。
下圖顯示年內本集團按地區劃分的供應商數
目：
產品責任
客戶是本集團可持續發展的基石及動力，亦
是產品創新的激勵因素。我們堅持提供全面
的客戶服務，並進一步改進不同地區附屬公
司的客戶滿意度調查。根據客戶在客戶滿意
度調查中對產品定位及質素、規劃、銷售、
業務經營、物業管理及客戶服務的反饋，我
們能大致了解客戶對本集團的滿意度。我們
審視客戶意見，並設立標準化的投訴處理流
程來解決客戶關心的問題。
OPERATION PRACTICES
SUPPLY CHAIN MANAGEMENT
Suppliers are indispensable to our value chain as their responsible
business practices are crucial in contributing to our success in the
pursuit of quality excellence and in enhancing our reputation. With
a comprehensive supply chain management mechanism, we have
been able to monitor and evaluate different aspects of their
performance including product and service quality, business ethics
by periodic assessment and collecting feedback on the supplier
performance. Periodic reviews are performed in order to
compliance. For instance, we would require the contractor to
provide a combination of supporting documents for us to perform
a background check. These documents could be the certificate of
their related products/services, maintenance manuals, health and
safety logbooks, and the warranty of their products.
During the review period, local suppliers were usually be flavoured
by overseas suppliers so that the transportation footprint was to
be minimised. The following chart demonstrates the number of the
Group’s suppliers by region for the year:
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Number of Suppliers by Region
按地區劃分的供應商數目
Hong Kong
香港
PRC
中國
Asia (except Hong Kong,
PRC)
亞洲（香港、中國除外）
Europe
歐洲
PRODUCT RESPONSIBILITIES
Customers are the foundation and motivation of the Group’s
sustainable development and the stimulus for its product
innovation. We insist on providing comprehensive customer
services and we further refined the customer satisfaction surveys
for different regional subsidiaries. With customers’ feedback on
product positioning and quality, planning, sales, business operation,
property management and customer service obtained in customer
satisfaction surveys, we can generally visualise customer
satisfaction towards the Group. Comments from our customers are
to be inspected, and a standardised complaint handling procedure
has been established to address our customers’ concerns.
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就我們的物業發展業務而言，我們專注在業
務經營中提供高質素服務。我們的質量管理
系 統 獲 英 國 標 準 學 會 認 證 為 符 合 ISO
9001:2015質量管理系統的規定及標準。
就One-Eight-One酒店及服務式住宅而言，
本集團重視保護客戶個人資料安全，並就如
何收集、使用及披露客戶的個人資料制定全
面的開放政策。酒店每間客房均放置一份私
隱政策及個人資料收集聲明，我們強烈建議
客戶花時間仔細閱讀此聲明並保留供未來參
閱。
截至二零一七年十二月三十一日止年度，本
集團並未收到任何涉及資料私隱法律及規例
（如《個人資料（私隱）條例》）的不合規通知。
反貪
我們遵守廉政公署規管的嚴格反貪政策與採
購實務，其中概述了有關利益衝突、知識產
權、私隱及資料保密、賄賂與貪污以及平等
機會的規定。我們已設立舉報政策及意見箱，
讓僱員可於保密平台舉報在經營中所發現的
問題。藉此，我們可主動了解不斷變化的貪
污及欺詐情況。我們會設立若干內部政策來
增強僱員對相關法律及規例的意識。
截至二零一七年十二月三十一日止年度，本
集團並未收到針對本集團或僱員提起的任何
涉及反貪污相關法律及規例（如香港《防止賄
賂條例》）的不合通知。
For our property development business, we focus on providing
high quality service in our business operations. Our quality
management system is certified to be in compliance with the
requirements and standards of the ISO 9001:2015 Quality
Management System, which is certified by the British Standards
Institution.
At One-Eight-One Hotel & Serviced Residences, the Group places
emphasis on security of customers’ personal data and supports a
general policy of openness about how we collect, use and disclose
customers’ personal information. A copy of Privacy Policy and
Personal Information Collection Statement are placed in each hotel
room, and we strongly recommend customers take their time to
read them carefully and retain for future reference.
For the year ended 31 December 2017, the Group has not received
any notice of non-compliance in relation to data privacy laws and
regulations, such as the Personal Data (Privacy) Ordinance.
ANTI-CORRUPTION
We abide by the str ingent anti-corruption pol icies and
procurement practices governed by the Independent Commission
Against Corruption (“ICAC”) which outline the conflicts of interest,
intellectual property rights, privacy and confidentiality of
information, bribery and corruption and equal opportunities. A
whistleblowing policy and comment boxes are in place to provide
a confidential platform for employees to report issues observed
from our operations. By doing so, we are actively aware of the
ever- changing landscape of corruption and fraud. We may
establish certain policies internally to strengthen the employees’
awareness of the relevant laws and regulations.
For the year ended 31 December 2017, the Group has not received
any notice of non-compliance brought against the Group or the
employees in relation to corruption-related laws and regulations,
such as the Prevention of Bribery Ordinance in Hong Kong.
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表現數據摘要
環境表現 1
備註
1. 上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
PERFORMANCE DATA SUMMARY
ENVIRONMENTAL PERFORMANCE1
Unit 2017 Performance
單位 二零一七年數據
Indirect GHG emissions (Scope 2) 間接溫室氣體排放（範圍2） tonne CO2 equivalent
噸二氧化碳當量
Other Indirect GHG Emissions (Scope 3) 其他間接溫室氣體排放（範圍3） tonne CO2 equivalent
噸二氧化碳當量
GHG emissions intensity 溫室氣體排放密度 kg CO2/employee
公斤二氧化碳╱員工
1,
Non-hazardous waste disposal 無害廢物處置 tonne
噸
1,800
Non-hazardous waste intensity 無害廢物密度 tonne/number of days
噸╱天數
Recycled Materials Unit 2017 Performance
再生材料 單位 二零一七年數據
Plastic 塑料 kg
公斤
82
Paper 紙 kg
公斤
29,614
Used Cooking Oil 經使用過的煮食油 tonne
噸
Grease trap waste 隔油池廢物 tonne
噸
Aluminum Cans 鋁罐 kg
公斤
Electronic Waste 電子廢物 kg
公斤
50
Energy consumption Unit 2017 Performance
能源消耗 單位 二零一七年數據
Electricity consumption 用電量 kWh
千瓦時
449,973
Electricity intensity 用電密度 kWh/employee
千瓦時╱員工
1,
Fuel Consumption — Towngas 燃料消耗 — 煤氣 MJ 372,144
Fuel Intensity 燃料消耗密度 MJ/employee
MJ ╱員工
1,
Water Consumption 耗水量 m3
立方米
819
Water Intensity 用水密度 m3/employee
立方米╱員工
Note
1. The calculation of the above quantitative information is based on our best
approximation and the data available up to 31 December 2017.
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社會表現 — 聘用措施 1
備註
1. 上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
SOCIAL PERFORMANCE — EMPLOYMENT PRACTICE1
Unit 2017 Performance
單位 二零一七年數據
Total workforce by employment type 按就業類型劃分的總勞動力
Full-time 全職 no. of people
人數
269
Part-time 兼職 no. of people
人數
15
Total workforce by gender 按性別分列的勞動力總數
Male 男 no. of people
人數
154
Female 女 no. of people
人數
130
Total workforce by age group 按年齡組劃分的員工總數
18 – 30 years old 18 – 30歲 no. of people
人數
66
31 – 40 years old 31 – 40歲 no. of people
人數
56
41 – 50 years old 41 – 50歲 no. of people
人數
59
51 – 60 years old 51 – 60歲 no. of people
人數
75
Over 60 years old 60歲以上 no. of people
人數
28
Total workforce by geographical region 按地理區域劃分的總勞動力
Hong Kong 香港 no. of people
人數
170
Mainland China 中國大陸 no. of people
人數
114
Total workforce by employee category 按員工類別劃分的員工總數
Senior Management 高級管理人員 no. of people
人數
4
Middle Management 中層管理人員 no. of people
人數
40
Junior Level 初級員工 no. of people
人數
225
Contract/Short-term staff 合約╱短期工作人員 no. of people
人數
15
Average Training Hours by Gender 按性別劃分平均培訓時間
Male 男 hours
小時
2
Female 女 hours
小時
Average Training Hours by employee category 按員工類別劃分平均培訓時間
Senior Management 高級管理人員 hours
小時
9
Middle Management 中層管理人員 hours
小時
Junior Level 初級 hours
小時
Note
1. The calculation of the above quantitative information is based on our best
approximation and the data available up to 31 December 2017.
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社會表現 — 聘用措施 1 （續）
備註
1. 上述量化信息的計算乃基於截至二零一七年
十二月三十一日止的數據所得的最佳近似值。
Unit 2017 Performance
單位 二零一七年數據
Employee turnover by gender 按性別劃分的員工流失
Male 男 % rate
百分比
45%
Female 女 % rate
百分比
55%
Employee turnover by age group 按年齡劃分的員工流失率
18 – 30 years old 18 – 30歲 % rate
百分比
40%
31 – 40 years old 31 – 40歲 % rate
百分比
15%
41 – 50 years old 41 – 50歲 % rate
百分比
17%
51 – 60 years old 51 – 60歲 % rate
百分比
21%
Over 60 years old 60歲以上 % rate
百分比
7%
Employee turnover by geographical region 按地區劃分的員工流失率
Hong Kong 香港 % rate
百分比
60%
The People’s Republic of China 中華人民共和國 % rate
百分比
40%
Work and Safety 工作和安全
Occupational health and safety 職業健康和安全
Total number of work-related fatalities 工作相關死亡總數 no. of people
人數
0
Work-related fatalities rate 工作相關死亡率 % rate
百分比
0%
Lost days due to work injury 因工傷而損失的工作日數 no. of days
天數
14
Note
1. The calculation of the above quantitative information is based on our best
approximation and the data available up to 31 December 2017.
SOCIAL PERFORMANCE — EMPLOYMENT PRACTICE1
(CONTINUED)
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
環境、社會及管治報告書
環境，社會和管治內容索引
本報告根據香港聯合交易所有限公司證券上
市規則附錄二十七的「環境，社會及管治報告
指引」編製。下表概述指引各主要範疇不同層
面的一般披露及關鍵績效指標，並載列概覽
相關互相參照之章節或提供額外說明。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
CONTENT INDEX
This report is prepared in accordance with the “Environmental,
Social and Governance Reporting Guide” under Appendix 27 to
the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited. The following table provides an
overview on the general disclosures and key performance
indicators (“KPIs”) of various aspects under each subject area,
which are either cross-referenced to the relevant chapters of the
Review or supplementing the Review with additional information.
Description Reference Remark
描述 參考 備註
ENVIRONMENTAL
環境
Aspect A1: EMISSIONS
層面A1：排放
General Disclosure Information on: (a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to air and greenhouse gas
emissions, discharges into water and land, and generation of hazardous and
non-hazardous waste.
Protecting Our Environment Pages 81–84
一般披露 有關廢氣及溫室氣體排放、向水及土地的排污、有害及無害廢棄物的產生
等的：(a)政策；及 (b)遵守對發行人有重大影響的相關法律及規例的資料。
保護環境 第81至84頁
KPI The types of emissions and respective emissions data We do not generate significant air
emissions in our operation. Please
refer to Performance Data Summary
for our greenhouse gas emissions
data.
關鍵績效指標 排放物種類及相關排放數據。 我們的營運並無涉及大量廢氣
排放。有關我們的溫室氣體排
放請參閱保護環境及表現數據
摘要。
KPI Greenhouse gas emissions in total (in tonnes) and, where appropriate, intensity (.
per unit of production volume, per facility).
Performance Data Summary Page 82
關鍵績效指標 溫室氣體總排放量（以噸計算）及（如適用）密度（如以每產量單位、每項設
施計算）。
表現數據摘要 第82頁
KPI Total hazardous waste produced (in tonnes) and, where appropriate, intensity (. per
unit of production volume, per facility).
Hazardous waste generation and
handling are not material to our
operations.
關鍵績效指標 所產生有害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每
項設施計算）。
我們的業務並無涉及危險廢物
的產生和處理。
KPI Total non-hazardous waste produced (in tonnes) and, where appropriate, intensity (.
per unit of production volume, per facility).
Performance Data Summary Page 83
關鍵績效指標 所產生無害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每
項設施計算）。
表現數據摘要 第83頁
KPI Description of measures to mitigate emissions and results achieved Protecting Our Environment Pages 81–83
關鍵績效指標 描述減低排放量的措施及所得成果。 保護環境 第81至83頁
KPI Description of how hazardous and non-hazardous wastes are handled, reduction
initiatives and results achieved
Protecting Our Environment Page 83
關鍵績效指標 描述處理有害及無害廢棄物的方法、減低產生量的措施及所得成果。 保護環境 第83頁
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Description Reference Remark
描述 參考 備註
ENVIRONMENTAL (Continued)
環境（續）
Aspect A2: USE OF RESOURCES
層面A2：資源的使用
General Disclosure Policies on the efficient use of resources, including energy, water and other raw
materials
Protecting Our Environment Pages 85–86
一般披露 有效使用資源（包括能源、水及其他原材料）的政策。 保護環境 第85至86頁
KPI Direct and/or indirect energy consumption by type (. electricity, gas or oil) in total
(kWh in ’000s) and intensity (. per unit of production volume, per facility)
Performance Data Summary Page 84
關鍵績效指標 按類型劃分的直接及╱或間接能源（如電、氣或油）總耗量（以千個千瓦時
計算）及密度（如以每產量單位、每項設施計算）。
表現數據摘要 第84頁
KPI Water consumption in total and intensity (. per unit of production volume, per
facility)
Performance Data Summary Page 84
關鍵績效指標 總耗水量及密度（如以每產量單位、每項設施計算）。 表現數據摘要 第84頁
KPI Description of energy use efficiency initiatives and results achieved Protecting Our Environment Pages 85–86
關鍵績效指標 描述能源使用效益計劃及所得成果。 保護環境 第85至86頁
KPI Description of whether there is any issue in sourcing water that is fit for purpose, water
efficiency initiatives and results achieved
Protecting Our Environment Page 87
關鍵績效指標 描述求取適用水源上可有任何問題，以及提升用水效益計劃及所得成果。 保護環境 第87頁
KPI Total packaging material used for finished products (in tonnes) and, if applicable, with
reference to per unit produced
We do not generate significant
packaging material waste in our
operation.
關鍵績效指標 製成品所用包裝材料的總量（以噸計算）及（如適用）每生產單位佔量。 我們的業務並無涉及包裝物料
的用量。
Aspect A3: THE ENVIRONMENT AND NATURAL RESOURCES
層面A3：環境及天然資源
General Disclosure Policies on minimising the issuer’s significant impact on the environment and natural
resources
Protecting Our Environment Pages 86–87
一般披露 減低發行人對環境及天然資源造成重大影響的政策。 保護環境 第86至87頁
KPI Description of the significant impacts of activities on the environment and natural
resources and the actions taken to manage them
Protecting Our Environment Pages 85–87
關鍵績效指標 描述業務活動對環境及天然資源的重大影響及已採取管理有關影響的行動。 保護環境 第85至87頁
EMPLOYMENT AND LABOUR PRACTICES
僱傭及勞工常規
Aspect B1: EMPLOYMENT
層面B1：僱傭
General Disclosure Information on: (a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to compensation and dismissal,
recruitment and promotion, working hours, rest periods, equal opportunity, diversity,
anti-discrimination, and other benefits and welfare.
Caring for Our Employees
and Community
Page 87
一般披露 有關薪酬及解僱、招聘及晉升、工作時數、假期、平等機會、多元化、反
歧視以及其他待遇及福利的：(a)政策；及 (b)遵守對發行人有重大影響的
相關法律及規例的資料。
關懷僱員及社區 第87頁
KPI
關鍵績效指標
Total workforce by gender, employment type, age group and geographical region
按性別、僱傭類型、年齡組別及地區劃分的僱員總數。
Performance Data Summary
表現數據摘要
Page 88
第88頁
KPI Employee turnover rate by gender, age group and geographical region Performance Data Summary Page 88
關鍵績效指標 按性別、年齡組別及地區劃分的僱員流失比率。 表現數據摘要 第88頁
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
CONTENT INDEX (CONTINUED)
環境，社會和管治內容索引（續）
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環境、社會及管治報告書
Description Reference Remark
描述 參考 備註
EMPLOYMENT AND LABOUR PRACTICES (Continued)
僱傭及勞工常規（續）
Aspect B2: HEALTH AND SAFETY
層面B2：健康與安全
General Disclosure Information on (a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to providing a safe working
environment and protecting employees from occupational hazards
Caring for Our Employees
and Community
一般披露 有關提供安全工作環境及保障僱員避免職業性危害的：(a)政策；及 (b)遵
守對發行人有重大影響的相關法律及規例的資料。
關懷僱員及社區
KPI Number and rate of work-related fatalities Performance Data Summary Page 89
關鍵績效指標 因工作關係而死亡的人數及比率。 表現數據摘要 第89頁
KPI Lost days due to work Injury Performance Data Summary Page 89
關鍵績效指標 因工傷損失工作日數。 表現數據摘要 第89頁
KPI Description of occupational health and safety measures adopted, how they are
implemented and monitored
Caring for Our Employees
and Community
Page 89
關鍵績效指標 描述所採納的職業健康與安全措施，以及相關執行及監察方法。 關懷僱員及社區 第89頁
Aspect B3: DEVELOPMENT AND TRAINING
層面B3：發展及培訓
General Disclosure Policies on improving employees’ knowledge and skills for discharging duties at work.
Description of training activities
Caring for Our Employees
and Community
Page 90
一般披露 有關提升僱員履行工作職責的知識及技能的政策。描述培訓活動。 關懷僱員及社區 第90頁
KPI The percentage of employees trained by gender and employee category Performance Data Summary Page 90
關鍵績效指標 按性別及僱員類別（如高級管理層、中級管理層等）劃分的受訓僱員百分比。 表現數據摘要 第90頁
KPI The average training hours completed per employee by gender and employee category Performance Data Summary Page 90
關鍵績效指標 按性別及僱員類別劃分，每名僱員完成受訓的平均時數。 表現數據摘要 第90頁
Aspect B4: LABOUR STANDARDS
層面B4：勞工準則
General Disclosure Information on: (a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to preventing child and forced
labour
Caring for Our Employees
and Community
Page 87
一般披露 有關防止童工或強制勞工的：(a)政策；及 (b)遵守對發行人有重大影響的
相關法律及規例的資料。
關懷僱員及社區 第87頁
KPI Description of measures to review employment practices to avoid child and forced
labour
Caring for Our Employees
and Community
The child and forced labour issues
are not material to our operations.
關鍵績效指標 描述檢討招聘慣例的措施以避免童工及強制勞工。 關懷僱員及社區 我們的業務並無涉及聘用童工
和強制勞工的重大風險。
KPI Description of step taken to eliminate such practices when discovered Caring for Our Employees
and Community
The child and forced labour issues
are not material to our operations.
關鍵績效指標 描述在發現違規情況時消除有關情況所採取的步驟。 關懷僱員及社區 我們的業務並無涉及聘用童工
和強制勞工的重大風險。
Aspect B5: SUPPLY CHAIN MANAGEMENT
層面B5：供應鏈管理
General Disclosure Policies on managing environmental and social risks of the supply chain. Operation Practices Page 93
一般披露 管理供應鏈的環境及社會風險政策。 營運實務 第93頁
KPI Number of suppliers by geographical region Operation Practices Page 93
關鍵績效指標 按地區劃分的供應商數目。 營運實務 第93頁
KPI Description of practices relating to engaging suppliers, number of suppliers where the
practices are being implemented, how they are implemented and monitored.
Operation Practices Page 93
關鍵績效指標 描述有關聘用供應商的慣例，向其執行有關慣例的供應商數目、以及有關
慣例的執行及監察方法。
營運實務 第93頁
環境，社會和管治內容索引（續）ENVIRONMENTAL, SOCIAL AND GOVERNANCE
CONTENT INDEX (CONTINUED)
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Description Reference Remark
描述 參考 備註
EMPLOYMENT AND LABOUR PRACTICES (Continued)
僱傭及勞工常規（續）
Aspect B6: PRODUCT RESPONSIBILITY
層面B6：產品責任
General Disclosure Information on:(a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to health and safety, advertising,
labelling and privacy matters relating to products and services provided
Operation Practices Pages 93–94
一般披露 有關所提供產品和服務的健康與安全、廣告、標籤及私隱事宜以及補救方
法的：(a)政策；及 (b)遵守對發行人有重大影響的相關法律及規例的資料。
營運實務 第93至94頁
KPI Percentage of total products sold or shipped subject to recalls for safety and health
reasons.
Operation Practices There were no recalls concerning the
provision.
關鍵績效指標 已售或已運送產品總數中因安全與健康理由而須回收的百分比。 營運實務 不適用
KPI Number of products and service related complaints received and how they are dealt
with
Operation Practices There were no validated complaints
received during the reporting review
period.
關鍵績效指標 接獲關於產品及服務的投訴數目以及應對方法。 營運實務 報告審查期間沒有收到確認的
投訴。
KPI Description of practices relating to observing and protecting intellectual property rights Operation Practices Intellectual property rights are not
material to our operations.
關鍵績效指標 描述與維護及保障知識產權有關的慣例。 營運實務 我們的業務對於保障知識產權
並無重大影響。
KPI Description of quality assurance process and recall procedures. Operation Practices Recall procedures are not relevant to
our operations.
關鍵績效指標 描述質量檢定過程及產品回收程序。 營運實務 召回程序與我們的業務並沒有
相關影響。
KPI Description of consumer data protection and privacy policies, how they are
implemented and monitored
Operation Practices Pages 93–94
關鍵績效指標 描述消費者資料保障及私隱政策，以及相關執行及監察方法。 營運實務 第93至94頁
Aspect B7: ANTI-CORRUPTION
層面B7：反貪污
General Disclosure Information on (a) the policies; and (b) compliance with relevant laws and regulations
that have a significant impact on the issuer relating to bribery, extortion, fraud and
money laundering
Operation Practices Page 94
一般披露 有關防止賄賂、勒索、欺詐及洗黑錢的：(a)政策；及 (b)遵守對發行人有重
大影響的相關法律及規例的資料。
營運實務 第94頁
KPI Number of concluded legal cases regarding corrupt practices brought against the
issuer or its employees during the reporting period and the outcomes of the cases
Operation Practices There were no non- compliance
cases regarding corrupt practices
brought against the Group or its
employees during the review period.
關鍵績效指標 於匯報期內對發行人或其僱員提出並已審結的貪污訴訟案件的數目及訴
訟結果。
營運實務 在審查期內，本集團及其員工
並未出現違規行為。
KPI Description of preventive measures and whistle-blowing procedures, how they are
implemented and monitored
Operation Practices Page 94
關鍵績效指標 描述防範措施及舉報程序，以及相關執行及監察方法。 營運實務 第94頁
Aspect B8: COMMUNITY INVESTMENT
層面B8：社區投資
General Disclosure Policies on community engagement to understand the needs of the communities
where the issuer operates and to ensure its activities take into consideration the
communities’ interests
Giving Back to the Community Page 91
一般披露 有關以社區參與來了解營運所在社區需要和確保其業務活動會考慮社區
利益的政策。
回饋社區 第91頁
KPI Focus areas of contribution (. education, environmental concerns, labour needs,
health, culture, sport)
Giving Back to the Community Pages 91–92
關鍵績效指標 專注貢獻範疇（如教育、環境事宜、勞工需求、健康、文化、體育）。 回饋社區 第91至92頁
KPI Resources contributed (. money or time) to the focus area Giving Back to the Community Pages 91–92
關鍵績效指標 在專注範疇所動用資源（如金錢或時間）。 回饋社區 第91至92頁
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
CONTENT INDEX (CONTINUED)
環境，社會和管治內容索引（續）
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CORPORATE INFORMATION 公司資料
As at 7 March 2018 於二零一八年三月七日
BOARD OF DIRECTORS
EXECUTIVE DIRECTORS
Mr. Liu Lit Chi
�(Chairman, Managing Director and Chief Executive Officer)
Mr. Liu Kam Fai, Winston
�(Deputy Managing Director)
Mr. Liu Kwun Shing, Christopher
�(also alternate director to Dr. Liu Lit Chung)
Mr. Lee Wai Hung
NON-EXECUTIVE DIRECTORS
Dr. Liu Lit Chung, MBBS (Lon), MRCP(UK), . (Lon)
Mr. Kho Eng Tjoan, Christopher
BES, M. Arch, HKIA, RIBA, ARAIA, MRAIC,
Assoc. AIA, Registered Architect, . (Architect), MHKIoD
INDEPENDENT NON-EXECUTIVE DIRECTORS
Dr. Cheng Mo Chi, Moses, GBM, GBS, OBE, LLB (HK), .
Mr. Tong Tsin Ka, FCA (AUST.), FCPA, FCIS
�(retired on 9 May 2017)
Mr. Au Kam Yuen, Arthur
Dr. Ma Hung Ming, John, PhD, BBS, .
Mr. Cheng Yuk Wo, Msc(Econ), BA(Hons), CPA (Canada),
�CA, FCA, FCPA, CPA (Practising)
Mr. Tong Tsun Sum, Eric, CA(Aust), CPA (Practising), CFE
�(appointed on 7 March 2018)
COMPANY SECRETARY
Mr. Lee Wai Hung
董事會
執行董事
廖烈智先生
（主席、董事總經理兼行政總裁）
廖金輝先生
（副董事總經理）
廖坤城先生
（亦為廖烈忠醫生之替代董事）
李偉雄先生
非執行董事
廖烈忠醫生 MBBS (Lon), MRCP (UK), .(Lon)
許榮泉先生
BES, M. Arch, HKIA, RIBA, ARAIA, MRAIC,
Assoc. AIA, Registered Architect, . (Architect), MHKIoD
獨立非執行董事
鄭慕智博士 GBM, GBS, OBE, LLB (HK), .
唐展家先生 FCA (AUST.), FCPA, FCIS
（於二零一七年五月九日退任）
區錦源先生
馬鴻銘博士PhD, BBS, .
鄭毓和先生 Msc(Econ), BA(Hons), CPA (Canada),
�CA, FCA, FCPA, CPA (Practising)
唐晉森先生CA(Aust), CPA (Practising), CFE
（於二零一八年三月七日委任）
公司秘書
李偉雄先生
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審核委員會
鄭毓和先生（主席）
鄭慕智博士
區錦源先生
唐晉森先生（於二零一八年三月七日委任）
李偉雄先生（秘書）
提名委員會
廖烈智先生（主席）
許榮泉先生
鄭毓和先生
區錦源先生
馬鴻銘博士
唐晉森先生（於二零一八年三月七日委任）
李偉雄先生（秘書）
薪酬委員會
鄭慕智博士（主席）
許榮泉先生
馬鴻銘博士
鄭毓和先生
廖鈞慧女士（秘書）
企業管治委員會
廖坤城先生（主席）
區錦源先生
馬鴻銘博士
廖金輝先生
李偉雄先生
執行管理委員會
廖烈智先生（主席）
廖金輝先生
廖坤城先生
李偉雄先生
AUDIT COMMITTEE
Mr. Cheng Yuk Wo (Chairman)
Dr. Cheng Mo Chi, Moses
Mr. Au Kam Yuen, Arthur
Mr. Tong Tsun Sum, Eric (appointed on 7 March 2018)
Mr. Lee Wai Hung (Secretary)
NOMINATION COMMITTEE
Mr. Liu Lit Chi (Chairman)
Mr. Kho Eng Tjoan, Christopher
Mr. Cheng Yuk Wo
Mr. Au Kam Yuen, Arthur
Dr. Ma Hung Ming, John
Mr. Tong Tsun Sum, Eric (appointed on 7 March 2018)
Mr. Lee Wai Hung (Secretary)
REMUNERATION COMMITTEE
Dr. Cheng Mo Chi, Moses (Chairman)
Mr. Kho Eng Tjoan, Christopher
Dr. Ma Hung Ming, John
Mr. Cheng Yuk Wo
Ms. Cavior Liu (Secretary)
CORPORATE GOVERNANCE COMMITTEE
Mr. Liu Kwun Shing, Christopher (Chairman)
Mr. Au Kam Yuen, Arthur
Dr. Ma Hung Ming, John
Mr. Liu Kam Fai, Winston
Mr. Lee Wai Hung
Executive Management Committee
Mr. Liu Lit Chi (Chairman)
Mr. Liu Kam Fai, Winston
Mr. Liu Kwun Shing, Christopher
Mr. Lee Wai Hung
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CORPORATE INFORMATION 公司資料
As at 7 March 2018 於二零一八年三月七日
SENIOR MANAGEMENT
DEPARTMENT HEADS
Ms. Eva Liu Head of Property Development
Mr. Luk Chi Chung Head of Finance Management and
�Information Technology
Ms. Cavior Liu Head of Human Resources
Ms. Yan Yuet Lam, Charmaine Head of China Budget Hotel
Mr. Pan Sze Yuen, Cecil Head of Project Development
Mr. Jan Kwok Wai, Kim Head of China Property
�Development
Mr. Tong Tse Hon Head of Leasing
Ms. Hung Shuk Yee Head of Property and Facilities
�Management
MANAGERS
Mr. Tam King Hung, Peter Senior Project Manager
Ms. Tsia Fung Yee, Tina Accounting Manager
Ms. Wong Yuk Man Accounting Manager
Ms. Cheng Suet Kiu Manager of Finance Management
�and Information Technology
Mr. Wong Ming Kwong Maintenance Manager
Mr. Ho Chi Chung Project Manager
Mr. Pui Yuk, Ray Property Manager
高級管理人員
部門主管
廖綺華女士 物業發展部主管
陸智聰先生 財務及資訊科技部主管
廖鈞慧女士 人力資源部主管
甄玥霖女士 中國經濟型酒店部主管
潘思遠先生 項目發展部主管
詹國偉先生 中國物業發展部主管
唐子漢先生 租務部主管
洪淑儀女士 物業及設施管理部主管
經理
譚景雄先生 高級策劃經理
謝芳怡女士 會計部經理
王育敏女士 會計部經理
鄭雪嬌女士 財務及資訊科技部經理
黃銘光先生 維修經理
何志聰先生 策劃經理
貝育先生 物業經理
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律師
的近律師行
何耀棣律師事務所
胡百全律師事務所
核數師
德勤‧關黃陳方會計師行
執業會計師
銀行
澳新銀行集團有限公司
中信銀行（國際）有限公司
創興銀行有限公司
瑞士信貸銀行股份有限公司香港分行
星展銀行（香港）有限公司
富邦銀行（香港）有限公司
恒生銀行有限公司
南洋商業銀行有限公司
華僑永亨銀行有限公司
渣打銀行（香港）有限公司
株式會社三菱東京UFJ銀行有限公司
香港上海滙豐銀行有限公司
大華銀行有限公司
永隆銀行有限公司
SOLICITORS
Deacons
Gallant . Ho & Co.
. Woo & Co.
AUDITOR
Deloitte Touche Tohmatsu
Certified Public Accountants
BANKERS
Australia and New Zealand Banking Group Limited
China CITIC Bank International Limited
Chong Hing Bank Limited
Credit Suisse AG Hong Kong Branch
DBS Bank (Hong Kong) Limited
Fubon Bank (Hong Kong) Limited
Hang Seng Bank Limited
Nanyang Commercial Bank, Limited
OCBC Wing Hang Bank Limited
Standard Chartered Bank (Hong Kong) Limited
The Bank of Tokyo-Mitsubishi UFJ, Limited
The Hongkong and Shanghai Banking Corporation Limited
United Overseas Bank Limited
Wing Lung Bank Limited
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CORPORATE INFORMATION 公司資料
As at 7 March 2018 於二零一八年三月七日
註冊辦事處
香港
德輔道中二十四號
創興銀行中心二十三樓
電話：(852) 2983 7777 傳真：(852) 2983 7725
電郵：info@
廣州辦事處
中國廣州市
越秀區
環市東路三三九號
A附樓 18A房
電話：(8620) 8375 8993 傳真：(8620) 8375 8071
電郵：guangzhou@
上海辦事處
中國上海市
南京西路二八八號
創興金融中心3105室
電話：(8621) 6359 1000 傳真：(8621) 6327 6299
電郵：shanghai@
佛山辦事處
中國廣東省
佛山市南海區
獅山鎮羅村社會管理處城西區地段
貴隆路一號
翠湖綠洲花園一期
電話：(86757) 6386 0888 傳真：(86757) 6386 2218
電郵：foshan@
REGISTERED OFFICE
23rd Floor Chong Hing Bank Centre
24 Des Voeux Road Central
Hong Kong
Tel: (852) 2983 7777�Fax: (852) 2983 7725
Email: info@
GUANGZHOU OFFICE
18A Office Tower A
339 Huan Shi Dong Road
Yue Xiu District
Guangzhou, PRC
Tel: (8620) 8375 8993�Fax: (8620) 8375 8071
Email: guangzhou@
SHANGHAI OFFICE
Room 3105, Chong Hing Finance Center
288 Nanjing Road West
Shanghai, PRC
Tel: (8621) 6359 1000�Fax: (8621) 6327 6299
Email: shanghai@
FOSHAN OFFICE
First Phase, The Grand Riviera
1 Guilong Road
Luocun Social Management Office, Shishan Town
Nanhai District, Foshan
Guangdong Province, PRC
Tel: (86757) 6386 0888�Fax: (86757) 6386 2218
Email: foshan@
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BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡介
C
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EXECUTIVE DIRECTORS
MR. LIU LIT CHI
aged 78, is the Chairman of the Board of the Company since 9
August 2017. Mr. Liu has been serving as the Managing Director
and Chief Executive Officer of the Company since 26 February
2014. Mr. Liu has been an Executive Director of the Company since
its incorporation in 1970. Mr. Liu also serves as the Chairman of
Executive Management Committee and Nomination Committee as
well as a director of a number of subsidiaries of the Company. Mr.
Liu, who was educated in Hong Kong and the United Kingdom, is
also a director of a number of other companies in Hong Kong and
elsewhere. Save as disclosed above, Mr. Liu did not hold any
directorship in any other listed public companies in the previous
three years. Mr. Liu is the brother of Dr. Liu Lit Chung, an uncle of
Mr. Liu Kam Fai, Winston and Mr. Liu Kwun Shing, Christopher.
MR. LIU KAM FAI, WINSTON
BA., MSc.
aged 51, was appointed an Executive Director of the Company
since 1997. He was re-designated as the Deputy Managing Director
of the Company in August 2008. Mr. Liu holds a Master degree in
Economics from the University of London, specialising in Finance
and Macro Economic Policy. Mr. Liu oversees the Company’s
strategic development, project implementation and business
operations. Mr. Liu also served as a member of Corporate
Governance Committee and Executive Management Committee as
well as a director of a number of subsidiaries of the Company. His
other directorship in public listed companies in the last three years
includes Freeman Financial Corporation Limited, which is a public
company listed on the Stock Exchange in Hong Kong. Save as
disclosed above, Mr. Liu did not hold any directorship in any other
listed public companies in the last three years. Mr. Liu is a nephew
of Mr. Liu Lit Chi and Dr. Liu Lit Chung, a cousin of Mr. Liu Kwun
Shing, Christopher.
執行董事
廖烈智先生
七十八歲，自二零一七年八月九日起出任本
公司董事會主席。同時，廖先生自二零一四
年二月二十六日起出任為本公司董事總經理
兼行政總裁，自一九七零年本公司成立起已
成為本公司執行董事。廖先生亦出任本公司
執行管理委員會及提名委員會主席以及若干
附屬公司之董事。廖先生在香港及英國接受
教育，現為多間香港及其他地區公司之董事。
除上述披露者外，於過去三年內，廖先生並
沒有在任何其他上市公眾公司擔任任何董事
職務。廖先生是廖烈忠醫生之兄長，廖金輝
先生及廖坤城先生之叔伯父。
廖金輝先生
BA., MSc.
五十一歲，自一九九七年起獲委任為本公司
執行董事，於二零零八年八月起再獲委任為
本公司副董事總經理。廖先生持有倫敦大學
經濟學碩士學位，主修財務及宏觀經濟政策。
廖先生現負責本公司發展策略、項目執行、
以及日常經營運作。廖先生現時亦出任本公
司企業管治委員會及執行管理委員會委員以
及若干附屬公司之董事。他於過去三年以來
曾擔任董事之上市公司包括民豐企業控股有
限公司，該公司為香港聯交所上市之公眾公
司。除上述披露者外，於過去三年內，廖先
生並沒有在任何其他上市公眾公司擔任任何
董事職務。他是廖烈智先生及廖烈忠醫生之
侄兒，廖坤城先生之堂兄。
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執行董事（續）
廖坤城先生
四十二歲，曾於二零零零年起出任本公司非
執行董事以及本公司非執行董事廖烈忠醫生
之替代董事，並於二零零八年八月起改任為
本公司執行董事。於集團內，廖先生亦出任
本公司企業管治委員會主席及執行管理委員
會委員以及若干附屬公司之董事。廖先生持
有英國牛津大學法律系碩士學位，亦為香港
及英格蘭與威爾士之合資格律師。於加入本
公司出任全職職務前，廖先生任職香港的近
律師行之合夥人，主要從事企業融資、併購
及收購及私人權益的法律事務、而目前仍然
擔任該國際律師事務所之法律顧問。廖先生
身兼中國廣東省佛山市政協委員、北京海外
聯誼會及上海海外聯誼會理事。廖先生亦是
香港佛山社團總會常務會董、香港廣佛肇聯
誼總會會董、香港潮屬社團總會董事、香港
潮州商會青年委員會董事、廣東外商公會常
務理事、佛山市民營企業投資商會副會長、
香港青年企業家協會、滬港經濟發展協會及
上海黃浦區外商投資企業協會之常務董事。
除此之外，廖先生對社會和教育充滿熱誠，
並擔任香港大學及醫管局港島西醫院聯網研
究倫理委員會委員、香港中文大學新界東醫
院聯網臨床研究倫理聯席委員及廖寶珊紀念
書院校董。除上述披露者外，於過去三年內，
廖先生並沒有在任何其他上市公眾公司擔任
任何董事職務。他是廖烈忠醫生之兒子，廖
烈智先生之侄兒，廖金輝先生之堂弟。
EXECUTIVE DIRECTORS (CONTINUED)
MR. LIU KWUN SHING, CHRISTOPHER
aged 42, is an Executive Director of the Company, a position which
he has held since August 2008 following a re-designation from his
previous role since 2000 as Non-executive Director of the
Company and alternate director to Dr. Liu Lit Chung (who is a
Non-executive Director of the Company). Mr. Liu also serves as the
Chairman of the Corporate Governance Committee and a member
of the Executive Management Committee as well as a director of a
number of subsidiaries of the Company. Mr. Liu is a holder of a
Master of Arts degree in Jurisprudence from the University of
Oxford. He is also a qualified solicitor in both Hong Kong and
England & Wales. Prior to joining the Company on a full-time basis,
he was a partner of Deacons in Hong Kong, with a primary focus in
corporate finance, mergers and acquisitions and private equity
matters, and currently remains an advisory legal counsel of the
international law firm. Mr. Liu is a member of the Foshan Municipal
Committee of the Chinese People’s Political Consultative
Conference (CPPCC) as well as a director of both Beijing Chinese
Overseas Friendship Association and Shanghai Chinese Overseas
Friendship Association (COFA). Mr. Liu is also a director of the
Federation of Hong Kong Foshan Association Limited, Hong Kong
GuangFoZhao Fraternity Association Limited, the Federation of
Hong Kong Chiu Chow Community Organization, Hong Kong Chiu
Chow Chamber of Commerce, an executive director of Guangdong
Chamber of Foreign Investors, a Vice-chairman of Foshan
Investment Chamber of Private Enterprises, a board member of
Entrepreneurs’ Organisation (Hong Kong), a member of Hong
Kong- Shanghai Economic Development Association Limited and
a director of Shanghai Huang Pu District Association of Enterprises
with Foreign Investment. With a passion for the betterment of
society and education, he is also a member of the Institutional
Review Board of Hong Kong University/Hospital Authority Hong
Kong West Cluster and the Joint Chinese University of Hong Kong
— New Territories East Cluster Clinical Research Ethics Committee
as well as a school manager of Liu Po Shan Memorial College. Save
as disclosed above, Mr. Liu did not hold any directorship in any
other listed public companies in the previous three years. He is the
son of Dr. Liu Lit Chung, a nephew of Mr. Liu Lit Chi, a cousin of Mr.
Liu Kam Fai, Winston.
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EXECUTIVE DIRECTORS (CONTINUED)
MR. LEE WAI HUNG
LLB, FCCA, FCPA (Practising), ATIHK, MBA, PgD in CRE
aged 55, is an Executive Director and Company Secretary of the
Company. Mr. Lee is also serving as a member of Corporate
Governance Committee and Executive Management Committee as
well as a director of a number of subsidiaries of the Company. Mr.
Lee holds a Bachelor of Law degree, a Master of Business
Administration degree and Postgraduate Diploma in Construction
and Real Estate. He is also a fellow of Hong Kong Institute of
Certified Public Accountants (Practising) and a fellow member of
the Association of Chartered Certified Accountants. Before joining
the Company, Mr. Lee had worked in an international accounting
firm for over six years. Mr. Lee has over twenty eight years of
experience in corporate finance and accounting. Mr. Lee joined the
Company in 1992 and was appointed as director in 1994. Mr. Lee is
primarily responsible for the Company’s finance and secretarial
matters.
NON-EXECUTIVE DIRECTORS
DR. LIU LIT CHUNG
MBBS (Lon), MRCP (UK), . (Lon)
aged 68, became a director in 1979 and also the Deputy Managing
Director of the Company for over ten years. He holds a Medical
degree from King’s College Hospital, London University and is a
Member of the Royal College of Physicians of the United Kingdom.
He was awarded the Fellowship of Royal College of Physician of
London for his work in Motor Neuron Disease. In 2005, he was
further awarded the Honorary Fellowship by the Hong Kong
College of Physicians. Dr. Liu is the brother of Mr. Liu Lit Chi, an
uncle of Mr. Liu Kam Fai, Winston and the father of Liu Kwun
Shing, Christopher.
執行董事（續）
李偉雄先生
LLB, FCCA, FCPA (Practising), ATIHK, MBA, PgD in
CRE
五十五歲，為本公司執行董事兼公司秘書。
李先生亦為企業管治委員會及執行管理委員
會委員以及出任本公司若干附屬公司之董事。
李先生擁有法律學位、工商管理碩士學位及
建築及房地產學深造文憑。亦為香港會計師
公會及英國特許公認會計師公會資深會員。
李先生在加入本公司前曾在國際性會計公司
工作超過六年。李先生擁有超過二十八年財
務及會計經驗，於一九九二年加入本公司並
於一九九四年獲委任為董事。李先生主要職
責是處理本公司財務及秘書事務。
非執行董事
廖烈忠醫生
MBBS (Lon), MRCP (UK), . (Lon)
六十八歲，於一九七九年成為本公司董事，
並任本公司董事副總經理超過十年，擁有倫
敦大學King’s College Hospital醫學學位，
亦為英國皇家內科醫學院院士會員。因為在
運動神經細胞疾病作出重大貢獻，所以獲得
倫敦皇家內科醫學院頒發榮授院士榮譽。於
二零零五年更再獲得香港內科醫學院頒發之
榮授院士榮譽。廖醫生是廖烈智先生之弟弟，
廖金輝先生之叔叔及廖坤城先生之父親。
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非執行董事（續）
許榮泉先生
BES, M. Arch, HKIA, RIBA, ARAIA, MRAIC, Assoc.
AIA, Registered Architect, . (Architect), MHKIoD
五十五歲，自二零一一年五月起出任為本公
司非執行董事及他現在亦為本公司薪酬委員
會及提名委員會委員。許先生擁有城市規劃
系學士學位及建築系碩士學位。他是建築物
條例下之認可人士（建築師）及建築師註冊條
例下之註冊建築師，香港建築師學會會員，
英國皇家建築師學會會員，澳洲皇家建築師
學會會員，加拿大皇家建築師學會會員和美
國建築師學會會員。許先生曾於一九八九年
至一九九零年期間出任加拿大滑鐵盧大學校
友會執行委員及加拿大緬民吐巴大學校友會
委員，並於一九九七年至二零零三年期間曾
出任香港華仁舊生會董事及委員。許先生自
二零零九年起更擔任香港福建社團聯會專業
人士委員會委員。此外，許先生於二零一七
年獲委任為旅港福建商會理事及旅港福建商
會教育基金有限公司董事局董事。
NON-EXECUTIVE DIRECTORS (CONTINUED)
MR. KHO ENG TJOAN, CHRISTOPHER
BES, M. Arch, HKIA, RIBA, ARAIA, MRAIC, Assoc. AIA,
Registered Architect, . (Architect), MHKIoD
aged 55, served as Non-executive Director of the Company since
May 2011 and he is now serving as a member of Remuneration
Committee and Nomination Committee of the Company. Mr. Kho
holds a Bachelor of Environmental Studies degree on Urban and
Regional Planning and a Master of Architecture degree. He is an
Authorized Person under the Buildings Ordinance, a Registered
Architect under the Architects Registration Ordinance, a member
of the Hong Kong Institute of Architects, a corporate member of
Royal Institute of British Architects, an associate member of Royal
Australian Institute of Architects, a member of Royal Architectural
Institute of Canada and an associate member of American Institute
of Architects. Mr. Kho was an Executive Committee of the
University of Waterloo Alumni Association and a Committee
Member of the University of Manitoba Alumni Association from
1989 to 1990. During the year from 1997 to 2003, he was a Director
and Council Member of the Wah Yan (Hong Kong) Past Students
Association Limited. Mr. Kho is also a Committee Member of the
Professional Committee of the Hong Kong Federation of Fujian
Associations since 2009. Furthermore, Mr. Kho is appointed as a
Council Member of Fukien Chamber of Commerce and Director of
Fukien Chamber of Commerce Education Fund Limited in 2017.
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獨立非執行董事
鄭慕智博士
GBM, GBS, OBE, LLB (HK), .
六十八歲，於一九九九年八月獲委任為本公
司獨立非執行董事，他亦為本公司薪酬委員
會主席及審核委員會成員。鄭博士為執業律
師及胡百全律師事務所顧問律師，並擔任保
險業監管局主席及證券及期貨事務監察委員
會程序覆檢委員會主席。鄭博士曾任香港立
法局議員。他為香港董事學會的創會主席，
現為該會的榮譽會長及榮譽主席，並曾擔任
國際執業律師聯盟會長。
除為本公司之董事外，鄭博士現擔任中國移
動有限公司、華潤啤酒（控股）有限公司（前稱
華潤創業有限公司）、嘉華國際集團有限公
司、粵海投資有限公司、天安中國投資有限
公司、港華燃氣有限公司及開達集團有限公
司（均為香港上市公司）的董事職務。他過去
三年以來曾擔任董事的其他上市公司包括
ARA Asset Management Limited，該公司
曾為新加坡上市公司。除上述披露外，鄭博
士於過去三年並沒有在其他香港或海外的上
市公司擔任任何董事職位。
INDEPENDENT NON-EXECUTIVE DIRECTORS
DR. CHENG MO CHI, MOSES
GBM, GBS, OBE, LLB (HK), .
aged 68, was appointed as an Independent Non-executive Director
of the Company in August 1999 and he has served as Chairman of
the Remuneration Committee and a member of the Audit
Committee of the Company. Dr. Cheng is a practising solicitor and
the Consultant of Messrs. . Woo & Co. He is also serving as
Chairman of The Insurance Authority and Chairman of the Process
Review Panel For Securities and Futures Commission. Dr. Cheng
was a member of the Legislative Council of Hong Kong. He is the
Founder Chairman of the Hong Kong Institute of Directors of
which he is now the Honorary President and Chairman Emeritus.
He was also the President of International Alliance of Practising
Lawyers.
In addition to his directorship in the Company, Dr. Cheng currently
holds directorships in China Mobile Limited, China Resources Beer
(Holdings) Company Limited (Formerly known as China Resources
Enterprise, Limited), K. Wah International Holdings Limited,
Guangdong Investment Limited, Tian An China Investments
Company Limited, Towngas China Company Limited and Kader
Holdings Company Limited, all being public listed companies in
Hong Kong. Dr. Cheng’s other directorship in public listed
companies in the last three years includes ARA Asset Management
Limited, which was formerly listed in Singapore. Save as disclosed
above, Dr. Cheng did not hold any directorship, whether in Hong
Kong or overseas, in any other public listed companies in the
previous 3 years.
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BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡介
獨立非執行董事（續）
區錦源先生
七十八歲，於二零一二年十二月三日獲委任
為本公司獨立非執行董事，他亦為本公司審
核委員會、提名委員會及企業管治委員會委
員。區先生先後分別在澳洲雪梨及英國倫敦
等海外攻研法律。他於一九七五年及一九七六
年分別獲得英國及香港執業律師資格，並自
一九七九年起成立區錦源律師行及為該行之
獨資經營者。區先生是國際公證人及曾任國
際公證人紀律審裁委員會成員，亦為金文泰
中學學校管理委員會成員。區先生現任香港
護士協會（前稱政府護理員協會）及香港新界
北區廠商會有限公司法律顧問。區先生熱心
扶輪工作，並為一九九零年至一九九一年度，
國際扶輪3450地區（香港，澳門及蒙古國）之
區域總監。
馬鴻銘博士
PhD, BBS, .
五十一歲，於二零一二年十二月三日獲委任
為本公司獨立非執行董事，他亦為本公司薪
酬委員會、提名委員會及企業管治委員會委
員。馬博士現時出任佳寧娜集團控股有限公
司的執行董事，此公司為香港聯合交易所之
上市公司。他在飲食業、物業管理及地產發
展方面具有豐富的經驗。於二零零三年馬博
士獲香港特別行政區政府頒授銅紫荊星章及
於二零零四年獲美國摩利臣大學頒授榮譽哲
學博士。在公益服務方面，馬博士曾於二零
零二年出任東華三院主席，現任香港東華三
院顧問局成員、深圳市政協常委及青年議會
會長，並擔任香港廣東社團總會常務副主席、
香港潮州商會副會長及九龍社團聯會副會長，
並於二零一五年七月一日，馬博士獲香港特
別行政區政府委任為太平紳士。除上述所披
露者外，馬博士於過往三年並沒有在任何其
他上市公眾公司擔任任何董事職務。
INDEPENDENT NON-EXECUTIVE DIRECTORS
(CONTINUED)
MR. AU KAM YUEN, ARTHUR
aged 78, was appointed an Independent Non-executive Director of
the Company on 3 December 2012 and he also serves as a member
of the Audit Committee, Nomination Committee and Corporate
Governance Committee of the Company. Mr. Au studied Law in
Sydney and London respectively. He was admitted as a solicitor in
England in 1975 and in Hong Kong in 1976. He is a sole proprietor
of Arthur Au & Co., a firm of solicitors established since 1979. Mr.
Au is a Notary Public and was a member of the Notary Public
Disciplinary Tribunal Panel. He is also a School Management
Committee Member of the Clementi Secondary School. He now
serves as legal adviser to the Association of Hong Kong Nursing
Staff (previously named as the Association of Government Nursing
Staff) and The New Territories North District Manufacturers
Association of Hong Kong Limited. Mr. Au is an active Rotarian, he
was a District Governor of Rotary International District 3450 (Hong
Kong/Macao/Mongolia) in 1990–1991.
DR. MA HUNG MING, JOHN
PhD, BBS, .
aged 51, was appointed an Independent Non-executive Director of
the Company on 3 December 2012 and he has also served as a
member of the Remuneration Committee, Nomination Committee
and Corporate Governance Committee of the Company. Dr. Ma
currently is the executive director of Carrianna Group Holdings
Company Limited, this is a public company listed on The Stock
Exchange of Hong Kong Limited. He has extensive experience in
the catering industry, as well as property management and
development. He was awarded the Bronze Bauhinia Star (BBS)
from The Government of the Hong Kong Special Administrative
Region in 2003 and a Honorary Doctorate of Philosophy by
Morrison University in 2004. As for the community service, Dr. Ma
was the Chairman of Tung Wah Group of Hospitals for the year
2002. He is a member of Tung Wah Group of Hospitals Advisory
Board, the Standing Committee of Shenzhen Committee of
Chinese People’s Political Consultative Conference and the
President of Youth Council. He also serves as the Vice Chairman of
Federation of Hong Kong Guangdong Community Organisations,
Vice President of Hong Kong Chiu Chow Chamber of Commerce
and the Vice President of Kowloon Federation of Associations. On
1 July 2015, Dr. Ma was appointed to Justices of the Peace by The
Government of the Hong Kong Special Administrative Region.
Save as disclosed above, Dr. Ma did not hold any directorship in
any other public listed companies in the last three years.
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獨立非執行董事（續）
鄭毓和先生
Msc (Econ), BA(Hons), CPA (Canada), CA, FCA,
FCPA, CPA(Practising)
五十七歲，於二零一四年三月七日獲委任為
本公司獨立非執行董事，他亦為本公司審核
委員會、薪酬委員會及提名委員會委員。鄭
先生持有英國倫敦大學經濟學院科學（經濟）
碩士（主修會計及金融）及英國肯特大學會計
系之榮譽文學士學位。彼乃英格蘭及威爾斯
特許會計師公會及香港會計師公會之資深會
員，亦為加拿大特許專業會計師協會及加拿
大安大略省特許會計師公會之會員。鄭先生
擁有逾二十年於會計、金融及企業顧問服務
之專業知識。鄭先生現為正大企業國際有限
公司、創興銀行有限公司、卜蜂蓮花有限公
司、資本策略地產有限公司、香港建設（控股）
有限公司、金榜集團控股有限公司、中糧包
裝控股有限公司、萊蒙國際集團有限公司、
大唐西市絲路投資控股有限公司、卓珈控股
集團有限公司、新百利融資控股有限公司及
凱知樂國際控股有限公司之獨立非執行董事，
以上所述之公司均為香港聯交所上市之公眾
公司。鄭先生於過去三年以來曾擔任董事之
上市公司包括意馬國際控股有限公司，該公
司為香港聯交所上市之公眾公司。除上述披
露外，於過去三年內，鄭先生並沒有在香港
或海外任何證券市場之上市公眾公司擔任任
何董事職務。
INDEPENDENT NON-EXECUTIVE DIRECTORS
(CONTINUED)
MR. CHENG YUK WO
Msc (Econ), BA(Hons), CPA (Canada), CA, FCA, FCPA, CPA(Practising)
aged 57, was appointed as Independent Non-executive Director of
the Company on 7 March 2014 and he has also served as member
of the Audit Committee, Remuneration Committee and Nomination
Committee of the Company. Mr. Cheng obtained a Master of
Science (Economics) degree in Accounting and Finance from
London School of Economics, England and a Bachelor of Arts
(Honours) degree in Accounting from University of Kent, England.
He is a Fellow of the Institute of Chartered Accountants in England
and Wales and the Hong Kong Institute of Certified Public
Accountants, and a member of the Chartered Professional
Accountants of Canada and the Institute of Chartered Accountants
of Ontario, Canada. Mr. Cheng has over 20 years’ of expertise in
accounting, finance and corporate advisory services. Mr. Cheng is
currently an independent nonexecutive director of Chia Tai
Enterprises International Limited, Chong Hing Bank Limited, .
Lotus Corporation, CSI Properties Limited, HKC (Holdings) Limited,
Goldbond Group Holdings Limited, CPMC Holdings Limited, Top
Spring International Holdings Limited, DTXS Silk Road Investment
Holdings Company Limited, Miricor Enterprises Holdings Limited,
Somerley Capital Holdings Limited and Kidsland International
Holdings Limited, the abovementioned companies are listed on the
Stock Exchange in Hong Kong. His other directorship in public
companies in the last three years include Imagi International
Holdings Limited, which is a public company listed on the Stock
Exchange in Hong Kong. Save as disclosed above, Mr. Cheng has
not held any directorship in any other public companies the
securities of which are listed on any securities market in Hong
Kong or overseas in the last three years.
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BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡介
獨立非執行董事（續）
唐晉森先生
CA (Aust), CPA (Practising), CFE
47歲，於二零一八年三月獲委任為本公司獨
立非執行董事以及審核委員會及提名委員會
的成員。彼獲得澳洲悉尼大學經濟學學士學
位，澳洲麥覺理大學專業會計商科碩士學位。
他是澳大利亞會計師公會、香港會計師公會、
澳洲及新西蘭特准會計師公會會員。他亦為
英國特許秘書協會的成員、澳大利亞治理學
院和美國欺詐審查師協會的成員。
高級管理人員
廖綺華女士
MA (Cantab), DipArch (Kingston), MA (City), ARB (UK),
RIBA
五十四歲，物業發展部主管。廖女士為英國
皇家建築師學會會士，擁有英國劍橋大學建
築系及英國（倫敦）城市大學物業系碩士。她
本為英國執業建築師，於一九九九年加入本
公司，廖女士是廖金輝先生之姊姊。
陸智聰先生
FCCA, CPA (Practising), MAEB
五十歲，財務管理及資訊科技部主管。陸先
生為專業會計師，擁有電子商業碩士學位及
二十八年以上財務及會計經驗。陸先生於
一九九五年加入本公司，現為財務管理部及
資訊科技部主管。
廖鈞慧女士
五十三歲，人力資源部主管。廖女士擁有
University of British Columbia心理學學士
學位。她於二零零零年加入本公司負責人力
資源兼行政部，廖女士是廖寶珊紀念書院之
校董，她是廖金輝先生之姊姊。
INDEPENDENT NON-EXECUTIVE DIRECTORS
(CONTINUED)
MR. TONG TSUN SUM, ERIC
CA (Aust), CPA (Practising), CFE
aged 47, was appointed as an Independent Non-executive Director
and a member of the audit and the nomination committee of the
Company in March 2018. He obtained a Bachelor of Economics
from University of Sydney, Australia, a Master of Commerce in
Professional Accounting from Macquarie University, Australia. He is
a member of CPA Australia, Hong Kong Institute of Certified Public
Accountants and Institute of Chartered Accountants Australia and
New Zealand. He is also a member of The Institute of Chartered
Secretaries and Administrators, the Governance Institute of
Australia and the Association of Certified Fraud Examiners.
SENIOR MANAGEMENT
MS. EVA LIU
MA (Cantab), DipArch (Kingston), MA (City), ARB (UK), RIBA
aged 54, Head of Property Development. Ms. Liu is a Chartered
Architect (UK), holding Master of Arts Degrees, in Architecture
from the University of Cambridge, and Property Valuation And
Law from The City University in London. She was in architectural
practice in England before joining the Company in 1999. She is the
sister of Mr. Liu Kam Fai, Winston.
MR. LUK CHI CHUNG
FCCA, CPA (Practising), MAEB
aged 50, Head of Finance Management and Information
Technology. Mr. Luk is a professional accountant, holding Master
of Arts Degree in Electronic Business and has over twenty eight
years of experience in finance and accounting. Mr. Luk joined the
Company in 1995 and is in charge of Finance Management
Department and Information Technology Department.
MS. CAVIOR LIU
aged 53, Head of Human Resources. Ms. Liu holds a Bachelor
degree in Psychology from University of British Columbia. She
joined the Company in 2000, in charge of Human Resources &
Administration Department. Ms. Liu is a school manager of Liu Po
Shan Memorial College. She is the sister of Mr. Liu Kam Fai,
Winston.
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高級管理人員（續）
甄玥霖女士
四十三歲，中國經濟型酒店部主管。甄女士
於二零零七年加入本公司。甄女士於加拿大
溫哥華接受教育。加入本公司前，甄女士曾
任職國內管理層職位，負責地產項目包括上
海著名豪宅項目「上海西郊莊園」。除此甄女
士擁有管理及經營北京及上海兩地的商務會
所的經驗。甄女士現負責經濟型酒店經營項
目。
潘思遠先生
MA (Cantab), DipArch (Cantab), RIBA
五十四歲，項目發展部主管。潘先生為英國
皇家建築師學會會士，擁有英國劍橋大學建
築系碩士，及二十年以上作為英國及香港執
業建築師經驗。潘先生於二零零六年加入本
公司。
詹國偉先生
BEng (Civil), CEng, MICE
四十九歲，中國物業發展部主管。詹先生於
二零零八年加入本公司。詹先生為專業土木
工程師並擁有超過二十年以上建築及項目管
理之工作經驗，涉及的項目分佈在中國、香
港及澳門，曾分別代表發展商、顧問公司及
承建商參與私營及政府建設項目。
唐子漢先生
BBA (First Class Honor), CFP
四十九歲，租務部主管。工商管理一級榮譽
畢業，香港財務策劃師學會認可財務策劃師
資格。唐先生於二零零四年加入本公司。
洪淑儀女士
五十三歲，物業及設施管理部主管。洪女士
擁有University of Hull工商管理學碩士學
位，她於銀行業界的行政、採購及設施管理
等範疇有超過二十年經驗。洪女士於二零
一六年加入本公司負責物業及設施管理部。
SENIOR MANAGEMENT (CONTINUED)
MS. YAN YUET LAM, CHARMAINE
aged 43, Head of China Budget Hotel. Ms. Yan joined the Company
in 2007. Ms. Yan was educated in Vancouver, Canada. Before
joining the Company, Ms. Yan had worked with various mainland
companies at senior management post for leading and handling
numerous successful real estate projects including the Shanghai
Forest Manor, one of the top residential villa projects in Shanghai.
In addition, Ms. Yan has extensive experience in business club
operations both in Beijing and Shanghai. Ms. Yan is currently in
charge of the Company’s budget hotel business.
MR. PAN SZE YUEN, CECIL
MA (Cantab), DipArch (Cantab), RIBA
aged 54, Head of Project Department. Mr. Pan is a Chartered
Architect (UK), holding Master of Arts Degree in Architecture from
the University of Cambridge, and has over twenty years of
experience as a practicing architect in both UK and Hong Kong.
Mr. Pan joined the Company in 2006.
MR. JAN KWOK WAI, KIM
BEng (Civil), CEng, MICE
aged 49, Head of China Property Development. Mr. Jan joined the
Company in 2008. Mr. Jan is a professional engineer with over
twenty years of construction and project management experience
representing Clients, Consultants and Contractors on both private-
sector and government funded projects in China, Hong Kong and
Macau.
MR. TONG TSE HON
BBA (First Class Honor), CFP
aged 49, Head of Leasing, holding a Bachelor (First Class Honor)
Degree in Business Administration and a Certified Financial Planner
conferred by the Institute of Financial Planners of Hong Kong. Mr.
Tong joined the Company in 2004.
MS. HUNG SHUK YEE
aged 53, Head of Property and Facilities Management. Ms. Hung
holds a Master Degree in Business Administration of the University
of Hull. She has over twenty years of experience in general
administration, procurement and facilities management in the
banking sector. Ms. Hung joined the company in 2016 and is in
charge of the Property and Facilities Management Department.
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NOTICE OF ANNUAL GENERAL MEETING 股東周年大會通告
NOTICE IS HEREBY GIVEN that the annual general meeting of Liu
Chong Hing Investment Limited (the “Company”) for the year 2018
(“2018 AGM”) will be held at 27th Floor, Chong Hing Bank Centre,
24 Des Voeux Road Central, Hong Kong on Tuesday, 15 May 2018
at 11:00 . for the following purposes:
1. To receive and adopt the audited consolidated Financial
Statements together with Reports of the Directors and of the
Auditor of the Company for the year ended 31 December
2017.
2. To approve the payment of the final cash dividend of
HK$ per share for the year ended 31 December 2017
(“2017 Final Dividend”).
3. To re-elect (a) Mr. Liu Kam Fai, Winston, (b) Mr. Lee Wai
Hung, (c) Dr. Cheng Mo Chi, Moses, (d) Mr. Tong Tsun Sum,
Eric as directors of the Company and (e) to fix the directors’
remuneration for the year ending 31 December 2018.
4. To re-appoint Messrs. Deloitte Touche Tohmatsu as auditor
of the Company and to authorise the Board of Directors to
fix their remuneration.
As special business to consider and, if thought fit, pass with or
without modifications the following ordinary resolutions and
special resolution:
茲通告廖創興企業有限公司（「本公司」）謹訂
於二零一八年五月十五日（星期二）上午十一
時正假座香港德輔道中二十四號創興銀行中
心二十七樓舉行二零一八年度股東周年大會，
討論下列議案：
1. 省覽並採納本公司截至二零一七年十二
月三十一日止年度經審核之綜合財務報
表及董事會與核數師報告。
2. 批准派發截至二零一七年十二月三十一
日止年度之末期現金股息每股港幣
元。
3. 重選本公司董事(a)廖金輝先生；(b)李
偉雄先生；(c)鄭慕智博士；(d)唐晉森
先生及(e)釐定截至二零一八年十二月
三十一日止年度之董事酬金。
4. 再度聘任德勤‧關黃陳方會計師行為核
數師及授權董事會釐定其酬金。
並作為特別事項，酌情考慮通過（不論有否修
訂）下列普通決議案及特別決議案：
5. 「動議：
(a) 在下文(b)段之規限下，一般性及
無條件批准本公司之董事於有關
期間（定義見下文）行使本公司之
一切權力在香港聯合交易所有限
公司（「聯交所」）或本公司股份上
市所在，並獲香港證券及期貨事
務監察委員會與聯交所就此認可
之任何其他證券交易所回購本公
司股本，惟上述回購事項須按照
一切適用法例及聯交所或任何其
他證券交易所之證券上市規則（不
時修訂）及在其規限下進行；
ORDINARY RESOLUTIONS 普通決議案
5. “THAT:
(a) subject to paragraph (b) below, the exercise by the
directors of the Company during the Relevant Period (as
hereinafter defined) of all the powers of the Company
to Buy-back shares of the Company on The Stock
Exchange of Hong Kong Limited (“Stock Exchange”) or
on any other stock exchange on which the shares of the
Company may be listed and which is recognised by the
Securities and Futures Commission in Hong Kong and
the Stock Exchange for this purpose, subject to and in
accordance w i th a l l app l icab le l aws and the
requirements of the Rules Governing the Listing of
Securities on the Stock Exchange or of any other stock
exchange (as amended from time to time), be and is
hereby generally and unconditionally approved;
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(b) 本公司依據上文(a)段之批准獲授
權回購之本公司股份總數目不得
超過於本決議案獲通過之日本公
司已發行股份總數目之 10%，而
上述批准須受相應限制；及
(c) 就本決議案而言，
「有關期間」指本決議案獲通過之
日起至下列最早日期止之期間：
(i) 本公司下屆股東周年大會結
束時；
(ii) 按照香港法例第622章公司
條例或本公司之公司組織章
程細則規定，本公司下屆股
東周年大會須予舉行期限屆
滿之日；或
(iii) 本公司股東於股東大會上通
過普通決議案撤銷、更新或
修訂本決議案所載列之授權
之日。」
6. 「動議：
(a) 在下文(c)段之規限下，一般性及
無條件批准本公司之董事於有關
期間（定義見下文）行使本公司之
一切權力以配發、發行及處置本
公司資本中之額外股份，以及作
出或授予將會或可能須行使該等
權力之建議、協議及期權（包括債
券、認股權證、公司債券、票據及
任何賦有權利可認購或可兌換為
本公司股份之證券）；
(b) 上文(a)段之批准將授權本公司之
董事於有關期間（定義見下文）作
出或授予將會或可能須於有關期
間完結後行使該等權力之建議、
協議及期權（包括債券、認股權
證、公司債券、票據及任何賦有
權利可認購或可兌換為本公司股
份之證券）；
(b) the aggregate number of shares of the Company which
the Company is authorised to buy back pursuant to the
approval in paragraph (a) above shall not exceed 10%
of the aggregate number of issued shares of the
Company as at the date of passing of this resolution,
and the said approval shall be limited accordingly; and
(c) for the purpose of this resolution,
“Relevant Period” means the period from the passing of
this resolution until whichever is the earliest of:
(i) the conclusion of the next annual general meeting
of the Company;
(ii) the expiration of the period within which the next
annual general meeting of the Company is
required by the articles of association of the
Company or the Companies Ordinance (Chapter
622 of the Laws of Hong Kong) to be held; or
(iii) the date on which the authority set out in this
resolution is revoked, renewed or varied by an
ordinary resolution of the shareholders of the
Company in general meeting.”
6. “THAT:
(a) subject to paragraph (c) below, the exercise by the
directors of the Company during the Relevant Period (as
hereinafter defined) of all the powers of the Company
to allot, issue and deal with additional shares in the
capital of the Company and to make or grant offers,
agreements and options (including bonds, warrants,
debentures, notes and any securities which carry rights
to subscribe for or are convertible into shares of the
Company) which would or might require the exercise of
such power be and i s he reby genera l l y and
unconditionally approved;
(b) the approval in paragraph (a) above shall authorise the
directors of the Company during the Relevant Period (as
here inafter def ined) to make or grant of fers ,
agreements and options (including bonds, warrants,
debentures, notes and any securities which carry rights
to subscribe for or are convertible into shares of the
Company) which would or might require the exercise of
such power after the end of the Relevant Period;
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NOTICE OF ANNUAL GENERAL MEETING 股東周年大會通告
(c) 本公司之董事依據上文(a)段之批
准配發或有條件或無條件同意配
發（不論依據期權或其他）及發行
之股份總數目，除依據(i)配售新
股（定義見下文）；(ii)行使根據本
公司任何現有認股權證、債券、
公司債券、票據及任何附有可認
購或可兌換為本公司股份之權利
之證券；(iii)本公司採納之任何股
份期權計劃所授出之期權所附認
購權獲行使時而發行之本公司股
份；或(iv)按照本公司不時生效之
公司組織章程大綱及章程細則，
發行股份以股代息或配發股份以
代替本公司股份獲派之全數或部
份股息的類似安排；或(v)本公司
股東於股東大會授出特定授權外，
不得超過於本決議案獲通過當日
之本公司已發行股份總數目之
20%，而上述批准須受相應限制；
及
(d) 就本決議案而言，
「有關期間」指本決議案獲通過之
日起至下列最早日期止之期間：
(i) 本公司下屆股東周年大會結
束時；或
(ii) 按照香港法例第622章公司
條例或本公司之公司組織章
程細則規定，本公司下屆股
東周年大會須予舉行期限屆
滿之日；或
(iii) 本公司股東於股東大會上通
過普通決議案撤銷、更新或
修訂本決議案所載列之授權
之日；及
(c) the aggregate number of shares allotted or agreed
conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) and issued by the
directors of the Company pursuant to the approval in
paragraph (a) above, otherwise than pursuant to (i) a
Rights Issue (as hereinafter defined); (ii) the exercise of
any rights of subscription or conversion under any
warrants, bonds, debentures, notes and any securities
of the Company which carry rights to subscribe for or
are convertible into shares of the Company; (iii) an issue
of shares of the Company upon the exercise of the
subscription rights attaching to any options granted
under any share option scheme adopted by the
Company; (iv) an issue of shares as scrip dividends or
similar arrangement providing for the allotment of
shares in lieu of the whole or part of a dividend on
shares of the Company in accordance with the
Company’s memorandum and articles of association
from time to time; or (v) specific authority granted by
the shareholders of the Company in general meeting,
shall not exceed 20% of the aggregate number of issued
shares of the Company at the date of passing of this
resolution, and the said approval shall be limited
accordingly; and
(d) for the purpose of this resolution,
“Relevant Period” means the period from the passing of
this resolution until whichever is the earliest of:
(i) the conclusion of the next annual general meeting
of the Company; or
(ii) the expiration of the period within which the next
annual general meeting of the Company is
required by the articles of association of the
Company or the Companies Ordinance (Chapter
622 of the Laws of Hong Kong) to be held; or
(iii) the date on which the authority set out in this
resolution is revoked, renewed or varied by an
ordinary resolution of the shareholders of the
Company in general meeting; and
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「配售新股」指本公司之董事於指
定期間向於指定記錄日期名列本
公司股東名冊之本公司股份或任
何類別股份之持有人，按彼等於
該日之持股比例提呈發售股份（惟
本公司之董事可就零碎股權或經
考慮適用於本公司之任何司法管
轄區法例之任何限制或責任或任
何認可監管機構或任何證券交易
所之規定後，作出彼等認為必需
或適當之取消權利行動或另作安
排）。」
7. 「動議待本大會通告所載第5或6項普通
決議案獲通過後，擴大本公司董事獲授
予本大會通告所載根據第6項普通決議
案可行使本公司權力以配發、發行並處
置股份之一般授權，在其上另加相當於
本公司根據本大會通告所載第5項普通
決議案授予之授權可回購本公司之股份
數目，惟該加上之回購股份數目不得超
過本公司於本決議案通過日期已發行股
份總數之 10%。」
8. 「動議：
現行本公司章程細則第 113條摘錄如下：
「董事總經理繼續擔任該職務時，不得
根據本章程第 105條和第 106條退休，
但根據他與本公司之間的合同規定，如
果他因任何原因不再擔任董事職務，他
應遵守與本公司其他董事辭職和離職相
同的規定，立即停止擔任董事總經理。」
修訂並完全替代成為新的章程第 113條：
“Rights Issue” means an offer of shares open for a
period fixed by the directors of the Company to holders
of shares or any class of shares of the Company whose
names appear on the register of members of the
Company on a fixed record date in proportion to their
then holdings of such shares as at that date (subject to
such exclusions or other arrangements as the directors
of the Company may deem necessary or expedient in
relation to fractional entitlements or having regard to
any restrictions or obligations under the laws of, or the
requirements of any recognised regulatory body or any
stock exchange in, any territory applicable to the
Company).”
7. “THAT conditional upon Ordinary Resolutions Nos. 5 and 6
set out in the notice convening this meeting being passed,
the general mandate granted to the directors of the
Company to exercise the powers of the Company to allot,
issue and deal with additional shares pursuant to Ordinary
Resolution No. 6 set out in the notice convening this meeting
be and is hereby extended by the addition thereto of an
amount representing the aggregate number of shares of the
Company bought back by the Company under the authority
granted pursuant to Ordinary Resolution No. 5 set out in the
notice convening this meeting, provided that such extended
amount of shares so bought back shall not exceed 10% of the
aggregate number of issued shares of the Company at the
date of passing of this resolution.”
SPECIAL RESOLUTION 特別決議案
8. “THAT:
The current Article 113 of the articles of association of the
Company as extracted below:
“A Managing Director shall not, while he continues to hold
that office, be subject to retirement under Articles 105 and
106 hereof, but, subject to the provisions of any contract
between him and the Company, he shall be subject to the
same provisions as to resignation and removal as the other
directors of the Company, and he shall, ipso facto and
immediately, cease to be a Managing Director if he ceases to
hold the office of director from any cause.”
be amended and replaced entirely by the following new
Article 113:
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NOTICE OF ANNUAL GENERAL MEETING 股東周年大會通告
「根據本章程第 105條和第 106條的規
定，董事總經理與本公司其他董事一樣
應當退任。根據他與本公司之間的合同
規定，如果他因任何原因不再擔任董事
職位，他應遵守與本公司其他董事辭職
和離職相同的規定，立即停止擔任董事
總經理。」；
除上述者外，本公司章程細則的其他所
有條款維持不變；及本公司的公司秘書
獲授權處理所有相關程序要求。」
9. 處理其他事項。
承董事會命
廖創興企業有限公司
廖烈智
主席、董事總經理
兼行政總裁
香港，二零一八年三月二十九日
附註：
1. 凡有權出席二零一八年度股東周年大會並於
大會上投票之本公司股東可委派另一人士作
為其代表代其出席及投票。持有兩股或以上
股份之股東可委任多於一名代表同時出席大
會。受委派之代表毋須為本公司股東。
2. 代表委任書連同代表委任書據之簽署的授權
書或其他授權文件（如有）或經公證人核證之
該等授權書或授權文件之副本須不遲於大會
或其續會舉行前四十八小時送達本公司之股
份過戶登記處香港中央證券登記有限公司，
地址為香港灣仔皇后大道東一八三號合和中
心十七M樓，方為有效。
“A Managing Director shall be subject to retirement under
Articles 105 and 106 hereof as other directors of the
Company. Subject to the provisions of any contract between
him and the Company, he shall be subject to the same
provisions as to resignation and removal as the other
directors of the Company. He shal l , ipso facto and
immediately, cease to be a Managing Director if he ceases to
hold the office of director from any cause.”;
save for the aforesaid, all other articles of the articles of
association of the Company remain unchanged; and the
company secretary of the Company be and is authorised to
deal with all relevant procedual requirements.”
9. To transact any other business.
By Order of the Board
Liu Chong Hing Investment Limited
Liu Lit Chi
Chairman, Managing Director
and Chief Executive Officer
Hong Kong, 29 March 2018
Notes:
1. A member of the Company entitled to attend and vote at the 2018 AGM is
entitled to appoint another person as his proxy to attend and vote in his
stead. A member who is the holder of two or more shares may appoint
more than one proxy to attend on the same occasion. A proxy need not
be a member of the Company.
2. To be valid, a form of proxy, together with any power of attorney or other
authority (if any) under which it is signed, or a notarially certified copy
thereof, must be lodged with the Company’s Share Registrars,
Computershare Hong Kong Investor Services Limited at 17M Floor,
Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, not less
than 48 hours before the time appointed for holding the meeting or any
adjournment thereof.
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3. 確定股東權利之記錄日期：
(a) 為確定合資格出席在二零一八年五月
十五日（星期二）舉行之二零一八年股
東周年大會（「二零一八年股東周年大
會」）並於會上投票之股東，其名字須
列於二零一八年五月十五日（星期二）
之股東名冊內，本公司將由二零一八
年五月十日（星期四）至二零一八年五
月十五日（星期二）（包括首尾兩天）暫
停辦理股份過戶登記手續。股東為確
保有權出席二零一八年股東周年大會
於會上投票，請將所有股票連同已填
妥背面或另頁之過戶表格，最遲須於
二零一八年五月九日（星期三）下午四
時三十分前送達本公司股份過戶登記
處：香港中央證券登記有限公司，地
址為香港皇后大道東一八三號合和中
心十七樓一七一二至一七一六號舖，
辦理過戶登記手續。
(b) 為確定合資格享有二零一七年末期股
息之股東，其名字須列於二零一八年
五月二十五日（星期五）之本公司股東
名冊內，本公司將於二零一八年五月
二十三日（星期三）至二零一八年五月
二十五日（星期五）（包括首尾兩天）暫
停辦理股份過戶登記手續。股東為確
保符合資格獲派末期股息，請將所有
股票連同已填妥背面或另頁之過戶表
格，最遲須於二零一八年五月二十一
日（星期一）下午四時三十分前送達本
公司股份過戶登記處：香港中央證券
登記有限公司，地址為香港皇后大道
東一八三號合和中心十七樓一七一二
至一七一六號舖，辦理過戶登記手續。
4. 上述大會將於二零一八年五月十五日上午十
時三十分開始進行登記。
5. 本通告的中文版為譯本僅供參考，如有任何
抵觸，概以英文版為準。
6. 若會議當日上午八時或之後任何時間懸掛八
號或以上颱風信號又或黑色暴雨警告信號生
效，會議將延期舉行或休會後另再舉行續
會。本公司將於本公司網站(.
hk)及 香 港 交 易 所 披 露 易 網 站(www.
)上載公告，通知股東重新安
排的會議日期、時間及地點。
在黃色或紅色暴雨警告信號生效期間，會議
將會如期舉行。於惡劣天氣情況下，股東應
因應自身情況自行決定是否出席會議。
7. 載有關於(i)重選董事；(ii)有關回購及發行
股份之一般性授權之各項建議進一步詳情的
通函及(iii)修改組織章程細則，將於今天連
同本公司二零一七年年報一併發送股東。
8. 於本公佈日期，本公司之董事會成員包括執
行董事：廖烈智先生（主席、董事總經理兼行
政總裁）、廖金輝先生（副董事總經理）、廖坤
城先生（亦為廖烈忠醫生之替代董事）及李偉
雄先生；非執行董事：廖烈忠醫生及許榮泉
先生；及獨立非執行董事：鄭慕智博士、區
錦源先生、馬鴻銘博士、鄭毓和先生及唐晉
森先生。
3. Record dates of entitlements of the Members:
(a) For the purpose of determining shareholders who are entitled to
attend and vote at the 2018 AGM to be held on Tuesday, 15 May
2018, whose name should be recorded in the Company’s
shareholders book on Tuesday, 15 May 2018. The Register of
Members of the Company will be closed from Thursday, 10 May
2018 to Tuesday, 15 May 2018, both days inclusive. In order to qualify
for attending and voting at the 2018 AGM, all share certificates with
completed transfer forms either overleaf or separately must be
lodged with the Company’s Share Registrars, Computershare Hong
Kong Investor Services Limited, Shops 1712–1716, 17th Floor,
Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration
not later than 4:30 . on Wednesday, 9 May 2018.
(b) For the purpose of determining shareholders who qualify for the
2017 Final Dividend, whose name should be recorded in the
Company’s shareholders book on Friday, 25 May 2018. The Register
of Members of the Company will be closed from Wednesday, 23
May 2018 to Friday, 25 May 2018, both days inclusive. In order to
qualify for the final dividend, all share certificates with completed
transfer forms either overleaf or separately must be lodged for
registration with the Company’s Registrars, Computershare Hong
Kong Investor Services Limited, Shops 1712–1716, 17th Floor,
Hopewell Centre, 183 Queen’s Road East, Hong Kong not later than
4:30 . on Monday, 21 May 2018.
4. The registration for attending the above meeting will start at 10:30 am on
15 May 2018.
5. The Chinese translation of this notice is for reference only, and in case of
any inconsistency, the English version shall prevail.
6. If a Typhoon Signal No. 8 or above is hoisted or a Black Rainstorm
Warning Signal is in force at or at any time after 8:00 am on the date of
the meeting, the meeting will be postponed or adjourned. The Company
will post an announcement on the Company website ()
and HKEXnews website () to notify shareholders of the
date, time and place of the rescheduled meeting.
The meeting will be held as scheduled when an Amber or a Red Rainstorm
Warning Signal is in force. Shareholders should decide on their own
whether they would attend the meeting under bad weather condition
bearing in mind their own situations.
7. A circular containing further information on the proposals regarding the (i)
re-election of Directors; (ii) general mandates for the buy back and issue
of shares and (iii) Amendment to Articles of Association will be sent to
shareholders today along with the Company’s 2017 Annual Report.
8. As at the date hereof, the Board of Directors of the Company comprises
Executive Directors: Mr. Liu Lit Chi (Chairman, Managing Director and
Chief Executive Officer), Mr. Liu Kam Fai, Winston (Deputy Managing
Director), Mr. Liu Kwun Shing, Christopher (also alternate director to Dr.
Liu Lit Chung) and Mr. Lee Wai Hung; Non-executive Directors: Dr. Liu Lit
Chung and Mr. Kho Eng Tjoan, Christopher; and Independent Non-
executive Directors: Dr. Cheng Mo Chi, Moses, Mr. Au Kam Yuen, Arthur,
Dr. Ma Hung Ming, John, Mr. Cheng Yuk Wo and Mr. Tong Tsun Sum, Eric.
122
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MARKET PRICE MOVEMENT AND MARKET CAPITALIZATION CHART
市價走勢及市值圖表
Last Trading
Date of Each Month
每月最後交易日
Closing Price per Share
每股收市價
(HK$ 港幣 )
Marketing Capitalization
市值
(HK$ in million 港幣百萬元 )
29/1/2016 3,180
29/2/2016 3,263
31/3/2016 3,347
29/4/2016 3,316
31/5/2016 3,369
30/6/2016 3,460
29/7/2016 3,657
31/8/2016 4,316
30/9/2016 4,202
31/10/2016 4,149
30/11/2016 4,089
30/12/2016 3,930
27/1/2017 4,074
28/2/2017 4,233
31/3/2017 4,202
28/4/2017 4,649
31/5/2017 4,573
30/6/2017 4,551
31/7/2017 4,891
31/8/2017 4,838
29/9/2017 4,952
31/10/2017 5,073
30/11/2017 5,118
29/12/2017 5,111
note: Closing price (HK$) are extracted from the web site of The Stock
Exchange of Hong Kong Limited.(Stock code: 00194)
附註： 港元收市價乃摘自香港聯合交易所有限公司網站。（股份代號：00194）
8.
84
0
31
/0
3/
20
16
9
.1
40
30
/0
6/
20
16
11
.1
00
30
/0
9/
20
16
10
.3
80
30
/1
2/
20
16
31
/0
3/
20
17
11
.1
00
30
/0
6/
20
17
1
2.
02
0
29
/0
9/
20
17
13
.0
80
29
/1
2/
20
17
13
.5
00
3,
34
7
31
/0
3/
20
16
,3,
46
0
30
/0
6/
20
16
,4,
20
2
30
/0
9/
20
16
,3,
93
0
30
/1
2/
20
16
31
/0
3/
20
17
,4,
20
2
30
/0
6/
20
17
4,
55
1
29
/0
9/
20
17
4,
95
2
29
/1
2/
20
17
,5,
11
1
Closing Price per Share每股收市價
March 2016 to December 2017
二零一六年三月至二零一七年十二月
HK$ 港幣
Market Capitalization市值
March 2016 to December 2017
二零一六年三月至二零一七年十二月
HK$ in Million 港幣一百萬元
0
4
2
6
8
14
12
10
6,000
5,000
4,000
3,000
2,000
1,000
0
123
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LIU CHONG HING GROUP SIMPLIFIED CORPORATE STRUCTURE CHART
廖創興集團簡化架構圖
C
O
R
P
O
R
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%%
* Listed on The Stock Exchange of Hong Kong Limited
* 其股票在香港聯合交易所有限公司上市
** Formerly known as Western Harbour Centre
** 前稱滙港中心
%
100%
90% 100%100%
100%
100%
100% 100% % 100%
Chong Yip Centre
創業商場
Fairview Court
富慧閣
Chong Hing
Finance Center,
Shanghai
上海創興金融中心
50%
Japan Warehouses
日本倉庫
*LIU CHONG HING
INVESTMENT LIMITED
* 廖創興企業有限公司
LIU’S HOLDINGS LIMITED
廖氏集團有限公司
OTHER INVESTORS
其他投資者
The Grand Riviera
Foshan
翠湖綠洲花園
(佛山)
Guangzhou Wealth Good
Property Management
Company Limited
廣州市裕利
物業管理有限公司
Property
Investment
物業投資
Property
Development
物業發展
Property
Management
物業管理
Trading &
Manufacturing
貿易及製造業
Hotel
Business
酒店業務
Chong Hing
Bank Centre
創興銀行中心
**ONE-EIGHT-ONE
Hotel & Serviced
Residences
**ONE-EIGHT-ONE
酒店及服務式住宅
Liu Chong Hing
Property Management
& Agency Limited
廖創興物業管理及
代理有限公司
Maanshan Gaoke
Magnetic Material
Company Limited
馬鞍山高科磁性
材料有限公司
Hanting Express-
Guangzhou,
Yue Xiu Pan Fu
漢庭快捷
廣州越秀盤福店
100%
Chong Hing Square
創興廣場
ALBA HOLDINGS LIMITED
愛寶集團有限公司
As at 31 December 2017
於二零一七年十二月三十一日
124
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SCHEDULE OF MAJOR PROPERTIES HELD BY THE GROUP
本集團主要物業表
As at 31 December 2017 於二零一七年十二月三十一日
Description
Interest in
the property
attributable
to the Group
Approximate
site area
(sq. ft.)
Total gross
floor area
(sq. ft.) Existing use
概述
本集團應佔之
物業權益
概約地盤面積
（平方呎）
總建築樓面面積
（平方呎） 現時用途
Investment properties
投資物業
Hong Kong:
香港：
1. Chong Hing Bank Centre
24 Des Voeux Road Central
100% 7,100 110,000 O
創興銀行中心
德輔道中24號
2. Chong Yip Centre
402–404 Des Voeux Road West
100% 32,400 54,000 C/P
創業商場
德輔道西402–404 號
3. Fairview Court
94 Repulse Bay Road
100% 30,000 26,000 R/P
富慧閣
淺水灣道94號
4. The Westwood
8 Belcher’s Street
10% – 221,900 C/P
西寶城
卑路乍街8號
411,900
Kowloon and New Territories:
九龍及新界：
5. Chong Hing Square
601 Nathan Road, Mongkok
100% 12,300 182,000 C
創興廣場
旺角彌敦道601號
6. Bonsun Industrial Building
364–366 Sha Tsui Road, Tsuen Wan
100% 18,000 8,200 I/P
萬象工業大廈
荃灣沙咀道364–366號
7. Chatham Place
388 Chatham Road North, Hung Hom
10% – 61,000 C/P
昇御商場
紅磡漆咸道北388號
251,200
125
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Description
Interest in
the property
attributable
to the Group
Approximate
site area
(sq. ft.)
Total gross
floor area
(sq. ft.) Existing use
概述
本集團應佔之
物業權益
概約地盤面積
（平方呎）
總建築樓面面積
（平方呎） 現時用途
Investment properties
投資物業
People’s Republic of China:
中華人民共和國：
8. Chong Hing Finance Center
No. 288 Nanjing Road West
Huang Pu District
Shanghai
100% 55,000 103,000 C
413,000 O
180,000 P
創興金融中心
上海
黃浦區
南京西路288號
696,000
Japan:
日本：
9. Higashi Matsuyama Logistics Centre
296–1, 294–1, 301–2, 301–1, 300–1, 299–1, 302–1, 295–1,
Shingo, Ooaza, Higashi Matsuyama-shi,
Saitama Prefecture
東松山物流中心
埼玉縣東松山市Shingo,
Ooaza 296–1、294–1、301–2、301–1、300–1、299–1、302–1、
295-1
50% 102,800 193,600 W
10. Kakegawa Logistics Centre
102, Shobugaike, Kakewawa-shi, Shizuoka Prefecture
掛川物流中心
靜崗縣掛川市 Shobugaike 102號
50% 509,000 457,000 W
650,600
2,009,700
126
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SCHEDULE OF MAJOR PROPERTIES HELD BY THE GROUP
本集團主要物業表
As at 31 December 2017 於二零一七年十二月三十一日
Description
Interest in
the property
attributable
to the Group
Approximate
site area
(sq. ft.)
Total gross
floor area
(sq. ft.) Existing use Status
概述
本集團應佔之
物業權益
概約地盤面積
（平方呎）
總建築樓面面積
（平方呎） 現時用途 工程進度
Properties under development/Properties under development for sale
發展中物業╱待出售發展中物業
Hong Kong:
香港：
11. ONE-EIGHT-ONE Hotel &
Serviced Residences
181–183 Connaught Road West
100% 10,800 162,000 H Construction in progress
施工進行中
ONE-EIGHT-ONE酒店及服務式住宅
干諾道西181–183號
12. Various Lots in . 29
Ting Kok Road, Tai Po
100% 262,000 n/a
不適用
n/a
不適用
Planning
計劃中
大埔汀角路
29號地段
People’s Republic of China:
中華人民共和國：
13. The Grand Riviera
West of Luocun
Luocun Social Management Office
Shishan Town
Nanhai District
Foshan
90% 2,755,000 5,840,000 R First, second and third phase:
Completed
第一、二及三期：已完成
Fourth phase:
Construction in progress
第四期：施工進行中
350,000 C
2,097,000 P
63,000 S
85,000 T
翠湖綠洲花園
佛山市
南海區
獅山鎮羅村社會管理處
城西區地段
8,435,000
8,597,000
C=Commercial 商業 H=Hotel 酒店 I=Industrial 工業 P=Car Park 車位 R=Residential 住宅 O=Office 寫字樓
S=Clubhouse and recreational facilities 會所及康樂設施
W=Warehouse 貨倉
T= Others (including kindergarten, property management office, etc.)
其他（包括幼稚園、物業管理用房等）
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SHAREHOLDERS’ INFORMATION 股東資料
C
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FINANCIAL CALENDAR As at 7 March 2018
財務日誌於二零一八年三月七日
RESULTS ANNOUNCEMENT
業績公佈
Interim Results
�for six-month ended 30 June 2017
截至二零一七年六月三十日止
六個月之中期業績
Annual Results
�for year ended 31 December 2017
截至二零一七年十二月三十一日止
年度之全年業績
:
:
Announced on 9 August 2017
已於二零一七年八月九日公佈
Announced on 7 March 2018
已於二零一八年三月七日公佈
SHAREHOLDERS’ MEETING
股東大會
Annual General Meeting
股東周年大會
Latest time to lodge transfer forms
遞交過戶文件最後期限
Closure of Register of Members
�(for purpose of ascertaining entitlements
�to attend and vote at the 2018 Annual
�General Meeting)
暫停辦理股份過戶登記手續
（確定有權出席二零一八年
股東周年大會及投票）
:
:
:
To be held on 15 May 2018
將於二零一八年五月十五日舉行
4:30 pm on 9 May 2018
二零一八年五月九日下午四時三十分
From 10 May 2018 to 15 May 2018
�(both days inclusive)
二零一八年五月十日至二零一八年五月十五日
（首尾兩天包括在內）
CASH DIVIDENDS
現金股息
Interim cash dividend
中期現金股息
�Paid on
支付日期
Proposed final cash dividend
擬派末期現金股息
�Payable on
支付日期
�Ex-dividend date of final dividend
末期股息除息日
�Latest time to lodge transfer forms
遞交過戶文件最後期限
�Closure of Register of Members
��(for purpose of ascertaining entitlements
��to receive the final dividend)
暫停辦理股份過戶登記手續
（確定有權收取末期股息）
:
:
:
:
:
:
:
HK$ per share
每股港幣元
29 September 2017
二零一七年九月二十九日
HK$ per Share
每股港幣元
5 June 2018
二零一八年六月五日
18 May 2018
二零一八年五月十八日
4:30 pm on 21 May 2018
二零一八年五月二十一日下午四時三十分
From 23 May 2018 to 25 May 2018
�(both days inclusive)
二零一八年五月二十三日至二零一八年五月二十五日
（首尾兩天包括在內）
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SHAREHOLDERS’ INFORMATION 股東資料
Share Registrars and transfer office
股份登記及轉名處
Share listing
股票掛牌
Stock Code
股份代號
Board lot
買賣單位
No. of issued ordinary share
已發行普通股股份數目
Company’s e-mail address
公司電郵地址
Investors and Shareholders contact
投資者及股東聯絡
:
:
:
:
:
:
:
Computershare Hong Kong Investor Services Limited
Shops 1712–1716, 17th Floor, Hopewell Centre,
183 Queen’s Road East Wanchai,
Hong Kong
香港中央證券登記有限公司
香港灣仔皇后大道東一八三號
合和中心十七樓一七一二至一七一六號舖
The Company’s shares are listed on
The Stock Exchange of Hong Kong Limited
本公司股票於香港聯合交易所有限公司
掛牌買賣
00194
00194
2,000 shares
2,000股
378,583,440 shares
378,583,440股
info@
info@
Attention: Mr. Lee Wai Hung
23rd Floor, Chong Hing Bank Centre
24 Des Voeux Road Central, Hong Kong
Tel: (852) 2983 7779
Fax: (852) 2983 7723
Website:
致：李偉雄先生
香港德輔道中二十四號創興銀行中心二十三樓
電話：(852) 2983 7779
傳真：(852) 2983 7723
網頁：
FINANCIAL REPORT 財務報表
130 Independent Auditor’s Report 獨立核數師報告書
137 Consolidated Statement of Profit or Loss 綜合損益表
138 Consolidated Statement of Profit or Loss and
Other Comprehensive Income
綜合損益及
其他全面收益表
139 Consolidated Statement of Financial Position 綜合財務狀況表
141 Consolidated Statement of Changes in Equity 綜合權益變動表
143 Consolidated Statement of Cash Flows 綜合現金流量表
145 Notes to the Consolidated Financial Statements 綜合財務報表附註
130
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INDEPENDENT AUDITOR’S REPORT 獨立核數師報告書
TO THE MEMBERS OF LIU CHONG HING
INVESTMENT LIMITED
(incorporated in Hong Kong with limited liability)
OPINION
We have audited the consolidated financial statements of Liu
Chong Hing Investment Limited (the “Company”) and its
subsidiaries (collectively referred to as “the Group”) set out on
pages 137 to 232, which comprise the consolidated statement of
financial position as at 31 December 2017, and the consolidated
statement of profit or loss, consolidated statement of profit or loss
and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for
the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements give a true
and fair view of the consolidated financial position of the Group as
at 31 December 2017, and of its consolidated financial performance
and its consolidated cash flows for the year then ended in
accordance with Hong Kong Financial Reporting Standards
(“HKFRSs”) issued by the Hong Kong Institute of Certified Public
Accountants (“HKICPA”) and have been properly prepared in
compliance with the Hong Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong Standards
on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the
Group in accordance with the HKICPA’s Code of Ethics for
Professional Accountants (the “Code”), and we have fulfilled our
other ethical responsibilities in accordance with the Code. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
致廖創興企業有限公司股東
（於香港註冊成立之有限公司）
意見
本核數師（以下簡稱「我們」）已審計列載於第
137至232頁的廖創興企業有限公司（以下簡
稱「貴公司」）及其附屬公司（以下統稱「貴集
團」）的綜合財務報表，此財務報表包括於二
零一七年十二月三十一日的綜合財務狀況表
與截至該日止年度的綜合損益表、綜合損益
及其他全面收益表、綜合權益變動表和綜合
現金流量表，以及綜合財務報表附註，包括
主要會計政策概要。
我們認為，該等綜合財務報表已根據香港會
計師公會頒布的《香港財務報告準則》真實而
中肯地反映了 貴集團於二零一七年十二月
三十一日的綜合財務狀況及截至該日止年度
的綜合財務表現及綜合現金流量，並已遵照
香港《公司條例》妥為擬備。
意見的基礎
我們已根據香港會計師公會頒布的《香港審計
準則》進行審計。我們在該等準則下承擔的責
任已在本報告「核數師就審計綜合財務報表承
擔的責任」部分中作進一步闡述。根據香港會
計師公會頒布的《專業會計師道德守則》（以下
簡稱「守則」），我們獨立於 貴集團，並已履
行守則中的其他專業道德責任。我們相信，
我們所獲得的審計憑證能充足及適當地為我
們的審計意見提供基礎。
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KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters.
Valuation of investment properties
We identified the valuation of investment properties as a key audit
matter as they represented 58% of the Group’s total assets,
combined with the judgements associated with determining the
fair value. As disclosed in note 15 to the consolidated financial
statements, the investment properties are located in Hong Kong
and the People’s Republic of China (the “PRC”). The carrying
amounts of investment properties amounted to HK$8,392,900,000
as at 31 December 2017 and a gain on changes in fair value of
HK$292,070,000 was recorded in the profit for the year then
ended.
As set out in note 4 to the consolidated financial statements, the
Group’s investment properties are stated at fair value based on the
valuations performed by an independent qualified professional
valuer (“Valuer”). Details of the valuation techniques and key
inputs used in the valuations are disclosed in note 15 to the
consolidated financial statements. The valuations have been
arr ived at using direct comparison method and income
capitalisation method, which are dependent on certain key inputs
and assumptions in respect of prevailing market conditions such
as unit sale rate, reversion yield and monthly market rent.
關鍵審計事項
關鍵審計事項是根據我們的專業判斷，認為
對本期綜合財務報表的審計最為重要的事項。
這些事項是在我們審計整體綜合財務報表及
出具意見時進行處理的。我們不會對這些事
項提供單獨的意見。
投資物業估值
我們識別投資物業估值為關鍵審計事項，乃
由於其佔 貴集團總資產58%，連同與釐定
公平價值有關的判斷。誠如綜合財務報表附
註 15所披露，投資物業位於香港及中華人民
共和國（以下簡稱「中國」）。投資物業於二零
一七年十二月三十一日的賬面值為港幣
8,392,900,000元，而截至該日止年度的收
益計入港幣292,070,000元的公平價值變動
收益。
誠如綜合財務報表附註4所載，本集團的投
資物業乃按獨立合資格專業估值師（以下簡稱
「估值師」）所評估的公平價值列賬。所使用的
估值技術和主要輸入變數詳情載於綜合財務
報表附註 15。估值乃採用直接比較法及收益
資本化法計算，其取決於現行市場條件的若
干主要輸入變數及假設，例如單位銷售利率，
租期後的回報率及每月市值租金。
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HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Our procedures in relation to the valuation of investment
properties included:
• Evaluating the competence, capabilities and objectivity of the
Valuer;
• Obtaining an understanding of the valuation process and
significant assumptions to assess if the adopted approach is
appropriate for the respective properties;
• Evaluating the appropriateness of the valuation methods
used based on our knowledge of the property markets in
Hong Kong and the PRC; and
• Assessing the reasonableness of the key inputs, including unit
sale rate, reversion yield and monthly market rent by
comparing these estimates to entity-specific information and
market data based on our knowledge of the property
markets.
Valuation of properties held for sale
We identified the valuation of properties held for sale as a key
audit matter due to the judgements associated with determining
the net realisable value of the properties held for sale. The carrying
amount of properties held for sale situated in the PRC is
HK$544,261,000 as at 31 December 2017 and an impairment loss of
HK$48,359,000 was recognised during the year ended 31
December 2017.
As set out in note 4 to the consolidated financial statements, the
future selling prices are estimated by reference to the recent
selling prices of similar properties in the same project or relevant
locations. The management also estimated the future selling
expenses by reference to the actual selling expenses of the
Group’s completed projects, adjusted by certain current market
data.
我們的審計如何對關鍵審計事項進行處
理
有關我們對投資物業估值的程序包括以下各
項：
• 估值師的工作能力、才能及客觀性；
• 理解估值過程及重大假設，以評估該等
方法是否適合於相關的物業；
• 根據我們對香港及中國物業市場的知
識，評估所用估算方法的合適程度；及
• 根據我們對物業市場的知識，透過將該
等估算與實體特定的信息及市場數據作
比較評估所應用關鍵輸入的合理性，包
括單位銷售價格、租期後的回報率及每
月市場租金。
待出售物業的估值
確認為待出售物業的估值為關鍵審計事項，
取決於對待出售物業相關可變現淨值的判斷，
於二零一七年十二月三十一日，位於中國之
待出售物業之賬面值港幣544,261,000元，
及港幣48,359,000元減值虧損於二零一七
年十二月三十一日止年度內損益賬確認。
誠如綜合財務報表附註4所載，未來銷售價
格乃參照類似物業在同一項目或相關地點的
近期售價估算。管理層亦參考 貴集團已完
成項目的實際銷售開支，並根據若干現時市
場數據作出調整，以估計未來銷售開支。
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HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Our procedures in relation to the valuation of the properties held
for sale included:
• Assessing the appropriateness of the estimated future selling
prices of the properties held for sale, on a sample basis, by
comparing them to recent transaction prices of similar
properties in the same project or relevant locations, based on
our knowledge of the property markets in the PRC; and
• Comparing the estimated future selling price of properties
held for sale, on a sample basis, to the actual selling price of
properties sold subsequent to the end of the reporting period
to evaluate the reasonableness of the management’s
estimation.
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the annual report, but does not include the
consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing
to report in this regard.
我們的審計如何對關鍵審計事項進行
處理
有關我們對待出售物業估值的程序包括以下
各項：
• 基於我們對中國房地產市場的了解，通
過比較類似物業在同一項目或相關地點
的近期交易價格，而適當評估待出售物
業的預計未來售價；和
• 將待出售物業的估計未來售價（以抽樣
為基準）與報告期末後出售的物業的實
際售價進行比較，以評估管理層估計的
合理性。
其他信息
貴公司董事需對其他信息負責。其他信息包
括刊載於年報內的信息，但不包括綜合財務
報表及我們的核數師報告。
我們對綜合財務報表的意見並不涵蓋其他信
息，我們亦不對該等其他信息發表任何形式
的鑒證結論。
結合我們對綜合財務報表的審計，我們的責
任是閱讀其他信息，在此過程中，考慮其他
信息是否與綜合財務報表或我們在審計過程
中所了解的情況存在重大抵觸或者似乎有重
大錯誤陳述的情況。基於我們已執行的工作，
如果我們認為其他信息有重大錯誤陳述，我
們需要報告該事實。在這方面，我們沒有任
何報告。
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RESPONSIBILITIES OF DIRECTORS AND THOSE
CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in accordance with HKFRSs issued by the HKICPA and the
Hong Kong Companies Ordinance, and for such internal control as
the directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors
are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the
Group’s financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion solely to you, as a
body, in accordance with section 405 of the Hong Kong
Companies Ordinance, and for no other purpose. We do not
assume responsibility towards or accept liability to any other
person for the contents of this report. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit
conducted in accordance with HKSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
consolidated financial statements.
董事及治理層就綜合財務報表須承擔
的責任
貴公司董事須負責根據香港會計師公會頒布
的《香港財務報告準則》及香港《公司條例》擬
備真實而中肯的綜合財務報表，並對其認為
為使綜合財務報表的擬備不存在由於欺詐或
錯誤而導致的重大錯誤陳述所需的內部控制
負責。
在擬備綜合財務報表時，董事負責評估 貴
集團持續經營的能力，並在適用情況下披露
與持續經營有關的事項，以及使用持續經營
為會計基礎，除非董事有意將 貴集團清盤
或停止經營，或別無其他實際的替代方案。
治理層負責監督 貴集團的財務報告過程。
核數師就審計綜合財務報表須承擔的
責任
我們的目標，是對綜合財務報表整體是否不
存在由於欺詐或錯誤而導致的重大錯誤陳述
取得合理保證，並按照香港《公司條例》第
405條的規定僅向全體成員出具包括我們意
見的核數師報告。除此以外，我們的報告不
可用作其他用途。本行並不就本行報告之內
容對任何其他人士承擔任何責任或接受任何
義務。合理保證是高水平的保證，但不能保
證按照《香港審計準則》進行的審計，在某一
重大錯誤陳述存在時總能發現。錯誤陳述可
以由欺詐或錯誤引起，如果合理預期它們單
獨或匯總起來可能影響綜合財務報表使用者
依賴財務報表所作出的經濟決定，則有關的
錯誤陳述可被視作重大。
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As part of an audit in accordance with HKSAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal
control.
• Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of
the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and events
in a manner that achieves fair presentation.
在根據《香港審計準則》進行審計的過程中，
我們運用了專業判斷，保持了專業懷疑態度。
我們亦：
• 識別和評估由於欺詐或錯誤而導致綜合
財務報表存在重大錯誤陳述的風險，設
計及執行審計程序以應對這些風險，以
及獲取充足和適當的審計憑證，作為我
們意見的基礎。由於欺詐可能涉及串
謀、偽造、蓄意遺漏、虛假陳述，或凌
駕於內部控制之上，因此未能發現因欺
詐而導致的重大錯誤陳述的風險高於未
能發現因錯誤而導致的重大錯誤陳述的
風險。
• 了解與審計相關的內部控制，以設計適
當的審計程序，但目的並非對 貴集團
內部控制的有效性發表意見。
• 評價董事所採用會計政策的恰當性及作
出會計估計和相關披露的合理性。
• 對董事採用持續經營會計基礎的恰當性
作出結論。根據所獲取的審計憑證，確
定是否存在與事項或情況有關的重大不
確定性，從而可能導致對 貴集團的持
續經營能力產生重大疑慮。如果我們認
為存在重大不確定性，則有必要在核數
師報告中提請使用者注意綜合財務報表
中的相關披露。假若有關的披露不足，
則我們應當發表非無保留意見。我們的
結論是基於核數師報告日止所取得的審
計憑證。然而，未來事項或情況可能導
致 貴集團不能持續經營。
• 評價綜合財務報表的整體列報方式、結
構和內容，包括披露，以及綜合財務報
表是否中肯反映交易和事項。
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• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in the independent
auditor’s report is Sze On Tat.
Deloitte Touche Tohmatsu
Certified Public Accountants
Hong Kong
7 March 2018
• 就 貴集團內實體或業務活動的財務信
息獲取充足、適當的審計憑證，以對綜
合財務報表發表意見。我們負責 貴集
團審計的方向、監督和執行。我們為審
計意見承擔全部責任。
除其他事項外，我們與治理層溝通了計劃的
審計範圍、時間安排、重大審計發現等，包
括我們在審計中識別出內部控制的任何重大
缺陷。
我們還向治理層提交聲明，說明我們已符合
有關獨立性的相關專業道德要求，並與他們
溝通有可能合理地被認為會影響我們獨立性
的所有關係和其他事項，以及在適用的情況
下，相關的防範措施。
從與治理層溝通的事項中，我們確定哪些事
項對本期綜合財務報表的審計最為重要，因
而構成關鍵審計事項。我們在核數師報告中
描述這些事項，除非法律法規不允許公開披
露這些事項，或在極端罕見的情況下，如果
合理預期在我們報告中溝通某事項造成的負
面後果超過產生的公眾利益，我們決定不應
在報告中溝通該事項。
出具本獨立核數師報告的審計項目合夥人是
施安達。
德勤 •關黃陳方會計師行
執業會計師
香港
二零一八年三月七日
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
F
IN
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N
C
IA
L
R
E
P
O
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表
2017 2016
二零一七年 二零一六年
NOTES HK$’000 HK$’000
附註 港幣千元 港幣千元
Revenue 收益 5 2,215,351 1,031,138
Direct costs 直接成本 (1,290,323) (438,027)
925,028 593,111
Other income 其他收入 7 8,506 8,566
Administrative and operating expenses 行政及營運開支 (217,886) (169,600)
Other gains and losses 其他收益及虧損 8 278,911 109,294
Finance costs 財務成本 9 (26,658) (21,939)
Share of results of joint ventures 所佔合營企業業績 1,645 (3)
Profit before tax 除稅前溢利 969,546 519,429
Income tax expense 所得稅支出 10 (195,730) (50,631)
Profit for the year 本年度溢利 11 773,816 468,798
Profit for the year attributable to: 本年度溢利分配於：
Owners of the Company 本公司股東 744,888 457,907
Non-controlling interests 非控股股東權益 28,928 10,891
773,816 468,798
Basic earnings per share 每股基本盈利 14 HK$港幣 HK$港幣
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME 綜合損益及其他全面收益表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Profit for the year 本年度溢利 773,816 468,798
Other comprehensive income (expense) 其他全面收益（支出）
Items that may be reclassified subsequently to
profit or loss:
其後可能重新分類至損益賬之項目：
Exchange differences arising on translation 換算所產生之匯兌差額 246,044 (240,002)
Fair value gains (losses) on available-for-sale
investments
可供出售投資之公平價值收益（虧損）
37,939 (77,376)
Investment revaluation reserve reclassified to
profit or loss in relation to impairment loss on
available-for-sale investments
因可供出售投資減值虧損導致重新分類到
損益賬之投資重估儲備
39,860 20,440
Investment revaluation reserve reclassified to
profit or loss upon disposal of available-for-sale
investments
因出售可供出售投資導致重新分類到
損益賬之投資重估儲備
– (1,522)
Exchange reserve reclassified to profit or loss
upon disposal of subsidiaries
因出售附屬公司導致重新分類到
損益賬之匯兌儲備 – (2,872)
Other comprehensive income (expense) for the year
(net of tax)
本年度其他全面收益（支出）
（除稅後） 323,843 (301,332)
Total comprehensive income for the year 本年度全面收益總額 1,097,659 167,466
Total comprehensive income (expense) attributable to: 全面收益（支出）總額分配於：
Owners of the Company 本公司股東 1,057,499 170,633
Non-controlling interests 非控股股東權益 40,160 (3,167)
1,097,659 167,466
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
As at 31 December 2017 於二零一七年十二月三十一日
F
IN
A
N
C
IA
L
R
E
P
O
R
T
財
務
報
表
2017 2016
二零一七年 二零一六年
NOTES HK$’000 HK$’000
附註 港幣千元 港幣千元
Non-current assets 非流動資產
Investment properties 投資物業 15 8,392,900 7,881,519
Property, plant and equipment 物業、廠房及設備 16 125,804 125,828
Properties under development 發展中物業 16 1,207,006 1,005,598
Interests in joint ventures 合營企業權益 18 192,210 1,225
Investments in securities 證券投資 19 690,486 651,653
Long term loan receivables 長期應收借款 4,763 15,799
Fixed bank deposit with more than three months to maturity
when raised
存入三個月後到期之
定期銀行存款 22 – 247,065
Deferred tax assets 遞延稅項資產 26 3,850 5,807
10,617,019 9,934,494
Current assets 流動資產
Properties under development for sale 待出售發展中物業 17 659,998 954,969
Properties held for sale 待出售物業 17 555,975 622,481
Inventories 存貨 20 26,949 13,429
Trade and other receivables 貿易及其他應收賬款 21 115,285 127,489
Investments in securities 證券投資 19 16,793 12,305
Derivative financial instruments 金融衍生工具 25 26 –
Taxation recoverable 可收回稅款 20,706 14,989
Fixed bank deposits with more than three months to maturity
when raised
存入三個月後到期之
定期銀行存款 22 359,796 775,857
Other bank balances and cash 其他銀行存款及現金 22 2,162,588 1,265,226
3,918,116 3,786,745
Current liabilities 流動負債
Trade and other payables 貿易及其他應付賬款 23 1,001,766 1,295,710
Taxation payable 應付稅款 100,005 960
Borrowings — due within one year 借款 — 於一年內到期 24 383,655 144,768
1,485,426 1,441,438
Net current assets 流動資產淨額 2,432,690 2,345,307
Total assets less current liabilities 總資產減流動負債 13,049,709 12,279,801
Non-current liabilities 非流動負債
Rental deposits from tenants 向租戶收取之租賃按金 98,597 91,094
Borrowings — due after one year 借款 — 於一年後到期 24 864,345 1,038,861
Derivative financial instruments 金融衍生工具 25 790 –
Deferred tax liabilities 遞延稅項負債 26 247,102 226,910
1,210,834 1,356,865
11,838,875 10,922,936
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
As at 31 December 2017 於二零一七年十二月三十一日
2017 2016
二零一七年 二零一六年
NOTES HK$’000 HK$’000
附註 港幣千元 港幣千元
Equity 股權
Share capital 股本 27 381,535 381,535
Reserves 儲備 11,418,154 10,542,375
Equity attributable to: 股權分配於：
Owners of the Company 本公司股東 11,799,689 10,923,910
Non-controlling interests 非控股股東權益 39,186 (974)
Total equity 股權總額 11,838,875 10,922,936
The consolidated financial statements on pages 137 to 232 were
approved and authorised for issue by the Board of Directors on 7
March 2018 and are signed on its behalf by:
MR. LIU LIT CHI MR. CHENG YUK WO
廖烈智先生 鄭毓和先生
CHAIRMAN, MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
CHAIRMAN OF AUDIT COMMITTEE
審核委員會主席
主席、董事總經理兼行政總裁
載於第 137至232頁之綜合財務報表已於二零
一八年三月七日獲董事會批准及授權發行，
並由下列人士代表簽署：
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
F
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表
Attributable to owners of the Company
本公司股東應佔
Share
capital
Special
reserve
Property
revaluation
reserve
Investment
revaluation
reserve
Exchange
reserve
Accumulated
profits Total
Non-
controlling
interests Total
股本 特殊儲備
物業重估
儲備
投資重估
儲備 匯兌儲備 累積溢利 總計
非控股
股東權益 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
(note a) (note b)
（附註a） （附註b）
At 1 January 2016 於二零一六年一月一日 381,535 13,915 2,956,817 104,592 333,735 7,125,474 10,916,068 28,263 10,944,331
Profit for the year 本年度溢利 – – – – – 457,907 457,907 10,891 468,798
Exchange differences arising on translation 換算所產生之匯兌差額 – – – – (225,944) – (225,944) (14,058) (240,002)
Fair value losses on available-for-sale
investments
可供出售投資之公平價值虧損
– – – (77,376) – – (77,376) – (77,376)
Investment revaluation reserve reclassified
to profit or loss upon disposal of
available-for-sale investments
因出售可供出售投資導致
重新分類到損益賬之
投資重估儲備 – – – (1,522) – – (1,522) – (1,522)
Investment revaluation reserve reclassified to
profit or loss in relation to impairment loss
on available-for-sale investments
因可供出售投資減值虧損導致
重新分類到損益賬之
投資重估儲備 – – – 20,440 – – 20,440 – 20,440
Exchange reserve reclassified to profit or
loss upon disposal of subsidiaries
因出售附屬公司導致重新分類到
損益賬之匯兌儲備 – – – – (2,872) – (2,872) – (2,872)
Other comprehensive expense for the year 本年度其他全面支出總額 – – – (58,458) (228,816) – (287,274) (14,058) (301,332)
Total comprehensive (expense) income
for the year
本年度全面（支出）收益總額
– – – (58,458) (228,816) 457,907 170,633 (3,167) 167,466
Dividends recognised as distribution (note 13) 已確認為分派之股息（附註13) – – – – – (162,791) (162,791) – (162,791)
Dividends paid to non-controlling interests 支付非控股股東權益股息 – – – – – – – (26,070) (26,070)
At 31 December 2016 於二零一六年十二月三十一日 381,535 13,915 2,956,817 46,134 104,919 7,420,590 10,923,910 (974) 10,922,936
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
Attributable to owners of the Company
本公司股東應佔
Share
capital
Special
reserve
Property
revaluation
reserve
Investment
revaluation
reserve
Exchange
reserve
Accumulated
profits Total
Non-
controlling
interests Total
股本 特殊儲備
物業重估
儲備
投資重估
儲備 匯兌儲備 累積溢利 總計
非控股
股東權益 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
(note a) (note b)
（附註a） （附註b）
At 1 January 2017 於二零一七年一月一日 381,535 13,915 2,956,817 46,134 104,919 7,420,590 10,923,910 (974) 10,922,936
Profit for the year 本年度溢利 – – – – – 744,888 744,888 28,928 773,816
Exchange differences arising on translation 換算所產生之匯兌差額 – – – – 234,812 – 234,812 11,232 246,044
Fair value gains on available-for-sale investments 可供出售投資之公平價值收益 – – – 37,939 – – 37,939 – 37,939
Investment revaluation reserve reclassified to
profit or loss in relation to impairment loss
on available-for-sale investments
因可供出售投資減值虧損導致
重新分類到損益賬之
投資重估儲備 – – – 39,860 – – 39,860 – 39,860
Other comprehensive income for the year 本年度其他全面收益總額 – – – 77,799 234,812 – 312,611 11,232 323,843
Total comprehensive income for the year 本年度全面收益總額 – – – 77,799 234,812 744,888 1,057,499 40,160 1,097,659
Dividends recognised as distribution (note 13) 已確認為分派之股息（附註13) – – – – – (181,720) (181,720) – (181,720)
At 31 December 2017 於二零一七年十二月三十一日 381,535 13,915 2,956,817 123,933 339,731 7,983,758 11,799,689 39,186 11,838,875
notes:
(a) Special reserve represents the difference between the consideration paid
and the carrying values of the underlying assets and liabilities attributable
to the additional interest in a subsidiary acquired during the year ended 31
December 2004 and the year ended 31 December 2012.
(b) Property revaluation reserve represents the reserve arising from valuation
of properties under property, plant and equipment upon transfer to
investment properties in previous years.
附註：
(a) 特殊儲備指本集團於截至二零零四年十二月
三十一日止年度及截至二零一二年十二月
三十一日止年度向一間附屬公司所支付代價
與應佔該附屬公司額外權益之相關資產及負
債賬面值之差額。
(b) 物業重估儲備指轉換為投資物業後，估值物
業、廠房及設備項下物業所產生的儲備。
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CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
F
IN
A
N
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IA
L
R
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表
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
OPERATING ACTIVITIES 經營活動
Profit before tax 除稅前溢利 969,546 519,429
Adjustments for: 調整：
Gain on changes in fair value of investment properties 投資物業公平價值變動收益 (292,070) (158,302)
(Gain) loss on changes in fair value of financial assets
at fair value through profit or loss
按公平價值計入損益之金融資產公平價值
變動（收益）虧損 (4,490) 791
Loss on changes in fair value of derivative
financial instruments
衍生金融工具公平價值變動虧損
764 –
Gain on disposal of available-for-sale-investments 出售可供出售投資收益 – (1,816)
Gain on disposal of subsidiaries 出售附屬公司收益 – (10,841)
Dividend income from investments 投資股息收入 (10,936) (60,075)
Interest income 利息收入 (45,801) (31,335)
Imputed interest income on non-current interest-free
advance to an investee company
向被投資公司作出非流動免息墊支之
估算利息收入 – (49)
Share of results of joint ventures 所佔合營企業業績 (1,645) 3
Depreciation of property, plant and equipment 物業、廠房及設備折舊 11,012 8,899
Finance costs 財務成本 26,658 21,939
Loss on disposal of property, plant and equipment 出售物業、廠房及設備虧損 – 379
Impairment loss recognised in respect of
available-for-sale investments
可供出售投資之減值虧損確認
39,860 20,440
Impairment loss recognised in respect of
other receivables
其他應收賬款之減值虧損確認
12,898 –
Impairment loss recognised in respect of
properties held for sale
待出售物業之減值虧損確認
48,359 –
Operating cash flows before movements in working capital 未計營運資金變動之經營現金流量 754,155 309,462
Decrease (increase) in restricted bank deposits 受限制銀行存款之減少（增加 ) 43,379 (223,780)
Decrease (increase) in trade and other receivables 貿易及其他應收賬款之減少（增加 ) 31,638 (1,237)
Decrease in properties held for sale 待出售物業之減少 1,149,352 333,173
Increase in properties under development for sale 待出售發展中物業之增加 (714,981) (578,072)
(Increase) decrease in inventories 存貨之（增加）減少 (12,579) 6,548
(Decrease) increase in trade and other payables 貿易及其他應付賬款之（減少）增加 (411,283) 1,021,383
Cash generated from operations 經營業務所得現金 839,681 867,477
Income tax paid 已付所得稅 (91,765) (57,942)
Dividend received on investments 已收投資股息 10,936 60,075
Interest received 已收利息 36,083 31,335
NET CASH FROM OPERATING ACTIVITIES 經營活動所得之現金淨額 794,935 900,945
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CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
NOTE HK$’000 HK$’000
附註 港幣千元 港幣千元
INVESTING ACTIVITIES 投資活動
Addition of available-for-sale investments 可供出售投資之增加 (892) (3,780)
Purchase of property, plant and equipment 購買物業、廠房及設備 (9,736) (32,259)
Advance to a joint venture 墊付合營企業 (190,565) –
Dividend received from a joint venture 收取合營企業之股息 1,225 –
Addition of investment properties 投資物業之增加 (28,787) (17,011)
Addition of properties under development 發展中物業之增加 (175,300) (252,582)
Proceeds from sale and redemption of
available-for-sale investments
出售及贖回可供出售投資所得款項
– 1,886
Placement of fixed bank deposits with more than
three months to maturity when raised
存入三個月後到期之
定期銀行存款 (42,844) (539,978)
Release of fixed bank deposits with more than
three months to maturity when raised
放出三個月後到期之
定期銀行存款 705,970 339,558
Repayment from an investee company 被投資公司還款 – 5,000
Disposal of subsidiaries 出售附屬公司 38 – 10,546
NET CASH FROM (USED IN) INVESTING ACTIVITIES 投資活動所得（所用）之現金淨額 259,071 (488,620)
FINANCING ACTIVITIES 融資活動
New borrowings raised 新取得借款 193,406 349,849
Repayments of borrowings 償還借款 (162,250) (483,108)
Dividends paid 已付股息 (181,720) (188,861)
Interest paid on borrowings 已付借款利息 (33,615) (58,609)
NET CASH USED IN FINANCING ACTIVITIES 融資活動所用之現金淨額 (184,179) (380,729)
NET INCREASE IN CASH AND CASH EQUIVALENTS 現金及現金等值項目增加淨額 869,827 31,596
CASH AND CASH EQUIVALENTS AT BEGINNING OF
THE YEAR
年初之現金及現金等值項目
1,041,446 1,043,618
EFFECT OF FOREIGN EXCHANGE RATE CHANGES 外幣兌換率轉變之影響 55,227 (33,768)
CASH AND CASH EQUIVALENTS AT END OF THE YEAR,
REPRESENTED BY BANK BALANCES AND CASH
年終之現金及現金等值項目，
即銀行存款及現金 1,966,500 1,041,446
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1. GENERAL
Liu Chong Hing Investment Limited (the “Company”) is a public
limited liability company incorporated in Hong Kong and its shares
are listed on The Stock Exchange of Hong Kong Limited. The
address of the registered office and principal place of business of
the Company is disclosed in the Corporate Information section to
the annual report.
The principal activities of the Company are property investment
and investment holding. The principal activities of the principal
subsidiaries and joint ventures are shown in notes 39 and 18,
respectively.
The consolidated financial statements are presented in Hong Kong
dollars (“HK$”), which is also the functional currency of the
Company.
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (“HKFRSs”)
Amendments to HKFRSs that are mandatorily effective for
the current year
The Group has applied the following amendments to HKFRSs
issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”) for the first time in the current year:
Amendments to HKAS 7 Disclosure Initiative
Amendments to
�HKAS 12
Recognition of Deferred Tax Assets for
�Unrealised Losses
Amendments to
�HKFRS 12
As part of the Annual Improvements to
�HKFRSs 2014–2016 Cycle
Except as described below, the application of the amendments to
HKFRSs in the current year has had no material impact on the
Group’s financial performance and positions for the current and
prior years and/or on the disclosures set out in these consolidated
financial statements.
1. 一般事項
廖創興企業有限公司（「本公司」）為一間在香
港註冊成立之公眾有限責任公司，其股份於
香港聯合交易所有限公司掛牌。本公司之註
冊辦事處地址及主要營業地點已在本年報的
公司資料披露。
本公司之主要業務為物業投資及投資控股。
主要附屬公司及合營企業之主要業務分別載
列於附註39及 18。
綜合財務報表以本公司之功能貨幣港幣（「港
幣」）呈列。
2. 應用新訂及經修訂香港財務報告
準則
經修訂香港財務報告準則於本年度強
制生效
本集團於本年度首次採納下列由香港會計師
公會頒佈之經修訂香港財務報告準則：
香港會計準則第7號
（修訂本）
披露動議
香港會計準則第12號
（修訂本）
就未變現虧損確認遞延
稅項資產
香港財務報告準則第12號
（修訂本）
香港財務報告準則
二零一四年至二零一六年
週期之年度改進
除以下所述外，於本年度採納新訂及經修訂
香港財務報告準則對本集團本年及往年的財
務表現及財務狀況及╱或此等綜合財務報表
所列披露並無重大影響。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
Amendments to HKAS 7 Disclosure Initiative
The Group has applied these amendments for the first time in the
current year. The amendments require an entity to provide
disclosures that enable users of financial statements to evaluate
changes in liabilities arising from financing activities, including both
cash and non-cash changes. In addition, the amendments also
require disclosures on changes in financial assets if cash flows from
those financial assets were, or future cash flows will be, included in
cash flows from financing activities.
Specifically, the amendments require the following to be disclosed:
(i) changes from financing cash flows; (ii) changes arising from
obtaining or losing control of subsidiaries or other businesses; (iii)
the effect of changes in foreign exchange rates; (iv) changes in fair
values; and (v) other changes.
A reconciliation between the opening and closing balances of
these items is provided in note 35. Consistent with the transition
provisions of the amendments, the Group has not disclosed
comparative information for the prior year. Apart from the
additional disclosure in note 35, the application of these
amendments has had no impact on the Group’s consolidated
financial statements.
2. 應用新訂及經修訂香港財務報告
準則（續）
香港會計準則第 7號（修訂本）披露動
議
本集團已於本年度首次應用該修訂本。該修
訂本要求實體提供披露資料，令使用財務報
表的人士得以評估融資活動所產生負債的變
動（包括現金及非現金變動）。此外，該修訂
本亦要求，當金融資產的現金流量已經或其
未來現金流量將會計入融資活動的現金流量
時，實體須披露有關金融資產的變動。
具體而言，該修訂本要求披露下列各項：(i)
融資現金流量的變動；(ii)取得或失去附屬公
司或其他業務控制權所引起的變動；(iii)外幣
匯率變動的影響；(iv)公平價值的變動；及(v)
其他變動。
有關該等項目期初及期末結餘之對賬載於附
註35。根據修訂本之過渡條文，本集團並無
披露去年的比較資料。除附註35的額外披露
外，應用該等修訂並無對本集團綜合財務報
表造成影響。
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2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
New and revised HKFRSs in issue but not yet effective
The Group has not early applied the following new and revised
HKFRSs that have been issued but are not yet effective:
HKFRS 9 Financial Instruments1
HKFRS 15 Revenue from Contracts with Customers and
�the related Amendments1
HKFRS 16 Leases2
HKFRS 17 Insurance Contracts4
HK(IFRIC)-Int 22 Foreign Currency Transactions and
�Advance Consideration1
HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments2
Amendments to HKFRS 2 Classification and Measurement of
�Share-based Payment Transactions1
Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with
�HKFRS 4 Insurance Contracts1
Amendments to HKFRS 9 Prepayment Features with Negative
�Compensation2
Amendments to HKFRS 10
�and HKAS 28
Sale or Contribution of Assets between an
�Investor and its Associate or Joint Venture3
Amendments to HKAS 28 Long-term Interests in Associates and
�Joint Ventures2
Amendments to HKAS 28 As part of the Annual Improvements to
�HKFRSs 2014–2016 Cycle1
Amendments to HKAS 40 Transfers of Investment Property1
Amendments to HKFRSs Annual Improvements to HKFRSs
�2015–2017 Cycle2
1 Effective for annual periods beginning on or after 1 January 2018.
2 Effective for annual periods beginning on or after 1 January 2019.
3 Effective for annual periods beginning on or after a date to be determined.
4 Effective for annual periods beginning on or after 1 January 2021.
2. 應用新訂及經修訂香港財務報告
準則（續）
新訂及經修訂香港財務報告準則已頒
佈但尚未生效
本集團並無提早應用下列已頒佈但尚未生效
之新訂及經修訂香港財務報告準則：
香港財務報告準則第9號 金融工具 1
香港財務報告準則第15號 來自客戶合約的收益及
有關修訂 1
香港財務報告準則第16號 租賃 2
香港財務報告準則第17號 保險合約 4
香港（國際財務報告詮釋
委員會）詮釋第22號
外幣交易及預付代價 1
香港（國際財務報告詮釋
委員會）詮釋第23號
不確定稅項之處理 2
香港財務報告準則第2號
（修訂本）
以股份為基礎付款交易的
分類及計量 1
香港財務報告準則第4號
（修訂本）
與香港財務報告準則第9號
金融工具一併應用的
香港財務報告準則第4號
保險合約 1
香港財務報告準則第9號
（修訂本）
具有負賠償的提前還款特性 2
香港財務報告準則第10號
（修訂本）及香港會計準則
第28號（修訂本）
投資者與其聯營或合營企業
之間的資產出售或投入 3
香港會計準則第28號
（修訂本）
於聯營公司及合營企業的
長期權益 2
香港會計準則第28號
（修訂本）
香港財務報告準則
二零一四年至二零一六年
週期之年度改進 1
香港會計準則第40號
（修訂本）
投資物業轉讓 1
香港財務報告準則（修訂本）香港財務報告準則
二零一五年至二零一七年
週期之年度改進 2
1 於二零一八年一月一日或之後開始之年度期
間生效
2 於二零一九年一月一日或之後開始之年度期
間生效
3 於將釐定之日期或之後開始的年度期間生效
4 於二零二一年一月一日或之後開始之年度期
間生效
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第 9號金融工具
香港財務報告準則第9號引入金融資產、金融
負債之分類及計量、一般對沖會計之新規定
以及金融資產之減值規定。
有關本集團的香港財務報告準則第9號之主
要規定：
• 納入香港財務報告準則第9號範圍內之
所有已確認金融資產，其後均被要求按
攤銷成本或公平價值計量。特別是，旨
在以收取合約現金流量之業務模式內所
持有，且合約現金流量僅為支付本金及
未償本金之利息為業務模式而持有之債
項投資，一般於其後會計期末時按攤銷
成本計量。於目的為同時收回合約現金
流及出售金融資產之業務模式中持有之
債務工具，以及條款令於特定日期產生
之現金流純粹為支付本金及未償還本金
之利息的債項工具，按透過其他全面收
益一般按公平價值列賬之方式計量。所
有其他金融資產均於其後會計期間按公
平價值計量。此外，根據香港財務報告
準則第9號，實體可以不可撤回地選擇
於其他全面收益呈列股本投資（並非持
作買賣用途）之其後公平價值變動，而
一般僅於損益賬確認股息收入。
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 9 Financial Instruments
HKFRS 9 introduces new requirements for the classification and
measurement of financial assets, financial liabilities, general hedge
accounting and impairment requirements for financial assets.
Key requirements of HKFRS 9 which are relevant to the Group are:
• all recognised financial assets that are within the scope of
HKFRS 9 are required to be subsequently measured at
amortised cost or fair value. Specifically, debt investments
that are held within a business model whose objective is to
collect the contractual cash flows, and that have contractual
cash flows that are solely payments of principal and interest
on the principal outstanding are generally measured at
amortised cost at the end of subsequent accounting periods.
Debt instruments that are held within a business model
whose objective is achieved both by collecting contractual
cash flows and selling financial assets, and that have
contractual terms that give rise on specified dates to cash
flows that are solely payments of principal and interest on
the principal amount outstanding, are generally measured at
fair value through other comprehensive income (“FVTOCI”).
All other financial assets are measured at their fair value at
subsequent accounting periods. In addition, under HKFRS 9,
entities may make an irrevocable election to present
subsequent changes in the fair value of an equity investment
(that is not held for trading) in other comprehensive income,
with only dividend income generally recognised in profit or
loss.
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2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第9號金融工具（續）
• 就金融資產之減值而言，香港財務報告
準則第9號規定按預期信貸虧損模式計
算。此與香港會計準則第39號金融工
具：確認及計量項下按已產生信貸虧損
模式計算相反，預期信貸虧損模式規定
實體於各報告日期將預期信貸虧損及該
等預期信貸虧損之變動入賬，以反映信
貸風險自初始確認以來之變動。換言
之，毋須再待發生信貸事件方確認信貸
虧損。
根據本集團於二零一七年十二月三十一日的
金融工具及風險管理政策，本公司董事預期
以下對初始應用香港財務報告準則第9號的
潛在影響：
分類及計量：
• 如附註 19所示，上市股本證券及非上市
股本證券分類為按公平價值列值的可供
出售投資，根據香港財務報告準則第9
號，該等證券合資格指定按透過其他全
面收益按公平價值列賬之方式計量，惟
投資重估儲備於二零一八年一月一日累
計港幣 123,933,000元的公平價值收益
或虧損隨後將不再根據香港財務報告準
則第9號重新分類至損益，此舉有別於
現時的會計處理。此將影響在本集團損
益及其他全面收益表內確認的金額，但
不會影響全面收益總額。
• 所有其他金融資產及金融負債繼續按現
時根據香港會計準則第39號的相同基
礎計算。
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 9 Financial Instruments (Continued)
• in relation to the impairment of financial assets, HKFRS 9
requires an expected credit loss model, as opposed to an
incurred credit loss model under HKAS 39 Financial
Instruments: Recognition and Measurement. The expected
credit loss model requires an entity to account for expected
credit losses and changes in those expected credit losses at
each reporting date to reflect changes in credit risk since
initial recognition. In other words, it is no longer necessary for
a credit event to have occurred before credit losses are
recognised.
Based on the Group’s financial instruments and risk management
policies as at 31 December 2017, the directors of the Company
anticipate the following potential impact on initial application of
HKFRS 9:
Classification and measurement:
• listed equity securities and unlisted equity securities classified
as available-for-sale investments carried at fair value as
disclosed in note 19: these securities qualified for designation
as measured at FVTOCI under HKFRS 9, however, the fair
value gains or losses accumulated in the investment
revaluation reserve amounting to HK$123,933,000 as at 1
January 2018 will no longer be subsequently reclassified to
profit or loss under HKFRS 9, which is different from the
current treatment. This will affect the amounts recognised in
the Group’s profit or loss and other comprehensive income
but will not affect total comprehensive income.
• all other financial assets and financial liabilities will continue
to be measured on the same bases as are currently measured
under HKAS 39.
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第9號金融工具（續）
減值：
一般而言，本公司董事預計應用香港財務報
告準則第9號的預期信貸損失模式，將導致提
早就有關本集團按經攤銷成本計量的金融資
產，以及於本集團應用香港財務報告準則第9
號時須作出減值撥備的其他項目而尚未產生
的信貸損失作撥備。
按本公司董事的評審結果，如本集團應用預
期信貸損失模式，本集團於二零一八年一月
一日確認的減值虧損累計金額會較根據香港
會計準則第39號確認的累計金額為高，主要
是由於對貿易及其他應收賬款作預期信貸損
失撥備所致。根據預期信貸損失模式確認的
額外減值將會削弱於二零一八年一月一日的
期初保留溢利。
香港財務報告準則第 15號來自客戶合
約的收益
香港財務報告準則第 15號頒佈，其制定一項
單一全面模式供實體用作將來自客戶合約所
產生的收益入賬。於香港財務報告準則第 15
號生效後，將取代現時載於香港會計準則第
18號收益、香港會計準則第 11號建築合約及
相關詮釋的收益確認指引。
香港財務報告準則第 15號的核心原則為實體
所確認描述向客戶轉讓承諾貨品或服務的收
益金額，應為能反映該實體預期就交換該等
貨品或服務有權獲得的代價。具體而言，該
準則引入確認收益的五個步驟：
• 第一步：識別與客戶訂立的合約
• 第二步：識別合約中的履約責任
• 第三步：釐定交易價
• 第四步：將交易價分配至合約中的履約
責任
• 第五步：於實體完成履約責任時（或就
此）確認收益
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 9 Financial Instruments (Continued)
Impairment:
In general, the directors of the Company anticipate that the
application of the expected credit loss model of HKFRS 9 will
result in earlier provision of credit losses which are not yet incurred
in relation to the Group’s financial assets measured at amortised
costs and other items that subject to the impairment provisions
upon application of HKFRS 9 by the Group.
Based on the assessment by the directors of the Company, if the
expected credit loss model were to be applied by the Group, the
accumulated amount of impairment loss to be recognised by
Group as at 1 January 2018 would be increased as compared to the
accumulated amount recognised under HKAS 39 mainly
attributable to expected credit losses provision on trade and other
receivables. Such further impairment recognised under expected
credit loss model would reduce the opening retained profits at 1
January 2018.
HKFRS 15 Revenue from Contracts with Customers
HKFRS 15 was issued which establishes a single comprehensive
model for entities to use in accounting for revenue arising from
contracts with customers. HKFRS 15 will supersede the current
revenue recognition guidance including HKAS 18 Revenue, HKAS 11
Construction Contracts and the related Interpretations when it
becomes effective.
The core principle of HKFRS 15 is that an entity should recognise
revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or
services. Specifically, the Standard introduces a 5-step approach
to revenue recognition:
• Step 1: Identify the contract(s) with a customer
• Step 2: Identify the performance obligations in the contract
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to the performance
obligations in the contract
• Step 5: Recognise revenue when (or as) the entity satisfies a
performance obligation
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2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第 15號來自客戶合
約的收益（續）
根據香港財務報告準則第 15號，實體於完成
履約責任時（或就此）確認收益，例如，當特
定履約責任相關的商品或服務的「控制權」轉
讓予客戶時。香港財務報告準則第 15號已就
特別情況的處理方法加入更明確的指引。此
外，香港財務報告準則第 15號要求更詳盡的
披露。
於二零一六年，香港會計師公會頒佈香港財
務報告準則第 15號有關確認履約義務、主理
人與代理人之考量及授權應用指引澄清。
本公司董事預期，於未來應用香港財務報告
準則第 15號可能需作額外的披露，惟本公司
董事預計應用香港財務報告準則第 15號不會
對有關報告期間確認收益的時間及金額構成
重大影響。
香港財務報告準則第 16號租賃
香港財務報告準則第 16號為識別出租人及承
租人的租賃安排及會計處理引入一個綜合模
式。香港財務報告準則第 16號於生效日期起
將取代香港會計準則第17號租賃及有關詮釋。
香港財務報告準則第 16號根據所識別資產是
否由客戶控制來區分租賃及服務合約。除短
期租賃及低值資產租賃情況外，經營租賃及
融資租賃的差異自承租人會計處理中移除，
並由承租人須就所有租賃確認使用權資產及
相應負債的模式替代。
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 15 Revenue from Contracts with Customers
(Continued)
Under HKFRS 15, an entity recognises revenue when (or as) a
performance obligation is satisfied, . when ‘control’ of the goods
or services underlying the particular performance obligation is
transferred to the customer. Far more prescriptive guidance has
been added in HKFRS 15 to deal with specific scenarios.
Furthermore, extensive disclosures are required by HKFRS 15.
In 2016, the HKICPA issued Clarifications to HKFRS 15 in relation to
the identification of performance obligations, principal versus
agent considerations, as well as licensing application guidance.
The directors of the Company anticipate that the application of
HKFRS 15 in the future may result in more disclosures, however,
the directors of the Company do not anticipate that the application
of HKFRS 15 will have a material impact on the timing and amounts
of revenue recognised in the respective reporting periods.
HKFRS 16 Leases
HKFRS 16 introduces a comprehensive model for the identification
of lease arrangements and accounting treatments for both lessors
and lessees. HKFRS 16 will supersede HKAS 17 Leases and the
related interpretations when it becomes effective.
HKFRS 16 distinguishes lease and service contracts on the basis of
whether an identified asset is controlled by a customer.
Distinctions of operating leases and finance leases are removed for
lessee accounting, and is replaced by a model where a right-of-use
asset and a corresponding liability have to be recognised for all
leases by lessees, except for short-term leases and leases of low
value assets.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第 16號租賃（續）
使用權資產初步按成本計量，隨後按成本（若
干例外情況除外）減累計折舊及減值虧損計
量，經租賃負債任何重新計量調整。租賃負
債初步按當時未支付租賃付款現值計量。隨
後，租賃負債經（其中包括）利息及租賃付款
以及租賃修改影響予以調整。就現金流分類
而言，本集團現時呈列先期預付租賃款項作
為有關自用租賃土地及該等分類為投資物業
的投資現金流，而其他經營租賃付款呈列為
經營現金流。根據香港財務報告準則第16號，
有關租賃負債租賃付款將分配至本金及利息
部分，本集團會將兩者分別呈列為融資及經
營現金流。
根據香港會計準則第 17號，本集團已就融資
租賃安排確認資產及相關融資租賃負債及就
租賃土地（本集團作為承租人）確認預付租賃
款項。應用香港財務報告準則第 16號可能導
致該等資產分類的潛在變動，視乎是否本集
團分開呈列使用權資產或按將呈列相應有關
資產（如擁有）相同項目呈列。
相比承租人會計法而言，香港財務報告準則
第 16號大致上轉承香港會計準則第 17號之出
租人會計法規定，並繼續要求出租人將租賃
分類為經營租賃或融資租賃。
此外，香港財務報告準則第 16號要求廣泛披
露。
誠如附註31所披露，於二零一七年十二月
三十一日，本集團擁有不可撤銷經營租賃承
擔港幣38,527,000元。初步評估表示該等安
排將符合租賃定義。應用香港財務報告準則
第 16號後，本集團將就所有該等租賃確認使
用權資產及相關的負債，除非符合低價值或
短期租賃。
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 16 Leases (Continued)
The r ight-of-use asset is init ial ly measured at cost and
subsequently measured at cost (subject to certain exceptions) less
accumulated depreciation and impairment losses, adjusted for any
remeasurement of the lease liability. The lease liability is initially
measured at the present value of the lease payments that are not
paid at that date. Subsequently, the lease liability is adjusted for
interest and lease payments, as well as the impact of lease
modifications, amongst others. For the classification of cash flows,
the Group currently presents upfront prepaid lease payments as
investment cash flows in relation to leasehold lands for owned use
and those classified as investment properties while other operating
lease payments are presented as operating cash flows. Upon
application of HKFRS 16, lease payments in relation to lease liability
will be allocated into principal and an interest portion which will be
presented as financing and operating cash flows, respectively by
the Group.
Under HKAS 17, the Group has already recognised an asset and a
related finance lease liability for finance lease arrangement and
prepaid lease payments for leasehold lands where the Group is a
lessee. The application of HKFRS 16 may result in potential changes
in classification of these assets depending on whether the Group
presents right-of-use assets separately or within the same line item
at which the corresponding underlying assets would be presented
if they were owned.
In contrast to lessee accounting, HKFRS 16 substantially carries
forward the lessor accounting requirements in HKAS 17, and
continues to require a lessor to classify a lease either as an
operating lease or a finance lease.
Furthermore, extensive disclosures are required by HKFRS 16.
As at 31 December 2017, the Group has non-cancellable operating
lease commitments of HK$38,527,000 as disclosed in note 31. A
preliminary assessment indicates that these arrangements will
meet the definition of a lease. Upon application of HKFRS 16, the
Group will recognise a right-of-use asset and a corresponding
liability in respect of all these leases unless they qualify for low
value or short-term leases.
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2. 應用新訂及經修訂香港財務報告
準則（續）
香港財務報告準則第 16號租賃（續）
此外，本集團現時按香港會計準則第十七號
所適用者，視已付可退回租賃按金港幣
2,616,000元及已收可退回租賃按金港幣
139,875,000元為租賃項下的權利及責任。
按照香港財務報告準則第 16號對租賃付款的
定義，該等按金並非與使用相關資產權利有
關的付款，故此該等按金的賬面值須調整至
攤銷成本，而有關調整則被視為額外的租賃
付款。已付可退回租賃按金的調整將計入使
用權資產的賬面值。已收可退回租賃按金的
調整則被視為預付租金付款。
此外，應用新規定可導致上文所示的計量、
呈列及披露有所變動。
除上文所述的新訂及經修訂香港財務報告準
則外，本公司董事預計應用所有其他新訂及
經修訂香港財務報告準則（如生效）將不會對
綜合財務報表構成重大影響。
3. 主要會計政策
綜合財務報表乃根據香港會計師公會頒佈之
香港財務報告準則編製。此外，綜合財務報
表載有香港聯合交易所有限公司證券上市規
則與香港公司條例規定之適用披露資料。
除下文所載會計政策所述以公平價值計算之
若干物業及金融工具外，綜合財務報表乃根
據歷史成本基準編製。
歷史成本一般按交換貨品代價之公平價值計
算。
2. APPLICATION OF NEW AND REVISED HONG KONG
FINANCIAL REPORTING STANDARDS (CONTINUED)
HKFRS 16 Leases (Continued)
In addition, the Group currently considers refundable rental
deposits paid of HK$2,616,000 and refundable rental deposits
received of HK$139,875,000 as rights and obligations under leases
to which HKAS 17 applies. Based on the definition of lease
payments under HKFRS 16, such deposits are not payments
relating to the right to use the underlying assets, accordingly, the
carrying amounts of such deposits may be adjusted to amortised
cost and such adjustments are considered as additional lease
payments. Adjustments to refundable rental deposits paid would
be included in the carrying amount of right-of-use assets.
Adjustments to refundable rental deposits received would be
considered as advance lease payments.
Furthermore, the application of new requirements may result in
changes in measurement, presentation and disclosure as indicated
above.
Except for the new and revised HKFRSs mentioned above, the
directors of the Company anticipate that the application of all
other new and revised HKFRSs will have no material impact on the
consolidated financial statements when they become effective.
3. SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements have been prepared in
accordance with HKFRSs issued by the HKICPA. In addition, the
consolidated financial statements include applicable disclosures
required by the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited and by the Hong Kong
Companies Ordinance.
The consolidated financial statements have been prepared on the
historical cost basis except for certain properties and financial
instruments that are measured at fair values at the end of each
reporting period, as explained in the accounting policies set out
below.
Historical cost is generally based on the fair value of the
consideration given in exchange for goods and services.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
公平價值指於計量日期時在合法交易中的市
場參與者之間出售資產時所收取或轉讓負債
時所支付的價格，不管價格為直接觀測可得
或利用另一估價技巧估計所得。在估計資產
或負債的公平價值時，本集團會考慮於計量
日期時市場參與者定價時會考慮的資產或負
債之特點。在此等綜合財務報表中，就計量
及╱或披露理由而得出的公平值均按此基準
釐定，惟在香港財務報告準則第2號以股代款
範圍內的以股代款交易、在香港會計準則第
17號範圍內的租賃交易、以及與公平價值有
類似之處但並非公平價值的計量，例如香港
會計準則第2號存貨的可變現淨值或香港會計
準則第36號資產減值的使用價值，則不在此
限。
非金融資產的公平價值計量計及市場參與者
透過最大限度使用該資產達致最佳用途、或
透過將資產售予將最大限度使用該資產達致
最佳用途的另一名市場參與者而產生經濟利
益的能力。
此外，就財務報告而言，公平價值計量根據
公平價值計量的輸入變數可觀測得到的程度
以及有關輸入變數對公平價值計量整體的重
要性，分類為第一級、第二級或第三級，現
描述如下：
• 第一級輸入變數為同等資產或負債在活
躍市場上所報（不經調整）而實體在計量
當日可以取得的價格；
• 第二級輸入變數為可以直接或間接觀測
得到，但不包括於第一級的報價內的資
產或負債變數；及
• 第三級為資產及負債中屬不可觀測得到
的變數。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the
Group takes into account the characteristics of the asset or liability
if market participants would take those characteristics into
account when pricing the asset or liability at the measurement
date. Fair value for measurement and/or disclosure purposes in
these consolidated financial statements is determined on such a
basis, except for share-based payment transactions that are within
the scope of HKFRS 2 Share-based Payment, leasing transactions
that are within the scope of HKAS 17, and measurements that have
some similarities to fair value but are not fair value, such as net
realisable value in HKAS 2 Inventories or value in use in HKAS 36
Impairment of Assets.
A fair value measurement of a non-financial asset takes into
account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling
it to another market participant that would use the asset in its
highest and best use.
In addit ion, for f inancial report ing purposes, fa ir value
measurements are categorised into Level 1, 2 or 3 based on the
degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value
measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity can
access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices included
within Level 1, that are observable for the asset or liability,
either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or
liability.
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3. 主要會計政策（續）
主要會計政策載列如下。
綜合基準
綜合財務報表包括本公司及由本公司及其附
屬公司控制之實體之財務報表。控制權就本
公司乃指：
• 可對投資對象行使權力；
• 自參與投資對象之業務獲得或有權獲得
可變回報；及
• 有能力藉對投資對象行使其權力而影響
其回報。
倘有事實及情況顯示上述三項控制因素中之
一項或多項出現變化，本集團將重新評估其
是否對投資對象擁有控制權。
對附屬公司的合併，乃由本集團對附屬公司
擁有控制權開始，並於本集團失去對附屬公
司的控制權時終止。尤其是對於年內所收購
或出售的一間附屬公司，其收入及開支將由
本公司獲得控制權日期起直至本集團終止控
制權當日止計入綜合損益表。
溢利或虧損以及其他全面收益之各部分歸屬
於本公司股東及非控股股東權益。附屬公司
之全面收益總額歸屬於本公司股東及非控股
股東權益，即使此舉會導致非控股股東權益
產生赤字結餘。
如有需要，會對附屬公司之財務報表作出調
整，以使其會計政策與本集團會計政策一致。
有關本集團股東之間的所有集團內資產及負
債、權益、收入、開支及現金流量均於綜合
賬目時全面對銷。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The significant accounting policies are set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the
Company and its subsidiaries. Control is achieved when the
Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one or
more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary. Specifically, income and expenses of a
subsidiary acquired or disposed of during the year are included in
the consolidated statement of profit or loss from the date the
Group gains control until the date when the Group ceases to
control the subsidiary.
Profit or loss and each item of other comprehensive income are
attributed to the owners of the Company and to the non-
controlling interests. Total comprehensive income of subsidiaries is
attributed to the owners of the Company and to the non-
controlling interests even if this results in the non-controlling
interests having a deficit balance.
When necessary, adjustments are made to the financial statements
of subsidiaries to bring their accounting policies into line with the
Group’s accounting policies.
All intragroup assets and liabilities, equity, income, expenses and
cash flows relating to transactions between members of the Group
are eliminated in full on consolidation.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
合營企業權益
合營企業指一項聯合安排，對安排擁有共同
控制權之訂約方據此對聯合安排之資產淨值
擁有權利。共同控制是指按照合約約定對某
項安排所共有的控制，共同控制僅在當相關
活動要求共同享有控制權之各方作出一致同
意之決定時存在。
合營企業之業績及資產與負債以權益法計入
綜合財務報表。根據權益法，於合營企業之
投資初步按成本於綜合財務狀況表確認，並
於其後就確認本集團應佔該合營企業之損益
及其他全面收益而作出調整。合營企業的淨
資產變化（除損益和其他全面收益外）不用入
賬，除非該變化導致本集團持有的擁有權權
益有所變動。當本集團應佔合營企業之虧損
超出本集團於該合營企業之權益時（包括實質
上成為本集團於該合營企業的淨投資一部分
之任何長期權益），本集團停止確認其所佔之
進一步虧損。僅於本集團已產生法律或推定
責任，或已代表該合營企業支付款項之情況
下，方會進一步確認虧損。
於合營企業之投資由獲投資公司成為合營企
業當日起利用權益法入賬。收購於合營企業
之投資時，投資成本若超出本集團應佔獲投
資公司的可識認資產及負債公平價值淨額，
一切餘額確認為商譽，並包括在投資的賬面
值內。本集團應佔獲投資公司的可識認資產
及負債公平價值淨額經重估後若超出投資成
本，會在收購投資當期內即時於損益賬中確
認。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Interests in joint ventures
A joint venture is a joint arrangement whereby the parties that
have joint control of the arrangement have rights to the net assets
of the joint arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when
decisions about the relevant activities require unanimous consent
of the parties sharing control.
The results and assets and liabilities of joint ventures are
incorporated in these consolidated financial statements using the
equity method of accounting. Under the equity method, an
investment in a joint venture is initially recognised in the
consolidated statement of financial position at cost and adjusted
thereafter to recognise the Group’s share of the profit or loss and
other comprehensive income of the joint venture. Changes in net
assets of the joint venture other than profit or loss and other
comprehensive income are not accounted for unless such changes
resulted in changes in ownership interest held by the Group. When
the Group’s share of losses of a joint venture exceeds the Group’s
interest in that joint venture (which includes any long-term
interests that, in substance, form part of the Group’s net
investment in the joint venture), the Group discontinues
recognising its share of further losses. Additional losses are
recognised only to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the joint
venture.
An investment in a joint venture is accounted for using the equity
method from the date on which the investee becomes a joint
venture. On acquisition of the investment in a joint venture, any
excess of the cost of the investment over the Group’s share of the
net fair value of the identifiable assets and liabilities of the investee
is recognised as goodwill, which is included within the carrying
amount of the investment. Any excess of the Group’s share of the
net fair value of the identifiable assets and liabilities over the cost
of the investment, after reassessment, is recognised immediately in
profit or loss in the period in which the investment is acquired.
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3. 主要會計政策（續）
合營企業權益（續）
應用香港會計準則第39號之規定旨在決定是
否需要就本集團於合營企業之投資確認任何
減值虧損。倘有需要，該項投資之全部賬面
值（包括商譽）會根據香港會計準則第36號資
產減值以單一資產形式進行減值測試，方法
是比較其可收回金額（即使用價值與公平價值
減出售成本兩者中之較高者）與賬面值。任何
已確認減值虧損構成該項投資之賬面值其中
一部分，有關減值虧損之任何撥回乃根據香
港會計準則第36號確認，惟以於該項投資之
可收回金額其後增加之情況為限。
當本集團不再對合營企業有共同控制權時，
按出售有關投資對象的全部權益列賬，由此
產生的收益或虧損在損益內確認。當本集團
於前合營企業中留有權益而保留權益在香港
會計準則第39號的範圍內又屬金融資產，則
根據香港會計準則第39號，本集團按該日公
平價值計量保留權益，而公平價值視為其於
初始確認時的公平價值。合營企業於終止使
用權益法當日的賬面值與任何保留權益的公
平價值加任何出售合營企業部分權益時所得
款項之間的差額，計入出售合營企業收益或
虧損的釐定過程。此外，本集團計入所有先
前就該合營企業於其他全面收益中確認的金
額所用基準，與在該合營企業直接售出有關
資產或負債時規定須用的基準相同。故此，
若該聯合營企業先前於其他全面收益中確認
的收益或虧損會在有關資產或負債出售時重
新歸類至損益賬中，則本集團會在出售╱部
分出售相關合營企業時將該收益或虧損由權
益重新分類至損益賬。
當一集團實體與本集團合營企業進行交易時，
所產生之溢利或虧損只在有關合營企業之權
益與本集團無關的情況下，方會於本集團之
綜合財務報表確認。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Interests in joint ventures (Continued)
The requirements of HKAS 39 are applied to determine whether it
is necessary to recognise any impairment loss with respect to the
Group’s investment in a joint venture. When necessary, the entire
carrying amount of the investment (including goodwill) is tested
for impairment in accordance with HKAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair
value less costs of disposal) with its carrying amount. Any
impairment loss recognised forms part of the carrying amount of
the investment. Any reversal of that impairment loss is recognised
in accordance with HKAS 36 to the extent that the recoverable
amount of the investment subsequently increases.
When the Group ceases to have joint control over a joint venture,
it is accounted for as a disposal of the entire interest in the
investee with a resulting gain or loss being recognised in profit or
loss. When the Group retains an interest in the former joint venture
and the retained interest is a financial asset within the scope of
HKAS 39, the Group measures the retained interest at fair value at
that date and the fair value is regarded as its fair value on initial
recognition in accordance with HKAS 39. The difference between
the carrying amount of the joint venture at the date the equity
method was discontinued, and the fair value of any retained
interest and any proceeds from disposing the relevant interest in
the joint venture is included in the determination of the gain or loss
on disposal of the joint venture. In addition, the Group accounts for
all amounts previously recognised in other comprehensive income
in relation to that joint venture on the same basis as would be
required if that joint venture had directly disposed of the related
assets or liabilities. Therefore, if a gain or loss previously
recognised in other comprehensive income by that joint venture
would be reclassified to profit or loss on the disposal of the related
assets or liabilities, the Group reclassifies the gain or loss from
equity to profit or loss (as a reclassification adjustment) upon
disposal/partial disposal of the relevant joint venture.
When a group entity transacts with a joint venture of the Group,
profits and losses resulting from the transactions with the joint
venture are recognised in the Group’s consolidated financial
statements only to the extent of interests in the joint venture that
are not related to the Group.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
收益確認
收益按已收或應收代價之公平價值計量，並
減去估計客戶退貨、回撥、類似銷售撥備及
銷售相關稅。
在能夠可靠地計量時；在未來經濟利益有可
能流入本集團時及在符合下文所述本集團的
各業務的特定條件時確認收益。
於貨品交付及擁有權移交時，確認銷售貨品
之收益。
於日常業務過程中銷售物業所得的收入，於
相關物業已竣工及交付予買方時確認。在符
合上述收入確認準則前自買方收取的按金及
分期付款於綜合財務狀況表內確認為流動負
債。
服務收入（包括管理費及酒店營運收入）於提
供服務時確認。
來自投資之股息收入在股東有權獲得收取有
關付款時入賬。
利息收入是按時間基準參考尚未償還本金及
適用實際利率累計。實際利率指在初始確認
金融資產時按其預期可使用年期確切貼現估
計未來現金收入至有關資產之賬面淨值的利
率。
本集團在確認經營租約方面的會計政策於下
文租賃會計政策中有所描述。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue recognition
Revenue is measured at the fair value of the consideration received
or receivable. Revenue is reduced for estimated customer returns,
rebates, other similar allowances and sales related tax.
Revenue is recognised when the amount of revenue can be reliably
measured; when it is probable that future economic benefits will
flow to the Group and when specific criteria have been met for
each of the Group’s activities, as described below.
Revenue from the sale of goods is recognised when the goods are
delivered and titles have passed.
Revenue from sale of properties in the ordinary course of business
is recognised when the respective properties have been completed
and delivered to the buyers. Deposits and instalments received
from purchasers prior to meeting the above criteria for revenue
recognition are included in the consolidated statement of financial
position under current liabilities.
Service income (including property management fees and hotel
operation income) is recognised when services are provided.
Dividend income from investments is recognised when the rights
to receive payment have been established.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts the estimated future cash
receipts through the expected life of the financial asset to that
asset’s net carrying amount on initial recognition.
The Group’s accounting policy for recognition of revenue from
operating leases is described in the accounting policy for leasing
below.
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3. 主要會計政策（續）
租賃
當租賃之條款實質上將所有權所產生之絕大
部分風險及回報轉移至承租人，有關租賃被
分類為融資租約。所有其他租約被分類為經
營租約。
本集團作為出租人
經營租約租金收入乃按有關租約之年期以直
線法於損益賬中確認。就經營租約進行磋商
及安排時產生之首次直接成本，乃加入租約
資產之賬面值。
本集團作為承租人
經營租約之應付租金（包括按經營租約收購土
地之成本）於有關租約期間按直線法確認為開
支。
倘訂立經營租約時享有租金優惠，有關優惠
確認為負債。利益優惠總額以直線法確認為
租金開支減少。
自用租賃土地及樓宇
當本集團就一項包括租賃土地及樓宇元素的
物業權益付款時，本集團根據對於各元素所
有權附帶的絕大部分風險及報酬是否已轉移
至本集團之評估而將各元素分別作出分類，
除非清晰顯示兩項元素均屬經營租約則除外，
其時整項物業入賬列作經營租賃。具體而言，
整項代價（包括任何一次性預付款項）按租賃
土地及樓宇元素於初步確認時之租賃權益相
對公平價值之比例在租賃土地與樓宇元素之
間分配。
當租金能夠可靠分配時，入賬列作經營租約
之租賃土地權益將在綜合財務狀況表中列為
「預付租金支出」，按直線基準在租賃期間支
銷。當租金無法在土地及樓宇間可靠分配時，
整項租賃分類為融資租約。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Leasing
Leases are classified as finance leases whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee. All other leases are classified as operating leases.
The Group as lessor
Rental income from operating leases is recognised in profit or loss
on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating
lease are added to the carrying amount of the leased asset.
The Group as lessee
Operating lease payments, including the cost of acquiring land
held under operating leases, are recognised as an expense on a
straight-line basis over the lease term.
In the event that lease incentives are received to enter into
operating leases, such incentives are recognised as a liability. The
aggregate benefit of incentives is recognised as a reduction of
rental expense on a straight-line basis.
Leasehold land and building
When the Group makes payments for a property interest which
includes both leasehold land and building elements, the Group
assesses the classification of each element separately based on the
assessment as to whether substantially all the risks and rewards
incidental to ownership of each element have been transferred to
the Group, unless it is clear that both elements are operating leases
in which case the entire property is accounted as an operating
lease. Specifically, the entire consideration (including any lump-
sum upfront payments) are allocated between the leasehold land
and the building elements in proportion to the relative fair values
of the leasehold interests in the land element and building element
at initial recognition.
To the extent the allocation of the relevant payments can be made
reliably, interest in leasehold land that is accounted for as an
operating lease is presented as “prepaid lease payments” in the
consolidated statement of financial position and is amortised over
the lease term on a straight-line basis. When the payments cannot
be allocated reliably between the leasehold land and building
elements, the entire property is generally classified as if the
leasehold land is under finance lease.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
外幣
於編製各獨立集團實體之財務報表時，以該
實體之功能貨幣以外之貨幣（外幣）進行之交
易乃按交易當日之適用匯率換算為其功能貨
幣確認。於各報告期間末，以外幣列值之貨
幣項目按結算日之適用匯率重新換算。按公
平價值入賬及以外幣列值之非貨幣項目按釐
定公平價值當日之當時匯率重新換算。以外
幣按歷史成本計算之非貨幣項目均不予重新
換算。
結算貨幣項目及重新換算貨幣項目所產生之
匯兌差額於該等差額產生期間於損益賬內確
認，除應收或應付海外業務而結算並無計劃
亦不可能發生（因此構成於海外業務投資淨額
之一部分）之貨幣項目之匯兌差額，該等匯兌
差額初步於其他全面收益內確認，並於出售
或部分出售本集團的合營企業權益時由權益
重新分類至損益賬。
就呈列綜合財務報表而言，本集團之海外業
務資產及負債乃按報告期間結算日當時之匯
率換算為本集團呈列貨幣（即港幣）。收入及
開支項目按該年度之平均匯率換算。產生之
匯兌差額（如有）乃於其他全面收益確認，並
於匯兌儲備一節權益中累積計算（歸屬於非控
股股東權益，如適用）。
出售境外經營時（即出售本集團在境外經營的
全部權益、因出售喪失對包含境外經營的附
屬公司的控制權，或出售包含境外經營的合
營企業之部分權益（而境外經營的留存權益成
為金融資產）），與該境外經營相關的歸屬於
本公司所有者權益的累計匯兌差額全部重分
類至損益。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Foreign currencies
In preparing the financial statements of each individual group
entity, transactions in currencies other than the functional currency
of that entity (foreign currencies) are recognised at the rates of
exchanges prevailing on the dates of the transactions. At the end
of the reporting period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing on the
date when the fair value was determined. Non-monetary items that
are measured in terms of historical cost in a foreign currency are
not retranslated.
Exchange differences arising on the settlement of monetary items,
and on the retranslation of monetary items, are recognised in profit
or loss in the period in which they arise, except for exchange
differences on monetary items receivable from or payable to a
foreign operation for which settlement is neither planned nor likely
to occur (therefore forming part of the net investment in the
foreign operation), which are recognised initially in other
comprehensive income and reclassified from equity to profit or
loss on disposal or partial disposal of the Group’s interests in joint
ventures.
For the purposes of presenting the consolidated financial
statements, the assets and liabilities of the Group’s foreign
operations are translated into the presentation currency of the
Group (. HK$) using exchange rates prevailing at the end of each
reporting period. Income and expenses items are translated at the
average exchange rates for the period. Exchange differences
arising, if any, are recognised in other comprehensive income and
accumulated in equity under the heading of exchange reserve
(attributed to non-controlling interests as appropriate).
On the disposal of a foreign operation (. a disposal of the
Group’s entire interest in a foreign operation, or a disposal
involving loss of control over a subsidiary that includes a foreign
operation, or a partial disposal of an interest in a joint arrangement
that includes a foreign operation of which the retained interest
becomes a financial asset), all of the exchange differences
accumulated in equity in respect of that operation attributable to
the owners of the Company are reclassified to profit or loss.
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3. 主要會計政策（續）
借款成本
購買、興建或製造合資格資產（須經一段長時
間方可作擬定用途或銷售之資產）之直接應佔
借款成本，於該等資產實質上達至擬定用途
或銷售前，借款成本將加入該等資產之成本
中。
特定借款在應用於合資格資產前用作短期投
資所賺取之投資收入須在合資格資本化之借
款成本中扣除。
所有其他借款成本須於其產生期間確認於損
益賬中。
退休福利成本
向界定退休福利供款計劃及強制性公積金計
劃支付之供款於僱員提供服務後並符合領取
有關供款資格時列為開支。
稅項
所得稅支出指現時應付稅項及遞延稅項之總
和。
現時應付稅項乃按本年度應課稅溢利計算。
應課稅溢利與綜合損益表所報之除稅前溢利
不同，此乃由於前者不包括在其他年度應課
稅或可扣稅收入或開支，以及從未課稅或可
扣稅之項目。本集團之即期稅項負債採用於
報告期間結算日之前已頒佈或實質頒佈之稅
率計算。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those assets
until such time as the assets are substantially ready for their
intended use or sale.
Investment income earned on the temporary investment of specific
borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the
period in which they are incurred.
Retirement benefit costs
Payments to defined contribution retirement benefit plans and the
Mandatory Provident Fund Scheme are recognised as an expense
when employees have rendered service entitling them to the
contributions.
Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from ‘profit before tax’ as reported in the
consolidated statement of profit or loss because of income or
expense that are taxable or deductible in other years and items
that are never taxable or deductible. The Group’s liability for
current tax is calculated using tax rates that have been enacted or
substantively enacted by the end of the reporting period.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
稅項（續）
遞延稅項根據綜合財務報表資產及負債賬面
值與用以計算應課稅溢利相應稅基之臨時差
額確認。遞延稅項負債通常會就所有應課稅
臨時差額確認，而遞延稅項資產通常就所有
可抵扣臨時差額確認，其可抵扣臨時差額很
可能產生於應課稅溢利。倘於一項交易中，
因企業合併以外原因首次確認其他資產及負
債而引致之臨時差額不影響應課稅溢利或會
計溢利，則不會確認該等資產及負債。另外，
若臨時差額產生於商譽的初始確認，則不會
確認遞延稅項負債。
遞延稅項負債乃按因於附屬公司之投資及合
營企業權益而引致之應課稅臨時差額而確認，
惟若本集團可控制臨時差額之撥回及臨時差
額很有可能不會於可見將來撥回之情況除外。
與有關投資及權益相關之可扣稅臨時差額產
生之遞延稅項資產，僅在可能有足夠應課稅
溢利以動用臨時差額利益及預期於可見將來
撥回時確認。
遞延稅項資產之賬面值於報告期間結算日作
檢討，並在不再可能有足夠應課稅溢利恢復
全部或部分資產價值時作調減。
遞延稅項資產及負債乃以預期於償付負債或
變現資產之期間應用之稅率，根據於報告期
間結算日已頒佈或實質上已頒佈之稅率（及稅
法）計算。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Taxation (Continued)
Deferred tax is recognised on temporary differences between the
carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax
assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will
be available against which those deductible temporary differences
can be utilised. Such deferred tax assets and liabilities are not
recognised if the temporary difference arises from the initial
recognition (other than in a business combination) of assets and
liabilities in a transaction that affects neither the taxable profit nor
the accounting profit. In addition, deferred tax liabilities are not
recognised if the temporary difference arises from the initial
recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries and
interests in joint ventures, except where the Group is able to
control the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable
future. Deferred tax assets arising from deductible temporary
differences associated with such investments and interests are
only recognised to the extent that it is probable that there will be
sufficient taxable profits against which to utilise the benefits of the
temporary differences and they are expected to reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end
of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the period in which the liability is
settled or the asset is realised, based on tax rate (and tax laws)
that have been enacted or substantively enacted by the end of the
reporting period.
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3. 主要會計政策（續）
稅項（續）
遞延稅項負債及資產之計算結果反映本集團
於報告期末預期就收回或償還資產及負債賬
面值可能引致之稅務後果。
就計算投資物業的遞延稅項負債或遞延稅項
資產而言，利用公平價值模式計量的投資物
業之賬面值乃假設通過銷售全數收回，除非
該假設被推翻則除外。當投資物業可予折舊
及其業務模式（其業務目標是隨時間而非透過
銷售消耗投資物業所包含的絕大部分經濟利
益）內持有時，有關假設會被推翻。
即期及遞延稅項於溢利或虧損中確認，惟與
於其他全面收益或直接於權益確認之項目相
關者除外，於該情況下，即期及遞延稅項亦
分別於其他全面收益或權益中確認。
物業、廠房及設備╱發展中物業
物業、廠房及設備包括持有用於生產或供應
貨物或服務，或用於行政用途（下列在建中物
業除外）之樓宇及租賃土地（分類為融資租
約），乃按成本值減其後累積折舊及其後累積
減值虧損（如有）在綜合財務狀況表列賬。
用於生產、供應或行政用途的在建物業以成
本減任何已確認減值虧損列賬。成本包括專
業費及（就合資格資產而言）根據本集團會計
政策資本化的借貸成本。有關物業完工後並
達到可使用狀態時被劃分為適當類別物業、
廠房及設備。當這些資產達到可用狀態時，
按與其他物業資產一樣的基準開始折舊。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Taxation (Continued)
The measurement of deferred tax liabilities and assets reflects the
tax consequences that would follow from the manner in which the
Group expects, at the end of the reporting period, to recover or
settle the carrying amount of its assets and liabilities.
For the purposes of measuring deferred tax liabilities or deferred
tax assets for investment properties that are measured using the
fair value model, the carrying amounts of such properties are
presumed to be recovered entirely through sale, unless the
presumption is rebutted. The presumption is rebutted when the
investment property is depreciable and is held within a business
model whose objective is to consume substantially all of the
economic benefits embodied in the investment property over time,
rather than through sale.
Current and deferred tax are recognised in profit or loss, except
when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the
current and deferred tax are a lso recognised in other
comprehensive income or directly in equity respectively.
Property, plant and equipment/properties under
development
Property, plant and equipment including buildings and leasehold
land (classified as finance leases) held for use in the production or
supply of goods or services, or for administrative purposes (other
than properties under construction as described below) are stated
in the consolidated statement of financial position at cost less
subsequent accumulated depreciat ion and subsequent
accumulated impairment losses, if any.
Properties in the course of construction for production, supply or
administrative purposes are carried at cost, less any recognised
impairment loss. Costs include professional fees and, for qualifying
assets, borrowing costs capitalised in accordance with the Group’s
accounting policy. Such properties are classified to the appropriate
categories of property, plant and equipment when completed and
ready for intended use. Depreciation of these assets, on the same
basis as other property assets, commences when the assets are
ready for their intended use.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
物業、廠房及設備╱發展中物業（續）
折舊撥備旨在於資產之（在建中物業除外）估
計可使用年期內以直線法撇銷該資產成本減
殘值。估計可使用年期、殘值及折舊方法於
各報告期間結算日檢討，因估計有所轉變而
產生之影響則按前瞻基準列賬。
當物業、廠房及設備項目因業主不再自用，
證明其用途改變而轉撥至投資物業時，該項
目（包括相關預付租金支出）於轉讓當日之賬
面值與公平價值間任何差額於其他全面收益
確認及於物業重估儲備累計。日後出售或報
廢該資產時，相關重估儲備將直接轉入保留
溢利。
於物業、廠房及設備項目出售後或當預計不
會因持續使用資產而產生未來經濟效益時，
該項物業、廠房及設備須終止確認。因出售
或停用物業、廠房及設備項目而產生之任何
收益或虧損按出售所得款項淨額與該項資產
之賬面值之差額釐定，並於損益賬確認。
投資物業
投資物業乃持作賺取租金及╱或用作資本增
值用途之物業。
投資物業初步按成本計量，包括交易成本。
於初次確認後，投資物業採用公平價值模式
按其公平價值計量。本集團一切在經營租約
下持有以賺取租金或用作資本增值用途的物
業權益，乃視作投資物業入賬，並利用公平
價值模式計量。因投資物業公平價值變動而
產生之收益或虧損於變動產生期間計入損益
賬。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property, plant and equipment/properties under
development (Continued)
Depreciation is recognised so as to write off the cost of assets
(other than properties under construction) over their estimated
useful lives, using the straight-line method. The estimated useful
lives and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate
accounted for on a prospective basis.
If an item of property, plant and equipment becomes an
investment property because its use has changed as evidenced by
end of owner-occupation, any difference between the carrying
amount and the fair value of that item (including the relevant
prepaid lease payments) at the date of transfer is recognised in
other comprehensive income and accumulated in property
revaluation reserve. On the subsequent sale or retirement of the
asset, the relevant revaluation reserve will be transferred directly
to retained profits.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognised
in profit or loss.
Investment properties
Investment properties are properties held to earn rentals and/or
for capital appreciation.
Investment properties are initially measured at cost, including any
directly attributable expenditure. Subsequent to initial recognition,
investment properties are measured at their fair values. All of the
Group’s property interests held under operating leases to earn
rentals or for capital appreciation purposes are classified and
accounted for as investment properties and are measured using
the fair value model. Gains or losses arising from changes in the
fair value of investment properties are included in profit or loss for
the period in which they arise.
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3. 主要會計政策（續）
投資物業（續）
投資物業出售後，或當永久停止使用該投資
物業，或預期出售該投資物業不會產生未來
經濟利益時，須終止確認。終止確認物業所
產生任何收益或虧損（按出售所得款項淨額與
該物業之賬面值間之差額計算）於物業終止確
認之年度計入損益賬。
就待出售發展中物業轉撥至投資物業而言（由
開始經營租賃所證明），該物業之公平價值與
其先前賬面值之差額於損益賬中確認。
在將投資物業轉撥至待出售發展中物業（以旨
在出售而動工發展為憑證）時，該物業於轉撥
當日之公平價值與其過往賬面值兩者間之任
何差額於損益賬確認。有關物業在日後入賬
時以其於改變用途當日之公平價值視為成本。
待出售發展中物業
待出售發展中物業於有關政府機關發出相關
竣工證明文件時，轉撥至待出售物業。
待出售物業
待出售物業乃按成本與可變現淨值兩者中之
較低者入賬。可變現淨值乃參考估計售價減
銷售開支而釐定。
存貨
存貨乃按成本與可變現淨值兩者中之較低者
入賬。成本乃按加權平均成本法計算。可變
現淨值指存貨估計售價減完成估計成本及銷
售所需成本。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Investment properties (Continued)
An investment property is derecognised upon disposal or when
the investment property is permanently withdrawn from use and
no future economic benefits are expected from its disposals. Any
gain or loss arising on derecognition of the property (calculated as
the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the profit or loss in the period
in which the property is derecognised.
For a transfer from properties under development for sale to
investment properties (which is evidenced by commencement of
an operating lease), any difference between the fair value of the
property at that date and its previous carrying amount is
recognised in profit or loss.
For a transfer from investment properties to properties under
development for sale which is evidenced by the commencement
of development with a view to sale, any difference between the
fair value of the property at the date of transfer and its previously
carrying amount is recognised in profit or loss. The property’s
deemed cost for subsequent accounting is the fair value at the
date of change in use.
Properties under development for sale
Properties under development for sale are transferred to
properties held for sale when the relevant completion certificates
are issued by the respective government authorities.
Properties held for sale
Properties held for sale are stated at the lower of cost and net
realisable value. Net realisable value is determined by reference to
estimated selling price less selling expenses.
Inventories
Inventories are stated at the lower of cost and net realisable value.
Costs of inventories are determined on a weighted average
method. Net realisable value represents the estimated selling price
for inventories less all estimated costs of completion and costs
necessary to make the sale.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
有形資產減值
於報告期末，本集團審閱其有形資產之賬面
值以決定是否有任何跡象顯示該等資產出現
減值虧損。倘出現任何有關跡象，則會估計
資產之可收回金額，以釐定減值虧損（如有）
之程度。
可收回金額乃公平價值減銷售成本與使用價
值之較高者。在評估使用價值時，估計未來
現金流量使用稅前貼現率貼現至其現值，該
貼現率反映貨幣時間價值之當前市場估計及
估計未來現金流量尚未經調整之資產有關風
險。
倘若資產之可收回金額估計乃少於其賬面值，
則該資產之賬面值削減至其可收回金額。減
值虧損即時於損益賬確認。
當減值虧損其後撥回，該資產之賬面值增至
其可收回金額之經修訂估計值，然而，增加
後之賬面值不得超過假若該資產過往年度並
無確認減值虧損原應釐定之賬面值。減值虧
損之撥回金額即時於損益賬確認。
金融工具
當集團實體成為工具合約條文之訂約方，則
確認金融資產及金融負債。
金融資產及金融負債初步按公平價值計量。
因收購或發行金融資產及金融負債（不包括按
公平價值計入損益之金融資產或金融負債）而
直接產生之交易成本，於初次確認時加入金
融資產或金融負債（如適用）之公平價值，或
自金融資產或金融負債（如適用）之公平價值
扣除。收購按公平價值計入損益之金融資產
或金融負債時，直接相關的交易成本應即時
於損益賬確認。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Impairment on tangible assets
At the end of the reporting period, the Group reviews the carrying
amounts of its tangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the relevant
asset is estimated in order to determine the extent of the
impairment loss (if any).
Recoverable amount is the higher of fair value less costs of
disposal and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than
its carrying amount, the carrying amount of the asset is reduced to
its recoverable amount. An impairment loss is recognised
immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset
in prior years. A reversal of an impairment loss is recognised
immediately in profit or loss.
Financial instruments
Financial assets and financial liabilities are recognised when a
group entity becomes a party to the contractual provisions of the
instrument.
Financial assets and financial liabilities are initially measured at fair
value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other
than financial assets or financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in profit or loss.
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3. 主要會計政策（續）
金融工具（續）
金融資產
本集團之金融資產劃分類以下特定類別，包
括按公平價值計入損益之金融資產、可供出
售金融資產、貸款及應收賬款。分類視乎該
等金融資產之性質及目的，並於首次確認時
釐定。所有一般購買或出售之金融資產均按
交易日期基準確認或終止確認。一般購買或
出售金融資產須按於市場規例或慣例確立之
時限內交付資產。
實際利率法
實際利率法乃計算債務投資工具之攤銷成本
及於相關期間攤分利息收入之方法。實際利
率指按債務工具之預期可使用年期或（如適用）
較短期間確切貼現估計未來現金收入（包括組
成實際利率、交易成本及其他溢價或折讓整
體部分之全部已付或已收費用）之利率。
債務投資工具之收益以實際利率法確認。
按公平價值計入損益之金融資產
當金融資產為(i)持作買賣用途；或(ii)指定
為按公平價值計入損益時，則金融資產分類
為按公平價值計入損益。
若符合下列情況，金融資產將歸類為持作買
賣用途：
• 收購金融資產之目的主要為於不久將來
出售；或
• 該金融資產在初步確認時為由本集團共
同管理之已識別金融工具投資組合之一
部分，並且最近有可短期獲利之實際趨
勢；或
• 該金融資產並非被指定為有效對沖工具
之衍生工具。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial assets
The Group’s financial assets are classified into financial assets at
fair value through profit or loss (“FVTPL”), available-for-sale
(“AFS”) f inancial assets and loans and receivables. The
classification depends on the nature and purpose of the financial
assets and is determined at the time of initial recognition. All
regular way purchases or sales of financial assets are recognised
and derecognised on a trade date basis. Regular way purchases or
sales are purchases or sales of financial assets that require delivery
of assets within the time frame established by regulation or
convention in the marketplace.
Effective interest method
The effective interest method is a method of calculating the
amortised cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the
rate that exactly discounts estimated future cash receipts
(including all fees and points paid or received that form an integral
part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period, to the net
carrying amount on initial recognition.
Interest income is recognised on an effective interest basis for
debt instruments.
Financial assets at FVTPL
Financial assets are classified as at FVTPL when the financial asset
is (i) held for trading, or (ii) it is designated as at FVTPL.
A financial asset is classified as held for trading if:
• it has been acquired principally for the purpose of selling in
the near term; or
• on initial recognition it is a part of a portfolio of identified
financial instruments that the Group manages together and
has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a
hedging instrument.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
金融工具（續）
金融資產（續）
按公平價值計入損益之金融資產（續）
被持有作買賣用途以外的金融資產，或會在
初次確認時被指定為按公平價值計入損益，
倘：
• 該指定對銷或顯著降低使用其他方式將
出現之衡量或確認不一致；或
• 受管理之金融資產構成一組金融資產或
金融負債之部分或兩者，其表現根據本
集團記錄之風險管理或投資策略按公平
價值基準評估，而有關分組之資料按該
基準於內部提供；或
• 其組成包含一個或多個嵌入式衍生工具
之合約部分，而香港會計準則第39號
允許整個合併合約（資產或負債）指定為
按公平價值計入損益。
按公平價值計入損益之金融資產按公平價值
計量，因重新計量而出現之收益或虧損於損
益賬確認。於損益賬確認之收益或虧損淨額
不包括以金融資產賺取之任何股息或利息，
並計入綜合損益表之其他收益及虧損。釐定
公平價值之方式載列於附註34c。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial assets (Continued)
Financial assets at FVTPL (Continued)
A financial asset other than a financial asset held for trading may
be designated as at FVTPL upon initial recognition if:
• such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
otherwise arise; or
• the financial asset forms part of a group of financial assets or
financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance
with the Group’s documented r isk management or
investment strategy, and information about the grouping is
provided internally on that basis; or
• it forms part of a contract containing one or more embedded
derivatives, and HKAS 39 permits the entire combined
contract (asset or liability) to be designated as at FVTPL.
Financial assets at FVTPL are stated at fair value, with any gains or
losses arising on remeasurement recognised in profit or loss. The
net gain or loss recognised in profit or loss excludes any dividend
or interest earned on the financial assets and is included in ‘other
gains and losses’ line item. Fair value is determined in the manner
described in note 34c.
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3. 主要會計政策（續）
金融工具（續）
金融資產（續）
可供出售金融資產
可供出售金融資產為被指定為可供出售或並
無劃分為(a)貸款及應收賬款、(b)持至到期
投資或(c)按公平價值計入損益之金融資產之
非衍生工具。
由本集團持有並分類為可供出售金融資產之
權益及債務證券乃於各報告期間結算日以公
平價值計量，公允價值不能可靠地計量的非
上市股權投資除外。以實際利率法計算利息
收入有關之可供出售貨幣債務證券賬面值變
動以及可供出售權益投資之股息於溢利或虧
損內確認。可供出售金融資產之其他賬面值
變動則於其他全面收益內確認，並於投資重
估儲備中累積。倘金融資產獲出售或確認出
現減值，過往於投資重估儲備累積計算之收
益或虧損會重新分類至損益賬。
可供出售股本投資如沒有於活躍市場提供市
價，而其公平價值不能準確計量，或與此等
無報價股本投資有關及必須以將之交付的方
式結算的衍生工具，會以成本減任何可確定
的減值虧損於報告期間結算日計量。
貸款及應收賬款
貸款及應收賬款為有固定或可釐定付款額但
並無於活躍市場報價之非衍生金融資產。於
初次確認後，貸款及應收款項（包括貿易及其
他應收賬款、應收借款、存入三個月後到期
之定期銀行存款、其他銀行存款及現金）採用
實際利率法按攤銷成本減任何已識別減值列
賬。
利息收入通過應用實際利率確認，惟確認利
息不屬重大的短期應收賬款則除外。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial assets (Continued)
AFS financial assets
AFS financial assets are non-derivatives that are either designated
as available-for-sale or are not classified as (a) loans and
receivables, (b) held-to-maturity investments or (c) financial assets
at FVTPL.
Equity and debt securities held by the Group that are classified as
AFS financial assets are measured at fair value at the end of each
reporting period except for unquoted equity investments whose
fair value cannot be reliably measured. Changes in the carrying
amount of AFS debt instruments relating to interest income
calculated using the effective interest method, and changes in
foreign exchange rates, if applicable are recognised in profit or
loss. Dividends on AFS equity instruments are recognised in profit
or loss when the Group’s right to receive the dividends is
established. Other changes in the carrying amount of AFS financial
assets are recognised in other comprehensive income and
accumulated under the heading of investment revaluation reserve.
When the investment is disposed of or is determined to be
impaired, the cumulative gain or loss previously accumulated in
the investment revaluation reserve is reclassified to profit or loss.
AFS equity investments that do not have a quoted market price in
an active market and whose fair value cannot be reliably measured
and derivatives that are linked to and must be settled by delivery
of such unquoted equity investments are measured at cost less
any identified impairment losses at the end of each reporting
period.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed
or determinable payments that are not quoted in an active market.
Subsequent to initial recognition, loans and receivables (including
trade and other receivables, loan receivables, fixed bank deposits
with more than three months to maturity when raised, and other
bank balances and cash) are measured at amortised cost using the
effective interest method, less any impairment.
Interest income is recognised by applying the effective interest
rate, except for short-term receivables where the recognition of
interest would be immaterial.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
金融工具（續）
金融資產（續）
金融資產減值
金融資產（不包括按公平價值計入損益之金融
資產）乃於各報告期間結算日評估是否有減值
跡象。若金融資產於初次確認後發生一項或
多項事件而導致有客觀證據證明金融資產之
估計未來現金流量受到影響，則視為出現減
值。
就可供出售之股本投資而言，該證券之公平
價值大幅或持續低於其成本時被視為有客觀
證據證明出現減值。
就所有其他金融資產而言，減值之客觀證據
包括：
• 發行人或交易對手方遇上重大財政困
難；或
• 違反合約，如逾期或拖欠利息或本金付
款；或
• 借款人有可能破產或進行財務重組；或
• 因財政困難導致該金融資產之活躍市場
不再存在。
應收款項組合的客觀減值證據可包括本集團
的過往收款經驗、組合內延遲還款的次數增
加，以及與應收款項逾期有關的全國或地方
經濟狀況明顯改變。
以攤銷成本入賬的金融資產，其確認的減值
虧損為該資產的賬面值與以原實際利率貼現
估計未來現金流量之現值之差額。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial assets (Continued)
Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed for
indicators of impairment at the end of each reporting period.
Financial assets are considered to be impaired when there is
objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the
estimated future cash flows of the financial assets have been
affected.
For AFS equity investments, a significant or prolonged decline in
the fair value of that security below its cost is considered to be
objective evidence of impairment.
For all other financial assets, objective evidence of impairment
could include:
• significant financial difficulty of the issuer or counterparty; or
• breach of contract, such as default or delinquency in interest
or principal payments; or
• it becoming probable that the borrower will enter bankruptcy
or financial re-organisation; or
• disappearance of an active market for that financial asset
because of financial difficulties.
Objective evidence of impairment for a portfolio of receivables
could include the Group’s past experience of collecting payments,
an increase in the number of delayed payments in the portfolio
past the average credit period, observable changes in national or
local economic conditions that correlate with default on
receivables.
For financial assets carried at amortised cost, the amount of the
impairment loss recognised is the difference between the asset’s
carrying amount and the present value of the estimated future
cash flows discounted at the financial asset’s original effective
interest rate.
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3. 主要會計政策（續）
金融工具（續）
金融資產（續）
金融資產減值（續）
對於所有金融資產，金融資產賬面值會直接
因減值虧損而減少，惟應收貸款除外，在此
情況下，賬面值透過利用撥備賬減少。撥備
賬賬面值的變動於損益中確認。當應收貸款
被認為無法收回時，則於撥備賬內撇銷。其
後收回先前已撇銷的金額於損益中計入。
當按公平價值入賬可供出售金融資產被視為
可予減值時，先前於其他全面收益內確認之
累積虧損則重新分類至發生減值之本期之損
益賬內。
就按攤銷成本計量之金融資產而言，倘若減
值虧損之金額於其後減少而該等減少可客觀
地與確認減值虧損後所發生之事件聯繫，則
先前確認之減值虧損於溢利或虧損撥回，惟
於撥回減值日期之資產賬面值不能超出未確
認減值前之攤銷成本。
可供出售股本投資而言，先前於損益賬中確
認的減值虧損不得於損益賬撥回。於減值虧
損後錄得之任何公平價值增加於其他全面收
益直接確認，並於投資重估儲備累積計算。
就可供出售之債務投資而言，倘若投資之公
平價值增加可客觀地與確認減值虧損後發生
之事件聯繫，則減值虧損會其後於損益賬撥
回。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial assets (Continued)
Impairment of financial assets (Continued)
The carrying amount of the financial asset is reduced by the
impairment loss directly for all financial assets with the exception
of loan receivables, where the carrying amount is reduced through
the use of an allowance account. Changes in the carrying amount
of the allowance account are recognised in profit or loss. When a
loan receivable is considered uncollectible, it is written off against
the allowance account. Subsequent recoveries of amounts
previously written off are credited to profit or loss.
When an AFS financial asset is considered to be impaired,
cumulative gains or losses previously recognised in other
comprehensive income are reclassified to profit or loss in the
period.
For financial assets measured at amortised cost, if, in a subsequent
period, the amount of impairment loss decreases and the decrease
can be related objectively to an event occurring after the
impairment was recognised, the previously recognised impairment
loss is reversed through profit or loss to the extent that the
carrying amount of the investment at the date the impairment is
reversed does not exceed what the amortised cost would have
been had the impairment not been recognised.
In respect of AFS equity investments, impairment losses previously
recognised in profit or loss are not reversed through profit or loss.
Any increase in fair value subsequent to an impairment loss is
recognised in other comprehensive income and accumulated
under the heading of investment revaluation reserve. In respect of
AFS debt investments, impairment losses are subsequently
reversed through profit or loss if an increase in the fair value of the
investment can be objectively related to an event occurring after
the recognition of the impairment loss.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
金融工具（續）
金融負債及股本工具
由集團實體發行之債務及股本工具按所訂立
之合約安排內容以及金融負債及股本工具之
定義分類為金融負債或股本工具。
股本工具
股本工具為證明本集團資產剩餘權益（經扣除
其所有負債）之任何合約。本公司發行之股本
工具乃以已收所得款項扣除直接發行成本確
認。
實際利率法
實際利率法乃計算債務投資工具之攤銷成本
及於相關期間攤分利息收入之方法。實際利
率指按債務工具之預期可使用年期或（如適用）
較短期間確切貼現估計未來現金收入（包括組
成實際利率、交易成本及其他溢價或折讓整
體部分之全部已付或已收費用）之利率。
利息支出按實際利率基準確認。
按公平價值計入損益之金融負債
當金融負債為(i)持作買賣用途；或(ii)指定
為按公平價值計入損益時，則金融負債分類
為按公平價值計入損益。
若符合下列情況，金融負債將歸類為持作買
賣用途：
• 收購金融負債之目的主要為於不久將來
回購它；或
• 該金融負債在初步確認時為由本集團共
同管理之已識別金融工具投資組合之一
部分，並且最近有可短期獲利之實際趨
勢；或
• 該金融負債並非被指定為有效對沖工具
之衍生工具。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial liabilities and equity instruments
Debt and equity instruments issued by a group entity are classified
as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a
financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual
interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Group are recognised at the
proceeds received, net of direct issue costs.
Effective interest method
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the
rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an integral
part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial
liability, or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.
Interest expense is recognised on an effective interest basis.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the financial
liability is (i) held for trading or (ii) it is designated as at FVTPL.
A financial liability is classified as held for trading if:
• it has been acquired principal ly for the purpose of
repurchasing it in the near term; or
• on initial recognition it is a part of a portfolio of identified
financial instruments that the Group manages together and
has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a
hedging instrument.
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3. 主要會計政策（續）
金融工具（續）
金融負債及股本工具（續）
按公平價值計入損益之金融負債（續）
被持有作買賣用途以外的金融負債，或會在
初次確認時被指定為按公平價值計入損益，
倘：
• 該指定對銷或顯著降低使用其他方式將
出現之衡量或確認不一致；或
• 受管理之金融負債構成一組金融資產或
金融負債之部分或兩者，其表現根據本
集團記錄之風險管理或投資策略按公平
價值基準評估，而有關分組之資料按該
基準於內部提供；或
• 其組成包含一個或多個嵌入式衍生工具
之合約部分，而香港會計準則第39號
允許整個合併合約（資產或負債）指定為
按公平價值計入損益。
按公平價值計入損益之金融負債按公平價值
計量，因重新計量而出現之收益或虧損於損
益賬確認。於損益賬確認之收益或虧損淨額
不包括以金融負債支付之任何利息，並計入
綜合損益表之其他收益及虧損。
按攤銷成本計量的金融負債
金融負債（包括貿易及其他應付賬款、銀行及
其他借款）則其後採用實際利率法按攤銷成本
計量。
衍生金融工具
衍生工具於衍生工具合約訂立當日以公平價
值初步確認，並隨後於報告期末重新計量至
其公平價值。產生的收益或虧損立即在損益
中確認，除非該衍生工具被指定為有效的對
沖工具，在這種情況下，確認損益的時間取
決於對沖關係的性質。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Financial liabilities and equity instruments (Continued)
Financial liabilities at FVTPL (Continued)
A financial liability other than a financial liability held for trading
may be designated as at FVTPL upon initial recognition if:
• such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
otherwise arise; or
• the financial liability forms part of a group of financial assets
or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance
with the Group’s documented r isk management or
investment strategy, and information about the grouping is
provided internally on that basis; or
• it forms part of a contract containing one or more embedded
derivatives, and HKAS 39 permits the entire combined
contract (asset or liability) to be designated as at FVTPL.
Financial liabilities at FVTPL are measured at fair value, with any
gains or losses arising on remeasurement recognised in profit or
loss. The net gain or loss recognised in profit or loss excludes any
interest paid on the financial liabilities and is included in the ‘other
gains and losses’ line item.
Financial liabilities at amortised cost
Financial liabilities (including trade and other payables, and bank
and other borrowings) are subsequently measured at amortised
cost, using the effective interest method.
Derivative financial instruments
Derivatives are initially recognised at fair value at the date when
derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of the reporting period.
The resulting gain or loss is recognised in profit or loss immediately
unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or
loss depends on the nature of the hedge relationship.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
3. 主要會計政策（續）
金融工具（續）
終止確認
當本集團收取資產現金流量之合約權利屆滿
或轉讓金融資產及該資產所有權之絕大部分
風險及回報予另一實體時，方會終止確認金
融資產。倘本集團或本公司並不轉讓或保留
所有權的絕大部分風險及回報，並繼續控制
被轉讓資產，則本集團或本公司會以其持續
參與程度為限繼續確認其於資產之保留權益
並確認相關負債。倘本集團或本公司保留已
轉讓金融資產擁有權之絕大部分風險及回報，
則本集團或本公司將繼續確認金融資產，同
時亦就已收取之所得款項確認有抵押借貸。
終止確認金融資產時，資產賬面值與已收及
應收代價以及已於其他全面收益確認及累計
入權益累積收益或虧損總額間之差額乃於損
益賬確認。
本集團於及僅於本集團之責任解除、取消或
到期時終止確認金融負債。已終止確認金融
負債賬面值與已付和應付代價間之差額於損
益賬確認。
4. 重要會計判斷及估計不明朗因素
之主要來源
於應用本集團之會計政策（如附註3所述）時，
本公司董事須對未能即時自其他來源取得之
資產及負債賬面值作出判斷、估計及假設。
估計及有關假設乃以過往經驗及被視為相關
之其他因素為基礎。實際結果可能會與該等
估計有所不同。
估計及相關假設乃按持續基準檢討。會計估
計之修訂乃於估計被修訂之期間確認（倘修訂
僅影響該期間），或於修訂期間及未來期間（倘
修訂影響本期間及未來期間）確認。
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial instruments (Continued)
Derecognition
The Group derecognises a financial asset only when the
contractual rights to the cash flows from the asset expire, or when
it transfers the financial asset and substantially all the risks and
rewards of ownership of the asset to another entity. If the Group
neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the
Group recognises its retained interest in the asset and an
associated liability for amounts it may have to pay. If the Group
retains substantially all the risks and rewards of ownership of a
transferred financial asset, the Group continues to recognise the
financial asset and also recognises a collateralised borrowing for
the proceeds received.
On derecognition of a financial asset, the difference between the
asset’s carrying amount and the sum of the consideration received
and receivable and the cumulative gain or loss that had been
recognised in other comprehensive income and accumulated in
equity is recognised in profit or loss.
The Group derecognises financial liabilities when, and only when,
the Group’s obligations are discharged, cancelled or have expired.
The difference between the carrying amount of the financial
liability derecognised and the consideration paid and payable is
recognised in profit or loss.
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Group’s accounting policies, which are
described in note 3, the directors of the Company are required to
make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are
based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
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4. 重要會計判斷及估計不明朗因素
之主要來源（續）
應用會計政策的重要判斷
除關於估計的判斷外（見下文），以下是董事
於應用對綜合財務報表確認金額有最重大影
響之本集團會計政策之關鍵性判斷。
投資物業遞延稅項
就計量利用公平價值模式計量的投資物業產
生之遞延稅項負債或遞延稅項資產而言，本
公司董事審閱本集團在香港及中華人民共和
國（「中國」）之投資物業組合後認為，(a)本集
團在香港之投資物業並非以旨在隨時間消耗
該等投資物業實現絕大部份經濟利益之業務
模式持有；(b)本集團在中國之投資物業以旨
在隨時間消耗該等投資物業實現絕大部份經
濟利益之業務模式持有。因此，計量本集團
在香港之投資物業的遞延稅項時，本公司董
事已確定，利用公平價值模式計量的投資物
業之賬面值乃通過銷售全數收回之有關假設
並無遭到駁回。故此，由於本集團無需就出
售該等投資物業繳納任何所得稅，本集團並
無就位於香港之投資物業的公平價值變動確
認任何遞延稅項。該假設本集團位於中國的
投資物業的賬面值全部通過出售而被駁回，
且該等投資物業公平價值變動的遞延稅項乃
根據相關稅務規則確認。
估計不明朗因素之主要來源
於報告期間結算日，因將來之假設及其他估
計帶來之主要不穩定因素，可能對資產及負
債之賬面值於下一財政年度內帶來重大調整
之風險，討論如下：
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(CONTINUED)
Critical judgements in applying accounting policies
The following are the critical judgements, apart from those
involving estimations (see below), that the directors of the
Company have made in the process of applying the Group’s
accounting policies and that have the most significant effect on
the amounts recognised in the consolidated financial statements.
Deferred taxation on investment properties
For the purposes of measuring deferred tax liabilities or deferred
tax assets arising from investment properties that are measured
using the fair value model, the directors of the Company have
reviewed the Group’s investment property portfolios in Hong Kong
and the People’s Republic of China (the “PRC”) and concluded that
(a) the Group’s investment properties in Hong Kong are not held
under a business model whose objective is to consume
substantially all of the economic benefits embodied in the
investment properties over time, (b) the Group’s investment
properties in the PRC are held under a business model whose
objective is to consume substantially all of the economic benefits
embodied in the investment properties over time. Therefore, in
determining the Group’s deferred taxation on investment
properties in Hong Kong, the directors of the Company have
determined that the presumption that the carrying amounts of
investment properties measured using the fair value model are
recovered entirely through sale is not rebutted. As a result, the
Group has not recognised any deferred taxes on changes in fair
value of investment properties located in Hong Kong as the Group
is not subject to any income taxes on disposal of these investment
properties. The presumption that the carrying amounts of the
Group’s investment properties situated in the PRC are recovered
entirely through sale has been rebutted and the deferred tax on
the changes in fair value of those investment properties is
recognised according to the relevant tax rules.
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and
other key sources of estimation uncertainty at the end of the
reporting period, that may have a significant risk of causing a
material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
4. 重要會計判斷及估計不明朗因素
之主要來源（續）
估計不明朗因素之主要來源（續）
投資物業之公平價值
投資物業乃於二零一七年十二月三十一日在
綜合財務狀況表按彼等之公平價值列賬，詳
情於附註 15披露。投資物業之公平價值乃參
考獨立合資格專業估值師以物業估值技術對
該等物業所進行之估值釐定。物業估值技術
涉及對現時市場情況的若干假設。該等假設
之有利或不利變動或會改變本集團投資物業
公平價值，因而相應調整於綜合損益表呈報
之公平價值變動，以及計入綜合財務狀況表
內該等物業之賬面值。於二零一七年十二月
三十一日，本集團投資物業之賬面值約為港
幣8,392,900,000元（二零一六年：港幣
7,881,519,000元）。
待出售發展中物業╱待出售物業之減值
本集團於中國及香港之待出售發展中物業及待
出售物業之詳情分別載於綜合財務狀況表及附
註 17，預期可透過日後銷售收回。倘日後售價
減去所有相關直接銷售開支，少於其現有賬面
值加上完成待出售發展中物業至可銷售狀況之
額外成本，本集團將確認虧損。將來的售價是
參考同一項目或相關地點的類似物業。管理層
亦參考本集團已完成項目的實際銷售費用，根
據若干目前市場數據調整未來銷售費用。於二
零一七年十二月三十一日，本集團待出售發展
中物業及本集團待出售物業之賬面值分別約為
港幣659,998,000元（二零一六年：港幣
954,969,000元）及港幣555,975,000元（二
零一六年：港幣622,481,000元）。截至二零
一七年十二月三十一日止年度，待出售物業之
減值虧損約為港幣48,359,000元（二零一六
年：無）於損益賬確認。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(CONTINUED)
Key sources of estimation uncertainty (Continued)
Fair value of investment properties
Investment properties are carried in the consolidated statement of
financial position at 31 December 2017 at their fair value, details of
which are disclosed in note 15. The fair value of the investment
properties was determined by reference to valuations conducted
on these properties by an independent qualified professional
valuer using property valuation techniques which involve certain
assumptions of prevailing market conditions. Favourable or
unfavourable changes to these assumptions may result in changes
in the fair value of the Group’s investment properties and
corresponding adjustments to the changes in fair value reported in
the consolidated statement of profit or loss and the carrying
amount of these properties included in the consolidated statement
of financial position. The carrying amount of the Group’s
investment properties at 31 December 2017 is approximately
HK$8,392,900,000 (2016: HK$7,881,519,000).
Impairment of properties under development for sale/
properties held for sale
The Group’s properties under development for sale and properties
held for sale in the PRC and Hong Kong, details of which are set
out in the consolidated statement of financial position and note 17,
are expected to be recovered through future sales. In case the
future selling prices, less all related direct selling expenses, are less
than their current carrying value plus further costs to complete the
properties under development for sale to a saleable condition, the
Group will recognise losses. The future selling prices are estimated
by reference to the recent selling prices of similar properties in the
same project or relevant locations. The management also
estimated the future selling expenses by reference to the actual
selling expenses of the Group’s completed projects, adjusted by
certain current market data. The carrying amounts of properties
under development for sale and properties held for sale of the
Group at 31 December 2017 are approximately HK$659,998,000
(2016 : HK$954 ,969 ,000) and HK$555 ,975 ,000 (2016 :
HK$622,481,000), respectively. During the year ended 31
December 2017 , an impai rment loss of approx imate ly
HK$48,359,000 (2016: HK$nil) in respect of properties held for
sale was recognised in the consolidated statement of profit or loss.
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4. 重要會計判斷及估計不明朗因素
之主要來源（續）
估計不明朗因素之主要來源（續）
非上市可供出售投資之公平價值
以公平價值列賬的非上市可供出售投資之公
平價值，乃根據相關資產市值釐定，或利用
估值技巧得出，包括市場乘數法及折現現金
流量技巧，其中包括不獲觀察市場價格或利
率支持的一些假設。輸入變數可能包括價格
資料、浮動率數據、流動性數據及其他因素。
釐定公平價值時，若使用折現現金流量技巧，
則估計未來現金流量乃根據管理層的最佳估
計、盈利增長因子及經調整的折現因子。本
集團非上市可供出售投資於二零一七年十二
月三十一日之賬面值約為港幣342,230,000
元（二零一六年：港幣334,646,000元）。
所得稅
於二零一七年十二月三十一日，未動用稅項
虧損約港幣65,000,000元（二零一六年：港
幣81,000,000元）於本集團綜合財務狀況表
內確認為遞延稅項資產。由於無法預測未來
溢利來源，故並未就稅項虧損約港幣
437,000,000元（ 二 零 一 六 年： 港 幣
461,000,000元）確認遞延稅項資產。遞延
稅項資產的可變現程度主要取決於日後是否
有充足的未來溢利或應課稅暫時差異。倘實
際產生的未來溢利少於預期，將引致重大遞
延稅項資產撥回，該撥回將於發生期間於損
益賬確認。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(CONTINUED)
Key sources of estimation uncertainty (Continued)
Fair value of unlisted available-for-sale investments
The fair value of unlisted available-for-sale investments that are
stated at fair value are determined with reference to market values
of underlying assets, or arrived at using valuation techniques,
including market multiple approach and discounted cash flow
techniques, which included some assumptions that are not
supportable by observable market prices or rates, the inputs may
include prices information, volatility statistics, liquidity statistics
and other factors. In determining the fair value where discounted
cash flow techniques are used, estimated future cash flows are
based on management’s best estimates, earnings growth factor
and the adjusted discount factor. The carrying amount of the
Group’s unlisted available-for-sale investments at 31 December
2017 is approximately HK$342,230,000 (2016: HK$334,646,000).
Income taxes
As at 31 December 2017, a deferred tax asset in relation to unused
tax losses of approximately HK$65 million (2016: HK$81 million)
has been recognised in the Group’s consolidated statement of
financial position. No deferred tax asset has been recognised on
the tax losses of approximately HK$437 million (2016: HK$461
million) due to the unpredictability of future profit streams. The
realisability of the deferred tax asset mainly depends on whether
sufficient future profits or taxable temporary differences will be
available in the future. In cases where the actual future profits
generated are less than expected, a material reversal of deferred
tax assets may arise, which would be recognised in profit or loss
for the period in which such a reversal takes place.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
5. REVENUE
An analysis of the Group’s revenue for the year is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Gross rental income 毛租金收入 365,611 361,136
Sales of properties held for sale 待出售物業銷售 1,686,008 479,937
Sales of goods 貨物銷售 75,984 63,048
Interest income on available-for-sale
investments and bank deposits
銀行存款及可供出售投資之利息收入
45,801 31,335
Property management fees 物業管理費 19,742 18,608
Hotel operation income 酒店經營收入 11,269 16,999
Dividend income from listed investments held for trading 上市持作買賣用途投資之股息收入 289 138
Dividend income from available-for-sale investments 可供出售投資之股息收入 10,647 59,937
2,215,351 1,031,138
6. SEGMENT INFORMATION
Information reported to the executive directors of the Company,
being the chief operating decision maker (“CODM”), for the
purposes of resources allocation or assessment of segment
performance focuses on types of goods and services delivered or
provided. No operating segments identified by the CODM have
been aggregated in arriving at the reportable segment of the
Group.
Specifically, the Group’s operating and reportable segments under
HKFRS 8 Operating Segments are as follows:
1. Property investment — investment and letting of properties
2. Property development — development and sale of properties
3. Property management — provision of property management
services
4. Treasury investment — dealings and investments in securities
and other financial instruments
5. Trading and manufacturing — manufacture and sale of
magnetic products
6. Hotel operation — management and operation of hotels
5. 收益
以下為按本集團的本年度收益分析：
6. 分類資料
本公司向執行董事，即主要經營決策人，就
資源分配或評核分類表現而呈報之分類資料，
乃按營運單位所提供的銷售和服務性作為分
析基準。概無合計主要經營決策人識別之業
務分類以達成本集團之呈報分類。
按香港財務報告準則第8號營運分類本集團
之業務及呈報分類如下：
1. 物業投資 — 物業投資及租賃
2. 物業發展 — 物業發展及銷售
3. 物業管理 — 提供物業管理服務
4. 財務投資 — 證券及其他金融工具的交
易及投資
5. 貿易及製造 — 磁性產品製造及銷售
6. 酒店經營 — 酒店管理及經營
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6. 分類資料 （續）
分類收益及業績
以下為按業務及呈報分類之本集團收益及業
績分析。
6. SEGMENT INFORMATION (CONTINUED)
Segment revenue and results
The following is an analysis of the Group’s revenue and results by
operating and reportable segment.
Property Property Property Treasury Trading and Hotel Segment
investment development management investment manufacturing operation total Eliminations Consolidated
物業投資 物業發展 物業管理 財務投資 貿易及製造 酒店經營 分類總計 對銷 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
For the year ended
31 December 2017
截至二零一七年
十二月三十一日止年度
Segment revenue 分類收益 369,829 1,694,507 31,971 48,238 75,984 11,269 2,231,798 (16,447) 2,215,351
Comprising: 包括：
— revenue from customers — 客戶收益 365,611 1,694,507 19,742 48,238 75,984 11,269
— inter-segment transactions (note) — 集團內交易（附註） 4,218 – 12,229 – – –
Operating expenses 營運開支 (146,748) (1,254,803) (21,079) (14,102) (68,803) (10,615) (1,516,150) 16,447 (1,499,703)
Gain on changes in fair value of
investment properties
投資物業公平價值變動收益
292,070 – – – – – 292,070 – 292,070
Gain on changes in fair value of
financial assets at FVTPL
按公平價值計入損益之
金融工具公平價值
變動收益 – – – 4,490 – – 4,490 – 4,490
Loss on changes in fair value of
derivative financial instruments
金融衍生工具之公平價值
變動虧損 – – – (764) – – (764) – (764)
Net exchange gains (losses) 匯兌淨收益（虧損） 8,140 26,635 (297) 1,396 – (1) 35,873 – 35,873
Impairment loss recognised in respect of
available-for-sale investments
可供出售投資之減值
虧損確認 – – – (39,860) – – (39,860) – (39,860)
Impairment loss recognised in respect of
other receivables
其他應收賬款之減值
虧損確認 – – – (2,541) (9,452) (905) (12,898) – (12,898)
Segment profit (loss) 分類溢利（虧損） 523,291 466,339 10,595 (3,143) (2,271) (252) 994,559 – 994,559
Finance costs 財務成本 (26,658)
Share of results of joint ventures 所佔合營企業業績 1,645
Profit before tax 除稅前溢利 969,546
note: Inter-segment transactions are charged at prevailing market prices. 附註： 集團內交易按現行巿值收取。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
6. 分類資料（續）
分類收益及業績（續）
以下為按業務及呈報分類之本集團收益及業
績分析。
6. SEGMENT INFORMATION (CONTINUED)
Segment revenue and results (Continued)
The following is an analysis of the Group’s revenue and results by
operating and reportable segment.
Property Property Property Treasury Trading and Hotel Segment
investment development management investment manufacturing operation total Eliminations Consolidated
物業投資 物業發展 物業管理 財務投資 貿易及製造 酒店經營 分類總計 對銷 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
For the year ended
31 December 2016
截至二零一六年
十二月三十一日止年度
Segment revenue 分類收益 364,526 488,390 29,706 82,957 63,048 16,999 1,045,626 (14,488) 1,031,138
Comprising: 包括：
— revenue from customers — 客戶收益 361,136 488,390 18,608 82,957 63,048 16,999
— inter-segment transactions (note) — 集團內交易（附註） 3,390 – 11,098 – – –
Operating expenses 營運開支 (130,710) (370,400) (21,095) (19,042) (55,123) (17,179) (613,549) 14,488 (599,061)
Gain on changes in fair value of
investment properties
投資物業公平價值變動收益
158,302 – – – – – 158,302 – 158,302
Loss on changes in fair value of
financial assets at FVTPL
按公平價值計入損益之
金融工具公平價值
變動虧損 – – – (791) – – (791) – (791)
Gain on disposal of available-for-sale
investments
出售可供出售投資收益
– – – 1,816 – – 1,816 – 1,816
Gain on disposal of subsidiaries 出售附屬公司之收益 – – – – – 10,841 10,841 – 10,841
Net exchange (losses) gains 匯兌淨（虧損）收益 (12,621) (20,865) 272 (6,845) – 4 (40,055) – (40,055)
Impairment loss recognised in respect of
available-for-sale investments
可供出售投資之減值
虧損確認 – – – (20,440) – – (20,440) – (20,440)
Loss on disposal of property,
plant and equipment
出售物業、廠房及設備虧損
– – – – (379) – (379) – (379)
Segment profit 分類溢利 379,497 97,125 8,883 37,655 7,546 10,665 541,371 – 541,371
Finance costs 財務成本 (21,939)
Share of results of joint ventures 所佔合營企業業績 (3)
Profit before tax 除稅前溢利 519,429
note: Inter-segment transactions are charged at prevailing market prices.
The accounting policies of the operating segments are the same as
the Group’s accounting policies described in note 3. Segment
profit/loss represents the profit earned by/loss from each segment
without allocation of share of results of joint ventures and finance
costs. This is the measure reported to the CODM for the purposes
of resource allocation and performance assessment.
附註： 集團內交易按現行巿值收取。
業務分類之會計政策與附註3所述之本集團會
計政策相同。分類溢利╱虧損指在未計入所
佔合營企業業績及財務成本之情況下各分類
所賺取之溢利╱蒙受之虧損。本集團已以此
分類方法向主要經營決策人呈報，並用作資
源分配及評核分類表現。
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6. 分類資料（續）
分類資產及負債
以下為按呈報分類之本集團資產及負債分析：
分類資產
分類負債
6. SEGMENT INFORMATION (CONTINUED)
Segment assets and liabilities
The following is an analysis of the Group’s assets and liabilities by
reportable segment:
Segment assets
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Property investment 物業投資 8,685,612 8,082,169
Property development 物業發展 4,211,020 3,935,311
Property management 物業管理 3,246 2,985
Treasury investment 財務投資 1,319,535 1,587,864
Trading and manufacturing 貿易及製造 93,570 85,717
Hotel operation 酒店經營 5,386 5,172
Total segment assets 分類資產總額 14,318,369 13,699,218
Taxation recoverable 可收回稅款 20,706 14,989
Interests in joint ventures 合營企業權益 192,210 1,225
Deferred tax assets 遞延稅項資產 3,850 5,807
Consolidated assets 綜合資產 14,535,135 13,721,239
Segment liabilities
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Property investment 物業投資 182,362 176,417
Property development 物業發展 898,224 1,191,472
Property management 物業管理 3,055 3,001
Treasury investment 財務投資 1,722 5,567
Trading and manufacturing 貿易及製造 15,082 9,668
Hotel operation 酒店經營 708 679
Total segment liabilities 分類負債總額 1,101,153 1,386,804
Taxation payable 應付稅款 100,005 960
Borrowings 借款 1,248,000 1,183,629
Deferred tax liabilities 遞延稅項負債 247,102 226,910
Consolidated liabilities 綜合負債 2,696,260 2,798,303
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
6. 分類資料（續）
分類資產及負債（續）
為監察分類表現及於分類間分配資源，除於
可收回稅款、合營企業的權益及遞延稅項資
產外，所有資產均分配至業務分類，而除應
付稅款、借款及遞延稅項負債外，所有負債
均分配至業務分類。
其他分類資料
附註： 非流動資產不包括合營企業權益、金融工具
及遞延稅項資產。
6. SEGMENT INFORMATION (CONTINUED)
Segment assets and liabilities (Continued)
For the purposes of monitoring segment performance and
allocating resources between segments, all assets are allocated to
operating segments other than taxation recoverable, interests in
joint ventures and deferred tax assets. All liabilities are allocated to
operating segments other than taxation payable, borrowings and
deferred tax liabilities.
Other segment information
Property Property Property Treasury Trading and Hotel
investment development management investment manufacturing operation Consolidated
物業投資 物業發展 物業管理 財務投資 貿易及製造 酒店經營 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
Amounts included in the
measure of segment results
and segment assets:
包括計量分類業績
及分類資產之
金額：
2017 二零一七年
Additions to non-current
assets (Note)
非流動資產增加
（附註） 32,476 203,029 – 134 4,123 169 239,931
Depreciation 折舊 7,047 926 – 643 2,357 39 11,012
Impairment loss recognised in
respect of properties held
for sale
待出售物業之
減值虧損確認
– 48,359 – – – – 48,359
2016 二零一六年
Additions to non-current
assets (Note)
非流動資產增加
（附註） 42,497 269,102 – 3,085 3,427 32 318,143
Depreciation 折舊 6,388 232 – 76 2,126 77 8,899
note: Non-current assets exclude interests in joint ventures, financial instruments
and deferred tax assets.
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6. 分類資料（續）
其他分類資料（續）
地區資料
本集團業務位於香港及中國其他地區。
有關本集團持續經營外來客戶之收益資料乃
按經營業務所處地區呈報。有關本集團非流
動資產的資料則按資產所在地區呈報。
非流動資產不包括合營企業權益、金融工具
及遞延稅項資產。
主要客戶資料
截至二零一七年十二月三十一日及二零一六
年十二月三十一日止年度，並無來自客戶之
收益佔本集團總營運收益超過 10%。
7. 其他收入
6. SEGMENT INFORMATION (CONTINUED)
Other segment information (Continued)
Geographical information
The Group’s operations are located in Hong Kong and other parts
of the PRC.
Information about the Group’s revenue from continuing operations
from external customers is presented based on the location of the
operations. Information about the Group’s non-current assets is
presented based on the geographical location of the assets.
Revenue Non-current assets
收益 非流動資產
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Hong Kong 香港 269,341 314,103 6,769,547 6,267,422
PRC 中國 1,946,010 717,035 2,956,163 2,745,523
2,215,351 1,031,138 9,725,710 9,012,945
Non-current assets exclude interests in joint ventures, financial
instruments and deferred tax assets.
Information about major customers
There is no revenue from customers for the years ended 31
December 2017 and 31 December 2016 contributing over 10% of
the total operating revenue of the Group.
7. OTHER INCOME
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Imputed interest income on advance to
an investee company
墊款予被投資公司之估算利息收入
– 49
Others 其他 8,506 8,517
8,506 8,566
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
8. 其他收益及虧損
9. 財務成本
8. OTHER GAINS AND LOSSES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Gain on changes in fair value of investment properties 投資物業公平價值變動收益 292,070 158,302
Gain (loss) on changes in fair value of
financial assets at FVTPL
按公平價值計入損益之金融工具公平價值
變動收益（虧損） 4,490 (791)
Loss on changes in fair value of
derivative financial instruments
金融衍生工具之公平價值變動虧損
(764) –
Gain on disposal of available-for-sale investments 出售可供出售投資收益 – 1,816
Gain on disposal of subsidiaries 出售附屬公司之收益 – 10,841
Net exchange gains (losses) 匯兌淨收益（虧損） 35,873 (40,055)
Impairment loss recognised in respect of
available-for-sale investments
可供出售投資之減值虧損確認
(39,860) (20,440)
Impairment loss recognised in respect of
other receivables
其他應收賬款之減值虧損確認
(12,898) –
Loss on disposal of property, plant and equipment 出售物業、廠房及設備虧損 – (379)
278,911 109,294
9. FINANCE COSTS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Interest on borrowings: 借款利息：
Bank loans 銀行貸款 44,466 57,586
Other borrowings 其他借款 1,225 1,023
45,691 58,609
Less: Amount capitalised as cost of properties under
development/properties under development for
sale at a capitalisation rate ranging from
% to % (2016: % to %)
per annum
減：以每年介乎%至%的資本化比率
（二零一六年：%至%）列作
發展中物業╱待出售發展中物業成本之
資本化金
(19,033) (36,670)
26,658 21,939
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10. 所得稅支出
本年度之稅項與綜合損益表所示除稅前溢利
之對賬如下：
10. INCOME TAX EXPENSE
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
The charge comprises: 支出包括：
Current tax: 本年度稅項：
Hong Kong Profits Tax 香港利得稅 17,052 18,263
PRC Enterprise Income Tax 中國企業所得稅 132,408 7,820
149,460 26,083
(Over)underprovision in prior years: 過往年度（超額）不足撥備：
Hong Kong Profits Tax 香港利得稅 (160) 64
PRC Enterprise Income Tax 中國企業所得稅 – 2,418
(160) 2,482
PRC Land Appreciation Tax (“LAT”) 中國土地橧值稅 36,799 13,161
Deferred taxation (note 26) 遞延稅項（附註26） 9,631 8,905
195,730 50,631
The tax charge for the year can be reconciled to the profit before
tax per the consolidated statement of profit or loss as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Profit before tax 除稅前溢利 969,546 519,429
Hong Kong Profits Tax at the rate of %
(2016: %)
按稅率%（二零一六年：%）計算之
香港利得稅 159,975 85,706
Tax effect of share of results of joint ventures 所佔合營企業業績之稅務影響 (271) 1
Tax effect of expenses not deductible for tax purpose 不可扣稅費用之稅務影響 20,412 12,472
Tax effect of income not taxable for tax purpose 毋須課稅收入之稅務影響 (54,035) (64,651)
(Over)underprovision in prior years 過往年度不足（超額）撥備 (160) 2,482
Tax effect of tax losses not recognised 未確認稅務虧損之稅務影響 4,778 7,129
Tax effect of utilisation of tax losses
previously not recognised
先前未確認動用之稅務虧損之稅務影響
(8,937) (353)
Effect of different tax rates of subsidiaries
operating in other jurisdictions
於其他司法權區經營之附屬公司不同稅率
之影響 45,154 1,564
PRC LAT 中國土地增值稅 36,799 13,161
Tax effect of PRC LAT 中國土地增值稅之稅務影響 (9,200) (3,290)
Others 其他 1,215 (3,590)
Tax charge for the year 本年度稅項支出 195,730 50,631
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
10. 所得稅支出（續）
附註：
(a) 香港利得稅乃根據兩個年度估計應課稅溢利
按稅率 %（二零一六年：%）計算。
(b) 按中華人民共和國企業所得稅法（「企業所得
稅法」）及企業所得稅法實施細則，中國附屬
公司稅率為25%（二零一六年：25%）。
(c) 根據中國稅法及規則的相關規定，本集團已
預提中國土地增值稅。具體土地增值稅額取
決於稅局根據物業投資項目的竣工程度而
定，稅局有可能不認同本集團對土地增值稅
撥備的計算基準。
11. 本年度溢利
10. INCOME TAX EXPENSE (CONTINUED)
notes:
(a) Hong Kong Profits Tax is calculated at % (2016: %) of the estimated
assessable profit for both years.
(b) Under the Law of the People’s Republic of China on Enterprise Income Tax
(the “EIT Law”) and Implementation Regulation of the EIT Law, the tax
rate of the PRC subsidiaries is 25% (2016: 25%).
(c) The Group has estimated the tax provision for PRC LAT according to the
requirements set forth in the relevant PRC tax laws and regulations. The
actual LAT liabilities are subject to the determination by the tax authorities
upon completion of the property development projects and the tax
authorities might disagree with the basis on which the provision for LAT is
calculated.
11. PROFIT FOR THE YEAR
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Profit for the year has been arrived at after charging: 本年度溢利已扣除下列各項：
Directors’ emoluments (note 12) 董事酬金（附註12） 33,678 36,391
Other staff costs 其他員工成本 54,414 48,659
Staff retirement scheme contributions,
net of HK$467,000 (2016: HK$126,000)
forfeited contributions
員工退休福利供款，扣除沒收供款
港幣467,000元（二零一六年：港幣126,000元）
2,717 2,427
Total staff costs 員工成本總計 90,809 87,477
Auditor’s remuneration 核數師酬金 2,674 2,523
Depreciation of property, plant and equipment 物業、廠房及設備折舊 11,012 8,899
Operating lease rentals in respect of land and buildings 土地及樓宇經營租約之租金 6,610 8,183
Selling expenses (included in “administrative and
operating expenses”)
銷售開支（包括在「行政及營運開支」）
51,441 18,921
Impairment loss recognised in respect of properties
held for sale (included in “direct costs”)
待出售物業之減值虧損確認
（包括在「直接成本」） 48,359 –
and after crediting: 並計入：
Gross rental income from investment properties 投資物業總租金收入 365,611 361,136
Less: direct expenses of investment properties
that generated rental income during the year
減：年內產生租金收入之投資物業直接費用
(31,278) (28,489)
334,333 332,647
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12. DIRECTORS’, CHIEF EXECUTIVE’S AND EMPLOYEES’
EMOLUMENTS
The emoluments paid or payable to each of the 14 (2016: 14)
directors were as follows:
Other emoluments 其他酬金
Fees
Salaries and
other benefits
Performance
related incentive
payment (note f)
Retirement
scheme
contributions
Total
emoluments
袍金
薪酬及
其他福利
業績相關的
獎勵金（附註 f）
退休福利
計劃供款 總酬金
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
2017 二零一七年
Executive Directors (note a) 執行董事（附註a）
Liu Lit Mo 廖烈武 250 6,227 132 175 6,784
Liu Lit Chi 廖烈智 150 8,770 420 504 9,844
Liu Kam Fai, Winston 廖金輝 150 4,793 277 330 5,550
Liu Kwun Shing, Christopher 廖坤城 150 3,940 267 291 4,648
Lee Wai Hung 李偉雄 150 3,084 260 309 3,803
Non-executive Directors (note b) 非執行董事（附註b）
Liu Lit Chung 廖烈忠 150 1,099 – – 1,249
Andrew Liu 廖駿倫 150 – – – 150
Liu Chun Ning, Wilfred 廖俊寧 150 – – – 150
Kho Eng Tjoan, Christopher 許榮泉 250 – – – 250
Independent Non-executive Directors
(note c)
獨立非執行董事
（附註c）
Cheng Mo Chi, Moses 鄭慕智 250 – – – 250
Tong Tsin Ka 唐展家 250 – – – 250
Au Kam Yuen, Authur 區錦源 250 – – – 250
Ma Hung Ming, John 馬鴻銘 250 – – – 250
Cheng Yuk Wo 鄭毓和 250 – – – 250
Total 總計 2,800 27,913 1,356 1,609 33,678
12. 董事、行政總裁及僱員酬金
已付或應付予 14名（二零一六年：14名）董事
之酬金如下：
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
12. DIRECTORS’, CHIEF EXECUTIVE’S AND EMPLOYEES’
EMOLUMENTS (CONTINUED)
Other emoluments 其他酬金
Fees
Salaries and
other benefits
Performance
related incentive
payment (note f)
Retirement
scheme
contributions
Total
emoluments
袍金
薪酬及
其他福利
業績相關的
獎勵金（附註 f）
退休福利
計劃供款 總酬金
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元 港幣千元
2016 二零一六年
Executive Directors (note a) 執行董事（附註a）
Liu Lit Mo 廖烈武 250 9,551 250 300 10,351
Liu Lit Chi 廖烈智 150 7,922 420 480 8,972
Liu Kam Fai, Winston 廖金輝 150 5,376 269 320 6,115
Liu Kwun Shing, Christopher 廖坤城 150 3,609 248 259 4,266
Lee Wai Hung 李偉雄 150 2,952 248 295 3,645
Non-executive Directors (note b) 非執行董事（附註b）
Liu Lit Chung 廖烈忠 150 1,092 – – 1,242
Andrew Liu 廖駿倫 150 – – – 150
Liu Chun Ning, Wilfred 廖俊寧 150 – – – 150
Kho Eng Tjoan, Christopher 許榮泉 250 – – – 250
Independent Non-executive Directors
(note c)
獨立非執行董事
（附註c）
Cheng Mo Chi, Moses 鄭慕智 250 – – – 250
Tong Tsin Ka 唐展家 250 – – – 250
Au Kam Yuen, Authur 區錦源 250 – – – 250
Ma Hung Ming, John 馬鴻銘 250 – – – 250
Cheng Yuk Wo 鄭毓和 250 – – – 250
Total 總計 2,800 30,502 1,435 1,654 36,391
12. 董事、行政總裁及僱員酬金（續）
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12. DIRECTORS’, CHIEF EXECUTIVE’S AND EMPLOYEES’
EMOLUMENTS (CONTINUED)
notes:
(a) The executive directors’ emoluments shown above were for their services
in connection with the management of the affairs of the Company and the
Group.
(b) The non-executive directors’ emoluments shown above were for their
services as directors of the Company or its subsidiaries.
(c) The independent non-executive directors’ emoluments shown above were
for their services as directors of the Company.
(d) The five highest paid individuals in the Group in 2017 and 2016 were all
directors of the Group and details of their emoluments are included in
above.
(e) During the year, no emoluments were paid by the Group to any of the
directors or the five highest paid individuals (including directors) as an
inducement to join or upon joining the Group or as compensation for loss
of office. There was no arrangement under which a director waived or
agreed to waive any remuneration during the years ended 31 December
2017 and 31 December 2016.
(f) The performance related incentive payment is determined by reference to
the individual performance of the directors and approved by the
remuneration committee of the Group for the years ended 31 December
2017 and 31 December 2016.
13. DIVIDENDS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Dividends recognised as distribution during the year: 年內確認分派之股息：
Interim dividend paid for 2017 — HK$ per share
(2016: interim dividend paid for 2016 —
HK$ per share)
二零一七年已派中期股息每股港幣元
（二零一六年：二零一六年已派中期股息
每股港幣元） 68,145 64,359
Final dividend paid for 2016 — HK$ per share
(2016: final dividend paid for 2015 —
HK$ per share)
二零一六年已派末期股息每股港幣元
（二零一六年：二零一五年已派末期股息
每股港幣元） 113,575 98,432
181,720 162,791
Subsequent to the end of the reporting period, a final dividend in
respect of the year ended 31 December 2017 of HK$ (2016:
final dividend in respect of the year ended 31 December 2016 of
HK$) per share, in an aggregate amount of approximately
HK$159,005,000 (2016: HK$113,575,000) has been proposed by
the directors and is subject to approval by the shareholders in the
forthcoming annual general meeting.
12. 董事、行政總裁及僱員酬金（續）
附註：
(a) 上列執行董事之酬金與其管理本公司及本集
團事務之服務有關。
(b) 上列非執行董事之酬金與其作為本公司或附
屬公司董事之服務有關。
(c) 上列獨立非執行董事之酬金與其作為本公司
董事之服務有關。
(d) 二零一七年及二零一六年本集團五名最高薪
人士中，全部為本集團董事，其薪酬已於上
文內披露。
(e) 年內，本集團概無向任何董事或五名最高薪
人士（包括董事）支付任何酬金，作為加入本
集團或加入本集團時之獎勵或離職補償。截
至二零一七年十二月三十一日及二零一六年
十二月三十一日止兩個年度，並無董事放棄
任何或接受放棄酬金的安排。
(f) 截至二零一七年十二月三十一日及二零一六
年十二月三十一日止兩個年度與表現有關之
獎勵按董事的個別表現釐定，並由本集團薪
酬委員會批准。
13. 股息
於報告期末，截至二零一七年十二月三十一
日止年度之末期股息每股港幣元（二零
一六年：截至二零一六年十二月三十一日止
年度之末期股息每股港幣元），合共約港
幣 159,005,000元（ 二 零 一 六 年： 港 幣
113,575,000元），經由董事會建議，並須於
應屆股東周年大會上獲得股東批准。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
14. 每股基本盈利
本公司股東應佔每股基本盈利乃依據本年度
本公司股東應佔之溢利約港幣744,888,000
元（二零一六年：港幣457,907,000元）及本
年度已發行普通股378,583,440股（二零一六
年：378,583,440股）計算。
二零一七年及二零一六年內均無任何潛在普
通股，因此攤薄每股盈利不作呈報。
15. 投資物業
附註：
(a) 本集團按經營租約持有以賺取租金之所有物
業權益均按公平價值模式計量，並分類及列
賬為投資物業。
(b) 公平價值計量和估值過程
估計投資物業的公平價值時，本集團的政策
乃聘用獨立合資格專業估值師進行估值。管
理層與估值師密切合作，建立適當的估值技
術和估值模型輸入數據。
於二零一七年十二月三十一日及二零一六年
十二月三十一日，獨立估值是由威格斯資產
評估顧問有限公司（「威格斯」）進行。威格斯
為與本集團並無關連之獨立合資格專業估值
師，對在相關地點類似物業進行估值擁有適
當的專業資格及近期經驗。
估值以直接比較法乃參考相同地區及狀態的
類似物業的市場價格或參考可出租單位達到
的租值以及鄰近類似物業的租用情況以資本
化物業所有可租出單位的市場租值（按適用
者）得出。於估值中，物業所有可租出單位的
市場租值乃參考可租出單位達到的租值以及
鄰近類似物業的其他租用情況評估所得。當
中所用的資本化比率乃經參考估值師就該地
區的類似物業觀察所得的收益率，再經根據
估值師所知就相對應物業有關的特定因素調
整後採用。
14. BASIC EARNINGS PER SHARE
The calculation of the basic earnings per share attributable to the
owners of the Company is based on the profit for the year
attributable to owners of the Company of approximately
HK$744,888,000 (2016: HK$457,907,000) and on 378,583,440
(2016: 378,583,440) ordinary shares in issue during the year.
No diluted earnings per share has been presented as there were
no potential ordinary shares in issue during the years 2017 and
2016.
15. INVESTMENT PROPERTIES
HK$’000
港幣千元
FAIR VALUE 公平價值
At 1 January 2016 於二零一六年一月一日 7,888,772
Currency realignment 匯率調整 (182,566)
Additions 增加 17,011
Gain on changes in fair value 公平價值變動收益 158,302
At 31 December 2016 於二零一六年十二月三十一日 7,881,519
Currency realignment 匯率調整 190,524
Additions 增加 28,787
Gain on changes in fair value 公平價值變動收益 292,070
At 31 December 2017 於二零一七年十二月三十一日 8,392,900
notes:
(a) All of the Group’s property interests held under operating leases to earn
rentals are measured using the fair value model and are classified and
accounted for as investment properties.
(b) Fair value measurements and valuation processes
In estimating the fair value of investment properties, it is the Group’s policy
to engage an independent qualified professional valuer to perform the
valuations. The management works closely with the valuer to establish the
appropriate valuation techniques and inputs to the model.
On 31 December 2017 and 31 December 2016, independent valuations were
undertaken by Vigers Appraisal & Consulting Ltd. (“Vigers”), an
independent qualified professional valuer not connected to the Group
which has appropriate professional qualifications and recent experience in
the valuations of similar properties in the relevant locations.
The valuations have been arrived at using direct comparison method by
reference to market evidence of transaction prices for similar properties in
the same locations and conditions or, where appropriate, by capitalising
the market rentals of all lettable units of the properties by reference to the
rentals achieved in the lettable units as well as other lettings of similar
properties in the neighbourhood. The capitalisation rate adopted is made
by reference to the yield rates observed by the valuer for the similar
properties in the locality and adjusted based on the valuer’s knowledge of
the factors specific to the respective properties.
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15. INVESTMENT PROPERTIES (CONTINUED)
notes: (Continued)
(b) Fair value measurements and valuation processes (Continued)
In estimating the fair value of the properties, the highest and best use of
the properties is their current use.
The following table gives information about how the fair values of these
investment properties are determined (in particular, the valuation
techniques and inputs used), as well as the fair value hierarchy into which
the fair value measurements are categorised (Levels 1 to 3) based on the
degree to which the inputs to the fair value measurements is observable.
Investment properties held by
the Group in the consolidated
statement of financial position Fair value hierarchy
Valuation technique(s)
and key input(s)
Significant
unobservable input(s)
Relationship of unobservable
inputs to fair value
本集團持有的投資物業列
於綜合財務狀況表 公平價值架構 估值技巧及主要變數 重大不可觀測得出的變數
不可觀測得出的變數與
公平價值的關係
Investment properties in Hong Kong
with an aggregate carrying amount of
HK$1,056,120,000
(2016: HK$980,000,000)
Level 3 Direct comparison method
The key input is
(1) Unit sale rate Unit sale rate, taking into account the time,
location, and individual factors, such as frontage
and size, between the comparable and the
property, ranging from HK$110 to HK$21,300
(2016: HK$100 to HK$19,300) per square feet on
gross floor area basis for properties and ranging
from HK$740,000 to HK$1,300,000 (2016:
HK$640,000 to HK$720,000) per unit for car park
spaces.
An increase in the unit sale rate used would result in
an increase in the fair value measurement of the
investment properties by the same percentage
increase, and vice versa.
在香港的投資物業總賬面值
港幣1,056,120,000元（二零
一六年：港幣980,000,000元）
第三級別 直接比較法
主要變數為
(1) 單位銷售價格 考慮到時間、地點及對照物業與物業
本身之間的個別因素，如門面闊度及
戶型，單位銷售價格定為商業部份每
平方呎由港幣110元至港幣21,300元（二
零一六年：港幣100元至港幣19,300元）
（按總樓面面積計），停車場部分則由
港幣740,000元至港幣1,300,000元（二
零一六年：港幣640,000元至港幣
720,000元）。
所用的單位銷售價格一旦上升，會令投
資物業的公平價值計量按同樣的百分比
增加，反之亦然。
15. 投資物業（續）
附註：（續）
(b) 公平價值計量和估值過程（續）
在估計物業公平價值時，物業的最高及最佳
用途為其目前用途。
下表列出有關投資物業的公平價值如何釐定
的資料（重點在於當中所用的估值技巧及輸
入變數），以及按公平價值計量中的輸入變數
可以觀測得出的程度，將公平價值計量分類
至公平價值架構中的級別（第一至第三級別）。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
15. 投資物業（續）
附註：（續）
(b) 公平價值計量和估值過程（續）
Investment properties held by
the Group in the consolidated
statement of financial position Fair value hierarchy
Valuation technique(s)
and key input(s)
Significant
unobservable input(s)
Relationship of unobservable
inputs to fair value
本集團持有的投資物業列
於綜合財務狀況表 公平價值架構 估值技巧及主要變數 重大不可觀測得出的變數
不可觀測得出的變數與
公平價值的關係
Investment properties in Hong Kong
with an aggregate carrying amount of
HK$4,408,200,000
(2016: HK$4,183,800,000)
Level 3 Income capitalisation method
The key inputs are
(1) Reversion yield Reversion yield, taking into account of the
capitalisation of rental income potential, nature of
the property and prevailing market condition,
ranging from % to % (2016: % to %).
A slight increase in the reversion yield used would
result in a significant decrease in the fair value
measurement of the investment properties, and vice
versa.
(2) Monthly market rent Monthly market rents, taking into account of time,
location and individual factors such as frontage
and size, between the comparable and the
property, ranging from HK$40 to HK$220 (2016:
HK$29 to HK$260) per square feet per month on
lettable area basis.
A slight increase in the monthly market rent used
would result in a significant increase in the fair value
measurement of the investment properties, and vice
versa.
在香港的投資物業總賬面值
港幣4,408,200,000元（二零
一六年：港幣4,183,800,000
元）
第三級別 收益資本化
主要變數為
(1) 租期後的回報率 考慮到租金潛在收入資本化、物業性
質及現時市況，修訂收益率定為%
至%（二零一六年：%至%）。
所用的租期後的回報率若有輕微上升，
會令投資物業的公平價值計量有重大下
跌，反之亦然。
(2) 每月市場租金 考慮到時間、地點及對照物業與物業
本身之間的個別因素，如方向及戶
型，每月市場租金訂為按可出租面積
計每平方呎由港幣40元至港幣220元
（二零一六年：港幣29元至港幣260
元）。
所用的每月市場租金若有輕微上升，會
令投資物業的公平價值計量有重大上
升，反之亦然。
Investment properties in the PRC with
an aggregate carrying amount of
HK$263,189,000
(2016: HK$251,537,000)
Level 3 Direct comparison method
The key input is
(1) Unit sale rate Unit sale rate, taking into account the time,
location, and individual factors, such as frontage
and size, between the comparable and the
property, ranging from RMB4,950 to RMB24,000
(2016: RMB5,800 to RMB24,000) per square
meter on gross floor area basis for properties.
An increase in the unit sale rate used would result in
an increase in the fair value measurement of the
investment properties by the same percentage
increase, and vice versa.
在中國的投資物業總賬面值
港幣263,189,000元（二零
一六年：港幣251,537,000元）
第三級別 直接比較法
主要變數為
(1) 單位銷售價格 考慮到時間、地點及對照物業與物業
本身之間的個別因素，如門面闊度及
戶型，單位銷售價格定為每平方米由
人民幣4,950元至人民幣24,000元（二
零一六年：人民幣5,800元至人民幣
24,000元）（按總樓面面積計）。
所用的單位銷售價格一旦上升，會令投
資物業的公平價值計量按同樣的百分比
增加，反之亦然。
15. INVESTMENT PROPERTIES (CONTINUED)
notes: (Continued)
(b) Fair value measurements and valuation processes (Continued)
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Investment properties held by
the Group in the consolidated
statement of financial position Fair value hierarchy
Valuation technique(s)
and key input(s)
Significant
unobservable input(s)
Relationship of unobservable
inputs to fair value
本集團持有的投資物業列
於綜合財務狀況表 公平價值架構 估值技巧及主要變數 重大不可觀測得出的變數
不可觀測得出的變數與
公平價值的關係
Investment properties in the PRC with
an aggregate carrying amount of
HK$2,665,391,000
(2016: HK$2,466,182,000)
Level 3 Income capitalisation method
The key inputs are
(1) Reversion yield Reversion yield, taking into account of the
capitalisation of rental income potential, nature of
the property and prevailing market condition,
ranging from % to % (2016: % to %).
A slight increase in the reversion yield used would
result in a significant decrease in the fair value
measurement of the investment properties, and vice
versa.
(2) Monthly market rent Monthly market rents, taking into account of time,
location and individual factors such as frontage
and size, between the comparable and the
property, ranging from RMB95 to RMB913 (2016:
RMB95 to RMB821) per square meter per month
on lettable area basis.
A slight increase in the monthly market rent used
would result in a significant increase in the fair value
measurement of the investment properties, and vice
versa.
在中國的投資物業總賬面值
港幣2,665,391,000元
（二零一六年：
港幣2,466,182,000元）
第三級別 收益資本化
主要變數為
(1) 租期後的回報率 考慮到租金潛在收入資本化、物業性
質及現時市況，修訂收益率定為%
至%（二零一六年：%至%）。
所用的租期後的回報率若有輕微上升，
會令投資物業的公平價值計量有重大下
跌，反之亦然。
(2) 每月市場租金 考慮到時間、地點及對照物業與物業
本身之間的個別因素，如方向及戶
型，每月市場租金訂為按可出租面積
計每平方米由人民幣95元至人民幣
913元（二零一六年：人民幣95元至人
民幣821元）。
所用的每月市場租金若有輕微上升，會
令投資物業的公平價值計量有重大上
升，反之亦然。
The fair values of all investment properties at 31 December 2017 and 31
December 2016 were measured using valuation techniques with significant
unobservable inputs and hence were classified as Level 3 of the fair value
hierarchy.
In estimating the fair value of the Group’s investment properties, the
Group used market observable data to the extent it is available. Where
Level 1 inputs are not available, the Group engages an independent
qualified professional valuer to perform the valuations of the Group’s
investment properties. At the end of each reporting period, the Group
works closely with the valuer to establish and determine the appropriate
valuation techniques and inputs for Level 2 and Level 3 fair value
measurements. The Group will first consider and adopt Level 2 inputs
where inputs can be derived observable quoted prices in the active
market. When Level 2 inputs are not available, the Group will adopt
valuation techniques that include Level 3 inputs. Where there is a material
change in the fair value of the assets, the causes of the fluctuations will be
reported to the directors of the Company.
There were no transfer into or out of Level 3 during the year.
15. INVESTMENT PROPERTIES (CONTINUED)
notes: (Continued)
(b) Fair value measurements and valuation processes (Continued)
15. 投資物業（續）
附註：（續）
(b) 公平價值計量和估值過程（續）
二零一七年十二月三十一日及二零一六年十二月
三十一日所有投資物業的公平價值乃利用有不可觀
測得出的重大輸入變數之估值技巧，故分類為公平
價值架構第三級別。
在估計本集團投資物業的公平價值時，本集團在可
得資料的限制下盡量使用市場上可觀測數據。若第
一級別輸入變數並不可得，本集團會委聘獨立合資
格專業估值師對本集團投資物業作出估值。在各報
告期末，本集團與估值師通力合作，以確立及釐定
第二級別及第三級別公平價值計量的合適估值技巧
及輸入變數。本集團在輸入變數可從活躍市場上的
可觀測報價中得出輸入變數時，會首先斟酌採用第
二級別。當第二級別輸入變數並不可用時，本集團
會採用包括第三級別輸入變數的估值技巧。當資產
公平價值有重大變動時，波動的起因會向本公司董
事匯報。
年內沒有轉入或轉出第三級別。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
16. 物業、廠房及設備╱發展中物業
附註：
(a) 上述物業、廠房及設備項目乃按直線基準以
下列年率折舊：
租賃土地及樓宇 按較短之租約年期或
2%至3%
廠房及機器 10%
傢俬、裝置、車輛及
電腦設備
10–20%
(b) 於二零一七年十二月三十一日，發展中物業
為港幣 1,207,006,000元（ 二零一六年： 港
幣 1,005,598,000元）代表將一項位於香港
的物業重新發展成酒店的成本。於二零一七
年十二月三十一日止年度內，發展中物業增
加約港幣201,408,000元（ 二零一六年： 港
幣268,873,000元）。
16. PROPERTY, PLANT AND EQUIPMENT/PROPERTIES
UNDER DEVELOPMENT
Leasehold
land and
buildings
Plant and
machinery
Furniture,
fixtures,
motor vehicles
and computer
equipment Total
租賃土地
及樓宇 廠房及機器
傢俬、
裝置、車輛
及電腦設備 總值
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
COST 成本
At 1 January 2016 於二零一六年一月一日 81,484 35,045 129,895 246,424
Currency realignment 匯率調整 – (1,964) (3,598) (5,562)
Additions 增加 23,653 3,427 5,179 32,259
Disposals 出售 – (1,187) (29,695) (30,882)
At 31 December 2016 於二零一六年十二月三十一日 105,137 35,321 101,781 242,239
Currency realignment 匯率調整 – 2,191 1,819 4,010
Additions 增加 – 4,123 5,613 9,736
At 31 December 2017 於二零一七年十二月三十一日 105,137 41,635 109,213 255,985
DEPRECIATION AND AMORTISATION 折舊及攤銷
At 1 January 2016 於二零一六年一月一日 10,985 18,985 111,776 141,746
Currency realignment 匯率調整 – (1,083) (3,209) (4,292)
Charge for the year 本年度支出 1,738 2,126 5,035 8,899
Eliminated on disposals 於出售時對銷 – (1,068) (28,874) (29,942)
At 31 December 2016 於二零一六年十二月三十一日 12,723 18,960 84,728 116,411
Currency realignment 匯率調整 – 1,195 1,563 2,758
Charge for the year 本年度支出 2,377 2,357 6,278 11,012
At 31 December 2017 於二零一七年十二月三十一日 15,100 22,512 92,569 130,181
CARRYING VALUE 賬面值
At 31 December 2017 於二零一七年十二月三十一日 90,037 19,123 16,644 125,804
At 31 December 2016 於二零一六年十二月三十一日 92,414 16,361 17,053 125,828
notes:
(a) The above items of property, plant and equipment are depreciated on a
straight-line basis at the following rates per annum:
Leasehold land and buildings Over the shorter of the term of
�the lease or 2% to 3%
Plant and machinery 10%
Furniture, fixtures, motor vehicles and
�computer equipment
10–20%
(b) As at 31 December 2017, properties under development amounting to
approximately HK$1,207,006,000 (2016: HK$1,005,598,000) represent the
cost in relation to the redevelopment of a property located in Hong Kong
into a hotel. During the year ended 31 December 2017, additions of
propert ies under deve lopment amount ing to approx imate ly
HK$201,408,000 (2016: HK$268,873,000).
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17. PROPERTIES UNDER DEVELOPMENT FOR SALE/
PROPERTIES HELD FOR SALE
As at 31 December 2017, the carrying value of properties under
development for sale of approximately HK$659,998,000 (2016:
HK$954,969,000) is expected to be realised after twelve months
from the end of the reporting period.
As at 31 December 2017, the carrying value of properties held for
sale of approximately HK$544,261,000 (2016: HK$610,767,000)
and HK$11,714,000 (2016: HK$11,714,000) are located in the PRC
and Hong Kong, respectively.
The cost of properties held for sale recognised as an expense
during the year amounted to approximately HK$1,149,352,000
(2016: HK$333,173,000).
18. INTERESTS IN JOINT VENTURES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Cost of investments in joint ventures — unlisted 投資於合營企業之成本 — 非上市 – 3
Deemed contribution to a joint venture (note c) 被視為對合營企業的注資（附註 c） 190,565 –
Share of post-acquisition results and other
comprehensive income, net of dividends received
所佔收購後業績及其他全面收益，
扣除已收取股息 1,645 1,222
192,210 1,225
Particulars of the Group’s principal joint ventures at 31 December
2017 and 31 December 2016 are as follows:
Name of company
Place of
incorporation/
operations
Class of
shares held
Proportion
of ownership interest
Proportion
of voting power held Principal activities
合營企業名稱 註冊成立╱營業地 所持有股份類別 擁有權權益比例 持有投票權之比例 業務性質
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
Falconmate Limited Hong Kong/Hong Kong Ordinary – 50% – 50% Deregistered
香港╱香港 普通股 (note a) (note a) 已註銷
（附註 a） （附註a）
Value Investing Group Company
Limited (“Value Investing”)
Hong Kong/Japan
香港╱日本
Ordinary
普通股
50%
(note b)
– 50%
(note b)
– Property investment
物業投資
價值投資集團有限公司 （附註b） （附註b）
17. 待出售發展中物業╱待出售物業
於二零一七年十二月三十一日，待出售發展
中物業賬面值約為港幣659,998,000元（二
零一六年：港幣954,969,000元）預期在報
告期末十二個月後變現。
於二零一七年十二月三十一日，位於中國及
香港的待出售物業賬面值分別約為港幣
544,261,000元（ 二 零 一 六 年： 港 幣
610,767,000元）及約為港幣11,714,000元（二
零一六年：港幣 11,714,000元）。
年內，已確認為開支之待出售物業成本約為
港幣 1,149,352,000元（ 二零一六年： 港幣
333,173,000元）。
18. 合營企業權益
下列為本集團於二零一七年十二月三十一日
及二零一六年十二月三十一日擁有主要合營
企業：
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
18. 合營企業權益（續）
附註：
(a) 於截至二零一七年十二月三十一日止年度，
Falconmate Limited已經註銷。
(b) 於二零一七年十一月，本集團與惠理集團有限公司
（「惠理」）訂立買賣協議，購入價值投資集團有限公
司50%的已發行股本，並通過其全資附屬公司，持
有 100%實益的日本物業，根據經營租約以賺取租
金。
根據該買賣協議，惠理及本集團均同意按港幣一元
的代價出售及購買股份，相當於價值投資集團有限
公司全部已發行股本的50%。交易完成後，本集團
向價值投資集團有限公司提供了2,749,848,740日
圓（約港幣 191,000,000元）的免息股東貸款，用作
償還價值投資集團有限公司結欠惠理的股東貸款的
對應金額，其作用為確保本集團及惠理所佔的股東
貸款將根據彼等的持股按比例計算。
交易完成後，本集團對價值投資集團有限公司實施
共同控制的權力，而價值投資集團有限公司的財務
業績和財務狀況，將以權益法計入本集團的綜合財
務報表中。
(c) 一項無抵押、免息且無固定還款的墊支予合營企業
被視為對合營企業的注資。本公司董事認為該貸款
實質為合營企業投資的一部分。
下列為價值投資集團有限公司根據國際財務
報告準則編制之綜合財務資料：
18. INTERESTS IN JOINT VENTURES (CONTINUED)
notes:
(a) During the year ended 31 December 2017, Falconmate Limited has been
deregistered.
(b) In November 2017, the Group entered into the sale and purchase
agreement with Value Partners Group Limited (“Value Partners”) to
acquire 50% of the issued share capital in Value Investing which in turn
through a wholly-owned subsidiary holds 100% of the trust beneficial
interests in the properties located in Japan, held under operating leases to
earn rentals.
Pursuant to the sale and purchase agreement which Value Partners agreed
to sell and the Group agreed to purchase 1 share in the issued share capital
of Value Investing, representing 50% of the entire issued share capital of
Value Investing at the consideration of HK$1. Upon completion, the Group
has provided an interest-free shareholder’s loan in the amount of
JPY2,749,848,740 (approximately HK$191 million) to Value Investing to
repay the corresponding amount of shareholder’s loan owing by Value
Investing to Value Partners, the effect of which is to ensure that the
shareholders’ loans of the Group and Value Partners will be pro rata to
their shareholding.
Upon completion, the Group exercises joint control over Value Investing
and the financial results and financial positions of Value Investing is
incorporated in the Group’s consolidated financial statements using the
equity method of accounting.
(c) Deemed contribution in a joint venture represents loan advanced to a joint
venture which is unsecured, interest-free and has no fixed repayment
terms. In the opinion of the directors of the Company, the loan is in
substance formed part of investment in a joint venture.
The consolidated financial information of Value Investing, which is
prepared in accordance with International Financial Reporting
Standards, is set out below:
2017
二零一七年
HK$’000
港幣千元
Current assets 流動資產 426
Non-current assets 非流動資產 394,027
Current liabilities 流動負債 381,003
Cash and cash equivalents 現金及現金等值項目 426
Current financial liabilities 流動財務負債 381,003
2017
二零一七年
HK$’000
港幣千元
Profit and total comprehensive income for the year 本年度溢利及全面收益總額 13,450
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18. INTERESTS IN JOINT VENTURES (CONTINUED)
Reconciliation of the above summarised consolidated financial
information of Value Investing to the carrying amount of the
interest in a joint venture recognised in the consolidated financial
statements:
2017
二零一七年
HK$’000
港幣千元
Net assets 資產淨額 13,450
Proportion of the Group’s ownership interest in Value Investing 本集團所佔價值投資集團有限公司之所有權權益之部分 50%
6,725
Deemed investments 被視為投資成本 190,565
Pre-acquisition profits 收購前溢利 (5,080)
Carrying amount of the Group’s interest in Value Investing 本集團於價值投資集團有限公司之權益賬面值 192,210
The summarised financial information below represents the
aggregate amount of the Group’s share of its interests in joint
ventures which are not individually material:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Loss and total comprehensive expense for the year 本年度虧損及全面支出總額 – (3)
18. 合營企業權益（續）
由以上價值投資集團有限公司之概述綜合財
務資料調節至綜合財務狀況表中確認之合營
企業權益：
以下概述之財務資料指本集團於個別非重大
之合營企業之權益總額：
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
19. INVESTMENTS IN SECURITIES
Financial assets at FVTPL
按公平價值計入損益之金融資產
Available-
Held for Designated for-sale
trading at fair value investments Total
持作
買賣用途
指定按
公平價值列賬 可供出售投資 總額
notes HK$’000 HK$’000 HK$’000 HK$’000
附註 港幣千元 港幣千元 港幣千元 港幣千元
2017 二零一七年
Listed equity securities 上市股本證券 (a) 16,693 – 288,380 305,073
Unlisted equity securities 非上市股本證券 (b) – – 269,922 269,922
Structured products 結構性工具 (c) – 7,737 – 7,737
Investment funds 投資基金 (d) – – 72,308 72,308
Others 其他 (e) – – 52,239 52,239
16,693 7,737 682,849 707,279
Analysed as: 分類為：
Listed in Hong Kong 香港上市 16,693 – 340,619 357,312
Unlisted 非上市 – 7,737 342,230 349,967
16,693 7,737 682,849 707,279
Analysed for reporting purpose as: 以作報告之用分類為：
Non-current assets 非流動資產 690,486
Current assets 流動資產 16,793
707,279
�
19. 證券投資
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19. INVESTMENTS IN SECURITIES (CONTINUED)
Financial assets at FVTPL
按公平價值計入損益之金融資產
Available-
Held for Designated for-sale
trading at fair value investments Total
持作
買賣用途
指定按
公平價值列賬 可供出售投資 總額
notes HK$’000 HK$’000 HK$’000 HK$’000
附註 港幣千元 港幣千元 港幣千元 港幣千元
2016 二零一六年
Listed equity securities 上市股本證券 (a) 12,203 – 257,446 269,649
Unlisted equity securities 非上市股本證券 (b) – – 265,522 265,522
Structured products 結構性工具 (c) – 7,737 – 7,737
Investment funds 投資基金 (d) – – 69,124 69,124
Others 其他 (e) – – 51,926 51,926
12,203 7,737 644,018 663,958
Analysed as: 分類為：
Listed in Hong Kong 香港上市 12,203 – 309,372 321,575
Unlisted 非上市 – 7,737 334,646 342,383
12,203 7,737 644,018 663,958
Analysed for reporting purpose as: 以作報告之用分類為：
Non-current assets 非流動資產 651,653
Current assets 流動資產 12,305
663,958
19. 證券投資（續）
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
�19. INVESTMENTS IN SECURITIES (CONTINUED)
notes:
(a) As at 31 December 2017, listed equity securities classified as available-for-
sale investments held by the Group amounting to approximately
HK$288,380,000 (2016: HK$257,446,000) are carried at fair value at the
end of the reporting period. Due to a prolonged decline in the market
price of the investment below cost, an impairment loss of approximately
HK$39,860,000 (2016: HK$nil) was recognised in the profit or loss during
the year ended 31 December 2017.
(b) As at 31 December 2017, unlisted equity securities classified as available-
for-sale investments held by the Group amounting to approximately
HK$269,922,000 (2016: HK$265,522,000) are carried at fair value at the
end of the reporting period.
(c) As at 31 December 2017, structured deposits of approximately
HK$7,737,000 (2016: HK$7,737,000) held by the Group have maturity
date in 2019 and carry interest rates linked to London Interbank Offered
Rate (“LIBOR”). Such structured deposits are designated as financial
assets at FVTPL.
(d) The investment funds invest in unlisted equity securities issued by private
entities incorporated in Asia Pacific region. They are measured at fair value
at the end of the reporting period. Investment funds with less than 12
months operation period before voluntary liquidation from the end of
reporting period are classified as current portion in the consolidated
statement of financial position. The Group has committed to contribute a
pre-determined capital amount in these investment funds and the realised
gains or losses of these funds are recognised in the profit or loss. These
investment funds may call upon further capital contribution if required up
to the pre-determined capital amount (note 30). There was no capital
returned to the Group from the investment funds during the year ended 31
December 2017 and 31 December 2016.
(e) As at 31 December 2017, the Group held a perpetual capital securities
amounting to approximately HK$52,239,000 (2016: HK$51,926,000) are
carried at fair value at the end of the reporting period. Such investments
are issued in September 2014 with a fixed distribution rate of % per
annum payable semi-annually for the first five years and reset to the
prevailing 5-year . Treasury plus the initial margin every five years
thereafter.
20. INVENTORIES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
The Group’s inventories comprise: 本集團存貨包括：
Raw materials 原材料 1,414 830
Work in progress 半製成品 6,747 4,625
Finished goods 製成品 15,129 7,974
Other inventories 其他存貨 3,659 –
26,949 13,429
The cost of inventories recognised as an expense during
the year amounted to approximately HK$55,631,000 (2016:
HK$44,460,000).
19. 證券投資（續）
附註：
(a) 於二零一七年十二月三十一日，本集團所持有以報
告期末的公平價值計量，分類為可供出售的上市股
本證券約為港幣288,380,000元（二零一六年：港
幣257,446,000元）。由於該投資的市場價格持續
低於成本，約港幣39,860,000元（二零一六年：
無）減值虧損於截至二零一七年十二月三十一日止
年度之損益賬內確認。
(b) 於二零一七年十二月三十一日，本集團所持有以報
告期末的公平價值計量，分類為可供出售的非上市
股本證券約為港幣269,922,000元（二零一六年：
港幣265,522,000元）。
(c) 於二零一七年十二月三十一日，本集團持有的結構
性存款為港幣7,737,000元（二零一六年：港幣
7,737,000元），其息率每年按倫敦銀行同業拆息
之利率計息，並將於二零一九年到期。該等結構性
存款為指定按公平價值計入損益之金融資產。
(d) 該等投資基金乃投資於在亞太區註冊成立之私營實
體所發行的非上市股本證券。有關投資於報告期末
按公平價值計量。自報告期末以來於自願清盤前營
運期少於十二個月之投資基金於綜合財務狀況表內
乃分類為流動資產。本集團承擔就該等投資基金按
預定資本額注資之責任，而該等基金之已變現收益
或虧損乃於損益賬內確認。該等投資基金可於須作
出額外注資時動用，惟以預定資本額為限（附註
30）。於二零一七年十二月三十一日及二零一六年
十二月三十一日止年度內，該等投資基金並無向本
集團退還注資。
(e) 於二零一七年十二月三十一日，本集團所持有以報
告期末的公平價值計量、分類為項無限期資本證券
約 為 港 幣52,239,000元（ 二 零 一 六 年： 港 幣
51,926,000元）。該證券於二零一四年九月發行，
派息率固定為每年%，首五年每半年派發一次。
其後利息每五年以美國國債息率加期初邊際息率重
置。
20. 存貨
於本年度確認為支出之存貨成本約為
港 幣55,631,000元（ 二 零 一 六 年： 港 幣
44,460,000元）。
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21. TRADE AND OTHER RECEIVABLES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Trade receivables 貿易應收賬款 24,990 25,632
Deposits paid 已付保證金 27,751 20,455
Loan receivables 應收借款 9,347 11,475
Prepayments and other receivables 預付賬款及其他應收賬款 53,197 69,927
115,285 127,489
notes:
(a) Before accepting any new customer, the Group assesses the potential
customer’s credit quality and defines credit limits by customer. Limits
attributed to customers are reviewed periodically. Majority of the trade
receivables that are neither past due nor impaired have no default
payment history.
Considerations in respect of sold properties are payable by the purchasers
pursuant to the terms of the sale and purchase agreements. Monthly rent
in respect of leased properties are payable monthly in advance by the
tenants. Other trade customers settle their accounts with an average
credit period of 30–90 days. The aged analysis of trade receivables of
approximately HK$24,990,000 (2016: HK$25,632,000) presented based
on the invoice date at the end of the reporting period is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Within 30 days 30日內 9,089 8,078
Between 31 days to 90 days 31至90日內 13,859 11,350
Over 90 days 超過90日 2,042 6,204
24,990 25,632
(b) As at 31 December 2017, debtors with an aggregate carrying amount of
approximately HK$2,250,000 (2016: HK$2,731,000) were past due and
aged over 90 days at the end of reporting period but the Group has not
provided for impairment loss for these balances as management considers
that the fundamental credit quality of these customers has not
deteriorated. The Group does not hold any collateral over these balances.
(c) All of the Group’s trade receivables are denominated in the functional
currency of the individual entities within the Group.
(d) At the end of each reporting period, the Group performed the impairment
assessment of trade and other receivables based on the recoverability of
these balances. Impairment loss is made when there is objective evidence
that the recoverability of the amount becomes doubtful, based on
historical settlement experience, subsequent settlements, business
relationship and credit assessment of counterparties. During the year
ended 31 December 2017, an impairment loss of HK$12,898,000 (2016:
HK$nil) in respect of other receivables was recognised in profit or loss.
21. 貿易及其他應收賬款
附註：
(a) 接納任何新客戶前，本集團評估潛在客戶之
信貸質素及設定客戶之信貸上限。客戶的信
貸上限經定期審查。大部分貿易應收賬款並
無過期或減值，且無欠款記錄。
買家按買賣合約應付有關銷售物業之代價。
租客每月預付有關出售物業之每月租金。其
他貿易客戶則於平均30—90日之信貸期還
款。於本報告期末，依發票日期計入貿易應
收賬款約港幣24,990,000元（二零一六年︰
港幣25,632,000元）之賬齡分析如下︰
(b) 截至二零一七年十二月三十一日，計入本集
團應收賬款之總賬面值為約港幣2,250,000
元（二零一六年︰港幣2,731,000元），其賬
齡報告期末已逾期超過90日，本集團並無就
該等結餘之減值虧損計提撥備，原因為管理
層認為該等客戶之基本信貸質素並無倒退。
本集團並無就該等結餘持有任何抵押物。
(c) 本集團所有貿易應收賬款以本集團內個別實
體之功能貨幣列值。
（d) 於各報告期間結算日，本集團根據貿易及其
他應收賬款餘額的收回能力而評估其虧損，
根據以往還款情況、期後還款、商業關係及
對對方之信貸評估，當客觀證明就該應收賬
款的收回能力有存疑，便作出減值虧損。截
至二零一七年十二月三十一日止年度，其他
應收賬款之減值虧損為港幣 12,898,000元
（二零一六年：無）於損益賬確認。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
22. FIXED BANK DEPOSITS WITH MORE THAN THREE
MONTHS TO MATURITY WHEN RAISED/OTHER
BANK BALANCES AND CASH
Bank balances carry interest at market rates which range from
% to % (2016: % to %) per annum. The fixed
deposits carry fixed interest rates ranging from % to %
(2016: % to %) per annum.
As at 3 1 December 2017 , res t r ic ted bank depos i ts o f
HK$196,088,000 (2016: HK$223,780,000) in relation to the pre-
sale proceeds from the Group’s property development in PRC
were included in other bank balances and cash. In accordance with
relevant government requirements of property development in
PRC, the deposits can only be used for payments for construction
costs of the relevant properties when approval from related
government authority is obtained. Such deposits will be released
after the completion of construction of the related properties.
Pledged bank deposits of approximately HK$297,455,000 (2016:
HK$279,619,000) represent deposits pledged to banks to secure
banking facilities granted to the Group. Deposits amounting to
approximately HK$nil (2016: HK$247,065,000) have been pledged
to secure long-term borrowings and are therefore classified as
non-current assets and the remaining f ixed deposits of
approximately HK$297,455,000 (2016: HK$32,554,000) are
classified as current assets.
The Group’s bank balances and fixed bank deposits that are
denominated in currencies other than the functional currency of
the relevant group entity are set out below:
Denominated Denominated
in RMB in US$
以人民幣列值 以美元列值
HK$’000 HK$’000
港幣千元 港幣千元
As at 31 December 2017 於二零一七年十二月三十一日 390,134 174,068
As at 31 December 2016 於二零一六年十二月三十一日 362,761 168,652
22. 存入三個月後到期之定期銀行存
款╱其他銀行存款及現金
銀行存款附有以市場利率計算的利息，介乎
每年%至%（二零一六年：%至
%）。定期存款附有固定利息，介乎每年
%至%（ 二 零 一 六 年：%至
%）。
於二零一七年十二月三十一日，其他銀行存
款及現金包含港幣 196,088,000元（二零一六
年：港幣223,780,000元）的受限制銀行存
款，該存款與本集團於中國之物業發展之預
售物業所得款項有關。根據有關政府機關對
物業發展的要求，該存款只可以在獲得政府
當局核准時用作支付相關物業建築成本。該
存款會於相關物業竣工後得以解除。
已抵押銀行存款約港幣297,455,000元（二
零一六年：港幣279,619,000元）為存款已抵
押予銀行以便本集團獲授予銀行融資。存款
約港幣無（二零一六年：港幣247,065,000
元）已為長期借款以作抵押並已分類為非流動
資產，其餘定期存款約港幣297,455,000元
（二零一六年：港幣32,554,000元）已分類為
流動資產。
本集團以非相關集團實體的功能貨幣計值的
銀行存款及定期銀行存款，現列如下：
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23. TRADE AND OTHER PAYABLES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Trade payables 貿易應付賬款 8,828 7,874
Construction costs and retention payables 應付建築成本及預留保證金 445,909 270,256
Deposits received and receipt in advance in respect of
rental of investment properties
投資物業之已收押金及預收租金
41,278 44,275
Receipt in advance on properties sold 銷售物業預收款 475,327 948,843
Other payables 其他應付賬款 30,424 24,462
1,001,766 1,295,710
The following is an aged analysis of trade payables based on the
invoice date.
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Within 30 days 30日內 8,828 7,874
The average credit period on purchases of goods is 30 days. The
Group has financial risk management policies in place to ensure
that all payables are settled within the credit timeframe.
Receipt in advance on properties sold amounting to approximately
HK$387,573,000 (2016: HK$nil) are expected to be released to
profit or loss after twelve months from the end of the reporting
period.
23. 貿易及其他應付賬款
貿易應付賬款的賬齡以發票日期分析如下。
購買貨物之平均信貸期為30日。本集團已制
定財務風險管理政策，以確保所有應付賬款
於信貸期內支付。
銷售物業預收款約港幣387,573,000元（二
零一六年：無），預期在本報告期末後十二個
月後於損益賬內釋出。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
24. BORROWINGS
2017 2016
二零一七年 二零一六年
notes HK$’000 HK$’000
附註 港幣千元 港幣千元
Secured bank borrowings 有抵押銀行借款 1,201,027 1,136,273
Amount due to a joint venture 應付一間合營企業款項 (a) – 1,250
Amounts due to non-controlling interests shareholders 應付非控股股東款項 (b) 46,973 46,106
1,248,000 1,183,629
The maturity of borrowings is as follows: 借款之到期日如下：
Carrying amount repayable: 須償還賬面值： (c)
Within one year 一年內 336,682 97,412
More than one year but not exceeding two years 一年後但不超過兩年 864,345 321,001
More than two years but not exceeding five years 兩年後但不超過五年 – 717,860
1,201,027 1,136,273
Amount due to a joint venture 應付一間合營企業款項 – 1,250
Amounts due to non-controlling interests shareholders 應付非控股股東款項 46,973 46,106
1,248,000 1,183,629
Amounts due within one year 於一年內到期欠款
— Bank borrowings — 銀行借款 336,682 97,412
— Amount due to a joint venture — 應付一間合營企業款項 – 1,250
— Amounts due to non-controlling interests
shareholders
— 應付非控股股東款項
46,973 46,106
383,655 144,768
Amounts due after one year 於一年後到期欠款
— Bank borrowings — 銀行借款 864,345 1,038,861
1,248,000 1,183,629
24. 借款
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24. BORROWINGS (CONTINUED)
notes:
(a) The amount was unsecured, non-interest bearing and fully repaid during
the year ended 31 December 2017.
(b) These borrowings are unsecured and repayable on demand. An amount of
approximately HK$35,247,000 (2016: HK$35,070,000) bears variable
interest at an effective interest rate of % (2016: %) per annum,
while the remaining amounts are non-interest bearing.
(c) The amounts due are based on scheduled repayment dates set out in the
loan agreements.
(d) The Group’s borrowings that are denominated in a currency other than the
functional currency of the relevant group entities are set out below:
Denominated
in HK$
以港幣列值
HK$’000
港幣千元
As at 31 December 2017 於二零一七年十二月三十一日 93,777
As at 31 December 2016 於二零一六年十二月三十一日 204,743
(e) As at 31 December 2017, HK$ denominated bank loans of approximately
HK$731,766,000 (2016: HK$697,592,000) and Renminbi (“RMB”)
denominated bank loans of approximately HK$229,997,000 (2016:
HK$215,092,000) are variable-rate borrowings which carry interest at
Hong Kong Interbank Offered Rate (“HIBOR”) plus a margin of % to
% and 100% of the People’s Bank of China (“PBOC”) prescribed interest
rate, respectively. The effective interest rates ranged from % to %
(2016: % to %) per annum. The remaining bank loans carry fixed
interest rate at % (2016: %). Details of assets pledged are set out
in note 29.
25. DERIVATIVE FINANCIAL INSTRUMENTS
Assets Liabilities
資產 負債
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Derivatives not under hedge
accounting:
非對沖會計之衍生工具：
Cross currency swap contract 交叉貨幣掉期合約 – – 111 –
Currency forward contracts 遠期外匯合約 26 – 679 –
26 – 790 –
Analysed for reporting purpose as: 以作報告之用分類為：
Current 流動 26 – – –
Non-current 非流動 – – 790 –
26 – 790 –
24. 借款（續）
附註：
(a) 該等借款為無抵押，免息，並已於截至二零一七年
十二月三十一日止年度償還。
(b) 該等借款為無抵押及須應要求償還約港幣
35,247,000元（二零一六年：港幣35,070,000元）
之款項每年按浮動利率計息，實際利率為每年
%（二零一六年：%），餘額則為免息。
(c) 有關欠款按貸款協議所載預定還款日期列賬。
(d) 本集團以有關集團實體功能貨幣以外之其他貨幣列
值之借款如下：
(e) 於二零一七年十二月三十一日，以港幣列值之銀行
貸款約港幣731,766,000元（二零一六年：港幣
697,592,000元）及以人民幣列值之銀行貸款約港
幣229,997,000元（ 二 零 一 六 年： 港 幣
215,092,000元）分別為以香港銀行同業拆息計息
另加 %至%利差提供的浮息借款、及以
100%之中國人民銀行規定利率的浮息借款。實際
利率介乎每年%至%（二零一六年：%
至%）。其餘銀行貸款之固定利率為%（二
零一六年：%）。已抵押資產詳情載於附註29。
25. 金融衍生工具
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
25. DERIVATIVE FINANCIAL INSTRUMENTS
(CONTINUED)
Cross currency swap contract
During the year ended 31 December 2017, the Group entered into a
cross currency swap contract to manage its exposure to currency
exchange fluctuation on its operations in Japan with principal
amount of JPY2,749,848,740 at fixed currency exchange rate of
Japanese Yen (“JPY”) to HK$ at and due in 2020. Under this
swap, the Group would receive interest monthly at a floating rate
of HIBOR plus % per annum based on the principal amount of
approximately HK$192,539,000 and pay interest annually at fixed
rate at % per annum based on the principal amount of
JPY2,749,848,740.
Currency forward contracts
During the year ended 31 December 2017, the Group entered into
several currency forward contracts to manage its exposure to
currency exchange fluctuation on its operations in Japan.
Buy Sell Maturity Contract rate
買 賣 到期 合約利率
HK$33,869,000 JPY481,097,000 March 2018 to March 2020 HK$
港幣33,869,000元 日元481,097,000 二零一八年三月至二零二零年三月 港幣
Details of the fair value measurements of cross currency swap
contract and currency forward contracts are set out in note 34c.
26. DEFERRED TAXATION
For the purpose of presentation in the consolidated statement of
financial position, certain deferred tax assets and liabilities have
been offset. The following is the analysis of the deferred tax
balances for financial reporting purposes:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Deferred tax assets 遞延稅項資產 3,850 5,807
Deferred tax liabilities 遞延稅項負債 (247,102) (226,910)
(243,252) (221,103)
25. 金融衍生工具（續）
交叉貨幣掉期合約
截至二零一七年十二月三十一日止年度，本
集團已與銀行進行交叉貨幣掉期交易，來管
理其在日本業務的外匯兌換風險，金額為
2,749,848,740日圓，兌換港元固定匯率為
，並於2020年到期。根據這種掉期交
易，本集團將按月收取根據本金港幣
192,539,000元以香港銀行同業拆息加 %
年利率計算的利息，及每年支付根據本金
2,749,848,740日圓以固定利率 %年利率
計算的利息。
遠期外匯合約
截至二零一七年十二月三十一日止年度，本
集團訂立數個遠期外匯合約來管理其在日本
業務的外匯兌換風險。
詳情有關交叉貨幣掉期合約及遠期外匯合約
之公平價值計量計載於附註34c。
26. 遞延稅項
就呈列綜合財務狀況表而言，若干遞延稅項
資產及負債已抵銷。以下為就財務匯報目的
之遞延稅項結餘分析：
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26. DEFERRED TAXATION (CONTINUED)
The following are the major deferred tax liabilities and assets
recognised by the Group and movements thereon during the
current and prior years.
Difference Revaluation
of accounting of investment
and tax properties
depreciation in the PRC Tax losses Total
會計與稅項
折舊之差異
重估在中國
之投資物業 稅項虧損 總計
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
At 1 January 2016 於二零一六年一月一日 30,337 209,386 (15,836) 223,887
Charge to profit or loss 於損益賬中扣除 1,432 5,031 2,442 8,905
Currency realignment 匯率調整 – (11,689) – (11,689)
At 31 December 2016 於二零一六年十二月三十一日 31,769 202,728 (13,394) 221,103
Charge to profit or loss 於損益賬中扣除 2,127 4,864 2,640 9,631
Currency realignment 匯率調整 – 12,518 – 12,518
At 31 December 2017 於二零一七年十二月三十一日 33,896 220,110 (10,754) 243,252
At the end of the reporting period, the Group had unused tax
losses of approximately HK$502 million (2016: HK$542 million)
available for offset against future profits. A deferred tax asset has
been recognised in respect of approximately HK$65 million (2016:
HK$81 million) of such losses. No deferred tax asset has been
recognised in respect of the remaining tax loss of approximately
HK$437 million (2016: HK$461 million) due to the unpredictability
of future profit streams. Included in unrecognised tax losses at 31
December 2017 are tax losses of approximately HK$37 million
(2016: HK$89 million) that will expire within 5 years from the year
of originating. Other tax losses may be carried forward indefinitely.
Under the EIT Law of PRC, withholding tax is imposed on
dividends declared in respect of profits earned by PRC subsidiaries
from 1 January 2008 onwards. Deferred taxation has not been
provided for in the consolidated financial statements in respect of
the temporary differences attributable to accumulated profits of
the PRC subsidiaries amounting to approximately HK$284,318,000
(2016: HK$18,952,000) as the Group is able to control the timing of
the reversal of these temporary differences and it is probable that
the temporary differences will not reverse in the foreseeable
future.
26. 遞延稅項（續）
以下為本集團於本年度及以往年度已確認之
主要遞延稅項負債及資產以及其變動。
於 報 告 期 末， 本 集 團 尚 有 約 港 幣
502,000,000元（ 二 零 一 六 年： 港 幣
542,000,000元）之未動用稅項虧損可用作
抵銷未來溢利。當中約港幣65,000,000元
（二零一六年：港幣81,000,000元）已確認為
遞延稅項資產。由於無法預測未來溢利來源，
其餘約港幣437,000,000元（二零一六年：
港幣461,000,000元）之稅項虧損並未確認
為遞延稅項資產。於二零一七年十二月
三十一日，未確認稅項虧損中包括產生年度
後五年內到期的稅項虧損約港幣37,000,000
元（二零一六年：港幣89,000,000元）。其
他稅項虧損均能無限期結轉至下一年度。根
據中國企業所得稅法，自二零零八年一月一
日起，中國附屬公司賺取溢利而宣派之股息
須繳納預扣稅。由於本集團能夠控制撥回暫
時差異之時間，而有關暫時差異可能不會於
可見將來撥回，故尚未於綜合財務報表就中
國附屬公司累積溢利之暫時差異港幣
284,318,000元（ 二 零 一 六 年： 港 幣
18,952,000元）作出遞延稅項撥備。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
27. SHARE CAPITAL
Number
of shares HK$’000
股份數目 港幣千元
Issued and fully paid: 已發行及繳足股本：
At 1 January 2016, 31 December 2016 and
31 December 2017
於二零一六年一月一日，
二零一六年十二月三十一日及
二零一七年十二月三十一日
Ordinary shares of no par 無面值之普通股 378,583,440 381,535
28. SHARE OPTION SCHEMES
The Company’s share option scheme (the “2002 Scheme”) was
adopted pursuant to a resolution passed on 25 April 2002, for the
primary purpose of providing incentives to directors and eligible
employees, and expired on 24 April 2012. Under the 2002 Scheme,
the Company could grant options to eligible employees, including
executive directors of the Company and its subsidiaries, to
subscribe for shares in the Company at HK$10 per option.
Additionally, the Company could, from time to time, grant share
options to outside eligible third parties at the discretion of the
Board of Directors.
Without prior approval from the Company’s shareholders, the total
number of shares in respect of which options could be granted
under the 2002 Scheme was not permitted to exceed 10% of the
shares of the Company in issue at any point in time. the number of
shares in respect of which options could be granted to any
individual was not permitted to exceed 1% of the shares of the
Company in issue at any point in time.
Options could be exercised at any time from the date of grant of
the share option to the 5th anniversary of the date of grant. The
exercise price was to be determined by the directors of the
Company, and would not be less than the higher of the nominal
value of the Company’s share on the date of grant, the average
closing price of the shares for the five business days immediately
preceding the date of grant, or the closing price of the shares on
the date of grant.
No options were granted under the 2002 Scheme since it was
adopted. The 2002 Scheme expired on 24 April 2012.
A new share option scheme was approved and adopted by the
Company pursuant to an ordinary resolution passed on 9 May 2012
(the “2012 Scheme”). The terms of the 2012 Scheme and the 2002
Scheme are broadly similar. The 2012 Scheme is effective for a
period of 10 years.
No share option has been granted under the 2012 Scheme since its
adoption.
27. 股本
28. 股份期權計劃
本公司根據於二零零二年四月二十五日通過
之決議案採納股份期權計劃（「二零零二年計
劃」），主要目的是為激勵各董事及合資格僱
員，該計劃將於二零一二年四月二十四日屆
滿。根據二零零二年計劃，本公司可向合資
格僱員（包括本公司及其附屬公司之執行董事）
授出期權，以每份期權港幣 10元認購本公司
股份。此外，本公司可於任何時間，由董事
會酌情向任何合資格外界第三方授出股份期
權。
在未獲得本公司股東事先批准下，根據二零
零二年計劃可授出期權之股份總數不得超出
本公司於任何時間已發行股份之 10%，而授
予任何個別人士之期權所涉股份數目不得超
出本公司於任何時間已發行股份之 1%。
股份期權可於授出日期起計五年內任何時間
行使。行使價由本公司董事釐訂，惟不低於
本公司股份於授出日期之面值、於緊接授出
日期前五個交易日之股份平均收市價或授出
當日之股份收市價之較高者。
二零零二年計劃獲採納以來並無據此授出期
權。二零零二年計劃於二零一二年四月
二十四日屆滿。
根據於二零一二年五月九日通過之普通決議
案，一項新股份期權計劃（「二零一二年計劃」）
獲本公司批准及採納。二零一二年計劃之條
款與二零零二年計劃之條款大致相同。二零
一二年計劃有效期為 10年。
二零一二年計劃獲採納以來並無據此授出期
權。
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29. PLEDGE OF ASSETS
At the end of the reporting period, the assets shown as below
were pledged to banks to secure general banking facilities made
available to the Group.
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
CARRYING VALUE 賬面值
Leasehold land and building 租賃土地及樓宇 61,679 63,173
Investment properties 投資物業 4,636,391 4,277,182
Bank deposits 銀行存款 297,455 279,619
30. CAPITAL COMMITMENTS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Capital expenditure contracted for but not provided in the
consolidated financial statements in respect of:
已簽約但未於綜合財務報表上撥備之
資本開支：
— Property, plant and equipment/properties under
development/investment properties
— 物業、廠房及設備╱發展中
物業╱投資物業 38,953 216,043
— Contribution to the capital of investment funds — 投資基金的資本貢獻 22,870 23,715
31. OPERATING LEASE COMMITMENTS
The Group as lessee
At the end of the reporting period, the Group had commitments
for future minimum lease payments under these non-cancellable
operating leases which fall due as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Within one year 一年內 8,626 12,286
In the second to fifth years inclusive 於第二至五年內（包括首尾兩年） 24,342 21,590
Over five years 五年後 5,559 9,107
38,527 42,983
Operating lease payments represent rentals payable for certain of
the Group’s offices, hotel premises and staff quarters. Leases are
negotiated for a range of one to sixteen years and rentals are fixed
throughout the lease period.
29. 資產抵押
於報告期末，下列資產已抵押予銀行，以便
本集團獲授予一般銀行融資。
30. 資本承擔
31. 經營租約承擔
集團作為承租人
於報告期末，本集團不可撤銷經營租約而承
擔於下列年期到期支付之未來最低租金支出
如下：
經營租約款項指本集團若干寫字樓、酒店物
業及員工宿舍之應付租金。協議租期為一至
十六年不等，整段租期內的租金已在協議租
約時預定。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
31. OPERATING LEASE COMMITMENTS (CONTINUED)
The Group as lessor
At the end of the reporting period, the Group as lessor had
contracted with tenants for the following future minimum lease
payments:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Within one year 一年內 318,082 323,722
In the second to fifth years inclusive 於第二至五年內（包括首尾兩年） 300,574 320,193
Over five years 五年後 16,011 1,505
634,667 645,420
Property rental income earned during the year was approximately
HK$365,611,000 (2016: HK$361,136,000). All of the properties held
have committed tenants for the next one to eight years.
32. RETIREMENT BENEFITS SCHEMES
For its eligible employees in Hong Kong, the Group operates a
defined contribution schemes registered under the Mandatory
Provident Fund Scheme (the “MPF Scheme”).
Contributions payable by the Group to the MPF Scheme are
determined based on the rules underlying the respective schemes
and are charged to consolidated statement of profit or loss. The
assets of the MPF Scheme are held separately from those of the
Group, in funds under the control of trustees. Under the MPF
Scheme, the employees contribute 5% of the relevant payroll to
the MPF Scheme while the Group contributes 5% of the relevant
payroll to the MPF Scheme.
In addition, certain employees of the Group’s subsidiaries
established in the PRC are members of state-managed retirement
benefits schemes. The subsidiaries are required to contribute a
certain percentage of their payroll costs to the retirement benefits
schemes to fund the benefits. The only obligation of the Group
with respect to these retirement benefits schemes is to make the
specified contributions.
31. 經營租約承擔（續）
集團作為出租人
於報告期末，本集團作為出租人已按以下未
來最低租金支出與租客訂約：
年內的物業租金收入為港幣365,611,000元
（二零一六年：港幣361,136,000元）。所有物
業均與客戶簽有為期一至八年的租約。
32.退休福利計劃
本集團為香港之合資格僱員實行一項界定供
款計劃，並在強制性公積金計劃下註冊（「強
積金計劃」）。
本集團根據強積金計劃之相關規則規定釐定
應付之供款，將自綜合損益表扣除。強積金
計劃資產由受託人以基金形式控制，與本集
團之資產分開處理。根據強積金計劃，員工
須按其有關入息供款5%於強積金計劃內，而
本集團亦根據相關員工入息的5%向強積金計
劃供款。
此外，本集團於中國成立之附屬公司之若干
僱員為國家管理退休福利計劃之成員。該等
附屬公司須按其酬金若干百分比向退休福利
計劃作出供款，以撥付有關褔利。本集團對
該等退休福利計劃之唯一責任乃作出指定供
款。
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33. CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group
will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt and
equity balances. The Group’s overall strategy remains unchanged
from prior year.
The capital structure of the Group consists of net debt, which
includes the borrowings disclosed in note 24, net of bank deposits
and cash, and equity attributable to owners of the Company,
comprising issued share capital and various reserves.
The directors of the Company review the capital structure
periodically. As part of this review, the directors consider the cost
of capital and the risks associates with each class of capital. Based
on recommendations of the directors, the Group will balance its
overall capital structure through the payment of dividends, new
share issues as well as the issue of new debt or the redemption of
existing debt.
34. FINANCIAL INSTRUMENTS
34a. Categories of financial instruments
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Financial assets 金融資產
FVTPL 按公平價值計入損益
Held for trading 持作買賣用途 16,693 12,203
Designated at fair value 指定按公平值列賬 7,737 7,737
Loans and receivables (including cash and
cash equivalents)
貸款及應收賬款（包括現金及
現金等值項目） 2,634,504 2,414,534
Derivative financial instruments 金融衍生工具 26 –
Available-for-sale investments 可供出售投資 682,849 644,018
Financial liabilities 金融負債
Amortised cost 攤銷成本 1,733,161 1,486,221
Derivative financial instruments 金融衍生工具 790 –
33. 資本風險管理
本集團對其資本進行管理，以確保本集團旗
下各實體可繼續按持續經營基準經營，同時
致力在債務與股本之間維持平衡，為股東帶
來最大回報。本集團之整體策略與去年並無
變化。
本集團之資本結構由債項淨額（包括附註24
所披露之借款），銀行存款及現金淨額及本公
司股東應佔權益（包括已發行股本及各項儲備）
組成。
本公司董事定期檢討資本結構。作為檢討之
一部分，董事考慮資本成本及由此產生之相
關風險。根據董事之建議，本集團將透過支
付股息、發行新股以及發行新債項或贖回現
有債項等方式平衡其整體資本結構。
34. 金融工具
34a. 金融工具分類
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
The Group’s major financial instruments include investments in
securities, trade and other receivables, loan receivables, fixed bank
deposits with more than three months to maturity when raised,
other bank balances and cash, trade and other payables,
borrowings, and derivative financial instruments.
Details of these financial instruments are disclosed in respective
notes. The risks associated with these financial instruments include
market risk (currency risk, interest rate risk and price risk), liquidity
risk and credit risk. The policies on how to mitigate these risks are
set out below. The management manages and monitors these
exposures to ensure appropriate measures are implemented on a
timely and effective manner.
Market risk
(i) Currency risk
The Group undertakes certain transactions denominated in foreign
currencies and, hence exposures to exchange rate fluctuations
arise.
The carrying amounts of the Group’s monetary assets and
monetary liabilities, including intra-group balances at the end of
the reporting period that are denominated in currencies other than
the functional currency of the relevant entities are as follows:
Assets Liabilities
資產 負債
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Group 集團
HK$ against RMB 港幣兌人民幣 709 1,794 93,777 204,743
United States dollars (“US$”)
against HK$ and RMB
美元兌港幣及人民幣
303,884 294,972 – –
RMB against HK$ 人民幣兌港幣 390,134 362,761 – –
Intra-group balances 集團公司往來結餘
HK$ against RMB 港幣兌人民幣 110,910 103,644 1,329,145 1,352,638
The Group currently does not have a foreign exchange hedging
policy. However, the management of the Group monitors foreign
exchange exposure and will consider hedging significant foreign
exchange exposure should the need arises.
34. 金融工具（續）
34b. 財務風險管理目標及政策
本集團的主要金融工具包括證券投資、貿易
及其他應收賬款、應收借款、存入三個月後
到期之定期銀行存款、其他銀行存款及現金、
貿易及其他應付賬款、借款及金融衍生工具。
該等金融工具之詳情於各有關附註內披露。
與該等金融工具相關之風險包括市場風險（貨
幣風險、利率風險及價格風險）、流動資金風
險及信貸風險。有關如何降低該等風險之政
策載列如下。管理層對該等風險進行管理及
監控，以確保能夠及時有效實施合適的措施。
市場風險
(i) 貨幣風險
本集團有相當的交易是以外幣進行，所以會
受匯率浮動影響。
於報告期末，本集團以相關實體功能貨幣以
外幣列值之貨幣資產及貨幣負債，包括集團
公司往來結餘賬面值如下：
本集團目前並無外匯對沖政策。然而，管理
層會監察所受的外匯風險，亦會在有需要時
考慮對沖主要外匯風險來源。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Market risk (continued)
(i) Currency risk (continued)
Sensitivity analysis
The following table details the Group’s sensitivity to a 1% (2016: 1%)
increase and decrease in HK$ and RMB against US$ and 10% (2016:
10%) increase and decrease in HK$ against RMB. The respective
percentages are the sensitivity rates used when reporting foreign
currency risk internally to key management personnel and
represent management’s assessment of the reasonably possible
change in foreign exchange rates. The sensitivity analysis includes
outstanding foreign currency denominated monetary items and
also intra-group balances denominated in foreign currencies and
adjusts their translation at the year end for the respective
percentages change in the exchange rates.
A positive number below indicates an increase in post-tax profit or
equity where HK$ and RMB weaken 1% (2016: 1%) against US$ and
HK$ weaken 10% (2016: 10%) against RMB. For a 1% (2016: 1%)
strengthening of the HK$ and RMB against US$ and HK$ weaken
10% (2016: 10%) against RMB, there would be an equal and
opposite impact on the profit or equity, and the balances below
would be negative.
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Profit or loss 損益
HK$ against RMB 港幣兌人民幣 109,494 121,237
US$ against HK$ and RMB 美元兌港幣及人民幣 1,518 1,473
RMB against HK$ 人民幣兌港幣 32,576 30,291
Other comprehensive income 其他全面收益
US$ against HK$ 美元兌港幣 1,221 1,186
I n management ’ s op in ion , the sens i t i v i t y ana lys i s i s
unrepresentative of the inherent foreign exchange risk as the year
end exposure does not reflect the exposure during the year.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
市場風險（續）
(i) 貨幣風險（續）
敏感度分析
下表詳載本集團對港幣及人民幣兌美元匯率
上升及下降 1%（二零一六年：1%）以及港幣兌
人民幣上升及下降 10%（二零一六年：10%）
的敏感度。各項百分比都是在內部向主要管
理人員匯報時所用的敏感度比率，代表了管
理層對匯率合理可能範圍內變動的評估。敏
感度分析包括以外幣計值的未清繳貨幣項目
及以外幣列值的集團公司往來結餘，並就匯
率各自的百分比改變在年末調整。
下表中正數表示港幣兌美元貶值 1%（二零一六
年：1%）及港幣兌人民幣貶值 10%（二零一六
年：10%）時除稅後溢利或權益增加。當港幣
及人民幣兌美元升值 1%（二零一六年：1%）及
港幣兌人民幣升值 10%（二零一六年：10%）
時，對溢利或權益會有同額但相反方向的影
響，而下列結餘會呈負數。
根據管理層的意見，敏感度分析對固有的外
匯風險並不具代表性，因為年終承受的風險
並不反映年內承受的風險。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Market risk (continued)
(ii) Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of
a financial instrument will fluctuate because of changes in market
interest rates. The Group currently does not have an interest rate
hedging policy. However, the management monitors interest rate
exposure and will consider hedging significant interest rate
exposure should the need arise.
The Group is exposed to cash flow interest rate risk in relation to
its variable-rate structured deposits, bank balances and borrowings
(see notes 19, 22 and 24 for details of these financial instruments).
The Group’s cash flow interest rate risk is mainly attributable to
fluctuation of HIBOR, LIBOR and prevailing interest rates offered
by the PBOC. It is the Group’s policy to keep its borrowings at
floating rates of interest so as to minimise the fair value interest
rate risk. The Group’s exposures to interest rates on financial
liabilities are detailed in the liquidity risk management section of
this note.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
市場風險（續）
(ii) 利率風險
現金流量利率風險為金融工具之未來現金流
量因應市場利率變動而波動之風險。本集團
目前並無利率對沖政策。然而，管理層會監
察所受的利率風險，亦會在有需要時考慮對
沖主要利率風險來源。
本集團就其浮息結構性存款、銀行存款及借
款承受現金流量利率風險。（有關金融工具詳
情見附註 19、22及24）。本集團的現金流量
利率風險主要歸因於香港銀行同業拆息、倫
敦銀行同業拆息及由中國人民銀行提供的現
行息率的波動。本集團的政策為保持借款利
率浮動，以盡量減少公平價值利率風險。本
集團因金融負債而承受的利率風險，詳情載
於本附註的流動資金風險管理一節。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Market risk (continued)
(ii) Interest rate risk (continued)
Sensitivity analysis
The sensitivity analyses below have been determined based on the
exposure to interest rates for the Group’s derivative and non-
derivative instruments at the end of the reporting period. The
analysis is prepared assuming the financial instruments outstanding
at the end of the reporting period were outstanding for the whole
year. A 50 basis points (2016: 50 basis points) fluctuation is used
when reporting interest rate risk internally to key management
personnel and represents management’s assessment of the
reasonably possible change in interest rates.
2017 2016
二零一七年 二零一六年
Change in basis points Change in basis points
基點變動 基點變動
+50 –50 +50 –50
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Profit or loss (net of tax) 溢利或虧損（除稅後） 4,899 (4,899) 1,353 (1,353)
Numbers in bracket mean decrease.
I n management ’ s op in ion , the sens i t i v i t y ana lys i s i s
unrepresentative of the inherent interest rate risk as the year end
exposure does not reflect the exposure during the year.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
市場風險（續）
(ii) 利率風險（續）
敏感度分析
下文的敏感度分析乃根據本集團因衍生及非
衍生工具在報告期末承受的利率風險釐定。
編製分析時假設於報告期末未到期的金融工
具在整年內仍未到期。內部對主要管理人員
匯報利率風險時用上50點子基點的浮動（二
零一六：50點子），代表管理層對利率在合埋
可能的範圍內變動的評估。
括號中數字為減少。
根據管理層的意見，敏感度分析對固有的利
率風險並不具代表性，因為年終承受的風險
並不反映年內承受的風險。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Market risk (continued)
(iii) Price risk
The Group is exposed to equity price risk through their
investments in listed equity securities. The management will closely
monitor the price movement of the securities and regularly review
the performance and asset allocation of the portfolio.
Sensitivity analysis
The sensitivity analyses below have been determined based on the
exposure to equity price risks at the reporting date.
If the prices of the respective listed equity instruments had been
10% (2016: 10%) higher/lower:
• the Group’s post-tax profit for the year ended 31 December
2017 would increase by approximately HK$1,394,000 (2016:
HK$1,019,000) or decrease by approximately HK$25,474,000
(2016: HK$1,019,000), respectively, as a result of the changes
in fair value of investments held for trading and available-for-
sale investments which have been impaired; and
• the Group’s investment revaluation reserve would increase
by approximately HK$34,062,000 (2016: HK$30,937,000) or
decrease by approx imate ly HK$5 ,224 ,000 (2016 :
HK$30,937,000), respectively, as a result of changes in fair
value of available-for-sale investments.
Liquidity risk
In the management of the liquidity risk, the Group monitors and
maintains a level of cash and cash equivalents deemed adequate
by the management to finance its operations and mitigate the
effects of fluctuations in cash flows. The management monitors
the utilisation of bank borrowings and ensures compliance with
loan covenants.
The Group relies on bank borrowings as a significant source of
liquidity. As at 31 December 2017, the Group had available
unutilised bank loan facilities of approximately HK$1,495 million
(2016: HK$1,688 million). Details of the amounts utilised at the end
of the reporting period are set out in note 24.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
市場風險（續）
(iii) 價格風險
本集團透過其於上市股本證券之投資承擔股
價風險。管理層將密切監察該等證券之價格
變動，並定期檢討有關組合之表現及資產分
配。
敏感度分析
下文的敏感度分析乃根據報告日期承受的股
價風險釐定。
若各項上市股本工具的價格高出╱下降 10%
（二零一六年：10%），則：
• 本集團截至二零一七年十二月三十一日
止年度的除稅後溢利會增加約港幣
1,394,000元（ 二 零 一 六 年： 港 幣
1,019,000元 ） 或 減 少 港 幣 約
25,474,000元（ 二 零 一 六 年： 港 幣
1,019,000元），原因是持作買賣用途投
資的公平價值變動和可供出售投資之減
值；及
• 本集團的投資重估儲備會增加約港幣
34,062,000元（二 零 一 六 年：港 幣
30,937,000元 ）或 減 少 約 港 幣
5,224,000元（ 二 零 一 六 年： 港 幣
30,937,000元），原因是可供出售投資
的公平價值變動。
流動資金風險
在管理流動資金風險時，本集團監控及保持
管理層認為足夠的現金及現金等值項目水平，
為其業務營運提供資金並減輕現金流量波動
的影響。管理層監控銀行借款之使用狀況及
確保遵守貸款契諾。
本集團依賴銀行借款作為流動資金之主要來
源。於二零一七年十二月三十一日，本集團
有可動用而尚未提取之銀行貸款額為約港幣
1,495,000,000元（ 二 零 一 六 年： 港 幣
1,688,000,000元）。於報告期間結算日已動
用金額之詳情載於附註24。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Liquidity risk (continued)
The following tables detail the Group’s remaining contractual
maturity for its non-derivative financial liabilities. The tables below
have been drawn up based on the contractual maturities of the
undiscounted financial liabilities including interest that will accrue,
with reference to their respective contractual interest rate, and for
those variable-rate instruments, by using the appropriate prevailing
market rates at the end of the reporting period as stated in their
contracts.
More than Total
Weighted Within 1 year 1 year but undiscounted
average or repayable less than financial Carrying
interest rate on demand 3 years liabilities amounts
加權平均
利率
應要求或
一年內
償還
一年至
三年內
償還
未貼現的
金融負債
總額 賬面值
% HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
At 31 December 2017 於二零一七年
十二月三十一日
Non-derivative financial liabilities 非衍生金融負債
Trade and other payables 貿易及其他應付賬項 – 485,161 – 485,161 485,161
Bank borrowings (note) 銀行借款（附註） 342,739 902,127 1,244,866 1,201,027
Amounts due to non-controlling
interests shareholders
應付非控股股東權益
— Interest bearing — 計息 35,247 – 35,247 35,247
— Non-interest bearing — 免息 – 11,726 – 11,726 11,726
Total 總額 874,873 902,127 1,777,000 1,733,161
At 31 December 2016 於二零一六年
十二月三十一日
Non-derivative financial liabilities 非衍生金融負債
Trade and other payables 貿易及其他應付賬項 – 302,592 – 302,592 302,592
Bank borrowings (note) 銀行借款（附註） 138,883 1,086,945 1,225,828 1,136,273
Amount due to a joint venture 應付一間合營企業款項 – 1,250 – 1,250 1,250
Amounts due to non-controlling
interests shareholders
應付非控股股東權益
— Interest bearing — 計息 35,070 – 35,070 35,070
— Non-interest bearing — 免息 – 11,036 – 11,036 11,036
Total 總額 488,831 1,086,945 1,575,776 1,486,221
note: The amounts included above for variable interest rate instruments for non-
derivative financial liabilities are subject to change if changes in variable
interest rates differ from those estimates of interest rates determined at
the end of the reporting period.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
流動資金風險（續）
本集團的非衍生金融負債及財務擔保合約剩
餘到期日詳列於下表。下表是根據未貼現金
融負債包括累積利息的合約到期日而制訂，
而各合約列明的合同利率及浮動利率工具，
乃參照本報告期末當時的市場利率而定。
附註： 上述計入非衍生金融負債浮息工具之金額，
將於浮動利率之變動與於報告期間結算日釐
定之估計利率變動有差異時作出變動。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34b. Financial risk management objectives and policies
(continued)
Credit risk
As at 31 December 2017, the Group’s maximum exposure to credit
risk which will cause a financial loss to the Group due to failure to
discharge an obligation by the counterparties is arising from the
carrying amount of the respective recognised financial assets as
stated in the consolidated statement of financial position.
In order to minimise the credit risk of debts, the management of
the Group has delegated a team responsible for determination of
credit limits, credit approvals and other monitoring procedures to
ensure that follow-up action is taken to recover overdue debts. In
addition, management has regular liaison with the borrowers to
understand their financial position and to identify any early sign of
potential problems. Should any potential default situation arise,
management will take prompt actions to safeguard the Group’s
assets. In this regard, the directors of the Company consider that
the Group’s credit risk is significantly reduced.
The credit risk on liquid funds is limited because the counterparties
are banks with high credit ratings assigned by international credit-
rating agencies.
34. 金融工具（續）
34b. 財務風險管理目標及政策（續）
信貸風險
於二零一七年十二月三十一日，本集團因交
易對方未能履行其責任而使本集團蒙受財務
損失所產生之最大信貸風險乃源自綜合財務
狀況表所列相關已確認金融資產之賬面值。
為減少貸款的信貸風險，本集團管理層已委
派團隊負責釐定信貸限額、信貸審核及其他
監察程序，確保有採取跟進行動收回逾期貸
款。此外，管理層定期與借貸人來往，了解
其財務狀況並辨認任何潛在問題的早期跡象。
一旦出現任何潛在違約情況，管理層會採取
果斷的行動保障本集團的資產。就此，本公
司董事認為本集團的信貸風險已大大減輕。
流動資金的信貸風險有限，因為訂約對方為
獲國際評級機構頒授高信貸評級的銀行。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34c. Fair value measurements of financial instruments
Some of the Group’s financial assets and financial liabilities are
measured at fair value at the end of each reporting period. The
following table gives information about how the fair values of
these financial assets are determined (in particular, the valuation
technique(s) and inputs used).
2017
二零一七年
Level 1 Level 2 Level 3 Total
第一級別 第二級別 第三級別 總額
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Financial assets at FVTPL 按公平價值計入損益之
金融資產
Non-derivative financial assets
held for trading
持作買賣用途之非衍生
金融資產 16,693 – – 16,693
Financial assets designated as at
FVTPL
指定按公平價值計入損益之
金融資產 – 7,737 – 7,737
Derivative financial instruments 衍生金融工具 – 26 – 26
Available-for-sale
financial assets
可供出售金融資產
Listed equity securities 上市股本證券 288,380 – – 288,380
Unlisted equity securities 非上市股本證券 – – 269,922 269,922
Investment funds 投資基金 – – 72,308 72,308
Others 其他 – 52,239 – 52,239
Total 總額 305,073 60,002 342,230 707,305
Financial liabilities at FVTPL 按公平價值計入損益之
金融負債
Derivative financial instruments 衍生金融工具 – 790 – 790
34. 金融工具（續）
34c. 金融工具公平價值計量
本集團部分金融資產及金融負債以各報告期
末的公平價值計量。下表提供有關金融資產
之公平值釐定方式的資料（具體而言，即估值
方法及採用的輸入變數）。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34c. Fair value measurements of financial instruments
(continued)
2016
二零一六年
Level 1 Level 2 Level 3 Total
第一級別 第二級別 第三級別 總額
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
Financial assets at FVTPL 按公平價值計入損益之
金融資產
Non-derivative financial assets
held for trading
持作買賣用途之非衍生
金融資產 12,203 – – 12,203
Financial assets designated as at
FVTPL
指定按公平價值計入損益之
金融資產 – 7,737 – 7,737
Available-for-sale
financial assets
可供出售金融資產
Listed equity securities 上市股本證券 257,446 – – 257,446
Unlisted equity securities 非上市股本證券 – – 265,522 265,522
Investment funds 投資基金 – – 69,124 69,124
Others 其他 – 51,926 – 51,926
Total 總額 269,649 59,663 334,646 663,958
There were no transfers between Levels 1, 2 and 3 during the year.
The fair values of listed equity securities are determined with
reference to quoted market bid prices from relevant stock
exchanges.
The fair values of investment funds are determined by using
valuation technique of market approach, which included some
assumptions that are not supportable by observable market prices
or rates. The inputs used in estimating the value of investment
funds include the original transaction price, recent transactions
and market multiple of the same or similar instruments, completed
or pending third-party transactions in the underlying investment.
The fair values of perpetual capital securities classified as available-
for-sale investments are determined based on indicative prices
provided by the dealers and brokers. In addition, the Group makes
comparison of the indicative prices with the prices obtained from
pricing services providers to substantiate the indicative prices of
these securities. The key inputs used in the valuation models are
the interest rate data, which are observable at the end of the
reporting period. The objective of valuation models is to arrive at a
fair value estimation that reflects the price of the financial
instrument at the reporting date, which would have been
determined by market participants acting at arm’s length.
34. 金融工具（續）
34c. 金融工具公平價值計量（續）
年內，第一、第二及第三級別之間概無發生
任何轉移。
上市股本證券乃參考在相關交易所中引述所
得的公開市場買入價釐定公平價值。
確定投資基金的公平價值是採用技術市場估
值的方法，其中包括不獲觀察市場價格或利
率支持的一些假設。估計投資基金的價值所
用的輸入變數，包括原來的成交價，近期交
易及市場多個相同或相似的工具，完成或等
待第三方交易相關投資。
歸類為可供出售投資的永久資本債券的公平
價值根據經銷商及經紀人所提供的指示性價
格釐定。此外，本集團將指示性價格與從定
價服務供應商手上獲得的價格加以比較，以
令永久資本債券的指示性價格更貼近現實。
估價模式的主要輸入變數為利率數據，該數
據在報告期末時可以觀測得出。估價模式的
目標是達致可反映金融工具在報告日期時市
場參與者以公平磋商所得價格的公平價值估
算。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34c. Fair value measurements of financial instruments
(continued)
The fair values of structured products designated as financial
assets at FVTPL are calculated using discounted cash flows
analysis derived from quoted interest rates, which are observable
at the end of the reporting period.
The fair values of unlisted equity securities are determined with
reference to market values of underlying assets, which mainly
comprise investment properties located in Hong Kong held by the
investee company and take into account the discount for lack of
marketability. The valuation of the properties was principally
arrived at using the comparison method, in which property is
valued on the assumption that the property can be sold with the
benefit of vacant possession. Comparison based on prices realised
on actual sales of comparable properties is made for similar
properties in the similar location.
The fair values of cross currency swap contract and currency
forward contracts are measured by the present value of future
cash flows estimated and discounted based on the applicable yield
curves derived from quoted interest rates and foreign exchange
rates between JPY and HK$, which is observable at the end of the
reporting period.
The directors of the Company consider that the carrying amounts
of the Group’s other financial assets recorded at amortised costs in
the consolidated financial statements approximate their fair values.
34. 金融工具（續）
34c. 金融工具公平價值計量（續）
指定為按公平價值計入損益的金融資產的結
構性產品的公平價值，是採用貼現現金流分
析計算，其報價利率乃根據報告期末觀察得
到的。
確定非上市股本證券的公平價值是參考相關
資產的市場價值，主要包括所投資公司持有
的香港投資物業的市場價值，及考慮其缺乏
市場性而作出折扣。物業估值主要運用比較
法，假設該物業交吉出售獲利而作出的物業
估值。比較是根據與可比性物業相類似的物
業在類似的位置實現的實際銷售價格而定。
交叉貨幣掉期合約及遠期外匯合約的公平價
值，是根據報價利率和日元兌港幣匯率得到
的適用的收益曲線預計及貼現未來現金流來
計算的，其報價匯率乃根據報告期末觀察得
到的。
本公司之董事認為本集團於綜合財務報表內
以攤銷成本入賬的其他金融資產之賬面值與
其公平價值相若。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
34. FINANCIAL INSTRUMENTS (CONTINUED)
34c. Fair value measurements of financial instruments
(continued)
Reconciliation of Level 3 fair value measurements of
financial assets
Available-for-sale
investments
可供出售投資
HK$’000
港幣千元
Balance at 1 January 2016 於二零一六年一月一日結餘 388,088
Total net losses recognised in other comprehensive income 於其他全面收益內確認之淨虧損 (57,190)
Purchases 購買 3,780
Matured/disposals 到期╱出售 (32)
Balance at 31 December 2016 於二零一六年十二月三十一日結餘 334,646
Total net gains recognised in other comprehensive income 於其他全面收益內確認之淨收益 6,692
Purchases 購買 892
Balance at 31 December 2017 於二零一七年十二月三十一日結餘 342,230
Included in other comprehensive income is a gain of approximately
HK$6,692,000 (2016: a loss of HK$57,190,000) related to
available-for-sale investments held at the end of the reporting
period.
The majority of the Group’s investments are valued based on
quoted market information or observable market data. A small
percentage, % (2016: %), of total assets of the Group, is
based on estimates and recorded as Level 3 investments. Whilst
such valuations are sensitive to estimates, it is believed that
changing one or more of the assumptions to reasonably possible
alternative assumptions would not have a big impact on the
Group’s financial positions.
34. 金融工具（續）
34c. 金融工具公平價值計量（續）
金融資產第三級別公平值計量的調節
其他全面收益內包含港幣6,692,000元收益
（二零一六年：港幣57,190,000元虧損），與
於報告期末持有的可供出售投資有關。
本集團大部分的投資價值是根據市場的標價
或可觀察的市場數據而釐定。佔本集團總資
產 的 很 小 比 例，約%（二 零 一 六 年：
%），乃根據本集團第三級別投資估算及入
賬。此估價對估計假設相當敏感，惟當一個
或多個假設轉變至合理及可能的代替假設時，
相信不會對本集團的財務狀況造成重大影響。
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34. FINANCIAL INSTRUMENTS (CONTINUED)
34c. Fair value measurements of financial instruments
(continued)
Fair value measurements and valuation processes
The management performs regular reviews to determine the
appropriate valuation techniques and inputs for fair value
measurement.
In estimating the fair value of an asset or a liability, the Group uses
market-observable data to the extent it is available. Where Level 1
inputs are not available, the Group engages independent qualified
professional valuers or other service providers to perform the
valuations. The management works closely with the valuers to
establish the appropriate valuation techniques and inputs to the
model. The respective management team reports the findings to
the Board of Directors of the Company regularly to explain the
cause of fluctuations in the fair value of the assets and liabilities.
Information about the valuation techniques and inputs used in
determining the fair value of various assets and liabilities is
disclosed above.
35. RECONCILIATION OF LIABILITIES ARISING FROM
FINANCING ACTIVITIES
The table below details changes in the Group’s liabilities arising
from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for
which cash flows were, or future cash flows will be, classified in the
Group’s consolidated statement of cash flows as cash flows from
financing activities.
Dividend Interest
Borrowings payable payable Total
借款 應付股息 應付利息 總額
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
At 1 January 2017 於二零一七年一月一日 1,183,629 – – 1,183,629
Financing cash flows 融資現金流量 31,156 (181,720) (33,615) (184,179)
Finance costs 財務成本 – – 45,691 45,691
Dividends recognised as
distribution
已確認為分派之股息
– 181,720 – 181,720
Currency realignment 匯率調整 33,215 – 58 33,273
At 31 December 2017 於二零一七年十二月三十一日 1,248,000 – 12,134 1,260,134
34. 金融工具（續）
34c. 金融工具公平價值計量（續）
公平價值計量和評估過程
管理層定期檢討，以確定適當的公平價值計
量的估值技術和輸入變數。
本集團估計資產或負債的公平價值是採用可
用之市場觀察數據。當第一級別輸入變數不
可用，本集團聘用獨立合資格專業估值師或
其他服務供應商進行估值。管理層與估值師
密切合作，建立適當的估值技術和輸入樣板。
相關管理團隊分別定期向本公司的董事會報
告資產和負債的公平價值波動的調查結果並
解釋原因。
用於確定各項資產和負債的公平價值的估值
技術和輸入變數的信息於上文披露。
35. 融資活動產生的負債調節
下表詳述了本集團融資活動產生的負債變化，
包括現金和非現金變化。融資活動產生的負
債是那些現金流量，或未來的現金流量，將
被分類為本集團的綜合現金流量表的融資活
動現金流量。
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
36. STATEMENT OF FINANCIAL POSITION AND
RESERVES OF THE COMPANY
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Non-current assets 非流動資產
Investment properties 投資物業 1,971,000 1,811,000
Property, plant and equipment 物業、廠房及設備 566,168 576,264
Investments in subsidiaries 附屬公司之投資 417,588 499,984
Interests in joint ventures 合營企業之投資 – 3
Investments in securities 證券投資 132,184 128,685
Amounts due from subsidiaries 應收附屬公司賬款 4,678,734 4,455,123
Deferred tax assets 遞延稅項資產 3,850 5,807
7,769,524 7,476,866
Current assets 流動資產
Properties held for sale 待出售物業 2,808 2,808
Trade and other receivables 貿易及其他應收賬款 4,035 4,420
Investments in securities 證券投資 16,793 12,305
Derivative financial instruments 衍生金融工具 26 –
Fixed bank deposits with more than three months to
maturity when raised
存入三個月後到期之定期銀行存款
83,566 766,108
Other bank balances and cash 其他銀行存款及現金 527,600 148,636
634,828 934,277
Current liabilities 流動負債
Trade and other payables 貿易及其他應付賬款 7,787 7,608
Borrowings — due within one year 借款 — 於一年內到期 47,400 48,650
55,187 56,258
Net current assets 流動資產淨額 579,641 878,019
Total assets less current liabilities 總資產減流動負債 8,349,165 8,354,885
Non-current liabilities 非流動負債
Rental deposits from tenants 向租戶收取之租賃按金 39,650 39,650
Borrowings — due after one year 借款 — 於一年後到期 590,589 445,450
Derivative financial instruments 衍生金融工具 790 –
Non-interest bearing advances from subsidiaries 附屬公司之免息墊款 145,715 2,267,167
776,744 2,752,267
7,572,421 5,602,618
Capital and reserves 資本及儲備
Share capital 股本 381,535 381,535
Reserves (note) 儲備（附註） 7,190,886 5,221,083
7,572,421 5,602,618
The financial statements were approved and authorised for issue
by the Board of Directors on 7 March 2018 and are signed on its
behalf by:
MR. LIU LIT CHI MR. CHENG YUK WO
廖烈智先生 鄭毓和先生
CHAIRMAN, MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
CHAIRMAN OF AUDIT COMMITTEE
審核委員會主席
主席、董事總經理兼行政總裁
36. 本公司財務狀況表及儲備
財務報表已於二零一八年三月七日獲董事會
批准及授權發行，並由下列人士代表簽署：
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36. STATEMENT OF FINANCIAL POSITION AND
RESERVES OF THE COMPANY (CONTINUED)
note: The movements in reserves are presented below:
Property Investment
revaluation revaluation Accumulated
reserve reserve profits Total
物業重估儲備 投資重估儲備 累積溢利 總計
HK$’000 HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元 港幣千元
At 1 January 2016 二零一六年一月一日 448 (32,956) 4,983,310 4,950,802
Profit for the year 本年度溢利 – – 398,890 398,890
Fair value gains on available-for-sale investments 可供出售投資之公平價值收益 – 14,243 – 14,243
Investment revaluation reserve reclassified to
profit or loss upon disposal of
available-for-sale investments
因出售可供出售投資導致重新分類到
損益賬之投資重估儲備
– (501) – (501)
Investment revaluation reserve reclassified to
profit or loss in relation to impairment
loss on available-for-sale investments
因減值虧損可供出售投資導致
重新分類到損益賬之
投資重估儲備 – 20,440 – 20,440
Total comprehensive income for the year 本年度全面收益總額 – 34,182 398,890 433,072
Dividends recognised as distribution 已確認為分派之股息 – – (162,791) (162,791)
At 31 December 2016 於二零一六年十二月三十一日 448 1,226 5,219,409 5,221,083
Profit for the year 本年度溢利 – – 2,148,869 2,148,869
Fair value gains on available-for-sale investments 可供出售投資之公平價值收益 – 2,654 – 2,654
Total comprehensive income for the year 本年度全面收益總額 – 2,654 2,148,869 2,151,523
Dividends recognised as distribution 已確認為分派之股息 – – (181,720) (181,720)
At 31 December 2017 於二零一七年十二月三十一日 448 3,880 7,186,558 7,190,886
36. 本公司財務狀況表及儲備（續）
附註： 儲備之變動如下：
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
37. RELATED PARTY DISCLOSURES
(a) Related party transactions
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Expenses paid and payable to directors of
the Company or its affiliates
已支付及應付予本公司或其附屬公司
董事的費用
Rental expenses 租金支出 4,092 6,372
Architecture and other consultancy service fee 建築和其他諮詢服務費 924 1,932
The Group had no other material significant transactions with
related parties.
(b) Compensation of key management personnel
The emoluments of key management personnel of the Group
during the year were as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Short-term benefits 短期福利 46,990 47,677
Post-employment benefits 僱員退休福利 2,832 2,665
49,822 50,342
The emoluments of directors and key executives are determined
by the remuneration committee having regard to the performance
of individuals and market trends.
37. 關聯人士披露事項
(a) 關聯人士交易
本集團並無與關聯人士訂立重大交易。
(b) 主要管理人員酬金
年內，本集團主要管理人員之薪酬如下：
董事及主要行政人員之薪酬乃由薪酬委員會
按個人表現及市場趨勢釐定。
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38. DISPOSAL OF SUBSIDIARIES
During the year ended 31 December 2016, the Group entered into
agreements with independent third parties to dispose of certain
subsidiaries, which were principally engaged in the hotel
operations. The transactions were completed during the year
ended 31 December 2016.
The aggregate net asset of the subsidiaries disposed of in the
transactions were as follows:
HK$’000
港幣千元
Assets 資產
Property, plant and equipment 物業、廠房及設備 577
Trade and other receivables 貿易及其他應收賬款 3,501
Bank balances and cash 銀行存款及現金 1,501
Liabilities 負債
Trade and other payables 貿易及其他應付賬款 (1,501)
Net assets disposed of 出售資產淨值 4,078
Cash consideration received 已收現金代價 12,047
Net assets disposed of 出售資產淨值 (4,078)
Cumulative exchange reserve reclassified to profit or loss 從累積匯兌儲備重新分類至損益賬 2,872
Gain on disposal 出售收益 10,841
Satisfied by: 收款方式：
Cash consideration received 已收現金代價 12,047
Net cash inflow arising on disposal: 出售事項產生的現金流入淨額：
Total cash consideration received 已收現金代價 12,047
Cash and cash equivalents disposed of 被出售之銀行結餘及現金 (1,501)
10,546
38. 出售附屬公司
截至二零一六年十二月三十一日止年度，本
集團與獨立第三方簽訂協議以出售從事酒店
業務的附屬公司。這項交易已在截至二零
一六年十二月三十一日止年度內完成。
出售當日附屬公司資產淨值如下：
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綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
39. PRINCIPAL SUBSIDIARIES
Particulars of the Company’s principal subsidiaries as at 31
December 2017 and 31 December 2016 are as follows:
Name of subsidiary notes
Place of
incorporation or
establishment/
operations
Issued ordinary
share capital/
registered capital
Proportion of nominal value of issued capital/
registered capital held by the Company Principal activities
附屬公司名稱 附註
註冊成立或
成立地╱經營地
已發行普通
股本╱註冊資本
本公司持有已發行股本面值╱
註冊資本之比例 主要業務
Directly Indirectly
直接 間接
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
% % % %
Abaleen Enterprises Limited Hong Kong HK$100,000 100 100 – – Property investment
香港 港幣100,000元 物業投資
Alain Limited Hong Kong HK$9,500 100 100 – – Investment holding
雅賢有限公司 香港 港幣9,500元 投資控股
Bonsun Enterprises Limited Hong Kong HK$2,000,000 100 100 – – Property investment
萬象企業有限公司 香港 港幣2,000,000元 物業投資
Chong Yip Finance Limited Hong Kong HK$1,000,000 100 100 – – Money lending
創業財務有限公司 香港 港幣1,000,000元 貸款業務
Chong Yip (Nominees) Limited
創業（代理）有限公司
Hong Kong
香港
HK$1
港幣1元
100 100 – – Provision of nominees
services
提供代理人服務
Devon Realty Limited Hong Kong HK$200 100 100 – – Property investment
德奮地產有限公司 香港 港幣200元 物業投資
Donington Company Limited Hong Kong HK$200 100 100 – – Property investment
香港 港幣200元 物業投資
Golden Harbour International Limited Hong Kong HK$1 – – 100 100 Property investment
勝港國際有限公司 香港 港幣1元 物業投資
Harvest Gate Investments Limited Hong Kong HK$1 100 100 – – Property investment
豐正投資有限公司 香港 港幣1元 物業投資
Heng Kin Investment Limited Hong Kong HK$2 100 100 – – Property investment
恆建投資有限公司 香港 港幣2元 物業投資
Honour Speed Development Limited Hong Kong HK$2 100 100 – – Investment holding
鴻遠發展有限公司 香港 港幣2元 投資控股
Hugh Glory Limited Hong Kong HK$100 – – 90 90 Investment holding
貴隆有限公司 香港 港幣100元 投資控股
39. 主要附屬公司
於二零一七年十二月三十一日及二零一六年
十二月三十一日，本公司之主要附屬公司資
料如下：
229
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Name of subsidiary notes
Place of
incorporation or
establishment/
operations
Issued ordinary
share capital/
registered capital
Proportion of nominal value of issued capital/
registered capital held by the Company Principal activities
附屬公司名稱 附註
註冊成立或
成立地╱經營地
已發行普通
股本╱註冊資本
本公司持有已發行股本面值╱
註冊資本之比例 主要業務
Directly Indirectly
直接 間接
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
% % % %
Hugh Wealth International Limited Hong Kong HK$100 100 100 – – Investment holding
盈鴻國際有限公司 香港 港幣100元 投資控股
Jacot Limited Hong Kong HK$2 100 100 – – Investment holding
正剛有限公司 香港 港幣2元 投資控股
Ko Yew Company Limited Hong Kong HK$200 100 100 – – Property investment
高優有限公司 香港 港幣200元 物業投資
Liu Chong Hing Estate Company,
Limited
Hong Kong
香港
HK$10,000,000
港幣10,000,000元
100 100 – – Investment holding
投資控股
廖創興置業有限公司
Liu Chong Hing Godown Company,
Limited
Hong Kong
香港
HK$72,000,000
港幣72,000,000元
100 100 – – Property investment
物業投資
廖創興大貨倉有限公司
Liu Chong Hing Property Management
and Agency Limited
Hong Kong
香港
HK$1,000,000
港幣1,000,000元
100 100 – – Property management
物業管理
廖創興物業管理及代理有限公司
Luxpolar Limited Hong Kong HK$2 – – 100 100 Property investment
香港 港幣2元 物業投資
One-Eight-One Hospitality
Management Limited
Hong Kong
香港
HK$1
港幣1元
100 100 – – Hotel operation and
management
酒店營運及管理
Queen Profit International Investment
Limited
Hong Kong
香港
HK$61,540
港幣61,540元
– – Investment holding
投資控股
群利國際投資有限公司
Richview Property Management
Company Limited
Hong Kong
香港
HK$10,000
港幣10,000元
– – 100 100 Property management
物業管理
富景物業管理有限公司
Sino Pink Development Limited Hong Kong HK$2 100 100 – – Property investment
輝松發展有限公司 香港 港幣2元 物業投資
39. PRINCIPAL SUBSIDIARIES (CONTINUED) 39. 主要附屬公司（續）
230
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17
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
Name of subsidiary notes
Place of
incorporation or
establishment/
operations
Issued ordinary
share capital/
registered capital
Proportion of nominal value of issued capital/
registered capital held by the Company Principal activities
附屬公司名稱 附註
註冊成立或
成立地╱經營地
已發行普通
股本╱註冊資本
本公司持有已發行股本面值╱
註冊資本之比例 主要業務
Directly Indirectly
直接 間接
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
% % % %
Speed World Investment Limited Hong Kong HK$100 – – 60 60 Investment holding
碧輝投資有限公司 香港 港幣100元 投資控股
Strong Zone International Limited Hong Kong HK$1 100 100 – – Investment holding
高棋國際有限公司 香港 港幣1元 投資控股
Supreme Stone Investments Limited Hong Kong HK$1 – – 100 100 Investment holding
旺顯投資有限公司 香港 港幣1元 投資控股
Top Team Limited Hong Kong HK$200 100 100 – – Investment holding
香港 港幣200元 投資控股
Trade Castle Limited Hong Kong HK$1 – – 100 100 Investment holding
貿滿有限公司 香港 港幣1元 投資控股
Truegrow Investments Limited Hong Kong HK$1 – – 100 100 Investment holding
捷欣投資有限公司 香港 港幣1元 投資控股
Wealth Good Investment Limited Hong Kong HK$2 100 100 – – Investment holding
裕利投資有限公司 香港 港幣2元 投資控股
Yue Tung Ching Kee Company
Limited
Hong Kong
香港
HK$2,000,000
港幣2,000,000元
100 100 – – Property investment
物業投資
裕東正記有限公司
Foshan Nanhai Hugh Glory Property
Development Company Limited
(i) PRC
中國
HK$500,000,000
港幣500,000,000元
– – 90 90 Property development
物業發展
佛山南海貴隆地產發展有限公司
Guangzhou Chong Hing Property
Development Company Limited
(iii) PRC
中國
RMB170,000,000
人民幣170,000,000元
– – 60 60 Property development
物業發展
廣州創興房地產發展有限公司
Guangzhou Trade Castle Property
Consultancy Limited
(i) PRC
中國
HK$8,500,000
港幣8,500,000元
– – 100 100 Property investment
物業投資
廣州市貿滿房地產諮詢有限公司
Guangzhou Wealth Smart Property
Management Company Limited
(i) PRC
中國
HK$1,000,000
港幣1,000,000元
– – 100 100 Property management
物業管理
廣州市盈裕物業管理有限公司
39. PRINCIPAL SUBSIDIARIES (CONTINUED) 39. 主要附屬公司（續）
231
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創
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報
表
Name of subsidiary notes
Place of
incorporation or
establishment/
operations
Issued ordinary
share capital/
registered capital
Proportion of nominal value of issued capital/
registered capital held by the Company Principal activities
附屬公司名稱 附註
註冊成立或
成立地╱經營地
已發行普通
股本╱註冊資本
本公司持有已發行股本面值╱
註冊資本之比例 主要業務
Directly Indirectly
直接 間接
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
% % % %
Maanshan Gaoke Magnetic Material
Company Limited
(ii) PRC
中國
RMB65,370,000
人民幣65,370,000元
– – Manufacturing of
magnetic materials
馬鞍山高科磁性材料有限公司 製造磁性材料
Shanghai Huang Pu Liu Chong Hing
Property Development Company
Limited
(i) PRC
中國
US$34,600,000
34,600,000美元
– – 100 100 Property investment
物業投資
上海黃浦廖創興房地產開發
有限公司
Blossom Success Investments Limited
凱旋投資有限公司
British Virgin Islands/
Hong Kong
US$1
1美元
100 100 – – Investment holding
投資控股
英屬處女群島╱
香港
China Link Technologies Limited British Virgin Islands/
Hong Kong
US$100
100美元
100 100 – – Investment holding
投資控股
英屬處女群島╱
香港
Determined Resources Limited British Virgin Islands/
Hong Kong
US$1,000
1,000美元
100 100 – – Share investment
股份投資
英屬處女群島╱
香港
The above table lists the subsidiaries of the Group which, in the
opinion of the directors, principally affected the results or assets of
the Group. To give details of other subsidiaries would, in the
opinion of the directors, result in particulars of excessive length.
None of the subsidiaries had issued any debt securities at the end
of the year.
39. PRINCIPAL SUBSIDIARIES (CONTINUED) 39. 主要附屬公司（續）
董事認為，對本集團業績或資產有重大影響
之本集團附屬公司名單已詳列於上表。董事
認為，若提供其他附屬公司資料，則篇幅過
於冗長。
概無附屬公司曾在本年底發行任何債務證券。
232
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17
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017 截至二零一七年十二月三十一日止年度
39. PRINCIPAL SUBSIDIARIES (CONTINUED)
At the end of the reporting period, the Company has other
subsidiaries that are not material to the Group. The majority of
these subsidiaries operate in Hong Kong. The principal activities of
these subsidiaries are summarised as follows:
Number of subsidiaries
附屬公司數目
Principal activities Principal place of business 2017 2016
主要業務 主要營業地點 二零一七年 二零一六年
Hotel operation and management PRC 1 1
酒店經營及管理 中國
Investment holding Hong Kong 15 12
投資控股 香港
Property investment Hong Kong 2 2
物業投資 香港
Inactive Hong Kong/PRC 18 10
暫無業務 香港╱中國
notes:
(i) The companies are sole foreign equity ventures established in the PRC.
(ii) The companies are sino-foreign equity joint ventures established in the
PRC.
(iii) The company is sino-foreign co-operative joint venture established in the
PRC.
(iv) At the end of the reporting period, the Group does not have non-wholly
owned subsidiaries that have material non-controlling interests.
39. 主要附屬公司（續）
於本報告期末，本公司尚有其他對本集團而
言不屬重大的附屬公司。該等附屬公司中大
部份皆於香港營運。此等附屬公司的主要業
務現概列如下：
附註：
(i) 該等公司是於中國成立之外商獨資企業。
(ii) 該等公司是於中國成立之中外合資經營公司。
(iii) 該公司是於中國成立之中外合作經營公司。
(iv) 於本報告期末，本集團並無擁有重大非控股
股東權益的非全資擁有的附屬公司。
03/2018
23/F Chong Hing Bank Centre
24 Des Voeux Road Central, Hong Kong
Tel: (852) 2983 7777
Fax: (852) 2983 7725
E-mail: Info@
Website:
Stock Code: 00194
香港德輔道中二十四號
創興銀行中心二十三樓
電話：(852) 2983 7777
傳真： (852) 2983 7725
電郵： Info@
網址：
股份代號：00194
A
nnual R
ep
o
rt 2
0
17
年
報
TURNING CONCEPTS INTO REALITY
構思部署 願景成真
Annual Report 2017 年 報
封面
目錄
五年財務摘要
五年財務摘要圖表
主席報告書
董事會報告書
廖創興企業有限公司簡化組織圖
審核委員會報告書
提名委員會報告書
薪酬委員會報告書
財務摘要
管理層之討論及分析
企業管治報告書
環境、社會及管治報告書
公司資料
董事及高級管理人員簡介
股東周年大會通告
市價走勢及市值圖表
廖創興集團簡化架構圖
本集團主要物業表
股東資料
獨立核數師報告書
綜合損益表
綜合損益及其他全面收益表
綜合財務狀況表
綜合權益變動表
綜合現金流量表
綜合財務報表附註
內封底
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/SUO <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>
/SVE <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>
/TUR <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>
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
/ENU (Use these settings to create Adobe PDF documents suitable for reliable viewing and printing of business documents. Created PDF documents can be opened with Acrobat and Adobe Reader and later.)
/CHT <FEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc666e901a554652d965874ef6768467e5770b548c52175370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002>
>>
>> setdistillerparams
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/HWResolution [300 300]
/PageSize [ ]
>> setpagedevice
